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-ucn •.:-!-.T.vi ...-.Wrcts 
'' , ' '■' ‘ V !. \ 


No. 27.607 


Tuesday July 11 1978 


w 


ESPISY 

CONSTRUCTION LTD 


B uildi ng friCiyil. 
Engineering^* 

A Mcmbe fol the Ei ^«^Trii.tjroufLciCc[»fiij&t 9 
ilf'd i'k.K<iV ! .S i if o ri\1»ri«f(3rEyetEi? 


;«iervhir»: ; l "o , : ; Biclf _ . 

' ;iu7 8 sap) ?vte 



*: *te. 


CONTINENTAL SELLING 


j*LCB, AUSTRIA fch 15, KLGIUN Fr JJ: DENMARK Kr 3.5, FRANCE Fr 3.0; GERMANY OH 29; ITALY L 5M S NETHERLANDS Fl 2.», NORWAY Rr 3.5: PORTUGAL Em Vi 5WN PD AO; SWEDW Hr 3.15; SWITZERLAND Fr 7.9; EIRE lip 


SEWS, 



6 T- r^- 
c H xi A 


EHERAL 


BUSINESS 


improves; 

Dollar y Cl Oil S 11 U 1 l-uaui IC 1 * — «~i-* I 

«/ V MR. JAMES CALLAGHAN | 

appeared much more positive ini 

rjn BY MICHAEL DONNE, AEROSPACE CORRESPONDENT his broad support for the stabHi . 

Cliff A1*C sation plan for European curren-j 

OUllVl ^ _ _ pies than many MPs expected , 

The Government approved yesterday a £400m package or long-awaited when he reported to ihc ■ 
f e ftn« RLlNG impro '^ Bt T ns S r aviation decisions. They inclnded: SJrnT™ S 'bmcd wm j 

E* a hiXnn^TfTr^snrnH 1 !- p ««“»wn for BriUsh Air- Bui the Boeing 737 aircraft for British Aerrepacr can keep its u was * performance aimed! 
i ng a ni$h point of $1.8980 and way* l0 buy 19 U.S.-built British Airways are sought One-Eleven production line tick- corr ecHng the impression chat i 
closing 1.6 cents up at $1.8895. | Boeing 737 short-range jets to urgently by 1980 to meet rapidly ing oyer. *ith 1 

The pound's trade-weighted replace its ageing Trideni Ones emerging replacement Deeds. The decision m permit Fuji- its EEC parlner ^ e ‘ narlicularlv ! 

index closed at 62.0 (61.6). The and Twos, worth about £I20m. while British Aerospace has scale development of the HS-146 ! Wsl n er m»ny and France This) 

dollar snfTered from a renewed; "aether »hh approval to sought a decision on the HS-146 can also K- some extent be ; w ^ vc ‘ unde rmmcd the, 

hom nf cniii no „„ negotiate for up to six more for some time, to meet growing regarded as counterbalancing ■ t , Ka l 

bout of selling, on uncertainty | BrjlJsh AerQ one-Elcven ! Z British Airways' purchase of U s! j 


yet on short- 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


, 1 BriUsh Aerospace One-Eleven 

over implications of last weeks; jet8 . worth abo m £30m; and 

Bremen summit. Us trader; O— Oo-ahead for full-scale 
weighted depreciation" widened | development of the £25iJm 
to 8.<i (7.6) per cent. short-haul HS-146 feeder-liner jet 

• EQUITIES reflected the . h - v British Aerospace. the 


nnundv nn fnroi^r. I nationalised aircraft manufacture 30 per eent or more. Page 4. The HS-146 is the aircraft not opposed in principle to a 

Si t , -n.. 5i 1D SS™up. Kaufman statement. Page 8. A originally begun on a joint ! 

cxcnaiige markets. IRC r i The two decisions together will major step towards airline venture basis in the Government Parliament a 

30-Sharp Ind« rl. 5 cd M up - . ,on S :»,y «.»;« je,u..i» 5 ^ mJFSESJXZ 


i the uncertainties hanging over 
| British Airways and British Aero- 
j space in recent months. 


Sii]| outstanding is a decision craftof this type 


sterling —but no decision 

’OOP in improves; j i 
Sahara Dollar 

itato suffers BY M,CHAEL DONNE ’ AE ™ 

HlliV The Government approved yesteri 

• sterling improved strongly aviation decisions. They included: 

nuy officers ird hv General gainst most currencies, touch-! . Porm - c ... . ,u„ Rrin 

«»"W Salek, the Chief » hi«h pain, of 11.8980 and , 1 “ b UJ iSTES-taiit BriS* IK 

' seized power in the closing 1.6 cents up at $1.8895. j Boeing 737 short-range jets to urgently by 1! 

f*crt republic of Mauritania. The pound's trade-weighted • replace its ageing Trident Ones emerging re 

art of which has been under index closed at 62.0 (61.6). The and Twos, worth about £120m. while Britisl 

lack hy Algerian-backed dollar snfTered from a renewed 1 '^^her with approval to sought a decii 

niisarin guerrillas for more bout of selling, on uncertainty 1 Sh 3 S 1 e a I rL^iL l ° some timi 

Th4 WW overthn-w th R " imp,ications of ' asl WP *f s ! fets. worth abom £30m; and The U S ( 

r 1 1 1 ■ ourlhrow the pro- Bremen summit. Us trade-: o— Go-ahead for full-scale ' 

ww “* 4 1 aaai 

ir Mauritanian Army, hacked exchange markets. The FT Th P decisions tocether will mainr cien 

Ul ^ Iftrocco ' a3airist 30-Share Index closed 9-9 up — | go a long way toward removing reform Page 

‘* r o , , ,■■■■■ — . i the uncertainties banging over 

Morocco w.irned that there 490| . | British Airwavs and British Aero- — 

ould ho grave consecmences if 1 . space in recent months. wor,d mar M t 

ic new regime sought tn I Still outstanding is a decision craft of this t; 

im promise with Foiiiario to 480- ifl - ; on which way the UK intends to British Ail 

ail the w«r. which is crippling Mila {move in development of a new- start negotiat 

.■"irif.mia economically and is | , p f II ! generation short-haul jet for the immediately. 

P posed by many of its 470 rl Jl Ti ~ | 1980s— either collaboration with can secure de 

i habitants. Page 3 /I ml f 1 I i Western Europe on the Airbus the produclio: 

» i * m . 46 (M\ l .l Industrie B-10 and Joint 1980 targets. 

allot Iraqi dies U \ff 1AI European Transport (JET) ven- dates offered 

.moral Abdul R a » a L- *i Vaif R |» Ir ftnU tures: or with Boeing of the on June 30. bu 

' n j™L,Js n ZT ■ A " N , 1 | g - P US. in developing the proposed is expected t< 

t. former lragi Premier gunned 450 II f H 757 s horMo-medium haul jet. the UK airline 

J*™ 

f g£T m 3 S?« 

i nr i« fntmrl 43ff 1 — 1 1122J the Dash 535 model. Eleven jets. T1 

»uuy luunu FtR M4R APR my Jral j Ul 1 These are regarded as longer- to some exte 

in- hfirfv of mnrdprrri Ktrr * \ term strategic decisions reqwr - measure tn ih 

nn-Mhir William Turhitt was the biggest single day rise since in £ much more detailed «"■ “J; 

iu no at n den.*l*ri huilriing near .\pril 27 — at 4G5.5. sideranon by Ministers. American, an 

,r boiiler in Smith Armagh A ‘ " ’ 

** (-niDiTi'iii vhnwed (hat he died ® LILTS traded strongly. The 
:.iinc (hr a hi bush iri wlurh be Government Securities Index 

.-apne-ired three weeks ago. closed 0.55 up at 70^6. 4 mx. -u4 * 

joors locked Lss?j , LSj«?ij i s Utitput pnci 

bf duuni of bmh Mdev of the iis dollar l 

■.I'iinc ci*jcIi nn Iasi Thursday s . _ m m 

cii.-.ince 10 London sleeper • WALL STREET was LI2 upj 1 

xprev. were round locked hy at 813.58 near the close, r IflWPl I II 11/3 8 I 

■■'•nil'll a coroner at Taunton f f V/i Ulllii' t M 

v.s ir. 1,1 whm the inque&t on U ■VI 11 - n |po r 

".urns opened. I UCiedr IUeiS ^ pET£R RIOMUi ECONOMJCS CORRESPOI 

Access to files talks agr66u 

he LihenK have ^ issued a # EUROPEAN Commission miiufacfurtn* WHOLE* 

-li,.J"w wliiir paper proposing aCTeed tfl taIks wilh the V .5. mduJ^^cimmue t^ riw aY a <W 

-.-■-l.itinn that would give every (Ynvernment on revisions to the ‘"SSe pace A marked stack* c 

jhe "Chi 10 see any ys.-Euratom Treaty govern nine S"/." tSSHSi 1 * Z (hor 

inrKd file roniaining inform* lhc Use of n uc,ear fuels. Back r?te D f inciiase m raw m^erial mTtrt 

mn no him. Society Today, p- EP iipvimn Foreien Minister raie t> r 'ocrease in r«i» ,T// 

21 tS So. SSS n53!E TzwSnV sharp Jump m L 

» r% - Fuels representatives on t a, e spring. 

foe Davis dies Mexico** needs for nuclear fuel This is indicated hy rhe -Tune nn 

i, 3VI< ...» ln „„hearen enrichment Back Page and wholesale price indices published 1973 1st 

„ iwi ' Vfllr 20 vJSr* a" world Editorial Comment. Page 20 {jfwjjay hy the Department of 2nd 

*EI •“* A ' ci - • "MO* Tadinc mNnlriM- \ x Govonv fe 

■ reprwnlilivw m ***'"^ ■ £ ment cl.im* rta, ,hc limonlh S. b ' h : 

Welshman ‘held* biS« 'on. "SjP “*l5 IS ft-— 


£400m air 

r denies 

—but no decision split 

, 1 , , 1 • . with EEC 


Soviet trials 
threat to arms 
talks— V ance 


Th. "rivii Wnmm.ies short-haul jets. The two aircraft.; M ’°i d gnomic summit in Bonn 

The US. C.ul Aeronautics h(jwever arc no way com -i at vhe end of *e week. 

Board is preparing an order para bi e- the HS-146 being much To the consternation of Labour 
(hat would allow domestic air- waller than the twin-engined anli-Marketeers the Prime: 
lines to cut regular fares by Boeing 737. Minister demonstrated he was ! 


Parliament Page 8 


“* ^ . , the oil crisis and subsequent 

world market demand for an air- industrial recession, which halted 


1973, but shelved in 1974 after Schmidt interview Back and 
the oil crisis and subsequent Page 20 


BY OUR FOREIGN STAFF 

THF. TRIALS of Snviei dissi- 
dents cniilri Jeopardise chances 
of US Senate rati fi ration of any 
new treaty agreed at this 
year's Strategic Arms Limita- 
tion Talks. -Mr. «‘>rus Vanri*. 
Ihc US Secrciary «f Slate, 
warned yesterday. 

He said that ihp trials had 
aggravated relations between 
Moscow and Washington but 
added that the US considered 
the SALT negotiations were 
too important for world poare 
tn be linked to nlhor Issues in 
US-Soviet relations. 

The S ALT negoii* lions start 
in Geneva tomorrow. 

His remarks eame as inter- 
national protest mounted at 
yesterday's opening in Russia 
of tbc trials of Mr. Anatoly 
Shrharansky and Mr. Alex- 
ander Ginzburg, two of the 
most prominent Soviet dissi- 
dents. 

In IiOndon. Mr. James 
Callaghan told the Commons 


that the trials plared *' a very 
seiere tp«i on relations 
hel ween* the Soviet Union and 
other rounlrips." 

The proceedings horc ” some 
of the hallmarks nf ihc trials 
we knew in Stalin's day.” he 
said. 

Pr. Pat id Owen, the Fnrrign 
Secretary, said the trials 
dlrerlly contra* cued the spirit 
and intention of the 1973 F.nsi- 
IVest Helsinki Agreement, in 
which both sides agreed to 
uphold human rights. 

Mr. Vance rejected criticism 
(hat. hv coinc to Gene* a, he 
was citing (he Russians "the 
wrong .signal at the wrong 
time." 

He did warn, however, thal 
the US administration was 
examining other ways nf 
expressing its displeasure at 
Soviet conduct. Already visits 
tn Moscow hy two official 
US delegations have been 
cancelled. 


world demand for new aircraft, (move towards greater economic \ 


4UU n|,l ~~ ; on which way the UK intends to “ri^sm Airways !™ er L? s t0 Since then the HS-146 has been | an d monetary co-operation 

IlM. 1 move in development of a new- ? ,ar * negotiations with “on ice.” with only a limited 1 wilhlj ^ Common Mirket Dm. 

„„ I » Prll ; generation short-haul jet for the immediately, to ensure that it amount o r Government cash aid V irf^ n Rri^i„°^r^ofi.,«H ar * P 

471 a |i 4) P -fi ~ | 1980s— Cither collaboration with can secure delivery positions on t0 keep it ticking over. v,< j! a . . 

H fl f *1 I 1 Western Europe on the Airbus the producUon line (0 meet its -mg decision to allow it to go CalTaghfn sirred That S^essln 

460*4 .fj J- K L Industrie B-10 and Joint 1980 targets. Original delivery ahead again, announced hy Mr. SJi ,? n LSIRS 

460 M| m |lr UP European Transport (JET) ven- dates offered by Boeing expired Gerald Kaufman. Minister for 

fl ff Ip |Aj tures: or with Boeing of the on June 30. but the U.S. company industry, in the Commons aero- hp ‘ p ^ a t ra nIf^ C 

isn —I L E r - U.S. in developing the proposed is expected to be able to meet space dehate yesterday, follows r-I^rr. , ^ rC fi 

1 fltl I 757 short -Jo-medium haul jet. the UK airline s needs. considerable pressure from the Z°J B ^S5S 

l/FT Industrial Coupled with this is an out- - At this stage it is not clear nationalised British Aerospace RSSFv u® 

440 — 1-5; L maustriai ] slandl fi dec , sion on whether to When British Airways will open gT 0Up f or resumption or the SjSISd 1 *' Sr 

I Ordinary ( allow Rolls-Royce to develop its negotiations with British Aero- ^ntiire. JggS vi 2 l r A % 

I TndPX 1 iQ7« new version of the RB-2II engine, space on the additional One- h will honxt Ranging mnrale hiV«JL ° f h ° AP 

43ff 1— A - - I the Dash 535 model. Eleven jets. This decision is seen throughout tbc civil side nf the iil , ,u ♦ 

rt» mar APR MAY JUN Jui ! These are regarded as longer- to some extent as a placatory aerospace industry, and ensure ; n .T, JfT,, 

: term strategic decisions requir - measure tn the trade unions for employment far 7.000 in British 

TJTL1S&F ""“I*— n h ™M ,ed ra ”- 5 SSB.- - -- “S - BMk ** 


Dissident faces court 


Output prices confirm 
lower inflation trend 

BY PETER RIDDEU, ECONOMICS CORRESPONDENT 


• (JILTS traded strongly. The 

Government Securities Index 

closed 0.55 up at 70.26. 

• GOLD rose $2} to S186j I g B | I J T||l| T|| 

prompted by weakness is the ! J 

D.S. dollar. ! 

sKfSffjg 1 L f" lower infla 

Nuclear fuels „ ^ „„ 

talks agreed 

- nwflpptM UnmniiwinTi OUTPtJT PR ^ ES charged at the — 

U'iih fhp li s factory gale by manufacturins w 
agreed industry- continue to rise at a 

(.nvernment on revisions to the moderate pace . A marked slack- 

IKS.-Euratom Treat) PO'ernning en j n g has »i sn occurred in the 

^ -!L U C F n 1-^ i r n C if i m ffi r rate of increase in raw material 1977 1st 

ftr. "to wlii, Briiwi nSS SIS’ A'** SharP im ” P in ' hf 3 rd 
Fuels representatives on ia,e * p e ' . -u 

Mexico's needs for nuclear fuel This is indicated hy me June _ 

rnricbment Back Page and wholesale price indices published 1973 1st 
Editorial Comment. Page 20 yesterday by the Department of 2nd 

• MAJOR wdinc rn'inirtojr '^^xures support Govern- & 


representatives meeting m mem clainH5 {hal thc i 2 . m onth 
Geneva are tackling obstacles nlB . nrlM «*«-»«« u-tu 


■x 1 ix Welshmen and women 
fi,: h letlrr to Carmalhcn 
:>i«n Gouri claiming response ■ 
■ -ill;, t'nr linldmc the chairman 
[■ iiie Welsh Language Society. 
‘ f,n is lon.sjurac.v charges. 
:'i annthor place.” A warrant 
o-uefi for bis arrest. 

Et 25,000 award 

v 42->«*iir-nld man. paralysed 
urine . 1 kidney investigation in 
wn.s awarded £125.000 
' .-ri vd damages against a radio- 
s.yi-i and tiir Mersey Kegianal 
1 1-.: I l!i Aulhnrily. 


lines which wiil shape the Anal ' "" 

package in Ihe Tokyo round of -- „ r 


multilateral trade negotiations. 
Back Page 


WORLD sales of rough I Friday. 


The increase was 7.7 per cent 
in Ihc year m mid-May and the 
June index will be published on 


WHOLESALE PRICES 
(1970=100) 

Output 

(home sales) Mi 
rt 248.0 • 

nd 1592 1 

rd 267.7 j 

t h 2 72.1 : 

st 279.0 

2nd IMS 340A 

Jan. 277.1 324.9 

Feb. 279.2 324J 

__March 280.6 331 J 

April 282.7 3374 

May 2M.6* 341 S 

June 286.2" 342.9 

Provisional 

Soorct: DcOcrtnrrrt of IndusVy 


ire that Continued on Back Page dent control but he added: “ The 

Hnuse must take , the derision 

: whether we wi'h to remain poor. 

and independent nr sacrifice 
powers and remain more pros- 

1 1 1* 1HT1 P * Trs ’ Mar2arPt Thatr-hpr. Cnn- 

JIaXXJL itli «ervative leader, avoided any 

— ■ gTeat show of enthusiasm, for 

the Bremen proposals, in con- 

A ^jg trast to some of her more Euro- 

1 rfillll pean-m»nded back-henchers. She 

B ■ • ' confined herself to the claim 

that Britain was more likely to 
get out of the problems of world 
recession by co-operation with 
her partners than hv standing 

arceleration In the underlying from the schcme lhey had 

ES - rate of inrreaae in retail prices pu l“ p - . , * nf 

from the autumn onwards as 

R ** the fall in sterling in the spring h.,t So t <frh*m* 

^7-’ SL h i? er w SF,UraFn,s “ orl - 1 rnuld ie aluhsumte ft ninni^ 

, the Country’s economy in a 
347.7 There are no warning signs of sounrf wav 

3405 this yet in the output price j Qa * ay ' 

3304 index, which rose by just oven 

~yiA7~~ - P?r rPnt in June t0 2S6J2 * f in Vpw Vnrk 
2J-; 1 1970 =1091. [t in Ne w Yor k 

This is similar to the rise in 1 ‘ 1 , , , 1 _ 

324.9 recent months. Since the ~ | JuK7 j rr ' T!, ' n ' 

324JL herinning of the year this index — 

33T2> has increased by 4J per cent. Sr«i i si.mn*.?R7b 

337.4 Output prices are likely to he Tift'S l! 1 ' 

3413* affected shortly by the earlier ismnnth* . SjWu^o.ii* •jaxA.-mnw 
342.9* sharp jump in raw material 

costs — up 5.8 per cent between 

r-w M February and June. 

But the strengthening of the 


I month 
5 mmilh- 
18 month* 


Il.Ffin.3i iS 
fi.^nju -lit 
1.24.1. Ill 4in 
bMAJQ fill* 


Sl.fA7n.=f.7S 
njA4Ai||i 
l.«« l.lAAln 
a.saa.To .u. 


Sriefly - . . 


■IirtiHi- East Airlines was fined 
i;r. ,«i L'xhndgr Cnuri Tor. 
.iiryniL ^ 7.1 inch Irish setter 
i» .i 15*. inch box. 

<1r|ltiuiinr. AnsfrglU: Sis 

«cniltfrs of a raimly were killed 
nirn .1 hebr aircraft ploughed 
I heir lu'lpc on take -off from 
1 -iii'iirban airport, 
iiinii'r Itaaitcr-Mpinhof lawyer 
.;:rl ilrncnriujld was Given a 
•Mi.vr.ir suspended sentence in 
1 ani burg Tor running a network 
.I'ticii kepi jailed guerrillas in 
..‘it'll util. 1 1 lose still ill large, 
i.ln cn .snulrnls were each fined 
■■I fbi at Hat field Court fur (lis- 
f.ncvily using electricity by 

n..ii>ing* overseas calls via a 
/...illy overseas dulling system. 
Birmingham molnrisl who ended 
a row will) another driver hy 
i.uiing bun wilh an axe is being 
■. uelif hy holier. 

Nine people were injured, two 
• ''riMiirly. :ii Dagenham. Essex, 
in .m exphr-ion «l f> house near 
hirr roadworks «cre taking 


a new record in ihe first half or [ ment's claims, though these are annual rise of slightly 
this year of Ri.OBbn tS1.22nn)— - widespread, but not universal, per cent in 1979. 
a 13 per cent increase compared projections of at least a single There may be a 

wilh the same period last year. 

Page 24 

• POST OFFICE Engineering 

Union said tbal lhc Government- 1 % j II tf* «R 

rffiSSSirS Boilermakers’ merger talks fail 

failed to find a peace formula. 

Page 8 Br MAX WILKINSON 

• HOUSE OF FRASER is now 

tile sole owner of Scotland s THE LONG - DRAWN - OUT The NEB withdrew, b 
Aviemore ski centre, after paying attempt to rationalise Britain's partly hecausc of op 
£445,000 to acquire thp two- two manufacturers of power from Babcock and partly 
thirds of Highland Tourist station boilers have failed. it did not believe it cm 
(Cairngorm Development 1 Jt did Northern Engineering In- tribute lo the managen 
not previously own. Page . dustries, owner of Clarke a boilermaking company. 

O BRITAIN gave £!00m in aid Chapman, said it was breaking fiannns then centred nn 
to India in the year lo March off talks with Babcock and formula which would hav 
1978. paget Wilcox after more than 18 Babcock control, with 


Continued on Back Page 
Editorial comment, page 20 



BY DAVID 5ATTER 

MR. ANATOLY SHCHARAN5KY 
emphatically stated his innocence 
and described the espianage 
charge against him as absurd 
when he apeared at a Moscow 
People's Court. 

The Soviet news agency Ta«s 
said Mr. Shcharansky has hppn 
charged with treason. Tnr 
espionage and "giving a foreign 
state assistance in conducting 
hostile activities against Ihe 
USSR." 

He also faces a new charge of 
anii-Soviet agitation. 

U convicted on Ihe treason 
charge. Mr. Shcharansky could 
be sentenced in death. The 
maximum penalty for anti-Soviet 
agitation Is seven years' im- 
prisonment and five years' exile. 

At an almo.si-unpreredemed 
Foreign Ministry briefing for 
correpsnndents barred -f-irm- the 
trial, a Soviet spc'tesi'i..:!’ s.-’id 
Mr. Shchamnskv' is accused of- 
providing informatinn on Soviet 
defence eslablishmenis ' f - foreign 
intelligence agents, including 
Western diplomats and an agent 
under journalistic cover. 

Mr. Shcharansky 's brother. 
Leonid. 32. wha was belatedly 
admitted to the trial, said that 
Mr. Shcharansky was accued in 
the indictment of calling on the 
U.S. Congress to impose discrimi- 
natory tradp measures against 
USSR and of sending subversive 
material to the Voice of America, 
the BBG. Radio Free Europe and 
Radio Liberty. 

Mr. Leonid Shcharansky said 
that thc court identified ihe 
journalist described as a HA 
agent as Robert C. Toth, former 


✓ 

+ f \ 

%• 

\\ 


MOSCOW. July 10. 

Moscow correspondent of the 
Los Angeles Times, who wrote 
an articles with Mr. Shchransky's 
help. 

Mr. Toth has repeatedly denied 
that he even worked for the Cl\ 

Mr. Leonid Shcharansky said 
lhal his brother asked to be 
relieved oF his court •appoint’d 
attorney. Silva Dubrovskaya, and 
lo conduct his own defence 

This rennesi was granted and 
Mr. Shcharansky submitted a 40- 
pace lust rrf witnesses and 
evidence he wanted presented on 
lus behalf 

The court allowed in evidence 
only ihe United Nations Charter 
on Civil and Folilical Rich ft. 
which thc Soviet Union signed in 
1976. Ihe full text of the 1975 
Helsinki Agreement, the appear- 
ance of Leonid Vnlvovski, a 
fellow Jewish activist, and 
ropords from thc Central Post 
Office. 

The list of prosecution wit- 
nesses was said to include Dr. 
Sanya Lipavsky. a former 
“ family doctor " and three 
former Jewish activist* who have 
denounced their former associ- 
ates in the Soviet press. 

Tass also announced that a 
man identified as only A. Filatov 
was going on trial for treason 
in thp form of espionage before 
the Military Collegium of Ihe 
Soviet Supreme Court. 

His name was unfanulnr »o 
dissidents and it was not knmrn 
what connection, if anv. his (rial 
might have in thc Shcharansky 
case. 

Olhrr reactions Page 2 
Parliament Page $ 


COMPANIES 

• MITSUBISHI Electric report* 
a 31 per cent rise tn consolidated j 
profit for thc year tn March 31, 
from Y9.42bn to Y 12.34 bn 

t £33.2m l . Page 28 

• EMPAINJiCHN EIDER turn- 
over in thc first quarter nr this 
year totalled FFr 7bn (Etl.Shn), 
an increase of 23 per ccnl on the 
same period last year. Pagf 2| 

0 KOHLER BROTHERS. 73 per 
cent owned hy Union Corpora- 
tion, h:w reported a rise in PJ-c 
lax profits from R4.5m tn Ro.Sni 

1 f 4.35m 1 in the six months to 
June 30. Page 2S 


BY MAX WILKINSON 

THE LONG - DRAWN - OUT 
attempt to rationalise Britain's 
two manufacturers of power 
station boilers have failed. 

Northern Engineering In- 
dustries, owner of Clarke 
Chapman, said it was breaking 
off talks, with Babcock and 
Wilimx after more than 18 
months. 

• The two companies bad 
planned to form a merged com- 
pany to include tbc Clarke 

Chapman Gateshead works, and 
Babcock's operation in Renfrew 
and Dumbarton. 

At thc start of the talks, it 
was intended that the National 
Enterprise Board should have 
a 3l per cent stake in Ihe new 
company. Babcock would have 
had 49 per cent and Northern 
Engineering 20 per cent. 




The NEB withdrew, however, 
partly hecausc of opposition 
from Babcock and partly because 
it did not believe it could con- 
tribute lo the management nf 
a boilermaking company. Nego- 
tiations then centred nn a new 
formula which would have given 
Babcock control -with 75 per 
rent of the. shares and Northern 
Encuneerina 25 per cent. 

Only l»vn months acb. Babcock 
and ■ Northern Engineering 
believed a merger on these 
terms was imminTt. and Inters 

were exchanged in which July 1 
was prooosed for a formal 
announcement of their agree- 
ment. 

Since then, however, hoth 
eomnanies have become worried 
about tbc nrnspecis of new 
orders for power stalinns from 


the Central Electricity Generat- 
ing RnArd. Northern F.nginecr- 
ing became alarmed that Bab- 
cock. as the controlling share- 
holder of the new company, 
would run down the Gateshead 
works nr close it. 

Northern' . Engineering said 
yesterday: “ Tt has not been 
possible m agree effective safe- 
guard'' which would secure the 
maintenance of an acceptable 
level of employment at the Gates- 
head power plant centre." 

It .;p;*ears. however, that (he 
negotiations bare been broken off 
in a r<MSonainp amicable spirit. 
Northern Engineering indicated 
that if intended tn continue fa 
collaborate with Babcock in con- 
strucim- power stations. 

Whv the talks collapsed Page fi 




(..■PMmFz, 




(SK 


CONTENTS OF TODAY’S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 


1 prices in prnre unlc** otherwise 
indicated > 

RISES 

Trr,^ r.p-- 19*2 £WiN ' d , + \ 

( re ixiirv M-pv 1999 IMS* — *" 

W.'.-lMCd Nt'**"- 

Pin. t« 4 J 

H'.vh.*n< ■ •■■■ J 

1 (ohm . - • ■»** , 7 

« h-u.lv 1 % ' 

1 ; „rl. iM ••!lhr« t ... 144 U 
• :nn!i>v Building „ . __ 

1T...U -! 


iv.siiipr 

1 '.«n 

» : i.‘f .. . . 

li' I'.C 

I !.'■> f.'uppcr 
iii S \ 

II .«• t.r- ^irirtcley 

H tv'hart ■ 
i:-;v.w . 

I'.I 


103 4 39 
.. f.«i + •’» 

. 367 -*■ 12 
271 - S 
i"il»K " 13 
.Tlxrt - •'» 
m SI | •; H 
i'12 - K 
|40 - S 
j-.»4! ■ ni 
.. 370 s 


Latham 1 -lamest 130 

Lloyd.-. Bank -JJJ 

Lucas Inds ■ ■■ ;9J 

Macphcrson (Donald) 6^- 

May and Hassell ® 

Mothercare 

Nnn«e«l Holst 

Rainer* (Jewellers) •-• 

Kaybcck , ” 

Thorn Electrical fj 1 

Time Produeis ■ ■■ «•' 
Tube Investments ... 3^* 

( : 111 lever £-2 

Vigfall ( Henry 1 . .. 

KriiKh rcfroleum ... 
Burniab Dll :. ■ .5^ 

Sb-n Transport •’'.‘J 

Guthrie :;; n ‘ 

Durban Deco 

Dims. Geld Field* 

Silvcrmincs °- 

FALL 

lnothin (R- V.J -*s 


European news 2 Technical page 9 Inti. Lnmpanies 26-28 

Amcrlran news 3 Management page 11 Euromarkets ■ 26 

S?'*™* j 1 ? 1 ” \ Arts page 19 31oney and Exchanges 3D 

Home - » w » 

— labnnr 8 VK Companies 22-25 Farmtng. raw materials ... 33 

—Parliament ... 8 Mining 24 UK stock market ■ 34 


WHERE INTHE WORLD WILL 
YOU FIND STANDARD CHARTERED? 


An- interview with West 

Germany's leader 20 

Society Today: Broken 
promise on Secrets 21 

A novel method of company 
reporting 10 


FEATURES 

Venture capitalists terms of 
business U 

A major step towards world 
airline reform 12 

Stafnlre steel quotas 
expire, create problems ... 26 


-AftpalittmefUs 
AaaoffKmeitu Atfwis. 
entlMU Opnu. 
Crossword 

' entertainment Guide 
FT-Acwarin Indkco* 
Homo Contract! . . 
■labs Cslvmn 


lenen 

La 

Lombard 

Men 90a Metier* ... 

U being 

Saleroom .. . .... 

Share Infor mati o n . 
Today* Events 


TV and Radis 

■Unit Trails 

Weather 

World Value of t . 


ANNUAL STATEMENTS 
Croon Home . .. 23 


Britain'*, wine drinking 
potential 29 

CJiinr«f residents in South- 
Ea5l Asia 4 

FT " SURVEY 

Spanish exports 13-18 

. » Ml mart Allied Pr 28 

« Steel ra Invest. » 

.W SmtlNT* . Soraknun 2« 

* 2“ 

w »mnwH» (Hda* > s 


*•*« Lending Rates 


For Infest Shore Index phone 01-246 8026 


More and more in California, that vital region of the Test. The 
Group now has 35 branches in California and has become pan of ihe 
domestic banking scene. 

With our direct branch -to -branch -vstem we save vou time and 
monev by jjoinp straight away to the Group branch in California » ur 
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helps you throughout the world 

hc«iL.’ii,.c JSi-tmsMsLioS^LenduiEil^X.'Ah ,Y : n. c..<c:L',-. I.' 







Financial Times Tuesday July 11 197S 


v :s»' 




EUROPEAN NEWS 



Ginzburg pleads not guilty 
to anti-Soviet agitation 


tog group, ms reported under 
way in Lithuania. Mr. Pyatkus 
has been charged with anti-Soviet 
agitation and {aces a maximum 
sentence of seven years' prison 
and five years 1 exile. 

In April, a colleague of Mr. 
Pyatkus’s, Bali s Gayauskas, was! 
convicted on the same charges 
but, like Mr. Ginzburg. Mr. 


Swedish 

industrial 

production 


Gayauskas bad a previous convic- ; «« aa\ta]*C 
tion for anti-Soviet agitation. He { JL CLU V C-JL iJ 


BY DAVID SATTER MOSCOW. July 10. ^ 

MR. ALEXANDER GINZBURG, 17 months of pre-trial confine- gone conclusion, Tass said “ the V J S sentenced to ten rears in a ( 
a prominent Soviet dissident for mem he appeared drastically charges against Ginzburg are labour camp and five years’ exile. : By Wnuam Duliforee 
almost 30 years, todav pleaded thinner, pale, and bad gone supported by the evidence.” ”* n,e L . adds * TQm KaJ °8 a: STOCKHOLM Julv 10 

, not guilty, to charges of anti- completely grey, if convicted &Irs . Ginzburg said that gSS^feilTdiSiiSS I SWEDISH INDUSTRIAL produc- 
Soviet agitation in i a .Sonet a second time. Mr. Ginzburg inc i uded to anti-Soviet docu- “J S^r ■? *§555? i ti on has started to grow after an 
regional court in Kaluga. 100 faces a maximum sentence of ments her husband was accused jfcUaSd ^AusSSSl almost unbroken ihree-year 


milea south-west of Moscow. ten years^impmonmem and five of keeping 0 r disseminating were ’touTbe "did n ST “have i decline. The principal recovery 


.. The trial was attended by Mr. J. h * . w, .' ks °L Mr -. Alexander tl J® p ^ s necessary ^to enter the 

; Ginzburg’s wife... Arina, and his The Soviet news agency Tass Solzhenitsyn, the exiled author. cour £ otberTuSt courtroom 

Mother, hut Dr. Andrei Sakharov, said me indictment charged Mr. and working papers of the was f u n. 

the. Nobel peace prize winner. Ginzburg. a leading member of ' Helsinki group. ] n an unusual gesture to the 

.was - prevented from attending the group which sought to mom- Dr. Sakharov, although barred Western press, an official of the 
the “open” trial and the court tor Soviet observance of the f rom attending the trial, issued Soviet Foreign Mmistn’s press 

declined a motion bv Mr. Ginz- Helsinki accords, with circulating a written statement in which he department Invited correspon- 

burs to call Dr. Sakharov as a “slanderous inventions dis- said that since Mr. Ginzburg dents to a briefing bv court offi- 

. defence witness. creditins the Soviet -?tate and worked prior to his arrest For a dais after the morning session. 

. s > s,em an d usm S monev year as Dr. Sakharov’s secretary-. It was believed to be the first 

■served a Ke“w labour ramp SSritiST™ --“ U ***** ^ hic * * cri “ inate ?™. * 10 years that the Foreign I 

sentence for anti-Soviet art in- criminal elements." 
tion and -suffers from a heart Ginzburg said that 


factor is the increase in export 
orders, which exceeded expect* 
tions in the first half of the year 
and are expected to continue to 
improve in the third quarter. 

This summary is taken from 
the June survey of Swedish 
industry by the National 
Economic Research Institute. It 
dampens optimism by pointing 
out that the revival starts from 


Spanish optimistic over 
Atlantic natural gas find 








BY JIMMY BURNS 


of Mr. Guizburg. he did with my Ministry had taken such action a industrial out- 

part ici pa tion. during a dissident trial and i ni ™ imreaMin indurtnaioirt- 

.... . . . mis. «.u«». h .oai «er As the trial of Mr. Ginzburg seemed to indicate some concern I ** 

condition. a tubercular gpndition hli5 j, a nd said he would refuse to was beginning, the trial of that the official account of the I *5P°[L-, 

-and ulcers. testify in the case, apparently Victoras Pyatkus, the leader of proceedings should receive | jtn^a^iunning d0WT1 0t 

Mrs. Ginzburg said that alter believing its outcome is a fore- the Lithuanian Helsinki monitor- publicity outside the country. 


E. German sentences suggest joint strategy 


BY LESLIE COUTT 


EAST BERLIN. July 10. 


-THE SENTENCING of two East later thp 22-year-old East 20 years. Interviewed on West to create a humane Socialist 

German political dissidents just Berliner Herr Nico Hflbner was German television from his East and Communist society, had 
before the opening of political given a five year prison term for Berlin apartment 43-year-old created a system of ‘Trareau- 

- trials in the Soviet Union evading military service and for Herr Bahro said the political cratic centralism dominated by 

suggests that a joint strategy Is espionage and " agitation against and economic systems of the an organised lack of responsi- 
being followed by East Berlin the State " Communist countries were bliity. r 

and Moscow on ridding their He is said to have received thoroughly corroded, 
respective countries of activist “ instructions " from a West A book, written by Herr Bahro, of gathering information for 

- opponents. Berlin group, the Society for entitled The Alternative " hostile forces ” in West Ger- 

- On June 30. an East Berlin Human Rights. appeared shortly afterwards in many and of using “intelligence 

.- court sentenced one of the most Herr Bahro. previously an West Germany and hand typed means ” This verdict that the 
outspoken critics of the Govern- obscure economist in an East copies are now circulating among West is behind the political 
merit Herr Rudolf Bahro. to Berlin factory, came to promi- students and intellectuals in dissent in Communist countries. 


producer stocks. 

Employment within industry 
has continued to fall and, to 
judge by the companies' replies, 
this trend will persist through 
the rest of the year- There were- 
91, TOO jobless in June, according 
to the Central Bureau of 
Statistics. This is 29.000 more 
than in June last year and 14,000 
more than in May this year. 

Another negative element is 
the weakness of the home 
market, which has hit particu- 
larly hard in the consumer goods 
sector and the important 


Herr Bahro was found guilty ! machinery industry. Building 
- * 1 activity, however, it picking^ up 

and building material suppliers 
report increased orders. 
Companies forecast a swifter 


eight years 
" treasonous 
information 
betrayal of 


UUU U4IUU« IU DCV1IU I uautc kU ^IWIIII- 3IMUW1W anu iiliCUCbkUCUO IU UI93C4U U_l GUUUUm* ^ ~ - Tl * ,-i _ i« i 

prison for the nence last summer when he East Germany. In it he wrote may well be beard when the!® 3 ^ 011 nrarMis. utuing uu. nrsi 


rise in prices during the third 
quarter on both the domestic and 


collecting of openiv criticised the East Ger- that the leaders of his own courts in the Soviet Union read j Quarters engineering pro- 

ry and the other Commu- their convictions of the Soviet I ducts ,ed H* wa >’ 


as well 
secrets." 


as the man Communist Party, of which country 
A week he had been a member for over nist societies. Instead of aiming dissenters. 


THE EUROCOMMUNIST RESPONSE 


A subtle protest campaign 


BY ROGER BOYES 


raw material producers, such as 
the palp mills, are now antici- 
pating price improvements in the 
third quarter. 


Kyprianou 


‘errors’ 


attacked 


By Qur Own Correspondent 


THE TRIALS of Alexander the Russian writers Andrei traditions of their countries with Stalin had abandoned the 

Ginzburg and Anatoly Shchar- Sinyavsky and Yuli Daniel, for their Marxist goals. The Italians alliance. Bukharin criticised , 

ansky pose a serious dilemma for ‘instance, drew protests from the again led the way and estab- Stalin in a lengthy Pravda \ 

the West European Communist “ liberalisers " within the Italian lished close links with the article and the spirt widened! 

parties, whose relations with and French parties, but the com- Dubcek regime. The Soviet in- between the two until he was 1 . . n .... 

Moscow are coming under plaints were quickly muffled by vasioo in 196B. however, put paid arrested in 1937 and tried and j ^jJPnot uemocrauc Kaiu. looay 
Increasing strain. The Com- compensatory blasts of pro- to the Czechoslovak experiment executed the following year for ^aroiy 

muuist parties of Italy, France Soviet praise from Stalinist and at the same time strength- espionage, sabotage and conspir- 1 tu .. J pi ? a .A .° u % 

and Spain will probably con- sympathisers. ened the resolve of the Western ing to murder. > * he cause of the. Greek t-yp n OB 


NICOSIA. July 10. 
MR. GLAFKOS CLER1DES. 
leader of the opposition Greek 


CAMPSA. Spain's State-controlled the Gulf of Cadiz is “dry” and This, in addition to an increas 
petroleum monopoly, has made therefore of Rood quality. In existing national onerg 
an important natural gas find in according to the CamPSa spokes- resources t mainly coal) 
the Gulf of Cadiz, off the south- man expected to reduce dcpendenc 

west Atlantic coast of Spain. Campsa, while remaining upon oil from 66 per cent to S 
The find, made in 130 metres “extremely hopeful, ,v are caution- per cent. Imports of crude o 
of water, was described, today as inc against making a premature account for nearly 30 per cent » 
“very positive” by a Campsa definite judgment on exploration, total, imparts, 
spokesman. Natural gas in the as final appraisal of the Com- Campsa is SI per cent cvi 
area could eventually mm as racrcial value or the wells is still ^ned bv the Ministry r 
much a a a third of Spain’s total dependent on further seismic Finance with the remaiain 
consumption, he added. tests, due to be earned out later held essentially h 

Spain until now has imported this summer. private banks. In May a coi 

all her natural gas, principally Although natural gas accounts troversia! proposal to transfe 
from Algeria, and to a lesser for only 2 per cent of total lbe stare’s ktakein the eompan 

extent frpm Libya mrvy consumption in Spain. ti fr0m ^ Ministiy tu the Stab 

The latest find, described has been allocated a prominent holding company ini W3 

enthusiastically by the leading role in the Governments 10 year abandoned 

Madrid daily El Pais as “ one energy plan approved in May. ' - „ . 

of the most important finds ever Great emphasis is being placed . ^ h t, m eY c .‘ a ‘ pieman 

of hydrocarbons in our country," by the present Government on tng the States energy holding 
involves a well some 10 kilo- the role natural gas could play had encountered stiff opposltio 
metres from a well already texted alone with nuclear energy in bn y i from the Finance Muustr 
last month at a potential rate helping to reduce substantially ana from the hanks, 
of between 500m and Ibn cu.m oil imports. Campsa's operation in th 

per year. The energy plan aims to raise Gulf of Cadiz, which bega 

The two wells have been the contribptiou of natural gas earlier this year, has bee 

already tested at a potential to 6.7 per cent of energy needs carried out without any co 

annual peak rate of 1.5bn cu.m by 19S7. and that of nuclear labo ration with muilination; 

of natural gas. The gas found in power to 15 per cent operators. 


Envoys will plan agenda for 
ASEAN-EEC talks 


BY MARGARET VAN HATTEM 


BRUSSELS, July 10. 


AMBASSADORS FROM the five tea. coffee, rubber and other com- supplying capital and technolog 
ASEAN countries will meet their modities. m return for cheap rav 

EEC counterparts here tomorrow However failinr this and the materials and cheap labour, 
to draw up the agenda for the EEC has made it plain 'that it is The Netherlands and Britair 


first meeting at miniserial level not wa Jj v t0 coarider such a with historical colomal link 


between the two sides, to be held scheme, the ASEAN States are an< * established cmimiercia 


on November 20 . eager to encourage a European Presences in the region, are niv 

the nn'spnrp in the region as a . sympathetic. Bat while there i 


Since relations between 


demo the trials in much the In the view of Sr. Santiago “liberalisers" to develop national lea«a sevm of thnc«i tried 

same tone as they denounced the Carrillo. General Speretarv of brands of Communism indepen- Bukharin have now heen 

sentencing earlier this year of the Spanish Communist Party, dent of Moscow. It also freed rehabilitated— an official admis- 
Dr. Yuri Orlov: a soft-spoken Eurocommunism is a synthesis the Eurocommunism from a few rinn of their innnrpnr* nr at [past 

protest, a “ fraternal reproof.” as of two trends: “Socialism run- - though by no means all - of nast SSslSe-S? diin- 32 
one «eninr Rririch Pnramunui ^ * ot past rojusuce—ano, auTing tne 


one senior British Communist mng parallel to democracv, free- of their inhibitions' about Rriishchev’era' historians franklv 
put it. But members of the dom with universal suffrage, and criticising . the Soviet Union. admitteithat Bukharin had been 
Eurocqmmumsr parties are now alternation of parties in the The decision to use the convicted on the basis of forced 
preparing a more subtle protest Government." and “inde- Bukharin. [case to make a con- “confessions." But the Soviet 
campaign, one that could prod pendence without submitting to temporary criticism is an Inter- authorities have steadfastly 
the Kremlin more effectively an international disciolihe and esting illustration .of how the refused to consider requests from 
than even a strong response from without obeying orders from Eurocommunists have shifted Bukharin’s son. Yuri Lapin to 

- Moscow" . their approach over the. past rehabilitate him. 

Western Communists, espeet- Yet all the West Eurooean decade. When openly disagreeing „ T ^ 

ally the Italian party, have Communist parties have Stalinist with Moscow, the Euracom- - Mr * a PP ea ‘ e d to Sig. 


launched a concerted drive to 
rehabilitate lhe leading victim 
of the Soviet political trials of 
the 1930* — Nikolai Bukharin. 
“ By condemning the illegal 
repressions of the past.” argued 
one British analyst Iasi week, 
"they are showing their con- 
siderable distaste for the 
repressions of the present. 


Western Communists have branched a concerted 
drive to rehabilitate the leading victim of the 
Soviet political trials of the 1930s — Nikolai 
Bukharin, 


Enrico Berlinguer, general secre- 
tary of the Italian Communist 


is gaming ground internationally. 

Speaking at a Press conference, 
the pro-Western politician and 
tormer acting President of 
Cyprus. said that Mr. 
Kyprianou's Government had 
suffered a number ,of setbacks 
recently as a result of “serious 
diplomatic errors." 

He mentioned President 
Jimmy Carter's efforts to lift the 
UJS. arms embargo on Turkey, 
unfavourable developments in 
the Council of Europe, and the 
break in relations with Egypt 

Mr. Clerides said President 
Kyprianou had faiied in his 


Party, to put pressure on the i declared aim of isolating Turkey. 
Soviet leadership. In an article | N?to countries were stepping up 


last month in the Communist 
daily L*Unita. issued in the same 
week as the sentencing of two 
Soviet dissidents, the party 
historian, Sig. Paolo Spriano, set 


efforts to strengthen Turkey 
politically, economically and 
militarily while Ankara had 
recently improved considerably 
{ its relations with Moscow and 


out the case for rehabilitating I other Eastern bloc countries 
~ ' ‘ Mr. Clerides accused the 


In the obreure rode of inrra- Pasts— all. for instance, followed muntsts still have to pull their Bukharin and attacked his trial 

Communist relations thn arfnn- lhe Soviet Iead in condemning punches. But by campaigning as a miscarriage of justice. A 

tiSHf the Bukharin rouse reS- Prea,d « nt -Tito- of Yugoslavia strongly on an apparently further newspaper interview,,, _ 

resents a stron» challenw tn wheT1 he broke w,th SlaMn in rtoctf,naI ^ ojDt - theJr ca *\ can spelled out the party's position Cyprus and of making “ undiplo- 

Moscow Bukharin wasepn- 194B49— and it is the difficulty be put with real force. Bukharin eveD more clearly. matic " actions and protests to 

fenced ' to death and dulv nF coming to terras with this was a contemporary of Lenrn, a M L - jut*.,,— Krench foreign governments which 
executed for defyina Stalin This background that conditions tbeir Bolshevik theoretician, a clever Co “munifrt the^etician” h2 brought unfavourable reaction, 
Ute« move l?i?th! I response to. the Soviet Union's economist and the editor of himself S^SannSi since they were given 

vTarninn -Ifiakist a ^ current behaviour towards -dissi- Pravda. the Communist daily- ?? £e Sovtot Goren S ent ™ m Publicity. , . 

day's political opponents. Before the late 1960s the West JfijSLJJ of toe Brest-LitoJsk more orthodox members of * me^f aDDeared ^ifcare more for 

Preparing a reaction to Soviet European, parties generally sub- Frencb P art r have * vel 10 1 * PP d ■ 

measures against human -rights scribed to the- belief tbat ^ ace . 1 ^ rel th “ mit themselves. Sr. Carrillo, on 

activists Is a ;deJiC3te issue for unwavering support should be the other hand, i s understood to 

the Euroconi mumsts, a' question extended JnL public to the ruling tw SaJh be sj^Patiietic to Bukharin’s 

" * — Eastern *811 rehabilitation, and other Western 

*■»» SStSfSSS. Bukjurhf became ^ »*" 

the It is unclear however how the 
and. USSR will react. 


„ „ . ^ presence in the region as a- . . 

European Community and the counteru-eight to the iocreaslnglv nD opposition to the principle n 
Association of South-east Aslan dominant Japanese, and to a closer ties, France for one. ha 

Nations have been slow to i e sser extent, the U.S. consistently held out against . 

develop, the November meeting ... . ,, . more specific commitmeuL 

could decline into the sort : of JS^-'tJSSPTf EEC Commission official 

ritual to which both sides are I JJ u 1 believe 016 EEC-ASEAN dintogu. 

prone Asia ' l! ls 17 J >erI,,,p8 has more chance of be ins 

The ASEAN nations— Singa- hn.hee^so * to reaIiscd in financial and nidus 

pore. Thailand. Malaysia. Indo- i?SEn AKhmicS fStawav trial co ^P era * ln n than have th..;.,. 
nesta and the Philippines-are pHral,cl la,ks with - «■ 

anxious that it should turn Into Se of -’0 per dnee -\ merican . countries. ASEAN 

something more substantial. $70 P f ev d of eSodSS they M - v ’ ip more cohorenf ' rTinr * 
Whether or not the meeting investment in Sfe SeS? °T® !anised and less economically : , 
1^3 ds to B ttsd^ and ctH)p^mtiOQ countries Jins ft loner wnv divots®. 

agreement, and at this stage the Ed S Even .so. they recognise tha*. . 

prospect is remote, they warn a j D the early 1970s, this was no SSSPCSHS 
formal contact at ministerial doubt larccly due to fears that stl11 ' argel - s - mbollc - a0d thal 
level to demonstrate Europe’s the Indochina conflict would “ an ««««““ ®[® U P! e lt ha -J 
acceptance of ASEAN as a disrupt economyof the reigonas t0 pro v ^itsflf.TbeS26 product* 
political entity. a whole. But the return 0 f ® n which members give profereiv 

They hope the meeting will relative political stability in * ia ‘. treatment m Intra-AbLAN 
open the way for a further Indo-China has not brought the tr ® de include a large number of 
expansion of trade, investment^ hoped for surge of capital. minor items and none of tne five 

joint ventures and development- On the European aide, there. re R ,(, nal co-operation project s 

co-operation. arc -signs of a growing Interest approved in 1976 has yet got past 

What the ASEAN states would in the region mainly from the planning stage, 
really like from the EEC Is an Germany which in recent months *V a J er l llM!r roeetl ??’ as " e 
export - earning stabilisation has led moves for closer co- ASEAN States arc well aware, 
arrangement, similar to the operation. The Germans are less could be crucial in determining 
Stabex fund operated under the worried than some of their EEC how far the organisation. ^rather 
Gome convention. This would partners by the threat of com- than the five national Govern- 
apply to timber products, palm petition from low-cost ASEAN ments. will be relevant to the 
oil. coconut products, sugar, producers and appear keen to region's development over the 

ja --- 


tapioca, maize, fruit, tin, copper, set up more joint ventures next decade. 


Disarmament conference 
begins fresh session 


both of ideological loyalty and of Communist parties in Eastern d Bukharin flourished 
pragmatic electoral reasoning. Europe. whatever disagree- 
Each move towards a more meats lay beneath the surface, 
liberal approach has ' ” * T!l - : »- r ^ — **■- “ 


brought Moves by Nikita Krushchev, the ntoleT^Stalto 


The present 


iSnSEf 1 JSL >Pit® of personal antipathy. Kremlin leadership , Uid the 


Italian. French and Spanish maritle the .Stalinist apparatus bac ^g d 


. . . . , - - ■- — — - — uaciseu him in a campaign foundations of their careers. .. s --..uu .» 

■» 80 gave the Western parties some against Trotsky and his sup- under Stalin during tbe 1930s and j undo this de factor situation by 

cntlcism from the hardcore confidence, hut the real water- triers. *- — •* — 4 *--*—» * — 

PCnprtiva ehari tirio pfFnrtr Hi* A lovonrlor ^ 


at 


elements in the respective shed was efforts bv Alexander .... , _ . all denounced at tbe time could 

oanies as well as from the Dubcek, the former Czecho- Bukharin believed this cam- be embarrassing. But it may 
Kremlin Slovak leader, to create a system paign would keep alive Lenin’s prove more expedient for the 

The tension between the two of “ Socialism with a human policy of creating an alliance Soviet leaders to rehabilitate 
rival strands is most evident dur- face.” between the industrial prole- Rukbarin quickly and without 

,uig Soviet political trials, which The "Prague Spring" was tariat and the peasantry. But as fuss rather than tackle head-on 
in some ways dramatise the viewed as a possible model for the Soviet Union pushed forward its dispute with the Euro- 
internal conflicts of the- Euro- the West European parties, a with the forcible collectivisation co mmu nists over bow dissidents 
communists. The 1966 trial of way of reconciling the liberal .of land. It became clear that should be treated. 


rehabilitating a man whom they j insisting on a formula . based on 

the proposals which the Greek 


BY OUR OWN CORRESPONDENT 

Kyprianou administration of! *®* 

lacking a concrete poliev on THE MAIN UN disarmament Since 1962 the conference has 

-.. . j f orum tomorrow begins what drafted treaties, but progress has 

could be its last new session often been blocked by the failure 
before changes designed to make of the U.S. and the Soviet Union 
it more effective. to reach agreement in their 

The 30-nation Geneva disarms- crucial preliminaiy negotiations 
ment conference has long been outside the conference frame- 
under fire for its lack of results w °n*- 

over the past 16 years. A LN spokesman said a major 

The changes were ordered by conference issue was how to 
the LtN General Assembly session work during the transition. The 
on disarmament last month for session, be added, is» scheduled 
implementation in January. They *ol«t 

are designed to meet the main the last one before the 

.. BuiVhe delegates could decide 

is loo small, is dominated b> the . meet a^ain later in view of 

an .nd ‘VhE the changes? the 

covted by France and China spokesman sa |d. The major 

ot changes involving the new dis- 
armament committee are: The 
.. .. _ new name plus enlarging the 

tne committee on disarmament membership from 30 to up to 40 
. a* ter the New \ear reassembles countries, including France and 
Cypnnt leaders drafted while for its summer session tomorrow several more developing nations; 
President Makarios was alive. ;on the eve of the scheduled monthly rotation of the chair- 
These proposals, presented in | resumption of tbe Strategic Arms manship, now monopolised by 

Limitation Talks (SALT) here the U.S. and the Soviet Union; 
by Mr. Andrei Gromyko, the revival of lhe UN disarmament 
Soviet Foreign Minister, and Mr. commission, which includes aU 
Cyrus Vance, the U.S. Secretary 149 members of the world 
of State. organisation, after 13 years.' 


impressing public opinion 
home than achieving results. 

Mr. Clerides. 59-yearoId 
barrister and former RAF pilot, 
warned rhat if the present de 
facta division of lhe island was 
prolonged it would end with the 
northern part being absorbed by 

Turkey. 

He called for urgent action to 


Shipbuilders 
oppose OECD 


credit ruling 


despite their possession 
nuclear weapons. 

The conference, to be called 


April 1977. accept the idea of a 
bizonal federation, with tbe 
Turks administering about 20 per 
cent of the island, equal approxi- 
mately to Their population ratio. 


HAMBURG. July 10 
THE OECD credit ruling setting 
a minimum interest rate of S per 
cent on funds raised for ship- 
building is a major problem 
hitting West German ship- 
builders. 

Shipbuilder Association 

Manager Werner Fante said the 
ruling prevents German ship- 
owners benefiting from advan- 
tageous domestic capital market 
ratps now around 6.5 per cent. 

Mr. Fonte said since Germany 
is virtually alone in having surh 
low interest rates the prohlem 
for the domestic shipping indus- r 
try continues to be difficult to 
settle. 

The development is entirely 
due to the strength nf the Mark 
against other, currencies and 
particularly The Dollar and to low 
German inflation, he noted. 

The Dollar weakness is worry- 
ing as over SO per cent af German 
shipbuilders’ orders are for 
export, while almost all contracts 
are in marks despite their scarce 
use iu the shipping tade itself, 
he said. 

Reuter 


DISTURBANCES IN THE BASQUE COUNTRY 


Investigation of violence 
in Pamplona ordered 


Extremists focus on Navarra 


BY DAVID GARDNER 


BARCELONA. July 10. 


BY OUR OWN CORRESPONDENT 


MADRID, July 10. 


Sr. Rodolfo Martin Villa, the 
Spanish Minister of the 
Interior, has ordered an official 

inve^ligartinn- into the vfolent 

incidents that took place at .the 
weekend at Pamplona, capital 
of the north-east province of 
Navarra. 

The investigation follows 
suggestions thal an assault by 
riot police on Pamplona's main 
bull ring on Saturday night 
may have been premeditated 
to disrupt the traditional festi- 
val of San Fennln. and add to 
the already highly . tense 
political situation In northern 
Spain. 

The police action, one of fhe- 
most violent seen since'. the' 
death of Genera) Franco .three 
years ago. Involved the use of 
live ammunition, rnhher 
bullets, and tear gas to break 
up what many eye-witnesses’ 
now maintain was a drunken 
brawl .between rival political 
groups. 

the - atmosphere today in 
Pamplona Is reported to still 
be' highly charged after the 
weekend aE 'rib tins and tooting 


FlKksrut T ruts. fiMstted d*Jr c*ceoi Sun- 
dan an£ Iwlidi**- U ! Mbicnrann 1M1 i«j 
C>if • ftwalK' W i*i r man* scr anium,. 
bcood dm Mdin son I at New York. N.V. 


brought on by the incidents In 
tbe ball ring. Snbsequent 
demonstrations hare included 
an assault by over a thousand 
people on lhe offices ’ of tbe 
Civil Governor. 

The rioting in which one 
person - was killed and many 
hand reds injured, took place 
against a background of 
mounting political violence in 
the Basque country. 

On Saturday night Sr. Javier 
Juarequl Bernaola, a 38-year- 
old Justice of the Peace, was 
shot dead hy individuals 
believed to he members of 
ETA. - the Basque terrorist 
organisation, in the town of 
Melona. 

The intensity of the latest 
disturbances appears lo hare 
promoted tin* adoption of an 
unexpectedly moderate stance 
hy lhe Partldo National 
Vasco .(PNV). the principal 
Basque ^nationalist party in 
Parliament. 

A( -a mass meeting in 
Guernica, the emotive birth- 
place of Basque nationalism, 
on Sunday, Piw deputies 
toned down considerably what 
was expected to he a passionate 
attark on the proposed Consti- 
tution. 


THE WEEKEND’S explosion of 
violence iu Pamplona, during lhe 
town's traditional festival of 
“ San Fermin." was not un- 
expected. Tbe possibility that 
the festival would be. marred by 
violence was mentioned openly 
for weeks beforehand. 


On the one hand, there was the 
offensive launched by the Basque 
nationalist guerrilla organisation 
ETA. and on the other. Spain's 
neo-fascists — disinherited since 
the death of Franco— have chosen 
Pamplona as a target for their 
special attention. Both these 
groups have their eye ou the 
draft constitution being debated 
in Parliament which will con- 
cede limited autonomous powers 
to Spain’s regions and “historic 
nationalities**: Catalonia. Galicia 
and the Basque country. 

Why Pamplona ? Firstly be- 
cause Of its relationships with 
the Basque countin'. Navarra, of 
which Pamplona is the capital, is 
one of the four Basque provinces, 
although it has a distinct 
character • and separate history. 
It did not form part of the 
Basque republic of Euzkadi 
during the Spanish Civil War, 
and instead, the powerful Cor 1 1st 
section of the population fought 
with Franco. 

Tn recent years The character 
of Navarra has changed radic al ly. 


The turning point. was the -Pam- 
plona General Strike in; the 
summer of 1973. the most 
prolonged and virulent strike 
movement faced by the Franco 
regime up to that time. This was 
followed by progressively closer 
relations with tbe Basque country 
—the pivot of the opposition to 
Franco during the regime's last 
years — and the transformation of 
the traditionalist Carlists into a 
democratic Socialist party’, co- 
operating closely with the left 

It is far from clear which way 
the Navarra's inhabitants would 
vole in a . referendum oh Its 
future relations with the Basque 
country — hence the interests of 
both ETA and the neo-fascists. 
The province's • peculiarity, can 
perhaps be grasped by the result 
of the recent factory council 
elections. Navarra was the .only 
province where Spain's main 
trade unions, the Communist-led 
Workers’ Commission and the 
Socialist General. Workers’ Union, 
were edged out by a minority 
union, in this case the Maoist- 
orientated ‘Sindicato Unitario." 

The neo-fascists first tried to 
put the clock back in 1976. at 
Navarra's traditional C artist 
sanctuary of Montejurra. 

They greeted the yearly pilgri- 
mage of Carlists with a bail of 
fire from an -army issued 


machine-gun, which left two dead 
and 125 wounded. The para- 
military Civil Guard watched 
impassively from an adjacent 
hill, while the culprits, several 
of them photographed in the 
act. have yet to be prosecuted. 

More recently, the neo-fascists 
were presented with a golden 
opportunity when ETA shot dead 
a police official in May. In suc- 
ceeding days, they turned Pam- 
plona into a battlefield, besieging 
the local headquarters of leftist 
and nationalist organisations. 
According to local Press reports 
there is strong evidence that off- 
duty policemen not only played 
an active part, but led these 
assaults, during which a police 


lieutenant was stabbed to death. 

In the weeks prior to San 
Fermin. Pamplona's inhabitants 
experienced almost daily skir- 
mishes in tbeir streets, and it was 
expected that the extreme right 
would put in an appearance at 
the festival, especially as part 
of the build-up ’to a show of 


wui iuuj> .xiivw if I nx 

rtrength they are planning In 
Madrid on July IS.- the anni- 
versary of Franco’s uprising S-’ 


u prism 

against the 193m Republican 
Government 

The most striking aspect of 
the aftermath to the violence is 
the unprecedented degree of 
unanimity in condemning the 
police action. 




II 


K 


% 


An over-turned vehicle ll.es In a Pamplona street after a night nf rioting stopped. the run- 
ning of the bulls at the San Fermin festival. 



V) 










Financial Times Tuesday July 11 1978 


OVERSEAS NEWS 


Tense talks on 
President Sarkis’s 
resignation threat 



BY JHSAN NfJAZI 


BEIRUT, July 11. 


AN UNEASY 
today Iwtwppn 
lhi» Arab 


ra|m prevailed Meanwhile. Arab interest in ; 
ini» irah b’ an troo ? s ot ,he Lebanese crisis is growinfi.'j 

and Lhr rhnsfia? fc E ce 5“ Wajl * whose Foreign Minister; 
nformed ?J hha A B . ut Sheikh Sabah al-Jaber visited 

Sir m i es ^5* d .. , S e hew Sunday and 


,rr7 rt «lan«or U oir PrSdeTsartts.^M £Snrt £ 

They said 


u ,Kii» have proposed an Arab mini I 

SKTO; ' w? i =L c »^, back ,hE | 

and CPI Preside m f e!m*i "sarkit ■ P 10 minister reportedly t 
tn abandon hi.s ibreat ?o r«Si II T h Sarkis that c ”. a . who . ta ! 
the Christians have bronchi h * A ^ bs we ? pn Syria s side ! 
reinforcements rmd heavier gunl JJJ W|, ‘ nf ?‘ l0,eralc ■}!« n P | * b - v ! 
into their positions in Emi ? Chm!,ap militias to; 
Reirm f a ei n gSy rufn encamp 1 - "W 1 * 1 ® « «h Israel 
men Is. M Mohammed At Zawi, the 

The sources added that- the L,b .7an Secretary of Information, 
mililani trend inside the amve " ,n Damascus today with ■ 
Christian ranks is still dorr-nanL ?• T?“*6e from Cnl. Moammar | 
with moderates fearing what nnr V^ d ? fy ,0 President Hafez | 
called "a suicidal a attempt 
Tbe main 



Lee Kuan Yew 


Peking 
reassures 
South-east 
Asia 

By Peter Weintraub in Singapore 


C&nstisin quarter nf f ' IN SPITE of chronic worries 

'? . f'ke a ghost about Peking's intentions towards 


Athrafiyah 

town" after its in habitants’' had a * a * nst die Christian militias 
- " • here. 


were evacuated 


either fled nr 
by the militias. 

On the Moslem side ot the 
fence, the feelhis ■.« the 
Christians are still calculating on 
Israeli intervention on their 
behalf. 

More talks were held at the 
Presidential Palace in Baahda 


Peking 

the millions of ethnic Chinese 
'resident in their countries, tbe 
J Governments of non-Comrounist 
I South-East Asia do not appear to 
j fear that China's intervention to 
extricate ethnic Chinese from 
Vietnam will result in any 
immediate changes in its policy 
towards overseas Chinese else- 

SAUDI FOREIGN' Minister, ! W *Nevertheless7?here are indica 

a tions that officials in some of 


Saudi denial of 
troop build-up 


Financial Times Reporter 

in the hills outside Beirut, where $*AUDI FOREIGN Minist 

Mr. Sarkis met Mr. Pierre Pnnce Saud *l'F«saI, broke ... 

Ge ma ye 1- leader of Lebanon's Jw*>week official silence Sunday f t h ese countries, most notably 
largest Christian paramilitary v bo med_a South ; Indonesia, are troubled about the 

organisation. *«neiii claim that Saudi Arabia, long-range implications of the 

Unconfirmed reports said n tmr« 11001,5 on its border Chinese action, and that it may 
roniscts were also held between ..i<v , ... . have contributed to a further 

the Phalangists and the Svnans *5 n0 * n Ul|S ,* ? e : delay of the normalisation of 

to arrange a compromise sait V . S j Cb rep ° r Jf? cal ) opl >' be- relations between Jakarta and 

Three parliamentarv explained • as political tactics to : Pf , bin2 . 


railiees met in an emproeuev at * er, tioo from the; china has sought to soothe 

mini *",101. ?odt" ™ dP™'. v™’ iC ‘" B * •“ S,JuUl ;iW fears. both privately and 

jhn situatjnn. Mr Selim .-ti-Hnc* vl en ' ,, .. ... I publicly. An editorial in the 

the Prime Minister, briefed m fa« 8 ui°k C hv* X?r 3 iLVeh I official people ‘ s D ail ? on 3 
them on the government position. Ea 1 Sourti Yemeni Foreisn ewenlta,,y reiterated that Peking 
Paramenia nans had earlier m llS'er *" ^ oreJ - n encourages Chinese to be law 

uronri rrpsident tn M o ,stl I r - . «. • , e- » abiding citizens in their country 

“wend h!» ..'I ,n Saudi 1 0 f , eIt „. mem . 

consolidate 


Sarkis 

ih r r iSn cnvS™mln'! *.**.**”“*'■ M«* Saud waa | ^ editorial rebutted Soviet 

the government a t pains io point out that the 
pnsriion so 1 the Lebanese state kingdom was taking no unilateral 
may ri«p above the mini-states*' action against South Yemen out- 
as represented by the private side the framework of. the Arab 
militias. League 


Iranian copper production 
to start next month 


BY ANDREW WHITLEY 


TEHRAN, July 10. 


charges that Chinese residents in 
South-East Asia were being 
organised by Peking as a fifth 
column, and said that China's 
course of action in Vietnam was 
a special case, because "the 
Vietnamese authorities are per 
1 secuting Chinese nationals there 
on a large scale and following a 
well-planned and . organised 
campaign." 

In spile of these reassurances 
the Chinese action in Vietnam 
may be used by some South-East 
Asian politicians and military 
lpadprs to try to drive a wedge 
between their Governments and 
China. 

In Indonesia, for example, the 


COUP IN MAURITANIA 


The Saharan war exacts its price 


BY RICHARD JOHNS. MIDDLE EAST EDITOR 


IRAN IS to hesm commercial related facilities, to service the 
production of copper next month, operation, is estimated at another 
3fier more than six years of pre- .92 1.1 m tlobn rials). The overall 
piratory work. According to Dr. total is- approximately three 
Mi-hdi ".argil aim. managing limes the original estimates. . „ , 

director of the National Iranian Dr. Zarghami said that in the ■ r, £ol-wmg Moslem and military 
• upper Industries Company, pro- second year or production foreign ! opposition to President buharto r 
diimnn costs in the first lew exchange earnings would be j cal1 r °I‘ .normalisation of reia 
years nf operation would be in 8-25 m. eventually rising (o over J f,ons with China earher year 
the ranac «f -17 to 5” U.S. cents Stbn a year. A by-product. | van. now be expected tn intensifj 
,i pound, making Tran one of the molybdenum, used in stainless! JJ . lhp ,de * .« reconsidered soon_ 
few rcdiionucally viable copper steel, would add another SlOOra , Relations between Jakarta and 

’ ■ > a.pa i. a r <* ♦ PnL’IlVI Il'OPA ClICnAft flPn ITl 


in the developing 


to $l50m a year, based on a full 
product ion of 2.000 ions. 

The Sar Cheshmch she. near 
Kerman m sout-easl Iran, has 
been brought into production by 
the American mining company 
Anaconda. n» what is known to 
io be a lucrative feel -plus-costs 
basis. Iranian resentment at the 
high costs involved, and what 
they elaim is the Americans' 
reluctance to train Iranians to 


produce^ 
world. 

Ore starts coins through the 
r-mcenti-Hior next month, while 
the .smeller will begin work in 
I .«ie summer or early autumn at 
h:i If c.»pacil>. Full production of 
‘■niic I2u00fl tons of hlisler cup- 
p rt r a year. SO per cent nf 
thenretic.il capacity, will be 
reached l»v next spring' 

Between then and January take over, showed itself at today's 
19SI. when the refinery on the press conference in Tehran, 
me is due to come on stream. Dr. Zarghami said that the 
Iran will be exporting all its execution of Anaconda's agree- 
enpper. European refineries are menl left much to be desired, 
the probable destination. Dr. The required transfer of tech- 
Z:irgh:tmi said National Iranian, a nology had not yet occurred, and 
state-owned company, would be ihc two sides would have to sit 
looking for tied contracts, recclv- flown for a serious discussion on 
mg Clipper rods and tubes in how this should lake effect, 
return Tor its blister copper. Anaconda's contract runs for 10 

The total cost of the Sar. years after the start of produc- 
Cht'shmi'h mine and processing linn, but the expatriate man- 
pl.mt was put at $1.12hn power is meant to be run down 
(Tftbn rials ». and a township and /over this period. 

Rhodesia farmers stay put 

BY OUR OWN CORRESPONDENT 

FH'WRKI.VS 5.900 white mpnt in Rhodesia next year, 
farmers are not heing driven off The union estimates that about 
thnr Kind hj rhe cucrnUa war 400 whHp farmers have left tbe 
which claimed the lives r>f three country in the past 12 years, 
nf ihnir numbers in the past 4S That is a far slower emigration 
!)«»ui's, arenrdma ti> the rate tJian that of white lowns- 
Bhndrhian Notional Farmers people White emigration so far 
1 -nmn this year has averaged nearly 600 

■ Tlif imintl. wbii’h represenfs a trjonth in net terms. 

the Lo.mtri White farmers says The union* «s« ■J°“ t *« 

white farm owner«. and mnnagers 
have been killed by currrillas 
m the past five-and*a-half-years ; 
It estimates that several million 
acres of farm land are deserted. 


that less ihan HW have given up 
in i In* past year But the union 
lvli«'vr«s that up In SUW are likely 
in leave ibc land in the next two 
i ears even if there is moderate 
pro-cap it alisl nationalist govern- 


MAPCO 
DIVIDENDS 
UP AGAIN. 
THAT’S 
GROWTH. 


r 

i 
i 
i 
i 
i 
i 

| In the past five years, 
m MAPCO dividends have 
I grown from 27c in 1973 
k to 51-20 in 1978. And 
■ our first quarter 1S76 

B increase is the 14th div- 
idend increase in 13 
I years. It‘s an impressive 
* growth picture for any 
1 company. . , 
m interested? Write for 
I MAPCO's lastest report. 
| It’s good reading. 

I 

I * 

I 
I 
I 


l'ma$co J 

■h. . «■ lanii e Alfa. ■ 


Ocot P 1800 P 
Tui«« D»>W*T'*“ 18 

SYMBOL MDX * 

«WSE • P5£ 


Cambodia Prime 
Minister to 
visit Bangkok 


By Richard Nations 

BANGKOK. July 10.. 

MR. 1ANC. SARY, tbe Cambodian 

SffiwKi" aZJESS*- SSE s«r 


Peking were suspended in 
October 1967 following Peking 
inspired protests by Indonesian 
Chinese against the Suharto 
Government. There still are 
strong, if ill-founded suspicions in 
some quarters that many of the 
estimated 2.5m Chinese resident 
in Indonesia owe their primary 
loyalty to Peking. 

The suspicions are encouraged 
hy the fact that ahout half of 
these Chinese are either Stateless 
or citizeos of Chins. While most 
would probably like to obtain 
Indonesian citizenship, official 
fears that they would not 
assimilate have so far barred the 
doors to all but a few. 

At the same time, some of the 
generals who most vociferously 
oppose normalisation with China 
are thought to profit from the 
peculiar Indonesia-Cbina com 
mercial relationship. which 
because of a bar against direct 
trade is carried out surrepti 
tiously through Singapore and 
Hong Kong. Normalisation of 
relations would inevitably bring 
about direct trade and close off a 
lucrative source of income for 
the generals, so they can be 
expected to seize on China's 
action in Vietnam to delay any 
early consideration of normalisa- 
tion between Peking and Jakarta 

Malaysia, which recognised 
China in 1973. appears to have 
accepted tbe necessity of China's 
Vietnam policy, but doubt' 
remain there about Peking's long 
terra relations with tbe approxi- 
mately 4ra Malaysians of Chinese 
decent. Officials in Malaysia say 
that since tbe establishment of 
relations the Chinese embassy in 
Kuala Lumpur has steered clear 
of involvement in Malaysian poll 
ties, but they will not feel com 
pletely secure until Peking 
pledges unambiguously to refrain 
from intervening in any problems 
that might arise with Chinese in 

tbe country. 

Such a -pledge is unlikely, at 
least' until the question of 
Malaysia's estimated 150,000 
stateless Chinese is resolved. As 
In Indonesia, most of these people 
would like to obtain Malaysian 
Citizenship, but so far Few have 


tion to Bangkok this coming 
Friday. General Kriangsak Cham- 
manaflti. the That Premier, 
announced here today- Me Sary. 
who accepted "in principle” an 
invitation to visir the Thai 
capita! last February, is expected 
to discuss the two countries’ 
muiu:<t border which has beep 
fraught with conflict despite con-. 
tlnulnR declarations by both sides} 
or a will to normalise relations. 

Thai military sources ilong the 
border told the Financial Tubes 
last week that the Khmer Kuuge. 
regular units had been with- 
drawn up to 40 Jems i2b miles) 
from the front ier'in some sectary 
The Thai supreme command 
interprets this as a move to avoid 
anv incident which could under- 
mine Mr- Sary's diplomacy, in- 
deed ftver the past ««'« 
the number of border incidents 
has declined. Bui the Thais think 
this more due fo. s iro ?ger 


they have been unable to eon 
vince the authorities they could 
assimilate easily into Malaysian 
society. 

Singapore has so far made no 
comment on China’s Vietnam 
intervention but officials have 
hinted privately that they see no 
reason (or concern. The People's 
Daily editorial of .July 3 men 
tioned Singapore specifically as 
an example of a community that 
falls* outside the purview of 
China's overseas Chinese policy 
and which is governed only b} 
its own laws, in spite of the fact 
that about 75 per cent, of the 
republic's 2-2m people are oF 
Chinese origin. 

The attempt by Mr. Lee Kwan 
Yew. the Prime Mims ter. io 
create a distinct *' Singapore 
Identity" is well understood by 
Peking, and China's leader? 
accept the fact that in Order to 
ensure the loyalty of the Chinese 


sccuritv measures taken along | majority to Singapore and at the 
this side of the border. - - j same time to convince ethnic 

Mr Sary's delegation will stay; Malay majorities in neighbouring 
fnr four dav« and follows a one- j Malaysia and Indonesia of the 
,1-ir stop-over in Bangkok last , country's independence from 
week hv Vietnam's deputy I Peking; Mr. Lee «1H not recog- 
ni in isle r for foreign affairs. Phan : nise Peking until after Jakarta 
H , en . . j has moved to restore relations. 


A COMVL’XIQUE broadcast 
early yesterday from Mouak- 
chott gave no indication as to 
who overthrew President Moktar 
Ould Daddah, one of Africa's 
longest surviving Heads of 
State, who had led his country 
with no little political skill sincp 
its independence from France 
in I960. 

While the radio slation con- 
centrated on the ritual of 
martial music, it was Mr. Hamdi 
Ould Daddah. Foreign Minister 
in the deposed Presidents 
regime, who gave the identity nf 
the coup leader as the chief of 
staff, Lieutenant-Colonel Musla- 
pha Ould Mohammed Salek. The 
Foreign Minister disclosed noth- 
ing of the aims of his country's 
new ruler. 

However, the title of the junta 
responsible,- tbe Military Com- 
mittee for National Recovery — 
points to one assumption. That 
is that Mr. Ould Daddah was a 
victim of the war being waged 
in the Sahara, with the . assist- 
ance of Morocco and France, 
that over the past two years 
has brought an already im- 
poverished Mauretania tn almost 
total economic and financial 
ruin. 

If he is alive Mr. Moktar Ould 
Daddah must be regretting the 
agreement with Morocco in 
1975 to partition the West 
Sahara after Spain announced 
its withdrawal from the colonial 
territory. 

In the perspective of 
Mauritania's short history the 
decision was surprising and ran 
against the general line nr the 
country's foreign policy in the 
formative years of its existence. 
Because Morocco in 1960 asserted 
its claim to the great expanse 
of territory making up the new 
state, twice the size of France 
but with a population of less 
than 1.5m.. Mauritania, at that 
time, found itself naturally 
aligned with Algeria and other 
progressive ** regimes. 

Although King Hassan under 
pan-Arab pressures eventually 
renounced his intention to annex 
this strange legacy of French 
colonialism and a reconciliation 
with Mr. Ould Daddah was 
reached. Mauritanian fears of 
Rabal's aspirations towards a 


’* Greater Morocco " continued. 
At the same time. Mr. Ould 
Daddah sought to reduce depend- 
epee on France, notably by with- 
drawing from the franc zone 
and terminating a defence treaty 
in 1972. The French connection 
has been greatly increased again 
as a result or the conflict with 
the Potisano indpendence move- 
ment in the West Sahara. 

Ironically, perhaps the most 
important. though unstated, 
reason for entering imo the 

partition agreement, which defied 
a judgment or the International 
Court of Justice and the findings 
of a TIN mission, was to keep 
Morocco which was bent anyway 
nn absorbing the Western Sahara, 
from encroaching any further. 

In addition, although hopes nr 
sharing in the proceeds from the 
rich Bu Craa phosphate deposits 
were not realised, there was a 
reasonable expectation of finding 
other minerals in the 125.000 
square kilometres of the old 
Spanish colony which were 
appropriated to supplement 
Mauritania's modest income from 
iron ore. copper and fish. • 

Tbe freedom of action enjoyed 
by Polisario has not only made 
any exploration impossible bul 
also production at the Zouerate 
mines and transport of iron ore 
along the exposed 500 km rail 
link to Mouadhibou on the coast, 
thus compounding the economic 
problems resulting frnro the 
severe drought of 1973-75. 

In- foreign affairs, at least, ihe 
alignment with conservative 
Morocco has ensured financial 
support over the past two years 
of at least $400m- from Saudi 
Arabia. Kuwaii and the United 
Arab Emirates without which the 
country would have gone 
bankrupt. 

A skilful diplomat. President 
Ould Daddah. had been able tn 
keep on friendly lerms with ail 
other members of the Arab 
League, except Algeria, and even 
maintained good relations with 
Libya which has been trying, tn 
press the Mauritanian leader to 
reach an accommodation with 
Polisario and thus' detach him 
from his alliance with Morocco. 

Y'et in every other aspect the 
expropriation has proved some- 



thing of a disaster for Mauri- 
tania and now. it seems, for Mr. 
Ould Daddah, even' if Polisario's 
successes nn ihe ground have 
been less than their claims 
suggested. 

From ihe start Polisario con- 
centrated the main weight on ils 
llirusls at Mauritania, the sofi 
under-belly of Morocco. Twice 
last summer its forces bom- 
barded the eapiial. Nouakchott, 
on the 1 alter occasion when Mr. 
Ould Daddah was attending the 
Organisation of African Unity 
summit in Gahon. The main aim 
has been to cripple production at 
Zouerate and Mauritania was 
in no position to resist the 
guerrillas’ hit-and-run tactics 
with an army nf only 1.500 men. 
The number of men under arms 
has been increased ten-fold and 
Mauritania has had tbe benefit 
of French advisers. Yet the 
marginal improvement in mili- 
tary capability has been 
attained at the expense or a 
costly drain on Mauritania's 
exhausted exchequer. 

Morocco has sent nn less 
than 9.000 troop- to holster 
resistance, and especially to help 
in the defence of the vital iron- 
ore mines and railway. Equally 
vita) for Mauritania, though 
questionable as an act of policy 
in the Third World context, has 
been the squadron of French 
Jaguar aircraft which have been 
in action against the Polisario 
since last year. 


Even without the war Mauri 
lama would have been in sore 
economic siraus. As it ts. 
revenue this year will probably 
cover only half the budgetary 
appropriations. One main 
source of revenue, normally 
accounting for a third of ibe 
total, is the 10 per cent of income 
lhat the Socitie Nationale Indus- 
trielle and Minicre is obliged to 
hand over to the Governmenl. 
Because of essential investment 
requirements and a decline in 
profitability the company is now 
unable to find ihe money. 

Sales of iron ore. providing 
S0-90 per cent of export receipts, 
have slumped because of lower 
prices on the wnrld market as 
well as the disrupt ion caused by 
Pniisarin. The tear is holding up 
urgently needed development at 
Zouerate. 

Last year’s drought resulted in 
a drastic drop m gram pro dm 
tion. meaning that the country 
has had in import about four- 
fiflhs of Us nepd' 

Within the confines of the 
Parti dii People Mauretanien. 
ihe sole legitimate political party' 
which he created. President Ould 
Daddah. a 44-yea r-nld French- 
i rained lawyer, tried in a rela- 
tively liberal spirit to make a 
kind or democracy work and 
sought consensus while seeking 
tn integrate the black population, 
now ihoughi tn number about 
half (be total, into the country 1 ;; 
public life. 

A great measure nf Arub- 
Afi rican harmony was achieved. 
But the black Mauritanians, 
concentrated along the basin of 
the River Senegal in the south, 
have nn interest in the Saharan 
war. Conversely, many of the 
people of Arab nr Berber stock 
and nomadic origins would 
identify with the Saharans in 
whom they are related and for 
whom Polisario is fighting. 

As early as 1973 the Govern- 
ment acknowledged the exist- 
ence of an underground opposi- 
tion with links with radical ele- 
ments abroad. presumably 
Algeria and Libya. There seemed 
no threat to Dr. Ould Daddah at 
the time. Bui the Saharan war 
has created the conditions for 
hi s removal from power. 


Iraqi exile 
dies after 
London 
shooting 

By Our Foreign Staff 


GENERAL Abdul-Razak al-Naif, 
Ihe former Prime Minister of 
Iraq who was .shot outside a Lon- 
don hotel on Sunday, has died 
in hospital. 

Two men were helping polio* 
inquiries at Paddington police 
slation yesterday. One man was 
detiuned after a chase by a hotel 
dourman in Park Lunr. Another 
man was held at Heathrow air- 
port. 

General al-Naif died late on 
Sunday night a Tier a life-support 
machine that sustained him for 
12 \nmrs was n u longer able to 
keep hint alive. 

The allack nn General al-Naif 
has aroused suggestions that it 
ina.v be connected with the 
present political uncertainty in 
Iraq where a number of Com- 
munists were recently executed. 
General al-Naif survived an 
attempt io assassinate him in 
London m February 1973 when 
his wife was hil b> several 
bullets. 

-As an army major. Genera! al- 
Naif played a key part in the 
July 196S coup in Baghdad 
against the Government of Mr. 
Abdul Rahman Arcf. In cn- 
ordination with Baathist partisans 
led by Ahmed Hu*»an al-Bakr, 
he led the troops which sur- 
rounded the presidential palace. 
The president -.u rrcmleci and in 
the new Government under a 
revolutionary command council 
General al-Naif became Prune 
Minister. 

A few days later a dispi» 
broke out between al-Naif and 
the Baathists. The Baatimts had 
the upper hand and when a (ink 
division took control of Baghdad 
on July 30 al-Naif retired. Hp 
was exiled the ' same day and 
went to Morocco, later tn London 
and then in Jordan. The grip nf 
the Baa Hi party' was imposed nn 
Iraq, and Ahmed Hassan al- 
Bakr remains Head of State. 

In 1971 Gen. al-Naif was sen- 
tenced to death in absentia by 
tiie Baathist Government. 



Gulf International Bank 
opens in the City of London 


Gulflntematnonal Bank, already a 
majorforce in the Gulf area, now extends its 
operation to London, as part of its plan to 
grow into a major world bank, offering 
complete commercial and merchant 
hanking facilities to and from the Gulf area 
and throughout the world. 

"With the opening of this Representative 
Office the major financial powers of 
the Gulf are now represented, together, 
in the worlds major international b anking 
centre— the City of London. 

TheBaak 

Inaugurated in 1976, in Bahrain, 

Gulf International Bank is already active in 
the important world financial and trading 
markets. Its risk assets are spread over 
30 different countries, many of which lie 
outside the Arab world. It is the Bank’s 
policy to act as a link between Arab 
countries and other financial centres.and to 
co-operate in the mobilisation of the capital 
resources needed forthe continued 
progress of the world economy 

Tbe New Office 

The new City office, now open in King 
William Street, has been established to link 


! v.\^CS*r .«?,*■# 

King WilUai* 

' 



iPilSlrs® 


Bahrain with the British and Continental 
markets and to make more easily available 
the services offered in the Gulf. 


The Services 

Theproducts and services now 
available at the Bahrain headquarters 
include: 

1. Financing Services 

Short medium, and long term loans. 

2. Depository Services 
Local and foreign currency 
C urrent accounts 

Time deposits 
Interbank deposits. 

3. International Banking 

Foreign exchange — major inte rna tional 
and Gulf currencies. 

Bid and performance bonds. 

Bank guarantees. 


4. Merchant Banking 

Loan management and syndications. 
Bond underwriting. 

Private placements. 

Mergers, acquisition and joint venture 
advice. 

Advisory services — especially relating to 
business conditions and practices in the 
Gulf. 

The Shareholders 

The Bank is owned directly, completely 
and equally by seven sovereign nations:- - 
Bahrain. Iraq. Kuwait Oman. Qatar, Saudia 
Arabia, and the United Arab Emirates. 

The Staff 

Not least amongst the bank’s resources 
are the experience and expertise of its 
multinational staff. The personnel of the - ' 
new London office would be pleased to offer 
any further information you require. 

Gulf International Bank BSC 
S-13 King Will iam Street, 

Telephone 01-626 4851 
Telex 8812889 








• - 

■ 

Headquarters: Government Road. Manama. Bahrain, ' 
Telephone 55245. jfetaES8Q& -7 



AMERIC 


WOR LD TR A DE NEWS 


GAB about to allow 50% ■ 

jp v- , ■ sue pension 

lare cuts on regular routes funds over 

•BY STEWART; FLEMING ' NEW YORK, July 10. -j . NYC bonds 


BY STEWART; HOMING \EW YORK, July 10. j ^ \ ^ DQHGS 

THE Civil Aeronautics Board lines nave, rince early 1977. been fares have stimulated a surge in 1 VTiVTnnc T ..u in 

(CAB> is on the brink of giving introducing cheap fares over demand for seats. Air traffic m : 

U.S:. airlines- authority to cut many routes. These discount the U.S. this vear is up bv 14 per ; THE * ew Voirh Municipal 
fares on scheduled services by prices have, for the most part. cent, the industry having carried ; Assistance Corporation f.MACi. 
50 per cent .or . more — a move only fawn a va Liable. with restric- a record - 240m’ passengers ini s»W it will take legal action on 
which would he the biggest step tions on w hen the passenger 1977. Profits too are still soaring, ; Wednesday against two city 
towards deregulation of the travels, or by the' number of days with a rise or 80 per cent in the : flInds ‘ if they fail to 

industry so far. - jn advance of the journey that he Srst quarter of 197S. following a fulfil -an undertaking to buy 

The PAR has voted order hnokR , his seat - Regular 34 per cent increase to 5754m m city bonds. 


Bonn monitors effect of 1 ® e ( c !erm!m 
barter on chemical market trade with 

BY ADRIAN DICKS BONN. .!«»> i« the West 


BONN, to 


The CAB has voted t 0 order negu.ar 

its -staff to prepare a full order n0t 

allowing- airlines .to cut regular ***" 1 cbahgl ed - 


service coach I economy; - fares 


heduled service fares have not 1977. 

in significantly changed- Part of the reason is that,; 

The latest CAS proposal would although fares have been cut on 


|p August last year, the five 
municipal union pension funds 
rewrote a previous agreement 
wiih.tf AC and committed tiiem- 


oa-wred products rb zn from F nr p npif Herr m.tc tunica! enjiineermg pwdiict? > a a™ 0 " 

«■*? hnugh: onto the German o„«ner.Z &ecnn JonnrriJs •*** 


market under normal cundttions. for rsperti^r and the mil- 


on a further proportion Df their lhe ful1 i ird ® r b * v tbe * n d 01 aircraft. Flights are heme filled . 

available LnacK- on same Augitfl. *«* '* would be two or more nearly to canacii; and the , h , t 5p .S n ^i" 

roJtes P C t> °° Sume three months after that before airlines have been reorganising: «"• * ** •£“ 1 

n ‘ m „ the a»riines could start Intro- seating in order to set more fwh-^Vnf^hr^^.^r *' <t-~m 

Over the past year, spurred cm jj UC j n g cut-rate fares, a CAB passengers into any one tvpe or! sharcof the packa ft e— Si..ra 
by demands from Congress that epokesman said. aircraft • ' .of new bonds and 53.1m nr roll- 

airlines should be freed to ~ Freednm to set far** has been ' „■ . , overs— and. the Bremen's fund 

rnmnptp unhinriprprf hv ran * Z !? The cutting of fares appears, ha . niM fn r fl i| ei i mm mil. 


A MAC spokesman said, how- 
ever, that the police pension 
fund has so far failed to boy 


overs— and the Bremen’s fund 


nor^-ie-.-p fo-re i> firm evidence difficulties for ‘the Coinmiinisl rbt? " ,ic ; 1 ‘ dnSSfi 

tnat r.liier foe chr.mca. industry rutin trie* hut -iicVi heriuve of products hor the remaining ; OECD ifiiinmf.t dropped tram 

or any other wror has suffered S3 .cnninr*. rnat. ofl.-.MJjhn Vnimw nirh .to 2 Sb« 

an;, run re from imports of jnein ■»nri the Wesl metals. I'riPmirals and sundry \ aluu marks A \nltiN in<n< 

bartered products than from For ei am ale <airi Herr m.tc tunica! enjiineenns PWducts is a t Hie wumiHc unit 

those hpm$h: onto the German Gf uener for Cnmecnn roimreics -ire the most importa nr heariinas. . worth DM 0.S» Once aw m the 
market under normal conditions. ‘lai^^r th"Tmu Hrrr Gruener cmnh.iKkerf rhC hgurrs ill. not breaf FT>t 

_ n rh . tili ?'■ n l 1 W*t.si I>nii«n t.nvprnm*-nt s German trade down intn expert 

PieiVarv f»Div Herr U-irtin dnrt ' ° WTl/riv fnndamenla! dWikv of barter . ind imports hut cive nnlv 

JJJJ [?" ,.^,112 d , T i ■ S J, L deal- hv e\nrt-ssinu the hope that; blanket -agnre' Total foremn 

some barter deals m.£t hr U( , IlM drvelnp healthily , trade was 9l.7bh Valuta marks 

r rrr. 1 L <1 r e Sar . de,d a ^ ,i,p ? q,m ' a ' cn, t ,,r mihnnt them - i lr»M year. 7 per rent higher \ I, :.r 

,f,a «- tenu ctwiperat.on |mpnr]s fr „ m thr ComeCrm- 1 M7fi Trade with the Suvi.t 

, ’ P "‘ estimate arrangements lh.u tn the " ***T crmntnc* had been .increasing • Uninn rose I" per cent to "2fihr 
^ , U1 w ' 0, ! ld b - acl UP ^ ,UI> by an areracr 14 iwr - cent a . vear; V-oimn marks. The Ka.-t r.rrman 

L? Eastern parijcipation- tn rw , n i years, and tbe rate of'd^fletr In trade with Moscow i= 

pea. nit.n as in per cent. Under present conditiuns Herr "rover'' of Cnniccnn imports .not given hut i» thmicht to t>® 


strunuin. in *ue freedom ot entry of airlines to ,b e induxtrv aboui the CAB's - r »- 

enthusiasm of the regulatory compete with existing carriers on enthusiasm for removing restric- v D L V r-. add -- ^ e . w 

asenev for Stimulating freer th»ir yniausiasm ior rerao'inv rasinc ^ork City ponce renewed their 

competition has reflected- the Both have beeo controversial e^stln^route-" 65 conipetjng 00 i threat of demonstrations, and 
Views of Mr. Alfred Kabn the within the Industry. Initially, t 8 , - ...... even of mdustriaJ acnon, today 

chairman appointed by President there were fears that fare-cutting Some airlines fear that this is: after the latest breakdown of 

Carter last year. Another factor would be carried to extremes and SSfftt ftT^ahlUtv assume’ th f ir P a - v . la,ki - || Thi s followed 
was the introduction of cheap [hat airlines would find profits • 0,31 th ,j i 3b * lt - . * ws "®. rejection by pollen union dole- 

fares on international routes! Eroded/ just aTSey are cSmin^ S?i« »" 


*i n ? ta! ^ wr, " ld h r- up ■* by an arerncp 14 iwr vent a ye^rlValmn marks. The Ka.-t r.rrman 

L? Ba-terr. participation- tn rw , n i years, and tbe rale of ‘deficit In trade with Moscow i= 

pea. nit.n as in per cent. Under present condi tiuns Herr "cover” of Cnniecnn imports .not given twit i» thmieht to b® 
na.i Greener stressed the Urucncr -aid. Warier deals wore from liermany by exports to it well over 2bn marks last y«*.<r 
d:Ricnitics of accurately assessing nut ninninc the risk of makinc now increased from 50 per . 71 per cent of Fast German 
jtne weiaht of barter deals, and West Germany unduly depen- cent in 1975 to 70 per. cent this (trade was conducted viOt 


.-ing restric-: y flr ^ r itv iMitjne renpurH I’heir separate estimates that put dent e n the Cntnceon states for year. jolijer C-omecon and Cnmrmmist 

npeting oo ! threat af demonstrations, ami I ; besr total vaiue at 5 Per cent oF raw material 4 On the contrary. Nonethe!**-* Herr Gruener : countries. 

• demonstrations, and .u- w... -u... hj)d lflf „ ffscI of also „ inindttl thl , Soviet Union 


all Western trade wirh the Eas; they had had lhe effeci of also reminded the Soviet Union , 
in the year and at about broadening the country’s %onrcrs that this yisnr'v trade agreement, • 

111 per cent for the period 1975- of raw materials and of mier-.'y. signed during Mr. ' Leonid j 


I9SQ. The German official statistics Pre?hnev\s vi-ii here, contained 1 , 

Aitboagh the German Govern- show that for lhe major lurtpr a clause .-prnfyinc that barter ■ 


particularly the start up ofthe SfSr ^nf Lmlf lbe sudden introduction of new! foliated " hv the uSm. ^rds oarier deals as siiufttion.-^lons term deliveries deals "must We in th 

GSJskSaSlaSJeaJov/rSe competitors on the most profit-, executive commitire last week! Prt>b:emanc3P and as a pofen- of raw materials to pay for costly of bo:h cm, nines - • 


the interests 


BG protest at 
steel duties 


Laker Skytra in last year over the abllitv which began early in tbe c ™ npet,t ° rs on ine musI prom-; executive committee last week. 
North Atlantic. rierade abIe roy tes - i Although this rise, to be 


North Atlantic. 

One result has been that air- 


decade. 

So far. however, the discount 


Feature, Page 12 


Rail pay threat to inflation policy 


BY OUR OWN CORRESPONDENT 


NEW YORK. July 10. 


spread over two years, would 
j have brought average police 
| salaries close to $20,04)0 a rear, 
j parity with policemen' in 
.neighbouring areas, who get 
i about S21.WM) a year, fs sought. 

Mayor Edward Koch of New 
York City has refused to 
Increase the par offer, hui he 
held the door-open for what he 


Dutch block cheap U.S. flights 


BY CHARLES BATCHELOR 


AMSTERDAM. July Hj. 


' THE GOVERNMENT OF British 
Columbia has warned the Kedera 1 
, Canadian Government that >■ 
: • intends to fight the decision i»v 
i Ottawa tu reimpnse dutie- on 
Imported ■wide flange c»?nstmr- 
'Dun sleel,. wrllRfi Victor Mark;? 
» from Ottawa; 

; State Premier Mr. William 


THREE RAILWAY unions and inf Mr. Robert Strauss, the sent about 200.09 0 worker*. • called - a rearren^ rn£ „* „r 
emnlovers’ renresentative-! are President's leading adviser on appear to be close to a settle-; ■> _7_, ” 


employers' representatives are President's leading adviser on appear to be close to a settle- ; term-** v*I(faonl elahoratinr «« 

close to an agreement on a three- inflation, have said that wage men!. j 5 

year wase contract which would settieinems m excess of 30 per The three are the United- Under New York law nollre- 

provldc increases of 3035 per cent could nave serious mfla- Tran.-portation Union and tbe! men are forbidden to 'call "o- 

cent and offer a challenge to tne uonary consequences. On the Brotherhood of Locomotive: slows or .strikes, as Ihcv hare 

Carter Administrations anti- other hand they have pointed Engineer* both of which! been threatening. However, the 

inflation policy. out that it will be beneficial if a invoke, train operators, and the policemen’s union, the PB\ 

Tbe 500.000 railway workers high proportion of a settlement s - nc(?f M(Ma } workers’ Union. It | his been authorised hv i'l* 


are the first of a series nf key is 


is thought that about half the: members m call a strike if 


industrial groups who will be increases, hecause the rate of pr0 posed increase could be cos-i necessary. Rm. at this stare It 
negotiating new contracts over wage increase will become of .|j T in8 related under lhe' m»v romentltself with a street 


the next IS months. Their a^ree- slower as inflation slows down. agreement wh'cb these unions 
nient could set a target wtpeh Tbe situation in the railway “J , * tQ a .«eptins 
Others such as the Uiick drivers industry is complicated. Eleven T . . p a«reem*>nl ! 

in the Teamster’s Union or the unions are in negotiation with pr l?? s **J ' 
car workers, would aim for. the employers' group, but only ^Se ner cent ranTif 

Administration officials, indud- three unions, who together repre- flhaIP ; ThrmiP >, .he ran. 


Administration officials, indud- 


inflaiion abates through the cod- | 
tract period. Administration ■ 

Fund to meet in Belgrade 

relatively favourable. 

BY JLIREK MARTIN WASHINGTON. July in. * whKhe r the! 

HE INTERNATIONAL Mone- ably be made here in September ot i„ eight unioD S will agree 
ir>* Fund (IMF) and the at the end of the 1978 annual such a high proportion of 


mav roment liself with a street 
demons! rail on in policemrn*« 

sjnirp time which, the aulhnri- 
ties have admitted, they would 
be powerless In prevent. 


Right-wing 
candidate leads 
in Bolivia poll 

, LA PAZ, July 10. 


HOLLA\D Ih tahin? a hard nae who are already nn thr watting prires charci'd for normal flights, | Prime Mimstex Pierre Tnulean 
over cheap air fare offers to the I ist must also report daily to the The Ministry will allow 1 protesting tin? decision wit hour 

U.S. The Ihiicn Ministry of airline, to see if there is space FanAm j r -_ pm one -extra i providing any - assistanee lo 

Transport hae ordered the on a IhghL Boemc Ttfi dfshl nn the* indu-trios in British Columbia 

.‘JL, p, n fn Tlic Ministry clearly mi ends u, ,\ m si rrdam- Boston route hefori* : which diwend on imports of tins 

.Atnencaa ainine. tan .im m hrinc home to passengers the July 15 p» pick up anv stranded : t>-pe of steel 
stop eprnpilmg^a passenger list nsks involved in cheap flights pas-soupe:s Pan Am had hoped ' 
for its F! 115 i?51t standby “ Xnl all travellers are m he allowed to use a lariicr 74?. : r 0 __ M 

flights from Amsterdam to anfficirnlly aware -f the r^n Ant’s FI 115 o(Ter. which i ja P«n UllSSlOn IO LAIina 

Boston. uncertaintifs which are part of has *in«*e lvcn suspended % feet [ JAPAN'S major aircraft makers 

The ijKue of numbers |o tn<» rheap «t.indb.t system and ;,i rhant,,- renditions at ’ lhe | *** an *° a mission »« 'Tint-* 
pros pert! ve pa-seniers is not in the risks whirh the customer ;,irpi>n.- in .\jn-terd.tn; and i 10 nud-Scpteniber tn explore ihe 
3 CCordam-i» wuh "the idea . of accepts." ir said Poston a* pros-pective passengers » P*»tPnllul °f rtvillnn 

standby sears ’vhich should only It expects it- hard line i.t ie,-,d rempnii out in the airport I arwhnn market The trip j- sn|l 
be made available wiihiii 24 in demand being reduced Iminges. An psfimatrr! 2-400 were i 511 .dm f ,nftl ^r ^ pri,rj ' 
hours of take-off. the Ministry passengers who find she ri>kf waiting fur flights at one- stage ; re PDVts AP-IM from inKyn. 

< 3 id. Thi* means that travellers more acceptable than jhe higher last week i The 12-meintier mistion 

■ aimed at exchanging airrrafr 

teehnolngy with China, said Mr 

•! j 1 1 Dai jo Shibata of the Society , s f 

ECGD move on Chile expectMj®"^^^ 


BY JUREK MARTIN WASHINGTON. July in. _ h . 41lP _ th . I •• T» 1* • It 

THE INTERNATIONAL Mone- ably be made here in September ot ip r ‘%j h 5 unionc w'ill agree 1 10 DOJlVIH BOll 
tary Fund (LMFi and the at the end of the 1978 annual |Q sUch a hi , h prt ,p 0r tion of I * . PA7 , lllv 1ft 

IVorld Bank will almost certainly meeting. the i r settlements being cost-of-l rryfi> n TT’ J ' n . 

hold their joint annual meeting Every third annual meeting is living related. Mr. Fred Kroll, w t" PEI!E,,A 

nett year in Belgrade. bold outside Washington. president o f the largest of the { 5^°^' J j nghi-wliiB vandi- 

The Yugoslav offer to stage This would be the first session eig ht the Brotherhood of Rati - 1 ^ i 1 ** 

the meeting is tbe only one beid in an Eastern European way. ' Airline and Steamship | ^.*5” 

under serious consideratinn by country. Yugoslavia is one of Clerks, is understood' to be ’JL < ^ r , ,' ,>t 

the boards of both institutions. A the original members of the IMF pressing for a bigger proportion 

formal announcement irili prob- and World Bonk. to be a straight wage increase. !™^ ,n n *~'u' a ? r ?* 1 ***'’’ 


by hugh ctshaughnessy . Abu Dhabi shipagfliits 

‘THE GOVERNMENT nf AhO 

THE EXPORT Credits Guimnree 1P75 rhou;h other eredirors did the- Chilean secret police. i Dhabi is IlnalisinE plans fn 
Department may <nnn resume financial runeesSion? ro Thr nhrence of a n Ambassador ■ private shipping agents 

c.,r,r for ,»Pdu, m .,.rai kMm l - b lf ¥ r 22 rhedu J":' ! ”- v m 'T; *n«l of lie po« of . b fiowminMU mofrollert 

done with Chile. Sine* 1»72. ib** . D « f< ’n t, v \twhf at the Embassy i ag ? nc,w , , _ 

Department iia< limited rt"i*r 'n da -l bal ' b . ■ b, '* ?a " 5 in Santiago are seen as suing 1 Government lec.il office rs ire 

Trade* uJioutoStd ^ *hS rhe BriUiu ported ) 

decision about whether to do ^ L o C77m w,>rLb ^ . 

more business with .'bile chilmn i£«n Th? SeJJn from Chile of -which. ^£S7m were the ijmainins shares offered 
being kept under continuous ^ auW noi reveal the amount of n,ela!s - mcMly- copper, against , 10 1 ca * Arab% . • 

™ • money Em ^ ^ «»«• ‘ . 

Apart 'ro.n me Politic*. Meanwhile, in political mrt Pr David Owen, file Foreign ^lin/willl in, y Sect Abu Dhah* 
imniicaiion.* in «Kh a move a business circles there is renewed and Commonwealth Secretary. | jp_,_j nn u . takp ‘ . .. . nh J 
commercia proo.em remains pressure for the Government has several times made it den : J "" Jj{ "r Sal nartiei- 
-mh the dents owed oy Chile to reapooinr a British amh^mdor in receni week- that a British ! eiemenl ot locaI i*™ 1 


COMPUTERISED MEDICINE 


Desk-top diagnostician 

BY DAVID LASCHIFS IN NEW YORK 

THE POSSIBILITY of using a dures. Then came the main task: be 39.000 for one year, and 8100 
computer u> help diagnose how to assemble these in a form a month thereafter. This includes 
disease is one which has ( hal could be fed into a com- a three-monthly updating service 
tantalised both computer puter- on both diagnosis and treatments, 

specialists and some hard- The main problem. Mr. Coltra Leasing thus has the advantage f 
pressed doctors. There are says, is that people tend to think of enabling Medicomp to ensure l 


general and presidential elec- 
tions in Bolivia for 12 Nears. 

His. nearest rival, former 
President HemSn Sites Zuazo. 
who leads a terf-wing coalition, 
reiterated charges that the 
ruling armed' forces had used 
fraud.. Intimidation and the 
theft of ballot boxes to ensure 
the victory of the air force 
general. 

According to an unofficial 
tatty of 20 per ceni of the 
votes, Gen. Percila and 
lhe . conservative Nationalist 
People’s Union tL’XP) had 
polled 153,219 votes, against 
the left-wing coalition's 
129.063. 

Dr. Siles 7-uaro' told 
reporters early today: “The 


rev lew 

Apart £ rom tne potincai 
imniicaiion# in ««Kh a move h 


exports, of £39ui 


Britain. to Chile, the la.it envoy haring Aninassador win - not he re- i 

The British Government re- neen withdrawtr in 1976 after Dr. appointed to Santiago unless the . . - n n ■ . 

fused Chilean requests m Sheila Cassidy, the British junta improves , is human rights'. UUOai Lrry UOCK COSlS 
renegotiate payments due in surgeon, bad been tortured by record. V. ! THE COST of Dubai Dry Dock 

[ has been fixed at -231 m ending 

■ months of speculation nn thp sire 

Kenya radio £100ni aid for India |S.p4Ka“"-™"““ 

. • According to the eonstiltinls. 

contract BY K. K. SHARMA NEW DELHI. July IQ S 5L W il ,ian i Walcnw and Parr- 

ners. the Ruler nr Dubai has 

By John worraii BRTTISH aid programme fertilisers when completed. Mr. {agreed to the figure anil pay- 

NAIROBI. July in India .is lhe largest nf ali Thomson said . . i ments tn the British contractor.-. 

THE KENYA Government has bilaieral aid programmes to the The UK Government isallocal-ja Costain Taylnr Woodrow joint 
iisoed a £I0m cod tract with country and the a mo uni dis- ing £150m for the building u p]r enrur,! ' af* on schedule Costs 
Thomsr.a of Paris for the suoaiv bursed in the year ended .March of the complex, which will have!]) aTe e5( : a ; ?I, fn ''" 
or radio communications equip- 1978 totalled over Rs 1.61m fabout an output consisting of 900-tonne ; h?urc «ttm and foe iaier 
ment to improve countrywide flOOmi. according to Mr John per day of ammonia and 1.500 !“* ure because nf inra- 

radio reception. * Thomson. UK High Cumuiis- tonne per day of urea. tio n ana. tn a lesser e.vtem. 

This embrace? part ?.f j French doner «" ’hdia. The. preliminary work n n the : SI? nPVhE? 

loan to Kenya of some £14m to He said fo:«! tin* UK had design nf the complex hai- j ^ 

[cover also new buildings and pledged more foan RsiJlbn at. ihp already .begun and the formal ‘ forHah-rnw 0 * 3lU ** s>pohe ‘ m ' in 

infrastructure: The move follows Aid India consortium for the signing of for. mam run trace is, ° Blcr . 
a report by a Swedish telecom- current year In piiTsuanre nf hi* expected to lake place. in Delhi 1 y n/-’ j . - »* » 

uiunicannnii team, which carried Government'* decision, the UK's on August t. The plants are; t/KV {>18111 m I*lalaV5ia 
toil a <-omprpQen<ive survey , and aid would he crant* and not "vpected in be commissioned in . LONDON. RUBBER is est»hli«li- 
in voire-, fop eelaolishnient of leans rer,innnz repayment Octoher 1981. ■ . .ing a factory tu Kulim. 20ff miles 

three hich power medium wave Mr Thomson was speak me on Mr. -Thomson said on the < north of Kuala Lumpur, to manu- 

•-latinn-. ai Kisumu. Men, anti the o»-ea«ion of r-he laymz of foe ormeran lhat fop British; fact lire rubber glo r es nevt year 
VOI. i“o ntedium power sialmnf foundation -tone of foe premier. Mr. CalUghao. during ' for export to the US. Japan and 
at Xaktin, and N’yen. and a Nagarjuna fertilis>-r< and chenu- hi* visit tn India in January, had - Australia, reports AF-DJ. 


; pation.' 


Kenya radio 
contract 


successful in writing programs !«*• ■ ?»' 'i ’ ... .. .. J hunger strikes, ir a n’etorious 

MataPla? fST'LaSlS ““ «oie*taS much more Sou" ^och eveomre tt'ug® Medicomp | “ “** *■"" 

JeSain <n>« of cornjlolm. Now So lhe . wuw P«snm 1 bed hub"n bv iocurm t^t , ^ {SE^rrihe. end the 

ollonmoM '’>*"2 ill -or “Sf pn,-> ne“llgen h.« .eSded ?oj 

conmiotir^nr^diaeinncine Kilitles. to be narrowed down by the view that responsibility rests i «. r h p.reda m rived in 

computer for diagnosing disease. furl „ pr rp£ts< anri (InaI | y j ^ with the physician and not with! Jj* ’nn ihJ ^?entth of a 

The remarkah e thins ahnut on foe strength 01 a 


case. But it could equally well administration. 


The remarkable thins about doctor's own opinion, 
the u.s development i> font, far ^ . .... 

from hoinc for product nf J » r » l ' 1 , 

expensively equipped university. JV> finally so 1 Im-. 1 tl 
hucpiia! or computer lahori- he r.? u tha » rhp 


doctor’s own npminn. the equipment he uses. ; j -nd^lldr vi 

Mr Gr.li ra will nn t M y how Jhe hisges, resir iction on the: | anf| rasrri 
they finally, solve,! This problem "■hole venture is that the Pro- ; Santa Ctnt- 

herailse that i? the proprietary ■5 ra 5*?, p WI ° n ' v wt jrk properly; n eu ier 


landslide vietorv In the- low- 
land eastern departnicnl of 


nncpiu or computer i-i.itori- eorrpt of thf , ttr .-,j,^c R,,, hp on fBM eanipmcm. But Its cum-; 

tone.; ,his innuaimn ha* been . f . |h , .uj comnut*r is ^ Filers had to opt Tot a sy*iem that 

pm i. reel her li' n small croup uf combined reasonable price ind:\;;j | 

specialists working in the 1 quality with a widely available ! V IQ GI3 DrOITJOlCS 

upstair* office of ,m industrial T n ft| P T[C an plPCtrOTiics ser'-icioc network. Noi sur- ' a r , 

estate outside Washingion pr ,n ine LLa '* a » eieciTOHICS pr j sjng , v jg M 3r( , fa k, n? a close j fl TO aild 
The man Icadinc foe project pnlroprCIiCUT has uBVlS6u interest 10 the project, though jr ,v 
i* -IS-ycar-old Peter Goltra. a tall •» (•qmnntcrispd <vstpm they have am contributed j (ThtlPrsilc 

soft-spoken Virciman. with a * u i P j * j- - financially ;UcIlc5» gcHcrala 

wide background which includes tO ttelp dOCTOrS dlRgHOSe As the launch date approaches . ! By Robert Lindley 
electronic encmeenng nnd 0V er 2,000 diseases. though, tt is still far from clear. BUENOS AIRES. Julv it». 

ro.senrch. and raising heef cattle • how computer diagnosis will go- _ ’ . . 

near the Blue Ridce Mmintains. down. Will patients trust a PRESIDENT . Jorge Rafael 

About a year ncn. h<r . and a programmed »o match a collet:, machine? Will doctors sec it as j jv" r ® 1 !. n „ r li : !} as 

medical friend “just happened " tion of symptoms with possible a usurpation of their role? The' B pr S 0 e l; e rf.» 

to be disciissmc computers and diseases rather than work first question is virtually impos- 1 

medicine, when it occurred tn towards an answer by process of sible tn answer a t thi« stage. fmm 

them that they should try to put eltinination. Some people may resent the com-! j3} r l? 

together a computer program The cniuple.vify of the pro- PBtffrtsation «f their ailments.; ..- d . _._ v * * * _. 

for medical diagnosis. Aithoush gramme may be caused from the others may feel Teassiirerl by ibe ; 


af Paris for the siuoiv bursed in the year ended March of the complex, which will havej " aTe es , el," rn, ’j '/} e , *’* 
communica tions equip- 1078 totalled over Rsl.6, in (about an output consisting of 900-tonne ; ”? ure , -A.J m an " tbo , * 3 !, er 
improve countrvxxicle f 100ml. according to Mr John per day of ammonia and 1^00! a . ,fure ft i,*16im because nf inPa- 
iption Thomson. UK High Cumuli?- tonne per day of urea. 1'®° ana. tn a lesser extent. 


low power station at Gariysa cals project ai Kakinada 
Tr*. r» high-pciwrr short "wave Andhra Pradesh stale 


in *pnken-bf the need. for pxpandinc 


W. Litrkln. the manac- 


j ‘ransmitters are »o bp -installed The Kakinada ferntiser pian*. impnctant field. 


Indo-Rntish enliahoraiion in this jhg director of LRC, said the SSnr 


factory would' produce flOm pairv 


• _ . ... * OVI>iTVO ralliMw* •» ’I?* It*. 

how computer diagnosis will go- nll „ riMMT , » , , 

down. Will patients trust a PRESIDENT Jorge Rafael 


in the Nairobi area in provide hem; -ret up jr. Indn RriTish • He viewed this af* a significant of cloves when fully nperaMop?! 
effective coverage in areas nni cullabi-iratinn will make .»n way m which British services and would emplov 45P people. 
adpqua'eK covered by medium important .-npmhution to inm^ » »nd pquipment could contribute f 1; wili be cal/ed Marigold 
wave goal of self-suffictencv tn to foe Indian rural economy. • Malaysia Ply Ltd. 


Some people may resent the com-! 
puterisatinn of their ailments.,' 


gramme may be caused from the ° 1 ^ 1CT!; feel reassurerl by the] p r ecMpnL 

.1 . ’ <- (hnmil?hnfl« nf tho rf s^nneit I rrwiueui. 


Gen. Roberto Viola, to be lib 
successor as army Conunanrter- 
in-Chief when he retires from 
active jenla on July 31. Geo. 
Videla will slay un as 


BRAZILIAN SHOE INDUSTRY 


thflv both knew of previous fact that a person with one of thoroughness of the djagnosis. 
attempts to do this which had the most common sympforas. a for * ne second question, 

foiled. Mr. Goltra was prepared headache, will he asked some Metneomp have taken pains not 
tn pit his electronic expertise three dozen questions by tbe cum- 10 create a product which will 
and some or this money to the outer about where, when and make tne medical profession 
challenge. how often it occur*, what brings redundant, ir indeed that is 

His resolve was strengthened it on or makes it go away, wbat possible. The equipment will 
when shortly afterwards IBM the pain feels like and so on. not 0I “£ ° ave t0 be operated by 
produced their latest desk top Although this might seem a lot. * qualified person. It win also 
computer, foe 5110. which w.is Mr. Goltra argues that the high 'SS™?"!L f* e SI 1 ’ 

relativelv inexpensive fJC.I.WKtt degree of variabilitv in medicine l r V°^ t, °" from doctors in the 
hut yet had foe capacity for the make* exhaustive diagnosis essen- °J test mjilhi jy" 10 "; 

u-hinh -nin- in ron.nrP tial. ■ IM *. 3 S^oeral understanding nf 


Gen. N*lola thus Hill become 
the leading member of foe 

three-mao military Junta which 
rules Argentina. The other 
two members of (he junta also 
will he displaced before the 
end of Iht* year. The navy 

Commander-in-chief, A dm. 

Emilio .Mas sera. will be 
succeeded in Ortober by Vlee- 
i Adm. Alvaro Lamb ruse It ini. at 
J present chief of the naval 
staff. Lt--Gen. Orlando Agosti- 


New hopes in Novo Hamburgo 

BY SUE BRANFORD. RECENTLY IN RIO GRANDE DO SUL’- 


exclusively on shoe spuria for Provided foai their 


risk." which was goin? to require tlal. ino De S! ««« °ii i Lt.-fien. Orlando Agosti- 

millinns nr operations. Thr computer i? also pro- J™ 1 "JJ- /“!“ U ; ai .r„ r , orCP ^mniander4n-Lbiel. 

Mr Gnlirn explained - “I qrammed to spot hvpochondriacs never co ^J p U .P 'T? r ^ * 0 - w -| M,l lea»e liter in thi> irar. 
before foal one ro«oS' *h} and bospttiti WinKrers If a m *h the d.ffereDt.al ! l„ for army high, command, 

previous airempti have failed is patient reports a curious pattrrn ° ,15- . . , . • l “ rr * '»’ a » const deraole opposi- 

Kit IM <*r symptoms or display* uausuaj ^ ro b '*'T, f a hT "'jFi 

was not available, cither because temperature trends, me com- foi l liblf L?7L h * *. p ? 1 

nf price <11 »D«.lr. fn- a* --.II wtatt . -Up m , !«, 1 SKjLSS 


never come up with an exact * 
answer, only with the differential | 
diagnosis. 


well-being. nut *' S ro».d then peak level m ^hility of Us. footwear nianiifar- "’tJ, , rc 

Last year, pmlonred unrer- 1976. form.-. despifo rompviiiivi* nfil | en J „ . iefin , mure 

tamty about decision.- t.. he fn the long tenu. j.jih of foe rinres. and fois is eimraniMPd hy nf ,_ ri .. v , r , ti.„ 

lakrni in M'ashiosii.r. fthe i; S ansv.er to rhe industry’s vu|».*r- th,. individual airennon paid in , h .. w M - Ini ; J,. „ r ..,', 1 - 

;* .1 major .market i. created con- ahllity v.- 1 1 1 W market diversifini- i-wrv Hem. possible m a lahpuv- D ’. 1 . 1 "v* 1 ■ 

side ra hie anguish — ’mind reds in lion Thu m?nd ha- I ready intensive industry Kio e.r-mrl- evemually hei-n, , l ,ii,e 

the to -vnV 150 -hoe factories were buRiin in «.-maUvr fa-hum. fur tin Sul has Jhh manufacturers. ' „ ^ H,,,ner >lu ’* 

dismissed a< inipr-rtrrs nailed the U.S. share uf Rra/il < cxrioris together einplnyna 4’J.000 direri P l x { ,|i 1 Mejsi.ircrs ar<- ■tire.id.- 

‘• hifo U.S. shoe manufacturers fell from 90 .u per cent in 1970 workers m lhe facUinp- and ,! r,ni ' r '‘. , n V* * ,,, l ,mvr i;r,irtiMf|v 

lobbied Preaidont Carter, calling lo 71.1 per rV-ni last y»;ar. atiimt I'LIHW cotiage workers. •liMiiiy of ine eaitte .mrt |lm-. 


RraziJ’s -succoss lie.- m foi* ieh- [euLlt*rr. 


Medicomp also believes that! tloo to lhe promotion uf Gen. 
actors will welcome the fsci ; Viola from his present post of 


people who were Dying to do Questions to test him out. Thee 


The Xuv»i Hamburgers a re 
confident nf foe lunp term nllur* 


•liialily nf iho cattle .md Hm-. 


srammrec firm to contribute ailments 


consideration. 


and their symptoms. 


Commander-in-Ghicf only until I are still •subject rn countervailing Europe's purchase*? are rruw- i« 100 per. cent Brazilian-owned. foe last year for which 


If it is a success, it would alfoi pwmher 31, 1979. The army j duties of 4.8 to‘l2 3 Per ceni. The In* rapid!;, rising 


rnp [Pam erpnmnllv (*am(» lin rinrt which u.-ill rmno in fhu j, . — l i” ** -jiii iiiuwiuj uvifi.iim iur ■-vnuuirii- uttci«>,iiiciu. m.i uumon-. puicmui. v,;rtf . 

With n 300 diseases everet hills of a magnetic disc forouch lei™ Sliu? c 0 ™P uters ,^ t{ ’ as ,' >n J “ i ;c COMPANY YrVi\ ' As the Sinos river valley around bnois. exports of which rose interested in the sophisticated, they say that the crisis in expnrtx 
from “iElarla “S! ^ wiffE? °n= ? £ r«men« wifo hKn tS SSSrlSS^tto “ JS? d ^ COMPANY NEHS N «vo Hamburjo provides 70 per from 1 . 8 m pairs in 1975 >o 4 . 9 m capital-intensive maehmery avail- would hare had 0 M*n- U 

v-hich between them had about and ?roup practices rather than mass Se‘ o ininttoiyKn' 1 ^ Internationa, Airlines of Brazil's shoe exports foe pairs last year As boots h 3 ve abl^ from -foe bigbly-iodusinal. aeriou# eonsequenre 5 if they h»d 
“H.S 35 W > 5 ?? hecause^b ismfelit ^ ^ ^ N»««nal: Good h, L- LJSfLEE do 


duties or 4.8 to ,2 3 ner cent. The ins rapid!;, rising from [Jim Manufacturers he >»>■? have figures are available- only 130m 
lower tariff applies to companies pairs In 1973 tr* 4.9in pairs in developed their own technology pairs «»/ leal her shoes ami IHln: 
which export over 40 per cent 1977. about a fifth nf total shoe to a satisfactory fashion and are pairs of synthetic shoes. in.iinH 
of production and fop high in exports. West German;, followed now beginning n, sell simple, flip-flops. . were sold <m the 
those which export less. In all. by the UK and France, arc l.ilmurin tensive machinery tn internal markeL Neverfhclcs*. 
the country'* exports to the U.S. leading buyers. mher Latin- America n countries manufacturers are becoming 

fell from -fi.T m pairs of shoes Another new tendency ha- which, at a similar level of mcrea«mgly aware nf the 
in 1976 to I7.6m pairs in I9ir. been increasing demand for economic development, are not domestic potential. Uisf vear. 
As the Sines river valley around bnois. exports of which rose interested in the sophisticated, they say that the crisis in exports 
Novo Hamburgo provides 70 per from 1 . 8 m pairs in 1975 ip 4.9m capital-intensive machinery avail- would hare had £M>n- more. 


•Huwnia :^Hwnjr or locih ouinj-m saie oecause rn is might which computer manufacturers 1 
nverlappjncl. .».tWO phvpiea, find- jeopardise fop secrecv of foe are pinning their rrovirfo 
mgs, and some 1.000 test proce- programme. The tniUai cost wtil prospects. * j 


1 , This year, prosnects 

third quarter for Tropicana— hriehren~i c*msideraWy 
Page 26 e nri of May. fooe exoorts : 


This rear, prospects . have partly explain*, why exports. . Most manufacturers do nnr. on The domestic market fer..aeme 
bnchfon^d considerably By the which dropp-d heariiv -n number believe that Brazil fooulri try to of rhe shoes originally produced 
end of May, shoe exports reached of pairs, from 31.3m in 1976 to break into foe higher-price, fine- for export. 


THE W'ett 'German Government rial leng-ferm hindrance to rise plant construction— th*- IbSR E^ST ;„f! 

;i wsichis? deveiupmentF in foe development of trade. Herr and Pnlanri account for 0Q per ^ 

chemicals market “utifo parlieu- Gruener also appeared concerned cent of the total ^ ,*1'. 











Road works may be things of the 
past. All that noise, nuisance and 
pollution may vanish when gas and 
water mains are made in non- 
correctable, hordweciring polyethylene 
and won’t need so much attention. 

When? The day is closer than 

y ° U BP Chemicals have already developed 
grades of Rigidex high density polyethy- 
lene that meet the gasman's 
requirements for gas mains (they re 


the only UK company to have done so). 
And they've done the same for the high 
pressure requirements of the water 
boards (the only UK company to have 
done that,, too). 

BP Chemicals, working on the 


BP Chemicals are one of the founders 
of the European petrochemicals industry. 
Our direct access to the raw materials 
from within the BP Group provides security 
of supply 

This, together with our continuing 




frontiers of plastics technology, are in the investment in resources, service and 
business of producing raw materials to product range, ensures that we continue 
meet the changing demands of the to meet the needs of industry today and 

modern world - materials that are more the demands of the world tomorrow, 
highly'developed, more versatile 
than the materials of the past. 


BPchemicals-making if all happen 


6 


Financial Times Tuesday July 11 197S 


HOME: ’NEWS 


Rajawella 

inquiry 

finds 

director 

imprudent 


West shipyard talks 


as recession grows 


BY LYNTON MdJMN 


Married 
women 
want own 
nest egg 


BY ERIC SHORT 


BY CHRISTINE MOIR 


THE TWO-YEAR investigation 
by the Department of Trade into 
the affairs of Rajawella Produce 
Holdings has found evidence of 
imprudence but not bad faith oo 
the part of the investment 
manager Mr. John Coyne, a 
former financial journalist. 

It also highlights the involve- 
ment in the company of Mr. 
Antony Mendez who is now 
bidding for Rajawella. 

The two inspectors say in their 
report published yesterday that 
Mr. Coyne and Mr. Humphry 
Crum Ewing, his fellow director, 
"acted throughout in what, in 
their different ways, they 
honestly conceived to "be in the 
best interests of the company." 

However, “it cannot be said 
that their efforts met with 
success,” a failure they attribute 
to" Mr. Coyne's imprudence in 
concentrating all the company's 
investment funds jn a smalt high- 
risk area in the middle of 1973. 

Mr. Coyne is also criticised for 
his “ failure properly to examine 
beforehand all the various 
aspects" of a key transaction 
whereby Rajawella would have 
swapped its blocked Ceylon assets 
for a stake in a Far East com- 
pany, Pacific Ban corporation. 


PLAjNS for fWtairturing ship- by the drop or 0.77m dwt idle in But since the origins' meeting! 
building in 14 Western countries the dry cargo market. individual countries" have tended 

will be discussed in Paris .today The OECD Council working to go their own way with oniyj 
bv the Organisation for Econo- party on shipbuilding will dis- grudging acceptance that other; 

mic Co-operation and Develop- cuss ways of imolementing its countries may be put at a ! 

ment. with evidence from original plan drawn up in disadvantage • MOST MARRIED women are not 

Britain that the world shipping March 1976. for .cutting the Holland and Franc* hive also* saving arrange- 

reccssion is getting worse. West’s shipbuilding capacity. proposed new sEa- -n rh° ' mentS fam,!> and *“ u, . d 

, on the wni* W ill be the Euwnio cEiJS?T„d‘ # il.S. “a'S™* 

&3T coXli o” BrtaJb sag. u “ cl ;L- ship » KS." 4 at “» £ 

M’SSS.ZW, , T S.‘2S ffl?;srs£B!r b ^' — 

of May was 5.3m dMdweisbt s uSbuiIdtni1«e?ven«on ftSd ” er «“ «< »™rid Aip. | finding shown, (hot wives are 

Ions. 11 per cent of the fleet. 3 JL;_ ° g . . L building production and a muclt- badly treated financially by their 

compared with 4.4m dwt, or 9 ou, “„ .2*1 7” greater proportion of installed husbands, using the expression 

per cent, in April. ^builders to match the Jow production capacity, was critical 1 4 ' financially battered.". 

The idle tanker tonnage rose STSSSfiJ 8WK ° f shipbuilders j In the survey. S95 


married 

i women were asked 16 questions 


Officials from Tokyo were con-i about savings before and after 


in cerned that Japanese efforts io j marriage, the amount^ of savings 


Mendez bid 


Because of this failure. 
Raiawella "obtained nothing 
tangible " through this deal. 

More importantly. the 
inspectors have found th3t 
shareholders were not fully 
presented wirta the risk involved 
in this deal. Nor were they 
informed of a material contract 
— which eventually came to 
nothing, as it happens — between 
Mr. Coyne and the owner of 
Pe-ifir M*\ Anthony Mendez. 

Mr. Mender, through another of 
his companies. A. Mendez and 
To., a UK subsidiary of a Hone 
Kone group owned bv Mr. 
Mendez, jc hiddin" for Rajawella 
at 4o oer share. The offer closes 
on July 17. 

The reonrt concentrates larcelv 

on the trarmartions between Mr. 
Mendez and Mr. Covnn through 
which Mr. Mendez acanired the 
36 oer cent stake in RaiawcH* 
that he now holds, and Raiawella 
ernnired a controlling stike in 
Pacific. Mr. Mendez’s company. 

The report finds that Pacific 
wir financially unsound at the 
timp that Mr. Covpo was propos- 
in'* to ta^e a stake ip it and that 
shareholder were not fultv 
presented wiih this information 
or the risk that the deal involved. 

It also notes That " no 
warranties or firm commitments 
as to the future were obtained 
from Mr. Mendez and his 
associates." 

Mr Mendez issued a statement 
in which he said that bis offer 
ifnr the company would not he 
improved nr extended beyond 
next Monday. 

He referred to the “ Met of 
assumptions and uncertainties 
included in the financial infor- 
mation " disclosed hy RalaweMa’s 
directors in a circular on Julv 5. 
These made it clear that h?« offer 
was “ more than generous," Mr. 
Mendez said. 


rrom 2.5m dwt In April to 3.3m contravene “eec" rules on fair at «« “ U ( SL.“L ^ priL 
dwt at the end of May. making competition. 

a record 12 per cent of the oil There is growing concern m — . . . , 

tanker fleet idle. A tenth of the OECD that the increased use reduce capacity and to diversify! neld separately from the 
the dry cargo fleet was idle, at 0 f subsidise is “storing up >' ards awa Y from shipbuilding husband, the use of joint savings 
2.1ra dwt. trouble" for all shipbuilding had ao « b?en matched by those! accounts and tne access available 

Elsewhere the volume of idle nations. in Europe. t0 Jr e WI / e j. . . 

tonnage continued to rise in The guidelines set out in But at today’s meeting OECD joe findings showed that 
May. with 9 per cent of the world March 1976 called for all mem- officials do not expect a further! Wlves cou ‘“h e d^ded into two 
fleet idle, or 58.1m dwt. idle. bers to adhere to a code of Japanese attack. Japan knows I STOOP 5 - The first, which 
This is the highest unemployed conduct. This was to confirm that that much of Western Europe's ■ accounted for LO per cent of toe 

Governments would stand by shipbuilding policy is still being] sample, is classified as “golden 


Figures show little 
underlying growth 
in company profits 


BY DAVID FREUD 


tonnage for two years, but the 


rise of 1.3m dwt in the idle existing agreements 
tanker sector was offset partly competition. 


unfair formulated by the EEC, 
that this Is not finalised. 


and 


Argyll production to increase 


! girls." The wives had access to 
money of their own averaging 
about £325 and saved at the rate 
of £9.50 a week. 


BY KEVIN DONE 


at between 20m -25 m 


OIL PRODUCTION from the production facilities Immediately, Energy 
North Sea Argyll Field should if weatber permits. barrels, 

increase significantly after com- The field, the smallest com- 
pletion of the latest develop- mercial oil discovery in the 
ment well. 

The ninth well 
Argyll field, which 

to come into production 111 luc 'Jif uiui.n -a// it. u<L 3 ucci* iraicu that nrorinfftinn 

UK sector of the North Sea in at a rate of more than 10,000 _ J , J? 

1975. has heen tested successfully barrels a day. 
and could boost production by as The Argyll reservoir has Interests in the Argyll Field 
murh 3s 50 per cent proved difficult to assess and no include Hamilton Brothers (36 

Hamilton Brothers, the field company estimate of recoverable per cent), RTZ (25 per cent), 

operator, said yesterday that reserves has been published. Texaco (24 per cent). Blackfriar 

plans were being completed to Last August, reserves were Oil (12 5 per cent). Trans- 
connect the well to the existing .estimated by the Department of European (2.5 per cent). 


Pocket money 


The other 90 per cent had 
average personal savings of £12 
and saved 95p a week, less than 
their children receive in pocket 
money. But three out of four 
wives in this sample had no 
personal savings, and it is to this 


Water has been produced with! ^ group that the tag "financially 
.I r ' battered" is sivmv 



will continue i f. 1 “ ei f «**■ » ^ 1 st ages 
until at least 1979-1980. j llyes ’ irrespective of the dura- 

1 lion of marriage. 


Non-output workers ‘level off 


BY JOHN LLOYD 

THE PROPORTION of white- The study also points up wide diietlon of wnod and cork . pro- 
collar, "nnn-production" wor- regional and sectoral variations, ducts, it went down to 11 per 
ker, in UK manufacturing in- Fur example regional differ- ,SSS3S; WtaSSSS 
dustry se^-rns to have levelled out ences varied from 46 per cent MThe majfJr ^^,*8 can 
at an average of one-third of all non - production workers in ^ attributed to a concentration 
employees, says a joint European London to 28 per cent in Wales. of scientific and technical wor- 
Community/Department of In- In Scotland and the North kers j„ ^ chemicals and 
dustry study published yester- East the figures are 31 and 30 engineering industries and sales 
day, per cent, respectively. and distribution workers in the 

In the last 50 years, white The sectoral variations are. consumer goods .industries." 
collar jobs in manufacturing in- even wider. In the periodical, says the study. ‘ - 

dustry have heen Increasing printing and publishing indus-- Non-Production Activities t« 
rapidly, but the study shows a tries, the proportion was as high UK Manufacturing. Industry, SO. 
levelling-off in recent years. as 66 per cent, while in the pro- price £1.60. 


Oriental art works go East 


Three wives in four wanted a 
financial identity of their own 
and considered that even 
amicably-mn joint savings 
accounts were only second best. 
• Liberty Life also announced 
the introduction of a new savings 
policy for women, which is 
claimed to he divorce-proof. This 
policy enables the wife to keep 
control of her savings during 
marriage, enabling, her to retain 
financial independence. 


THE GROWTH in companies’ sector in the latest half-year 
real profits levelled out at the were only 6 per cent higher 
beginning of this year, according than the preceding six months 
to figures released by the Central at £W0m— in contrast with the 
Statistical Office yesterday. spectacular growth in the IS 
The figures show that there months to last summer, 
was hardly any underlying However, a rise in profits 
growth in profitability since the from North Sea operations is 
end of last summer. At the same expected during the rest of this 
time there was a big increase in year. 

the financial deficit of the com- fimss trading profits of irtdus- 
pany sector. trial and commercial companies 

Gross trading profits of outside the North Scj sector 
industrial and commercial com- rose by 9 P° r ccm *° £6-3bn. net 
parties, excluding the North Sea of stock appreciation, between 
oil and gas sector, were almost the last 2* years, 
unchanged at £3.1bn in- the two The flat trend of profits, corn- 
quarters. The figures arc bined with an increase in capital 
seasonally adjusted and deduct spending on fixed assets and the 
the cost of financing an increase level of stocks for work in prn- 
in the value of slocks. gross . and finished goods. 

In the North Sea sector profits resulted in a sharp Increase in 
rose 18.6 per cent between the the financial deficit of the cor- 
latest two quarters to £51 0m. porate sector as a whole. 

This brought the overall gross The deficit represents the 
trading profit up to £3.6bn. an shortfall for companies after 
increase of £SSm. financing tax dividends, capital 

Over the longer-term, gross investment and stocks, 
trading profits rose £5S0m to In the first three months of 
£7.2bn in the six months to last the year the sector’s financial 
March compared with the pre- deficit widened to £520m. while 
vious six months. the deficit in the previous three 

Profits in the North' Sea months was £90ra. 


MPs query Property 
Services Agency 


Lord 

Oram 

heads 

Co-op 

agency 


BY MICHAEL CASSELL 


New limits 
for life 
policies 


AN EARLY Ch ing-Te-Cben New York dealer, paid £7.200 for Christopher from the early 16th 

white-glazed figure of an 'archaic bronze aval pear century and Serra. the Spanish 

Avalokitesvara wearing a tiara shaped wine vessel and cover of dealer. £6.000 for a Limoges 

and the elaborate garments and the same height of the early enamel ewer and stand by 

jewellery of a Bodhisattva. made Western Chou dynasty. . Pierre Reyraond. 

Yu3 V D i^w Sty n . r tbe In lhe afternoon session of the Sotheby’s had a quiet day., u » c ., u ,u a auin . ixir, a y«u 
late 13 th to eariy 14 th een tunes sa] e< 4 evote d t ° Korean ceramics Works of art and objects of; for annuities. These sums have 

AD. made £t 0.0<J0 in a sale of and bronzes. Matsouka, the vertu sold for £34.351. with a top remained unchanged since 1948. 


FRIENDLY SOCIETIES will now 
be. able to issue life and endow- 
ment policies for £15.000 and 
annuities for £1,500 a year on 
their non-tax-exempt business. 

The Chief Registrar has made 
the necessary regulations which 
were laid before Parliament 
yesterday, writes Eric Short. 

Some business transacted by 
friendly societies is exempt from 
tax. while other business is taxed 
as a life assurance or annuity 
! fund. 

The limits on each life for tbe 
tax-exempt portion axe £500 for 
the sura asured. and £104 a year 


THE ACTIVITIES of fh© disposal were brought ud “from 
Property Services Agency, time to lime," and it reminded 
recently accused by a former various deportments that they 
employee of wasting large should not hold on to land 
amounts of public money, yester- unnecessarily 

^ “If we think the wronc dec,- 

on public accounts. , h 

Mr. Edward du Cann, com- se 
mil tee chairman, said that the In the last five years, the 
accusations made by Mr. Leslie agency had disposed of more 
Chapman, a former civil servant, than 15.000 acres of surplus 
were being taken most seriously defence land and quite a largo 
and warranted the current number of surplus houses, 
detailed review of the agency's Mr. Robert Taylor. Tory MP 
operations. f 0r Croydon NW, criticised what 

He told Sir Robert Cox, chief he described as the “ unceasing 
executive of the agency, that growth" of accommodation 
disposal of unwanted land by required by the agency- This was 
the agency appeared to represent being conducted on an “ astro- 
a long process. He asked what nomical scale." 
was being done to reduce He had made repeated 
delays. attempts in the Commons to 

Sir Robert said that the agency establish how much property was 
was often not the arbiter in released by the agency arising 
land-disposal decisions hut out of (he acquisition . of new 
merely acted as an agent for promises, 
other government departments. He suspected that there was 
In the case of the Ministry hardly ever a case when this 
of Defence, a major holder of happened and asked Sir Robert 
land. Sir Robert said that it to ensure that his department 
was often not possible to agree provided a breakdown of the 
what land should be disposed agency's net growth in property 
of. acquisitions over the last three 

The agency's suggestions for years. 


SALEROOM 


Fares to rise 


PUBLIC TRANSPORT fares on 
Merseyside buses, ferries and 
suburban railways are expected 
to go up again in October to 
yield another £3.7m a year if the 
North West Traffic Commis- 
sioners approve. The last 
increases were made last 
October. 


Chinese and Korean ceramics 
and works of art at Christie's 
yesterday. 

It was bought by a private 
Hong Kong collector in a sale 
which realised £245.750. Buddhist 
figures of this type have often 
been described as '* ch'ing pai " 

nr " Ying Ch’ing ” ware — terms Japanese dealer, paid £5.500 for a an *fj 


BY ANTONY THORNCROFT 


price of £1,400 for a Jewish gold 
marriage ring of the late 18lb- 
century. and printed books 
totalled £34.713. with a Belgian 
dealer paying £2.600 for a New 
Testament from Tyndale’s Bible 
published in Antwerp in 1536. 

Phillips sale of Old Master 
English pictures totalled 


Budget surplus 
in Guernsey 


used to describe accurately the large celadon cup and stand of rgjgoo with W wr cent unsold. 
glaze but not the origin of the the Koryo Dynasty. fw,ww Wtn per cent unsol(L 

porcelain. A Byantine gold enamelled 

In a sale in which marked in- pectoral cross, with five circular 
terest was shown hy Far E as tern cloisonne enamel roundels, pro- 
buyers. particularly from Hong duced in the early 12th century, 

Kong and Japan. Spink and Son made £20.000 in a sale of sculp- 

paid £20.000 for a cloisonne ture and works of art at 

enamel Incense burner, decorated Christie’s yesterday. It was GUERNSEY’S Government 
in bright colours with 14 lotus bought anonymously in an accounts for 1977, published 
flowers on a turquoise ground, auction which made £201,381. yesterday, showed a surplus of 
from the first half of the 15th Another anonymous purchaser slightly more than £5m. 
century. . paid fio.000 for a group of four ,7. ■ V “ 

S. Moss, the London dealer. French ivory female figures of „?I 0SS “““J* f or , l ^ e 

went to £8.500 for a bronze the seasons made in the 19tb which included £16.5ra 

oviform bottle with slender century. Mrs. W. R_ Appleby. ** income tax against £13.7m in 
cylindrical neck 8J ins high, the London dealer, paid £6,000 1976. and £4.5m In duties against 
Tang Dynasty, and Rare Art, the for a Flemish oak relief of SL £3 J3m the prerious year. 


The new limits apply to tbe 
portion taxed as life business. 
The maximum sum assured that 
can be issued on one life is now 
£15,500 (£500 plus £15,000) and 
the maximum annuity £1,604 
(£104. plus £L500). 


Tighter rein 
on foreign 
insurance 


Financial Times Reporter 


OVERSEAS COMPANIES carry- 
ing on general insurance business 
in the UK will have to conform 
with detailed administrative pro- 
cedures governing the deposits 
which they will be required to 
make, under regulations pub- 
lished today. 

The regulations, which come 



ink 

in South-East As 



A full range of international banking services. 
Affiliations with the 


European Asian Bank (Jakarta, Singapore, Kuala Lumpur, 
Karachi, Manila, Hong Kong) 

Euro-Pacific Finance Corporation (Melbourne, Sydney) 


Amsterdam-Rotterdam Bank NV 
Head Offices: 595 Herengracht, Amsterdam, telex 11006 
119 Coolsingel, Rotterdam, telex 22211 
London Branch: 29-30 King Street, London EC2V 8QE, telex 887139 



amsterdam-rotterdam bank nv 


Brancnes, subsidiaries or representative offices in Antwerp, 
Curacao, Dubai, Jakarta, London, Tokyo and affiliates in 21 countries. 


New coal-burning energy 
system backed by report 


BY JOHN LLOYD 


into force on July 31, implement 
EEC requirements on the margin 
of solvency of general insurance I £50m. 
companies- I The report says: 


A PROMINENT role in the bed combustion appears to 
supply of energy will be played promise a simple, elegant and 
by fluidised-bed combustion, an versatile approach to burning 
experimental coal-burning power virtually any combustible 
generation system now being material ... As economic and 
developed in Europe and institutional uncertainties are 
America, according to a report resolved fluidised-bed combus- 
publisbed yesterday. tion appears likely to play a 

The report, by Inform, the Prominent role in energy 
U.S. social research organisation, supply.” . 
was written by Mr. Walt Patter- T ^ ie m ain reason for the 
son. energy consultant to Friends upsurge of interest in 

of the Earth, the UK environ- guidfaed-bed technology— which 

mental pressure group. 5^ J e5USted m J ome fonD - for 

... .. . w .i decades— is the increasing 

f ' lu,d ^ ed ^ >ed combustion is a emphasis on energy saving. As 
method for generating steam in ^fom, points out. the system 
which small particles of coal and holds out the promise of a more 
other material are burned on a efficient used of a wider range 
cushion of air. of materials. 

The main advantages are a However, the report stresses 
higher rate of heat transfer and a number of difficulties in the 
the ability to bum low-grade short-term for commercial appll- 
coal and other matter. cation, one being the divergence 

In May the Government of view over whether the atmo- 
announced that it would consider spheric or the pressurised boiler 
investing in the development of system should be adopted, 
fluidised-bed boilers. A project is Fiutdised-Bcd Energy tech- 
being developed by tbe National nology — comntp to a bail: ftp 
Coal Board in conjunction with Walter C. Patterson and Richard 
Babcock and Wilcox at a cost of Griffin, £35. from Friends of the 

Earth, 9, Poland Street, London, i 
Fluidised- W2. 


LORD ORAM, one of the Cnvcrrn- 
menl’s whips in the House uf 
Lords, Is to be the first chairman 
n fthe new Co-operative Develop- 
ment Agency. 

As Mr. Albert Oram, he was a 
Labour MP for 2b years until 
1974 and was made a Life Ivor 
»n 1075. During the tiwti-70 
Labour Government he w;» 5 a 
Parliamentary Secretary at th.* 
then Oversea* Development 
Ministry. 

The agency is being set up hy 
the Department of Induslry 
riurinp the cuming week' fo Hew- 
ing enactment of the Co- 
operative Development Ag-'ner 
Bill 10 days ago. 

The appointment of Lord 
Oram, aged 63. is to be 
announced tomorrow. 

The main purpuse of the 
agency will be to help devohqt- 
ment of workers' co-o prrahv ■.*■•.. 
It will hot have any money uf ns 
own to invest but will given 
£2^m by the Government i>v.-r 
three or more yours m cover us 
administrative expeases. 

Viability 

It will advise co-operative on 
the viability of their schemes 
and will act as a central clearin': 
house for workcr-nw n«.d 
ventures. If villi also assess pro- 
posed schemes fnr Government 
departments when requests are 
made for financial aid. 

On a more general basis it will 
also provide research and infor- 
mation facilities for nil the 
different types of co-operative.-: 
In the consumer and service 
fields, as well as worker 
projects. 

Proposals for creating tin* 
agency, which lias been discussed 
within the cooperative move- 
ment for many years, wen- 
contained In a Department of 
Industry White Paper last 
October. 

They received the immediate 
backing of the Prime Minister, 
and the Agency Act went 
through all us Parliamentary 
stages in three months wiih 
general backing from almost all 
political parties at We.siminaU-r. 


studies 
Welsh site 


By Robin Reeves. 
Welsh Correpsondent 


TALKS pn setting up a M;t- 
subiihi truck assembly plant in 
South Wales have been held with 
South Glamorgan County Counrtl 
and the Welsh Office. U was con- 
finned in Cardiff yesterday. 

The talks have centred on a 
50-acre aiic at Wentloog, which 
lies on the Bristol Channel 
coast, half way between Cardiff 
and Newport clocks, within the 
Prime Minister's constituency uf 
Cardiff South-East. 

Mitsubishi's UK conces- 
sionaires, Colt Cars, which has 
been conducting the discussions, 
imports all its Japanese cars 
through Alexander Dock at New- 
port. The .Went long site is there- 
fore regarded as ideally located 
for an import, assembly and 
re-export operation. 

Work on developing the land 
Tor industry is already under-way 
as part of a general effort ro 
attract new manufacturing ven- 
tures to Cardiff and soak up the 
city's high unemployment. In 
particular it could help to offset 
more than 3.000 jobs lost as a 
result of the closure of BSC's 
East Moors steelworks earlier 
this year. Some 40 per cent uf 
the cost of tbe assembly plant 
may be met from Government 
funds, under various regional aid 
schemes, given a Department of 
Industry go-ahead. 


Babcock merger talks collapse 


BY MAX WILKINSON 



THE DECISION by Northern 
Engineering Industries to pull 
out of talks with Babcock and 
Wilcox about a merger of their 
hoilermaking interests marks the 
final collapse of Government 
hopes to reorganise the heavy 
power industry. 

A year ago efforts to merge 
the turbine generator divisions 
of the General Electric Company 
and of C A. Parsons in New- 
castle foundered on trade union 
opposition. 

Then, last September, ReyroHe 
Parsons and Clarke Chapman, 
the Gateshead boilermalting and 
mechanical engineering com- 
pany, decided to merge to 
form a new group. Northern 
Engineering Industries (NEI). 

This was basicaljy a defensive 
operation because both com- 
panies were vulnerable on the 
stock market to adverse senti- 
ment about their heavy power 
generating operations. 

It was thought that the new 
group with a turnover last year 
of £3S7ra would be financially 
strong enough to ride out storms 
in this part of the business while 
seeking to diversify into other 
parts of the mechanical ^ and 
electrical engineering industry. 
Although Parsons had taken 
very firm stand against the 
idea of a merger with GECs tur- 
bine generator - operation. 
Northern Engineering made it 


clear that merger talks on the 
boilermaking side would con- 
tinue. 

Now, 20 months after those 
talks started, they have col- 
lapsed. The main reason was 
that the two companies couid 
not agree about guarantees on 
the sharing of work between 
their two factories. 

Babcock and Wilcox's main 
boilemoaking plant is at Renfrew 
on the Clyde, where about 3,500 
people are employed. Clarke 
Chapman's works at Gateshead 
is a smaller operation employing 
1.500 people with a further 1.500 
working on the sites of new 
power stations. 

The Gateshead works has a 
capacity for making about 
500 MW to 600 MW of boilers a 
year compared with a capacity 
of about 1800 MW at Renfrew 
and a smaller Babcock factory- 
in Dumbarton. 

The total capacity, therefore. 
Is about 2.400 MW a year. Since 
the boilermaking companies 
have always been heavily depen- 
dent on home orders, the 
Government think tank (Central 
Policy Review Staff) recom- 
mended that a minimum of 
2.000 MW should be ordered to 
provide a home base of work for 
a merged company. The remain, 
der would have to be obtained 
from export orders. 

Present projections by the two 
companies assume only about 


1 J00 MW a year of work from before the first work fnr the 
the Central Electricity General- Advanced Gas Reactor (AGR» at 
ing Board and its Scottish Heysham starts to come Into the 
counterparty. factory in niid-19S0. 

Continued doubts about the Babcock, on the other hand, 
future growth of demand for has a full load . until 1980 with 

electricity, delays In completing work for the Drax B power 

power stations, and uncertainty station near Selby, which »he 
about the policy for oil, coal and Government announced last 
nuclear stations, have increased was to be ordered ahead 
tbe corapaoies’ difficulties. of time. 

This shortage of orders is par- The Gateshead factory i s 
tlculariy alarming to NEI. be- px J?£ rt ir ? lbc manufacture of 
cause It was planned that Bab- AGR toilers. ;while Babcock’s 
cock should have control of a f tre npth is in conventional 
new merged company with 75 foss»-fircd boilers, 
per cent of the equity. The complementary skills nf 

Northern Engineering be- tw ° companies make th? 
lieved. therefore, that Babcock l°sic of a merger even more 
would be under strong pressure compelling, particularly al a 
from its labour force to coneen- t* me of short orders. In the 
trate available work at Renfrew absence of a merger, however, 
and to run down the Gateshead two companies have agreed 
factory. to" fairly detailed co-operation. 

Babcock and Nnrthern Engin- Trades unions probably hope 
eerng had given a written that direct political pressure 
guarantee to trades unions that- f° r the ordering of more power 
redundancies would not be made stations will eventually solve 
without the agreement of both t^elr problem, as happened 
companies. But it was becoming when the- Drax B station was 
dear to both that this under- ordered to save jobs at Parsons 
taking was becoming increas-' a °d at Renfrew. 

Ingly difficult to honour. Meanwhile Northern Engineer- 

The. Gateshead works, with log has an extremely difficult taak 
a turnover of about £30m. (com- ahead to try to find work to fill 
pared with Babcock's £90m.). its Gateshead factory until the 
has work for only one more AGR work starts . to come 
year, mainly on the Littiebrook through. It will redouble efforts 
power station. to secure export orders for small 

It then faces a gap of a year turnkey power stations 




r 




1 .1 




*. 3 







ty° 






Financial Times Tuesday July 11 197S 



{ ** j 

: 5 House of Fraser 

^ Js df 


2 

*»» 


51 

■Mr. 





over 



BY ANDREW TAYLOB 


HOME NEWS 


Job cuts 
in Civil 
Service 
continue 


7 : /“V ► 




H V VSfc 0F FRASER is now lb? 
, mvm?r of lht ‘ Aviemore ski 
- the Highlands 

M ,,f Gotland. It has paid £453,000 
ijo acqmre tjj e outstanding two. 
(hirds of Highland Tourist 
C .Urnjjonn Development) it did 
n<n previously own. 

Highland Tuunst which con- 
trols lne Aviemore centre was 
Founded in 19*34 by a consortium 
of Scottish businessmen lo 
develop tourist trade and stem 
tin- depopulation of the High- 
lands. It was jointly owned by 
House of Fraser. Scottish and 
Newcastle Breweries and 
Tcrncnt Caledonian Breweries, 
each with a third stake. 

Sir Hugh Fraser, chairman of 
House of Fraser, becomes chair- 
man nf Highland Tourist — which 
has only once made a profit in 


centre 


the last Hi years— now that the 
breweries have sold their 
interests. 

Scottish and Newcastle and 
Tcnnent saitf yesterday that they 
would continue to operate their 
Strathspey and Badenoch hotels 
■—one of four hotels at the 75- 
aerc Aviemore centre. 

About 700.000 people visited 
Aviemore in Uie year to Septem- 
ber 30 last year. A joint state- 
ment from the House of Fraser 
and the two breweries yesterday 
said that a single owner would 
make for more effective manage- 
ment and easier administration. 

At Aviemore, it was said that 
while Highland bad been a loss 
maker the centre — including the 
hotel concessions — had made 
profits. Average annual losses 
from Highland arc about £50.000. 


Standard of living 
‘may have to fall’ 


BY CHRISTOPHER DUNN 

STANDARDS nf living in the 
Ul\ may have to fall temporarily 
to help the struggle against 
inflation. according to the 
Association of British Chambers 
"of Commerce. 

Mr. Tom Bnardman. president 
»f the association, sajs in a 
inter to Mr. Denis Healey, the 
Chancellor, on pay policy af’.er 
Mkw Three lft.it total adjusted 
earnings can increase only at a 
rale compatible with continued 
reduction in inflation. 

Guideline? cm paj would Have 
to keep to ,i figure in line with 
such a target. 

If ihe Government was nut 
prepared lu detail the consequent 
need for h drop in living 
standards, it should abandon the 
a? tempi to pronounce on wages 
i !i the private sector 

It ‘should try instead to reach 
r.-n-imUitinnary settlements in 
the public seel or. 

“This would have the great 
a-hantace of making einplo>ers 
and employees face the reality 


of ihe economic factors affecting 
each plant and job instead of 
fixing for rbeut a rate which may 
bear little relationship to their 
circumstances, and lead to an 
even higher rate of. inflation.'' 

Settlements reached by the 
Government in the public sector 
must conform strictly to the 
same di .cl dines expected of the 
private sector. 

On the problems created by the 
present and previous pay poli- 
cies, .Mr. Boardnzan Says: “The 
objective must be the 
achievement of moderate pay 
seitlemenis whilst restoring the 
ability uf employers to reward 
scarce skills.” 

The association called recently 
for a two-tier pay formula 
involving a ba-uc settlement plus 
an extra payment lb remove 
anomalies. 

It supports the idea of a 12* 
month rule on pay settlement % 
which might ventually be agreed 
for even longer periods. . 


Peterborough plans 
home-care scheme 


by james McDonald 

\ NK.W concept in British com- 
munity care which offers ihe 
(i.itri'ui tin* choice of treatment at 
limin' msSiid of in hctepilal — 
pi.'Vidi'd tin* family doctor, 
pa urm and family agree — is lo 
he introduced in Peterborough. 

Helmut ng ;n October the 
t !ii. car pilot scheme will be 
iMi'Li'ii l«v P-’On.OUO from the 
S;imslmi> Family Chan table 
I’m *4 supplemented hv EH.00Q 
Horn the Gam bridge '‘hire Area 
Ufa till Authority i Teaching). 

This is the fiisl time a scheme 


of this type has been considered 
for Ihe National Health Service. 
It is modelled partly on a system 
operating in Bayonne, France. 

Under the scheme, a pailenl 
wilt be attended by the family 
doctor, 3 nurse and a patient's 
aide la staff member combining 
tin- duties of nursing auxiliary 
and home help) and trained and 
Mipr-n iscd hy nurses >. 

The services of additional 
staff, such a* uivdieal consultants, 
remedial therapists and other 
professions f colleagues. would be 
called upon if needed. 


Jobs powers sought 
for Clydebank 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


Till*. LEADER or the district; 
I-* -unci I ^t Clyde hank, Glasgow’ 
which 1 i;i.n been hit badly by 

redundancies and closures 

•tn.i faces the loss of a further 
"son jobs, called yesterday for 
-nrriiii status for the area to fight 
uneniploynient. 

provost William .Tohnstnn 
il- mn nded that the district bo 
d.-agnalt-il an •* exper! mental 
industrial reiuvrnaiion rrea ” 
\\ mJi i-iinsidorahh* extra pow? r R 
ami finance to attract new 
im'nsiry. 

He siid that, in particular, the 
il.<tnct council should he given 
powers 'imilar tu those nf a new 
1 1 1 v\ ii dcvclopmoni corporation 
i.« cn-n nlmatc the work nr 
indti-stnal agencies and .spend 
s|i»-.-tal funds. 

These would cover rent-free 


periods, tax exemptions and a 
local payroll subsidy to 
encourage companies to move 
into Clydebank, a former ship- 
building area. Companies offer- 
ing training or white-collar jobs 
should receive extra grants. 

Provost Johnston. a member 
of ihe Scottish National Party, 
also called for liquidation nf the 
district council’s £44tit capital 
dchr. sn (bat benefits in the form 
nf lower rales could be passed 
on to industrial ratepayers. . 

Singer, whose sewing-machine 
factory is the town’s largest 
employer, recently announced a 
investment plan which involves 
the loss of 2.800 jobs over the 
next four years. Unemployment, 
nuw estimated at 12-13 per cent, 
could rise lo 16 per cent as a 
result. 


Lever warns companies 
against piracy of ideas 


BY CHRISTOPHER DUNN 

t’lJMIWNlES With new 
i.i.mk needed i‘» know him- tu 
pi’iilec* tivniyivc* from pirating 
..ml p ar sin by competitors. 
Mr ii.ui.M f.ever. Chancellor of 
1 1 , r . i Mivhy uf L.i i nailer, said hi 
I •iiulmi ie.-lerdav 
The MmsriiT, »hn "■ vharu-'d 
; iji limiting ii* 1*1 tin* pmspeeix 

vmati hit-t in*sse<. launch 

,...j ,i new hunk rviuti tin* Design 
u» design pro tcc i ion 
••The tmpurliiniv nf such pro- 
sm.-i,hii «s n«'« rn-naniwi 

I*\ tux and d-.*. 4 Hitters. he 

V,||lf 

The Imi-A- i>* t*’ he published 
•fit July -l? t«> omicido with ihe 


cumins into force of the new 
British Palenls Act bridging 
UK law into line with Europe. 

Mr. latver said that small com-, 
putties' successes in the Design 
Connell's annual awards scheme 
showed the contribution that 
they made’ to innovation. 

“In recent years between a 
third and two-thirds of ihose 
awards have pone to firms 
employing less than people.. 

Design Proterfion — a guide to 
the low on plagiarism for monte 
ftiriurgr.1 and designers, b'l Dan 
Johtmou ' £SW i. Heinnnann 
Krlnantimial Books, 4S. Charles 
StffiW. Loudon. TV I. 


Renault prices raised _ 

PRICES UF IJ.-naiilt’s U K. ranee in? British 'J.WjJf'fqaS 
«f vars went up by imiween - and P l * “ n V is foil owing 

S per cent yesterday although largest f 'uiv.mnnthly in- 

mU be “ ,d yl tb<f creases ratiier than the quarterly 
” vSr company \< simultancosly rises which prevailed m e In ; 
: m : ivci* illy its equjpnicni speci- ''Z /he new prices 

so that cloth uphuMory Example ^f e f_*.021 1: 

h-conv^ standard un virtually .R- 1 C. 4-0 me t pr RI4 „ 

■‘I' models. ir»S71i • FISO TS £6,427 

The price increases come after ‘ 1 ’ ' 

a round of price risen from lead- t£S,i-oj- 


BY IAMB MCDONALD 

THE NUMBER of permanent 
civil servants, including part- 
time staff, fell by mure than 
10.000 in. the 15 months 
between the start ol 1977 and 
April 1 this year to 735.700. 

Civil Service Statistics. 1978, 
published yesterday by the 

Civil Service Department, 
shows that there was a drop or 
more than 8,000 in the strength 
last year, followed by a decline 
of more than 2,000 in the first 
three months of this year. 

The decline, claims the de- 
partment, fulfils the Govern- 
ment's goal, announced in 
February 1976. of making 
Gatings in the cost of the Civil 
Service in 1978-79. 

Since April 1976, the Civil 
Service strength has been 
reduced by nearly 12.000 
permanent staff and 4.700 
casual staff. 

The reductions have been 
greatest In the Ministry of 
DeFence — down 15.90(1 — hut 
there hare been substantia] 
increases in the Department of 
Health and Social Security, (be 
Department or Employment 
and Inland Revenue, 

Civil Service Statistics. 197S. 
SO. £2.75. 


N500 troubles 
give jolt 
to Gallic pride 

BY LYNTON McLAIN AND PHILIP BASSETT 





’■ "rt Ji ■ 

ii , 


France’s biggest, most trouble- 
some but potentially most profit- 
able hovercraft is to be named 

iu a ceremony at Boulogne this 

afternoon— almost exactly a year 
lo the day after its original sister 
era t should have entered service 
across the Channel. 

The first 280-tonne Sedara 
N500 craft was severely damaged 
in a dockyard fire on May 3 last 
year during modifications to its 
rubber air cushion skin. 

The craft was written off less 
than a month after it started 
trial; in the Gironde Estuary, 
ready for cross-Channel services 
on July 15. 

Seda m — the Societe d’Etudes 
ot de Development des Aeriir 
glisseurs Marins, Terrestres et 
Awphibies — which is responsible 
for the lift, stability, manoeuvr- 
ability and trials of the craft, 
was shaken by the accident. 

The N500 was France's answer 
to Britain’s growing domination 
of the world hovercraft market 
and much Gallic pride was 
wrapped in those 4S circular 
rubber skirts. 

These have since proved a 
continuing problem for the 
French designers and teething 
troubles have hit the second 
era t during its first few days 
nf operations from Dover to 
Calais and Boulogne, which 


started last Wednesday, the day 
after Dover's new £l4ro hover- 
port opened and in time for 
the peak summer traffic. 

There were Gallic smiles, how- 
ever. as the Seaspeed N500, 
named Ingenieur Jean Berlin, 
headed out into the Channel 
three days ahead of its British 
commercial partner, but techni- 
cal rival, the Super 4. 

The launching of the Super 4 
was held up by unofficial sanr- 


NEW5 ANALYSIS 


HOVERCRAFT 


lions imposed by 49 Jand-based 
technicians, members of the 
Transport Salaried Staffs Associ- 
ation, over a parity claim with 
British Rail Sealink shipboard 
engineers. 

The sanctions included black. 
Ing the “stretched’’ hovercraft, 
refusing to move to ih'e new base 
at Dover's Western docks, a ban 
on . overtime and rest-day 
working. 

They have now been lifted 
pending the outcome of joint 
talks between the technicians. 


The French N500 hovercraft, to be named tngcnienr Jean Eertaln at Boulogne today. 


the association and British Rail. 

A working party set up to 
look into the claim decided that 
parity was not justified because 
the ship's engineers were sea- 
going and bound by National 
Maritime Board conditions. 
However, it is meeting today to 
try to agree a new pay struc- 
ture. 

The Princes* Anne Super 4 
carried its first paying passen- 
gers on Saturday, the day it 
should have been passing the 
N500 in mid-Channel at a clos- 
ing speed of more than 100 
miles an hour, but the trouble- 
hit French craft was again in 
difficulties. 

On Thursday one of its 48 
rubber air cushion skirts failed 
during a Bight It was repaired 
but the same thing happened 
again on Saturday. 

Intending hovercraft passen- 
gers from Dover to France have 
been caught between these tech- 
nical and labour problems, which 
have affected capacity severely. 
The joint British Rail/Frencb 
Rail Seaspeed Hovercraft opera- 
tion has three craft with a total 


capacity of 1,070 scats and 130 
cars. 

This is made up by the ten- 
year-old SRN4 Princess Margaret 
with 254 seats anti 30 car spaces, 
the Super 4 <418 seats and 60 
ears i and the N500 (400 seats. 
60 cars). 

However, yesterday, when all 
three craft should have been 
operating, only the Super 4 was 
in service, cutting space avail- 
able for booking* by about 60 
per vent. 

The Princess Margaret has 
worked for 18 months almost 
continuously and in in need of 
urgent maintenance. It is 
expected to be back in service in 
two or three weeks. 

The JM500 wnn taken out of 
service yesterday in preparation 
for this afternoon's naming 
ceremony. 

Bookinc policy now adopted by 
British Rail Seas>ced to cope 
with a constantly changing 
capacity is based on a day-by-day 
anaJysJs of rbe craft available. 

When a passenger, with family 
and car. or alone on foot, arrives 


at the new Dover hnverport. lo 
find that his booked hovercraft 
flight has been cancelled be is 
guaranteed space on a BR Sea- 
link ferry. 

Seaspeed Hovercraft hopes 

that there will be no cancella- 
tions at all now ihe land-based 
engineers have returned to work 
pendinc Ihe outcome of further 
talks. Seaspeed also hopes that 
the NSOUs '■ teething troubles ” 
will soon be resolved. 

Tn give the craft and its 
engineers a chance to cope with 
any difficulties that may still 
arise, however, the N500 is 
marked in the timetable io 
operate only six days a week. 

The craft will he out for main- 
tenance every Tuesday. The 
Super 4 is maintained during 
the evening off-peak times. 

Pas-engers who insist on wait- 
ing fur a hovercraft rather than 
take a If -hour crossing by ferry 
may have to wail up tn iv/n 
hours lierure gutting away on 
their faster service— accounted 
for by the .TO-minute crossing 
time by hovercraft and 30-minute 
turn-round at each end. 




\ 




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Financial Times Tuesday July 11 1978 


PARLIAMENT AND POLITICS 



remier sets out choice 


on monetary integration 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


Voluntary 
dividend 
restraint 
likely 


By Ivor Owen, 
Parliamentary Staff 


THE PRIME MINISTER emerged pointed out that a Bremen last Monetary arrangements were "We will look at the scheme 

unscathed yesterday from 45 week unlike 1872, the Gentians not enough by themselves to in that way,” he promised. " But 

minutes oF intensive questioning were prepared to commit large ensure a zone of monetary none of these schemes should he 

in the. Commons over the pro- resources to maintain currency stability. If it were to last, the a substitute for solving our own 

posals for closer EEC monetary stability. new system must take full economic problems.” 

and economic integration which According to Mr. Heath, the account of the economic interests There were cheers from THERE WERE further indica 

were put forward at the Bremen prime Minister was' “ trying to of each member. Government backbenchers as tlon * " I P ht thaT l} 1 * Govorn- 

conference last week. avoid the scheme io principle by Lar-elv at his own insistence an °tber Labour opponent of the ment ,s finely to seek a Period 

Although Mr. Callaghan did a insisting on unlimited discussion he said, it had been agreed to ( Bla< *[ ihen^tte* 

careful balancing act and made it in detail. p ress 00 with studies to ensure the !! f. ennTrni ove* dividends laoses at 

clear that final decisions have it was noticeable, however, a greater convergence in the ™ Vp ° c Jr 16 pr0p mon the end of’ the month 

Still to be taken, his attitude that, in a brief intervention economies of member countries. J* a t V T . A,- u - 

towards the proposals was far earlier. Mrs. Margaret Thatcher, particularly in commitments to J*“!?R ear 35 the firs J EarIier P 01 "'®*? V 1 £“ S el 5* 

warmer and more positive than Conservative leader, had con- growth and the transfer of real ***£ towards full monetary and the course most favoured by 

many MPs had anticipated. tented herself with a general resources. economic imion This, in tun*. Ministers were strengthened 

.. . .. i,hcomiHnn ~ j .** would lead inevitably to a federal dunng exchanges in the Lords 

Admitting frankly that if we observation ani I avoided any It would be necessary to see Europe, for which the Commons when peers forcefully reiterated 

demands for an early statement 
Callashan to of Government intentions to 

_. . , .r- hark bencher* whn n«'iriiv “ “““ ««*-«'“■ re i use io give any commitment, remove doubts and uncertainty 

L C °A2SrJiI ,e, “ Th» welcomed the scheme as the first frank discussions had taken even in principle; until the in commerce and industry, 
economy, be declared. The towards full mnnetarv Pl ace a* the conference on the House had had a full opportunity While Conservative and 

House must take the decision move towards full monetary CAp and it had faeen cfc that of examining the scheme and Liberal peers called- for the 

Wh H h fL^l W ii^ U> „ remaJ ° T Thatcher tnM the Primp * number of member Govern- voting on it lifting of all restrictions. 

a ° d .pm a 'n^rnnrp Minister “ We are more likelv rnents were dissatisfied with the The Prime Minister replied 8arohess Birk. for the Govern 

s 0 ;” p “'f aod ren,am more „ g“iut of thl problem if **!<= of agriculture! that he had no doubt that a ment. insisted: “You must 

P r ^f pero “ s ’ .. , J wor td recession bv enn Deration expenditure and the cost of scheme for monetary stability accept that if one is asking for 

Throughout the prolonged ... partners than bv stand- financing surplus production. As could, in due coarse, lead to a pay restraint on the part of the 
exchanges. he strongly . . . scheme thev a result, the Commission had common European emrenev and workers, one has also got to ask 

emphasised that an essential pre- «S « f™ tte scheme *** been asked to come back with the kind of situation which Mrs. for dividend restraint." 
condition for Britain s acceptance welcomed the concept of proposals to remedy this at the Castle foresaw. Attacking the Government for 

of the scheme would be a trails- She > welcomed the 1 concep 1 of European Council. “I don't have such fears allowing the position to be 

economic resources a currency staowsation scheme u — u k- ; *v_ British reached where, within three 


Admitting frankly that if we observation ana avoided - any It wou ld be necessary to see Europe for which 

Joined the currency “ snake ” great show of enthusiasm for the how satisfactorily these matters had never voted 

it would mean a further loss of Bremen proposals. This was in had been arranged before we She wanted Mr 

the Government’s powers of contrast with some of her pro- took a BnaJ decision. refuse to give anv 

Marker backbenchers who avirilv _ ... reluse . lu = * u ? 


wi^h i ^Pnlnni I m i i v^anll rC fn but added*" Nh^such^heme wfu If new’ solutions conld be myself, because the - — 

n-Irticui^ 6 »?n^m 1U nr t> n.t 0 r , n^ 1 work or can ever be a substitute agreed on convergence of the Parliament and people will weeks of existing controls 

mon A^ricu1tura?Policv he for running our own economyki EEC economies, a zone of roone- always judge this against what lapsing, no statement of future 

Ur SS 7=0 a sound fihandal way ■ ’ wry stability. the transfer of they believe to be their proper pnl^y has yet been made Lord 

fih The British people had been resources and tbe reform of the interests in these matter." he Boyd-Carpemer (C) pointed oul 

f ® r ! * P *SJ!S shSced she said to realise teat CAP. then Bremen “could turn went on. that most companies paying 

experience or when Britain having becn "victor in Europe." out to have been an historic “It will be a Jong way from dJ^ends took decisions some 
^i7-dt),P-‘ S nake'" onfv inleavc we were nowin second position occasion." . having greater monetary stability .l he dlvldends 

again after seven weeks follow- economically among European Mr. Callaghan agreed with to the situation many years *V!L ac »/LiI* evniained that the 
fn^a heavv loss Sf cureenc? countries. Mrs. Thatcher that it was better a wav to a Euronean currency.” . Lady Bi rk espial ned that the 

■-’it-s nowise i°fn?nBa n convoy In his statement to the House, to co-operate rather than stand No wcb thi °S would be nremSed 

if after seven weeks 5 have the Prime Minister said that a aside. We wouid continue to possible or sustainable and no *£» JvJJS2?mVISM hp made 

to jump overboard without a life- Anal decision on the proposals examine these matters con- Government could live with it fSJSSStP !m! 

£fir t USES. viould be taken at. the European structlvely . and he was ready to unless there was * significant « the WM jgj the 

This provoked a long interven- CouneH on December 4 and 5 do anything which would convergence of toe European jJ^wS caS to companies 

tioo from Mr. Edward Heath who and the British Government strengthen our own currency and economies “Tf that happened aSSn? bv the absence 

was ConservaUve Pnme Minister would play a fuU part in the provide greater reserves, pro- and raised the standard of life „ l P B « !^! Z s i 7nulii 
at the time of the earlier involve- forthcoming studies to be made vided that our other interests of the British Deople, I would ™ t a . s a -7„ 9 ftf W 5t . 

ment with the “ snake." He on the scheme. were satisfied. ‘ be the first to cheer." in? at the^nd of July. 

A number of factors had to be 
carefully considered as part of 
the Governments general 
approach to counter-inflation 
policy after the ending of the 
present pay round. “ This is not 
something which one can look at 
In isolation." she stressed. 

Lord Byers, leader of the 
Liberal peers, urged the Govern- 
ment to take account of the 

THE PRIME MINISTER told vital issues in East-West relations way they are doing. to represent Mr. Sbcharansky adverse effect which dividend 

MPs yesterday that the trials of generally." There were some gasps when bad been told to leave the control nad on pension tunas. 

Russian dissidents placed “a Mr. John Davies, shadow Mr. Enoch Powell (UU, Down S.) country. while Lord Orr-twlng tv* 

very severe test on relations be- Foreign Secretary, expressed asked what would be toe reaction He con trasted the attention 

tween the Soviet Union and other horror that men should be on of the Government if the Soviet ^ Soviet Press paid to toe case dtl ldends /if ^.L a „« e J V pr r ihf i?ki 
countries." trial for crimes we did not recog- Union sought to interfere with b romr ht b y the Republic of l ncreases ,n wa ? es over lhe lasl 

The Shcharansky and Gins- nise. “ These trials further reveal the administration of law in this Ireland against Britain in the tour 3e3rs - 
burg cases had been raised in the implacable hostility of the country. . European Court with the denial “The longer dividend limits 

the Commons by Mrs. Margaret USSR to any efforts to placate Dr 0wen it wou \ d ^ * 0 of access for Western reporters tion goes on the more arthritic 
Thatcher, Opposition leader, it," he said. reject | ti H e had not referred to at the dissidents' trials. our capitalist society will become 


Soviet trials place severe test 
on relations, says Callaghan 


LABOUR NEWS 


No peace formula found 
for Post Office dispute 



BY NICK GARNETT AND JOHN LLOYD 


mail 

(rum 


THE POST OFFICE Engineering to commission new exchanges • Declining volumes of 
Union said yesterday that Lord and a national overtime ban. mean that the savings 
McCarthy, who heads the inquiry could cost the Post ”incr -loin mechanisation decline also, 
into the dispute over the union's on its mail meChanisntJun pro- . . , ■ „ ., . . 

claim for a 35-hour week bad grammes alone iivcnrdm- lu • Electronic mall of various 
failed to find a peace formula figures published by the Mail kinds • will compote *trh 
during talks with both sides Users Association. ordinary mail soon, lead me to 

Lord McCarthy's report, which About MO.UOO peopje are wvf further decline. “ H the project 
will contain his own reeommen- on the waiting list fur a tele- is to succeed it will have lo 
dations. is likely to be issued phone, most as a result ot the do sn before such □llemamos 
later this week He Is due to engineers - acuon. More titan become crnnomic since 
meet the Post Office and union £ 70 m-worib of equipment now mechanising a mall service with 
officials on Friday and the initialled in telephone exchanges declining vuhimes will tend to 
recommendations will aLso 20 to cannot be brousht into scn-'ICO ini rcasr the difficulties of l.iper- 
Mr. Eric Varlcy the Industry and some of it. totalling £5m, mg mail costs down to traffic 
Secretary ' * ,c »i«»i*ntlv needed. ■ levels.” 


Mr. Variey said 
Commons yesterday 


in 

that 


the The Mail ’ Users Association # ln ||l05e office ,. whore lhP 


he says that the amount of savings dCL .|j;j 0n m mechanise 


hoped toe inquiry would provide which «»ll accrue to the Post mar -. ina | tofi dispute may mean 

a basis for settlement. The uninn Office or er. the next 0 yeart th ar they "slip into the aub- 

claimed, however, that neither Ihrough Us matl mechanisation niari ,i na j categorv that is. 

side had moved from its position, programme will be down P> 


Once the Post Office and the more 


S riV they will nol be cosl effective. 

— - , £ S‘ n a rcsu,t of Other offices will drift down 

union have studied ihe recom- lll ^.. un,tn Jl . ac * ,on, .___ th ... __ into the marginal category, 
mendations Lord McCarthy may The association warns that, as v " ^ ' 

then decide to produce a fun her the nine-mnnth-nld dispute con- • Ihc cost of meeting 
linues. the mail mechanisation union s claim would have 


the 

reDorThased V on* ThV\wo sides* linues. llic mail mechanisation union's claim would have the 
reactions programme Itself will become effect of riusme mamtenanco 

Industrial action taken by the less and less rnst effective. The costs which would also affect toe 
union, which includes refusing reasons for this are that: marginal offices. 


Railwaymen seek more jobs 
and 20-hoar overtime limit 


BY PAULINE CLARK AND CHRISTIAN TYLER 


UNION LEADERS’ efforts to ’ Mr. WeighcU claimed that tton in coming weeks as unions 
make the shorter working week staff shortages were often look for some employment trade- 
a top priority in the next wage greatest in areas of high unem- off. given toe Government’s 
round were ‘highlighted y ester- ploy ment suggesting that higher intention to set the Stage Four 
dav by to* National Union of waqes alone may not be the limit* without agreement in a 
Railwavmen. solution. White. Paper at toe end of too 

He *’ flipvKl P roblem ln 'c**nerel s« ret T>riM of nil ,h, 

unions have received 


Mr. 


letters distributed by Mr. Lcn 
Murray, TUG; General Secretary. 
He urges union action in areas 


J&iFr ™Si!fr h to RrS d ° n He u^d Dr. Owen to take that toe specific court proceedings but Dr . Owen told former Prime “jL J$ e T 


our 


^ftriT^^oP^men- 1^=^= MhSZSS nation." Lord Orr-Ewing warned, 

tioned at the meeting he said. th * f «'£ 1 Problems of^ Africa mg group and toeir activities. Huyton) who signed the Helsinki 

But it was "quite clear, if they , ^ r ' Owen, replied. We wll “ We must respect, as far as we agreement for Britain: “I 
went ahead, that this would can. toe due processes and hope, no doubt whatever it was 


place a very' severe test' on rela- S JJr'SSri-iS? eve ° at this late date ’ ^ ^ f° fln#I acL 1 be,ieve 

lions between toe Soviet Union ,. e r !? ht l? *?*! off °!^ Participa- court w ijj allow a fair and just is _ right _ to 


555 Corruption 


cover-up 


______ m ^ __ ,_ 0 .„ go on pursuing the 

and other countries.” hi” ^ bearing-^ J ' principles of detente.” 

The trials ” bear some of the [ti-bal; aoced force Dr. Owen rejected suggestions He promised to consider 

hallmarks of the trials we knew Eduction talks. from MPs, including Mr. Andrew publishing the details of the 

in Stalin's days,” Mr. Callaghan Di ;. Owen said Britain would Faulds (Lab. Warley E.), that charges and records of toe 15 flPfi IPfl 

added. P° l be intimidated by Russia m sporting and cultural links with members of the Helsinki UVIU 

In a statement. Dr. David its relations with other countries the Soviet Union' should be monitoring group already MR. SAM SILKIN'. Attorney 

Oven. Foreign Secretary', said sucb as China. severed. brought to triaJ, and of some of General, denied in the Commons 

that all MPs would deplore the Mr. Greville Janner (Lab “These are rather difficult the others under threat yesterday that there had been 

trials. Leicester W> said that the state- questions in which . . . there is a In further answers. Dr. Owen a “cover-up” in the Bryant 

” The whole House will de- ment reflected the anxiety and very great element of individual said that if Britain excluded the building company corruption 

plore the fact that the Soviet anger of most MPs and the vast choice," Dr. Owen said. It was Soviet Union from the transfer case. 

Government has now put on majority of tbe British people often an individual club, of technology, other countries Confirming his statement on 
trial 15 members nf the Helsinki at these “ terrible travesty trials.’' orchestra or ballet company would not do the same. "We May 22 that there would be no 

monitoring group." he declared. Dr. Owen said that people which could also make its voice would just put our own industry further prosecutions. Mr. Silkin 

"These trials are in direct could not allow Governments to heard. and' our own economic recovery told Mr. Jeff Booker (Lab., 

contravention of the spirit and improve relations between the He confirmed a claim by Mr. at risk." Perry Barr): “There is no 

intention of tbe Helsinki Final Soviet Union and the UK if they Jeremy Thorpe (L Devon N) that Mr. Staa Newens • (Lab, cover-up. There has been no 

Act.” saw daily evidence that the Mr. Shcharansky bad been held Harlow) said he deplored the cover-up." 

Dr. Owen added: "The British Soviet Union was not respecting incomunicado in jail for 18 trials. as did committeed Mr. Rooker told Mr. Silkin 

Government have repeatedly the Helsinki agreement. months and denied access to a Socialists throughout the world- that his May 22 announcement 

warned the Soviet Government Dr. Owen said: "The Soviet lawyer, contrary to Soviet penal Dr. Owen said that toe Soviet had "caused great dismay in toe 

of the consequences which their Government wUl soon have to code. " That aspect causes great Union must recognise that the West Midlands, not least among 

handling of such cases could choose. There will not be an. concern.” the Foreign Secretary people of the UK would not' the police" after such a long 

have for the atmosphere of their improvement in toe atmosphere added. accept that there could be pro- tone spent on the investigation 

relations with the UK and for toe of detente if they continue to Mr. Thorpe also claimed that gress in detente without progress “and knowing that L900 people 
chances of making progress- on conduct matters like this in the the Soviet lawyer who wished in toe field of human rights got off scot free." 


Tory 


Kaufman attacks 
;gling’ over airliner 



Jimmy Reid backed by 
key Labour committee 


BY RUPERT CORNWELL 


BY IVOR OWEN 


BY NINE VOTES to four, a key to have commented at last night's 
Labour Party committee last meeting that it was a mystery 
the night approved the choice of Mr. why Mr. Reid had ever been a 


A SUGGESTION by Mr. Norman expected to provide more than the European partners 
Tehhit, Conservative spokesman 7.000 jobs in the nationalised B-10, we wouid lose the 17 per Jlmni y * e I0 /Yl? r T ~ om ' member of the Communist Party 

on aviation, that tbe derision to British aerospace industry and cent of the work we already did , ® u PP er at alL 

authorise full-scale development a further 4,000 to 5,000 jobs for the A-3Q0. Clyde Stupoullders workers, as 

of the HS-146 feeder airliner among suppliers of equipment — Mr. Walker called for assur- v?<ff Dtary caodl ' 

was intended as a general eiec- carried with it no implications ances that the Concorde pro- aa 4^._ 

tion bribe to influence voting for the longer-term decisions on duction lines would 


Tory protests 

in Labour-held marginal seats collaborative projects in the broken up when the last air- r° OVPT PfllTIPf 

brought an angry response from aerospace industry'. liner had been completed. Once ^ , TCI 

the Government in the Cora- He carefully refrained from the valuable technical teams had apparent^ Uken damage (^1*20 

without arrimnnv Hpcnito it* O 


.... Sid WeighelJ. seneral 

secretary tnld the union s dele- called as much for greater com- m . linr 

cate conference in Llandudno nensation— holidays or time off guidance on overtime n 

ihat excessive overtime on the f° r shift workers on unsocial InHnw /fSef^iViuln^ kl' Mr T .in 
railways must stop. hours— -to attract recruits utio 

But if the union carried out the ; the railways, 
recent TUC recommendation to At the moment, we can t gel 

icicm * I« , pnm „ n ff Ikp In nil Vie UlC lUCBI UIIINUI'UIJ IIIVIIl 

me to no more thsn Inera »° 0 J ine i 1010 10 ic cianifieanllv ahnve the 

Oil hnu« month ihit would come into the railways because ra *® is stcnmcantiy anove tne 

20 _ hours a month, tnat wouia urd _ v and c un d av work." national average, and whore 

seriously disrupt the service. “ | “ jrfl3 > and Jsunaj y wor ^ people xv j lh nut jobs mittht find . 

Tomorrow, the TUC economic British Rail could not fill the h 10 ™ employment opportunities 
committee will be asked to vacancies and trains were. being available if overtime were 
endorse a policy document setting cancelled daily because of toe reduced -^.,^ , 

out ways in which working time problem. "Excessive overtime The TUl general council 
should be shortened without loss b qs «ot to stop, but if we worked recommendations is spelled out 
of pay, m force employers to 20 hours a month now, it could clearly. "Where there is an 
hire unemployed workers. seriously disrupt the industry." increase In demand and output. 

The NUR savs overtime on the NUR branches m all stations, requiring more hours or work, 
railways can bo as high as 53* depots and British Rail hotels priority should be given to 
hours ' a month while 10,000 have been urged to seek imme- recruiting extra labour and over- 
vacancies arc unfilled. diate talks with their manage tune working should not 

As well giving advice on over- ments. ' * normally be increased, 

time, the TUC is setting a The TUC initiative in setting Mr. Alun Rees, N UK president. . 

target of a five-hour cut in the a tarcct t»n the amount of over- opened the conference wiih a . 

standard week of 40 hours, with time a believes appropriate may warning that single-figure wago 
a two-hour cut from this year, meet opposition from workers rises could not be tolerated if 
But Minisiers hoping for an earn- who rely on overtime to boost there was double-figure inflation, 
mgs rise of 7 per cent for Phase their incomes in periods* of pay He called for fair and 
Four of their incomes policy, .-restraint. .• flexible treatment for workers 

want any cut in hours to bh ■ . The 20-hnur figure Is 1 likely to any further contract with the 
absorbed by greater productivity. ’ to come under serious considers- Government. 


Glasgow journalists’ 
claim rejected 
by AC AS team 


ST OUR LABOUR STAFF 


Thousands 
will miss 
payments 


not P be The decision of tbe organisa- 
tion sub-committee, which has to 


giving any indication of Govern- been dispersed we would be ifh arrimnnv ' ripcnlto itc 

regard to the unprepared wheo more airlines - K THE CHARGE 


nmns last night. 

Mr. Gerald Kaufman, Minister ment preference in > u w UIC u U( ,i t^tu ™ »ucu uivic <umuw __j nn»onVi,ii« • ^zuuvuc. ot causing 

of State for Industry, who longer-term strategic Issue ot wanted to lease or buy the Qtennal^ ly explosive criminal damage against the two 

announced that the launching of whether the UK should rejoin aircraft b»ih people who threw horse dune 

the first civil airliner project Airbus Jnfustries and help to w- Ken Warren fC Hastings) n«tnh>4#Mi«hi p» r-«frei into, the chamber of toe Cora- 

undertaken in Britain for many develop the new B-10 aircraft, iaifl ya % rtmSdmrt believetoat ComrauSsS has^onb^ been ia not “ of necessity” toe 

years required an investment of accept an offer to help with tbe on] _ s answers to the difficult tv*l p? JO* onl y charge that will be made 

£250m, accused Mr. Tebbit of development of the proposed auctions ^aSg the aero * Lab0Ur PartV f ° r ^ " " 

trying to “crab" the announce- new Boeing 757 jet. or join a industry* were ptfliocaJ. 


A CLAIM by the National Union of a national Sunday paper pub- 
of Journalists that journalists lished in London and Manchester, 
employed in Glasgow by the That leaves the Sunday Mail — 
D. C. Thomson publishing con- and the committee says that this 
cern should get the general level cannot constitute ' a ** general 
of pay and conditions of other level." 

journalists in toe city, has been “ Even if we were to include 
rejected by the central abritra- the Scottish Sunday Express, it 
tion committee of the Advisory, would be very difficult in view 
Conciliation and Arbitration of the numbers employed on the 
Service. Sunday Post and ' the Weekly 

The committee has rejected News to hold that a general level 
the union’s case, it was disclosed of terms and conditions of em- 
yesterday, on the grounds that ployment. independent of and! 
there is only one other com- excluding the Sunday Post/ 
parable employer in Glasgow and Weekly News, exists for jouma- 
that this does not constitute a lists working on Sunday news- 
“ general level " as defined in papers 'in Glasgow,” it says, 
the Employment Protection Act. 

The verdict comes in an extract c TVc«rlIct•^v^ , 
of the committee's final report ^laguMCU 
which has been sent to both the Mr. John Hodcman, NUJ Scot- 
NU-T and the company. tish organiser, said he was “dis- 

The derision follows a wrangle guste'd ” by the committee find- 
between the uDion and the ings. 

Dundee-based company over the . “ I accept that under the 
pay and conditions of NUJ restrictions of the Act, the com- 
joumalists employed in Glasgow mittee could have made no other 
by D. C. Thomson’s Weekly finding but I think that the 
News and the Sunday Post, legislation itself is disgusting in 
which according to toe Guinness that it imposes, these unrealistic 
Book of Records, was toe world’s restrictions;” he said. “The find- 
most successful newspaper. . ings spotlight toe impotence of 
At hearings earlier this year. ACAS and all its bodies." 
the NUJ -claimed that pay and Thomson's, stated: “We have 
conditions were below those of felt all along that we had an 
journalists employed in Glasgow answer to every issue raised by 
by the Scottish Sunday Mail and the union at the hearing and 
the Scottish Sunday Express. indeed the committee acknow- 

But the committee says the ledged that the evidence was 
Scottish Sunday Express is not comprehensive. We did not and 
a valid comparison, because that do not accept that our journalists 
paper is a '* special local edition ” in Glasgow are poorly paid.” 


THOUSANDS of people will miss 
dole and iwial security pay- 
ments this week because of a 
strike by Civil Service clerical 
workers which started yesterday. 

The week-long strike hy 
members of the Civil and Public , 
Services Association affects 
hus moss at five unemployment 
benefit and Departnnntf nf.i. 
Health and Social Security’ 
offices, at Bristol; Whines;:' 
Cumbernauld, Strathclyde;' 
Burton-on-Trent; and Walton. 
Liverpool. t 

Ninety workers are said to be ; 
involved at Cumbernauld, which 
with Burton has closed because 
toere is no staff to man it 

A spokesman for toe Depart- 
ment of Employment said that 
some staff remained at the other 
offices, and could deal with exist- 
ing claims, which are sent by 
post. 

The action is in protest at a - 
pilot scheme paying benefits 
fortnightly instead of weekly, 
which the staff say will cause 
redundancies. 


Chrysler talks 
break down 


SHOP STEWARDS will today 
advise 550- striking painters at 
Chrysler's car. plant at Llnwood, 
Scotland, not to restart work. The 
painters’ dispute has halted pro- 
duction for almost two weeks. 

All union-management talks 
about heat breaks for paint shop 
workers have broken down and 
no further talks have been 
arranged before the factory 
shuts on Thursday for its three- 
week an oual holiday. 


raem ' v f".^" ith McDonnell Douglas “«Th/ next £ *1 


He was replying to a complaint 


""S'SMn ***, a*. Kings- 2??-': £'«> 

production 3 £3*5.” ,r,„ .WLiaSU put aslde TSS 


J’Sii?-..?'" 1 “"repentant production said we were being Mrs. Helene Hayman (Lab., the subcommittee ??£ Bad “ een ma ? e to ^ppear 

and the viability nf the project offered some work on the B-10, a Welwyn and Hatfield) said a itc reasonine was it is under ? ud,c ™ us because toe people con- 

ni^n?i«i ?t,0 , rie ' th °H gh « 0t derI vative of the A-300 airbus, decision had been awaited for stoid, th?? Mr “ eld an . char E ed , ^ ca “s- 

polemical terms, by Sir. But thxra was no mianniM thni four vears OH the HS14* anrf - 1 - mg criminal damage to a carpet. 

•vno Mr F!m t'l-V c.->ifl I# inna-iv,^ 


Liberals want sweeping refon 
of Official Secrets Act 


BY RUPERT CORNWELL 


km? i. r j n ^r’ v by -r, * 1 ?' S u , 1 . th ' r( ' was no guarantee that four years on the HS146 and “exceptional” candidate wno Mr -j 

N i P tehCad (Lab - Derby uMd 6 ‘ ROyCC CD8ineS W ° Um be wereT n teSfto Ut th? e aire«!? °? ered Lal ? our the best 'chance SO me humour Tad 'bee^made THE LIBERALS yesterday emerge. 'quangos." 

The Minister stressed that the ^ , . , . y'cre lnterested in the aircraft of recapturing Dundee East lost from what was a maior breach r.r Joined in toe clamour for sweep- It is expected that Mr. Merlyn Exempt would 

go-XaT for S HSlM^ Bri aiSl/S ad ’ an, »^= "v, r iu to th e s'iottl^N.tionfll.t, in.tbe ' 3Ch <»S •' •>» OfficM fecreS Ree S . Sme Secretory, wul foreign effZ 


be military, 
and economic 


Cracks 4 no threat to Concorde 



Bntajn did not collaborate with competitors. February 1974 general election. m£. Emery asked toe Sneaker Act by demanding a full-scale generally confine himself to pro- material, and information relat- 

- ' • v,nV '* " f A "" a " nsM ~ u s - * v - * individual. 

say toe Liberals. 

. ee access to any file 

Tbe four dissenters were led Serjeant-at-Arms and handed about 111111 by Civil Service, provision making unauthorised containing information about 

by Mrs. Shirley Williams. Educa- over to the civil authorities. The Liberal proposals, in the disclosure of any officnal infor- themselves. Complaints would be 

tion Secretary and Mr. John Mr. Thomas replied: “The fQrm of a "Shadow White mation an offence. handled by a new Parliamentary 

rnnm^fnc hnC-a'^ii" Ho 1 “’I “f which were When Mr. Jenkins asked Cartwright, MP for Woolwich answer is that, of necessity, it Paper." come Just a few days However, the Liberals wen I Commissioner with far greater 

emntBin thoi* -• * u , SIttuIar to_ those found on many whether the delay in securing East and chairman of toe is not toe only charge. That Is before the Government reveals much further yesterday, arguing pDWfcrs than the present Ombutls- 

nr««. nnilL*? m S ‘,S u , types of aircraft, were very smal 1 permission for Concorde to be moderate Manifesto Group of the first charge as published. It its own plans for reform after 19 tout the right of access lo man to order the release of 

nf th n ° h safety and P osed nD threat to aircraft flown by American operators Labour MPs. They argued that would be more wise to leave it months of procrastination-— and information, except ip a few documents. ■ - 

2L« X ^ih U i?« - Commons safety. was due to wing cracks found in Mr. Reid’s circumstances were there. We do not know what nearly sL\ years since the Franks highly sensitive categories. The Liberals dismiss criticism 

was i nm nigoi._ A number of possible causes toe aircraft. Mr. Huckfield told 1101 exceptional enough to justify course will be token." Committee first called for a com- .should be entrenched in law. -of their suggestion that they 

been investigated and him : “There has been no delay.” the traditional waiting period • P tete overhaul of existing legis- This, they say, would not only might be over-complex and, in 


BRITISH . AIRWAYS’ five said the cracks. 


Mr. Edmond Dell. Trade Secrc- have 


S r . y : M jffinned that the five dviinated, and tests continue. Mr. Richfield said that the bein S ignored. 


t £ n ?.qjp beenTa*ken u£ ‘ " rartS^Iion ““ Smrtl "^7^ p«c,f U l ton, or CUStOmS SalCS 


lation. strengthen Parliament against fact, ,work out worse than the 

The effect of their blueprint the Executive bur help to remove, present secrets legislation. 

* hinh “ ,s — ' **“ - At the heart of toe problem. 


developed cracks in reply to a to strengthen the wing structures had been 1 inked h V the Ariminif rhoT™ P *l acer ' 
written question from mV on all Iritisb AI^STESuE “"to "toe proposed^nri e 

J Furth r U rt' T ei l France aircraft " rule for supersonic tnm^ort that 

rivm 1 h? f jiir he Les!?e 1 ' , H» kflVrL T?® ]T a ® ^ 3 Freuch'desTgn bcSTpromuJgMed, 8 and^t^tt^e ?a?uah Infect to n propaganda 1V 65 DmJis Healey "Swncell^of S r 6 ’ 0 ""- rertain to be an all Government Departments, Executive would be partofthe, 

P V Umte^rtetTo^H^ Wlity, maDUfacturin e res P onsi - «*»* a * *■ expected to foil?. But Mr. AntooSy ^edgwood Excheq^ef £ 1 ?“" 1,1 disappo.mrneni at the local authorities, and to fluasi- overall new constitutional settle-' 


Industry 


shortly. 


Benn. EnerEv Secret^ rv wA said j~ mttMUUa modesty of the Government's autonomous non-governmental mem for which the: party has 

eenn, energy secretary, was said written reply yesterday. own suggestions when they do organisation, generally known as long been pressing. 



A 






r 


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f 1 . 


a- 

% 


11 


A 





Financial Tiroes Tuesday July 11 1978 




^ 1 ARTHUR BEMNETTAMD TED SCH QETHS 

» SAFETY 

fewel-Iike material to 
tore atomic waste 


• MATERIALS 


• TRANSPORT 


Growing better crystals 


L M M 

A 


j ' - 
\ 1 1 
• “a 


3\ 


JCCESSKUL FABRICATION 
' full -.scale nuclear waste con- 
iners by a process reported 
irlier this year in which 
intense pressures turn the 
aterial— alumina— from which 
.cy are made into an extremely, 
ird and resistant "rock," has 
»n reported by ASEA. whose 
ph-pressure process is used. 

The containers bar* been 
ade in a new high-pressure 
-chnoloqy plant built as a rush 
ib at Robert&fors in Northern 

iveden 

The next srep will be to 
tcapsulale a used atomic fuel 
ement in this way and a 
aclear fuel rod 0.5 metre long 
hich has been irradiated at 
ic Oskarshamn nuclear plant 
ill he employed for the pur- 
ase. 

Containers as produced are 
5 metres Ion? and have an out- 
do diameter of 0.5 metre. 

■pishing 1.600 kilos. They are 
tbricatpd from alumina powder 
t 1.350 degrees C and under a 
ressure of 1.000 bar by hot 
astatic pressing, in a Quintus 
ress. 

A container of the size 
escribed has capacity for 500 
jel rods of the type used in 
■ater reactors. In the final 
tape of scaling the rods in the 
ontainer, a separate alumina lid 
;nuld ho fitted to the container 
n the press io ensure a joint- 
ree enclosure, since the pres- 
ure is hich enough to fuse the 
wo units together. 

Interesting in this develop- 
ient is that the end-product in 
he container wall is closely 
imilar to sapphire or corundum, 
n nature, the latter has a life 

I PROCESSING 

Fast cutting by laser 

JFKER1NG SOME competition characters for shop front signs. 

o Plascut. the onjy other com- The machine can already pro- 

»any providing a publicised laser ^ u f e high speed Unear and cir- 

uttinc sen-ice is Vacuum cuIar cuts and welds WIth clean 
J 1 ™* * cnict - IS vacuum parallel sidefi in such material 

Thermal Processes of St. Ives, as fabric, plywood, quartz, paper. 

riuch has just taken delivery hoard and sheet metal, in small 

-/ u 130.000 500-watt carbon or production quantities. 

iioxide laser from the Swiss In metal, cutting speeds vary 

tased Laser Technique SA. from 3 metres/min for 1 mm 

The laser has been built into stainless steel to 0.4 metre/rain 

cutting and welding system for 10 mm mild steeL Plywood 

iluch uses an X-Y co-ordinate 12 mm thick can be dealt with 

ahle and later this year the com- at 1 raetre/min while for 6 mm 

•any expects to add full perspex the figure is 2 metres/ 

iumerical control so that fast rain. 

■reduction of irregular shapes More from the company at 
.ill become possible — for Edison Road. St. Ives. Hunting- 
xaniple the cutting of perspex don PE17 4LU (0408 639S4). • 


of millions of years when In a 
water environment The 
inference is that the ASEA con- 
tainer material should also he 
highly leach-resistant and experi- 
ments have been going on at 
ASEA and in Canada for a year 
to determine what its life couid 
be. 

A preliminary conclusion is 
that, in presence of the leaching 
effects of ground water, a con- 
tainer of the highly compressed 
alumina type 100 mm thick 
should last several hundred 
thousand years. 

In the meantime, the French 
scientific journal Recherche, has 
brought to light a high degree 
of concern that the process of 
vitrification of radioactive wastes 
followed by long-term storage, 
proposed both by that country's 
Atomic Energy Commissariat 
and by the. UK AEA, might not 
prove satisfactory. 

It quotes the results of experi- 
ments involving the measure- 
ment of the action of distilled 
water on glass maintained at 100 
degrees C as indicating that, 
leaching life of vitrified radio- 
active waste would not exceed a 
span beyond 100 to- 1000 years. 
The conclusion is that a great 
deal more research is needed 
into this process before it can 
be adopted as final. In the mean- 
time, however, it appears that 
the French are committed to 
vitrification for nuclear waste 
re-processing — a service which it 
is offering to a number of 
countries under contract 

Further information on the 
Quintus process from ' ASEA, 
Viiliers. House, Strand, London. 
WC2N 5JX. 01-930 5411. 


MANY OF the most interesting 
developments in modern elec- 
tronics would not have been 
possible but for the skit] of the 
materials scientists in producing 
single crystals of a variety of 
“ difficult " materials from silicon 
to complex garnets and magnetic 
meial/oxygen compounds. 

Because of this consideration, 
a greal deal of work is being 
carried out on improving exist- 
ing crystal growth methods and 
on one of these, the Czochralski 
method, the Hamburg labora- 
tories of the Philips group has 
reported a notable advance. 

Czochralski involves contact- 
ing the surface of an appropriate 
melt with a crystal of the desired 
material — the seed — and slowly 
pulling this up from the surface. 

Hamburg research workers 
have- produced crystals of gado- 
linium gallium garnet with a 
diameter up to 65min and a 
weight up to 2.5 kilos automatic- 

• MAINTENANCE 

Scaffolding 
not needed 

THE USE of all conventional 
scaffolding, portable stagings und 
ladders at Lyons Tetley ware- 
house complex at Grcecford, 
Mddx.. has been made unneces- 
sary by a mobile rcissor work 
access platform, designed by 
Hy-Ryder. The platform will lift 
nien and materials into a safe 
working position 35 feet from the 
ground. 

Several methods have been 
used to gain access to the light- 
ing. ducting and fire alarm 
systems which run near the 
35-foot-high roof. These have 
now been replaced by the four- 
scissor section S-510 machine, and 


ally. Heating is by a high 
frequency generator with a feed- 
back from the crystal monitors 
to obtain extremely close control. 

Improving on the flux growth 
method, in which the desired 
crystal is produced from a solu- 
tion, the group has designed 
equipment ro make perfect 
crystals of yttrium iron garnet, 
used in microwave components. 
It is based on the use of a 
spherical platinum crucible, 
rotatable about vertical and 
horizontal axes. This is filled 
with a solution of the garnet in 
a mixture of mutton metal oxides 
and fluorides. A garnet crystal 
at the bottom of the crucible is 
cooled by an external “ cold 
finger." The equipment allows 
for tight control of crystal 
growth: temperature profile 

through the mix can be ke:»t 
close to optimum. 

Philips, POB 523. Eindhoven, 
the Netherlands. 


the platform, manoeuvrable by 
band or designed, to be tuwed at 
speeds of up to 25 mpb, is now 
fully employed throughout the 
warehouse a nd ad joining factory. 
When not in use. the platform 
will compact ■ down to a height 
of 1.7 metres for storage. 

More from the company at 
Manlift House, Crabtree Manor- 
way, Belvedere, Kent DA 17 6AB. 

9 INSTRUMENTS 

Quick check 
on speed 

PUT ON the market by Unimatic 
Engineers is a hand-held digital 
tachometer. the Digitacho 
DT-103B. which has a measuring 


range up to 20.000 rpm and dis- 
plays fhe reading on a four digit 

linear* . ^ metres/nititi^ * speed Stability is improved 

measurements maybe made using 


Mitahui 

the appropriate adaptor supplied, 
and the rotational readings are 
accurate to one revolution. 

A continuous hold facility is 
provided in- which the instrument 
measures., the highest speed 
attained und holds it on the 
display indefinitely. 

The udit is virtually mainten- 
ance-free and provides over 20 
hours of continuous operation 
without change of batteries. 

The company is at 122 Gran- 
ville Road, Cricklewood, London 
NW22 2LN. 

Records two 
channels 

LATEST continuous chart 
recorder from B & K Labora- 
tories, the 2309, is a self- 
contained hattery operated unit 
for field or laboratory use and is 
designed to record the RMS 
values of AC signals in the 
i.6 Hz to 20kHz range and DC 
signals. 

Scales of recording can be 
linear or logarithmic and two 
dynamic ranges of 25 or 50 dB 
can bo selected 

Each of the writing systems 
has four switch-selected writing 
speeds from 16 mm/sec to 
250 mm/sec and they make use 
of disposable fibre-tipped pons 
which are insensitive to attitude 
changes. The recording paper 
used is 50 mm wide. 

Start and stop of the paper 
drive can lie externally 
controlled and the recorder has 
a wide range of facilities for 
filter, general or and analyser 
synchronisation and external 
control and synchronisation of 
the paper movement. 

More from the company at 
Cross Lances Road. Hounslow, 
Middlesex (01-570 7774 ». 


MONOFRAME chassis, a new 
trailer design concept, is now in 
production. It incorporates a 
single hollow section beam 
which, together with independent 
suspension at each wheel station, 
gives the vehicle greatly im- 
proved stability. 

Another advantage is increased 
internal body height, with con- 
sequent improved cubic capacity 
for TIR operators. 

Monoframe group is an asso- 
ciate enterprise of Chris Hudson 
(International), TIR operators of 
Romford. Within the group, 
Monofram^ (Engineering), which 
has developed the new vehicle, 
will make the trailer on a mass 
production basis. 

The single hollow-section fabri- 
cated box beam of the Monofrarae 
design runs centrally down the 
lull length of the chassis. 
Attached to the beam, at four 
points, are fully independent 
wheel stations, each of a wish- 
bone configuration, supported on 
pneumatic springs. 

Modifications to the Rubery 
Owen-Bockwell axles enables the 
design to achieve the maximum 
track possible, obtaining maxi- 
mum stability, and the floor is 
some 165 mm (6.5 in) nearer the 
road level than in a conventional 
trailer. 

Height of the Monoframe 
chassis floor remains constant 
irrespective of the load imposed. 
Galvanised steel sheet, bonded 
to the underside of the multi-ply 
timber floor, prevents deterin ra- 
tion and gives overall strength 
sufficient to withstand loaded 
fork lifts. 

The entire chassis is virtually 
maintenance-free. With normal 
wear and tear, the suspension 
pivots and pneumatic springs are 
expected to equal the trailer in 
working life. AH wheel stations 
are identically built and are 
interchangeable: they require 


the minimum of skill to replace. 

Brake compensation is auto- 
matical! y imposed as the overall 
chassis load increases. Double- 
diaghragm-spring parking brakes 
are fitted, which precludes the 
usual unwieldy handbrake and 
wire attachments. Air and wiring 
circuits are almost completely 
enclosed, which not only pro- 
tects them from the elements but 
makes them difficult to damage 
and reduces the chance of 
pilferage. 

Monoframe (Marketing), Hud- 
son House, North Street, Rom- 
ford. E&5CX. 0708 22422. 


9 BUILDING 

Cladding a 
paper mill 

AN ORDER worth over £350.000 
for steel foam sandwich roof and 
wall cladding has been obtained 
by H. H. Robertson (UK) of 
Ellesmere Port. 

The material is to be used 
on a paper smre and production 
building at Wiggins Teape, Ely 
Mill. Cardiff. 

About 24.00(1 square metres of 
the company’s Trimat profiled 
material wilt bt- used. The insu- 
lating qualities of ihis material 
are required tn offset condensa- 
tion caused by ihe humidity 
created in paper processing. 

Work is expected to start in 
February next year Consulting 
engineers are Roxburgh, Dinards 
and Partners. 

H. 11. Robertson has also been 
awarded a £112.000 contract 
throuch PD/NCB Consultants to 
supply and fix 3.000 square 
metres of its Gaibrstos and Ver- 
sacor cladding sheets to the shaft 
winder tower at the Yorkshire 
Main Colliery near Doncaster. 


TIMetsec 


for engineering 
£ 



T) Metsec Udfokftxiry, 
Wsst Midlands B69 4HE 
Tet021- 552 1541 


9 CONFERENCE 

Problems of 
noise from 
machines 

ALTHOUGH it is now generally 
recugnised that machines, includ- 
ing machine tools, should not 
exceed noise levels over S3 dB 
(A) over an eight-hour working 

period, the implications of the 
fact that this noise level may he 
reduced to the much lower level 
of SO dB in the near future have 
yet to be grasped by people who 
are responsible for tool rooms 
and machining centres. 

Since the inception of the 
Healih and Safety at Work Act, 
emphasis an this particular 
industrial hazard— noise — has in- 
creased considerably and is 
lik»‘ty to increase much more. 

Because of the*? considera- 
tions. the Machine Tool Industry 
Research Association is propos- 
ing In hold a seminar on nni>e 
in industry on September 27. fol- 
lowed by a one-djy course 
on technology to cut noise from 
machine-tools, etc on the next 
day. 

Seminar and course will com- 
plement each other Util the con- 
tents or each will be indepen- 
dent. 

The two events will take place 
at MTIRA. Huliey Rnad. Maccles- 
field. Cheshire SK10 2NE. 
Macclesfield 25421. 


iliree-zone heat tester 


: f ? 

. i » 


i ; 


■ ; ? 


«*. ir 


i THERMAL shock chamber 
ITerins automatic product 

r.msfer within three tempera- 
zones has been put on the 
market by Cee-Tel Thermal 

' .quipmeni. Unit 6C, 16 Arndale 

:«iad. Littiehampton, Sussex 
iintMH 232281. 

,,, The overall operating tempera- 
isj'iire range is —60 to +150 

lrgr*»e C and the recovery time 
- under two minutes following 
mnnT*inn of a test item within 

particular r.one. 

Heating and cooling are pro- 
ided by a suitable air-flow 
tfMi*rn in conjunction with fast 
’espooding heat exchangers with- 

» COMPONENTS 

More small 
batteries 

ANNOUNCEMENTS concerning 
mull uierniry button cells and 
ithiuin batteries hate been made 
won civ. 

Yurta. the German -based 
Mil pry croup, has decided to 
dart making button cells in the 
I K. a production line having 
oi-rn installed at the company s 
kerne premises in Somerset. 
First products will be cells for 
iu-hind-t lie-ear hearing aids bin 
capacity will be expanded later 
ihi* year to embrace other pro- 
duct-; The company is already 
a major supplier lo the Depart- 
■ r.rutrni p{ Health and Social. 
Security as well as to private 
• makers of deaf aids. 

Further from Varta (Great 
Britain). Hermitage Street, 
Grew kerne, Somerset TA 8E\ 

I H46Q 73366). 

t; A. Stanley Palmer is tr» 
rn..kn available lithium batteries 
m.i.U* be Tadiran in Israel, with 
initial markets in the computer 
industry for the standby power 
requirements of CMOS memories. 
Mam attributes of the cells ts 
that they have a life on Ui e 
printed board of several years 
and are lightweight. The com- 
pany also believes they will be 
used increasingly as an alterna- 
tive tn the mercury eelJ. 
j Mand Farm Avenue, West 
( ' Trtnlesev Trndinc Estate, Surrey 
1 ‘ KTS OUR (01-979 7254). 


i 


0 


in the conditioning areas. ^Cool-1 
ing is by a purpose-designed 
mechanical refrigeration system 
in two cascaded stages to provide 
fast response. 

The transfer mechanism is 
encased to give operator safety 
and the loading door is inter- 
locked: there are safeguards 
against' mechanical over-run. 

Selection of the number of 
operating cycles is from the 
front panel and the system is 
fully automatic in terms of both 
temperature control and pro- 
gression of a test item through 
the three zones. Working 
volumes from 1 cubic feet 
upwards are available. 

• COMMUNICATION 

Prospect of 

doubled 

capacity 

CORNING GLASS WORKS has 
announced that some of the 
optical fibre it is making by its 
outside vapour phase oxidation 
process (OVPO) using doped 
deposited silica lias exhibited a 
bandwidth in excess of 3 
GHz/km. 

The company claims that this 
is more Ilian twice that recorded 
so far for optical 'waveguides. On 
the assumption that the fibre 
can he made on a consistent, 
continuous basis it seems likely 
that before long a product will 
become available with twice the 
information carrying capacity of 
the best existing materials. 

In purely practical terms the 
figurrs imply, at 3 GHz. the 
ability io carry very nearly a 
million telephone conversations 
or perhaps 350 colour television 
channels. 

The type of fibre tested has a 
germanium-borosilicate core with 
radially graded refractive index, 
and a borosilicaie Cladding- 

Bandwidth measurements were 
carried out by injecting short 
light pulses into the waveguides 
and directly recording the out- 
put frequency response with a 
spectrum analyser. 

More from the company at 
Corning. New York 14830 USA. 


Send for a sample 

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The Plastic to <&SOLVE your problems 


ENAK Limited. PreaenHa House. Foundry Close. .Horsham 


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■andorh 


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Thousands of types and sizes in stock for nrimediate . 

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TRANSFER CALL CHARGES 

MHr. EMERGENCY NUMBER Ql 63* 3 3o 7 


All of these securities having been sold, this announcement appears as a matter of record only. 


NEW ISSUE 


3,500,000 Shares 



\ 


Continental Illinois 


oration 


\ 


Common Stock 


($5 Par Value) 


Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 


Morgan Stanley & Co. 

Incorporated 


The First Boston Corporation 

Dillon, Read Sc Co. Inc. 

Keefe, Bruyette fit Woods, Inc. 

Loeb Rhoades, Homblower & Co. 


Donaldson, Lufkin 8C Jenrette 

Sccuritit* Corporation 

Kidder, Peabody & Co. 

Incorporated 


Bache Halsey Stuart Shields 

Incorporated 

Drexel Burnham Lambert 

Incorporated 

Lazard Freres & Co. 


Goldman, Sachs 8C Co. 


Blyth Eastman Dillon QC Co. 

Incorporated 

E. F. Hutton & Company Inc. 
- Lehman Brothers Kuhn Loeb 

Is corpora ted 


Smith Barney, Harris Upham 8C Co. 

Incorporated 


Paine, Webber, Jackson & Curtis 

Incorporated 

Warburg Paribas Becker 

Incorporated 

L. F. Rothschild, Unterberg, Towbin 


Salomon Brothers 
Wertheim SC Co., Inc. 


Bear, Stearns 8C Co. 

Bacon, Whipple Si Co. William Blair & Company 
Thomson McKinnon Securities Inc. ABD Securities Corporation 

Basle Securities Corporation 
Daiwa Securities America Inc. 

A. G. Edwards SZ Son s, Inc. Eppler, Guerin 8c Turner, Inc. 


M. A. Schapiro 8C Co., Inc. 
Dean Witter Reynolds Inc. 
Shearson Hayden Stone Inc. 
The Chicago Corporation Alex. Brown 8c Sons 


Robert W. Baird 8C Co. 

Incorporated 

Dam, Kalman 8C Quail 

Incorporated 


Blunt Ellis & Loewi 

Incorporated 

Advest, Inc. A. E. Ames & Co. Atlantic Capital 

Incorporated 

Bateman Eichler, Hill Rickards 


Incorporated 

Dominion Securities Inc. 


Corporation 

Cazenove Incorporated 


EuroPartners Securities Corporation 


Klemwort, Benson 

Incorporated 

Moseley, Hallgarten 8C Estabrook Inc. 
Nomura Securities International, Inc. 
Prescott, Ball 8C Turben 
Scandinavian Securities Corporation 
Tucker, Anthony 8C R. L. Day, Inc. 


Ladenburg, Thalmann SC Co. Inc. 


McDonald 8C Company 


New Court Securities Corporation 
Oppenheimer Sz Co., Inc. 

The Robmson-Humphrey Company, Inc. 

SoGen-Swiss International Corporation 


F. Eberstadt 3Z Co., Inc. 
Robert Fleming 

'Incorporated . 

McLeod Young Weir Incorporated 
The Nikko Securities Co. 

International, Inc. 

Piper, J affray 8Z Hopwood 

Incorporated 

Rotan Mosle Inc. 
Stuart Brothers 


Wood Gundy Incorporated 


Yamaichi International (America), Inc. 


Banque Nationale de Paris ' Barclays Bank International 

Tjtni t.ll 


Amsterdam-Rotterdam Bank N.V. Banca Commerdale Italiana 

Bayerische Vereinsbank Caisse des Depots.et Consignations Credit Commercial de France 

Groupement des Banquiers Prives Genevois Kredietbank S.A. Luxembourgeoise • Kuwait International Investment Co. s.a.k. 


Baring Brothers & Co., 

Limited 


Samuel Montagu 8Z Co. 

Limited 

Societe Generate 


Orion Bank 

Limited 

Yerems-und Westbank 

Akiieng«sdlichaft 


J. Henry Schroder Wagg 8C Co. 

Limited 

Westdeutsche Landesbank Girozentrale 




10 

lombard 


A test of open 
Government 


A novel method of 


BY PETER RIDDELL 


company reporting 


Financial Times Tuesday July 11 

Hot Grove unlikely to have 
problems at Newmarket 


19 7S :% 




IBM'S MOVE to presenting the have indeed been 

THE GOVERNMENT this week Treasury nas made available the annual “ * 

faces a revealing test of its basic relationships of its forecast- emploL 
. alleged commitment to opening in? model it has nor been has met with overwhelmin 


ALTHOUGH FOOL S MATE, Hoi a! Blond wont under by a one more chance. I again side 
Nohle Qmlln and Trcsor ITor necb’to Patro m the Aston Park with her while going for. a saver 
have all defected from the stakes at Newbury in May. but on another _ recent disappoint, 
i MOVE to presenting the have indeed been -mi- over nut be in ten place* al 1 at once ^5 f a « es “ &! 5 i hat was hLS *jT st ou,i .?5. for a ” wn . 1 ' thc fill J Mixed ' 

i*™™' .0 l- K -■*.&.*? 4iph.es. o-J-enVZ^%\££ SSSXSMKS SLf’Tnd' T, * TO? 4 

mp! Ji h iiJSSSSS ftrip program mci able enough on video if there be worth going a long way to see. surprised to sec him turn the 


up Ihe operations of Whitehall po«tbl» tn make full comoari- ^rovaY from" th^MrnS are , " n . p;noU " nal ,f actor * Hot Grove, the neck runner-up tables 

to outside view. An amendment son* b-twcen various project JgJJ (SJ m ner tJS SI 5JS^ 0nS ^ Yet 1 dnuL -*. 1 :nvo,v?d , 0Ul ;nereJv intellwtual to The Minstrel in last year’s with I 

has been tabled for consideration tion*. This is because outside . me,i . IU - m Other than a vc!l ' material. As Mr. Garrett Derby and a short head second w. 


uwu muieu ivr caoNBemu'n non-. ia . _-i ._ j _ -j -v. „ . .1 , , „ 7 «««■• - ■ - --j 

at the report stage of the Finance consultants have had to estimate fl . J* m a surve £ sa,d that thej pro duced-film— such as this one sca'ibij pointed nut 

Bill requiring the Treasury in a large number of basic variables W0Uia not Wls " tfl sec the — could involve. an employee so recording docs allow „ 

fulfil the spirit as well a; the which fnrm the framework for results hi any other way now. totally in the real significance to make the best u*e of 

letter of earlier legislation aimed th n solution of the main model. And somE 8fl PW cent reckoned of retirement. Onlv bv seeing re ; ources 

at making more information Thc proposed amendment -that, through the use of video, dramatised situation: ' wish r a « as video is rairhin" 

about official forecasts available would require the publication of they understood the* financial which the viewer unpon-=r ou-lv on hr.wcrre- a now •prhnnln'-v 

to the public. The fate, of the all th,.< input data and thus allow report better. associates dSlie whole truth Si swn bemaS a maTor tm- 


amendment effectively depends reasonable comparisons. The The statistics emerged at a finallv «nk in 

r>«« iKfllinonAco n f fho ™ L- -inf Hnwovaf fr, ****** + Ua I ... . . "* * ,un Hi. 


on the willingness of the major aim i< not. however, to force the ,-rt conference nn -the rnlp nr t» i- *'■" - 

parties to take it up and ensure Treasury to reveal its private audio-visual aid* in emolovee Atm ?? , cxani P lc rions— viewdata. The l. k Post 

that it is called and debated. internal projections, which can h V. . fiIra can i>tiU. in the right cir- Offices version nf this. Prestcl. 1 rri r „ (1 l1 ,„ r „ _ . To ... n r-adv 

Tha proposal is actually rather reflet ail types of oontim- ”“ municat i_ on held m London cumsiauces. do a better job. effective ! v allows mv telephone I S-TS1.1 IIILJ.Tb £*™°o!I , ii l, L lhe Mtrartfvi^h-lf.'ii-irr hv 

modest, though none the less envies. It can. or course, he week Dc«pile tne “audio- In this case lt partly turn a television set mto a r a l a n5 S R S f5»r in 'rndeitudv and v 

ini port an L The amendment would armied that disclosure of an visual . title, nearly all speakers because the discipline*- of data disnlav unit Because d 

require the Government to pub- assumption of, for example, a at the conference were pre- film 

lish fuller and 
short-term forecasts — three 
a year rather 
present — and 
projections 
The Treasury 
to make much 
detail available 

of the economy. P The aim is to sDecifled automatic^ ruTe. Any- j is more convenient for the pre- were ven nnn* ;Vk-P fJ!?j ,n ^^. a P iral _ rost of I ,ackle lfie bcsl " nin B there and can be given 

ensure that sufficient data are way. 
published to allow 

full comparisons iu ur uiau^r umemiMK ixjnpuuii in-i. yaj 1 reason t or its nnmnarirv Hpnn> »mnnm< n .w.., *1-., 

r technique than Sim. puter srore operaTed hy the 


pact on employee communica 


Applause- 

In the t^'o remaining juvenile 
races on this fine jackpot pro. 
and provide the forecast gramme, the Chesterfield and 
the Blew bury four-ye-ir-old. Plantation Stakes, racegoers can 

I . Several well tliou-h* of EX P PCT tn s ** Lester Pig-ott 

'I c ,rnw m the Ormtmd before fm. ec w „ h such races'’ a* the cl<,celv Involved at the business 

chasing home 'paries in- the iSJShcr "nd Chevclev Park end nr the proceedings 

Grand Prix d Evry. will be trying j? ta |j M | n mind, contest the B3rh A h, . n j ,n f 5* 

Chcrrv Hinton Stakes and it ^eefpriield. could nutnar^ the 

will be interesting tn sec if this HMy f ^ p V r ri, . p " f ■?»*?■ 

juveniles’ even* nw thc last six ‘ nnuht if n*s mount in th* •• 

furlongs of the Bttnhury mile Plantation Maiden Stake*. Sim- 
ran throw up a possible classic had w-ll ■ set to term* with Trnr, 
prospect. 3 half-tvnther to Admetu*. 

My id« of ih, winwr is th, •™J n ' „-„ d Hi „. 

' f own snnn^nred Riinhitrv t.up. Fight- 
r,Tn and Royal Blond. ffl-r ,o rndorsl^r Md "•Innors 'c’JT'SwiK 


RACING 

BY DOMINIC WIGAN 



ent data are way. the existing forecasts sentation of programmes, which nearlv all video Deductions 1 85 ^^Plcx apparatus. 

proper and include the largely formal and undoubtedly is an important they used simoler P a nrl more j Mnre im P ortant st,n - Pastel s 
to be made unrealistic assumption that pay reason for its popularity. Hence economic teclmiaii« fhin dala cnme ' via a cenlral ™m- 


between the forecasts published will rise only bv as much as t j% e existence of 93 nlavback Time "v, ™" ,< * ue s Uiatl puter 

by the Treasury and projections the official limits, a view which machine* In IBM’* own UK net- XBM ^oea^r^hT GarreIL ,he Post Office. Business users will 

made on alternati™ ictiimni nn, no nirtciripr ishsrfK v* ^ u " n urk nci LDrti speaKer. showed nne ora- 1 


made on alterna.ive'aMuraptioni no outsider shares ” T nei '. “*** speaker - showed one pro- be able m mr their own data I 

by outside economic consultants. The proposer of the amrnd- employees, gramme in which an audience ^ ' 


entertainment guide 


To 


c cL-uuuuiic consultants 1 ne or «ne amrnn- w .. . . ^ ■ — - — • c — nmui an aiio;e/;ve i—tn -h. . ... .. , 

mem. as of the original chances th <? old 16mm film was never of employees are seen at a pre- - L ^ r in f “mWiJSSSS ffVJTSL 1 2£8£\ 

rxi in thp 1973 Industry Act <U«te Hke that sentation of the coiupanv V 0l « h ? ^P» d - znd retrieve ■ 

oursiaers is nr. Jeremy Bray. a In employee communication. ' to tne television screen at OPERA & BALLET | 


THEATRES 


THEATRES 


These suggestions are intended Lahn " r backbencher who is ? the various audin-visual media 
to complete the change* started known enthusiast for the greater —if used intelligently — have 
in. the 19/ a Industry Act. This use . of mathematical and clearly different roles. Video is 

first required the Treasury to eneinf,f,nn S techniques m fine for picture* of talking 
m.M.-.L 1. z ■ ii manamne ?"• orAnnmv «»«•■ • 0 


KING'S ROAD TMEATRf. 352 74SJ. 

Mon. to inur. 0 0. frl.. Sal. /.jO. 9 SO. 
THE ROCKY HORROR SHOW 
1 DON'T DREAM IT, SIC IT' 



FILM AND VIDEO 

BY JOHN CHlTTCCK 


any time jn any iocation on the cociseum. cbm-i ur«* 01-240 ms*.-! dqn-t prcam it. sic itj 

telpnhnno m'K-nrl- RfMubaw 01-836 3161. UntU Su, < LONDON PALLADIUM. CC 01-43? 7373 

teiepnone ncrAors. nurcyev pcsttval now until august 19 

Trip nnr*Hs1 ProcTfll <*l'h DUTCH NATIONAL BA L LET Mon. Tun T»*un. jnfl Frl it 8. 

»ne normal rre*iei service-* evss. 7.30. Mas. sat. *; 3-30. -r6ur' weS 4n o s>:». ai 6.10 ana a so 

V.- : it «I«n be available nf rniirtP Schumann Pircc*;Fiun Aoour ■ Daw THC TWO RONNIES 

'..1MU.1I UC ma.ianiF. or rourse. HOUM Mgrmn a/ncr at MITT per., IP , Sr«ctacul<r Comcov Re»ue WHITEH 

to any gser of the svetem. These ip/ w ance som^ wci >t.u awiMbjg , I two extra PCRronMANCcs this n E ^; “ 
service* are being put info the $£*iaf s 36jF s ‘ \ jov'&fZ jot j^°a B». — “ 


WESTMINSTER. o 1 -E34 O’M 

SENTENCED TO LITE 
•• MUCGCRfDGB'I treae-ianl fu^ou-. 
THORNHILL’S S'a-Hat.c arl " 0 TV. 

" liue*ie"y ijTii.i cailng a-aiia.' Y.Pea* 
Tr^n^i*«iou» imsast ' Now. i 
llinli rn'iN." J. C T.-m^in 
tvos 7 45 Mar.. W-d. 3 00. Slit 4 39. 
MUST *NO JULY 22 


network 


THE ROYAL OPERA 
Tomor. a. ft,, ar 7.30- PCLLEA5 CT 
MEL ISA NOE. Thu-- A Sat. M 7.00- 
Norm* -Lanrgan r«Blj:oi Crjio). 

THE ROYAL BALLET 


LYRIC THEATRE. 01-437 3659. Evt. a.0. 
Mac. Thun. 3.0 Sa:. 5.0 and 8.30. 
FILUMENA 


its forecasting avnitahio ana more rennea crmcction* ~ v ■“ 4i “ »“«i«»ie— «,* «*uu«u- l " , r u "' commercially by a 

to outsiders. However Ll^ out- based on uncertain eTHence and cassettes. The latter are cheap resuits; and he revealed that variety of “information pro- 

come has not been what the rP ! ationsili f' s - a * I indicated in and easy to record and dupii- employees, altho ugh likins the vider* " and are charupd for . ..* 

proposers of the change had ^ c0,umn ,ast u ' eek . <*ate. although better suited to programme, did doubt it* credi- auSomaticiUy nn the telephone rS?v t TSr , Ft?rti'-d 3D; Th^ 0 “co^} , r V! na 6 l 5 

hoped, or expected: most of the ^ sma11 environment where bility. The genuinely unscripted bl31 of the user- tar rates that ^oj n m STmy «'oel? r 411 B " 111 

iceberg is stilt under water. A nrnrAvSn/« on, - v on e or two people will questions from the audienre in "‘ill be determined by the glyndmournc festival opera * _ _ 

The Treasurv-’s forecasts are /LUSWenilg listen-perhaps even while p^r- the videotape recording were suppliers). !’Vo S ^ ^ 

certainly more detailed and . forming another task at the thought hv nthur trm rn 0 »- ar . i« h,,*. f s . 1 30 . welsh national theatre co 


WHITEHALL. D 1-930 6692-7-6*. 

30 Fr. jn<| S«( 6.45 »ntf 9 OO 
Paul Raymond nnwitt lira bnuiiawl 
S«< Rcvm of dtp Cantu ry 
DEEP THROAT 
•Ul GREAT MONTH 


Him Eiuubem Archer 4 Imor QnJfiini : WINDMILL THEATRE. CC. OT-437 63;j. 


it- Eduaido do F’liopo. 

Directed bv FRANCO ZEFFIRELLI 
“TOTAL TRIUMPH." i«. New*. ‘AN 
EVENT TO TREASURE" □ Mtr. “MAY 
IT FILL THE LYRIC FOR A HUNDRED 
4RS " Sundiv Timm 


T«<ce Nianiv « 03 anr. ’0 30. 
5und«^ B.00 and a. 00. 

PAUL RAYMOND PiMTla 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

'• T.tkc-i re iHiprKeden-ed Um.ll wtiai 
A4-nu:«ib/a on ou< »:ior." Ei>». 

IT Y£»R 


3rd GREAT 



til 


Statement and Budget Report in L l j < ,?l^ ree .'' lth c.™n Bray L- ceneral i°t?- ’ s exce ^ flnt ^ or t ^ ,ose cast television — but with must become standard equip- 1 Ton.BM^Trdfi'ou”* fw. Gmuo. T Gaii«rv. 

Apn!, stated a S an assumption Si? DBrt.«,lS. PP SnnA«i m th" I*.! 1 !?® Iook at il in ^romparabiy smaller resources ment in every company office-) **' ’ 

the 
197B 
for 
out 

19' 

faSfn ar as' determUie^^rlmarily in ^« d l3r S e j l >' | ro ^Pi e ^ ^ i ^ ation - . .... lighting, fluent direction and colour photographs]. No doubt 

nianv ° f ^ ^tnesres^refer^d 



TOM 
64- 

. LOVES 

THE' ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIELY 
MISS THIS PLAY." 5. Times. 


WYNDHAM'S. 01-836 ?038. Credit C>rn 
Bk-gs. 836 ten. 3 lr»m 9 30 am Mon - 
Thurs 8.00 Fn. and Sal. u.lS ana 6 30 
“ENORMOUSLY RICH 
VERY FUNNY. Evening N-^s 
Mirr O'MallrA'i *m»tn nil canned’ 
ONCE A CATHOLIC 
"Suprama cawdv on »e» and rciia.an." 
□all* Tciaarapn. 

“MAKES YOU SHAKE WITH 
LAUGHTER “ Guardian. 


YOUNG VIC. 928 8383. 

Ben Jan-on* 
BRTHOLOMIW FAIR 
E*n*. 7 43. Mat. Tomar a> 2 wn A 
r'Drat-ino produ/Lo*. " S. Ttmee Y*>n« 
^■c Piidn) urtll Julv ZZ. Fhon* laa 


(or lead**. 


The Jast -rij-o weeks MeJded a confident atmosphere of tele- there will be newbie video YSs™- , 3 o H M«I t Th C JEt 
,ood example of this m the vision. Could it be that, unwit- games designed for manage- ,HENE ' Til « ..feFW.J.-l.' * 


-NATIONAL THEATRE. 928 2252 

OLIVIER -npan «i*bp-: Ton't 7 -note 
cariv &-.art,- L*s< nerl ot BRAND ay 
lost" >n .» irni'On ay G«oBrev Min. 

Toma- 7 so Maetxrth. 

LYTTELTON arostcniurn 3<aqp-. Ten l 
& Tumor 7.45 BEDROOM FARCt dv AHn 

Avelr bourn 

COTTESLOE small auditorium n Ton't A 
Tomor 3 AMERICAN BUFFALO b> Oavld 
Mamrn. Man* mxeMeni c/itap wais an 

3 mtMiCi nay el oertv Ca- n*rL. . u ... 

Reviunnt OJS 2033- Credit «4rd bkgi. I ABC 1 * 2 SHAFTESBURY *V. a 36 MP 
928 SOS 2 ** 


CINEMAS 


an* i»« li. ■ S ' ,4 u call ed for a more open presenta- ' ‘ s 3 , ul preparing for didn t quite make the grade? tire toy for stress-riddled 

Silt To devwe h more linheinfSi ^ ?f D resParch , at1f * P oi *cj' JlTlh" PoSt A " d if 11 wasnt real television, managers. The dream of ex- 

ph dZr olZ n spsisfir^sa l f , ™,asrs^ u l ? se as* e)se ™ « but a riui 

1975 Act hu l»cn ihSt while the InVennsTu iritlcJ' 37 ‘°"' ardS "! strajjhM.lkhts hud wUl nmurntnicate, nm commute. 


THE BEST MUSICAL 
Of 1978. 1977 and *9731 
IRENE IRENE IRENE 

"LONDON'S BEST NIGHT OUT.” 
Sunday Feco'e. 

CREDIT CARD BOOKINGS 336 761* 


. ■ . . •• »J1I 0 UGBU LUIUI 

iMmpie enough to present, and of the company expert who can- to work. 


ALBERT. S36 3378. Crfldit-tdrd bfcgL 
836 1971-3 from a.30 am. Party Ratct- 
Mon.. Tuol. Wao ■ and Fn. 7.45 pm. 

THu-i ard Sat. 4.30 and 8.00. 

“A TMOUSA.NO TIMES WELCOME It 
LIONEL BART'S 
OLIVER 1 

MIRACULOUS MUSICAL" Fin. T-me* 


OLD VIC. 929 7616 

PROSPECT AT THE OLD VIC 


^uny-^wif. Seaton 


FTU NIGHT 

an oulstanelnc reviyal.'* Tn* T-moa 
Tadav 7.30 
E le*" A'P’Pl as 

SAINT JOAN 

• a o-na: is-rtormarre ' Tne Tlm«* 


SCO. Paris. ALL SEATS BK9LF. 

1; 20011 A SPACE ODYSSEY U 70nwi 

Him Wh, 4 Sun- ;.;j, 7 35 

*: BILlYlS (Y-. Wk. K S n< 2 t». 5.36. 

8.3S Hast 2 eayy. 


Wed TIurL Frl. 7. SO 
E-ieen Atnrns Brenda Bruce 
DsreK Jacon. • 

_ “ BURNING 


CAMDEN PLAZA (OPS Ca-na*n Tmi 
T ubei. 48; 2443 Tavan. •» ALLON- 
SANFAN »AA». tBv me rt-rector N 
PADRE PADRONE.. 2.50. 4.45 6 SO 
9 00. 1* IS. 


Michael pen icon 

TV’S NOT FOR 


LAOi 


| CLASSIC 1. 2. 3. 4. O’forn MW 

03'0. 


' trash and^huiyan: *_ Dally Teimranh 


SO * 7 SO. 


wltn POV HUDD ana JOAN turns a ' OPEN AIR 


Tottenham court Ra Tube. 636 031 
»: Bruce Lae GAME OF DEATH -X'. 
ProOS 2.00. 4.15 6 SO. 8 43. 

3. Walt. O.ivsv HERBIE GO** *• 



.•consjper e your 5JL in _. 


ABLE TO SEE 


LF LUCKY TO BE 
01 y. Mirra*. 


lALOWYCH. 836 6404. Into 536 5332 
ROYAL 5MAKESPEARF COMPANY lr 


AIR Reae-r's Park. Tel 486 24 JI . MONTE CARLO *i 

MIDSUMMER NIGHT'S DREAM. PrnBS. 1.30 S.40 L..35. B 03 


IP 


****- — 5 M r(NSKA-. T ?AN 4 ^ALPOT 0 ] ■«**-. Jor.n Hurt THE SHOUT 


Tonight 


repertoire. Fully Air ConcHI on?d 


T.30. Tn-nof 3 00 tnd 7 30 
CORICK ANUS 

"An enren.no o( irtie meatrcai 


Wlfn' RULA' LENSKA. 'Fan “ TALBOT' j .■* A?'*‘pr««V^ ’ Tn i« « in’ « •( 
ELIZABETH ESTENSSN OAVID WESTON I 4 ^ L.» 2^dS^' ° R.t'-’-rt VmHbS TKB 

Lun C hVC\^y N ,?5 SSI! 7.15. ' g!o e f.T 2 s TOUCH iAf 1 10 - 3 M - 

PALACE. CC. 01-437 6834. 

Mon. ‘ - ‘ 


f Indicates programmes in 
black and white 


BBC 1 

6.40-7-55 am Open University 
(Ultra High Frequency!. 1.30 pm 
Bod and the Dog. 1.45 News. 330 
Tybed. 4.18 Regional News for 
England (except London). 4.20 
Play School (as BBC-2 11.00 am). 
4.45 We are the Champions HITS. 
540 Wild track. 545 The Wombles. 
5.40 News 

&45 Nationwide (London and 
South-East only) 

640 Nationwide 


645 Hobby Horse 
7 JO The Rockford Files 
8.10 Who Pays (he Ferryman? 
#.00 News 


Scotland— 10.00 am Paddington. 

10.05 Jackanory. 1050 Help! It's 

the Hair Bear Bunch. 10.40-11.00 

Jje.kjaHdere; 5^5-640 Reporting 1040 Palestine 

12.80 The Andy Williams Show 


840 Lffe Begins at Forty 
#.00 Will Shakespeare 
10.00 News 


S. T'mei w-tn S^ndOerO ? THE DANCE i . _£»«*' 

OF DEATH fnem D«rf. Thi.r.) RSC alvo ■ . ^ J? m B,c * 1 
*t THE WAREHOUSE <We undrr V/l 4nt) ■ PHOENIxTljil 
4t Iho Piccadilly r.uain. .n p,i-r Nirhe:»- j f-.cuS* i 


, Iorv - . Mon.-Thun. 6.0 Fn A Stt. 6 & S40. ■ CURZON. Cu-!Dn Sfr*!, Wl. *«»g 1737. 
DANCE i J UUS CHRIST SUPERSTAR . -Fully A-- 1 COnfl-tiOr-ed Com'drl. SERSU “ 

SC aUa • Tim Rice »-»d Andrew Llovd Webber.' UZALA ru in 7n mm fEnglh* sub- * 


9J5 Chasing Daydreams; From Scotland. 1L55 News and Weather 
manual work to University for Scotland. 

, c ® i>aret Showtime Northern Ireland — U8-L20 pm 

lt.OO Where There's a Hill Northern Ireland News. 5.55-6.20 
There's a Horse Scene Around Six. 11.55 News and 

1140 Play Golf Weather for Northern Ireland. except at the followinn t.w; 

H-55 Weather Regional News „ England— 3^5-640 pm Look following times 

Ail Reffioni as rrt i ,, E “ SI J ‘-Nonvich): Look North 

.he at «? 


P^rtr. 5.20 Cnn^roadt. 6.00 R-port w-c , • 

6.15 R^oor: Wales. 6J0 Tlw uul-t PRIV ATES O N PARADE , 

tjljialcs. 7.00 Ttw CbaDencc of :hc Sa«. I almost free, ass 6224. 
7.30 tbarlM's Angpls. I "On* OB' by Bob WtUon 

HTV Crfm-u-Walbs — HTV C.rnnral 
s 


_ _. Tu-M.-Sai ' 

1.15 phi. Sum. 3 00 and 5.00 mi. No j 
shows Mon 


138 2794 Evenin')) 8.15 
_ »*urd*' 6.00 and 3.«0 

, JM BROOKE TAYLOR. GRAEME 

Luninilmei ! aAR 5?JB ; I ?1L ,, . | F In, 


f E(nNi»h sub- 
trtle-. A film by AKIRA KUROSAWA. 
“A MASTERPIECE “ Tiwi. -MA5TE«- 
WORK. - Th- OM4r*er. "SPECTACULAR 
ADVENTUPE Sunday Timm. "VERY 
BEAUTIFUL " Thp Guardian. ’ HAUNT. 
ING ADVENTURE ' Sunday Exaresa. 
"VASTERRIFCr '• Ev?.np-j Nrw". Film 


^ERMERSm^ 


.j-.'.vt.U., 


THE UNVARNISHED TRUTH 

nav W | D Ti55ubmt I wniiin I "MASTERRlECr '* IWOT Nrw<. Film 

fi<T I InuU^HT L WOULD ' j.,t v .. j rut f nn a c„_ , c m lrtl a ■ |U| 

M aSSS B8Mia 38aTM«M ^wniii 

S^rJohn Glelcud ^ BS!* ~ I S = ^ Ts. "wfe SlSi .fiST'^ST ““tm’SIBS 

AH IBA Regions as London ™.—s , _ ass 397,-3 .8_?o am.B.so M VX* . .?«*•. «. 


ANGLIA 

■m Feature Film : 


HTV Wbm-As RTL' Gfuera: s«mc* 
r-xc. pi : 1J6-1J0 pm Hepon WtK Head- 
Un^s. 6OS6J0 Repon Wes:. 


Midlands_ Today (Birmingham); Time" maiTina N'orTnan wia'iionL^S p f m 


SCOTTISH 

»rn MomliK 



AMBASSADORS- 01.536 117- 

Nlohtlv at 8-00- MatmeM Tu*i. 2.45. 
Saturday 5 and 8. 

PATRICK CARGILL an-< TONY ANHOLT 
in SLEUTH 

Thu World Famouj Thniler 
by ANTHONY SHAFFER 
" Seeing thg olav again i» ^1 !»et an 
ir-.Mr and (ot4 1 lav •' Punch. Seal puces 
£2.00 to £4.00. Dinner and Ton-one* 
sea: £7.50. 


Evgs. 7.30. Sat. 4.30 and B Wed. nuts. 3 
Royal Shaketneare Comoanv In 
THE OUTRAGEOUS ADULT COMEDY 
bv Peter Nichoi) 

PRIVATES ON PARADE 
" Rloroaring iriumon. " 5. E'ernsa. 
BEST COMEDY OR THE YEAR 
Ev Sid. Award and SWET Award 
FULLY AIR-CONDITIONED 


4.30. 8.10. Lai" shows Wads . Thur*.. 
Frl. A Sits. I 1.45 nm. Saats ink Im 
bookod in afyanco lor 3.10 orog. Mon.- 

Fn. 


ODEON HAYMARKET. -930 2738.2771.1 
Jane Rond*. Vanessa Redgrara in a Frud 
Zinnemann -him JULIA >ai. Sop. proqa. 
Oly. 2 30 1N0I Sun.}. 5.45 8.45. Feotur* 
Dlv 2 4S Not Sun.l 6.00. 9.00. AB 
seals bkbie. at theat-e. 



BORDER 


6.40-7J5 am Open University 
11-00 Play School 
4-55 Open University 

7.00 News on 2 Headlines 

1.05 The 00 70 80 Show With 12JB Somethin* Dillerenr. 

Alfred illorris. .IfP. and 
Jack Jones, retired General 
Secretary or the TGWU 
7.30 News on 2 
7.40 School*. Prom 
8.10 Eisht Pairs of Eyes 
8-53 Macon on 2 

9.00 Sine Country 

R.40 Hue Tlufnol 


APOLLO. 01-437 2652. Evnnlngt 3.00 
Mai). Thurv 3.00. Sat. 5.00 and 8.00 ! 

DONALD SINDEN I 

10-20 .m Memms'cimma • “Tfl Hish- clii"' JiD ° Latfc " "I*" SUPERB “ 6V N?i"w ** PC,,r, ‘ j 

Ad*eBlUM» of Parsley. 12» pm SOLrTHERJV " Wickedly «unr. r ." Time* 

6 00 *TV R T^f a if 1S 7 Shlr, *7- „ 1B ' W “Only When I La.-f." stamn= ARTS THEATRE. 01-836 f.‘Si ' 

?i®nn V^L .Jv^ V 7 ^ 0 rj i4rile« Adtels. Richanl Air.-nboroogh and Dand T{ mnTj°fi P ^N ‘ S 

S S ' SU SSifSSS l 90 H0 “ c - '• Hilarious . ^ S ” sunda- T.me, 

Junior. 5J0 i.rv'troad). Monday to Tnur»day B.30. Friday ard | 


-PRINCE EDWARD. CC rformerlv Casino'., 

; 01>43T 6077. Pvrformances This Wrk. - 
1 Evflf.-R.a. Mat. Thur. 3.0. Sat. 5.*0 8.40 ■ ODEON LEICESTERSOUARC. >930 Bill t 
I NOTE CHANGE OF SAT. PERF5.: CLOSE ENCOUNTERS OF THE THIRD 

F-om JULY 22 Sat). S.O ard E.ao. . Kind iA'. prog*. Dlv. Door* «»■ 

I From AUG. 5 Sal*. 30 and B.40 t.O? 4.1 S. 7.45. Late *now Fn. A Sol. 
and From SEPT. 2 Sau. 3.0 and 5.0. Doors open 11.15 «m All seam bfcb:*- 
EVITA 


bvJuB-R^ ajKl Andrew Lloyd JVe*^ | 

PRINCE OF WALES. CC. 01-030 8651. KIND :A'. S«0. DroO* Mon.-Fri. Door* 
Evfl). SO. Saturday S 20 a*d 8.45.' Oe* 11 7-13. 7.30. All Mata hktli* 'a 
THE HILARIOUS advance. 




IK bj " Day >:iclu<UnR SfiurlupiirL 


Saturday* *1 7.00 and 9 1 5. 


BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
Starring ROBIN ASK WITH 
Dratted bv GENE SAKS 


437 8181. 


News 


Fro ruler tXJO p.iil_ Bord.-r News. 2M E*ir*. "”| at Sat. 6.00 and., fas.' ” fBufiet food QUEEN'S .THEATRE., CC._ 01-734 n'66. 


House pa ny. 3.15 TTi* Gr-ai Yorkshire 
Shnu 6.00 l.noka round Tuesday. 7.3a 
Charlie a Ansels, i 12.00 r.-..^ summar>-. 


CHANNF.r. 


_ TYNE TECS 

„ ~ ,ni Tf 'r flood Wnnj. roiioa-ed hi- 
Nmih r a «i New* H.-adllnes tlOJO Mnm- 
nm/ 'l(ui(« • — innv ri—in. -■ ... 1 I 


6.00 and F AS. 

available 1 < 

CLVIS 

Infer! !Ou) aptwaHnq, !ool-***moino are 
nern-thumolnq. " Obaerycr. U 00 . 

£5.00. Half- Hour Before show oev avail- 
able seat) £J.OO. Mon.-Thur* and Fn. 



Evg*. a.O. Wed. 3.00. Sat 5.00. 8 30 
ANTHONY QUAYLE 
FAITH BROOK. MICH* EL ALDRIDGE 
and RACHEL KEMPSON 
In Alan BeimeiV* 

THE OLD COUNTRY 
Flay and Players London Cr be* Award 
BEST PLAY OF THE YEAR 
DIRECTED Jy CLIFFORD WILLIAMS 


. PRINCE CHARLES. Lei;. Sn. 

MEL BROOKS 
HIGH ANXIETY fA' 

1 Sec. Perf*. Dlv. tint. Sun >2 45 4 If. 

A.OO Late Show Fn. and SM. 11 *!. 
Seats a visit. L^'d. Bar. 


ART GALLERIES 




LONDON 


GRAMPIAN 


, ULSTER 

I®- 20 »n Momma Mml- ■ - Man In fh*. 
Middle srarrin; Roin-n .MUohnm Trrsnrl 


Packed wltn variety " Dlv. Mirror, 
sen arlce* £2 00-£* 50. 
THIRD GREAT YEAR 


RAYMOND REVUES A R. CC. 0>-734 1592 
At 7.00 »m. 9.00 p-n. II I* Orel Suru, 
PAUL RAYMOND o-**entt 
THE FESTIVAL OF EROTICA 
Fuliv air-tenditioned 
' 2:gt SENSATIONAL YEAR 


ACHIM MOELLER GALLERY. S Gnpi- 
ve-wr Sl'eet. Oil Bend Street. W.l T«t 
493 76Ji Selection of fifteen nanti-ae 
by KADINSKY and 20th CENTUPV 
MASTERS. Mmfiaham.. Leaer. Braoue. 
Mondrian emit. Miro. Klee. Ficaua a ?. 
(tirough July 


.. -T.- T -h^ .. _ Ttan* MJO Cash a.id Hm.i iM. and Siir Wanamaker. 1.38 Dm I Dinner »rd lop-cnte seat £*.75 m- 

Pa«. n.a5 Plain bailing 10^0 I p .* irr ^ ClYlUsauor.i. Lun^iilme SOS Ulster News Headlines. I ChTchestir. 0243 81312“ 


RflGOIT. 


The Undersea Adventures 


accepting 
inside 


ACROSS 7 Avoid woman 

1 Heavenly Oriental article notice (5i 
with genuine finish (S’! 8 Drawing e-erjlhinc 

5 Going up with a bouquet (61 and agreeing i$i 
9 Being with a learner could 11 Wound ll'ins mammals 
be private t$» coming up i4 

10 Elaborate militar:.' unit (fit 13 Throw a me*h over Spanish 

13 Fish around in wet weather capital for Spanish instni- 

(5> ment.* i#.« 

13 Big-shots are sick in the tube 17 Dumbfounded a* Up change 

(9» vehicle f3-fii 

14 Char.n mothers rn bed c6> 18 Holding supplies nf ho.«e iSi 

16 Land with it in mind (7> 20 Fasten nothing around article 

19 Start of thc motive for i4 » 

treachery (7i 21 Cure abotti threc-qua iters and 

21 Tapestry that sounds merci- 


Of ThnwT'v'mSI.rtS^Tt^ t** 5 - 15 Fri.'nd» of MatL 6.90 LT.«nr Trlo- 

t-'Ptain Nemo. 10.25 " Hondo and pTan xSdTr ^ ii T Th7 , ?^‘-^" , T?”? 1 '- T‘2? n -r > f v ~ Cro^n»d«. *39 R^m. 

the Apaches ’ starring Michael show rj» ^ 

Rennie and Robert Taylor. 11.45 "fneatons. W-OS' am L aif tsduoin ' lIwr 

| Cartoon Time. 12.00 I>si Noho. ? ‘ lsh[ Headlines. 

12.10 pm Stepping Stones. 12.30 A\iru >» ESmARD 

Parents Day. 1. Off News plus FT mm „ „ M2 n *« P«v»r* Film: --The urmx 

index. 1.20 Help! IJ10 Crown Murd?r aTst tUSI., .? iaJ,[, UL : ~ Eluf MOW. 12.27 «m gbs 

Courr 2 00 vffpr Vn.m 9-*- *’ S m 7 t nB,Bn * 'r tl rrm*:T*nT- Unn^ybun'* BlrJidar?. 1J0 Wo^rv-ard 

L.ourr. z.ro A tier Noon Thomas and xii*ia»r Sim UJH Sona Wa Headlines. S. IS Those W-ndcrfin 

r -_ _. , 4.00 5? 014 - *■' “ Pm This i» Your Rlgh:. 4.00 T\ Tlm>-s. 6.B0 Wenivvrd Diar? 7 JO 

Cannon Tims. 4^0 Breakers. -1-15 ™;>. pe ‘ l£j, r« S ' 1 .H ?■>•■. SJ5 Crow- Rirfern-. ifl.28 wo«nrani lbm x»* 12.0a 

Extraordinary. 5.15 Tlie Brady y» C5 T , "! ,a r °i«’" 5- ' i - M m? Workers. 12.2s am Fajih 

• 7 S^ n t 7 ^c for L|X ‘- 

s m Thames ar 6 “ NWtt YORKSHIRE 

6-33 Crossroads HT\ T ^ *“ 

7. 00 Survival . an 1 CnmiwnT Ui! Man 1.20 pm 

7JD The Streets 

Francisco ilw " oi- n-” ..ry ^Po^ w.at Hgaiinnei. ■ Emler Moor and Belmont editions 


0 £SV 9362*3 CirC ' 7U,>! ■ ■t ONO A * T WD.. 33. S*=kT :li« 

r.MJLT AMERICAN . w ' 01 -43T 1 230. Bw-nard 


* 13 *f 7.00 


Toni oh* July 

Jiil» '5 ■! IM 

7HI M»*RN PAPERS 

Julv 13 as 7 00. July 15 jii : 00. 

THE INCONSTANT COUPLE 


THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
Prey*, from 3m Aufl. Bor Once open. 


Meniflsl<y — Painting* Ca.iichm. U.ir>l 
j ’Ih J>i»v Woekdavi 10-6 oni. Safi. 


C*V«DY. 01-n-n ?57«. 

Fo>- a limit** ti»«P*»r »-t l July -.6. 
ALFC M-roWFN-5 
ST 

""An unn*r<M*>eiJ 
Tiki, to Sal 
nrta. Mn» 

C3.00. Laf«<oin*rs not aoi->i>t-a. 


ROYAL COURT. 01-730 I74S. Air co.-Ma. 
Even nflS 8. Sal, 8.30. 

FLYING BLIND 

Bill Mormon's " Savaae farce." F Times. . 
AUDACIOUS COMEDY “ Times 


BROWSE * DARBY, ip C«t SL. Wl. 
Pobin Philioeon — Women DtMervaU 
Mon.-Fn. \0 00-3.00. Sat. 10.00-12.30. 


CRITERION. 930 3216 CC. «3f. 1071.'. 
FvflL a S— * 5.RD » 30 Th»r* J.00. 
NOW !*■ I'm Prrrtvm YEAR 
LE5L l E P“|H|PS 
, In SIX OF ONE 
A HALT n r>n ’■M I a VNUTF 

SFrniMO HUARini'5 yfar 
•* VERY funny '• 5. in T*1 


BUBBLING BROVTN SUGAR 

In! Musical In 1977 FIELOBORNE 

BeePlm aeceatws. Malar cnfri cams. Grove. 5i. 
Satcial reduced rates lor matinees >for , LANDSCAPE 
Mm'tnn Derioa only'. 


GALLERIES- KT. Ouatm 
John* Woc>4. E-ao iaoo 
=.-5 by Rerai Academician*. 
MARBLE Carvtns* YOM.A SA5BURGH 


SAVOY THEATRE. 

TOM 

WHOSE LIFE. 


A MOMENTOL 


CONTI I? 1 * 83 ® 83 SS - , FINE ART SOCIETY. 148 Nev. BondVi'. 
if tT anvwavt * W.l 01 -fiJ? 51*16, EAST C RN FN- 
iNE ’ ASHER WAV? ! COUNTERS. f9c Oneitalii: plio-iJ, E 


.. ..... I O n%M Y E.09 AN 3...-.5 < .-^ E r^'' 8.0 7O Frf 5 , E ni!Vl ^45 and 8.a B . ^ 

of San <iun« ^ M?’’ R*Sr m Utfl, U SJK X V Mw ,r |« l, -' iW SfpwtaH “A rare H-y*^^. U Ui" E a, W ,«h.r, SHAFTESBURY. .._01..aS6 B593 A- Albenurk SL-aa: Pxca.lly. W"* *' 

1.2S Report Wale, Hemtlln-.-*. 2.00 Hou*-- 7J0 Ct)*rii-:- s \ns.-ir 


stunner. ' 


*24* 


Vnn. -c T-rnrs 
■3 ard 9.00 


Mil Mu*» 'S'. WVMIPT : oroertmir- nmi 6.IH) xespa. 

17 05 p T ''‘° Ouunert 1^' l» Many j «lio 7.M T.B5 tv 


. ___ reprove i * * . ___ 

less (6j 22 A single row on television < 6 f j r?-.- 10 ; 00 *• with Spiiinne >Mik br Aniiion-. giBRi. 945 

23 Fin wer given in motor race 24 Make merry in threadbare) _ Cmcwl pan 2 ? tn-orak isj» smwi 


(9) velvet (S' 

25 Rested in luxurious fabric f5> 23 The way to tear clothes off? 

26 Visible as an aim or prospect (3) 


RADIO 1 247m ?!"!_ rh* m*< 

(5) Si cm nob on It broadea* 1 

t Madium Way* SSlorl 'falk . 12.1S Muldaj- *n'h:-r«. 7J0 T:m<- for Vervr. T.JO The 

ei» <WHF i" ,h rrauDcaejfj tinHuIL*. '*1 v". '' " rs - LBS nc ^- al Wwis 0 r Inupector Sirnth." play bv 

T 8- "® " Kadl '’ -• W t*e oH? * .«r d »7? « J m ? ':!Trtay CoDccr. Paul Fom* I JO Adnfl a; the Friner 

Tr*-|v fl.DO Simon Ba-A. Il.» Pai,| p or . 51? 2 m.dw RlBBl iS 9J0 -Way In Fyund *JS Kal-Mn- 

inciiriin* UJO pm Wwsboar 2.BQ ?™il yr 5?5? nle * frnm ,h> Nnitll 'S*. 4JS «'i'P« «.9» \V<-nlirr 10.00 Tb- V.'arirl 

Tony Blackburn. AJ1 Kid Jmsen. In- -.JT. " ^ i d7? rorj.h:. UUfl Th.- »,«■« 0 „., ,s.. U.OO 

■tludlne SJB Xeirth ai 7 JO .c OT rs Disk JlT; J? J? ® Hw " r ’i'»-H Couad. J6-M A BnoL j; p-diim.-. 11, u JTlv Flnantial 
• iom‘ Radio :. in.M John p*,.-l 12.89- -CWMimi*^ -vorjd Tnn«hr. U.M Today m Parlianiem 

i-OJ am AS Radio Wurl- -n .| Traln'nR- T.JO IJ.M Mv,.. 

VHF ^”dmaTis BBC Radi0 London 

206m and 94.9 VKF 
5.00 am A.. Radio 2. 6.20 Rush Hour. 


| r»>CMr«SS. PJB 

Evenlnpt It i»" 

OHf CALCUTTA! 

"Th* mill t« 13 -t-in-lnfl O. I» 

Bth Sa-Nftlenal Year 


Phlfwsbwv. Arc- WC2 iHiph HcIBorn cntll 

Prom Frifav fpr a Special Summer RICHARD GRBEN GALLERY. 4 Nrw 8oru> 
SP.Mfl A N»w Production ot ; itrrS*.. Lonoon. Wl DI-49P 548* 
GODS PELL ! "BITISH MARITIME APT P.-nAw. 

SJJ*F*6j0ur« ^ihd print*. Daily 1 0.0 .fl.fi. 


5*af From C1-C5 


*~'VE r*F YflRK-S 
fvtnipa* 8 00. Mat 


Bet* available se*f« at £2. SC nour 
before show from the B«v eft.-e 


Sail 1 0.0-1 -2 JO. Until Jul. 21 


Mon -Thur. B.IS Frl. & 5*1. 5 30 6 8.30.13*6 PARKER GALLERY, 2 
Street. Ptrradilly. W.l 


Ol.fiB 5i =3 

W«rt. S»r. Ji>n. strand. 01-8*6 2«60. Evvninm 8.00 


Limited s-Au W , Z.! M«."Th U n l 3.09. W an- lk ^ - 


JOHN 

•n juii.n m v-beii v 

HAlr.i IPE 

A NATIONAL THEATRE BPnoUCTiON 
'■ Brilliantly wiltv ... no .'nn innum 

mi«y If." Harold Hob ion fOram*-. i- 5 », nt __ ----- 

credit Card mtfil’ltll. D>nni)p -nH 5T. HaFT^T, CC ; J3*_J6_43. E»hF. 8.00- 
Tco drier Seaia £7 00. 


NO <EX PLEASE- 
WC-RE RRITIFN 

THE worn n s GREATEST 
LAUGHTER MAKFR 
GOOD SEATS C4.DO-C1.QO. 


Aineirufi* 

Eahlbltion o> old 
i*ni am inortir-e Trro- 

niiBflfl and imp* 


C 2' CANTIOU6S1 LTD.. 
S? L 70 . . t L h .* lk Farm _R«t,. n.W. 1 . Tel. 01 - 


Ftadio 

iria 


FORTUNE. "J6 2238. Ev* e.OO. ThLrs 1 
. Sat. S DO P"« 8.00 
Muriel P->ylma as Ml<5 UatPL! in 


AGATHA CHR|5TIF'S 


* THE MOIKETPAP 
WORLD'S 'tiNpP«rr. C vER RUN 
26tb YEAR. 


1*3 _i ^^ ui |khijbitt 6 n"of phYprenI 


DALE FURNITURE. V-15 July. Cel*. 

KTS K3&JP* - 


■wrwpw ^ 

! WM »0_-l30, Saturday* ‘ 


RADIO 2 


1. 500m aoif VHF tor <s-. *1-00 Zl? J£? ai>r - u i'«- "" Call m. Z.u| GARRICK theatre, CC. 0l-B36~4Bii7 

M5 ,I c„, ^“”n« ^!^ n i'.f?.-r-«Br_sn.diP8 ^ ”™!' ! ^ t^A-l ^timothy'v^est grmma jone^ 33 '' 

MICHAEL KITCHEN *' 

I" HAROLD PINTER'S 


Third Great Year. 


<2. 4) 

27 Encompass the area that's not 
carpeted fS> 

28 Has log converted into foot- 
wear (6) 

29 Ordered frnm the tailor it 
could be said (8) 


SOLUTION TO PUZZLE 
No. 3.714 

TUTTZ) 


vS3ian"’A“h M TW ,a ^H r / 'flh“ R c Ch,M i?h-„v3 4S fl Xcws - ToolBlits S;op_LKic ; n. 7JM Elack Londone?s. fijfl 


BSSEnEIHE 
Q E - PI- ci H 

aQBSHBJES?>0*a0E HE 


DOWN 

1 Send abroad without wine f61 

2 Reelusivp spot for Frenchman 
within his inheritance (fl) 

-t Bird on your head? No. j»?t 
a hesinner! (51 

4 Gardener wiih a honk mu Id 

. hp un.'ieldinc i7i 

6 She will *hortlv hum what 
comes frnm 23 (5-4) 



ivSin" S* hekSne ' mSfft i V “ F gm and JM A Rah !W||£ SSln% 

ae u ? ins B '^ 7 «*<"# Bulk-nn 5.25-TJO pm Open L.'mt'-rsnv hwn the House of Commons. l.flS-Clasc ■ 

and Uhl IK tor Thounhr. 10. M Jimmj- „ . . •*’ As Radio i ' 

p ' m ' w «*nner3 F U'qllt. RADIO 4 , . n . 

Pck- Svurrar * f.ip-n House >s> in- 434m 33n m «-, m ,«|TTlF LOU <1 On Broadcast] Off 

, ‘4» - ^wSt-SMSJK 261m and 37J VHF 

3.C HdiB SbJJ'iw? njTSSLfS? t59 . Torfa >'- iMudiBR 7.»»wf tM , 5 « ■"» Morains Music. &M am : .Von- 
Walk* l« SpoXi?.sf' am T a&as 'l^ t V" 7J ? aM * 30 m«b Head- 21 v, ' s - ‘^on nation, irar.l. span. 


5.00 Dim™ Daijcino iB»r* ooen 7.151.) 1<7# stf ***, w -1- 

-«.«» Spoor R*vu* ... 

RAZZLE dazzli , _ ■■ . ' 

pi It 1 1 PIP I ■ * 

LOS RULES DEL PARAGUAY. 


Ji" 
io.ia.3o. 


THE HOMFCOMING 
•'■"•LLIANT— a TAUT AND EXrsi • 
LENTLY ACTED PRODUCTION.- 6. T-l • 
“AN INEXHAUSTIBLY RICH WORK 
"NOT TO BE MISSED" “ ' 


. THEATRE UPSTAIRS, 730 S5S*. i 

tou-l^^so. Opera Tomor at 7. Sura ( 1 


BOND DRAWING 


Gdn. 


” 9a | , R(SH* iris A ENGLISH TEARS 
bv Nlpel Baldwin. 



„ Tim PL . VAUDEVILLE. 83ft P90n. CC , EWl B jo. 

01-437 1592 ■ Mat. T**P* 2.45. SM. 5 mr* 8. j 

“ B.40. 1 Dhtali SKeWDAN. Oi/oK* Ov»» * 

a uu*n*p it AMmnurtn 
THE NEWEST WHODUNNIT 
fry AGATHA CHRKTK 
“.Rji^iiTcr. ,Ap»tta_wltli anothor *Ao- 


WM^HKTfiRMAt LOMa ^ 

DEBT—LAW NO. *flA2 


U.M Bran Malt!!? ^ ^ anrf VoDrs 


Z3J0 riosp-j 


i£“55«u“S5-j!as5 zxrKrsrt Sr.is 


Capital Radio , „ A , 

lD4m and 95.8 VHF 

... . .. P r l7r Vouns'e RreaKfaN Shon .J Wed K ? in 5 * 8 ’“' 

VvojndON Hour. Including 3.00-102 \pwr >5-. 9-00 Mirhvri .vsnel >S-. lloo pa-.r 1 

Scoff -S' 7,00 
Arlruili L«vp .* 
ilnnip < Your 
11.00 Tnnv 
tM am JUkr 

NiEhl FliEht -S 


G'OB* THEATRE. ...... 

r»«- 8.15. Wen, 3.0. Sit. 6 0 „ 

PAW - 

, 

?_ *8_ ?/* hMNleM UughlM. | dun nit Ut AMtha Cbri«fJc l* »'»'Wnr I fh» 
— _ P- TN. "An trrrai*. Wtf* W W» l«i1 With »oeth*r of hw 
en|0->JSI- evening. Sunda. Tima..' flmrilcblY hmunloirt murder .nwnartot " 

,30Tm« Sir. 2.30 S? - S .7nl« AIR-C ONDITIONED THEATRE . 


'S'fenlfv 
>IINr 
Guardmn 


MIQHTHj Bftftlc LfmrtBd SflfiMKR that Mm 
1 toiioWl? w,! 01 * No1 ^ AS Se 

SoHw Number* ■ Can 


ST. SOB, 458. 511. US. 771. Ht, 

!M8i«fir*w ,ao ° 

TB, a*l. 54S. SM. 


- £,f04 S 00 

i_”>. »”d o.flo. 


,.5TB ATFOR O". JOHNS ' " I ttiir New” lawE™ C “f 

SHE! LA ^HANCOCK USSSS 

EvampfliT-JO. Ma;». Woa. and Saf : .45. \ Sa^5^JuiY J *i*re r 

:« &sr*!toruSsse ZBtt&zs** - 

BF 4411 rAMfAKV tnn. - BA PS./. 


* 


■ ii 



30 sai 

PAUL SCOFIELD 
EL £**°* /«VOR 

■RON PEACOCK 

4M IRENE H*H0l ? 

A FAMILY 

T, "1 RONALD HARWOOD 

Dr-r.l-q r. rASFFY WBFDF P 

whNvno r**» 

*w ■ 5. Tim»* 


• A rirniv 
’ h v Ha*m*rlret for 


ssb y a 5 0 MA K . — 

so ?*T.mS aii'ww 5 


£1 80 Ad> ' bhfls 

*tindh* ci.oa. 


Alrfwycn, Studnr 


Manner HnuVf Pnov* Striot. 
LoMon EC3N 4 DA. 





lHV(i 


Financial Times Tuesday July 11 1978 






A group of venture capitalists recently found that its conditions of business were almost identical. Here, for the first time, they reveal 

to Jason Crisp the points embraced in their standard agreement. 


, WARRANTIES TO COVER” 

Tax 

Accounts 
T rad c mark * 

Patents 

Capital Commitments 
Legal actions 
Service contracts 
, Price Commission 

any other M material " factor 

• upon evaluation. 

PRIME REQUIREMENTS 

AT SIGNING; 

Director on Board 

Fees for director 

Any chargei/few due to lacker 

Insurance Policies 

Auditors (and changes therein) 

Shares available for executives 

Accountants' report. 

CURRENT ISSUES: 

Divide nds 

BRITAIN'S FAR from plentiful 
band of venture capitalists has 
somewhat -mixed feelings about 
the recent upsurge in interest 
in the - lot of the small firm. 
This has of course brought gov- 
ernment action which helps 
many of the companies in which 
they have investments; and it 
i -Jtas also -shone the "spotlight on 
, ithe venture capitalists tliem- 
~Sel\res.; ’ \ “ 

But the spotlight has not 
necessarily brought with it 
thunderous applause; instead 
. many small companies have 
taken the opportunity to throw 
a fair number of brickbats at 
providers of capital in general 

• and venture capitalists in par- 

- ticular. 

Small firms are fond of pro- 
pounding the theory that they 
! can only borrow, if they don't 
need to and that conditions are 
too steer and restrictive. As 
Hugh Armstrong, managing 

- director of Small. Business 
Capital rund. puts it: “By and 
large venture capitalists repre- 

• sent a portion p£ the financial 


Standard Agreement 


Borrowings (current and future) 
-~and control 

Capital expenditure control 
Salary control 

Appointment of new directors/ 

senior executives 
Diversification control 
Divestment control 
LONGER-TERM ISSUES; ’ 

Control of new shares 
Sale of shares (pre-emption etc) 
Disaster clause— and right to take 
control 

Rights and obligations on receipt 
of bona-fide bid. 

SERVICE CONTRACTS: 

Usual terms, notice period, 
salary, pension, profit share etc 
DEBENTURE/LOAN - 
AGREEMENTS: 

Usual terms covering security, 
interest etc 

community which is, at best, 
viewed with suspicion." 

Not surprisingly, the venture 
capitalists are more than anxious 
to polish up their reputation. 
Although there is do formal 
organisation representing those 
bodies which provide venture 
capital there is ah informal 
group— of which the spokesman 
is the ubiquitous Hugh Arm- 
strong. It developed from what 
six or seven years' ago was a 
large semi-social gathering of up 
to 11 venture and- development 
bankers arid which Armstrong 
admits was “ a bit of a 
jamboree.” 

The " venture ” capital group 
has been reborn la a much 
smaller size in order to be more 
manageable and practical. In 
this fairly loose and informal 
setting are: Charterhouse 
Development Capital: Techni- 
cal Development Capital ( part 
of ICFC); Midland Montagu 
Industrial Finance,- National 
Research and Development Cor- 
poration; National and Com- 
mercial Development .. Capital ; 


Nothing ventured, 
nothing gained 


technical Development Capital! Hiti Sam® "JU 




/National Reseajchig£ : :VOunh 


County Bank (part of Natwest); 
Hill Samuel, Arbuthnot Latham; 
Hambros; and of course SBCF. 

It is somewhat misleading for 
this group to call itself venture 
capitalists as- really only TDC 
could rightly be known as one 
in the true sense of the word. 
Nevertheless, it is a defined 
group of development capi- 
talists specialising in small 
firms. The group’s aims are 
several and include “ getting to 
know each other." giving 
evidence to such inquiries as 
Harold Lever’s into small firms. 
Sir Harold ’Wilson’s into the City 
institutions, and for joint 
promotion. 

Annstrong claims that It has 
helped raise the awareness of 
the civil service to the problems 
facing small firms and he is 
anxious to stress that it is not 
just a lobby group. “ We put 
up reasoned arguments to give 
a bit more of an outside view 
on some of the problems we 
could see.” 

Because of their rather low 
rating in the public eye, this 
group of finance companies 
decided to disclose its terras 
of business. This was the 
suggestion of one of the 
members and subsequently each 
one drew up its individual 
terms. To their surprise, they 
found they were . all very 
consistent 


According to Hugh Arm- 
strong, there is a total lack 
of realism on the part of many 
small companies seeking finance. 
Most will only have had contact 
with the manager of a High 
Street bank and have borrowed 
up to around £20,000 on a 
permanent overdraft 

When they are faced with a 
banker who demands higher 
interest rates, a seat on the 
Board, service contracts, pre- 
emption rights, and dividends, 
they are astounded. “Suddenly 
they are in-toe wider world and 
they cannot understand why 
we’re not like High Street 
bankers,” says Armstrong. 

Understanding 

And Norman Leyland, 
managing director of NCDC, 
another in the group, says: 
“There is an information gap; 
we need to have a greater 
degree of understanding. There 
is a total lack of realism on the 
part of many companies.” 

In an attempt to bridge that 
information gap, the “ venture ” 
capitalists explain what needs to 
he agreed with potential 
borrowers and what their 
reasons and rationale are. 

One of the first questions 
which companies ask their 
potential backers is: “Why do 
you want a shareholding ? ” 


Armstrong’s straightforward 
answer Is: " It’s the only way we 
can make any money. Our risk 
is higher than any banking 
interest will ever cover. If we 
charged a rate of interest 
which covered both our costs 
and loss rate it would be 
between 25 and 30 per cent.” 

Armstrong adds that ex- 
perience in the U.S. has shown 
that of ten similar “risk” in- 
vestments. two wilt 30 bust, six 
will take ten years instead of 
the expected five to become 
profitable and two might hit the 
high spots. “And these ten 
have already been selected 
from many hopefuls,” be adds. 

Perhaps one of the greatest 
areas of resistance which comes 
from potential borrowers is 
over the insistence of the bank 
in appointing a director to the 
board. This can often, in the 
first place, be bitterly resented 
by the owner of the company 
who may be more than a little 
proprietorial. Armstrong says 
that he is there both to “over- 
see ” the investment and to 
proffer advice. Although he 
likes to play down the watch- 
dog role it is obviously a very 
real one. Instead, be empha- 
sises how the non-executive 
director can be a confidant — “ a 
shoulder to cry on"— for the 
entrepreneur who often has 
no one else with whom to talk 
over bis problems. . 


iDevelopment Cqrpqratiqr^^^ 

i* Bank. Limited 


pi iil ■ V. ' f Nationai and Commercial 

I Small Bu s i ne gg I Development Capital 




Capitol Fund Limited 




He continues: “We’re busi- 
nessmen too; we can often pro- 
vide helpful advice and possibly 
introduce companies to trade 
with each other." The group 
boasts that it includes no real 
bankers; most of them come 
from industry and the nearest 
is a merchant banker. 

As for fees for the non- 
executive. director, Armstrong 
says it is traditional and if it 
were not paid that way it would 
be included In the banking 
charge. “ It is exactly the same 
fee as a company would pay 
any non-executive director.” 

Another area of possible con- 
tention — the bank’s insistence 
on service contracts for the 
directors of the company — is 
again a precautionary step. 
Quite simply it is to ensure that 
directors cannot cream off the 
company's profits and deprive 
the bank of its dividend or 


alternatively, if business is not 
going well it will prevent them 
from leaving to set up in com- 
petition. 

The matter of dividends may 
also be a cause for problems 
usually because the owner will 
be liable to high rates of per- 
sonal taxation. 

Backing people 

On pre-emption rights Arm- 
strong says: " We’re backing 
people and we don’t want them 
pushing off and. secondly, if a 
time comes to sell the company 
it is obviously Important that 
the bank gets the same offer 
for its shares." 

That this group of venture 
capitalists has decided to pub- 
licise its terms of business is 
interesting. While it is never- 
theless something of a public 
relations exercise, it does throw 


some light on the grey area be- 
tween small companies and the 
providers of finance. 

For the most part the diffi- 
culties outlined by the group 
lie in the ways in which they 
attempt to safeguard their in- 
vestment. Unlike providers of 
loan capital their investment 
cannot be secured against any 
of the assets and once com- 
mitted to a company they are 
as wedded to its success as are 
its own entrepreneurs. In the 
event of a failure the loss is 
total. 

Although this declaration of 
terms of business by the sup- 
pliers of finance to small com- 
panies may clear some of the 
air in negotiations, it will do 
little to ease the complaint of 
those firms who seem unable 
to find finance at any price, or 
are unable to finance the set- 
ting up of a new company. 


The typical manager: not part of an elite 


MANAGERS IN Britain are mi A • ‘ A A- t 0 A- It also emerged that people 

S3 The typical manager: not part of an elite =v-S 

education is still a major advan- • W M* and distribution or sales, 

fnup jit business as it is mure 3d ministration dnd technical 

likelv both to lead to Oxbridge they are in any way a breed hard” to generalise about significant feature of managers’proportion studying science and that it is mainly in industry that tion, purchasing and distribu- management. It was less likely 

and/or straieht into a manage- apart. managers. “They come from qualifications is their relatively mathematics has doubled, while managers remain for long tion. if they were in personnel, 

meni iob ' Describing the “ average " quite a wide variety of educa- technical or specialist back- engineering bas also shown a periods with the same firm and There was quite a lot of finance, management services 

This is the picture that manager, the survey says be is tional backgrounds and career ground. Thus, contrary to a slight increase in popularity, that this is particularly so with movement of jobs, with the and general management, 

emer 'cs from a survev just aged between 46 . and 55. progressions: changes in both common belief that there is a Social sciences and arts do not nationalised industry (65 per majority having changed func- Profile of the British Manager, 

published bv the British’ Insli- obtained the equivalent of two the educational and social general lack of technical exper- show a similar rise and eco- cent had over 20 years’ service), tions two or three times during avai1ab]e ) rom B m, Mnnage- 

mtc of Management, called or more Ordinary and Advanced environment during the last tise in industry, the number of nomics and. to a lesser extent, compared with 30 per cent in the course of their careers. In men( House, Parker Street, 

Profile of the British Manager. level GCE qualifications, went four decades have meant that people starting work in a accountancy and law seem to toe private sector. A further fact, toe pattern seems to London. WC2. Price £15 to 

It show* that while the largest on to do some form of further older and senior managers are technical post has steadily risen, have become less popular. breakdown showed that a high accelerate among the younger bim individual ' and company 

proportion of managers covered education and. at the time of j n many respects distinctly Just over two-thirds of The BIM is less pessimistic proportion of long-term managers since one-third of members, £30 to others. 

hv ihe survey attended grammar toe survey (carried out in 1976) different from younger managers surveyed claimed to than, a recent Government dis- managers was to be found in those under 36 had changed x,- . lor T 

schools. 33 per cent went to a was earning between £5.900 and mana^rs at lower levels. Hence have professional qualifications cussion paper oyer the apparent general management, produc- functions toree-or. more times. miCnOiaS L£Slie 

public or other independent £10.000. • ’?* ' It may be~ extremely unwise, in other than degrees and post- failure 1 of the. educational — 

school.- At the same time, more -The survey embraced 10.000 many situations, to refer to graduate diplomas. Sixty-seven system to channel sufficient ^ 


Nicholas Leslie 


half the managers con- managers within ’the BIM “inanagers” as a homogenous P er wnt had qualifications in well-qualified technical gradu- 
1 siartcri full-time working membership. ranging from Jk, p . business/management; 30 per ates into industry. For example, 

. a £ e of 17— winch again chairmen tu junior manage- ..V Te _ OIldBOt . «nt in engineering and la per where the University Grants 

to dispel the idea that meni. It is claimed to be^yety r S 'tXZtiSZ CCDt ™ accountancy - Committee figures show only 

nRy consider cnemseives nrsi as analvsis of educational one 111 20 man a£ er s in raanufac- 

"fc a " «*fnetf. accountant or turing industry with a degree or 

( n nxmiinx Men nhnno scientist and only second as a increasin'* tendency towards equivalent in engineering m 

omeone 10 OIISWBr HlB PROM! nanager. Clearly, there will be ^ eciaUst education Office toe 1971 - tfa e BIM survey shows that 

,r^n\/nv ANQWFRIN ^ ^ i? - .L-J many -tua *! M ,n * proportion of 25 to 85-year-olds in Prt^te sector manufacturing 

AMMoVVCirMlMGa manager with an engineering W ^ Q have specifically studied more than one m four managers 

)AgovoxC380 telephone IW background will have more in business or management is bolds a professional 

nsvvenng machine fe’H^Snllv common with a fellow engineer q Ua drupi e that of the 65-year- qualification in engineering^ 

) available now on 1-year rental than with a fellow manager in a oIds ( it is interesting to note while toe equivalent figure for 

» competitive rates )g . J\ different industry." that in toe older age group nationalised industry is nearer 

fc the smallest ancHatest model His dear that academic there was a greater concentra- two out of three. 

om fhe Zeiss Group of Wtest 1 qualifications, rather than social non among the self-employed Of those who went to public 

ermanv background, are becoming more and that this category tended to school, 30 per cent went straight 

_._ ir> T7A 70RR A IUVTIMFI important and in particular, be less formally qualified than into a managerial position (such 

re I HI w m* / /© /toOHIV i ■ specialist technical, scientific or those not self-employed). Com- a progression occurred in no 

Aqpvcs Answering. -i Sydenham Podd. management qualifications. A paring the same age groups, the other educational system) and a 

.. v,, n y, or proportion of ex-public 

school and independent pupils 
went into general management 
most notably in the areas of 
sales and marketing. Secondary 
modern schools produced the 
most production directors. 

Those who had reached 
managerial status after having 
had an elementary education 
(and this covers the older age 
group in general) proved to 
have stayed in their jobs longer 
th3n, say those with post- 
graduate qualifications. Then 
again those with a professional 
qualification also showed long- 
standing loyalty with 20 years 
or more with the same company. 
An interesting feature was 


rrrned siarled full-time working membership. ranging from 
hv the age of 17 — wludi again chairmen tu junior manage- 
icmis to dispel the idea- that meirt. It is claim ed to be “very 

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BRITISH MONOMARKS 

01-105 4442orCH-404S(m 

-,-BX farrfs*VChjn». 


• Aerospace industries, how at a crossroads, have to 
make decisions that will dictate the shape of aviation 
for decades to come. 

• Decisions about airliner designs, fares and noise ... 

• Decisions about reorganising airports to cope with 
increasing traffic .. . 

• Decisions based on strategic arms limitation 

agreements... . .. 

Before the decisions, the debate. The Financial Times 
Conference will be guided by speakers of international - 
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consumers, planners and other points of view. They wi/i 
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future. 

On the eve of the Farnborough Air Show, this conference will 
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Financial Times Tuesday July 11 1978 , 




A major step on the flight path 


POUR IT, 
WE CAN 
STORE IT. 


to world airline reform 


By MICHAEL DONNE, Aerospace Correspondent 



crop of cut. prl^ fares ds there- thin* majority of those a nend- Son. A? airline join.ii the until li got its own wav on other area of cnmpetitton-the quality 

fo !il U ^ keI Lf t T l€a ?.Hl!* y ^ : ; mg. but it could beargued that ; howIng increasing hostility to association, or remaining! n it. things, and a compromise of the .curtesy the airlines have 


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fore unlikely at least this year, ing, hut it could be argued that ^owin» increasing hostilitTto 
The Montreal meeting was enough airlines abstained from " increasin S nosumy to 

called by the 106-member voting, or did not attend the 
International Air Transport meeting, to prove that there is " " 

Association to try to find ways a strong dissentient element. ‘‘AsreerneiltS reached 2 
of bringing the association up on the other hand, it is also j n , , 

to date, lo meet 'the increasing argued 'that those that approved treai COmGrCnCC CO Ul Q 
competition from cheap fares the changes included virtually of fixing airline paSS< 
being encouraged by Governs every major airline in the , 0 ^ • r 

meats, induding those of the western wo rid. accounting rates, ullt the propOS. 
U.S. and UK, and to relax many between -them for tlhe majority implemented 

of ohe rules of the association of all worid scheduled air trans- . 

— for example those dealing port. 

wMh standards of cabin service Whatever afae arguments 


rates, but the proposals are unlikely to be 
implemented before 1979.' 


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— that in the rrrinds cf many about how rn-any drid or d-id not the IATA in recent months, will be obliged to participate tt*® previous ^cumbersome areas where high fares have for 

members bad become out of attend or vote, the fact remains even to the point of suggesting fully in these affairs, for they “traffic conference” procedure: long been a target of criticism, 

date. that the IATA executive com- that their airlines might be are crucial to the smooth “ an “ British airlines feel such as western Europe, there 

But wibile tibe proposals for mhtee believes it now has a required to quit the association functioning of the world “iey can beneficially introduce will be scope for the intmduc- 

reform put forward by the mandate to press ahead with the —will probably welcome any scheduled air transport system,, special cheap rates between tion of new rales designed to 

speriony-estabMshed task force reforms agreed in principle. But changes that offer the possibility They include, for example, such their own countries, they will boost traffic and promote enm- 

of “ five wise men " were agreed many of the smaller airlines of increased competition. But things as standardisation of be able to do so without having petition. How far this change 

•in principle on a show of hands be'jieve strongly tbat their n thers, especially those in the ticketing and baggage handling jo™ 0 smmtiet or a full W iU help tD cut the intra-Euro- 
by some two-titirds of the dele- bigger counterparts- on the Third World, may equally well and other “passenger process- LATA traffic conference which pean fares remains to W seen. 

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western Europe any medium ser of rules for ^ igger air ‘ and probably one oT the mast. recognition to what has become to fall back when accused of 

LT™ 1 SELSt "»** * P“I the world. sign iLnit. the operation of the * de facto situation, especially overcharging by comparison 


anrf omalter Airiinoc ahcTained U1 U1 u,c sign meant, me operanon 01 rae “ “‘“""""I overcnarsinu py vouiparisuri 

" abstained without .adequate consuteration £UC h as western Europe and the W J “clearing house" through the North Atlantic, where with other major air routes. 

\ MitWJe East Atlantic, end another for which virtually all inter-airline previous LATA fares plans have The big question still hanging 


Ai_ iUam (mm +Vi/» vTttUUp F-ajst , n ■ wnicn viriuany an mier-airnne *“**■■’ me mg question sun nanguiN 

^ smaller airlines the airlines in the Third World, financial transactions are pro- been vetoed, especially by the over the IATA is how for the 
rise ^ nhe ¥ re - . . Mr. Ross Stain ton, deputy chair- cessed, amounting to many V- s - Government, and direct proposed reforms will get. There 




THjiir trirnw worn omrasml hv , . . ■ — , cesstru, amounnng ia many y— proiiusen imorras win cei. mvre 

i fleir views were expre^en oy whether this is true or n«t man and chief executive 0 f bill ions of dollars worth of mter-governmental fares poll- j s no doubt in the minds of most 
Mr beiiini aaraain. ot wmaie will emerge much more clearly British Airways, has argued that business a year. «es have been negotiated and n f the btegest scheduled airlines 

East Ainmes, who declared that ia t h e long, and almost cer- unless there are some major „ alt thnr »♦«. introduced instead. But it that the reforms as approved at 

the majors had “gone over- tainly painful, period of detailed changes in the LATA, and if adopted, mean that Sontreal are nweS- and 

board trying to spread the law- negotiation which now has to especially to fares-fixing. the iTiiT e r> , n the airlines in future can con- that jf they are not eventually 


" ■ iiiguiioiiiui uuw iv cajicviaii* reitmiiiuj, u.„-_ ,v, n uic aimuL’s in turure can ran- fhot if thpv am not pvpntiiallv 

lessness of the North Atlantic take place. The Montreal meet association is doomed to go “the need ^okeeDbLUinc each^other duct their own bilateral fares implemenSd some Govern- 
in otter areas .-here rates are iag took decisions of brmd ro.d of a, dinosaur-" Th« negotiations, rather than let JEKSd 'eapSy the 51 


ror the costs of those passengers ; ' “““ 

who switch airlines in the course SP vern 8iems do it for mem. Government— will seriously enn- 

of a journey. There are millions , ■ , - sider ordering its national air- 

of them every year. In all the i^OHIpCtltlOIl lines to quit the association, 

talk in recent months about the ' . . ' But there is equally no doubt 

possible “collapse" of the airlines also hope that many of The smaller air* 

IATA if it did not reform itself some of lhe past difficulties lines, especially some in the 
quickly, these hidden activities weated by Governments block- Third World, are bitterly hostile 
have been largely ignored. The plans at the last to the changes. These airlines 

fact remains that if IATA did minute will be avoided in have long regarded the IATA 
collapse, the entire world air f uture - as a result of a decision a protective umhrclla, pre- 
transport system would be in t0 enable Governments (or venting their bigger eompetitnrs 
such a mess that Governments their agencies, such as the Civil from swamping them, and 
would swiftly have to invest a Aviation Authority in the UK permitting the orderly develnp- 
rather similar organisation to ? nd Civil Aeronautics Board merit of air transport in many 
take over these financial and in the U.S.) to attend traffic par ts of the world without 
technical functions of the conferences and put their views unbridled competition. The 
association. ", directly to the delegates. In charge made by Mr. Salanm of 

It is . on the .".publicly. P^-' ^ ey *wve only been mEA in Montreal is echoed by 
visible" activities- of-the-aasoei- aWe tQ attend as observers, with many- other .airlines oulside the 
ation that most of the wrath— no p ® wcr * of intervention, and big air transport areas nf North 
and most of -the demand -for 50B, . € cases not at all. The America and Western Europe, 

change— has been concentrated result. is that Governments have This indicates that the IATA 

—in other words that 20 per accused the airlines of working executive committee, which lias 
cent or so of its activities ? ut f® res plans in secret, and the task over the next few 
devoted to fixing passenger s 010 ® Governments, again weeks of trying to turn the 
fares and cargo rates, and notahly of the U.S.. have felt Montreal decisions into reality, 
establishing standards of obliged to veto them. will face some difficulty in its 

passenger . comfort - and cabin Apart from the possibility of discussions with these latter 

service. It is here that the bulk cheap fares, the Montreal airlines, it is likely that some 
of the changes now proposed meeting opened the possibility of the Montreal plans may have 
are concentrated, and particu- °. f competition in other direc- to he substantially modified 
larly the plan for a second class ttons, and especially in the before they are finally passed 
of membership. quality of service to passengers by the executive committee at 

The aim here is that while all aboard flights. Hitherto, the its meeting in mid-September, 
the memberairlines must par- rigid IATA rules have laid Then they will have to go to 
ticipate in jhe basic technical down the precise quality and Governments. Winning their 
aspects of the association, they quantity of the meals that approval could take several 
may choose whether or not to could be served to economy months. It is not surprising, 
belong to : what are called class .passengers on scheduled therefore, that the IATA is 
"traffic conferences”— the name member-airlines' flights, together suggesting that the Montreal 
given to the fares conferences with the scales of charges proposals may not he 
covering various geographical for drinks and in-flight implemented much before, mid- 
areas through which fares and entertainment; while also fixing 1979. 


of a journey. There are millions 



good scotch. 


Is to taste it not knowing which brand 
it is, mixed 50-50 with water. 

And then compare it with some others, 
similarly unidentified 

Recently eight experienced whisky 
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Soils not surprising that 
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\ As one enthusiast 
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THE AGREEMENTS reached stable, and ftnametti returns principle: these have now to Montreal voting appears to rates are fixed. Hitherto the the jj* 1 

among the world's major air- also.’*- be hammered into shape in a indicate that a large number rales have required that all the b> drtermuung The seat 

lines in Montreal recently Preliminary figures indicate series of smaller meetings, so of other airlines throughout the members in a given traffic ^con- pitch i — distance Doreen toe 

may eventually revolutionise that of 106 menSrlines of that by the end of the summer world do not agree. ference" area should pe«WJ» W«J «» and thp «» 

thetT methods of fixing pas- the association. 84 attended the MD! e final proposals can be Basically, the programme of jn such ^tmgs wrih each air- benrna il 

ttAtt r fares and eareo rates. Mnn-rreat rimwiiw nr a put to Governments for reforms given majority-approval line having one. \ ate. This has into mb meant inar on most 


“ '7 ------- - W hen it comes to these more th#i manv financial ntH. with no mrect mieresi in a qiianmy m mcais. aim i-nar»inx 

long and dafficu.lt attempt to posals put forward by the delaiIed wor fc ing sessions. n i ca i an /safety matters that in speeflic route has been able to the same prices fnr in-flight 
adapt to the changing conditions executive committee. This is UndQubtedly of the fL” tor Jp ™ £ per veto ihe conference decisions entertainment and drinks. The 

1*1 major GoreromeTslsulh as rent 0 f toe wo?k o?rhe Soria- on fares for that route, at least result ^has been only a l.mi^l 


measure emerged. extendcfl (or otherwise) t» their 

The aim now is to try to pro- passengers. Now. it is hoped 

" vent such blocking tactics. It is that the airlines will he able to 

‘‘Agreements reached at I AT As recent Mon- intended that only those air- compete on s much more cffec- 

* JIt r u T ^ lines with a direct Interest in tive basis, so that the passengers 

treai conterence couid revolutionise methods a should be a party to will be able to shop around fnr 
of fixing airline passenger fares and cargo far « proposals for that route, the airline on’ a given route 
. ! ° |«| i . and that in any event, offering the host meals, the 

rates, out the proposals are unlikely to De individual airlines will get the cheapest prices, and better stan- 

imnlpmenfpri hpfnre 1 979 ' right to introduce new. “innova- dards of cemrort. 

irapieraentea Derore iy/y. tive’’— that is. Cheap— new fares The changes in the fnres-fixing 

“ 1 to and from their own countries policies now proposed will cover 

without having to go through the world, so that even in those 








Financial Times Tuesday July 11 1978 

FINANCIAL TIMES SURVEY 

Tuesday My 1 1 1 978 






Exports have recently proved one of the brighter areas, in the Spanish economy, 
albeit starting from a relatively low base. But it will be difficult for the 
country’s industry to achieve the economies of scale that will be needed 
if Spain is to be able to sustain this performance in international markets. 


Hard 
facts 
to be 
faced 

By Robert Graham 
Madrid Correspondent 

THE DEEP recession affecting 
the Spanish economy seems to 
have provoked a mood of self- 
depreciation among Spaniards. 
The short-term outlook is still 
clouded with uncertainties. Yet 
remarkably little i s made of the 
few bright spots that stand nut 
in relief against the general pic- 
ture of falling production, rising 
unemployment and stagnant pri- 
vate sector investment. Exports 
in the past 18 months have 
enjoyed spectacular growth — 
growth which in real terms has 
been more than double that of 
Spain's main trading partners. 
But this achievement has gone 
virtually unnoticed except 
among those most closely in- 
volved with the economy. 

Admittedly Spain is not an 
export conscious country. 
External trade still accounts for 
a small proportion of GDP and 
i< well below the OECD average. 
But one cannot help comparing 
the equivalent reaction of the 
British under similar circum- 
stances. British governments in 

i.fi-i— h-rn rtvnlni'nfl lh<* 


trade figures and export 
successes as important political 
weapons, and the monthly trade 
figures are awaited eagerly and 
given great prominence. But the 
Spanish Government has so far 
not sought to wriqg any capital 
from the strong export perform- 
ance which has been a determin- 
ing factor in radically changing 
Spain's external position in less 
than a year. Moreover, given the 
peed for a continued emphasis 
on a strong export performance, 
there is no sign the Government 
contemplates even small psycho- 
logical incentives like special 
awards for services to exports, 
as for example in the UK 

These are not Intended as 
churlish criticisms, they are 
observations to highlight how 
differently the Spanish Govern- 
ment has behaved when it could 
have something to trumpet 
about In 1977 exports increased 
32 per cent in peseta terms and 
17 per cent in dollar terms to 
$10.2bn. The Ministry of 
Commerce calculates that this 
represented a real growth of 13 
per cent. The average growth 
rate of the OECD markets, the 
best comparative yardstick, was 
5 per cent. This was excep- 
tionally high growth and 
unprecedented in Spain's recent 
trading history. 

In the first five months of 
1978, Spanish exports increased 
at an average. 16 per cent in 
dollar terms over the same 
period the previous year and 
topped S5bn. In May the 
seasonally adjusted visible trade 
deficit reached a low of 6342m. 
Spanish exports now cover 
imports to the tune of 65 per 
cent, an improvement of 11 
points against May, 1977. This 
strong surge in export^ com- 
►rin/wt with rninimnl, pmjpfh, in 


imports and an upsurge in 
tourist receipts, has been 
reflected in a much-improved 
payments situation. The first 
quarter current account deficit 
was only $254zn: while in April 
there was a modest $76m 
surplus against a $438m deficit 
for the same month last year. 
External reserves as a result 
have steadily built up and now 
stand at $7.3bn. 


Devalue 


The main cause for this 
export performance has 
undoubtedly been the decision 
on July 12 last year to devalue 
the peseta by 22 per cent. 
According to Ministry of Com- 
merce studies this put Spanish 
exports bade to the same 
competitive levels as in 1972-73. 
At a time of strong international 
competition this advantage gave 
Spanish expons a major edge. 
The new competitiveness was 
further aided by the package of 
domestic measures which the 
Government introduced last 
autumn to curb inflation — with- 
out which part of the devalua- 
tion advantage would have been 
eroded. 

Another factor in the export 
performance was the depressed 
state of domestic demand. 
Government anti-inflationary 
measures, which relied mainly 
on tight control of the money 
supply, acted as a further brake 
on the slackening of demand 
already evidenced in early 1977. 
As a result for the year as a 
whole domestic demand grew 
only 0.1 per cent (against 1.6 
per cent the previous year) 
according to OECD calculations. 
Gross capita] formation had a 
negative growth of minus 1.7 
nor cent. This meant there 






A blooming mill at Enstdesa in northern Spain. Steel exports to the EEC have 
been limited to 880,000 tons this year under an agreement reached ajter some 

acrimony. 


was considerable surplus indus- 
trial capacity, which in turn 
gave industrialists a built-in 
incentive to find foreign outlets. 
Similarly the Government, in 
order to offset as far as possible 
the rising unemployment that 
its policies inevitably created, 
had an interest in encouraging 
exporters. To this Ministry of 
Commerce officials like to add 
that, having slowly gained in 
experience since the early 1970s, 
Spanish exporters were in a 
position to exploit the situation, 
and this they did welL 
The increase in exports has 
not been limited to a particular 
market It applies as much to 
Europe, the principal outlet for 
Spanish goods, as to new 
markets like the Middle East No 
one beieves that exports can go 
on growing at the present pace 
for much longer. The latest 
OECD report on Spain estimates 
that Spain's export markets Mill 


grow an average 6 per cent 
this year, and, on the assump- 
tion that Spain can achieve an 
extra market penetration of 
three per cent, calculates the 
growth rate at around nine per 
cent This is a cautious estimate 
but - takes account of pro- 
tectionist measures that may be 
taken. (Some have already been 
taken affecting steel and textile 
exports to the EEC.) 

Apart from external protec- 
tionist measures, growth is 
likely to be affected by three 
main elements. Principal among 
these is the evolution of the 
value of the peseta. Already 
since last July, the strength of 
Spain’s external position has 
pushed the peseta value up so 
that it has now regained some 
8 per cent against the dollar — 
or put another way one third 
of the competitive benefit of 
the peseta against the dollar 
has been eroded. In recent 


weeks short-term funds have 
been entering Spain, some 
clearly speculating against a 
possible peseta revaluation. The 
authorities have roundly denied 
a possible revaluation, and they 
are concerned lest the peseta 
float further upwards. But so 
far these denials have had no 
marked effect. 

The competitiveness of 
Spanish exports is also 
threatened by increasing pres- 
sure on industrial overheads. 
Wages, though within the 22 
per cent Government guide- 
lines, are considered by many 
economists— including OECD 
experts — to have been allowed 
to rise too high.' Added to this 
the Government is committed 
to introducing a series of price 
increases on key items like 
industrial fuel oil, gas and 
electricity. Raw material prices 
are either going up or expected 
to go up. Steel prices could 


rise 15 per cent this year. In 
addition companies are facing 
higher social security payments 
and on top of a reformed tax 
system that, in theory, will be 
thoroughly policed. Taken to- 
gether this puts an important 
new burden on industrial over- 
heads which exporters cannot 
ignore. 

Finally expert capacity will be 
almost immediately affected by 
any upswing in demand. At 
present there is no convincing 
evidence of this. Most tend to 
attribute the slight activity in 
stockbuilding as the minimum 
necessary carried out by 
industrialists whose stocks have 
fallen below essential strategic 
requirements. But there are 
limits to which the Government 
can tolerate continued recession 
and consequent unemployment, 
now over lm. Sooner or later a 
mild stimulation will have to 
be contemplated, otherwise 
reflation becomes progressively 
more complex. Yet even a mild 
stimulation will tend to switch 
the attention of manufacturers 
back to the domestic market. In 
this respect it is worth stressing 
how few companies even now 
have exports accounting for 
more than 25 per cent of turn- 
over. Thus the timing of 
reflationary measures will also 
affect the time scale of the 
continued high export growth 
rates. 

These considerations serve to 
emphasise that the current 
spectacular export performance 
is a temporary phenomenon, 
which may last little beyond 
1978. Because of this the 
Government is anxious to lay 
the groundwork for a structural 
shift in Spanish production 
which will provide, a greater 
export orientation. At present 


exports account for little more 
than 10 per cent of GDP against 
25 per cent in Britain and 26 per 
cent in Italy and Portugal. This 
low percentage is a product of 
past economic policy. The 
thrust of Spanish economic 
development in the 1950s and 
1960s was to stimulate self- 
sufficiency and cater to rapidly 
expanding domestic demand. 
But it has now passed beyond 
this stage and is entering upon a 
new and mure complex phase 
whereby it must raise the per- 
centage share of exports in 
GDP. 

Commitment 

This is not going to be easy. 
The capacity of existing plant is 
on the whole small and docs not 
offer the economies of scale 
which sustained export perform- 
ance requires. This will mean 
a major new financial commit- 
ment by both the public and 
private sector — something which 
the private sector shows little 
sign of undertaking at the 
moment. Second, the next few 
years are going to witness a 
period of adjustment. -poten- 
tially disruptive, as Spain pre- 
pares to liberalise trade with 
the EEC against entering the 
Community as a full member. 
Third, and no less significant, 
there has been surprisingly 
little co-ordinated thought as to 
what type of products Spain 
could best be marketing abroad 
in the 1980s, and without such a 
strategy it is impossible to 
initiate the necessary steps 
except on a piecemeal basis. 
Without coming to terms with 
these issues the dynamism of 
today could seem like a flash 
in the pan. 


BANCO EXTERIOR DE ESfAlSlA 

The exporters bank 



EXPORT CREDIT 

Leading Spanish Bank in export finance, accounting for At % of the aggregate amount of Spanish 
export credit outstanding at the end of 1977, and for 76 % of the loans granted in the same year. 

Record of credits granted in 1977: 1,717 million US $ in. effected loans and 3,637 million US $ in 
committed loans. 

Lines of credit currently extended to 27 countries; for a total amount exceeding 1,000 million US $. 

B.E.E. NETWORK IN EUROPE AND AMERICA 

Europe America 

FRANCE- BANCO ESPAN0L EN PARIS 120 branches) ■ PANAMA; BANCO EXTERIOR, S.A. (4 branches) 

16. fluo de la Chaussee ifArtin. 75003 PARIS. T: 8246841 . Av. Balboa, esq. calls 41. PANAMA. T: 253500 

UNnfD KINGDOM: BANCO ESPAN0L EN IGNORES (5 branches) ■ : PARAGUAY: BANCO EXTERIOR. S.A. O 'branches) 

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b ft OF GERMANY- BANCO ESPAN0L EN ALEMANIA (3 branches) j ■■ UNITED STATES: CENTURY NATIONAL BANKS TRUST CO. 

1-7. M0 FRANKfURTiWAIN 1. T: 231067 1372 Bn,,***. NEW YORK, N. Y. 10013. T: 6S7«0 

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A Bra«ck«. 8-1000. BRUXEUES. T : 21300 . : Pto Os Espar., Eflrficio MSJJSS- MANAGUA 

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. Correspondents all over the world W S* Colfin. QUITO 


Banco 

Fxterior Head-Office: Carrera San Jeronimo, SSL Madrid (14) 

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tie fcspana Tetae Z 2741 «EXTEBANK» 

• 125 Head branches and 59 Offices afi over Spain. 

Organization atari 

• 8 Bants. 4 Finance and Commercial Corporations 

• 8 Representation Offices covering: Mexico, -USA. Portugal, 
Colombia, Guatemala, Venezuela, Brazil and Argentina. 




Financial Times Tuesday July 11 3973 


SPANISH EXPORTS H 





m 


Agricultural products are bound to be one of the main stumbling blacks in Spam's 
progress towards EEC membership. Abore; Many farms still lack modern 
machinery. Right: Dumecq’s brandy bodega in Jerez. 



EEC membership still some way off 


SPAIN'S _ RELATIONS with the 
European Community are 
central both to the present 
state of Spanish exports and 
their future development, The 
nine member states of the EEC 
absorb 46 per cent of Spanish 
exports and account for 34 per 
cent of imports. Yet until the 
beginning of this year Spanish 
officials seemed content, in 
public at least, to talk of the 
Community only in terms of 
platitudes. Membership of the 
Community was regarded as a 
good idea, a sort of hallmark 
of Spain's new democratic 
credentials. Little real thought 
appeared to have been given 
to the complex problems 
involved in negotiating member- 
ship — perhaps understandably 
so given the enormity of the 
domestic and economic prob- 
lems which faced the Govern- 
ment 

This preoccupation with other 
issues, though understandable, 
has nevertheless meant that 
Spain has lost time in the 
lengthy process of providing 
the necessary information for' 
Brussels which will lay the 
basis of the negotiating docu- 
ments. It was not until Feb- 
ruary 10 that the Government- 
approved the establishment of 
a now Ministry of European 
Affairs and appointed a ‘‘Mr. 
Europe,” Sr. Leopoldo Calvo 
Sotelo. But since then things 
have begun to move, and they 


have moved with surprising 
speed, dispelling in less than 
three months the previous 
impressions of Spanish dilatori- 
ness. 

Sr. Calvo Sotelo enjoys two 
important advantages which are 
worth underlining. After much 
in-fighting it was decided that 
his Ministry would report direct 
to the Prime Minister and not 
be under the aegis, of the 
Foreign Ministry. With Sr. 
Calvo Sotelo already enjoying 
the- confidence of Premier 
Adolfo Suarez (he is credited 
with having helped mould the 
various political parties of the 
centre into the Union de Centro 
Democratico which won last 
June's elections), he can take 
decisions unfettered bv other 
Ministries — and at the moment 
he appears to have a wide area 
of personal initiative. Second, 
the Mmistry is small, no more 
than- 25 persons seconded from 
the various Ministries or re- 
recruited from outside. This 
cuts thmueh the normal dead- 
w«*iaht nf Spanish bureaucracy. 
These two factors combined 
mean that the new Ministry can 
act auickJv. So despite the 
slow start. Spain on the decision 
making side now Is in a better 
position than either Greece or 
Portugal, though their applica- 
tions are more advanced. 

At . the end of May the 
ministry; completed its first 
questionnaire for Brussels. 
Although the President of the 


EEC Commission, Mr. Roy 
Jenkins, indicated on a visit to 
Madrid at the end of April that 
the Community avis (opinion) 
would not be ready until early 
1979, there appears to be a 
move to try and bring the date 
forward. As far as the Spanish 
are concerned they say that the 
principle of entry is not in 
doubt. This' is accepted by all 
interest groups in Spain, but 
one should perhaps add the 
caveat that few interest groups 
have really studied the impact 
of EEC membership in depth. 
The Spanish are out to 
negotiate the terms of the tran- 
sition period and, just as 
important, the terms under 
which trade will be conducted 
before the initiation of the 
transition period. 


Governed 


At present trade relations are 
governed theoretically by an 
agreement signed in 1970. But 
the operation of this agreement 
is notional and has been effec- 
tively displaced by Spain's 
application for full member- 
ship. Indeed officials at the 
Ministry of European Affairs 
make no secret of the fact that 
the 1970 agreement was harm- 
ful to Spanish exports and the 
less said about its lapsing the 
better. “The most important 
thing about the 197Q agreement 
is that nothing is happening,” 
-me official said recently. 


In the meantime special tem- 
porary agreements have been 
elaborated for this year on steel 
exports and textiles. The steel 
agreement limiting exports to 
the Community to .880,000 tons 
this year against almost lm 
tons the previous year was 
reached after some acrimony. 
Spanish steel exporters, who 
rely on the Community to 
absorb about lp per cent of 
national production, discovered 
in January that the Community 
was applying new base prices 
which meant an effective price 
increase for Spanish stee! of 
around 23 per cent, so putting 
it into sharp competition with 
other prodneers. The lower 
quotas were also a nasty shock. 
But since then the industry 
appears to have adjusted with- 
out too loud a protest, perhaps 
realising thai the Community 
was not seeking to penalise 
Spain but was genuinely trying 
to find an equitable arrange- 
ment that could be squared 
with all EEC suppliers. 

This gave a foretaste of the 
kind of frictions that might 
arise over the next few years 
before « transition agreement 
is finalised. On the whole, 
officials are sanguine about the 
fate of industrial exports to the 
EEC. These have been account- 
ing for an increasingly 
important percentage of total 
Spanish exports to the Com- 
munity. The percentage of 
capital goods in overall exports 


to the EEC has remained steady, 
only moving from 13 per cent 
to 15 per cent in the last seven 
years. The proportion of con- 
sumer goods has risen sharply, 
however, during this period, 
from 14 to 25 per cent. 

The percentage importance of 
tonnage and agricultural ex- 
ports in money terms has 
declined sharply in contrast. 
From accounting for 45 per 
cent of total exports to the EEC 
in 1970, agricultural goods now 
comprise only 25 per cent. This 
decline in the relative import- 
ance of agricultural exports is 
expected to continue, even 
though in money terms these 
exports are constantly increas- 
ing. This trend belies the 
popular impression that all 
Spain is offering Brussels is a 
massive surplus of Mediterra- 
nean agricultural produce. 

This said, nothing can conceal 
the enormous problems that 
Spanish agricultural exports 
will place in the path of nego- 
tiations on EEC entry. The visit 
to Spain earlier this month by 


French President Valery Giscard 
d'Estaing brought home the 
nature of these problems. Des- 
pite the glowing tributes that 
he paid to democratic Spain and 
his enthusiastic endorsement of 
Spanish membership to the 
EEC. he made it abundantly 
clear that French agricultural 
interest^ had to be taken into 
account French agriculture he 
said could not be allowed to 
suffer as a result of Spanish 
entry. This tough French posi- 
tion lies at the heart oE the nego- 
tiating process and will condi- 
tion in large measure the future 
status of agricultural exports 
to the EEC, which in the case of 
the all-important citrus produc- 
tion account for over 85 per 
cent of the tntal exports. 

Immediately, the Spanish 
would like tn come to some form 
of arrangement that treated 
Spain not as a third country 
but as an applicant whose agri- 
cultural exports could be fitted 
into the context of a subsuming 
transitional agreement. As 


regards citrus they feel strongly Mediterranean products. Since 

that existing EEC preferential ibe Treaty of Rome, Spanish 

agreements with the North agricultural exports have had in 

African countries discriminate I™ „" ,, . h h . 

aKainst Spain, and that as an 3?“ de ? r lh ,' P 

appliant for fidi mem bers hip espKial|v „ livp 

such discrimination pnctmdm a „ d winci Nurthern Europe , s 

Sit f iVn^nlh^hin’u! s P a1n 's natural market for fresh 

seek full membership is unfair , uf whi h ,.i lrus ja !la maln 

Another area “f vita ] eun e e rn pnK , uc , Thus f „ many ^ 

i *!!' , „ 01 1 the existing protectionism has 

prevented Spanish agricullure 
As a result of e xisting E EC Irum csport , ng „ murh „ „ 

quotas export* of presenes to vet eouallv the Snanish 

mon^felTbv "** ne/cent* in have seen thal ItaIian ugricul- 
tin! Tithnn-h^theS lural products have nut 
1 benefited from Brussel* as much 


were up from Pis 8.9Sbn to 


as they might 


Pts 10.5Sbn in money terms. -JfL..,., ,u nF fllM 

... . .. mi The problem, therefore, in 

SSJ?? Spanish eyes is not simply one 

p of easing existing discrimination 

on S P anish ^icullural goods, 
to the traditional LK market. Ic j nvo j ves a rethinking of the 

Looking beyond those type ol tariff* and support 
immediate issues. The Spanish measures that will draw away 
would like in try and persuade the traditional cosseting of heef 
the EEC Commission to con- and dairy farmers in an enlarged 
sider the structural deficiencies Community, 
that favour ■‘northern’* sgrioul- _ _ i 

lure and discriminate against Kooert Ora ha 111 


Recognising the need 


for better promotion 


§17 






ITT 




PROMOTION HAS been a — 
major weak spot in the develop- GE< 
ment of exports. Government 
efforts — and to a lesser extent 
Those o* private associations— 
to promote exports have lagged 
behind the rest of Europe. ^FTA 
Official representation abroad Rest of J 
has been poorly planned and Eojppe 
surprisingly slow to respond to jj «j 
new markets — this is particu- R es t 0 f jh 
I arly the case with the Middle America 
East as a whole and certain Middle I 
countries in Africa such as Rest of tl 
Nigeria. There has also been a 
more general criticism that the j ota j 
resources of the Ministry of 
Commerce have been too slim, 
thus often preventing it .from pc 
possessing the kind of commer- 
cial information about potential 


GEOGRAPHIC SPREAD OF EXPORTS,— $m 


could be given to promote 
exports, either on u global or 





. ■■ 

1978 

1978- 


— 

-1977-— 

(estimate) 

1977 


$ 

% 

S 

% 

V 

EEC 

4.747 

46.3 

5.488 

46.1 

15.6 

EFTA 

554 

5.4 

631 

5.3 

13.9 

Rest of Europe 

676 

6.6 

785 

6.6 

16.1 

Europe 

5.977 

58.3 

6.904 

58.0 

15.5 

U.S. 

1.005 

9.8 

1.143 

9.6 

13.7 

Rest of America 

• L148 

1L2 

1.333 

1L2 

16.1 

America 

2.153 

21.0 

2.476 

20.8 

15.0 

Middle East 

769 

7.5 

952 

8.0 

23.8 

Rest of the world 

L353 

13.2 , 

1.572 

13.2 

16.2 

Total 

10-253 

100.0 

11.904 

100.0 

16.1 


work abroad on such projects 


PROGRAMME TO EXPAND COMMERCIAL 


social security payments. Other 
more controversial measures 
include form* of tax relief on 
exports. 

. As another arm of export pw- 


aat imorroauon aooui potential REPRESENTATION . As another arm or export prn- 

“sen£i1o D ? export promotion J ™ ?***; Montreal, Oslo. Jeddah, Abidjan, Budapest, Lagos, ^ioo. the Governm^set up 
(latest fiscal measures, legal 19 '» “gS™ Marseilles, Glasgow, Tripoli, Sao Paulo, 8 comply. 

f^L eCt f P0Sl ' 1980 Dublin.' Amsterdam. Antwprn. TCnwnif Pakin*. F °COeX j s 00 per Cent Owned 


U Tt is S'ihaT^irthis will 1981 *»*&'*** Jose de g siTS 


1980 Dublin, Amsterdam. Antwerp, Kuwait, Peking. 


Through its international affiliate banks in seven 
countries, the Banco de Santander offers a $ 200 
million special line of credit in 1 978 to Latin 
American importers of Spanish Goods to promote: 

- Spanish exports to Latin America 

- Providing inmedia te cash payments to the Spanish 
manufacturer 


Information about the new program may be obtained 

from the following affiliated banks 

Banco de Santander - Argentina 

Banco de Santander y Panama 

Banco de Santander Costa Rica 

Banco de Santander Dominicano 

Banco de Santander - Puerto Rico 

Banco de Santander y Panama, El Salvador Branch 

Banco Inmobiliario de Guatemala (recent acquisition) 


Branches: Frankfurt - London - New York - Paris 
Representative Offices: 

Bogota - Brussels - Buenos Aires - Caracas - Geneva 
Guatemala - Lima - Mexico - San Juan de Puerto Rico 
Santiago de Chile - Santo Domingo - Sao Paulo 
Vienna. 


now be changed. A combination Costa Rica, Instauhal, Dakar. 

of , th ® need to P ro “ ote sports _ -cent' by the state controlled- ex- 

and the more specific necessity In the industrialised countries quality, of commercial missions. p0 rt finance bank. Banco.- £x- 
to study commercial practice the emphasis will be on adding In the past there have been terior cic Espana. Focoex has a 
within the European Com- specialised staff to cover specific criticisms that visits' by wide-ranging brieT and intends 
munity in greater depth, sectors— such as foodstuffs, etc., missions to countries have been t 0 act in two mam spheres, 
resulted earlier this year in a For instance, this year the carried out with insufficient First, it will participate . in 
detailed study by the Ministry Ministry intends to beef Up its advance: planning which has foreign contracts with private 
of Commerce on export promo- offices in New York. Chicago, limited their efficacy. Perhaps Spanish companies to act as a 
tion. This, incidentally, appears San Francisco, Montreal, Tokyo more important, not enough form of official guarantee. In a 
to have been the first time that Paris, London and .Bonn, with attention has been_devoted to number. of. developing .countries 
export promotion has been three 1 ‘ specialists,” each dealing analysing the results' of such there is a preference for gov- 
seriously investigated in the with foodstuffs, consumer goods missions and organisation, of emment to government ccm- 
overali context of an export and capital goods. While in follow up. tracts and this helps to accom- 

dr.ve. This study and its recoin- developing country markets like To this end the Ministry modal e this preference: or 
mendations now form the basis Iran or Saudi Arabia, the recognised that its own library more simply whore high perfor- 
of the Government's export pro- emhasis will both be on estab- needs to be bolstered . (Centro mance bonds are involved nr 
motion policy. lishing sector specialists and de Documentacion e Inform- an • element of political risk. 

The study proposed a whole- officials with an overaJJ acion de Comercio Exterior). As Focoex intends to behave as 
scale upgrading of Spanish com- competence. much as anything Cedin needs guarantor to the buyer and to 

mercial representation abroad The Ministry recognises that to be able to supply the local the contractor. In ' a recent 
as one of its main conclusions, to find adequate staff for these chambers of commerce and schools contract in Senegal 
This has been fully endorsed technical posts it will have to sector groupings throughout worth 812m. Focoex claims that 
by the Government, and over recruit outside, at least during Spain with the latest inform- its participation with private 
ihe next five years there will be an interim period. At the ation. about international Spanish interests was a deter- 
a substantial increase in both moment there is a serious short- tenders and country changes in mining factor in the award. . 
the scope and the scale of age of adequate commercial import regulations. Second Focoex intends to act 

official commercial representa- staff in foreign representative The amount of money avail- ^ j, catalyst in providing fin- 
tion abroad. By 1982 the num- offices, with some 30 posts able to fund missions abroad has ance f or overseas contracts, 
her of offices of the Commerce vacant The Ministry is cautious been increased this year and Through its Banco Exterior con- 
Ministry will have increased by about trespassing on the role will go up further next year, nection and its virtual state 
aver 50 per cent of the diplomatic service in all Over 200 petitions for foreign ownership Focoex borrowing 

Five criteria have been this, and makes no specific missions have been processed h as a 5tat ’ e guarantee In addi- 
adopted for this move. Above recommendation as to whether so far this year. These have tj on to th ese objectives Focoex 
all the Government wants to diplomats should focus more on been pared down to 90. This wail ts to firi new business it- 
increase and complete its exist- trade promotion. Until now will; include 11 each to se jf - or f or Spanish partners, 
ing presence in the OECD coun- Spanish diplomats have shown Venezuela and Saudi Arabia. To availing itself of The existing 
tries. Second the Spanish little interest in (or concern cover the increased cost the international network of INI 
presence in the traditional with) promoting Spanish trade budget for such missions has companies. Facncx claims to be 
Latin American markets will be — not unlike the British diplo- been raised from Pta ‘76m to currently “ discussing some 
strengthened. Third the Spanish malic service some 10 years ago Pta 112m. The budget for ptj 2.48bn worth of contracts, 
commercial presence in the when commerce seemed some- Spanish representation at inter- j t has also just taken a 25 per 
richer OPEC members, such as thing that British diplomats did national fairs has also gone up. rent stake- in a joint Saudi- 
the Gulf states and Nigeria, will nat dirty their hands with. But U per cent to Pta 439m. But it Spanish investment enrapaov, 
be formalised through comnier- dearly the diplomatic service, is possible that this may be Alkantara. Trading, formed in 


cial offices. Fourth, Spain will which has excess capacity, is further raised to provide conjunction with the triad 

slowly begin to show the flag grossly underutilised In this enough money for official group of Mr. Adnan Ivashogqi. 

in some of the more important context. Spanish participation for the Whether Focoex is merely 


In Spain, inquiries may be directed to any of the 
Bank’s 581 Branches or the International Division in Madrid 


regional trading centres such as By the end of the expansion first time iri fairs in Moscow, duplicating a role that INI in 
| Hong Kong for South-East Asia plan, the Ministry calculates it Leipzig. Baghdad and Dakar, more dynamic form could and 
I and Abidjan for French- will have 86 commercial offices There is also a move to devote should fulfil remains to be seen, 
speaking West Africa. Finally, abroad— while the cost of this more attention to attracting But clearly there is room for a 
Spain’s presence in East Euro- expansion programme will he in groups of foreign buyers to state backed company to assist 
pean countries and China will the region of 376m. Parallel tipain. the private sector in winning 

he reinforced »n the grounds with increased representation Apart from this the Ministry | arfiC overseas contracts. 

that they offer important alter- abroad, the Ministry intends to of Commerce study concluded D V* 

native markets. . . „ . .. . bolster, .both. the. .number .and that- importaiiLjfis cal. incentives... 1; / ix>u« 











Financial Times Tuesday July 11 1978 


SJSTaLlM-. 
U7 VA'S* 


fo 

rr 



It is a well known fact that Spanish foreign trade 
has. played a decisive role in the industrialisation 
of the country during the last two decades. The 
incorporation of new technology and equipment, 
emigrant remittances and an increasing rationalisa- 
tion of the production system, as a result of the 
Spanish economy opening up to international com- 
petition, were facts without which it would have 
been very difficult to speak of the Sp anis h economic 
“miracle.” 

The basis of the equilibrium between this fast pro- 
cess of industrialisation and a slightly positive 
situation of the balance of payments broke down 
dramatically with the 'international crisis which 
started in 1973. Since then, the Spanish foreign 
sector has become one of the bottlenecks of the 
country’s economic development 

By 1975 the Spanish trade deficit became the most 
unfavourable in the world (7,300 million dollars). 
At the same time, the acute dependence of the 
other current revenues (mainly tourism and 
emigrant remittances) on the international situa- 
tion. determined a reduction or a slowing down in 
its growth pace, resulting in a record deficit of 
4,300 million Dollars in 1976. 

With imports being double the value of exports, 
and apart from the fact that other current revenues 
would recover with a more favourable develop- 
ment of the economy, it was clear that the real 
challenge, the real problem Spanish foreign trade 
bad, and still has, to face was achieving an increase 
in its exports. 

There has been a positive development of exports 
during the last four years. This proves, once more, 
tiie dynamic and expansive character of Spanish 
foreign trade in spite of the acute internal infla- 
tionary process and the unfavourable state of inter- 
national markets. On the negative side, foreign 
trade has revealed its limitations as far as improv- 
ing the balance of trade is concerned. 

During the period 1973-77, exports increased by 
18.2% per year (in Dollars), thus allowing the cover 
of imports by exports to recover, reaching levels 
somewhat higher than those the period before 
the crisis; this cover was 63.4% ^! 1977 against 62.8% 
in 1973. ' \ 

In terms of constant Dollars, export growth was also 
comparatively higher than that of the G!JP, acting 
as a compensating factor against the weakness of 
the other components of demand and it also had a 
positive influence ou the level of employment While 
exports’ share of GDP was 7.5% in 1973, it went up 
to 9.1% in 1977. 

The tendency towards a greater sectoral and 
geographical diversification of exports remained 
unchanged. It is many years now since Spain 
ceased to be considered an agricultural country 
whose main exports were basically foodstuff and 
farming products; the relative importance of the 
agricultural sector has decreased. In 1977 it repre- 
sented only 20% of total exports compared with 
29.2% in 1973 and 44.8% in 1963. 

At the same time, the exports of equipment and 
consumer goods represented 43% of total exports 
in 1977, the remaining 36% corresponding to raw 
materials and semi-manufactured products. In 
this shift of emphasis towards industrial exports, 
it is important to highlight the good performance 
of relatively new exporting sectors with an impor- 
tant technological base, when compared to others 
with a longer exporting tradition. 

In particular, sectors such as semi-manufactured 
products for investment demand, industrial equip- 



/ ,7 . 


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- • •• * • • : . 

1 


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I* I. .» 

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■ .* • 


. . ■ ■ 


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- • 


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. * * • ■ 

- • • - 



- - 
7 . 



ASTILLEROS ESPAftOLES SA. Construction in sections of 
a Bulk carrier of 35,000 tons for CRAIG SHIPPING. 





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ment, automobiles and motorcycles progressed 
more rapidly than other sectors like fur and leather 
goods, shoes, furniture or toys and— -this is impor- 
tant-through channels that were less dependant 
on a lower relative cost of manual labour. . • 

The share of the first sectors mentioned above in 
the total export figure was 8.1%* 9.8% and 6.Q% 
respectively in 1977, well above the figures of 4.9%, 
7.9% and 3.1% for 1973. On the other hand, the 
second group’s share in the total decreased to 0.8%, 
8.0% and 2.6% respectively in 1977 when compared 
to 1.3%, 8.2% and 3.1% in 1973. In other words, 
the sectors once considered as the leaders of 
Spanish foreign trade proved to .be more sensitive 
to the competition from other exporting countries 

j ( FORHGN TRADE M11UON DOL1ABS ^ 




JFMAMJJASOND 


with a relatively cheaper and plentiful supply of 
labour and more favourable developments as far as 
their costs were concerned. These sectors are also 
the most likely to be affected by import restrictions 
in times of crisis. 

As for the geographical distribution, the tendency 
has been towards a greater diversification of the 
markets while still maintaining the traditional 
dependence on the Western European and U.S. 
markets. 

The EEC is still the foremost importer of Spanish 
products, representing 46.3% of total exports, com- 
pared with 47.9% in 1973,. The U.S. absorbed 9.8% 
of Spanish exports in 1977 losing some points from 
the 13.8% of 1973; the Middle East countries went 
up from 4.9% to 7.5% during the period, an impor- 
tant gain but less than what was presumably 
expected from their potential purchasing power. 

The above mentioned tendencies have continued 
during 1978. During the first four months of this 
year, exports increased (in Dollars) by 22% com- 
pared to the same period in 1977, this has enabled 
the trade balance deficit to be reduced by 700 
million dollars. Considering the slowing down of 
imports and also considering that tourism is 
expected to break all previous records in 1978, not 
only in number of visitors (37 million) but also in 
expected income of over 5.000 million Dollars, it is 
possible to anticipate that Spain will be able in 1978 
to readjust substantially its trade balance reducing 
its current deficit to less than 1,000 million Dollars. 
Even so, the Spanish trade deficit for 1978 is 
expected to be around 5,000 million Dollars (3.8% 
of GDP), this figure shows clearly that there is still 
a long way to go and it is obvious that a substantial 
export drive is needed, especially now that imports 
have stagnated. 

In this sense, short term Government policies are 
mainly directed at reducing the growth of salaries 
and prices, this being a “ sine qua non ” condition 
for maintaining and widening the existing markets. 

This measure has been reinforced recently with the 
approval of an export support programme, which 
is meant to encourage and promote all export 
related activities. 

This programme includes a 50% enlargement of 
the network of Commercial Offices within a five 
year period, increased participation in inter- 
national trade fairs and trade commissions to 
foreign markets, a reform of export promotion 
techniques, like faster compensation of the export 
premium, as well as other measures intended to 
provide better information for Spanish exporters 
and more substantial promotional and advertising 
efforts for their products and services. 

On the other hand, there are some negative facts 
which will take some time to correct There are 
crises in important sectors, especially the shipbuild- 
ing, steel and textile industries; there is a lack of 
capitalisation in many companies, the average size 
of exporting companies is still very small, their 
technological dependency is high and, last but not 
least, companies have directed their sales to the 
protected and safer domestic market instead of 
finding new markets abroad. 

The fact that high and steady domestic growth 
expectations have weakened with the crisis has 
brought a change of attitude to the industrialists’ 
minds, with a favourable influence to help solve 
the above problems. There is no doubt an export 
potential still to be developed, and in the final 
analysis there is room for an optimistic view on the 
possibilities within the Spanish economy as far as 
foreign trade is concerned. 


Spanish Commercial Offices in Europe 

AI1CTRI1 

Felcbsratstrasse 11, A-1016, Vienna 1. Tel: 438274 

BELGIUM. LUXEMBOURG _ . _ 

Avenue des Arts, 21/22, Brussels 1040. Tel: 51L99.90 

CZECHOSLOVAKIA, HUNGARY 
Jecna, 7, Prague 2. Tel: 29.S2.49 

DENMARK. NORWAY. ICELAND _ 

H.C. Oersted svej, 7B, Copenhagen >• T«. 3LZZ.10 

EAST GERMANY . f 

Clara Zetkin 97-5° 11, 108 Berlin. Tel: 22BM3S - 

^17 Avenue George V, Paris 75.008. Tel: 359A-L3. 

GREAT BRITAIN-IRELAND mm 

3 Hans Crescent, London. S.WX Teh 589 4891 

GREECE, TURKEY, CITRUS 

Stournra. 32. Athens. Tel: 524.9156 

HOLLAND _ 

Ears Patinjnlaan, 67, The Hague. Tel. 645L68 

* T V Yiale Bruno Buonl, 47, Rome 00197. Tel: 805.462 
ML sSe(ok«ysla. M/12 B J>. 80, Warsaw 00-050. Tel: 20.4181 
P0II AT. BO* 5 " M-2’ 0>>«1 LMon. Tel: 5UHJB 

St«WH>ta- Tel: 08J4.66.10 

S ' V S^.4Ben.e.Td:25 JL n 

^Eeninsm 88 Renws S, KU 484, Momw B-JS1. 

Tel: 138.44.10 


WEST GERMANY 

53 Bonn-Bad Go des be re. Koblenzerstrasse 99, Bonn. 

Tel: 36.50.27 

YUGOSLAVIA 

Njegosera 54/Plaza/2/N 5, Belgrade. Tel: 60.93.25; 

Spanish Chambers of Commerce in Europe 

BELGIUM 

Camara Espafiola de Comcrcio, Rue de U- Science, 19, B-1040 
Brussels 
DENMARK 

Camara de Comerdo HI spa uo-Dan P5a H-C. OerstedsveJ, 7B, 
Copenhagen V. 

FRANCE 

Camara Espahola de Comercio, 32 Avenue de L’OpOra, 

75002 Parts 

Camara de Comercio Comercio. rue Ed. Due ere, 64100 Bayona 
Cimara de Comerdo Hispauo-Francexa, 3, rue Aldebert 
13006 Marsielles 

GREAT BRITAIN 

Camara Espafiola de Comercio de la Gran Bretaha 

5 Cavendish Square, London S.W-1 

ITALY 

Camara Espadola de Comercio, Via Rugaoella, L20122 Milan 
NORWAY 

Camara de Comerdo Hlspano-Nnrueea Spansk-Norsk 
' Handelskammer, Kirkegaten 5, Oslo 1 
PORTUGAL 

Ciinara de Comercio e Indostria Lnso-Espafiola Avenlda 
Antonio Au gusto de Aguiar, 9-2” E. Lisboa 

SWITZERLAND 

Camara de Comerdo Hlspano^nia Bldcherweg, 18, 8002 
' Zurich 

WEST GERMANY 

Camara Espafiola de Comercio. Scbaurtamkai, 83 

6 Frankfurt /Main 70 


Permanent Delegations for Commercial Affairs 

BELGIUM 

C.EX-, 23 & 25 rue de la Lol, Brussels. Tel: 513^5^0 
FRANCE 

O.CJD.E^ 44 avenue d'Dena, 75U6 Paris 18. Tel. 723.61.50 

SWITZERLAND 

G^-T.T., 15 ruedel Jeter de l’Arc, Geneva. Tel: .35.61.70 
SPAIN— CEDIN 

(Cetro de Documentatlonee Informadnn del Comercio 
Exterior) 

TRADE INFORMATION SERVICE 

Almagro, 34, MADRID-4 
Tel: 419.4421 


For Further 
Information Please 
Apply to Any of the 
Above Addresses 







16 


Financial Times Tuesday July 11 1978 


SPANISH EXPORTS IV 




Motor industry looks abroad 


WITH FEW exceptions last year network. Fnrd set up its plant 
was a good one for Spanish in Valencia to produce the 
motor exports. While home sales Fiesta model in cooperation 
increased by only 7.4 per cent with its other European produc- 
compared to 1976, motor tion plants, ensuring for itself 
industry exports went up by an automatically extended mar- 
75 per cent. According to latest kot abroad. This export pnten- 
costoms figures the total value tial was from the outset of the 
of motor exports (cars, lorries Valencia operation given an 
and tractors) in 1977 was added stimulus, paradoxically, 
Pta7.7bn and 10 per cent of total by the constraints imposed 
exports. originally by the Spanish 

Clearly with demand at home Government to protect the 
declining, motor companies in national car manufacturers such 
Spain have been forced into ^ seat, particularly in their 
looking more towards exports. con trol of the domestic market 

skxs::; » — £ "■s-ss 

the industry to Spanish exports. . L f ’ 

It is impossible to understand designed to channel the Ford 
the strength of this sector with- operation (and indeed the 


pany exported 126.163 engines 
to its sister plants i gross value 
of Pta 33.4bn) at Saarlouis 
(West Germany) and Dagenham 
in the UK. 

In the Spanish motor car in- 
dustry today. Ford's success con- 
trasts strikingly with the 
hampered performance of Seal 
(49 per cent controlled by INI. 
the Spanish holding company, 
and with a 36 per cent parti- 
cipation by Fiati. 


out first appreciating the special 


activities of any other multi- 


national) towards a positive con- 
tribution to Spain's balance of 


status of Ford in Spain. 

spSr aSTS ” ,s - “ 

plant at Valencia just over two 

Skan ago has undoubtedly been two-thirds of production import 
the great success story of the P arts Z 0 *?™* 0 ™ “ 

Spanish motor industry. Not t vaiue of 

only has it become the major a ° d limit lts f ,f * "° more V 1 * 11 
car manufacturer in Spain, it 10 per f ent ^ e . previous 
has reached the top of the list r ears volume M a who,e - 
in the Spanish export sector. In its first two years in Spain. 
Thai Ford has managed to over- Ford had no difficulty in pene- 
take not only its direct com- trating 10 per cent of the mar- 
petitors in the motor industry, ket, nor in taking its level of 
but also other long established exports far beyond that experi- 
eicport-orientated companies, enced by its competitors. In 
can only be explained against January to April this year, for 
the background of the particular example, the number of units 
sector of Spanish industry of exported by Ford increased by 
which it is part. 104 per cent. Last year. Ford 

-Of all the car manufacturers exported a total of 148.679 cars 
in Spain, Ford has the great (gross value of PtaSTSbn), 
advantage of being part of the most of which went to the EEC 
most integrated international countries. In addition the com- 


Conception 

Seat's original conception was 
to be a manufacturer using Fiat 
technology to dominate the 
highly protected local market. 
Yet in recent years, because of 
economies of scale. Seat has also 
turned towards exports. The 
company’s performance in this 
field has been restricted, and 
Seat officials are the first to 
admit that it would be guaran- 
teed a much more integrated in- 
ternational network with much 
greater control were Fiat to 
take control. 

Seat last year exported a total 
of 67,708 units. This represented 
a 12.1 per cent increase com- 
pared to 1976, and showed that 
the company is still finding it 
difficult to compete successfully 
abroad. To an extent Seat's 
present relationship with Fiat, 
means that as far as the export 
of cars Is concerned, the com- 
pany's Italian counterpart is 
perhaps its greatest competitor. 

Seat, for example, has been 
unable to follow other Spanish 
motor manufacturers in 
penetrating the Latin American 


market, where Fiat has a num- 
ber of plants. Instead the com- 
pany appears to have been 
forced into orientating itself 
Towards the export of CXD 
(completely knocked down) 
units rather than vehicles. 

Yet despite Seat's inherent 
structural difficulties i‘ can 
pmnt to one tangible success in 
19/i. In Egypt it won a deal 
with the national car company 
Nalgo for the setting up nf a 
plant for the production of the 
133 modeL In a' sense Seat 
appears to have made the best 
of a bad job. The 133 is 
outdated on the European 
market but has now acquired a 
new lease of life, with the poten- 
tial increase of CRD units that 
it entails. Looking towards the 
coming year Seat is putting out 
optimistic forecasts that it will 
be able to export up to 100m 
units. Today completed car 
sales go mainly to France and 
Denmark. 

Of the other car manufac- 
turers both Chrysler and 
Renault, and to a lesser extent 
Citroen, have taken advantage 
of their extensive international 
networks into which they can 
fit Spain. 

Recession and the consequent 
drop in demand in the local 
Spanish market has meant that 
these companies have gradually 
moved away from their original 
purposes and orientated them- 
selves towards exports. After 
Ford, Chrysler has perhaps been 
most successful in this. Owing 
to a series of particular circum- 
stances. Chrysler's exports 
suffered distortions in 1977. 


The company's exports of 
military vehicle components to 
the U.S. suffered a sharp drop 
because of the expiry of a con- 
tract with American Motors. In 
addition Chrysler experienced 
a decline in ji» exports of CKD 
units. This explained by the 
company discontinuing produc- 
tion of the Simca 3000, which 
until this year had been 
exported in CKD units to 
Colombia. 



Banco de Vizcaya 


SPAIN 

INCORPORATED IN 7901 
HEAD OFFICE: GRAN VIA. 1 - BILBAO- 1 
CAPITAL 1 1.271 .043.000 PESETAS 
RESERVES 12.494.090415 PESETAS 
669 OFFICES IN SPAIN 


INTERNATIONAL BANKING DIVISION 

Paseo de la Castellana. 1 14 - Madrid-6 
Tel. 41 1 20 62 - Telex 22571 - 42382 

INTERNATIONAL OFFICES NETWORK 


LONDON BRANCH 

75-79 Coleman Street 
London EC2R 6BH 

Tel. (01 ) 628 45 66/9 - Telex 885245/6 

PARIS BRANCH 

15, Avenue Matignon, 75008 Paris - Tel (1) 359 55 09 - Telex 641423 - 641425 

BAHRAIN BRANCH 
Offshore Banking Unit 
P.O. Box 5307 - Manama - State of Bahrain 
Tel. 53261 - 53340 -Telex 9060 BANCAY 

NEW YORK AGENCY 

400, Park Avenue - New York, N.Y. 10022 - Tel. (212) 826-1540 - Telex 66199 
SAN FRANCISCO AGENCY 
650, California Street San Francisco. California 94108 
Tel. (41 5) 392 25 30 - Telex 67534 

REPRESENTATIVE OFFICES 


MEXICO 

Avda Juarez, 4 - Mexico. 1 D F. 

Tel. 585 00 30 - Telex 1 777460 

VENEZUELA 

Avda. Francisco Miranda - Edificio Torre Europa 
Oficinas 7 y 8 - Caracas 
Tel. 33 43 53 - 33 25 08 - Telex 23532 
GERMANY (FED. REP.) 

Friedensstrasse. 11 - 6000 Frankfurt/Main 1 - Tei ( 611 ) 2332 91 - Telex 413215 

CHILE 

Paseo de Ahumada, 254 - Oficina 301 
Santiago de Chile 


:aj»i4 p 
Nigna_ „ * 

4*322 <aEBg 

€mpreso Rational de CeNosas,&a. 

Head Office: 

Juan Bravo 49 Dpdo, Madrid — 6 
Telephone: (01) 402.12.12. Cable: CELULOSAS 
Telex: 23564 ENCES-E 

Also Foreign Markets Dept 43449 ENCE-E 
— Total production of bleached and 

unbleached H.W.D. and S.W.B. pulp 336,106 tonne? 

— ENCE control 100,000 hectares of their 
own forests for the production of wood 
pulp. 

— -Total sales 11,384m. Ptas 

— Gross profit 744m. Ptas 

FOREIGN MARKETS 

• The production of the mills in the ENCE Group ss for both 
the domestic and export markets. ENCE is one of the 

■ Spanish companies which exports the highest percentage 
of its production. 

<N ENCE products are supplied to 30 off-shore markets on a 
regular basis. 

• ENCE exported 70,000 tonnes in 1977 of which 70% was 
bleached Eucalyptus pulp. 

9 85% of this total was supplied to EEC countries. 

• Exports of rayon staple fibre in 1977 totalled 8,497 tonnes. 

• The total value of exports in 1977 amounted to U.S.S 29m. 

ENCE PRODUCTS 

— Unbleached long fibre (pine) sulphate pulp fkraft pulp); 
— Unbleached short fibre (eucalyptus) sulphate pulp; 

— -Long fibre (pine) chlorine dioxide bleached sulphate pulp; 
— Short fibre (eucalyptus) chlorine dioxide bleached 
sulphate pulp; 

— Standard and special staple rayon fibres; 

— HWM (High Wet Modulus) staple rayon fibres; 

— By-products: 

(a) Tail-oil; 

(b) Turpentine; 
ic) Eucalyptus oil. 

MILLS at Pontevedra, Huelva and Miranda de Ebro. 



Yet despite - these distortions, 
Cnrysier’s overall performance 
lan year showed a marked 
improvement in exports: a 47.6 
per cent increase over 1976. 
Total value of exports in 1977 
was Pta 3.3bn, The company 
appears to be engaged in an 
aggressive campaign to capture 
new markets and to compete 
successfully both in Europe and 
in the developing world. 

It has, for example, put into 
the European market its heaty 
goods vehicle type 300. which 
it has renamed Dodge. The 
change of name has been made 
as part of a conscious effort to 
integrate its Spanish operation 
much more closely with its 
other European production 
units. 

Less successful in the light 
and heavy industrial vehicle 
sector has'been Spain's national 
producer, Enasa (66 per cent- 
owned by INI). As with Sear. 
Enasa has found it difficult to 
branch out from the home 
to the international market, 
although it has won one or two 
important contracts in Latin 
America during the past year. 


During King Juan Carlo’s visit 
to Venezuela last year the com- 
pany was awarded contracts for 
two industrial vehicle plants. 
And then in April this year 
Enasa won a deal with Cuba 
for the export of 500 Pegaso 
buses, with an estimated value 
of PiaJ.obn, There arc now a 
total of 4.000 Pegaso units in 
Cuba, a number of which are 
supervised by Enasa techni- 
cians. The value of Enasa ‘s lotal 
exports during 1977 is estimated 
at Ptad-3bn. 


7(v Limitations 


While hoth Scat and Enasa 
provide examples of the present 
limitations of local companies 
in the export field, the case of 
Motor Iberica. the Spanish-con- 
trolled industrial vehicle manu- 
facturer based in Barcelona, 
shows a possible solution 
to those limitations. Last year 
Motor Iberica s exports 
creased by 1 7.5 per cent 
Pta6.6hn. with a marked suc- 
cess in the export of tractors 
and agricultural machinery 
1 38.2 per cent increase 
Pta3.8bm. 

Essentially Motor Iberica has 
achieved a level of aggressive 
salesmanship somewhat lacking 
in the other “Spanish” motor 
companies, it has made a con 
.sistent effort to improve both 
the quality and the choice of 
its products, so as to make itself 
highly competitive at an inter 
national level. During the past 
year representatives of Motor 
Iberica have toured Europe and 


Latin America, pstahlishm^ an 
efficient marketing organisation 
through new sales offices iu 
most European countries as well 
as the Far East. 

At home Motor Iberica has 
one of the country's worst 
industrial relations records 

(which in the pa.Hf has included 
lock-outs and strikes involving 
the whole of the Spanish motor 
car industry), but this did not 
prevent ns managers from 
venturing, with scarcely con- 
cealed bravado, into Portugal 
earlier this year. Motor Iberica 
appeared confident then that it 
could also carve out for itself 

with the Communist-dominated 

Portuguese unions, but that U 
could also move out for itself 
another country in a growing 
list of new markets. 

Looking towards the future, 
however, the fate of all car 
manufacturers in Spain will be 


linked to a greater nr lever 
extent to the changes that take 
place within the world ear 
manufacturing industry as a 
whole. Already significant in 
other parts of Europe, par- 
ticularly ic the UK. is th** 
challenge of Japan, which, in a 
relatively short time, has 
managed to become the biggest 
vehicle exporter in the worid. 

Tn the future a number of 
developing countries are 
expected to step up vehicle 
production, forcing developed 
countries into a preference fur 
exporting technology and 
components rather than cars. 
Multinationals arc better pre- 
pared for Spam's entry into the 
EEC. But they will have to join 
tilt* local companies in answer- 
ing rhe challenge that lie.; 
beyond it. 


Jimmy Burns 


to 



i# .9 *• > .*Vi, *■%»- - • 


/;■ tfh. '-_s 




The Seat 133 : a neic lease of life with, the setting up of a plant to produce it in 

Egypt. 


A lifeline for 


industry 


SPANISH INDUSTRY, which yet to answer successfully the 
has been experiencing a reces- challenge of competition both 
sion in recent years, has found within and outside Spain, 
in exports a vital lifeline. Com- Sercobc, an association which 
panies hard pressed by rising represents most of the capital 
costs and a dramatic fall in goods manufacturers in ihe 
domestic demand have looked country, claims that the Gov- 
increasingly to the international eminent’s present economic 
market as a solution to their, programme is hampering the 
crisis. Without the cushion of sector’s performance in the 
cash flow from foreign sales international market. While 
many companies would be on devaluation may have restored 
the verge of bankruptcy. The the competitiveness of some 
trend of looking for outlets on sub-sectors of the industry, it 
the external market is reflected has bad little effect on com- 
in export .figures for 1977. panies involved in the produc- 
These show that the export, of tion of larger and more i-oraph- 
industriai products increased by cated goods. Significantly, the 
18.6 per cent on the previous association emphasises that 
year (this compares with only many of these companies prefer 
a 10.9 per cent increase in to import goods because of the 
agricultural exports). Industrial better credit terms that are 
exports now represent 78JJ per offered by the .exporting 
cent of total exports. country. 

These statistics, however, 
only tell half the story of jjlrfvpcb 
Spanish industrial exports. The T T 

increase is mainly due to the In addition to the problem of 
effect of - , the 22 per cent credit the Spanish capital goods 
devaluation last July, and does industry shares with other 
not reflect the difficulties that sectors an inherent structural 
many companies have found tn weakness. Its relatively weak 
adapting to the new orientation, technology compared to other 
both in terms of competition developed countries is com- 
and production. pounded by the low outlays in 

The capital goods sector, for research and development The 
example. has been little sector still sells 40 per cent of 
affected by the devaluation — its total exports to the EEC but 
because of the timelags in pro- has increasingly looked towards 
duction, the sector tends to be the developing countries for 
far more affected by inflationary new outlets. Thus last year 
trends than by any temporary capital goods exports to the EEC 
readjustment in the exchange increased by only 21 per cent- 
rate. to Pta 87.3bn, while exports to 

In part this sector Latin America increased by as 
incorporates a great number of much as 36.9 per cent, to 
companies that last year experi- Pt2 21.9bn. 
enced virtual stagnation, and The machine tools sector has 
yet have managed to increase been particularly successful in 
their exports substantially, finding new markets for its 
While in 1970 only 14 per cent exports. Machine tools have 
of total production was directed suffered greatly from the reces- 
at exports: last year this figure sion at home and has had no 
increased to 37 per cent. alternative but to become more 
The sector as a whole, how- export orientated, 
ever, has failed to solve, its It too, is more affected by 
trade deficit which last year inflationary trends than by 
stood at Pta lldbn. That the devaluation and as a sector has 
sector has still to import more found it extremely difficult to 
goods than it exports shows 
that Spanish capital- goods have 


compete in Europe. In 1977 
total exports increased by 
25 per cent to Pta 102.9bn. 
which signified a favourable 
balance of Pta 8bn (in 1976 the 
sector had a deficit in its balance 
of trade of Pta 20bn). 

Yet this was mainly due to a 
considerable Increase in the 
volume of exports to certain 
Latin American countries, as 
well as to Africa and Asia. One 
of the most dramatic increases, 
for example, was that to 
Colombia: up by 286 per cent 
( to Pta 322m 1 from last year. 

The machine tools industry 
has been handicapped by the 
Government’s credit squeeze. 
Talking to the Association of 
Spanish Machine Tools Manu- 
facturers (AFM), fairly 
optimistic statistics are 
countered by a pessimistic vision 
of the effect of total domestic 
stagnation. While turning out- 
side . Europe for expanded 
outlets. AFM still has its eyes 
firmly set on the EEC. And for 
the moment the Association 
feels itself poorly equipped to 
deal with European competition 
once tariffs have been lifted. 

Nowhere are the present 
limitations on Spanish indus- 
trial exports more apparent 
than in the chemicals sector. 
Last year with a deficit of 
Pta 7lbn. the chemical industry 
had the most negative balance 
of trade (after petrochemicals) 
of all industrial exports. 

As in the case of machine 
tools and capital goods, the 
problem facing the chemical 
industry is a structural one. 
Traditionally tile sector has 
been highly dependent on the 
advances of science and tech- 
nology. In recent years It had 
been partially successful both 
in modernising its plants and 
diversifying its products. Tradi- 
tional products such as potas- 
sium salt mercury and tartaric 
acid, -which in 1960 accounted 
for over 70 per cent of total 
Spanish chemical exports, now 
represent less than 5 per cent. 


it 







' SW-. 




PRINTER 
INDUSTRIA 
GRAFICA S. A 


Sau Vicente dels Horts (Spain) 


has once again, for the fourth con- 
secutive year, won an award for 
being the leading Spanish printer in 
export, from 1974-1977 inclusive. 
Supplying high quality colour books 
to many British, European and World 
Publishers. 


UK-Contact: Git AFICAS ESPANA LTD. 
18a High Street 
Thame, Oxon 
Phone: 084 421 4718 
Telex: Watson G 837551 


T-exporr-ui 

rr-iJUHHtT-i 

-FINANCING- 


CENTRAL FOREIGN DEPARTMENT 
Alcala, 10 MADRID-14 

27549 BANZA-E 
TELEX: 23S35 BANZA-E 
23S55 BANZA-E 



BANCO ZARAGOZANO 


PBRELL9 IN SPAIN 


Produetos Pirelli SA. Spain, Italian Pirelli's first offshoot 
abroad, started its activities in 1901. Today, with 5.300 
employees, five factories and a large commercial network, the 
company occupies an important position in the worldwide 
Pirelli-Dunlop Group of companies. 

In Spain we have reached an outstanding position in the 
production of electrical insulated cables and conductors. Our 
range goes from building wires and magnet wire to super- 
high-tension ail-filled cables (the well-known O.F. type). 

The high level of. our technology is maintained through close 
and constant contact with Pirelli Research and Development 
centres in Europe, USA., Mexico and South America and is 
universally acknowledged. We are thus able to compete 
successfully for important international tenders and boost our 
export opportunities. 

Produetos Pirelli, SA. is also well-known In Spain as a manu- 
facturer of tyres and tubes for all types of motor vehicles. 
Our produeeion is sold not only in the domeseic market but 
an important share is exported to the markets of Europe. Africa, 
the Middle East and UJA„ thus making a cansistant con- 
tribution to the Spanish export drive. In addition. Produetos 
Pirelli produces a wide range of rubber articles such as industrial 
V-belts, low- and high-pressure hoses, mats, hot-water bottles 
and a vast assortment of rubber parts for the automotive . 
industry. Through various distribution channels these products 
contribute to the worldwide export of products bearing the 
‘ made in Spain ' label. 


IRELL1 

PRODUCTOS PIRELLI SA. 

AV. JOSE ANTONIO, 612-614 
BARCELONA -7 (SPAIN) 

Tel; (34-4) 317 40 00 Telex: M637 




>1,1 V 


CONTINUED ON NEXT PAGE 



Textiles search for 
new markets 


am 




YOUR ROUTE TO BUSINESS 
SUCCESS IN SPAIN. 


r- 

^-2 \ 


W* i i* 

t a h{ 


• LAST YEAR, the Spanish tex- 
tiles industry's foreign sales 
■ reached a new high nf Pta 
,43hn, against Pta 30.9bn in 
: 1MT6. while almost doubling the 
' money value nf the sector's 
/exports since 1975. This per- 
" formance has enabled the 
; industry to hold — and even 

increase slightly — iLs share nf 
overall Spanish industrial 
exports, which last year settled 
; at 5.6 per cent. 

- Spain's main clients abroad 
. cnnlinuc to be inside the. EEC, 
? which in the last three years 
: h:is taken just under 50 per 

• cent nf textile exports, followed 
by the U.S., which receives 

.’nearly 10 per cent. But unlike 
most other Spanish industries — 
. notable exceptions being ship* 
'/building and steel — the textile 
' ’industry is not in a position 
‘to soak up excels capacity by 
: ^exporting, nnr indeed to com- 
pensate for depressed demand 
‘and thin order bonks at hinne 
| -by a concerted drive abroad. 

Nevertheless, it has not been 
.'idle. Restrictions in- its tradi- 
tional markets have increased 
the industry's pc nel ration nf 
= newer markets. North Africa, 
•for example, now accounts for 
10 per cent or total textile 
cxpnrts, on a par with France, 
hitherto Spain's mnst important 
customer, particularly for senti- 
‘ finished articles. In addition, 
and in a modest way. the 
industry is in the process nf 
breaking new ground in the 
Comecon countries, especially 
Poland. 


■*r : -| 


Upturn 


T> 7 If 

t '_ .;>• Ssi* 1 

r-, WlferpT S 

*V } » 

■ , r "[ 

V %. A f { ' 


La«q year's devaluation of the 
peseta brought a noticeable 
upturn in foreign sales during 
the last quarter, which appears 
to have continued into this year, 
making Spain a net exporter for 
the first five months of 1978. 
following an overall drop nr 27 
per cent in textile imports last 
year. From January to May, 
1978. the industry exported 
$295m and imported 9226m 
worth of textiles, against S236m 
and $294ni for the same period 
last > ear. 

li remains to be seen, how* 
ever, whether this performance 
can be sustained as the year 
progresses and the volume of 
Spanish textile products placed 
inside the EEC accumulates to 
potentially sensitive levels. 
Spam is not a signatory to the 
Mulii-Fihre Arrangement, but 
the Government is nevertheless 
keeping a selective eye on 
export*., and since February this 
sear has exercised the right to 
hold up import requests. 

But for the Spanish textile 
itttiiisiry the difficulty of com- 
peting in an over-crowded 
home market is only hull the 
problem. The conjunct ural crisis 
of the Spanish economy has 
taken a heavy toll of this siruc- 
turallr weak industry, where 
around 500 firms have dis- 


appeared in the past four years. 

The textiles industry is for 
the ' most part located in 
Catalonia, which accounts for 
around, three quarters u£ 
national production and nearly 
half the septor's exports.. Within 
Catalonia itself, the industry is 
heavily concentrated geographic- 
ally. but split into a large 
number of small to medium 
sized companies, frequently 
family-owned. Only 2U per cent 
of companies employ mure than 
50 workers. 

Until Spain’s present period nf 
economic development got 
underway, these small com- 
panies were generally .self- 
financing, catering for a captive 
market. and interested in 
expons only as an occasional 
means of clearing surplus stock. 
The opening up of Spanish trade 
in the early 1960s threw a 
number nf ifte industry's basic- 
weaknesses into sharp relief, as 
well a"? stimulating important 
structural changes. 

The series of sectoral 
restructuring plans — carried 
nut at the cost of the industry 
as a whole — that have taken 
place since then have eliminated 
a lot of underproductive and 
archaic plant, while simul- 
taneously stimulating a high 
rale of investment and increased 
specialisation and. co-ordination. 
Evidence of this is the growth of 
Spanish fibre capacity over the 
traditionally leading sectors of 
cotton and wool, which last year 
fell to less than a quarter uf 
total production. 

However, despite increasing 
productivity (down marginally 
last year on previous years), and 
in spite of increased foreign 
earnings throughout the in- 
dustry’s product groups, the sec- 
tor as a whoJe closed the year 
heavily in the red. As a result of 
last year's devaluation, textile 
manufacturers paid 14 per cent 
more for their mill inputs and 
saw their labour costs rise by 
a 'third, while the liabilities of 
failed firms last year repre- 
sented 10 per cent of sales 
abroad. 

Although the restructuring 
plans remodel the sector as a 
whole, what they do not do is 
improve the financial structure 
of individual companies 
Overall figures for the industry 
show that a majority of com- 
panies in each sub-sector have 
traditionally generated an 
average of 60 per cent nf Iheir 
finance internally, and that only 
the larger concerns tend to have 
established lines of credit with 
the banks. This method is un- 
tenable in the present climate 
nf high inflation and increasing 
labour costs, poor liquidity and 
expensive credit. With internal 
demand down 11 per cent last 
year, and the industry operating 
• at slightly under 70 per cent of 
; capacity, in practice this has 
; meant an average of four cam - 

■ panics a week suspending pay- 
1 ments in Catalonia in recent 

■ months. 


Neithpr, in the view of local 
manufacturers, do the restruc- 
turing plans allow the industry 
to shed the necessary amount 
of labour. The industry has 
eliminated 50.UQQ jobs since 
1962. while there are presently 
some 50.000 workers unem- 
ployed out of a labour force of 
340,000. Franco ist labour legis- 
lation was designed to guarantee 
jobs in return for industrial 

peace. Not unnaturally, this was 
one hangover from the dictator- 
ship that the nnions were keen 
to retain, and in the "Moncloa 
Pact” between the Government 
and main opposition parlies last 
autumn, while wage increases 
were pegged to 22 per cent for 
thus year, nothing decisive was 
resolved about easing the pro- 
cess of making workers redun- 
dant. 

In practicp, many companies 
taking part in the restructuring 
plans convert to purely market- 
ing activities, using the produc- 
tion r.f self-employed textile 
workers — the Dra\taire*. who 
despite long tradition in 
Catalonia, have grown in num- 
bers during the past two years. 
But the orthodox solution put 
forward by most industrialists 


is a change in the law allowing 
them to put their labour force I 
on short time, compensated by j 
social security payments. This! 
would avoid the cumbersome | 
legal procedures, which, they j 
claim, usually mean that j 
remedial action comes too late, 
as well as injecting drama into ! 

a deteriorating employment I 
situation. j 

While the relentless tandem j 

of bankruptcy and unemploy- 
ment clearly requires urgent ■ 
attention, the Government can • 
at best provide limited pro tec* j 
tion for the industry, and \ 
eventually, manufacturers hope, ! 
provide a stimulus for demand j 
by introducing modest refia - 1 
tionary policies. What it can- j 
not do is arrive at a solution i 
without agreement between i 
employers and unions. With the ; 
present growth in overall un- j 
employment, and dimini*hing i 
prospects for redundant workers ■ 
or finding jobs in other sectors. \ 
the unions are not in a position | 
to back the rationalisation of ; 
the industry without a say in 
how it is to lake place. 

David Gardner 







‘ International Division 

Madrid: Genova, 27. Telex: 22461 -23945 *42969 INBAN-E 
Barcelona: Avda. Generalisimo, 474. Telex: 51848 INBAN-E 
Alicante: Explanada de Espaiia, 15. Telex: 66285 INBAN-E 

Affiliates 

• Leasing 

OTIL1SA - Citilease International, S. A. Orense, 34* 
MADRID-20 

(Jointly owned with Citicorp). 

• Corporate Finance 

AG ECO - Asesoramiento y 
Gestion Economica, S. A. 

Miguel Angel, 23 


. ;; ■. /t . "* 

i-— 




MADRID. 


Established in 1920 - Head Office: Genova, 27. MADRID-4. 
Telephone - 403 3 1 00-403 01 54-40341 54 (40 lines). 

,35 offices in Spain J — - — 


BANCO'W' 

INTERNACIONAL 

DECOMEROO 
Empresarios en dinero y credita 




& P, 


w.jk 





m 

m 


mswm. 


f ( :-v‘S 

Pr • 






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KVi- 


Industry 

CONTINUED FROM PREVIOUS PAGE 

The tendency now is towards attention in Ihe Government 
the oxnorl of manufactured promotion plan, 
products such us plastics. The construction industry 
chlorides, chemical fibres and may offer an J xa ! ,,ple .jjj 
nharmafcul icals. nil of which Government goodwill witt . 
in, ve a potentially much wider regard to exports un tont ^ 
ni-.rket narlicularlv in the EEC. to the complaints ur bercobe 
Vr. V.^piVo is": Ihe Spanish .«d AFH,. Y« d«rl>; 

, 01 , inriiKirv is still far companies are being left to 

rhciiiK-al i ■ ■ : I'nfeal level fend for themselves and find 

1 ST "..n nlT™- .t a srartual alternative ^solutions to tlteif 
snl)*>l itulion of .mports A reocnt P p , thr rase of 

h ^ C ^=’ clearly Kco./a the^Teacf^ Spanish 

mint. ^ or P ( hai-k- electrical concern, is instructive. 

rrflerted t e n During the industrial boom that 

ward ness of to* - t m the 19 t 50 s the company 

: r -mna ted that at ine rlid extrcmclv well. When the 

I 35 t P - T l in nf SpS ™n came, however it 

. cnuipmcnt mod m Span n fQund ^ h3d surpl us 

••henucal plant* was_ over « and VM uncertain 

: : 

fiiar *A 

SH sbs - 

c\p*>rls need aroatcr *limulus 

lha „ ,h« - r c;«- d ai ^ Controlhng 

devaluation » **>••> are . .pnmn*oA 

-uci'c-otuliv answer the fh*l- This s-uuaimn prompted 
: inner uf i’nlrrnatiunal comprti- Fcnisa in call BilwH Inter- 
■: < M , n in ihc t'uiure. The Govern- national to take over a ol per 
: ,nont has itself recognised ihe L . ent cnn vro!rinff stake. , in a 
i dan -erous ground that ii mi?hi sense Bo&ch found 
; bn i reading by implementing a UvQ birds W |th one sionc. Not 
.: ; ff <Jabili»arimi programme. on1y dltJ gosch ensure a Large 
Poi-.tiim’ »f Ibis it has launched 0 f welcunK 1 cash and 

an ambilKiiis programme nf ,, pdaIed technology, but ateo 
export promotion particular^ pn! . ured that Kcm^a vould .be 
s aimed at honsliug sonic of the JJlle „ ralcd miQ A much wider 
Sectors whose putenli.U ■ j n ^e run Lion al network. 

\ pansum is very great, yet »!»*£ Wlhat Fwusa , h aS done is today 
i lack of technology n*> P** rcH ^ed on a much mure global 
| \enicd them front peneirauic by a i arge sec ivr of the 

J lane market*. Spanish motor industry where 

{ Construction is ; one . J • P u!l : lial .j ona i manufacturers 
for example, which h ‘ 1 ^ havc insured a wide ranse of 

! «,m»*l>- 5S^»l iar 

non towards export* in iu ni *_ pvnnrl* It is ,w act> 

: iiz ~ 

I S». ,r sS'nT'SLtnjj IS It J 23 

f nun cniild have a very positive pointed in a d-irtLU 
; PlTeif on the balance of paj- ftdlowins- 
' moms. The sector lias there- Jimm> OUIHS 

\ fore been singled oui for special 





.'■•T? Wgjat.W 




Hi*.- 




ms&*\ 


In Spain’s truckmaking industry* 
Chrysler Espana is one of the two largest 
constructors of commercial vehicles. 
During the last three years* Chryslefs 
share of the growing domestic market has 
increased by 20%. 

Currently, nearly half of all 
commercial vehicles sold in Spain are 
Dodge trucks built by Chrysler. And 
Dodge trucks are also enjoying a fast- 
increasing volume of exports. 


Like the new Dodge 300 Series range, 
huilt at a large* modem plant in Madrid 
for the roads of Spain, the United Kingdom* 
and other Western European markets and 
beyond. 

TheDodge 300 Series* with its superb 
Chrysler 1 1.9 litre engine, is one of the 1 

more powerful heavy trucks built in • 
Europe today. It is available from Dodge 
truck dealers in U.K. now as a 38-tonne 
tractor with sleeper cab* 36-tonne tractor 


with day cab or 38-tonne drawbar rigid, 
and additional models will be on sale here 
in early *79. 

A feature of these Spanish-built Dodge 
trucks is their competitive price, making 
them outstanding value for money. They 
complement the U.K.-built range of Dodge 
trucks, adding weight to the Chrysler 
philosophy of offering operators in all 
markets a comprehensive range of higf 
quality' commercial vehicles. 




CHRYSLER 

INTERNATIONAL 



A leading Spanish Bank 

with 

International Ambitions 

The BANCO HISPANO AMERICANO, with a network of 1,100 branches situated 
throughout Spain and an international organisation, is superbly placed to ensure that 
it offers the best possible service to its customer, both at home and abroad. 

Assets and liabilities as at 31“ december 1977 
(US Dollars millions) 


ASSETS 


LIABILITIES 


Cash & Banks 

3.752 

Deposits 

8,123 

Investments 

1,033 

Other Liabilities 

409 

Loans & Discounts 

5.859 

Capital 

233 

Other Assets 

392 

Surplus Profits Sc Reserves 

271 

Contra A/cs 

7,449 

Contra A/cs 

7.449 


16,485 


16,845 


International Developments 

BANCO HISPANO AMERICANO is fully aware of the commercial and financial climate 
that links Spain to the rest of world and has made, during the last few years, a sustained 
effort to provide its extensive network of branches with an excellent international 
service. It has recognised the needs of both Spanish exporters and international 
investors. Side by side with these developments, the central departments which liaise 
with the International Division have also been reorganised/ 

BANCO HISPANO AMERICANO’S excellent understanding with similar banks all 
over the world forms a sound basis for international business. In order to enhance this 
position we are established directly in the major international financial centres and 
we have a wide network of Representative Offices in several continents. 


EUROPE 

BRANCH 

Pans 

Banco Hispano 
.America rw 
1 Avenue FranJdhtn 
D. Roosevelt 
75008 - Pans. 

REPRESENTATIVE 

OFFICES 

Frankfurt 

6 Frankfurt am Main-1 
Kdeerarane, S 

Copenhagen 

(lor Scandinavia! 
Radhuiptadsen, 4 

WHOLLY OWNED 
SUBSIDIARY 

Luxembourg 

Banco Hupano 
Americano Holding 
Uuxombuigo S. A. 

22 24 Boulevard 
Royal 


PARTIALLY 

OWNED 

SUBSIDIARIES 

London 

Banco Urquqo 

Hispano Americano 

Limited 

& Laurence Pountrwy 

Hill 

Brussels 

Nippon European 
Bank 

40. Boulevard du 

Regent 

Saarbracken 

Commerz-Credif 

Bank AG. 

Europarmci* 

Faktoreciirdsse, 4 


Geneva 

Rhomracr 

(SoneM Rhc-danier.ne 
d'investesernems 
Internationa icO 
1 1 Quai de. Berjes 
Iris (Institutional 
Research and 
In’.vMmenf Services] 
S3. Rue du Stand 
lusmobamg 
Eirf.-partnm 
rW-| . S.A 
1 1 . Avenue de la Porte 


AMERICA 

AGENCY 
New York 
Banco Hispano 
Amencano 
Oiimipic Tower 
b45 Fifth Avenue 

REPRESENTATIVE 

OFFICES 

Buenos Aires 

Corrientes, 466 
Dpio SI 
EoiIkio Sa&co 
Rio de Janeiro 
Audi. Rso Branco, 134 
Edificfo Comeriio 
e Indusrria 
Bogota 

Calc 17. IV 7-35 
Eduicio Eanco Popular 


San Jose. 

Costa Rica 

CaBe Centra] 

EiiiKvo Cosnt 
Mexico 
Avda. 16 de 
Septiemt-re. 66 
EdifKio Pnncesa 

Lima 

Jo im Huallsga. 32ft 
Edihcio Mokhomakj 
Caracas 
Avda UrtiversiJad 
es 4 a Traposr.rj 
E-inoo Banco 
HpMum Credit 
U:bano 


AFRICA & 
MIDDLE EAST 

REPRESENTATIVE 

OFFICES 

Beirut 

Riad So!h Street 
Arab Bank Building 

Teheran 

6 Kanin Khan Zand 

PARTIALLY 

OWNED 

SUBSIDIARIES 

Casablanca 

L'n.on Santana 
Hapano ManoquT 
Kf? rje du Pmce 
MouLy Abdullah 


Cairo 

Misr tntematonal 
Bank 

155 Mohanwd 

Fand5treet 

Teheran 

Gespanlran ISodeda: 
de Promotion y 
Gestain Hzspano 

liania.S.A.} 
c of Execuavte 
Serwcc Co. 

*311 Betiding 
193 Irjn-E-NavzcAv. 


sSe. 

BANCO HISPANO AMERICANO 

inttrn atonal p\rt,ners 

BANCO Dl ROMA - COMMERZBANK - CREDIT LYONNAIS. 


Financial Times Tuesday July II 197S 

SPANISH EXPORTS VI 


Sharp increase in 
export finance 


LOOKING AROUND at their 
European competitors. Spanish 
exporters should have little 
cause for complaint over the 
extent and availability’ of export 
finance. From being a poorly 
developed facility seven years 
ago. export finance is now 
rapidly evolving and is given a 
high priority by Ihe authorities 
in their drive to promote 
exports. 

The banking system has also 
responded well, albeit through 
mechanisms of official control at 
times, to provide funds for 
export and recently to orientate 
more towards medium and. 
longer term facilities. At the 
same time the Government has 
taken steps to broaden the scope 
of export credit guarantees, and 
only last month new legislation 
was approved providing for 
guarantees to cover political 
risks. 

The evolution of total credit 
made available for export bas 
trebled within the space of 
seven years. The rapid growth 
reflects both accelerated export 
activity and increased ability to 
meet export credit demands. 
The. two have gone hand in 
hand The main growth came 
after 1974. when Spain first 
began to hit slackening 
domestic demand and the con- 
sequent excess production 
capacity was available for 
export. Thus total export credit, 
which in 1974 .was Pta 109bn 
lS1.3btO. rose to Pta 192bn 
(S2.4bn) in 1975 and jumped 
almost 50 per cent last year to 
Pta 2S7bn (SR.Sbni. No other 
country in Europe has witnessed 
such a sharp increase in export 
credit in recent years. 

This year the Government has 
projected a 125 per cent 
increase in the demand for 
export credit, fixed at Pta409hn 
<S5.1bn). ’ The sector with the 
largest needs is capital goods. 
Here officials have projected an 
increase in the demand for 
credit of 73 per cent . to 
Pra213bn ($2.6bn). This is 52 
per cent Df total expected export 
credit. 

During the past seven years 
there, has been an important 
change in the structure of 
export finance. In 1971 the 


EXPORT CREDIT FINANCING 1977-78, Peseta bn 


Official credit to Banco Exterior 

Obligatory contribution Banco Exterior ... 

Obli g a t ory contribution private banks 

Bank of Spain special credit 

Obligatory contribution savings banks 

IMF credit 

Other sources 


98.2 125.0 


Projected. 


statutes of the Banco Exterior 
de Espana were altered, and 
the State took a 62 per cent 
stake with the object of using 
this institution as a major 
instrument of export promotion. 
Since then Banco Exterior has 
progressively taken a larger 
load of total export finance, 
moving from 18 per cent in 1973 
to 47 per cent last year, with a 
corresponding decrease in the 
role of the private banks. 


Private 


Banco Exterior regards itself 
as a private enterprise and is 
another example of that 
curious Spanish phenomenon — 
a company or institution with 
substantial state participation 
which operates with state assis- 
tance yet as a private 
enterprise. As a result Banco 
Exterior utilises funds from its 
own clients' deposits and acts as 
the prime channel for official 
credit. 

Banco Exterior is obliged to 
set aside 30 per cent of clients’ 
deposits to cover export finance. 
Last year, for instance, it 
covered almost 30 per cent of 
its export finance activity from 
its own resources — a percentage 
that fell slightly from that 
of the previous year as the 
proportion of official credit 
increased. This year the pro- 
portion will be substantially 
smaller, but will be com- 
pensated for by a doubling of 
official credit to Pta 40bn 
(S500m). The authorities have 


also dropped the practice of 
special grants to Banco Exterior 
from the Bank nf Spain, a device 
employed in 1977. 

Traditionally the Government 
has also relied upon the private 
banks to mobilise export finance 
ria levels of obligatory funding, 
based on a given percentage of 
deposits. This percentage has 
remained fixed at 3 per cent of 
total deposits and has been part 
of what is known as “ the 
privileged circuits "—funds that 
banks are obliged to set aside 
for use in Government-directed 
areas at low interest rates. To 
mobilise further funds this 
year the Government has 
decided to tap the savings 
banks, which account for 
roughly one-third of total 
deposits in the Spanish banking 
system. By imposing a special 
obligation on the latter to set 
aside 1 per cent of deposits for 
export finance, an additional 
Pta 2Sbn iSSoOra) will be 
mobilised. It is also possible 
that the Banco Exterior will 
issue bonds or borrow abroad. 

These obligatory proportions 
of deposits that the banking 
system provides for export are 
an important instrument of 
export promotion. By general 
consent interest rates on export 
credit in Spain are below the 
European average — and largely 
thanks to this system. Eventu- 
ally the system itself will have 
to change if the Government 
is serious about liberalising 
interest rates. But at the 
moment it means that there 


Is a proportionately large' 

quantity of official and "semi- 
official ” credit available in 
Spain than among its mair 
competitors. Bank credits for 
terms of -two to five years an 
controlled and kept to a 7.75 per 
cent ceiling to developed coun- 
tries. Though enjoying an 
advantage at this level, onl? 
in the last two years ha; 
medium and long-term finance 
at preferential rates begun r« 
match Spain's competitors. 

Medium and long-term flnanof 
for suppliers now accounts fo- 
34 per cent of total export 
credit, while similar finance fo* 
buyers credits to purchase 
capital equipment account for 
16 per cent The private banks 
are primarily concerned win 
financing short-term credit. Last 
year, for instance, only 25 per 
cent of their total export cred t 
went on medium and long-tern 
financing of suppliers’ credit, 
and only 2 per cent was oi 
financing buyers' credits. Th? 
Banco Exterior on the othe* 
hand devoted 43 per cent o' 
its financing to medium an< 
long-term suppliers’ credits anr 
a further 31 per cent ro buyer: 
credits. This would now seen 
to be the accepted pattern. 

Banco Exterior has decided t? 
increase both the share am 
proportion of overall finance H 
buyers’ credits. The latter ic 
1977 increased Pta 26br 
($320011 to Pta 41 bn 1 8512m i 
In its annual report the bank 
notes that exporters have shown 
a clear preference for this type 
of credit arrangement. Thi: 
also fits in with official policy 
of opening up specific crcdr 
lines on a country by country !• 
basis, a task allocated to Banco - 
Exterior. Up to the end m" , ■ 
1977 Banco Exterior had opener • 
up credit lines worth $973m 
with eight countries. These 
credit lines included 9221m 
with the Algerian Banquc 
Exterieure d'Algerie (the 
largest), a S150m credit for 
the Banco Nacional de 
Desarrollo in Argentina and 
8100m with the Moroccan 
Finance Ministry. 

R.G. 



Growing foreign stake 


CEPSA (Corapaiifa Espanola 
de Pctroleos, S. A.) -was founded 
in 1929. Since then it has been, 
working intensively in every 
area related to oil: in research, 
prospection, in transportation 
with its own fleet of ships 
(approximate capacity 1 million 
tons, dead weight), in refining 
and the manufacture of products 
and prime material. Also fuell- 
ing ships and aircraft, and in 
petrochemicals... AU this without 
losing its Spanish heritage and 
total independence, although 
operating actively in 59 coun- 
tries throughout the world. 

Main properties ■ 

Refining: «Tenerife Refinery* 
capacity S, 000. 000 tons; 
^Gibraltar Refinery* 
capacity 8,000.000 tons. 

Plants: Luchana (Vizcaya): 
production of phtalic 
anhydride, fumaric acid 
and plasticizers. 

San Roque (Ca'diz): 
production of maleic 
anhydride and solvents. 


W v • - - 

; V ‘ - v -v 


.. *:v; : 





LATEST DEVELOPMENTS IN CEPSA 


FINANCIAL: 1977 

Net profit 

(before income taxes) 2,3125 

Capital stock 31,865.7 

Refined earnings 11,253.3 

Accumulated depreciation 21.727.6 

CEPSA revenue 114,843.3 

CEPSA subsidiaries* revenue 26,943.0 

OPERATION: 

Pmce**sed Crude Oil 12,169.3 

Sales in foreign markets 2.839.4 


(Millions pesetas) 

I°7b 1975 1*74 


I. 519.3 1 .684.6 1.164.4 . 97L* 

11,865.7 9.492.5 9492.5 6,102.3 

II. 025.5 10.799.1 10. =;-i 7.5 4.SVJ.5 

20,01 1 .S IS. 3b4.5 lb. 702.9 IQj 1 3 .^ 

93,29fU 70.80 '.1 66.20 5.U 30.021.1 

HJjfr.Q 11.587.0 b .58 1 .U 

(Thousands metric ronsi 
!2T'75.5 J4 12.5359 H.SS43 

2 .7 '0.8 1.804.5 1.1.77.7 2.9n-j.y 


Participation in other companies 

Research and Prospection: 

CEPSA GUINEA ECUATORIAL 
(80 %), CEPSA IRAN (92.85 tti, 
CIEPSA (100 9©}, COM PAN I A 
GENERAL DE SONDEOS (100 9b), 
INTEROCO, INC. (100 Cpi. 
r M£DOSA HOLDING (25 <■*). 

Refining: 

ASESA (50 %). 

' Manufacturing of 
petrochemical products: 

CARBESA (3333 «%>. 

JNTERQUISA (50*&), LUBRISl’R 
(50 «&). OLEFISA 125*61. . 

PETRESA (30 %), RESISA (100 %). 

Distribution and marketing: 

CEPSA COMPANHTA 
PORTUGUESA DE PETROLEOS 
(more than 99 9&J, CEPSA *" 
BRASILEIRA DE PETROLEOS 
(50«&). CEPSA ITALIA S. P .A. 

‘ (100 o&l, CEPSA USA. Inc. (95^). 
COMP AN (A ESPANOLA DE 
PETROLEOS ATLANTICO (100 
CONTINEX CEPSA 150 ^ 1 . 
DISPESA !I00?pJ, PROAS 
PROQUIMICA (50%k 
PROPEL (50.66 p&). 

Other activities: 

CEDrPSA (51 EDICIONES 
CEPSA (100 ^1. LUBR INDUS 
(.100 9b), OLECASA (20 9&;. 





COMPANIA ESPANOLA 
DE FETROLEOS, S. A. 

Head office: 

Av. de America, 32 - Madrid-2 - SPAIN 
Telephone: Telex: 

24b 44 00 ( 10 lines) .22.938 CEPSA E 
■255 64 00 ( 10 lines) 23.384 CEPSA E 
256 53 00 ( 10 lines) 27.678 CEPSA E 
256 56 00 (10 lines) 27.7-22 CEPSA E 
Cables: SPANOIL 


A RECENT survey on the top ■ ■■ ■ 1 ■ 1111 1 ■■ ■ ■ Historically Spanish exports 

exporters in Spain showed that PRINCIPAL EXPORTS, Pta bn have depended upun small and 

11 out of the top 20 were j 97 3 1374 19 - g 197fi 1977 medium sized companies. The 

companies in which foreign l — Foodstuffs 90.fi 1Q1.1 100.6 134.3 16IL2 increase . d preponderance of 

groups had important share- 2 — Minerals 4.5 7.6 11.4 14.4 24.4 | nte £ nat ional companies utili.s- 

holdings, if not majority control. 3— Petroleum products 14.3 27.7 14.6 21.9 29:0 subsidiaries or con- 

The increarin- presence of 4— Chemicals 22.9 43.3 39.4 51.7 73.2 l r J 1,ln S stakes and minority 

foreign capital in Spain’s Leatber/hides 7.5 9.6 9.9 13.0 1R3 rests ^ p Jrt 0 f multinational 

foreign capital in spams 6 _ Wo od/eork 69 6 .6 8.1 H.7 "Pattons ,ig a trend that is 

principal exporting companies js 7_p aper jq j 151 16 l 2 0 1 26 0 lke y t0 ,ncrease - This is ess,f?n ' 

one of the most outstanding g Textiles 16.6 22,5 22 5~ 30 9 43 4 because they have better 

features of Spanish exports. Two 9— Glass/pottery 54 81 9 8 12 1 17^2 accoss t0 technology and 

other features ■ are equally 10— Metal products 32.2 38.0 55^2 79 0 10*> 9 because ^ possess a well 

important: first, the relative n—Capital equipment 29.2 44.9 535 68 7 93" ■> developed chain of international 

weight of agricultural goods 12 Tra ns port ' outlets. It would be wrong to 

both in volume and money. Cars> tractors 16.7 21.0 32 1 ' 49 1 74 4 belittle th ® efforts of Spanish- 

terms is on the decline: second, _ Ships 16 1 22 6 23 4 30*1 24"fi controIle d companies because 

the European market and J3 others 28 4 37 7 43 0 55 4 66 0 they sti11 make up the bulk of 

Spain's North African 302 ; 7 408 ; 0 44L1 58312 775^ Spainsh export drive. Yet 

neighbours continue to provide 15 Total, excluding clearly a policy decision has to 

the major outlet for Spanish Foodstuffs 212 1 306 9 340 8 448 9 ^17 be taken on the desirability nf 

goods. — ‘ linking the Spanish export per- 

nvpr in npr cent nf the formance increasingly to the 

country's evoorts are directed iS e ria. Exports to the Middle geared for large volume export activities of international com- 
Lount^ s exports are ^ have increased in th e past and ^ increasing use by other panies. 

FTn^ Ttsiv and five years, though not as sharply motor manufacturers of Spain The Minkrrv nf 

Portugal in Europe and Algeria Vrit^n Ttail v ^ ° £ ^ estimates there are of 

oftbeiTranre S°Sy f G «many. *But* ie'*la?^ ZTZe A partSri ? 

most important trading partner, sloniv^in ivrrfUi 5 p ^j" ng that . ? pam ' . operatlng than 7.000 are considered active 

accounting for 16 per cent of l M * dd ! e Wlth . competitive prices, can exporters: in other words com- 

■ total exports. This situation ! ZJ? a rkB H Sp , ai ” ? Ut a " lch ® for medium pailies which have a determineri 

would seem to be Jess out of ‘ n n l "S » «P lost technology exports. The one strategjr and regard 

conscious policy and more a J tl l e Mlddie ®* as * ^dus trial export which has ^ aa e5S ential item in 

question of geographical aCC ? unt for 8 P er of declined in relative importance balance shecl The Mini „trv 
proximity and convenience of the J otal - Agalbet this the U.S. is that of ships; dropping.from has set itselfthe task of seek in'" 
markets. As a whole Europe raarket on ’y represents B 5.3 per cent of total exports to l0 con^’ these £ WO 
(EEC and non-EEC countries) ^ of total exerts, and 3 per cent in five years. But occasional exporters into Active 
absorbs 58 per cent of total LaLn Araenca. where^pam has this primarily reflerts the world- exp0 rters. This will require a 

Spanish exports. important trading and cultural wide slump in shipbuilding and de f ermined camnainn tn make 

‘ties, accounts for just under 10 slack international demand, S with Z S.,1 
T per cent-the main partners be- thousand t s K of 

Largest ^ MUn , v eDraue i, an. Evident SS? .TMJTifltSSS 

Since the early 1960s the ... f™?* 1 ? 0 kl ” ri of export back-up 

EEC has formed the largest Industrial products now The presence of the multi- facilities that the Government 
trading block for Spanish ex- account for 78 per cent of total nationals is most evident in the can provide. It will also require 
ports, accounting for on average exports. This represents an automotive sector, and is all the better organisation of sectoria 
36 per cent of total exports. On increase of 8 per cent in five more obvious because of the associations, 
enlargement of the Community years, and when measured over ^ enfftI V and P erforn | a nce of p instance in the field o’ 
this percentage increased and the P^t decade is a very con- *h. s sector. Seven out of the agncui SS Spirts there a 
now stands at 46 per cent If siderable change. Agricultural first 15 major exporting com- ^ different gro^ e«?rtS 
present trends continue, Spanish exports have declined in corves- are porting either cars. lh2e 365 are S 

membership of the Community importance to 22 per trucks or tractors. Of these SSf^JJo |S5 of orodum 

and. its enlargement to include rent of the tu la! value of Ford, . Renault, Chrysler. bear , . ’ Put anntlur 

Greece and Portugal could by exports. Given the depressed and Citroen have a significant TOpercentof fhe aEricih 

the mid-1980s brine this per- slatt * of domestic demand for foreign «*»*•■"* ? de ? M . d urelexSorte^iccounl foronv 

centage to between 53 and industrial products, which has on imported technology. It is acriSiltuM 

55 per cent. obliged industrialists to seek a, *o significant that of other ^ P^f cenl Df , U) ' a . ag ^ cu|t ^ nl 

00 per cent. r export outlets, the current major exporting companies m ^PO^Some wouW argue tlm 

While the proportion of weight 0 (industrial goods in the strategic sectors like steel pro- the smallness of such operations, 
Spanish exports absorbed by overall export picture is dispro- duction, aircraft construction whctiier m the agneultural ir 
Europe, including non-EEC port jonalely high. Nevertheless and electronics, foreign com- industrial held, has enabled 
members, is likely to remain ihe trend is clear enough. panies and foreign technology s P anis ^ exporters to save re 
fairly constant in- the short term. 0 are m uch in evidence— for ove rheads and be more dynami- 

se relative importance of the The main growth in industrial instance. ITT has a 65 per cent This ma >’ have been true, bit 
U.S. market and even Latin exports has come from three controlling stake in Standard with a shar P rise in overheacs 
America could decline. This is sectors— the automotive sector. Electrics (Electronics), U.S. in the P ast tooths and i 
the result of penetration of new chemicals and capital equip- Steel has a 27 per cent direct growing need to eo-ordinat? 
markets in the Jliddle East meat Within five years ihe stake in Altos Homos de marketing strategies, the tract- 
especially Saudi Arabia, the Gulf automotive sector has raised its Vizcaya (steel), Northrop has a H 0I ? a ! re | iancp on such at 
states, Tran and Iraq, plus >n- share tn overall exports from 20 per cent stake in Casa (air- individualistic approach is ro 
creased trade with Algeria and 5.5 to 9.6 per cent. This can be craft construction). All these lon ee r so valid., 

Morocco and a bigger slice of explained by the establishment are companies it) the top 20 

some African markets such as of the Ford plant aL Valencia exporters. R.G. 


PRINCIPAL EXPORTS. Pta bn 


1973 

1974 

1975 

1976 

1977 

90.6 

101.1 

100.6 

134.3 

168J 

4.5 

7.6 

11.4 

14.4 

24.4 

14.3 

27.7 

14.6 

21.9 

29:0 

22.9 

43.3 

39.4 

51.7 

73.2 

7.5 

9.6 

9.9 

13.0 

16.3 

5.3 

6.9 

6.6 

8.1 

11.7 

10.1 

15.1 

16.1 

20.1 

26.0 

16.6 

22.5 

22.5 

30.9 

43.4 

5.4 

8.1 

9.8 

12.1 

17.2 

32.2 

38.0 

552 

79.0 

102.9 

29.2 

443 

53.5 

68.7 

93.2 

16.7 

21.0 

32.1 

40.1 

74.4 

16.1 

22.6 

23.4 

30.1 

24.6 

28.4 

37.7 

43.0 

55.4 

66.0 

302.7 

408.0 

441.1 

583.2 

775.2 

212.1 

306.9 

340.8 

448.9 

607.0 


Largest 


Since the early 1960s the 
EEC has formed the largest 









I Financial Times Tuesday July 11 1978 

Slyndebourne 


19 


I 


1 


Cosi fan tutte 


by RONALD CRICHTON 


L Th< \ th, rd «r Peter Hall’s 
Elozurt productions al Glvnde- 
u'urnc a Cost jo„ Ulllc spon _ 
:.’red by National Westminster 
. ank. was warmly welcomed at 
?'.£ Perlurmancc on Sundav. 
? hauler or not this opera 
yceivcs or needs the decree of 
'.ideppndenl. perceptive', un- 
antnuckj:. intensely musical 
-M>rn.u h which Sir Ppter so 
iirclivdy directed on to Figaro 
Tin £*•» niornnni may he open 
[ nvicMion. What is certain is 

? :| J ’■h* 1 time was ripe for a 

tajor production which would 
eqiully rhe Victorian view 
:• - ,s Ir ivial or immoral or 

i l»h and ihc later exaltation of 

sc opera an almost perfect 

r ?<irk oi with many layers of 
‘j gamins. Cosi has been nearlv 
. Juried under commentary: the" 

• • ^rsi merit of- the new Glvnde- 

• fnrimc version is that one" can 
.'*»ok and listen afresh. 

The producer’s work and ihe 

• jli’xit’n.N of John Bury holcnq 
’ l "r;I :<her - ‘''"“body, presumably. 

j. tin treats this opera as a 
'' Jrivolous piece. yet some 
■ lesigncrs stilt deck it out with 
i Tivolous designs: n has suffered 
larlicnlarly badly fri»j» the nasty 
■- ^ irand of rlirly-wurly hutel-mrnco 
-in which opera houses in Gernian- 
. i neakin? counties are addicted 
■I *ury r s sets arc not like that. The 
r >.1SK is solid architecture: high 

• irehes, thiek walls and. one feels. 

, orient. woll-Tvodden stone floors 

-the slumbering, seedy Mezzo- 
is'omo with the sunshine outside 
] Sxeluried 


National Heritage 



Fighting for the Land Fund 

J For long there was no export to reimburse Ihc Inland Revenue by a divine rage, gone Questing perhaps for satirical drama by 
I control on works qf art, and for money of which the latter for it: a pursuit often as beset John Arden, for .1 novel by 


■ beauty passed to and fro across was held to he deprived when with 
jthe continents according to who 
ihad most money. Then, a quarter 


hostile knights, dragons. Xigel Dennis in the vein of 


j the continents according to who land and bouses were accepted etc., as that for the Holy Grail Oirdx of Identity, even for a 

hv the nation In lieu of tax. By itself, hut now narrated in this master choreographer like Kurt 


I of a i-entury ago. Englishmen who 1956, the Fund’s provisions had Report. 


Jooss of Ihe Green Tabic. But 

! loved their native beauty to slay been extended to embrace works The legend of the National this is also the story of a 
in this country (and for that of an so accepted. In the mean- Land Fund has indeed its bizarre betrayal so mean, petty and 
| matter, anyone vise’s beauty once time, any call at all on the Fund side, escalating at points into shabby that as 11 nation we must 
it had been domiciled here) per* had been fairly rare, while in ihe farcical flights of fantasy. The be profoundly ashamed. Dalton's 


Entertainment Guide 
is on Page 10 


Treasury -cimus doomed as pre- original vision was fhaf the 
cast as the villain, agent of flower of the Fund should be 
darkness. The civil servants. '■ a thank offering for victory, 
deep in their dugouts on the and a war memorial." The dead 
defensive perihMer of tile shrine of 1939-45 have anyway not had 
of the virgin Public Money, do a very sumptuous deal, so often 
not look well when the lid is slotted in. as a condensed, pack* 
removed and the searchlights of age coda onto the lower portions 
Committee are brought In 0 f ih«? "ranite of 1914-tR 

ith rieflni* memorials. ' as snare available 

no more nnaht permit. Had the Land 

facilitate F un d (£50ni in 1946 is equivalent 

of the kind of transaction that had ( 0 PV er £2fl0m nowl heen 


Hakan Hagegaard, Bozena Bctley, Stafford Dean. Maria Ewing and Max*Rene Cosotti 


as much ns possible. 
Fortunately Northern efficients 
a asurcs that everything is 


ever cxisled. 

Inarguahly 

. the beginn 

Such details matter more than The officers, still young enough by the conducting of Bernard j l' 5ii nd r£.?n J! 3 * 1 " 

„ usual because the producer to be puppyish, are Max-Rene Haitink. > sed b> a - n e *! r,,er - Chancellor it v.as. 

l bieticuiously worked " oui— such interests one immediately in his '-°sottj an i 1 Hakan Hagegaard. without 
*i fitcrior to exterior changes as characters. The two girls are “J"* Cosotti. the Kenton of the 
i ire required go smooth] v. with- rather silly, their beads full of <J Jyndebourne> FaLstaff. has a 
, 3ut haste but also without waste romantic ’notions, cliches and vo,ce 


Isuaded the Government to 
: institute a system of export 
I control. At one of the con- 
l sultations that preceded this, the 
J then Chancellor of the Exchequer 

(attended wiih his train or " “ T - 

‘■officials. When all were sealed, he enclaves of the Treasury, the 

lbegan: “Well now. gentlemen. Fund itself had become the 

5 Let’s .. declare ourselves. Who’s object of metaphysical or the ... ... . . . 

(for art, and who’s against it? Let theological debate. Its essence, hear. They juggle uit 

j those against it raise their its very existence. wa$ in doubt, linns: the Fund becomes 

hands." So saying he raised his In 1957, the then Financial Secre* than “a mechanism to ' 

I own hand. tary (a former professor of the kind of transaction . „„„ 

j What honesty! One knew where Creek, deeply versed in the already heen possible under ihe nxpb.jjed asTt.s initiator-! wished 
lone stood. N'ot like now. In the subtleties of sophistry) was able 191(1 legislation. ’’ In at least one J}l< . 193945 memorial would now 

(last weeks 1 have spent time to announce that the Fund when rase, they quite cleariv ignored shine vilal and ever increasing 

i groping amidst the convoluted not in use is "not merely inert: the stated wish of Parliament. ],kc jewels all arms? ihe texture 

i technicalities of evidence (all 34J it is • absolutely non-existent/' Parliament ii<elf though, our „f t his island. The sam-iitv of 

■pages of itf of the Third Reoort The Commons, impressed, nn elected represent'd fives, don't p U hIi<~ money far surpasses ‘that 

! from the Expenditure Committee doubt, shrank the Fund from come oui al! that well either. 0 f ,j,e English dead 

i of the House of Commons (HMSO £50m to £10m. By 1978 it has and that bring-; us hack to our Th(> rei-miinicndalion* of the 

! £5.103, entitled The Xational climbed again to £lSm or more, own uhimale responsibility, for p ieport are clear posilive and 
‘Land Fund. It is a mystery story, but still gives cause for concern we do elect them and also cieet practicable If acted upon hv 

'in which, though ihe identitv of to ihe diagnostician*. Last year, them if they displease. The p ar |i-,mem ihcv will "n far tr> 

‘the assassin is revealed fairly a Parliamentary Under-Secretar\ trouble is rhar so far the record remo( j v t |ie situation if nnt to 

I early on. ihe corpse is never or Stale, Baroness Birk. medi- or either or ihe political parlies >liakp co<,d losses alrcadv sus- 

1 entirely satisfactorily found. In tated that “The Fund seem? a t present available is enuaily , ■ ri ■ R , Ih ., v h _‘ / |1V » 
! facL the reader haj, to refer back rather mythical: it conics and dismal nn ihe Land Fund Front, 

j constantly to the beginning to goes; it is there, and it is not." it ha? fallen to ihe Iol of self- 

! remind himself ihal the victim Difficulties for those tthe appointed watchdogs (including 


upon’’ The piihli,- has with 
reason become cynical about the 
talc of Reports whether of 


islcd. Nation) who wished to use Ms So their great credit, a Tew MPs) r 1 nrlVnonri^nt 

uahly. however, there, at provisions for the end Tor which to heroine involved. For them. Vnouirir-s 01 "rnminiJsmnr 011 ^ “f/J* 
[inning, ii i ? (was). The they were intended, certainly tbi«* has meant spending time, in , ‘ rw7led Vhr Lovrrn 


larger than that 


crisp and lithe, 
being over-driven 
absence of rushing in the 
role ture. which some condi 


'discovered what some case the com valent almost ^ he - t nni^-.n^'n 

ment taking note and nn artmn. 

Il lead< to perilous totalitarian 


nr where, or any rate of a norma I career, probing. 


time. 


taps, nice enough at heart. n ®cded. His Ferrando is sung reduce to the level of musical 



t if hSu . . i?*" ...... r u,,u = u ucdu. 7 — ~ ~ isoltdatea runa. witn it. tne years, uniy m me revenues nave nun 

■ . J The colour is dull. There is a Fiordtltgi is blonde, pretty, out- J* 1 ™ lan^ forward timbre, much chatter, was a good omen. There TreaS ury was from time to lime a handful of individuals, inspired stored 

• 1 point in making Ferrando and wardly determined but inwardly more Mediterranean than vien- were miracles of exact, trans-, 1 

. 1 -Guglielmo’s disguises the focus uncertain: Bozena Betley makes P es ^,. or English but lively, parent balance between stage! 

lif attention (and the disguises her recitatives vivid and sings intelligent and keenly phrased. am j pit — the terzetto “E vol, Lewis Carrol! photography 

(rare unusually complete and con- her arias correctly but one- Mr : Hagegaard s Guglielmu is the r id e te “ just before Ferrando’Si 

’Cvincing. with the dark one dimensionally: so far the reading quieter of the two. syrnpathetio - (Jn aura amorosa" being one I * -e • • T*V1 


in this Report, meat 


DAVID PIPER 


iS'becnming fair and vice-versa) is incomplete. DorabelJa as a jolie ? ,J - V sung, the right fod for a 0 f them. 

^nevertheless it is the sisters of laid e brunette with a turn for & ?S nrtn , B Doraoe,,a: both j n . ® To point to the seductive wind 
::\\hom the audience sees most, tantrums — Maria Ewina's vl ^w ana in the context of playing in the serenade scoring 

■ i&and their cn<iunies. minyling the " Sinani implacabili ” brought ), s V* st ~! e producer was right j n w hi'cb this score luxuriously 
»|worUK of Jane Austen and Kale the house down, and her per- [’ return tne boy-s at the enato abounds is not to disparage the: 
/■Green a wav. don’t quite hold the formance as a whole gained both ,n *' r ori S'nai partners, me London Philharmonic strings — ! 


Alice in Philadelphia 


by FRANK LIPSIUS 


Lewis Carroll bought his first 
"‘"'“"Li i earners ten years before he 





n 


lighting could possibly do more graces, more Portobello than civilised mentor. 


Jo warm things up. 

3ld Vic 


Posiiipo. 


The seal of excellence is set tatives unusually expressive. 

Niagara-onthe-Lake 


Serious Sullivan :Shaw and others 


vears." Two years after writing 
about his life that way. Carroll 
stopped taking photographs 
, altogether, creating a mystery 
[’that has not been adequately 
(explained since. He had many of 
Ibis photographs destroyed, and it 
•is only through luck that the 


Arthur Sullivan having been deeper and the more interesting; The Shaw Festival 
t-urn in Lambeth. 11 was appro- .score — a sifted young com- ; enchanting little Canadian 
pnalc that the Lambeth Summer poser’s attempt to parallel, in a llf Niagara-on-the-Lake 


at the craggy face now tops the neatly l£jSii*?ot Trmr^of the works 
ian town 1 f« u " : destined now tn throw new light 


algQ Undershaft the armaments mil*; 


Should tavrjnwnwd vocul^and orcbwm^ Mfutiin. i]i,v«Tn' 'tbe~prinjlplc of iS.HS‘S3Sm. l *'“ C ™°"' 


fit is said to be up-j 
- ■ - ■* - — •-•were 


Iasi night what must have been ihe .iridsuwimcr XifjhCs Dreum . . :: / 

the must siihsiantial selection of mu<kie uf MemleK«ohn. (Mendels*; ca ' >0 " >n< ' H t! pr0 J^ lcts . u . h Meat-ham. .... 

Sulln.in’s “serious" mubic to so hn and Schumann are ■ among . vaned flavours. This years diteo 10 I93R- but the only 

ial)y Per- Sullivan’s strongest influences 1 I offering contains two Shaw*, change ms in the o clothes.) Bet, y; fof h ‘„ n V;,: d id a number nf girls 

’ . b0,l !?L.?. f u was a p*ty that wc heart such l-3IOjor-B(»rharn and HctirtOreoJ; J^3^ l0 °’ ut h n \?Jt whose "innocent unconsrioiiv 


h:i\o bfi-n prnfessionally 
fiinnt'il fur many years 


Not siirnrisingly. young women 
Dodcson’s favourite sub- 
Alice Liddell herself sat 


seems to have 


1 hr 1 mi lame .. 

sprung from a body called iJie 7>mj>cst music — no vocal items, 
’• Sir Arthur Sulluan Sneiety. ’ a nol cven •• where the bee Mick*," 
ml.' iln- emu poser would have a i t h 0U gh April Cantelo whs pur- 
i-»!d;.if(y disliked, iic repeatedly ^jpipating elsewhere :o tbe pro- 
in- trui-i.-d cm.vrt proi.imors that grumme und e ould have sung it. 
lus works were t»i be billed as “ .. . 

Rv \1-th11r Sullivan." without The main inteitot in the Three 
tho ” Sir." Hems selected from the music tn 

The Society, -such as 11 is. seems The Merchant of V ("rilien 


restricted selection .-Air the; Hpn.se (which opens shortly). hroiher.SUJaw^ohn Gabri ie^Se if'^O beauUful. and gives 

'anS two oontrasts, Ibsen’s John ^ "ver Eila Remheim at =* ^ling nf reverence, as at 

Grikiet Borkman and a light- short notice from Kate Reid. rhc 

weight musical made out of Mrs. afgroial). is a perfect English sacred. Thus _d.d ^ 

Braddnn^ l.nriij A* W. Secret l.dy Udy BriUmjn. «a« 

by Douglas Seine. n rt suSS? ,n ^ nude - or - “ he P«* •’ in 


Borkmov and Bcrburn. which I much more than a zero with a another letter to the same 
saw on the same day. emphasise welsh accent as Borkman's mnifrer. “in any amount nf 



ss ssk vs s 


Pilbery steered 


Hems 

i ZZu-'^r SulUvan »* 

> ..pparenilv wnue eerie, stormy 
l ; puiMi* Tor The .Werehnitt 0/ ”f- . . 

t \ and jaunty Medi- tcnlly through ihe 

j i.Ti-.iriean dances Tor The of the concerL 
f I’.-wpesi — not. having 
i" i-i.ii Mr. Blech. 



in w 


without B flats but nol always powerful from 
K,.r.,r«. nr -itter- enough in lone. Two slow and ' doubt 
.i;::i*tiiiu-i order sludgy choruses from Thtfj fundihulum 

va, .t ,!i cJdvn Leuemi did nol make the; upstage. 

1,1 ■ • - best case for (hat long. narra- h 


skies of merciless storm-cloud. Liv^le a^Major in the^rmy ’ lVh ' ]r ' ne7R . r douM ' n ® h,s 7"" 
though the rooms lake nn a £s the Salvatio™ Arav In : ,nnncpnt ™Am or being reluc- 
nroner solidity once the business S final scenes where^he and :tnnt t0 P* reTlts pe™R5inn. 
begins. There is a special faierT^de JbilSophfes at ! nM *1" rea,, ‘ ;e f t W0 ^ 

cmira^'part Foii^^-'hh-^tplccsHplace'^n the length. Mr Meacham allows her ^nlv ^^rn'ca'-lesnondence Rosenbarh’s death, but he left behind her and lilies in the asked the question by a lady. 

Vi* 23a Pl drifl blS ^ntSJVw, know «"■» *» front or her. All of and that |*i> - the mother of the 

that more than a hundred Dlinto- ihe collection as he would have these coaforci to the highest vhild m question. 

■ 1 • 1 « 1 iiAna Tho nrncenl hint 'inn Priin. mi ■. ... • 


realised Canlelo was t-oiuidcni in high! mows ai once, looming inwards 


the wines to create, no The act in i he Vest Hara hos- - fn-aobs of nude girls werg taken, done. The present exhihi (ion coin- standards or Victorian morality. The fourth of 1 
. a chrono-syn.-lastii- in- lel ‘s peopled with a pretty con- :tn ,i only four survive his memorates tbe 50th anniversary M d { - s , j. lh0 photographs shows a 

hu] um at the centre '’("cine set of Cockney down-and*' aIte mpi to extirpate the evidence of another event «hat hrouaht Moa f » asstired bj giving stmU-hed r.u 
op outs, considering how bad Shaw n f ,his activity. He destroyed Rosonharh international .-itienimn subjects silting rmsilion or. in . _ 

"me 7 w «« %.g>* ni-ongwu,*..™* 

-, v h JS Opus 1 and live work which nIHI a I part, has donned Ibsen s own grey S ; n . unaonwiaikpi ^ 

-.'ilium while he w:in still a cuniplete, professmmi ro' iva. !j,jj r a i ,d b M fd and Borkman before eloping with hLs : Tbe' four extant works w 


ihe exlant 
little girl 
out un ihc 


L -ludcnl iil I.-ipzia. 1- l>> fjrthe 


The war that never ends 

W e British arc a peaceful people. Wlicn ri war is - 
o\ Cl we like to eonaign it (o (he nistoiy book* - and 
lorgciiL 

lhu |t»r Minif the w nrs »\e on. The disabled 1 rom 
Iwuh WorUI W .11 sand from lesser campaigns, now all 
IlM , lore. *i ten : ihc widows, ihe orphans .mil ihe 

ehi Ul 1 on - lur t hem iIkiT war lives un, every day and 

alld.iv. 

In uu:iiv«ises. ol course, there is help I rom a 
4 pension. Bin ilicicis a limit to whalanv Government 
J K-panmeni can do. . , 

1 bis is where Army Reuev olenec steps in. « 11 11 
imdcrMandins- With a sense or urgency ... and with 

nr.ietieal. linaneial help. 

Iji us 11 is a privilege 10 help these brav c men -and 

women, too. Please will you help us 10 do more . IVc 
inusi not lei our soldiers down. 

The Army Benevolent Fund 

for soldiers, c\-soldicr«i and their families in distress 
IVpt. IT Duke of York's HQ. London S\Y34SP 



outs, considering how bad Shaw nf ibis activity. He destroyed as Rosenbach international atieniion subjects’ sitting position or. in / rni md wiih her hands held up 

was al, writing Cockney speech. , m; , n y as he could jnd instructed —hi s awjlllsition in 1928 of the the shipwreck scene, by a fern over j,, T ^cad in a full fronlal 

do original Alice manuscript for emerging miraculously from the pose. Again there is a bucolic 
“ *1 1 r.^’, wk against which the girls. scene sUctihing nut. here lo a 

ARTHUR JACOBS ■ hu’i»rain»u.riiito”an nid-time hell- " 1UI ,u " : Tt,e four exlant works were ouugniu oark a^din a f, cr ine . , rosy sunset. The picture is 

aki * 1 Jta dialogue like an mn Time neii son ln the other p j ay . 1S a very- Dodeson gave his suhjects war with a cnnsortiriu of vrealthy Manu - palmed on two piece nf 

preacher, brandishing hi*. movins j eBBV Hill, recovering »^iu .%ir.n nf rinr^ertn Americans to give to (he British All ihe pholncrruohv was done P ‘h:..h iJT ^e 

PS 


*** a »vr* i-nnii-> liOQESon gave ms sunjecis •> >u u. nainicu nn two niece nf "la' 

cl7nchSt a fisS ind wkiSiuchi Je /‘ nv ” i2! - «w*erinc and join a collection of Dodgson Americans to give to Ihe British All ihe photography was done p hjrh ls nol ll/ui ni nat( , d t i 

hi* wire Ta,ia " llv from .her bashing to me m.irabilia (hat seem perhaps Museum in appreciation ..f in Dodgson s studio Hun sent exhibillon . hut apparent K aiv 

fpSTncl! HvSndi 1 would' siirelv ‘w arch ^way w;th the Army to . 5tr3nse lo be in Philadelphia, but Britain s sacrifices during the in an artist where ihc lmogina- f)ff ., warm , luw whcn jh fro 

V ranees Hvlanai won id surety t he music of Donizetti, to which' nn nl0 re so than other items in war. live background was added. i. phmd 


from a suggestion by 
The oirt< ww tran- 


behind. 

Dodgson slopped faking phoio- 



fln7ou 0 t m M'hSron‘?arth CTOUt if J Tr - Campbell nff’ers pa help’ on ^ "’'^same ^^llertion.^^tike The Tour photographs, as Ihe KoJ'abiy 
it? w-as* going on! h,S ten ° r vomhoae - ’numerous Cartons, a Gutenberg preS cnt adn! in M ration ..f the Do ^« t ? n - 

Bnrfeninii play 
terrible danger 
nonsense. The hehavi 
the old swindler 

hparled spouse _ 

that it must be given every ounce Kuntz"’iilaT“are basicallv’' in’ the made his purchases in the 1920s surrounded by blue sea Another recruited the artist by appealin 
of probability. Mr McCowan ix style of old music-hall with a • from such collections as those of shows two little girls staring out to one co-operative mother to more photographs but did not get 

based in California, where for pjn^h 0 f Sulhvan. They only Sir Thomas Philiipps. Lord to sea as a hoaf sinks in Ihe intercede for him: “1 should round lo it. an intention that 

sonie time he has been engaged s „ CC eed in holding up the action. 1 Atdenhamand the York Minster ,ji rtant . e . Dodgson later Htw^ithP makes Dodgson defenders assume 

among other things in directing ... \ iThc purchases from tbe \ork . , . . .. . gel Miss Bond, of Snuth^ea (tne , 

soap-opera for lelevision. He J or th «J[ w “ rds f erve " n 1 Minster, including four Cartons. a PPP nded •* letter to their he st photographic colourist hc , lin „J. l0pP l. h c01 JJ plc J c - 

must now learn again the art of function beyond supporting the |VflI n f ih em imique. brought Dr. mother (they were sisters): jiving. I think 1 to colour a copy, voluntarily. Others speculate 
sounding his trombone emt notes. The style of playing . R 0 ?cnbach’ notoriety as the per- “Love to the tw-o Misses Robin- But I am shy of asking her that one subject’s parents 

sordiiu* Perhaps one of the first depends wholly on' the easy petntor of the “Rape of York." son Crusoe, who - seem to be- the question, people have such ohjected and be decided not to 

steps would be to ask Miss Hyland moc k er y 0 f Victorian melo- shoving a concern even then that rejoicing that the wreck is an different views, and it tntght be r j S jj asking anymore or that he 

S|. ,0 pl« "IS’sS.iK I".™* ,hal csa - era,es ^'JS^eiSSSl "" ‘ST*- VVouM/paSkV" it fir T' 

loyalty al the Act One curtain. anyone ian see is wrong wilh- jronically, the Dodgson phom- the,r ^*P undisturbed. The However particular she ancl l his changed peoples 

’ Look on this picture, and on oul searching for what is right. grapn . were acquired in 1957 and third shows , a little girl in the may be. 1 don't think she could attitudes toward hi S innocent 
this. Douglas Campbell's great B. A. YOUNG 1959. more than Eve years afier woods with a gipsy encampment reasonably take offence at being endeavour. 



1 f 


: 

; i 


il 


at these low fares. [And to New Orleans without changing planes.] 


London-Atlanta, New Orleans Fares. 

To Atlanta 1b New (Means 


586.00 


Budget or Standby Single fare 
APEX (Advance Purchase 
Excursion) Return fare 
2245 Day Excursion Return fare 
Regular Economy Single fare 
Regular First Class Single fare 

p ir .. schedules subject to change without notice. 


5260.00 
£307.00 

5236.00 
5367.50 


£305.00 

5372.00 

5256.00 

5398.00 


Delta Air Lines introduces the 
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Leave London at 1210pm and arrive in 
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Travel Agent for details. 


20 


Financial Times Tuesday July 11 19 ~S 


FINANCIAITLVlfS 

BRACKEN HOUSE, CANNON STREET. LONDON EC4JP 4BT 
Telegrams: Finantlmo, London PS4. Telex: SS6341/2, 8S3897 
Telephone: 01-24S 8000 


Tuesdav Julv 11 1978 


Outlook for 
prices 


THE DEGREE of success which 
the Government has achieved in 
bringing inflation under control 
is bound to play an important 
part in an election campaign 
that seems likely to be domin- 
ated even more than usual by 
economic considerations. At the 
same time, recent experience 
of price behaviour is bound tr> 
colour expectations about the 
behaviour of prices in the 
future and so to affect attempts 
by any future government to 
impose some restraint, how- 
ever lax and voluntary, on the 
movement of wage claims in the 
year ahead. The various price 
indices that will be published 
in the next couple of months, 
therefore, will deserve and 
obtain more attention than they 
would enjoy at a less critical 
time. 

The wholesale price figures 
for June which were published 
yesterday are reasonably en- 
couraging so far as the 
immediate future is concerned. 
Manufacturing output prices for 
the home market, which feed 
through fairly quickly into 
the movement of retail prices, 
rose by only h per cent during 
the month. The average rise for 
the past three months has been 
2 per cent, only slightly more 
than in May, and for the past 
six months 4i per cent, against 
4* per cent in May. Measured 
aver a whole year, the increase 
in the index (now 9 per cent) 
has fallen for 11 months in 
succession. 

Little change 

So far as the immediate 
future goes, therefore, it seems 
probable that the rate of infla- 
tion — about "2 per cent a year 
at the latest count — will stay 
fairly close to its present level 
for some months to come. The 
Prices Secretary, Mr. Roy 
Hattersley, has already claimed 
this probability as a statistical 
fact that will hold good to the 
end of the year. Although the 
factual element in this claim 
rests partly on the accident of 
last year's month-to-raonth fluc- 
tuations and the corresponding 
fluctuations in this year's com- 
parisons, and although various 
outside forecasters have 
suggested that the rate of infla- 
tion will be rising back towards 
double figures by the end of 
1978. Mr. Hattersley is prob- 
ably not sticking out his neck 
too dangerously far. Until the 
autumn, at any rate— and few 


politicians are thinking at the 
moment far beyond the autumn 
— Lhe UK race of inflation seems 
likely to remain fairly close to 
that ruling in other industrial 
ised countries. That is undoubt- 
edly a considerable improve 
mem on the experience of three 
years ago. when the annual rate 
of inflation rose to a peak of 
well over 20 per cent. 

Whether or not the inflation 
rate can be held at Its present 
level much beyond the turn of 
the year, however, is another 
question altogether. The 
starting-point towards answer- 
ing it. on present information 
must be the movement of the 
prices which industry is payin 
for fuel and raw materials and 
which will not affect output and 
rerail prices for some time to 
come. 

Earnings now 

Here. too. the June index is 
fairly encouraging when con 
sidcred in isolation. The rise 
for raw materials (other than 
fond and tobacco) was only 
per cent in June: over the past 
three months the average rise 
has fallen, and the average price 
paid for fuel and raw materials 
over the past 12 months has 

actually fallen a little in abso 
lute terms. This result is due 
to two separate factors — the 
dullness of many commodity 
prices caused by the slow growth 
of wnrld industrialised output 
and the performance of sterling 
aaainst other currencies, especi 
ally fin the case of oil) against 
the dollar. 

There seems relatively little 
prospect of an upsurge in world 
manufacturing activity large 
enough to cause a sharp and 
eariv rise in commodity prices 
as such. The possibility of a 
rise in their sterling price, on 
the other hand, is not to be 
ruled out. If average eamines 
per unit of output do not rise 
much more slowly in the next 
mund than they have in this 
the exchange rate will he affec 
ted even more quicklv than the 
balance of trade, and there will 
be a twofold upward pressure 
on prices. It is to be hoped 
that present experience of a 
sharp improvement in real pur- 
chasing power, combined with 
continuing monetary restraint 
will count for more than the 
vaeue exhortations to be 
expected in the run-up to an 
election. '- 


An Interview with West Germany's leader 



Chancellor Schmidt raises 
his own 
curtain 

By JONATHAN CARR, 

Bonn Correspondent 


A visitor of 
importance 


THE VISIT of Sr. Santiago 
Roei. the Mexican Foreign 
Minister, will doubtless turn 
out to have been among the 
most important visits of any 
Latin American figure to Lon- 
don for many months. The 
items on his agenda have been 
numerous and varied. Ho and 
his party have had discussions 
about Concorde, which may 
snon be landing in Mexico Ciry, 
about oil matters, on which 
there is soon likely to he closer 
cooperation between Britain 
and Mexico, about the North- 
South dialogue, in which Mexico 
is an important spokesman for 
the Third World, about nuclear 
questions, which may lead to 
valuable business being done 
and, not least, about the thorny 
political question of Belize 
over which Mexico has con- 
sistently assumed a construc- 
tive attitude. 

Everything points to Mexico 
hecoming an increasingly im- 
portant trade partner for this 
country. The Mexican economy 
is expected to grow by 5 per 
cent this year, nearly double 
the rate of last year, while infla- 
tion. which last year touched 
21 per cent should be halved. 

Greater calm 

After a period of great strain 
two or three years ago when the 
peso was suddenly devalued by 
a large percentage Mexico is 
moving into a period of greater 
calm, aided by the big contribu- 
tion being made by the very 
large new discoveries of oil 
which could bring its total 
reserves to some 120bn barrels. 
The British oil industry is in a 
good position to offer its 
expertise competitively to 

Petroleos Mexi canos. the state 
oil monopoly, which has already 
expressed its interest in form- 
ing a closer working relation- 
ship with the British National 
Oil Corporation. 

Sr Roel's visit to the United 

Kingdom Atomic Energy 

Authority's installations at Har- 
well and the contacts between 
his nuclear experts and British 
Nuclear Fuels indicate that 
important projects of collabora- 
tion are being considered. 

It is fortunate that Britain 
has won for itself a good record 


in assisting Mexicans with their 
big capital projects and the 
work that the British Steel Cor 
poration was able to do for the 
Mexican company SICARTSA 
during the construction of the 
ambitious Lfizaro Cardenas steel 
plant that has been highly- 
praised by the Mexicans. 

Moreover hanks in London 
have proved -to be willing and 
eager to lend the funds needed 
to undertake capital goods pro- 
jects in a country where oil is 
being found in such abundance 
and where the government and 
local investors are committing 
so much of their own money to 
productive investments. 

All of this bodes well for the 
British industrial exhibition 
which is scheduled to take place 
in November in Mexico City and 
which has already attracted 
scores of exhibitors. Given all 
the favourable circumstances it 
is surprising that Anglo-Mexican 
trade should not he worth more 
than £120m a year in all. That 
figure is bound to increase. 

Amid all the talk of possible 
financial and industrial co 
operation it would be wrong if 
the political content of Sr Roel’s 
visit were overlooked. Mexico, 
like Britain, has taken a poor 
view of the rise of extremist 
governments in Latin America 
and among the subjects dis- 
cussed during the Mexican 
minister's call on Dr David 
Owen were the dangers facing 
democracy in that region. 

Beneficial 

The political altitudes of the 

Mexican government allow it to 
understand and sympathise with 

the unwillingness of the 

inhabitants of Belize, with whom 
Mexico shares a common 
border, to be absorbed by their 
other neighbours, the Guate- 
malans. Sr. Roel is equally 
understanding, of British eager- 
ness to terminate the colonial 
relationship with Belize and 
launch that territory into 
independence as expeditiously 
as possible. As is natural, Britain 
and Mexico sit on opposite sides 
of the table in the North-South 
dialogue but that does not pre- 
vent both countries having a 
friendly and mutually beneficial 
relationship. 


W HICH qualities do people 
particularly associate 
with Chancellor Helmut 
Schmidt, host next weekend >o 
the western economic summit 
conference in Bonn? Probably 
toughness and diligence — 
possibly ruthlessness. Few 
would suggest a spirit of 
compromise. Yet it was this 
quality which emerged most 
strongly in an interview' which 
Herr Schmidt gave the Finan- 
cial Times during which he 
ranged over topics to be dealt 
with at the summit as well as 
Germany’s relations with its 

partners. 

That docs not mean that Herr 
Schmidt has gone soft, that he 
will be easy prey for anyone 
probing for a unilateral conces- 
sion. The old steel is still 
clearly there. But in h:s four 
years as Chancellor Herr 
Schmidt has evolved, and the 
public image of him has not 
kept pace. The highly able 
former Defence and Finance 
Minister with a short temper 
and a sharp tongue has become 
an elder European statesman 
with greater, bur quieter, auth- 
ority. It is tempting to compare 
him with West Germany’s first 
Chancellor. Dr. Konrad 
Adenauer — except that Horr 
Schmidt has had the chance to 
assemble far more specialised 
economic and financial know- 
ledge than his predecessor. 

The need for compromise — 
from everyone — was both the 
first point and the last which 
Herr Schmidt stressed about Uie 
summit. His view is that 
national economies have become 
inter-dependenL that the three 
previous summit gatherings 
(Rambouillet. Puerto Rico and 
London) have helped comple- 
mentary national economic 
policies to emerge — and that 
there is a reasonable chance 
that the Bonn meeting will do 
the same. 

Each of the seven participat- 
ing nations — the U.S., Canada. 
Japan. Britain. France. Italy 
and West Germany — has a 
particular contribution to make 
on the main, inter-related 
topics: energy, currency stabi- 
lity. economic growth, trade 
protectionism and North-South 
development issues. Here is the 
origin of the "package deal" 
idea, which Herr Schmidt 
accepted “insofar as, from the 
political point of view alone, no 
one can be ready to make a 
concession in one field if he 
does not receive in another 
something he urgently needs." 

Very high on Herr Schmidt's 
list of urgent needs is action 
by the U.S. to curb oil imports. 


He gives the strong impression 
that if nothing happens in this 
field, then little of value can 
emerge elsewhere in the pack- 
age. He carefully avoids throw- 
ing down the gauntlet in front 
or President Carter — ■“ nobody 
in the world must do anything, 
particularly not the President 
of rhp United States.” But he 
secs the huge increase in oil 
imports as swelling the U.S. 
deficit, weakening the dollar 
and adding to American domes- 
tic inflation. “ In my view this 
is the most important single 
source of upheaval in the world- 
wide network of trade and pay- 
ments and it should be correc- 
ted." 

Asked to describe his rela- 
tions with the President, which 
were greatly strained in Mr. 
Carter’s first months of office, 
the Chancellor- paused, gave a 
slight sigh — and then pro- 
nounced them “ very good." 
Besides, personal relations were 
not the key factor. What really 
counted was the will and ability 
of leaders to reach a just com- 
promise. - 

If one key to dollar stability 
lies in U.S. energy and anti- 
inflation policy, another lies, in 
Herr Schmidt's view, with the 
Europeans themselves. Action 
on one side of the Atlantic can 
complement and support that 
taken on the other. 

He does not accept that the 
origin of his plan for a wider 
zone of currency stability in 
Europe really lies either in the 
recent dollar weakness or in the 
fear of the rise of the D-Mark 
as a reserve currency. Two, 
basically simple, ideas lie 
behind thp scheme. The firet 
is that “ the lack of such (cur- 
rency) stability has been a main 
factor in the structural up- 
heaval of the world's econnmv 
since the early 1970s. I think 
domestic monetary stability and 
international currency stability 
are two absolute necessary con- 
ditions for continuous growth.” 
The second is that ** the heavier 
the weight of a- basket of (Euro- 
pean) currencies vis-a-vis the 
dollar, the less rewarding does 
it become to speculate against 
the dollar.” 

The last point undcrline.«*part 
of what is at slake followina last 
week's agreement by the Euro- 
pean Community Council in 
Bremen to push ahead with 
detailed study of a new Euro- 
pean monetary system. 

The object is to take a 
decision in December to set up 
the system and to bring it into 
operation at the start of next 
year. Herr Schmidt is cajoling 
neither Britain nor Italy, both 



Community country can afford hour-long talk than when he 
nut i o be inside the .system said “We have to look for new 


of which have reservations, into 
joining in at once. But he is 
saying that, the mare currencies 
are involved (clearly sterling is 
highly important In this 
respect) the greater the benefit 
not only for the Europeans hut 
also for the Americans, The 
Chancellor has already said 
publicly that President Carter 
expressed support for the Euro- 
pean currency efforts before the 
Bremen meeting. Other sources 
say the President has again 
done so by telephone to Herr 
Schmidt since agreement was 
reached to move ahead on the 
monetary plan. 

It is clear that more is in- 
volved here than a new 
currency — or monetary — 
system alone. The thinking 
behind the plan is that Euro- 
pean nations have the chance to 
fake their economic destiny in 
their hands by acting together 
to achieve more currency 
stability, more continuous 
growth, and therefore mure 
secure jobs (and by implication 
less insecure governments). 

.■ When the British ^ ln " ni'I IP UC inamc lilt' .\r»a-m nij »»c >i«>v u> iww mi ww 

ister, Mr. Janies Callaghan. t - roni S | arT — a point jwhich products, new inventions, new 
said in Bremen that the j rerr s c j nulc j, made, albeit with gnods, new capacity and. above 
monetary aspect was only one con >jderable- delicacy. all. new markets.” All that 

suc?aftraiS« of' rWou?c“ - Thls Eu ™P can P lan * not up implied development of re- 
S£h“ wnniH have to be far detailed elaboration in Bonn search, education, training— and 
w , nor -which will not. or course, pre- mu least labour mobility, which 
g£Sfc con.ra^l^ HcrJ ven, those Community lead ere the Americans had but the 
Schmidf Bui it is likely til present from discussing pri- Europeans did not yet have m 
St odd if it were n!u so) vatciy their hope, and fears in sufficient measure, 
that the two leaders have rather connection with it. H can. how- What. then, will be West Gcr- 
differenf views about just v.h<» ever, be presented as a Euro- many’s .specific contribution to 
should henefit most frmii such P pa ’-t contribution to the aim of the Bunn summit — apart from 
a transfer. economic upswing in price its advocacy of the new mone- 

s lability which all participants tary system? Part or the answer 
dp«=ire. may be found in the final dneu- 

The German view is lhat only ment of the Bremen Council 
if that aim is achieved can meeting which speaks nF coin- 
necessary changes he wrought plemon'taiy action from the 
in industrial structure and the member countries. Those with 
danger of trade protectionism higher rates nf price increase 
" Jg hehI •* after will .«*. in particular, to curb 

in ■ iiirio rhn nnnnt nf a,1 > Possible that lhe multi- Inflation. Those without infla- 
‘ S' „„1 U , SLfin, F 4 lateral trade talks in Genera tinn or balance of payments 

S»-"' net hare readied -the problems will do more to 

-ranted in a wav sim-lar to that dcsirctl resu " hv Saturday increase Internal demand, espe- 
ThP IMF "fhai ‘ciiPf-prcivP evening as hoped. Nonetheless, cially investment demand, and 
franchec -vn^d be subieet to ,hc German side in vin anomic growth. While it is 

increasingly tou"h conditions be urgenl! - v P uMin « the anti- clear that there is no Com- 
R-ir in °h-c interview Herr Driiteetinnist case and seeking munify country wholly without 
Schmidt went bevond this sav firm sl!T> P art from its partners, inflation difficulties, it is also 
fn " the new- sSm n,Sht Sso HerT &*«** P ut * wa >" P’ ain Germany falls 

involve the European '’invest- “ r think in many fields the firmly into that group fmra 
meni Bank — already an in- tren d to protectionism stems which more growth efforts are 
creasingly important instrument from an inclination not to meet expecred. 

for transfer of resources in the the challenge or necessary In his interview. Herr Schmidt 

Community. "You will, for change but to maintain old raised the following points about 
instance, he tempted to draw structures, which in the long German economic growth (which 
some parallel between the IMF run will not serve the purpose the Government first hoped 
and the World Bank in Wash- nf a return to full employment, would total 3.5 per cent, in real 
ington." the Chancellor said. This trend would destroy the terms this year but which now 
The temptation is irresistible framework of the world, seems certain to be less). He 
and the implications far- economy.” noted that the rapid rise of 

reaching. They raise the serious Herr Schmidt was never more the D-Mark had enabled other 
question of whether a European emphatic In the course of the countries to increase exports to 


Fledgling 

fund 


T errv tiuk 

Germany milch faster Mian Ger- 
man GNP had been growing in 
real terms. This meant some 
more German unemployment, 
even in Industries supplying the 
domestic market, because ol 
competition from cheaper itn 
ports. 

He referred .with disdain t) 
“ so-called creation of additional 
demand or whatever the phrases 
arc,” stressing two key prob- 
lems, one was the constitutional 
limitation on government bo^ 
rowing. The other was the 
limited capacity of the capital 
market to yield a lot more credit 
for the government at stable 
interest rates. And if German 
interest rates were forced up, 
thus reducing the differential 
with rates m the U.S., then the 
efforts of the Americans and. 
others to stabilise currencies 
would be made harder. This 
development would not help 
domestic investment— and there- 
fore German economic growth 
—either. 

Having marshalled all these 
arguments against, the Chan- 
cellor summed up his position 
in a few sentenros which can 
be taken as a clear signal lo 
those shortly arriving in Bonn. 

“Last remark but one: Never 
in some four years of holding 
ray present office have I felt 
myself cornered international!! 
and I don’t feel cornered today 
I feci I have all the room foi 
manoeuvre I need. Last remark: 
I once again stress the need for 
compromise on the pan of all 
seven participants. Full stop, 
sir.’ 1 - 


MEN AND MAHERS 


Lying doggo on 
a Victorian fee 

Political hecklers now limbering 
up for the general election may 
care to keep in mind a question 
to make any candidate wince: 
“ What about dog licences? ” 
Cannily aware that Britain’s 5m 
dogs all have owners who all 
have votes. Jim Callaghan has 
let it be known that nothing 
should be done just now about 
a 1976 working party report 
advocating a £5 dog licence (at 
1975 prices, which would be 
within a hair's-hreadth of £7 
today). 

Denis Howell, who is what 
might be called the dog’s-body 
at the' Department of the 
Environment has done his bit 
to keep the topic at bay. Last 
month, in reply to a written 
question, he said he would give 
his views on the 1976 report 

as soon as possible”; this is 
confidently expected to be 
after the general election. 

Many MPs are agreed that we 
have too many dogs, fouling the 
streets and eating up protein. 
The licence. 37Jp, is the 
Ts 6d at which it was set in 
1878. At average wages then, 
it took two davs’ work to pay 
fnr a dog licence: exactly 100 
years later it takes 12 minutes' 

work. Colonel Charles Wvlie. 
secretary of thp Canine Defence 
League, told me yesterday that 
the licence is ” ridiculously 
low ” He said that the Govern- 
ment actually loses money on 
collecting the licences. The 
RSPCA has likewise been growl- 
ing for years at the politicians’ 
heels. 

A scamper around the main 
political parties yesterday 
showed, however, that kennel 
power is well recognised. The 
Conservatives say they “have 
not taken a firm position.” The 
Liberals seem to have tossed 
their erstwhile high-mindedness 
aside: “We do not think dog 
licences should go up — but Lf 


they do, old age pensioners 
should have reduced rates." The 
Labour Party is belatedly pay- 
ing most attention to the 1976 
proposals: in a fortnight’s time 
the executive committee will re- 
ceive a recommendation from a 
policy group for an increase " in 
stages ” to the £5 licence, with 
complete exemption for dogs 
owned by pensioners, the blind 
and farmers. There is more than 
a bint of class war In the pro- 
posal to end the present exemp- 
tion for foxhounds under a year 
old. 

Wbat no politician- likes to 
admit is that decades of fawning 
upon dog-owners by ■ keeping 
licences down has created a 
crisis of abandoned pets at a 
time of dearer food. ■* The situa- 
tion cannot be handled,” says 
the Canine Defence League. 
“Our kennels are full of aban- 
doned dogs.” 



Tensing in town 

Guest of honour last night at a 
reception at the Indian Tourist 
office in Bond Street was Sherpa 
Tensing, now 94, but looking 40: 
it must be all the fresh air up 
in the Himalayas. He has been 
in Britain visiting mountaineer- 
ing friends. 

Since the publication last 
year of its autobiography. After 
Everest the man who shared 
the honour of sealing the 
world’s highest peak has 
become something of a globe- 
trotter. I am told that on this 
latest trip he has cheerfully 
signed his autograph “ hundreds 
of times.” One of Tensing's 
greatest enthusiasms nowadays 
is the Mount Everest Founda- 
tion. which is trying to raise 
£250,000 over the next seven 
years for young moutaineers 
and explorers. He had wanted 
to be in Snowdonia with Lord 
Hunt and his fellow veterans in 
Mao' for the 25th anniversary 


“Naturally enough. 1/ injustice, 
is going to be done they don't' 
want it to be seen to be done.” 

appeal, but domestic events 
kept him at home. 


Wide code 

After years of being kicked 
around in the political manifes- 
toes and headlines of the Third 
World, the transnational corp- 
orations are now having io take 
stock of a code of conduct 
which is grinding its leisurely 
way through the UN. Klaus 
Sahlgren. director of the UN 
Centre on Transnational Corp- 
orations. told me yesterday that 
next month a working party 
will have its fourth session on 
the code. He hopes that it will 
be in draft form for next year’s 
annual meeting of the UN Com- 
mission on transnationals. 

Sahlgren said it was hard tn 
see what teeth the code would 
have, since its implementation 
mechanism had not yet been 
negotiated. This, he said, would 
have lo be enforced through 
national legislation, since only 
the UN Security Council has 
its own enforcement powers. But 
hi? thought the code could 
“exert moral pressure." 

Tbe UN centre has a large 


data bank on the transnationals 
which is becoming a potential 
political football. Its reports are 
already proving controversial 
One, shows the activities of the 
transnationals in Southern 
Africa, focuses on the activities 
nf oil companies and banks, it 
asserts there is no evidence that 
the transnationals’ presence In 
South Africa has helped erode 
apartheid. Nor are the authors 
convinced by lhe claim that the 
presence of the transnationals is 
necessary' to maintain employ 
ment or improve employment 
conditions. 

In May the UN commission on 
transnationals voted that coun 
tries should slop all forms of 
“collaboration’' by the com 
pumes with minority regimes in 
southern Africa — though this 
resolution has so far proved a 
paper tiger. 

I asked Sahlgren for his views 
on the report, described in this 
column six weeks ago, of how 
lhe transnationals infiltrated the 
first attempts to bring them 
under pome for mof UN control 
The report, by an independent 
group, claimed that Hans 
Schaffner, vice - president of 
Sandoz and Swiss, "governmental 
representative” on the Group of 
Eminent Persons, was jn close 
conlacl with the transnationals 
which lhe Group was investigal 
inq. Sahlgren told mo that he 
was loo busy with the present 
to deal with the past. He added: 
“In my country. Finland, a 
proverb tells one to be a doctor 
not a judge.” 


Mighty meaty 

From a Now York college maga- 
zine about a trip to London: 
” After we had seen the Mansion 
House, the Bank of England 
and the great new Stock 
Exchange, we went to a cafe 
and had the City clerk's 
favourite meal of fried sausages' 
and potatoes — known familiarly 
as ‘bankers and mash.’” 


Observer 



Peterborough- 
A History of 
Technology 

Forty-five years ago, Frank Perkins developed one of 
the world’s first high-speed diesel engines in 
Peterborough. Perkins Engines is now «ui internatio na l 
leader in diesel engine technology. Peterborough is 
still the headquarters and main manufacturing centre. 
Today, Peterborough is a new town. And many, 
companies are taking advantage of the city's special 
opportunities to extend the frontiers of new technology 
in electronics, engineering, printing and medical 
science. 

Housing is available for all the staff of firms moving to 
Peterborough. There's a large pool of labour. 
Communications are first-class - London is only anTibur 
away. Rents and rates are low, 

T* 36 buge buildingpro gramme ensures a wide range of 
commercial and industrial property and sites. - 

King John Case 
Chief Estates Surveyor 
0733 68931 

Peterborough Development Corporation 
PO Sox3 Peterborough PEI IUJ 

Peterborough 

Buildmg on History. 








Financial Times Tuesday Julv u 1978 


21 


SOCIETY TODAY 




r JiHE CABINET ha* decided. by 
overwhelming majority, to 
■^ ;jrea ^ promise made in the 
£jMour Party manifesto u£ 
;.4i^K?ctPber 1974 -That the Official 
jewels Art wild be replaced 
,‘by a measure 40 put the 
jurden on the public authord- 
igs 10 justify withholding 
fimrtation." 

The astute reader will stop 
there. There us something 
krone, with -the above para- 
Ijra #1. It complains about 
jjffimJ secrecy, yet it purports 
.0 record -a deoimort made by 
he CaWnet, whose detibera- 
supposed to be secret, 
rhe .answer to the conundrum 

is tint everything; is secret ex- 
cept that which it suits some- 
one or another to reveal, by 
coyert means W necessary. 
Reporters who contact so-and-so 
uxL you-know ■'wiho will quickly 
draw ifhe cnnoUision that the 
Savfernjnent is in fact abandon- 
ing the promise of 1974, but this 
will not be" an official truth until 
the relevant White Paper is pub- 
lished during the. next week or 
so. 

Nor will the real truth be 
easy, to discern from the While 
Paper,-' whose contents have 
been softened on more than one 
occasion: in a futile effort to 
Ward off the anticipated criti- 
cism, according to never-you- 
mind; -. The Paper has been 
prepared by officials who 
started with rhe report of the 
Franks Committee on the re- 
form of the Official Secrets Act. 
which is why it is hawed from 
the start. 

For that committee, which 
reported in September 1972, 
was bound by its terms of re- 
ference to investigate Section 
,2 of the Act — the notorious 
; section that makes it an offence 



break a promise on Secrets 


for any official to disclose any- 
thing he has learnt in the 
course of his job. unless he has 
prior permission to do so. ■ It 
has become the foundation- 
stone of the secrecy of our 
Civil Service. Any White 
Paper that apparently reduces 
the all-embracing scope of Sec- 
tion 2 will be presented by its 
authors as at least a step to- 
wards putting ‘‘ the burden on 
the public authorities to justify 
withholding information." 

‘More liberal’ 

In fact, as I have been re- 
minded by no-names-no-paclv* 
drill, the White Paper in its 
present form is a confidence 
trick. Following Franks, It will 
narrow down the range of 
secrets whose disclosure might 
mean prosecution followed by 
a fine or imprisonment, and 
protect much of the rest of the 
information in the possession 
of the Civil Service by means 
of “administrative discipline." 
This means that ao official who 
gave information of the first 
kind to a member of the public 
might be prosecuted, while the 
penalty for disclosure under the 
second category might be no 
more than the loss o£ bis or ber 
job. Since the Government in- 
tends to broaden the range of 
information whose transmission 
to outsiders will not constitute 
an offence against the law. it 
will be able to claim that it is 
" more liberal even than 
Franks." 

The element of humbug in 
this is by now pretty well estab- 
lished. Section 2 has already 
fallen so far into disrepute that 
it is more or less unworkable. 
Its replacement might be 
genuinely enforceable.- which 
would mean a net addition to 


the power of government to 
maintain secrecy, at least in 
those areas to be classified 
under the proposed new Act. 

The confidence trick runs yet 
deeper, however. You can see 
what I mean by considering a 
point made by someone who can 
actually be named— Mr. Roger 
Darlington, who was Political 
Adviser to the Home Secretary 
from '1972 to 1978. and who was 
concerned with the drafting of 
the forthcoming White Paper. 
In a recent article in The 
Guardian, Mr. Darlington poin- 
ted out that while most people 
regard Section 1 of the Aet as 
concerned with espionage (and 
therefore, presumably, accept- 
able), the matter is not as simple 
as that. 

He quoted a ease. DPP v 
Chandler, in which the House 
of Lords upheld the conviction 
of six defendants who entered 
a prohibited place as part of a 
nuclear disarmament demon- 
stration. There was no ques- 
tion of espionage, savs Mr. Dar- 
lington. yet they all went to 
jail. A forthcoming instance 
of the relevance of Section 1 is 
the trial, scheduled for Septem- 
ber. of Crisnin Aubrey. John 
Berrv. and Duncan Campbell, 
all three of whom have been 
charsed under both this section 
and Section 2 of the Act Since 
anything at all that I may wish 
to say about this important 
trial is likply to get me in 
trnuble with the law as it 
stands. I will only remark that 
we will all find it most inter- 
esting. or most dull, as the case 
tnav be. 

So far. the argument in this 
article has been confined to the 
negative side of the story. The 
positive side is a demand for 
something quite different from 
the present paraphernalia of 



Dr. David Owen (left); Michael Foot, and Tony Bi-du (right) — apparently the only three 
Cabinet members who were willing to entertain the idea of a right of access to official 

Inform alion. 


secrecy— an absolute right of 
access by the public to public 
information, with a tightly- 
drawn list of exceptions to 
protect national security and 
individuals. In any honest use 
of words this is what the Labour 
Party must have meant by “ a 
measure to put the burden on 
the public authorities to justify 
W'ithholcHrrg inf ormatdon ” — 
but it' appears that while the 
Party may believe that that is 
what it meant, no such thing is 
on offer from the Government. 

According to don't-whisper- 
the-name and you-never-heard- 
of-me the only members of the 
Cabinet willing even to enter- 
tain the idea of a right of access 
are Mr. Michael Foot, Mr. 
Anthony Wedgwood Benn and 
Dr. David Owen. If so, all praise 


to the three of them, who in 
this if not all other matters have 
a better understanding of 
democracy than their colleagues. 

Yet the argument in favour 
of such a right has grown over 
the past couple of years. The 
Labour Party’s Sludy Group on 
the machinery of government 
has produced a draft Access to 
Information Bill. The ail-parry 
Parliamentary Committee nn 
Freedom of Information has put 
forward its own *■ model White 
Paper.” The energetic Outer 
Circle Policy Unit has been 
working nn a well - drafted 
Official Information Bill. And 
yesterday the Liberals published 
their “Shadow White Paper" 
proposing that a public Right 
of Access to Official Information 
be embodied in an Act of 


Parliament — following the 
Scandinavian and • American 
examples. 

There are many detailed 
arguments about such a pro- 
posal. Some — such as “ the cost 
would be in the hundreds of 
millions-’ can be written off as 
standard Civil Service protec- 
tionist tactics. These must 
always be taken as False until 
proven. Others — “ would there 
be an index?" and "just what 
would remain secret?" — remain 
matters for serious debate. But 
none of the details is as 
important as the central 
principle, which is that any 
citizen should be granted access 
to any information held on file 
by any departments — saving 
defence, national security, and 
files on individuals. 


The trouble with this prin- 
ciple is that in the British con- 
text it is truly revolutionary. 
Properly used, sueh a device 
would cut away the power of 
the self-perpetuating oligarchy 
that our Civil Service has 
become, and they know it. 

Yet I am not at all certain 
bow many of the proponents of 
freedom of access to official 
information know just how 
much they are asking for. Some 
are aware of a wider importance 
to these matters, but few seeui 
to be conscious of just how 
much unravelling there might 
be if Parliament were to a'How 
the first string to be pulled. The 
Liberals talk, in yesterday's 
document, of a " new constitu- 
tional settlement with a more 
open relationship between 
executive and legislature” and 
see the right of access as part of 
this; what needs to be thought 
through, however, is whether 
such a right, -if granted, would 
turn out to be the catalyst that 
made sueh a constitutional up- 
heaval possible. 


Afraid 


This is the powerful heart of 
the matter, and I ain sure (for 
who sit has told me) that some 
senior civil servants are deeply 
afraid that a right of access 
might be their- undoing. They 
do not argue on the level of 
“ Concorde, the Crown Agents, 
the Property Services Agency 
and allied scandals might never 
have happened if the public had 
a right to know and debate" — 
for these are small matters 
compared with their own 
entrenched status. 

And so we come back to the 
Government's decision not to 


allow any such thing to happen. 
Most members of the Cabinet, 
beg-your-pardon and who-did- 
you-say. tell me, are not as 
afraid of this negative decision 
as they arc for their own skins, 
partly because of the nagging 
of senior civil servants and 
partly because they dD not see 
any votes in it. one way nr 
another. To be sure, there will 
be a kerfuffle in tbe party, and, 
of course, the trade unions may 
mumble — but the party can be 
squared and the unions are not 
really serious about this one. 
The general public is thought 
to be hardly aware of it. while 
the few intellectuals who com- 
plain are. well, very few. 

This analysis is probably cor- 
rect. But there is one important 
rider. For more than a year 
now Mr. Callaghan has managed 
to bo a more cunning conserva- 
tive than Mrs. Margaret 
Thatcher — after all, he is 
running a conservative admin- 
istration under a Labour 
banner. He has shown that, 
given a minority in Parliament, 
an economic crisis, and the 
threat of a right-wing Tory 
successor, he can treat the 
radicals in his party with con- 
tinuing contempt. 

There is still room fur more. 
There may indeed be another 
hundred straws to go before the 
camel's back is broken. But 
without some kind of radical 
inspiration — and it need not 
be of the radical Left — there 
is not much point to the Labour 
Party, and many of its most 
active members feel this keenly. 
The promise that thingummy 
assures me is about to be 
broken may not break the 
party, hut it will bring the day 
of reckoning nearer. 


Joe Rogaly 


Letters to the Editor 




I *«*»>_ 

•4* 



j Takeover Panel 
! decision 

"rom Mr. fc\ Witdlep 

I Sir.—Thc Takeover Panel 
tension in the matter of W. 
rlenshall and Sons (Addlcstone) 
-iiusi cause concern io minority 
..hareholders everywhere and 
ilso to supporters of the principle 
.hat employees should be 
encouraged to acquire shares in 
heir own companies. 

The acquisition by Bovbournc 
if 49.92 per cent of the share 
:apiia) of Hemhall without 
c Terence to the board Of 
1 1 rectors was admittedly com 
I iic ted with a view to achieving 
i shut -out position. A large part 
■*f this block of shares was 
nquired from a major sbaro- 
lolder/di rector and Edith, and in 
w rase was the Board advised of 
irgntiations or of the intentions 
.f Bovbourne. 

The Takeover Panel Was set up 
•> create a sclf-rcgulatins body 
llhin the City and to give 
une protection to shareholders 
morally. The questions, how- 
.er. must he asked as to whether 
is the intention of the City and 
r the Government that the Take- 
• er Code should be interpreted 
i its strict terras or whether it 
iou I d he regarded as, a guide, 
honld it not he the objective of 
io Takeover Panel to ensure that 
■ansaetions take place in a 
banner which at least gives some 
rmsideratinn. if not protection. 
i minority shareholders? The 
resenl decision of the Takeover 
■ancl is surely a general invita- 
lon to disregard the spirit in 
inch the Panel was set up and 
> achieve a situation in which 

II shareholders do not have an 
qua! opportunity to consider at 
he operative time all relevant 
act- and information relating to 

proposed offer. 

VIoral duty 

A feature of Henshall is the 
act Thai the executive board is 
■rini-ipjilly comprised oT profes- 
i nnal managers. They have no 
naterial share stake in the com- 
unv. They have nevertheless 
onMilered that they have a moral 
iii v lo give full consideration to 

•ir ’ interest}, of all the share- 
Olliers and of the company and 
.i\e tried to achieve a situation 
. hrre Diinnritv shareholders, whn 
’ hi ilen tally far outnumher the 
reseni majority shareholder and 

l,u include some fifty employee 

uircliolders. have an opportunity 
i have s,nmc say in the future 
t their company. They do not. 

•mover, appear to have been 

imported in this respect by the 
lock Exchange, the Takeover 
‘and or the City generally. 

The Henshall case present* an 
nnori unity for the City to show 
ui minority shareholders and 
mplnycc shareholders are 
oicmiic and that professional 
ui u.icors will recrive support in 
.n-ryinc out i heir responsibilities. 

; is submitted that the wording 
i the Takeover Code should not 
r regarded :»* paramount. This 
;i miti 1 for 

wn.-i.il advisor-.- * "ft 

.und the Code. The Code should 
s interpreted according to its 
•Hunal spiriL The Panel should 
jiiMiter whether the Lode nas 
.roved adequate in the eirnim- 
lanecs and whether the result of 
strict interpretation Of tne 
it IPs gives an ethically correct 
osition. 

It is not too late for the City 
i re-examine the matter or 
enshall and to demonstrate a 
Min? to protect minority and 
mployce shareholders and lo 
ipport the spirit, rather than a 
-calistic interpretation of tne 
akeover Code- It also provides 
a opportunity for the City to 
•state the * obligations Of 
i rectors who arc also major 
upholders. 

1 would add that white nty firm 
:e advisers to Felford, the 


alternative bidder for Henshall. 
the above represent my personal 
views. 

E. J. Wad ley. 

Lake House. Golf Club Rood , 

St. Georges Hill. 

Weybridge, Surrey . 

Pressures in 


Germany 


From Dr. E. Owen Smith. 

Sir.— Whereas Professor 

Beresford Dew (June 7i is no 
doubt correct in pointing-; to 
“German lessons in industrial 
democracy." bis amazingly;, un- 
critical account overlooks some 
significant industrial relations 
problems currently facing the 
West Germans. How these prob- 
lems are resolved may be an 
even more valuable lesson than 
the role of works councils as part 
of the total collective bargaining 
scene. 

After attempts dating back 20 
years, the trade unions sained in 
197R what they still ennsider to 
be a diluted form of “parity" 
representation on the supervising 
hoards of large companies (out- 
side steel and coal) with over 
2.000 employees. The unions 
claim that at least 25 of the 600 
companies involved reorganised 
their structure so as to avoid the 
Act. The employers organisa- 
tions, on the other hand, con- 
sidered the 1976 Act to he un- 
constitutional because it under- 
mined property rights. Their 
appeal is now being considered 
by the Federal Supreme Con- 
stitutional Court. In protest the 
trade unions have withdrawn 
from tbe body on which the 
Government preaches the virtues 
of wage restraint. Where elec- 
tions to the new boards have 
taken place, start asociations and 
professed political candidates 
have been successful. Indeed, 
ihe elections to works councils 
have also recently displayed this 
same trend. 

Finally, your correspondent 
seems to underestimate the 
extent to which the West 
German Government has inter- 
vened in economic life, lnttecd. 
the current year's DM 52bn 
deficit of public authorities is 
ihe main reason why Chancellor 
Schmidt will be opposing pres- 
sure to reduce German taxes at 
ihe imminent economic summit 
in Bonn — even though his FDP 
coalition partners would more 
Than welcome the electoral popu- 
larity of such a move! 

E. Owen Smith. 

Department of Economics. 
University of Louehborouch. 

Loughborough, Leicestershire. 


the change recommended by 
them in the dratfing of the Bill 
would be to remove from the 
benefit of tbe legislation 
creditors of companies which 
have passed into receivership 
since the relief was fore- 
shadowed in the Chancellor’s 
speech. These creditors would 
have expected relief under the 
Bill as now drafted if the com- 
panies had passed into 
liquidation after October i: with 
out a corresponding change in 
the starting date of the legisla- 
tion. perhaps to March 1, 1978. 
the creditors would see tbe pro- 
tect of relief vanish before their 
eyes. 

It Is to be hoped that this 
aspect 1 of Clause 10 will also he 
reconsidered at the report stage. 
C. Rengert, 

Cooke. Gorrie and Co., 

Bonk Buildings, 

16a. St. James's- Street, 

London, SlVl. 


Finance Bill 
side effects 

From the Assistant General 
Manager Trade Indemnity C p - 
Sir, The distinguished group 
of accountants who wrote on 
July 6 about VAT and Clause 10 
of the Finance Bill are quite 
correct fo refer in the potential 
consequential problem*. Tne 
conditions imposed by Clause 10 
however, will be very similar to 
ihe old purchase tax rules ana 
it may be that their fears are 
more imaginary than real. 

D. L. Howson, 

Trade Indemnity How* 

12-34 Great Eastern Street. tv~. 

VAT relief on 
bad debts 

From Mr. C. Rengert. 

. sir,— The letter, from • » r - 
Homan and h«s . 
colleagues (July 6j «jsed an im 
portant point, and J u r „ r J tbe 
with them in pressing for 
definition of insolvency 
tained within Clause }° 

Finance Bill to he extended to 

cover receivership- „ 

\t ay i. however, acid a sn> a '* 
Mini of warning. Tbe effect of 


Team games 
for girls 

From Mrs. J. Leathern. 

Sir,— I was interested to read 
the article by Sue Cameron (July 
4) on women climbing the pro- 
motional ladder. I fully agreed 
with the check list produced at 
the end. but I would like to take 
issue over the question of sports 
training for women for their 
future role in life. Apart from 
tiie bora career-minded women, 
we must remember one in four 
will be separated from her 
husband ami be forced to go out 
to work in middle life; therefore 
I feel that it is the duty of 
society to train girls for work 
and management, as well as 
home based duties. 

Whale -there are undoubtedly 
hockey teams and matches ere. 
for garls after the age of II. I 
do. not think there are enough 
teatp games or projects lo 
■engender the team spirit I am 
a cub scout leader and am glad 
to receive help from -the com- 
munity for many boys activities, 
but in particular 1 would like to 
point out that we have football 
matches, a football league, a 
cup for the pack coining out top 
of the. league, etc. all activities 
enthusiastically organised by 
fathers. In my area it appears 
that' mothers generally arc not 
very keen on team games them- 
selves, and just do not bother 
to- organise team activities for 
young brownies. 

'I. for one. think, there is still 
• lot of improvement needed in 
the social training of girls. Some 
people may argue that girls do 
not take kindly to the team 
spirit. I maintain that it is 
because tbeir social education 
does not start early enough, it 
should be the same as the boys, 
as early as possible. 

J. M. Lestham. 

30, Rriants Piece. Hermitage, 
iVr. Newbury, Berks. 


cent. This is patently not so to 
anyone who takes the trouble to 
read the sheet and not just mis- 
quote from parts of it. 

If Mr. Thirkel! obtains a copy 
of the Price Commission report 
on Thames Water Authority he 
will see that although we sought 
an increase of £2Um. in charges 
for 1978-79, the amount to which 
we were restricted under safe- 
guard regulations was £16m 
Table 3.3 of the same report 
shows "the effect of tbe intro- 
duction of two- part tariff on 
charges compared with the old 
basis of charging." As was staled 
in our information sheet this 
authority must bv 1981, complv 
with the requirements of the 
Water Act 1073 regarding charg- 
ing policies. Therefore the extent 
to which Mr. .Thirkell may con- 
sider changes in policies to be 
undesirable has to be read in the 
light of present legislation. 

Mr. Thirkell. in his final para- 
graph, expressed the view that 
Thames Water Authority was 
attempting to “pull a fast one” 
over the' domestic customer. 
Furthermore he goes on to quote, 
allegedly from the longer infor- 
mation sheet about our forecasts 
for charges in 1979-80. What in 
fact was said in the information 
sheet was as follows: ..." though 
it means tbe increases, particu- 
larly those for sewerage, will be 
modest this year, it also means 
that we shall be budgeting for a 
deficit of £16.1 m so that we are 
likely to have a fairly substantial 
increase .next year, particularly 
in sewerage charges.'* 1 leave 
your readers to judge who is 
attempting to mislead whom ! 

Finally, if Mr. Thirkell wishes 
to continue to correspond with 
me through your columns, rather 
than direct, may I invite him to 
answer two points: — (i) what was 
the increase in charges for his 
.own house this year compared 
with the regional average of 
14 per cent, for domestic proper- 
ties ? (ii) does be really expect 
us to issue a separate leaflet to 
each customer showing this 
individual percentage increase? 
E. J. Gilliland. 

New River Head . 

Rosebery Avenue. EC I. 


New water 
charges 

From (lie Director of Finance. 
Thames Water 

Sir,— Mr. Thirkell (July 1) 
returned to the attack, claiming 
that in his view certain state- 
ments made by Thames Water 
were “misleading, dishonest or 
untruthful." 

At no time, and nowhere, has 
this authority ever claimed that 
Hie increase in the average house- 
hold bill would be around 7 per 
cent In fact, hi what Mr. Thirkell 
refers to as “ the longer informa- 
tion sheet," we stated quite 
clearly that "whereas last year 
the average family per week paid 
62p for all its water services, this 
year it will pay 72p per week." 
Mr. Thirkell claims that this 
information sheet encourages the 
belief that tbe increase to private 
householders, might be 7 per 


Local authority 
spending 

From Councillor M. Andrews 

Sir, — Mr. C. Cooper (July 5) 
wishes that he could do some- 
thing- to ensure that local 
authorities spent their money 
wisely and were prevented 
from automatically increasing 
their revenues by rate increases. 
He criticises the chairman of 
Salop County Council For the 
statement that “ the prime func- 
tion of this Council is not to rut 
expenditure nor to keep rates 
down." 

Mr.- Cooper may be interested 
to know that the Conservative 
controlled Southampton City 
Council has adopted his own 
philnsophy. Tt has achieved, 
despite inflation, a rate reduc- 
tion of 2 per cent in each of the 
-two years since it gained control 
of the Council and it is con- 
fidently expecting ro be able to 
achieve another reduction next 
year. It should be added that 
the previous Labour Council 
imposed rate rises of up to 68 
per cent during its term of office. 

This dramatic turn round has 
been brought about not bv a 
severe cut-back In services.‘but 
by a careful reorganisation of 
priorities, and the adoption of 
an attitude of mind implicit in 
the recently advocated zero-base 
budgeting approach to control- 
ling expenditure, i.e. spending 
must be related to present- need 
not -to past priorities — an 
approach other local authorities 
could usefully follow. 

If. J. Andrews 

(Councillor Tor Miilbrook Ward i. 
The Members' Room. . 

Civic Centre, Southampton. 


GENERAL 

Treasury issues details of 
Central Government financial 
transactions, including borrowing 
requirement (June). 

European Central Bankers end 
two-day monthly meeting, Basie. 

Post Office engineers in London 
hold half-day strike and mass 
rally to support their claim for 
35-hour working week. 

Mr. Eric Varley. Industry 
Secretary, speaks at Pen is tone 
by-election meetings. 

Second preliminary hearing of 
Tribunal of Inquiry into Crown 
Agents’ losses on secondary bank- 
ing and property activities (public 
hearing opens on September 11). 

House of Lords Select Com- 
mittee considering legislation to 
counteract Arab boycott meets 


Today’s Events 


European Commission members 
in Brussels. 

Mr. Roy Hattersley. Prices 
Secretary, and Mr. Michael 
Shanks, chairman, Consumer 
Council, are principal speakers at 
oprning session of International 
Organisation of • Consumers 
Unions’ congress, Imperial Col- 
lege, SWT: 

National Union of Railway-men’s 
annual conference continues, 
Llandudno. 

London Chamber of Commerce 
Council meets. 69, Cannon Street, 
EC4. at 2.15 pm. 

Great Yorkshire Agricultural 
Show opens, Harrogate (until 
July 13). 


PARLIAMENTARY BUSINESS 
House of Commons: Remaining 
stages of Finance Bill begin. 

Hoasc or Lords: Second readings 
of Iron and Steel (Amendment) 
Bill and House of Commons 
Administration Bill. Community 
Service by Offenders (Scotland) 
Bill, committee. Transport Bill, 
report stage. Debate on unit 
trust management. 

Select Committee: Joint Com- 
mittee on Statutory Instruments 
(4.15 pm. Room 4). 

OFFICIAL STATISTICS 
London clearing banks* monthly 
statement; and UK banks' eligible 
liabilities, reserve assets, reserve 
ratios and special deposits (mid- 


June). Provisional figures of 
vehicle production (June). 
COMPANY RESULTS 
Final dividends: Moorgate 
Investments: Ratners (Jewellers); 
Textured Jersey; Watson <R. 
Kelvin): Wilkinson Match; 

Wrighton (F.). Interim dividends: 
Macpherson (Donald) Group; 
Neil and Spencer. 

COMPANY MEETINGS 
Avenue Close, 100. Old Broad 
Street. EC, 12. Property and 
Reversionary Investment. Albany 
House, SW. 12. Streeters of 
Godaiming. Cafe Royal. W, 12. 
UDS, Churchill Hotel, W. 12. 
SPORT 

Cricket: Middlesex v. New 
Zealand. Lord's. Fencing: 
Commonwealth championships, 
Glasgow. 


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22 


COM PAN Y NEWS + COM M ENT 


H. Wigfall tops forecast with f 1.37m 


■BETTERING A forecast of not 
le** than £!5m Henry wigfall and 
..Son aehimod a pre-tax profit of 
ll^Tnt for the year to April 1. 
IR7B. ThiK is an improvement or 
£058m o\er the previous 53 
weeks. 


highlights 


After the first 28 weeks .when 
reporting a loss of- £353.000 
--(£■404,000 profit » the directors, in 
It heir successful defence of the 
offer by-' Comet Radio vision 
Services ’made the profit forecast 
and said that the dividend total 
would be 7 .op net. 

This is the case with the final 
payment of 4.5p net. Iea\ in? the 
total to stand against last year's 
4.84p, 

32 it 


Henry Wigfall has cleared the first hurdle by beating 
the forecast made at the lime of the defence from the Comet 
bid. but another dramatic profits improvement will be 
required this year if the Board is to justify its decision to 
remain independent. Tate aud Lyle has arranged a £3Um 
10-year loan facility with a syndicate nf banks to repay short- 
term borrowings and finance general corporate purposes. Lex 
al- s, » discusses the pricing arrangements fur the forthcoming 
Ferranti listing. Elsewhere. May and Hassell has been' hit 
by exceptional items and full-year profits are below half-time 
expectations, but the shares have apparently taken heart from 
the announcement of assets approaching 217p. Crown House 
has been bolstered by a strong performance on the glass side. 


down £364.832 (up £125 430 1 nrfu 
bank overdrafts higher a’ £23 HIM 
i £167522), and cash si £&08;i?S 
1 £*53,0271. 

Mr. Newman says the directors 
have so far been unable to find 
a suitable investment fur liquid 
funds. This has mean: that * not 

in substantial . part of net ncwsl 
hn*. earned a lower return than 
nii"*-" otherwise h.«ve been 
cxpecteC 


3* i.Vs. 
i?rT-T: 


1. 1 r . 


Tunw/r 
Shaw* (if aj.«*cs 
Pre-uur pr«r* 
Tax 

X-n profir 
PivaS- n*te 
Rtrained . . 


$ IV. K'l 

: ..o:k 

SOT.S13 

■W! 1-4 
W:.l7'i 

-- [-.'i 


: 

i :i; 
7«.32a 

to 


.'•W.l*: 


v ■ •■Vs *■— k*- 
liTT-r* ipre-r; 



5tWI 

‘Owl 

Tumor“r 

SIAM 


Profit be Tore tax 

1J73 

1.090 

TjT I’rprtlt 

13 

■Xj 

P.-*tfir artrr us 

j -»•: 

Pw) 

Extranr.liuar/ debit . 

’in 

"4J-. 

Available 

1 7= ti 

I.3K 

Pr.-ri-rrnec 4i*.-»1rnd 

5 

1 

Ordittart- divid'.-nd* 

*<■ 

y; 

.R>;:ain?d . 

•M 

1 14": 


nf 


* Exsi'nv-s uiiiirrrrf in rW.-ni 
j»loi)r-r h|.i * Credit provision lor m.ni 
order no loti -.' r r>-«uir.-d. " Certain 
«!i9riVH-r« of Wu-feli* v.i iT.yi ih*-r 
rr»iiii"iiii-ni i'i ihe /ni.Tim rt-virti-rd m chairman 
of a lotjl or I 5li >9- ordinary 

<li.iro< 


Yields up 
at Anglo 
Indonesian 


Christy Bros. 


Mr. 


Thp company nporales a* 3 
multiple s-|iop retailer or radio 
and television 


Michael Nightingale, s 
of A nzlo- Indonesian 

Corporal inn >ays lh-31 with the 
* j!! in tea prices to i* difficult to 
predict with any accuracy how 
pin fi l* will l u rn o u I for the 


thar the future commitment to 
compcru-aiion by Mic Sri Lankan 

Govern mem and the e vemu.il 

reiniitance of net current assets. CPPC tTUirP 
will be met. These remittance* OK/WiJ U1U1 V 
provide a useful source of fundi 
for future expansion. 

At the yar end there wa* 

increase in ca>h balances of . r> T,r-s-r. - 

£»|J.712 (£314.024 dccrea-ei and CURRENT TRADING i« ai n «ans- 
a n increase in *hort term nve.-i- 'eve! at Chrfciy Brolhers 

merus of £21.104 i£23.slU an “ l"® managemcn; :s biiozeLiiic 


t growth 


pi oni- w.u lum out mi 

- - . , x . M3 uHj current year, but he fools -It is 

marnme*. rofriceralors, hou-ehold 


decrease!. 

Meefing. 37 Queen Street. EC, 
Ausu--iL 3 it noon. 


_i_, . . , . cn'-ourasins that so far actual 

• ,un,, * ure *« «*• 


Sec Lex 


Car do 
nears £lm 
mark 


In 1077 croup pre-tax profit? 
advanced from £0.69m io £151 m 
It ha> been group policy to hold 
the dividend a-t a level which 
avoid* any *-:"nihcuni liability to 
unrelieved ALT. This year -the 
payment has been raised from 10 
per evtt 1 to 11 per cent which is 
almost the maximum permitted. A STRONG rise in contract com- 


Unilock 
lift in 

second half 


for further imprcc.cmcnr :n 
overall profitability for the present 
y ear to follow on the «i*» per cent 
leap in pre-tax prof:: ‘n £2115% 

Iasi lime. 

Mr. Michael Abbott, the chair- 
man, tells member- tiia; the 
directors believe that, v^th the 
inclusion nf new product* such 
as SWARF piam and containers, 
the cumpany. is developing a 
specific and unique market, 
which despite a likely continued Wearra Group .. 
stagnant economy, shuld enable H. Wigfan 
the group to develop furrier in British Dredging 

the years ahead. Carclo 

Active considers: ion i« being Celtic Haven ... 



Financial Times Tuesday July 11 197S 

Tate & Lyle £30m fi 


refinancing 

\ S 3 ff\l irn-vuar loan ha*- been ra: tonal v-ation measures hr-i 
arranged by Tale and f->It mill iradcrtalcMi bj the owipan.v n 
a syndicate of intcrnsrion.il honk* likelihood ■* that inr money y 
' ■■ in replace -hurl term financing -I'w m.* ■:«# repay oif 


Hi' 


F 


external bbrvwinsy. like 
shipping loans which come g 
lor repayment nest yc»r.‘" 

See Les 


Progress 
by Glass 
Glover 


: I «|. II1M1/ 

Mr. James Edge-Pa rtington. chairman of Cruvtn House, who 
reports a 26 per cent, rise to £359m In profits, and is 
recommending a 25 per cent lift in the dividend. 


replace 

ajTanscmetrts " 

The loan, wrtwrh w ill 1 m' lived for 
“‘general corporate purp*tv‘. r *. ' wi! 
finance some nf the r.il mnalivai ton 
*!u*t* curreirtly being incurred by 
the company. 

Talc :»nl l.>Je has reeeittlv been 
piacued bv ihe pntbleinn of over* 
cap;i: it» in rt* UK :U?ar refimm: 
opera turns and last nioitlh the 
g coup announced itKeram pre-tax 
proiiis iif only El Min. iijijuH 
I24.yi!5 irvviou-i.V. 

The le..:i has been provided by 
,i -i ii da-at i* id fix hanUs. led and 
mail a -ed h' Uo>(K I>juk tutor- DESPITE adverse trad mu o nti 
national The oiher* m I lie units and ewnanue rates Gfi 
•yndvaie .;n*. R.ink «f Amertea Glover Group. fiH>d dritriltuf 
X;,: lou.ii Trn-: and .vivings importer of fir^h fnm a 
A- sucia-iion. Hurt-lay s Merelmnl s-egc tables, achieved a hioi^ii 
hank. Llia-e Maiiii.diati. Naiiunal improvement in pur-lav pm. 
Westminster, and ihc Royal Bank from £127,526 to £l:r2,!7u for i 
of I'anail.i. months til March 31. 107JJ 

In.: i -ir si mi the bun will be The dirceturs rejiiirl I] 
between jnd one per cent nver trailing in the current permit' 
Lund on s’.i-rliit'i *i»to'*bank rules fully in. line with expectations, a 
riurinu ;1u- icmL In the cunt pany '« they say they anticipate pro 
last balance sheet ul September fur the fuH year will cxioist l 
:h>. lnrr. rn*l borrow lugs anmunicd year’s record X432.HS9. • 

to about ±7 am Firil hjif earnihga are shown 

l-i-t nietw 'lull- anil Lyle tru.m-.-e hare risen rrotit 1.04i*n to 1.06) 
dirt cinr Mr J. unes forbi-y siild ihe per .“•p share Jt'd Hie infer 
1 1 (.in had been arranged :icam*i dividend is lifted trom U537SD 
Ihc bjcUe.rmmd of the Gmcni- 0.2S]6p nrl. lotst years total p 
mem's cor-e: nsslncl-ion* ami (lie ment was 1525613 


DIVIDENDS ANNOUNCED 


given by the Board to ways ar.d Christy BrovS 


WITH the increase in profits of 

Card Clothing more than off- ... , 

svttin" a decline in ihosc of the company. 2-i per cent 
engineering /'—i- Indone-jan Government 

Engineering 
higher pre- 
fnr the 
rnmparcd 

previous 12 months. 

Esrnm-'i; nrr 


As for Last year a provision has plelions, during the second half 

been made for unrelieved ACT and a rise in ibe share of asso- . . _ 

but in practice it I- believed that date* profits from £4547 to £30.076 means of enlarging ovcra.l cianu- Cruwn House 

ihU amounit wil Hie relieved -in enabled Unilock Holdings to lift facturing ccpaci:y to meet Eucalyptus Pu 

due course taxable profit for the year to present and future demand. For Glass Glover 

Referring ito Talar Anvar April 2. 1978. from £74S.424 to the immediate future they wit! J'Hw Latham 

in wood as to 60 per Cent 


by Mie £S07.5I3. Sales were 15.5 per cent seek better utilisation and re! urn Maedonald .Martin “A" 
bv the better at £S.28m compared with from existing resources, he say... Macdonald Marlin ”B“ 
and 15 ^ or the previous 55 weeks. Sales for the year lo March 31. May and Hassell 




Pale 

tjiri 

Total 

Total 

Current 

■>r 

■piilUllII" 

f»»r 

ia*( 

pa\ ment 

payment 

ihv 

>i*ar 

war 

0.45 

AU2 

H.4I 

— 

1.31 

4.3 



4S4 

7.-7 

4N4 

Nil 

_ 

Nil 

Xj| 

11.3 

1 3 

A:u -1 i 

lj}« 

3 

2 liS 

U.32 

Ocl! 6 

M 29 

<i.::2 

0.211 

» 2 

— 

1 .7.4 

4.2 

1.34 

2.7 



2.03* 

;:.s 

3.03* 


.Inh 27 

— 


j.D 

n.2« 

Ocl. 2 

1154 

— 

153 

4.9:1 

— 

4 22“ 

7:4 ' 

fi.sa* 

fi 

Sc pi 4 

5.70 

nji 

s.43 • 

.1.15 

Seal. 4 

2 ft 

4.R3 

452 

•« j-, 

Aiw 31 

1.9 


2.77 

7 »2 

— 

I. 'iS 

2 < 

1.95 

Nil 

— 

Nil 

Nil 

oj; 


Streeters troubled by 
Saudi Arabian contracts 


sharp arc 


co mid-' nee that the company 
embark* with i:-« partners on ihe 


company's strong financial no.si- shareholders* funds a? year end 
linn helped toward obtaining ihe vere up over 29 per ecu; a; been forecast 
larger value contracts sa.vs Mr £j.(K»ni. net curren: * assets :n- 


: Gru<- 


per than* net except where mlier-.iise *taiiil. 
allowing f*»r *cnp is.Mii*. • On capital 
nd or acquisition issue*. ‘ Total of 4 2.»p has 
Ihrmiulwiul. Not as pre'.ifin«lv reiw»rtcil 



to predict at this early dale the VP lea from the compand.- o«* n and"further increase ’profitability. jjl| y m s tllcated ^* ien sported on 
outturn of ihe current year. How- nurseries will take place this year. Earnings per 10n share are «~ ai u fun j. , . . 

ever, at present the company's Referring to Central Province staled at 9.27p (S.OSpj and the a net" incre^ of «r ftss 1 r-u(o vi- . 

order book Is higher than at this Ceylon Tea Holdings •*-- * ••** - jn ** a net ,T, c«-se of tis.666 i_sso <9 .i.i 

aU 


British Dredging’s £2m 
fleet deal with RMC 


A M \RKKI) delL-riontion in tlw- 
SiukIi Arabian, activities over the 
past month was revealed yester- 
day by Streeters of Godulming. 
But. ufler u review of the finan- 
cial position and trading pri*«- 
pccK. it will still pay it.* final 
dividend of DSKp |*er share. 

Since the report for 19i • was 
issued on June 13 (here has been 
a marked deterioration “ in 
the prosi»ecis of the 4» per cent 
owned assnciaied company, 
Streeters Saudi Arabia. The 
.Minister re* pons; hie has agreed 
wilh the main roulrnctor 10 re- 
duce ihe sen in- of Hu* new con- 
true 1 in Riyadit and. couscqtienlly. 
ihe share of work allocated to 
SSAL in HITS and 1979 is e\- 
1»ecied 10 he rcduecil from ilOitt 
in between £3m and £5m. 

Problems over work tK*rmits are 
nuking it nuTca'vinui.v difficult 
clfeel ively tu supervise and main- 


tain pruduettun in Saudi \ra 
In particnlar. this k affect 
error is 10 limit losses on the 
re nmn era live Jeddah contract: 

Tlie Board of Streeter:; is. l 
suiting -with the Saudi Aral 
majority .slurt-holdei# as to 
best means of rc*nl\iii". the * 
ation. It may be necessary 
reduce commitments ut Sa 
Arabhi aild (his may involve 
dr. istic reuporaisal " of Hu- vr. 
of Streeter* I nre»t men; th 
both m SSAL and in the pi 
[cased to SSAL. 

In any event there will be 
further investment in Sai 
Arabia. 

By i-on fried. pra*pcci.; r:i 
UK conlinne to be sali*l.-iri 
tmd resources arc .-nlpqualc 
finance continued pronraidc li 
me in l ho UK 

Streeters* annual nice ling 
being held tmlay. 


time last year and they are ready man says that 
to lake advantage of any upturn coinpen*a;ion due 
in world Dade. been received and he is confident 


Ready .'lived Concrete is to pay say last night. " That will depend 
£2 2 1 n ■ for j half siiarc in ihe on ihc peaks and troughs of the 
dredging fleet of the British building industry.** seid RMC. 

hich intends- ro maintain its 27.3 


gs the chair- net dividend is stepped up to 4/tp d du rin : ' the n'erin-' csnoV^;! Dredging Company winch jester- which 
payment* of (4 55pt. The company's shares are .j 5 - naid 'rn‘ a ‘former day 1 nr. our.ced a -fharply reduced per c 

to da.:e have traded over-the-counter. Sf"*; 1 ' as paJ(I t0 3 former loss for 1977 after exceptional 


Liquid funds at year end were 


director 
Meeting. Chelmsford Augusi 
at noon. 


May & Hassell disappointing 


FDR THE year to March 31. 1978 This somewhat perverse effect is recurring difficulties," . many 

May and Hassell, umber importer, the’ result' of timber prices hav- unforeseen at the halfway stage 

reports a slump in pre-tax profits ing fallen during the year. when a “ reasonable “ full year 

from £1.394.000 to £321.000. of "the future the directors say Profit wav hoped for. has hit the 

At the interim stage when rc- the company is at present very final figures. The market'.* earlier 

porting a decline Trom £fc453.000 much underbought. The present forecr%t was around £1.4m. The _ Rn . lro .. QCf1 .... K , 

to £530.009 (he directors- said weak internal market could be- two principal problems were the PROFITS recot. rnu to a figure 9^tl.0*JU. Ho. den, arc not scttink 

they were hopeful or a reasonable come weaker. Although shippers had debts of £153,000 in the ‘ n v e SlrJSfi? 0 nf* ^d^^end compared v. ith an m- 

proRt for. the full year. are pressing for higher prices P^'PCd subsidiary, which «B /HoldSiK^ fo? the reared hi" for' H76 d ° Pi of 0Jp THE lirst eight weeks' trailing at 

They now say that the dis- overall these have not been affecb/1 by a sharp downturn m J.H«Jauigs) for thc^year endm- *or 19.6. ^ _ _ t> , East Midland Allied Press had 


At least 
£0.2m for 
Deanson 


per cent slake in the 

yroup. 

1977 

in:* 

nwr 

Tumui-r 


IK «:i 

Kvi-.itticnai nMii 

C:*. 

■K\ 

Pre-tax lass 

04 

1.073 

1 XV iTi-UII.* 

S 

s; 

N.-l lo« 

ni 


M'nnrn*-. !•■** 

:r 


Is-.irjurdliury ileiirt ... 

a 

♦41 

Xfl dr licit 

3i» 

•HI 


credit*. 

This deal ends months nf 
'peculation that RMC (which has 
273 per cent or British Dredging) 
might make a full bid for the 
group. Last night Brilish 
Dredging shares closed 2p down 
at 39p. 

British Dredging's pre-tax loss 
"•'Shows ;« reduction from £1 07m to y-*— j* 1 n ; pr , 
£314.000 after exceptional credits ' tJIVI A. r Oil IO 
of £473000 1 £421.000 debits). After • “F *** 
ail charge* there is a net deficit- 
of £>53.000 compared with 


Dvbus. » L rrd:t 


satisfactory 

start 


mv* iiw say inai me a is- *‘«>v uvi u™** 1- — -■■■ ,<. TQ -r,-, -- _ .. . , _ . . ... 

appointing results derive' prit.ci- attained. Floating exchange rates ordenns from the caravan trade J'entember 30 19/S. In iS-^-o British Dredging said that RMC bal i arac i or> - „ llh result* 

pally from losses in two overseas are making every purchase a _tih4e second half: and the [»*> ' fre l l i pe h ‘ ,k of . ry.' u «" acquire ->0 per c ' 


pim* 1 1 uni in mu o»Bi3v« w* _ - ■ ■ - ------- - — hllt h — '--■- .71*- L ' cn * of.lhc ahead of the s-’-me period last 

subsidiaries of £290.000 and in gamble. Currently turnover is £23o.OOO slock losses M and H s ojix oy lJ/O-.. nad t„llen vO ct,piiai of British Dredging (band le;ir yj r . Frank Rngere. chairman, 
the asMJciatcd company Hallam slightly ahead of last year. A rea- level of stock losses is a worrying and Gra\ eh. which subsidiary will loW t h e anuual mectm; 

>f £727.000. snnahle. ihough not extraordinary, portent for ‘ — u " 


Group of Noiiinaham of 


timber groups 


yri-r. For 


l" nair year ended March ihcn acquire 10 dredging vessels, a av 
31. IfliS. the pre-tax balance and other asset* front Brilish a# 

khmfv an inprouwA f fR* fUlfl 11 - j • .. .. 1 r . t 


ycstcr- 



Bad debts of £153.000 in rhe ply- result can be expected Tor 1978-79. as a whole this 
wood subsidiary compounded the The' underlying asret strength of unlike competitors 
problem while stock values at 2l7p per share will stand the remained consistently 
March 31, 1978 have been written group in good stead. bought during 

down by £235.000 to reflect mar-" -For the year under review of volatile timber prices and vumpeimon ne anucipaies mac Hie group. troubles on the new press had 

ket conditions. parnmgs are shown to have volume sales. Although Ihe group toe se £ on “ ha, ‘ r results "ill The purchase consideration will not been as fast as the rlirei-lors 

Without l hose mainly non- fallen from lrt.fin to 3.3o. The final was losing market share it was approach those nr the first and be applied to reducing British would have wished but these 

recurring difficulties, the profit dividend is 2.12574p net for a hoping to contain the level of that profits for the full year will Dredging's debt which in the last problems were being overcome. 

... aL stock i 0SS es. a policy w'hieh has be above £2nn,noo balance sheet stood at around Last year 01 erall results were 

1977-w aiTfrT? only paid off m part In addition He explains that the increased £6.Sm. some £2.3ni of that short adversely affected by losses sub- 
leases fram the recently acquired profitability has been brought term. And for the future the mined by Northamptonshire New s- 

Belgium subsidiary totalling about largely by the printing group can look forward to half papers. Currently ihis company 

£187,(100. and another n 23.000 Li division maintaining the improve- ihe burden of the capital intensive had been producing much larger 


befnre tax in almost unprece- 3.0B394p (2;77248pj totaL 
denrlv difficult trading conditions 
would have been close to £1.5m. 


in 1977 was the lowe? 
they *i3te. 

An extraordinary 
fl4K.0Cirt after lax t 


credit 


»ory at Hallam. This had 


tax to £298.1100. 

Inflation accounting adjustment 



flJUfl 

f«» 

Tumnrcr - .. . . 

46.71 1 

473K4 

Trading pmfi: . . 

■l.MS 

3j39 

sham ot n 1 s 04 - 1 .n 1 .* luss 

rst 

2.1*4 

Preft befnre tax . ., 

m 

L3M 

Tat 

in: 

USl 

Profit after rax 

1:9 

J.1S? 

Cam ordinary ..-red its 

14A 

637 

Minorlir losses 

]?: 

12 

Available 

397 

1510 

Pp-fpn-nce riivld»nd . . .. 

<« 

* 

-Ordinary dit idrnd 

21 s 

193 

• comment 




THE INSTITUTE OF 
ACCOUNTING STAFF 


taw South Africa, again mainly due to ment evident towards the end of dredging side being shouldered by evening papers with higher adver- 

bad debts, have not helped. At 1977. and the packaging divi>ion a financially strong p&rtner. RMC, tisma content. 

J «7 G2 P*. PP 5 P- 11,0 yroup is maintaining last year's excellent as we!! as to more formal trading Hah in [he- ln*l few days n 


at £4 .4m: there is results. links. valuable contract for a weekly 

group debt of around £13.7m: AGH Coinouier Spi-urity RMC is proposing to enter into publication ">th a xuhslaiHial 

against shareholder funds of (acquired on March I) did nol contracts with the sand and gravel prinl order had been signed. 

fl323m to the last balance-sheet contribute to profits in (he half subsidiary for the supply or marine Since the annual report a 

although there are stated net year. dredged aggregates, which is monthly gardening equipment 

, . ... . assets of 21/p. The p e i* over A dividend at least equal lo the hoped wifi give the fleet sub- trade magazine and an .-inmi.il 

rak-ukiied in accordance with the May and 1la*«.ell is becoming the 17. and the Just covered yield is 2.»H»op paid last year i> forecast stantially more work. directorj had been acquired In 

Hyde guidelines would .increase, timber analst's nightmare. Again 7£t per cent. Takeover hopes are —the company doc.* not pay In- What it will mean in future addition the cnmpanv had bought 

the profit bpforc tax by I03S.000. another torrent of "mainly non- the only prop for the price. terims. profitability neither side would an advertising freesheei 


Launched in IU74. Ihc Institute .of Accounting Stafl; 

ihe premier l)»d>' for accotmling stafl working ir 
lirms of practising accouniants and in commerce 
industry and the public service. Members and 
student's already number 11.0UO. 

Institute members have full corporate s’alus and 
the right to the designs tiny letters “ MIAS." For 
membership, successful completion of the member- 
ship examination is repaired, together with three 
years' approved accountancy experience. 

The Institute holds ils own membership examination 
twice -yearly, covering financial and cost accounting, 
auditing and tax. together wilh the background 
subjects of business law, economic organisation and 
data processing. Courses leading lo Ihe examination 
are offered by over ISO further education and 
correspondence colleges. 

Entrv requirements for student registration are four 
O-Ievels at grade C or above, including English 
language and a numerate subject such as maths, 
statistics or principles of accounts. Special provisions 
apply to applicants aged 21 or oyer wilh previous 
accountancy or commercial experience. 

Successful completion of the Institute's examination 
also provides the opportunity to register with the 
Association of Certified Accountants and achieve full- 
professional status. 

For full details write to: i : 

The Secretary (FT) 

The Institute of Accounting Staff 
23 Bedford Square 
. London WC1B 3HS 


. 1 • 


*r. 


: t 


r * - I ! 




;‘0 



rom Crown House. 


HIGHLIGHTS OF THE YEAR 

Jk Turnover - up 22%. 

5k -Pre-tax profit - up 26%. 


Years ended 
31st March 


19781977 


* Ordinary dividend - up 25%. 

5fe Netassets-upl7%. 

5k Earningsper share - up 26%. 

A further advance in 
profit in 1978/79 - 
is expected. 


Vi* 

n** 


AJ Ghurair OnM.Dubat 


Nj3’^»T»v« 


Ea<l, V.-jiniflaJ j 

Sv-huu. 




rooo 

£*000 

Turnover 

93,942 

76,965 

Pre-tax profit 

3,291 

2,007 

Ordinary 

dividend 

788 

628 

Net assets 

13,258 

11,361 


Earnings 

pershai*e 


6. 7p 5.3p* 


*AnjiL*ud U> lai'f nmnui .' ofbaima tspu* 


Impressive. 

That word describes our activities as well ns our results. 

Our predominant activity is the provision of electrical and 
mechan ical i ns taila t ion s. Cro wn Ho use Fngi neerin g Lid. provides 
a complete engineer ing. set vice for the construction and 
manufacturing industries coveringe/ect rival, heating. ventiJation, 
plumbing, air conditioning, sanitation and lire protection 
installations. 

Some of our past and present contracts arc illustrated below* 

A Ve also meivhan 1 1 he elec t rival equ i pmen t used by 
installation con t mcL»rs and by industry’ generally. 

Through our subsidiaiy, Denia Glass Ltd., we have 
important interests in cable glassware and can claim to be the 
la rgesi V. Iv. 111 a nu Facturcr 1 if h ighest qua! i l y crystal glassware 
{Thos. Webb and EdinburghCrratal). Deina Glass also distribute 
over UHJ million machine made glasses each year, about 
half of which go for ex port. 

All in aU, very impressive ! 

Crown House Limited, 2 Lygon Place, London SW1W OJT. 
Telephone: 01-730 9237. Telex: 91S602. 


y r w 

• 1 * v r 


Durjen^sFij-.-er jraiiqn. 


cb 

Crown 

House 


E’ ■niOfTO .V.Kn .pkrt. 


HUD^'-vant 

Heriot WortUmu^rji-,: Ekr.nvufi. 

BriiUi Sionf.WU 



You may not see us, but we’re there 














Financial Times Tuesday Julv 11 1978 


Crown House up 26% 
—plans dividend boost 


Janies Latham 
setback 


trikes, which 
oved costly to the group,- ore- 

’ 4 25° k 13 ? CroM ' D House ex- 
tried by 26 per cent to 135&m 
l 2 the year ended March 31 1978. 

* ! Uu»v *|g , Pe ( £*S ,n S » i™P from 

. Si K Sjm Su /\ 4Sm by the glassware 
' * . . V ’V'*s , o n ' And it is planned io give 

: i \ ( \ w * rs a 2a Per cent dividend 
\ i hi 051, 

■ * n KifteportinR at the interim stage 
i tUi\ ’ hc " rortt* ahead from £8.97m 
’ •■'Mill. f 31m were shown) Hie 
\ | rectors said that since 
ptemper profits of the giaaswear 
,c b* 5 been adversely affected 
the strike of British Oxygen 
iyers .and lift maintenance 
gmeprs. However, they Felt that 
e years group total should ex- 
ed that of J07b-77. 

On the basis of there being no 
•w Government policy limiting 
vidend increases after July 3i 
is proposed .effectively to slop 
» the dividend total from 3.03n 

3.8p, with a final of 2.7p. 

Pull provision has again been 
ade in the accounts for deferred 
s including stock appreciation 
iiff. in view of the continuing 
issibiNty of daw-bnek and the 
fllculty of evaluating this risk, 
e directors state.- Earnings per 
ip share before deferred tax are 
ated at 13.lp t9.4p> and at 6.7 d 
>. 3p) after that tax. 

Looking ahead the directors 

* ‘ . ale that orders generally m both 

* ? i f i/-. I,, iglneering and glassware are be- 

' ^ \l ntimjng more difficult to obtain, 
, irticulariy from the home 
; 5 arkei. Export markets for glass- 

v i. ;;{:f.are are also proving more com- 
petitive. Despite this a further 
franee in profit is foreseen for 
■e current year given no serious 
iversc trading experience. 


Whitecroft prepares way 
for future expansion 


H77-7S 1975-77 

1800 £OQO 
93.942 Tb.Bfij 
5.291 2.(07 


irtwwr 

-oft MfM tax .. 

Em. md mechanical 

Glassware 

Miscellaneous . . 

u payable 

it deferred 

K profit 

tnandefl 

(nibuiabk 

xtraord. isrcdiu 

Irldmds 

etalnrf profit 


Group net assets expanded 
uring the year from £11 5m to 
I32m. Capital expenditure 
mounted to £1.6m and is 
udgeted at £4m for the current 
ear. 

Work in progress which had a 
ross value in excess of £58m 
C54m1 has again been valued by 
- -^fference to the completed con- 
-aci method, without any addition 
»r so-called accruing profit. This 
• i icthod complies with the new 
i i .iternational exposure draft on 
^counting for construction con- 
- acts hut does not comply with 
1 ltr L'K Standard 9 in relation to 


board meetings 

The folio wt hr companies have noiihrd 
bbu;n of Luard mecUnsS to U» Slock 
fcxctianjse. Such Wwltafts AT* usually 
held for uw purposes of COmMi-rutx 
mriaiuKU. Official indications are not 
available wheilwr dividends issivnird 
■re interims or finals and Ihe sub-clivisi<jns 
shown below are based mainly on last 
rears timetable. 

TODAY 

Iniarlms—General Consolidated Invest- 
ment Trow J. and H. B. Jackson. Donald 
MirDhcrxon, Neil and Spencer. 

Finals— Marlins Industries. Moorsatr 
Inveeiment, NMC Invealmenis. Raipur* 
I Jeweller?'. Textured Jersey. tinlird 
Brltlith Sentries TntM n K*lnn Wauon. 
Wilkinson Match. F. W rich ton. 

FUTURE DATES 

Interim*— 

4*".HII - July 19 

OfWplner July p 

RIO and Smith July 27 

5 >-*<n Discount July 17 

P Inals— . . 

Bun now. ion julj- 29 

Dv^on u. and J.t July 31 

F'lih i.ovcll Julv 27 

H«w*u July 13 

Rsivheck Jnly 12 

shuffiviH Rerreshment House JnJr T9 

Surer EWtnral July 14 

July is 

TV*nnrd C arJlc|s JlrtT 13 

V‘i 3 -T»y July 20 


contracts of more than 12 months' 
duration. 

• comment . 

With strikes costing £200,000 And 
exports becoming more difficult. 
Crown House did well to boost 
second hair profits by a third, 
and the shares jumped 4$p to 
a year's high of 39p. Much of 
this is due to the glassware divi- 
sion where, thanks to Dcma's 
much wider product range and 
greater penetration into the 
public house -'catering and 
domestic market, volume sales are 
around a tenth higher for the 
year: margins here have im- 
proved by more than 2J points 
to 8.5 per cent and profits are 
74 per cem higher, in spite of 
more difficult export markets 
which have been hit by the 
stronger pound. Meanwhile, the 
nuijor alive of Crown’s profits still 
come from electrical and mechani- 
cal services but this division is 
having to contend with a more 
competitive home market and 
fewer completions overseas. Here, 
conditions arc likely to remain 
difficult until the construction 
industry starts to recover and 
with glassware orders becoming 
more difficult, only marginal 
growth can be expected in the 
current year. The. shares are on 
a p-'e of S.4 while the 1 yield is 
10.2 per cent. 

BARCLAYS INTL. 
INEW BRANCH 

Barclays Bank International 
opens a new branch in the centre 


of Abidjan, Ivory Coast, tomor- 
row. 

It will provide a full range of 
domestic and international bank- 
ing services and is being 
established to .supplement the 
existing West African network of 
the Barclays Group. 

Recovery 
projection 
by Randalls 

SO FAR in the current year 
progress at Randalls Group has 
been satisfactory, says Mr. C. R. 
Randall, chairman. And he is 
resonably confident that the com- 
pany wi]] make a good recovery' 
over the year as a whole. 

As already reported for 1977 the 
group incurred 3 pre-tax loss of 
£284.597 compared with a profit 
of £713.207. The group’s primary 
business is the distribution of 
building, engineering and 'electri- 
cal materials. 

Air. Randall points out that 
Oiese results bear no comparison 
with ip76 nor those which are 
likely in 1978 because they have 
been so much affected by deci- 
sions 10 disengage from trading 
activities which are not directly 
related to the more profitable 
sectors of the company's business. 

Disengagement has proved very 
costly in the short terra com- 
pounded by there being no 
benefit from an immediate reduc-, 
tion of overhead expenditure and 
by residual costs related to 
terminations which, nevertheless, 
have had to be absorbed Into 
current trading accounts. 

In terms of the future, how- 
ever. these adverse results are 
now behind the company and its 
resources are being concentrated 
in support of those sectors of the 
business which have the most 
profitable prospects. . . 

A decision has been taken to 
withdraw from the Nigerian 
market and provisions have been 
made in the accounts to cover 
the termination of the company's 
participation in Danaran' Inter- 
nationa] Nigeria. 

This is the subject of a quali- 
fication by the auditors who say 
that in the absence of accounts 
and full information from Nigeria 
they are unable to say whether or 
nor the provision of £575.647 is 

cxce?si\e. . . . _ . 


WITH turnover for the year 10 
March 31, JD78, down from 

£27J57m to £25.84 m pre-tax profits 
of James Latham, timber mer- 
chants. declined from £1. 32m to 
£0.96m. 

At halfway when reporting a 
fail from £802,000 to £501.000 -the 
directors said it was too early to 
predict the outcome of the full 
year but there were signs that the 
market was beginning to improve. 

Earnings per £1 share are stated 
at 22J3p (23.6p) and the final 
dividend is 4.89p net for a 7-54p 
«L6$Rn adjusted! total, costing 

£190.545. 

A scrip issue or new 8 per cent 
cumulative preference shares of 
£1 each on the basis of one new 
share for every three ordinary 
held Is also proposed. 

Resolutions will also be pro- 
posed to vary the rights of the 
two existing classes of unlisted 
preference shares so as to form 
a single listed preference issue 
with the new shares. Existing "A" 
preference holders will receive 
capil alisation issue of one new 
preference share for every five 
“A" preference held: If the pro- 
posals are approved, the issued 
preference capital would consist 
of 94SJ&30 S per cent cumulative 
preference shares of £1. 

Tax for the year took £395.000 
( £721.0001 and dividend absorbed 
£194.000 I£168.D0O>. 

Profit is shown after releasing 
the provision for future strike 
diversion costs of £46.000. 

,The charge for tax is after 
crediting £114.000 being provisions 
made in previous years no longer 
required. 

In accordance with D19. de- 
ferred tax provisions of £808.000 
have been released I £587.000 
relates to stock appreciation 
relief and has been credited to 
profit and loss account while the 
balance of £221.000- in respect of 
unrealised surpluses on property 
revaluations bas been transferred 
to Capita] Reserve). 

Euston Centre 
turns in £2.6m 

After an improvement from 
£730.000 to £1.240.000 at midway, 
pre-tax revenue of Euston Centre 
Properties, which is wholly 
owned by Stock Conversion and 
Investment Trust, and George 
Wimpey. advanced from £1.557,810 
to £2.605,573 for the year to 
March 31. 1B7S. 


Tax look £1.340.313 I £792.626) 
and dividends absorbed £1,250.000 
l £760,000). 

Record 
for Oil & 
Associated 

PRE-TAX 'REVENUE of Oil and 
Associated Investment Trust im- 
proved by £67.638 to a record 
£321253 for the year to. March 
31, 1978. Year end net asset value 
per 25p share stood lower at 70p, 
ag ains t 72p last lime. 

After UK tax of £111.744 
(£80,452) and foreign tax of 
£13.335 (£12.757) earnings per 

share are stated at 2.ip <2.08p) 
basic or 2.0fip (1.91 pi fully 
diluted. A net final dividend of 
LolSp lifts The total to 2. 0955 p 
<1.95pj- 

Provident Life 
new business 
increase 

A dramatic increase in new life 
business for the first half of this 
year is reported by the Provident 
Life Association of London. New 
annual premiums on life and 
annuity business increased by 
more than hair to £].7m, although 
single premiums Tell slightly to 
£315,000. New sums assured were 
30 per cent higher at £109 .Bm, 
while new annuities per annum 
more than tripled to £673.000. The 
number of new policies advanced 
by nearly 2,000 to over 9.000. 

The company, in common with 
other life companies, had received 
a considerable boost in group 
pension- business following the 
implementation of the new State 
pension scheme on April 6, 1978. 
It has also seen a good increase 
in self-employed pension business 
On the individual side of the 
business a buoyancy house 
purchase market resulted in a 
rise in contracts taken out to 
repay house mortgages. But in 
addition there has been a rise in 
sales of traditional with-profits 
contracts following a campaign 
to encourage the field staff to 
direct sales towards this sector 
and away from whole life non- 
profit policies. 


AN INCREASE in the group's 
borrowing limit from £0.5m . to 
£S5J8m Is proposed by the 
directors of Whitecroft. They be- 
lieve the future plans for 
expansion of the company would 
be restricted by the existing 
’unrealistic limit.” However, the 
Board does not intend to take 
advantage of the new limit to any 
ereal extent in the foreseeable 
future. At the end of last year 
borrowings amounted to about 
£8.5m. 

As to prospects for the current 
year Mr. John Tavere. the chaii^ 
in an. says that, given only a 
moderate improvement in 
economic conditions, further pro- 
gress should be achieved. Also the 
directors are confident that they 
are embarking on a period of sub- 
stantia) development measured in 
all relevant terms, and they con- 
tinue to seek acquisitions of a 

kind that are compatible with the 

group’s capabilities. 

Moorllte Electrical, which the 
company bought for 13.24m in 
April, is expected in 197S-79 to 
exceed the £<10,000 profit attained 
last year. 

For rhe year to March 31. 1978. 
the group's taxable earnings fell 
from £50) to £4.25m on sales 
marginally down at £55 lm l£36ro> 
aod the net dividend is stepped 
up to 13.4p (12p) per 50p share — 
as reported June 27. 

The revision of borrowing pow- 
ers comes as part of a package 
of changes aimed . at up-dating 
the company articles of associa- 
tion and restructuring its capital 
to make it more marketable. Jt 
includes a proposal to raise the 
preference dividend to 4.1p 
(3.S5p). 

The alterations would also 
allow for directors to be paid out 
of a total sum oot exceeding 
£20,000. instead of leaving their 
fees to be determined at a periodic 
general meeting. In addition, in 
fuTure ii would require the whole 
Board and not just three quarters, 
as at present, to cal! for the resig- 
nation of a director, and directors 
must retire at 70 and their re- 
election made subject to a special 
notice. 

An analysis of turnover and 
profit by activity shows with 
£000s omitted: textiles £26,558 
(£24.937) and £2,209 f£2.588): 

building and engineering sup * 
plies £18.029 (£15.638) and £1.099 
(£1,538). engineering and con- 
struction £10.519 (£15.381) and 
£846,000 (£612.000) and parent 
company surplus £100.000 


(£206.000). Exports amounted lo 
£3. 79m (£3. 56m). 

On a current cost basis along 
the Hyde guidelines, group pro- 
fit came out at £3. 24m (£2.24 ml 
after additional depreciation ol 
£677.000 (£634.000) and extra cost 
of sales of £5il4 C£2.9mi, and a 
gearing adjustment of £259.000 
(£773.000). 

Bank overdrafts at year end 
were up at £5.71 m (£2.75m) and 
capital commitments amounted 
to £656.000 (£1.01m) Of Which 
£155,000 (£29,000) had been auth- 
orised but not coniracled. 

Kcvan Pilling and Co., who have 
been joint auditors of the com- 
pany since incorporation in 1000. 
have agreed to step down to en- 
able Spicer and Peeler to be- 
come sole auditors far the' parent 
company. 

Meeting, .Manchrucr. on JuJy 31 
at noon to bo Tollnwed at 12.10 
pm by an extraordinary meeting. 

Buoyant dealing 
at Bradford 
Property Trust 

Dealings profits at Bradford 
Property Trust currently con- 
tinues to be buoyant Mr. Henry 
Warner, the chairman, tells 
members. For 1977-78 the pro- 
perty dealing companies lifted 
taxable earnings from £1.94m to 
£2.71 m with the help of a 
£775.000 .surpis from the sale or 
land at Martlesham. 

The new village being built on 
the former airfield at Martlesham 
Heath near lpsuich, is now 
beginning to take <-hapc. Sales arc 
completed Tor all but seven of 
the 121 dwellings in the first two 
hamlets and for about half of the 
51 houses in the thi>\i. Also con- 
struction of a fourth hamlet of 
66 houses has besun. hc reports. 

For the year to April 5. group 
profit rose to £4.36m i£S.4ml with 
rhe surplus From property rentals 
up from £lJ21m to £ 1.45m. The 
net dividend is stepped up to 
6.S097P iB.USSQp) per 25p — as 
reported June 21. 

Aif year end net liquid funds 
wore up £l.~9m (down £707.635) 
with cash and batik balances at 
£120.950 (£79,756). In the direc- 
tors’ opinion the market value of 
properties held as rurrpnt assets 
on April 5 was in excess of £25m 
compared with a book value of 
£8J!4m. 

The income from the industrial 
estate continues to grow reflect- 


ing the spending of £0.23tn on 
extensions and new building*. Mr. 
'Warner says. Dt includes rents 
from the new squosh club which 
had made a very successful start. 

Meeting. Bradford, on August 
3 at noon. 

Wearra 
makes good 
headway 

PRE-TAX profit of Wearra Group 
footwear manufacturer and dis- 
tributor, advanced from £102,000 

to £178.000 in the half year to 
March 31, 1975. 

Successful marketing of the 
company's David Scott shoes 
resulted in an improved level of 
orders and at the same time ssles 
in its own shops exceeded targets. 
Turnover was ahead from £2.3 3m 
to £3.4 lm. 

The directors say that present 
indications are that the company 
will continue to progress through 
the remaining months of the year. 

The interim dividend per tOp 
share is raised from 0.406p to 
0.447p net at a cost of £17^60 
(£16240). Last year's total pay- 
ment was ].306p from profits of 
£303.082. 

First half profit was struck after 
interest of £11,000 (£34,000). Tax 
takes £93, OUO l £52,000). 

Chown extends 

accounting 

period 

The accounting period of 
Chown Securities is to be extended 
from June 30 to December 31. 

This will enable the accounts 
and balance sheet to reflect the 
reduction of capital and share 
premium account approved at the 
EGM on June 13 and which is 
subject to the confirmation of 
the court. 

The change means that there 
will be an IS month trading 
period to December 31. 197S. 

An interim statement for the 
six months to December 31. 1977, 
was issued on June 2 and it is the 
intention of the directors to issue 
a further interim statement for 
the 12 months to June 30, 1978, 
in due course. 


Derritron to at least 
hold ground 


THE TENNECO RECORD: 


JENNECO 


LTHOl’GM. as a result of infla- 
nn and price cutting, margins 
ir capital goods in Demlron 
roup’s speraliscd companies have 
eon under pressure. Air. 

A W Rudd, chairman, is con- 
tU'iii (hat the fortunes of the 
roup Mill continue lo improve 
id profitability will at least be 
.amtained. 

As reported on July I, pre-tax 
rill'll •> Tor 1977 rose from £362.000 
i £644.000. 

Derriirun Electronics continued 
s growth imro\ ement and con- 
•i billed Riibstnmiaily once again 

> profits 

The major development phase 
f Hanbufli has continued but des- 
ile this U was able to improve 
s performance during the year, 
rports Mr. Rudd. 

A« a result of delays in obtain- 
<Z foreign government approvals 
»r the company’s principal pro- 
mi. ResKrsound has yet to con- 
•ibute to profits. The establish- 


ERMITAGE 

EXTERNAL 

FUND 

15sh June 1978 
Bid U.S.SH'4-76 
Offer U-S.S1 15-34 


vr 




ment Of Derritron i Eire) Teo- 
ranta, the printed circuit design 
company, has taken longer than 
originally planned and in conse- 
quence the group has continued 
lo bear losses on this operation. 

The group's publishing activities 
carried on by Technical Indexes 
were sold as a going concern as 
the Board, in line with its strategic 
policy was seeking to expand its 
interests in the environmental 
test Held. Following the inter- 
vention of the Monopolies Com- 
mission ii was not practicable to 
proceed with the proposed take- 
over of British Electronic Con- 
trols. However, subsequent to lhe 
year end the company acquired 
kervotest, a company engaged in 
design and manufacture of servo 
hydraulic lest systems. 

Tills acquisition complements 
the product range already 
designed and manufactured within 
the group. 

On behalf of Servotest. Derri- 
' Iron was able to secure a contract 
for installation of a seismic lest 
i laboratory in the USSR valued at 
£2. 7m. It is hoped that this 
laboratory will be the first of 
several such systems provided by 
the group over the next few years. 

The value of exports during the 
year was 12.12m representing 60 
per cent nf total turnover. Over 
90 per cent or exports are sup: 
plied to Europe. 

Amalgamated Industrial Hold- 
ings holds 83.03 per cent of the 
company. 

Meeting. Winchester House, EC. 
July 31. at 12.30 pm. 


Fully diluted earnings per share 
reach $4.11, up 76% in 5 years 


W. WILLIAMS & SONS 
(HOLDINGS) LIMITED 

Non-Ferrous Founders and Engineers 

From the statement by Mr. Hiram H. Williams, the 
Chairman, for the year ended 31st December, 1977 

IMPROVED TRADING RESULT 

A* the time of issuing my Interim Report covering the first : half-. 
• ear trading which had resulted in a profit of only t-l.JM. J 
expressed the opinion that as * consequence of the anticipated 
upturn in demand and production, a profit similar 10 1976 was 
attainable, and an improved result was in fact achieved. 

Group profit before tax for the period 27th December 1976 » 
December 1977 was £216.126 ( 1976~£)B2.89S). an improvement 
0f ,emc l8?' on a turnover of £8.509.566 compared with the 
previous year's figure of £6.944.216. 

The turnover attributable to the half-year trading w« 

£3.926.725 and for the Latter half. £4.572.B41. and munly- ■ «h« 
reflects better plant Utilisation arising from an uplift in volume, 
as prices remained fairiy stable during this period. 

Tour directors have dac»ared an Interim Dividend of T* ™d 
recommend a final dividend of 24:. making a total of 4 : , tor 
the year against 4;*. 

FUTURE PROSPECTS 

In February of this year we sold our 50f£ holding in Draloy Africa 
for R200.000 (approximately £120.000). W« : have retained I our ^iu 
ownership of the property company m which the foundry operates, 
jnd new rental terms are being negotiated. 

, h oX’ nr sjkstsa 

«,7 rSn t S «h«ll inck. « . deltacking poHcy. ,„d .. « » 
hoped that this is only a short term operation. 

Company was completed, and t Mly .owned suos.oiary rfed 

Tool and Die Company Limltedwas^rncorpomed. It ism * ^ 

that, in addition to manufacturing ,-rvice to engineering 

company will be able » offer a first class i rvee t^ 8^ £0 

companies m precision die and tool m ' fr * mac hinlng 

KS& M 

if trade does not deteriorate J-** far 

from the figures I have available to date, 1 foresee an 

result for the current year. 


Tenneco’s fully diluted earnings per 
common share reached $4.11 in 1977, 
up 9% from the previous year and 76% 
over the past five years. During the same 
period the annual dividend rate rose 
from $1.36 to $2.00. 

Operating revenues in 1977 were 
$7.4 billion, up 12% from 1976, and net 
income was up 10% to $427 million. Both 
figures set new records. 

These results are attributable in large 
part to the Company’s aggressive 
program of capital expenditures to 
improve and expand our facilities, 
particularly in the critical energy area. 
Capital expenditures for integrated oil 
activities were 27% higher in 1977 than in 
1976, and represented about half of 
Tenneco’s outlay of $714 million. 

In addition, we continued to diversify 
into companies that serve basic needs. 
One acquisition was Monroe Auto 
Equipment Company, a major 
manufacturer and distributor of shock 
absorbers. Our policy of developing new 
energy resources, plus intelligent and . 
balanced diversification, has worked 
dramatically forTenneco in the past, and 
promises to continue to do so in the 
future. 

Professionals are referred to 
Tenneco’s award-winning financial 
analysts' yearbook for further 
information. Tenneco Inc., Dept.X-3., 
Houston, TX 77001. 



TENNECO OIL O TENNESSEE GAS TRANSMISSION O J I CASE O TENNECO AUTOMOTIVE O 
TENNECO CHEMICALS O NEWPORT NEWS SHIPBUILDING O PACKAGING COR P. OF AMERICA O TENNECO WEST O- 



24 


Financial Times Tuesday July 11 19TS 


BUSINESS AND INVESTMENT OPPORTUNITIES 


«£4D£fiS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSION AL ADVICE BEFORE ENTERING INTO COMMITMENTS 


EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 


►ill 


nn 


SEEKING QUALIFIED 

BUSINESS BORROWERS 


Brokers protected. Local representatives 
wanted. Write Swiss- American Combine, 
P.O. Box 6S0 Panama 1. Panama. 


TAX PLANNING 


Telephone: Mr. Raitt 0674-3388 


U.K. Based 

International Freight Forwarders 


seek to expand their activities by the acquisition of a small/ 
medium size travel agency with I.A.T.A. licence ideally 
situated in London or Home County. All replies trialed in 
strict confidence. Write Box G-2226. Financial Times, lu. 
Cannon Street. EC4P 4BY. 


COMPANY 


with proven evpemie in developing 
and marketing perfumery, cosmetic 
ind toiletry products seeks liaison 
with company looking for new linns 
to promote on royalty or licence bisis. 
Products both new and unique ire 
available for immediate promotion and 
several more are in process of 
development. 

Principal! of componiei able to offer 
substantial support shou/d apply in 
first Instance to Accountants 
Colin Essex, 

AARONS, ESSEX DOVER CO. ' 
Catherine House 
25/27 Catherine Place, 
Buckingham Gate. London SW1 


PRIVATE 

INVESTOR 

REQUIRED 


With ttO.OOO-flOOPOn 
for Financial Company 
based in the 
City of London. 
Directorship 
X 

Shareholding Available. 


AWty to Box G.!£!T. Financial TltoeB. 
10, Canaan Sired. tCAP 4BY. 


NEW FINANCIAL 
APPROACH 


Holding Company has interest In 
•*v?n small firms and n-ishcs 10 
acquire wo more. fsM.OW a-anivd 
.as diHtemtirr loan noie* part iu»- 
■verjiblc. Directorship araiUhlc Turn- 
•ter CI.OOO.WO. proflf £00.000 tnercas- 
Ing. Son Pension Fund or Merchant 
Bank. Brokers uvlcomc &ui disclosure 
principal essential after aclutohledgc- 
nwo;. 


Wn:e Bos G.222S. Financial Times. 
I<|. Cannon Sire«?t. EC4P 4 BY. 


FULLY INTEGRATED 
METAL PROCESSING 
DIVISION OF UA. COMPANY 
AVAILABLE FOR PURCHASE 

Otvcnpom, tifeenlets, fr Sharpe 

screw machine capabilities. Tool room, 
secondary operations. Full plating 
facility m plant. Real estate includes 
10.000 sq. It. ont-twrey building on 
fij acres. Principals only picas*. 
Pletuc contort.- 

THE EQUITY GROUP. INC. 
1350 Avenue Of The Americas, 
New Tork 
New Tork 1001V 


COMMERCIAL 
MORTGAGES 
AVAILABLE 
at competitive rales 
Periods up to 15 years on 
Freehold or Long Leasehold 
owner occupied premises. 

CREDIT ADVISORY 
SERVICES LIMITED 
I Si. Pauls Road. Bristol 8. 
Tel: (Q2T2) 36489/294575 


LANDMARK 

INTERNATIONAL HOTELS • 
LIMITED 

is emending its activities- to the 
United Kingdom and would" welcome 
association with investors for the 
purpose of acquiring prime hotel 
properties. Participation can also be 
arranged in some landmark hotel 
projects m the Middle East. 

Write in confidence to: 
Landmark International Hotels Lad., 
Landmark House. 

1. Great Scotland Yanf, 

Whitehall. London '5W1 A 2H{ 


FINANCE FOR 
MANUFACTURING 
COMPANIES 

An ettibtiihcd- unique- and successful 
Inst Factoring 1 service is available to 
manufacturing or related companies 
e>per:cncing severe survival, liquidity, 
or viability prob'ems. 

I- E. Forbes-Dalc 01-948 4412 


IBM ELECTRIC 
TYPEWRITERS 


factory reconditioned and gqarantecd 
by IBM. Buy. save up to 40 p.c. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-441 2365 


LIMITED COMPANIES 
FROM £69 


Formation in Britain and all major 
coj-i— ics and off-itrare areas including 
ISLE OF MAN. PANAMA. LIBERIA 
and DELAWARE 

Efficient personal service. Contact: 
C.CM Ltd.. 3. Prospect Hill. Douglas, 
Isle of Man. Tel: Douglas (0624) 
23733. Telex: 627900 RALlOM C. 


MANUFACTURING CO. 
SURREY AREA 


REQUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 

At present sub-contracting £100.000 
of prssssworfc per annum. Surrey- 
baaed firm preferred. Please send 
details of capacity available, e.g. 
presses, etc. 

Write Sen C.2121-. Financial Times, 
fO. Cpnnon Sfrert. EC4P 48 T. 


CASDY-FOT-KBTS 


U S. West Coast Manufacturer and Dis- 
tr.butar whilculc O.er BOO accounts. 
EM o,cr 40 rears. kg.500.00D gross 
sales, nnplovces 100 family managed. 

warns io be acquired »v lere.on r™ 
in similar held Call 213-540-4177. 


Aubre* Yuen & Associates. 
Art.: Mr. Eurl P. Gllbrcc.1 ■ 
3858 Carson St. Suite 220. 
Torrance. Calif. 90503 U.S.A. 


PARTICIPATION 

and investment 


Kx-nxnpany M EV In tan hlin-s ssi-ks 
active pariKioanon .u-uh rtofl.ooo 
Invelirhcin In i-SUllns buelnesM or 
new vemurn Fxu-r.sivc i-xm-ntDce of 
financial, martvinw. properly and 
lct,urc fields. 

Write Box Fiuam-ial Times. 

III. Cannon sirc.-i EOtP 4HY 


CAR REF.NISH 
PAINT 


leading UF ex- rermiih paint } hour 

synrhen; for *ale. Perfect condition. 

Wide variety of car manufacturers' 
colours. Export only. £1.25 per I litre 
c.i.f- lor bulk orders only 

PHONE 051 523 * 022 TELEX 627600 


We are open to discuss 
the marketing of a limited 
number of products 

Our connection, cover U.K , and Europe 
with 1 biSl in the Leisure Industry 
Please send detail of tour products to 

GOLDTREES LTD.. 

Walnnley House. Sprint Bank, 
HULL HU3 1QB 


DESIGN 

LICENSING 


Architect seeks partner (or firmj in 
stKiilfy dcsirab'e. low risk but paten, 
billy multl-nabonal busintij venture. 
CAPITAL REOUIREb £20.000 


Write Sox C.7230. Financial Tinea, 
10. Cannae Street. SC*P 4BT. 


INVESTORS 

NEEDED 


fer low hndg.-i kim basis: on annular 
TV scries. Ait r act ne t-.-rnia ofiored 
by fopui.ible l.R. produ..vr 

write pul G2J«q. Fmanual T'tnes. 
10. Cannon s:i\mi. ECU’ 4 BY. 


ARE YOU SEEKING NEW CUSTOMERS? 

Team of top Sales Executives with access at all levels, are at your 
disposal to get your company large volume. long term contracts 
with the motor, domestic electrical and other consumer durable 
industries, if you manufacture a good, competitive product, have 
a good quality control department and want to expand NOW — 
either in the U.K. or Europe — contact: 

PETER J. GARRINI & ASSOCIATES LIMITED 
130a Burnt Oak Broadway, Edgwarc, Middlesex. 

Tel: 01-952 6626 - Telex: 923598 


OVERSEAS RESIDENTS. Send lor Bur free' 
brochure on e* Petri ate services and ! 
supplies. Expat Bov 528 London 5E21 i 
BHG Telw. 947431 EXPAT G. 


£1 A WEEK tor EC2 address or phone 
irmugcv combines rales + tele* • 
under £.3 a week. Prcst'Sc oHk« near I 
SiotV Eichsno* Me'.SA'je Mi'tot Inter- 
national. 01-628 0698. Telex 8811725-1 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO- REGISTRATIONS LTD. 
30. C.ty p«id. EC* 

Pt-6?* 50* <5/7141. deje 


EXPORT AID 


Are you already export me m Europe but feel rha? ywr 
products are not getting the exposure and distribution lflc > 
deserve 

Are you not exporting hut feel that your products would ?e!i 
well given the right amount of opportunities and sale* effort? 
Would you Like to export but lack the organisation and 
physical resources of an export department? ■ - 

If your answer is yes io any of these questions then we can 
help. 

IEM has the organisational* overseas offices, all with highly 
qualified staff— and direct connection with the principal 
buyers of major retail outlets such as Departmental Stores. 
Supermarkets, etc. 

We are already helping many client companies tu market 
their products in the following categories: — FOOD 
'CONFECTIONERY. WINES, SPIRITS, TEXTILES. 
CERAMICS PACKAGING. SPORTSWEAR. FURNITURE. 
BABY AND CHILDREN'S WEAR, PLASTICS. AND-OTHERS. 
Perhaps you would also qualify for one of the Government 

schemes available which offer financial assistance to serious 
exporters. 

For additional information write or telephone: 

IE.1I Export Marketing, 

Royal London House, 

16 Finsbury Square, 

London EC2 1BR: 

Tel: 01-6SS 8756/7 
Telex: 885575 



Cash Woucher 



This cash voucher 
entitles your company 
to an immediate 


75% CASH 
AGAINST 
INVOICES 



Cash flow proi}iems?Then cash this! 


Need Cash Now? You've got it right there on your 
books' Confidential Invoice Discounting Ltd gives you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. FOr the full facts post this voucher now or 
phone us direct. 

Confidential Invoice Discounting Ltd._ 

Cirn^. Hcrusp New England Road. Bnqhlun. Sussex BN1 4GX 
Telephone Brighton ift27-3| o0l>? 0O Telwt B7.WJ. 

A.'to SiTnnnghcrr. Canton Leeds Loudon. Manchester. 

A rfUEisidun of InremmiuniiJ Fnrfcvs LilPi'rd. 


New industrial building almost complete. 25-year lease to 
subsidiary of major public company, with five-year reviews. 
Price £60.000. giving yield in excess of 11.5% p.a. Tax 
allowances in first year of 54% and 4% per annum thereafter 
on £60.000. Location Scotland: 66;% mortgage over 15 years 
available. 


SUB CONTRACT YOUR 
PACKING 


to the experts. Complete and efficient team at your disoosal 
at very short notice. Our very competitive rates will delight 
you. Send for full descriptive brochure, giving all detail to 
the company's sales representatives or phone: 

PETER J. GARRINI & ASSOCIATES UKITED, 

130a Burnt Oak Broadway, Edgwarc, Middlesex. 

Tel: 01-952 6626 - Telex: 923598 


REQUIRED 

ADDITIONAL BANK FACILITIES 


Medium-sized company trading internationally in bulletin? 
materials, fertilisers, foodgrains. 1977 turnover US %25m. 
Half year 1978 US $25m. 

Write Box G.216S, Financial Times, 10, Cannon Street. 
EC4P 4RY. 


114 years of 
forming compa 

a 

ies 

has taught us 
athingortwo 

£ d r. -?:•:* 'irr.f 

- - - - • 

Parry 

cr.0--i:. --- j 

dciWi&US: 

the best of cor^anies 

(owasihcs wKJ»svaac fucc 

Tixcmavi ;!Mi.-i-JT(Ltx.»:;i8 


INTERESTING INVESTMENT 
OPPORTUNITY IN 
CANARY ISLANDS 
Apartmenr house containing MO 
apartments for sale in dense 
tourist area. 12'- return 
guaranteed by major European 
bank. 

Pleaic realf ta 
NIMBUS S.A. 


Apirtada 177 Matpalamu it Grin 
Canaria. Spain 


£250,000 

AVAILABLE 


Sr private investor to ai-quir* major::* 
holding m L.K. based compicr. 
Imeresed pam?* please .-. p;v to Rot 
G.iOO. FinaarlaJ Tinea. 10. i-ar..ioc 
Street. EC*P 4BY. 


, PARTICtPATiaN ,n Sclt C*twir.c Hol.Oav 
Comnlejf oHe-ed in law ux area. Seer, 
tacular coaiiai site to de«Hoa. Suit 
factory built unit manufacturer in oar- 
ticular. Write Son G.2232. Fmanclal 
Times. 10 Cannon 5:rc*t. EC*P 4 BY. 


20% PAID 

ON SECURED AND 

25% PABD 

ON UNSECURED LOANS 

required b» u? a.nd com ir; yau.nj 
property ipecttlato'. 

Write Bor C.223I. Financial T’inei, 
10, Cannon Street, EC4P 43Y. 


PATENTED FOOD WASTE DISPOSAL ONIT 

FOR SALE 


Outright sate including Patent Rights, manufacturing know-how, 
patterns, tcois. jigs, fixtures, fittings, etc., also stock of components. 
Company disposing of. due to rationalisation. Design permits of 
fitting to standard sink outlet. A very reasonable price is asked 
for the complete project. For further particulars write to the 
Managing Director, Box G.1774. Financial Times. 10. Cannon Street, 
EC4P 45Y. 


NAM AC- 


TO SELL OS MERGE 


you- com pair ’-o your very ben adnul- 
tj£e. you need the proieiiionaf caper- 
c.»e oi eh ; Navond Asto^iac-on ot 
Mrrjrr & A;qu<tioon Com u I u.n a wuh 
40 men'oer firm, n the USA end 
■o Europe. NAMAC na» had pirocular 
iu::;h ».th firm! iclling For 
SI.S09.3CC or more. For a member 
near you nbo cm arrange a 
d u-cet. canfidenciat contact with a 
qval.fi rd buyer, w - m FMM4C. 42jj 
LBJ Freeway. Saiie 2827. Da!lai. 

Texet 75234. USA. 


FINANCE FOR 
THE SMALLER 
COMPANY 


For further information contact: 
K. Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

E. Sussex. 

Tel.: 0424-430824 


BUSINESSES FOR SALE 


Precision 

Engineering Business 

FOR SALE 


Long-established with approved inspection 
organisation. Fully equipped for milling, 
turning and toolroom work. Location: N’orth 
London Suburb. Present turnover £\ in and 
increasing. Net assets in excess of £100,000. 

Good profitability, lease and workforce. 


Write Box G2240. Financial 7 hues. 
10. Cannon Strcel. EC4P IB Y. 


BUSINESS FOR SALE 
IN WEST GERMANY 

U.S company engaged in the manufacturing and distribution of 
office supply products with world-wide brand names is interested 
in selling its German Subsidiary. Excellent production facilities. 
Concoct Box F.1032. Financial Times. 10. Cannon Street, EC4P 4BY. 


FENCING CONTRACTORS 

SCOTLAND 


Successful established business. 2 Depots, 
Aberdeen and Edinburgh. Turnover £700,000. 
Write Box G.2225. Financial Times 
10 Cannon Street. EC4P 4BY 


FOR SALE 

Well hmablished £ Leading 

STONE & 

PRECAST CONCRETE 
MANUFACTURER 
T/O £500.000 P.A. PLUS 

Freehold 10 acres. Buildings 56.000 fL su. approx. 
Plant. Valuable trading connection etc. 


SAW 


Write Box G .2241. Financial T*mes. 
10. Cannon Street. EC4P 4BY. 


RACE HORSE 
STUD 
FOR SALE 


lj mis. from Lamboum. 45 
mins. Heathrow. 152 Acres. 
Has been operating for 2 
years. Still in need of devel op- 
ment. Further details tele- 
phone: .Yigel C. Wright. Lam- 
bourn l04S3> 7104*2. 


FOR SALE 

AMUSEMENT 


PARK 


- (5 acres) 

Turnover approx. £200,000 
North Wesr Area 

Wn'i- Box 1 'i.'iltB. Financial Times. 
18. Cannon EC4P 4BY, 


BUSINESSES WANTED 


ELECTRONICS 


A Midland-based group of companies 
which is diversifying in a number of areas 

wishes to acquire a small. local company in (he electronics 
field. Preferred size would be 30-50 people. Cash and market 
resources available for further development. All interested 
parties are invited io write. In complete confidence, for further 
discussions. 

Please reply to Box C.2237. Financial Tiihps. 10. Cannon Street. 
EC4P 4 BY. 


FOR SALE 

Property and Casualty Company 

Domiciled in New York 

Virtually dormant but licenses current 


Serious inquiries from principals only in writing to 
Box G.2233. Financial Times. 10. Cannon Street. EC<P 4BY 


IU 


offers cash and/ oi' equity and Board representation 
to profitable well-managed business based 
Northern England. 

Write in confidence to: 

County Bank Limited. 

86 King Street. Manchester M2 4.VR. 


ELECTRONICS 

COMPANY 


L mi'licn ,nd scrane elirsi 

wisliat to .'xpj.Ta by i^qu '■mg * coin- 
Pin, in :nc cleciran.iB ai eiijineer.nj 
fied. Cith £50.000-1500. 000 

Perc Kqulntion ;an,i4er«tf. 

VV'iK in confidence 
Dos C.2224, pmo.-eicf Tisin, 

10 5i(ee(. 431". 


BUSINESSES FOR SALE 
AND WANTED 
APPEAR EVERY 
TUESDAY AND 
FRIDAY 


PRECISION ENGINEERING 
COMPANY 


Long established company situaled in Greater .IT.tncheslcr for 
sale, Company fully- equipped, good work foref*. own product- 
eood cusiomers and order book, with lonj; record of profit- 

aDIjllj ■ 


Enquiries from pricipals only to Box GJBM. Financial Tunes, 
10. Cannon St reel. EC4P 4BY. 


PLANT AND MACHINERY 


RESIDENTIAL BUILDiNG CO. 
FOR 5ALE 

Lecicien: No.-fh-East Enjiinrf. Lend 
bank; 3 ye»r» rapnospnernj £4 m T/O. 
Selee: £lm - tontrj-t»d. Net profii 
iurren: yev £2.00.003 Ho o ter. 
drill Strong cuh Row. 

No time watt*'* pleat*. 

A at C.223S. Financial r, mflt 
10. Cinnon Srrppt. EC4P 48>’. 


MODtRt* DOMESTIC LIGHTING. Manu- 
taciurlno Company. Sale* Cl SO 000 
5ui:w incorporation i.m.lar Bus.n« 5 . 
Write Bov G.2230. Financial Timet, to. 
Cannon Street. EC4P 4BV 


SUCCESSFUL PRIVATE COMPANY cnaire 
man tceu additional cliallcnoes. Pro- ’ 
POmI) nn fait rnjj'ig consumer 
produces' tTCJI^d In stnerrst con- 
fidenre Pnneipai* onlr olna-.e wr.m 
PO, G 271 1 Finan'Taf Times. 10, 
Cannon Street. EC4P aBt. j 


PRE-OWNED 

BRIGHT ANNEALING FURNACE 


A company engaged in (he manufacture of stainless steel and nickel 
alloy cubing wishes ro acquire a continuous operation Bright 
Annealing muffle furnace. 

The furnace would utilise a * cracked ’ ammonia atmosphere and 
will therefore include all atmosphere generation and drying equip- 
ment. While a gas-fired unit would be preferred, this would 
not exclude consideration of alternative heat source furnaces. 
Reply: ENERGY TUBES LIMITED, 

Paynes Lane, Coventry. Tel: 02E3 29362/5 or Tetcx: 312226. 


MINING NEWS 


Diamond sales 
at new peak 


ini' 


i it 


BY KENNETH MARSTON. MINING EDITOR 

WORLD sides of roush und have been drilled Assmcra it. tl 
mdustnal diamonds handled by op**raior of a joint venture wt 
the Central b'eUJn*: Organisation Canadian Kelvin Resourrrs 4 
on behalf of l)e Boers and other the Saskatchewan Mining Devrie 
world producers have hit a new ment Corporation, 
record in the first half or ihis 

year. The value has climbed to — •« »■ j 

Riwsbn i$i.22bn>. . Poface called 


Th'w represents an increase of 
the previous 


13 iwr cent over tne previoiis T* r y x* 

RSW3.*m record tor the first half tQ KA flieetinS 
or 15)77 and is 24 per cent up "ti ^ 

the RS.i3«m ohraining in _ the POLICE YESTERDAY clear 


. clean 

secowU half of that year, it is demonstrator* from j rout 
thus a reasonable expectation meeting of Atislralu's E3? Indu 
that ihc tnt.il sules value tor 187S (Hm. one oi the partners m tl 
will also reach a new hiyh. 

S-x mutKhx 


1978 
SWT 
ism 
19. j 
1W4 
i(»a 

1971 

197(1 

1959 

t»> 

The 


J'JHi.' 

Bm. 

1 iKi S 
915.4 
i»: s 

ay, 1 


Dm. 

Kin. 


. Hauler uranium projeei in U 
Y" % Northern Territory and pr 
vinusly a turiift of Uciinmslraror 


Dm. 


*79.7 
fi.a* 
2S9.1 
?H|| 7 
2*4 l 
Mj.: 


W9 .1 

n.n.8 

479.4 

441 9 

.TSJ.I 

177.7 

TSt.3 

3KL4 


— S*:uffirs broke out but ih«re un 
JfU* no arrests, reports James Fori 
* xj, “ from Sydney . 

M9 i The mectins was called lo pa 
ku.k h resolution which would hmdi 


denioastrutors* ability in alter 

Hfi • f> 8. II. 


latest half-yearly 


JJtj! , future meetings. Mllhnuuh Hi 
494 * was not i»s ostensible puTpose. 
The directors were seekit 
..... sale* shareholder' approval lor s 

figure is much in line with the alteration of E/.'s articles, whw 
mon* tveen: scaled down marker would enable the Board rn refu- 
e«tiniatps It doe-, not stem Irom to reels ter .siockhnldlncs nf It 
any increase in the quantity of than W0 .shares, or unpaid .share 
diamonds sold — this may have Opponents of uranium mimr 
been -m.illcr — but is a reflection have in the pa»t h»u«hi si»:i 
of the hiuher prices eharswl pant-lit whu-h enabled them l 
Follow mu an increase or an *» tend shareholders mwrmr.s ar 

•T°r 0f | he V °^«rS the ma. 

|* rH ' ^ i. V,._Th™ purpose .behind the resolution u» 

diamonds was raised b> a further l0 cut CDils and nol ln ejkt t uc 

1, per cent in December. In .small shareholders. RcylalraLm 
addition, the L&O na^ imposed ro Sls amounted to a$n 
F urcharsjes of -M) per rent. 2a per pej> shareholder per annum. E 
cent. 15 per rent and It) per cent had almost 33.000 shareholders i 
at the four respective “shrills " whom only IJfflO held, less ilia 
l.*3le>l held this year in March. 100 shares. 

.May. June and July. The last fight The nideting was attcmlcd t 
wav held yesterday and there are about '33 people front u tmn 
10 <i?hts a year. known as Shareholdem with Sorit 

TTie surcharnes were levied in Responsibility, which is cln-c: 
order to damiien snccttLV*vc related with anti-uranium or-.ui 
tradinu in the diamond market: nations tike Friends of the Earl 
merchant.* seekin? a hedee against and the Movement again, 
currency and rmlitical Instability Uranium. 

have linen holding on to rouzh During the meeting the dernoi 
gems instead nf passing them strators fired a barrage of que 
alone the processing chain with Nona, at Sir Edward Cohen. EZ 
the result that <tr.nes were at one chairman, and the nice i in 
time chancing hands at anything descended into a shouting mate! 
un rn too ner cent premiums over When Sir Eduard put the res* 
CSO prices. lution, demonsiratut-.s bega 

The subsequent reductions in showering the directors and otJie 
the surcharge show thnt the CSO shareholders with cunfcui an, 
policy has achieved the desired aireamers, blowing whistles an. 
effect and. indeed, the market is dancing around the Board mbit 
now much cooler Another reason Poliec stepped in and eWorld 
for its current quietness is that several oi the demonsti alur^ iron 
with holidays in the Antwerp and ihe meeting. 

Israel cutting centres now Despite tne prote.xls. and a pul. 
apnvwachma the dealers are rchtc- U\ e resolution was passed with i 
tant to hnancc streable stocks. ay.T per cent majority. Amend 
Apart from this seasonal turn- ments to lower the minmiun 
dow.i^ the market will he waning allowable translcr to 56 or 71 
for the outcome of the next sight. ^ are! , %e re defeated, 
on Aueuct 21. This should give 


Declining tin 
production 


some guidunce on prospects for 
second half 1P7S sales, especially 
in regard to the U.S. market. 1 he 
latter accounts for about 50 per 
cent of all sent purchases and 
merchants will be buying for the 

Christnus trade which absorbs THE DECLINING production 
about 4fl per cenJ of L-.S. sales, trend at several of the leading 
. Unless there ts to be a further Fac Eastern ttu properucx is 
mcrcu*e in the basic CSO prices, underluted by the latest monthly 
diamond sales lor the rest of this output figures from Malaysia 
year seem unlikely to match the .timing Corporation. Notably 
Syfi? 1 fiT'SW ahecied j3S lliui which iJ 
it l V e d ,°K Ubl r l {) at Do opevating Jn low-grade sroutid, 
®r® rs .“ r ; ,in - s ^ u, l * '' e;,r The mine's .(tine tin concentrate ■ 

\tiU snow :i further ailv.mpe uroduclion iruikes a r^mciuni 

r oil ri t" 1 ^ ’■ M rti e *h ii ^ 'i^ lolal un, y L794 tonnes againsV 

results which are due in August, 4.13a tonnes for IUiB- 77 
may not be matched In the second s 1 

balf. The shares rose Sp to 3S4p 
yesterday. 


TYNAG MLNEIS 
SHUT DOWN 



Jun>- 

SfjJ 

AurJ 


tUIIKl'S 

Itllllt— JS 

fl)HI:i't 

Aowm 

107 

111 

til 

A yri III tain 

]« 


US' 

Bk-rjonrai 


'rfil 

.v*. 

lumunims . ... 

■17 

1j 

14 

Kramai 

31 

.■n 

E 

Kuata Kanripar . 

ir, 

C.1 

19 

Lower Perak 

■X, 

:ii 

:e 

MaLu-an 

•“e 

is; 

1*1 . 

.stun. Kmta Cons. 

«t 

i'll 

14. 

Srhn. Malayau .. 

ii» 


1a 

Sun nol R,-,| 

. 161 

117 

1# 

TmiKkaii Hrhr. 

42 

29 

n 

Tronoh Mmos . 

137 


jn» 


Nurthgate group's Irish 
Metals, shut down yes 
because of a dispute over Malayan Tin also completes its 
redundancy payments. The mine financial year with a reduced 
is in any case due to close, with total of 2.38S tonnes which cotn- 
the loss of 350 jobs, at the end of pares, with 3,242 tonne* in the 
next year, because the ore body previous 12 months, while 
is worked out, reports our cor- Southern Malayan has produced 
respondent io Dublin. l.#*7S ronnes against 2.17S lonnes. 

The closure follows the refusal Tongkah Barbour's total for the 
of workers, who are seeking better P* s \ yew amounts to 437 tonnes 
redundancy terms, to load con- apamst 613 tonnes. ' 

centrate for shipmenL pn the othdr hand. Tronoli is 

The unions involved met yester- f*^I keeping ahead, despite a 
day afternoon to consider the lower output in June.. with a six* 
situation but reached no firm con- month total of 1.220 tonnes corn- 
el usion. Tlie mine will probably pared wiih 1,072 tonnes a year 
re-open if there is an early settle- W*®* . , 

ment to the dispute, but there Is a . tf,e /troups mines which 
danger that a prolonged closure , al ' e completed three months of 
might make the- company re- their financial years, bungei Besi s 
consider (he dale- Tor final shut- cuniuiatiic total amounts to 
down. The mine is already losing """S a . ca ’^ .‘ ,01 tt,,,n€,s : 
money. ern »vml* 408. tonnes against 437 

tonntfs arifl Kamunting 103 tonnes 
against 12S tonnes. 

ROIINM1P lhe production figures for 

nuumrur June |,a Ued - ijv the r.npene. 

The State-owneif MMng group, that of Gopeng itself hag 
Corporation in Burma has con- fallen as a result of flooding at 
eluded a project agreement with one section of the mine. The toial 
Invest Import of Yugoslavia lor output for the past nine months 
»he mining and smelting of amounts to 1.247? Tonnes against 
cropper in the Monywa district to U97 tonr#*s in the same period - 
the north of the country, writes of IP76-77. Pengkalen's nine^ 
our Rangoon correspondent- With month 10'fll Is only 7SJ touneiT 
another Yugoslav firm called against L48J tonnes a year aco. '• 


Mining and Smelting Bor. Invest 
import will construct a smelter 
with an annual capacity of 
60,000 [Oils. , 

* * * 

Faced with mounting losses and 
unable to make loan paymeiils on 
inic. Hccla Mining, the L'J>. 



■inn.' 

M*« 

Awl! 


Ittiith-* 

laurv-^ 

iiji-n.* 

rtnoone 

i-*:; 

mi 


Tvi’mv* 


14 

14 . 

rtlrn 

lot 

IS 

14 ' 

Penck alen 

Pi 

•4- 

7» 


M?«vrv? BRIEFS 

group.. is worlcin* S “w“tb a group of' ls r® T *3u ,, .o. 1 2?r ,, “'' DUlp "' *" 

New York banka to rearrange the amclo American corporation- 


, __ . CORPORATION- 

U?mi.S Of 3 ?JOin |£2fG'W> loan Coal ilTriqlois aim pul wr Jiim- Hsufr* 
originally advanced to finance ^ n ' ,n m-im- ions-- eiiunumm* ■ 

p^tieiputam in Ita Uknjnm {S5TSS1. ,, K7£- .StTp^K 
opper mine of A 117011 j. Heels n^uk u^i : coriUMnoti- iR^uki in7 a »iD 
lias spoilt more ihan Si 00 m on x-*» - r.Mnco itoiw.'. s..t Cwi 
the mine, which has closed Sprinabiik l!W.:ca: spr|ns*i*-U. 

because of low prices. Vrvhr.d rotwiau.m :i 47" 

* * * 


rink.-- jh.bij. uihi-r Cvllfcrich Vh'rfi'iiU'in, 
. l"i •wi: -ii i.Riim Xal.il raffirni". Incf’ii’i-rnr 

Drilling in imrihern Sa.sk ate he- n -im \nurr-t-m' OjIlt.ij mam NjmI 
an. .Vsamera Oil, has envoi in- Anthranif « In? KUpH-'Riu WenKip 
■red narrow widths of apparently 

:ood grade uranium within 3 ^ «-^* 

.'LP6 feeT zone. So far ‘12 holes ■ r.n.R>7 


41 companies wound up 


Orders for the compulsory 

winding up of 41 companies were 
made by Mr. Justice Oliver in 
High Court yesterday. They 
era:— 

Jacksons (CrumpsalH. KTV 
Filnw. R. and K. Mobile Filters 
Grimsby), Lancmr . Export Ser- 
.ices. IV'csi Midland (Oswestry) 
Tyre Company, Super-Write Scr- 
icca, Wandman BuHding Com-, 
party, Taylor Shaw. Jerroiv 
.Manufacturing iflollingworth), 
Gas Drive Amo Conversions, Ever- 
green Marine '(‘Singapore) PrivHte. 

Cyvcra Impcs (London), Stone- 
leigh. Hotel i Bath), The Moonflect 
Property Company. Morngrotc 
Properties and Finance. II. E, J, 
Green,- Crarton Securities, Arm- 
strong Bakers (Consett), W, E. 


Simms " Rosy Fires." Dad and i 
Khan Hnlal Meat Company. I.ioli. 
Maleface. 

Simmeud. Buckle F.lcctnval. 
Contractors. By mulct Builders, 
Moreiedgc, Ekaden. Zhivago- 

(Coventry). Twaingcm, Van Dyke. 
Travel, Nuor Import and Export 
Trading Co. ; 

Lamps and Machine Prnriuclv 
Findlay and. Pcarcc. Calla^rani.* 
Croyl.md Plumbing. Tom Lumas, 
Transport, Do Buoy Cultivation, 
and Marketing. Dorecna Furni- 
ture, \*u-Pak Packaging Materials- 
Company, Ccntgrote, Weuvale; 
Builders.' 

A compulsory wuirilnj up; 
order n»de on . JuJj’ 3 agaliwt - 
Mnniset was rescinded- By. con- 
sent, the petition was dismissed,' 














Financial Times .T uesday. July. 11 19.78 

BIDS AND DE ALS ~~ 

Scott & Bowne 
£14ra Beecham 



1 Belgian income 
lifts I C Gas 


25 . . 



i 


BY ANDREW TAYLOR 

A cash offer Beecham 

‘•fiSTJ have won quite 

S^ the 5 nUsh bawd P»*«u$. 

ScsTroup med j. 

, Scccham's offer already has the 
rack me of the Scott -Family Trust 

« p.r S S r “ rS 
; Interest i n s and B w h 
jenerates rivo-thirds of its sales 
rt tho Far East and Australia, has 
pparonUy been widespread. So 
nuch so that the group took the 
unusual step of sending out an 
explanatory document " to a 
-lumber of prospective purchasers 
iround lire world. 

From this document— which 
virtually amounted to an invita- 
Jon lo tender— emerged a short 
.ut of mostly large UK companies, 
.ncluding Beecham. 

Beecham is offering £13.50 for 
.wh ordinary share of t he public 
but unlisted com pan v which has 
iround SO shareholders. The bid 
ralues the company at £14m 
which compares with net assets 
In S and B’s last balance sheet of 
E52m. 

A spokesman for Beecham said 
that the offer price reflected the 
profit earning potential of S & B 
while a revaluation of the com- 
pany’s properties would add a 
further £lm to the net asset value 
In the year to June 30. 1977 pre- 
tax profits of S & B rose 42 per 
lent to £l.&4zn while turnover 
increased IS per cent to £8m. 

' S & B products — generating 
sales of £2m in the UK — include 
Scott’s Emulsion, Vykmin multi- 
vitamin capsules, Pagim Man 
toiletries, Pirot Perfumes and 
5kot sun preparations. 

Beecham is financing. the cash 
Seal out of retained profits. 


The current net Inrome from 
rents and profits is estimated to 
be about £34,000 pet annum. 

. completion Is due on August 9, 


?£ASTWOOD BOARD 
MEMBER RESIGNS 

Mr. Uarid Trotman. a director 
>P J. B. Eastwood, has resigned 
tram .1hr‘ Board following the 
;tatt of a City Take-over Panel 
.'nvestigatinn inlo a share pur- 
Aase made around the time of 
:h'p announcement of a £32m 
isreed bid for Eastwood from 
drcill. 

‘The Panel is investigating a 
10.008 share purchase made by 
Hr. Trotman's wife around the 
line of the bid announcement 

ROWTON HOTELS 

Contracts have been exchanged 
(hereby Rowtnn Hotels will pur- 
hose the motel complex, known 
is the Golden Galleon Motel, 
Tultori Broad. Lowestoft, for 
■295.000 cash. which it believes 
o be at least the value of the 
:>sets acquired. 


105p cash for 
Crossley Bldgs, 
ordinary 

The terms of the. I7m agreed 
offer by Bnwatcr Corporation /or 
Crossley Building Products arc 
105p in cash for every 'ordinary 

share and 60p in cash for each of 
the 4.2 per cent cumulative 
preference shares (formerly 8 per 
. cent gross). 

Crossley shareholders wiD retain 
toe interim dividend for the year 
to December of 2p net 

The offer price is linked to a 
profit forecast by Crossfey's 
directors of £Lxn which could be 
exceeded If additional export 
orders are obtained. This figure 
compares with last year's gross 
of £14 0, 000 when provisions of 
£->20,000 were made following Lbe 
failure of roofing tiles. - 

NEGOTIATIONS FOR 
W. G. FRITH 

The Frith family appears to be 
poised to make an outright bid 
for W. G. Frith, the aluminium 
foil converters — and a close 
company. 

The company's shares were 
suspended at 60p yesterday 
following an announcement that 
negotiations with certain execu- 
tive directors and their associates, 
which might lead to a bid, were 
at an advanced stage. 

Three out of the company's 
four executive directors are mem- 
bers of the Frith family. At tile 
suspension price the company is 
capitalised' at £315,000. 

KNOTT MILL 
TALKS OFF 

Shares of Knott Mill, the carpet 
retailers, returned to the. stock 
market listings following an 
announcement that talks which 
might have led to a bid for the 
company had been terminated. 

The shares closed at 14p last 
tight— 3 p down on the suspension 
price. The group alio announced 

yesterdav that it had agreed terms 
to sell three of its leasehold car- 
pet retail outlets for a total of 
£260,000 cash. 

Irish oil & Cake 

Irish Oil and Cake Miffs has 
agreed to buy Britbh Margarine 
Company for £230,000 cash, equi 
valent .to £4.51 per share. • 


British Margarine Is an English 
unlisted public company estab- 
lished in Ireland, manufacturing 
margarine, bakers' compounds, 
cooking fats and other foodstuffs 
for over 70 years. Net tangible 
assets - as shown in the consoli- 
dated balance sheet at end 1977 
amounted to £210,000 and the con- 
solidated profit before tax for 
3977 was £84.800. 

Irish Oil and Cake is the mam 
supplier of raw materials to 
British MarzurineL ' A dose re 
lationship has always existed be 
tween the two parties and a 
merger of interests is a logical 
development. 

The offer will lapse if there 
is a reference to the Examiner 
of Restrictive Practices under the 
Mergers, Take-Overs and Mono- 
polies (Control) Act. 1978. 

The directors of British Mar- 
garine own or control ll£3i 
shares (22 per cent! and have 
undertaken to accept the offer 
in respect of these holdings and 
to recommend all other share- 
holders to do likewise. 

WALTHAMSTOW 

STADIUM 

RULING 

The 18 month old battle over 
a strategic stake in Walthamstow 
Stadium appears to have ended 
with a win for the directors. 

Yesterday. Mr. Justice Fox in 
the High Court, ruled in favour 
of the directors and the main 
Chandler family interests and 
against Mrs. Irene Owens and the 
exucutors of the late Mr. Victor 
Chandler, her nephew. 

The decision- confirms that 
WaltiiRm*itow's directors have the 
legal ownership of the 33 per 
rent stake in . their company 
which they bought from GRA 
Property Trust at the beginning 
of last year, at £3.50 per share 

Mrs. Owens made a last minute 
offer of £4 for the shares hut 
this was disallowed by Waltham- 
stow which argued that the direc- 
tors had pre-emptive rights to the 
stake. 

Yesterday's decision means that 
the stadium will stay with Lhe 
family and is unlikely to attract 
a bid from Coral, tbe betting and 
leisure company known to have 
been interested in the company 
should Mrs. Owens win control of 
this slake, in addition to her exist 
mg 20 per cent holding. 


Culter Guard following 
the right course 


Reflecting the Belgian Govern- changes fealrsations and trans- In hjfl annual statement Mr. 

meirt’s decision not to extend positions of investments and other Roger J. C. Fleming, chairman 

[dividend . limitation for a further capital assets have been taken ef Colter Guard Bridge Holdings, 
year end an increase in published direct to capital reserve instead of the paper making and comer- 

profits of Belgian companies, dhri- to profit and loss as specified by sinn group, says that it would 

dend remittances to -the Imperial SSAP 6- The effect of doing so take rather more optimism than 

Continental Gas Association were has been to decrease profit re* realism to envisage a return to 
substantially higher in 1977-78. tained by £127,000 (£543,000 <le- market conditions of the kind 
— *«-- >•.— i — — •. ■ . — which in the past have been 

accepted as normal. 


state the directors in their annual crease).. 
report. 

Group pre-tax profits of ICGA 
expanded from £22 -2m to £2G.35m. 
on a turnover , of £127, 68m 
(£1 54.54m). The net profit totalled 
£1 7.44m (£15.50m) of which £9.71m 
(£8.&5m) was dealt with in the 
jCCOimts of ICGA. 

The directors state that both 
the published profits-. and under- 
lying- earnings of Antwerpse 
Gasman tschappij for the calendar 


Sutcliffe 

Speakman 

confident 


He is encouraged by the pro- 
gress made so far and remains 
confident that the course the 
directors have set will prove 
effective hi restoring adequate 
profitability In the group's opera- 
tions. 

As reported on June 8. tax- 
able profits for the year :o 
March 31, 197S fell from £603,000 
-to 1508.000. 

Mr. Fleming describes the year- 


year 1977 continued the improve- CONTINUED progress should be as one of change. The moderni- 
ment experienced m prior years, at gnldiffe Speak-roan and satinn programmes at the three 
despite milder weather. - -• - — - j 


Co. in the coming year. Part manufacturing units was carried 



of over 100 per cent These re- stren gthen the comoanv’s sellT says. 

suits, apart from reflecting the }° organisation, particularly in During the year the value of 
ending of dividend limitation, America where the nrosnects domestic sales rose by a little 
have benefited from the inclusion f or Solvent jESEbU over 5 per cent although volume 

this time of the dividend from gKfaS Activated CariSTS feU b >‘ 3 P« r WL 
UNERG received in May 1977. t,rom!s?ns nw Mr s w5bw Tbe market for coated papers 
The directors point out that P h 7 rfSnnfii a,r ' S ' W ' “ ves,ey * was particularly weak in the early 
both UNERG and Intercom com- e * part of the year, and the sirengrh- 

panies performed satisfactorily The company is currently nego- ening now evident has been 
following the reorganisation of tiating a medium-term loan from accom partied.. by .a slackening in 
electricity companies in Belgium. Count?' Bank for" £150.000 towards demand for some plain grades. 

Despite a slJghtiy milder winter Lheeost of replacing its -old .steam The number two. machine, now 
than , occurred in the previous raising plant The new F unit .will in the ‘-final stages of commis- 
year, Color Gas Holding Company give much greater efficiency and sioning, did not rroduce a sale- 
achieved a pre-tax profit up from lower running costs. able tonnage during the 12 

£8.47xh to £10.79ra in 1977-78. At the end of 1977-TS the month under review. 

Century Power and -Light has group’s medium term borrowings In the conversion division the 
announced three oil discoveries amounted to a £300.000 loan from lower _ level of demand for more 
nut of seven exploration wells the bank repayable in five annual traditional products affected 
drilled. Two of the successful instalments beginning November volume, but with increased sales 
wells were in block 16/17 where 30, 1979. Bank overdrafts were from speciality products sales 
there are two oil bearing struc- lower at £325.043 (£385,387). '"?^V e <5vera ^' was ® P er 08111 

lures named Thelma and Toni. For the year to March 31. 1978. " I ^ iri( . nc . 

A CCA statement in accordance pre-tax profit improved to £566.128 . c ? n £. 1 ?°™L in ,?l e ”t® s 
with tbe Hyde guidelines shows an (£339,488) on turnover of £D.5Sm Jih 

adjusted pre-tax profit for ICGA t£7.54m) and the net dividend is ® h ® u ™ an **?**?■ ^ 
of £2 1.71m — this was after de- raised to 2J846p per 23p .hare- to *«" LJJ a -over- 

preciation of £4. 7m less a gearing as reported June 22. Srt rolume rose bvTner S 

adjusment of fW.OOO. ■ Sales and profits, before interest “5P 1 'l,™ 11 *!,' “Va (Bm 

A valuation by directors or - £118.000 (£113,000) - were S"* 5 "”. i? ’ ^ 

group interests in unconsolidated split as to engineering £6. 93m * 

subsidiary associated and allied l£5.36m) and £51)5.000 (£246.000) 
companies indicates a surplus over and active carbon £2.66ra (£2.1 Sm) 
book of £60m which has not been and £287.000 (£206,000). 
dealt with in the accounts. During the year the Middle East 

During the year there was a remained the area of greatest 
decrease in net liquid funds of ' activity for the brickmaking, plant 

£4.99m f£5.2m increase). and total group sales in this re- The expected second-half re 

In theft- report the auditors say -glon accounted for 49.7 per cent c o\ery raised pre-tax profit ‘of 
that they concur with the (40.4 per cent) of turnover, while Celtic Haven from £101 ,068 to 
directors' view that it would be the UK accounted for only 32 £109,357 in the year to March 31. 
misleading to include the group's per dent (44 per cent). North 1978. 

share of the results of the America. 14.4 per cent (8.2 per Turnover- of the- company — 
Belgian associate. They also point cent). Western Europe 2.9 per Dyfed, West Wales, arable farm- 
out that special items relating to cent (4.7 per cent) and other ers. suppliers of ancillary ser- 
profits and lnw« ari«*ng from retfnns 1 n**r c*»nt (2 7 per cent), vires to the Celtic Sea off-shore 


Celtic Haven 
recovery 

The expected second-half 


oil Industry and constructors of 
pontoon barges— expanded from 
£l.S5m .10 £2.SGm. 

Tax rose from £36.100 to £54,297. 
leaving stated earnings per 5p 
share down from L3p, to l.lp. and 
the net dividend Is stepped up 
from 0.2931 5p to 0.323p at a cost 
up from £14.658 to £16.150. 

At the interim stage, when pre- 
tax profit was down from £44,889 
to £S,915. the directors said the 
total for the year should not 
differ materially from that of the 
previous 12 months, 

1077.78 1876-77 

i i 

Tnmowr :.3jfl3W IXh W 

Pre-tax pram 1OTJCT UU>W 

Tar i!.2fl7 36.100 

Exiraordrjary da-bll ... TJflO — 

At nil. ;!•!.; . *7 ABC ' «-93S 

DiudMid: 1G.13S ? 

Eva chief 

optimistic 

While it would be unwise to 
forecast profits of Eva Industries 
for the current year at this early 
stage, Mr. T. R. A*si1ey. chairman, 
says the consolidated-- total of 
individual subsidiary budgets “is 
not unacceptable." 

Mr. Astiey describes the year 
to March 31, 197S in which pre- 
tax profits rose from £2.42m to 
£3.01 m a® a fair result bearing 
in mind the iradinu- environment 
in world markets covered by the 
yrnuo's operations. 

Profits are inflation adjusted to 
£2.43m after depreciation, 
C3T7.n(W. cost ->f sales £360.000 
and gearing £97.000. 

Once a"ain. profit earned in the 
agricultural tool division domi- 
nnred. - Sales from companies in 
this division ernne ultnost exclu- 
sivelv from overseas. The group 
is continually seeking to ooen 
new markets with some success, 
the chafnnan says. 

Aericulrural tools contributed 
£ti 8rh (rin6rml to sales and 
E22 pi i£1.79m> lo nrofit: engin- 
'ered products. £3. ",3m f£2.44ml 
and £416.000 (JF:MoflfM)): enginper- 
in« sen'ices. £^.p2m (f3J!m) ! and 
£189.000 (£47000.1: forging and 
foundry-, £2 2 7m (£i.9m) and 
£164.000 (£117.000) and investment 
division, £2.»7m (£2. 55.ro) . and 

£21.000 ( <110 0001 and investment 
income £11,000 (£IG,0n0). 

Deferred tax in (he accounts 
has been transferred to reserves. 
It is now- shown as an asset 
because it includes recoverable 
ACT and items in the Brazilian 


accounts where subsequent 
reversal of timing differences will 
result in a future reduction tin 
tax. 

Macdonald 
Martin 
improves | 

AFTER AS advance from X3S2.0OO 
lo £507.000 a 1 midway, taxable 
profit -■ or Macdonald Martin DJs- 
lillcrles finished' lhe. - year ix» 
March SI. 1078' ahead from 
£922458 to £1-136.612. 

The total dividend on the “A" 
ordinary :barc> is raised Irtnn 
S.44Sp to 9Jp with a linoi pay- 
ment of li-Sp net -and on the “B" 
ordinary shares from 4.224p Jo 
4.63p with a final of 3.15p. 

The year’s profit is struck after 
depreciation of IS2.023 (£51.168 >. 
Tax takes £63^91 (£102.-169). the 
dividends cost £253.478 (£225,720) 
and £1 .004,340 (£278.669) is 
renamed. 

John Swire 
profit up 

A JUMP in taxable profits from 
£22,596,1)00 to £27,642.000 is re- 
ported for 1D77 by John Swire 
and Sons, the overseas trading 
and transport company which 
came to the London market for 
the first time with n placing of 
some £5m of preference shares 
in August last year. 

The directors say that the cur- 
rent year is proving to be more 
difficult- titan 11)77 for some of 
the group’s businesses. In parti- 
cular the known difficulties relat- 
ing to shipowner* hate, had an 
adverse effect so Tar ;is the com- 
pany's bulk carrier fleet is con- 
cerned, although the liner and 
container trades in which it is 
involved still continue to operate 
profitably. 

The outlook for its-othor busi- 
nesses in the Far East remains 
fairly optimistic, but the results, 
being expressed in sterling, are 
sensitive to its relative strength 
or weakness at the year end they 
point out. 

The tola! dividend on the Ordi- 
nary is raised to 10.7p (0.72p) 
with a second interim of 4.Sp. 
The company has close status. 


ASSOCIATES DEALS 

On July 7 Seligmann, Rayder 
on behalf of Fetford bought 3,000 
W. Uenshall ai 22 ip. 

Hedderwfdt Stirling: Grumbar 
brokers to Newman Industries, 
bought 20,00fl Wood and Sons at 
55p on behalf of Newman. 


Dominion and General Trust— 
Tic Western Canada Investment 
In. is nu longer beneficial owner 
•f £25.000 5 per cent' cum pref 
hares. The United Stales Deben- 
uru Corporation has acquired a 
unher £25.000 5 per cent cum, 
ref stock, making them the 
eneficlal owners of a total of 

35.000 5 per cent cum pref stock. 

Thomson Organisation — Mr. 
!. C. Brunton, 3 director, is now 
itmwited in 115.091 shares. 

Office and Electronic Machines: 
ir. E. Markus, director, has sold 
further 40,00(1 shares and Mr. 
. C Davies, director, has sold 

0.000 shares. 

I’arambc: Mr. D. T. H. Dnvcn- 
ort. director, has disposed of 
on.ooo ordinary shares at I2tfp 
educing his holding to 60.000 
hares. Portfolio Management 
ow holds 530.000 ordinary shares 
-H.73 per cent. 

Park Piece Investments: The 
?ntily Imprests of Mr. G. A. 
liomus have acquired 20.000 
rdimry shares in the company. 
Edinburgh Industrial Holdings: 
Ir. G. D E. BHton has now 
cquired. further to commitments 
niervd into prior to his joining 
ic Board, 100.000 ordinary shares 
1 pur Mr. Bilton now holds 
.12IMHH) sh.irrs (8 05 per cent). 

.). Bt-khor and Co. has acquired 
.irj0.(H)U ordinary Shares at par 

Ko m final resolution or the 
lai'inc arrangements approved at 
to AG.M on April 7. A. J. Bekhnr 
ow holds 1.130.000 shares (6.10 
»*r cent). 

Cnrnnet Industrial Securities: 
orlh British Canadian Invest- 
ivnt Co. now holds 105,000 ordi- 
ary shares (7 per cent). 
Muirbead: Kuwait Investment 
■Dice has acquired a further 

1.000 ordiuarv shares increasing 
s total holding lo 703.000 shares 
3.4 per cent). 

Thom Electrical Industries: As 
1 June 30. Sir Jules Thom, in 
is own right and as a trustee of 
arlous family trusts and charit- 
hle settiements was interested in 
MK.1.753 ordinnrv shares (5.17 per 
-nf) 

Alexander ITowden Group— 

uwait Investment Office sold 
5.(100 ordinary shares on June 26 
ml 25.0(H) on June 27 — now' holds 
MViflO shares (7.76 .per cent.). 
Rnranora Tea Holdings— -Mr. 

• . G. Manklelow has purchased a 
.triher 3.730 preference shares 
nd is now interested in 15^50 
Ifi.u5 per cent). Mr. M. J. Seale, 
tlirerlor. has purchased U 
jrther 21)3 ordinary shares and 
; now interested in 2.000 and 900 
reference shares. He al*o has a 
on-beneficial interest ill 4.000 
reference. 

City of Aberdeen Land Awocm* 
on— Mr. G. A. Ball has purchav^ 
further 4.300 ordinary shares, 
his brings his personal holding, 
•hen allied tn that of his wife, 
j 45.0IH] (5 per corn.). 

I^indon and Northern Group — 
Ir. W. C. Sproson. director, has. 
iirchasrd 28.720 shares, and Lord 
lilnc. riiriH'tor, lias purchased 
2.500 . 

Ch u rvhbu ry Estat es— R rt tish 

.and Company has advised 
Ihurchbury that its wholly owned 
ubsidiury. Real Property and 
Mnaucc Corporation. has 
equired 250,000 ordinary shares. 
Ailanta. Baltimore and Chicago 
ieglonal Investment Trust — 
’riends Proiidenl Life Office has 
iiirchaspd 40,000 ordinary shares 
acreusing holding to 240.000 (8 
ier cenri. 

Sabah Timber— As a result of 
larrisons Malaysian Estates bo- 
oming a subsidiary of Harrisons 
nd Croslield. H ami C now 
nicresled in a total of 23,199.4a6 
hares of Sabah (59.43 per cent). 

S. and W. Berisford— The chartt- 
iftle jrusi under the control w 
dr. A. Hubert, a director, has sow 


SHARE STAKES 

25.000 ordinary shares and : jwr. 
W. I. Hubert, a director, ha^-sokl 

25.000 ordinary shares out '<y, hK 
own ' personal holding. 

J. Lyons— Mr. J. N. Mendelssohn, 
a director, has purchased 20,000 
ordinary' shares. 

Willis Faber— Mr. J. 6. Prentice 
sold 23,000 ordinary shares on 
June 7 and a further 25,000 on 
June 14. 

Bremnee— Temple Bar Invest- 
ment Trust has acquired a further 

50.000 ordinary shares and now 
interested in 300,000 ( 5.435 per 
cent). 

United Scientific Holding 1 ;; — Mr. 
P. Levcne, managing director, has 
sold 68,000 ordinary shares. He 
retains 150,000. 

II. and J- HiU Group— Mr. 
M. A. K. Cocks has purchased a 
further 2,000 shares increasing 
holding to 93,400 ( 9.6 per cent*. 

William Pickles— C H. Buckley, 
director, has sold 31.500 "A” 
shares. W. R. Pickles, director, as 
trustee has sold 135.000 “ A ". 

Slock Conversion and Invest- 
ment Trust— J Crisdoe Investments 
on December 23 last acquired 
interest iu 6.017,000 shares (20.0S 
per centl. These shares arc part 


of the holding, already notified; 
of Taylor Clark whose holding 
remains as before. 

J. 'Hep worth and Son — E. E. 
Crabtree, director* has acquired 
benefiejal interest in 20,472 
shares. *, 

Invergdrdon Distillers (Hold- 
ings)— W. J. B. Davies, director of 
Comben Group, bought 10,000 
shares at lOXp on June 30, Inver- 
gorden is a subsidiary of the 
parent company of Comben. 

Greenfield Mil let is— D. S. Green- 
field, director, acquired on July 4 
100,000 shares. J. Greenfield, 
director, acquired on July 4 
100,000 shares. 

-A and C. Black— Company was 
advised by. letter of June 28 by 
Park Place Investments that Park 
Place Ifeld 48,500 shares (slightly 
in excess of 5 per cent). Subse- 
quently on July 4 that Park Place 
had bought further 18,000 shares 
(about 2 per cent). London and 
Manchester Assurance has advised 
that their holding has fallen 
below 5 per cm. 

Pentos — London and Manchester 
Assurance holds 6.000 3.15 per 
cent preference shares 16 per 
cent). 



Soquip hopeful 
in Quebec 


BY ROBERT GIBBENS 

SOQDTP, the prori noisily owned 
oil and gas exploration company, 
has “serious hopes" its. C53m 
l£1.43zn) exploration well' near 
DnunmpndThte, S3 miles north- 
east of Montreal' on the south 
shore of ‘the St. Lawrence. w<Ul 

yield a significant gas show. 

The well, in which Dome 
Petroleum of Calgary has a 
mlnonhy interest, has now 
reached 14.000 feet. Drilling 
6.ia rted last spring. 

Soquip says further drilling « ; ia 
depend on tile remits ol mw 
being conducted at the well. The 
sedimentary zone running done 
the St. Lawrence between Quebec 
and Montreal hes been estimated 
to contain significant amounts of 
oil and gas.. 

Several major oil companies 
have drilled on -the south shore 
in the past 15 years. Apart from 
a small shadow gas field found 
opposite Quebec City 'three years 
ago. no commercial finds have 
been reported. 

Two groups. TransCpnada Pipe* 
lines, the inter-provincial gas 
tran-smlsnoffs company and P**™* 
Canada and Aibonw Gas Trunk 
lane jointly, have proposed 
extending the Tnira^Canada ffas 
system beyond Montreal to 
Quebec City and loser to tite 
Maritimes. 

However, no d#fH«buUon system 
exists beyond Contrecoeur, just 
eaM of Montreal and the projects 
have been criticised on economic 
grounds.^ . + # 

Esso Exploration and 
tion Australia has been granted a 
new offshore concession, com- 
mitted to AS6.8m f«-0aro) over 
tho next si* years on biocn 
WA-10B-P, reporb* Don Lipseombo 

from Perth* m 

The permit covers 6-iaO sq i km 
in tho Offshore area immedramly 
WMt of Esso's onshore pet™* 
EP-1Q4 near Derby. The explora- 


in the West 
southwest of 


MONTREAL. July 10. 

tion. programme will include 
almost L000 km of marine seismic 
work and the drilling of three 
wells, starting year three. 

In a. .newly approved onshore 
block .Ha ^consortium of six com- 
panies will spend -almost AS2m 
over the nest five years on block 
EP-107. 11,740 sq km of Canning 
basin, starting drilling year three. 
* The consortium consists of ERA 
South Pacific Piy„ ERA Western 
Australia, ESP Exploration Pty* 
Cambridge Royalty, Cambridge 
Petroleum Royalties and. North 
West Mining . 

* * * 

Pacific Petroleum say* that it 
has made four additional dis- 
coveries of oil 
Pembina area 
'Edmonton. 

Pacific Is the operator of a 
consortium which includes Amoco 
Canada Petroleum and Texaco 
Canada, each having a one-third 
stake. 

Two of the discoveries are the 
Pacific Et Al Brazr 2-28-48-13-W5 
and the Pacific Et Al Brazr 
12-18-48-12 -W5. Details of the 
other two will be announced 
later. -Pacific Petroleum has,, to 
date, announced participation In 
eight successful wells in the West 
Pembina area. 

Meanwhile, at last week’s 
Alberta land . sale the Pacific 
Petroleums- Amoco Caoada- 

Texaco -Canada consortium paid a 
Canadian record of $26,012 an 
acre for a West Pembina lease. 

Tbe -consortium bid 810.6m 
fbr 640 acres in Section 23 Town* 
ship 48 Range 13 West Pembina. 
The tract Is two to three miles 
southwest of three previous oil 
discoveries by Pacific and Amoco- 
Canada. 

The -record price per acre tops 
the previous high of $20,557 an 
acre set last December by Chev- 
ron. Standard, also in West 
Pembina. 




: major new steps 


90 


tn 

§50 


GROWTH IN CAPITAL EMPLOYED 
(USA and continental Europe] 

£72 id 



EUROPE 

£20m 


£39m 

'.V t)SA7.- 

■ : fVftnt 

£27m 

EUROPE 

£16m 


! EUROPE 


£10m 

USA- v . 

.' .* 

.7 US* ; 

[• £17m. 


1975 

1976 

1977 


Recent developments in USA and Europe 

^ T& NTs largest investment ever - 52% interest in Hunt 

Chemicals, important US manufacturers of specialty chemicals 
for the photographic and electrostatic industries 
^ Purchase of a brake parts business in USA - Nutum 
$ Curty> Frances leading automotive gasket suppler, 
became a T&N associate 

# Leading Italian automotive filter producer became a 
T&N subsidiary - Coopers FIAAM 

f TBA Iberica create^ with 40% T &N interest to make 

gasket materials in Spain 

^ New German manufadurkig subsidiary set ip to extend 
industrial gasket sales in Germany^ Austria and Eastern Ernope 

TURNER 
&NEWALL 
LIMITED 

Providing what the future needs 


In the USA we have a strong position in specialty 
chemicals and industrial gaskets and we’ve just broken 
into automotive component manufacture. 

In Italy we are No 1 in disc brake pads. In France 
we supply 40% of the automotive gasket market 
We’ve interests in Austria/ Belgium/ Germany/ 

Holland/ Scandinavia and Spain. 

And last year we expanded overseas at a 
greater rate than at any time in our history. 

We are growing rapidly in plastics/ specialty 
chemicals/ automotive components/ man-made mineral 
fibres and construction materials. We are growing in 
the USA market/ as well as continental Europe. 

In 1977 we invested expanded and diversified at 
a more rapid rate than ever before. We are very 
much more than ‘the asbestos giant . . 

Why not take a fresh look at Turner & Newall? 

Write for a copy of our new corporate 
brochure today. 



To: Public Relations DepbTumer & Newall Ltd 
20 St Marys Parsonage/ Manchester M3 2NL 

. Please send me a copy 'of your corporate brochure and/or 
Report and Accounts. 


Name 


I Add, 


iess , 


I 


U-J 






Financial Times Tuesday July II ISfg. 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


fli 


NORTH AMERICAN NEWS 


PROBLEMS IN STAINLESS STEEL 


Earnings rising sharply 
at Tropicana Products 


BY DAVID LASCELLES 


NEW YORK, July 10. 


TROPICANA PRODUCTS, whose THE Federal Trade Com miss ion 
acquisition by Beatrice Foods won a temporary order at the 
was blocked at the weekend by weekend halting the proposed 
the Washington Federal Appeals acquisition by Beatrice Foods of 
Court has pushed net earnings Tropicana. the judges who 
sharply ahead in the third granted the order gave the two 
quarter of its financial year. companies until next Friday to 


Earnings of 86 cents a share ^There 


for the quarter from Tropicana r J ction to the order film 
tte nation s largest purveyor of eilher Beatrice or Tropicana, 
orange juice, compare with 64 w jj 0 were planning to con- 
E" te E™#- 7°* 1 n /<L ean £ summate their agi^d merger 


ings increased from $6m 


tomorrow. However, they now 


98.6m v v/hile sales o£ S76.5m Jor the possibility' thar the 

the quarter compare* ith S63.7m C0 c urts wHl*!!? the end of this 
previously. week grant the FTC’s request 

For the 39 weeks to the end of for a preliminary injunction 
May, total net of S23m or S2.46 against the merger to enable 
a share, has increased from bearings to be held. 


the pressing time factor. 

The FTC challenged the 
merger at the end oF last month 
onthe grounds that it could have 
** anti-competitive and mono- 
polistic effects.* 1 

The FTC alleged that the 
merger would eliminate compe- 
tition between the two com- 
panies and between competitors 
generally; would eliminate 
Tropicana as the major indepen- 
dent producer; would increase 
the level of concentration, and 
would foster mergers between 
other firms. 

Under the terras of the merger. 


Texas Air 
buying 
National 
Air stock 


As the quotas expire 


BY DAVID 1ASCBJUE5 IN NEW YORK 


But over the coming months, the decide, by the end of this year 


hr opposed the idra of Riving 
stainless steelmakers any fait 
import relief wi the grounds t 
it would ” substantially bun 
cast* to the eunMimer," ■ • 


TEXAS 
said It f 
Ibe SEC 
acquired 
actions 


It added that It Is ** consider- ; pain- is *he principal subsidiary Allegheny Lu 
ing the possibility * or seeking = 0 r Allegheny Ludlum Industries, that the market 
control of National. While It [which recently struck up a close steel sheet, whicl 


Allegheny Ludlum reports of the Mamies* sleel industry’s four years, 

at the market for stainless cacemess rn raise prices, and With such innovations as c 


control of National. While it { which recently struck up a close steel sheet, which accounts for this appears to have sparked off ttnuims casting now ft 

does not have any current . working relationship with about 65 per cent of its total a round of hedge-buying this established, the company's ] a y 

plans to acquire additional Wilkinson Match of the UK in investment is designed to and 


Beatrice is to pay $488m in cash 
and stock for Trooicana. and is 


S14.1m or SI 51. Sales moved up The FTC was forced to go 
from Sl74.Sm to S220m. through the courts because of 


and stock for Tropicana, and is 
to merge the orange juice com- 
pany into a subsidiary. 


shares or to seek control. It ; razor blades and gardening tools, 
docs Intrad to review Its : Mr. Simmons holds strong 
Interest in National “on a ; views about his industry’s prob- 


conttnning basis.” 


ALLEGHENY LUDLUM STEEL yesterday announced 


lems and how they should be a 15 per cent cut in stainless steel plate prices, blaming 


Partial bid proposed for OKC 


DEAN Witter Reynolds is to 
act as dealer manager for the 
proposed offer by Mr. Ghaith R. 
Pharaon for at least 500,000 and 
up to 950.000 shares of OKC 
Corporation at $21 each. OKC 
had 3.9m common shares out- 
standing on March 31. Mr. 
Pbaraon does not currently own 
anv of the company's stock. 

OKC is a Portland cement 
manufacturer and also refines 
crude oil, invests in real estate 
and is active in oil and gas 
exploration in Ecuador and the 
North Sea. 

Documents have been filed 
with the SEC, the Louisiana 
Commissioner of Financial In- 
stitutions and the Texas State 
Securities Board. A copy of 
these filings has been sent to 


OKC. and OKC has been notified 
of the proposed offer under 
Delaware law. Pending the 
filing of definitive documents, 
the proposed offer is subject to 
modification amendment or 
withdrawal. 

Mr. Pharaon intends to make 
bis cash tender offer as soon as 
practicable. 

If more than 950.000 shares 
are tendered prior to the expiry 
of the offer. Mr. Pbaraon elects 
to purchase fewer than the total 
number tendered on a pro rata 
basis. 

The proposed offer would com- 
mence no earlier than July 27 
and will remain open for at least 
another 24 days. The precise date 
of the offer depends on the date 
on which regulatory require- 


NEW YORK, July 10. 
ments are satisfied. 

OKC said that the company 
saw no reason to oppose the pro- 
posed tender offer. 

The company said it would 
stand by a brief statement it 
made in June, when it was first 
disclosed that Mr. Pharaon was 
considering the offer. The com- 
pany said then that it would not 
oppose the offer. 

If the offer is successful, it 
would give Mr. Pharaon between 
12} per cent, up to just under 
25 per cent, of all outstanding 
OKC common stock. 

A representative for Mr. 
Pbaraon said that bis client, if 
successful, would seek represen- 
tation on the company’s board 
In line with the percentage of 

stock he holds. AP-DJ 


In Miami, National had no i solved. the move Oil the large discounts being offered by tlun melting furnaces which ? 

comment to make on the share ; . As Allegheny sees it. the competitors. Although plate shipments account for an electro-magnetic prtn-rsa 

acquisition by Texas Inter- i industry’s biggest problem is the - TO, "r CUMM * * P * - , H ,i,- melt Scrap into molten Iron 

national “ We’re looking into ; growiiv, threat of competition less than one tenth Of the Stainless nil ej }j|* sled making. Unlike ih£] 

It,” the company said, bat from cheap imports, which, it announcement is seen as further evidence ol Hie blast cupola they will ren£ 

declined to give any indication [believes, demands a reaction at weakness of demand for speciality Sleel. An Allegheny Uu-y do not use coking coal 

?L*!° W National had two > . So i tong : m us L u( j] um spokesman blamed “ a general lack of spark eKi-triaiy. and their ene 

5EW5LE- BSEW , S!SlSTiai& in the capital equipment market.” 

U. 1977 Teas i pm.e^d : ■«" ^fflnTSS-J 

wlueh serves the south-west iSKS-". B "tike British saying in energy costs at a U 

M^lco, earned S759m t?ee4 who .JL propped up bv shipments, is flat, and has been summer. Allegheny Ludlum’ s when the price Of coking cm 

after a $994,000 tax credit on ! gneomments thinks Mr for at least two years. Compared order books are "unusually full " rising faster than the cnc 

revenues of £l44.8m- : SbnJnonT to the price rises notched up for July and August, which Mr. average. 

In the year ended June 30, i This means that quotas or by other metals, and even Simmons admits could be So long as the industry , 
1977, National, which operates ! similar barriers, though regret- other types of stainless steel, ominous. ..... t0 m0( ™ise an this sc 

in much of the US and has ! table, are necessary Allegheny Ludlum’s prices for Is the statnlesS steel industry Mr. Simmons believes that it v 

several international rentes, j At individual company level, sheet have scarcely risen at all contemplating asking for a continue to be profital 

earned 33.01m on revenues of i AJlegbenv Ludlum says U.S. pro- since l 9 " 5 - trigoer once mechanism of its Indeed, he claims that his n 


investment is designed to upd 
the melting complex at . 
Rrackenbridge works which 
only \\ years old. At a cost 
SISm, it is to inslal three ind 
tiun melting furnaces which ■ 
an eleclromagneliL- process! 
melt scrap into molten itoa 
sleel making. Unlike the J 
blast cupola they will repfc 
they do not use coking coal 
electricity, and their ene 
effectiveness Is much higher. 

Mr. 5immuns predicts t 
they will result in a substaa 
saving in energy costs at a tl 


5495.4m. 

Agencies 


(ducers must preserve their com- Indeed, Mr. Simmons con- own? Mr. Simmons says the idea pony’s large investment 


EUROBONDS 


’ one reason why people like Mr. undercut them, and they were conference. President Carter said foreign producers. 


Firmer trend in sterling issues 


BY MARY CAMPBELL 


THERE WAS little if any change 
in either dollar or D-Mark 
sectors yesterday. Sterling bonds 
picked up some three-quarters of 
a point on expectations of 
favourable trade figures and 
other economic announcements 
later this week. Dealing, how- 
ever, was reported to be mainly 
professional 

. Three new Luxembourg franc 
placements have emerged and 
one new Euroguilder placement 


The three new placements in 
Luxembourg are each of 
LuxFr 250m f 57.5m) and are 
managed by Banque Interna- 
tiona] e a Luxembourg. One is a 
ten-year bullet offering 7j per 
cent at par for the European 
Investment Bank. The second is 
an eight year bullet offering 8 
per cent at par for Bayer. The 
third is a five-year bullet offering 
7} per cent for five years for 


Norway. The Industrialization 
Fund of Finland’s issue has been 
priced at par. 

The next Eurobond issue in 
the D-Mark foreign bond market 
will be for the Norges Korn- 
munalbank via Westdeutscbe 
Landesbank. Due for announce- 
ment on Wednesday, this is 
expecte dto be for a similar 
maturity to the outstanding 
Issues — twelve years — and to 
offer a yield of around 6 per 
cent. 


The new Euroguilder issue is a 
maximum of FIs 75m for five 
years for the Mexican Comision 
Federal de Electricidad. The 
notes issue, which is being 
managed by AJgemene Bank 
Nederland and Pierson Heldring 
and Pierson, offers 75 per cent 
at 99. 

Among the issues launched 
over the weekend, one which is 


likely to be closely watched is 
the African Development Bank’s 
S4flm floating rate note . This 
regional development bank is 
currently owned only by African 
States but at its last annual 
meeting in May the way was 
opened for non-African States to 
become shareholders. It is under- 
stood that the U.S.. Canada and 
Sweden have already indicated 
that they will join while discus- 
sions are in process with a 
number of other countries. 

The introduction of such share- 
holders would make the African 
Development Bank much more 
similar to other regional develop- 
ment banks, such as the Asian 
Development Bank and the Inter- 
American Development Bank, 
than has been the case hitherto. 
It would presumbaiy also make 
It easier for the bank to make 
regular forays into the inter- 
national bond markets. 


I ntent in new technology. suipmeuu ui w x^w iun> u»e ■*“*■■* ,uu> n a u is t^cuuai nna so 

The stainless steel industry turned out to be over-optimistic, because they smack of Govern- solution to what he calls a c 

wwvwuiM.urren lalreadv benefits from import that volume may only jut men t interference— however well- ftict of systems— between 

Jos Schiitz Brewing said the ‘quotas' introduced in the mid- be reached this year. intentinned. commercial and the suhsidV 

“special review person” 1970s which have just gone up Symptomatic of this problem Bul ‘•* ven “ ,e industry did steel industries of the world 

specified ta its settlement with to 15S, 000 toos a year, equivalent was Allegheny Ludlum’s recent demand stronger defences, it Until this happens, he war 

the SEC civil action announced to about 10 per cent of total failure to make an S.5 per cent might not get them. Only afew the US industry will be forced 

on Friday has been chosen by : U-S. domestic shipments. But price rise stick. Other producers days after Mr Simmons’ Press demand protection ayai 

the company and approved by [ one reason why people like Mr. undercut them, and they were conference. President Carter said foreign producers. 

the SEC, reports AP-DJ from : 

Milwaukee. He is Mr. Daniel ! l — 

j Activity in Treasuiy bond 
SL£ SrSS futures market expands 

Federal securities laws in con- BY OUR FINANCIAL STAFF 
nectlon with the alleged pav- 

ment of about S3m. {o TRADING STATISTICS from the contracts, an increase of 13B per rDmrrmjtaRflcnriaT nrrnAXirr 

customers to induce them to ! Chicago Board of Trade for the cent over the previous year. V_KjtL>l 1 LA-WuVIjLKJUL/YL JJL rKAJNL-t 

buy Schiitz products in viola- I month of June disclose strong Mr. Paul Johns, the executive 

Hon of Federal and State i activity in the interest rate vice-president of the exchange II C OOO 000 FI fiat in Cl Rata 

Liquor laws As part of the 1 futures market. Turnover in the commented that the volume VOUfVl/VfUUU nijci Lilly ndlo 

settlements' Schfitz asreed (o I market in U.S. Treasury bond growth experienced this year and Mntoc 


Activity in Treasuiy bond 
futures market expands 


BY OUR FINANCIAL STAFF 



settlements Schiitz agreed lo 


a review of Its Internal In- futures, which opened only in also over the past eight years 


CREDIT COMMERCIAL DE FRANCE 

U.S. $30,000,000 Floating Rate 
Notes 1976-1933 


vestigation of the allegations. August 1977. amounted tD 33.065 indicated that “ increasing 

contracts, lifting the total to numbers of businesses are using 
77,596 contracts for the second futures markets as a financial 
Hiram Walker Upturn quarter of this year and 113.502 management tool.” 

Hiram Walker flflnHhprhsm f ° r the 8x51 half ° f ^ ****' Substantial increases in trading 
mram walker Uoodnernam rv, s„ MPArHoH 


and Worts. Major Canadian 
distilling group, earned C$1 6m 
or 93 cents a share in the third 
quarter ended May 31, against 
CS 13.4m or 78 cents year 
earlier, reports our Montreal 
correspondent Nine months 
net was C$54.9m or CS3.19 a 
share against C$47.7m or 
C82.71 on volume of CSTSim 
fC$680m). 


For the six months 

1 1 th July, 1 978 to 1 1 th January, 1 979 
the Notes will carry an 
interest rate of 9tk% per annum. 


for the first half of the year. Substantial increases in trading the Notes Will C 

Contracts in the commercial were also recorded in the Chicago interest rate Of 9^-% 

paper division, also opened Board's more traditional cereal Xh 

recently, totalled 979 in June, markets. Corn saw a rise of 45 r ™ i 

; 2,948 in the second quarter and per cent to 3.3m contracts, while Listed on the Luxembourg Stock Exchange, 

5.759 in the firs' half. wheat with I.2m contracts. By: Morgan Guaranty Trust Company of New York, London 

I General National Mortgage showed a 34 per cent rise. At Agent Bank 

Association (GNMA) interest 52”55 contracts, oats were nearly 

rate futures recorded an increase +* per cent higher. 

of 117.4 per cent to 344.733 con- 

tract. 1 ? in the first half of the year. 7“ “ , 

fuelled by a 121.6 per cent advertisement appears as a matterof record only 

increase to 192.562 in the second 
quarter. 


July 1973 


OBJECTIVES OF 

EUCIRAMVESTMENTTRUST 


Open interest in the Treasury 
bond futures sector stood at S.S0S 
contracts at the end of June, 
after touching 10.442 earlier in 
the month. 

Trading volume for the 
exchange as a whole reached a 
new peak in June, lifting The 
total for the opening six months 
of the year to a record 13.5m 


£50,000,000 


BIRMINGHAM DISTRICT COUNCIL 


Floating Rate Stock 1983/85 


Grand River sale 


This Slock was offered for sale by 


yield andalo 



level of capital appreciation 


While bond market prices con- 
tinue to slip, tentative offering 
terms have been set in a S421m 
Grand River Dam Authority tax- 
exempt sale expected to get 
underway late this week, AP-DJ 
reports from New York. 

The Oklahoma agency's sale is 
likely to contain about S74m of 
20-year 7.2 per cent bonds and 
about S257m of 30-year 7+ per 
cent bonds, all priced at 100. 
The remainder probably will be 
serial bonds pegged tn yield 
between about 5.65 per cent in 
1984 and 6-75 per cent in 1993. 


Morgan Grenfell & Co. Limited 


In conjunction with 


Lloyds Bank Limited 


Allen Harvey & Ross Limited 
Bank of Montreal 


Allied Irish Investment Bank Limited 


through world-wide investment 


The broad policy of the Company is to invest in both 
listed and unlisted companies on a world-wide basis. 
These investments are expected, in the majority of cases r 
to provide an above average yield and a long term high 
level of capital appreciation. 

It Is notregarded as imprudent to invest in unlisted 
securities. This provides investors, both private and 
institutional, with a way in which they can obtain a stake 
in a wide spread of growing companies with a reasonable 
yield, many of which in due course may obtain a public 
listing. 


sfs Earnings per stock unit up over 1 5%, following 
77^% increase in previous year. Percentage increase 
comfortably exceeds Retail Price Index year on year 
rate of inflation. 


BRAZILIAN 
INVESTMENTS S.A. 


Net Asset Value per 
Depositary Share as of 
30th June 1978 
U.S.S132.53 

Lined: nje London S'orfc Esoharme 


Gerrard & National Discount Co. 
Limited 


Commerzbank Aktiengesellschaft 
London Branch 


Williams & Glyn’s Bank Limited 


Lloyds Bank International 
Limited 


Brokers to the issue: 
R. Nivison & Co. 


Financial advisers to the Council : 
Harlow, Meyer & Co. 


❖ Ten year record shows compound increase in 
earnings of 13% per annum and in dividends paid 
of 16%. 


4s Policy of gradual switching out of stock market 
leaders into smaller listed companies and unlisted 
situations continued. 


AFIN S.p.A. 


One of tiie Company's strengths is that it is totally 
flexible and in the position to give a decision in principle 
on any investment within a short period of time." 

AlastairF. Roger, Chairman 


* Board confident that current year will show a 
further growth in income with continuing 
opportunities to invest in situations offering 
excellent long term prospects. 


AGENZIA INTERN AZION ALE PER FINANZIAMENTI 

ED INVESTMENT! 

Rome 


^Yoarto 31st March 

1977/78 

■"s, 

1976/77 

Revenue available for 
Ordinary Stockholders 

£2,642,570 

£2,293,337 

Earnings per stock unit 

0f25p 

5.403p 

4.689p 

Dividend per stock unit 
^ of 25p 

S.OOp 

4.30p 


31 st March 


is a Vinaxdal Colony owned by; 


Investments at Valuation £70,646,915 f 65,241,531 


Net assets 


£68,323,419 £60,815,957 


Net asset value per stock 
unitof25p 


imp 



Consor^io ii Credito per k Opere J?ubhlicle- CREDIOP 
Dresdmr Bank AG b 

htitnto di Credito perle Imprest di PMlica TJiiliid— ICIPU 
Lehman brothers Knhn Loeb Inc . 

N.M. Rothschild & Sous Limited 

Wesideutsche Landesbank Giro^entrale 











Financial Times Tuesday July 11 1978 



financial and company news 



Bosch lowers targets for turnover 


BY GUY HAWTIN 

ROFITS OF the Robert Bosch 
■mip. the tVest German manu- 
cturer of automotive. Indus, 
ini and household electrical 
luipment, are being adversely 
’ this year. Nonetheless 
..vestment is to be increased 
. urine r. . 

. Ben" Hans Merkle, the group's 
lief executive, said that capital 
vrslment in 1978 was expected 
.r amount to DM 625m. com- 
tfed with DM 551 m in 1977. 
.lule spending on research and 
;vel0Dment would increase 
om DM 4i4m io DM 550m. 

The group hope that this re- 
larcn and development effort 
•ill enable it to increase the 
vcl of deliveries to the motor 
idustry— -despite the fact that 


. Die motor manufacturers are 
forecasting flat demand for the 
next couple of years. 

According to Herr Merkle the 
labour dispute in the. metal in- 
dustry earlier this year has 
substantially curbed Bosch's 
growth prospects. World turn- 
over. which was predicted to rise 
by between 6 per cent and 7 
per cent, is now likely to show 
an increase of from 3 per cent 
to 4 per cent this year. 

This is illustrated by the un< 
usually low rate of sales growth 
.that Bosch h3s reported from 
the first half of 1978. Domestic 
turnover, he said,. was up by 
only 1.5 per cent by the end of 
June. 

Last year the group's external 
turnover, excluding value added 


***■ rose b y 10 per cent from 
1976*s DM S.32bn to DM 9.1 Bbn 
fS4.43bn). However, the pro- 
portion of foreign sales in total 
turnover fell back from the pre- 
vious year's 51 per. cent to 49 
per cent. 

Tbe overall development of 
the Bosch group's business was 
satisfactory last year, according 
to the group's management. 
Tpere were, however, smalt 
changes in the contribution that 
the individual sectors yielded to 
group sales. 

As a proportion of total sales, 
turnover in the electrical and 
electro-technical motor vehicle 
equipment sector declined from 
35.4 per cent to 34.7 per cent of 
total sales. On the other hand, 
turnover in the mechanical. 


FRANKFURT. July 10. 

hydraulic and pneumatic auto- 
equipment sector yielded 23.5 
per cent of toial -turnover as 
compared with 23 per cent. 

The household equipment 
division saw its contribution in- 
crease from 21J5 per cent to 22.1 
per cent. 

Turnover of the parent con- 
cern rase from DM 5J3Sbn to 
DM S.Olbn in 1977, while exports 
as a proportion of total turn- 
over fell back from 38 per cent 
to 36 per cent. Parent company 
net profits increased from 
DM 116m to DM 146m. How- 
ever, the improvement was a re- 
flection of "technical balance 
sheet changes" rather than an 
increase in underlying profit- 
ability. according to -the 
management 


Insurance 
profits down 
in France 

PARIS, July 10. 
ESPITE AN increase of 13.4 
2r cent in overall premium 
itake to FFr 76.8bn (S17.3bn), 
ie profits of French insurance 
rms declined last year because 
f a’ relative decline In the cost 
f motor premiums, the sectors’ 
•deration said in its annua] 
?port. 

The automobile insurance 
TCtor recorded an overall loss 
ear of FFr 230m, or 1 per cent 
f premiums, compared with an 
verall profit of FFr 195ra. or 
9 per cent of premiums. 

The federation said that des- 
ite. an. increase of 4 per cent 
I the number of automobiles 
i France last year and the 

’■sing value of claims, French 
isurancc companies took in 
Fr 23J.5bn in motor insurance 
remiums last year, or 11 per 
sait more than in 1976. 

It noied that for the sixth 
ausecutive year mntnr insur- 
nce premiums rose less rapidly 
tan salaries (5.S per cent coni- 
ared with 12 per cent), and 
ad not kept pace with a rise 
f 9 per cent in the cost of 
vlng index. 

r-The intake of life insurance 
rcmiuriis in 1977 totalled 
Fr 15.47bn. up by 14.D per 
*nr from a year before. 
r-DJ 


Landis und Gyr takeover plan 


BY JOHN WICKS 

LANDIS UND GYR, the Swiss 
electrical engineering concern, 
expects group profits this year to 
be similar to the SwFr 41m 
(S22.6m) earned in 1977, pro- 
vided there arc no substantial 
and abrupt changes in exchange 
rates. 

At the same time, it has 
announced plans to acquire a 
10 per cent stake in another 
company jp the same sector, 
Sprecber und Schuh, with which 
it already co-operates in .the field 
of protective relays. 

For some years. Landis, und 
Gyr has marketed the other 
company's low voltage products 
in the U.S.; further links are now 
planned 

Landis und Gyr, which is 
offering 8,500 of its nominal 
SwFr 200 B shares for the 
Sprecber und Schuh stock, 
stresses that both companies will 
retain their full independence. 

Commenting on its current 
business. Landis said new orders 
during the first half of the 1977- 
78 financial year were well down 
nn those of a year earlier in 
Swiss franc terms, hut above 
sales levels. It described orders- 
in-hand as satisfactory. Cash flow 
] for the year - is seen at' around 
, SwFr 100m. 

I The full impact of the rise in 
■ the Swiss currency which took 


place last autumn and this 
spring will not be felt until the 
second half of the current fiscal 
year and beyond. 

Under the proposed deal with 
Sprecber und Schuh. the latter's 
capital. . now. standing at 
Sw Fr 2S5m, will -be. raised 
through the issue of 6,200 
registered shares of a nominal 
SwFr 500 each. 

Meanwhile. Heberlein.' the 
Swiss textiles, plastic products 
and machinery concern reports 
a return to profits for last year. 
After a rise in group turnover 
to a consolidated SwFr 300m 
from SwFr 273m. consolidated 
cash flow amounted to a positive 
figure of SwFr lm after cash 


ZURICH. July 10. 

drains of SwFr 10m in 1976 and 
SwFr 37m in the previous year. 

The group's parent company, j 

Heberlein Holding Ag. recorded 
a small profit of SwFr 260.000 
for 1977, following losses of 
SwFr 3-9m in 1976 and SwFr 
12 ,2m in 1B75. 

The continuation of the 
recovery of Heherlein is now 
seen to' be endangered by the 
rise in the Swiss franc exchange 
rate since the fourth quarter of 
last year. According to group 
chief Dr. W. Kaenel. the present 
currency situation has reached 
"menacing dimensions" for the 
group, some 50 per cent of 
whose turnover is accounted for 
by exports. 


Poly-Bond cuts payment 


BY OUR OWN CORRESPONDENT 


ZURICH July 10. 


DIVIDEND PER centificate of 
the Swiss investment fund Poly- 
Bond International is to be cut 
from SwFr 5.20 to SwFr 4.30 
gross for the year ended May 31. 
This follows a fall in Swiss franc 
earnings due to the currency's 
high-exchange rate and to lower 
interest rates on the money 
market and, in part, on the bond 
market. 


The foreign exchange situation 
was also responsible for a drop 
in assets of the fund, which is 
affiliated to Swiss Volksbank, 
from SwFr 155m to SwFi- 151.8m. 

However, the share of securi- 
ties denominated in Swiss francs 
in the Poly-Bond International 
portfolio rose from 23.7 to 31 
per cent over the business year 
in question. 


Recovery at 
Kloeckner 
as sales 
improve 

By Our Financial Staff 

KLOECKNER UND CO., the 
privately- owned West German 
trading concern, managed a 
clear improvement in earnings 
during the first half of this year 
after a 35 per cent slump in net 
profits from DM 44m to DM 2Sm 
(513.7m) In 1977. 

Turnover in the first six 
months crept up by 2 per cent. 

Although giving no figures, 
management board spokesman 
Herr Joerg Henle did say that 
Kloeckner would scarcely be 
able ro Keep up the same busi- 
ness pace over the rest of the 
year. He declined to make any 
profit forecast 

He told a Press conference 
that earnings had. on balance, 
been favourably affected by 
progress in the steel and con- 
struction sectors, but held back 
in some areas of steel and raw 
materia] trading. Herr Henle 
described the overall business 
picture' as “not bad." 


Elsevier buys 
U.S. publisher 

By Charles Batchelor 

AMSTERDAM. July 10. 
ELSEVTER, the Dutch publisher 
has acquired the specialist U.S 
firm Medical Examination Pub- 
lishing Co. of New York. 

Medical publishes books aimed 
at the medical and para-medical 
professions. It has a list of 350 
titles and a further 300 projects 
under contract. It will be taken 
over b; Excerpia Medica Inc. of 
Princeton. New- Jersey wblch is 
part of Elsevier's science divi- 
sion. Financial details of the 
deal were not available. 

Elsevier attributed a good part 
of its improved results in 1977 
to the expansion of its scientific 
journal publishing division. It 
reported 19 per cent higher net 
profit of FI 22.7m ($10.2m) on 
sales 18 p<*r cent higher at 
FI 593m (8266m i. 


Partners in Rafnes 
complex agree on 
compensation terms 


BY FAY G JESTER 

NORSK HYDRO. Saga Petrokjeml 
and Statoil. partners in Norway's 
new Riifnes petrochemical com- 
plex. have signed an agreement 
with the Phillips Group regard- 
ing compensation for delays in 
supplying the complex with feed 
stock — natural gas liquid (NGL) 
from the Ekofisk field. 

Both sides have agreed not to 
comment on the agreement, or to 
reveal hnw much it is tikely to 
cost the Phillips group of the U.S. 
Basically, however, it entails an 
undertaking by Phillips to supply 
Hydro. Saga and Statoil with an 
additional amount of low-priced 
NGL— over and above the amount 
provided for in the original 
agreement. This additional 
quantity will eqval the amount 
of feed stock the tliree will have 
had to buy on the open market, 
while waiting for deliveries for 
the favourably-priced Ekofisk 
NGL. 

Deliveries from Phillips were 
to have started at the end of 1976, 
but are not now expected until 
the final quarter of this year, 
owing to holdups in building a 
separating plant at Teesside. 
where oil from the Ekofisk field 
is landed. 


OSLO. July 10- 

The original agreement pro- 
vided for the group to deliver 
NGL to Rafnes -for at least 15 
years, free of transport charges 
and below market price. The. 
undertaking was given by 
Phillips, licence holders on 
Ekofisk. in exchange for Nor- 
wegian Government permission to 
pipe the Ekofisk oi] to Britain. 

Late last year, the Rafnes 
partners were threatening to sue 
Phillips for around S75m in com- 
pensation for the supply delays. 
This gives an indication of the 
value of the additional NGL the 
group will now have to provide. 

• Fifty per cent, of production 
workers on Norway's Ekofisk oil 
and gas field believe they are not 
properly qualified for the jobs 
they are doing, according to an 
opinion survey published in the 
Oslo newspaper Verdens Gang. 

The workers claimed that they 
lacked training in the main- 
tenance and the operation, of oil 
rig equipment, and that in 
general they were not given 
adequate instruction. The in- 
structors available were not 
qualified. and too often 
instruction was given only in 
English. 


Schneider boosts sales 


EMPA IN-SCHNEIDER said its 
turnover during the first quarter 
of this year totalled FFr 7bn 
(Sl.fibn), an increase of 23 per 
cent on the FFr 5.7bn recorded 
in the same period last year. 

New orders received by the 
Franco-Belgian group in the 
three months to the end of 
March totalled FFr 7.6bn, or 4 
per cent more than in the same 
period a year ago. 

■ The group said the slow growth 
of new orders was essentially 
due to the low level of orders 
taken in by tbe mechanical 
branch of its subsidiary Creusot- 
Loire. by the electromechanical 
construction sector in general 
and by most of its Belgian sub* 
1 sidiaries. notably Yerlipack. 


PARIS, July 10. 

It pointed out, however, that 
during the corresponding period 
orders received by us engineer- 
ing subsidiary Spie BatignoUes 
bad practically doubled, mainly 
due to additional civil engineer- 
ing contracts for power stations 
under construction in Iran. 

Meanwhile, Societe National e 
d' Etude et de Construction de 
Moteurs d'Aviation (SNECMA). 
tbe French Stale-controlled air- 
craft engine builder, reports a 
net profit for 1977 of FFr 70.5m 
($15.9m). up from FFr 65.1m the 
year before. 

Turnover declined to 
FFr 2J291bn from FFr 2.3bn in 
1977. 

AP-DJ 


27 


European ; 
base for 
Gulf Inti. 
Bank 

By Mary Campbell 

GULF International Bank (GIB), 
the Bahrain-based consortium 
bank owned by the seven Gulf 
states, yesterday opened a repre- 
sentative office in London, It is 
the first of at least three pro- 
posed international offices. Ifis 
likely to be converted into u full 
branch in due course while 
offices in New York and Tokyo 
are also part oE the bank's Iona- 
term strategy. 

At tbe opening - of tbe office 
yesterday, tbe chairman of the 
bank. Sheikh Ali Kalifa a l -Sabah, 
confirmed GIB’S intentions "of 
being an aggressive force -in 

international banking. Originally 
established at tbe end of 197* 
with tbe large capital base .-of 
some S75m equivalent, the bank 
has already made a name Eor 
itself in the syndicated loans 
market in particular. 

“Of course we .do not enjoy 
low margins." Sheikh Ali 'said. 
“ But if that’s what it takes to 
carve ourselves a slice of the 
market — we’ll do it." 

He said that he did not know 
bow long tbe technical agree- 
ment under which Citii-orp has 
provided some of GIB's execu- 
tives would last, now that the 
bank is becoming established/ 
Sheikh Ali is Minister of Oil 
of Kuwait as well as of GIB. He 
would not comment on the OPEC 
talks due to start in London on 
Friday. He also would not com- 
ment on future trends in the 
foreign exchange markets. 

Bank assets 
too Slbn 

By Our Own Correspondent 
ZURICH July 10. 
THE balance-sheet total of 
Banca del Gottardo passed the 
SwFr ibn.mark (SLlbn) for rhe 
first time in niid-197S despite 
the continued appreciation of 
,the Swiss franc. As ef 
l June 30. assets amounted -to 
SwFr 2-03bn, as compared with 
SwFr 1.97bn at the end of 1977. 
Deposits and bank creditors arc 
equally -responsible for Ihe 
increase. 


■ TRAIGMTS 

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MI 
9l.J 
MI 
9SJ 
ei: 
«n; 
m: 
!M 

98 
SlwJ 
9!>i 
97i 
inn, 
93 
951 

ids: 

MV 

Ml 

UU>} 

M 

K* 

1001 

liHJt 

srs! 


o.--: 

97- 

97! 

95 

97 

95i 

PP 

99* 

W 

sw: 

ts: 

97 

urn 

PS 

tail 

95 i 
9b'. 

w. 

ns 

994 

1012 

JMJ 

93j 

KM 

100i 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


.. 014 Offer 

Nordic lav. Bank Stpc 19SS 96 Ml 

Nome* Korn- B*. Sj pc. 1993 .95 . 95* 

N'orplpv SJpc 1999 #41 95} 

Norsk Hydro *}pc 19K — 94| 93} 

iWo 9pc 19SS ... SW! 

■Puns Auionomo* 9pc 1991 17* 99 

Prow Quebec 9vc 1WS 93} 9U 

Prov. Saskaldnm. SiPC •80 «t V»i 

Rett] International 9pc IBS7 92} 84a 

RUM 9pc 1992 Ml «* 

Selection Trust. S;pc 19S9... MS 911 

Shell Inti. Ftn. Sine 1990 .. 9S* M 

Stand. Etnkilda 9pc I9P1 » 971 

SKF Spc 1997 91* K* 

Sweden tK’domi Slpe 1987 94* © 

t'Oited Biscuits Ppc 19S9 .. 974 tpi 

Volvo Snc 19S7 March 93: « 

NOTES ' ' 

Australia 7-pc 19M 9“4 " « 

Bell Canada 71pe 1997 ... 93} Mj 

Br. Columbia Ryd 7jpc ■SS 9M 93} 

Can. Pac Slpe 1BS4 97* 9S 

Dow Chemical Spc IPS# ... 93! 99* 


Bid Offer 

ECS 7ipc 1982 94i 95* 

ECS Slpe 19S9 932 94* 

EEC 7! pc I95C* ' 95* 98 

EEC 7IPC t»S4 9* 941 

Enso tiutzeit 9*pc 1994 ... 98 Ml 

Rutaverken 7ipe I9S2 9ti 93 

Kackums 8pc 1883 902 97* 

Muhelln Wpc 19S3 984 99* 

Mom real Urban KiPC 19S1 9S* 99} 

New Brunswick Spc I9S4 . 98* 97* 

New Brans. Pror. Slpe "S3 99 99* 

New Zealand g*pe 19SS ... 954 9«i 

Nordic Jnv. Bk. 71pc IBM S3* 94 

Nursk Hydro 71 pc 1932' . ... 95* 964 

Norway 71pc 1992 Ml 95 

-Ontario Hy'drtf S00T9S7 935" ' Mt 

Steer. 81PC 1982 ... K»i 

S. at Scot. Elec. 8}pc 1981 98 9SJ 

Sweden tK’dotni 7}pc 1982 941 95} 

Swedish 'State Co. 7Jpc ^ 95* 9fi 

Tfelnm «*pc 1PM 98* B#i 

Tenneco 7|pc 19S7 May ... 914 92* 

Volkswagen 71nc 19S7 933 941 


STERLING BONDS 

Allied Breweriw lOlpc 

Citicorp 10pc 199" 

Connaulds 97ne 19S9 

ECS Pipe 1M9 

Em Btpc 19PS 

EIB 9AC 1992 ... 

Finance far Ind. 9lpc 1987 
Finance fur lwl. lOpe 1989 

Tlsons m pc 1957 - 

Gr-stctner line I98S 

INA lOpc 1988 - 

Rountree lOJpc 19SS 

Sears KHpe 19M .... 

Total Oil 9>nc 1W4 

DM BONDS ■ . 

Asian Dev Bank 5} pc 1BS8 

BNDE 6Ipc 1988 

Canada 41pc 19S3 

Den Norske Id. Bk. 6pc HO 
Dcmsche Bank 4 Ipc 1983 ... 

ECS 54 pc 1990 

EIB 5ipc 1998 


Bid 

591 

9?| 

S»I 

M? 

96* 

92i 

99} 

93 

M* 

91* 

914 

SS} 

90S 

99 

9* 

974 

'08 

100 * 

98 

Wr 

W* 


Offer 

991 

931 

99* 

05! 

P74 

Ml 

91* 

94 
97* 
02 * 
92* 
S9S 
911 
81 

toi 

98 

m 

m 

#81 

95 
93 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD OKU? 


I !f % 



CONSORZIO DI CREDITO PER LE OFERE 

PUBBLIGHE 

CREDIOP 


US $175,000,000 

MEDIUM TERM XiOAK 


GUARANTEED 87 

THE REPUBLIC OF ITALY 


MAffAOSS and PROVIDES BY 


CITICORP INTERNATIONAL GROUP 

ABU DHABI INVESTMENT COMPANY 

BANKERS TRUST COMPANY 

ISTTTUTO BANCARIO SAN PAOLO 
DI TORINO . 


AND 


WESTDEUTSCBE LANDESBANK 
GIROZENTRALE 


BANK OF MONTREAL 

THE FUJI BANK, LIMITED 

NATIONAL WESTMINSTER 
BANK GROUP 


THE NIPPON CREDIT BANK, LTD. 


BANQUE BRUXELLES 
LAMBERT S.A. 


BANK FUR GEMEINWIRTSCHAFT 
AKTIENGESELLSCHAFT/BfG LUXEMBURG, S.A. 

DOW BANKING CORPORATION GULF INTERNATIONAL BANK B.S.C, 

THE MITSUBISHI TRUST AND.BANK3NG CORPORATION 

CITICORP INTERNATIONAL BANK LIMITED - 

agent 


AFIN S.p.A. 

ABV18EETO TDK BORROWER 


JUKE 14. 1978 


Bid Offer 

Flf Aouita I ne Site- . 93 P3i 

Enratom 3 Spc I 0S7 93 9S7 

Finland 5]pc 19S>: .... 971 9S 

Forsmarks line 1890 . ... 97*. 9ft* 

BesJco Spc 1953 98* 97 

Noreem 5 Ipc 1969 99} 1004 

Norway 4!pc 1PS2 98 9S3 

Norway 4Jpc 19*T. 97 97! 

PK Bantan Sin*- t9S4 .... 9n 9«! 

Prov. Quebec Hne P»90 97 971 

Ramartnikki S.>' id-s ..... 95 951 

Spain 6DC 19« 93} 9fi 

Trondheim 5fpc 195S 9«* 97 

TVO Power Co. w '958 .. 97 977 

Veoranela 6 pc 198* 97 973 

WorftI Bank SSuc 1990 m 9S4 

FLOATING RATE MOTES 

Bank of Tokyo 19S4 8}pc .. 90( 991 

BFCE 1984 : !W* 991 

BNP T9S3- St lr PC 1001 1001 

BOE Worm.* tSSSTIpe ..... 985 ' 

CCF 1W3 St pc Mi 90S 

CI7MF 1984 6n«i pc 99* 99* 

Creditanstalt 1984 Bine 99* 991 

T>G Bank 1962 9pc 1'tOl 100? 

CZB 1981 filispc 99* 100! 

Inti. Westminster 1984 Spc 99 99! 

Ll.irds 1993 9 13 [6 DC ]00i 1001 

■LTCS 1993 5pc 99} 100 

Midland 1967 8«i6PC 99* 99* 

Nat Wesun luster ■99 95i6pe »* 9M 

OKB 10S3 7ipc lOf 100} 

SNTP 19« S!PC 99( 99* 

Bland, and ChtnL W Bloc 995 997 

Wns. and Giro's '84 81 kpc 99: 1004 

Source: White Weld Securities. 

CONVERTIBLES 

American Express 4ipc *87 81 S25 

Ashland Spc 1BS8 93 94! 

Babcock & Wilcox 6}pr -VI 1043 1053 

Beatrice Foods +4 pc 1992... 954 97 

Beatrice Foods 4»pc 1902... 107} IW» 

Bcecham n;pc 1993 37 99 

Borden Spc 19K 98 99* 

Broadway Halo 4Jpc 1987... 734 77 

Carnation 4pc 1987 78 79} 

Chevron 5pc 1988 131* 123 

Dart -lipc 1967 ... 794 RI 

Eastman Kodak 4Jpe 1988 S3 64} 

Economic Labs. 4Jpc 1987 78 79! 

Flnuionc 5 pl- 1938 sat S3 

Ford Spc 19^8 — 68 871 

General Electric 4*pc 19S7 79* SI 

GflJeii,. !>.■ 7987 74! 75 

4nnm- Ki.ldf-r Peabody Securitlr*. 


These Notes having been sold, this announcement appeans as a mancr of record only 

June 1978 

$100,000,000 

Osterreichische Kontrollbank Aktiengesellschaft 

S50,000,000 7 % Guaranteed~Notes due 1 980 
550,000,000 VA% Guaranteed Notes due 1982 

Guaranteed by 

The Republic of Austria 

Tranches aggregating 525,000,000 of the Notes due 1980 and 525,000,000 of 
the Notes due 1982 have been placed subsequent to the initial public offering in 
September, 1977. All the Notes axe listed on the Luxembourg Stock Exchange. 

Orion Bank limited 

European Banking Company Limited Credxtanstalt-Bankverein 

O sterreidhische Lander bank Alt ti eng es ell sc halt 



This advanisementcomp/KS twW the requirement! of ThrCab/itri of 7 he Slat# Exchange of if te United tJngtfon ana&e Fspuotx ofira'er.d. 


US. $125,000,000 


(Incorporated with limited liability in the Netherlands) 

Guaranteed Floating Rate Notes1993 

Guaranteed on a subordinated basis as to payment of principal and interest by 



MkHand Bank LkiHted 

(incorporated with limited liability in England) 

The following have agreed to subscribe or procure subscribers for the above Notes 


European. Banking Company- Samuel Montagu ,& Co. 


anking 

imitea 


.Limite 

Amsterdam-Rotterdam Bank N.V. 
Creditanstalt-Bankverein 


Limitei 


f 


Credit Suisse White Weld . 
Limited 


Banca Commerciale Italiana 


Salomon Brothers International 

-Limited 

Swiss Bank Corporation.(Overseas) 

Limited 


Deutsche Bank IBJ international 

Aktiengeselfschaft Limited' ‘ • 

Societe Cenerale Society Ceneralede Banque S.A. 


Union Bank of Switzerland (Securities) 

Limited ! . 


Ths Notes constituting the above issue have been admitted to the Official List by the Council of Jhe Stock Exchange* 
Full particulars of the Notes are available in the Extel Statistical Service and may be obtained during usual business 
ho'.ira (Saturdays excepted) up to and including 25th July, 1 978 from the Brokers to the issue:— 


llih July. 1978 


Cazenove & Co., 

1 2 Token house Yard, 
London EC2R7AN 


Pemberfr Boyle. 

30 Finsbury Circus. 
London EC2P2HB 



Financial Times Tuesday July 11 1#7S 


Whitecroft 


"We have confidence that we are embarking on a 
period of substantial development." 

Mr. J.Tavare, Chairman 

• Group pre-tax profit £4.25m 

• Group turnover £55m .■ 

• Maximum permitted final dividend 
making 1 3.4p for the year. 

• Net tangible assets 229ppershare 


"We have an excellent business which hascontinuing scope for 
advancement. The 1 970s have already seen major developments for ■ 
Whitecroft leading to enhanced profits from improved organisation, 
logical acquisitions and withdrawal from declining operations. This 
year should see further progress given only a moderate improvement in 
economic conditions. We have confidence that we are embarking on a 
period of substantial development. 

'We continue to seek acquisitions of a kind that are compatible with 
Whitecroft's capabilities and understanding and which have growth 
potential. In April 1 978 we acquired Moorlite Electrical Limited, 
specialising in fluorescentlighting fittings for office and otherwork 
areas. There are further developments to be made in this and associated 
fields". 


Whitecroft Limited 

Textiles, building and engineering supplies, engineering 
and construction 

Copies of the report and accounts may be obtained from : 
The Company Secretary 

Whitecroft Limited. Blackfriars House, Parsonage 
Manchester M3 2HX 


INTL. FINANCIAL AND COMPANY NEWS 


Sumitomo 
buys more 
Nippon 
Sheet Glass 




Sharp uplift for Kohler 
Brothers at six months 


BY RICHARD ROLFE 


JOHANNESBURG, July 10. 


Tubemakers 
to place 
A$2Gm of 
debentures ; 


By Jartrts Forth 


Tt ,._ 10 1 KOHLER BROTHERS, which is Higher sales volumesburs has come with the private By James Forth 

-tUKvO. Ju<-> * 73 per cent owned by Union Cor- materially assisted the results placing by Protea Holdings, a 

LIBBEY-OWENS-FORD ^ om ’ poration, and is mainly engaged and rationalisation programmes local conglomerate involved la SYDNEY, July IQ. ,- 

pany of the US, is to sell all 24m j D jfc e manufacture ot con- improved operating margins. The the chemical and electrical Indus- TUBEMAKERS OF AuMraifa 
Nippon Sheet Glass shares it * tamers. cartons and packaging prediction Is for the current rate tries, of an unsecured debenture j ni anc l0 A ga in 


SYDNEY, July IQ. j 


Nippon Sheet Giass announced. ; from ^35,7^ t 0 R44.2ra (S50.9rn.) is highly liquid and expansion The debenture, an R5m issue,, restructuring to provide Tubi 
Liobey-Owens-Ford, the glass. ; income before tax is up From opportunities are being cod- is redeemable in five equal instal- makers with a louger-datti 
plastics and fluid systems con- ; R4_5 m (S7.S3m). Thus sidered in related fields. ments between 1993 and 1997 nuitU ritv It provides con veraia 

IJ WS shar ?iS£ e / :Profil ^ Brown more than twice Kohler with SappL Union Cor- and is the lowest coupon of its lerms fa A$l.S4m tn debenture 
nu.-n^Sporrt Sh , i 9“*- f in 9rn : ? s . faat 85 tarnover f ° r ^ Duration's pulp and paper arm. Wnd since August 1&/4. maturing at December 31, 197! 

JSJ „ and SumJl °^° thI Wf and the improvement has J. aa involved in the abortive and also allows conversion right 

negouaUDg a^pnee it sa.d. The earned through to the net level. talks Iast vear with Reed Inter. fni. Miinnn it holnur thi* <nrimnl to holders Of AS6-055ni In debts! 


in Nippon Sheet G 
Ownes-Ford and 5 
negotiating a price 


closed in 55“ through to the net level. talkp last year with Reed Inter- The coupon is below the prime to holders of AMS ■ In debd 
Tokyo at ?fos ■ S 10 . with a nse from R2.im to R4-m. nationa i over the proposed overdraft rare ot 12.5 per cent tures which will be redeemed o 

rJ TT e ’ , ippH _} Earnings per share rose from acquisition of Reeds local sub- and compares with the rate ot January 15. 

l i^A* C ? n 2 pany ? cq vM n d nn 43c to 67c and the interim divi- sidtary, Reed Nampak, and its 12.6 per cent obtatined six weeks The cash proceeds arc to b 
AmJricM ShS e 3isCom?K?: i has been lifted from 15c to >P» Cor the conMoi i group | used to finance Ihajornpanj* 


MTrN»«^%»rfTrT«=VAr'i24c. The shares have been one Stanger Pulp and Paper Mill. Murray and Roberts. Frotea in-; operations, ino directors uu 
W* J? r 5 dC n e ia?f ! Of the stars of the bull market * * * lends to use the funds to repay Trading conditions in the June 9 

resold* a 5 DP^Sn^^ni^est 1 ^ 1 here - now standing at 600c A FURTHER instance of deieiu- shori-term debt, a move which half year had continued to b 
Sumitomo in mi Against their 197S low of 370c. ing interest rates in Johannes- wiU strengthen to balance sheet Mlh. weSSoed* 


and compares with the rate at jammy 

12.6 per cent obtatined six weeks The cash proceeds arc to b 
ago Cor the construction group! used to finance the company 1 
Murray and Roberts. Protea in- 1 operations, the directors sait 
tends "to use the funds to repay (Trading conditions in the June? 


With the takeover of the I 
remaining 20 per cent interest by | 
Sumitomo, the financial iink with 
Libbey-Owens-Ford will be 
dissolved, bat the two firm! 1 will 
continue to cooperate in tech- 
nology. 

Reuter 


Advance at Mitsubishi Electric 


TOKYO, July 10. 


profit for 1977-78 was expected t 
be somewhat lower than for tU 
previous year. However, it wa 
considered satisfactory in t# 
light of prcvaling economic cm 
ditto ns. particularly in stc« 
based industries. 

The pipe manufacturer is i 


MITSUBISHI ELECTRIC reports increase slightly. The Tokyo branch of Manufac- J5f v ^L/mikcr ^roken^ 

a 31 per cent nse in consolidated The company said that it was turers Hanover Trust Co of the J, - . n -c nmoan y 
IViMon Vol M net profit for the year to difficult to make a firm, profit US will shortly open its branch! , * * " ■ 

LX luau t HI ve March 31, from Y9.42bn tn forecast because the business office in Seoul, AP-DJ reports! w December naif jei 

Eaton Corporation has announced! Y12^4bn fS59.9m). helped by outlook, especially for exports, from Tokyo. The bank will set I Tubemakers increasi'dpronL 
that it has bought 1.1m shares or| a decline in the interest burden was uncertain, as a result of the up its branch office at the P*rcentto at'nS 

10 Der cent of rh«* mi: e landing ! and measures to cut costs. sharp yen appreciation. ■ Daedoo Building m downtown “rectors said then t hall nt 


Nittan Valve 


10 per cent of the outstanding . and measures lo cut costs. sharp yen appreciation, 

shares of Nittan Valve Company.; Orders received in fiscal 1977 Reuter 

of Tokyo, AP-DJ reports from | rose 97 pg r cen t t 0 ¥919bn and — 

Cleveland. ; exports rose 12 per cent to 

Eaton said that the snares - yilibn. /"I* 

were purchased in private trans- , Sai es Q f electronic industrial ^111 0*51 
actions. The company did not*, appliances rose 29 per cent to 

disclose a purchase price, nor did Y287hn. whiIe of heavy DV „ te _ 

« W whether it intends tn buy, electric machines rose 3 per cent BY H - F - LEE 


Singapore S$725m issue 


SINGAPORE. July 10. 


expected pre-tax earnings For tl 
full year would be higher beenu 
they thought trading conditim 
would improve further in tl 
second half. 

The terms o£ the debontu: 
issues arc 10 per cent for fi 1 
years, 10.25 per cent for cig 


company 1 6 ^ ares 01 1116 Ja P aoese [ to Y205bn and electric home the SINGAPORE Government years, carrying a 4* per cent. Sr uTySS 

Eatnn 'said it baa siened ! appl?ances > ncreased 11 P er is offering S$725m nominal of taxable coupon, SSSOm. for seven S«,aurii Tube makers Is a sol 
a l for STS Ce ? t0 Y2I0bn - „ loan ^ for Public subscrip- ^ EE& SSS — *2 

SpplMmSi ffli-SSS tafSK « ™= re Were Issue is the Government'. “ ■ the e, 

“■ mads sss ss-iiis.'jfMfs a^asisss 

ness in Japan. and consolidated net profit lo Thg jss ^ ^jjj brili npw 0 ff ered a t par . Tho offer closes and 10.4 per cent for 10 years 

Government bond issues this °n Julv 24. its A$25m debenture issue, 

year to SSl^bn. The budgetedl ■ ■ ■ > ■ ( 

borrowings. domestic and 
external, this year are estimated 
at around S$l-5bn. 

However, total Government “ 1 
bond redemptions this year alone 

amount to S$2S9.0Sm. ' ri ■ rrr 

•dfl Funds raised from the issue I tdLlrrt 

M ^ ’ . will be used to finance develop- 

11/ I ment projects. ■■■■# CPPAITMAM 

m Three categories of stocks are tMIVI IMIv 

.JLaaA being offered — S$100m for two 


ANZ Bank: 





al ‘ 




Australasian currencies 

When we tdl you that we are the City's leading dealer in Australasian currencies, 
it’s no idle boast, and there’s real benefit in it foryou. 

Our prime position in the market means that webring the same flexibility to exchange 
rates, as we do to ail our services. As a 150 year old Australasian bank, we know the ropes. 
No-one is better placed to deal foryou in Australian and New Zealand dollars. Also we are 
experts in Papua New Guinea kina and Fiji dollars. Nobody operates fester 

Using us foryour currency needs is away of testing our services without any 
commitment on your part Our own commitment- to customer service- could well 
persuade you to try us for other banking services. We would be delighted to assist 
Flexibility is our keynote throughout 

Keep up to date with the latest in Australasian currency markets by ringing us on 
01-623 9123 or consult our 

Reuter monitor ANZX. _ fl 



Fall at UEB 
Industries 

By Dai Hayward 

WELLINGTON, July 10. 
ONE OF New Zealand’s largest 
companies. UEB Industries.’ the 
paper products and carpet manu- 
facturer. has reported a 33 per 
cent fall in profit last year. 

The company revealed a 
decline from NZ$9.48m to 
NZS 6 -35m (USS 6.6m). Sales at 
NZ$ 158m f USS I63m) were down 
3.3 per cent. 

One encouraging feature was 
that exports of carpet and carpet 
yarn continued to expand. The 
company’s exports are now worth 
NZS 20m a year. 

The financial report would have 
been worse but for a net tax 
benefit of NZS 1-3 ra during the 
year. 

U.S. offshoot forBoral 

BORAL. the building products 
group, has established a wholly 
owned subsidiary, Boral U.S. A., 
based In Los Angeles. Reuter 
reports from Sydney. 

The new subsidiary has pur- 
chased a 55 per cent shareholding 
In California Tile from Amelco 
Corp. of Honolulu, effective July 
I. it said. No price was disclosed. 







East Midland Allied 
press Limited 

A Year of Solid 

Achievement 

Record Profits— up 52% at£1. 621 .000 

* Increased Dividends -total payment 3.63p net 
per share (2. 86p) 

JLk Scrip Issue recommended— Three *A* Ordinary shares 
^ for every four Ordinary or TV Ordinary shares - 




At the Company’s Annual General Meeting held on 
10th July 1978, Mr. Fra nkRogcra, Chairman, said.- 

4 The first eiciht weeks trading has been satisfactory. 

with ict.uirs ahead of both budget and (Jit year's 
ligures. Advertising volumes continue to move ahead, and 
sales levels continue to increase. Wc arc now entering the 
period ol run-up to a General Election. Providing the new 
Government pursues policies aimed at encouraging growth 
- the only real way to improve living standards - East 
Midland Allied Press should be able to realise the benefits of 
Its substantial investments in new plant to tho advan- 
tage of employees.sharcholders. and customers. 


Copes ot the Conrar.y’s Report & 
Accounts can be nt umod from; 
The Secrctt-T. EMAP limited. 

S Herbal Hill. London EClRbUB 





















In- 


Financial . Times Tuesday July 11 1978 



29 



£1-50 

g«WCI'WTMt I, WjBfT A&MC1KTICH 


iU) ; ni ‘iii, 

Place 

**>* 4 

•'"■•"tn,, 

JlERE ARE still some aspects 
British life which could bene- 
from further Europeanisa- 
"■■ m an d wine drinking is one 
them. Some 19m people in 
. 'itain have never touched The 
iff, according to the Wine 
:velopment Board which 
tu rally thinks this is some- 
ins of a disgrace. Those who 
ve never taken wine Tar out- 
unber the 12m regular im- 
bers who will this year 
' tween them find most of the 
.3bn to be spent on wine in 
e UK. 

Britain might seem a strange 
..Dice for the first World Wine 
iir which opens for 12 days in 

' ristol on July 19, but British 
ine drinkers have a wider 
lOice than any other nation 
-Ith the UK currently import- 

• ' g wine from 29 countries. And 
.. ritain can give a warm wel- 

ime to ali-cozners because it . 

• is not been a wine producer hi 6her rate of taxation than 
! any significance for several com P et * nj ? products." Thus the 
snturies and therefore has no ]on § 311(3 tedious process 
.■eat growers’ lobby demand- towaTds a European court hear- 
:g protection for local wines. in S in Luxembourg has begun. 

•• Tt j- tniB fh . . And. to be fair, the Commission 

• 0 nntt in vearc irl«w k* 1 ** m has taken similar action to com- 

SiSh ^ ln v 1 bat discrimination by France 

, ; js^psresr»is **^*^^***- 

. ive ceased to be simply a P, res ® nt r ? te - f ° r 

. .. iriosity and there are now 3l Sht wme— ^able wine-- is 

wut 70 commercial vineyards. a . gallon. But for ® heer 

__ , J with original gravity of 1037.71 

•Production from them, how- degrees, the average density of 
■' -reT, is comparatively small beers consumed in the UK, the 
impared with most other Euro- dutv amounts to only 60B4p a 
; ?an countries and the British gallon, 
ill look upon themselves as 
ri manly consumers, not pro- 

jeers of wine. CODSUIHptlOH 

In some parts of Britain there Only Denmark, where, the 
"still a widespread assump- duty’ is just over £3 a gallon and 
on that wine drinking is a Ireland. £2.30 a gallon, come 
ixury which only the np;r*r anywhere near the UK in their 
asses enjoy, it certainly is treatment of table wines, 
xed that way and the UK's Belgium and Holland - add 
uty system has caused enn- around 86p a gallon in duty, 
derahle anger in the Euro- Luxembourg 43p, France about 
?an Community. The EEC ip wh ce in Italy and West 
commission has threatened to German.; there is no duty at ali- 
ke Britain to the European This would go some way to 
aurt of Justice. At 7lp a litre explaining the UK is right at the 

tittle, UK excise duty is the bottom of the European wine- 

ghest in the Common Market drinking league along 'with 
id the Commission has brought Ireland. Though wine sales in 
TCI n f pi °£ ement . proceedings" Britain have doubled to around 

• ~ ’ ; 1 L .ainst Britain in an attempt nine bottles per head of popula- 

a. -/wai; cl, L tion a year in the last decade, 

L A ri Aft According to the Commission the French and Italians drink an 
_ e North Europeans have average 150 bottles; the Luxera- 

w w. L ! D. I, ' a >’ s taxed wine heavily with bourgers. 60 bottles, the West 
e result that consumption has Germans. 40 bottles and so on. 
■en restricted. But. it says. Since Mr. Healey introduced 
„ . wine cannot be regarded as a his first Budget in the spring 

' xury product meriting a of 1974, the duty on table wine 


stunted 



taxation 


BY KENNETH GOODING 


Breakdown of Wine & Spirit Costs 

in Britain (In Pence) 


WHISKY 



TAXES ON WINES IN THE EEC 


EEC 

Excise duty 

VAT 

Effect on UK* 

member 

per gallon 

rate 

retail price 

state 

£ 

% 

£ 

UK 

3 .250 

8 

1.50 

Denmark 

31188 

18 

159 

Eire 

2J99 

10 

US’ 

Belgium 

0.857 

25 

1.26 

Holland 

0.859 

18 

1.19 

Luxembourg 

0.429 

10 

1.04 

France 

0.047 

17.6 

1.04 

Italy 

— 

T4 

1.00 

Germany 

— 

11 

0.98 


* The effect EEC tastes would hare on a botde of wine retailing, at £1 SO 
in Britain. Exchange rates at 7.11.77. .. 

Source: Honiara 


has risen by 333 per cent, which 
Dr. Peter Hallgarten — a small 
wine-shipper independent of 
the UK’s major drinks groups 
and recently-elected chairman 
of the Wine and Spirit Associa- 
tion — insists "is holding back 
the wine trade from meeting 
the underlying demand which 
existsiin Britain." 

For years the Association has 
been attempting to get the 
Treasury and the Chancellor to 
accept that if duties were left 
aione wine consumption would 
increase, revenue would rise 
and the industry would create 
more jobs. The statistics seem 
to support this theory. In real 
terms duties and VAT on wine 
fell by 33 per cent between the 
1969-70 and 1973-74 financial 
years. Wine clearances from 
bond (the best indicator of 
actual sales that we have) rose 
130 per cent and revenue in- 
creased 58 per cent over this 
period. In the following three 
years duties and VAT were 27.5 
per cent up in real terms and 
clearances fell by 9 per cent. 
While revenue managed only a 
16 per cent rise. 

The wine traders have 
suffered from the drop in the 
volume of sales and the Asso- 
ciation estimates that there has 
been a reduction of 20,000 jobs 
in the wine and spirit business 
in ihe past two years. That is 
roughly a 4 per cent a year 
drop on the 250.000 the industry 
used to employ. “And I think 
Ihe Jnss of jobs figure is highly 
conservative.” says Dr. Hail 
garien. “ Smaller companies 


tike mine certainly have had to 
make much more substantial 
economies in the past few 
years." 

The indications from Mr. 
Healey's spring Budget this 
year are that he believes the 
Association’s arguments: he left 
the duty unchanged but 
budgeted for a 16 per cent jump 
in wine consumption. 

Dr. Hallgarten, however, 
insists that such an increase in 
consumption is wildly 
optimistic. “Mr. Healey's 
income tax concessions will be 
largely absorbed by mortgage 
and fare increases. The Chan- 
cellor will be lucky to see wine 
consumption increase by 10 per 
cent this year." 

What the industry finds par- 
ticularly distressing is that it 
is the only sector which has to 
pay for the privilege of collect- 
ing taxes. The trade has to 
finance advance payments of 
duty collected for the Treasury 
whereas duty on .beer and 
tobacco, for example, enjoys a 
credit period nf six weeks after 
the products leave the security 
of a Customs bond. Wine and 


spirit traders can find them- 
selves with as much as £140m 
** on loan " in this way to the 
Government at one time. It 
costs. around £20m to finance 
this and companies must either 
borrow or tie up sorely needed 
capital -to provide this cash. 

- The trade has had- long 
negotiations with the Customs 
and Excise about introducing 
a credit period for the payment 
of duty on wines and spirits 
and all the practical and pro- 
cedural obstacles have been 
disposed of. The Government 
was widely expected to do some- 
thing about the anomaly in this 
year's Budget but did not take 
the opportunity. 

In spite of everything the 
Chancellor might do, however, 
Ihe strength of potential 
demand for. table wine in the 
U.K. is considerable. Mr. Peter 
Noble, chairman nf the Wine 
Development Board, reckons 
that if duties rin not rise, 
consumption could be doubled 
by 1984. The Board insists that 
wine is becoming much more oi 
a classless drink. “There has 
been a remarkable upswing in 


sales among what used to be 
called the working classes.” says 
Mr. Noble. This group’s pur- 
cashes of table wines soared by 
127 per cent over the past seven 
years, more than twice the over- 
all national trend. 

But the Board believes that 
this socio-economic group, 
known as the CDEs, contain; 
most of the 19m non-drinkers 
of wine and therefore still offers 
the greatest capacity for expand 
sion. 

Meanwhile, the wine pro- 
ducers of Europe look upon 
Britain as the country with'thc 
greatest potential to absorb their 
exports. If the UK does doublr 
its consumption by 1984 it would 
certainly leave little in the way 
of spare capacity among the 
major EEC producers because 
Britain would need another SOxr 
gallons nf wine a year. Not all 
the extra wine however, would 
be supplied from Europe. As 
prices in France. Italy and 
Germany began to rise- under 
the impact nf increased demand 
the shippers of Britain would 
turn to other parts of the world, 
such as Latin America. 

In the longer term, however, 
rapidly improving methods of 
viticulture will enable producers 
to increase the quantity nf 
reasonable wine available from 
existing European vineyards. 
Eventually, too, we must sup- 
pose that Spain, and possibly 
Portugal and Greece, wiJ] join 
the Common Market and all of 
them are important wine pro- 
ducers. It is estimated that 
Spain alone could cope with the 
whole nf Europe's demand for 
table wine, a prospect which 
some other EEC countries do 
not find particularly pleasing. 
And they see this as one more 
good reason why the UK's wine- 
drinking potential should not 
be stunted by heavy taxation. 


Questions 
answered 
about 




Q: In these days it is hard to estimate what I 
may have to leave when the time comes. 
I want to be fair to close relatives; but I also 
" want to' benefit a cause close to my heart. 

How can I best ensure both? 

A: Most of us have a similar problem, with 
inflation. The sensible course is probably to 
leave fixed proportions of your estate to the 
individuals you wish to remember — say 20% 
to one. 15% to another and so on — and then 
the residue to the cause you wish to help. 
Q: I wish to remember old people, since they 
seem certain to be in continued need; 
but their needs may change. How can I 
anticipate what they may be? 

A: Help the Aged has a justified reputation for 
keeping well abreast of the needs of old 
people; and has pioneered a great deal of 
much-needed work for lonely, sick, hungry 
and despairing old people. Their trustees 
are especially careful to make maximum use 
of volunteers in daily touch with the elderly, 
thereby ensuring the most practical response 
to need and obtaining the utmost value for 
each bequest. 

They publish two useful guides for those 
considering their wills; and I often commend 
these to clients to study in advance of consulting 
me. Copies may be obtained free on request by 
writing to: Hon. Treasurer, The Rt. Hon. Iktrd 
Mavbrav-King. Help the Aged. Room FT5L, 
FREEPOST 30, London W1E 7JZ. (No stamp 
needed.) 



Edited by Denys Sutton 



The world's 
leading magazine 

of 

Arts and Antiques 


Published Monthly price £2.00. Annual Subscription 
£25.00 (Inland), Overseas Subscription £28.00. 
USA & Canada Air assisted $56. 

Apollo Magazine/ Bracken House, 10, Cannon 
Street, London EC4P 4BY. Tel: 01-248 8000. 





Fire : 


Flood 


Accident Consequential Loss 



Marine Risks 


Aviation Risks 


Reinsurance 


me Alexander Howden Group is growing 
for some very fundamental reasons 


The Alexander Howden Group 
Includes Insurance-and Reinsurance 
Brokers, Underwriting Agencies and 
Insurance Companies, operating around 
the world. 

And our growth (profits up by 
400% and earnings per share up by 240% 
in the last five years) has been, to 
put it mildly, healthy. 



It isn’t just the increasing size of 
insurance risks in an inflationary world. 

And it isn’t just our policy of diversification 
into new fields and markets. 

There’s also a growing demand for 
better service, more competitive cover 
and more cost-effective risk management in 
general - from clients all over the world. 
It’s a demand we can afford to welcome. 


Alexander Howden Croup Limited 

22 Billiter Street, London EC3M 2SA. Telephone: 01-488 0808. Telex: 882171. 


J 




30 


Financial Times Tuesday July 11 1978 


Currency, Money and Gold Markets 


Dollar very weak 


THE POUND SPOT : FORWARD AGAINST £ 


— 

July 

• ^jirvsul 


Ocn n.nr.;fi 


■jj. three :nr*:t!ia ' a ; jl . 


Ifi-e 



societe rationale 
elfaquitaine 


Units,! ComjMny ■' :lh '-- 1 "f -*-• 'li lO) F H:jd ''iltixrxj' Tou: AdciU.ns.Cc'urbsxoi; Erjritin. So PC Pan* B :i2 "y, 


HiCAL YE \R IT 


GENERAL AND EXTRAORDINARY SHAREHOLDERS MEETINGS 
HELD ON THURSDAYS JUNE 1 JT 78 


The year 1977 witnessed (he start of production of two North Sea gas fields: the Frigg field in the 


Norwegian and in the British zones, whose Installations were inaugurated in May W 78 successi- 
vely by (he King of Norway aud the Queen of England.and the L 7 |AVjite-VValer) field in (heDutch 
/one. In the diversified acliv ities sector. SNEA acquired M and T Chemicals, a subsidiary of the 
American Can Group: lb is acquisition will assure SNEA international impact in fine chemicals 
and significantly strengthen the Group's industrial position in the U.S.A. 


! 


Main activities in 1977 


• Nickel :Sociele Metallurgique 
Le Nickel (SLN).a 5U*« owned 
SNEA subsidiary, maintained iis 
market share, but its sales fell 
slishllv as compared with W 7 n. 


New majority holdings were 
acquired in 1 077 . Thecusmetoiogy 
and pharmaceuticals branches 
were especially active. ihdir total 
sjles rising by 44 % over 1976 . 


Exploration 


E'.ploratiun expenditures reached 
1.8 billion francs in 1977 . or about. 
Of i i- per ton of hydrocarbons, 
among the highest levels in the 
profession. Exploration activity 
whs more or less equally 
distributed among Europe. A Irica 
and the rest of the world, with a 
siighth greater share lor A Irica. 


■ Crude oil supply, refining 
and distribution 


About 34 million tons of crude 
oil w ere supplied to Elf Aquitaine 
refineries in 1977 . as compared 
with 36.6 million in 1 9 76 . The 
refining and distribution aclix ities 
of the Group registered highly 
adverse results. 


Financial situation 


Production 


• Crude oil and condensates: 
18.8 million tons against 18.2 in 

19 "h. 


Elf Aquitaine's share of (he 
Trench market tn 1977 . all 
products combined, rose to 
^.jITi* Irom 22 .SU" - in J 97 o. 
These products are sold under the 
Elf and Anlur brands. Ell'Moins. 
a new* premium gasoline, wax 
launched during the year. 


SNE.Vs new share profit for 1977 
was 1238 million francs. or 
82 francs per share, a figure 
comparable to those for N 75 
1 83 F) and 1976 1 8 b F). Net 
consolidated profit per share was 
118 francs as compared with 
95 francs in 1976 . These results 
were approved by the General 
Shareholders Medina of 
S June 1 978 . 


B Dividend 


• Saleable natural gas: 11.8 billion 
nt* .(gainst IU .2 in I97h. This 
increase reflects the start of new 
North Sea gys production i Frigg 
and Lkollski. 


■ Petrochemicals and 
plastics 


• Sulfur: Thanks to an improved 
w orld economy. Lacq sales rose 
i»< about 5 i.HJ million francs < 2 u » 
nver 1 ** 76 ) and Canada (net 
income) to about 4 U ntilhon 
francs t+ 45 ".. i. 


These activities fall mainly under 
the wing of the ATO Group, 
owned in equal proportions ( 50 %! 
by Elf Aquitaine and Total 
Chiniic. ATO's total sales rose to 
3.30 billion francs in 1977 130 % 
over 1976 ). Its self financing 
margin, with 2 U 6 million francs, 
remains about the same as in 1976 . 


Total net dividends for the fiscal 
year 1977 amounted to 264.3 
million francs. or 17.50 francs per 
share, against 16 francs in 1976 . • 
The dividend will be paid from 
n July 1978 against delivery of 
coupon No. 22 . The tax credit 
(tax already paid) of 8.75 francs 
raise? total income to 26.25 francs 
lor a 50 franc face value share. 


• Coal:Ldbor problems at the 
end ol the year caused a drop in 
Aquitaine Pennsylvania 
shipments, w hich amounted to 
1.25 million tons, juain>l 1.38 m 
J 9 ?o. 


■ Pharmaceuticals aid 
Cosmetology 


Total sales registered by the firms 
in which SANOFI (wholly owned 
subsidiary ol'SNEA) holds 
interests amounted to 2.33 billion 
francs in 1977 ( 18 over ! 976 j. 


On adjournment of the General 
Shareholders Meeting, and 
Rxtruordinary Shareholders 
Meeting authorized the Board oi 
Directors to raise tile capital from 
" 55 . 311.100 francs, in one or more 
increments, to a maximum of 
906 . 373 Jut) francs, by the 
incorporation of reserves and 
consequently the distribution of- " 
shares dividend. 


«-*? * 


au 


World Value of the Pound 


The table below gives the 
latest available rales of exchange 
fur the pound against various 
rurmicics on .July 10. 1978. In 
some l-usrs rotes are nominal. 
Market rates are the average «>r 
buying ami selling rates except 
where they are shown tu be 
mhvrwise. lit some cases market 
rales have been calculated from 


those of foreign currencies to 
which they arc lied. 

Exchange in the I'K and most 
or the countries listed is officially 
controlled and the rates shown 
should not he taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviation?: iSl member of 


the sterling area other than 
Scheduled Territories; <. k i 
Scheduled Territory: (o> official 
rate: t F ) free rate: tT) tourist 
rale; tn.c. i non-commercial rate:' 
tn.a.) not available: t At approxi- 
mate* rale no direct quotation 
available: «s.g» selling rale; (byj 
buying rate: (nom.i nominal: 
fexCi exchange certificate rate; 


Plate and Lnral Dnit 


Value of 
£ Sterbue 


Place and Local Unit 


Value ot 
£ Sterling 


Place and Local Unit 


Vaine of , 
£ Sterlins | 


Place and Local Unit 


AFchnui-i-tn \U'«» 


X 


I.«* 

l" 


l Tii-.li I mil* 


;5.ao 

lO.ISii 

;.sio; 


i Ecuador .. • "rnr 
| hex |i» L^XiilMli £ 


146. a 


I I !i. ■■(■!» .. lil r,- 

Ijiiiun IVwta 


■ Hi 47.07 
'K. 4 a. 77 
.U 0.734 

■ r. ij; 

K. S.SIa7 
14 b . 50 


Pe-'lit'iuiu .. M-I-. Irani* 




Xl ■■■m 
X III l_ ■ j- 


I., '.*■ ii'i-,»n t 
Xi IV v Kite K* 
Xi. Ii» 


a. 1064 
1.507 


•li i 


IV 


IX'-ATI 8 
'l»K 

.. r-u 


Bnhtuna* -si i'» >' 

i !.■ m.io-;.. -ii iv 

l » — l" 

In »ii'i |. i .,fi, IV-li 

- Upt’ ■■■-.- *: 


I o-4J 
-.•(.60 
85 70 
I.efcSa 

T7.-4-C 

B.< JO 
ITX.aQ 
S.i iS 


: ftjgbatS*- ; F», hlll0n j-. * 

' ■ IP lr Ll.UiU'i kr.-na 

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traiiLV trMM-h'rnn.- 

fn.'i.iiiiAi" l .t ..X. I :«n- 
. f r.liulallli ... L»-a: f'raii. 

I l r. IX.. . I-. '. .S. 1 ‘. Iran-- 


I 0 


UU 41 - 
1.3046 
7 . 972 a 
S.a 7 '» 
418.1 
6 . 57 1 « 
153.23 


P- piui. . . 
ht ii.'C .. . . 
li-ii'ii . . 

la •>! 
KNl'lXII, 
1 --'I 1 U* . 


H. Kriii- 


U «> 

l .K. x V !*ijp 

B-'n. .*• 

I well I»|»|— 

I’.-nv.an IXw 


- •ii ' 0 .£D 
• ■ I in >e 1.55 
£.779 

41 flJ T 

Lett] 

I5.UU-VI 

37.79 


fiabon '..F..X t ran- 

' II li'iiMl l.'SI .. t'.iK,] 
Oriuiaux 
| i turn - 


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4.058 


'.*S 1 mirk 


i.SEi; 


•em>an\ 

Wet 
riiaua i.xi 


Oo*.l« 

l r* I r 


3 . 561 ; 


' (jii\e'i)t a, .-uru . 

, lain Frau.' 


'Macao 

l^ta.K 

a.iiSB 

II.Ull'IM ... . 

P-irluj; stfEcclI't" 

ra.ro 

■ 111/. 

. 'll.. Frau.- 

41 So* 

l»>. . 

Kuai-ita 

l.a»r 

, Cs-.. 

. II.UUSI* 

4.45 

; 11al.il* 0 I-.- S' 

i \Ixi I.'iipe* 

7.436 

• Man li- 

Xiao Kran.* 

B47U 

: Mali* .e . . 

\lsll«v £ 

(1.JS4J0 

■ .U.min:que .. 

b/SI t'R*IP* 

8-37 1; 

; WsurtT.-wila 

Uu-ulTa : 

bJ.dSJ 

Xlaiinl il.- >■? 

il. F:u;s.r 

h.usdi 

: «>*.... . .. 

Moi an 

45. IJ 

• Un|i.«*i-.(i... .. 

«. .F..X. FeiU' 

4 

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rtriK-ii J lulk: 

8.;/ .4 





Llirimm 

7.8 

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U->. Liii-h 1 

82. 5555 


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Pullina Ii-i 


I.WI 

34.02 

I. * 3 a 
4.3675 
t.’ibbl 


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Kiirxilitl! .... Ri.limli Inni* 


12.38414 
In 7.5 1 


Camero'nKp C.I'.A. 

l aimiIii . . . I airi'!iaii X 

i auarx l»l- . »|«ii:-|. IV-t-ia 


41 b .a 
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i . 1 ' X fmip. 


• in If:. 
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Denmark.. 


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f i. -in in '..■«• '» i 

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8 b 70 
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418 *, 

■til, 50.67 

f.lSOI 
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16 2497 

I 4 ul 8 
0 . 7 * 60 
I nnillX. III. li. 


■ ;|.iailnr > h '• 

■ •il-rallai 1' 

l.*j 

tlut^-rl 1-... . 

Xu.-i. is.liar 

1.6441 

( ■ ■ i t^r, 

. l'ia.-1-Lia 

55.815 

■ •iramiaiM,- 

Iduu-ii Kr-'iinr 

10.541; 

L.miaila ->»• • 

K. '.Mrrilimb S 

5.1084 

'Ml*. Ifll-llltf* 

l-»wl F ran. 

1 - $ 

fc.i. l*. 

'.hi* la main.. . 

V'leluu 

1.8385 

Illlllieu ibfl*-- 

SUX 

37.3664 

i.i ilLiiva |li- -jii* 


85.7265 

•*ul via. ISl ... 

I'uvaurae X 

4.o 18 


Iju. in Ir 

3.4475 

ri--n 'uni- F.V> 

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3.80 

IJ-iiil.K"Mu <J*i 

II. h S 

8.73>, 

J I 'l|l|»n r-\ . a . 

F i-riiil 

■ vii. 73.68 
. 1 ■.in-36. 5a 

Iceland ■'*>> ■ 

1 hp-im 

503.5 

lii.im 

lii>>. K>i|iet> 

ti-UU'S™. 

In'i'.iimiK 

If *1 1 'lull 

784.14 

Iran 

l!-a> 

r \ -ias 

1 ni" 1 

Iraq I’nmr 

■0.5533 

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f» l -ll r 

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l-iai.'i .. -.. 

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53.1428 

Hair 

l.na 

1.59813 

iT'.ry i-'iL-i 

>■ -K..X. 1 r*^k 

< Ms-. 

Jamaica 

■1 .uni mi Ll-.ilar 

S.9207 


Haora Is-. . x>m. P-iUr . 

Nvva'.vnr llu|w 

Ntib-rw q-k.. 0"<i..i<l 
X«Mi. Xnt'lr-i. Ann. iiali CiiuUI. 

.Se« LNrftar 

.x.XMman <>> S.t. I ■ i im_t 
Nlims'U. . I it ujin 
■Niw Up.-- . tmr 

NlinM »Si .. Naim 

\,.rw«f Niwj. hn'iir 


1.6443 
22.87 
4.16 
5 .Z 822 
130.. 1 1 
1.6445 
1.8210 
13.29 
4185 s 
1 .W 3 U 46 
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j Ki'iiutnui Ij*ii 

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St. Chruco- 

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St. Hru^xa.. . -l. IIl-h im t 

j Ol. IrfU'ia t. l.anlJ'i* n $ 

I SI. Rinm* .. . L.K.X. Krnm 
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i Stfi'ntlitr b!...* *>li'U 

j Sa nn oi f.Ann.. I'..-. S 

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б. 1064 
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l.'ial 1 ■ mn u ■ 


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i'alianiR .... Ifallaa 


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1.3895 


Ra;>*ja>.O..ei him 


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l.rtfi 


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377.9 
5.4795 
I.647B5 
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256.18 
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i t'-naanax . ..liu;,aT I'... 

I l'l>'..l'l*hni|«. I. . i.h. Uir:ia,<( 

• O.i. If U..iil... 

! CcR-r V..IUI . L.K.A, 1 -»■» 

; Vatican fismn Iju- 

j Vcui./.iipia.„.. Ui.iixar 


; I'ninunj'Xih'Ihrtis 


ViPtliaiu illl.i Rir - ii- 
ViRpiil"*. L J*. L Ui-utr 

j Weaiem 

Somoa i*’.. sa n na:i ia.a 


146^0 

23 . 

i.\-0.75j3 
6 . 5 E 22 
1.84765 
8 . 54 * 1 . 
5 . 485 -*! 
<.Xi 7 . 4 lb 5 
7 P 88.02 
. 14.5662 
< 7 . 75 . -u- 
4 13 Sn 
Ij 4 t 0 
4.5549 
0.774 *-. 
45.76 
f -035 
I .*446 
14.75 
1.8895 
l't:uit!l .44 
• all*! 1 1 52 
7 .i 0 
1.28 

1 . 59 ? is 

8.12 

•iji C.BI02 
ft 4 . 2157 1 . 


3.4856 

1.8593 


.1328 


B.J 7 I, 
l.i 104 


i Yemen .. u«ai 
[ V'l V C-Sax ■*. . \r.i V L'jlisr 
: Zaire Bp .. .. ia.*.- 

Zmnliw . .. hmirliii 


».« •• 
J 5 J 135 
1 . 6 I/U 357 
1 . 5 m 


Til. I ;iri .11 W 


>■••■■•115 ■.u:nraur..w m. : T*i- aiicixi bra ripii.<fj -hr kj-.x 
xrr::^ Io:.ti :!■ ni“ ••’ rro-i «f s : j rr (Nr re.h«V' 

At.-- * xr 1 rra.-h E <inav.ru: .xirua rj'-r nt f.r\ f-r S in 


rh- T:«.:-i*r martar 


Hiipapi par pcual. 


r-*- rr. a.l' ji a 
«in iimi nf uj* j 


nnxp currnxij. 


1 . •.*:«. ra:-'c >n . 3,1 i-u -or. ..sp-ir:? . nj|.- 

r . . . 1 ** Kj;.. 1 - n-**- liai.-l <ri ~ F.artia.ioa £ 10 

-n v.-u« ra:«Mi »t*;iis: RcmUb [ rh.* Jnllar 

roubl*. 


U Sw one olftcisl raw. 



and pound firm 


r.G A 


rAt 

Vann- linn N 
tiUiW 
Harlgtan fr. 
Ihai*:i Kr. 
D-Hare 
Pm?, ho*. 
Span. l’c». • 
Lira 


2 32 
t.ii 

4 61 


The U.S. dQuW tell sharply in widened to $.0 per cent from 

yesterday? #or«vn cn change per cent previously 1 - 

market Li furl*-' busy bu; nervous Sterling improved strongly Nrxr^n. Kr 
condition.*. With little in the way against most currencies and the F T; ; 
of cheering news, the U.S. Bank of England s calculation *£»w**t. 


; ii i >ixnn 1.S98S" l.oBJU* I.dScO 1 O.4S-0.30.-.: ri 2 ? I* I* •■•Si .l'"* 

0!.,i. 1 135-2. 18C5 J. 1261-2. 12tS : 3.5D-ft.4Dr,p<" i.*6. Mftv < ■ 

*' 4 . 15 - 4 . 16 - . d.liJ-U** i:i.l-t!s<.VR' ' Ml . f. J. V. v:" 

51- BB.70-Sl.0li : Cd.7b-iHS.db • 50 20 r. inn <-95 7i fi5--.br. i 
8' 10.S4 10.608 . J0.j4-UJ.j5 | ii -i.33 l.-9\ ■ 

5 • 5.8ti-4.87n 5.6fi*W^ }2:-li ff pw 1 8A9 -/£,.li4* i-J i m 

IS 85.I04W.3u : 85.4M5.9u ", 35-155 ... .I» JUat tRWfc:-|i> ~M.xi 

S l4k.4Q.H7.ID 146.45- H€.0B j par^O i*. ilia — 8.2o , IO.110>.. Ii» , — I.E« 
111- l jE 8-I.RO . l.SSfi- 1.530 : i*r.2 Ur»-«lJ !— fl.ii ' S.Htn*«1w ■— 3.11 

“ -- - ift ilk IM ! » . h. 


7. li 


news, 

| currency ha> become 
' tive ;q any -amour, 


j~ ia.t 4 -io. 3 i io.i 4 , > 0 . 15 * : ;- 2 i i'i» d l» 
91- fl.3S4.40 ■ 4.36? 0.37 J ; 1 c. pn.,;«i 

7 • 8 . 538 -a.M 4 ; 8 . 6 J >- 8-541 ti'f P«n* l «ti* 

580-382 1 i.rai 


-1.77 .l'i' -jl|i>ma!ii— U.8!l 


9.72 


Z.ro-J.Ov.riP' 


pjrf:cuiarly index nt^BS.O^up^froni^Friday's s, K ^ re. 
Over pOi-ribh* unv _ r ” " 

currency arrangement*:. 

LJ?~p:'.e f h? ratitc 


27 . 7 o-S 7 .lf 5 j TL 4 » gru jiiu 


3 . 40 : 5.411 i- 2 c.RU) 


S»c.;«n 

par 24 ] -A] nn ;mi 
6 .U 1 . 65.7 SOx .Rm. 
4.21 43<32 x,*n*jM 
B.ffi) Mfi-Sia C-.4 m > 


0 :: 

0. 02 

1. tb 
6.33 
8 .S 8 


en-j. shoxxed the pound’s trade w eighted JStra-ch v.n-OB . oa 

_iarlx- index at 02.0. up from Friday's ri. t . 5.53^-5.42,, 

European «l«se of fit.O. The Bank maj- have _ _ J. 

■ help the pound down at this level R,.:. lan * a te fa> S*k nmwmbic (nn. ! $ix-swnu> forvarfl xtoUar rjSS.lSc sa - 
. and at the same time took thy Financial "franc at^o^s. Karei for ; e-atoath 4 #5-* Me pm, 

' I RCT-14f7i> Md i 


Value ot 

£ iter line 


ivacL'oni :n tnu Bremen con- anee {a dollar. Sterling opened 
ferenee. :he tio-lar weakened in 3t sLSSOO-LffilO and quickly rose 
reaction :t» proso-aLs :o uetviup }o a high point for the day of 


l. 40 t*a 4 lT. 


3 stronger EEC mirrwley bloc. 
«rtain a^specL.- of xxttich cuutd 
lead :o European central banks 

giving ‘ 

dollar 

rhat d unne the Bremen summit. 


S1.SU75-1.89S3. However, by the 
close It had eased hack to S1.S890- 
S 1.8900. a ' 


le-i anti -uoporr m the dosing level against the dollar 
Some lource* vugg9i:t*d ^ce Alarch 22. Cmlik-r 

: Bremen summit. The strong demand for sterling Jl 

the doliar had been over bought was probably boosted by reports S-mSSi 

oi a further major oil find in pun. La 
the North Sea. However, in the Lira 
absence or any official confirms- 
tton. this may soon be discounted. S uSj Nr 

FRANKFURT-— The dollar was Y^, 

fixed at DM20400 compared with s“™ r 
DM2.0641 previously. -Viter hectic 
trading d urine the morning, con- 
ditions quietened down around 
lunch and there did not appear 
to be any Bundesbank inter- 
vention at the flying. However, 
there may have been official inter- 
vention in earlier trading. Against 
22 other currencies, the mark’s 


THE DOLLAR-SPOT 

[ FORWARD AGAINST $ 

owl 

July 20 spread Cton 

N *ir 

■ Oh mata P.a. Tore* oiandu ii 


zinnia* 

K01-J2J* 

5JMS4ADW 

aJBtt-MSDS 



SXUMM. 0 Q 
SJ720 i5J9» 
A. 42 SM.U 50 
452104^400 
2M.8SC02JS 


rTstf-i-tmo 

t.'.s. cents per Canadlaa 5. 


intuitu 

S2J3-XU2 

SJUM3H5 

2JIW-2J0W 

4SJMS.4I 

MS.TM4M0 

5J72MJT4B 

4.423544280 

4JS2T04S2W 

2D0.4020US 

tuntMUS 

X.7St5-UU0 


OAOOJ 4 
7iMc wm 


3 LU UXLikpm 
2.73 2144c wn 


2.7 


4.10 2402 JWim 4.9 


Ufc22*b«rit» -2JO 6.U4.Wfira4l« -3.4 
ILS24M2C dlft -LM 1 JS-1jGc 4ia ~U 

LfM/ny pn sun znZJ&f** « 

1.804.04c PIP U2 34M1ICIRB 8.7 


CURRENCY RATES I CURRENCY MOVEMENTS 


July 7 


Special Evrspua 
OrlwiMi Uott af 
Right* Acotnt 


■wtk «f Htnu 


Sl*rllnB — — 

trade-weighted revaluation index c«ad.« «i»nar uuw 

ro*e to 146.0 from J45.3. up 9S Austrian wfclUins — IJ4W 

Der cent from the end of 1976 and Bpltfan iruuc 

11 no* cut up from the end of Jjgg 

UoJktor J* 7 nj 8 

PARIS— The dollar slid loxxTr {'wort franc - 5^054 

aeainst the franc in generally yJd a ngg 

nerx*ous trading but recovered $ nr-.ee jian Rrono — fc.73571 

s xlietltly at the dose to FFr 4.4510 Pesda 

compared with FFr 4.4SoO on Kri- £2?.'*?^™” 

a- a day. At one point the US. cur- Sm1m ,ranc 

rcncy had eased to FFr 4.4250 


ojMsrt* 

124*28 


on a “no i*« good new's 

basis aad :lu: ywiorday’s per 
farmacce could be termed 
counter reaction. Nevertheless, 

whichever way conditions are and there was little substantiation 


227078 


U3UZ 

nMXi 

7 X 5042 

2JIW 

2.7X56* 

SJUU 

1082jM 

235.74V 

6.77499 

9TJS40 

5.80833 

22X144 


Joty 10 

Enafind Cirarancy 
tndOK cbawM«*» 

Sterling . ... - 

AtOZ 

-01.1 

U.S. doCM 

S8J0 

- s.o 

CamuUao CnUar - 

tui 

-12.0 

Austrian schUtlns ... 

100 

-4- U.S 

Itcluun franc 

UUI 

*1M 

Danish krone 

114J5 

■t 3.1 

Onutuhr 51 ark ..... 

lm .?a 

+M.0 

Snriaa franc . — 

U8.84 

■^70 4 

Guilder 

m.s 

■+I7.0 

French franc 

100.17 

- 3.4 

Lira 

54.22 

—44.0 

Yen .. ... 

U8JS 



Cased on trad" wvls&tcxl cfuiurs fmn 
, Wisftlnaion umiDcnt S^KntDcr. 19.' 
2 fRints of Knsund index =nHT'. 


influenced, there *rfll remains the of any central bank support. Other OTHER MARKETS 
underlying uncertainty surround- against the franc 

showed little change . £ 

MILAN— The lira lost ground -i^r to 
against most currencies with the 


:n^ 

jnd 


L.S. evosomiv; pertormance currencies 
a ay po.«s:b!c future iegisla- 

Lon. 

Aaamst the 
do/iar fcli 


c 

\nUi tUia 


UK 


-• swra <£"«. «-• ssr nST SUS JssriCKJ.: 

•0 Six Frl.S02<4 Irom high of L471.9S from L46-aJ37 on y.nbuM w^aUtii. . ■ 7.96SO-7.9BOO' 4.2105-4.CiaaT)cniu*rii 

SxxFrLS2CRi on Friday; and at one Friday. However, the dollar was Fra.*ji r r .iv:p.... 3 j. 53J4^52 I7.74~iaa7 |Fnn>^ 

pomi touched SxvFrl.7S70. The weaker against the lira and fed! draw Urwitn*. . 35.B7 36.75 

West German mark also gained to LS4U-25 at the fixing against [ 2 *«v k ■»= lx , J*i.8.7B^sa.M7S — - : 

in dollar tenns 10 DM2.0443 I^W^5 prCVtoi»ly. K^«Sl’li'ii‘.»r'. : Kl»‘ 0.5100.520 0.Z7Q04X275O\«l.r^mi.'“ ‘"7' 

i S3 List DM2.0.172 1, having reached TOKtO— In fairly active trading. Laxomlf.i-n t«ne : 60.75 60 ^5 S3.l7-32.lB Xan. B x*. 

D.M2.dS5ll during the day, vvhiie the dollar lost ground to close' at Uainx-.in iwnr,... ! 4.444.46 2.5540-3.3550; 

the Japanese yen improved to Y201.52o from Y203.32o on Friday. >ew3c.«iwn*t i%«iiar. i.818&i^40;.0J)G15-0.B638‘c:i«ui.> 

Y201.40 from Y202.30. Using Conditions were generally calmer v ” r i7 astSl wii I a *asa • 

Morgan Guaranty figures at noon than earlier in the month andthe s3um£um! oS?MSSSJStax“!r:":':: 

in New \ork. the dollars trade ventral bank may have intervened 
weiahled average depreciation bur only on a small scale. 


37««-2e*., 

61 * 031 .' 

10 . 45 - 10.00 
3.35 9.40 
5.80-390 
3560-1590 
360 390 
4 . 054.20 •*■- 
10 . 05 - 10.20 

79 03 .... - .’ 

1.435 1.463 • 4 * - 


5.55-5.4^ 

1.06‘] t sa 

34-36 


Rate ctven for Argentina u free rate. 


EXCHANGE CROSS-RATES 


July ! j • Round i-rcrlini.*' L'.S. D-x ;: *r ;l>vuncha.\liiH.; .t*f«nwe Ten | Frwvb tram- fiein*. f Oulcb OmMixT' frmluui far* linmiu OMIir ■' BefeWn Fr*j 


l'.*ua> aitv.ina 

1. 

1.690 

3.665 

381.0 ! 

6.373 

5.408 

4.160 

1699. 

2.121 1 

60.80 

l.-. IWhM 

0.529 

1. 

2.046 -' 

aui.6 j 

4.431 

1.805. 

a.H>2 

846.0 

1.123 1 

32. 1G 

Lfc.-utTcne Mar. 

0.269 

0.499 

1. 

98.58 

2.166 

0.882. 

1.076 

413.6 

0.549 

15.73 

‘imiw-iYu. l.OW 

2.625 

4.959 

10.14 

IOOU. ! 

2198 

8.944 

10.92 

4196. 

5.567 

159.6 

rram.il t ranc 13 

1.194 

2.857 

4.016 1 

405.1 [ 

lO. 

4.070 

4.969 

1909. 

2.533 

72.62 

im K:ai>- 

0.293 . 

0.655 

1.134 

111.8 , 

2.457 

1. 

1.831 

469 1 

0.622 ' 

1784 

Uioi.ii fiaiii.ier 

0.240 

0.454 

0.929 

91.59 i 

2.013 

0.319 

t. 

584.3 

0.510 

14.r2 ■' 

Iraiia'i Lira 1/-*' 

0.626 

1.162 

2.418 

258.3 : 

6.250 

2 132 

2.602 

1OU0. 

1.327 

55.04 

^aitc*linli 

0.471 

0.891 

1.622 , 

1796 

3.947 

1.607 

1.961 • 

765 7 

t. 

28.67 

<**-i-.»n Mi«- 1'-. 

1.645 

3.1'.'8 

6.367 : 

61*6.6 

1.x 7 7 

' 5.604 

*.“4a 

**629 

5.488 

i«x> : 


LEURO-CURRENCY INTEREST RATES* 


W,*.x 5 x» 


Sxerixiu? 


J W . Utr.xiui 


» 5 !p*i term 

c*.x » Doner. 

51 -mb 

rbretr nmnin. — 

midtijl*.. .... 

■-•ne x *ar 


10 U 10 J, 
lu Jt>l» 
10 J* 10J* 
10 ^ It 
Hi. 
11 »! l.-lfc 


I'M 'lii 

'. l'.>. 

Umcb liiitHer 


t ran*: 


hewn VraMj 

iU-6‘>4 

r. i«-6 

4J; 4--1 

IS. - . 

Hi 

37. 31- 

fl'i 9i, 

m 

7.S-6-, 

43s 

i'» 

l.'-X 

3.-. 3;; 

9i. 91- 

7 x* 

U 8>« 

41- 4.'! i 

1 . 

i * # 

4 . a 

9lj 

c-ti* 

: e.s • 

4'.; 51;, 

lii 


»:* . . 

933 9 >3 


® *S* k *9 

hi: • ■■■! 



a»a --'j 


6: -s*,. 

I.-9LC - 

5'.* 6:* 

8 


J j i i>{ 

• . U Ills . 


lunaii l.\nx 


.\-.xa*» H 


Kwxnc-e Vw 


9-15 
10 11 
10 !? HI; 

12-13 

12 - 4 - li ^ 4 

I31 a -141» 



The Wtoitii uoixwnul raws v.i^re ior London doll it certificate* of dro osiv. owe axohux s.Oa-t.15 sev cent*, tftrvc nwwutvv S.UO-i-4" f.or cent'. man’.Kc 

p.r tea!: om- year 3.u'*9.uj per ccoi. 

Lous-ti.ra EurodoUar rteposns: wo years ‘‘tin -Sin. per ccm: itin-e > ears per ue«: Four years 9 r i*. * 99 ^ per cent: Qve years 91 * 9 : per cent, -Rate* a n 

naniaal iJnsias rues. 

Shon-terni raiec arc .-all for sicrlinu. L.s. Jo II are and Canadian dollars: rwo days* cotK-e fur guilders and S-.rrw francs. .Vdau raira arc loosing rsicx; 

I Sfirjapor*. - • -- 


INTERNATIONAL MONEY MARKET 


GOLD 


Belgian interest rate move 


(P) based on U.S. dollar parities 
and going sterling doliar rate: 
(Bk) bankers' rate: (Bus) basic 
rate; (uni commercial rate: 
fen) convertible rate; {fni 
financial rate. 

Sharp lincluatiuns have been 
seen lately in the foreign 
exchange market. Rales in 1 til- 
lable below are noi ip all cases 
clusing rates on the dales shown. 


A rise in Belgian interest rates 
may follow a move by the Banque 
Nationale de Belgique yesterday. 
The central bank lias raised the 
rate on short-term Treasury certi- 
ficates, in xv hat may be an attempt 
m take some of the pressure otr 
the Belgian franc xvithro the Euro- 
pean currency snake. The Belgian 
currency bas recently been at 
its low est permitted level against 
the D-mark, and has required 
some support to hold it within 
the terms of the joint float agree- 
ment.. News about the proposals 
for an extended EEC currency 
block has tended to increase tbe 
pressure on the Trane, and a ri«* 
in Belgium's Lombard and dis- 
count rates from the present level 
of 5? per cent is not out of the 
question. One-month Treasury 
certificates were raised to 31 per 
cent yesterday from 5« per cent, 
with two-month increasing to 3,' 
per cent Bum 51 per cent, and 
three-month Trom 6 per cent from 
3,' per cent. 


Call money in Brussels firmed 
slightly to .Ui per cent front 
3.30 per cent, while deposit rates 
for the Belgian franc (commer- 
cial) were generally easier. Oue- 
month fell to .ll-SJ per cent from 
5jj-5J per cent on Friday: three- 
month lo 55-6 per cent from 6-fjJ 
per cenr: six-month to 6,: : -6 ’• per 
cenl from 62-6? per cent: and 12- 
month to . 7J-7J per cent from 
7±-7l per cent. 


Firmer 

trend 


at TJ-7j per cenr, and three-month; 
unchanged at <iz-~x.. per cent. Sis- 
montb funds e;«ed to Si -Si per 
cent from Sy'.-S;', per cent, xiliilei 
! 2 -month money was unchanged at: 

Si-a -per cent. ■ \ Cold improved .in ytstt 

NEW TOR K—Treasury bill rates! bullion market, .to . close 
were generally higher, xxith !3- ( SISUJ-IS7J. u rise of SSJ. .A 


week bills at 7.13 per cent, com 
pared xxitix 7.0S per cent early 
Friday and 7.10 per cent laler that 
day: 2**reek bills at 7.48 per cent. 


opening at SJS3HS61. :tbe 
was fixed during the moral 
S1S5 .j 0 before improving i?t 
aDemodn fixing to SISfl.O-i.' 


AMSTERDAM — Call moeny was 
unchanged at 41 per cent. One- 
month rose to 4J -5 per cent from 
4J-4J per cent, while three-month 
was 5-5i per cent compared w ith 
5-52 per ccm. and six -month 5J-6 
per cent, against oi*5J per cenl. 


compared with 7.32 per cenl early | closing level was the best for th 
Friday and 7.46 per cent laler 'day and in module trading, the' 


One-year bills rose to 7JS0 per cent 
from 7.76 per cent early and 7.73 
per cent laie Friday. 



FRANKFURT — Interbank money 
market rates were unchanged. 


at 7j* per cent. One-month cer 
irticales of dt-pnsii rose tn 7.82 per 
cent from 7.8U per cent: iwo-monih 
tn 8.01 per cent from TRW per 


PARIS — Day-to-day money \v715 
easier at 71 per cent, compared 
with 7 J per cent on Friday. Oilier 
money market ralps »vcre ■jonerally 
steady, with one-month unchanged 


cent from S.13 per cent 
HON<; KONti— Money 


night at j per cent. 


UK MONEY MARKET 


Severe shortage 


Bank or England .Minimum 
Lending Rate 10 jier cent 
(since June S. 1978) 
Day-to-day credit was tn very 
j short supply in (he London money 
market yesterday, although dis- 
count houses found the situation 
rather less difficult than the 
overall conditions in the general 
banking sector suggested. Similar 
conditions last Friday meant that 
the market did not receive 
enough aOT&kince before the 
weekend to take out the full 
I shortage, and hanks therefor* 
brought forward heavily run- 
I down babnees Yesterday's official 
1 help wns extremely large, but 


once again banks are expected 
to carry over run-down balances. 

This nt illustrated by the fact 
that discount houses found litUe 
difficulty in balancing their books 
at rates of around PV-IO per com. 
having paid 91-9J per cent Lsr 
most of (heir funds during ih ■ 
day. while interbank overnight 
rites were much higher. 

Overnight rates in the inter- 
bank market opened at UJr&i per 
cent, rose to 10-105 per cent in 
the morning, in anticipation of a 
shortage, and continuer] 10 rise 
in the afternoon lo a peak r.r 
18-2n per ceni at the close. 

The authorities gave assistance 
by buying a very large amount of 


of -local authority bills from the 
houses.' Some of these were for 



Jill* 10 July 7 

'•v*-' Ini mm .a in*. ' 

•Mill »*• 

v I 1 "* 

: 3 » E- 11 /, .-I'Ji’ U’J 

■ bwn...... 

SI 5 ; 1 b. rlj iiji 

'Ii.minv li-xinv. . . 

% E 5 SB *•! j.«o 


-2 7 . 9 * 1 . • il- Ttfl. 

x::eriKvm Osin*:... 

St 605 .51 2 . 7 a f 

‘tix.i Inni. . . 

-•&»-. IS 8 - ' 1 X- 1 .FJ 2 . 1 

Ii.im-.II ix* * 

KmtBIMTVl 

x-trtj SSi "MS- 1 P* 

*■ 

'■VIi-i. I-S, It. |. 1 let. 


x a- l >i-* 7 'i S 5 *ii 5 ti 


V.!in- 3 <-i .-.ili-j 4 Hi' 

• ii. « ?o* pi etui*.. 

s*. 4 i 3 -sfiia - 


•£**-.■ ..rrai-iti' 

■ **>•■» L-.'i n» 

internal iiiMlix 


h*ru:«rxivl 

SI 91 , ItSJ SMS -60 

'to Sj-preicm.. 

i:i. i 4 -it&B a iJiiooa* in if) 
S»tS ac 4 .-'St >*, 

&>(ereUina... 

■£ko;.fc.i !■£.. i-Bi: . 
AL 4 I-- 56 I- Xsi, sbi 

>£J Kan*e* . 

Ex -4 . EVtf-ir.Ji 

X'i. 8 , *.M, x 2 lE 4 V /3 . 

-lo ba.'ip? 

51*1 l «6 x 1 - 0 - l.'a fl 

»«. - .... 

MOQIiS - 9 * 10 * t 


•* v»- 


date. The Rank of England also: „ f . .. 
lent ?r moderate amount. ox - er- > k 


imi>rovcmcnt 


oight at Minimum Lending Rate. ‘ Pr° D tP ted _ mainly by curre 
to four or fixe houses, making • ness in *t-he U.S. duliur. 


•u: weak- k yn 


rhe total amount of help! In Fan* the 12! kilo bar "»* 
extremely karerc. I fixed at FFr L’tLSUU per kilo 

Apart from run-dow n bank > tSlSS-20 per ounce) in Lhu aflrr- 
balauces. the market was also i noon compared w itli FFr 26.700 
faced with a fairly large take-up .' (S187.KD in the morning and 
ot Treasury bills to finance, a > Pk’r ‘2fi,fi2:> Friday atwr- 

f airly large rise in the note' ,,oon - 
circulation, and » fairly large net j 


excess of revenue payments to unuev DiiTFq 
the , Exchequer over Government > n,unt ■ nftlEO 


disbureeroents. 


NEW YORK 


LONDON MONEY RATES 


Jl:!*. l*> 

1 *.-- 

•■lei *ni." 

1 1*1 "'IHIi 
..* i>i— i. 

linen ’anti 

lucal 

'iilti..nty 

■ iHpWllli 

: Fe«»l Slllb 

■■• 7 ? *1 lltla.l 

1 *«..! Lit 

Kinaniv 

1 lnii-i- 

|IP|aMll< 

0 *i— Il 

0 H»unt 
ni«rLM - 
.!«»> *1 

• iwun 
Hi 1 - * 

B'-tSlSir 

Uauk 

Hii'% + 

.Fine rn*i 

i 

•'■■ui . 


S '720 

_ 

_ 

— * 

10 I L 

91 * 10 


— 

» — 

. .»*•■ i:> inx.. 

— 

- 1 

9 an 93 * 

— 




— 


i __ 

'«** rir 

— 

- 

— 

— 


10 I t 

— 


— 

— 

■»l ix Alee . 

— 

tiiO -17 i 

Bap 

- 

10 U 

. 

9 U «N 


— 

; — 

.**»• IIP 4 |I|>.... 

«».. ,u 

s»i -10 

!*S» 

101*10 

101 ? 

10 lo 

938 - -'t 

9 ,V 9 »* 

9 S* - 9 .4 

; io'= 

in. in.rti;*i> . 


9 .x lO 

.. 

fl'l 9»8 

loin- lU 3 t 


RSe-^a 

9 U - 9 -* 

»*:«* t 

: to':- 

• nrrc iil.'liCn . 

a.- % * 9 .. 


Vi* 

8 i| bl« 

10 q-l*.iv 

10>3 


9*8 

f i r. 

' tOis 

•IS llli.'HIt- ... 

tub 10 

1 . ip >C 3 fj 1 

10 1 U 1 .-I 

9 ^. 93 * 

l-Jis 1 -J-. 




lu 

10=4 

'•lie 

I* d-i- 

it. - tr,-; . 


XUU-Sij 

103,-11 



— 


— 

■in *•-«.. 


It 3 s lOie | 

IUU 

1 UU 9 -« 

Id* -U 

-- 

— 


— 

• — 

•*•■ » ea* ... 

-- 

- 

101 c 


- 



-• 


- 


Prune Rail' 

Fed Vwvis : 

j Tn.'JxUrj* Tills 1 1 .--week > 
« Trottury Bills ( J 6 -wei.-l. 1 


0 

7A*K 


, GERMANY 

; blsctfuui KaId 
j on>rnigbr .... 

' One tnunifa .. . 

; Tho.t? tnur.ihs 
1 six month's 


s h 


IS 

3.85 

5.7 

3.W 


Lucil a union 1 y jiM iini»t..* hou» :■ fivn rljjV nolut. mtii-r.s jn-wn o.irs fixed. Ijmser-Jcnu loial auihuruy iron-'H-t: 
In*' nuRiiiiiliy y-.-an. u. per <-m*: tour y-urs ltj-12 per mu. tiv>- f.*ars per will. 4* Dank WH rales m lahtc 

|..r> Luyrt-j raw iur uriuv- uaucr. Huriuft ra ks Ivr loiir-niunth luuk hUh Si t» r .viii: Rwr-mondi irdde bills 10} n*-r L*<‘ni 

Ar u-os.iiiai. - sa-llnix r.n.,8 fur mK-monih Trea-ury Hjiy, per c.-iii . ■ .Mi-uumth 91-85K B«*r xvni: jnU tlinv-niumb 

>-r .•.-r.i (mrwimni! sfllini: r;«ic for oir k -rn.>ii:ii L>jpV bills 9: nr n.nr. hihi nra-iftwlh 021 ..-Dn is o--r (.tail: rfttd 

*Ar.» -rtitMiUi '■ i . i- u-T .-n: uirH-nhurh irjiVr Ml r-’r t..-n mi.nili in! f r r ,vui. jnd *lso Miwe-umnni J* 1 * tmr i-enr 

Finance K«n* Bavr ■ tuMishort h" t{m Fltianrr IIoufcs .Xsaoc» 0 UB' 1 " ist i-rtif from 1 1 ®^ Cleanup Bank 

Ocpesn Pules ‘for MTiiill mrri'. a» wrern days' mrtli*". at. per cent Cleanpp Banb SUM Him For leudliu 10 Bet cent 
, Ti-eoiuty Billy: A' erase lender rates of discouni <J 27®> per cent. 


FRANCE 

i Pbmnni Rale 
i ox-vrmohi . . 

■ Ortr iiiuiilh , 
thro- mutKlii 
: Six month*: 


* J 

T-3 

7.4J7J 


7 8» 

s.nn 


; JAPAN 

Dim-i.iuii P ji- 
; '"ail • I nvondinoaa) > 
i Hills Durwint Rate 


i x 

4.820 

tiff 










Financial Times Tuesday Jalr ll 197S 
■ 




D a&a ‘ 


'U A r - 


• ' Wr>i«. 


Investment Assistant 

(gilt-edged) 

£4,000 p.a. plus. 

Would you like to switch from actuarial 

. studies to investment work? 

We *?^ fer ® J. unusu al opportunity in the 
J™ 31 1 Shly professional investment 
team of this old -established mutual life 
otnce. The post is based in London, 
where interviews will be held. 

The Person 

Age: around 22-25. 

Qualifications and Abilities 
Degree or good A levels in Maths. Some 
Actuarial examinations, including 
compound interest. Ability to work 
meticulously, formulate and express views 
accurately. 

Salary: 

£4000 p.a. plus. 

The Job 

Regular contact with brokers and the 
maintenance of up-to-date records of 
gilts, capital gains, income, etc., on the 
portfolio. 

There are opportunities to help the 
Assistant Investment Manager with other 
duties. 

The Future 

Mathematical background will help our 
chosen candidate's understanding of the 
theory underlying the more interesting 
aspects of the market. Over a period, he or 
she could progress towards becoming a 
gilts dealer. 

We offer a good salary and fringe benefits. 
Please write or telephone for an application 
form quoting reference No. 

® Miss J. E. Berry, 

Personnel & Training Manager, 

Y; UK Provident, 

/ Dolphin House, New Street, 
7 Salisbury. SP1 2QQ. 

Tel: Salisbury (0722) 6242. 


ROWE & PITMAN, HURST-BROWN 

Insurance Shares — Investment Analyst 


Rowe & Pitman. Hurst-Brown has a vacancy for a junior 
investment analyst in the insurance sector, where the firm 
has a long established specialisation. 

Candidates will be expected to have had some experience of 
either investment analysis or Use insurance industry. 

An attractive remuneration package of salary and profit 
«haring bonus is offered, together with a non-contribulory 
pension scheme incorporating good life cover. 

Apply with full CV to: 

P. N\ Smith. Esq.. 

Messrs. Rowe & Pitman. Hurst-Brown, . * 

1st Floor. City-Gate House. 

39-45 Finsbury Square. London EC2A 3JA. 


THE JOBS COLUMN 


More pay trouble boiling up for Whitehall 


BY MICHAEL DIXON 

"TV FI WANT a fireman’s pro- 
mise." said a teachers’ union 
leader last spring. What he 
meant was a Government 
pledge. accompanying the 
teachers’ 197S pay rise, that by 
a stared date their differentials 
in terms ot "comparable" wor- 
kers' pay would be restored to 
the levels nf 1974 regardless of 
g ny incvme.t policies ruling in 
the meantime. 

The teachers tried hard, as I 
know from hanging around 
until the early hours of a 
March morning until the unions 
gave in to a 10 per cent offer 
on the eve of iheir Easter con- 
ferences. But they got no such 
commitment. Instead they 
settled for a " maybe " — which 
I gather from my colleague Sue 
Cameron's article a week ago 
could fairly be called “ a wise 
woman executive’s promise." 

Plainly the Government had 
set its face against repetition of 
the kind of open-ended pledge 
which ended the firemen's strike 
in January. But with pressure 
building up from groups with 
more justice behind their 
truculence than schoolteachers 
had. the Whitehall whiltlers 
clearly had to find some other 
formula, and quickly. 

They came up with the idea 
nf pledging specific rises, in 
percentage or money terms, for 
next year and the year after. 
This tactic, since it was first 
applied to the Armed Forces, 


became known in the pay-policy 
argot as " a sailor's Farewell." 

It has worked well since, with 
university lecturers in May. tor 
example, and again last 
week with the clientele of Lord 
Boyle's top salaries review 
committee. These clients 
include not only national ised- 
industry chairmen, but also the 
top five tiers uf civil servants 
for whom the committee 
recommended salaries ranging 
from £28.000 to £16.000. now to 
be finally attained in April. 1980. 

But today I have to report a 
.problem brewing up in the same 
quarter, albeit at a far lower 
level, which I suspect cannot be 
dismissed by a sailor's farewell. 
It is among the staff on wbom 
the Cirii Service's computer 
operations depend. 

Computer people are now 
coming under heavy demand 
on the jobs market. For in- 
stance. readers who saw the 
Jobs Column's latest salary in- 
dicators last Thursday (and I 
would be grateful if those who 
did would also note the correc- 
tion later on) may remember 
that, by comparison with the 
corresponding period of 1977. 
the salary' of the average candi- 
date for a systems analyst's job 
in February-llay was 28 per 
cent up at £5.450. The pay of 
the average computer-program- 
mer candidate was 37 per cent 
up at £5.000. 

Of late anxious recruiters 


have talwn to ringing me up 
and asking if [ know any 
sources of supply. 2’d norm- 
ally be only too willing to make 
inquiries, of course. But al- 
though I «uu not really familiar 
with any computer folk, my 
experience of them suggests 
that they do not understand 

unsophisticated English. And 
I just cannot bring myself to 
lift the telephone to some 
slight acquaintance and ask him 
something like: ‘‘ Batch wise, can 
you retrieve any bits of second- 
generation fleshware pending 
reinstallation 7" 

Other, perhaps more entre- 
preneurial recruiters, however, 
have apparently spotted for 
themselves a rich source of the 
wanted candidates, it is the 
computer services or the 
various Government depart- 
ments. which evidently train 
their staff soundly and to a high 
decree of transferability. 

Bar what does the Civil 
Service pay them thereafter? 

•■Well.** I was told, “the 
basic scale for ADP personnel 
(that is not a mistake. White- 
hall speaks of Automatic Data 
Processing) goes From £2.549 
at age 18 over a periud of many 
years to £4.579. The maximum 
starting salary for entrams 
aged .25 or over is £3.297. On 
top of the scale, they can qualify 
for allowances of £150 apiece 
up to a maximum of £600 a 


In the circumstances, there- 
fore. the Civil Service Depart- 
ment is scarcely surprised by the 
increasing appearance of adver- 
tisements for computer staff, 
whose po-faced wording and 
offers of £5,500 and more plus 
car suggests that they arc spe- 
cifically designed Tor eager 
consumption In governmental 
offices. 

But while not surprised by 
this drain on their computer 
resources, the Civil Service per- 
sonnel managers are growing 
more and more worried about 
it. The reason is that they are 
powerless to compere with the 
blandishments being dangled by 
the keen external employers. 

The reason for this is that 
the ADP staff are officially 
classified as pan of the service's 
executive-officer grades, which 
within the ordered- precincts of 
government means that the com- 
puter people's salaries cannot 
be upped to market rates with- 
out creating a principled 
demand for similar rises for 
their fellow executive staff. 

Since there were, on January 
1. 29.577 i of these, the public 
expenditure implications of 
such an adjustment would 
flabbergast any Government. 
Moreover, the Civil Service 
unions would presumably insist 
on behalf of members both 
above and below the executive 
grades that “ wer all go together 
if we go." 


So the central bureaucracy 
seems to be headed for a right 
pickie. with its data processing 
becoming less and less “auto- 
matic " as the months go by. And 
I suspect that before this com- 
pounding internal problem is 
overcome, officialdom will be 
looking back on the recent 
external pay difficulties as 
relatively footling challenges; 
Ironically, a fireman’s promise 
and a sailor's farewell look 
bound to prove easier to 
engineer than a programmer's 
promotion. 

Engraving 

NOW to Vivien Anreii who is 
looking for a rare being for -an 
employer-client which, although 
welt established, must be name- 
less. She guarantees to honour 
any applicant's request not to 
be named to the employer until 
specific permission is given. 

The job. which she may not 
locate more precisely than ” out- 
side London." is for someone in 
set up from scratch a small 
business specialising in engrav- 
ing symbols of one sort and 
another on metals and plastics. 
Whoever comes in as the man- 
ager will initially have to recruit 
and, where necessary, train four 
to five production and admini- 
strative staff. Marketing and 
sales support will he provided 
by group headquarters. 

So the specification is for a 


man or woman who already has 
experience in the engraving 
business at works-manager level. 

Apart from that. 1 would say 
the only ability candidates need 
is that of combining level- 
headedness and i‘nthu?ia£m suffi- 
ciently well in their applications 
to persuade the group that they 
can build a successful small 
business. 

Starting salary will he about 

£6.UOO-£7.QOO. plus car and a non- 
contributory pension. Inquiries 
to Ms Ansel] at Frontline, la St. 
Johns Lane. London. EClil 4DH 
— telephone 01-251 3546. - 

Correction 

I HOPE that any general man- 
ager dreaming of opulence alter 
reading my salary indicator* la«i 
Thursday. j> in a forgiving mood. 
The Reward survey from which 
my figures were uken 
got its printing out uf line in 
the section on general managers' 
pay. Misreading the result. I 
inserted under lhe "lower quar- 
tilc. median, and upper quanile'’ 
heads Tor the latest general man- 
agers' salaries in my table, 
figures which in each case were 
really for the next higher stage. 
So the magnificent £12.000 was 
in fact the upper decile level. 

The correct figures should hr: 
lower quartile £5.5U0: median 
£7.000: and upper quartile 
£8.425. I am -orry. 


PRIVATE CLIENTS/BANKS ADVISER 
Prominent City Stockbrokers 


Career Opportunity 


c £7,000 


An excellent career opening in one of the oldest firms, with an enviable reputation 
and exceptional track-record for stability, reliability and steady growth. Their 
partnership is dynamic and forward thinking. 


Our CJiimr The firm has a substantial institutional. 
Private Cfients and Banks business. The partners have 
invested heavily m computerisation and in ensuring th* 
excellence of iheir research and valuations department. 
Their dealers are respected as- among the best in the 
market. 

Your Opportunity: To become an integral part of their 
Client Service function, set vi cin g a regular clientele 
composing several hundred banks, advising on 
investment funds or up to ClOOn. Complete freedom 
to organise and manage your areas of rpsponsiHhv 15 
an important feature of ths varied, interesting and 
frghty responsible position. 


Your Background: An executive (male or female), 
aged 26-40 years, wfrh a wide experience of handling 
private efients business. 

A sound knowledge of the foBowmg is essential: * UK 
Economy • Monetary Supply • Interest Rates • Politics. 
• Personal Tax Planning • New Rules of CGT and effect 
on investment Trusts • Trustee Act <19611 • Non- 
Resident Acts » Organising valuations - Preparing 
recommendations and discuss i ng poiKy with Partners 
and Clients. 

Rem u neration. Generous basic salary - high bonus. 
Pension /me Assurance + 3 weeks holidays, etc. 


ACT NOW! To discuss the appo in t m ent further, telephone or wtftis On strictest of confidence! to the firm's 
manpower advisor; Michael A. Silverman mipm . on 01*388 2051 or 0K&8 2066(24 hr. Ansa phone) Ref. 248 


M 


MERTON ASSOCIATES (CONSULTANTS) LIMITED, - 
Merton House. 70 Grafton Way. London W1 P 5LN 
Executive Search and Management Consultants 


MOTOR CARS 


COMPANY NOTICE 



•'inner 



For people who expect the best 
but don’t want to go too far for it. 

YOU CAN TEST-DRIVE ONE, BUY ONE, 
LEASE ONE,FINANCE ONE, EXPORT ONE 
AND EVEN SELLONE. 




220-226 Bishopsgafe, London EC 2 M 4 JS. 

Tel: 01-247 0940/5/6. Near Liverpool St. Station. 

The Cooper Cor Company Limited- - 


INTEREDEC 

(BERMUDA) 

LIMITED 


S.RJSJKKWH)0 SPOT NOTES 
DUE 1982 
Unconditionally and 
irrevocably Guaranteed 
As To The Principal 
By Saudi Research and 
Development Corporation 
Limited 

NOTICE IS HEREBY GIVEN 
that in the year ending 1st 
June, 1978 the amount 1 of 
S.RJ. 000.000 notes were pur- 
chased by the purchase agent 
in accordance with the purchase 
fund requirements of condition 
5i B > of the notes. In addition 
notes cf a further 5.RJ.OOOJ100 
principal amount have been 
purchased. All these notes have 
now been cancelled. 

INTEREDEC (BERMUDA) 
LIMITED 


LEGAL NOTICE 


\'0. IKI2096 flf lPTS 

in dir HIGH COURT OF JUSTICE 
Chant err Dhlsitn Companies Court. Id 
die Mantr of XU RTHUMBERLANTi 
INSURANCE CO. LOU TED and la die 
Mar it of The Cumnaoies Acs. 1WS. 

NOTICE IS HEREBY GIVEN, ibar a 
j P«inon tor -b? Vflndins no of the above- 
J named Company by the High Conn of 
‘ Justice * - ai on die Sfth day of June 
UTS. presumed la ih<? said Conn by 
NORTTTVUBERLAXD INSURANCE CO. 
LIMITED, a company incorporated under 
the New Samb Wales Communes atl 
19M. whoso reaisrured office is situate 
at Firs; Floor. £2 Pin Sure:. Sydney. 
New South Wales. Australia, and that 
the stud Petition Is directed to be heard 
: beforr the Court stttine at the Royal 
i Ctmrir ol Justice. Stmad, London VftXA 
; 2LL, or. rt* 3l*r day of July 1975, and 
. any creditor or cuntrUMKOtr of ia? said 
; Company desirous :o t-upport or oppera 
maiuw of sa order on Sw «&>d 
i Peiltloc may appear a; tb* itne D f 
. htartna. in person or by hw counsel. 
I ICC tb a: purpose: and a copy of Use 
i Petition will he furnished by tbe ander- 
| 'isucd ‘o any. creditor or contributory 
j of the Mid Company nt-qnir'.aa such copy 
, on partita: or the rceiL'ata! chars* for 
, 2 i» same. 

D r. FREFMAN’ t- CO.. 
of P Carpadldi Sauara, 

Lor.doa VHXI 9DD. 

Ref: JATLAOiSv. TcL M-SW CBSS. 
Suil^’.ora lor the Per.doaer 

NOTE.— Any person trim Intends :o 
! ippear on the heating of the said Petition 
: sum serve oa. or ®md by putt to, the 
; above-named notice In wrltics of ins 
intention so to do. The notice most state 
: tite name and address of the person, or. 

; if a Ann the name and address of the 
I firm and must be signed by the person 

■ or firm, or his or their solicitor 'if any' 
j and mash be *err«L or. it posted, most 

be sent by post is saffictent Mate to 

■ fuach tbs above-named not later than 
l four o'clock in the afternoon of -the 
|55ffi day of Job* WS. 


APPOINTMENTS 


£14 per single 
column centimetre 


Management 

Accouniant- 

Markeiing 

Consumer Products 


With an annual turnover in excess of £100 
million and a range of tissue products 
inducting such well-known brand leaders as 
Scotties, Handy Andies and Andrex, Bowater- 
Scoti is a familiar name in the UK consumer 
market The contribution of our management 
accounting function, which provides art 
objective commercial appraisal of company 
operations, is widely recognised as a key 
factor in our continuing success. 

The position reports to the Group 
Marketing Management Accountant and the 
prime responsibility will be to work with 
Consumer Marketing Personnel on 
identifying, evaluating and advising on any 
areas within the marketing function where 
company profitability and market share can 
be increased. 

As a member of the corporate 


management accounting group, you will also 
need to be conversant with the planning and 
production functions. 

For a young qualified accountant (AC A, 

A CCA or ACMA) with at least two years' 
post-qualification experience, this position 
represents a career opening with extremely 
bright prospects. Salary is fully negotiable 
and a generous range of large company 
benefits includes free BUPA membership. 
Initially based at our Knightsbridge head 
office, the post will be subject to relocation 
.to East Grinstead in June 1979; full expenses 
will, of course, be payable. 

Please write quoting ref F. JTi with full 
personal and career details to: Miss Sincr.e 
Slade. Bowater-Scott Corporation Limited. 
Bowqter House, Knightsbridge, London SWL 


BOWATER * SCOTT 


Kemp- Gee &Co rT~T" 

are seeking an 

EXPERIENCED 

RETAIL ANALYST — 

The successful applicant will at first work closely 
with the Research Partner in charge of this section, 
hut. in due course, he or she will become personally 
responsible for the firm's research in the Stores 
>ecior. This is an important position at ftemp-Gee, 
and the prospects for the right person are excellent. 

The current remuneration will be attractive and will 
include a generous profit-sharing bonus. 

Please write to. or phone, the Partner in charge of 
Research. Ian Wood at 
Kemp-Gee & Co.. 

20, Copthall Avenue, London. EC2R 7JS. 
Telephone 01-600 7595. 


DEPARTMENT HEAD 
-TRADING 

Wed established Trading Group with extensive commercial and 
trading interests require experienced young executive to take 
over responsibility for one of the divisions handling mainly 
domestic products. Candidates must have a flair for seeking new 
business opportunities. Excellent promotion prospects for 
successful executive. Regular travel in UK and Europe. Ability to 
speak fluent German a distinct advantage. Preferred age 30-36. : 
Write Bivingeyrrerif experience etc. salary required ro 
So* A .641 1, financial Times. 10. Cannon Street. EC4P4BY. 


CLUBS 


EXHIBITIONS 


CARGO YU (,9 Own W1 - i SCULPTURE »*• * '“C f wltcMh. 

NiW sremtASE fLDOB&HOW 9 3?S.m .3.3» £ J; 

omat a B «T. 8 H . w ; /a^rsr 


PUBLIC NOTICES j 

— 'l 

DEVON* COUNTY COUNCIL. BILLS , J 
totalling £5m will be i«ued on IT tn Jul*. 
1978. maturing 10* October. 1978. Total 
•mount aeolied lor wat E42m. The maxi, 
j mom rate accosted was 9~ib% per annum. 
■ T l*e «tn* rate lor: the bill* tasu«f 
l*M- 9-4297*L se* annum. The anal 
: amount ol. bills outstanding Is SSm- 

| ' SUFFOLK COUNTY COUNCIL 

flm BUM isvikJ nM** 10 10 T» 

, *» o T«at *aei«tiio-s CS 5m 

> Bills OuiKaittiitfi Cbm. ' 1 


PLANT AND 
MACHINERY 


FORK LIFT SALE! stock at «wr 100 uswt 
Fork Lift Trucks reao* ter unmeoiate 
delivery- Capacities trom 2JDOO bs so 
67.003 tas- BO-» hive new tyres, new 
Slatteries, now seats and (Minted in 
orlokte! colours. Us; sen: on reauast. 
Trade and apart cnatrirics. wtice.-ned. 
Lara : reduction or- Ml* udoK. 
Oeilve-ic* arranead anywhere, blrm.ng. 
ham Fork Lin Trine t: a . Hams Rear. 
Salli 1 .. 4-nuRqhars. B9 1DU. Tel. 
- 0?! 177 5944 e.- 021-JJS 17S5. Teles 
557DSZ. 


FINANCIAL 

DIRECTOR 

CHARTERED 

ACCOUNTANT 

(with Experience of 
Company Takeovers) 

For Expanding Property and 
Financial Company Based in 
the City of London. 

Salary Negotiable, 
Shareholding Available. 

W'nie A6412. Financial 
Tim'**- 40 . Cannon Street, 
ECO* 4BY. 


GENERAL AND MUNICIPAL 
WORKERS' UNION 


PENSIONS ADMINISTRATOR 

(Funds Assets H5m. 900 Contributors and Pensioners) 

An opportunity has arisen ai the union's head office, 
s’liuaied in CJaygate. Esber. Surrey, for an applicant who 
has experience in the: administration of self-administered 
schemed, with particular emphasis oo records and the 
calculation of benefits. 

The successful applicant is unhkely to have had less than 
seven years' pensions experience, aod will possess a 
thorough knowledge of ail relevant legislation. Membership 
of the Pensions Management Institute is anticipated. Salary 
in the region of £ 6,000 per annum: contributory pension 
fund: life assurance scheme. 

Apply in strictest confidence, giving details of career to date 
and current salary, to 

General Secretary* 

GENERAL & MUNICIPAL WORKERS' UNION, 

• Thorne House, 

R oxiey RjfJce. Clajgaie. Esher, 

Surrey KT10 0TL 

Quoting Ref: LFJ. 


Accountancy/ 

Bookkeeping 

Salaries £2.000-£8 j 3 (XH- 

J'.'ji rba untior ail fc.* cae s: ccr 

Free Lists 

c‘ ifacaroes 'f'leaseeutfeM ?e.l 
CbimurceA Inistry RK < '0 , ScdSl 
Lui LF100 £4,5&0^£S.Ci0D 
l>srt-quaBfleri/£xp«ianced 
' LyQoOiicc.:-f5.ooo 
The Profession iUK/OSeas?. 

List moo S2JW-£Sm> 

FWard teen fa octf.es iSbfi_ 
A-jencA 55 Moor£ate. ECU? tju. 

Tel: 01-638 3833 S4h«r9 


RESEARCHER c. £7,000 

Satan Is, however, entirety neeaHulc 
ter suitable candidate) lor greun of in- 
vestment consultants based m N.Vc. 
London Involved Hr the buvkve >m in- 
creased orofitaallltv of small ana 
medium companies. Job would entail 
marhc: research Into various industries 
as won as company profits and rele- 
vant dais. An Economics Graduate win 
relevant exparienn “mild be Meal, 
age £Si40. 

Send C.V.'s re V.P.N Employment, 
6 Li.-rnrunP Si-e*r Londo- EC J. 


E.B. SAVORY MILLN 

& co. 

PRIVATE CLIENTS' DEPARTMENT 

Excellent prospects exist for an experienced 
Partners Assistant, with the certainty of 
being required to assume a considerable 
degree of responsibility for Portfolio 

Management 

Candidates must be well-educated, have the 
requisite first-hand experience, and will 
probably be aged 24-28. 

Applications in writing only, including 
curriculum vitae, to 

X. Pearson 

E. B. SAVORY M1LLX 
20 Moorgatp. J Ain don EC2R 6AQ 


MSa-fr . CIMK Sal 









32 


WORLD STOCK MARKETS 


Wall St. marginally easier at mid-session 


I.N\ ESTMEVT DOLLAR SI 9 t~T exas Iniernailonal Airlines to Y130 and Nippon Kokan Y3 I h* Toronto Compose Ir*irx of A-S7.40. h»ii?>ed . by uncon- 

PRE.Hll.jr has purchased a 0.2 per cent stake to YS9. higher at 1127$ at noon. :ir.7ted reports of a ias strike in 

5-69 to (110?%) in National and is considering However. Pharmaceuticals and while Golds rose 11.1 t«> 1.447-1. the Ra.«? Strut and expectations 

Effective $1.8895 — Slj% (51«"u) seeking control of the company, some Electrical?, which rose Mela is and Minerals 2/* to 913.1. of higher Australian crude oil 

FAILING TO MAINTAIN last Texas International, on the rapidly IaM week, finished lower Banks o.sr io 273.05 and L'liiiuw prices to hr;n; them into line 

Friday's belter performance. Wail American SE. put on SJ to SHI. on profit-taking. Pioneer lost Y41 0.53 lo 171 .85. wr.h world prices 

Street stock prices moved Firestone Tire shed SA to S13| to YL79D. TDK Eleclronics V5U »o Ashland Oil Canada, su&jee’ of White Industrie on announcing 
narrowly yesterday morning with — the Department of Transporia* Y2.320 and Green Cross also Y 30 - - .... 

on aicinp Kiic in elm>- rp^Jinn linn hue osIroH J - ^ ^ 020 

Elsewhere. Meilo Sangvo put 
on Y64 to Y8S7. Koknyo You to 

V 1,490. Nippon Television Net- 

tustnai value Index, however, improved work V40 t0 v *-200- Leblda Yoko 
2.37 at a further 0.39 to 146.69 at 1 p.m. V30 10 Y31& Sciyu. Stores Y30 l 


an easier bias in slow trad in;. as lion has asked Firestone TO 
investor- -showed fresh concern voluntarily recall up to I3m Fire- 
shout inflation, rising interest stone 500 radial tyres, 
rates and dollar weakness. THE AMERICAN SE Market 

The Dow Joneri Industria 

Average was 0.093 off at S12.37 3i a juruier v.«i- id i+n.bs at l p 

1 pm and the NYSE API Common Volume 1.75m shares (2.04m i. Y1J30 and Tamura 
Todcx also slipped marginally by Volume leader American Motor Works Y29 to V334. 


In as hardened ft to 415* — last 
neck, the company declared that 
it was looking for real estate in 
Atlantic City to bultd a Casino. 
Resorts International “A" rose 22 

to -sse;. 

Canadian Merrill, nhich rose 


T cent to 333.33. while losses o in- 
closing prices and market 
reports were not available 
for this edition. 

numbered ^3 ins by about a set en- _ _ — 

to-six margin. Trading volume on . Friday, said yesterday that 
contracted to 13.S3m shares from 
last Friday's 1 pm level of 17.50m. 

Analysts said investors are 
apprehensive about how 
aggressive the Federal Reserve 
will be in using Interest rate 
pressure to slow inflation. 

British Petroleum gained S* at 


On the other hand. JGC receded 
Y40 to Y 1.200. Matsushita Kolv- 
buki Y3Q lo Y2.I0O. Victor of 
Japan YS0 to Y 1.390 and Sakai 
Chemical Y23 to Y320. 

Paris 


a take-over btd by Kaiser Re- 
sources rose > to C$30 on 47-'7$3 
shares in Toronto as the mosi 
active issue. Kaiser edged *JP t 
to CS14J. 

Indal. n inch said its L'.S ur.:! 
has purchased ihe shares of 
Electric Tennessee Building Products, 
added J at CS1 1£. 


Germany 


Bour-;e prices were mixed, 
affected by position ciosir.f. and 
profit-taking. 


i!i firs: long-term contract to 
supply teaming roal ro Japan, 
fo/ged ahead to \S2.iO. hut later 
reacted :o ASI.flS. only 3 cents 
higher on balance. 

HameoJey picked up 5 cents to 
A 52.15. after last v. eckV fall on 
report? that Japan wanted sub- 
stantial ciid.'.;M to future iron ore 
contract arrangements. Itobe 
River, hov ever, were 3 cents 
easier at S2 cents. 

In the Banks sector. ANZ 
hardened :{ cents :o A £3.05 after 


Bullion trend. Gains ranged from 
a few cents in smaller-priced 

is sues to 100 cents In heavy- 
weights. 

.Mining Financials were higher 
in itne with producers. Elsewhere. 
He Beers closed ID cents np at 
RG.S3. after touching R6.SS. 

PUtinums were unchanged and 
Coppers were little tested, while 
Asbestos issues were a fraction 
Inner in places. 

The Industrial market was nar- 
rowly mixed with a firmer Was. 


Amsterdam 


it could nor account for the rise, foreign buying 
and came luck J to SI Si. evidence. The 


Volkswagen advanced DM 2.3U going er-nghis last Friday. 

Market was again very firm, with and \EBA gamed SO pfennigs on 


Market closed on an irregular 
note following a light turnover, 
although Dutch Internationals 
were widely lower, with Royal 
Dutch FI 0.S0 easier. 

Among Industrials. Elsevier 


Community Psychiatric Centers French franc, the easiness of the 
gained i at R32J on higher second- French money market and the 
quarter profits. recent measures to encourage 

. savers to buy shares were all help- 

JOkyO inc sentiment. 

Shares pushed further 


particularly in ? 00d demand, while .Mannesmann 
firmness of the firmed DM 1.20. However. Banks results. 

lost ground. Deutsche shedding In Properties, enthusiasm sub- 
DM 1.40. while in EIoeTricais-. rided in Westfield, which rc- 
Siemens fell DM 2,30 and BPC linquished 20 cents to A $4.30 after 
D.M 4 .SO. last week's strength on expecta- 

Public rions of a share split. 


X SSSSI^iB suxu?‘m»ded Publ,shin S decUncd 2 to FI 2711 
Etutdaberg. m Sugars, receded an d Slevin 6rwfp 5 l0 F , I3 , but 

•i cents w AS*2o ahead of the v rtklm _ *< m | 9n » iv.-i.. -,»*■« i so 


Kokker Airplane Works rose 1.59 
to Fl 34, Hoiec Electrotechnical 
Equipment 2 to FI 156.50 and KNP 
Paper-MIUs also 2 - to Fl 4S.S0. 

Switzerland 


Easier for choice in a slow busi- 
ness. 

In Chemicals. Clba Geigy Parti- 


Un the Bond market. 

. . Banks were mixed, with Credit Authority issues sustained losses . 

. . j. H - - — ahead \»tionaJ a weak point. biif other estfindinj to 40 pfennig^- while tiOTI? IV Ofl? 

Sloj in active trading — British in active trading, although gains ~ p . orK ucre fi-m across the the Regulating Authorities bought _ ® b . . . — - - 

Press reports stated that the com- were pared by late profit-taking. ^ “ e a nominal DM S8.fm of stock. . The recent uptrend was reversed cipatton Certificates retreated 13 

has found a large oilfield off The N'ikfcei-Dow Jones Average Particularlv bri"ht snofs included against D.M 22.7m purchases last "" " •—«—»« **"* * ““ 

IsIancls - BP decUncd C, ^ ed !«2 Wrter aj a new post- ^RfiSSK ^day. Mark Foreign Loans were 

to com men l war record peak of .>.631.40. while “.SSL Sain t-Gobalo. Radio- irregular. 


Tropica na Products rose SI to \olunie cair.e to 340m shares. The 
?4SJ but Beatrice Foods lost S£ Tokyo SE index gained 1.10 at 
to 524* — the L\.S. Court of Appeals 424.71. 

has temporarily halted their pro- Hcaiy Electric Machines and 
posed merger. Tropicana also Steels improved on active buying 
reported higher fiscal third- by institutional and some foreign 
quarter and nine-months earnings, investors, with Hitachi rising V2 


Aisthom. 
technique. Afriqucs Oecidentale 
and Paribas, but BSN Gcrvaia 
Danone retreated 24 to FFr 322. 


Australia 


Canada 


Markets made further progress 


National Airlines slipped 5; n> to Y25fi. Mitsubishi Electric Y4 in quieter early trading yesterday. 


Industrials made an irreru.ar 
show Ing. but Minings and ‘ O : is 
were inclined to imbrove. 

BHP featured with art advance 
of 16 rents to 


NEW YORK 




July 


Joiy 

b 


JuIt 




Juii 

6 


Slr«* 


July 

7 


Ju ly 


-tOCK 


Stock 


Jily 


July 

6 


Abfcrt Labs 

Adtirei^rapb ... 
4etzu LlfeXLu.. 

Air ProrluclB 

AlcanAluminluiu 

Alin. 

Alice- Lndlura ... 
Alle^heoy Powk 
A! ll»i (.'bemlcal.. 

Alliel Stores 

Allis CiuliEi-i 

AM AX 

A memo* Bcii. .. 

A mar. Airline*. 
Amer. Rra .. 
Aoier. Broflcart. 

A rper. Un. 

Xiv-cr. Lyuuunjd 
Amor. DltL. Tel..' 
Amer. tleo. Fo» 
Amer. tspress. .. 
Amer.H-.-rae Prod 
Amer. M«l:cal... 

Amer. Moivn 

Amer. Net. Gss.. 
Amer. oumdirri.. 

Amer. stores 

Amer. Tel. & Tel. 

Ametek 

AMP 

AMP ' 

Ampez 

Auobor Hocking.. 
Anfceuser Buscb.j 
Armco SieeJ_..„' 

AJkA ' 

Asamem Oil 

Auruo 

Athland OIL 

A U. Richfield 

Auto DaU Pro...., 

A VC 

Avon 

Aron Products...’ 
B*lt Gas Elect .... 
Bank America....] 
Bankers Tr. X.T. 

Barber Oil 

Baxter Intend.! 

Beatrice Food 

BectonLdcltEnson' 
Bell* HoweiL....] 

Benguei Coni -B' 
Bethlehem Steel.' 
Black A Decker...; 

Bv««n ■- ' 

Boise Laacode..... 

Bonlen 

Berg Warner 

Braaiff Int 

flray»n-A" ! 

Bnstoi Myers 


42 
20 : t 
4955 
27l 4 
k6-« , 
40 : 5 
17i- 
lBi a :• 
39i; : 
23 
S5’.» 
33~i 

12t : 
90 
477 S 
42 
28~s 
32,i . 
23 * : 
3&; s ' 
285, 
27 
Si*. 
4|i. 
41!; ' 
45 t 5 : 
58-5 J 
4H« 1 

17: a ' 

a-; 

2aia ' 
294 ; 
21U | 
J7 


Brit. Pet. ADR... 
Brock «my Glass.. 
Brunswick 

Bucvru* Erie ' 

Bulma Watch.... 
BurliogtonNtbn. 

Burroughs ..' 

Lacnjibeli S.:-up... 
Can«4iSD Pacific 
Lanai Randolph..' 

Carnation 

Lamer A Geieral 
Carier Hawley... 
Caterpillar Tract* 

CBS 

CelaneseCorpn.... 
Central AS.W....' 

Certaioieed... . 
t etsna Aircraft .. ' 
('base Manhattan 
Chetniiasl Bk. XY 
1 hc*ehrsh Puna. 
CiwRle System.. 

I hicajo Bridn... 
iHiiysler ] 

I merama. 

i.-in'i, MUscroa^.. 

< KiLVip. 

Vines sernce..... 
Luy I mesi Inc .. 

(. •i-a Lola • 

Lolcate Palm.. . 
Collins Albman..| 

Co'umhui Gas.... 

L (.'In mi -la Pici. . 
Com.lnsLox'tAin 
Camouitton tnc. 

t.->mt'n«i,.Q Eg . , 
f. m-r th Edis.v;.: 
C m 1 * ih Oil Ref. 

( cmm. Otelili-. 1 

com purer Science, 
Conn Life Ins.. . 

t'-a-no 

Coa.E-Lvjn N.V.. 
C^BS'-’I FcCkIp .. . • 
C->n»r.| Nat. C,s» . 
Consumer Power. 
C-munfual 'jr,. 
Contlnenril Oil 
Cr-ntinental Tele 
Cv>»t.-\-; Data.. 

103,1*7 loOU- .. ..' 


J4U 

35 

48i 8 

39’-4 

B 

24t, 
94i z 
26:, 
22i 2 
55Jb 
37 
45 
28 
4635 
ia;, 
38-4 
3i, 
22s 3 
IBU 
SSi.t 
25i- 
28 <4 
2 Bafi 
13 
14l« 
46-., 

15Sg 
33as 
14-, 
17T, 
6 »« 
37'j 
72J, 
53S 4 
Id l? 

lUr 
271, 
12 
175s 
86*4 
93a 4 
41 
It* *5 

20 *, 
463* 
3DU 
38U 
247, 
29 7 5 
63 

10'. . 
4A| 
29-* : 
25 

49 *r • 

18*2 

4iia 

HO'4 

lias 

28>a 

19*4 

lbi« 

39 

IS 4 4 

271a 

3<a 

40!, , 
lO.'s . 
38^4 
20 

23 ■ 

24 U 
58 na 
23 U 
287a 
25 14 
iau , 
■52 

E4Ts . 


31-4 
20 Sa 
393s 
27-- ? 
26a« 
41-4 
17’* 

17l| 

36 

23Sg 

33*., 

531s 

27i a 

l ITS 

50 

46* 

4U« 

28T 3 

323 4 ' 

a-ia 

595a 

28*t 

27:, 

SU 

41U 

40:* 

34 

SBaa 

31 
17-i 

32 U 
13T S 

295« 

235a 

29U 

«'■ 

169a 

. 157s 
I 32 
48U 
i 29 
i 8 
24 

I 95*8 
j 851* 

1 22^a 
i 391a 
I 27*4 
. 423, 

| 25 
: 36 '-a 

1 i®"* 

i 

3-* 

1 22s, 

IBs, 

' 82 
1 23'* 
28 *» 
28 

. 123* 
141, 

36 

15U 
; 335b 
149« 
18 
6*< 

37 
729, 
33 
16*4 
lOaa 
27 1« 
11*4 
1714 
SSI 4 
5298 
40a* 
1698 
193* 
4575 
3U<4 
38*2 

23'* 
39'. 8 
335s 
109* 

4 12 
299, 
231, 
49ij 
15 
415a 
2 O 1 , 
ll>: 

28 

18- s 

*ai? 

58 

I5i* 

27 

2*i 

39*2 

10 '; 

35 a, 

is; 

25U 

29*4 

23(8 

15*a 

315* 

945* 


. Lorn 1 nc G un.... 55 

CPC Ini'n'tiona- 47 t 8 

■ Crane 27'? 

L'rucuen Nai ' 25-* 

■ Lr®"*: Zeilertacb 31 '4 . 
Cummin* Engine 37', 
Curtis* TVnflhl... t6ij 

Dene.. .. 27*, 

Dart In-lusmes. . 43K 

Deere 3l?s 

Dei Monte. 26 a® 

Deltona 105, 

Dentspiv Inter... 24.^ 
Detroit Edison.. .■ If* -r 
Dlatnood rbmnrk 255* 

Dicta phone. IS.*, 

L>ljjlt* Equip-.... 46!, 

Dimer 'Walt*- 41:, 

Dover Coi-pn 4 1 '.* 

l>ow Chemical. .. 24 

Drsro 26*2 

Dresser.— 4314 

■ Dupi-oc. 1127, 

Dynic Industnea 30‘* 
Ea^ie Picaer 23:, 

bast Airlines 12 5g 

FAstman Kodak.. 95:, 
Eaton 36*2 

. tLG. A G. .. . *45. 

R! Paso Nat. Gas; 15.* 

: Eitta no:, 

Emerson Electric, 55:, 
LmeryAirFr’lcht] 23i, 

: Fmhsrt • 37 

■ K.M.( 2s, 

1 Engelhard 2U* 

I E smart • 5U .'a 

, Ethyl- — 21*, 

Exxon..— - 44!, 

Fairchild Camera; 50 

■ Fed. Dept. Storm) 457* 

1 Ftretca* Jlre 13:5 

{ F st. Nat- Keeton.] 26*, 

] Flexl Van. J 201* 

| Fllntkdte I 

Florida Power-.. 1 30:* 

•I Fluor. 4b Jg 


1 F.M.C • 

! Feed Motor ; 

Forem-Jrt Mck. ..] 

i Foxborc * 

Franklin Mint—.] 
' Freeport Mineral 

1 Fmehaui 

Faque inds ........ 

J G.A.F 

- i^annett 

Gen. Amer. Inc.] 

G-L-T-V. • 

:Oen. Cal'le 

Wen. Dynamics..' 
Wen. Electrics— 

Wen. F'.».d» ; 

General Mill*.... * 
General Motors..! 
Gen. PuU. L'til...! 

Geo. tfianai -4 

Gen. Tel. Blect... 

Gen. Tyre. | 

; Gen esc-' 

Ueoima PaciTic.' 
Getly Gil 

Gillette 

Gocdm.-b B. F....r 
Gi-.xlrear Ttie..,. 

GouI -1 ■ 

’ Grace 'V. R_ 

Dl. A Lion Pac fe#i 
(Vrt. No'tb Iron. 

Grey build 

Guli ft Western. 

Gull Dil...— 

Baliburton 

1 Hanna Mining...; 
Hartuscbleser....! 

Harrl* coi-pn ' 

Heini H. J I 

Keubleto 

Hewie Packard...' 

Holiday lnns_ 

Hi-raesutke. 

Honey wen 

Hooter 

Mo-p-Com. Amer; 
Houston Xat. Gas 
Hunt' Pb.Ai Lbra; 

Hutton 1 K.F .1 . 

I.C. Industnea ... 1 

IN A 

iucersall Raiul... 

(nlacul Steel 

Inetico 

IBM • 

Inti. F'aroun.. .. 
Inti. Harre«er...- 
Inti. Mm A Cfaemi 
Inn. Miiinfooit.. 

Inco ! 

Inti. Paper 

IPG 

fnc Rectifier... . 
tn\. Tel. A LeJ. .. 

Inrent 

I"wa Beef ‘ 

If InteroatTOual 
Jim Water 


23. a 1 
469, 1 
309* j 
367* 
„®lfi I 
245, : 
287 5 , 

1093 


I 

15 

42‘* 

Ids . 
275* 
W* . 
714 , 

5056 1 
o2*« 
3oi, ; 

689* 1 
lb-'* , 
30 ' 

Mi* : 

261, ■ 

36*2 

285« 

221; 

169* 

299a 

265g 

66s 

25i s 

14 
14** 
26 
619, 
52>, 
J61* 
6S<4 
40 
<6 

8Hr 
i7 >* 
4«ifl 
66 ** 
Hr, 
421# 
241* 

if* 

26 

419, 

64:; 

3Bos 

15 


541* 

465, 

279a 

29 
S1U 
37 U. 

: 161; 

. 27 i a 

42 

: 51 ig 
26s, 
. 10t 2 
■ 241, 
1 191; 

, 851* 
:45a 
! 459s 

. 409a 

411- 
Z41» 
: 265a 
! 431* 

1 1111* 

• 601* 

! 241, 

. 12 
; 32 
I 3658 

: 24i a 
161, 

30 la 
: 35 

i 23ris 
] 366 b 

Lrsg 

21 

507, 

I 211* 

I 43S, 

I 289, 

; 65i* 
159* 

> * 8*2 
i 197a 
*63* 
297, 
66 
231, 
457, 
201, 
461* 
9 '8 

243. 

2Bi, 

105a 

13 
423* 
lu 
275, 
16 -. 
72.*8 
SOI, 
>1-4 
29 5 j 
683, 
19 
a0- 5 
283a 
23 ‘r 

& 

36 1 , 

H8i s 

2* 3a 
16. >5 
29 
k63, 

6 >i 

2 *-s 

l»l, 

14 
2h'« 
t2 : t 
32-4 
16 
54 ig 
39'- s 
26 

Bil* 

I7r* 

45’* 

65 

lit* 

32), 

243% 

105, 

151, 

85 >3 

4H: 

923, 

65 .'a 

15 


j Johns Mann lie..; 301, . 2973 
I Johnson Johnson^ 81** . 60:, 
] /ciicvra LVracol.- 25'', j 26 
• j<nr Msaaiscturp 1 52,, 32:, 

K. JIar Lcrp , 24 1, , 243, 

Kaiser Aiumlnl'm 50i- • 301, 
. Kaiser lad uacriee, 2 - 2 


Kaiyn mm! 

24 

235* 

Kic 

12% 

IHIfi 

KenneccU.. 

21% . 

22’-* 

Kan Ifubee.... 

431+ ; 

41% 

Ki,Me Walter.. .. 

i 


k'imherlv i.lerk_, 

44l 2 i 

*4% 

K-.-t-pera 1 

mi* : 

21 -7 

Kraft - i 

46*+ I 

4SJ* 

Kroger t.v- 

327* ; 

32% 

La*e*my Trans... 

3214 

iii’t 

Leri S>tniuM 

33 

32*7 

Libby Ow.Food...| 

26% : 

26% 


Glggei G rc-up - • 

• LillyEly 

I Luton Id-Jub[ 

; Lockheed A tier ft- 
Done Stir Indus-' 
| Gjdjz Island Ltd.) 
U-uielJina Lead..! 

• Lui-Hs-jl * 

Lucky Stores 

L'ke Vunest wo. 

• MiujMiII.ii .... . 

Macy H. H 

Mtla. Hanover... 

Mepc.» 1 

Marathon Dll.... [ 
Msrine Midland. 

' Marshall Field .. . 


May Dept. -tores 

Mi-lVonneJl DoujH 

McGrair Bll 

Uemonex ' 

Merck 

Merrill Lynch....- 
; Mesa Petroleum.. 

. MGM | 

; Minn MmgftMqr 

Mobil Uorp. • 

: Monsanto.....) j 

1 U-.-niaJ.P ) 

- Motorola 

• Murphy On— ] 

! XaMsoe ■ 

>«lcu Lbetmcal... 

' National Can 

Net. Distillers- 
Nsi Service Ind.. 
Nstlnaal Steel- 

Naioiua* 

NCR • 

Neptune Imp 

New England EL 
New Engl. nil r,i 
Niagara Mohawk, 
N iaqarx Share... 
N.L. Industries. 

N ».-no 1 kft W e-tern 1 
North Nat. Ga#.. i 
Nthn. Ktausa Pan 
N Hi weii Airlines'. 
Ntbwe.i Uan..vrp' 

' Norton SI mi m... ' 
Uo.-rdenta. Petro- 
Dfttiwr Mather.... 

Obiu Edlton 

Dim 

'Jaerseas shit* / 
Owen, Corning .. 

■Jweua limois 

IV-tlW Gas 

Wkllli- Lighting.' 
Pan I'm. ft Ltd., 
llui Aiu Wool Air 
Parker Han nr tin. 
Peat-.-dy loi.i.... 
Pen. pw. a I,... 

Penny J. C 

Pennzoli 

Pe-Jf.:es Drug... 

I'er-pie* lia* 

PepsiCo. 


62 % • 
46.; a : 

21 

22: a ’ 
id, ; 
l8i e I 
21% 
387, i 
lbl 2 ; 
75; : 

IS- 

st;; i 

421* i 

1433 | 
213* ] 

231; 
30 ; 

24lg ; 

63 >4 I 
821* ; 

2?:* I 

53. 8 I 

18 I 

55 

69 

657, j 
61 

60!* 1 
44% 
467, | 
385, ! 
2c l* j 
29-*, j 

18 i 

21% 

151; 

611 1* 
421, 
617, 
175, 

22 
661, 

14 

Id; 

18 % 

243* 

40s, 

261* 

27 

24 

181- 

21 

543* 

181* 

14 


32 i; 
46% 
20% 
.21% 
19% 
183. 
21!, 
387; 
16% 
7*3 
107, 
40 >, 
34% 
31% 
42% 
141; 
213* 

23% 

49 

29% 

52% 

*21, 

427, 

661; 

173* 

3278 


Rei-loo 

Reynolds Metals- 

WrTPCl'T* R. J 

R oa’s^o Xtn!!. 
Ko-lweP Inter . . 
K'-'-doi a Hsap . 

Kora’ Dutch ■ 

UTE 

. - Hus. - 

Ryder -yatem—.' 
Sare-way Stores-., 
H. l-:e Minerals, 
st. Heaf* rtcer... 
Santa Fe In da—. 

ram Invest 

obx->q lads 

-■aulu Brewing.. 

cubiutnberser 

rCM * 

tcvu Piper. 

SCO* .r Mrg • 

rcuoderDur. Cap 

: Sea Container. ... 

feagrarc 

fieaneiG.D.'- 

. Seal* Koet«ck. .. 

' 6 ED 1 .O 

; Shell Oil ' 

; Sbeil Traurport... 

'Signal 

, Siguoie c'-.-rr ..... 

, Simplttity Pat...' 

. dinner 

. smith Kline. 

isoncoo— 

1 southdown 

, souul bernl'al J£d 

southern Co 

1 Stbn.Nat Res 

! dmnbera Pontic. 

■ soutbe-nBalliray 

i. 


47 % 
28'-; 
35 s * 
2&is 
32 -k 
52 •% 

99 if 

*4 -a 

12 
22 
39% 
*4 5; 


47.; 

68% 

5;5g 

26 

317, 

327, 

59 *a 
,43* 
117, 
22 
39 
k4i* 


W*w>;wiiitb 

Wy y ... 

Xerox 

2«pila.. _ 

2en.tr Radio. 


CANADA 


by local ar.d Overseas profit- to SvrFr S20. 

taking. leaving the Ran 5 Seng in little-changed Fiiwnctah. 
index S 19 down st 373.13. T\im- Ijuidis and Gyr Registered gained 
over on the four '■lock exchanges ground following its latent letter 
sub.-ided to HKS127.50m from last to shareholders in which the com- 
Fnday's total of HK$303^7m. party reported a salisfactory order 
Jardinc Mathcson reacted 40 backlog, 
cents to HKSI6.I0. Swire Pacific Domestic Bonds v ere slight v 
55 cents to HKS9.10. Hong Kong lower after thin dealings, while 
Und 50 cents to HKSIQ.40. Hong Foreign Bonds t*cre quietly 
a new 1973 peak Kong Bank 29 cents to HKS19.30. steady. 

Hutchison Whampoa to cents to 
HKS6.45 and Wheelock 12^J cents 
to HKS3.-H). 

Among second -liners. Hong 
Kong Wharf and Jardinc Securi- 
ties each shed 30 cent- to HK5G4.00 
and HKSS.15 respectively, while 
Hong Kong Electric lost 15 cents 
to HKSfi.50 and Hong Kong Hotels 
10 cents lo HK^ 13.60. but China 
Light put on 10 cents to HK926.50. 


Ju 7 


ISia 
3 i 
62% 
165; 
14-, 


IB*, 


fi-2% 

I&3 


14 

L'.w.T-*a-4*!*r -u* 

US Tiw<,*?Ci3c -797, -7B 

L'^. 90 -iky Nil.. 7.1 1 7.04 


34% 

to.i 

34% 

Ab.tib: Paper...... i*: ( 

1 3 

Sli 

9=a 

. .ign:«i hag.e * 5r ? 

6.00 

6 

5V® 

i Arc4nA,iimlnu.ni 301* 

39ra 

12% 

121? 

1 Ala-.roasieel eC** 

cU’i 

eau 

82% 

* A-bertre f41 

43 

17+5 

17% 

- Bonk ol yionrree 22 

22% 

163? 

lb% 

BankNi-ira+ovia 2C1* 

20*. 

19*4 

I9!j 

Basic Keiouroes.. 4.83 

4.50 

I'l 

VVfi 

. Be!: Telephone.,.- 36:* 

9€*I 

27% 

27t 8 

Bo* Volley Ind.... 31 

31 

2214 

251a 

BP Canaria iSij 

1S*> 

14 

141* 

Bra-can 16*% 

li’-t 

*2-15 

22*2 

Brin* i+.2j 

r».2i 

33U 

oS 

Coictn P-t*V 38 

37'; 

31% 

31% 

Cam Me-* U :□«_!' 15 

I4i» 

41 

40a? 

Uuioiia i rmenl.., 10‘s 

1Q-* 

A6! 3 

463* 

Canaria NW Lan . ]1‘* 

11 


. Southland .. ...... ■ 

j aVl Ban- Dorr?.. 

* fiperrr Hutch.—.- 
387a l^penyKanrt ' 41 


47% 
13 
20 U 
85 1 * 
2i* 
29% 
26% 
lb 
357 fl 
517, 
48% 

27 
*5 3* 
17 


36 s , 

15 

19t 4 

853* 

37s 

29% 

2513 

167 B 

36 

517, 

48% 


'.in. Imp Uk.L'am; 
1 Li ai-1a Itsdun.... 
; Can. I^cicc...— „! 
-Can Kamrii- Inr,' 
' Can. Oti— 
UarliDg O'Keele- 
. Cumr Alberta.] 


13 !; 

ily 

60 

4.80 

10: 2 


260.9 298« 
<4 
43 
ob!» 

207* 

16*3 
591* 
e4 
11 

30% 

I 

39 
111 * 

£87 e 


25% 

49 

45?* 

20% 

18% 

59 

03f* 

10% 

50% 

1 

44 >* 
lit* 
2BU 


Perinn Elmer...... 

Pet 

< l*h£ur 

. I*liel|.« Drttye.— 
I’Uiiideinbti fele- 
: Philip Bonn....' 
1 Phillips Petro' nr. 

' Pil-t-ory 

Pitney Bowe*.... 

Pm.ion 

Ple««y Ltd ADRi 

I'oisreid 

P-.-toiE**: Eler. .. 

; PPG laijustiiee.., 

1 Procter Gamble . 

( Put- .Serve Elect. 
Pull mao 

I'urti 

1 Quaker Oat* 

' Kai-i-i Amertam. 

I Rertbeno 

: RcA.. 

1 kenuhli«-s»eei. . 

' Rewrti Inti. -A' 


293* 

*1!, 

*6% 

197, 

2 Is, 
61; 

231, 

i* 

HOT* 

C6'., 

27S* 

U.% 

447, 

28% 

i27, 

92 

325, 

19:* 

I / 1; 
661, 

3 It; 
40U 

•J67, . 
28*7 
16>* , 

491; 
iS.ta . 
2914 
85Z ? f 
cl r 5-t 

S’! 

* 31 .- . 

9» t . 
477, , 
265, . 

- 2T « 1 

83 » : 


601; 

60 

441, 

46 

37% 

25 

29% 

17% 

21U 

13% 

, 40 
411, 
. 62 

. £;;? 

: a- 

10 % 

; 181, 

1 241; 
39% 

26% 

234, 

181* 

207, 

&4i. 

16% 

14 

235 S 

29i, 

-Of, 

195, 

2l», 

6>S 
231, 
2 % 
*07, 
46 
271,' 
101 , 
447, 

8B3, 

23 i a 
92 
42% 
19 * 

1 <% 
66% 

4 la, 
393* 
24% 
221; 
lbt, 

67:, 

161. 

25% 

631? 

2*1; 

32 

17 

23% 

9% 

46i* 

26% 

227, 

81% 


• -MindanJ BtwmisJ i.7 
l ai'i.UilCilitoraU; 38% I 
, fM. Oil Itklimji.l 463* I 

1 tkH.Oil Ohio. SO i 

; 9taulTLhemlcai».‘ 40U 

; sterling Drug.... 1 165; 1 

, Studebaker. 1 611 ; | 

J dan t». i 40% I 

1 >do< 1 strand 44% j 

; syntax ,„.i 31 • 

technicolor • 121* I 

• Icktronix . 40% ! 

le?*>lyne 102 1 

<«lex 1 43 * | 

• leneco 40% » 


275, 

*6 

17% 

403* 

533, 

267, 

88% 

46% 

29i« 

401, 


607, 

407, 

43’, 

30% 

11% 

*0% 

100:, 

4% 

80:* 


20 

.&:* 

k8l. 

*'« 5 j 
~'3 

t<2 2 
9 
12 

b7‘-z 

to’-f 


resoro Pecroleum- 

: lewo 

■ lesxigult 

lexaa Lutern....- 
lewi Inii'm— 

. lexxs tJll ft Ou. : 
] lexe* Ltllitiei... 

‘ I'imei Ini • 

Timei Mirror..., 

rimkeo 

. Irene 

Tremmenre. 

I runor<_— • 

Treai I'mm 1 

! rren-wac Intr'n.i 
Iren* Work* Auv 

rrere'ere ' 

• tri Contmeotil 

! T.R.W 

20D> Lenta rr Fox 

. U.A.U 

! LAllLU 

L'Gl— 

L it re*er 

Lui lexer >V.. .. • 
lolon bencorp... 

L oion l«rt*ie.... 

L nlua Lorumeic-e 
L'nf-n i.UH.aiit, . 
Union Pacific „... 

; Fsirotll 

. United Brand*.... 

L'S Hiaetp 

: t.i Gra-um 

-USsb-'e 

] LS Mee: 1 

: LS lecbaciocta.l 

■ l ' In-lu^ine* 

. Virgin:* Elect. .. 

! tlmereea 

' U'lns-UiiMn. 

' IVamer-ljiirhert. 
H'i-le Mia'rceut 

itflrFirac- 

MVieto Rukert' 

; nVtero >. A trier : 
*]H»ni L'nioo.. 
We-.iiDca»e tie,; 

We.raco ■ 

1 Weyerlmeaser^.. 

filili 1 ^ 0 ; t 

White Lon. Ind-. 

Wniiun Co. ' 

lVj*ocm»lD Elect 


10 

<r3.'a ! 

18 

40 

BO J 
28% > 
au% , 
401; ; 
28*4 
47% ! 
447, - 
14 V, 
193* ; 
44% . 
25i a j 
19i a 

45 : 

191, . 

45-s 
473, 
SB 3* 

*3io 

20 

471* 

641, 

24:, 

36.', 

• 

47’, 

431; 

7!, 

8 r, 

283* 

25 

231; 

261; 

41., 

IB I, 
14% 
24% 
431; 
28% 
2 S<; 
20 % 

35 7g 
27i» . 
16% 
217, . 

267a 
<9 
• 2 

■on 1 
t 8 u : 
26 % 1 


; LbieiUra ' 

. Cominco. 1 

' '-on.-. Bar burst...] 

L'-i-tuumer G*» 

1 Co-eka Hc-ourW; 

{ LVvtlln — 

] LG.JH Derel — ? 

. Denison Minee—i 
Dum Mine*— — j 
• Dome Peumeun; 

< Dotnmion Bridge 1 d4i* 

l>..mi*r_ 175; 

Dupont.....— ...... 1 147, 

. Falcon 'gw Nickel.' 22 
' ] Ford Motor Cio . 745; 

‘ Gensur sa-.« 

i Grant Yel'wfcnire t -2i* 
J Guir Oil Canada.. *7'.; 
■ Hawker sli.Can. 8 

i Hoi Unset 4 7 

‘ Hmne *.»i; -A' 41t* 

H'liiwn B*t Mns l.'i 
Hu-J«od Bay— .. 22a; 

' Hu-lvuOil *Ga* 44 

I.A.L IPs; 

•Iraaaco 4S:« 

Imperial Oi? lb-’* 

l loer..... 1?>* 


10% 

23% 

lei; 

401* 

28% 

20% 

40% 

j 28% 

48 i* 
C41; 
141, 
163, 
343* 
25 U 

: 45 

i«% 

461- 

48?, 

291* 

235, 

80 

481* 

6Sl a 

84% 

36% 

47 ’* 

43 

74* 

9 

283* 

25 

231, 

t6 

41% 

18ig 

14% 

24% 

42% 

2b 

251, 

261, 

458, 

27% 

16% 

81-4 

85 

SB 

21% 

217, 

177, 

2fel* 


• lad*l 

1 (aland Nat. Gas . 
Im p. r PiyeLmc. 
Kalrer Saou?* 
I*url Fin. Loro.. 

' Lore. ’fa'. 

M.tom'n BicxMt. 1 

• Un sey Fere u,i*n. 

McIntyre 

M-jore L o'f 

Mounts inscateRs 
Vrw»n-i» Mines... 
Nor.cn bncrzj ... 
Ntuu. le'b-onr... 
Numt D:: ft Gas 
Uakwrei Pecn'rr. 
Pacltu- Copper M . 


!!’* 
15 . 
141; 
6% 
4.05 
19!, 
»!•* 
28- 
471, 
4.50 
26 
14=-* 
31% 
75 
4.20 

2.UO 


Pacifi.-Petroleniii' 48 -'; 
Pan. Lan, Pei'm. 32 tj 

Patiro t Ic3* ■ 

Pet- pie* Dept S.„. 4.75 
PJai.-eUm.ft (Jr/.. 0.b8 

P.aier bevel optm 21% ' 
lAiwercurponi'Di lt% 

Pure* 1 14 , 

! Vudta. sturnepn 1.45 

ItaiuterOiJ.. ' 31?g 

K»' shaw 1 G% 

. Rio Alkonj 42 -'j 

. Ki.<y*i Bk.nf Con. 32 1; 

- Royal 1 rust ..— 1 17% 

! sceptre R'*ouree» ' 8 U 

| rea^rams 26 % 

! sbei- Canada. - 147, 

; sbemuG. Miner 4.62 
•lefceo* O. (J ...... 301; 

Simpaun % 

ttee. oi Canada.. ,4<; 
steep Reck Iron., r.75 
Texaco Lana-ia... 40-'* 
Turoato Lkim.Bk . lx-’* 

I I ran- L’eaPipeLu, ini, , 
Iran- Mount Op- 9 

I riter rI4 

ILmonGar ill, 

j CM. -iixs.-e Miner' •>, 

Waikor Hiram-. £2% 
WertC'oa-trreo.- Is 
[ Wet ton Geu 17% 


26 

20U 

le: 

19l S 

?9 

4.09 

10!; 

19 
27 
27% 
1 

5 s, 
12! 

9 

711* 

67 

62 

24S* 

17% 

14% 

21% 

747* 

Zi: 

13 ;. 

ST* 

C 2 
44!; 
19% 
43 
1BI, 
17!; 
11 % 
103* 
.15 
14% 
8% 
4.0J 
18 3, 

.»*• 

25 

97 

3.65 

25-: 

1=% 

31:, 

35% 

4.1u 

2.02 

47 

32% 

35% 
4.85 
0.93 
21 

1.46 
417, 
lUU 
32 
52% 
17% 
81, 

Is 18 
5.62 
2-9'a 

29 
?.E0 
40 
I* *? 
IbJ, 
a 

Tl4l; 

11 

it’s 

17t. 


t bm. i Askee. ' } rraded. 
1 New fTork 


EUROPEAN OPTIONS EXCHANGE 





Julv 


CM. 






Vn| 

' Id it 

Vol. 

Last 

TVil. 

Lost 

M.«k 

ABN 

F33Q 




2 

> 36 

3 

. 40 

F364^0 

ABN 

F370 

— 

— - 

4 

4 

e 

7 

AkZ 

P87.30 

— 

— 

20 

3.30 

4 

• S.90 

F2S.60 

AkZ 

F30 

— 

1 

50 

2.50 

10 

. 3.40 

AKZ 

P52.50 

— 


10 

1 50 

35 

: 2.20 

’ 

EK 

250 

— 

— 

— 

: - 

5 

! 6% 


EK 

S60 

— 

— 

2 

. 1*4 





f.M 

260 

— 

— 

3 

. 2*a 




HO 

TS2.S0 

— 

— 

10 

i 2.70 

3 

. 4.50 

K32.90 

’ 

HO 

F55- 

— 

• 

2 

B 

I 

3 

HO 

F37.60 

— 

— 

3 

1.10 

6 

: 1.80 


IBM 

S360 

8 

4 

_ 





S239 3* 

IBM 

2280 

10 

*4 

— 

— 


• 

KLM 

Ft« 

— 

— 

-- 

— 

2 

95 

•F152.30 

KCM 

F130 

— 

— m 

5 

13 

12 

1 17.50 


K LU 

F160 

23 

l 

18 

8 

7 

1 13 


KL\t 

F 170 

— 

— 

52 

6.50 


11 


KI.M 

riso 


r— 

21 

5 




KLM 

riao 

— 

— 

15 

2. BO 


-- 

l4 

KI.M 

raoo 

— 

— 

6 

2 

12 

4.50 


KLM 

F220 

— 

— 

10 

1 30 

a 

2.60 


XV 

F9B.90 

— 

— 

4 

6 



F99.I0 

XX 

F10B.90 

— 

— 



5 

5 50 


PHI 

FZB.SO 

1 

3.80 

10 

4 



F26.20 

PHI 

F25 

— 

-- 

10 

2 



PRl 

F27.50 

— 

— 

20 

0 SO 

ia 

1 50 


un 

piao 

1 

11.30 



— 



FIS 1.20 

■ KT* 

F 130 

19 

MO 

8 

4.60 

— 

1 a— 

Rl> 

F 140 

— 

— 

15 

1.30 

— 

__ 


1 M 

FUO 

— 

— 

10 

1Z.50 

— 

— 

FIZZ 20 

r>i 

F1Z0 

— 





3 

6 

TM 

F130 

— 

■ ” 

6 

0.90 

10 

2.60 


.PA 

.TO. 



Ah*. 

y 

•*r i 


F»* 

■ 

830 

*55 

~ 

* - 

8 

ID 

«»* ■ 

3>i 

- 


_?5Z» 


BASE LENDING RATES 


A&J*. Bank 10 °& 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher IQ 

Banco de Bilbao 10 "ft 

Bank of Credit & Cmce. 10 

Bank of Cyprus 10 % 

Bank of fi.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 101% 

Barclays Bank 10'°i 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of .ll!d. East 10 % 

(Brown Shipley io % 

Canada Perm'r. Trust 10 % 
Capital C & C Fin. Ltd. 30 % 

Cayzer Ltd 10 % 

Cedar. Holdings 10*.% 

I Charterhouse Japhct... 10‘^ 

i.boulartons 10 °o 

C E. Coates II ^ 

Consolidated Credits... 10 % 
Cooperative Bank ... v '10 % 
Corinthian Securities... 10 

Credit Lyonnais 10 

The Cyprus Popular Bk. 10 9T» 

Duncan Lawne 10 

Eagil Trust : If) 

English Transcont. ... ii 


■ Hill Samuel J10 

C. Hoare & Co ilO 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot.. 10 % 

Keyser Uilmann 10 

Knowsley & Co. Ltd-.. 12 % 

Lloyds Bank ■ 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11*% 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 

National Westminster 10 % 
Norwich General Trust 10 ?o 
P. S. Ref son & Co. ... 10 % 

Rossminster Ltd 10 % 

Roj-al Bk. Canada Trust 10 °E, 
Sehlesinger Limited ... 10 % 

E. S. Schwab 11* Ti 

Security Trust Co.Ltd. ll'of, 

Shenley Trust II 

Standard Chartered ... 10 °h 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
L nited Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 10 * % 

Williams &■ Giya's lO’^S 

Yorkshire Bank 30 bi 


■ y j!, ulk-f* ri th* A,cepuoc Houses 
First Xat. Fm. Cnrpn. 12 <K, . ^“ nai, " w - 
First >Jat. Secs- Ltd ... 12 :“-. y d * pu * 11 * T ’=. i mumh depawr, 

Antony Gibbs io % 

Greyhound Guaranty... to 

Grindluja Bank .tio %. 

Guinneii Mahon in 

Hamhn* Bank 10 % 


■•Kay 4»: iwi on fiumr 
■ 'ifi und«r s>'.. no ro . 
an^ oier S 2 S odd r;-. 

•tali >f-oo<i:« oi »r fi '}V> 
ri'm^nd dcrr»siis t*'» 


-if nitftfij 
^.000 71- 


Brussels 


Slocks were firmer -inclined in 
moderate activity- although Banks 
had Socle i r C morale Banqnc r.0 
down at BFr 2.930. while La Roy ale 
Beige receded 40 to BFr 3,710. 

Milan 

An easier tendency prevailed 
m slack trading, although Olivetti 
Privileged, up 7 at LOSS, resisted 
the downtrend in industrials. 
Gold share? ere firmer across while Bastogl gamed 3 to L469 
the board. reSectinj the hirher in Financials. 


Financial Times Tuesday July 11 1978 


Indices 


NEW YORK 


t A'i 



Julr ; July ; Julv i Jtily ; Jum • •»“»»« * 

7' « 5 1 3 1 W ; W ■ ffttb 


TOT— . 5-inrt e-Tfr.piUf} 


Low High 


MntiUu. 8T2.46 W7.W' IW-Tt 8T2-«98«-»| «l 8*' «« tt ' 

17.29- ».W 17.33 M *«■ ,; W 


R'ln^«B■^d■■, W.tt 
Tran, port. 


M.ftO 

(«.!< 


211.36 *1648 2I6.M 216-82 219-M 219 H 1 


ar.i* 

i7-i» 

139.51 

»»<ti 


TtBt.76 

UUirtl 


to* 


«1.2| 

V i 5> 


CUIlltea-... (»»■» 1*.*1 108-88 104.64 104.60 !«.tt j I02J4 

T tSR™ 1, i8l.«0 24.Sn ».7W1 1 .»»’»-™.3'-»»' - ! - 


3(9.18 ; 

IM.12 

i2n.-44i4, 


»8.}S 

tB.M 
-O 4,4; 


• Sun Of Ie3«x cftaBJE™! ftwn AuBU,C “* 


Tnrt. «i!T. rieM * 


June SO Julia U , JuorK : (frar agi< api<r»a^ 


8.71 


5.68 


6.58 


463 


STANDARD AND POORS 


July 


: ; | 137a . 

Jn!» July ■ Junal Jnna — » — - - - ■ 
b' ■ 3 : au . S3 { High Utm 


■Slni-e I'nrspllat' 


Rigl. 


TilW 


* liuluatrlat* 104.76 MM.06 »0«JJ2 104.9 M 0U8 10U7- IW.B9 99.62 
i . < > : nwi iS-'Jl 

» Comi^iK . 04.03 04 S3 94.2* 


BA- OF IS M *S.5T TO0.S2 

\Wif» 


Ifi.fiO 


i 184. G4 ' S.62 

:ilM'o| l |*A>ii i 
. IBABh 4 40 

.m-t-rsi >!-*• .g 


Jiilv 5 


Juno r? i Jubk'I ; T^ar oa-j lappri-i.; 


lad. dir riri-i % 


0.18 


0.11 


9.07 


442 


tnd. I*. K lint to 


8.93 


9.04 


9.11 


10.14 


= :V 


Lone li't. Bi-nJ J 


8.62 


B. 07 


8.52 


7.60 


S.T.8E. ALLCOJfXOff 


Jnly Jsty July 


July ■- 
5 ■ Hieb 


177S 


Jlisw and Falls 

July 7 Jul.' * 


I Low 


M.34 


85.00 65.00 65.40 BEJ3 

1 ! is.ei 


40.87 

ri-5) 


IWNI ltwlal .. 

Hlaea. 

Fall, .. 

t'urljauml . 
?fr» High* ... 
Na^ Lews 


1.869 

964 

451 

484 


1.886 
996 
895 . 
4.15 ■ 
15 
45 1 


.I-ili* ? 

T»6« 

56? 
1.115 
37f 
15 
3! 


Johannesburg 


MONTREAL 

* - 
July i Julv i 
7 f 



13JR 


V ! 4 i 

H'gh 

: L>>* 

Industrial 

T omhinad 

' 160.58. 180.13 
! 186.78 169.16 

178.51 179JT 
188.(3 158.11. 

18a 08 iln+.t 
194.00 rK'rt, 

; 162.90 'Ir- 'I 
' 170.63 (V r. 

TORONTO Crunja+Ke 1175.6 113 }.S 

IIIS.8-- 

1148.01 lb. ril 

; 838.7 .JL'.II 

JOHAJnreSBffHO 

' ' 




Geld 

1 294.0 1 232.3 222.8 ! <ut i 


IMO-Ti'M 

ludurtriat 

243.3 ' 241.3 



: 194.9 1 ; ’| 


N0T8S . pn: a ? jhc»s belov ,a1 or fc.np ituir? r ?<*r ;h,r» f Francs, 

^xilijij- 5 pr'-mium. F^laian di'ld-ads a Gross, bh. ^ Assumed duidead after 

are *eer -v:U:h6«C'.tiu "ax. srrlp and or richts Ikw. it After Weal 

0 DM» u:.k'» Ath-’m lr-i* stated, taxts m tax free, n FrancK including 

yields fused on •» : 3!*- idends pins tax. Lnllac div. p Xcm. Q Share split. 3 Plv. 
q pr,s.5*“i d?r,-m. unless ntherriw stated, and yield exclude special payment, tlddt- 
Kr.f*' dtnein. uih-jes othetvlM slated, caied dll. tt L'nolHclal readme, r Minority 

oFrs.oi.-0 d-.-n.ttu. an-1 Eearer shares holders onlv. u ? terser pending. • Asked, 

ur.ieis oil'.'-— - iv? slated. ’ Vcn 30 deoom. * Bid. "■ Traded. 3 Seller, r Assumed, 
unit's c-h-r-i» staird. 5 Price a: none xr Ex rtchts. xd Ex dividend, sc Ex 
of suypens.en. a Florins. 6 Schillings, scrip Issue, xa Ex alL a Interim since 
; Cl‘~ ts. J Dividend after pending rictus Increased. 


July 

to 


rre- 

iwia 


1**TP 

Higb 


rtT 9 
1 a«w 


AnsCnlii^i 4pM3 494.16 »IJ54 «1.19 

CIA.6I ' llfli 


July 

JO 


Prw 

r|ini. 


tor? 

H:ch 


Belgium f« 9£M0 : K.as 
DnuutIh*') 9a.6l 
Frauce ft' 1 7d.l 
Senniayi.*:' * 
Holland i*« f 3.2 


68.fi ' 


Wt. 16 

CB S\ 

h 
7 1— 

- r.vifii 
FIi7 
IW.-2) 
53.2. £7.0 
(O'Fl 


00.45 
,35 6* 

94.00 
itOj 
47.6 

758.4 

llM* 

76.0 
(4 ‘41 


Bpaia (A — ; 104^5., lie. rs ! 

Sweden 379.44 570.00 .'■*/.■»& ; 

Switnrl'ih’ 3S9A Ml t ; v~.n . 
- ! , (IM-t ) . 


tort 

J.nr 

fa.S! 

. 1 S 

iV 

i n 
i^ 4' 


Hong Kong 973.15 621 ^2 962^7 3F.’.44 
i«i , tiGtilA'h 

Italy i i «.f=i fS-Sl 64.34 1 cft.4S 
■ 1S3:6) rtO'l* 

Japan «» 424.71 0.61 ' 424.71 ' 364.04 
»'I0 7) (4/10) 

Singapore cbr.3t icS.l* 5abjl 2K.0 
.*> . • : (1071 - (1,*1 


IndJres end hare dates (an hare value » • j . 
IDS except NYSE AU CwntnaD — J 'i .« : 
Standards and Ponra— W and Tnrimr* 1 * 1 ' 
300-1.080. the last named tvtsed on I9T> 

♦ FxcJudhw bonds. 1 4A0 IndnstrUh 
8 400 Inds.. 40 Utilities. «A Finn nc* an ' ' 

20 Transpan. i ” « Sydney All Otr 
(,!I Belgbui SE Sl'12.'«3. (•*) Conenfug'. 

SE 1/1/73. <tt« Paris Bourne 1M1 
(tt* Cm a o t i T rtHnR Dec„ MW. m* Antstei 
dam. InduiziAl 1070. 4"n> bhue Sen 

Bank 3t/T/A4. (l)!i) MUaa 3/1/73. (a)Toky 
Nirer SE <n/SS. (6* Straits Time* tM 
<r\ Clewed. id) Madrid SE 38/12/71 
Id siedtlwlm Industrial 1/1/34. U) Sadi 
Bank Core, (a) UiunlUhlei 


GERMANY ♦ 


July :o 


Price ; + er 
Dm. ! — ■ 


Div. 

% 


nd. 





KQuanOBQi 1 


AEG. 77.1-2.1 -. 

Lilian, V*raich. -477.0 fl 3U 3.3 

BMW 2460 — -38/18 5.6 

BAiyF 151.1 it +0.1 18.76' 7.1 1 

Haver. 135.0 « -0.5 1B.1& 1 7.1 

IVtvef-Rr^. 290 -1 ;28.ir4.9l 

B,«er lVein-t-fc. 320.0-1.5! 18 2.8 1 
■.!Ml&:..\*l.vTtr 163 

Len:iReixt«nL.._. 252.2—1.5 26.M 7.3 1 

5H3..ir.rei 77.4-0.1 

Ussm-erVnz 304 J*-1.0 ;28.1£i 4.6 

Dcgu-a 256 - 3 17 ! 3/3 

UiW 157.8* +2.8 14 >4.4! 

Baak... 305.5ai -1.4 28. 1» 4-6; 

Ii e-.iberHank.... <43 -» 28 . 12 ! 8- 7 

UvuffKvff Zemi. 191 fl -6 i 9,3b' 2.5 

ij Jicn.Tm.ns-_ ' 204.5 12 I 2-it ■ 

let<L 123.0 —0.5 14.04- 5.7' 

Bj.-jMt- 269.5 « *-4J *16.72 5.6; 

• 1*6.7 *0.3 ,10.76 7.5 Mumtusbl Heavy; 

H.<w;s ; 44.6 4 ' 4.5 i Mitmibiahi 

H -rteo 156 > r 2 , 9.36 3.4 Mit«uift Col.— ■ 

Ka i and Sale ■ 145 J 14 JK 4.8 ! Ullniboabt 


TOKYO f 



330 

Canen 

479 


725 

tblnon— 

431 

Do* Nippon Print 

S63 

Fuji Irijoto — 

650 

Hltai'bl 

256 

Honda Mr-tfcs 

074 

HeureFrirtl 

1.230 

C. Itcrir 

240 


1.480 


70J 

J.A.L :.™ 

2.640 

Kan sal Elect E*w 

1.200 


343 

Kubota 

281 


4,150 


751 

Mltoubrabi Bonk— 

279 


'-2 

i + 8 

:-ST 
-8 
.+ !■ 

,-(-9 

i + 1 

!— 10 

■ ■*■3 


AUSTRALIA 




July 10 

) Ante 8 ! - j 


Aciw Au.rraH»— — | 

Allied Mac. Intg. Ind". 01, 
Atno.il KsploratifYO..—-. .... 

\ropiii Peindram. 

1,4: Aeoc. Mineral,.- — 


ISO 

430 

321 

606 


-10 
'+10 
f20 
- 1 
+ 1 
1-30 


Karata-tt 3 16.0 d— 1.5 23.« 3.7 | NIHmo Uen*c. — : 1.540 

Ka^rh-re. 228.0 a t 1 5 -18.7V 1 4.1 j Nippon CblD(*n.. : 698 

h c-cli&er DM1C-X 91.0 ' Mutnlloion.. ] 791 

RHD 183.0*7—0.5 18.76 5.2 1 fioneer ]l.790 

Krupc 93.5— 0.0 - : j renyu Hlectrlu — ' 264 

L.n-ie_ : 262 —1 . 26 ; 4.8 <ekl,ui Prefab 910 

L-reeobrau LOU.... 1.410 ' 20 ! 8.9 , ’bUeirio 1.200 

Lvn bin*..... ... 103.5 jd-cOJ ; 9.56' -».6 ; -uni 1.690 

MAN 203 *—3 . 12 2.9 , l*'»bo Monne-..- 238 

Mannetniami 161.0 * 1.8.17.16 5.3 1 theroica- 


MawUaaa— 229.0-2 . 10 

Muncbeoer Rock' 665 -4 1 18 
NeLUernranu™ 14O.6+0.4 — 

Preusaaa DM l'» 125.0 —0.3 - 

Iftietn Weu.biev. Ib7.a 25 ... . , 

sphering- '367.5«8— 1.5 23.12: 9.2] I iflyp SUihaura .. 


413 

2 .sr . I UK >..„|2.320 

1.6 1 leuin ■ 124 

— j loUiu Klanne 493 

— : loliio bi«ct Ppw'r, 1. 140 

6.7 I uLyo ban 355 

143 
197 
920 


-4 i" 

+ 5 

; -20 , 

4 ' 
:-30 
,+■1 
-7 
•*30 


14 ] 8.1 

12’! 1.3 
36 [ 1.7 
20 2-3 

18 i 1.6 

15 j 1 4 ; 

12 ! 2.3 ; A * >ne - P,,1 P 81—— 1 

18 ■ 1.6 1 Areoe. C"n. Indumlriea.—.: 
55 ' 1.4 1 Aurt. foundation In-rent... 

12 3 . 6 f -J->; : I 

13 : 0.9 : A«*l. Oil ft Goa 

— • — ■ Hi tohre. Creek & 1 M- 

10 ; 4 . 2 ! B 'uv Metal lad 

18 , 2.6: ’^■amiineC.'mper........ 

1(197 Breniblea lodurtrtre 

35 ' 0 4 SlL lken Proprirtarv., 
20 LS . 

' 10 
! 12 

1 14 I * 2 1 Voekhntq Cement — — .... 
20 ' 1 * 7 L.'ca>. GnMfieM, A urt. 

19 ; a5! u ““ n * i,{ » l> 

12 . 0. 9 : L'onviac Rh-uioto 

16 . 1.0 i ftuflniUa— 

48 1.3 1 Dnniop Rubber ill) ....| 

12 - 2.3 BM-OR 

30 ■ 1.6 HMePMnttb j 

20 0.8 Industrie, .j 

40 . 1.2 I Ue". Pruperty TroU ; 

11 . 2.3 I fiamereiey. 1 

15 . I .81 Dnoter__ ....—I 

30 . 0. 6 1 f i: * Aiwralla. 


BH treitb 


. i'b • v -* r1,OQ United Rrewr- 
■ : L. .1. LKNCfi 

: lis ;£!*£!! •lillNM,,' 


i }? 'wSSSSVSi 

* .1 ^ > 1 Jnnn . I laretr) 


*-1 
+ 2 
-5 


9*emeu,_ ..* 288. —2.5 \ lb 2.0 .' luniy 

ud Xncker 2®9.5 -1.7 2fi.Sb; 5.3 ; •■wre* M-4nr ! 

lbr«sen .A.G ' 117.8 t 0.5 17.IB, 7. a — 

'ana 176fl— 1 14 . 4.0] Source Nikko 5ecurluea. Tokyo 

VtBA 123.5-0 8 12 4.9 1 

Veremaft WeuBk' 390 —2 18 3.1 ' 

VoH iiwaew.... • 223.3-2.3 29 5.6 BRUSSELS /LUXEMBOURG 


3.5 

1.8 

3.5 

3.2 

1.1 


AMSTERDAM 


July 10 


1 

Price i + or ; Fre. ,VU. 
Fra. ■ — ] Net ft 


Jnlr 10 


Prica 

Pi». 


+ or Dir. Ym. 


Alir»W iFl.gjf 

AktolFl^O. ' 

ueru Bnk-Fi.iOO 
SMBS' *F..W:.. 
Ammiaiik ■Fi.'C-. 

Hljenk-n ; 

tk.-k* Weit'm no.' 

filbrrn letietwie 
Hwf'trl -Ki^jj .. 
tvunuiN'.V.Beirer 
ButoLcmT -t- KiiO. 
■ii>lBr>x-a-ie>-F.O- 
llflno'. ■ F:.it ,_. 

.’itvreos ' FL2Ci. 
rtuurerD.-Fl.ia/. ■ 
■ UM. .FUCto .J 
loi. MuIIer liOi...: 
Srerden (Fi.l j-....' 
Nai.Ve-ilus.'FilJ.' 
NenLred Bk.FIJia^- 
NedMidHkfFIjO.; 

UceiFuJC. : 

an Ornneren....! 
Hikhoed -Fl. 20i.’ 

Philip, (Fl. j 

Kjn deb Vert Fl.lOOi, 

Uobeco iFi.cui ... 

UoUnco 1 PI. bOi_.l 
Korenio iFL Wj... 
K-.ya LDu tchi Fl Se\i, 

9%renbure j 

(MnaOrp /Fl^Ut- 
rnkvoPac. Hhta.hi 
Unilever iFLaSOi. 


,28 3.4 

23.6 6.4 
au ] 6.3 
23J 6.6 
26 ] 6.6 
82* 6.7 
26 , 7.3 
27 Ji 2.0 
37^: 5.7 


104.7 -0.8 
28.5 - 0.8 

364.8 

81.2w -0.5 

75.7 -0.2 

94.2 -0.3 
118.5-1.0 

71.2 -0.3 
276 ■ — 2 

132.0 4-0.2 

68.5- 0.2:94.6 5.0 

37.2 -0.3 i 20 I 5.9 

99.9 —0.2 I 14 i 5.5 
32.7 -O .61 — 

24.9 ■ 18 i 4^ 

153.0— 1.21 8 . 6 ^ 

47.5. I 19 8.0 

34.2 + J 8 j 12.5) 3.7 

99.1-0.6 48 1 4.9 

52.6— 0.1 81 7.9 

195.8 1 22 I 6.6 

152.0+0.51 36 ; 4.7 
140.6+0.1 i 8 1 5.7 

38.0— OJ I — I — 

86.1— 0.41 17 8.6 

80.5 — 1.3 ! - - 

172.V + 0 3 .V2BL 7.4 

133.0 + 0.8;— ! — 

123.01. ,9.3 5.8 

131.1— 0 8 d 6 ./n 8.5 

! an I 8.0 


237.8 +0.2 i 20 

131 S 1 27* 4.2 

132 ;+2 IS0.S0- 0.6 
. 122.2-0.3 -41!. • | 7.0 

flrinjtUeo. Idt£1i; 40.7 fl- MJ9i 1.2 

wwi lan 'do. Ant 1 400.5—3.3 33 i 4.0 


COPENHAGEN * 


Julv 10 


1 Price : -f on Dir. Tld. 
Kroner ’■ — : » | ® 


Amielsba n ken..,..; 

Bem'-orTV ; 

DanakeBanx , 

LAsiati Cu ' 

F man itoakcn. : 

dii^iener 

F--r. Kaplr ; 

Ua3>iei«Lanb 

Vtb'n H.-KriC'i 

Nuul Kobe) ... 

:ei«i>nk • 

FnreOamk 

I'r-jTitotanW 
3cpb. Bererudt+a. 
rLpeno, 


134 11 

434 ! 1 15 

122S*' 1 12 

164 '-I* | 

129*+. j 

370 - 

78% + lls : 
l:sa% ........ : 

2b3 ‘ 

1911* —5 > 

/ 8 % +% 

136:* +71, . 

I56*j 

405 

ITS** -s* 


8.2 
! 3.5 
j 9.8 

12 ] 7.5 

13 ,10.8 ! 
12 ; 5.2 1 


Arbed..._ :2.335 

B.j. Bnr U in h..... 2.540 

Hekert -B" 18,010 

L'Jl.K. Cement.... '1.140 

Lu.-ketlti ' 470 

fcBB>........ a.2S0 

Hwctrobei 6.660 

FsbrHjoe i\oi. 1 2.695 

G.H.Inno- Bar— ... -2.210 

litreert. 1.298 

Habvken 8.400 

ImereoR) 1.768 

RrMtetbank- (6,780 

La Kuva-e Bel(ce..!0.7 10 

Han HoMln^.. (2,680 

Fetrc-dna -.3,690 

doc Gen 8eaqu4.j2.08O 
Gan Bel zi quel 1.9 50 

define _.]3.15D 

do- v*y 2.420 

(motion Kl»--t..-J2.560 

LCH j 936 

Un MitLsMOt ..«4 780 
Virtue Montague 1,490 


-5 - 1 - 

1+10 72 ; 4.7 

■ 'Ilb 1 5.7 

i+30 jiao j 8.8 

:+30 (430 1 e ® 
+ 10 f!70 8 3 

Pa 86 ! 6.8 

1+50 17u I 7.1 
i+5 1142 | 8.1 
|+ 10 ;<$9d : 4.3 
— 4 j *325: 6.7 
! 32.45 3.1 

S-BO 20a 
1+ 10 1140 
1 + 15 '215 
1 + kB IA2WI 
■>•10 '170 I __ 

1 + 8 - ( - 
+ | ft 50 j 6.9 
+50 1 — 


wlurlrie* 

Jones l D avid 

Leonard Oil 

Metal* Kx pi oration 

M I M Holillnjfa: ! 

Myer Lrnporiun--^ ' 

Ne«* — 

N'wboias International 1 

North Broken B'dlnga ibOc)! 

Uabbrldee— ' 

L>U deorcb- i.| 

*>U« Hxploratk-n — . 

Pioneer Concrete. j 

rfecklri ft Colnuuj— 

8 . C. nieiitb : 

j southland Minin*.. ! 

! -parcc* Bxplorsilea. 

Tooth (Si. j 

Waltrnia. 

h'mern Mining ic-5 eemn-i 
fijgjwithfc i 


TO.B 6 
t2.10 
1 1.35 
tO.78 
tl.10 
tl.24 

ri.bs 

» 1.L5 
81.50 
ti).40 
*0.5 1 
tO-50 
tl.15 
tl-26 
U-70 
t7.«0 
1 1.18 
tl.73 
t2.0 
T2.95 
tl.88 
' t3.10 
t2^0 
12.00 
tl.uO 
+1.38 
TO. 90 

ta.as 

(2.50 
tl.aS 
+8.10 
. +0.73 
+8.80 
S0.87 
+1.15 
11.17 
+OJ 2 
toes 
+ 2.10 
+1.72 
+8.30 
+0.86 
0.88 
0.73 
+0.14 
+0.37 
0.52 
+2.85 

tO. A) 
10.33 
10.37 

♦ 1.84 
tO^a 
OJ55 

♦ 1.6a 


-3.01 


BRAZIL 


July 3 


I Fnee j+orjfnrtflTS 
1 Crux 1 — . ;Dlr. j % 


Acerita OP 1.00 1+0 J3J0. 12{I2.B 

Banco «k> Bnuil... j 2.01 t-0.01j0.17'i.4! 

Banco Han I 1.38 10.37, : 8 .l 

Brian MmehaOP 2.13 + 0.08,0.08 1.7« 
L«a» Amer. OP- S.32 +0.071Q.2OJ0.DJ 

Petnjbraa FV. 3.83 : +0.07-8. 134.01 

Pirelli ! 1.58 l+0.05g. 1610 Ji 


tktam Crus OP ... 1 237 +0.04i0.23 , fi.OK ’ri ' ’ 

1 ...... ! I'ntp PH ! 6.35 .—0.060.26] 4.61 -U'' 

i+fl.02 : rale Rki TV** PI 1.30 :-«.IW!0.ldll.O» 


.+0.0* i 
-MJ.IT 


source: Rio da Janeiro SB. 


+i!ti ! OSLO 


+0-14! 


July 10 


j Pririe J +or j 
1 Kroner , — , 


WTO 

% ; » 


-®- 08 1 Ik^en Bank j 

■IJ^iBorragaani^ 1 


82.6 -0.0 1 9 .’9.7 
65.51+0.5' — 


,+J.irt 

,-0. r -S 

Ufc j 


Credit bank i 106.5'.^ 12 

1 210 1-5 I 20 

Kreditln»en 103 J) U 

Norsk HyttrakrJK^ 180 -1 ! 12 
dtorebrand.™„J 82,01—1.5 1 7 


9.4 

9J 

W. B 
0.S 
lO* 


JOHANNESBURG 

MIKES 


MJJM | July 1 ft 
j+O/B I 

J-AOS 


i+U2 


i+'iiifiS 

MJ.fll 


(+(.-» 

,+OJW 

j+0.01 


4.7 
6.9 
7.1 

6.8 

8.7 

6.7 


SWITZERLAND • 


1 Price 
July 10 | Fra- 

■4- or 

Div. 

Tid 

% 

A tu minium ... jl,240 




BBC'A' ,1.640 

+ B 

10 

3.0 

Ciba CrelgyxPr.100 *1. 105 


28 

3.0 

Do. Part Cett.] 8Z0 

—10 

27. 

X / 

Do. Heg | 584 

-3 

22 

5.8 

Credit >uisre |2. 165 

-10 

16 

4.7 

Klecttutratt 11.740 

+ 5 

10 

8 9 

Flauber iLieorgei.i 690 

-5 

6 

5.6 

HnffmanPt Certs. 1 70.000 

—8260 

550 

O.B 


Do. tomall} 17.000 !— 175 -55 

Interfond B 13,900 | 21 

Jelmpll 'Pr. 1001. 11.420 
NestiatFr. 103l.„.|3.480 

Do. Hex .2.230 

Oerlikona. (F-SSO-^.Seo 
Plmu &IP(F I0J1 285 

danioz (Fr^but 3.830 

Do. Port Certs.. 486 
dchtudlerCtFlCa 300 
Hi-eerUt(Fr. Iu0) 566 
»«l«lr 813 

Bnk. P.W. 37© 

»!*• ilfeiFiao... 4.735 


12 

12 

12 


_ - : Union Bonk '3.055 


duriub In*. '10,750 '+£0 


11 

12 

12 


8.9 

4.1 

6.3 


8.2 

8.1 MILAN 

3.0 

6.7, 


c?... 

'+8 

i=? 

;+3 

| IV 

[™50* 

1 — »• 


21 

f*«M 

is 

16 

26 

26 

12 

14 

IO 

10 

4u 

80 

44 


0.8 

2.7 
1.5 
B.0 

3.8 
1.4 

5.3 

1.7 

8.7 

4.0 

3.9 

4.3 

2.7 

2.1 

3.3 
8.0 


PAWS 


July 10 


Price -I + or; Div. 'YU. 
Prs. j — j Fr».j 


Rente 

■Wnquer Oeelrt't'e, 

Alt Lrqnld 

Aquitaine. 

»1C 

Boayijnes 

B-’-.N. Gervu..,.. 
Cartrionr. ......... 

C.G.H. 

C.UT. Alcatel | 

Ctebancalre— .. 

U*ub M»llter 

Credit Com Price, 
Crmnqt Loire.-... 
Dinner 



742.9 —2.2 
389 
311 

523 ]-l 126.251 B.O 
506*4+6 *lff.z&1 2.7 


Fr. Petrolre 

Geo. Oecidentale] 

loiatal 

Jacques Bcrel-... 
LaftrEe.^^.^.^. 
L'OzeaJ 



128.5 
197.0] +7.5 


Lef-rond ... 

Mai -on* Pheola.. 1 

Mtebrtto "8". [ 

Uoet Benneeany. 
Moulinex 

Phribre. 

PWilney...—-.... 

Penwd-Rbaurt. _. 
Peugeot -Citroen.. 

Poclaln 

Radio Technique.; 

Kedoute. 1 

Rhone Pculenr 
fit. Oolaia.u.h,.. 
kit Hosal*nol., 
oar 

reiauKanlque — . 

tbonuoa Brandt^ 
iirttuxr 


, B.7) 9^ 
-1.4 i - I - 


830 +10 
L69J +00 
486 +1 

1,864 
60S , 

155. ft 

171. 01 
B3:s| 

360 , 

377.01 
815 
430.0| 

530 
101 

148.(4 _ _ 

L6501+20. 39 ] fij. 
269.61 + 2.0 j 28.B] 9.4 
725 f+a 8&jp 3.5 
208.5 -0.4 |l 6 .»j 7.3 

M.7U0.7 1 - - 


116.77 8.0 
1A67 1.9 
36.76, 2.3 
39jn as 
32i£J 2.6 
12.9 8.5 
3 | 1.9 
l3.*!u.6 
7.6] B.O 
7.^ 8.9 

17.28; 4.0 



STOCKHOIM 


VIENNA 





July 10 

Pnte 

9 

+ or 

Uir, 

»» 

Hr 

CmritAititau 

542 


10 1 2.v 

I'OrtT-arte - i 

;eir.ta „..J 

270 

+J 

9’. 

4.7 

606 

a- 1 

58 

7.2 

11* -.IIIIII8IMI 

90 





310 

+ 6 

8- 

3.8 

[ j ' JlRtfrP'lta .•.[ 

231 


10 




Julv 10 


Prirt 

Lire 


■for Dir. .TT 

1 — ; ui*. -s 


AN It. I 99.6—0.76' - _ 

UastCf^ ; 469.0 T 3.0 ' — ■ — 

Fm II. 809 %■ - 6.0 150 6 3 

Do. Put v > 1,510*- ’—9.0 15 j' 9 3 

+ insular > 12B.6-0.7S - . 

luiccruent ....... 1 11.795 - 1B2 6 JO 5.1 

ItalrlOcr. 850 .r'S.O - , _ 

Med*-- wire ■ 33.000 - 160.0 1.400 5.6 

il-juie-ii-tn ' 155.(5—1.76 — . — 

C 1-etli Pn* 988 >7.0 - .. 

Pirem v Lc il.616 1*0 ai 

Pirelli Spa - 963 —5.0 80 8.3 

-row Vito-.w j 741 — 9.0 — : .. 


July 10 


Prion 

Krone 


+ cr; Ulr. iTnl. 
— Kr. I J 


AUA Ah.ihr.9U)...; 
Alla Lavai B;KthO] 
\rtK,A (KrJW ■ 

\Ua- 

Hilleturt I 

iL-tor- j 

-.antu ] 

-^Kulcha ; 

tiieci'lux'U'iKm.' 
LncMin ’h'-hra.; 
t-wim , *B". ... 

r'aijw an.. 

■Jraupce itre+i.. .. 
tlan-Uettnnken.. 
Uiratouj .. ,. , 
*l.i >.Mj IJi-id l.i,. 
H.III l> Ik A . 11 . ... 
-.K.K. Kia. . 

iwinl Kn-kii in . ! 

Can ;«im •«' K'i— •• 
r’i.li-h -1 tn . . . . 
V-i'lv 


315 { + 8 

1-8 ; 

62 +1 
12 s Ui 
05«-t 


115 

198 

240 

i+l 

148 


'^1 

:-rl 

-1 

1+1 


Anlo American Cores 
Charter ConaoUdated . 

Eaat Driefontein 

Elaburg — 

[ Harmony 

Kinross 

fCoof 

Romeuburg Platinum 

St. . Helena 

South Van! 

Gold Fields SA 

Union Corpora boa 

Do Beers Deferred 

Blyvoortmricht 

Bast Rand Per. ........ 

Free Slate Geduld 

President Brand 

PresMeu Stem 

SUIFonUJn ... . 

Wolkom 

West Driefontein 

I Western Holdings 

1 Western Deop - 


aect 

Anglo- Am or. Indusma] „ 

Barimr Rand 

CMA Investments ...» 

Como Finance 

De Beers Industrial 

Edgars Conolidatod tor. 

Edgars stores 

Brer Ready SA 

Fedorala volk&boIegBmgs . 

Grcatrrmana Store* 

Guardian Assurance (SA) 

LTA 

McCarthy Rodvray 

ISedBank 

OK Bazaars 

Premier UHUng . ..r. 

Pretoria Cement 

Prntea HoMlncs - 

Rand Ulneo Properties — 

Rembrandt Group - 

Retro — 

Sage auMikf* 

SAPPI 

C. G. Smith Sonar 

SA Breweries 

Tiger Oats and Hat Mills. 
Uuisec . 


Hand 

- 5.75 

... 3.34 

... 12.73 

- 3. SB 
.. fi.60 

- 4.65 

BAS 

l.fifi 

tXjJW 

S.03 


+ft.« 


-*-0.1* 

•HIM 

+»■» 

+B.01" 

+0J» 

+b:<» 


+24. M 

+0.54 

3.03 

j-O m 

B S3 

+0 1ft 

A S3 

+6.M 

3.05 

+ 025 

129.09 

+0..-J 

16.25 

+ 01> 

12-75 

+8.33 

5 nn 

+ il H 

J.00 

+ 0.17 

S7.73 

+ 1 on 

T34 BO 

+0 54 

14.23 

A 

+ 0 25 

sso 

10.25 

+ 0 "8 

4 29 

1 74 
ft.sn 
*10 .in 
t? :n 
127.00 

+0 01 

1.71 
.1 ro 

+fl 9% 

+2.25 

2.M 

+4M 

2 11 


0 00 

+81*3 

2.T8 

+0.« 

+7..% 

+ 0 4-7 

3M 
+S AS 
7.2ft 

2. IB 

5 S3 

-« re 

1.40 

. 

2.1S 

3.00 

+8* 

l.iT 

10 JM 
1.18 

+BCJ 


Securities Rand U.S.S0.70 
(.Discount of 39.1%) 


SPAIN 

July 7 
Aaland ~- 


Banuo Bilbao 


Banco Alla on co (LftM> 
Banco Cemrhl , 

Banco Exterior 

Banco General 

Banco Grenada < 1 , 000 ) 

Banco Hlsoono 

Banco Ind. Cat, cuoam 
B. ind. uodttemnco... 

Banco Popular - 

Banco Suotander (I&0> 
Banco I'rqullo (LBOOr— 

Banco Vizcaya — 

Banco Zaragoza no ...... 

Baukuuion 

Banus Andaluda 

Babcock Wilcox ......... 


Per cent 

ia 

304 

2U 

3U 

2«S 

284 

151 

2H 

172 

2M 

238 



+ 1 
+ 6 
+ 1 
+ 6 
+ 4 

+ J 
+14 


+10 


2.0 

3.6 1 an 

6 i ; Dragadas 

i’b l rumobuuif ... 
5 o I Ik. I. AraSUTKHE 
• Espanola Zinc 


, «,£ jo HML rjo TUIIO 

; t l.OM. 

. 6 “!^|Hcn*a ■ l.oof'i .., 
. f : 2 ? 1 Prrclodw 


*5 

-a 


305 
v5 
S3 
345 
100 

60.5. 

250 : . .. . 

6* : 

134 .1 | 

70.0-0.5] 
58 , + 1 i 
67.3—0.3 ; 


a 

4 

16 

8 

X 75 
4.0 
8 - 
B 

v — 

6 


4.4 

2.7 


4.7 

8.0 

2.2 

7.0 
9.2 

7.1 

8.9 


2» 

au 

272 
151 
245 

2ft 

U 

287 
7ft 
50 

101 — 

ftiB - i.a 

rt - 1 

71 - 

Tft +1 


+ a 

+ 4 

+ 4 


+ 5 

- I 


i croud Vetettucr iMO) 

1 Ffidri M b 

TBS 

765ft 

-7.50 


■ Ufirtnyro 

S5 S 

+ 0J3 

'Olarra 

wo 

— 

.ifTf 

: Paoirierat Reutudu — 

7i 

+ 1 


• Prtrulflir-r 

13? 

mm 

•*?\} 

, Petrolpui 

203 



. S.irrio PaiMlera 

5T 

- 0J* 

if, 

SnUvr 

52J0 

— 

•Mi i 

SiOnChM 

124 

— 

reli-lnnira ... — 

67 



Torres Itnucik+l ... 
rutrtLex _• 

4T 

loo: jo 

+ t 
- »J» 


L'lUtm Elw • ' 

. 10.50 

+ m 

. 


»* 














HARMING AM) RAW MATERIALS 


33 


'N 


?uiet start 
or crossbred 
root market 

By Our- Commodities Staff 

i.NDON’S NEW (.rossb^ 
ol futures market got off to 
quiet, but encouraging, start 
sterday. a total of 34 lots of 
(HI kilos each.was traded when 
■ne gnod dealer buying interest 
velnped after a cautious 
ening. • 

Traders pointed out that it is 
seasonable . quiet period at 
. esent with the auctions closed 
ior to the opening of the new 
^NTS-T9 season and manufactur- 
? units also either closed or 
.irkin? at a low ebb during the 
miner holidays. - 

Cloning price for the first 
iding month, December, was 
2J>0p to lR3p a kilo based on 
•w Zealand 35 micron wool. 

London contract is claimed 
_ be the first-ever crossbred 
' -yol futures market. 


U.S. cocoa use 
slips 18 % 


BY OUR COMMODITIES STAFF 

U.S. COCOA bean grindings fell 
hy liL2 per cent in. the second 
quarter of 1978, according to 
the. U.S. • Chocolate Manu- 
facturers’ Association yesterday. 

: Tbc grindings • figure was 
St’S 2 ! sI, ort tons * compared with 
51,713 short tons in the second 
quarter of 1977. 

Reaction on the London terminal 
market to news of this steep 
fall -in U.S. cocoa . consumption 
was mixed. 

Prices initially rose since the 
market had already discounted 
an expected fall of between 15 
to 20 per cent in the grindings. 
Some dealers who had forecast 
a decline of as much as 25 per 
cent, therefore described the 
IS per cent • drop as 
constructive.” 

However, the market then 
reacted downwards, before rally- 


ing strongly at the close on stop- 
loss buying and covering. The 
September position eventually 
closed £17 up at £1,723 a tonne. > 

Nevertheless the fall in U.S. 
gri ndin gs is a large decline and 
illustrates the Impact of the very 
high price levels during the past 
few years. 

Overall confectionery sales in 
the U.S. have been hit by the 
high cocoa prices, aggravated by 
the fall in the value of the 
dollar. There has also been a 
sharp increase in imports of 
cocoa liquor, mainly from Brazil 

and Ecuador. 

Grinding figures from West 
Germany, due out later this week, 
are expeerred to show a decline of 
between 5 to 10 per cent, with 
a similar fall forecast for UK 
grindings, which are expected 
to be issued next week. 



Shipping delays are continuing 
to keep the nearby months at a 
premium over the more distant 
positions on the futures market, 
but this situation could gradually 
disappear in the months ahead 
if the Brazilian temporao crop 
encourages -further sales. 

Prospects for the West African 
crops are looking reasonable at 
this stage, although it is pointed 
out tbat there is a general down- 
trend in Ghana production which 
Is unlikely to be reversed much 
even if the weather remains 
favourable. 


Copper price rise predicted 


tpper PRICES on the London 
etal Exchange should rise 
eadily in the last four months 
the year, Mr. Sacha Gueronik. 
■ scretary-General, of the Inter- 
ivernmental Council of Copper 
eporting Countries (CIPEC). 
•id here yesterday. 

Following a stable summur 
arket trends will begin to be 
fleeted in world copper prices. 

* told Reuter. 

They will begin to rise as a 
suit of falling stocks, and the 
-aiisation in the market that 
-fined copper production this 
‘ar will fall several hundred 
nussnd tonnes short of 
■nsumption. 

Mr. Gperonik noted that 
ipper stocks on the LME ware- 
njses have fallen steadily from 
>0.000 tonnes at the beginning 

• the year. A large pan of the 


remaining stocks are already 
spoken for, or are of inferior 
quality. ' ' 

The market situation' sharply 
reversed this year from a 
position of over-production to 
one of a production deficit. 
This turnround followed the 
closure of some mines; transport 
difficulties, particularly in Zaire 
and Zambia; the rebel invasion 
of Shaba Province, and social 
conflicts in the Peruvian mining 
industry. 

He broadly agreed with current 
estimates by the International 
Wrought Copper Council of a 
refined . production deficit - of 
220,000 tonnes in 1978. Though 
this did not ■ include shortfalls 
resulting from the Shaba inva- 
sion. ■ 

Mr. Gueronik said that accord- 
ing to his information the Koi- 
wezi mines were ip. fairly good 
shape but production rates were 


not yet back . to pre-invasion 
levels. 

One of tbe most important 
consequences of the invasion was 
the delay caused to work on a 
substantial expansion programme 
for the Kolwezi mines. 

The underlying supply trend 
would continue to worsen, with 
about 120,000 tonnes of Zambian 
copper stuck half way between 
Zambia and Dar es Salaam and 
the difficulty in getting copper 
out of Zaire now that outlets 
through Angola were completely 
cut off. .' 

It took about 45 days to get 
copper from Kolwezi to Matadi 
wbere it can be exported, and 
the journey involved' many 
changes in transport from road, 
to rail, to ship. 

Mr. Gueronik said in summary 
the outlook for the copper price 
was less discouraging than at the 
be ginni ng of the year. .. 


Metals up despite stronger sterling 


BY JOHN EDWARDS, COMMODITIES EDITOR 


3PPER LED a general rise in 
*se metal values on the London 
etal Exchange yesterday. The 
. creases came despite the 
rang rise in the value of 
srling against the dollar, which 
■rmally should mean a fall in 

uidon prices. 

As expected, there was another 
.cable fall m copper stocks 
• Id in the LME warehouses. 
‘ ey fell by 5.925 tonnes rcduc- 
? the total held to 497,275 
ines — the lowest level since 
\ end of 1975. 

However, the Impetus for the 


upward trend came mainly from 
New York, where a buying chart 
point was breached. 

A rise of £90 to £$635 in the 
cash tin price reflected tbe trend 
in copper and a rise in the 
Penang market over the week- 
end. A~rise in tin- stocks- of 85 
tonnes to a total of 2J310 tonnes 
was in line with market expecta- 
tions and. bad already been 
discounted. 

The International Tin Council 
begins its full .session toSfty 
when the -main Item - for diSkC»fc> 
sion will be producers’ demands 


for a substantial rise in the Tin 
Agreement “floor” and “celling” 
price range. 

A technical market squeeze on 
supplies immediately available 
helped to boost lead values with 
the cash price closing £5.75 up 
at £308.5 a- tDBne. Both lead and 
zinc were boosted by the rise in 
copper. 

Lead stocks fell "by 250 tonnes 
to ‘55,475 tonnes,. while rinc hold- 
ings rose • by 2,250 to 70275 
tonnes. LME silver holdings in- 
creased hy. -10,000 to 18,010,000 
ounces. 


Import ban 
on copper 
unlikely 

PARIS, July 10. 
THE U.S. Administration told 
members of the lnter-Govern- 
mental Council Of Copp er 
Exporting Countries f CIPEC I 
that it Is unlikely tn take action 
on eopoer. reports Reuter. 

Mr. Sficha Gueronik, the sec- 
retary-general, said he had 
received a letter from the U.S. 
Administration statinc almost 
explicitly that if would not act 
to limit copper imports following 
a U.S. producers’ petition for 
temoorarv relief from imports. 

The Adm instrati on told Ci pee 
the US. did not support the 
principle of protectionist meas- 
ares to resolve trade problems. 
Tf wHl continue to look for inter- 
national solutions . to the prob- 
lems of the enntier market 
The U.S. International Trade 
Commission will make recom- 
mendations to President Carter 
by August 23 following its recent 
hearings on copper imports. 

In 1 Washington, U.S. copper 
industry officials said they were 
disappointed at the latest U.S. 
Bureau of Mines statistics on 
refined copper imports. 

The Bureau of Mines said 
refined copper imports jumped to 
77,919 short tons in April 1978, 
equalling 48 per cent of domestic 
consumption and 36 per cent of 
total U.S. consumption. 

Mr. George B. Muaroe, chair- 
man of Phelps Dodge, said: “ A 
35 per cent increase In imports 
id only one month means that 
total imports are now over five 
times normal levels.” 

Reuter 


Depression 
hits sugar 
market 

fly Our Commodities Staff 

WORLD FUTURES prices for 
sugar lost £3 a tonne and more 
yesterday on the London 
market. 

With bo fresh news to holster 
trade and farther reports of a 
heavy beet crop developing in 
th e European Community, 
prices resumed their downward 
trend early in the day. 

The London daily price for 
raws was set £2 a tonne lower 
at £89,. and futures .prices 
eased from the opening as 
sterling' strengthened against 
the dollar. 

October sugar closed at 

£89.625 a tonne, £3 down on 

Friday's dose. 

The French beet growers’ 
federation reported that the 
crop In France had now made 
up tbe ground lost through a 
cold spring, although the lack 
of sunshine so far during tbe 
summer bad set the roots back 
again. The crop was once 
again a week behind schedule. 

One. dealer who has recently 
toured the main beet growing 
areas of Europe, however, said 
crops In general were in - a 
“ beautiful ” condition — free of 
diseases, dear of weeds and 
without any of the customary 
gaps in the rows of plants. 

“I can see no reason why 
the market should stop fall- 
ingy'hc sal 11 - 


Trinidad State 
industry 
in trouble 

PORT OF SPAIN, July 10. 
CARONT, Trinidad and Tobago's 
State-owned sugar company, has 
lost ST&T 131m (about £31m) 
over tbe last three years, accord- 
ing to- its chairman Mr. Frank 
BarsottL - 

The loss last year was 
ST&T5Im (about £L2m>. 

Presenting the company's 
annual .report for 1977, Mr. 
Barsotti made it; plain that 
Caroni would have closed down 
lopg ago had it not been State- 
owned and the Government will- 
ing to subsidise the losses. 

Caroni produced 156,000 tons 
of: sugar last year, a drop of 
50,000 tons. 

The 1978 outlook seems equally 
gloomy with final production not 
expected to exceed 155,000 tons 
— a 'fall- of 41,000 tons below 
target 

“ Beyond doubt Caroni is in a 
position of extreme • crisis, 
perhaps more serious than any^ 
thing previously experienced in 
its long arid'difficult career/’ Mr. 
Barsotti ’said. 


‘Imports undermine 
UK beef trade’ 


BY CHRISTOPHER PARKES 

COMMON MARKET traders are 
consolidating their foothold in 
the British meat market Mr. 
John Silkin. Minister of Agri- 
culture, was warned at the 
weekend. The British industry 
is being undermined at all levels, 
according to Mr. John McNicol. 
chairman of Buchan Meat 
Producers. 

In a letter to the Minister, 
Mr. McNicol claimed: “Unless 
some action is taken we can see 
ourselves becoming a nation of 
milk producers witb calves being 
sold abroad and our meat sup- 
plies coming from our partners 
in Ireland, France, Germany. 
Denmark and Holland." 

The already heavy trade in 
British calves to. Europe had 
increased 120 per cent - in the 
first quarter of the year. 

Skilled abattoir staff were 
being tempted to work in 
Belgium. France . and Holland, 
and some Continental companies 
were even serting up their own 
calf rearing' farms in Britain to 
guarantee future supplies of raw 
materials for fatteners in Europe. 

Buchan Meat Producers, a 
co-operative operating in the 
North - East of Scotland, 


represents more than 4,000 
farmers, most of whom specialise 
in beef production. It sells more 
than 50,000 head of finished beef 
cattle a yean 

The danger could he averted 
by a change. in the Government's 
attitude towards “green pound" 
policy which at present gives 
European meal exporters heavy 
subsidies on their meat sales to 
the UK, Mr. McNicol said. 

British calves were being taken 
abroad, fattened up and sold 
back here in tbe form of meat. 
Last year more than 400,000 
calves were shipped out of 
Britain and in the first three 
months of - 1978 exports were 
already running ai more than 
double this leveL 

Slaughter 

One Belgian company planned 
to increase Its imports of calves 
from Britain by 33 per cent this 
year. “ Several other Belgian, 
Dutch and French firms are 
planning similar moves," he said 
in a statement. 

“In addition to the exports 
of live animals we now see an 


increasing level of recruitment 
of British personnel skilled in 
lamb slaughter, beef boning and 
cutting." he said in his letter 
to the Minister. 

“ Continental meat companies 
have also bought into our distri- 
bution system with takeovers in 
wholesale and retail. sides of the 
business even to- the extent of 
buying in to the traditional 
ccnlro nf the meat industry, 
Smlrhfield market." 

British slaughterhouses, 

already short of work, now faced 
the prospect nf working a three- 1 
dav week. 

“If the present policy on 
monetary compensatory amounts 
Is to continue, then one can see 
only a rapidly rising trend to a 
rpduring slaughter throughput in 
the UK and morn people hPipg 
thrown into unemployment." 

Mr. McNicol said yesterday 
that his main concern was that 
European calf traders were- 
draining the raw material from 
the British beef industry. Thtf 
trend was accelerating and in 12 
months producers and processors 
here could be in serious diffi- 
culties 


EEC sheepmeat regime backed 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


THE EXTENSION of the 
Common Agricultural Policy to 
include a -sheepmeat regime is 
strongly backed in a report by 
a House of Lords select com- 
mittee on the European Com- 
munity published today. 

It says that a Common Market 
sheepmeat policy is essential to 
bring stability to the market by 
preventing unilateral action- by 
member countries. 

The committee approves- in 
general the Commission's pro- 
posals for a regime which would 
provide for free movement of 
sheepmeat across Community 
frontiers, supported by ■' an 
efficiency payments system. . 

The suggestion is that this 
should be weighted to take 
account of the probable fall in 
price for French producers 
catered for by means of a five- 
year transitional period. 

The committee discounts the 
fears expressed by New Zealand 
that tbe safeguard clause con- 
tained in the proposals could 
cause a cut-off in their exports to 
Europe. 

Instead, it points, out that the 
present, levy of 20 per cent on 
New Zealand lamb ' imports, 
which cannot be increased under 


the GATT regulations, could in 
fact become variable. So, in the 
long run, it could, actually 
benefit New Zeatand-^a claim 
which is viewed very sceptically 
by the New Zealanders. 

None the less, the committee 
recommends tbat the regime 
should include a firm commit- 
ment that the -safeguard clause 
would be invoked only -If there 
were no other way of ensuring 
market stability. 

Also, that sufficient notice 
should be given- of its imposition 
because of New Zealand’s dis- 
tance from the market 

It' recognises that lamb prices 
are almost bound to rise, should 
there be free trade, but it does 
not appear to think that the rise 
will be any more than what is 
called a minimal 5 to 15 per cent. 

This discounts the New Zea- 
land view that prices would rise 
much further, and so cause a 
fall in consumption. 

As a footnote to the commit- 
tee's findings, it must be noted 
that the present price of sheep-, 
meat is about 20 per cent higher 
than at the same time last year. 
Moreover, there has been a sub- 
stantial increase in exports to 
European markets other than 
France over the past ye'sfr. 

This will presumably continue 


PARIS, July 10. -V 

even if Uic French market is 
closed within the next week or, 
so, which appears likely a£ 
present 

Many of these exports find 
their way into France, by tbe 
backdoor without paying the 
French duty. It is probable that 
a regime, if it conics, will make 
little difference in the long run 
tn a situation of virtual free trade 
in sheepmeat. which is already 
growing. ■ • _ j 

0 The New Zealand Moat Pro-i 
ducers' Board found the Lords' 
report “complacent." ' ' 

“ We have little quarrel with 
their analysis, but the conclusion' 
seems complacent in the light o< 
what they have found," the boar* 
said in a statement 

“We are surprised the con* 
mittee has endorsed MAFF's loW 
estimate of S to 15 per cent toll 
the resultant increase in UK 
consumer prices without any 
attempt to substantiate such' - a 1 
conclusion. 

■ One of the board's main fearrf 
about the proposals was that the 
basic price, which according -to 
the Commission’s explanation? 
would be used purely as a lech-' 
nicai benchmark, would soon he: 
seen by producers as a target 
level for' market prices.- J 


OMMODITY MARKET REPORTS AND PRICES 


8ASE METALS 

OPPER— Gained •trenpth thTOTUdraat 
Say on ihc London Metal Exchange 
•r forward mela! had siartcd af E7W- 
• decline in warehouse stocks was 
^nred - and ite firmer value of the 


•PPE15 


*.m. *wi r>.n»- 
Offl.-tal ! — ] Umifllidn' 


f+nr 


£ 


\ £ \ £ 

rohare 

ti ! 692.5-3 ' + 5 

■>nihr..j 713-3 +6.S5! 717.5-8 j+B.75 
U'nj'nt 693 !+ 5 
bade*. 

.688 5 95+6.26, 

■■nil,*..- 709.- 5 +4.2*1, 715.5-4 
tl'm'ni 609.5 +5.6J 

:. roi.ij — 


697.5-0 1+7.76 


693.5-4 J5 + B.6 
+9 


•66.5-68 


pound against the dollar had little effect. 
The main influence was the. strength of 
Cora ex. although la the afternoon some 
Influential buying entered the market. This 
allowed the price to close on the Kerb 
at the day's tosh of £719.5. Turnover: 
Ifl.RSO tonnes. 

' Amalgamated Metal TraduiK reported 
that Jn (he morning cash wi rebars traded 
ai cno.S. 93. three rabnihs £711, 11.5. IS. 

13.5. 33. IS. a. Cathodes, three months 
JE7W. Kerb: Wlrebars. three months £715. 

12.5. Afternoon: Wlrebars. three months 
1715, 14.5 r 15. 18. 17. 18-5. IT. 17.5. 18. 
17, 17.5. Cathodes, three months £713.5. 
Kerb: Wlrebars, three mouths £719. 155. 
19. 195.. 

TIN — Firmer, with forward metal start- 
las at £6,490 after a rise in the East 
over the weekend. Covering against physi- 
cal business and pricing agalnstlnsn 


grade materia] pushed. the price to £S52& 
a chart. point which induced some selling. 
18 the- afternoon physical demand and 
stop-toss- basing led to a day's hlgb of 
£5.589 and a. doge on the Kerb of £8575. 
Turnover: 1,315 tonnes. 


medium plaice 14.88-S8JW, best small 
£3 -50- £5 29. medium skinned dogfish £558, 
Urge lemon soles £8.00, medium £5.58; 
sal the £ 2 . 0tt-f3.se. 


COCOA 


TIN 


a.m. 1+ orl n-m. It-t-or 
Official l — | Cnofftaa’I 


Grad- 


Usfa 

5 months. 
Serfiem't-j 
Standard 

Uuh 

A mouths. 
eietUem't. 
tiimlta H- 
JJew York 


6630-40 

6516-35 

6640 


P 

+ 90 
1+87.51 
+ 90 


• It ' 

663040 

O550-70 


6583-5 1+57 J>i 6630-40 
6905-15 +45 I 6540-60 
6585 +95 

181706 +19 


In quiet coodltiods ' value® traded 
within a narrow range closing steadi e r on 
balance, reports Gin and Duff os. 


ft 
+90 
+ 85 


+ 90 
1+715 


J. Index Limited 01-351 3466. Three months Copper 716.0-722JS 
Laiuont Road, London SWI© OHS 
. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 



"Cfkfti gwe we 
tm -fruetuto, iwj to 



When one has known a certain -way of life; and rising 
costs look like taking it aU away, who is there for people 
like us to turn to ? . . 

There is the Distressed Gentlefolk's Aid Association. 
The DGAA is run by people who smderstaad. They 
know tbat we want to s tay in ourown ho^ swronnd^ 

>>• « p—a.- 


VIM* ^ 

Nursing Homes. , 

The more you on help the DGAA. thp moie 4c. 
DGAA can do to help others. Domt.ons^e nKded 
urgent!?-. And please, do remember the DGAA when 
making out your Will- 

DISTRESSED GENTLEFOLKS 
AID ASSOCIATION 

VICARAGE GATE.HOU5E ■ VICARAGE GATE 
KENSINGTON LONDON W8 4AQ 



• HanUug: -Standard, cash £6-571). 88. 
three months £6.488,. 90. X8JM. Blah 
Grade, cash £6,830. 69, 38. mid-July £ 8 . 610 . 
Kerb: Standard, three months J&519, 13, 
28, 15, 18. Afternoon: Standard, three 
months £8320, 35. 30, 35. 46. Kerb: 
Standard, three months IS. 550. n. 89. 

LEAD — Wilber tn active trading with 
Ute market Influenced by the performance 
of copper and buoyed by chartist and 
■top-toss buying. A technical shortage 
of Matty metal led to a narrowing of 
Um contango. After starting at £3124314 
forward. mela! pmved to £315 In the morn- 
ing and in the afternoon hit a high for 
the day of £318 before easing aligbJtlv <o 
finish on the Kerb at £216-5. Turnover: 
4.050 tonnes. 


COCOA 

Kwientiy'v 

Clow 

HFjw 

ButdnflH 

Done 

NnjRl'ttpr’ti J 1 


tept 

Dk 

Maret) 

May 

July 

Sent ; | 

1722.0- 245 1 + 17.0)1723.0-1686. 

11706.0- 07.0 + 20.0. 1708.0- 1075. 
IE83.Q-84.0 1 + 15.5 1088.0-585 
18595-70.0 |+ lt-Oj 1648.0-55.0 
1B38.0-SD.0 [+ 11.0(16205 

1815.0- 555 + 105:1 B0fi.D-O55 


units of account -per tonne: Cornmap 
wh e at 8 9 .19. rest nu f89,l8, rest nil); 
Durum wheat— 133.79, 0.33. 0.33, '0.83 
<133.79. nil, nil. (Jti: Rye— 88.97, rest 
nil <88.97, rest nil); Barley— 83.59. rest 
nil <83.59. rest nDt: Oats— 77.41, rest nil 
(77.41 .rest nil): Maize (ether than hybrid 
for seeding >—61.65, row nil <90.98. rest 
nfli: Bnekwheat— AH nil (all nl)>: Millet 
—79.94. rest nil (TIMM, rest-nfli: Crain 
sorghum— 84-27. rest nil <84.77. rest ofl«. 
Flour Levies: Wheat er mixed wheat and 
rye— 137.97 (£37.97); Rye neur-136.77 
(136.77). 


PRICE CHANGES 


Prices 

stated. 


per tonne unless otherwise 




rlD 


RUBBER 


Sales: 2,835 (3.571) lou or 10 tonnes, .- 
International Cocoa Organisation (U.S. 
cenu "per pound i— Dally price July 7 
137.78 <137.921. Indicator prices July 19; 
15-day average 148.94 (148.44); 32+lay 
average 137.90 (U7 jS9i. 


EASIER opening an the London physical 
market. Little interest throughout ' the 
day. closing weak. Lewis and Peat 
reported a Malaysian sod own price of 
228 (228 > cenu a kilo borer. 


183.5, July L87-184.5, Oct. 189-187, Dee. 

189-187. Sales: 24 lots of 2.500 kilos each. 

BRADFORD— Tbe market was quiet 
with interest reported bp trade sources 
to be too limited in raise price levels. 

Tbe sources said the rise- in sterling 
against the U.S. dollar raised some chgnce 
of sclbnc a little more cheaply, but most 

dealers (eel margins are already too fine. 

SYDNEY CREASY— Closed (In order 
buyer, seller, business sales'— Micron Me Ti W ll T 

Contract: July 335.0- 339 Ji. 335.0-335.1: Aluminium. l£680 

Oct. 344 .2-343.0. 344.5-344.2. 7: Dec. 332.3- Free market (trim Sl.0fith40j 

35.1.5. 353 . 5 - 353 . 0 . 5 : March 357.2-356.0. Coppertaah W JBar* E697.7B 

357.7-337.7. 2: May 3C1^JM2J. 362J-302J. 3 m,THbr do. do. 

6 : July 388-5-367.0. 367.0-367.8. 9; Oct. Cash Cathode—.. 

369.9.370.3 . 369.9-389.9. 2 ; Dec. 372 .9-374.0. 5 month* dot da 
Ml. ml. Total sales; 32. Gold „.Trey o*. 

Lead Cub........ 

MEAT/VEGETABLES 


COFFEE 


Soul I 
RA.S ] 

Ywt’oUv*' 
j Clow 

Picviom i 
dow 

Soslnen 

dope 






A strong performance In New York on 
Friday afternoon prompted London Rnbus- 
tas to open armmd £38 higher, Drexel 
Burnham Lambert reports. The market 
failed to break out of the recent range, 
however, and lovels fluctuated gently for 
the rest of the day In poor volume. At the 
close values were £30 higher on balance. 


LRAD 


5 months. 
Sutt’lm'rd 
ILS. frpou| 


ML |+<Xl PJD- 1+ Of 
Official I — 1 Cnaffldni ( — 


314 5 
Z06 


306-6 Us.ra 508-9 


1+5-25] 317-.5 

+4 . 

31-33 


1! 

[+6.75 

+4.5 


Morning? nnh £ 365 . 5 . three months 
1314, MJ. Kerb: Three months £318. 
Afternoon: Three months £315, 16. 17, 
18. 17A, MJ, IT. Kerb: Three months 
£317. 17 J, 17, is, K.5. 

ZINC— Gained ground In re s po ns e to' the 
same factors as lead although the effect 
of the buying stops was more noticeable. 
In .the morning forward metal advanced 
from £316, to £319. but trading became 
boater in the afternoon as the price 
moved to a high for the day of £837 
before prod: -taking dipped gains- an d ted 
to a dose on the Kerb of £326. Turn- 
over A, 025 tonnes. 


COFFER 

Grow 

+ or 

Busmen 

Dobs. 


£ per i.mnt 


July — 
-^ptembof . . 
Somaber.. 
Jaouary__. 
Maroh 

1385-1399 +44.5 
1350-1355+52.0 
1285 1200+29.0 
1238-1245 +22.0 
11B8-11BR + 8E.0 
1190-1165 +20.0 
1121-1123 +17.0 

1420-1580 
1368-1358 
1600-1270 
1290-1158 
120 M1BG 
1170-1)66 

AUy 

July 


Aug— 
Sept — , 
Oct- bee! 
Jan- Mr 
ApryJne 
Jly-Sepi 
Oet-bre! 
Jin-Mu 
Apr-Jnel 


52. 69-65 -20 

Bi.ee-ss.ai 

85.25- UUK 
57. 58-57.40 

59.25- 5B.5S 
u1.00-ul.lB, 
83.80-62. S# 
84.50-8l.8n 
€6.50.68.55 


i.*7 17.76| 

£694 

CT 13.751 

5186.875! 

£508.5 

£317.25 


1.88 


£.2,566 

Free Manet 1.7S 

MEAT COM MISS 1 0B— Average fatsiock 
prices at representative markers on week ^ 1 

ending July B: CB cattle Tl.OBp per kg.I.w. Platinum troy oe.. £133 
i— 0.11>; UK abeep 143.3p per kg.est. Free Market., — 1£ 1^3.70 


j£680 

191020-30 

+ 7.75 £749.75 
+ 8.25-1:770.75 
+ 8.5 [£743.6 
+ 9 ! £764 .75 
+ 2.75:S IDLE 2b 
+ 5.75 £311.5 
+4.5 !£321.5 
........ |£ 2. 5 66 

I ;■ 1.3012-0 

L...—I 2.08 


d.C-w. (-1.4): CB pigs CL6p per kg.Lw. Qmckstivex 1761b.) S12o/3(n S 127-52 


54.00-54 M\ 
M.81L64-96 

56.50*8. U< 
65.60-58.66 
60.4D-6fl.ED 
B2. . 6-62.25] 
63.85-64.00; 
66.70-65.76 
B7.2M7.4D' 


65, BO-55. 10 
54.4M5.8fl 
56.70-85.50 
5R.0M7.2fl 
63.95-59.20 
tal.40-61.60 
£4.0082-80 
66.00-64 .20 
66.55-66. 26 


1 + 8 . 51 . England and Wales: Cattle num- Silver troy ur....... 278.90 1 

bers down .6.8 per cent, average price A mnoth* — — 286i- 

71.74p (-0.22i: sheep down 3.0 per cent. Tin Cash Ea.635 

average 143. Bp <— 1.2): pigs up 2-1 per 3 mnnilw ............. £$.545 

cent, average 62.6p <4-0.61. Scotland: Wolunm 2H0«lbdf S131(36|—0.5 J^130/55 


Cattle- down 1.7 per cent, average 71.T6P- Zinc cusb — LC314.5 

t+8.23); sheep down 14.5 per cent. $ months (£384 J 

average 134.Dp (— B.Ou nigs np 1.1 per Producers IfloaU-ooO 


cent, average 64. 4p (-0.2). 


Oils 


Sales: 616 '2391 Jpta of 15 tonnes and 
30 (5t Ion of 5 tones. 

Physical dosing prices (buyers! were: 
Spot XUiO '53.73): August 54.73p <55.75); 
Sept. 55c 156*. 


MEAT COMMISSION— Average fatstock Coconut (Phll>„.„. 

prices at representative markets on July Unmddnut 

10: CB— Cattle 72.S1P peri kgl.w. <+6.92.1. 

UK— Sheep 143 Ap per kc.esr-d.c-w, 

(+0.4), 6B— Pigs P-2P per kgJ.w. t-fcl.2i. 

England and Wales— Cattle numbers up 
2 A per cent, average Price 72.47® (+1.011: 


Lmaee.1 L'r»1e'(vJ. 
Palm Malayan.^... 


sseop 

fCdbO 

WOO), 


Seed* 


cnVARPAN mpAT s 5 e . e !f tH ' r * ver ^ e Cofint Phillip. 

aUIADIl/in WtAL I+LOK Pigs down 10.1 per cent, average Sosabean (Do3J._. 


S480p 

sassju 


23 NO 


a-ui. 

Official 


+ ori p.HL ft+w 
— DnoffidB.l| — 


£ 

314-8 

324.8 


Sales: M44 <2£54i lots of 5 tom4a. 
ARAJRICA— (in order barer, seller, busi- 
ness): August 166L5Q-1S9J0, 1S8J0; Oca. 
U3.tW-157.80; Dec. 14275-145.00: Feb. 

132.50-139.00: AM-H 122 BO-132 00: Jcme- 

125-00-130.00: August 122-00-130.0. Shies: 

1 milt lots of 17JtS fcflos- 
ICO ludlcntar prices far July 7 (DA 
cents per pound): Colombian llild 

Arab krai 187.00 (186.80): Unwashed 

Arabic** 160.09 (IG0.58): other mild 

Arabics* 149.00 (148J9); KobUSUS 133,59 
(same). Daily average 14L25 (14L17L 


The marker opened £1.00 down following 
CUcaco market. Firmer sterifaut and 
long EouJdatlon depressed values further 
In thin volume, but steadier Chlcaco 
opening helped market to recover off the 
lows and dose cn a firmer tone, SNW 
Commodities reports. 


Grains 




Hufinew- 

D«ne 


GRAINS 


Icnertonn+t 

Aummt. 119 aMB.B — 0.7B l 'l 19.20- 19.00 

outer 1 1 19.7S-S0.0 — 1J» 120.0L 19 JO 

De.-eniter 116.9 1-77.7,— 0.48; 1 17 JO- 18.50 

Pehnurv.— |l'l-lm.B! — l.OOj — 

April 118.0O-M.6- aj26l - .' 

Jim - - 119.0J-21. j — ■ — 

August I'WVU — liO — 


11 JB per cent, average 72.67D (+0.83i; 

Sheep up 3.0 per com, average 134.3p a.-,— U as> 

I+L6): Pigs down 13.4 oer cent, average „!*?. 

B8.0P mo change).. ^Huiiio F uturee.... 

SMfTHFIELD — < pence per pound) Beef: PKauii ££3 An 

Scottish Ulled sides 55.0 to 59.0, Ulster Wheat 
hindquarters 69.0 10 71 j. forequarters 1 Ked riprlng{£8&Sp 
35.0 to 37.0, Eire Undquartere 88.0 to 72.0, fto.2UanlWuiiefi - 
forequarters 35 J) to 37.0. KngjlRh Milling.. 

Veal: Dutch hinds and ends. 79.0 to 86.0. Cc-ot* shipment 

Lamb: English- small 54.0 u 62.0, medium Future Sept 

56.8 to 80.0. heavy 58.0 10 62.0. Imported ~ 
frozen— NZ PL 54.0 10 54.5, PM 63.0 to 

54.0, YLs 32J 10 53 J. Park: English, 

under 100 B) 37.0 to 44.0. 100-120 lb 38.9 to Kuiter kilo..... 

42,6. 139-180 lb 3L0 to 4L0. sugar (Haw) 


ept 

Coffee I'm une .... 

Cottoo 'A" lndex„.. 


Sales:' 58 <8M lots of 100 tonnes. 


CO VENT, garden • Prices in sterling UVuriMUi M u kijo— | tB ffp I 


\£B1A 


£103 


£ 

i£t,788 
Sl.728 


1,552.0 

70.45c , 

SHJffp U1.5 

m p a 


■for 


Mooch 

ago 


— 0.1 


:i33 

133.3 


— 1.25Uu6|i 
+ 9j1f6.7I5 
+ 7.25j£B.857J 
— 0.5 6 
+ 5.75)f 

:as 


£317 

L-327.6 

Stou-uoo 


+ 5.0 (£385 
£509 


5440 
| — 0.4 ! £28 1.5 


|— 0.2&£82.8 

£106.6 

I 

_.[£96.75 


£104.5 

£1.736 

£1.637 


+ 18 
+.17.0 


+S2.Dl£1.786.5 
171.45c 

2B3i. 


U6.75 

U4.7B 


[>*.. 308.5-5.6+2.53 

imootha.. 318.6 8.5+2J5 . 

3'mwit — flUS.5 +2^ — 

Pnn.WertJ - 1 1 

“Cunts per pound, ton . prevlwa 
official dose, tut per pleuL 
. Momlng: Cash £399. three months £318. 
19 Jr 19. Kerb: Three months £319.- 

Afternoon: Three months £380. 20J. SL 
2L5, 23; 34, 25. 24, 3X6. 34. Kerb: Three 
JWWths £355, 36, S7, 36, 35, 26. 

SILVER 

sura: yu fixed usp u ounce lower, 
for .spot delivery la (he London bumon 
market yesterday at 278.90.- U.S. com 
eqnmlws of the fixing levels were: spot 
S2BJC, up 4 . 6 c; three-month 538.8c. up 
Uc; rix-mouh . 551 Je. up 6.1e; and 12- 
tnocth 575JJc, up 6.7c. The apparent con- 
ffid la dollar equivalents was due to (he 
sharp depreciation against sterflng. “The 
matal opened at 280-281P (SSfi-52SJc) and 
« 3W*38L3p {539-S3UC}. 


LONDON FUTURES (GAFTA1— Tbe 
market opened Sp higher. Wheat eased 
25/90P 00 the (tv but good commercial 
support was seen on tbe dips. Barley saw 
fairly thin trade. Some c ommercial selling 
eased ‘values In the afternoon Session but 
buying support steadied tbe market to 
dote 25/309 lower, Adi re pom. 


SUGAR 


WHEAT 


BARLEY 




XMentey't 

+ or 

kTuth 

Ookc 

“ 

clow 


tept. 

83.20 . 

—QJb 

76.60 

h-O-Sfi 

Nor. 

85.90 

— 

■ 81.40 

— 05S 

Jan. 

88.70 

L-OJfi 

84.00 

-050 

Ukt. 

9L35 

^0.56 

86.89 

-0.50 

U» 

94.03 J-05W 

89 SO 

U0.30 


SILVER 

P». 

Eroy ok. 

Unibon 

fixing 

Priring 

+ « 

LB5.. 

don 

+J* 

— — 
(month*.. 
imont]is_ 

279.90p 
-286,) 
*94.45 p 
.81Z.15 P . 

-156 

-1.25 

-15 

-1.9 

380.00 

287.65(1 

3 

t 


LME— Turnover ns (£1 Ion of 19.980 
ounces. Momlng: T h ree months 288.7, 
86J. 88 . 7 , Kerin: Three months 286.7. 6.6. 
Afternoon: Three months 187-2. 87.4. 87.5, 
87.4, 87J, 87.8, 87.7, 87.8, 87.7. Kerbs: 
Three month* 387.8, 883. 


COTTON 


LIVERPOOL COTTON— No spot or ship- 
ment sales were recorded, reports F. W. 
Tattefsall. Sums w we lethargic and not 
more .than an oceutonal Interest wag 
shown tn certain American-type varieties, 
chiefly grown to (he Middle San. 

* 

GRIMSBY FISK— supply fate, demand 
bo«L Prices at ship's side (improcaned> 
per none: Shelf cod £3.«0-fLS8, cofflinga 
£3.«-£iai: luge haddock HJM5.4B. 
medium £K8 m«jo. small g.49-&28; 


Business dene— Wheat: Sept 8154-83.15, 
Nov. 8L3M8.B0, Jan. 89.SM8J0. March 
91.60-9L3S. May 94.15-B4JS. Sake: 139. 
Barley: SepL T8 50-78^5. Nov. Sl-B^SLSO. 
Jan. 6LS&-84.96, March 86.9Mth90, May nil. 
Salem 109. 

IMPORTED — Wheat: CWH5 No. One 
134 per cent July-Ansun aist TfOtarr, 
U-S. Dari: Northern Spring No. Two u 
per cent July KUO, August 182.75. Sept. 
£83.75 transhtpaew East Coast. 

Main: UJ./French July BtOSM. Augnst 
£B9J5, transhlpawn] East Coen: Sooth 
African While- Sept. £7JJD0 Uverpoai; 
South African YeDow Scot. enjO Liver- 
pool setters. 

HCCa— L ocation esWarm spot prices: 
Peed wheat— E. Suffolk £85.08. Feed 
barter— E. Suffolk 188 JO. 

Tbe UK monetary coefficient for ihc 
week bcgtof i in g July 17 is expected 10 
remain unchanged. 

MARK LANE— The market was very 
mdet with sellers and buyers reluctant 10 
break a 58p barrier. Nominal values: 
Mimas wheat delivered London area— 
SepL OL50. OeLrNov.-Dee. XKJ6, JatL- 
Feb.-Mireb £100 Jt, AprU-Uay-June 
£104.00. Daaamrafala Quality Unaa t 
delivered East Anglia— Sept. £8150. Ocl- 
Nov^Dec. £58-00, Jan,- Feb. -March £ 8180 . 
AnrO-MayUtme fsoo. Vmd Barley 
delivered East AnaHa— SepL £7X58. Ocl- 
Nod..D«. £8258. Jan.-Feb.-M arch £8850. 
April- May -June £80.38. - 

EEC DAILY IMPORT LEVIES and pre- 
mlams effective for Jd if 11 id. order 
current levy pins Ask.. and Oct. 
premiums, with srendous In brackets, aU 


Aug.— 
Os.— 
Uee__. 
lUreh . 
Uty... 
Aug..... 


per package except where otherwise 
staled): Imported prodace: Oranses— 
S. African: Navels 4.00-3.00: Braziliaa: 
3,80-4.40. . Lemons— Italian : 100/120S new 
crop 450-1,30; Spania: Trays 150-158, 
large boxes 35M.4D; S. African: 4.5M30. 
Grapefruit— S. African: 27/72 3.+M.50. 

Apples— French: Golden Delldous 20 -ffl 
84s 3.60. T2s 3.70: W. Anstralian: Cranny 
Smith 850: Taamoiao: Srannrx Pippins 
9.90-950. Granny Smith 8.80, Croft ana 9JR8; 
5. African: Granny Smith S50-9.M, white 
Whner PearmaJn 750. Stalking Delicious 
850-850. Golden Delicious S5M.H. Yorks 
9.5M.80: Chilean: Granny Smith 7.00-7.30: 
New Zealand: Sninner Pippins 16) 950, 
175 950. Granny Smith 850; Italian: Rome 
Beauty per pound d. 16. Golden Delicious 
0.1M.17. Jonathans 0.14. Pear*— 
Victorian: 4Mb Josephines 15.50.- Wlmer 
NeUs 11.50. Poaches— Spanish: Travs 1.00* 

2.60: Italian: li trays 150-350; French: 

18.25 9B.B|St.lMlJ0|91.1M8.2S Nocturlnes-Soanlsh: I.0M.00.' 


No m i nal . HDnqUMed. k August, 
m June- August. nJuly-SeDL pJuly-Aug. 
0 Sept. » August-Sex. x Per ton. 


LONDON DAILY PRICE (raw BUgarl 

£ 88.00 (£31-00 ' a toone ctf for Jnly-Ang. 
shipment. Wluw (War dally price was 
fixed at £96.00 t£fO.0l|. 

Currency faelOft cansed the market lo 
open some 100 Point* below pre-weekend 
levels, report/ C- GEanriJtow, Therea/ter 
prices conrinued to ease and by the ctee 
further losses « around -130 points had 
occurred. 


Suqmi 

Pref. 

Tretcrdsy 1 * 

Previous 

Buslnes 

Gooim. 

Coon. 

Clnte 

Ck)M 

Done 


SS.BO-Bi.B 825MJ.75 8J.4tJ.8i.S0 
32.40-SZJM 9fi.BO-5fi.70 SlBO-bLAB 
K.904MB Ifll56«.80 1B25B-88.10 
;lfll.505tM lOfiJMgjffi 105J6-02J0 

Ji».6Wl5.7f injmmsa 10750 - 07.45 

d7„...|109.<»-"®“ 11150-12SI - 

Sales: ’2.7S2 ri-JWI lots of so tonnes. 

International Sugar -Asreement: U5. 
cents per lb «• *hd stowed Caribbean 
port Dri era, for J«Jy 7: Daily 5 .T 8 (054); 
15-day average f* (BJB) 

Taie and ^ . .^ -refinery price Iter 
granulated h*®* 8ttgar was £248.85 
(same) a t®!?* ■ "® IWmt trade add 
£149.89 fUSI-* 1 ^ export. 

WOOL futures 

LONDON— The maUct was allghtly 
dearer in thin nudm*, Bad» reports. 


Auscroltoo 
Grassif Wool 


+ e* 

tawnH 

Done 

.. 150.9-335 



O-uther— 
DeeemMr_ 
Unroll 



246.0-415 

244.9-495 

2475-865 

2485-825 

+ 1.0 
+2.0 
+ L5 
-0* 

240.0 

844.0 

Uctflter— ... 
Dee. 

2445-825 

*485:625 

ita = 


Gropes— Cyprus: Cardinal 5.08. Sultana 
per pound 0.60. Plums— Spanish: 3 kilos 
□avlota 2.49-350. Sana Rosa 240-3.00. 

Burbanks 1 . 60-M8: Italian: Plorentlas 
W- lb 3.90-350. Apricots— Spanish: 5 kiln 
250-3.00. Bahanas— Jamaican: Per pound 
0.1S. Avocados— Kenya: Fuerte -14/24 3 
350-3.40; & African: Puene 3594.30. 
Capsicums — Dutch /French; Per 6 kilos 
3.00. Cherries— Washington: 850. Onionc— 

Israeli: 3504.50; Spatliah; 250-3.40; 

Mahese: 3.38. Ptfataos— Cyprus: 4-80; 

Britanny; 1.80: Jersey: 2.W-2JW. Tmukm* 

—Dutch: 2.80; GuerMey: 2.8C-3.0O: Jersey: 

2.60. Carrptv— French; Nantes K-B> boxes 
3.00; Cyprus: 250, Boetrom— Cyprus: 

22-D) 1.59. Cour g ett e s— French: Per pound 
•55. Melons — Spanish: Yellow 9/l6s 
350-5.00; Cananr: Ogen 6/lftt 2.40-250: 

Israeli: Yellow 8/14s 350-4.30. Wat err 
Melons— Spanish: 2.70; Israeli: 2.50. 

EHtfech produce; Potatoes— Per 66-Ib 
150-1.80. Lettuce P er 12 056. Cm 0.80. 

Webbs O.B0.~_ fthaharte— Per pound, om- LACK 


INDICES 


FINANCIAL TIMES 


July 7 

poly 6" 

Month ign 


238.01 

^58.941 

1 24653 

243.08 

(Bare: July L l«2=100> 

REUTErrs 

July 40- July 7 j 

Montb Rffc 

YenrecP 

1447.1 f 

1453.21 

1517.6 

1538. 1 


DOW JONES 


Dow 

Jonee 

July 1 
7 

July 

6 

MpQtb 

PRO 

Yror 

KCn 

384.42 

348.70 

dpt* — 
FuCuxdb 

3565171 

341.601 

536.461 

541.04 

357.80 

350.14 


MOODY'S 


Mmiyi 

July 

7 

July 

6 

Wonrii. 
nan 1 

Yt»< 

OCP 

spte 

916J 

918.9 

1 980.0 

8785 


rtTwember 31. 


Bigger role 
for Jute 
corporation . 

B/ K. K. Sharma 

NEW DELHI, July 10. 
THE BOLE of tbe Indian Jute 
Corporation has been substan-* 
tially enlarged to enable it ttr 
procure raw jute in a big way 
in the 1978-79 season. It will alsp 
be empowered to take up exp<m- 
and domestic sale of jute goods' 
on a commercial basis. . 

Under .tbe long-term measures, 
to regulate trading in raw>jute-ri 
announced officially here toda$, 
the role nf tbe Jute Corporatlbii- 
will no longer be restricted only 
to price support operations ajs 

hitherto. 

It will be extended to under- 
taking commercial 'operations 
and should bave a dominant 
position - in tbe market, the 
Government said. 

. However, while undertaking 
these operations, the corporation 
will take adequate care to see 
that its entry in The market is 
not exploited by middlemen and 
speculators by pushing up prices 
of the fibre to unwarranted levels. 
In addition, it will undertake 
buffer stock operations to supple- 
ment Its other efforts to stabilise 
raw jute prices. r 


LOWER QUALITY 
TEAS CHEAPER ^ 

demand fo r jower 


OF 


door 8.86. Cucumber*— Per Hay 12/248 

Mushroom*— Ptr wmnfl 055- quality teas brought a drop in 


650-L80. 


NEW ^JpteS5BI?ED-(a<we; 

Dec. 18S-1S3-5. lM-188, May 188- 


o.M. Aw»im— P er pound uramier* 0.11- puces at the London tea auctions 
958. T 0 H M N UM P<T 12-n> English 250- ves-ferdav Thp .riw 

2.40. Greens— Per cm to. Kent 1.00. , . 1<le average TMW® 

Cabbage 150. celery— Per 12 /we 2.80- P 310 . tor |«aiO teas dropped by 
250. si«wbeni«-Per 4 -a 9.1M50. 7p to 76p a tek), and medium 
0 07 . quakes fell by 3p to 117p. 

However, quaiMty teas ware in 
bener demand and their average 
V*™* M . ded s%3Mflp higher at 
135p against 134p a week ago- 


■Per pound 
Per pound 0 K9-0.il. Charrte P er pound 
Black 0.88. White 0.25. Cwsebervfe»-Per 
ptnmd C.2M.a. ' Cenryattes— per 
D.ZS. B«rtn»t-Par 2Wb 2.00. 

Per 28-0 iMZM. 


U.S. report on 
Soviet winter 
wheat output : 

WASHINGTON, July 10. 
SOVIET WINTER wheat pro- ' 
ductim this year is expected to- 
be about tbe same as 1977, says 
a U.S. Agriculture Department 
team, after a one-month tour of 
USSR winter wheat areas, re- 
ports Reuter. 

The USSR informed the team 
that the 2977 winter wheat out- 
put was -51.9m tonnes:- The-d^ 
partment will issue its . revised 
estimate of the USSR grain > 

crop on July 10. \ ; 

It is likely to be nearer the ; 
high side of the -department's 
June 12 estimate of 185m -to 
225m tonnes. : 

Prospects seem significantly ; 
less promising for- sunflowers < 
and maize than for 1978 wheat, ; 
although the three-man team did ; 
not visit major coni areas, * 
Reuter 

Indian cotton 
output to rise 

BOMBA Yi July 10. , 
INDL\N COTTON production! 
this year will rise to about 6.95m ! 
bales (of 170 kilos each) from> 
last year’s 5.95m, compared with 
earlier estimates of 8.83m,; 
according to the East India! 
Cotton Association, reports* 
Reuter. \ 

The revised estimate puts out-; 
put in Gujarat and Maharahtra* 
about 100,000 bales higher tfcJii * 
earlier forecast. In the northern 
region— Punjab. Haryana and 
Northern Rajasthan— It is about 
25,000 bales more. 


Financial Times Tuesday July- ii 1978 




Economic and financial hopes stimulate market revival 

Equity index advances 9.9 to 465.5— Gilts also impressive 

- Account Dealing Dates »•*« »-«5B (0.65S2L in the later stages by ibe encour- where. W. E. .Norton hardened 2 ; . interest snd improved * more to ments. Phillip Hjn. t»P* ^ 

Outitm Interest in Traded Options agina June Wholesale Price index. to 4H*p j n response to Press 1 -Wp. Gaiifc of around fi v.ore art n Great . oru* . P 

*Flmt Declare- Last Account picked up and 543 contracts were Gussies A „were outstanding at wmment and Christ* Bni*. pui on l n J Aw J R 2iMP, Cape ar £”" a . * . „ „ b _.. rhl . hulllR ., 

tlonrnJSfnM Da“^ done. Over a third of the business SBOp. up 14. while Mulhcreare 4 to 49p rollowinSthe ehatrssan's ioduMWc lijO and R®>al ^ .hS !*f t3iS ? s 

Dcahnss t ons Dealings Da wa , transarted in Crand Mer added 8 to Map and improvements eneouraging statement. Ssil! re- "or cc^icra. i40p. .and frc-*h Prc ! " i ’ , n „ < ?, 1 ^, ri.J-iIu vrih'id 

J.OD.2S July fi Ja y , July 18 lUL -, and ia lS7 ,. The stock q[ + were seen t n Marks and flecttnz recent invest muni com- demand in a thin marker lined prclmiinno " * ' * "l- * C [Si;*? 

'J ul3 ' 2 ® * ulj 2 \ ,1 Eschanue committee are reported Spencer. I47p, Burton A. 114p. ment. Daiy Internal iona I added *.» A. an d R. Findlay ■> to 4-lp. for lc :' . . * 0 . 1 -' 

July 24 Aug. 3 Aug. 4 Aug la {0 bc meeting to decide a way m Combined English. 9Sp and Uehen- more t.. 24Rp, while Slave ley In- Common! on tie interim lisunr* «h>™ pm «" ‘V-eJ i .a bsS 

ssmxr * raore as. e. svisx se mutt: saw 

ffUteteSTiKS Home Banks better fig S, SWE.* « TT 

ded to sterling’s unexpected firm- Buyers beaan to show in support. Buying in front of to- Wilcox were unmovcJ ;-:e ,aic «-~uuv .... ,m<ri Guthrie which pushed 

nli and be"an the new Scouni interest in the major clearing day's preliminary- results left si ate mem from Nor l her- Engin- The trnmnutnc bnnni in v.*r t-uitrid «u ; 1 \“j" nc * ".iitinuetl 

in -’ood stvfe The first of this banks ahead of thp interim divi- Rainers up « at i3p. while Time coring stating their vsi-h » n - :rt *' tes ■sansuhied demand for ■•he. C !. rnaiu | tn 30 un before 

week’s pointers arrives tods v in dend season which starts next Products rose !i more w 171p on form a joint boHer-niaki':-- cm- G.-imaes and Distributors. Favour- M»«-' jihntj. .v!JSi uf 15 

5ieiCorUiJSt2t tonkin^ week Lloyds, the first to report further speculative interest. For- pany with B and W. C-nl numg Abie weekend Press mention M’»thn« ' I ‘' , P f,ir 4 - s,lD ul 

statistics' and it is ho£rf that he on July 21. improved 7 tn 262 p. minster, at 142p. recorded a m reflect the nationals; ten com- directed attention to HeMjnj. up »n the <i»- 

*row?h”n monev sS has been while similar improvements wen? Press- Inspired gnin of 7 and Ray- pcnsalmn terms. Swan Hunter fil ni 12ip. »1jh the new shares ifflprOVC 

checked by last ‘month’s financial seen in Midland, .143p. and •' erc P 0 P u,ar 31 84p - U P «• rose 4 tn 144p among 4h.pouikle.-a. . i »*«»»«• «;P ' «f Gontinmnu pr^-ure on the 

measures which included the NatV.est. 2^. Barclays closed S fntcmarionaL al>n me ^jjeu «... 

imposition of corset controls on to the soou at 31 3p. _ 


FINANCIAL TIMES STOCK INDICES 

■ July I ji'lv I Jrttv J'*ly 4»*!> .• Julv 'All* 

- 7 ' < I .» I ftm 


iHnemuirnt w» ...... 

V'» till Inlfl"! 

; n.in*<v-4V "HtUMT™ 

«.fl-t .'Him* 

iir.s. H'O tiei.t,,,, 

Ijrtiinip.V’ .Ifcillin.* 

I* K K«l». I [»«•*»'... _ 
liitillUji imtlnt..... . 

b,|ii'M mniiiiw £bi. 
Ku*.|l« ISUTSSlir* l.ilBi. 

10 Am 


70.20 69.71. 

71.S9 7127 7I.Z8 
465.5 455.6 452.1 
150.2 157 a 159.5 
a. is*, 3.H2 s.as 

17 27 17.64 1? 74 
7.70 7.54 7.4U 

4.854 4E4B 4.195 
71.27 60.91 


71.28 70.98 
452.1 452.0 
]39.a tei a 
S.aS 4.84 
1? 74 17.72 

7.4U 7.40 


* HJsml 
Jflii liiiti. 

MHL- • l- » .V- SB A 


- 15.552 12.948 11.948 

TtfS. !! 4IH 4»* I X“tXI I 

1 jKii W«7 ' piir'W.i. 

Lunl tntfca 9l-3tt 8WV- 
■in iht Vi lli rerpurimmi fgx. 
s.-.-v r. in -n. tiw! lm. 
iir Julv-Drv. tS4? 


• ':»!■ :.V. 

lnfl. UfU ! 7 »*. itpy 


the banla. • so,n ' :: . u *® l «i R ains were 

' All sectors oF the market bone- recort.ied in insurances hut the 
'fited from a return of institutional volume or business was wnall. 
interest, aided and abetted by Royals. 1« higher at 3a3p led 
business of a more speculative the advance in Cnn>]W>.'Utcs. while 
nature. Gilt-ed?ed securities, in Phnentt f ;! “dcd. R ,f° 
partrcular. were able to extend Commercial Lmon improved ' to 
fitrCier the recent recovery helped 147p. In Brokers. Alexander 
by unconfirmed reports of a Howden firmed 6 to lfl«p with the 
tranche of the Ion? tap bavins; help or Press comment and C E- 
changed hands: the stock. Heath put on 10 to-ii«p. Hambra 
Exchequer 32 per cent 21)13-17 ?atned l-i more to 32Dp among life 
(£43-paid) closed l higher at 44: issue'- ...... 

and seems destined to test lhe lively’ interest deve- 

Government broker's selling level loped in the Brewery sector. 

— thought to be slightly in excess Guinness stood out in the ieaders 
of £45. with a nse of K to 159p, while 

Leading industrials took note of demand was again forthcoming 
rhe pound's advance in foreign for Greene King, up 7 more at 
exchange markets yesterday and. 270n. in secondary issues. Ahead 
during the initial upsurge, buyers °f TTiursday's preliminary results, 
found supplies nf stock limited Distillers were firm and reason- 
which restricted the actual ably active at l-Sfln. u-o 5p. Revived 
amount of trade. The FT 30-share snecntatlve demand pushed . , , 

index stood SJ> up at the noon Matthew dark ahosd to close 

calculation, digested the advance wi’b a -in of 12 at I44p. Pf" d ^ s K 2 l , d SS l0 ,S”* n t, I l £S 

over the next two hours and then Crussley Building _ Projects 


Consumer Goods 
i(DuraWe)to 



zTk&v .{sws 

iL MVm " ,d n °* 1 * 


highs and lows 

t-i;- *I|BT l*.HII|liM(um 

llifli Get G'*» 


127.4 49 18 

‘ ,*» l .--e* 

15U 4 50.35 

54«.a 40.4 

i I4.H; i ij iiv f-K’i 

447.4 45.6 


In.i. 497.5 

•«-li 


S.E- ACTIVITY 


— Hanr 

■ 1HA.0 . 14-y.l 

ilh '.oil 162.4 145.4' 

4|Mi|.BH«r . S4.6 W.7 

110 0 9t> 7. 

•■I»i l.'mj' 

iilc-1-..L-r.l.. 1C-4.9 149 7 

tiii.'ij%lr«.« . 136. t 14W.5 
-in.ii alivi . A5l3 .15.5 

• >1 - . . 1CJ.6 9U 4 


WE W HSGHS AND LOWS FOR 1978 


NOV DEC 


MAR APR MW 


LeaHi-’g Properties made head Durban Deep, which sooivil 40 Ui 
■*ay tr. a small turnover . Lund 3.i»r hu - v,n ’ 

Secunies tinned •< to 21”p and fr*’" 1 th e Lj 'iw. _ 

.VIE PC 3 to L21p. while Slock Con- ' De Beers 'fti . 

version act d.-d 4 to i'tilp. Secondary respon.w to L s.. Conlinental and 
issue-: to tir.d support included jj*® 1 demand m irunt of rh. 
Berkeley Hamhro. llllo and Central belling Organ. stmon s 

Pmnon. llaiMin^ :in«f lrtVP«tnienf. record h&li-' 'IT Sill*.' Il'Tin.. 


encountered 


Properly Hu Id in? and Investment. 
liSJjp xd! bath 5 hie her. .ind Great 
Portland Estates. "JKtip \d. up 71. 


London-rculstered Financial 
moved ahead strongly relli-cting 


inianu r.siaies. \u. up » - , . .... 

After a hesitant * start. U : ls ' h ^ buoy.ui.y ul Ik equities. 


pending bid developments deal- support. Among the leaders-. Tate made ^ ‘"nod •lm'-rcss ; n act’ vt* trad- Fatourahlu weekend Press men- 
s ings in Knott Mill were resumed and Lyle improved 4 i.> I74n. jp. 4 'Dividend coils idera' inns non helped Gold Fields _tr. improve 


The' market also reflected lower profits. James Latham rose V* ^ ’ ™ . ‘ ■ “S '" " a ' ••»««««• r. ^ t '\V“ 

optimism over yet a further * '! 17 to i:J0p on the accompanying id response to the interim ^rmarinMi to make nendw *y n 9ain rif 12 ?n Rummh pur Sydney and Melbourne markets, 
in the rate of inflation when the eewi-.il nrn*wKji|5. wh ; le investment re * u f - 1 ,p * nn ■* rn fi -"^ SP|1 Lhrjnuir , m prices here marked tunc owing to 

retail price indices are announced recommendatnions lifted Gough $1 ill benefiting from the sub- and jSurdin and Peacock. 2 de^.er o 5 2p- irh j! e Trirenlro] fi--neri 12 of imprest and a vllgbUy 

on Friday’. Cooper 3 to 72pxd and Federated *tan Daily Increased dividend and « < ->P - MM* ~ “ ' ' 

British Funds improved for the Land and Building 3 to 42p. the better-than-expected preimxi; “*™» ' I .' 

third successive trading session. Densite the profits setback. May nary figures. Thnni Electrical - 8 Fa ? r 

Demand was on an increased scale and Hassell found support on were In demand again and pushed 1 ■ i® 1 .^ 
and included a revived institutional dividend consirterntions and firmed ahead further to close 14 dearer - l ?'i rh 

business for both the short and 5 to «2p. but British Dredging at 5j0p- /Lranng the other loaders. hi ^ r‘2 


T-fp isfjjr.f-a *rc»»r-r'c-: qucim ir (hr 
Shjr.- !i-*Trn-r;eaa 

IVJW5 H-yfc^ urn tar 1371 

NEW U1C11S (149) 

BRITISH FUNDS l1» 
AMERICANS |1) 

BANKS ill 
Bum >i> 

BUILOINGS -101 

CHEMICALS |4> 

ORAOERV A STORES |SJ 

LLECTAICALS 13> 
ENGINEERING (31 
FOODS .31 
HOTELS ill 

INDUSTRIALS {ITl 
INSURANCE ;i> 

MOTORS (3 1 
NEWSPAPERS ,Si 
PARER B> PRIHTIHG 12) 
PROPERTY ill 

r-woesm 

TEXTILES (4i 
TRUSTS i«3t 
OVEfTE »< TRADERS <H 
RUORCR5 IS) 

TEAS 111 
MINE5 CGI 


INDUliTa.'aLS i'll 

Fc'tifirvin ,B . Nlu>:r 5v-;-. 

Le 2 >u-. I K*r » . 

PAPER Hi 

w.ra.natcd :y.i 

SHOES 1 1 • 

SOUTH AFRICANS >1) 

Hul.-i:. - 

LNGINELRING <>• 

N-KRiM-Tni-LS 


vriv ion's fs> 

AMERICANS v1‘ 


RISES AND FAUA 
YESTERDAY 

Uo Down Sd 

R-iudi FuMb 74 — 

Corpus^ Dm, and 
FoirKui Bondi .. Ji — 

tminurldls 5b1 IK i 

Financial ami Prop- AO A i 

Oil* II l 

PbntatiMi .... ll 2 

Muir* • k-7 2“ 

Rptrw liswi ... 7& 

Teals 1.053 JU IJ 


tViT-r.ie Tr.T.ler«. Rj.-e* of around .1 r« new liighs 


ACTIVE STOCKS 


t-iains at tnis ena oi tne market ouyer*; ana were ooin arouna » up muiei inin m oi«.- :u D and Rpr , t | fl ■_ A - iu j.m. 

extended to J. while the shorts at lOSp and 130p respectively, ironic issues included Eleclrocom- firmed 10 to 47fin Bei-vli.-im cndl d * 

were a maximum of { higher while Press comment prompted ponents, S higher at 4i.^p, and jq betlrr ar fc>5n fnitn-i-in- i-s onrimic 

apart from Treasury' 3 per cent French Kier higher at 35Jp. Kac.il. 6 dearer at 254p. £?4tn "fter forSttand ^ OPTIONS 

1382 which, in clean form, rose l AVcrrern Brothers eased 3 to Engineering leaders contributed Scottish and Universal dn«»ri 7 to DEALING DATES Lmpll. I 

to 841. Corporations staged 113p following the derision by to the firm trend. Tubes gained the good at 117p followin'* furrhr-r r - * . , . , _ PronerM 

improvements of a full point and. the Board to oppose the increased 10 to 35Sp. while Hawker. 212p, consideration of the ~ re--uli<! „ . .T , „ , . Ouick ' 

among recemly-Lsaued scrips, offer of 120p per share from and John Brown. 3S8p, added 8 Continuing to reflect th<* can : ‘si Dcai-- Ural- Declara- beftle- v 

Southend-on-Sea 12 per cent 1987 IV. and J. Glossop. apiece, sentiment in the last- proposals. G. R. Holdings ->fid-rl in "s »«»* Ji o» mciil tIu ^ v 

rallied 1 to 9iin £10-paid form. Fisons. 367p and 1CT, 370p, both mentioned being helped by the 20 more tn 370p while Donald July 4 Jill v 77 St-p.28 Oct. 10 .Vf 
Dullness in the investment closed at the day's best with gains chairman’s encouraging annual .ITarphcrsnn rose 4} tn GVn nn Julv 18 Jute si Oct. 12 Oct.2-1 nc pui 

currency market was a direct or 12 and S respectively. Croda statement. Vickers, however, buying in front of todav s n-u he Aug. 1 \ug. 14 OcL2l» Nov 7 ;\ cre ar 

reflection of sterling’s upturn and InternaiJnnal and Laporte added 3 softened a penny to I72p foliowing Press comment drew havers’ p _ r .. , . , , , Qu»*«’0s 

the premium fell to 109J percent apiece to 54p and 108p. while a broker's warning that the Gov- attention to Lindnstrirs 14ip'.ind ror t: . r ' ue {nn.ir. linns >tc ci.n oj Gurihric 

■before steadying late to close a Farm Feed put on 4 to 44p. eminent nationalisation compen- Silent night. TTjp. which r-.«e 5 .mil ‘ nn e * enice done in 

net i lower at UOJ. per cent. Stores etosed at. or near, the S3lion offer to the group will be R l . resiwclivclv. while H-.ns Wharf Slock* in ativact money fo*- the Inpg-dnti 
-Yesierday's .SE conversion factor day's lie.it. with sentiment helped well below expeefations. Else- met -with fresh -r«'ce-ila live call InHudod Buimali Oil. Klich Guihrie. 


DEALING DATES 
Last ' Z.asl 
• Deal- Declara- 
ings tion 


For 

Si-ttle- 

mciii 


10-pa id rorm. Fisons. 36<p and 1CL 3/Op. both mentioned being helped by the 20 more to 370p while Donald July 4 July 77 Sep. 28 Oct. 10 .r*”,;. „ 

ne investment closed at the day’s best with gains chairman's encouraging annual Marpherson rose 41 tn Wn nn Julv 18 Jute 31 Oct. 12 Oct.2-1 n pu i* ' ,n Ji ■ 

was a direct or 12 and S respectively. Croda statement. Vickers. however, buying in front of totlaVs ri-uhs Aug. 1 Vug 14 OcL2K Nov 7 ;\ pl ’ e ar !*i ,n “ c „ ,n 01, j 

ng's upturn and IntemaiJnnal and Laporte added 3 softened a penny to 172p Toliowing Press comment drew havers’ . Qu»*i*ns Moai Uuuscv Royeo «ind 

[o T09J percent apiece to 54p and 108p. while a broker’s warning that the Gov- attention to Lindnstrirs 14ip'.ind fo c . e wo. u. funs Mf c».n of Gurihric. A shori -dated call was 

late to close a Farm Feed put on 4 to 44p. ernment nationalisation compen- Silent night. TTjp. uhicb r.-«e 5 .m,! ■ > "R r c in-onmumn service done in U. Macpherson. while a 

U<U per cent. Stores closed at. or near, the S3lion offer to the group will be R4 respectively, while Hoy * Wharf Stock* t»> attract money fo«- the l<«ng-(lutvd put was transacted in 


Lmrll. UDT. Yule Calto, English 
Properij. Tricciitrol. H. anil J. 
Quick. Forlens, Lad broke War- 
rants. Gentreway Securities and 
Talhex. KCA were dealt in for 
lhe put. while double options 
were arranged in Burmah Oil. 
Qupi-ds Muai Unuse-t. Royro and 


Stack 

rci 

Slu.ll Tr.!ti?port 
BP 

Di't;'>r.- .. . 

GuMirii- Gnrp. .. 
Thorn Elect. . 


Denamina 
tion 
.... £1 
... 23|i 
.... £1 
... jfip 

.... n 
... 2-:;» 


No. 

of Closing 
murfc price ip» 


Chaise 
on day 
i- S 
Hi 
Vi 


European Ferries 23p 
Grand Mel. .. .. -Wp 

Dc Beers Bcfd. ... Rn Oil 

GFC 2.»p 

’Gi| 4 A 2np 

Tirnwe •'i«lp 

::.\T> Pefd 23p 

Barclay-. Book , £t 

Giunmcrf’l Union 2.>p 


APPOINTMENTS 


LONDON TRADED OPTIONS 


Senior executive change at 
Renault Trucks and Buses U.K. 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


M. Guy Caunegre has succeeded 
Mr. Ronald Spears as managing 
'director or RENAULT TRUCKS 
AND BUSES UK. the British sub 
sidiary of RenauJr Vchicules In- 
dustriels. M. Caunegre joined 
■JRenaull's truck marketing organi- 
sation In 1370. and for the past 12 
months has had special responsi- 
bilities within the international 
'dhislon. Mr. Spears leaves the 
company after 2i years’ second- 
ment from Renault Ltd., during 
which he was responsible for the 
formation of Renault Trucks and 
Ruses following the merger of 
SAYrEM UK and Beriiet Citax UK. 
★ 

. Mr. Malcolm Lowe, formerly a 
director of the International Pub- 
lishing Corporation, has joined 
the Board of INDUSTRIAL AND 
I i \DE FAIRS, and has been 
appointed chairman. 

* 

Mr. John Hedges has joined 
PLBSSEY ELECTRONIC SYSTEMS 
as managing director of PJessey 
E.VE in Great Yarmouth. He was 
previously managing director of 
British Executive Air Services. 

* 

Mr. Ian Plummer has been 
appointed chairman of UNITED 
VENDING TRADERS. Che seven- 
company national vending con- 
sortium. Mr. Plummer is manag- 
ing director of the City Vending 
Company, a member of UVT, and 
fakes over the chair from Mr. 
Robert White, of Bourne End 
Vending fSales). 

* 

Mr. F. F. H. Schroeder has re- 
tired after 21 years at ehairmnn 
of FLEXILE and Mr. C. J. It. 
.Pulls has bcome chairman in hb* 
stead. Mr. ift. G. L. Gibbs has 
been appointed managing director. 
* 

JOSEPH CARTWRIGHT Limited, 
holding company for the Cart- 
wright group, has announced the 
following Board appointments: Mr. 
John L. Mitchell, formerly finan- 
cial director, is now deputy group 
managing director and financial 
controller. Mr. Peter Bewell and 
Mr. Peter G. Allsopp have joined 
the Board while respectively con- 
tinuing 3s managing director of 
J. Cartwright Construction and 
managing director of J. Cartwright 
Developments. Mr. Kevin Kearney, 
lately or Josolyne Layion-Bermett 
.and Co., chartered accountants, 
■has been appointed group secre- 
tary and assistant to the financial 
controller. 

* 

Mr. R. B. Breton has been 
appointed vice-president. Euro- 
pean region, or the ROYAL 
TRUST COMPANY. Montreal. The 
European Region includes opera- 
tions in London. Jersey. Dublin, 
Isle of Man and Zurich. Mr. 
Breton, who was previously man- 
aging director of the Royal Trust 
Company of Canada, Royal Trust’s 
UK subsidiary, will be hasod in 
Igjndon. Mr. N. R. Godwin has 
been made managing director of 
the Royal Trust Company of 
Canada. London. 

* 

Mr. N. K. Shepherd (Guardian 
Royal Exchange) has been elected 
chairman of the BRITISH TNSUR- " 
\.NCE ASSOCIATION LYVEST- 
AfENT PROTECTION COMMITTEE 
in succession in Mr. R. cinwes 
i Refuge)- Mr. 8. Med hu ret (Pru- 


dential) and Mr. J. 11. Webster 
(Sun Life) have been elected 
deputy chairmen. 

* 

COMMERCIAL BANK OF 
AUSTRALIA announces that Mr. 
Michael R. Rcndtc is tn join its 
London Board. Mr. Rendle re- 
cently returned to the UK to take 
up his position as director of BP 
Trading after about seven years 
in Australia, the last four as man- 
aging director of British Petroleum 
Company of Australia 

* 

EXPANDED METAL COMPANY. 
Mr. E. C Prentice, sales director 
since 1958, has been appointed 
deputy group managing director. 
Mr. ML Clarkson has been elected 
an alternate director and appoin-' 
ted group sales and commercial 
director from September L 

* 

Dr. Derek H. Pringle, managing 
director of Nclear Enterprises, 
has been appointed to the Board 
of the RADIOCHEMICAL 
CENTRE. Dr. Pringle also serves 
on the National Radiological Pro- 
tection Board. 

* 

Mr. John G. Curtis has been 
appointed an additional director 
or UK PROVIDENT. Mr. Curtis 
is a director of Mntheson and Cn„ 
with responsibilities for ship- 
awning, shipbroking, freighting 
and properly. 

* 

Mr. Abdulla Hussain Naama. 
chairman of Qatar Insurance 
Corporation, has been appointed 
in the Board of EUROSEAS 
SECURITIES. 

* 

Mr. J. B. Walker, a director of 
Scottish United Investors t Man- 
agement 7, has been appointed to 
the Board o[ F. AND C EURO- 
TRUST. 

* 

KONTRON INSTRUMENTS, 
part of the Roche organisation, 
has appointed Mr. Robert J.- 
Bugfaes to the Board. Mr. Hughes 
joined lhe company in 1970, and 
during the past year has been 
specifically responsible for estab- 
lishing new finance and account- 
ing procedures. 

it 

Mr. Ian McLarty has been 
appointed managing director or 
PREMIX FTBRE-GLAS. Mr. 
McLarty. who joined the cum- 
pany last year as marketing and 
sales director, takes over from 
Mr. Sieve SearL the previous 
managing director, who is return- 
ing to the U.S. tn take up an 

appointment with the parent com- 
pany. ^ 

Mr. Edward Crelney, chairman 
nf Hauliers of Goole. h:is been 
appointed chairman of lhe ASSO- 
CIATION OF YORKSHIRE AND 
HUMRF.RSU1F. CPV.MBEPS OF 
COMMERCE Tor I.97S-7H. The new 
vice-chairman is Mr. Peter 
Schofield, chairman of Schofields 
t Yorkshire). 

Mr 

Mr. C. SalOn, a director of 
Cargo] ux Airlines International 
SA. has been elected to the Board 
of the THROUGH TRANSPORT 
MUTUAL INSURANCE ASSOCIA- 
TION. 

* 

Mr. Pnl?r A. Snsswuin hav 
been appointed a director ol both 


AMETALCO and Ametalco 
Trading. 

* 

Mr. Michael C Fryer has been 
appointed lo the Board ' of 
YAR CREST ENGINEERING 

( HOLDINGS >. In parallel he 
assumes executive responsibility 
as manufacturing director of both 
Hi-Ton Engineering and Hi-Ton 
Transmissions. 

* 

Mr. Ray Denyer, who lias been 
appointed financial director of 
GILL-MENTOR, joined the com- 
pany in 1976 as company accoun- 
tant and became secretary . in 
■March, 1977, a post he retains. 

Mr. David Tyrrell Young, a 
partner in Spicer and Peeler, has 
been appointed chairman of the 
AUDITING PRACTICES COMMIT- 
TEE of the Consultative Commit- 
tee of Accountancy Bodies. Mr. 
Young has been also co-opted as 
member of the Council of the 
Institute of Chartered Account- 
ants in England and Waies. His 
appointment fnHows the resigna- 
tion of Mr. Richard Wilkes on hts 
election last month as vice-presi- 
dent of the English Institute. Mr. 
Young has been a member of 
APC since its formation and 
vice-chairman since last January. 
The new vice-chairman of the 
Committee is Mr. J. B. Stevenson, 
a partner in Touche Ross and 
Co., and chairman of tlie Scottish 
Institute’s Auditing Practices 
Committee. 

Dr. A- W. Taylor and Mr. G. 9. 
Elliot have been appointed part- 
time members of the NATIONAL 
PORTS COUNCIL for two and 
three years, respectively. Dr. 
Taylor, chairman of. the British 
Ports Association and of the Tees 
and Hartlepool Port Authority, Is 
the former chairman of rhe ICI 
petrochemical division. Mr. Elliot, 
chairman or the Forth Ports 
Authority, is also managing 
director of Ctiristian Sateen sen 
and a director of the Scottish 
Provident Institution. 

* 

Mr. John Palmer, a solicitor tn 
private practice at Tiverton, 
Devon, has been elected president 
of the LAW SOCIETY. Elected 
to the Council of t*te Law Society 
in IMS. Mr. Palmer was president 
of the Devon and Exeter Law 
Society in 1072 and of the Asso- 
ciation or Snu»b Western Law 
Sorierie-s in 1073. 

Mr. Geoffrey Drain, general 
secretary 0 r the Notional and 
Local Government Officers' A«o- 
ciation t-MALGGj, and Mr. David 
Owen, a director. Rubery Owen, 
are among .n number of new 
trustees appointed bv the Home 
Secretary m the COMMUNITY 
PROJECTS FOUNDATION. 

* 

Mr. Jim Brown, assistant Chief 
executive and financial director. 
BRITISH SUGAR CORPORATION, 
retires at the end or August and 
Mr. Tom Rodgers, executive 
director with responsibility for its 
expansion and modernisation 
programme, becomes assist* nr 
chief executive. Appointed to the 
Board are Mr. Bob Chappell now 
director and general manager of 
Beet Sugar Developments, one of 
British Sugar's subsidiary 
companies: Mr. Rodney Lund, now 
director of sugar sales and distri- 
bution; and Mr. Geoff Mulcahy. 
now director of finance. 


^ O' 1 372 ! 

«?■“* IFS - s § 5 ; s,uek ! i i,+ n r 

IMw ;=- j;*— | , — 

|>C — j fflRh Low 


7a - t.K. ,aO-b -C ?o Bnmm 85 /4. 

l'*0 : K.K. a.7 iw* WE K"i..il»«-nn 165 ■>,o' 

{34 1 P.l*. — '■ 1 limn.- f 33 j. | i.y 


FIXED INTEREST STOCKS 


£ ■; Sri. * sli-i'k 

■r.C. ~~zs. • Hltfl • l*i« . 




■ " K.1-. ! 

• • F.P, 

=0 

*.■99.4 r.p. ' 

F.I-, 

I no ■ 

loop k.p, : 
exoj . k.p. 

••IC I n K.P 

II ;C25 

• • f.p. : 

’• ’ F.P. S 

r - . f.p. • 

.10* i F.p. , 
99i 4 f.p. 
L'tHSti CIO i 
C9* KlJ , 
Mbii Ka-J 

■SBi. fv? 


9^1 j Piniim^lLiiu V«r Rite 33-: S - 

i ■ * 1979 • 83 I0u., 

£10^4 FjiJi \DKti« W'HtcT 1% Ked. Pid. 1*3 
U'l. Eiv i- m i «. In-.HUJi.’T-liI^Jb- : ^mlV-uili 
*>» .Ciiv •>«* ' m. Kjiv l.*? .... 

ViJj c . x Wvxirr ‘ > l(r>l. J’rci. |*n ........ 

S3l2 Fn rv rvt h-t-. ivh 

07 p Ju HimIiiu:- I0» Pr*i 

lotijp I .1 .F II- P.h 

05^4 Uurt>0*F«rmll 10i 2nd Cum. Piyr. —■ 

!w<Iao I'm. Itat* U»i. IKi 

9 ^•lllWNHI.'M* KmI. H i 

a >'»iiii. 1 vii0,Hir l/j^ ta-i. IK-r 

r,i x rvif \ «—! I?-, u- i->- 

"a .WVrt Kmi> nvi« 12", 1^' . I°r*- 


44 RIGHTS 77 OFFERS 


Inin 1 1 ; — ■ ll^nuiK.'. 
Pm* : = - | timr 
ii I i < 5 * 


S.lZ.75 Vil i 
6 Ml i 
4o F.P. 
as . m. 

ais ' xu . 

141s Ml ' 
on , F.P. 
36 Ml 
lOo ■ Xll 
as .M ' 
130 | Xi ■ 
25 Ml : 

F.P. 

US . ,M. 

9S I Xn 
95 l Xn 
95 | X- I 
30 Ml ; 


- ffipln 

— { 
IP'S bn 
lSre I'jni : 

- ^P” 1 

— .'I;- nil 

ia>fc i£* 

ll 

4/B l/|iin 

au i 'IL'i'.i ni : 

4;8 - I|iiii 
— Sajhm 
28.7 1U 

25.6 4*f*n« 
25 8 jgiini 

25.6 »|-.t 
25.B -<ii>i»i 

2* 


i \ V/. 

i-Bniitfvutl Pf-ir 

*•(111^11 l<t» l-HaltH'l • 

• «r<-i.< !<«• Kiu; . 

t U*n»n«'*itli tin- 

i b.-»« L-Hvtf|wi 

M I • • 

U.»Ui\n 4 tj’vaiiuv. 

> H* »t .* - 

< IIiokii il. v 

i t^i Ii liiirrem- 

• l*t« 

-l.rl.hv-* 

i Ln.ui. 

i U. . N \ 

. -v-'.trit* -vfv'-v* . ... ... 

. Ii... X X 

M>T. lilt.. 


Kriiunriiiiiiiii naiiully last 4 bv Mi n*-ai|n* *Tw -ii sr^mu .tin*. .. ►mmr> 
tiayrfl nn prmwcuiv i-siiinan*. 0 Assumen 4lvuwnn atm vie Id. n ►nfrrasi 1 ivM<*iki 
<. ovtr bawi «n nruvmw vear - * ©a minus, r Dwiv.wl and ywta howrt mi oms»-ciiis 
nr oUli.-i irtHiiai Inr tSiW jlinHa i Hsurv? iimiii-ii i Ciivci ■■■■*• 

lor cmivorjiun oi viurps not now nmkinx *ur flWHienrt or raulunu onls for n-strletert 
iiviOv-ni'H ; PIjliiiw pnrv iw I'umii tn >■*■»* uiii<-«<- urih-rviiw null, dim • lxs*ir<! 
5v lender. H rjfti-rerf <t> Snlrterj. ni orttinurv m.tnw i‘ i ■■ n K hi«i ■■ ■■ fiwi ■« 
hy nay ot canuabMiiin:i. *' Minimum termer nnre Reinirwim mi. H; tsijwrt 
m lunn-i non with rtiinunlMtion tneraav nr rafc»*-*>*vr u'i Intwiriuctiii" Iwiiwl 
m 1 nrm-r r-Tot^r. nr- n-ilrlt-rs ■ Miuuiifni Miprv tor rulli oaiaj. • PmiiiiwoH 
ur partii-Baid allDimuai Iciiers. + With warram*. 













































































financial Times Tuesday July n 197S 


35 


■■* 4 , insurance , property 

BONDS 



life Asswaatt! Co. Ltd. 

tmrsChurehjBrd.ECi at-wsam 
3® 71 


fry Fund - 

fiyA« 

‘ ifly Fd .- 

jcrtj tec.. .... 

■ euro Fund — 

■ rnriblcFuml 

■ rrv Fund,...— 

V ITOpCItJ 1 

*Sot*C«H'.._.. 

. s. Sctwlj 1 
s.Mnncnti ._. 

» Billy 

ipkKO.Srr.4.... 

UV. I’M Si«r ■! .. . 

iu!y b’rt. Ncr 4 - 

fi FISrrj _ 

m-yfii Scr.4... 


H.7 

M3 

148. & 

154.7 

^35 

1389 

1:13 

174 8 

BJA 

U65 

1174.6 

1563 

1273 

1315 

133 7 

1U3 

1093 


31.4 _... 

356 S 

162.9 
•B2 
137 8 
1277 
U3.8 
B8.r 

143 71 
163 P 
163 5 
mi 

13C5 
355, 
117.7] 

1151 


Portf ° ll ° ^ InS - C »PI pensions Menazanent Ltd. 

atBanbolomowCL. Waltham Cross. ■"«»' .= 


J WX3U771 «.Crac«huirbSL.B3P3HH. 01-823 000 
— I ~ «a^cd FUDd [MR5 134.7J. _J - 
1 J ull 3. Next denims Aogui I. 

»ew Zealand Ins. Co. (U.K) Ltd.* 
Maitland Hoih<. S auUiend SSI 2JS 070282855 

ES£M;=B.5 Hsl - 


Pam [olio Fund f " 

Portfolio Capita] [419 44.. 

Gresham Life Ass. Soc. Ltd! 

2 Pnocaaf Wales RiL. B'doihR 0202707655 
SrSpySf 1 -*--]*** 10L9| 

ctEa;KS5::te ffl- 

O.L. Inti Fund [1184 12)2 

G.L. Pply. Fuad [966 lOLfl 7 

Growth 4 Sec. Ufe Ass. Sec." Ltd-* FffESBfczMO 
Weir Bank. Bray - ot- T hames, Berks. 062834284 ^E«I««IF8 _ ,|lB3A 
fiBM 

I^QdfonkSm j S3.77 


xattJnii 4. Valuation normally Tuesday. 

any Life Assurance Co. Ltd. 

01 437 5882 


112.9 -0.4 
1»* 
1QL8J 


Hd Bnflinninn St.. W L 


uKvFit Ace 

trdlni.Ai.-c. . 
i Mww*rf'd Ac.. 
[1 Man.Pd.Arm 
l»Ed.Ace. ... 

nlelftv. .\ro._. . 

s'. ■ ,ur Pt-n KcLAcr 

*•. t»i I P«LAec 

LMoa.Pon.Are, . 
JlD-PllFllAcr 

t pt-n Arc 

lniJ'COACC- 


078.9 

ftj79 
114 4 
1K» 
1W.9 
|161& 
poa 

773 £ 

,1292 
UL5 
123 4 
1«5 


1882 

1451 ... 

120.4 .... 
U08 ._ 
1146 ... 
1780 
2213 .... 
182-9 ... 
335 9 ... 

1173 

129.B 

207.5 ..... 


btadhmik S™ Acc.hl4.« 117.4] 

O . It S. Super PiL _ | E7.B84 

Giurdion Royal Exchan ge 

Royal Exchange, E.C3. 01-28371(77 Property Fund” 

Property Bonds — P769 18421 1 __ Fixed InL Fund— 

Hambro Life Assurance Limited f . 5Sj&£5fe- 
7 Uld Pork Lane. London. W1 01-4G90031 


_ Con. Deposit Kd P6.7 

— Norwich Union Insurance Group 

— f'3 Bo» 4. Norwich NRI 3NG. 0603=2200 

. Managed Fund 


2105 

■m ? 

+ZJ 

3J5.9 


+5ft 

1288 

135* 


15X1 

1601 

+L5 

1058 

mi 


2SU 

— 


Fixed InL Dcp__. 

Equity 

Property 

Managed Cap 


025.4 

\Sl 

1375 


MarJCOdAcr.. .JjlM.s 


IEV Life Assurance Ltd.* 
» Hat. Alma Rd, RvlipUc. 

W UuMtx! _. r 
£V MRdJJ'- 


EVPiWlnt. 

'EY Prop Fd... 
[EVMRiUDn.Fd , 

ev mdPm Btea 

atipta.— , 


19X8 



1103 



1050 

1106 


107.0 

1127 


90.3 ' 

962 





967 

10X9 


474 

968 

107.6 

102.0 



Overseas 

Gili edged 

American Acc„^,_ 
PctlFJ. Dcp «; np_. 
PeruF.l.DMAcc, 

Pen, Prep. Cap. 

Pen. Prop Arc 

Pen. Mon. Cap. __ 


1130 

i»8 
pb .1 

127.7 
149.1 
2K.9 
KU 

, 20X6 

— JVn. Man. Act Z£9 7 


— Pen. cm Eds. Cap \ |12LI 

— Gilt ErfrT. Arc. .jl27J 


Fra. MR. Cop. 

Tra B.S. Acc. 

Pen D A.F. Cop. 
Pen, DAK. Acc 


1241 

14X4 


132.0 -... 

182.0 

170.4 .. ._ 
U4£ 

17W .... 

1243 

130 J 

10L2 

154 5 

157.0 «... 
213.6 

2752 

2U3 

m 

134J 

1302 

14RI ..... 


Phoenix Assurance Co. Ltd. 

4-S.KIawa William St, EC4P4HR. 01-8368076 

8036^^3= 

Prop. Equity & Life Ass. Ca* 

1 18. Cravrfmd Street, W1K 2AS. 01-4860837 

S SdkPmp Bd._ _| 182.4 

Dp. Equity Bd. 715 

Flex Money Rd | W)M 

Property Growth Asssr. Co. Ltd* 
Leon House. Croydon. CRS1LU 01-0000806 


1=1 E 


tow Life Assurance 

IljbrMse Road. W 12. 07-7489111 

Mk.FdO>lInt..W9 87 71 I _ 

iMXFd.RLIInt— N88 1M) __ 

n. Msd Fd. £4 —(1167 . 12D.M — 
ajacd.Fd.-FX.. 1 111-4 114.^ J _ 

’Mrelq* Life Agcur. Co. Ltd. 
IRMiilord ltd, E.7. 01-531 5544 


Fro perry FDnd 

Ftxweny Fond IA>_ 
Asneiilmnd Fmd 

Ayric. Fond 1 A} 

ApbcyN«.Fmul_ 
Abbey JiaL Fd. iA>. 
InvcSImenT V nuA 


102.0 
1105 

Hearts of Oak Benefit Society 

IS-lT.TartsroekPlace.WClJISSSf 01-3B75020 im5£StFtL?A7 

Hearts ol Oak _A. ..{365 3&6f I - _ 

fiUi Samuel Life Assur. Ltd.* Equiij FuodiAi — 

NLATwr. AddJscombe Rd, Croy. 


relay boo dt“, _.. 
mry — 


'Nt-exlrcd- 

‘•operiy— 

maged 


1225 
All 5 
pio.o 
1104.0 


007.7 


«?CTS_AccunV _f%.0 
L Initial [93 B 


ltEdr.Pcns.Acc.. 
t. Inlha] . 
»r*-Pma.Ace._ 
>. Initial 


198? 


ize.q 

U9J fist _ 
2154 
1095 

1134 +09 
io4D +oi] _ 
1312 
99 H 
1002 
97.1 
1059 
102.6 


,lM.O 

‘.|w06 

'Current malt Vahio Juiy' 10. 

echive Life Assur. Ca Ltd.* 

, Lombard SL. EC3. 

^k Hone Job l| 12767 | ,._.J _ 

: l anada Life Assurance Ca 
1 3 Gleb St, pottos Bar, U«ns p^ar 51122 

i ul J - 

moaa Assurance Ltd.* 

Olympic Wembley HA80NB 01-802B87B 
julty Units.— — Qk&T 

upCTty Units □013 

wS-BondfExre.. UL17 
- ™. Bond Exec ... r iZJi 
aLBdj-ExocfDnit. U2.9S 

cpnsJtBoad. J-L2 

yiKy Ac cum. ... 171 

.x-pwrtr Acctun. KK7J 

red. AKtua 1-577 

.mEqnhj 908 

id Property 1D4.7 

idMorased-. 963 

t,l Deposit 9i9 

idmiuT ...... SB 4 

id Ea rens., Acc . FT 6 
icPrp-PmVAee _ 10E3 
td Mid FcnliAcc 9S5 
id DepJ’vnxAcc.lHi.B 
id dill IVnsAcc 


d Property Uni la 

Pmporty Series A 

Managed Daiu 

Manacod Series a. 
Manaced Seri esc.. 

Nmiry llnlta 

— . Monej Senes A 

— - FnnintSer.A 

Fns. Managed Cap.. 

Pna. Managed Ace.. 

Pns. Ctnd. Cap 

Pn* deed. Act 

Pras. Equity Cap._.(s55 
Pena. Equity Ace.. 

Pna.Fxd.lnLCBp 

Pns FwLlaLA«y_.. 

FensL Prop. Cap 

I'Ku. Prop. Acc 



162.61 




R'TtM 

107.1 




160.4 

168.1 



94.7 

97J 


— 

926 

' 




120.6 

127.C 


_ 

97ft 

102 £ 




918 

967 

+05 



137.1 

144.4 




144.9 

1 n A 


__ 

1055 

ill 1 

* 

_ 

jtTIm 

1175 









IP?.? 


— 

915 

99J 


__ 

949 

99.4 



954 





|%0 

lOXlj 

— 

— 


Men ci- Fond. 
Wcaer FundiAi 

Arm an a | Fund. 

Gl]t-ed4ed Fund 

Gilt-Edged Fd. lAJ.. 

4 Retire Annuity 

dimmed. Aunty 

Prop Growth Pout 
AJ J W'lher A C. I'ti 

9AH Weather Cap.. 
fltw-Fd Li La “ 


762.9 
756.4 

154.1 

153.9 
668 
66.6 
16&8 
1682 
JW.4 
1397 

113.2 

121.9 
1219 
UOA 
1433 


Imperial Life Ass. Ca of Canada 

7U55 

=d = 


P«ud OT FdLHa._ 

C0n7.Peag.Fd. 

Chv. Pns. Can. UL 

Man. P pm FYL . 

Man. Pens. Cap. UL 

Prop Pena. FtL 

Pro p. Pena. CapLtl ta. 
gj^t Sot Pen. UL 


& Annuities ltd. 

® §»« ' 

147.7 
13M 

1317 


nt 


3:5 


01-6231288 Imperial House, God dford. 

GruFdJulv 7 iTO 5 76J 

Pens. FdJoiy 7^.1651 • 70J 

„ . Unit Linked 

Managed Fond IKi . 99« . ( — 

Fixed LnL Fd. kb.0 1111 nl 1 _ 

Secure Cap. Fd B6 l 2 tma , .j — 

Equity Fund HJdl tm St J — Fxd 


*. Soe. Cap. 0t_ 

Pnnrinciai Life Assurance Ca Ltd. 

222. Biubopsgme. E.CA 010470533 

Pror. Manned Fd-0131 U9, 

Prow- CasfaFd 1049 110 

Gilt Fund 20 116.6 122® -+U3 — 

ProwTOFund 95 9 lOL® 

Equity F ua d 97.8 103® 


AUTHORISED UNIT TRUSTS 


Abbey Unit TsL. Mgrs. Ltd. <a> Gartmore Fu* 5 Manager; * faMgl Perpetual Unit Trust aingmL* (a» 
72-00, Ggicbrage Rd. Aylexbury. 02M9MI 2.SL &tary Axe. EC3A8BP. 0I-3D3531 « Kart 5L. Henley on Huunes 049126868 


Abbey L'aplicl \S3 

Abbey Income B8.6 

Abbey Inc Txt,Fd..p6.6 

Abbey Got Tat f4.8 

Allied Hambro Group* (a) <g) 
liambro Hue. Hutton. Rrenlwood. Eml 
01-588 3851 or Brentwood lOmj 2U450 
Balaoeed Fuads 

Allied lot 164.6 

BriL lads. Fund 1513 


Grib. tine. 364 

Sect A Ind Der 32.0 

Allied Capital. 707 

rfombro Fund 102.4 

Hambro Arc. Fd— fllA.9 
hoot Funds 
ftlBh Yield Fd 
j ligh Income _ 

AJi. Eq. me. 

Interiialianil Podr 

International (263 

Pacific Fund (466 

Sees. Of America— 1S3.0 
U3.A Exempt* — 
MctMId Funds 

Smaller Co '* Pd |353 

2nd Stair. Co 's FtL. 435 

Recovery KiU. Oi 

Met-Min-ACUty-- *44 
Orerseua EanUniM 56.6 
BspLSmtr.Ctfn— 9 218.4 


38 . 

35.4 *03, 
75.7U1S 
1093d slij 
1BJ1+Z7 


425 iiiAmericmi TJL— -| 

587 BrtlishTsLtAeO -J 
428 ConnnodHybt®*- 
432 Extra IncoracT*^ 

uiI-arEasLTpsArEI 

Hluh intoaeTU — gjo 
. Income Fon d - If** 
Ins. Awncias— — “-?• 
Inti. Bsempt Fd. — • 

i*)InU. TsL lAecJ — I 


9|fl +L4| 


089 

333 


FpeUioiGp-Glh P9.I 


29.9b +0.1 
59.1 v 0.9| 

175 Id *2.5 
25 A +D.ll 

tn'il •« Extra Income 1287 

iS'd Ka Small Co’s Fd.: 36 4 

14335 S-fi Capital Fund #L6 

«3S| 3^ |nt! Eros. <1 Assets. 45.1 

Private Fund 340 

Ac cum Itr. Fund. — 159.4 


4281 —4 330 


285 Pircafif ly Unit T. Mgrs. Ltd.* feKbJ 

1^0 Wa+dgle Hbo. 59a London Wall EC2 638«wn 
832 


tlil *uj |J§ Gibbs (Antonyi Unit Tst. Bfgs- UtL TeehnWy FuodlKo 57.3 
8^^f ISo aatm-wtisuB^a. oi-MBim Bti 

3 


3fl.g +03 

39.7 +0.1 
445u +03 
483a +0.4 

36.7 +05 
6331 +8.7 

+03 


+CUJ 


9.90 
533 
451 

2.90 
4 41 
SJ3 
3 52 
LD0 
270 


56 7m +0 

iot»3 


8 « + 0 . 

49? +0 . 

" ' 58Gn«h«aSt.EC2P2ps. 

Barrington htbG'-ES-f 
• iAccum.Unjts)- = -Sj5 
489 BTBhH.YlJulyB-U71-9 

5J1 [Aeeura.Dnlt*— B978 

6 04 Endear July 4— 

5-30 (Ajcrtm Uolmi. 

479 Grncfastr. Juls'7 — 

572 tAcsum-Unhw.-— • 

I,.. H Bmlx July 5— . 

Andersen Unit Trust Managers Ltd. (AccmUoiti) — 

J5B ibeoeburch SL BC3M BAA 
Andereoq u.T. ((8.6 5 U( 


386 ia 1 AG. Income' ^fjl 2 44 2d -1 

4.49 tdA.G.Grcrwibrf-gJ 40_W ...J 4.W practical Invest. Ca Ltd.* (yHe) 

«M ia iA. G. P br >^3 * LZ 1 aj0 u. Bloomsbury Sq. WCl A 2RA 01-0238883 

„G«no— * . ssr^du ffilriia 

55 »9 "T™ IWviDcUl Lit. la,. Co. Lti» 

Da Arcwn- Unit— [165-9 174.9) 193 *22. BUbop*CW«. KCi 01«78SS3 

Prolific Units— r _.B2.9 8881 +0.4] 3.07 
High Income |U9.4 U7a| +L0] 7.46 


234 


Next dealing day July tt 

280 Grievesan Management Ca Ltd. 

Qi-6054433 PrndL Portfolio Mngrs. Ltd.* injfbMel 

i'S Hoi born Bart, BC1N2NH 01-4068222 

8^5 Prudential |ma 13051+13] 431 

?■ }c Qnilter Management Co. Ltd.* 

iS The SUc Brchanee, BCsS 1HP. 018D04177 
2-95 Quadrant Gen. FtL. |997 U2J4 _...J 4.98 
2® Quadrant Tpctuan _ [l22 1 12S.9s9 8^7 

a vi 

477 Reliance Unit Mgrs. Ltd.* 

B23BSS1 GoartUan Buyal Ex. Unit Mgrs. Ltd. Relianee Hee^Ttatbridge Well*. KL 089222271 
--1 4W Royal Ettbanpc. KOf XON. Ol-tenMIl SSSESSSRStHSa 5A5 

Ansbaeher Unit MgnxL Co. Ltd. iwCMidMUty-.lWA 916|+18| 443 USortS x! 1^. 2_ fSS S| +oS sis 

jNoWeSt,SC2V7JA. 01483*370 Hend««Hi Ridgefield Management Ltd. 

Premier UT Admin, 5 Bayfsi£h Road. Hntum. c 


+03 


3784 +03 
46.6 +D 2 
89.4 +L4 
OJ +04 
Win L2 
’ 229.1 +U 


2103 

227.9 

180.0 _..., 

^ d 

2297 
9724 

mo 

717b 
753 


lne. Monthly Fund .[1660 176-0] \ 989 

Azhutbuot Securities Ltd. (a Me) v _ 

37. Queen SL London EC4R1BY 01-2305281 Cap. Growth I 


BroatwMd. Ow- 



-Fund. 


m* 


Irish Life Assurance Ca Ltd. 


Prudential Pensions Limited* 


11x2 

1411 

1374 

117.7 


Ufltf 

1019 

935i 

9SS| 

m 


si 


0I-628S253 H ol born Bar*. EC1N2VH. 


1 1 Finsbury Square. EC2. 

Blue Chn. July 7. 1699 7381 430 EquiLFd.Jnttea_|l 

MunaeedFund 220D 2915 — Fxd. bn.Jui>e21 (08.72 3 

Exempt. Man-.FCt _ 10 13 1066 — Prop. F. June 21 £2578 3 

Prop. Slod. July! _ 1830 1S9.4 — _ .. 

Prop Mod ft th PS7 7 ymij _ Reliance Mutual 

King & SbOTm^ lid Tunbridge Weill. KonL 

52, Corn bin. ECS. 01-0285433 HeLp roP-8d* 1 2«9 

Bond Fd Exempt-. lUa TS^mM^a 1 - Rothschild Asset Man 
GorLSec.Bd. p^.40 12^J] __4 — SLSwithtasLnDe.London.BC4. 


- Langham Life Ascomnce Ca Ltd. N C ^ 


01-RB032S 

088822271 
I —i - 

t 

01-0264350 


id Gilt Pots. Acc £3.7 

AES. IF 55.S 

*£SXF.2 P6S 

Currem value July 7. 

atrftal Life Assurance* 

Milton House. Chapel Ash wian 

eylumLFd ( 10121 I ... 

FirrninLrriBvFd..| 10203 | ... 

hanerhanse Megna Gp.* 
inieqecrsSq, Uxbridge UB81NE 
btihae Enemy _ . |>6b 3£6j .. 

iuihae.Mnner.__. [29.4 310 1 .. 

hithM. Jtanaccd.. S7A 3 r h .. 

EqUlQ> B4 2 36.0 .. 

agnuRhCSii. r 1336 

ofinu Menaced — I 1598 

itjf of Westminster Assur. Ca Ltd. 
inyrtead lioace. d V.'bitrhorse Read. 


P175 12581 1 — 

Longhair] ba HoRnbroot dt.nwa 0T2035211 Royal Insurance Group 

LMgham 1 A Plnn_.|63 8 . 670] I - New Ball Place, UverpoeL 0512274422 

^3: Royal Shield Fd.__ [1^0 139.61—4- 

Legal & General (Unit AssurJ Ltd. SaFe 4 Pros P er Group* 
K^-d_Heu*. MM 


080=20511 


571 SI 


01-ti94 8084. 


§11 ::: 

6fl Pj *11 


+9-H - 


luj'ilua CRO 2J.L 
.st Prop rutuL-. 
arofisl Fund . 

suit} Fund 

■nniimd Fund... 
one}- Fluid..- ... 
lit fund . 

,-U> Fund 

«* KnplCap.- 
iif Kr.gd. Acc .. . 

•or la Bra? Cap. . 

.’ll*. Ifupc/ .Vrc 

si* Cqiuly Cap. . _. 

-sir Equilj Ace .,(560 £8 *. +I.2| 

r und cuncnlly diucd In new mvistincut. 

201.0 | 


ira 

6fl. 

77: 

'Ui 

2731, 

m 

441 


Surrey K170SEU. 

Ccah Initial 

E*o. Accum. 

Equity Initial. 

Do. Accum 

Fixed IniUnL- 
Do Accum. — 

IntLlmuad 

Do. Accum, 

Managed Initial . 

Do. Accum. 

P roperty InlUal 

Do. Accum. 

Legal ft General (| 
Exempt Cash IniL _ 

Do. Accum. 

Exempt Egjy.lnit- 

Do Accum 

Exempt Fixed Iwit- 199.6 
Do. Accum. — ... UL4 
Ktompt Hugd. I mt 

Do. Accum 

_ Exempt Prop Toil . 96.4 


Do Accum. 



HeethSSAEQ gaL lav. Fd. 


Property Fd.* ( 

Gill Fd... 


_ Deposit Fdt- 


Cotnp PenaFd-t 

Equity PenaF d. 

PropPenaFd.* . 

CillPennFU. 02 

DeposFeaxJd t__ 1 9BJ 

•Prieea on July 4. 
tWeebiy <<— Hnp 

Schroder Life Group* 
Enterprise B onae. Portsmouth. 


134J +021 — 
162A • — 

126-4 +0.7 — 

1298 — 

2212 — 

1983 +2.4 — 
2348 — 

98 1 +0.6 — 
1041 — 


^ LIC Unit Trust Management Ltd.* Europe 

Tbs Stack Be bangs. EC2N IBP. 01-588 2800 j*jf D 

Bishopsgate Progressive MgmL Ca* SaCbOhC^M-lbV I~[ Ijz Sectw 

0.BUbop«au.E.C2. 01-588 (EM) Lawsea Sees. Ltd. *tagc) 

S -gale Ft “Jn|y 4 _3fL5 3913*4 J 3.90 

ISlzH 2^ ---j 

aS’SLe irSiri SfiSSKSStr §J Ui x* 

Next xub. day July 1L July 4. lAeMmUmU)— 6U - 660 +03 

(Bridge Fond Managen^aXO “IT SI “ 

JOngWUliauSLEOUtSAR 01004851 243 


Equity! one 27.. 
Equity 2 July 4 _ 

Equity31nly4. 

Fixed Int July 4. 

Fixed InLS July 4 

IuLULJtd*4 

KftSGiKJuIy 4 

K A Sc. July? 

Kngd. Fix. July 4. _ 

Mancged July 4 

Money July 4 


.225.9 


mn •— ( - 


Bh-GlhJunc8_. 

Opl 5 Prop. July <1 


Opi3 Eqty. July 8 1126.0 


Opt Hy. July « — 
OpL5Knn7Jiilv6... 
OpL5D«pL July 8_. 


rrturm V nl:-. J 

. • !*>■ ef WcMlni^nster Ass nr. Soc. lid. 

. * •l.’i-'uinc 01884 MM 

.... rri 1 -iiu.. 1123.6 

Of* rty L‘ nil'- ]54 7 57^ 

cmmerciat Union Group 

• _ ncl-.-n s. 1. UndcrsbaR, Fra 01=83 7500 

rAnAri.uiiua... srg | J - 

u Anuuiiv I'La ., ..| 1 j 75 I -I — 

oofederalkm Life Insurance Co. 

-rt.rjitncm> Laae,WC=A LHE- 01-7420=82 

■Iqiiltv Fund 

Hammed Fur.d._. 

tirihithl 

snnL ifr. Surd... 
afi.-d Ihir-i rn . . 

Riiit’Mnr !.TVn ~ 
it-'l lal.ifn .. _ 
qmfy Pt-B-aou. - . 
uixfly lY.vJon— 

orahIU Insurance Ca lid. 

1. L'urnhUI, El'3. 01-6385410 

np Feb. June 15.(1233 
< .s'm.Jnnr 15 — (12 0 
-—uilhFdJuncra. -1169.0 

' retill & Commerce Insurance 
Si.KrirenlSt.LondnnWIRSFE. Ol-4307D8t 

-U'Mnftl Fd. 1 122.8 131IB J — 

’r«ra Life Assurance Ca lid* _ 

• rownLUifllBC.W0king.GU3l 1SW 048825033 ptbBOTd* -.—.. 
tamfd Fund Acc-"**’ tn-.m-i+i _ JnieraalnLBond* . 
LtfiadFd Inrin 

lany'dFd iniL 

'quily rM 4ce 

Aproj' I’ll lucitt 


Legal & General Prop. Fd Mgrs. lid uot^sj^tI 

11. Queen Victoria Sl. EC4N «TP 01-2488878 Property July4_ 
LaGIWd.Jub-2.t965 im.7l._4 _ 

Next rah. day August L 

Life Assur. Ca of Pennsylvania 
30-12 New Bood St.. W170RQ. 0MB3B98S 

LACOP Units |9B7 10J6| — J 

Lloyds Bk. Unit TsL Mngrs. Ltd 
71. Lombard SLEC3. 01-6831288 

Ex-mpf 1W7 UOSf — ,-} 7.98 

Lloyds Life Assurance 

=0. CTIBon SUJSC2A -iMX 


Property 3 July4 — 

B5 Pa CpBJuly4— 
BSPnAecBJu&4_ 
MnPnCpB July4._ 
HnrnAccBJujyl— i 
FxtUnLPen-CajxB . J4.7 
FxdlotPn-Aeci— [952 
Prop Pan. CapB — 
Prop Pen.Acc.B_ 
Money Pec. Cap. B 
M 0(1 CJ- Pen. Acc. B-I96J 


OveraeasiL 


»7J 


070527733 


224.4 

122.7 
ML4 
1523 

143.6 
143. S 
1255 
1365 
1583 
1132 

123.7 

163.7 
1613 
127.1 

138.4 
2073 

246.4 
993 

1003 
1013 
101.6 

180.7 
1012 
1025 


132458 
129.0 131 


1538 

1*53 

121.6 


Scottish Widows’ Group 
PO Box 802, Edinburgh EH165BU. 031-6558000 
In vj*ly Varies L — MU 1BL9I -1-3 — 

Ira-. Ply. Series 2_ 963 10L« -LU — 

Ira. Cash July 7_L_ 98.1 103^ +0.2 — 

ExUtAcc July 5 134.7 1*03 -l3 — 

Exlltluc July 5 (1313 lift* -Oj — 


152 6 1605 


177 7 . 1865 


1754 _ ^ 


fcfc 767 



72.6 765, 


1848 


199.7 


=2-50 


1394 




Lmdoa Indemnity 4GnI.lns.Ca lid Mgi Pen. Jaty3_ (257.9 257.9|-22( — 

1S-W. The Focbary. Reading 5S351L Soiar fife Assurance limited 

BBSErfl °^ an5 

d'^cbestcr As? Gpi* 8£ 

Tbc Lets. Folkotonc, KcdL 0303 & * **3 — 6^5-7 


UPgaEiHI 

aJd = 


I! 


10L1 

ihi 
, |N4 
.. *1 

, . ?79 

Iquity Fd inlt 97 6 

YuDcnt Kd AOf. - 
Vacertj FJ iiicm. 
;ra|wnyKil IniL... ' 

nv 1 ri. Fd. Acc “97 

9“ 7 ' 
992 

97.0 
97 0 
109.9 
IP99 
560 

*>a 

100.0 
159.6 



L'yp. Growth Fund.. 2=25 +0 9 — 

firicx. Exempt Fd.. 1303 *0 5 — 

4ExemM Prop. Fd. 85 4 + 0 + — 

©Ex pi ip v. TaL Fd. 149.0 +13 — 

Flexible Fund ..„ 1115 +0 3 — 

lnv. Trust Fund. — 1355 +0.7 — 

lYnpcrty Fimd-_„. - 825 — 

MAG Group* 

Three Quays. Tower Bill EC3R 6BQ 01-028 4308 
Pcrs. Pension”* — 12=6? — _ 

1'Mr Depo+ir*.- — 110.1 

PSS»W=-=:SK ^ 

1035 



104. H +03i — 


Managed Ed.”* 1373 

PrSmiy Bd"* 150.8 
ErrYiefo Fd. Bd.*_ 78.9 

Recovery Fd. M • .. ML3 

American Fd Bd.*. 523 
Japan Fd. Bd. - __..l565_ 


„ ■Trope rty 


J to pony Perns 

Equity — 

Equity Pen 


Txt Fd.lncm. 
bc. rn Fd tr*i — 
ixedlnl Kd Acc.. 

<u( Fd. Incm. . 
rl Fd. Aer — 

. r.rer'l Fd In<-m . 

J.+ner FA A« — 
loss* Fd incra .. 

F- 1 luvtn . .. 

:r»«xn Urt. Inv.'A'. . 

Jmsarter Insurance Co. Ltd • jf^TH^u^ed. 

■iiwuU Howe. Tower PL BO- 01-8268031 

-:ih.rrdp July 4 1»89 oo^ 4 — 

SogSe Siar iBSBi/JWhBd Ass. 

^ThroadnerdtaSi-EGa 

rBi k-MiAl*r.l«5... [51.6 5351 +L0| ft« 

Efluity A Law Life Asa. Soc. Ltd* 

•nhTHbtauRr.iA High Wycombe 0-194 33577 


1087 

1442 

1661 

83 0 

M5 _... 

55.2 . — i 
59-5 ... I 

Prices on *JuiiT?*"Jiily 8. ““juiy 7. 

- Merchant Investors Assurance 
jj. .125, High Street. Croydon. 01-6888171 


153.9 

Si 9 
160.6 

1403 
1812 
1285 

1404 
1033 
134.7 
104-0 
1826 

NEL Pensions Ltd 
Milton Court. Dorking. Surrey. 


Money Market 

Money Mkt Pena 
Deposit — — 
D+podi Pena. 
Managed— — 


Managed P«W. 

. IntL Equity.- . 


eat. 


"qaily Fd . - 

P-jt*-riy Fit . . 

Fixed I iitvtrit F. 

■ltd iu-noeit FA - 
ILxnJ FtL 


UL3 

,1064 

tidftl. 

.991 

1899 



Nelex Eq. Cap. 

Nelcx Eq Accum. . (1086 
Nelex gooey Cup.. 1613 
Nrld Moo Acc. 
Nelex GthiBC Cap.. 

Nelcx Gtb Inc Ace _ 

Ne! MxAF4Cap_ 

Nci Kx A FU- Acc— 


655 

47.6 

>48.6 

47.6 

486 


822 

1144 +02] 
65.4 
H« 

502 
512 
502 
512 


Solar CaihS 1080 

Solar IntlS 97.9 

Solar Managed P_ 1265 
Solar Property P_. 1115 

Solar Equity P. 159.9 

Solar Fxd In t-P — 1153 

SoUrCaahR 9W 

Solar inti P J97.9 

Sim Alliance Fund MangmL Ltd 
Sun AlUaswc House. Horaham. 040304141 

BroPdJnUtataM. (£15830 UOJMl — J — 
tat Bn. July* 1 EM 00 1 — -J — 

Stm Alliance Linked Life Ins. Ltd 
Sua Alliance Bouse, Harcham 040384141 

Equity Fund [1173 1235] +221 — . 

FtadWratFA- I05A lllfl +0.R — 

Property Fund M89 114.7] „ J — 

International FA— 1072 112-3 -05^ — 

Depoxh Fund. 96J. 1D3-9J .....J — 

Managed Fund p086 lift* +05) — 

Sun Life of Canada (Ui) Ltd 
2.3.4.Cocfc*ptU-St,SWZY5BH 01-8905400 

M^delLGrth— _| 1922 j 

HaptalXUancA- 1328 I -ftU 

MapteUEWy 1253 -0.7) 

PeraaLPuTFA 1 198.4 . I — J 

Target life Assurance Ca Ltd 

Boose, Gatehouse Rd. Ay 
Aylesbury 

E A 9831 . 

55 701 * . 

Prop. Fd Inc. 11088 11A6 +0.4] — 

Prop. Fd. Acc. 1390 +D-1] — 

Prop. FU. Ira. 1088 — 

Fixed luL FA I DC. 99.7 105 4 

D«p. FA Arc. !nc — «.2 100.4 

Brf. Plan Ac, Pen. - 7L0 772 +ft« — 

BcLPUnCajxPen-. 58.7 « 7 +0.*J — 

BwLPlnnllan Arr.- 1242 U0.7 

ReLHanMan.Cap- 1142 1M2 

G Hr Pea. Acc. .1288 1352 

GlltPon-Cap. Bin 1283 

Transinternatknal Life Ink. Ca Ltd 

3 Bream Bldgs. EC41TTV. 01-4056407 


Mugrr Founders CL. EC2 
,8S Units July 10 — £109 
(Do. CAccJ JttlylO — (262.9 
Oceanic iTnsts (a) 

Financial 

General 

Growth Accum. 

Growth Incmna 
lUCb In 
LTU_ 

Index. 


Next Sub. day July =5. 

For New Court Property *ee muter, 
BstaekOi Asset Mana gemen t 


1393 

S73 


The Building and Civil Engineering page 
is published in the Financial Times every 
Monday and carries news items relating to 
contracts and important developments in 
the Construction Industry. 

For details of the advertising space ’ 
available on the page each week, and costs, 
you are invited to telephone 

01-248 S000. Ext. 360 

or write to The Advertisement Director . 
Financial Times 
10. Cannon Street 
London EC4P 4BY. 



146.7 

116.7 

1205 

123.4 
1314 


TuIipInrosL Fd._ 

WXStfEz: 

Man. Pot. FA CapL.u 

Man. Pen. FA Ace. .(1248 

Trident life Assurance Ca Ltd* 
Henstade House. Gloocertcr 045236541 



12*2 . . 

1552 +1-4 
1573 

88.0 

LU-fl +22 — 

Mil +04 

ms +u 
Si +0 4 — 

1322 +02 — 

Growth Cap 022.4 1292 +04 — 

Growth AstIZIZ.pft» 1333 +Lm - 
Pen*. MngA C*p. — CLll.' 

Pbo*. MogA Ace — 111 
PraKadDepiatL. 

+rdL Bond— . 

TrtlLG J. Bond — ]%8 u 

•Cash vxloe far £100 premium. 

Tyndall Awaratce/PeoshnsV 
18. Cauyngc Ro*A BrirtoL 0272 32241 



1713 


163 ft 


164.6 


1864 

.... 

127.7 


146.9 


785 

rot— 

1698 


2578 

_ 

1778 


86ft 

—* 


-m 

Z looi 
-166.0 
... 141-7 
._ 118.9 



OanalnT.JalyS— 

Mn.PB5-WJu$3— 

DaEqultyJtOyS — 

Do &oodJa1y3 — 

Dt>. Prop. July 3„.„ 

VsBbnigh Life Assorace 
41-B VatUax SL. Ldo. WIE8LA. 

Managed FA 

Kxed intent FA 

SfflffiKtr 

Vanbrugh Pensions limited 
4i-o-mddM sl, Ldn. ffiaaLA^ oi-o»4se3 

1S.3 +|^ — 

Propercy |972 10224 ---J — 

Guaranteed *ro ‘In*. Boro Rate* 1 table. 
Welfare Insurance Ca Ltd* ' 

The Lew. Folkerione, KeoL 0303 37333 

Manchester Group. 

Windsor Life Assur. Ca Ltd 
Rural Albert Bax. Sheet BU^findrar 

Life In v. Plan* ~ 

FoturcAasAdhtil . 

SffSirSS?!: 

FIex.inLCnmh_ 


88144 



Extra t acorne Fa _ 0042 

Hitch lac. Fond 402 

Of Accum. Unltat 546 

iff 2 % Wdrwl.Uts. 542‘ 

Preference Fuad 23.9 

(Accum. Unite] 17.2 

Capital Fund 19 1 

Commodity Fund _ bO.7 

(Accum. Unite) 573 

I JO% WdrwLU.i 532 

FmJiPTOpJd. 147 

Giaate Fand — ... 38-2 

lAecum. Unite! 442 

Growth Fnnd Di 

t Accum. Unite) 404 

Smaller Co' » fa__ 26.7 
Eastern & IntL FA. 242 
18"* W<lrwl-Ut«.)_ 202 

Fcreien Fd S72 

N. Amer. ft tnt. FA ^3 

Archway Unit Tst. Mgs. Ltd* (aXO 
317. High Hoi bom. WC1V7NL 01-B31 8233. 

AxebwayFuad {79.4 K2d [ 6.42 

Prices at July A Next sub. day July 13. 

Barclays Unicorn lid («KgJ*(c) 

Dai con Ho. 2S2 Romford BA E7. 

Unicom America-. ».9 - - 35.' 

[75.4 82. +02 

593 64.1b +03 

*52 70. +12 

+12 
+0.4 
+12 
+0.6 
+04 

as 


n M. Cap. Growth A*e— 
9.46 income ft Am 
9 46 Hlch laeaeae 
9.46 HisfalncoBW, 

12.44 Cabot Extra Inc. 


FtuancialftrrU— P4J 
OU 4 Nat. Fes. -1272 



'S77-2I7'S 38-40. Kennedy st. Manchester 08123B8SC1 

Ridcefield InL UT .(98X 1M.W .„„( Z72 
45 0] +051 jsb Ridcefield Income, pl.0 97 Call — .11071 

+S-f 256 Rothschild Asset Management (g) 

94AI+V.4I ftZ3 ^200. Gatehouse Rd.. Aylesbury. 0=985941 
N- C. Equity Fund— [1672 I7S.M +ZS 324 

N.C. EnKy.Rfcx.TsL [109 3 1163 +0. 

N.C. Income Fond- 71465 1553) +3 
KC. tat!.- FA tlac.IM.9 956 ' 

?-g K-C. InU FA (Aee.E9.9 955 

N.C. Smile COyx FdU522. . 16L9 

2.70 Rothschild & Lowndes Mgtat. (at 

SL SWlihlUS Laae, Ldn_. EC4. 01-8284336 


MB +0S 

57.7^ 903 

a J|:a 


1“ 



222 


NewCLExempt- 
. Price on June 


-10250 132.0( | S54 

lft Next destine July 17. 

496 Rowan Unit Trust Mngt. 12d*<aj 
lira City Gate Han, Pin* bury Sq^ECS. 01-6081088 

?n American July 6 |UJ _70j 

U5 Seeuri ties July ft— |UA0 173.1 

Hill Samuel Unit Tst. Mgrs.t (a) 3te5£IVrSiwT=E*o W-'.T-l 

46BeeehSt,EC2PaJ L 0.«»tl g^y—bct 


North Amer __ — --- 
N Atn.G rssJ n^C-_ ftl7 4 
CabfctA mer-Sm-Co- p0.7 


Do. A 
DaAurt. 

Do. Capital— 


Do. Exempt Tn. RM3 

Do. Extra Income - 


Do. Financial 
Do. 900 



(b) British Tmt — K75 1572 +35 

tCllafl Trust— g6B 39.4 +02 

UtiDollarTrosL [75.9 812 +0.4 

Itoj Capital 305 

(bl Financial TrusL (572 933 

012345544 IblUicome Trust— K 9 27J +05 

+021 126 3^ +u 


n ew Tw PH Inc fa t 

Dp rill 4 



0.97 
430 
a. 03 
8.03 
326 
326 


545 (AenruLUUW) -|952 1003]—.. 

Royal Tst. Can. Fd Mgrs. Ltd 

an 54. Jermyn Struct, S.WJL 01-6=88252 

5.09 Capital Fd »7.9 7121 — X 3^ 

7 .89 Income FA po.7 74.*j --..] 755 

536 Prices at June 30. Next dealing July 1A 


IS £]2Li V S?‘ ■ — 1 “ «■ o««p 

tS * ateLT _ 4. Great St Helens. London EC3P 3EP 

654 IS-Ojri^apbm'Street.R.Ci 01-2477243 68-73 Queen St, Edlnburtth ER2 4NK 

836 Intel, lnv. Fund 052 92.4*1+1.71 655 Dealings to: 01-504 8898 or 031-235 73S1 

Key Fond Managers Lid laXgi Save A Prosper Securities Lid* 

fjaa 3331+04 633 2S.XSlkSL.XC3V MIL 01*007070. 

D^GiSShASZlSS +0J 4 i J OOjTd +L7 3.44 ^ 

Do. Income Tst &3- 9o3 +U 631 KraEqula^ftGon- 675 71J +L2 420 

DaPrf.A-ns.TxL.pJ7 1402] 533 BiemtaFU,- 1483 1577 c 631 tinta. Growth 

Prices at Jnne aVNext sub. day July 3L Key lactraicFmd— 775 - 82 4e +05 834 

a?!3Sfecffi& nSa® IS SSSSaliftS:BS iSSiii'iS »i+i» 

Do.WldwkieTsL— (488 SLAP j +0j 223 Klein wort Benson Unit Managers* High teeeae Fundi 

90, Fencbuych SL. E.C2. 01-8338000 HighRetarn |g.l 


5J8 

5J8 


KB.UnSIFAtac._g4 9 

Baring Brothers ft Ca Ltd* (sRxi etB.yritFAAc-hes.o 
OftLeedenhaOSUKCft 01^882830 *LJt. FA tay.Trtx. - p53 

Stratton Tut. 0665 173.6) I 446 

DO. Accum. — — . 1 206. 5 

Next tua day July 


455[+hM 5 l25 


+0.4( 8.99 




94.1 

114. 

79. 


37. QueenVSL. London EC4B1BY: 01-2883281 Financial Seen 

620 SUMOobni 

&-J5 Sdeel InteruaL P56.0 

HJ Select Income &D 

1.93 Scotbits Securities Ltd* 


American ft Geot- 

IdCouw*. 



83AJ+L4) 

wot 


322 

0.73 

X27 

3.99 

178 

3-13 

253 

755 


SCOtbitX - 


050 

Seotjrldd— 

Scotaharea- 


S83 41.! 

487 523 

552 597* 


MM 

245JK [ 221 

7.60 


3.93 

775 

4.48 


145 "High Field (455 • m» 

H* WWeA mura'^Ffr' &otEx.Gtt*a 

mgal ft General Tyndall Pond* ■*=2*5®. fiTM 
_ 3.41 lftCanyngeRoeABrUtaL 072322(1 

3.41 Dix. June 14 B72 5X2] | 

Detains Tuns. fWeAtTburs. Prices July 4I5HL lAcciun. Units) [72.4 7624 | 

Next sub. day July 12 


Schlesinger Trust Mngrs. Ltd (a) (z) 

526 140, South Street, Dorking. (0308)86441 


Britannia Trust Management (a) (g) i^i,* Administrate™ Ltd 

3totaOT^BtaWtaift Lomh^WOU^ iDukeSL. London WIN 8JP. 

SSStas— Bi gasa 12 SXfcnrEI a 


AulEmuq! 
Am. 


ExfixnPL 

Growth” 


P6.6 


Capital Acc. 
Comm ft lnd 
Commodity. 
Domestic— 


m 

372 

1342 

mm» - 382 

Far East — 23 J) 

Himirial S»r« 6U 


Bmw 


Gold ft Geoeral- 
Grtnrth- 


Inc. ft Growth. 
Inti Growth. 


7R2 
7X8 
640 

InvescTscShares— 462 

Miner* It — __ 365 

[NaL Hi chine SOB 

Now Issue — 345 

North Ameri ran 282 

Professional 4975 

property Shares — UJJ 
Shield (45 2 


552 +05 
59.6 +0.9 
853 +X4 
40-0 +87 
1203 +12 
4X6 +03 
2AE — 
645a +13 

952n +05 
■4 Jn +15 
773 +X1 
681 +03 
49.7a +06 
393 +0.4 
. 16.9 +13 
373 +05 
3034 +03 
512.9a +6.9 
14J) +02 
487 +13 
323 +03 
• 34.4 +0.4 


86.oj +0.9] 460 Income DiaL^___ 373 

Lloyds Bk. Unit The Mngrs. Ud* (a) fee. 10% wdrwi z?-7 

Bectetnrii DepL. Gorioc-t^^ee. GrowtJ ' 

Worthing West Suaaex. 01-801288 u 

•jO -Nil Yield* [272 

«■“ Prat, ft GiH Trust I22J8 

Pmnprtv KhAimt — 1253 


FfnirBatecdj 

498 

52.9 

72.7 

55ftta 

+18 

+X7 

+ni 


5X7 

Do. (Accnta) 

Third Oncotmel 

Do. (Accnm). 

Fourth CExtacj — 
Do. (Accum.1— — — 

658 

8X2 

110.9 

57.9 

65.9 

70ft 

87.1 

1198 

+13 

+X4 

+28 

+0.7 

+0.7 


?-S Property Shane* — t 

Special S A Tst__—B73 


630 

658 


II KL GrtiL Accnm [71 3 
UX Grtb. DiaL _ Ip88 


2251 +02] 
29.6 +03 
26J +03 
26i +0ft| 
305 


d 


[31m British Life Office Ltd* (a) 

Reltance Hae^ Tunbridge Wells. KL 0882 23871 CocruKKllty •, 764 

BX British Lite M2 5231+0.9] 558 [Actum- Umtel-- 32R_ 

BL Balanced* H5.6 488] .-J 556 Com pound Growth. 104.0 

BL Dividend* (4X7- . 445] 927 Converslou CrowthlMA 


486 
4.73 
492 
454 
723 

4.79 

15 

7.47 
228 

351 Lloyd's Life Unit W. Mngrs. Ud mcbe*psiite,E.C2. 

U6 72-80, Gate house RA. Aylesbaiy. - <BW aMl-OjPttjri i Hr « 

IS ^ “ 1 *“ SI 

432 M ft G Group* (yXeXz) tAeann-Uclwi- — 2ti9J 

2.0 ntree Qwyx. Tower HU. EC3R OQ. 01028 4508 »5 

m — BffiEff 

OAR •™-*l 4-5 «IVaUTIurlM]idn 166 J 


40 As +02 1085 
309*« +03 
515a +05 X73 
275* +83 424 
30 6 +0.6| 481 

292 

24.0b 12.60 

732 +05J 258 

293 +D.d 259 
22.9 +04 530 
202 +051 530 


285 

185 

831 

482 

9.70 


us J. Henry Schroder Wsgg ft On Ltd* 


Price* July ft Next dealing July 12. 
Brawn Shipley ft Ca Ltd* 


Conversion Int — 

Dividend Djl i 

(Accum. Unite). 
European — — 

(Accum. Units)- 

Extra Yield r 

(Accum. Unite)— 1893 

FarEarfeni 60.0 

- 3531 +0.43 421 CAccum. Unite) 65.7 

19.4 +05 3.92 Fund ol lnv.Tsts — iX3 

" 473 +08 AS3 lAccura. Units) 758 

37.7 +05 483 General U2.9 

3X4 +03 936 CAccum. Units I 2535 

223+03 388 High Income 97.V 

26 -Qe +0.6 428 (Accum. Unite) 1643 

205a +02 320 Japan Income 1643 

628 +X0 4 45 (Accum. Ucdtei lg5 

2 23H +02 5.93 Masmun a*.9 

59 J -18 X94 (Accnm. Unite) 238.0 

Midlaud— 1653 

Canada Life Unit Tst Mngrs. Ltd* (Accum. Unite) 

2-8 Hish St, Potters Bar, Herts- _ P taSim ^IT^ ( „t793 


tn-ooossao 

+UI 4-72 
+X4| 432 


Can- Gen DlxL 
Do. Gen. Accnm 
Do. lne.DisL 
Do. Inc. 


+0 
. +Q 

9 • 452] +0. 

Opel (Janaes) M ngt. Ltd* 


Second Gen — 
(Acc nm. Units)- 
Special . . 


100 Old BrosKl St, ECZN 1BQ 

Capital ng.6 

Income -.—-(78 3 


l Accum Unite' .{2023 

Spaetallrad Fund* 
01-3888810 Trustee — . - 

+7 iv 1 (Accnm. Units! 

gjJJ 1 Chartbood July 4 — ] 


Chart! A July < 
(Accnm. Uniu> — 



lie.-tai — 
1Z7.B __ 
1883* _ 
279.4 — 
83.9n „ 
1&U 
322 _ 
K5 _ 
17U 
2543 
136.9 


81240304 


224 

224 

7.10 

730 

3.73 

3.73 

229 

229 

444 

196 

538 


y«i -PenfcChnrFdJn20 

-Sp ec R x July 4 &46J 

Hi •Rero»eryJuIy4 — [1813 
44S "For tax exempt Funds only 

Scettish Equitable Fnd Mgrs. Ud* 

ass 28 SL Andrews Sq. Edinburgh (B1-556BI01 

833 la coma Unite M3 5X41 5^ 

833 Accum. Unit* (553 5S6( .._i| 525 

35a Dealing day Wednesday. 

IS Sehag Unit Tst. Managers Ltd* <a) 

_ 832 PO Bex 5U. Bcklhry. Rso- E.GA 01-3383000 
?22 Scbag Capital FA -KJ 5O(+0.7J 3.» 

4M Income FA-P9.9 3X31+021 8.41 

464 Security Selection Ltd 
|® IS- 19. Lincoln's I an Fields, WCX 


838 


Unrl Gtb Tst acc _ ^43 


01-881 

Dnel GthTrt Inc _(2X0 *83 =d 

uo Stewart Unit Tst. Managers Ltd (a) 
X9-! 45. Charlotte Sq.. Edinburgh. 081-2368=71 

3.92 tStewtrt Ameslesn Fund 

738 standard Unite M.7 67.91 1 X4Z 

J3J Accum. Urn ta 168.6 7321 -!_J — 

<-« Withdrawal Unite- [503 54^ ( — 

JS -Stewart BrtUafa Capital Fend 

5» Standard [1320 14X3 

all Accum. Unite 1512 IKg _ 

4*f Dealing tFrt. «WcA 

Snn Alliance Fond Mngt. Ltd 

ftfj Sun Alliance Hse, Horsham. 040384141 

maaoiSB 


230 

230 


4.48 

4.40' 


739 Target Tst. Mngrs. lid.* (aKg> 


Prices on July S. Next dealing July lk 

Orti.l U.it ylKgm.LU.f CKO ESi£]t=KLJ?3'“ l Sj * . 81 , Cresham SL, ECZ 

MUburn Bouse. NeweasUe-upoa-T^ne 21IS5 Mannme Man agemen t LUL TarrelCcmtaodity.^B 

CarUel 166.9 6931 | 421 SL«eoree-*W»y.St«tawge. 04KS81W T^rgrt Financial _P8.4 

Do. Accum. Unit* -Phi 826] 420 Growth Units |S0A 53.^ 4 "433 — 

Do. High Yield 14x2 — I 821 Mayflower Man^ement Ca lid IS^cc. Untu (277ft 

Do. Accum. Units _ pL3 532( 1 821 j4A8GroshamSL.EC2V7AU. 01-8088099 ta^« Gill Fund — W53 

Next cteafing date Jtay 22. IneqmeJnnea) p07J 1X3.41 ( B3S Target &owt2i (273 

Charities Official Invest. Fd* - SnStaJnneM—pL* txsI _.J 

77 Loudon Wan. ECZN LDB. 0LS881BIS 'MercoiY Fund Managers Ltd Targetinr— 

01-8004555 TgtPr.Jnly! 


Dealings: 0=965941 


Dolileiny. Unite (293 


620 80, Gresham Si- EX2P2EB. 


Merc. Cen. JulyS— fUa.9 
Acc. Uts. Jnlyft 1??55 


taeomeJunrta 1132.4 — I | ft] 

Accnm. Jnne 20 |S33 — I | — 

•UnavUL Only areilable to Rag. Chanties. 

Charterhouse Japhet* 

X Paternoster Row. EC4. 01^483999 l£ero£*t-June»— SJ3 

CJ.louman 123.0 2451 | ift AcCnrUte. Juoe=a_^5 2*ftU 

Accnm. Onlts W >2 29.o] J i_9» Mi dland Bank Group 

CJ. Income &j> 34ej JZJ 721 Unit Trust Managers Ltd* (a) 


194ft 

2527 

693* 

744 


3X7 
1333 

453 TgLInc. 28.9 

4.68 TKLPret 133 

236 TgL Special SUs._(l53 
256 





zom TJ 456 Target Tst, Mgrs. (Scotland) (aHb> 

456 lft ASbol Crescent, Edta-S. 03 X 239360/2 

Target Amer£ag]eB7.4 29ft«d +031 135 

_ _ ‘l5fgtaTm*Ue___j393 +53 3M 

CJ.Enro.Fln .&6A 2Ld J 442 ‘'“'L',- T „ Extra Income FA-BB.4 653 +03} 1036 

1,5* Tf — sad 55 BheffieldTSi 3RD. 07<2798c Trades Union Unit Tst. .Managers* 

"am. Unite fcl , t 33ft|....J 326 Commodity ft Gen-. PlA 76* 527 un.WoodStroet.EC3. ■ 01^288011 

Price fitly ft Ifet deallnggjnly 12 Z fpj 3^ toi3 3 %, TUUTJnnel )4ft6 5X8] J 536 

Chieftain Trust Managers Ltd*(aKg) Do. Accum ^ft _ _42^ +0'^ 3.oe Transatlantic and Gen. Sees. Ca* 


31 New St. ROM FTP. 
American — . „ [fa»g-5 

&S4.4 


01-38328SC 

«— 1 167 ES 


Ba4 

H- 0 

p9 


Do. Accnm. — 
laternadousl — 

Da Accum. 

Rip] Yield. tLt - 

Do.Aectun--—^ 


a. 

Si 


ta&^at famnlT i 

Basic Rcsrce. Trt-|3ftj6 

Confederation Funds Mgt lid* (a) _ TU ... ^ 

50 Chancery Lane. WCSA LHE 01-3*20582 Equity Exempt* — R00.9 106^ _... 5.96 «4«SSV!gSS f** 2 

[40.9 4291 1 442 Da Arcana'-. -Pw.9 106J) . — I 59 

_ ... _ . ‘ -Prices at J BD f dealing July SL 

CoaoopoUtan Fuad Managers. Mip^er Fund Sbtoigers Ltd. 

3a Pent Street. Loudon SW1X9EJ. 01339852ft MIo«ter Arthur SL.EC4R9BB. 

COamoptan.G<b3’Ap75 288] +831 487 01-03 1050. 

Creseent Unit Tot. Kgra. lid la«g) 8K5S&— ttt zd 

4 MelvUIcCres-Edtnbnrgtii 031^284831 Wi t Uoit Trust Mgemnt Ltd 


30.4ta +02 
5S3+02 
K3+D.9 

£53 +xi 
+□! 
g-2+oi 

644) +0A 
+0.7 


339 

323 

636 

636 

234 

234 

8.48 

B.48 


91 -80 New London BA Chelmsford 03455)651 


Barbican July 0 7X7 

(Accum. Unite.) 11X2 

Borb-Expt-Jiroe 28 • Bft 

Bnckm.Jtily6 77.7 

(Accum. Unit*) 963 

Cole— July 7....— — P 2 2 J 



n*c Old Queen Street. SWJHSJG. 01-0307333. tAccum. Units.) 
9J3 MLA Unite- — — rr p9ft 4Lt| 1 53X 


aj* Mutual Unit Trng t Moiagera*' (aKg) 


9.9 

. G lea July* 5JJ 

(Acctaa units! oB2 

Marlboro July* 5X4 

(Accum. Unite) 58.6 . 

614 Vmjcwth. Jaly 4 491 

kjn (Acctaa Units) M3 

Van'ByJuly 4. 703 

VcatT'e* July 5 _ 422 
•• •• 53.8 

58.9 

69.9 




I73J 


Cr eje e nl Growth 

Ghee. InwraaM.. 

Cres. High. Din, 

CYe*. Re*en«(_ 

Cres. Tokyo 1».9 26.7( — J L33 is rn pihall Aro-EC2R7Bn. 

Discretionary Vnit Fund Managers JS5 

22BloalleldSUEC2X7Al. 014384489 Sumal BlwChiP -ftX9 4ft 

Dterlncotae [1603 37071 1 5 35 jdofiaJ HJchno — pU -62 

E. f. Winchester Fund Mngt. Ltd National and Commercial 

Old Jewry. BC2 01-8M31U, , , ... 

w* ss 3^1 

EmsonDndleyTsL.lfiAJ 715( I 330 01B2VB0 »«*o«jayli“U33* 

Eqniias Sect Ltd (a) (g) ISSaSlK^BL ■ M jg SS5M*foZ® 

41 BW.opseate.BC2_ . __ __ OW® 2831 gggy «3feBS-i |g Erode. M Grow 

“Prices on June a. K«t daoims Jcfr 27. CapittaGtowUi — (rtfi 


8L4W 

BK 3 

154.0 — 

52.4 

57. t 

56.4 

725 

53ft 

W.9 

5X7 

toJ — - 

74J 

«45 

«6 2 

W3 

73ft 

67j4 

772 ..... 


01-0064803 DaAmun 

^0 jt 7^ Tyndall Managers Ltd* 

+0JI ft 92 lS.Canyngc Rood. Bristol. 

+tti| BftO I bcoidc July 5—— 1 953 100-ffl 

l Accnm. Unite) (Hf-f 177 %!% 

MftMaioT «- SL Sqn^EtttnbllxgbOSJ-Maeiftl gni 


533 

5.75 

3.07 

492 

491 

ftZfi 

436 

7.46 

7ft6 

4.89 

439 

276 

276 

3A9 
3 .60 
BAT 
6.65 
665 
5ft2 
5.42 
1.72 

ft 72 


Frogrcssiac fftftO 69ft] +X1] 409 

Equity & Law Un. Tr. BL* faKbXcMz) 
AmefshamRtL- Hi Ch Wycombe. 1X043X777 
Equity ft Law. — —]650 68ft| +L0J 436 

Franxlmgton Unit Mgt. lid. (a) 


1792 
1122 
1593 
2508 
2792 
101ft 
1254 

140ft 
1673 .. 
1692 


027=32241 
WO 

4.46 


*05 

ijn 


Capital I Accum-!. 
Extra Inc — - 

[8-7. inland YartXEOB SDH. 01CSB0B71 c^Jhtaw^^- 


Natienal Wea tmiurt e ri Ka) 

UX Chcspstdc. Eqnr aEu. oiaos roea 


Ameriran 
Capital TsL__ 

taeosee TcL... 

InL Growth Fd.. 

Do. Acrum, 


W84 

117ft 

man 

106ft 

110ft 


514 +03} 
1252 

109.4m 

113.9 

1IJ.0 


xoo 

338 

707 


Irfqmc*... — — — 
Portfolio Im F J*-- - 
Uuiveraal FdJd>— 


7021 +X3 
692 +1.1 
3ft5x +0,6 
913s +13 
322 +0.7 
721* +15 
64.7 +02 


Extra Inc. Growth— 36ft 

Do Accum. 428 

Financial Prrty 153 

426 Do. Accum. 18.6 

7.92 High 1“- Priority- 60.4 

5.47 Inlernaliocal M3 

&24 Specs! Site, [312 

665 


5.65 

924 


598 


- ft 


Bb.M+0.9 
833 +X0 
39ft +0.2 HUB 
46.0 +02 — 
163 +0.2 537 
199 +0.4 - 

64.9 +0.6 8.18 
32ft +02 3.01 
333 +03 523 


OFFSHORE AND 
OVERSEAS FUNDS 


EurtmwsL Lux, F. 

Guernsey lot 

Da Acc 11 


ArbnlhnOt Securities IC-U Limited 
PO. Box 284. Sl Bclirr. Jersey. 0384 73177 

Cap. T*LU«at5}_ JU&O- 120. Bj .| 427 

Next dealing date Juft) 1& 

EastfilnlLTsLirii. |U80 12501 i 3 00 

Next sub Ju]v 20. 

AnstraGan Selection Fund NV 
Market Opportunities, c,o Irish Young & 

Outbwaite. 127, Kent SL. Sydney. 

USSJ Sftanrt— f 3USL55 l J — 

Net Asset Value July 6 
Bank of America International SJL 
33 Boulevard Royal- Luxembourg G.D. 

Wl din rat Income UaCt] J 780 

Pncfcs at June 22 Next sub. day July 5 
Bnk. of Lndn. & s. America Ltd 
-HV6& Queen Victoria SL. EC4. 01-6002313 KB Japan Fluid.-.- 

Alexander Fund-- |H : S6.75 - - K-B.US.Guth Fd. 

Net assn value- June 28. 

Banqne Bruxelles Lambert 
2. Rnc Dc la Rcgcucc B 1000 Brussels 

Renta Fund LF |U83 1.9»| -5| 7.77 

Barclays Unicorn InL iCb. Is-) Ud 
1. Charing Cross. SL Holier, Jrsy. IBM 73741 

Ororoeas laconta — W-4 48 Ag / j J2A1 

UnidoRarTnisl — piai.B H*| _,..J 4J»" 

Gni band Trust pl’SULW BUfl J RftO 

-Sutuect to lee and withholding taxes 
Barclays Unlearn InL (I. O. Man) Ltd 
1 thoumsSL. Douglas. 1 o-M. 06=44850 


King & Shaxsen Mgrs. ^ 

1 CJtarinc Cyoss. SL Hdlcr, Jcrxcy. (0S34! t THI 
Valley Hxc. St Phm PatLCrutr. i0*Btl MM 
1 Thomas Street. Douglas; LOST iMS4\4jjM 
Gilt Fund Uerteyi.WW BV5rt .._.| 

Gill Trust! l.o. U )„flMI 10673 J 1200 • 

Gill Fnd. GuernaeyfcjJ 93^ .... j 32.80 
IntL Gurt. Sees. Tsl - - ^ 

fSBESS==BajJt|l=( I 

Kieinwort Benson Limited 

2C.FenchurohSt.EC3 01-6238000 


KS Far East Fd. 

KB I ml Fund 


Signet Bermuda . 

•llnilondai DU). [19.05 


X068 

1642 68.0) 

79ft 83.9 

SUKUftS 
5US1X33 
SUS3549 
SI : S1I.77 
SUS4J1 

2020 ] 


-0201 


328 

AOS 

4ftB 

X21 

203 

ft» 

a* 

187 

8.46 


KB art as London pa>’in£ agents only, 1 

Lloyds Bk. (CJ.) U/T Mgrs. 

PO. Bcuc 105. SL Kdier. Jersey. 053427501 
Uoyds Tst. ij'xoas— 158.4 6L4j . ..J 124 

Next dealing date July 17. 

Lloyds International Mgmnt SJL 
7 Rue chi Rhone. P.O. Bor 179, 1211 Gcucva'lt 

LJoyds InL Growth. (STOW DOM'. | 170 

Lloyds InL Income. JSTHOJO SUM I 6.40 


Unicorn Ann. Exc. . g?.7 

Do. AusL Mm...™.. p3 6 
Do. Grtc. Pacific 163 j) 


Do. lBlilneoax. — 139.0 


57.94 168 

Ski X70 

4Lri 840 
Dol X of Man Tsl.— (446 4C0d 920 

Do. Manx Mutual-- ltf>.8 J7.^ — ..J X40 
Bishopsgate Commodity Ser. lid 
PO. Boot 42. Douglas. Lost 082L230I1 

ARMAC *Janc5 — (tCSBtt 32U1 | — 

CANRHO**July3_|£l 037 XlOd — 

COUNT '•July 3 — (5.400 23*9 1 206 

Ongtnolly teased at *310 ana **£L0a 
Bridge Management Ltd. 

P.O. Bat 3081 Grand Cayman. Cayman la 
N’baahiJ uoejlp — I Y15ft69 | J — 


MAG Group 
Throo Qoays, Tower Bill EC3R EBQ. 01-826 iSBtt 

Atlantic July4._ 

A usL Ex. July 5. 

Gold Ex.JnJ» S_ „ 

Island ~..ZZ ft2A7 


tAeeum Uuitsi. 

Soma el Montagu Ldn. Agts. 

114. Old Broad Sl . RCi 0148864M 

Apollo Fd June 30. 

JapieslJuncSO 

J37Grp- Junr38 


asm )M _ . 

STS232 - 2.621 — . 

SCS91S UJW ..._, — 

124.7 132.71 +0ft 9335 

[176-3 187,fi| +0ft| flftS 


] 17 Jersey June 28-, 

117 JrsytiteJuneZJ .(£1X13 



Ni^SyjSS’j^Ksa* 11124 J 037 Murray, Johnstone (lnv. Adviser) 

»■_ .. c -.:. *. — 041-221 3Q? 1 

I=J = 


Rx-Sltxk Split. 

Britannia Tst. MnitmL (CX) Ltd. 

30 Bath Sl. SL Heliar, Jersey. 063473114 


3.00 

1.00 
1.50 
XOO 

1200 


183. Hope SL. Qluuow, C2. 041-221 5321 

‘Rope St Pd. I SU.S36.J1 

•Murray Fuad SUSlOTt 

•NAV June 30. _ 

Negit SLA. - * ■“ 

SOa Boulevard RriyaX Luxembourg 
NAV July 7 | 6USU.99 J+OJ56J — 

Negit Ltd. 

Bank of Bermuda Bldgs, Hamilton. Brmda 
NAV J boo 30 its .55 — | J. — 

Phoenix International 
PO Boot 77, sl Peter Port. Guerneey. 

Id ter- Doll nr Fund . JJ230 248) j — 

Quest Fund MngmnL (Jersey) Ltd. . 
P.O. Bos 104. SL Heller, Jersey. 053427441 

QumiSCe.FuIJdl.| n 

Ones! Inti Seen | 5US1 

Quest iniL Bd. I SUS1 

Prices at July ft Next dealing July 


Sterling PmedMuj Fd*. 

Crouth Invest (32-0 39 i 

Intel Fd. — WJ 41 

Jeney Energy Tsl. 1342 14! 

UnlrA STJLSli. (038 2 

HightaLStig.TW.— Jtt.97 LI 

UA Dtafau- DenecataMed Fd*. 

UulvsLSTxt |SVSSJT 5.4d — 

InLBich InL T*l ttL'SS.W XW — -J 9.0 

Value July 7. New dealing July 17. 

Brown Shipley TaL Ca (Jersey) LUL 
P.O. Box S83.SL Belief, Je«*y 059474777. 

Stern ng Bead Fd. - JE10.14 !aX7|+0ft6| 1200 

Butterfield Management Ca Ltd. 

P.O. Bos US. Hamilton, Bermuda 
Buttreta Equity — CJ6 Z44j — J L9* 

Battress Income fL97 10^ 1 5iS 

Price* at May 12 Next sub. day July UL 
Capital International SLA. 

37 rue No Cro-Damc. Luxembourg. 

Capital Lot. Fund — | SUS172B (+0021 — 

Charterhoase Japhet 
1. Paternoster Row, EC 4. 01-2483000 

Adiropa- 
Adixcrfa 
Foodak 

F ondi a- — 

Emperor Fnnd ■ ■■ 

Bispano i 

Clive Investments (Jersey) Ltd. 

P.O. Box 320, SL Heller. Jersey. 05343736L 

CUveGUtFd.lC.Ll.N99 10031 J 1X00 

ClireGUt FtL Un’.).|9.98 10ft2j „_4 1X00 

CornMll Ins. (Guernsey) lid. 

P.O. Box 157. SL Peter Port. Guernsey 

Intel Man Kd |lMft 278ft| I — 

Delta Group 

P.O. Box 3012, Nassau. Hah ainaa. 

Delta lnv. July 9 |SX71 LB0( I — 

Deutscher Investment-Trust 

Postfacb 2885 Bietoaqtame 8-10 6000 Frankfurt . JLT. im'lUry.iFd.. HN ... . 

CoocOTtn IDIOM 2UH ,-_J — Pnces at Jnne 1ft Next dealinc 

Int Rentenfond*.— | dm( 8J9 Soj .ZZ] — 


Richmond Life Ass. Ltd. 

40, Athol Stroct. DoujOas. LOJB. 


083423014 


DUL50 

DTI 

+010 

DM58 33 
DM3270 
DM2280 

Eft 

MS 

233 

+8 JO 

5CS2.91 

3a 


SP53J77 

417 

— 


3000 (s/The Silver Trust 
5.42 Richmond Bond 07. 

5 JO Do. Ptotinum Bd 

SftO Do. Gold Bd. 

530 Do.Bm.97/iEBd._- 


106 B 
173.9 
IZBft 
1036 
17D.4 


lro9 Tojj 1006 ■ 

1268 -Oft — 
179.4 +LJ Uft5 


2 M Rothschild Asset Management (C.D 
P.O.Box 58, SL Julians CX Gnernacy. 0481 28331 
O.CBqJFr. JuneSO -|5X2 55 i — £94- 

O.CJac.Fd. Jnly3_ 15X6 IMS 7.21 

Or.InaFdt SXJ3 lft« 1.30 

O.CftmCoFdJiiSO 1C.9 155 3 3.25 

O.C. Commodity*-- 134.6 1431] 451 

O.C. DIr.Comdly.T_. (525 M 0.73 

■Price on Juno 30. Next dnallnf July If 
t Prices on July 7. Next dealinc July 2L ; 

Royal Trust (CD Fd. Mgt. Ltd. 
PO.BuxIM, Royal TsLHse.. Jersey. 053437141 
R.T. lari. Pd. tWMB f.74| ._...| • 300 

14. 


aline July 


Dreyfus Intercontinental Inf. Fd. 
P.O. Box N37U. Nassau. Bahamas. 

NAV July 4 UVS1U2 15J3f 1 — 

Bwero ft Dudley TsLHgtJr^Xtd. 

P.O. Box 73. SL HeUcr. Jersey. 053420501 

ED.LC.T. P1M 127-2| 1 3JJ0 

Enrebond Holdings N.V. 

Handelakada 34. WUlemEtad. Cnracao 


Save & Prosper International 
Dealinc ttc 

37 Broad SL.SLReUer.Jwwy 0534-20501 

IIS. Palin dtnomlniXfd Pnads 

Dir. Fxd Int- K18 9.734 

IntemnL Gr.*t (7 03 7.4 

For Eastern** f 

North American's. p.70 4ft 

Scpro—t- |MJ5 15.4 


1 Aaenta: Intel. IS Christopher 84.-EC2L. 

TcL a-M7 7Z4X Th>x: 86I4468L 
NAV per sh. Jo30] SIKL3 — 

F. ft C. MgmL Ltd. Inv. Advisers 
1-4. Laurence Pountney HUX EC4R OBA. 

01-323 4080 

CenLFd. Juir 5 1 SUSS 39 1+OJMI — . 

Fidelity HgnaL ft Res. (Bda.) Ltd. 
P-O- Box 670. H a milto n. Bermnda. 

Fidelity An ta_| SUS24.67 



SUrllBa-drnand nalcd Fash 
Chanocl Capltal4f_)225ft 237. 

Channel Isianda*- [140.9 

Commod— 1197 , 

SL Fixed— |U0.7 117.3 --1 U-47 

Prices on^ ntr A — Jnl|> 5. — Jnly 41 

Schlesinger International Mngt Ltd. 
41. La HotteSL, Sl Heller. Jetsey. OS34735BR 




SAJ.L 


SAO.L . 
Gilt Fd .. 


_ IntLFd. Ji 


l^ = 


Fd SUS47ft3 

Fidelity Wrld Fd_| SUS14J2 
Fidelity MgmL Research (Jersey) Lid. 

Waterloo Hat. Don 9t, St. Helter, Jersey. 

0534 27561 

Series A (total) — I £3J4 

Series B (Pacific)—. E8.S3 

Serioe D (AmAai.)} £2&Wta 
First Viking Commodity Trusts 
8. SL Game's St, Douglas. LnJL 

004 4fflSUhi. ApaDoW- ft Co. Ltd... unxoaui. 
53, paU Hall. London SW17VH. 01-8007(57 abased 
Fa.Vik.Cm.TaL_ pSA 37.7] J 230 Ufauuqced 

Fa.vk.r>bLOp.T*i _ \no softd — 4 * 

Fleming Japan Fnnd SJL 
87. nie Notre- Dame, Lnxembours 
Fleming July 8^. — | fOS55ftZ [ — 4 
Free World "Fund Ltd. ’ 

Butterfield Bide- Hamilton. Bermuda. 

NAV JnneftO 1 5U 518X76 | ..-4 

G.T. Management Ltd. 


{SS?dSfc&5 

■Far East Fend. — 198 

■Next aub. day July 

Schroder Life Group. 

Enterprise House. Fortsmontb. 



873 

5X1 

im 

3.40 

MI 


onsste 


Zatemadoul Fa*do 


X80 


tEqulty. 

SEqulty___ 

IFixea Interest- _ 

SFfctod Interest DEAB 

R29.9 
IU6.6 


JllSft 

USLB 

13L2 


taw 

137.0 ...... 

144J - — 

m.4 

13U 

124 Jl 


J. Henry Schrader Wagg ft Ca Ltd. 

120. Cbcapadc. EC2. 01-5884000 

2ftS 


Cheapft JnlyS SUSU45. 

TrafolKaruay =1 SUSU9.41 ...... 

Asian Fd. July 10 _ SVSMU H« +L2«| 

Darlina Fnd. HAXg X94 

Japan Fd. Jane 2fl_ til) S6M 70s 


X75 

5J0 

0ft« 


Park Hse, 18 FinMnny ciroas. London EC2. Sentry Asccrance Internatlenal Ltd. 
Tel: 01-430 813X TLA: 806100 
London Agents for: 


Anchor 'Bonita. — |! 
Anchor GOt Ed£e._b 

Anchor InL Fd h 

Anchor la Jay. Tst ,f 

BenyPaeFdl 1 

Berry Par Strig — fc 

G.T.AsiaFd p 

G J. Asia Sterling— b 
G.T. Bend Fund 
G-T. Dollar Fd.— 
GTJtacifleFd ( 


.LOW 


X61 9^T*f-0J^ 13X3 

b?" a ■■■ 

5US4932 


216 


P.O. Box 33d. Hamilton 5. Bermuda . 
Uanseed Fund frVSVPI 1PMSJ J — 


X50 
X23 
5 74 
0.7B 
105 


JH 3Z3.44 
HM47 9S 
15.12 26ft4) 

SDSXMftd 
SDS7.I7 
susnaff 

G artm ore Invest. Ltd. Ldn. Agts. 

2.SL Mary Axe, London, ECS. . 01-2833531 

Gartmote Fnad MagL (Par East) Ltd. 

IMS Bulc bison Hi e, w HaiCOUIt Bd. H-KonS rmpr-Tm-) — 

m-=i i£ 2*es>*r 


m Singe* ft Friedfamder Ldn. Agents. 

2.71 20. Cannon SL, ECA 01-24B8BW 

2« Dekafonds fDJCH.H - 77JM 4 622 

8.B Tokyo TaL July 3_ | SUS37JU | ..._4 X6B 


N. American TM, — (SUSI1« 

IntL Bond Fund — IDKUU4S 
(Gartmore I nm tn m BtagL Ud. 

P.O. Box 32. Dou gJa&IoBL 
Caitmoroinil. Inc .BXO 22. . 

Gartmore Inti GrthfttJ 78 %4 | 3.00 

Hamhra Pacific Fond MgmL Ltd. 
(2110. Connaught Centre, Bong Kong 

Fhr East Jidr 5 [72.91 Z3.W 4 — 

Japan Food PUS4J6 849| ..-J — 

Samhros (Gnernsey) LUL/ 

Hambro Fond Mgrs. (CX) Ltd. 

P.O. Box 86. Guernsey 048I2652I 

3.71 

850 
2J0 
850 
250 


Stronghold Hanzgesnent Limited . 

P.O. Box 31 5, St Heller, Jersey. 0834-71410) 

Comnwdlty Tmat .. (92 37 97J3f J — ' 

Snrinvest (Jersey) Ltd. (z> 
QnomtsHse.DoaRd.SL Heller, Jay. 0534 Z734B' 
American Ind.TiL..|£B 87 8SI+0 03J — 

Copper Trust- KID.75 10.M+0OH — 

Jap. Index TaL (0258 IX^-0.®t — 

TSB Unit Trust Managers (CX) Ltd. 

BagmetleR(L.SLSBvioiu; Jersey. 05347349* 


08=423811 JOPWftad 
.... | 11.00 Guecnaoy Fund 


:|3£8 »- 


4.96 

4.96 


Ci Food — P36B 145.7) I 

In ml . Bood Jt-’S SUSH52J Mg -J 

InL Equity SUS JLSflN HI 

InL Svgs. *A* UISUIS1I2 LI 

InL Sees. *B* SUSSUSU8 LI 

Prices on July Next dealing July 12. 
Ben demon Baring Fond Mgrs. Ltd. 
P.O. Bo* N4723, Nassau, Bahamas 

MSS/S, T&srtiSr&nS'LtU-n 

Hill -Samuel ft Ca (Guernsey) lid 
8 LeFebvre SL, Peter Port Guernsey. CJ. 

Guerneey ThL H47ft 157Jf+35| 360 

Hill Samuel Overseas Fund 5A. 


{37, Roe Notre- Dame. Lmrembourc 

mtemattonol pS? laX>S. Ltd. JJST l L , 

□a tirov- u piH ct 0 ■ 14, nUlCdUef SIKn, 5»L I 

— uj-B. Fund pvanm vsun ] 806 

United States Tst. Inti. Adv. Ca 
14. Rue Aldrinser. LuxmnlMuix. 


PO Box R237, 56. Pin St, Sydney. AusL 

Jftvolin Equity TsL.JSAZBS JiH 4 — 

IJJ3.T. Managers (Jersey) Ltd. 

P0 Box IM, Rival Tsl Haq, JcneyO>34 27441 

Jersey ErtmLTst_.|174 0 185.01 | — 

I Aa at June 30. Next sub. day July 31. 
(Jardioe Fleming ft Ca Ltd. 

4flth Floor. Connaught Qaitm. Horn; Konc 


Prices on Ju)r 5. Next aub. day July 1& 

Tokyo Pacific Biddings N-Y- ] 

In dun* Manoscment Ca N.V_ Curaeaa 1 
NAV per Share June 30 5U55S.4I. 

Tokyo Pacific Hldga (Seaboard) N.V. 

lntimls Management Ca N.V . Curmcaa 
NAV per ahare Jnne 30 ST7S4ftS9 

Tyndnll Group 

P-O. Bax 1258 KamUtro 5, Bermuda. *-27881 
Overseas July 5— _BL‘nJ6 L2M .....4 6.00 

1 Accum Uiiiuj nrsisr Lra . — 4 — r 

3-Waylnt Jime22..(si‘SUB ZJ5( | — 

g New SL. SL HeUer. Jersey 0U437»in 

TOFSLJuJyfl, >£775 8351 500 

(Aceum. Shares) — [£U-00 12.W — 

American July 6 jfil.O B7.M. XOO 

(Accum iharert — [8L0 87.01 — 

Jersey Fd. July 5— 15L2 2Q2Ja 780 

fNooJ. Acc. uls.1 [270.6 207.01 — 

GiR Fund Jnly 5 D0ft2 1CB^ 1109 

1 Accum. Shares.* {1372 1398] — 

Vlcteey Bause, ZhMSlBa Isle of Hot MM 241 12. 
Managed! one =£_RS4 136.4] — 

(CX) Ltd. 

Helicr. Jersey. 


U.S.TsLlnv.Fnd.,-1 51035 [+O09| 

Net asset July 7. 


8.97 


(Jardlne Esin. Tsl .. 
U ardine FklFcL* _ 

paidineRKA. 

pardine FleralnL... 
Inti Pacific Secs. _ 
NAV June 30 


SHE2 93.94 
5HK35528 
SUSlfcfv 
*5 R *10,55 

WtniB 

'Equivalent SUS75 


S. G. Warburg & Ca Ud. 

30. Gresham Street. Ed 
t-jK CnvRd. July 7 

1 * gSS& J S«3: 

MereBMPdJidjrS- 


01-800450 


. -0.0t| .— . 

si'snftt l+o.iy — 


sus, m -Oftt] .- 

wsrn4 


Nest sab. Jnly 1A 

Keysele* MagL. Jersey Ltd. __ 

PO Bus 86, SL Heller, Jersey.. (Rng. 01-606 7070) citT Ltd. June 

Fbuelex (PrUJSS. LS2« -171 280 Metals Til Jnne 16. 

Boadwlex PriSEBl 24* -J - TMT Junes., 

Kerataex IntT O.T9 7.6* 

Keyariex Europe— 13.89 441 

Japan Gth. Fucd STS27J7 2913 

Keyselex Japan E34J8 15.63 


Warburg Invest. Mngt. Jrcy. Ltd. 
l.Chlrinj: Cross. SLHeUer.Jsy. Cl 053473741 


CcnLAasetaCapL— 


+-0JC] 


3.74 


CMFLtd.Jan*2SL- SISUJ5 
- ISL2.77 

02.17 

JSVSU57 

TMT Lid. June 8 100.68 

World Wide Growth Blanasementft 

I Da. Boulevard Royal, Luxembourg. 
Worldwide Glh Fd] SVSSS21 ]+UU — 



NOTES 


Prices do art Include 5 premium, except uberr Indicated -j and are in pence unless rihcrvrlaa 
indicated. Yields % 1 shown in last column) allow lor all buying expc 


_. expenses ■ Offered pntca 

include nil sxpeosea. b To-day's prices, e Yield based an taler price, d Estlcuted. 0 To-day's 
oponinc pries, h Dionbutiqnfiee ta 0 K- taxes, p Penodic iiremiuia]iHuranccplaiu.a Single 
pnemmm l run ranee, r Offered prirc includes all expenses except ajtenl'c conuniiwino. 
” Oflcred price Includes all expenses U bought throucb uanaaere. z Pravious day's pnee. 
Net of tax on realised capital gains unless intUcaicd by 6. 4 Guernsey grtuu. g Suspended. 

♦ Yidd before Jersey tax. 1 Ex -onbdl video, 

- ' - - 


|g NBL Trust Mnagers Lift* <aXg) 


5 m TSB Unit Trusts (y) 

224 XL Chantry Wav. Andover. Hants. 


Dealings 10 0284 8M32-3 


028462168 


Friends* PravdL Unit Tr. Mgrs.* 

Ptxbam End. Dorking. 01063055 

Friends Pror. Dts-W.7 ' +CJJ 432 

Do. Accnm. (SU 57^ +L0] «2 

G-T. Unit Managers Ltd.* 

J(L Ptusliui y Clnnn EC23S 7DD 01431131 

G.T. Cap. lac. (803 [ 3J0 

Do. Acc ..— .. (4S4 


G.T. tat Fd. Un P59.9 


♦GL PeniEUU — VOJ 

G.T.Inrt. Fund 1311 

G.T.FonXYd*Fd_~ 5J3 


ga 1 


MUion Court- Dori*g Surrey. SOIL 

**=■*£&; a aasssEL- 

For Neff, itfnagers Ltd. TSBSenotab 

see BugtascUld ftgget RmbmR rbi do. Accnm. 

Norwich Ua* 1 ® ^tsanace Group (h) Ulster Bonk* (a) 

P.O. BOX A Norwich. NR13MCL 060022200 WarteR StrwL BeltasL 
GnwpTM.F»L- =1 P*M 3585( +ftd| 5.09 (WUlxterGrow1li_IS65 


*7ft| +0 9 
603 +L2 
6X8 +U 
64.4 +L1 
873 +0.7 

955 +0.7 


386 

386 

23 

2X7 

287 


5951 


0323SST1 

+0ft| 559 


a -4 Tr ^!L?^SSL L “- U ^* ) , Unit Trust Account ft Mgmt. Ltd. 

~ 530 ™ KlnKffllllainSL^ EC4R9AR 014EZ348S1 

■J ss g|:| II 

160 uFSSIKI lli Do- Accnm. 

750 


G. ft A. Trust (oj (£} 
ft Rayleigh Rd. Brentwood 
aftA pX6 


Accnm Units 

Pearl !«• -i-r B«5 »3+gJ( 

POr I Unit Tsl P*-* 37.0aC * 0. 7 

tAerom.Unii*\-^-Ws^ +Ld| 532 Wider Growth Fund 
Pelican tfww A f grfri - Ltd. (gKn) yp n g wiin*a sl ec+r oar 

(0 577 13 27 8 00 01 Fountain^ SL. M a gan a. 061-3380885 Income Unit* 129.7 

3SJ| +D5J 4.93 t vlte.o UnlU- — -|U4 - 8981+X5} 587 AmuaPntts (585 


"Md S3 

-P<5 . 36^+0^ 451 


D1-8234SG1 
3xa +0 6J 451 
563 +0-6J 451 


CLIVE INVESTiiJENTS LDUTED 
1 Royal Exchange -A. ve.. London EC3V 3LU • Tel: 01-283 1101 
Index Guide at at 4th Jaly, 197S (Base 100 at 14.1.77) 

Clive Fixed Interest Capital l. 128.05 

Clive Fixed Interest Income 114.14 


CORAL INDEX: Close 46J468 465-470 N/T 


INSURANCE BASE RATES 

t Property Growth 10i % 

t Vanbrugh Guaranteed ' 9.50% 

♦ -Address shown under insurance and Property Bond Table 



Lkk; 


mmarn 


COntact'B. D. Kav 

INTERNATIONAL FACTORS LTD 

Circus House. New England fisari. 
Brighton BNI OfiX To!: (3273) BCb7DD 

Birmingham. Cardiff 
London. Manchnstsr 


** 3 &lTISii FUNDS 

er* 1 Sire k |t I*- 1 i=- I ' 

Shorts” (Lives up to Five Years) 


116 jiiS 
8.67 t « 
962 :<27 


{i^!j r j"'b . 53 


s a» il?Q ■.S.-'-i.-Vilr-i 


151 9 . 5 , 95 -106 


i 



223 -rJl-i, 


Fi resume Tire R_ 


£ 



ft*®* 


1.75 2 5! t 


rw<,5: 


Conversion :zrwr 0.6556 <6.65o2i 


CANADIANS 


f!a*terSil 

tiolOacerS 


litperJlOiifl 


Htt 






1 C 0 A +4 

536 

9 .S 4 

93*4 

5.90 

10.49 

84 

6.66 

1132 

93 -b 

4.09 

929 

94 b 

651 

1121 

82 b 

9 J 9 

1102 

95 

lli.U 

1194 

51 




SI 

NS 



and Ind. 



ffite 

a 27 

13.14 



1 




-0 
« 
*9b 

17 
157 
>1 
« 
80 
65 
M 
230 
53 
69 
68 

B 

« 

13 

U» 2 
41 
! 25 
52b 
25 
3-1*2 
48 

to 69 
37 30 

41 21 

59 
138 
4' 
£ 
tw 
92 72 

78 66 

74 55 


25» <»7 s5 


22 
104 
125 
103 
41b 
22 * 

162 

90 UeaninesaMSCL 


m 


RenlittP.ilte 


i Jobs) 



FINANCIAL TIMES 

BRACKEN BLOUSE, 10. CANNON STREET, LONDON EC4P 4BY 
TeJex: Editorial SS6341/2, SS3897. Advertisements: 885033. Telegrams: Fmamlimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Easiness News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 248 3026 
INTERNATIONAL AND BRITISH OFFICES 



hen Cun 5p 




£ 




Porter Chad, alp 



27 
79 
150 
111 
133 

27 . ii 
21 15 

152 123 |Pa)eD«t IPp. 
515 J3**3 


i 


EDITORIAL OFFICES 

A mg ie mam p.o. Bn* US6. Amsierdam-C. 

Tolex 1317 1 Tel: 240 SSf. 

Birmingham: George Hnu.?e. George Rond. 

Telex X18S30 Tel OUl-tM 0922 
Bonn. Prosfihjus 11*104 Hcussallee 2- to. 

Telex 8H69542 Tel. 2)OXW 
Brussels: 33 Rue Duealo 
Telex 23283 Tel. a 12-9037 
Cairo; p.o. Box 3H0. 

Tel 9S8SI0' 

DuMin: r FitzwUllam Square. 

Telex 5414 Tel; 7S532I 

Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031226 4120 
Frankfurt: Im Sacfwenlaeer 13. 

Telex: 4IK3S3 Tel: 5M730 
Johanneshure- P.O. Box 2I2S 
Telex 8-6237 Tel: 838-7545 
Lisbon: Prfiro da Aimuia 58-ID. Lisbon 2. 

Telex 12533 Tel: 362 503 
Madrid: Esprnnceda 32. Madrid 3. 

Tel: -MI 8772 


ADVERTISEMENT OFFICES 

Rinnlnuhnm- George House. George Road. 

Telex 338650 Tel- 1-154 097 9. 
Edinbiirsti. 37 Gcontc Street. 

Telex T2434 Tel: Ml 226 4139 
Frankfurt: Im Sftch^en lager 13. 

Telex 1EW3 Tel; 554667 

Permanent House. The Headrow. 
Tel: 0532 454960 


Manchester Queen s House. Queen Street. 

Telex 69680 T«L 061404 B38I 
Moscow. Sadovo-Samoiechnayn 12-24. Aw is. 

Teles 7900 Tel: =94 3748 
New York: 75 Rockefeller Pints. N.Y. 1001B. 

Telex 06390 Tel. (212) 541 «ES 
Parif.- 36 Rue do Sentier. 75002. 

Tele* 2200*4 Tel: 23057.43 
Rio de Janeiro: Avenida Pres. Vartas 4I0.1O. 

Tel: 2 TO 4848 

Rome: Via della Merced* W 
Te!e* OIOSS Tel. KT* -.014 
Stockholm: c;o Sifcnska Daebladei. Rjalambsva2e« 
Telex 17K03 Tel. 50 60 38 
Tehran: P.O. Bo-: I1-1P79 
Telex 212534 Tel. 682098 

Tokyo; 8th Fleer. Nihon Kclrai Shrmhun 
Building 1-9-5 Otemachi. Chiuoda-kij. 

Tele* J 27164 Tel: 241 2920 " 

Washin.-Jtr.r,: 2 nd Floor. I 32 fl E. Street, 

N.W.. Waxhmjnon f»».\ 2Sft4 
Tekx 440225 Tel. i2tl2i S*7 1-57K 


Manchester QccgnX House. Queen Street. 

Telex W6813 Tel: D01-K34 lft:r 
r.cu- York- 75 Rockefeller Plaza. N Y. 10019 
Telex 4ZUH5 Tel- i2i2\ 4«i Kino 
P:iris: 36 Rue du Sentier. 75002. 

Telex 220(44 Tel: 2366501 
Tol.-vo. Kaxahara Building. 1-6-10 Uchikanda 
Cblyoda-ku. Tolex J 27 UM Tel: ISO 4(l5v 


500 580 

. ,7i U IV, 
6 3 ♦ ifci “ 
8.6J 4.0 20 
4.91 4.4 50 

If U M 

9.4** £10i 
455 
27 
131 
161 
175 


MW 


Do-.vajp 
Ples»er 50 e 
PK'-'.y wo 


tackrtSAI lOt* 


n - 


GuPiitree H SOp 
satashcR g.: — 


Keith F; Wp 


55 


ts 


i 


56x3 

121 ; 

arkwC^pellOpJ 34 

45 
£90 
£90b 


&U 




SUBSCRIPTIONS 


Copies obtainable (rum wwnenlf ind ixmkMallv worldwide nr nr rr-, l[ar subacriKinn In.m 
aub«rtpUun Departatnt. Financial .Times. London _ IP ™ 


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124 104 
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•iiKSi- 


V 1 r5nancla * Tflaes Tuesday July 11 197# 




P'IDDSTKIALS—Continned 


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71*2 KwiHiaSp . 

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<Rfr IKTiunTiJ jSp 
£M*j U j IfwhrfnosIlV 

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lnli'N'llyMn. 

famruJnlini 

bnwt\>laili. 5 » 

lartmetf.iHtfB 

Z3*z JftnUquo. 

Id Intawni Earns 
76*2 JohwMiOInra.- 
[375- Johnson Mthy.fl 
Iranian iT.' lOp 

Ralauuifw UhC. 

toseylnds. 

KraocdySra. lOp 
Kcrjbaw/AJSp, 
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34*i UR-C-lnLlOp 

53 Lawta 

Q28 Load bids. 50p 

99 te*ntll Sarto g_ 

38 LeBasiEdi 

43*2 LebDllKobcllDp 

Lcbos Harris 

U4ffilnt.*.5p_ 
Leisure Car. JOp. 
bepBwplOpiL 
Isuey Prods. 5p 

Letrasettop 

LidenlOp— 

Lhs4sw twins _ 

Lindndrics 

LDD.tHlba.Grp_ 
LongHmbly.JOp 
Longa* Trans_ 
Umafate GwitsL. 
LwABonarSOp 
M.Y.Dart 10p__ 

Kvanl fl+ri Iftn 

srrrthyPt.3?. 
S»arteteK>GpL_ 
McBride RbL 10 p 

BcdetryL’A' 

HacphcnoniD-i. 
Magnolia Group- 
Mnpa.AEJB.Up 
HanSipiKZiL. 

Mar line IndlOp. 
KmMLh'AL 
HpntaU’st'iiiy, 

MatiUBack 

£ 86*2 Mflthesons7%pc_ 

— MaynarisSp— 

MwitnindAy |ftp 

Mafflm>re5p„ " 

[Metal Basil— 

Metal Closures. 


1 44 1 

1 


98 

15 

I 

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W si 

18 

88 

60 

bos 

10 

55 

f, 

si? 


Q 20 
■ 20 

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.. WLOWs. tt'snlj 
£130 taBSpcO. 
17*2 Monument 10p_ 
[106 Morgan Crucible 
Mnmll i Abell .— 
IIasslRot)LllOp- 
MoriteslOp 

S 3 Ga lOp 
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320 
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120 
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MOTORS, AIRCRAFT TRADES 

Motors ami Cycles 


23 


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46 

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17 

82 

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82 teaF.qnria.u- 
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57*a PiaiUms 

55 fYorkTreilerUp. 

Coar^onents 

46 [Abbey Pends — 

63 AlTOowStreanL- 

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31*4 Supra ftouplOpL 
95 rmnerlBg. — _ 

55 Wilmot Breeden. 

86 WoodbeadCU— 

87 pteitt'A'Sep— 

Ganges and Distributors 


72 

201 

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27.6 


71 

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232 
148 
292 
20 
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Town Centre 

11*2 Town & City lOp- 
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WarnlorilDt 3ip_ 

WebbiJosibp 

WhmnslerP ^j. 
WinsuioBats 


Price I - 

308 

31 
33 
36 

212 
£163 
£138 
£143 
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257 
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61 
124 
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54 
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136 

193 


SHIPBUILDERS, REPAIRERS 



66 

144 

173 

265 



3.8 7.4 5.4 
4J 83 3.6 
3 8 4.9 S3 
36 76 6.2 
8.0 25 51 
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tig 491 

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230 

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115 

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I AlRandmSp— 

! AppleyardGni— 
I Arfeas Motor! 

34\ BSGlnLlfip 

35*2 Braid Group*)- 
40 BriLCarAncftp 

19 CLOSJB-iap 

84 CaHyns30p— 
29*» Cotaorelnra 

35 2wieCC)5p 

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32 fcssnpsMte. 

65 Kiamiif lfir.- 
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73*9 LaouALfon- 

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93 GarnarScoCHair 
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64 S«tons20p 

47 K Shoes 

36 LmhertHth.3)p_ 
38 NewboUfcSmtn. 

40 MrveriGiW 

464| PitlardGrp. 

33 Stead 4 Sim 'A' _ 

55 Strong A Fl 5 ber_ 

41 SlyloShoes 

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152 

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76 

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255 

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108 

114 
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NEWSPAPERS, PUBLISHERS 


Ass0C-Ne«4‘~. 

Am.BootP.2Pp- 

BPMHkte-'A^ 

Benn Brothers _ 
WacfcGV.tC.t_ 

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Cuillns WilUani— 

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Home Comities - 

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40 Pyramid Um — 
153 Boulledce t KP_ 
134 SarpeiWfl — 
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35*j «HsoaBros.20p.[ 


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PAPER, PRINTING 
ADVERTISING 




41 


9.710.9 
8.8 
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48153 
22332 
5.7 4.7 
4.6 283 

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6.4 4 , 
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55 Bnrooin;Grp— 
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39 Capsealsap-- — 
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65 Chapman EAJOp- 

44 Clsrffiictanft— 

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18 Cutter Gnord — 
36 Ddvn20p 

111 DBfi 

43 East Laics. Ppr- 

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103 PlnlasHoidinFS- 

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61 Harrison t Sow. 

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168 LAP. Porter »P 
220 tkCnWAfrlL. 
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87 SaatekiSaufcIn- . 
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48 Tridart Group- 

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35 Primrose I Oris.— 
150 Be Duchnn ‘A^Oc 
53 SABre*s.3te_ 
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Cambrian and ii?n. 
CiiMlUlai-siOp 
CantForeiai. 
(^jlritXaL- 

OardinsI Md"IZ 

CarlioUro 

Cedar Im 

Chan’l ls.lnc.£l 
Dn.Cap—- 
Chaartef Tmff .... 
OiyiCoKi Fnr.- 
Do.Can.(£i‘.— 
ntyi For. lnr .. 
Qtj&Intetnll . 
Ijtyal Oxford... 
dswriumseSOp 
CHll on In'.^lOp _ 
nydpslalelm. 

DA“B" 

OdnswlRccr.U'4 
COBikUentl i Irvd 
Oxtinran Vmon . 
&es'ni Japan *p_i 

CTOtrfnars 

Pmwilnslnr 
Danaeilut'ifOp' 
Do iCap-i lOp— 
Debenture Cnrp. 
Defer TfUncLJ 
Do. Cap Sip— 
Dounnlon&rien. 
Drayton Ccm'ct- 

Da. Cons. 

DU Tar Eastern 

Da Premier 

Duafrest Joe. 50p 
Do.Chpital£l_ 

nmdee&Lm.- 
BdmhirsJi .Vm.Tc 
Edin.lM rif£i. 
ElertralnT.Td. 

Sect t ‘Va 

EneJc Inprnml. 
BngiiNVTntfL. 
53nB. L Sc»4. Im _ 
Bqiiih Cor/1 £J . 
lKtDeTd5ft> „ 
Equity Idc Sip._ 

Estate rrjtie, 

F &C.Fumfncz. 

r amUvim TM 

^.■ttScot Am. - 

Foreign k Col 

FttaiTiiaai. 
Fimfimtsl Inc. . 
Du Cap 


Price 


TV 

dr Gr's P.B 




103 16 0) 
3.7 7.9 
97(55i 


PROPERTY 


14 


5.4 8.11 

7.5 * 
76 » 
L9 14.7 

6.5 62 
6.7 5.4 

25 17.4 
5.01 25 
51 6.4 
73 9.6 

29 228 
25 63 
25 53 
[103 4> 


, 5 |S» 

. . 260 
Ml4U93 


Ail'd London lOp . 
ADnaa London- > 
ipaipwrwt Starts 
_ . - Ape*. Props. I 1 *?- ' 

[2*' BsnfcAOwWfcj- 

74 Beannwd Rj«pA 
47 Beuerd' iiillfcL- 

[ 47*3 BdlwajWdCU- . 
81 BeririnHM*«*>- ; 
J151 , 

15*» BriL Ansuu 5p— 1 
' 28 British Uad-r-' , 

lia Do.Cpr^w.SCOl- 

89 BratnnEsW**— 
45*2 Cap fcCouAies- 
1 , Da Warrants— 
Iff, iXlio? Croup W- 
88 CaniBgtaah*».W 
60 CntJPTfem^tMp 

[272 : 

, 10 nm9Mv~- , 
[ gi? chtzreltfe'T+®~ ■ 
[47*2 City Offices-— - 
52 Clarice NtctoUi- 
! 22*2 Control Secs. Wp . 
UM ilmEJctanael** 1 

21 rutiySwT.lOiL. 

75 Cn&ftDfeLM}?- 
60 DaejanttfiifesJ-- 

[ 11*2 anwEBat^lW- 
46 DnnfetfitM»]Op- 
27 Eng. Prop. 

£60 DotepcCW— 
E78 DalftcCw.-.- ! 
38 EUlAAM-- 
17 Eits.iiisa20p- - 
77 BtelWjf- 

76 BransUj4S', n -- . 
88 FBUTM*&k *^ 1 - ■ 

6 GilgateWj* 

260 LfeSeWs^a- , 

2SS- SUWttenuSOp- ■ 
30 Gteen (R.'lOp — 
m, GreFnrW*5j».-~ t 

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hljBS 

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M3.81 

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087 

332 

6J8 

631 


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L72 

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0.83 

20 

035 

10.79 

T296 

OJi 

309 

230 


0.45 

1.0 

HOI 

dl30 

1538 

836 

436 

ML3« 


67| S.ti 


U ?f 


24] 5.1(12.4 
2U 3.H24.0 


130 [AMed Tmtile— 
46 AUdnsBros.- 
53 Beales UJ3to_ 
64 Beckman A Inp. 
2D ■ Blackwood Mot 
28 BondShFaklOp 

23 Bright John)— 
4% ErigrayGroap— 

10 BriLEnioicm 

35*2 BriL Mohair 

41 BalEsrL'mb. SOp- 
ra CairffDandeet-' 
39*2 Carpets lnL50p_ 
34*2 Carr'etnV'iydU. 

28 Cawdswlnd 

67 Coats Patras — 

29*2 Corah 

UN Cfortaulds 

E72 Do.7%DebE7 

31 Cmtherul.i 

99 Dawson Ind 

98 Da’A 1 

55 Dixcn (David) — , 
25 EarijiC. 16 M.Ktf 

25 FcsierflohD*— 

35 Hageasa.ilto. 
79 HiefeiiiJ!Fst.S)p. 
10+. Held Bros. 5p_ 

45 Hrhans 

53 Hollas Grp 5p_ 

39 Hondraj 

27 2 TgwnrtiiH. 20 p. 

26 Do -A'5p 

28 Ingram Of) 10p_ 

42 Jerome iTQdgs.). 
38 Leeds Dren — 
15 Leith Sails- — . 

7*4 [fives 5p 

34 Urter 

55 Lyles i&>20p — 
42 Martnj Hugh .. 
21 WachnnonSmli 
73 ViarntriAiSftp — 

29 MiUwiT.' 10p_ 

*6 Montjftit 

LOS Notts. Marie — 

24 Nova Jersey atp. 
58 Parkland -A' — 
12 Pmfclestw.iftCftL 
B>, Do '.VNYllJp- 

56 RJv.T. ip® 

41 RadJejFasJurns 
69 Reeri.tr .u.1 

36 RebEiwKialSOp- 

19 Rk hards 1 Up 

48 SELE.T 3Pp 

25 Scott Rnbertsffli- 
18 P-terslm.IOp_ 

20 ihPcCvpcb 10?- 
20 Shiloh Spinners- 

54 SidlawIndiiSOp- 

50 Sirdar 

20 Small tridmas-, 
Z7l> Se. V'lOftfiJ L12H J 
19V Do Priv UTS J 

40 Spencer (Gent— 

26 Sfcddard'A' — 
23 Str*hiRil*jDrt_l 
23 Tern^Onsalait- 
18 TrttTdJmj lOp. 

46 ToraHnsotu ; — 

441, rental 

3112 Toray V5U 

27 rraffonl Carpeb 
48 lYinmlle lOp_ 

41 Vim-Tec &b — . 
34 VflriaFiwffaOp 

31 Youghal- 


+1 


+1 


+1 


+1 


li 


+1 


+1 


d£.49 

3.67 

208 

84.90 


1.65 

2J0 

242 


246 

1L32 

•1.5 

165 

M 
172 , 
8? 
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325 
L82 
205 


35\ 6i 
2*1 10.7 
6.fi 5.9 
L«102 8.0 
la 1 owi 
3613.1 32 
6 129 


3.7 9^4J[ 
3.9 271 4.4 1 

26 4.4(011) 
3J 26(42) 
* 12.0 * 
34 6.9 4.9 

1|9 

10.11 43 35 

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2110.7 6.7 

21 111 4.9 
20.0 a9 82 
* H-6 
26 9.8 6.0 
3.0 93 5 l4 


16 UU ffi#5 
0.91061001 
3.Z 76 62 
33 72 6.0 
15 117 86 
36 8.4 50 
5* 36 72 
28 93 5.9 


03 


99 


8.9 


93 

6.9 
7.1 

44 ... 

4.9 346 
10.1112 
86 5.9 
18 573 
98 85 

45 


16 25 373 34ft 
12 51243 ” — 


gr 


122 
6.7 

Id 42 26 71 


aW 


,f9J 
— i«.3 
13 30 1257. 
12 5.2 M4 


16J 


15^ 4.9 193( 
24 

6.0 40[ 

13 15 60.41 
13 tj) afe 
23 2C r273'[ 
♦ J 26 * 


TOBACCOS 


BATlnds 

Dn.Ddd 

DuahilliA-ilOp.. 

lmpen.il 

RothnumU^jp.. 
SwffiHn Hn. IIW _ 


+2 (113011331 6.61 


872 

566 

|2G4 

£79 


53 

5^ 3.9^ 7.0 


TRUSTS, FINANCE, LAND 

Investment trusts 


2.4 

4.9 2 .. , 
4.4 18.6 


U40 


ahmteeulnw.- 

.AberfesnTnitf- 

Ailaim 

Alliantelnr. — 
AllianceTnatL. 

Altifundln=.50p 

Do. L'jfhla] JflpL 
Aabrowlmvinc - 

ToCap 

AaeritatslYuM. 
AmenraaTst -Jf 
*xgiOAm.Sees_ 
.\ngkvlrt Div._ 
Do Assets®.- 

.knElo-Scot-lmr.- 

Arriumednlne.. 

Do CajiSta — 
A.-g qtnv iSAli— 

Ashdown lnr - 

Atlanta Balt.% 
Atlantic .Assets _ 
1 Alins Seri 

AnsLilctiSPp) 

Xinters'Inr. — 
BenyTrwsl— 

rywmftriePmp- 

Eidwj'f^BteTrf. 
BordcriStha IPs 
, RraulFUBdCriP 
Branl Inv.QSl- 

ftemarTtt. 

Bridfiwra*er_- 
Brit. Ami Gen- 

Bnosh.As<fitfi 

EriiBcpSectip 
RnLlnd AGen- 
SnLbr.esi 






+1 


235 

6503 

Un 

3.00 

7Jfl 

830 

042 

43 


d6.25 

U 

Q&44, 


73 20 J 
53 251 
5 8 24.6 
43 324 
, 4J 303 
10103133 
. 0- 3 ■ 
If 127 110 


135 ( 11 43 319 

13 44 
1011313.0 


53(269 

uSra.71 
43(202 

5.U26.1 

1J662 

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A.7130J5 
42J347 
7.0)214 
2K753 

53(2 

39 
411 41 

j. «as 

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62(233 
4.4TO.4 
8Jl5.8 
5^263! 
4434.4 


14 


1 

66 

fZI4 

i! 

75 

1194 

; 90 
102 
100 

87 
94 

56 
124 
455 

46 
2b 

76 
48*2 
85 
62 
76*; 

% 

57 

p) 

J 94 

ru6 

67 
24 

3S*z 

$ 

200 
140 
172 
106 
123 
27 
155 
60 
163 

55 
B61* 

194 
96i 2 
60 
74 
63 

58 
91 

102 
170 

59 
37 

70 

if 

35*2 
49 
98*2 

120 Gen.iOnrair.ci 
73 GeaCoiwildtd, 
[125 General FunL — 
97 DA Gone lUp_ 

88 GetLlnveflors-r. 
72*2 Gen. Scotti 01.... 
72*z Gen.ShMr : - 13#, 
£4 (Hasprr SfWdrs— 

71 Gtemtei-anlm-.. 

6B Dot 

60*2 Oemnurwlnr. 

56 Do. V Ora 

97 Globe lov— 

55 Gorett Europe— 
65 Grange Trust — 
90 GLNorth'nlnv.. 
67 Greenfriarlnr_ 

56 Gresham lnr 

48 Gronp Inre^crs- 
69*2 Gaanfijninr.TS— J 

Hmutros 

Haren»Iu-..10n 

Hill (Philip) 

HumeHlds."A"_ 

Da“B“ 

I S 8*2 koinnriiTi 

700 DaffL ... 

4Z4i Industrial & Gen. 
.65*2 Wenutilor — 
[107 to. in Success — 
.62*2 Investnrs'Cap... 
DJ4 ImesbnLTs<.!>p.. 
DL03 Jaedine Japan— 
m IsnfeeeSei'-HK55- 
lewyExLPtlp 
[228 Jetwy'ten.S — 
41*a tosHokfings — 
44 lowlnr.inc.10p 

D0.Cap.2p 

S^SMelnt.5%i.. 
LakeV r icnlm.-. 
LantAIfin lnr. 
,87*9 Law Debenture . 
EUtiLaanlPilgRes.lp 
33 Ledalm-.liKJOp 
DaCap.Sp— _ 
[fiValloarilw-, 
Loal Abdn PidM 
Lon. ADantic— 
ImAosLlnrSAl 
Um&Gart 50p_ 
(fidn. 6 fi.iljrood- 
Lon-AIejimw-., 
26 [/m.ALi;.I0p— 
.59*2 Lon. S Lomond- 
1357 lALft’iantnMS. 

Lon.fcP»OT 

Lo n. Prudent) al. 
Loa.&S’cbite — 

: Lnn.TatQfd_ 
Lowland Ins — 
K &G Dual Inc. lOp 
DaCaalOp— 
Do 2nd tel to. 19p 

1 DaCanlp 

Man Alra.5Qp. 

Hddrwnlnv 

UoxuntiJelnv- 
SSerebantsTSt— 
Monies toed — 
Mont Boston lOp 
Do WrrtiEL- 

MootayaiEl) 

Moarwieto— 
^^csidelliBt- 
NegitSASU5U 
! NwThrog.lnc_ 

Do Cap. £1 

Do Newffrtts.- 
N.V AGftrtmore. 

10 S Invest 

i Nth-AtlantjcSec 
! Mbn-Amencan- 
: NnrthernSocs— 
UliAaotto- 

Duirichlnv 

PopttaDdlnr 

FTot Ses. to. SUp 
Proimoal Qties 
Raebnni — — 
Heahroofclnv.— 
Rights k Iss. Cap 
RlverAKet — 
Hirer Plate Del... 
|£46- T « tFnhcco iBr.IPBO 


DuSoba - sFI5.. 483 
R'^nney Trust—. 95* 
Krwdmwudtar. 53 

rv'.Cap 70 

Rnihsritilflln 186 
Saleguandhid-. 70* 
St Andrew Tsr... 120 
j .'em AHLlnt 50p_ 90* 
• SecCfiCooLIm - . 75*2* 
Srri Cities L50 
tot EbsLIhv — . 145 it 
totEnnipean _ 39 

- Scottish to 10M 

toi MorLtTst. 116* 
Stdl National 150 
tot Northern — 103* 

1 tot. Ontario 72*>r 

Sect LTd.to.__. 8 l* 

. ScoLfferiern-. ICO 
' ton-Wedn-'B 1 - 98 
toAlEMolkt-. 1% 
to GreatJOta.. 90 

r» -B;-- 87 

■ to:mtiesT.Sc_ 190 
>4^ Mi to. 10S5 425 
Spires to. 50p_ 132 

Si.-eweCJUp 731 

Sphere to m 

SPUT lot Wp 156 

. SPLIT Cap. life-. 56*1 

Stanhope Gen 185 

Sleriineftl 174 

Syrirtfesl»._ 95 

Te-hnDtegy, 971 . 

. Temple Bsr__— 91 
. Tiaig. Growth 23 

iw.Gap.fl.-_ 99 
Th,-ngjn*tML__ 78 
j rx) 8 * 2 % Loan— £109* 
Tic InraLto- 76 

nr. ftp 107 

Tr?ns.Owaafc_ 367 
rrfeiwtoKl- 77 
, Tn'i«eMhc3te_ 63 
L« Capa*£f_ 136 

Tn'ri Unka 103 

Tro? lees Cora __ 133 

Tj-nesideLw 111 

fidownto 58 

2 VU BHtSee*,_ 131 

ITd Capitals 20 

, njDebiQm-^. 98 
l"t AGenodTsL. 185 
ChrnclFiffldSL. 825 
Vitus Beaames- 911; 
. 74 

Kcri!Hhr.£l- 309 
IV.nleriiflll fpi.. 197^ 

Vi unto- 90 

DO-T— 86 

Teofflanto lfi 7 

YorteiLanes- 30 
Ynrfcgreen Wp_ 351 - 
YounfiWrimiL 79 


1+2 [5.15 
t!55 

l+itfftr? 9 

*^843 
1L60 


UW 


t:.i5 

L82 


1L67 


IX 5.0 265 
Lffl 49 3 


assn 


10 


11 


hZ40 

13.43 


tLfll 1 
5.82 
375 
4.7 


3.7 l.d 3«43J 


5.00 
La 

,12.1 , 

+ 4 * 2 } 13.87 


+5 

+1{ - [ “[-I- 

2.9 47.9 
3.0 «J 

3.9 375 1 
0 81594 

[tQ47c{ U( 3.9(241 


IK* 

fflgb Low! 


Stock 

Grimshmw2lp_ 
HambroTrust 
FamrtwiTsLSp. 
Haw Par. S SI__ 
lid to TtJw fl 
InrcrttiwmCn,— 

Kafcuaft- 

iQtffiiTajInrUlp 
KwaLalOp — _ 
Law®lHl<fe lOpy 
Lon. Biro Grp _ 
LoaMerchanL- 
51 A<1 Hldcf-Sp 

Majedielarj. 10p 
Martin iRP' Si . 
Maa.Mrt.SrR'Tv 
N.M.CJnr» l2Lp 
Nippon Fd Sc fnpj 
paramhe lOp ... 

1 Part Place to- 
PeanwiSSiStm J 


Pretafe! S Fri30_l £73 


Fl Gwrse lfp— 
Scut i . Mere. - 4'. 

Ana- 
Smith Brtw — 
Etha.Pac.KHBe 
« SuerFln.NFlW. 
TraiB.MiiLTifi.ipJ 
vistn. Select ip. 
WestctfEn^juid. 

' Yale Cato Wp— 


Price 1 - 

22 

27 
10 
52 

185 
18 
115 
72 
22 

28 
89 

120 
68 
49 
OIL 
17 
390 
13 
31 
215 


♦ Dte 
Net 


11*2 

201 

£50 

59 

£48*2 

£10* Z 

5*2 

78 


+6 


+3 


11.64 


|cfr|y![p/E 

TJ 39 


04.0 

M94 

IP 

165 

03 

05 

1125 

3.46 

0.68 

tS.98 

V 1 


M - 


II 

♦ 

19.fi 

r 


4 ?l 2.7 


Z2j 


8" 

1L4 


.10.4 


1-9(12.9 


4.4 


„6.3 
0.7)11 b 


L5|39. 
7.4 


43 

85 

126 


235 


20.6 


8.7 


182 


4.9 
4.8 
4.0 - 


6.323.2 


oils 


Aftoctaflp- - . 
BnLBoraolOp. 
Bnt Petrelto. £l 
DO 8 % Pill __ 
Burmah£I — 
Doi»jLn9L i 8S- 
KCTNIhtoH. 
Craftily lOp. — 
Chart ertuil flp _ 
4 CieFr fWrt«BJ 
rtCluff '"hi £J — 
rtClrde Petrol El 

hndemmr 3V — 

KC.A. 

LVSMf' 

ia<mo mism-ra 
LASMO’Ope ■ !(• . 
Nasuet ttCJls . 
OflEscpI 10 p.,_ 

< Premier Gnu. Sp 

1 RancerOU 

1 itoraolds Dh 1c. 
B RyL Dolch KLSO- 
SceptreRes. — . 
Shell Trans Ret 

; Do T'JT.EI 

" riSiebe»il‘K>£l. 
Tncarn4t-%Cnv 

Triccntrol 

lltramar 

Do.TpeCnr £l_ 
Weeks Nat lOcts. 
DaPId Drd lflc_ 
Woodsde-UOiL- 


90 


_ 




152 


674 

15 

67 

844 

+12 

7710 

42 

411 

65 


5 Jtfb 

5IW 

13.9 

61 

+4 




^5*2 


Q8*j% 



tiki 

775 

+25 


— 



61 


263 

3.1 

65 

22 



— 



£24*j 


QI41fr 

14 

72 

375 

+25 



— 



120 


1.00 

86 

1.3 

24*2 


— 

— 



27 

■^1 

♦0.1 

* 

0.6 

138 

+2 





£97nl 

+H; 

Q14°i 

— 

el*t 

315 

+5 

— 





22 








222 

+12 

211 

3.0 

1 J 

Jf 

+1 

1 ! 

— 




24 

5.5 

560 







570 

+16 

157 

41 

47 

Uh 


4 9% 

nnc 

138 

344 

+10 

— 



— 

£56*y 

178 

& 

19* 

58 

re 6 
u 

252 

+7 





]A2nI 

+2*2 

7% 

243 

6.6 

185 







185 





4.4 

71 

+1 


— 

— 


296 

63 
41 
5.81 — 

12.7lltf3 
3.6(106 
271103 


146 

9 


59 

565 

10 

11 


80 


162 

84 


OVERSEAS TRADERS 


+1 


+1 


5.41&J 
, 6.6 22.0 
J1L91L7 

m 

63 223 
63ZL7 


+1 
+r 
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52 b3\ 


+ M 


+2 - - 


040 
h2.92 
2.7 
2-B5 
3.45 
230 

a li^ 3 

SJ 4.05 
12.80 


bn 


s hs 


African La krs_ 
AnsL.VFric.ak_ 


BsmteriiEAWiJ 142 


Birtferid'TharSftr 
, 25*2 BouFtead(llh)i„ 
[250 Finlay 1 Jasl Sip. 
95 raiADuSus 

149 GL Nthn.H0 

525 ITns1is.Cros.fl. 
66 HoHnonatSi 

150 iDChrawfl.^ 

21 lacks wm. 

9 Jamaica Sugar.- 

57 Lrarho— 

. 40* ; Mitchell 0*8— 
[220 McerianEetll 
Ocean Klsns.20p 
PafsnB. &>rt. Mp-| 
na‘A'N/Viqp_ 
SaDpenJ-E.! .gp., 
Sena Sugar sOp- 
fiSune terby Jopj 

Steel Bros 

Tozer tons 2jp. 
DaBpcCar. "ai. 
U. QtjMcrc. lOp. 
Do JOpcLn I3p 


270 

111 


45 

45*2 

365 

130 

£65*2 

487 

84 

405 

27 
12 
60 
41 

245 

91 

175 

173 

28 
6 

113 

215 

55 

£93 

63 

62 


+3 


+24 


K3J5Z 

b2 

130 

U5.0 

h436 

i$L7T^ 
*4 26 ^ 
tl5JJ 
Z0.66 


+3 


+2 

+2 

+3 

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635 
3.4 
132 
288 

m 

hL75 
63 

3.10 , 

-ntSSI 1 


a* 


HU 2.0f 27 
LI 1.9 47.2 
4 6 43 53 
LI 210 <6 2) 
* 5.0 « 

fag 

^2 6 ri 
21 77[ 

32 S.U 
63 


23 16.5 <3 01 
L7 126 >57) 
« 8.4 
29 4.8 
73 6.7 
73 6.7 

l3 ) 


33 2riZ71 
4.4 4.U 73 
27 831)52; 

18.0 fO 

1L0 lfl 7.7 

l3L2ja« 


un* 

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RUBBERS AND SISALS 

T-1! 


Stack 


7120.6 

4.7 ao 

0.7ll373! 
4.8(313 1 

4.3a«, 
2-3 * 

5.0.283 
4i34.4 
4.g332 
5H262 
4.K3L6 
6.2229, 
, 6.4 213 
l( 10.1116.6 


441 z 

12*4 

375 

rao 

135 


75 lAngio-lndoTRs'!) 

65 Berttim Cons, Mpu- 

11*2 Bird f Africa' 

31 BradwalllDp_ - 

[165 CastlefleW ftp 

I 26 Chersonese 1fc_ 

23^1 Cogs. Plants lOp 

1 8 1 ? Grand Central lOp 

[211 Guthnefl . 

65 HurimrtO} 1 Ea jnp J 
56*2 HighlandsMSOr — 
41*2 Koala Kepong MSI 

29 TtKubmfiDtk 

69 Ldn.Shmatn 10p_ 

36 Mai staff MSI 

30*2 Muar Hirer 10p 

55 Pl£ntatfon Hldicc. Uto 

37 SungaKrianiOp- 


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95 

1C2 

16 

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44*2 

10*2 

375 

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131 

83 

58*2 

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79 

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81 

72 


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6 7.9 


fj 


6.7 A 
6.4 219 

4.7 26.0 
5.M2BJ 
4.6 3L4 
24 5L6 


TEAS 

India and Bangladesh 


Assam Dooftia £1 _ 

■.ssam Frontier £1- 

1 Assam litre. £1. 

! ESnpire Plants 10p- 

Jotaitl 

Longboumefl 

McLeod Russel £1, 

MoranO 

SingloHldgs. 10p_ 
Warren Menls. — _ 
mmajnsrail 


245 

+5 

♦9-51 

5.« 

305 


hlba*b 

4.4 

120 


78 

3.7 

28 

345 


♦1.96 

fl7.U0 

L6 

34 

365 


flow 

6C 

•224 

-1 

tl3.5 

27 

370 


15-08 

4.4 

25 


♦Ki/2 

3.2 

227 


14.67 

49 

172 

+1 

9.0 

4.7| 


15 
08 43 
U 38. 
L9 43 
3.1 13 
41 
19 32 


8.1 


8.8 

10-7 


9. 

63 

[108 

98 

7.9 


a 

W. 


0.9( L5jIM,1 

L 43lraJ|210 1 123 tLonaraQ 
431343 

13 4 . 9 ( 25.7 
5.3 ♦ 

433LS 
5.0(30.2 
6.1(223 
7^iao 
4S30.0 

43(314 


Sri Lanha 


.[ 180 | — [ 53 | 151 4.6 


Africa 


610 

185 


390 tBLnrtyreU- 
130 fRuo estates 


610 

ISO 


[50.0 

1-JlM 


10.9 


MINES 


aj- 


a 


72 132 
6.9J03 
5.0 15.2 
5.0 192 

s _ I _ j _ _ 


4.2 33 0 

i|rao 12.7 

46 2&1 
7 B 18.7 
5.4 27.6 
43 34.9 
24 47.0 
76 18.0 

4.7 34.0 

5.8 22.9 

37 373 
43 3S.9 
3 5 392 

4.9 30.6 

43 33.9 

38 50.7 
33 483 

44 33.5] 
3.0 46.9 

43 3081 

931521 
3 J 39.7, 
43 311 
971B5' 


CENTRAL RAND 


140 [Durban Deep RL_ 

244 East Rand Prpfll 
£36*2 £29*, Rsadlml’nEsLIB. 
173 73!2|W«:fiandRi 


250 

281 

£34 

113 


rfl = l-l- 




EASTERN RAND 


57*2 BrackenBOc 

18 i|aaCafl>BRl 

135 ERn.ORD.50 

76 nnrtrl ei 30r 

171 Kinross R1 

35 Leslies* 

52 Manevale R050 

37 &AlricanU.3Sc- 
31 Via Wont em 80c — 

>17 WinkelhaakRK 

31 mi Nicel 25c 


S’ 2 

29 

386 

9S 

370 

43* a 

M*j 

51*2 

45 

719 

47* ? 


6.9 


19206 
12 - 
- 7.7 
U 13.0 
18 53 
12 4.1 
10 60.4 

08 332 
17 7.1 


FAR WEST RAND 


t5.67 
Tl79 

620 1.0| 




+273 

'His 

Ih4.75 

L88 


+»2 


4.0 26 7 
46 312 
38473 

42 * , 
7.9178 
0.9112.4 13.0 


1-Zll 




[Blyronr25. 


[Deri kraal 1020 

DownfonteinRl _. 
lEirfDneRJ . 

il lTiMkraiid fitij S3c_ 

ElshurgR] 


HartebeestRl — 

EWGridRl 

UhanonBl 

SonUiraal50c 

SdlfmiteinJfe 

Vaal Beds 50c 

VentenmdRl 

£16*2 W.DrieRl 

Western .ireas RI - 
WestwnDeepR2 _ 
Zand pan Rl 


317 
955 

B4i 2 

277 

719 

221 

102 

»■ 

318 
474 
2 81 
£14 
221 
E2Q7 g 
158 
794 
209 



O.F.S. 


+2 


[+3 

i+i‘41 


+2M 


+2 


54 . 
t4.06 

385 , 
U25 
64.03 
0.94 

152 , 
t5.94 

<2jc 
fl.75 , 
10.01 
14.6 
23 
0.07 
739 
615 

(3.65 


5.0 283 
4.6 313 
S3 263 
3130.7 
4 6 32.9 
7.1 22.1 
5326:9 
49276 
0.7 
18 687 
13 675 
53258 
33 418 
3.9 37.6 

tg2U 
62 219 

Tifej 


75 [Free Sate Dew. 50c 

£11 1» F3.GednId .idc 

59 F.iSjaipIsasRI- 

279 HarmcflyHIc 

66 LoraneRl 

750 Pres. Brand Me 

582 Pres Steyn 50c 

703 St Helena Rl 

144 Dnial 

190 ffeitomMe 

£l3*aft Huttings Me 


06*4 

87 

366 

904 

707 

874 

135 

277 

a?** 



qsic 

lW240r 

+? 


+2 

IJSfip 

+1 

Q 6 f 

+ 1 ? 

tdt5u» 

+ii 


+14 

1CU5c 

+2 

+4 

IS 


L4J 8 2 
2.7 B 8 

47 9.0 
03 4.0 
16 

9.9 L. 
23 7.9 

19 76 

34 te 


FINANCE 


Finance, Land, etc. 


jjjnvdSndthers 
AnawrTsLlta. 
■ njlhontvlar.Stp.. 
1 EnLUnuAtrow. 
'1:3WWe*kj»___ 
i>j!!en«Crpii 

CharfertawOp 
, CxnnmiKStln. 
glfgg - 

Friin lndl IZro 
£1 i>ro Sflidoc ifc_ 
Ersttne House __ 

Ev Lands ftp 

EcflwriumooiSp 
Ft InfnfcGm&i 

FiUTO - to«_^ 


20.0 [4.7134.11 


^ - 


+2 


+1 


Ang4m.CnaJSt. 
AngloAnKf. 10c_ 
4 Ang. .ta Gold SI _ 

Aug-VaalSOc. 

Charter Coos. 

Cons. Gold Ftelds- 
Ext Band Can ftp 

Gen SEnlacM , 

s wldFiel(tSA25c_l 
JolmrECtms RL- 

Middle Wit Sc 

BocorplBjp 

MjnrecoSBUL40_ 
KewWtSJc- 


#1 

025.6 

tll.76 

tLD 


4.9) 6.9 


63j (8 9 


3.<d 8J 


Parino NV Fts3 

Rand London 15c_ 

5elert) on Trust 

SeitfnistlOt — 

SlhcnmDes2*j£ — 
rvaaJ.CmisijdJIl- 
LX toestftl Z-. 
ruimCorpiLfiSc 
IvojtebSiC 



- 1 , - _ - 


d0.99 
172 
112 , 
dO 49 [ 
4.94 
10 


175 
86 

PȣB 

at 90 
, Si 412 


DIAMOND AND PLATINUM 


DO 

64 

28S 

925 

AMlfrAJn.Itrt.50c- 
BidiflpSBaient 10e- 

De Beers W. 5t 

Pfr-WpcPf B5— 

£ S‘* 

87 

-384 

£11 

+8 

P 

111 

10 

54 

70. 

LffdnboR? IS* — 
8m.Plai.lfir 

63 

83 

illt .. 


1.0 

L4 


,82 

10.9 


J Jaoan 'z leaner in h 

inlemananal securities and 
inire-Jmerti banking 

NOMURA 

The Nomura Securities Co., Ltd. 

NOMURA EUROPE N.V. LONDON OFFICE: 
Barber Surqeens Halt. Monlcweil Sauare. Lonoon WaD. 
London EC? Vs SL Pficwer (OJ/SOS WtJ.sssJ 


WW j 
Eh Lnr | 


MINES— Continued 
CENTRAL AFRICAN 

M £ 


210 

24 

00 

175 

90 

42 

16*? 


"8 

tii 

78 

32 

10 


I Such 

Falcon Rh.50r 

Uiv lffjp 

EnanCona r!4 

TaDpanjilu W*p — 

Do Flrel.SOp 

WankieCol JUlI .. 
Zam.Cpr5BUUt - 


AUSTRALIAN 


15 
132 
125 
820 
245 
72 
140 

40 

220 

39 

ft 

16 
178 

50 

£141! 

40 
538 
300 
160 
70 


10 

64 

, 63 

150 

148 

45 

81 

ll lD 

7*4 

* 
30 
750 
, 12 
310 
» 
84 
35 


Aann3c 

BwranmlleMTnei 

BH South Me 

Central Pacific . . 
CntnnrltiriinlnMr 

HUK*lce.>rtieSl 

Hanwla Areas Sp. 
Metals Ev Sir . - 
MLLM Hldgs 9v . 
Mount IvcUSSi. .. . 
Nrvneui lft . . 
North B Hi 1150c. .. 
Nth. Kalgurli 

nikbndreSAI __ 
Pacific Copper . 

Pancratl 25c.. . 
Pannca MAEx 5n . 
reta-Wallsnidwc 
Soulheni Pacific . 
WeslttHhuncSOr. 
Whim Creek 20c — 


30 

390 

60 

300 

145 

10 

300 

165 

93 

U 

77 
510 
415 

73 

62 

225 

61 

61 

220 

320 

228 

78 
100 
100 
225 


24 

[240 

45 

200 

|?2fi 

130 

78 

10 

. u 
(450 

40 

W 

165 

49 

47 

140 

230 

134 

55 

85 

74 

148 


AauJ Nigeria „ . 
Ayer Hitam SMI 

BeiaRTin .. 

BenuntaiSUI - - 

Geeror 

Gold i Base 13;®.. 

GopencCnns. 

Honpiong 

IdnslOn 

JamarC'sp- 
KamuMingSMD.50. 

KUIlnchall 

Malay DrodemcSUl . 

PPnjjfcuenlOp — 

PrialinfSMI 

Saint Piran_ 

South Crafty lOp . . 
South Ki ma EW50 

Slhn Malayan SMI- 

SungB Besittl .. 

Supreme Corpi Oil 

TanKHiE 15p_ _ 
Toneknh Hihr. (Ml 
TronobSML 


Price 

175 

16 

70 

155 

87 

35 

14*; 


13 


118 

+1 

in 


525 


234 


46 


134ri 

+3*2 

28 


196 


24 

. . 

4*4 

+U 1 

122 

+1 , 

13*; 

+»i : 

161 

46 


£13 


371; 


518 

+2 

210 

-15 

146 

-1 

55 

-5 


-1 


» 

OHIO, 

uv 


Q3c 


Q1 Dr 
133 
09c 

06c 

TOUc 


015c 


ira 

frvr|&*» 

131244 
7.1 63 

12 r« 

163 83 
14 M3 


14] 4 2 


ZB 77 
2M 4B 


1 71 28 


131 4.0 

Ml 43 


18 


TINS 



COPPER 

100 [70 flfennaffilSO [ 84 (+Z |tt)3flcf 19f t 

MISCELLANEOUS 

i-xy • 


35 

9 

220 

245 

164 

30 

750 

43 

120 


Baiynqn 

Burma 3D ses ITty. 
Cool March 10c.. 

Varthcitelll 

FLTi 

Sabualnds CS1._ 

TaraExptn SI 

rphutyllinRabi lOp . 
Yukon Cons.cn 


51*2 

14 

260 

4M 

222 

66 

875 

43 

166 


-5 

+6 

-2 

-50 


-3 


4Q30c 

93 


133 

Q7c 


2 81 
^1 


u 


6 5 
4 

217- 


NOTES 


Cnien UtairiiB tndkMed. price* and set dMUenrir m hi 
pence and dencmisatiami are Up. Eattmaled prteeftarnlnen 
ratlaa and e*MT« are baaed an laleat anmal reparia and accasnm 
and. where pocatbte. are updated m half-Teailr tbmrss. WEa am 
calculated an the baaH at net dtartbathm; Icachcted Dfuei, 
Indicate Id per eenL or mere difference It calculated os •^tT’ 
dWribotton. fiawi are baaed on “isariisnjn” flprMkB. 
Ttotda are bawd as middle price*, are msw, adjnated to ACT of 
to per cent and allanr for ealne of decl ar ed rftacribsttnu and 
rUbie. SecaritlN with denamtsadasa other Hum elcrUnR bis. 
(footed tsclnrieo at Be IsvsaUnesl Min prwef sm . 

fttwrl has denominated eecnrittes wbleb Include Ui e ua t iuuub 
dollar premium. 

•Tap" Stock. 

R«fw and Loop marked Uni* bats been adjusted to allow 
tor right* Issue* for caah 
t Interim since increased or resumed. 

* Interim since reduced, passed nr deferred. 

H Tax-free lo no o- residents on application, 
ft Figures or report availed, 
tr Unlisted seeurtip 
» Price at time of suspension. 

Indicated dividend alter pending scrip and >or rights lamec 
cover relates to previous dlvUMnds or forscasta. 
ft Merger bid or reormniiaUon in progress 
A Not comparable. 

Same interim) reduced final aud-nr reduced on-stmts 

indicated. 

Forecast dividend: cover on caminp updated by latest 
interim statement. 

rover allows lor ronreraon of shares not now ranking (or. 
dividends or ranking only (or restricted dividend. 

Cover does not allow lor shares which mar also rank foe 
dividend af a future dale. No FIE ratio usually provided. 
Excluding ■ final dividend declaration. 

Regional price. 

N« par riilue 

a Tlx free, b Figures based on prospectus nr other oOdil 
estimate, e Cents, d Dividend rale paid or payable an part 
of capital: rover based on dividend on full capital, 
e Redemption yield, r F1M yield, g Assumed dividend ami 
yield b Assumed dividend and yield after scrip Issue, 
j Payment from capital sources k Kenya ■ Interim btghnr 
(ban precious tout a Rights (s™<- pending 4 Caruinea 
based on preliminary figures a Dividend and yield exclude a 
speriol payment t Indicated dividend: cover relates in 
previous dividend, P IE ratio based on latest annual 
comings. ■ Forecast dividend cover based on pretuxis yea . 
carol dcs. v Tux free up lo 30p in the C w Yield aiinws for 
curroney clause. » Dividend and yield based on merger terms 
x Dividend and yield Include a spcrial payment rover does ant 
■ only in special payment A Net dividend and yield.' II 
Preference dividend jvw*ed nr deferred. C Canadian. C Issue 
pnre. F Dividend and yield based nn prospectus nr other 
official eeumaie* for 1B71+H> l« Assumed dividend and yield 
after pending scrip aaritar ngbta issue, ft Dividend and yield 
hnurd on prospeclu* or “dher official esjimates for 
1BTR.7H E Figures (used on prospeclus or ocher affinal 
esliniate* for 1BTR » Dii idend and yield baaed on prospectus 
nr niher official cslImnteE for 1678 N Dividend and yield 
based an prospectus or other official estimates for Item Jr 
Figures based on prospectus or niher official estimates for 
19Ta-7B Q 'Jrosc. T Figures assumed Z Dividend Intel in 
date M Yield based on aiwunpllnn Treasury Bill Rote stays 
unchanged until maiunry nf stork 

Abhreviatlnnv. ri «x dividend, e y scrip Inrue, tr ex righUr. b et 
all, d ex capital dislributma 


“ Recent Issues ” and “ Rights " Page 34 


TTiig service is available to nerr Owpany dealt in on 
Stock Exchanges throughout the United Kingdom tar a 
fee of £490 per annum for each security 


REGIONAL MARKETS 

The following i* a selection nf London quotations of abama 
previously listed only in regional markets. Prices of Irish 
issues, roost ft f which are not officially Hated in London, 
are as quoted on the Irish exchange 

■ ?ff nelrahml 


Albany I nv 20p: 
Ash Snlnnini! - 

Be rts m.... 

Ddg'atr to 50p 

CluverCreft 

rtaipSi Rosetl 
Dj-wniR A i A 

E31i*.& MrHrty 

Evcipi - 

FifeFnrge. ... 
FlnloyPkftSp 
CraigShip.fi. 
Hicfons Brew 
LOJLSun El . 
Holt i Jus i25p.. 
Nthn Goldsmith) 
Pearce iC. H.i— 
Ped.vLUs^-, 
Sheffield Prick 


24 

41 

21 

267 

26 

475 

38 

61 

171. 

50 

Z3>? 

140 

73 

150 

260 

55 

165 

20 

45 


+1 


Shea Iftlrahmt 52 
Sindall rWro. :....[ 103 


IRISH 


Cnnv B*s "80/81 

Alliance C as 

Arnott 

CorrnIUF. T .l.— | 
Gondaltan.-..„[ 
Concrete Prods . 
Honor Ofl des.) 

Ins Corp 

Irish Ropes -. . 
Jacob— - — _. 

Sunbeam 

TMG 

Uiudare. 


E90*i 

+N 

70 


M7 


96 


98 


130 


40 

„ 

148 


130 


62 

-1 

m 


170 

-5 

90 



OPTIONS 
3-month Call Rates 


ladustytals 

A. Brew 

A.P Cement-. 

BS-R — 

Babcock -~ 
Barclay? Bang. 
Bctrham . — 
Boots Drug — 

BnvuilcrS- — I 

BAT 1 

Briiish Oiygeu 
Brown i J I— • 
Burton ‘A' — 

Cadburys 

Counanlds.... 
Debenhams- 
DiatUlcrd — 

Dunlop L 

Eagle Star. — 
E.MJ - - 
Gen Accident 
fien El<tri«f 
'Jlahft — - - 
Grnnrt MeL . 

G VS/A‘ 

Guardian 

G.K.N — 
Hftwker Sidd 
House otFratef. 


I.C.I. — . 

Invcresk. 

KCA 

Lad broke 

Legal A Gen. 
Lex Service.-: 
Li^ds Bank J 

London Brick 

Lonrho — 

Luca^Inds.-. 

LvotulJ.l , 

-Manw”. j 

HrfcH. &Spncr 
Mldland Bank 
1SJ21. 


Sot West. Bunk. 

Do. Warnmtfl 
PliODfd.—.. 
Fl essey._ 

RH M. • 
TUnkOrs-'A"- 
Reed JntflL 

Spill err 

Tesca. ---. ... 

Thorn 

Tract Houses. 


Tube Invert.- 30 

Uni lever 35 

Did. Drapery- TL ■ 
Viefemr... 13 T 

Iwoolttorlhs— 5 


Property 
Blit. Land 
Coon ties-! 

Intrenropean 
Land Secs.— 
MEPC_ 


Peachey 

Samuel Props... 
Town t Clly- J 

Otis 

BriL Fctroleoa- 
BunnabOil— j 
Charierhall... 
Shell.- 


Ultra mar.. 

Mlites 

Charter Cons. J 12 I 
Cona. Gold — \ 14 

RmT.am:- -.106 


A selectiPti of faunn* traded is given on toe 
. . London Slock Exchange Report paf£ 












38 



firlior- 


BRITAIN'S 
BESTSELLING 
OVERHEAD 
GARAGE DOORS 

VVMtlind Er>gina*r» Uct 

PO ?Cx No. 5. 

Yeovil. Somerset, . 
i3A20 2YA 

7M Yeovil [C935I 5200 


FINANCIAL TIMES 

Tuesday July 11 19TS - 




MASTER BUILDERS 


known for quality 








J" i:.>i ^ 


SCHMIDT ON EUROPEAN MONETARY SYSTEM 


Investment bank link plan 


No deal 


BY JONATHAN CA Aft 


BONN. July 10. 


HERR HELMUT SCHMIDT, the risk for potential new southern and perhaps Italy. I have heard quite a few from . 

West -- German Chancellor, entrants to the Community — in He did make it clear that other political figure*; in your- 

believes that the proposed new the sense of widening the econo- there might be some added risk country, I don't think political 

European' monetary system may niic gap between north and south for West German money supply leaders should puhliciy criticise : 

involve a link with the' European Europe. and therefore inflation from the one another. In particular, one - 

Investment Bank — an institution However, he added that “ the intervention which the disci- should not make the domestic ■ 
which aims to transfer resources question miahr more legitimately pline of the new system would situation Cor a partner n\ore ! 

within the EEC. he asked with respect to those imply. But “ Germany has been difficult than it already is in 

in an intor-vipw ’ rh» members of the EEC who may and must be willin'* to lake most countries. " 

Financial Tim.V Harr not in tbe first sla ge we fit to some r »iks if it really want to The Chancellor refused to 

said ihA hint "nfiUhr join the new system full scale, serve European and world stabi- accept that basic policies 

said the bank might in some on.*.. - ques ti oa which they nty.“ between the two countries were; 


on trade 
talks as 
deadline 


nears 


might in some i^ iR u a 

- VAu l> S!r d h» W rl^nt«H have lo P° nder - I* might 
fn drau. eda n « Li! lhein ,n ,he conclusion that they 

TOF .n"Th. P WorS Bank should en,er ,he m "" elarv 


way " be 
system. 


Herr Schmidt referred lo in conflict — though disputes 

British-German relations as grind on this or that question arose 
and to the British Prime Minis- sometimes. “ But I do see some 
Ter as “my friend Jim 
Callaghan.* 1 
“ I have 

Callaghan's 


BY DAVID EGLI 


THE LEX COLUMN 




Gilt-edged back 


3 

'll 




on even 



i lU 


Ar last the gi]t-edppd market 


never heard from 
mouth public 


UK caution on initiative 


tendency in some parts of GENEVA. July 10 

Bntish society today in hold the WITH ONLY a few days of talks 
European community responsible left before the seven-nation 
for some economic deficiencies economic summit meeting in 
in the UK." i Bonn, representatives of the 

* main trading countries are still 
j arguing here over the guidelines 
that will shape the final package 
in the long-drawn-out Tokyo 
! round of multilateral trade 
negotiation*. 


BY MICHAa BLANDEN 


The deadline for political 
agreement on the main issues 
was set manv months a?o for 


m system from the start with full 
Washington.' rights and duties; . 

-This element did not emerge The Chancellor did noi specify 
in Bremen last week, when the countries he meant, hut 

Community heads of State and Britain is clearly one of them — criticisms of my country whereas 

government. . agreed on Fairly 
detailed guidelines on the new 
system. 

However, it will be of interest 
at least to Britain, which main- 
tains that along with the purely 
monetary questions, serious con- 
sideration 'must be given to other 

economic aspects — including MR. CALLAGHAN’S emphasis symmetry between the responsi- currency in the market, 

transfer of resources. yesterday on the need for a con- bilities of member countries The British - Government 1 tnis Friday, bul in spite of -what 

The British Government, mean- mergence of economic policies to 11 is argued that the burden regards the plan as containing Mr - Robert Strauss, the U.S 

while, has reserved its attitude su PP° rt the P'ans for a new of adjustment should be shared a number of good points, and is .-special representative for trade 

on the proposed timetable under currency arrangement within the between the surplus and deficit prepared at present to take a ' negotiations, termed ** treincn 
which the new svstem should he EEC highlights one of the main countries, with the former — at neutral view on other aspects. ' dous progress " in the last two 

approved in December and come reasons f °r- Britain’s Unwilling- present particularly West Ger- These include, for example. ‘ days of talks ’*’i«h the EEC. it 

inro effect early next vear ness to mak c any commitment in many — taking parallel action to the suggestion that for a time it has become increasingly clear 

Herr Schmidt was not to he PrinciP 1 ® to- the new scheme at correct large payments surpluses, might be necessary to run a two- that some key elements will be 

drawn into details of how he this stage. Otherwise, it is argued, the tier system with the new* B > 1 ® ,n " 

saw the final shape of the Britain's reservations about the pressure on deficit countries member currencies being Mr. Strauss said today that 

system, but he gave abundant Franco-German proposals, which would reduce the overall level required to observe less strict there would be a “very sub- 

evidence that he has a concept t * le tw ° countries put forward at °f economic activity. limits than the stronger memhers slant ia I” package for the Bonn 

involving more than currencies ^ asr week s EEC summit meeting ft is also emphasised that any of the present European snake, meeting, but it would have gaps, 

alone. in Bremen, arise on both general new European arrangements There is support in London “We haven't found a balance in 

The origin of his idea lay in and particular considerations. must not damage the already and France also for the proposal a number of areas." he said, 

the recognition that lack of cur- The Government is concerned weak dollar. This would result that the new arrangement should Although progress was being 

rency stability “ has been a that the brief outline which from any deflationary impact of include provision for credit made in one key area — subsidies 

main factor in’the structural up- formed the basis of the Franco- econoimic measures, or from the facilities- and countervailing duties — he 

heaval of the worlds economy German initiative left large gaps proposals, technical details. However, to the extent that did not expect agreement to be 

since the early 1970s. I think of both a technical and practical The plan as set nut in Bremen the role of the Community and reached on agriculture by the 

both domestic monetary stability nature. These will need to be could result in the establishment of the proposed European Mone- end of the week, and without a 

and international currency stabi- filled during the planned of a fund totalling upwards of tar>- Fund would be similar to deal on agriculture there could 

lily are two absolutely neces- discussions before a full scheme S50bn f£27hn) for use in that of the International Mone- be nn overall agreement, 

sary conditions for continuous can he laid before the Com- smoothing exchange rate fluctua- tary Fund. It is felt essential to After taking a short break to 

growth.” m unity members. tions. Half of this would define the conditions under take stock of the state of negotia- 

He was convinced tha't the The main specific point raised represent a transfer of existing which member rountry curren-l lions, most delegates believed 

weight of a basket of European by the UK and other countries foreign exchange reserves. The cies could he used against the. that the package to be pieced 

currencies vis-a-vls the dollar i<; that the result of any new rest could come from use of the issue of European Currency ; together would fall considerably 

would make it less rewarding agreement should not have a currencies of member countries. Units. short of intentions, but would 

to speculate againsl the dollar, net deflationary effect. This This would imply a reduction Some of the UK's points have, nevertheless provide a frame- 

The resulting stability wnuld argument relates closely to the in the use of the dollar as the been recognised in the i.-ondi- work Tor continuing intensive 

bring economic benefits on both need for agreement on general main intervention currency and tions which were set down at • neeotiation until the end of the 

sides of the Atlantic. economic policies stras.sed by the possibly as a constituent of the the finance Ministers' meeting; year. 

Heer Schmidt said he did not Prime Minister and to the insts- EEC countries' reserves. The UK on -Tune 19. when Mr. Derrs . 
feel that introduction of the new fence during the recent talks would want to be sure that the Healey was able to put forward. Basic rUiCS 

system would mean any addition that the plan should require change would not hit the U.S 


the British view*. 


Plan to end 
steelmaking 
at Scottish 
works 


By Roy Hodson and Ray Perman 


BRITISH STEEL wants to end 


Brussels agrees to talks 
on nuclear fuel exports 


BY GILES MERRITT 


BRUSSELS. July 10. 


Mr. Wilhelm Haferkamp, vice- 
president of the European Com- 
mission. told participants today 
that the aim was to establish a 
realistic basis for the final period 
of detailed negotiation— likely to 
last many months— before agree- 
ments are worked out. 

There is still a long way to go 
in the negotiations covering 
Industrial tariffs, agriculture and 
a wide range of non-tariff 
barrier? and some restructuring 
of the basic rules of international 
trade. 

On industrial tariffs. U.S. 


THE EUROPEAN Commission Now that the Commission has known late next year. The study • neaotiator* indicated that they 


steelmaking in one of Scotland's! has* agreed to open negotiations agreed to start negotiations. U.S. was agreed at the seven-nation ! beginning ro work 


areas of highest unemployment 
to cut some £5m a year from the 
corporation’s running loss of 
£400ra a year. 

Sir Charles Villiers. chairman 
of British Steel, yesterday 
handed Mr. Bruce Millan. the 
Scottish Secretary, a proposal for 


with the U.S. Government on licences for export of enriched London summit in May 1977. the Japanese delegation, 

revisions to the U.S.-Euratom and super-enriched uranium can The negotiations are. in any* while Mr. NoouMKo ushioa, the 
Treaty. once again be issued. event, likely to last several years. Japanese Minister nf State for 

The Brussels decision to dis- The open disagreement during which the EEC's own External Affairs, was standing 
cuss U.S. demands for more between the U.S. and the major uranium enrichment capacity is 011 tf, e initial Japanese offer, 
stringent conditions .governing European countries, notably expected tn increase substanti- lh,s woul “ De tmorovea in 
the use of nuclear fuels which France, that followed the passing ally— to at least 13.000 tonnes by response threats from «|* 
it exports follows several months ‘n March of the U.S. Nuclear the early 1980s. ' r i°enn!.cL 

ending steel making at the Glen- j or behind-the-scenes wrangling Non-Proliferation Act. is unlikely The compromise formula that drawoffe^ but only in response 
garnock Works. Strathclvde. and I and appears to he a conciliatory to be resolved quickly by the cleared the way for the coming T ™ ,n „-,r«=Vino ?, 

’ gesture towards President Carter Brussels decision. talks between the Europeans Japan was see sin? in 

before next weekend’s Bonn Several Euratom member Commission and the U.S. is nients on top or initial 

economic summit. countries are openly resentful of understood to have been worked | °ners on tne pre mise that other 

Talks on the new safeguards increased U.S. control of EEC out. following direct contacts , "^oriatmg papers do likewise 

President Carter, and and top mmll reciprocity is 

President Vaierv«»»**taed. he said 
(T Estates and West 1 As for agriculture. Mr Strauss 
Chancellor Helmut | told the meeting that since we 
cannot settle for a negligible 


will mine under prpvuri* to 

appears to have worked off its Index rOSC 9 9 to 465.5 ■ ,n,,Ii,, ’ r b,d 1“ Nip mejnnrai 
touch of indigestion. The exees- ’ * shares - stand at P. r -5* 

sive speculative holdings of the ■■■ ■ ■■ — » Gomel's * dof arnunri 2T-V 

long tap wore largely cleared -SwMwiivaJimBj 

several week? ago. hut the mar* 3 r*“ . “ FtJFTQntl 

ket has continued in be over- (RullStriiU ffi OllffiMCial 

shadowed by technical weakness CoiUDJUnflS _ Last week's su-pnnvm 

at the short end. where opera- * " “ uimftirial dealing*; in I'eri 

tors fike the discount houses of all underlined the fact ilui t 
becamp ton ambitious. They- .11 has Jiccn a far from mi 

calculated that the hanking 3 ~ North - market in the share v. \i- 

corset would immediately lead Other -fll is n P en ,n question whr 

in a drop m interest Tates, hut _ l nft 1 once a full listing sec 

it has taken Inmyr than they 2- jin f " next month tli«* markei. im' 

thought. Now’ prospects look a III In ht least, will work i 

little brighter, however, and _[j smoothly. With half the v« 

with sterling giving encourage- ^ l] shares contridleil »'> the ? 

ment to the market yesterday another -R per cent held l*\ 

ihe price of the long tap moved n IlljllllJll ,wn Family directors and'** 

back to within 1 nr su of the ' 'Xi* l ' hnr1cr Onsuhri 

issue pnec. Equities, loo. had 1974 1975 i97p >377 78 on |y n ome Ifi per rem of 

their best day for some weeks, „ equity is in rhe hands of 


although there was nothing in «-2m tonnes per an™ In tact ^ ^ 

the number of hargains marked irn P“ r,! ‘ " ,>r ta ! lc< ? ,,n : l . . company and its adviser* 

to suggest any great revival in c ? nsun, . ptIon ^ as . ^ a ticklish pn>blem: that n- 


about 8 per rent since 1973. and j n „ a nr i re f„ r u ir , i.gm 
Pnvnmmnnt ^ ^ su " ar production is v\on -voimg shares which 

broker Ls ierked IT! « n,w,, « fa ^ er -than urigutally t( , he sold to ext«Une Fer 

J .envisaged. Consequently. Talc sharehnlrierv f upon H -hirh > 


activity. 

Whether 


the 


recent inactivity will depend nn j fo " V u -vn^iiv n -iup«n wnrrn 

the rush of statistics during. the ^•'. h l a ' e * n ^ ^ " share>! a ^ u,rp "*«>• 

next few days. In particular the ” | n f The arrangemonfv nrr :i 

‘ be restored tn a sound loiis-term ^ u _. ... 


market is setting its sights on 
actual falls in June eligible 
liabilities (today) and money 
supply (next week). But the 
range of estimates is unusually 
wide. 


financial fooling. 


H. Wig fall 


Tate & Lyle 


hi2nrre. Ferranti ha*, tn 
10 dealing davs after ihe 
IMins, «inri provided tin* -I 
trade above I5fln the NUB- 

The Henrv WigFail Board then soli the I.Ani shares 
yesterday- cleared the first »« other Ferranii sharelio 

hurdle in irs mission to justify al '* pnee per iJnn* nf > !• 

rejection of Comet's offer by half the evrrs.s of the nv< 

turning in full-time profits of quotation fdunne the in « 

At the end nf last September £ 1.37m. This is comfortably over 200p Th <* high'-r 

Tate and Lyle had short-term ahead of the £l.2m forecast market price the bettor fn 

borrowing of £50m and £79m during the takeover battle and NEB. hut given the narrow 
nf cash and short-term deposits, contrasts with a first-half loss «f trading in the shares ’ 
so there appeared tn be no of £353.000. is no guarantee ih.it m 

pressing urgency for yesterday’s BuT U i ef.iil has a lnu- wav ,,n,r span a tn, ° ; ' ml 

jsrs ss?' .ta%& * 

chances. 


» * 


1; 


1 !<,r 

l ! ‘ < 


£30m 10-year loan. 

Tate and Lyle is taking nn shareholders are to he compcn- 
K looks as if pre-tax sa ted for the company’s dread- 


profits in the current year will fll | profit record in rec . enl vcars . >'s 

At lllic k amli-itc <>rr lalk. ■'* nn,,, n 


has already inurr* than tr« 
its money on Fviranu - 
make other arr 

ments. 


fall from £43.9m lo £22m-£23m At this >tagc analysis arc talk- 
and assuming that the dividend mg of pre-tax profits for the 
is not cut retained profits will current year of the order nf ^ 
be overshadowed by capital £-iu plus, which puts the shares proms 

spending of over £35m. Over on a prospective fully taxed p>c. First quarter official tin; 
the past couple of years net ol 12— or just under 6 if it is statistics Tor industrial ami 
borrowings have risen from assumed that Wig fall continues mercial companies cn ; 

£3 1.5m to £84m and in the tur- to no tax liability. earlier indications that p 

rerrt year they could be up by Bui it has to remembered that growth net nf Mock ;«r*pnv: 

further £30m-£40m. Until Wigrfall reported peak pre-tax was tapering n(T m Jan 
Tate has completed ita rationa- profits of £2.4m In 1975. During March. With North Se.i n* 
Hsation of the UK cane sugar lhv bid battle, mnrenver. ihe picking up after paiiMns. 
refining industry it seems as if directors made much mo« of 1977. profits ouimH.-' " 

will have to face up to a P ,ay of lhc c,alm thar s,, are- North Sea seem are e*.tm 
heavy cash outflow. holders were being offered £14m at £3.1-1 bn. just about the 

.. .. _ . . . for a business claimed by them as in Oeiober-neremher. s 

Under the plan agreed with i 0 be worth £25m. Assuming a while wholesale output 1 
the Government early last year return of 15 per cent, this would arc continuing in rise a! a 
Tate reckoned on reducing its demand pre-tax profits for 197S- moderate rate of around 0. 

UK refining capacity from 2m 79 0 f th e order of fcim. This is cent a month — so there 
tonnes to 1.4m tonnes by 19S2. a long shot from yesterday's sign that mdu<trv is able tr . 
However, it assumed that EEC result. * on the full impact of H 

imports would decline and ex- If the directors believe they wages or raw* material com 
ports would continue at around cannot manage such prnfiis. they 5,5 per cent since Janua r yi 


sent an explanatory paper to the 
TUG steel committee with a 
request for early consultations. 

Although fewer than 1.000 jobs 
are . at stake at Glengarnock 


against proliferation of nuclear energy development between 

strong opposition to the BSC pro-j weapons, which the U.S. Congress Little serious progress is likely France’s 
posals is inevitable. Unemploy- unilaterally insisted on earlier to be made until the results of Giscard 

, . , 1 this year, are expected to begin the International Nuclear Fuel German 

this autumn. Cycle Evaluation (INFCEi are Schmidt. 


ment is already running at 18 
per cent in the neighbourhood. 

The TUC steel committee is 
not experled lo meet until 
Thursday. But the Iron and Steel 
Trades Confederation. the 
biggest steelworkers' union, has 
already insisted that there will 
he tough resistance to any job 
losses at Glengarnock. 

British Steel is telling the 
Government and the unions that 

it could save £6. 5m a year if j enrichment services of Urenco. 


Mexico outlines uranium needs 


BY HUGH O'SHAUGHNESSY 


result. . . - our other accords, 
regardless of how expensive and 
important they may be. must 
he considered as settlements 
.'subject to ultimate satisfaction 
' of reasonable agricultural 
requests. 


Petroleum 


MEXICO may become an plans to build more. The Organisation of 
important client for the uranium Mexicans are turning to Urenco Exporting Countries. 

as they are unwilling to become Pemex, the state oil monopoly. 


Glpnaamork a verv olii steel-: >1,0 ' too dependent on the U.S. for has suggested collaboration with 

worifTerc dosed alto-ether lhe Wo- Dutch-German nuclear , heir nuclear needs Both exist _ lbe British National Oil Cor- 
" which works from j n p nuclear plants were built by poration. It is understood that 


There is ample capacity in other 
British Steel works to turn out 
the Glengarnock railway pro- 
duds more cheaply. 

However. British Steel is pre 


concern 

Capenhursl. Cheshire. 

As part of the official visit lo 
London of Sr. Santiago Roel, the 
i Mexican Foreign Minister. Sr. 


j Continued from Page 1 

Air package 


U.S. companies. international oil marketing' , . , __ . . 

On Friday. Sr. Roel and his would he a possible field for co-i Aerospace, mainly at Hatfield, 
party visited the UK Atomic operation. j Herts., and Filton near Bristol. 

Energy Authority plant at Har- Sr. Roel had talks yesterday i wl ?h ‘LMO to 5.000 more working 
pared to keep open the sreel Francisco Vizcaino Murray, welt. Earlier they visted the with Dr. David Owen the i onit ln sub-contractor ana 

finishing end of the works ! director-general nf the Mexican Filton works of British Aero- Foreign and Commonwealth Sec-j supplier companies. 

National Nuclear Institute, space to see Concorde. Concorde retary, Mr. Edmund Dell, the rhor< * s 


" recognising the social problems 
involved." 


Blooming mill 


The British Steel Formal pro- 
posal is that steelmaking should 
rease in accordance with a 


There may be some foreign 


spoke yesterday with represt-n- is expected in be landing soqit Trade Secreia ry. and Mr. Tony j collaboration on it. Avco Lycom- 
laiires of British Nuclear Fuels in Mexico City. Benn. the Energy Secretary. • mg of tne U.5.. which is to supply 


and its Dutch and German part- Sr. Roel also touched on pns- Sr. Gustavo Romero Kolheck. [the engines, may become a risfc- 


ners. He sei out Mexico's siblc co-operation between Governor of the Banco dp, bearing sub-contractor supplying 

ondon this; wings, while some parts may be 


requirements for fuel enrich- Mexico and Britain on nil Mexico, is also in London 

ment. matters. With hig new oil finds, week for discussions on.<5 u *It on tne Continent. 

Mexico has two light water Mexico is becoming a major oil Mexico's bo n-nwing requirements!. Overall design and dcvclnp- 



UK TODAY 
DRY in most districts. 

Loudon, S.E., Cent. 5. England 
Midlands 
Dry. suuny spells. Max. 22C 
(72F). 

E. Anglia, E-, N.E. England 
Dry, sunny later. Max. ISC 
(64F). 

Channel Is._ S.W. England, 

S. Wales 

Rain or drizzle. Max. ISC 
(64Fl. * 

N. Wales, N.W-, Cent. N. Eng 
land. Lakes. I. of Man 
Dry, sunny spells. Max. 20C 
C68F). 

Scotland 

Dry. sunny spells in W. Max 
19C 166F). 

N. Ireland 

Mostly dry. Max. ISC <64F). 
Outlook: Mainly dry. 


BU5INE55 CENTRE5 


V’day | 
M lil-da v 


jointly agreed timetable, and 'nuclear power stations in opera- exporter for the second time and other financial matters, 
that a joint review should beftinn at the moment and has though it has^ not joined the Editorial Comment Page 20 
made of the possible shape and 


of a reduced mill 


viability 
operation 

The corporation scheme in- 
volves taking semi-finished .steel 
from the modern steelmaking 
centre of Ravcnscraig. Scotland, 
lo -Glengarnock and re-heating 
the steel for rolling in the mill. 

When the nearby Hunterston 
ore terminal is opened nexr 
winter some 120 new jobs will 
he- available, most of which are 
expected tn be taken by present 
Glengarnock employees. 

The Scottish TUC last night 
committed itself to co-operate 
fully in Lhe review of the future 
of the rolling mills at Glen- 
Sarnock. hut said it would fight 
to retain the maximum number 
of jobs. 

The Beswick Report envisaged 
that 530 jobs would be lost if 
both the open-hearth furnace 
and the blooming mill were! 


EEC bars Bank of England’s 
proposal on money-brokers 


Amsrpim. 
B.ifirJin 
Ban. cion a 
Beirut 
B.-Ilafl 
Hu I eradc 
Purlin 
Blrmjihm. 


ment control, together with final 
assembly, will be at British 
Aerospaces Hatfield factory. 

Tbe HS-I4S is a small 'four-, 
engined airliner, designed in twoj Sllwis 
versions to carry between 70 and Budapost 
100 passengers over distances of h ai«s 
upwarsd of 150 miles, a “bus- 1 1:* 1 "?- 
slop" jei capable nr using grass- 1 c ‘ rdl ” 
strips or hie airports, and 


Vila* 
Miri-djy 

'C -Pj -C -F 

C IT H / Lascmbrs. C 15 3n 

S .15 Hi Madrid S .10 Sfl 

S -JA TSjMancMtr. K 2n fiR 

s n fa Mribmrne s a «• 

18 Gl| Milan c »< T.i 

15 08 I Montreal O 

IT 63 Moscow C 21 TO 

18 « MunlL-h C M 3T 

20 1 NVircastlc C M ST 

16 61 -New York H 28 M 

IS M Oslo s 24 

14 fit I Paris C is M 

17 98; Penn s is XI 


R ti .10 Praeuc F IS 5S 


communities throughnut 


BY JAMES BARTHOLOMEW 


the 

u 

15 


world which have not had 
. before A military version 
planned. 

THE EUROPEAN COMMISSION as a form of court nf appeal which the Bank likes In the least. < It is intended lo fly the prnto- 
has dealt a blow to ihe Bank if an applicant claimed he was By the first and possibly more \ type in 19S0. and make first 
Of England’s hopes of an early unfairly excluded. likely, route the Bank ' would > deliveries to customers in 19S1- 

negotiated agreement on how This was seen on the. British take complete responsibility for ; I9S2. The market is expected to 
City money-brokers should be side as a happy compromise the money-brokers and license : be primarily in the Third World, 
regulated. The Commission has between the City and its Iradi- them. and especially in Africa, the 

written to the Bank saying that tion of self-regulation and lhe The Bank, and some brokers, i Middle East, the Far East and 
a compromise which the Bank more structured and rule- arc against this idea. They South America, but sales in the 
thought 'Brussels would approve conscious EEC- believe that members of ihe: U.S. and Western Europe are 

is not acceptable, , But now the Commission is association accept more willingly already being discussed. 

The Commission's change of insisting that the Bank choose the spirit of rules they make for i The estimated development 
inind is believed to be due to brie of two paths, neither of themselves. : cost of the two civij^ versions. 

legal services department. “ “ — — — — the 70-seat Series 100 and the 

bigger 100-seat Series 200 are 


rtiicajio 

s 

■M 

6S ; RrykJavIK 

c. 

1-4 

ST 

iloloRnp 

c 

IS 

■■8 1 Rio dc J’o s 

24 

T."i 

Cnpntiun. 

s 

18 

M > Romo 

s 

■*li 

:n 

Dublin 

I> 

M 

57 j SlnfidDorc 

s 

nn 

Sh 

Erilnbureti 

i: 

12 

»4 1 Stork holm 

R 

IT 

hi 

KranKinn 

c 

1H 

m , Rtr.isbra- 

V 

■jo 

fci 

Ci-ncva 

s 

30 

8S ■ <vrtni>y 

s 

u 

51 

HlaMiw 

r 

IS 

59 ! Tehmn 

s 

ii 

SI 

Helsinki 

R 

14 

37 J Tokyo 

5 

51 

SS 

H. K0IIS 

R 

51 

S* j Toronto 

S 

is 

M 

Ja*hnra 

s 

17 

8:t i Vienna 

i; 

IS 

61 

Lisbon 

s 

31 

mi Warsaw 

r 

H 

■Ii 

London 

F 

18 

w 1 zurlih 

f" 

IT 

Kt 


HOLIDAY RESORTS 


Ajaccio 


Vrtar i 
Mid-dur | 

•C 

T2 i Jersey 


S 22 tj 


its legal services 

rioledV But l 'sonie , union u ostim' a tes I? •fV' “f T p l se< \ Continued from Pace 

■last night put the figure as MibW™" J »* • « lh .e Anal u u u ™ sc 

as"75fl~iobs. - • - stages and decided that it does 

— - - - 1 nol conform lo EEC rules. 

The basis of the compromise - — , „ 

was that London monev-broken . i.L. .... , !“ support and education • 

woutd cnnlinue to regulate Siern^ - lth a r .‘ se of 1# per ceot Jn dft,ia 7 should have 3 favourable' If the - military version is 
selves through the Fnrei' , n Ex- thP P r * v, ® UB t*lon*h. % impact on the July index. developed, it will cost f47m 


■The - British Steel . statement 
■w« . not as ; gloomy. A> unions 
feared u.:roight he. They' have 

ajready_, arceptcd that _npen- 

hjearth . ^.eeimaking at Glengar- 
nnck.must end. and see some (change 
hope.m the fict that the Corpora-; 

SIOTi.. has- apt ..planned closure 
the rolling- mills. 


Output prices 


ahout £I04.Sm is 
and development. 


for research ! 
and for jicsl 


■a^ j Brokers' d ?\Ksocialmn. C ’ bu?* wuh material' costa' index ' ha« "Fallen iS! 1 * 11 *.?/-- 1 an u f ^ , u'nn S ‘' indu'^j for' 'rcsearch7‘deveiopmont:'jig-i s u 

of stated admission criteria. by i per cent, and this month’s !?. ™2 ,d f food .^tor' cin? and tooling, and about wanhu, s sr n> 

The Bank nf Fn-iianH F m n , increased by J per. cent last;£19.7m for support and educa- y-irjir r , 

* Aae ° anK England would act sharp rise in sterling aaainsr thp mnmh i n .k- * s-suno>. f— ^ air c- 


ln ihe last year, the raw The cost of raw materials 1 more, of wdiich ahnut £2?.3m is 


AiKiers 

S 

29 

H;L» Pirns. 

Biarritz 

F 

IB 

K6 1 Loi-srnu 

Blackpool 

S 

31 

78 1 Luxor 

BortM'K 

5 

17 

85 ! Majorca 

Boulogne 

!■ 

18 

64 1 Malaga 

Cjihlno.i. 

F 

21 

75 . Malta 

tlapr Tn. 

s 

20 

65 ' Nairobi 

Corfu 

S 

25 

sS. Naples 

Dubrovnik 

S 

22 

rj nut 

Faro 

s 

27 

M j riporto 

Florence 

c 

22 

7J . Rhntieu 

Funrlul 

s 

25 

75 SalThurs 

Gibraltar 

s 

2T 

si : TanRirr 

nunrosoy 

n 

14 

57 ! Tenerife 

Utnsbnirie 

F 

IS 

si ; Tunis 

Invomess 

C 

ti 

52 ; Valencia 

ic or Man 

s 

14 

’< t Venice 

Istanbul 

s 

27 

51 ' 


Y'd.iy 
Mid-dnj 
"C •F 
C » 37 


c j; p 

K 43 us 
S 25 ^ 
S III Art 
S 25 TH 
C IT fi:| 

v ii it. 

S -i-i -.i 

«'• is M 

s' 28 M 

C 11 .1J 

F 31 T.i 
S :* 73 
s ;i 

s 58 

C 3.1 75 


, JUTI . will IOJI , 11.1.1 

suarp rise in sterling against the month. Rises in the cost of some; lion. 


-Cloudy R— Raui. 
D— Drizzle. H— Hao'. 



u: _ 




Jamie is 5years old, 
spastic and unable 
to walk or stand. 


It was Angela Coletta s job to find 
him sympathetic foster parents. Just part 
of her life as a Bernardo's social worker. 

It wasn't easy. But we re happy to 
say that Jamie is now being looked after 
by a warm and experienced couple who are 
realistic as well as fond of children. 

People like Angela Coletta and 
Jamie’s neW parents are essential to 
Bamardo’s. Also essential are the funds to 
enable us to continue. Caring for children 
'demands a great deal of money. Will you 
help? 


Please give, your caring isn’t enough. 




Send your cheque/PO, madepayablc to Dr. Earnardo's, 
to: Barnardo's. FT266. 

Freepost, Ilford, Essex 1G6 1BR. 


© Bamardos 


n.-sistcit'l at r..» Pofl Office. Pnni. ii t>y Si. ClnRimi & Fivm lor und vit- 
hj UK_FiDancuI Times Ltd., Bracken Hnav. Cannon Supmi; London . cn*P 
v c Q The Unincial Tirwb Ud