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SEWS SUMMARY 


a s 


180 dead in 
camp blast 


tout 180 people, most of 
*m foreign tourists, were 
led when a gas tanker blew 
in a holiday camp near S an 
rlos de la Raptta on Spain's 
diterranean coast yester- 
The tanker ploughed into 
: camp and exploded lea™ 

: a crater 20 yards wide, 
e cause of the explosion 
> not immediately dear, 
todies were flung into the 
and between 80 and 90 
s with tents pitched beside 
m were reported de$- 
Fcd. At least 100 people 
•e Injured. 

lie camp, midway between 
-cclona and Valencia, is 
d by French, Belgian and 
'man tourists. British and 
ch nationals were also 
light to be among the dead, 
olice said that the tragedy 
ie when the tanker's trailer 
// up on the road jnst out- 
■ the camp. The burning 
y then careered into the 

l£RAL 

Curious’ 
soy shot 
>y Army 

year-old boy who led police 
cache of arms in anj Ulster 
yard was killed by the Army 
ho want back to look at his 
very. An Army' statement 
ho boy was shot after poinl- 
n Arina lite rifle, at soldiers. 

• b.-y lwd foorri.the .arms 
c graveyard in D'uuloy on 

..iv and told his father who 
he police. The Army were 
to keep watch. When the 
rent hack to the graveyard 
k at the arms he was killed, 
father sai dthat "curiosity 
io lien or of tin; boy” and 

• cun tinned that the boy was 
fo: ice rued with terrorism." 

jnsts die 

• people were killed when 
ii'.is attacked a couch carry- 
mmly white tourists oo the 
from Kariba to Salisbury, 
>1.1. The coach was in a 
\ of vehicles under a 
ry escort. 

:tors’ ban 

rs at the BMA's annual 
:«*nt alive meeting ha 
r called for legal safe- 
for medical computer 
r;. They voted over- 
msjiy that no doctor 
■Aork a proposed Health 
«ecv iysicni if it did not com- 
safeguard confidential 
t , -luliun. 

Sg leaves 

.Ireig, the former England 
v captain, has left his 
. . \ Sussex, by mutual agree- 
.. -nd will be taking an inter- 
;.-i>l team to the U.S. later 
‘Vu turner for exhibition 

/ ?ut clashes 

'■'jasofire in Lebanon has 
increasingly more brittle 
■clashes between Syrian 
. H of the Arab peace-keeping 

• and Christian militia 
4- ' in suburban Beirut Page 

sss baggage 

- France captain turned 
.•iot couriers off his plane 
ns because diplomatic 


tourist camp and there was 
a second explosion. Gas 
canisters used by the campers 
for cooking also ignited. 

Ambulances from all over 
Tarragona province carried 
victims to hospi tals fa the 
towns of San Carlos, Reus, 
Tarragona, Barcelona and 
Valencia, and private ears and 
buses were pressed into ser- 
vice. Police said identification 
of the dead would be difficult 
because of the severity of 
their burns. 

The blast was heard over a 
mile away from the camp 
which police said eonld 
accommodate 275 visitors. 
Witnesses said 12 bungalows 
on the site and a discotheque 
were blown to pieces. 

One small girl lived because 
she went outside the eamp to 
boy an ice-cream just before 
the blast and a man escaped 
because he went fishing. 


BUSINESS 


Dollar 

climbs; 

gilts 

slip 


U.S. and EEC put 

pressure on Japan 
over tariff offer 

BY REGINALD DALE: Geneva, July 11 

The U.S. and the EEC have sharply s tepped up the pressure on Japan to 
improve its tariff cutting offer in the Tokyo round of multi-lateral trade nego- 
tiations in advance of this weekend’s seven-nation world economic summit in 
Bonn. 

EEC negotiators yesterday concessions in recent weeks, is The hope is that the seven 
formally warned their Japanese now equivalent to a cut of about countries present in Bonn — the 
counterparts the Community 24 to 25 per cent in actual tariff U.S., the UK, France, West Ger- 
would radically reduce its own levels. many, Italy, Canada and Japan 

offer at Japan's expense if there To drive home their dissatis- — can generally record agree- 
is no improvement In Tokyo's faction. Community negotiators meat on as many as possible of 
negotiating position. yesterday presented the Japa- the issues under negotiation 

The U.S, has not made such a nese with a list of products that here, 
specific threat but is privately will be withdrawn from the EEC On tariffs, the intention is that 
stressing that Japanese exports' offer, if tnerc is nc change io the seven leaders should be in 
will face major difficulties on Japan's position. All are of a position to accept that the 
U.S. markets if the offer is not particular importance to Japan, offers are broadly balanced even 
improved. The full list of products was if further detailed work will still 

The Japanese delegation at the not available here tonight, be needed in Geneva. 
talTa here was said to have been although Mr Edmund Dell, the Negotiators here also hope 
shocked by the severity of the Irade Secretary, suggested in that the summit will give its 
Community’s warning. The move London last week that cars general blessing to a deal be- 
was described as “ exploding a would be a prime candidate for tween the EEC and the U.S.. 
bomb under the Japanese " by inclusion. under which Washington would 

one senior official. agree to be stricter in its use of 

The Japanese have continually PflllPP countervailing duties against cut 

maintained that their offer repre- AVvlIUVC, price imports m exchange for 

seats an overall cut of about 40 The aim would be to reduce European undertakings to exer- 
per cent in industrial tariffs and the tariff cuts offered by the cise Sweater in the use 

is thus comparable with the Community to about the of subsidies. 

American and Community offers. Japanese level of 24-25 per cent, days have seen progress 

The Japanese base their ealeu- down from an estimated 33 to 34 on this issue in the talks here, 
lations on the tariffs they applied per cent as the EEC offer now although difficulties 

before reductions made in the stands. remain over a U.S. request that 


< they were carrying 
into ihe aisle and they 
lo hove them put in the 
's hold. The diplomats 
M- drki on a later flight— 
• booked an extra seat 


n.5m in court fines was 
, 1 1 ,\i off during the year ended 
; i 11 Sl. according ' to a 
an written reply. 

• Margaret's divorce from 
nowdon has been made 
Kensington ■ Palace 

:ed. 

,rr who was born with a 
•d left fool balanced on 
l foot for 12 hrs 47 inins 
nbo — a world record.’ 

Terry, who founded the 
Shoe Company in Rush- 
H i hunts, lias died aged 


• DOLLAR gained ground ! 
against other major currencies. 
Its trade-weighted depreciation 
narrowed to 7.S (S.O) per cent. 
STERLING fell 50 points to 
SI .8845. Its trade-weighted In 
dex fell to 01.9 (62.0). 

« GOLl) fell SI & to $1851 as the 
dollar recovered. The New York 
Com ex July settlement fell to 
9185JU ($186.30). 

• GILTS were hit by concern 
about the banking statistics, 
which were released In after- 
hours trading. The Government 
Securities index fell 0.15 to 
70.11. 

• EQUITIES reacted in line 
with gills. The FT 30-Share 
Index, which was 5.5 up at 1 pm. 
closed only 1-8 higher at 467.3. 

• WAL LSTREET closed 4.50 
higher at 821.29. 

Kawasaki cuts 
shipbuilding 

KAWASAKI Heavy Industries 
will cut its shipbuilding capacity 
and workforce by 40 per cent. 
Page 23. La Ciotat of France is 
laving off 1.3(H) of the 6,000 
workers in its Mediterranean 
yards. Japanese claims rebuffed, 
Page 2 

• COAL BOARD and the Central 
Electricity Generating Board .will 
study ways to use more coal 
followin'! a meeting yesterday 
with ^ Anthony Wedgwood 
Benn V-ergy Secretary. Back 
and 1 Jft 7; Editorial comment 
Page iT 

• MR BENN has promised the 
UK will reply by the end of this 
month to the EEC inquiry into 
Britain's system of interest relief 
grants for domestic suppliers of 
North Sea oil equipment. Back 

• U.S. FEDERAL Reserve Board 
proposed. legislation to allow the 
payment of interest on the 
reserves which member banks 
must deposit with it Back Page 

• I CPs profitability is still mo 
low to justify its investment 
plans, according to Mr. Maurice 
Hodgson, the chairman. Page 8 


lations on the tariffs they applied per cent as the EEC offer now although major difficulties 
before reductions made in the stands. remain over a U.S. request that 

last two or three years. Community officials believe r2?»» ‘i 11 Par tar hIoq 

This is contested by the U.S. that Mr. Nobuhiko Ushiba, pica 

and EEC negotiators, who claim Japanese Minister for External wl £~ I special attention should be 
that the Japanese offer amounts Economic" Relations, who is in pa £S: _ . 

to much less if based on tariff Geneva this week, can be pushed iK e /L 

levels at present in effect to make a few further conces- 1 a J*?J&r5 elUier 

EEC officials estimated that sions in the days that remain Practicable nor desirable, 
the Japanese offer, following before the Bonn summit Continued on Bark Page 


Fukuda 
to press 
for doUar 
stability 

By Our Foreign Staff 


JAPAN IS expected to press 
for greater dollar stability at 
the seven-nation ecovomie 
summit in Bonn this weekend, 
Mr. Takco Fukuda, the 
Japanese Prime Minister, told 
the Financial Times yesterday. 

In an interview in Tokyo he 
said that exchange-rate 
instability was the reason why 
the economies of major indus- 
trial countries had not grown 
as fast in the past year as 
expected at the London 
summit. 

“ That means that the dollar 
will become a main theme of 
discussion at Bonn.* 1 he added. 

Mr. Fnkuda said he expected 
that other countries beside 
Japan would press for greater 
dollar stability, and that 
exchange-rate problems would 
rank as a major new topic at 
the summit along with infla- 
tion, trade, problems of the 
developing world and energy. 

He recognised that Japan's 
trade surplus was in part 
responsible for the dollar's 
problems. For that reason 
Japan had made a reduction of 
the surplus its main economic 
foreign policy aim. 

Mr. Fukuda said be would 
see to it (hat the volume of 
Japanese exports remained 
unchanged in 197$. 


DISSIDENT 'COLLECTED 
DATA ON DEFENCE’ 

DETAILS OF the prosecution cases against two prominent Soviet 
dissidents began to emerge as their trials went into their second 
day yesterday. Mr. Anatoly Shcharansky, who laces a treason 
charge, was accused of collecting information on Soviet defence 
installations and sending it to the West through a foreign 
journalist. The charge carries the death penalty. A Soviet official 
told reporters waiting outside the court that 11 witnesses had 
testified, including two former Jewish dissidents who have signed 
open letters to the Soviet Press denouncing other activists. 

Mr. Sbcharansky’s 70 year-old mother continued her efforts 
to be admitted to the courtroom. His brother was belatedly 
admitted, but foreign correspondents arc barred. 

At Kaluga, 100 miles from Moscow, the wife of Mr. Alexander 
Ginzburg was ejected from the courtroom where her husband faces 
charges of anti-Soviet agitation. Sbe had protested against a 
prosecution witness's statement that dissidens were criminals 
working for money from abroad. The case against Mr. Ginzburg 
involves allegations that he prepared and circulated the works nf 
Alexander Solzhenitsyn, the exiled Russian write. He had admim--- 
tered a fund to aid political prisoners set up with royalties fivin 
Solzhenitsyn's books. 

U.S. protest 
to Brezhnev 
over trials 

BY JUREK MARTIN. US. EDITOR WASHINGTON. July 11. 


practicable nor desirable.'’ 
Continued on Bark Page 


Growth in money supply 
halts after credit squeeze 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE MONEY supply virtually 
stopped growing last month as 
the Government’s credit squeeze 
package began to bite. 

The banking figures for tbe 
month to mid-June, published 
yesterday, suggest that the 
broadly-defined money supply 
probably increased at most by a 
very small amount and may have 
fallen fractionally. 

This follows an increase in 
sterling M3, including cash and 
current and seven-day bank 
deposits, of 2.5 and 0.9 per cent 
in tbe previous two months. 

Lending by the London clear- 
ing banks * to manufacturing 
industry and for export business 
has shown a noticeable increase. 

The figures suggest that the 
Government's credit squeeze 
package, announced on June S, 
has so far succeeded in its main 
objective of ensuring that the 
growth of tbe money supply is 
within the 1978-79 target range 


of 8 to 12 per cent, subject to 
adjustment after six months. 

Little growth in the money 
supply is expected in the next 
few months as a result of the 
measures. 

The banking statistic^ com- 
piled just under a fortnight 

Public sector borrowing. Page 7 
Banking tables, Page 10 
Editorial comment, Page 16 
Lex, Back Page 


after the package on June 21, 
reflect the impact of the heavy 
level of sales of gilt-edged stock 
between the two dates and the 
initial adjustment of the banks 
to the re-imposition of the 
so-called corset controls on the 
growth of their interest bearing 
Liabilities. 

A flat money supply trend is 
indicated by Bank of England 


figures for the eligible liabilities 
of the banking system, a major 
component of sterling M3. 

These liabilities fell by 0.3 per 
cent to £4A37bn in the month to 
mid-June, following an increase 
of 1.4 per cent in the previous 
four weeks. 

It is not possible to draw 
precise conclusions about sterling 
M3 from this, since seasonal 
adjustments have not been made 
and it is not yet clear how much 
of the gilt-edged sales were out- 
side the banking sector, so affect- 
ing the figures. 

This also leaves an uncertainty 
about domestic credit expansion, 
which had been running at well 
above the official ceiling in the, 
spring. 

The decline in eligible liabili- 
ties ' was slightly smaller than 
some market estimates. 

But after some initial confu- 
sion about the figures, prices of 
Continued on Back Page 


President Carter has asked 
Congress to be more sympa- 
thetic to his policies on oil 
imports. 

His plea to Democratic Con- 
gressional leaders yesterday 
morning before the Bonn 
summit came two days before 
members of the Senate and 
House of Representatives were 
due to consider again on 
Thursday the long-delayed 
Carter energy Bill. 

This Bill now includes a 
Senate amendment explicitly 
barring the President from 
Imposing extra duties to dis- 
courage oil Imports. 

Mr. Carter has threatened to 
impose these duties unless 
Congress approves an equalisa- 
tion tax bringing the price of 
domestic oil up to world 
market levels and thereby 
squeezing consumption. 

Despite these problems, Mr. 
Carter’s officials said yesterday 
that he expected positive action 
from the other six participating 
countries on other issues of 
trade and economic growth. 

Fukuda interview. Page 4 


£ in New York 

- 

| July U 

| 

1 Preiioos 


| S1.SS6MWS 

| S1.B8KL889U 

1 month 

; 0.46-0.40 dls 

, 0-39-034 din 


| 1.18-1.12 clis 

• 1.07-1.02 rlis 

12 montli* 

! 4.85-4.6*. rlis 

; 4.66-4.40 ilia ' , 


MR. CYRUS VANCE. U.S. Secre- 
tary of State, left Washington 
this morning for Geneva, deter- 
mined to pursue strategic arms 
negotiations with Mr. Gromyko, 
his Russian counterpart, with 
the Carter Administration com- 
ing under heavier domestic 
pressure to make its disapproval 
felt over Soviet treatment of 
dissidents. 

Mr. Vance, who along with Mr. 
Jody Powell, the Presidential 
Press Secretary, was yesterday 
sharply critical of the trials, will 
be carrying a personal message 
from President Carter to Presi- 
dent Brezhnev on the subject 

He will also meet Mrs. Avital 
Shcharansky in Geneva on Thurs- 
day night to underline the 
importance the Administration 
attaches to human rights in the 
Soviet Union. 

President Carter, Mr. Vance 
and Dr. Zbigniew Brzezinski, 
National Security Adviser, are 
agreed that a new SALT treaty is 
of such overriding importance 
that nothing should be permitted 
to prevent u satisfactory con- 
clusion of the protracted negotia- 
tions. 

Whereas Mr. Vance sees SALT 
as the primary focus of U.S.- 
Soviet relations, Dr. Brzezinski 
is inclined to look towards the 
creation of a more complex inter- 
national structure in which the 
U.S. can balance and contain 
Soviet policies.' 

As a result, tactical differences 
of approach between the White 
House and State Department con- 
tinue to exist. 

Yesterday, for example, after 
a meeting with U.S. Jewish 
leaders. Dr. Brzezinski was 
reported to be receptive to the 
idea of the U.S. resorting to 
commercial sanctions. 

Mr. Powell implied as much in 
his later comments, which were 
couched in extremely strong lan- 


guage and which referred to “liic 
seeds of inevitable change m the 
Soviet Union.” 

But the lack of a unified 
Administration voice on the right 
tactics to adopt in dealing with 
Moscow’ is unsettling to domestic 
observers in Washington, 

Senator Henry Jacksou, tin? 
Washington Democrat anil 
Senator Jake Garn. the "Utah 
Republican, both relative hard- 
liners, publicly spoke out against 
“confusion" inside the Adminis- 
tration. 

Eolh said that in allowing the 
Vance-Gromyko meeting to go 
ahead, the U.S. was sending the 
wrong signals to Moscow ami was 
encouraging the Soviet Union in 
its belief, in Senator J:iel;»on s 
words, that "they can bully us 
and get away with it.” 


Moderate 


This morning, criticism was 
also heard from more mndcraie 
members of Congress. Senator 
Howard Baker, the Repubiicju 
leader, urged the President in 
break off the SALT talks in 
protest 

Senator Donald Riesle, the 
Liberal Democrat from Michigan, 
said he would yote against any 
SALT agreement "because of the 
repression of dissidents.” 

Senator John Sparkman, chair- 
man of the Foreign Relations 
Committee, predicted that at the 
very least the Senate would agree 
on a resoluion sharply condemn- 
ing the trials. 

The dissident trials are seen 
inside the Administration as a 
direct affront to President Carter 
and, as one senior official put it, 
may well reflect Russian concern 
about internal unrest. 

Ginzburg trial. Page 2 



T,fa wood men vote to stay out 


• WORKER participation plans 
put forward by the National 
Union of Railway men may have 
to be dropped because of resis- 
tance* by Other unions. Pago 10 

• JAPANESE banks will provide 
a $700 tn loan to Siderbas. 
Brazilian state steel agency, tor 
the Tubarao project. Back and 
Page 22 

COMPANIES 

• AVON, the U.S. cosmetic 
multinational, will spend £lSm 

on new plant in the first P&jjjjJ 
of a programme which wm 
double production capacity at its 
UK base in Northampton. Page s 

A WILKINSON MATCH 
increased Its pre-tax profit by 
15.9 per cent to a record £14-3>n 
in the year to March 31. Page I® 


I BY PHILIP BASSETT, LABOUR STAFF 

PRODUCTION AT Chrysler's until 
Linwood car plant in Scotland Port 
is likely to be at a standstill Viva 
until at least mid- August after Vauxi 
560 paintshop workers voted at sho 
yesterday to continue their two- The 
week strike. w ho 

A spokesman for Chrysler resum 
said this was “extremely new 
serious" for the future of Lm- deteri 
wood. Performance there is the areas 
jfcey to whether Chrysler UK The 
operation can be made profitable, that? 4 
Car production was halted yes- been ] 
terday at Vauxhall’s Ellesmere of abi 
Port plant on Merseyside after than i 
3.000 assembly workers walked over 
out in support of 100 drivers who speed 
stopped work on Monday over a rest b: 
claim lor a reduction in hours, areas. 

The drivers, members like the Aftt 
assembly workers of the Trans- Living 
port and General Workers Gener 
Union, want a reduction in work-, venor 
ing hours from 474 a week to 40 fresh 
without loss of earnings. They talks t 
rejected a company offer of 45 ment. 
hours without loss of pay and The 
came out on strike. a que 

The assembly workers who five t 
joined them will not meet again break: 


until tomorrow. The Ellesmere 
Port plant produces about 450 
Viva and Cbevette cars a day. 
Vauxhall stands to lose £lJ25m 
at showroom prices every day. 

The 550 workers at Linwood 
who voted yesterday not to 
resume work heard details of the 
new company proposals for 
determining temperatures in hot 
areas of the paint shop. 

The dispute, in which more 
than 4,000 Linwood workers have 
been laid off and production lost 
of about 5,000 cars worth more 
than £15ra at showroom prices, is 
over management attempts to 
speed production by a system of 
rest breaks in the paintshop’s hot 
areas. 

After the meeting Mr. James 
Livingstone, Transport and 
General Workers’ union con- 
venor at the plant, said that no 
fresh moves had been made for 
talks between unions and manage- 
ment. 

The new system was not just 
a question of some men losing 
five minutes of their existing 
breaks. “The management are 


trying to lay down entirely new 
rules involving a principle we are 

not prepared to accept.” 

A Chrysler spokesman said 
that the company was concerned 
that the efforts of both the 
management and the Advisory 
Conciliation and Arbitration 
Service had failed to find a solu- j 
tion to the dispute. But it was ! 
essential to eliminate practices ; 
which caused losses in produc- 
tion. 

Fifty workers on the Maxi line 
at the Pressed Steel Fisher 
factory at Cowley have been laid 
off because of- a strike by 640 
press operators’ at .the company's 
body plant at Swindon. A total of 
850 workers have been laid off 
at Swindon because of the 10-day 
strike. 

It follows attempts by manage- 
ment to persuade tbe press 
operators to change a working 
practice by separating reject body 
panels from those which can be 
used. The operators are due to 
meet today. 


Condensed Balance Sheel 

(as of March 31,1978) 


C«ti and Din (ram Banks .. 

M Loans 

Securities 

Lorn wtd Bins Dbcoou id . 
Foreign Eu&angK 
Dltt (ram Fmeign 
Correspondents a/c, D*. . . 
Foreign Brits of 
Exchaige Boutfit 

Foreign Bills o( 

Exchanp Receivable 

Domestic Exchange 

Sattteimfrf a/c. Dr. 

Bank Premises aid 

Real Esau 

DtflBf Asm 

Cusramn' Labilities tor 
flagmans and Guaranteas 
Tool Asms 


¥1,JB3,019,B45 85,231*582 

87.076.M7 391JB15 

1.415.294,082 6.305.164 

6.466,082.775 29.080.651 


•' 32,510,512 146,213 

295,254,643 1.345.872 

177J2T.179 800.185 

153.943.612 652348 

154,745,551 635355 

60.672.486 272^69 

1.138.162.494 5.118.788 

VI 1.148382.728 S50.140.242 


• LIABILITIES 
DepwJa 

Call Moray 

Borrowad Money 

Foreign Exchanges 
Dueto Foreign 
Crareapondenu a:c, Cr. . . 

Foreign BiBs oi 

E y change Sold 

Foreign Brits of 
Exchange Paya&ld 

Domestic Exchange 

Settlement a/c. Cr 

Accrued Exjhhikj 

Unewned Income 

Other Libifaie 

Resaw for fWrie 

Loan Losses 

Ream (qr Rnjitment 

Allowance; 

Other Reams 

Acceptances and Guaranteas 


V7.SS4.36 1.030 
532.374.412 
659.183.965 


535.5W.2K7 
2.194 .COB 
2.9K.o21 


146.527.973 

155.299.061 

35.925.248 

48,775,158 

85.069,761 

35,571.620 

23.934.772 

1.138,162.494 


155.330 
1(17.64: 
5.1 18.728 


CONTENTS OF TODAY'S ISSUE 


PRICE CHANGES YESTERDAY + ig 

!n pi . ncc unless utiierwisc 4 T 9 + 9 

indicated) gSork 1=7 + l 

•us!* ssjssr..™ *1 + 1 

Group — J 7 Trust Houses Forte... 221+5 
Trust 2^2 + 9 Wilkinson Match ... UJ t Jn 

sfci m 


RISES 

■d Group ... « 

HrilrlOaS 312 

■ > lYop. Trust 22- 
• ml Jackson... 13S 
,irl«s Props- - « 

fllUM* * 65 

Photographic 338 

mr - 

.* > P"* 5 - - J; 

::::::::::::::: «5 



1 ^ ^ < (Halifax),.. 33* 


European news 2-3 

American news 5 

Overseas news 4 

World trade news 6 

Home news — general ...... 7-8 

— labour 10 

—Parliament ... 11 


Burope’s airbus: Biting at 

Boeing's heels 16 

Moss Side by-election a 
pointer for the PM ...... 17 


Technical page 12 

Management Page 13 

Arts page 15 

Leader page 16 

UK Companies 18-20 

Mining - 20 


FEATURES 

Hungarian Scene: Problems 

of inventors 3 

Thai-Cambodlan relations 3 
Mexico seeks Europe 
energy link 5 


Inti. Companies. . 21*23 

Euromarkets 21*22 

Money and Exchanges 23 

World markets 20 

Farming, raw materials ... 27 

UK stock market 28 


Canadian wine: Baby Duck 
for Brilala 6 

Warble Eradication 
campaign under way ...... 27 


FALLS 

British Dredging: ... « ” ® 

Nrthn. Engineering... 1M - 4 
Norwest Holst ......... ljg - ® 

Ratncrs (Jewellers)... 69-4 
Streeters. Godaiming 
De Beers Dfd. ; “* a 


-Appal aunwus 

Ban .Ratos 

Keeks 

Crossword 

Kotertafamont Guide 

E uropean Outs. 

FT-Aauartes Indices 


Gardenias 

Letters 

Lex 

Lombard 

Men and Matters ... 
ReCbS 

Saleroom 


14 Sham la f orma t faa 30-31 

17 Today's Brews X7 

32 TV and Radio la 

14 Unit Trusts ............ » 

U Weather 32 

M ANNUAL STATEMENTS 
7 Arab Pctlm. invest*. 21 


Halm* Ltd. 
Moct-HemesQ , 
Ltd. — _ 
Scu> Grp. Wl . 
Tafcad" Cham. 
Vo . dco SA 


For latest Sliare Index ’plume 01-2*6 8026 


Total LabilniK Y 10^67,433.540 S48.875.370 


* CAPITAL FUNDS 


Capital (Psid-up) 
Legal Reams . . 
Ortier Scrptai ,. 


¥89,100, DUO 
20.207. IMG 
I7l.93fi.l90 


.5400,720 

50,384 

773.263 


Total Capital Funds ...... Y28U44.786 S7.254.37 


Total Liahihis and 

Gmial Fonda Y11.14B.S 82.776 S5D.140.242 

riPIdnvunia MHP taiRC’*- mlo *J &. «Ulljn«*T PK LUKk'. a t . ilk ut I - r -- ufi 
*! of Sforctv 41, 1D78J 


& SANWA bank 

Tokyo, Osaka and 22Q. offices in Japan 

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Financial Times Wednesday July 12 ’1978 


EUROPEAN NEWS 



EEC plan 
to cushion 
job cuts 
in steel 


By Margaret van Hattcm 

BRUSSELS, July 11. 


Germans reject Japanese 
doubts on shipyard curbs 


W. German 
Cabinet 
to meet 


BY DAYID WHITE 


Paris. July 11 . » 


JAPANESE CLAIMS . that of statistics and changed criteria 
Western European countries arc for calculating compensated 

THF vwr f'nmmfccinn tndav 1 nDt doi “ 5 «WUB h to scale down gross tonnage, now geared to 
THE EEC Commission toaa i thetr shipbuilding industries in terms of man-hour value, 
oullmed plans for a new social , 11]f ,, ce o£ me curreM reres5jon West Germany ^ done its 

rebuffed, today by Herr part 


on economy 

By Jonathan Carr 

BONN. July 11 

A SPECIAL three-day meeting 


policy aimed at nummisin 
unemployment resulting from 
industrial restructuring. 

The initial proposals would 
cover co-financing by the Com- 
munity. on a 50/50 basis with 
member states, of schemes to 
help workers in the steel sector. 

Mr. Henk Vredeling. the Social 
Affairs Commissioner, said today. 

These might include schemes 
for early retirement, work 
sharing, shorter working hours 
and limits on overtime. 

A social policy in the steel 
sector is specifically provided for 
in the treaty establishing tbe 
European Coal and Sled 
Community, but it is hoped to set 
up parallel policies in the ship- 
building and possibly the textile 
sectors.' be added. 

In the steel sector, all aid 
would be linked to restructuring 


were rebuffed, today by Herr part In reducing capacity, with 
Werner Fa nte. head of the West man-hours .worked this year 

German Shipbuilders’ Federa- standing at half the 1975 level, 

tion. Turnover in German shipyards 

Differences between Japan and was likely to - drop from last 

Europe about shipyard over- ? ear ' s DM 5bn to DM 3.5bn- 

capacity came to the surface DM 3.7bn. 

again at the start of a two-day The Japanese had exceeded 
meeting of the shipbuilding their previous market share last 
working party of the Organisa- year, taking 445 per cent of new 
rinn for Economic Co-operation orders in compensated terms, 
and Development. At the That, he said, was the reason for 
working party's last meeting in the industry’s difficulties. 

April, the Europeans came under 
fire for not following the 
Japanese in restraining output. 


Federation on the implications 
ol cutbacks. Union representa- 
tives stressed that they would no- .. „ 

accept capacity reduction plans: of the West German Cabinet 
unless these were backed up by; from Jaly 26 to 28 will settle 
measures to re-em^ioy all the* tjj e details of any new 
redundant labour. They insisted} measures to try to boost the 
that cutbacks should no: be i economy. Government officials 
determined by the present rock- J said today, 
bottom level of orders. i tj. c immediate purpose of 

They called for third world) . M .j^a w m hp to take 

SiShv*** M S°“ 5 - SUC , h ; “! final “ecWonsoi the Bfldget 
South Korea, to be brougnt >n»o{ , ibtq and to cake stock or 

polfciefc S °Thte° C p l Jop r osaT I, '^s^ the cuurse of the ecun ® my iD 
rejected by the working-party 


. the — - 

members, especiallv by Japan,! 
because of its possible harmful; 
implications in the context of the I 
At today’s working-party meet- north-south dialogue, 
ing, the Japanese delegation Herr Faille also men tinned the ' 


Speaking at a- Press con- 
ference. Herr Fante cited world- 
wide ship production figures 
showing that Japan had increased 
its share of new orders while 
the European share had dropped. 
There had been a large amount 


measures as set out under the I of misunderstanding, he said, duo 


subsidies In three 
Britain. Holland and France. 
Britain has asked the European 
Commission to approve its latest 
£S0m shipbuilding intervention- 
fund plan. 

The 14-country group also held 
talks with a delegation from 


tbc first half year. 

It is thought likely that the 
figures will show an improved 
economic performance in the 
second quarter after a poor 
start. But it is not expected 

_____ this upswing will be 

_ m%M . enough to allow hope that the 

builders, "but sard th^r IVortersij aim of 3.5 per cent real growth 
Europe and Japan h^d solve j for 1979 can he fulfilled, 
their own problems bote re they; However, a decision on any 
could approach those brought further steps of economic 


expressed -concern' a bout shipyard problems posed by lav. -cv-i and} that 
EEC countries, subsidised third wr 1 .:* ship-; e:ioi 


THE SOVIET TRIALS 


Shcharansky accused of 
collecting defence data 


BY DAYID SATOR 


MOSCOW, July 11. 


THE TREASON trial of Mr. Shcharansky carried out the necessary conditions for 
Anatoly Shcharansky. tire Jewish quest mnaire assignment from purposeful Questioning of the 
dissident went into secret ses- Mr. Rubin ami passed the infor- persons. • 
sion today and. according tn a nuhon In the West through an Mr. Toth was seized ng U 
Soviet spokesman, the court inieihscnce agent under jour- street m June, 3877 and accu:* 
examined evidence that Mr. nultsue cover, almost certainly hy the Soviet Foreign Minlso 
Shcharansky collected' informs- Mr Tc«th. who rotted on Mr. o' receiving State secrets in ; 
tion on Soviet defence installs- Shrharanskv as an interpreter apparent attempt to disquiet hi 
dona and sent it to ‘the West and stiiiiifci hi-, help in arranging before two days of mtcnsi* 
through a foreign correspondent nicotine? with Soviet Jews trying questioning by lac KGB ai i! 

Reading from prepared state- r«» emigrate and wilh Soviet fJJJL 
ments at morning and -afternoon scientists jjdto Mr. Sicharansky. r 

briefing .sessions, the spokesman M.-.inwhile. Mrs. Ids MHgrom. S* 239®? .fi - 1. 

sketched out the case against tfr. Shrhar.inskys mother, con- TPr* A a _ t er 5Rncd 
Mr. Shcharansky-— alleging he tinned her effnrls in he admitted 
gathered secret Information to for courtroom where her snn 
about Soviet defence enterprises is on trial for his lifn before the atVs J, „vT iwi. 
on the instructions of Hr. Vitaly rriminal rases collegium of the i* , 

Rubin, a former Jewi* activist R„«„an Supreme Court She was £25- « Si ^ 
who emigrated to Israel in 1976, received inrlar. hy an official- of -- - «***«. an « had t 

and sent it to the West through thu Russian Supreme Court hut 


summarizing 
which he 


diplomatic 
Interest of 


immunity, tl 
the authorities 


Robert C. Toth, former Mosmv -eforr^l to Mr. P. Lukanov. the 

correspondent of the Los An B<! |« pr^tdlt,.- jodne. ,n,“ H, 


about by shipyard growth 
developing countries. 
Japanese lav-offs. Paw 


Davignon plan. Mr. Vredelin, 
said.' and might involve a com- 
munity contribution of around 
100m units -of account. 

Detailed proposals will be 
drawn up following discussions 
next week between the commis- 
sion and a special consultative 
council including producer, 
worker and consumer' representa- 
tives. 

But the resulting proposals 
must be approved by the council 
of Social Affairs Ministers and 
there is some doubt as to 
whether they will be ready for 
the Ministers' next meeting, 
scheduled for November 27. 

AP-DJ adds: Mr. Vredeling 
said current effort to streamline 
EEC steel industry operations 
could produce 100,000 to 14Q.OOO 
redundancies in the industry 
between now and 1980 unless 
some action were initiated on the 
Kocial front. 

He said a social programme 
stretching over “several" years 
could cost about lOOra European 
units of account ( 8126 m). I 


to the disparity between groups the International Metalworkers’ China purchases. Page ti 


More lay-offs in French yards 


BY ROBERT MAUTHNER 


PARIS. July 11. | 


cease- to exist 


THE DISASTROUS plight of the six ships are under construction virtually 

French sbip-butiding industry in the yard and no more are in France. I 

was underlined today with the the pipeline. Most of the work- In its annual report published: 

announcement that more than force has been on short time at the end of May. the Federation | 

1.300 workers out of a total sini-e the beginning of May. claimed that the State aid t 

labour force of 6,000 in the 


stimulation depend In the first 
place on the outcome of the 
We-iiprn economic summit con- 
ference here next Sunday and 

Monday. 

Chancellor Helmut Schmidt 
has made dear that Bonn Is 
ready to play its part in a 
package of complementary 
economic measures providing 
its partners do likewise. But it 
is warned that this does not 
mean Herr Schmidt will allow 
himself io be pinned down to 
a prerise figure at that stage 
— let alone the DM12bn so 


received bv French shinbuild^s ; ^ widely suggested. 

Mediterranean yards of La Clotat Fr^cify £d™ a r e\tao°i n *1 roi b?c ' Mmc 15 ‘ P" rent of foe cost At present the Sorial Demo- 

r '"earin' coalition government are 
at loggerheads on what kind 


insufficient work. Thp Diihiopnn vard ... 

The management of <he yard, NanS. JhW, haa'a.ready She d ‘SFgStiS “coon.rie, 

has warned that, if new orders some 500 workers over Jne past and al Ieasl g Q ,1, ,- ne 

do not come in quickly, more three years, is expected to lay ^ g 

lay-offs will be unavoidable by off hundreds more and is ' The lolal or( j er n 0n -.-, n f 

the second quarter of next year, threatened with complete closure French shipyards current:-.- stand 

Thoueh the decision has been ,n thc > T ' ?dIutn - term - al no more “than 1.6m =r:. era- 

described as scandalous hy the The French Shipbuilding pared with more than 6:t: tonnes 
irade unions, which have called Federation recently warned the three years ago and. for ihe 
on their members to demonstrate Government that, failing an third year runtime, orders 
in the streets of La Ciotat increase in State subsidies to booked last year represented no 
tomorrow, it has been fore- the industry', modern and high more than 4 per cent of 
shadowed for some lime. Only performance yards would delivered tonnage. 


If vou make our 


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you'll arrive in time 
to catch the dosing prices 
on Wall Street 


If you catch our 
1330 flight to New York 

you'll arrive in time 
for afternoon tea 
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Andifvoutakeour 


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’On theTwentieth Century." 


Only Pan Am 
can giveyou three daily 
747s to NewYork. 
Pan Arrfc People. 
Theirexperience makes 
the difference 


Demonstrator dies 
as new violence 
hits Basque cities 


BY DAVID GARDNER 


BARCELONA. July 11. 


as 


\ 19-YEAR-OLD youth was killed German Rodriguez, the 23-year- 
tn San Sebastian today during old leader of the LKI (Revolu- 
the strike which has spread lionary Communist League > sho; 
throughout most of the Basque througli the head by police on 
cuontry in the wake of the week- Saturday night. The fesltva 
end's violent incidents in Pam- during which the incident 
plona. occurred has been called off fc-r 

In the weekend violence a man the fir# time in 4t> years hy the 
was shot dead and over 150 •-■penyas" or fraternities, which 
wounded in the confrontation organise and form the mamsta 
which followed a police attack 0 f Spain's most famous feasts, 
on Pamponas bullring. A bulle- The “penyas’’ had set 
tin put out by the state owned minimum conditions for the 
Radio N : a clonal de Espana festival to continue: the resigna- 
reports that the police officer m tion of Pamplona's civil 
charge of the anti-riot which car- Governor the release of all those 
ried out the attack has been detained during the weekend’s 
dismissed from his post. Violence, and the withdrawal of 

The Basque country was vir-. armed police from the city by 
tually at a standstill today, with-' midnight last night. By late last 
stoppages covering the whole of night, two of the three anti-riot 
Guipuzcoa and the major fac- units involved in the incidents 
tories on the left and right bank had been withdrawn, 
of Bilbao’s heaviest industrialised -m e Pamplona committee 
riv „ er - . _ . . . Investigating the violence — made 

Some factories in Vizcaya, of up 0 f political parties, unions, 
which Bilbao is the capital. “ penyas “ and local Government 
stopped work for only an hour, representatives — has accused the 
following a call for an orderly officer in charge of anti-riot units 
protest by the leaderships of the D f being a member of the neo- 
majority trade union m the area, fascist group “ Fuerza Nueva. 

But workers in many of the The committee adds that he 
larger factories stopped for 24 had volunteered for this 
^ .. particular post after the Basque 

Confrontation between police nationalist guerrilla organisation 
and demonstrators have been eta bad shot dead a police 
taking place in both Bilbao and commandant in Pamplona last 
San Sabastlan since the weekend. May. 


ul stimulatory package might 

proie iie.Nl— both for the 
economy and a> a vote-winner. 

The FDP, ubich has recently 
suffered severe provincial 
election losses, has angered the 
SPD by unilaterally making 
. loud suggestions for big tax 
' cuts and reform involving busi- 
: nes", and private individuals. 

The trade unions in contrast 
favour direct State deficit 
: spending for investment pro- 
jects. They argue this would 
■ take effect sooner and claim 
;. the Government has already 
i made more than enough con- 
| cessions in favour of the 
: employer. 

The SPD Technology Mini- 
ster. Herr Volker Bauff. has 
drawn up an investment pro- 
motion programme involving 
expenditure of abont DM I2bn 
over five years. He has done 
so with ceneraJ accord from 
the SPD Finance Minister but 
not. as widely reported, at the 
direct request of Herr Schmidt. 

Given an accord at the 
summit, the Chancellor will 
thus have to ease the SPD and 
FiiP to a compromise 


Times. 

The spokesman said that Mr. 
Shcharansky gathered data on 
the deployment, secrecy regimes, 
departmental links, and senior 
officials of defence enterprises. 


Mr Shcharnnskv s brother, protocols that could be of^u 
Leonid, was admitted belatefllv against Mr. Shcharansky and l 
ve5ierrt.il- in the court session was allowed to leave the Sovi 
from which foreign correspon- Union . without further barra* 
dents have been barred, but merit. 

Mrs M ‘ ! " ro,n hr, ' n cons i 5 ' The spokesman said that tl 
One of Mr. Shcharanstcv s assign- Tr nt|v refu^ert ndmittanep on the foreign journalist with whom M 
ments was to have oersons who nroi'iirt^ that <h** wi« summoned Shcharansky had contact s 
worked in secret in-vtauatioiw nil a < n witness jo testify on her about in general "worming o 
out questional res about their srtn *s ohanrltr. She has refused information which U not subjc 
work, the spokesman said. th 0 summons. to publication in the Wesie: 

Eleven witnesses were called The Soviet spokesman said press “ op such subjects os sprv 
to testify today including Dr. t hat durinc 1976-77. a period research, sociology, and par 
Sanya Lipavski, a former during which he was under Psychology. 

** family doctor” to Jewish dissi- nlmosi mnstap* surveillance by The- spokesman said M 
dents, and Leonid Tsiptn. both the KGB. Mr.' Shcharansky Shcharansky personalty qu< 
of whom have authorised open assisted the foreign Journalist In tioned a Soviet .scientist on ti 
letters to the Soviet press making contacts “on a con- progress of engineering genett 
denouncing Jewish activists. suiratoruil basis ’’ with ’’ bearers and obtained information 
The spokesman said that wit- of secrets” anmne Soviet institutions involved in 
nesses described bow Mr. scientists and creating u the engineering. 


i 

get 


Mrs. Ginzburg protests at court 


BY OUR OWN CORRESPONDENT 


MOSCOW. July U. 


but there has been particularly 
bad street violence in San 
Sabastian and surrounding town 
— a stronghold of the radical 
and nationalist left. 

A communique from the civil 
governor of Guipuzcoa said that 
man was shot while he-and 
other demonstrators 
attempting to assault . a 


The Government has made no 
official statements about the 
incidents, and is leaving the 
matter in the hands oF Snr. 
Martin Villa, the Minister of the 
Interior. 

Snr. Martin Villa today 
appeared before Parliameni 
were interrupting the debate on the 
police draft constitution. He asked for 


station and that the demonstra- time in which to carry out 
tors were armed. thorough investigation of what 

In Pamplona yesterday, 30,000 had occurred and received 
people attended th efoneral of majority vote of confidence. 


Soares confident 
in spite of ‘crisis’ 


BY OUR OWN CORRESPONDENT 


LISBON. July 1L 


SR MARIO SOARES, the profile Socialist Agriculture 
Portuguese Premier, is facing Minister, because its constituents 
with remarkable fortitude what — many of them supporters of 
some Press reports describe as a the conservative Portuguese 
Government crisis. Farmers’ Federation— were 

The Socialist Prime Minister unhappy about bis performance 
was today reported confident that in returning illegally occupied 
his alliance with the conservative land in the Communist-domi- 
Christiaa Democrats formed in nated agrarian reform belt. 
January would continue as lo contrast to last year under 
planned until the elections a hard-line Socialist Agricultural 
scheduled for 1980. Minister, there has been remark- 

Tbe Press, however, is con- able peace in this zone since 
vinced that there is a Govern- the new Government took office, 
ment crisis, while the right-wing Some critics maintain this Is 
opposition Social Democrats because Dr. Sals has frozen all 
renewed calls for a “ government controversial activity in the area 
of national salvation ” incorpor- in exchange for essential labour 
ating themselves but excluding peace from the . Communlst- 
the smaller Communist Party. backed central trade-union body. 

Sr Soares said the Socialists But ^ agricultural issue 
were not contemplating opting even before the two 

HriJh parties agreed to govern together 

the Christian Democrats ^ aonie observers feel the 

wfn agre ®' latest Christian Democratic 
ment wouid lartuntti 1980. demand is playing to a gallery 

, . w « un j£™ t “ , . d the (ideo- filled with its more vociferous 
difficulties of the supporters with no intention of 
Christian Democrats and we placing the Government in any 
believe they understand ours." real danger, 
he said. 

The Christian Democrats at a 

national council meeting this 


THE WIFE of Mr. Alexander Snvmi observance of the Helsinki tion. he faces a maximum sc 
Ginzburg, the prominent dissi- accords unrl administrator of a tcnee. as a recidivist, nf 10 yea 
dent on trial for anti-Soviet fund lo aid political prisoners imprisonment and five yea 
agitation, was ejected from the si-l up with royalties from Mr. exile. 

courtroom today after she pro- Sol.tiK-nilsyji's books. But the i n Lithuania, dissident sourn 
tested against a prosecution trial has .so fur minimised the sa id that Mr Viktora Pvatku 
witness's statement that dissi- importance of the Helsinki the leader of the Lithuania 
dents were criminals working for croup connection and dwelt only -Helsinki” uroun on trial i 
money from abroad. in pacing with the fund, Lithuania for anti-Soviet agill 

Mrs. Anna Ginzburg later tola Ten prosecution witnesses have tion. refused to recognise th 
correspondenti the Prosecution lcs ,,, ied a2a i nst |j r . Ginzburg authority of the court and He 
witness. Mr. Arkady Gradajioy^. an( * fivi , 0 f these slated they, refused tn take any purl io th 
riSLiSSita 5! Solzhenitsyn’s chronicle of the proceedings- If convicted, M: 

^L ntS f Ho ° Soviet labour camps, the Gulag I^ratkus faces a maximum ser 

S _f Archipelago from Mr. Ginzburg, tence of seven years' imprisor 

.ni read Torkf sTweSSS ln ?J r r ; m ' Dt “ d ** ^ 

Solzhenitsyn, the exiled Russian JSjS*;. Roger Bayes adds: Mr. Vladimi 

writer. w, ' k ButovskT the exiled Sovi. 

The case against Mr. Ginzburg. f' . V refusin B dissident, has warned that Mi 

who is being tried in a regional 1 IJ ‘" c tnw - Ginzburg would almost certain! 

court in Kaluga. 100 miles south- Mrs - Ginzburg said that her die if fie were given anotbe 
west of Moscow, has focused on husband. 41. who has been held labour camp sentence. Speakin 
allegations that -Mr. Ginzburg m .investigative custody for 17 a t a news conference in Londo 
prepared and circulated Aha months, which is eight months yesterday, Mr. Bukovsky sail — 
-works of Mr. Solzhenitsyn. beyond the norma] statutory that Mr. Ginzburg was cronicall; 

Mr. Ginzburg was a founder limit, has gone completely grey til with stomach ulcers am 
member of the dissident com- and "looks like a man of 60.’* tuberculosis, contracted durlni 
mittee which tried to monitor If convicted of anti-Soviet agita- an earlier term of Imprisonment 


Extract from the chairman’s 



«( 


4 th May 1978 


Fiat's Ordinary Shareholders Meeting was 
held on second summons on 4th May 1978 in 
Turin. In his report, the Chairman, Giovanni 
Agnelli, stated that Company operations, 
particularly those of the Automobile Group,- 


were aimed at achieving a profitability level 

‘ >ffthe risk 


in line with inflation "so as to ward of 
of a net loss of capital”. 

But alongside the efforts of Rat, which is 
planning to invest at least 3,000 billion lire in 
the next 3 years, a parallel effort must be made 
to tackle and solve the structural weakness 
of foe Italian economic system vis-a-vis foe 
systems with which we have to compete. 
“There can be no free trade area”, Agnelli 
add8d, “without foe same rules for all and ' • 
without adequate sanctions for those who 
transgress them" 

‘Ten years ago we began foe process of 
transforming Rat into a modem industrial 
holding company encouraged by the breaking 
down of customs barriers within foe European 
Community There should, however, be no 
illusions that one big market can be created 
without a corresponding government 
authority. The direct election of foe European 
Parliament scheduled for foe spring of 1979 
will therefore be of considerable importance. . 
“Equally decisive”, Agnelli concluded, "is 
European industrial policy and the 
development of advanced technology 
sectors. The European economy can only 
expect a future of growth if it is able to 
institute a cycle of profit/research/innovation/ 
profit type. Failing this, Europe will lag 
increasingly behind the United States and will 
find itself relegated to a subordinate, 
peripheral rdte". The Chairman then 
announced the results for 1977: 

- consolidated Rat Group sales: 11,449 billion 
lire (9,270 billion in 1976): 

- Fiat Group investments: 1,001 billion, of which 
803 in Italy and 198 abroad (813 billion total 
in 1976); 

- Rat Group employees: 341,693, of which 
266,801 in Italy (328,872 world-wide in 1976). 

Results achieved hy the operating Groups: 
Automobiles; 

Fiat, Autobianchl, and Lancia cars and derived 
Versions delivered in 1977: 1,348.750 units 
(1.4% more than in 1976). 702^72 units were 
delivered In Italy (1% more than in 1976), 
645,778 abroad (2 £% more than In 1976). 


Commercial and Industrial vehicles; 

IVECO sold more than 107,000 commercial 
andincfustria! vehictee(2.3%more than in 
1976).1taliarisaies^mdunted to 42,356 units 
(11% down on 1976). - ; ; ■ 

Agricultural Tractors: ‘ ‘ ‘ 

sales amounted to 63,517 units f 1.8% down 
on 1976). 

Construction Machineryr 
sales totalled 9,505 units (Fiat-AHis), an 
increase of 6!1% over the previous year. 
Steel: ... 

Teksid was setup as ajimited company on 
1st January 1978 arid maintained its position 
in foe market. Total converted production 
amounted to 2,114,000 lingot tonnes 
(2,195,000 in 1976). 

Components: 

the companies of foe Group achieved a 
turnover of 964 billion lire. 

Machine Tools .and Production Systems: 
business volumes were higher than in the 
previous year. 

Civil Engineering and Land-Use; 

new business amounting to about 700 billion 

lire was acquired in 1977. 

Energy: 

good results were achieved In both gas 
turbines and aviation. 

Rolling Stock and Rail-based Transportation 
Systems: 

demand held satisfactory levels. 

Tourism and Transport 

Ventana recorded a great Increased Its 

business In thetouristarea. 


For Rat S.p.A.,1977 closed with a net profit 
of more than 63 billion lire. 

The Shareholders Meeting approved a 
resolution to distribute a dividend of L 150 per 
share and to allocate one preference share for 
every 100 shares owned, without distinction 
between ordinary and preference stock, 
utilising the Company's own shares acquired 
. in accordance with the Shareholders Meeting 
resolution of 29th April 1977. 


week-end called for the replace- 

ment of Dr. Luis Sain, the low- ££££5 .T?; 







3 



Etoaneial Times Wednesday July j2 197$ 


EUROPEAN NEWS 




INVENTORS IN HUNGARY 



times for 
‘difficult people* 


BY ELIZABETH WINDSOR 


THE LIFE of an inventor Is prob- 
ably far from rosy m any 
country, but Hungarian inventors 
seem tu get a tougher .deal than 
most. Biro, the inventor of the 
ball point pen, might be the 
epitome oE Hungarian inventors: 
. unable to get this invention 
accepted in his own country, he 
went to the West where it was 
taken off him for a pittance. 

Inventors in Hungary are nowa- 
days known as “ difficult people " 
after a documentary film directed 
bv Andras Kovacs which caused 
quite a stir about ten years ago. 

The stir, however, did nothing 
to change the situation. Inven- 
tions are still steam rollered. 

- very otten by jealousy, by 
bureaucracy, or by the sheer 
inertia of the economic set-up 
which does not encourage 
managers to take risks or launch 
new products. In many cases too 
the people who are in a position 
to decide on the fate of an inven- 
tion expect a cut of the inventor's 

’ royalties. 

Roller plough 

The much talked of roller 
plough, which by using rolling 
friction saves a considerable 
amount of energy, has been 
. buried, probably for good, by lack 

- of interest Hungary bas bad to 
. buy back— with dollars — the 
. rights to produce another inven- 
tion dealt with in the film 
“ Difficult People:” the Heller- 
Forgo type cooling tower for 
power plants. Inventors often get 


Several similar cases, some 
bordering on the scandalous, 
have been picked up by the 
press, television and radio. A 
television documentary about a 
lift invented by a Hungarian 
engineer won an award last 
year. But only the film came 
in for due credit: the lift, which 
costs half as much to produce 
as the type manufactured at 
present and needs less than half 
the amount of maintenance, 
never found a manufacturer. In 
fact it was its low cost that pre- 
vented it from being manufac- 
tured. since the factory would 
nave had to produce double the 
amount of lifts to make the 
same profit. 

This whole problem of inven- 
tions was discussed recently in 
an article by the poet and 
essayist Andres Mezei In the 
weekly Elet es Irodalom (Life 
and Literature).' Mr. Mezei 
ennumera tes several cases of 
aborted inventions and says that, 
not only does Hungary's loss of 
income amount to several billion 
forints yearly, but that there is 
a firm of West German con- 
sultants which makes a .profit of 
DM25 m a year by being on the 
alert to pounce ' on every 
Hungarian invention once the 
patent has expired, . He makes 
a strong case for a different 
system of economic regulations 
and asks for the most outstand- 
ing cases of aborted inventions 
to be investigated. 


[hitter. *" give up. defect to the Financial interest 

IjlWest. or are driven into becom- 


ing monomaniacs. 

Smaller scale innovators get no 
.better deal. Out of 71.000 factory 
innovations a year, only 200 are 
taken up by other factories. 
According to the most cautious 
of reckonings. 34.000 are worth 
'taking up. It is thus not surpris- 
ing that the number of innova- 
tors is diminishing, from year 
in year, despite the fact that 
?ome new regulations have been 
introduced to protect their 
interests. 

Happy conclusions sometimes 
spring from mere coincidence. 
Last year Mr. Janos Fokete. vice* 
*ha i mi an of the Hungarian 
National Bank, spoke on tele- 
■■isiion of how on a visit to 
Sweden he had learnt of a Hun- 
:arian invention for producing 
■egetable protein for fodder 
rom lucem. a project which had 
men drifting about for about 10 
ears in Hungary without' proper 
inanrial backing. 


His title "Something that 
hasn’t been invented” refers to 
a foolproof system of interests 
which would ensure that none of 
the valuable ideas go down the 
drain. He thinks that there 
should be a financial Interest not 
only for inventors, but also for 
manufacturers and sellers of new 
products, and goes as far as to 
suggest that individuals should 
be allowed to form companies or 
buy shares in a particular under- 
taking. He imagines all this 
within the limits of a socialist 
economy. 

The latest edition of Life and 
Literature carries a follow-up 
interview with Emil Tasnadi. 
head of the Hungarian Office of 
Patents, who concludes by say- 
ing that 4! either we should learn 
from our past mistakes and short- 
comings. review the situation and 
act more decisively and quickly, 
or else wc will get our noses 
bashed in on the world market" 


Sweden 
may try 
to amend 
N-accord 

By William Dutiforce. 

STOCKHOLM, July 11. 
SWEDEN is seeking to clarify 
and possibly amend the agree- 
ment on the processing of spent 
nuclear fuel signed by the French 
company Cogema and the 
Swedish nuclear fuels supply 
company (SKBF), which is half 
state-owned. An official team 
arrived in Paris yesterday 
At the same time the Swedish 
Energy Minister, Mr. OJof 
Johansson, spoke out in favour of 
storing spent nuclear -fuel in 
Sweden without processing. It 
was too early to make a firm deci- 
sion. Mr. Johansson said, but 
“ to-day there is obviously much 
more to said for non-processed 
waste." 

The Swedish processing agree- 
ment is understood to be one of 
33 provisionally signed by 
Cogema and which are funda- 
mental to the financing of 
Cogema's processing plant. Any 
alteration in the Swedish terms 
could provoke demands for 
changes from other customers. 

The latest twist in the con- 
troversy over Sweden's nuclear 
power programme came after 
leaks in the Stockholm Press of 
details of the secret agreement 
between Cogema and SKBF. 
These details, which have not 
been officially confirmed, sug- 
gested that the agreement 
entailed several disadvantages 
for Sweden. 

Zt provided for tbe processing 
of 620 tonnes of spent nuclear 
fuel at a cost of close to SKr lbn 
(SllSml spread over 17 years. 
But the Swedish Government 
had to guarantee by July 13 to 
take the processed fuel back to 
Sweden. After the guarantee had 
been given, Cogema and SKBF 
would have a month in which 
to withdraw before the contract 
became valid. 

According to Swedish news- 
paper reports, under the agree- 
ment 97 per cent of the pluto- 
nium extracted during process- 
ing should be returned to 
Sweden. But if the French choose 
to deliver less, they would pay 
$15 a gramme for the shortfall 
This price Is too . low, Swedish 
experts say. 

Tbe- Cogema SKBF agreement 
is Resigned to meet the condi- 
tions for the treatment of nuclear 
waste stipulated by tbe Swedish 
Government before it will allow 
the fuelling and start-up of any 
further nuclear reactors. 

The Prime Minister. Mr. 
Thorbjoern Faelldin, and tbe 
Energy Minister, Mr. Johansson, 
both members of the CentTe 
Party, oppose the Duclear power 
programme started under the 
Social-Democrat Government. 


OVERSEAS NEWS 


Hanoi says Chinese jet fighters violated airspace 


BY OUR BANGKOK CORRESPONDENT 


VIETNAM yesterday charged 
China with sending two sorties 
of tighter jet "deep into the 
airspace ” of the country's 
northern provinces last 
Saturday. 

Radio Hanoi said that the 
first of these Incidents involved 
two Chinese airforce fighters 
which intruded 25 kilometres 
into the coastal province of 
Quang Ntnh in Northeastern 
Vietnam. Ten minutes later 
last Saturday morning another 
sorties of two Jets penetrated 
up to 30 kilometres in the 
neighbouring provinces of Cao 
Lang. The report said the. 
Chinese aircraft r violated” 


‘for 


Vietnamese airspace 
long time.” 

Hanoi attempted to protest 
these "serious acts infringing 
territorial sovereignty " yester- 
day in a note delivered to the 
Chinese Charge d' Affaires 
refused to a crept the note, 
claiming he was not yet M folly 
informed of the affair." 

Vietnam _ has recently 
charged Peking with increas- 
ing tensions along their 
mutual border by organising 
military exercises close to the 
frontier, and by sending in 
thousands - of Chinese to 
“ occupy n Vietnamese terri- 
tory in northern border 


districts. But this is the first 
time that Hanoi has alleged an 
act which could be interpreted 
as actual military aggression, 
although so far the Vietnamese 
have been eareful not to label 
tbe move as such. 

The Vietnamese have also 
claimed that China is 
reinforcing its troop strength 
along the border. Western 
intelligence sources say that 

the Chinese aerial reconnais- 
sance and naval patrols have 
been considerably more active 
In recent weeks in the Gulf 
of Tonkin off the Vietnamese 
coast The Chinese are 
thought to have a troop 


strength in the neighbourhood 
oF 150,000 regulars on the 
Vietnamese border. On its 
side, however, Hanoi has 
reportedly been active 
reinforcing Its 50,000 man 
regular forces by expanding 
both its militia and network of 
defensive trenches along the 
frontier. 

Reuter reports from Singa- 
pore: Vietnamese Vice Foreign 
Minister Phan Hien arrived 
today for a visit seen as part 

of his country's efforts to forge 
a closer relationship with the 
Association of South-east 
Asian Nations (ASEAN). 

Mr. Hien flew into Singapore 


after a week-long visit to 
Tokyo where be told Japanese 
leaders that Vietnam was pre- 
pared to discuss with ASEAN 
a proposed zone of peace and 
neutrality in South-east Asia. 

ASEAN. an economic 
alliance which groups Singa- 
pore, Malaysia. Thailand, tbe 
Philippines and Indonesia, has 
also been seeking closer rela- 
tions with the Communist 
States or Indo-Cbina. 

Mr. Hien will have talks 
tomorrow with Singapore 
Foreign Minister S. Rajarat- 

nam and officials of INTRACO, 
the State trading corporation. 


PHNOM PENH-BANGKOK TALKS 


Thailand’s communists face new deadline 


BY RICHARD NATIONS. RECENTLY O N THE THA LCAM&O Dl AN BORDER 


TWO MONTHS AGO. in the dead 
of night, 37 well-armed Thai 
Communist Party cadres slipped 
quietly into Baan Klong Rit, a 
remote little hamlet typical of 
the haphazard settlements 
scattered along the rugged jungle 
terrain of the Chaine de Dangrek 
hills that form the natural 
frontier between northern 
Cambodia and the southern 
provinces of Thailand's North- 
east 

“The Thai army is on its way 
and tomorrow at dawn this whole 
jungle will be shelled and put 
to the torch," the seemingly 
friendly and by now well-known 
leader of the Thai insurgents told 
the midnight gathering of 46 
families. “Follow us and we'il 
take you to safety." 

But by the time Baan Klong 
Rit's inhabitants reached 
“ shelter ” they found themselves 
two-days' walk inside Cambodia, 
at Camp 54, where more than 
1,000 other Thai villagers from 
the border region had been 
assembled for “political educa- 
tion" and military training. 

This sort of tactic is an un- 
orthodox departure from tbe 
Communist Party's more tradi- 
tional methods of recruiting hard 
ideological converts through 
patient persuasion. This time last 
year the cadres would visit the 
villages to deliver campfire lec- 
tures to a small but willing 
audience intrigued by the vision 
of rural equality under revolu- 
tionary Socialism and delishted 
by the sharp attacks on official 
corruption. 

But now this win; of the parly 


is in a rush. According to cap- 
tured documents and defectors 
from Camp 54 returning to Baan 
Klong Rit the party is deter- 
mined to liberate at least two 
Thai- border districts — Lahan Sai 
and Ta Priya — 'before the year 
is out. 

The episode at Baan Klong Rit 
is typical of the short-cuts the 
party is adopting to expand its 
mass base and build its armed 
force in a burry to meet the 
time table. 

Some Thai military analysts 
think this shift in strategy helps 
explain tbe contradictions in tbe 
Cambodian Government's atti- 
tudes towards Thailand: while 
constantly affirming its desire to 
normalise relations between the 
two countries, Cambodia stokes 
tension along the border by aid- 
ing the Thai Communists, More- 
over. it was only on Monday of 
this week that Cambodian Deputy 
Premier Dang Sary announced 
that be had accepted the Thai 
invitation to visit Bangkok, an 
invitation extended in February 
and accepted “in principle” by 
Cambodia. 

Mr. Sary is due in Bangkok on 
Friday, but his decision to come, 
by all appearances, is a counter 
move spurred by the recent mis- 
sion to Thailand by Vietnamese 
Deputy Minister for Foreign 
Affairs Phan Hien, and even now 
sceptics in the Thai Military and 
Foreign Office doubt that Mr. 
Sary will bring with him any- 
thing more than evasive gen- 
eralisations. 

The Cambodians, it is thought 
in these circles, have no inten- 
tion of sitting down to serious 
talks about the border problems 


ig a» £Hir:\ 

■l— { 



until at least the bulk of the esti- 
mated 1,000 Thai Communists 
have shifted from their sanc- 
tuaries in northern Cambodia 
into the Thai side of tbe border. 
Then talks can be focused on 
Thai support for the anti- 
communist “ Free Khmer ” 
which Phnom Penh complains 
regularly launch spoiling raids 
deep into their interior from 
bases inside Thailand. 

Others think the escalation of 
insurgency along the Cambodian 
border region shed a fresh light 
on Thailand's opaque and com- 
plex relations with China. Peking 
has long since dropped its active 
material and propaganda support 
for the Thai insurgents and at 
the moment it would seem to 
serve Chinese interests for 
Phnom Penh and Bangkok to be 


on the best of terms to consoli- 
date a diplomatic baseline 
against the expansion of Soviet 
and Vietnamese influence in 
mainland South-east Asia. 

But the Chinese have done 
apparently little to hasten lang 
Sary’s long delayed visit to 
Bangkok, let alone persuade the 
Cambodians to reduce their sup- 
port for the Thai insurgents. 
Indeed Chinese First Vice 
Premier Teng Hsiao-Peng told 
Thai Prime Minister Kriangsak 
during his visit to Peking in 
March that party to party rela- 
tions between Chinese and Thai 
Communists would continue, 
although Peking considered the 
Communist insurgency in 
Thailand an internal affair. 

“The Chinese are looking 
further down the road to the 
point where hostilities surface 
with the Soviet Union or 
Vietnam.'' a strategy analyst in 
the Thai military commented. 
“At that point they are going 
to want control of as many 
pieces on the geopolitical hoard 
in this region as possible." 

The Vietnamese are estimated 
to have some 25,000 to 30.000 
troops stationed in Laos concen- 
trating mostly along the 
southern panhandle. China how- 
ever dominates the north of Laos 
with its 5,000-7.000 estimated 
“ worker-soldiers." Jus! as the 
existence of Vietnamese divi- 
sions On China's southern border, 
even if they are never used, 
would force Peking, in the event 
of an open clash with the Soviets, 
to divert some of its strength 
to cover tbe possibility of a 
“second front" in the South, so 
the North-East of Thailand could 


be used to outflank Vietnamese 
positions in Laos. 

Continued friction along the 
Thai-Cambodian border reflects a 
delicate geopolitical balance: 
neither Peking nor Phnom Penh 
can afford to alienate Bangkok 
entirely, nor however is cither 
willing to embrace the Kriang- 
sak regime at the risk of losing 
the loyalty of the Communists to 
Vietnam. Bangkok on the other 
hand is hardly willing to trade a 
piece of “ liberated " territory 
for a brisker pace in the lagging 
process of normalising relations 
with Phnom Penh. 

Indeed, the Thais have swung 
the full weight of their counter- 
insurgent machinery -into opera- 
tion in the sensitive provinces 
along the Cambodian border. 

Prime Minister Kriangsak's 
Pro-Peking foreign policy has 
left Thailand little option but 
patience. The administration 
however hopes that its combina- 
tion of a hard line along the 
border together with the con- 
tinuing improvement of rela- 
tions with Hanoi will convince 
Phnom Penh — and Peking as 
well — that for the moment it has 
a greater stake in the survival 
of the Kriangsak regime than 
the Immediate tactical success of 
the Communist Party. 

With national parliamentary 
elections possible within less 
than a year, “appeasement of 
Phnom Penh " could well become 
the rallying cry for another 
wave of anti-communist Thai 
nationalism that would bring 
down Kriangsak and his policy of 
rapprochement with Communist 
powers with him. 



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Financial Times WeSttesday My 12 197S 


0YERSEAS NEWS 



Legal proceedings started 
ainst Mrs. Gandhi 



BV K. K. SHARMA 


NEW DELHI, July 11. 


THE J AX AT A • Government proposed by Ur. Cbaan Singh, Shah Connnission inquiring into 
today started proceedings that who resigned as Home Minister, charges of abuse of power dur- 
cou'd lead t 0 the arrest of Mrs. a fortnight ago after demanding j ng Mrs. Gandhi’s emergency 
Indira Gandlii, :he former Prime the arrest of Mrs. Gandhi. ^ ^dieted Mrs. Gandhi, her 

Ms sister, her son. Sanjay, Mr. Mrs. Gandhi is not to be son and other associates. The 
A idya E.naran Snukla. her for- arrested immediately and this commission's findings have been 
mcr InrorniatTon ..rmister, and means that the stand taken by studied by officials who reconi- 
other asiociates. Mr. Morgrji Desai. the Prime mended the prosecution of the 

Six Cases relating to illegal Minister, to rely on normal legal persons nam ed in them but left 
detention, destruction of pro- processes has been accepted by open the question of how this 
j rt rly and corruption have been thp povernment- It could also should be done, 
reg inered in Delhi courts by the mean that Mr. Desai is trying to It 


Central Bureau' or Investigation. show that he is acting against m ent ^will onb- ch^ge ’ 
The hyreau will now mS ke full Mr*. C3ndhi and not going slow nrth1 whM1 mnrrete evi 
jnnuinw into ;hr cwt and may in Renting her. as alleged i^ilable to 


inTerrr.rate pcoplo named as she foy Mr. Charan Singh. 
Y.‘h*n investigations 


.ac-.-u.-rn, 

.are cnj:ipie*.o. formal charges 
•a-' 11 t>«? made. 

The filin': of the cases ;n 
c r 'i:rt« of tnc chief metropolitan 
niaci^rrate 3nd a 
that the 
h:s giv-'n vn the idea of appoint- 
■ire a -rccial court l«:< try Mrs. 
Gandhi and her associate*? for 
Decedl.v committed 


clear that the Govern- 
Mrs. 
evidence 
avoid 

a repetition of the bungling of 
The method now being used Mrs. Gandhi's arrest last Octo- 
means that Mrs. Gandhi is in no her when she was released by a 
imminent danger. The Govern- magistrate within hours on the 
ment huS avoided a difficult situ- grounds that there was no case 
I n iud-c arion by nQl arresting her against her. 

• Government because her Congress fT) Party The Government also wants to 
. had made plans for countrywide avo5d making Mrs. Gandhi a 

agitation in the event of her mar tyr. She has been gaining 
arrest. political strength in the past few 

The r'ans were drawn up soon months and has aroused con* 


.during the enVrsency. That was after interim reports of the siderable public sympathy. 






• £)£?* 

>S~- :* 

awsy 

LrV*. 

tr :-A* 

A - ’ ■> 


Ulcktar Ould Daddad 

Mauritania 
will ‘remain 
pro-Western’ 

PARIS. July 11. 

THE NEW Government in the 
North African republic of 
Mauritania has made known its 
readiness to continue the pro- 
■' Western policies of deposed 
President Mokt&r Ould Daddab. 

Reports reaching Paris from 
the Mauritanian capital. Nouak- 
chott indicated that yesterday's 
bloodless mi Id tary coup was 
inspired, by internal pressures. 
IHplostfifs in Paris expect the 
miHtaiyV. leaden, “beaded by 
ColoneTMustapha Ould Salek. to 
introduce no major foreign 
policy -shifts. 

Mauritania is engaged in a pro- 
tracted war against Algerian- 
supported Polisario guerrillas, 
and is the focus of power 
rivalries involving Algeria, 
Morocco and France. The last 
news from Nouakchott before 
communications were cut last 
night was that the capital, 
located on tine edge of the 
Sahara, was calm. The new 
leaders imposed an overnight 
curfew. 

Informed ■sources in Ibe capital 
said troops entered the palace 
before dawn yesterday and 
arrested tbe President He was 
reported under bouse detention. 
Router , 


Israelis 
pleased by 
Socialist 
document 

By David Lennon 

TEL AVIV, July 11. 

ISRAEL REGARDS Lite draft 
■Socialist international statement 
ion iitc Middle East as more 
comfortable " than the declara- 
tions of the EEC an the subject. 
Officials said here privately 
today. 

However, a Foreign Ministry 
spokesman said that Israel does 
not consider the declaration 
(issued yesterday by Dr. Bruno 
Kreisky, the Austrian Chan- 
cellor, and Mr. Willy Brandt, 
the former West German Chan- 
cellor) a$ having any relevance 
for the forthcoming Middle East 
talks in London. The only im- 
portant formulations, the spokes- 
man said, are those of Israel 
and Egypt. 

Nevertheless, Israel is pleased 
that the Socialist International 
document makes no reference to 
a Palestinian state or to Israeli 
withdrawal to the 1967 borders 

Our Foreign Staff writes: after 
sponsoring tbe meeting between 
President Anwar Sadat of Egypt 
and Mr. Shimon Peres, the 
Israeli Labour Party leader. Dr. 
Kreisky and Mr. Brandt issued 
a four-point plan saying: 

1 — Peace can only be achieved 
by sincere and sustained negotia. 
tions. Mr. Sadat’s peace treaty 
should be maintained ** until 
peace treaties are concluded and 
signed”; • 

2 — Peace should be based on 
normal and friendly relations 
involving “a new system of re- 
gional relations based on close 
co-operation 

3 — Secure boundaries should 
be established in accordance 
with U_N_ Security Council reso- 
lutions 242 and 338 with Israeli 
withdrawal in each sector “to 
secure boundaries thus agreed 

4 — Peace requires the resolu- 
tion of the Palestinian problem 
in all its aspects with “ recogni- 
tion of the right of the 
Palestinians to participate in the 
determination of their own 
future through negotiations in 
which their elected representa- 
tives would take part.” 


?• ' ■■•••■»* 

> * 

•-'-s ‘ V .. 

'r- ; 



Svipgl $ ‘main topic for summif 


BY CHARLES SMITH, FAR EAST EDITOR 


EXCHANGE RATE problems surplus as U* 
will rank as a major new topic economic polity. 


main external the five months (ram January t 
It was attempt- May, whereas Japanese exports i 


. m addition *ng to Increase imports by boost- Europe fiming tbe same nenc 

? 0 l SS four* miinTtems “ |»«. *—* M ri*n «»» Per tot,' 



Slater bSiev« aPanCSt Japanese exports remained uu- $4bn per year would be nalur 

Minister believes. changed inlBTS. and desirable since .th 

in an interview lfi Tokyo .. . . vl>rv j—ulc would enable Japan 

journalists ' u? Lh^eveT^hS measure but warned that It might channel aid funds to 0 
Erture fo^ Bonn Mr! Fukuda still fail if the U.S. failed to curb developing worii He tMqgnUf 
JFSK excham” rate “55 inflation. A 10 percent rise in however that p the present w 

MH-rSL .t.- U.S. nriucs might lead io similar " not normal. In the light . 

- Dollar- that. Japan would be prepared ' 


the 


f’fcsrsBnpfc tv ..lunsiii’Kl 


biluy was the reason why the U.S. prices might 

countries 5 bad n^rown^ ^ deSnated^valuc of Japanese see its Ourrcot account moy in 
during the past vear as had been imports which, on the basis of balance or even into small defie, 
anticipated ^at the London sum- current export values, could “TheUA fully understands th 
mil. 'That means that the Dal- amount to around SS.8m. For position, he added, .. 
lar will become a main, theme of this reason Mr. luKuaa raid Mr. Fukuda said bfc was “n 
discussion at Bonn,” Be added. Japan would expect more cus- at a n satisfied " with the curre: 
"Not only Japan bat other cipline from others. state of Japan-Europe relatlo; 

countries too will be asking for j| e pointed out that Japan's which he described as ben 
greater Dollar stability” import-boosting, export-rcstrain- “much thinner" than tefo 

Mr. Fukuda said he recognised ing policies were already produc- World War IT. He had work, 
that the " other*side ” of the U.S. in S an impact on the Japan- "step by rtep to promo 
deficit was tbe Japanese surplus. Europe itade balance. European deeper relations with knroi 
For tot toto Tm had Spork tn Jtot. taa rta 35 5W *« ■ «>« «“ ■«*«. 

focused on the reduction of the percent tin dollar terms) during on the other side aft v>0l> 


Mintoff attacks BBC bias 

VALLETTA. July 11. 

MK. DOM MINTOFF the Mai- daughter. Jana, Is alleged to 
tese Prime Minister has blamed have thrown horse-dung at 
what he colls unfair treatment British MPs while the House of 
by ilie BBC and leading British' Commons was in session. 

newspapers for bis Govern- 

merit's ban preventing British « - , , . 

journalists from entering Malta. Hungarian tTOCk pact 

In a statement to Parliament, RABA ENGINEERING, of 
Mr. Mintoff said the worst be- Hungary, and Eaton Corp, of the 
ha vi our was that of the BBC US, has announced that the 
which interviewed a Malta Hungarian company will sell 
Government Minister in March truck axle assemblies valued at 
and then failed to show tbe $300m to Eaton over the next 
programme. Since then the 10 years. 

BFC. had consistently main- RABA'i general manager. Mr. 
V/ 1 M Cd ■ bla , 5 , werfn* Rde Horvath, and Eaton's presi- 
Maltese affairs. Mr. Mintoff said, dent, Mr. Paul Miller, say the 
He said ihe ban on British value of the agreement could 
journalists was a first step. If reach $500ra. 
wiihin a week the BBC did not Mr. Horvath said the recent 
broadcast ihe views of the US granting of mast-favoured 
Maltese majority. Malta was pre- nation status to Hungary meant 
pured ’n l3ke other steps. the axle assemblies would be 

.Mr. .Mintoff denied that bis subject to a 4 per cent customs 
decision had anything to do .with duty, Instead of the 25 per cent 
the incident in which hie AF-DJ 


S. Africa 
inquiry into 
prisoner’s 
death 

Justice Minister James Kruger 
yesterday ordered a top-level in- 
quiry into the death on Monday 
of a young black man wbo feu 
several floors from security 
police headquarters in Port 
Elizabeth, Reuter reports from 
Pretoria. 

Mr. Kruger, in a statement 
said Lungile Tabalaza. 20 
jumped from the window while 
being held for questioning on 
several alleged offences, includ- 
ing arson and tbe use of petrol 
bombs. It was at the same build- 
ing that black activist Steve 
Biko was questioned after his 
arrest a year ago. Mr. Biko later 
died of brain injuries but an 
inquest decided M could find no 
evidence to apportion blame. 

Selling wave 

A wave of selling hit the Taipei 
stock market yesterday follow 
ing Monday's 5.3 per cent revalu 
ation of the New Taiwan dollar 
against the U.S. dollar. Share 
holders feared tbe revaluation 
would cut deeply into the profits 
of exporting companies. Reuter 
reports. Shortly after trading 
started, 32 stocks plummeted to 
the 5 per cent maximum price 
drop allowed in a single day. 

Car sales double 

Combined sales of tbe -three 
major South Korea it aUto.makers 
almost doubled in .the first 
half of this year from a year 
earlier to 71.213 units of oars, 
trucks and buses, the -Coaunerop 
and Industry Ministry repagetH: 
yesterday. The boost in sales was 
attributed to tbe booming 
domestic economy. AP-DJ re- 
ports from Seoul. The total, in 
eluding unspecified exports 
breaks down as follows: 37.809 
cars. 30.095 trucks and 3.31B 
buses. 


Left-wing call for general strike in Sri Lanka 

i BY MERVYN DE SILVA COLOMBO. July 11 

•WARNINGS from President in Colombo calling tor a gen- major unions uritfnK immediate Goveremetrt«tillsp(*nd-! mn 
flying into Uganda javawardene and Mr Ronald De «ral strike before the Budget In talks on its call for a general than Rs 2.000m (SlSUtn) cm ru 

sked to refuel else- M ‘i his Finance Minister that November. Mr. Nanayakkara, a strike. flour, sugar and milk loods. 

where because of fuel ;hortages L-s t.-i-, d- C jde between forme r MT*. broke away from the President Jayawardene has thegB subsidies were withdraw 
in Uganda, Sn Lanl ' a must decide between Socialist Party last year. said that development and jobs ... . . 

President Idi 4min tn'd renre- development and subsidies h 3 ve -rh* „„„„ «p#ntiv cant.,r*rf must come before prices. Tbe _ -1. f? u • - 
seutatives of oil companies . J«M«ht sharp entidsm 
operating in Uganda yesterday breakaway legt-wm* gn 


Oil shortage 
in Uganda 

NAIROBI. July 11. 
AIRCRAFT 
have been asked 


. This group recently captured must come before prices. — 

from a an the offices in powerful Gov- Finance Minister later gave Hf- D* Mel said, 

operating in Uganda yesterday oreanaway legi-wmg group. eminent Clerical Services Union, details of the enormous cost of Mr. Nanayakkara 's posters s: 
that oil was one of the "country’s The Trotskyist New Socialist It is rapidly gaining strength in food and other subsidies. Despite that the next Budget, will affc 

top priorities. Partv. led by Mr. Vasudeva the railway, and among teachers. last year’s cut m the nee subsidy sugar, hour, petrol, kerosene ai 

Reuter ' Nanayakkara. has put up posters The party has written to all to . half the population, the bus fares. 


Mobilisation denied 

South Yemen yesterday ' denied 
North Yemeni accusations that i 
was mobilising forces along thei 
common border and said the 
charges, made by North Yemeni 
Foreign Minister Abdullah 
al-Asnag. were designed to push 
the Yemeni peoples to war. Mr 
Asnag said in Sanaa yesterday 
the (north) Yemen Arab 
republic bad asked the Arab 
league to send a military com 
mittee to inspect the borders. 
Reuter reports from Aden. 

New ambassador 

Mr. David Marshall, a former 
Chief Minister of Singapore and 
political opponent of Prime 
Minister Lee Kuan Yew, has been 
appointed Singapore's ambas- 
sador to France. A government 
announcement reported by 
Reuter from Singapore said Mr 
Marshall would be Singapore’s 
first ambassador to France, aqd 
would take up his new appoint- 
ment later this'year. : ' 

Immigration move : ~ 

Australia will station .an immi- 
gration officer in Indonesia . soon 
iu its efforts to control the ffow 
of refugees from Indochina to 
Australia, visiting Immigration 
Minister Michael Mack el lar 
announced yesterday Mr. 
Mackellar told reporters he bad 
discussed with President Suharto 
the whole question of Indo- 
chinese refugees arriving by TAat 
in Australia via' inefdnesiac 
Reuter reports from Jakarta. 


MILITARY BUILD-UP REPORTED 


ieirut ceasefire threatened 


BY IHSAN HljAZI 


BEIRUT, July 11;. 


CLASHES THIS morning and Tbe escalation coincided with minister Prince Saud 'at-Fei&a’K 
late last Dight between Syrian reports nf a military build-up the Saudi Foreign Minister.^ A' 
troops of the Arab peace-keeping by tbe nght-wing militias, follow- Press release later by the Syrian 
force and Christian militias in ing a meeting by their leader- news agency said Syria .and- 
the south-eastern suburbs of ship last night under Mr. Bachir Saudi Arabia' were in agreement 
Beirut have raised fears that Gemayle. their overall that all factions in Lebanon 
the brittle ceasefire, which has commander. muS { yield to the legitimate 

been in effect for the past few All efforts to persuade Mr. authorities of President Sarkis.. 
days, may break down. Sarkis- to change his mind have Prince Saud flew to Baghdad 

Several thousand Syrian troops so far failed. An official today to deliver a letter to Presi- 
continue io besiege the explained that the parties con- dent Ahmed Hassan al Bakr. It 
Christian quarters of east Beirut, cerned in the conflict continue was not immediately known jf 
which last week were the scene to hold on to theit inflexible he will visit Beirut as well . - 
of heavy fighting and shelling, positions. A visit yesterday to the Svrhrti 

prompting President Elias Sarkis However, Damascus has been capital by Lebanese Communists 
to threaten to resign.^ the scene of extensive activity ended a two-year strain between 

Combatants last night traded as Syria has sought to unite them. The strain had started 
rockets and rocket - propelled Lebanese Moslems and Chris- when Svrian troops were fight- 
grenades on the line separating to** ing the Palestinian guerillas and 

the predominantly Chnsban President Hafez al-Assad today the left-wing factions during the 
quarter of Ain El-Rummaneh and met with Mr. Kamel al-Asaad civil war 
the Moslem district of Chiyab- the speaker of the Lebanese Mr. Walid Jumblat leader of 

Heavy sniping today led Parliament. ^ Progre „ iv 

Lebanese police to close the area Yesterday, the Syrian head of and a prominent Dmze flgSS? 
to traffic. There was some twffie state received a message from visited Damascus -yesterday on 
yesterday after a let-up m the King Khalid of Saudi Arabia his own and held talks with 
fitting. was delivered by foreign President Am a<£ 


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merigak news 


restrict imports of oi 


for scope to Mexico seeks Europe energy link 


'• BY' DAVID BUCHAN 

■RESIDENT CARTER today 
rged Congressional leaders to 
ntle Us hands over the reguU- 
ion of oit imports* in advance 
f the Bonn economic summit 
. t *e weekend . with western 
ruropean countries, Japan and 
■tanada. At the' same time. White 
.; louse officials are making it clear 
: .aat Mr. Carter expects positive 
.-ctiou from the other six partici- 
■ ating governments on the other 
. ’ .isues of economic growth and 
rade. 

. Mr. Carter’s, plea to demo- 
ratac Congressional leaders this 
mrning came two days before 
leathers of the Senate and 
• louse of Representatives are due 
■' n Thursday to take up ag ain 
he long delayed Carter Energy 
- sill. This Bill now includes a 
. enate amendment, explicitly 
• . arring the President from 
^Nqiposing extra duties to dis- 
ou rage oil imports. 

The President has threatened 
o impose these duties unless 
Congress approves an Equalisa- 
ion Tax, bringing the price, of 

Senate likely 
to approve 
aircraft carrier 

WASHINGTON. July 11. 
PROPOSAL to build a $2bn 

• u clear-powered aircraft-carrier, 
pposed by the Carter Adminis- 
ration, appears to be' heading 
or Senate approval without a 
ght But battle lines are being 
rawn over a navy aircraft 
rogramme. 

Senator Gary Hart, a Colorado 
■emocrat, offered an amendment 
xiay to kill a proposed $9S2m 
l location for the F-18 fighter, 
he fighter has been given only 
lukewarm endorsement by the 
favy but it has some powerful 
jpporters in -Congress. After 
ebate, the Senate rejected the 
iart amendment by 68 to 22 
otes. 

The F-18 issue was the only 
iajor contest in the $36bn 
.’capons Authorisation Bill 
hicb came before the Senate' 
e&terday. The measure callsfor 
lending 8595m more- than the- 
dininistration proposed but 
USbn less than the House 
•••ently authorised. 

There was no sign of oppo- 
tion to the nuclear-powered 
reraft carrier which was added 
■ the Bill by the Armed Services 
oramittee despite the Adminis- 
at ion’s objections.; 

P-DJ 


domestic oil up to world market 
levels and thereby squeezing 
consumption. 

In fact, during the first- five 
months of 1978, oil imports by 
the U.S. felt to a total of T.2bo 
barrels, worth $15-Sbn, from a. 
total ■ of 1.34bn barrels, worth 
$17.Sbn. in the equivalent period 
of last year. But total, energy 
use in the U.S. has barely slowed, 
with the difference being made 
up in more oil pumped from 
Alaska and greater use of 
naturar gas. The major, trading 
partners of the U.S. see radical 
curbs in U.S. oil imports as the 
only way to help the sagging 
dollar and reduce the r wide 
deficit on the current account . 

Nevertheless, Administration 
officials arc making it clear that 
Mr. Carter does not intend to-sil 
passively and let other' national 
leaders at the Bonn sipnmk-.use 
the energy stick to beat him, 
without in his turn demanding 
action on other issues. Mr. Jody 
Powell, the White House Press 
Secretary, yesterday ■ told 
reporters, “we have -a right to 
be justifiably proud in maintain- 


WASHINGTON, July 11. . 

ing economic growth and,a strong 
resistance to protectionist argu- 
ments. even at some political 
cost to the Administration." 

■The chief Administration 
economist. Mr. Charles "Schultze, 
also stressed today that the U.S. 
was looking to those countries 
“w-lch strong surpluses and tow 
inflation ’* to take up the baton 
from the U.S. in generating 
growth Jn the western economy. 

Mr, Schultze, the Chairman of 
the Council of Economic 
Advisers, told a conference held 
here by the Organisation for 
Economic Co-operation and 

Development that the U.S. eco- 
nomy had grown by 6 per cent 
from the end of 1976 to the end 
of 1977. with the unemployment 
rate falling by 2 per cent -in the 
last 18 months. But, he said. 
“ it is necessary and inevitable 
that the U.S. economy will now 
grow more slowly in the next 18 
months.” 

Worries about the inflation 
rate, which has not fallen since 
late 1975, made it impossible for 
the U.S. to do more, be said. 


car crash 

By Our Own Correspondent 

NEW YORK, July II. 
MR. JOHN l). Rockefeller 111, 
the oldest member of one of 
the wealthiest families iu the 
U.S., was killed yesterday in 
a car crash in Wcutcbesler 
County, just north of New 
York City.. 

Mr.' Rockefeller was the 
eldest of the file sons of Mr. 
John D. Rockefeller Jnr.. and 
the grandson of Sir. John D. . 
Rockefeller, the oil Indus- 
trialist who' built up the 


BY HUGH 0*SHAU GHNES5Y 

THE NEWS that the Mexican; 
Government had talks on Monday ■ 
with ‘Urenco, the Brltish-Dutch- 
Cerman nuclear consortium,: and : 
with British Nuclear Fuels 'as. 
part of the official visit of. Sr.' 
Santiago - Roel, the Mexican 
Foreign ' . Minister, to London 
underlines the fact that Mexico 
is beginning to work out a' long- - 
term strategy to make. the bast' 
of its- strong position as a major 
fuel exporter. ' ■ 

According to Dr. Francisco 
Vizcaino .. Murray — .director- 

general of the Mexican National 
Nuclear' Institute, who headed 
the Mexican team in its talks 

with Urenco on Monday— his 
country should be able *in the 
next ten years to prove- that 
there are 500,000 tons of uranium 
waiting to toe mined. 

He confidently expects- Mexico 
to become a major uranium 
exporter in the next decade- ' At 
tbe same time, the very -oil finds 
that Petroleos Mexlcanos ■ 
i Femes:), the State oil company, 
has made in recent years has put 
tbe country back on the map as 
a big oil exporter. 

By the end of tbe year, Mexico 
should- be producing . 1.26m 
barrels of oil a day and exporting; 


5O0&X7 b/d- Reserves could well 
be 120bn barrels. 

.The Mexicans want to 
coordinate their' nuclear and oil 
strategies to the best advantage, 
and their talks on Monday were 
the beginning of -efforts to make 
those strategies a reality. 

The Mexican Government sees 


capacity in Britain. 

Jn developing its potential, 
Mexico is keen not to become too 
dependent on tbe U.S., its power- 
ful northern neighbour whose 
businessmen arc already firmly 
entrenched in many branches of 
the Mexican economy. Hence the 
approach to Urenco and British 


lii developing its potential, Mexico is keen not to 
become too dependent on the UJS., its powerful 
northern neighbour, whose businessmen are 
already firmly entrenched in many branches of the 
Mexican economy. 


particular advantage in trading 
the possibility of supplying 
uranium to Europe against the 
provision' of European nuclear 
technology for the development 
of Mexican nuclear programmes. 
These are ambitious. There are 
only two reactors now producing 
electricity in. Mexico, but the 
Government expects to bring its 
potential for generating nuclear 
power up to 18.000 MW by the 
end of the century. This, which 
Dr. Vizcaino stresses, is only a 
minimum figure, is rather greater 
than the present installed 


Nuclear Fuels this week to 
discuss the conditions under 
which Europeans would under- 
take the enrichment of natural 
uranium for use in Mexican 
reactors. 

Dr. Vizcaino emphasises that 
Mexico wants to be more than a 
buyer of services, and wants to 
become a partner in nuclear 
enterprises with the Europeans, 
lie secs the fact that Mexico 
could become an important pro- 
vider oF uranium to Europe us a 
strong card in Mexican hands in 
achieving this partnership. He 


also secs Mexico ax a possible 
trade partner for three-way deals 
under which, for instance, 
Mexico could ship oil to South 
.American markets on behalf of 
European oil companies, receiv- 
ing in return European nuclear 
know-how and facilities paid for 
by the South American purchaser 
of the Mexican oil. Mexico t 
though not a member of OPEC, 
has undertaken not to undercut 
OPEC prices. Pemex has talked 
of collaboration with the British 
National Oil Corporation. 

He professes a great admiral 
tion for British nuclear tech.-) 
nology and makes particular 
mention of the know-how avail- 
able for the smaller and medium- 
sized British companies in the 
business. He see, however, that 
these companies have not yet got 

the assured market for their 
wares of which the nuclear 
industry in other. bigger 
countries can be assured. Mexico, 
he suggests, could be an interest- 
ing market for British exporters. 

Sr. Roel and his party continue 
their European visit in Paris and 
Bonn this week. By the end of 
i heir journey, they are likely to 
have laid the basis for a policy of 
long-term co-operntion with the 
Europeans on energy matters. 


Guyana poll arrests 


i + JfesfSI Bolivia election squabble I More Nicaragua deaths 

Bk f r is-- -.- ' , . n . — . . I r>v mrnu utuu 


GEORGETOWN, July 11. 
THE GUYANA OPPOSITION times. 

leader. Dr. Cheddi Jagah; has The Government also denied a 
said that one opposition politi- statement by Dr. Jagan that tbe 
cian was arrested, another was polling stations stayed open 
beaten up and a third' mail- beyond the official closing time 
bandied during voting yesterday to allow more people to be 
in a controversial . constitutional brought to vote, 
referendum. - The referendum was. on a Bill, 

The incidents bad occurred, be passed by Parliament in April, 
said, because the ruling People's allowing the constitution to be 
National Congress (PNO was changed by a two-thirds Parlia- 
desperate at the effectiveness of mentary majority. Prime Min- 
30 opposition call to boycott the ister Forbes Burnham’s- PNC 
poll. • ' now possesses such a majority. 

A spokesman- for the- Home Dr. Jagan told reporters that 
Affairs Ministry said so toe people a member of Parliament for bis 
had been arrested after incidents People's Progressive Party 
at the polling stations; -But he (PPP) was arrested because he 
denied an ^legation by Dr. Jagan insisted on staying in a polling 
that people were being taken by station where he was the party's 
bus from polling station to polling agent, 
polling station, to -vote ^veral Reutgr 

Shell abandons off-shore well 

BY OUR OWN CORRESPONDENT 

NEW YORK, July 11. 

SHELL OIL has disclosed that it raenf to tbe companies which 
has abandoned, jts first explore- havft purchased leases, 
tory well in * the Baltimore Last mohth. Continental Oil 
Canyon Trough some 73 miles off also announced that its first 
the New Jersey coast,- east of exploratory well was a diy hole. 
Atlantic City. , Attention is now focussing on I 

The announcement, that a Mobil Oil's exploration in The 
second dry' hole has-been bored area, since it is drilling in what; 
in the off-shore oil . prospect some geologists believe to be the, 
which had been considered ■ as most promising area of tbe i 
one of the most interesting -of Baltimore Trencb. Results of its i 
the recent areas opened up-. for efforts are expected in October! 
drilling, will be a disappoint- or November. . 1 


Mr. John X>. Rockefeller 1I-I 

Standard Oil group of com- 
panies. 

He was born in 1906 and 
took on the role of family 
"phiianlhropist. lie was chair- 
man of the Rockefeller 
Foundation until seven years 
ago. Three of his brothers— 
Mr. Nelson A. Rockefeller, 70, a 
former Governor of New York 
and Vice-president of the U.S.; 
Mr. Lanrence S. Rockefeller, 
a 68-year-old conservationist 
and businessman; and Mr. 
David Rockefeller, the 63-y ear- 
old chairman of the Chase 
Manhattan Bank — survive him. 

His only son, Mr. John D. 
Rockefeller IV, is Governor of 
the Stale of West Virginia and 
last night flew to New York 
to be with his mother. 


U.S. COMPANY NEWS 

Federal jury rules against 
Xerox; Mellon National ahead 
at half-time; Doubts over air- 
lines merger — Page 21 


CONFUSION SURROUNDED the 
outcome of the Bolivian general 
election today after each of -tbe 
two leading Presidential candi- 
dates -claimed victory and 
accused the other of fraud. 

Tbe situation was exacerbated 
by the slowness of the official 
count, which by last night bad 
tallied fewer than 400,060 of the- 
almost 2m votes cast on Supday. 

The electoral court-, gave 
162,137 votes to General Jtiah 
Pereda Asbun. who is backed by 
the ruling military, government; 
75.417 to his principal Left-wing 
opponent, Dr. Hern an . Siles 
Zuazo; and 132.234 among, the 
other five candidates. 

If no candidate receives .mote' 
than 50 per cent of the vote, the 
new President will be chosen b[y- 
the new Congress, also elected 
on Sunday, which Is to -meet -for 
the first time on August 5. 

Gen. Pereda, 46. an Air Force 
officer and a former Interior 
Minister., said last night that, 
on tbe bqsis of an unofficial tally 
of 35 per cent of the vote, he and- 
tfie -Right-wing People’s 
Nationalist Union had received 
60 per cent of the votes counted 
so far. 

But Dr Siles Zuazo. who was 
President from 1956 to 1960, said 
that the majority of the voters 
had clearly rejected the govern- 
! ment candidate. He said he was 
ready to form a coalition.’ with. 
| other opposition parties. 


LA PAZ, July 11. 

Gen. 'Pereda, speaking at a' 
news conference, -accused Dr 
Siles of being an agent of inter- , 
national - extremism.. “ Dr. Siles 
receives enormous sums from 
overseas: We have witnesses wbo 
say-' he had. used it to buy votes," 
he said. 

He declined lo say where the 
.money., was coming from, but! 
a'dded that the Communist Party 
and the • Revolutionary Left 
Movement, which backed Dr. 
Biles Zuazo in the election cam- 
paign, were both international 
organisations. 

Dr. Siles told a separate news 
conference that Gen. Pereda had 
used fraud to obtain high voting 
returns in some areas. But, he 
said! the Bolivian people had| 
expressed “their rejection of the 
'dictatorship installed in August 
.1971*" a- reference to the coup 
which bnwgh the present Presi- 
dent^ Gen. Hugo Banzer, to 
power. 

■ Dr. Siles, who returned from 
exile in March, said he was. ready 
to form a government in coali- 
tion' -'with Christian Democrat 
and -other leaders of Centre 
groups- who gained surprising 
leads in two provinces. 

. Under the electoral law. up to 
SO per cent of congressional seats 
should go to the party of the 
winning . Presidential candidate, 
with 20 per cent, to go to bis 
nearest -rival. 

Reuter' ' 


BY J05EPH MANN 

VIOLENCE ERL'PTED again in 
Nicaragua yesterday when a 
group of protestors, mainly 
students, clashed with soldiers 
and unidentified civilians in the 
city of Jinotepo, south of the 
capital. Reports today said that 
five persons were killed and 
about a score injured. 

According to an account today 
in the Managua newspaper La 
Prensa, a group of persons 
protesting against the Govern- 
ment of General Anastasio 
Somoza were fired on by three 
unidentified men. Nicaraguan 
National Guardsmen arrived 
soon afterwards and Gve persons 
were reported dead after soldiers 
fired into the crowd. The news- 
paper said that protestors tried 
to defend themselves against the 
troops by throwing bombs, but 
did not say whether shooting 
came from both sides. 

The Jinolepe incident was the 
latest m a series of riots and 
strikes which began after a local 
newspaper editor. Sr. Pedro 
Joaquin Chamorro, was gunned 
down in January. Sr. Chamorro's 
La Prensa. has maintained out- 
spoken criticism of the Somoza 
regime, and the editor was the 
most prominent single opposition 
figure in Nicaragua. 

The government of Gen. 
Somoza, while energetically 
denying that it had anything to 


MANAGUA, July 11, 

do with the death of Sr. 
Chamorro, was blamed for the 
killing by many supporters of the 
editor. It is still not clear who 
ordered a paid killer lo shoot 
the opposition leader. 

The anti-government protests 
still affect the country, and 
tensions here have reached the 
highest level in recent years. 
Supporters iff Sr. Chamorro were 
planning a Mass this afternoon 
to commemorate his death, six 
months ago today. 

Kaiser expansion plans 

KAISER ALUMINUM and Chemi- 
cal Corporation has announced 
j major expansion of the 
Koblenz. West Germany, rolling 
mill of its wholly owned subsi- 
diary Kaiser Aluminium Europe 
(KAE). The programme will 
significantly increase the facility's 
capacity to produce rolled alumi- 
nium products, will lower pro- 
duction costs, and will give KAE 
added capability' for the produc- 
tion of aircraft plate for both 
military and commercial use. 

The cost of the Koblenz expan- 
sion programme is expected to 
total DM 24.35m. or approxi- 
mately 81I.6m 

The Koblenz plant, which pro- 
duces aluminium extrusions and 
building products as well as 
sheet and plate, is one of four 
continental European facilities 







New issue 
July 12, 1978 


This advertisement aopeare 
as a matter of record onty- 


Kobe City 


TT 


DM 100,000,000 

5 3 A°/o Deutsche Mark Bonds of 1978/1986 

under the irrevocable and unconditional guaranty of Japan 


Offering Price; 
lnteresr. 
Repayment: 
Listing: 


100 ’.% 

5»/.%pa..payaWeon Jufyl of each year 
July 1. 1986 

Frankfurt am Mam. Berlin; Dusaetdorf, Hamburg, Munchort 


Deutsche Bank 

■Ak to ngaMHfchaft 


The Bank of Tokyo (Holland) N.V. 


Dresdner Bank 

/iktengreonKiiaft 


Nomura Europe N.V. 


The Taiyo Kobe Bank, Ltd. 


Abu Dhabi Investment Company 
A. E. Ames ft Co. 

bmmj 

Amhold and S. Bteichroedar. Inc. 


AJahK Bank of Kuwait ( K.S.C.J 
Amsterdam -Rotterdam Bank N.V. 


Atlantic Capital 
Comanmeo 


AJgomene Bank Nederland N.V. 
Arab Financial Consultants 
Company S-A.K. 

Banca Commenaate Italians 


Ban ca del Gvttsrdo 

Bank Julius Caer International 

LirvmI 

Bank Mees ft Hope NV 


Banqua Arabs at Internationale 
d'lnvestisssmont (BAI.I.) 

Banque Gftnerale du Luxembourg S-A. 
Banque Nationals da Paris 
Banque de Paris at das Pays-Sas 
(Suisse) S.A. 


Banca Nazionale dal Lavoro 

Bank fur Gemeinwirtschaft 
AkamgaaaBschsft 

Bank of Tokyo (Deutschland} 
Akneng«*Nsct»h 

- Banque Bruxelles Lambert S.A. 


Banca deile Svizzera Italians 
Bank Leu International Ltd. 


Bankers Trust International 
timnad 

Banqua Francane du Com m anasExterieur 


Baring Brothers & Co.. 
Umilsd 


Banque de (’Indochina at da Suae 
Banque da Neuflo*. Schlurribarger, Mallat 
Banqua Populaire Suisse SJL 
Luxembourg 

H. Albert de Baryft Co. N.V, 


Banqua Internationale i Luxembourg S A. 
Banque de Paris et dn Pays- Bos 
Banqua Rothschild 


Bayer rsche Landesbank 
Girozentrale 
Berliner Bank 

^imwiceselischalf 

Caisse des Depots et Consignations 
Commorzba nk 
A' Mrctfsen&chafi 

Credit Lyonnais 


Baytriseha Varainsbank 


Bayttrische Hypotheken- und 
Wochsel-Bank 

Joh. Berenberg. Gossler & Co. 


Berliner Handels- und Frankfurter Bank 


Bankhaus Gebruder Bethmann 


Daiwa Europe N.V. 
Delbruck £ Co. 


Dillon. Read Overseas Corporation 


European Banking Company 
Limited 

Robert Fleming ft Co. 

Limned 


Hambros Bank 

L'm:pd 


James Capel ft Co. 
Compagnte Financier e 
de la Deutsche Bank AG 
Credit Suisse White Weld 

Limited 

DB Finance (Hong Kong) Ltd. 
Deutsche Girozentrele 
- Deutsche Kommunalbank— 

Effectanbank-Warburg 

AiaiengMeMschaft 

First Boston (Europe) 

Unwed 

Greenshiefds 

tacoreorarad 

Georg Hauek ft Bohn 


Citicorp International Group 
Credh Commercial de France 


Craditanstaft-Banicverei n 


Den Danske Provinsbank A/S 
DG Bank 

Deutsche GenosMnsctaftsbanfc 


Euromobiliara S.p A 


Hill Samuel S Co. 

limiiwrt 


E. F. Hutton ft Co. N.V. 


Kidder, Peabody International 

liiril*«1 


Kjdbenhavns Handelsbanfc 


Kredirttank N V. 

Kuwait Investment Company (S.A.K.) 


Lazard Freres et Cie 


Merck. Finck ft Co. 

Samuel Montagu ft Co. 
Limited 


New Japan Securities Europe 

Limited 


KredietbankS-A. Luxembourgedtse 
Landesbank Rheinland- Pfalz 
-Girozentrala- 

Manufacturers Hanover 
Limited 

Merrill Lynch International ft Co. ■ 

Morgan Grenfell ft Co. 

Lxnud 

The Nikko.Seeurities Co„ (Europe) Ud. 


First Chicago 
UmiMd 

Groupanwrrtdes Benqurers Priwfe 
Genevois 

Hessische Lendesbenk 
- Girozantrale - 

Industriebank von Japan (Deutschland) 
MnwflgMcIkchsn 

Klein wort. Benson 
Linvred 

Kuhn Loeb Lehman Brothers Asia 

Lazard Brothers ft Co., 

Limited 


McLeod, Young, Weir International 
United 


B. Metzier seel. Sohn ft Co. 


Morgan Stanley international 
United 


Nomura Europe GmbH 

Orion Bank 
Limited 


Den norske Credrtbenk 
Osaka ya Securities Co., Ltd. 


The Nippon Kangyo Kakumarb 
Securities Co.. Ltd. / 

Sal. Oppanheimjr. ft Cie. 
Pierson, Mekfring ft Pierson N.V. 


Privatbanken 

AMmelfkeb 


Rothschild Bank AG 


Sanwa Bank (Underwriters) 
Lm»twJ 


J. Henry Schroder Wagg ft Co- 
Limned 


N. M. Rothschild ft Sons 
Unwed - 

Schroder, Munch meyw. Hengst ft Co. 


Simonbank 

Afcnergospnschah 

Societe Generals 
Svenska Handelsbanken 


Skandinaviska Enskilda Ban ken 


Social* Gftneraleda Banque S A. 


Swiss Bank Corporation (Ove rs eas) 
Urn red 


Smith Barney, Harris Upham ft Co. 

Incorporated f ‘ 

Sumitomo Finance International 
Trinkausft Burfchardt 


Union Bank of Switzerland (Securities) 
Unured 


Verband Schweizeriseher 
KantonaJbanken 


J. Vontobel ft Co. 


Wako Securities Company 
Limmd 


Vermins- und Wectbank 
AkneneeMUsduft 

M.M. Warburg- Brinckmann. Wirtz ft Co. 


S. G. Warburg ft Co. ltd. 


Westdeutscha Landesbank 
Girozentrale 


Westfalen bank 
Akaotgautekart 


Wood Gundy Limited 


Yamaicfii International (Europe) 
United 


WORLD TRADE NEWS 


Peking boosts purchases 
of second-hand vessels 


BY LYNTON McLAIN 


CHINA HAS taken advantage of 
(he slump in the world shipping 
market to buy etjjht second-hand 
•hips surplus to Western needs 
at about half the original price. 
• The move is the latest in a 
senes of purchases aimed at 
improving China's uicrebanl 
ilecl ar.J giving the country 
independence from charterers as 
its volume of trade with Japan 
and the West builds up. 

The Chinese were reporred 
vesrerday to have bought an 
S5.GOO d'wt ore earner built in 
1971. for a second-hand price of 
?4.4tn. It was also reported 10 
have bought a one-j ear-old 72.000 
.Iwt bulk carrier for 87 .5m. Two 
it -year-old general ear^O ships 
have been -old for 33nt each. 

Two unwanted cargo ships 
were also soid to Che Chinese for 
3 resale cun tract price of 56.5m 
each, and a third for $7.5m. 

This is not the first umc 
China has been active in the 
second-hand cargo ship market. 
But its latest purchases, if 
confirmed.. >now the country is 
aware of rising charter rales in 
most dry cargo trades 


Tliis has had the effect of 
marking-up interest in older 
ships, and in the lutii! Term this 
may be reflected in higher 
second-hand prices. 

China has also bought a now 
roll-un roil-off vessel fur StQsn to 
S)2m. This was hutlt by a Japan- 
ese yard for an Italian customer. 

but Lloyd’s List, the shipping 

journal said the Chinese bad 


signed t contract direct with the 
yard. 

Grain imports to Chin* have 
in created rapidly i-i the past five 
years creating additional need 
for merchant shipping capacity. 

This may now be provided on 
an inerea»ina scale by outright 
purchases of secund-haOu snips 
in place of the country's former 
policy of chartering j large pro- 
portion of its shipping needs. 


i 

Eaton agree ^ 
parts deal 
with Raba f & 
of Hungary 


Hong Kong’s China trade 


FINANCIAL TIMES REPORTER 


IX LINE with China's new 
foreign trade policy, iht- enuu- 
try's trade with Hons Kong has 
been steadily Increasing- The 

two-way trade, valued at 
HKsfiS.:tbn Iasi .rear. made China 
Hons Kong's third larccsi trading 
partner. 

This trade in tile tirst four 
months nf this year w-.is -0 p*:r 
cent higher than tn the same 
period last year, amounting to 
almost HKSSbn.. reports the 
Hong Kong Trade Di-veiupitienl 
Council. This trend is expected 
to continue , 

At the same lime. China s. 


intensified involvement m non* 
Kong's financial, commercial and 
industrial sectors is manifestly 
dear in recent developments. 

China ix currently Hong Kong's 
largest supplier of imports after 
Japan Daily supplies Of 
Chinese commodities to Hong 
Kong are chiefly foodstuffs, fuels 
and " textile semi-manufactures 
that are needed tu feed the local 
population and industry. 

For these supplies Hon; Kong 
paid HK$2.9bn in the first four 
tiwnths nf this year. For the 
same months- last year (be bill 
was HKS2.4bn. 


Bechtel joint venture in Iran 


BY ANDREW WHITLEY 


TEHRAN. July 11 


THE GIANT American engineer- 
ing corporation. Bechtel Inter- 
national. has formed a joint 
venture with Iran's slate-owned 
Industrial - Development and 
Renovation Orjanizulion tIDISOi 
and the National Iranian Oil 
Company iXIOCi The new 
company, in yhich each company 
has a one-third share will be 
involved in a wide range of heavy 
engineering work in Iran, 
esecially in the oil. gas. petro- 
chemical- and nuclear fields. 

Essentially a design and 
management services company, a 
director of 1DRO. Mr. Rijan 
Sheibani. said today it would be 
able to bid for the construction 
of nuclear plants, for example. 
iq competition with companies 


already established here such as 
Krupp and Frantatome. 

The as yet unnamed company 
will derive much of its work 
from the activities of Us two 
Iranian partners. An immediate 
lask will almos-r certainly be (he 
construction of a SITOm (Rl'ihnl 
dcs.il inn lion plant, at the behest 
of IDRO. at Char Bahar on the 
Gulf coast. 

Informed sources say Bechtel 
murit* the original appmach to 
IDRO suine six months ago. 
NIOC then became interested in 
joining the marriage, as a result 
of its new chairman's declara- 
tion last autumn that the State 
oil company was to diversify into 
oilier fields, to help strengthen 
Iran's industrial base. 


Final agreements were signed 
last month, but the announce- 
ment was only made last night. 
The company has been set up 
with an initial capita) of SSin. 
The management and Board 
structure is not vet clear, nor 
who wHt have the decisive voice 
un project.-, though sources here 
say the Iranians will obviously 
have a veto power. 

Entering the joint venture 
pushes Bechtel from a position 
of relatively insignificant 
achievement in Irsn^tq date, to 
a potentially highly favoured 
role. The new company, ip 
expected to replace nearly aH its 
American parent's activities 
here. 


German cycles under pressure 


i By Terry Dodswerth 

. ONE 0? the leadin’-; l ; .S. « on 
mercial vehicle component car) 

’ panies. Salon Corporation n 
Cleveland, has abroad in hit; 
about SfflOm worth t»f equip, 
rnent qver thiJ next 111 . year 
-from the Hungarian company 
; Kjba Railway CaruJsr -an i 
(Machine Works. 

1 The deal, sim*d after \ 
qioqUis of ncsoiiiiUoQ, al.Mi upen 
up the possibility of Eaton sel 
toa parts to Raba 
Tb Atnerican company, whir 
ibis extensive imerexts tn thn Ll 
ant) the rest of Western Kuropt 
jaLso indicated l.ist nU’hl lha 
this development may help <- 
! promote other trading link-. micI 
ins licensing agree menu betwee- 
Eaton .and Raba and uilw-r Htti 
g Uriah ~ com panics. 

tn the firxi place, Eaiun lu 
agreed to purchase -kmtican 
i quantities of Raba-tuunufM: 'u>c- 

• axles and axle cumpom.-itL- fu 
j sale in worldwide market*. P.dh 
j may then buy some F2.ii on tine' 

' transmission* und other cum 
jpoaents. from Eaton 

j There was nu clarirtraimn las 
j night a* to the weight r-iti :>• an* 
size of ihe'compuncnr<; involved 
But Eaton specialises m tin 
heavier end uf the truck ltidti-ir, 
while Raba. one of the large:- 
manufacturins- complexes, u 
Hungary, produces die 
engines, front and rear axles fuv : 'f ■ 
trucks and tractors, heavy-duty'.. 
trucks, articulated vehicles am 
railroad cars and equipnu-ni. 

: The agreement follnw« n penman i 
] of increasing links between fhi'Jii’ 
! West and Eastern bloc tradfn: 

! communities in the cutunicreta 
[ vehicle industry. Several W«*-. ' 
i German cumpnnms. im lurtui; 

• MAN and Mercedes, now il»* ■ 

■ considerable amount of busiuvt.: 

I with Comecon connmrs. anr 
i Romania makes a truck under j 

MAN licence. 

.At the same time. Perkins fh» 

UK subsidiary of illasvy 

Ferguson, is involved m- develop 
lag an engine plant in Poland 
But until now. most Nortt 

American motor companies, wilt 
thfc exception of Mafifev. have 
been slow to develop links with 
tbe area because of the huy-back 
arrangements involved in m0?( 
deals. General Motors, for 

example, after ipvr>stlgjtinn 

several projects, is proceeding 

verv cautiously at present. 


BY GUY HAWTIN 


FRANKFURT. July ll. 


DESPITE A boom in demand for 
i modes and ajhtwei^hi motor 
cycles tn the Federal Republic 
last year. West German domestic 
suppliers of parts to the home 
manufacturing industry have 
seen sale* stagnate. The maiket 
is rapidly being taken -over by 
imported products— a growing 
share of which comes from low 
cost countries tn she Far East 
and Eastern Europe. 

Imports last year accounted for 
42 per cent of all parts supplied 
to the West German cycle manu- 
facturers — themselves under 
strong pressure to hold down 
prices. In tire first four months 
of this year the marker sharp 
controlled by imports rose to 47 
per cent 

The figures, provided by Herr 


Heinz Lichtcr. general manager 
of the industry’s trade a&sucia- 
tion. show that last year the 
industry sales remained virtually 
unchanged at DM 292m 
(55142.7m) although West German 
bicycle manufacturers alone - 
increased their output by mure 
than 17 per cent. 

In contrast, he told the 
national daily. Die Welt, sales of 
imported parts were making the 
running with a sales Increase of 
some 26 per cent Last year the 
value of Imports.- totalled 
DM 1 23m while the German parts 
manufacturers* world sales 
totalled DM 520m (5254.2m ) only 
because of a 25 per cent increase 
In ex pons. 

Iftst year had been a boom 
year for the West German cycle 


Shell to buy 
new Dutch site 


and lightweight motorcycle n p\V lllltPTl Sltf* 
manufacturers aud the current IltfT i^uiLU .laic 

year was expected to be another. „ . n 
Huwever. for the 60 companies in BJF vl 
the German parts-makmg sector THE ROYAL Dutch /Shell grinio 
-and- their 5,000 employees— has spent more than £C5m hity- 
there was little prospects of ing a major site in Holland ..for 
seeing .-the boom -passed further the ' future expansion t*C ds 
down the lino- chemicals operations. v 

Some threequarters or the The 620-acre site is at 
imports that are coming into Moerdijk adjacent to the cubi- 
West Germany originate from ! P an - V ! listing petrochemical 
EEC countries with long cycle- manufacturing site. Shell Ncdor- 
monufftcturinB tradition®— Italy. 1 an 5 Chemie has acomred tlic 
France and Britain. However. ; land— on which- H ,| ,i,d j*" 
the West German narts man u- °P fi ion s,nco l*6»— to • *llu» tor 
facrurers* are blami^ ™ ~mtn S decades. « 

pliaht primarily on imports ‘»ali ba U y ^ terfla >- 


dumping prices*' from East Asia • There are no firm pl.jn*t for 


and certain East European lnv **J m *P l at 


countries. 


Contracts for 
Peat Marwick 


Soviets sue Dutch groups 



By Tim Dickson 

TWO CONTRACTS in Jordan 
worth a total uf about £200.000 in 
fees have been awarded to tbe 
nanagemeni consultancy Arm of 
tudiiors Peat. Marwick and 
Mitchell. 

The contracts are further 
•vidence of the growing volume 
if overseas consultancy- business 
loderraken by British firms, 
•arricularly in the Middle East 
The first contract in Jordan is 
i review of the complete 
■rgamsation structure of the 
Jordan Phosphate Mines Com- 
any. covering general and tech- 
I teal management, mine activi- 
ies. finance, marketina and 
'urchasing. 

The other contract involves a 
-^organisation and financial 
'udv of the Municipality of 
tinman where the population 
as crown to just., under lm 
om roughly 250.000 in 1962. 


BY CHARLES BATCHELOR 
THE SOVIET oil exporting 
aeency is claiming more than 
SlOOm from an international oil 
trading company and a Dutch 
bonk for the alleged non-payment 
of hills. Sajur.ncfte-Expon has 
informed the Public Prosecutor 
i nf the District Court in Arnhent 
I rhat it plans to submit a written 
'claim for SlOtm from Jocoil BV 
fof Berg en Dal. south of Arn- 
hem; from a director of the 
i company Mr. John Deuss and 
against Slavenburgs Bank of Rot- 
terdam. 

tt is not yet clear whether 
'the claim is .also against First 
i Curacao International Bank 
| (FC1B) of Willemstad on the 
: Netherlands Antilles of which 
! Mr. Dpuss is also a director, the 
[ PubUc Prosecutor said. A 
! written deposition is expected in 
! about a week when the details 
; of the claim will he known, he 
added. The Public Prosecutor 
[ will then decide whether there 
1 is a case to answer. 


AMSTERDAM. July 11. 

Slavenburgs Bank Is involved 
because Sojuznefte claims it gave 
guarantees for the payment for 
the oil. SlBvenburgs said it 
guaranteed deliveries for a total, 
of S4.9m and that this had been 
paid, but that it was not involved 
in any further guarantees given: 
to the Soviet side. A spokesman i 
for Slavenburgs refused to com- 
ment on repairs that the bank 
had beca buying its own shares 
on the Amsterdam Slock 
Exchange to support the price 
which had come under pressure; 
because of the claim. Slaven-' 
burgs said it had informed the 
Dutch Central Bank of the 
charges which had been made 

against it. 

Jocoil. which has offices in 
Bermuda and New York, 
apparently slopped payments for 
the oil; claiming that the Soviei 
exnorters had broken their con- 
tract because they could not 
maintain regular deliveries. 


Shell's total site at Mncnirjk. 
its second chemicals complex in 
Holland, now totals some 1.340 
acres. 

About 330 acres have bren 
developed to date. The first 
phase, efistfug some £l20in whirii 
came Into operation in 1973. 
included a 450.000 tonnes a year 
ethylene plant 

Since then another £l7Sin ha* 
been spent on the second phase 
which should he complete by iho 
end of the year This 4nctuitf^ a 
styrene. monomer/prnpylfnc 
oxide plant and a needle coke 
unit. 


Serck to make 
valves in U.S. 


ATLANTIC RICHFIELD has 
agreed a joint venture .with the 
British company. Serck Limited, 
for vaive production Ln the U.S. 

Under the agreement, Serck 
will purchase the facilities and 
products of the Aloycd division 
of Walworth, a .subsidiary of 
Arco's Anaconda unit and a valrn 


f red peer; as well as Walworth's 
ubricated and non-lubrii.-aM 
plug valve lines. Serck- wrll pro- 
duce its own and Walworth s 
valves in the U.S. 

Arco und Serck will form a 
Joint managing and marketin'? 
company to be called Walworth 
Serck Aloyco to manage bulb 
Walworth and Serck Atoyco. 
Reuter . 


;anadian wine 


Baby Duck for Britain 


Philip Morris to make 


BY KENNETH GOODING 


\ DEEP red. sparkling table 
« in e. with the strange name Baby 
>uck has become Canada's best- 
ailing brand and is now to be 
lunched m tbe UK. 

The reason this is causing some 
nniment among the British wine 
•aders. who see new wine 
rand* come and go with mono- 
moils remilariiy. is ibai Baby- 
•ueks success In Canada will 
.ike its <a Ies this year to S.4m 
•ottles. Very few of us rivals 
each this level anywhere In Ute 
• urld. 

It has transformed the pros- 
-ecls for the brand owners, 
•.ndre's Wines of Ontario, a com- 
.any. which has quickly moved 
rom the third place to the top of 
he ■ Canadian wine ' company 
eague and us share price has 
loubled' on the local stock 
■xehangea to around C510. 

John F. Heggie, senior vlce- 
ircsidcnt lo charge of marketing 
vorldwide for Andre's, claimed 
in London that sales of Baiiy 
Duck repreaerued one case per 
.ear for every 25 Canadians, 
‘Only • Heinz Ketchup dominates 
its own. market like that." 

Andre'*, research shows that 38 
per cent of all Canadians who 
irmk wine have drunk Baby 
Duck in ihe post six months. 
Some S3 per cent of Canadians 


drink wine and 16 per cent say 
that Baby Duck was the most 
recent, brand they drank. 

There are 10.000 different 
sorts of wine available in Canada 
but even the French Ca/iadians 
have taken to the brand. 

Baby Duck, will be made in 
Britain vrilh the help of a con- 
centrate of red grape from 
Canada by J. E. Mather which 
has a winery in Leeds and is 
probably beat-known for Its Old 
England range of British wines. 
The drink gets its unique flavour 
rrom the VKis Labrusca grape 
which is peculiar to the Niagara 
region^ 

Mather is controlled by 
Matthew Clark and Sons, the 
quoted but independent wine 
and spirits group, and by 
coincidence Clark's product. 
Stone's Ginger Wine, has just 
been re-launched in Canada by 
Amlre’s. 

Andre's was founded only in 
1961. It has six wineries in 
Canada, a turnover last year of 
CS25m and profits before extra- 
ordinary items of CS2.1m. 

The company's development 
has been against the background 
of fast growth for retail sales of- 
wine in Canada. In the past ten 
yea ix they have grown at. a. 
steady -9-per cent a year from. 


' cigarettes in Hungary 

Philip Morris has begun proriur- 
CSlOOrt to nearly CS400ra. This tlon of fts Marlboro brand 
compares with an advance of S cigarette in Hungary for sate m 
per cent for beer and 4 per cent that market .under a licence 


for distilled spirits. 


agreement 


Dohanyinari 


Over the same period Canadian VaHatatok Trostje and ifci 5 Mon- 


wine consumption has grown tmpex Hungarian foreign trading 
from 0.6 gallons to 1-3 gallons a company. . - — 


head each year, still well behind production -Is- under way in 


the major European wine coun* Tcostje's plant in Eger ami ihc 
tries like France, 32- gallons, and oientl used includes a significant 


Italy. 33 gallons. portion of U.S .-grown '.tobaccos. 

Canadian wine consumption reports Reuter from New York, 
may never reach tbe high levels , 


of tbe traditional wine drinking T - 

nations of Europe but there is ISTdCu CXpOrtS rise 


certainly room for growth." said Israel's exports grew by *29 per 
Hr. Keg^e. • coot In the first half of the rear 

Andre s will make Stones t6 total- -81.838m compared «.i 


Cinger Wine under licence and *j.42Sm In rhe first six tunnths 

Ilf 11 A «n f a Ua MafrnrtrteihlMH> 1 . .. . 


will also take responsibility [or- of 1677. accordine to the Central 
setung It a much wider dtstri. statistics. 


bulion among tbe Provincial 


ll.,,,.. mn ...,itM I Polished diamonds, which v»n- 

jiquo, monopolies. flK klwted «•- per cent nf all 


As for Baby Duck, the UK ™™ i„ L<Z -u 

operation is its first flight outside ! cnS’UVi 

Canada. Matthew Clark Is look- " n i-^ n 0 l hP n SC 
ing for sale® of 380.000 bottles b.v Davtd Utlno 

the end of this calendar year *™ ra _T e • v * , * • 

but- Mr, Heggtc believes, as a A 50 per cent_ increase was 
result of trade vjBiis he has made registered for exports of metal 
with the Clark salesmen, this is products, machines -and elec- 
very conservative. tronics. .... ..... 

Test-marketing will begin in Citrus, one of Israel's larpr* 
the Harlech television area and • export Items, registered a five 
the. Midlands where one of !per . .cent Increase in~cxpQrt 
Mather's other shareholders, Baas ftneome,' to total ; $153nv Other 
Charrlngtan. will lend some l aRrlcutrureL exMins gTew- by 42 
support. • [per cent to $151 du ' 









Financial Times. Wednesday July 12 1978 


an s S! ^ EEC directive will 

. * . UN 

t M /l Hiii,: press companies 
i ‘ li1 ^ for double accounts 



home news 


UK half-yearly ear 
output rate up 3% 


*r MICHAEL LAFFER TY 


BY TERRY DOD 5 WORTH. MOTOR INDUSTRY CORRESPONDENT 


rrtttcm UK CAR production rose 

Mrne undpr wiu bakne€ sheets may wish to con- sl J^F las* month compared 

oroduce pressure to slder taking action before enact- May, helping the indnstry 

C:ha« c .i* 0 sets . accounts ment lessens their options. to a half-yearly output of about 

wnen Toe recent] v-annrnva^ i. it: n 3 A nnr nan, mn« 


fourth EEC recent3 y- a PP r ? v «l Referring to the European | — ' H« tv ui uivie uiai 

Tiv-o itimni C0,npan ? ^ aw ^ rec - Commission's, work on develop- same period last year, 
live is lmDlemAntAri <ui 


to a half-yearly output of about 
3.0 per eent more than in the 


to a i * i d * acc J ordin g iD S accounting valuation stand- 

Phart?rprt l! Ieased y . est ££ day b F ante, Thomson McLintock says 
mm accountantB Thomson this raises a question mark over 
rJr‘ ntoek - toe role of the UK Accounting 

The accountants say that the Standards Committee, 
main effect of the new directive may be asked whether It 

will be “the administrative dlffi- should continue to legislate for 
cullies involved in altering every toe- UK profession In anticipation 
set of company accounts to the anxl possibly at- variance with, 
prescribed format.” possible future European re- 

But they also draw attention v ... . J 


Officially (his means that the 
UK manufacturers have a good 
chance to exceed last year's 
production of 1,516,000 units. 
But there has been a notable 
decline recently in optimism 
for the Industry's prospects. 

This Is due to the arrival 
of the holiday season, which 

trill bite deeply in July and 
August, and the recent rash of 


to some possible side effects. 


The study has been published industrial disputes at all four 


“Already ahead of the official EEC docu- 

flnd A the SSI? shareholders ment, not expected to be issued 
J2* «? « , ***** . acc ounts until the end of the month. 

Yiuntelhglble. and it is not diffi. Another report on the directive 
T:° . lntroducti . on has come from Price Waterhouse 

or a formal requirement fnr in a bulletin circulated to clients 
nvo sets oF accounts to be pro- vesterday 

spt ’’ or flUT ?P **** , Copies of the Thomson 
the Registrar of Companies and iUcLintoch booklet ore available 
available only on demand and a from Mr. Frank Harding 
simplified set issued to all share- Thomson McLintodt. 70 Finsbury 
holders (and employees?)." Parent eret, London EC2A ISX. 

On the matter of goodwill. The Price Waterliouse bulletin 
which the directive requires to may be obtained from Mr. 
be written off systematically, the Julyon Hinton. Price Waterhouse, 
study suggests that 'companies 32 London Bridge- Street. London 
with materia] amounts in their SE1 9SY. 

Seagram drops two 
brands of whisky 

BY KENNETH GOODING 


UK producers, particularly BL 
Cars and Chrysler. 


Serious disputes at the latter 
two State-aided companies 
were still going on last night. 

Actual production last mouth, 
covering a five-week period, 
came to 124.000- units, compared 
with 123,000 in Hay and 
1X7,000 in June last year. 

On a seasonally adjusted 
basis,- this amounted to 112,000 
cars, compared with 106,000 in 
May — both of these months 
providing poorer results than 
in March and April, when the 
industry produced 126.000 and 

121,000 units respectively. 

In the first six months of the 
year, output of UK manufac- 
turers rose from 701.000 units 
a year ago to 722,000. 


State 
chiefs 
voice 
pay rise 


Central government 
borrowing in line 
with Budget target 


BY DAVID FREUD 


In the commercial vehicle II0.Y I 
Industry, production Is still Jtr •/ 
rising, totalling 39J.00 units 
last month, compared with . . , n - ,, 

37,800 in May and 32,800 in the Wflffl PC 
same mouth last year. I* vl J. IviJ 

On a seasonally adjusted 

basis It was slightly down on By John Effiott,' 
last month f 344 00 units com- 
pared with 35,400), but produo- iu ATioisr A r ran 
Hon during the last three 
months has risen by 5 per eent a Ef ^ 

compared with the previous !J“}P i2 1 ?Sf r r 
three months. detail how the C 

Overall commercial vehicle 2 

output has risen In the first 2^ rl, tLhK 
six months or this year by a Caljaghan 

little over 2 per cent compared „ 

with the same period last year, Despite Mr. 
from 210,700 units to 215,600. announcement tl 


Proposal for independent body 
to investigate nuclear plans 


BY PAUL CHEESE WGHT AND DAVID FISHLOCK 


P(| y I THE CENTRAL government bor- released last month, which were 

MT eJ rowing requirement over the first slightly ahead of the projected 

three months of the financial percentage increase for the year. 
nrAmiiAn year a PP ears, to he in line with - Consolidated Fund revenue 

WlirriPx Budget projections, in spite of Iasi month was £257 m higher 

* v "a M. ee asonal distortions. than June last year. This brought 

The requirement for the three the total for ApriUJune to £750ra. 

By John Elliott, Industrial Staff months was £2.5ba. compared or 8 per cent, above the same 

with £1.7bn in the same period period last year, 
wATTrwArTWPn nimicTBv ,ast 3 pear - accordin S to Treasury For the financial year as a 

fifiPr® 5 released yesterday. whole, the Budget forecast a 
to .evf ,te uv* The increase is due almost en- 10 per cent increase, 
ill!!?? J?. 1 nister asking him to tirely to changes in the pattern or Receipts should come into line 
detail how the Government pro- ^ receipts by the Inland with the projection later in the 
E£^f s „r t in, pay t “ e ? “ e .P? Revenue. year when the distortions caused 

rises of 70 per cent or more that j n ^ tliree months last year, by the timing of tax changes 
?£; U®JJ. a Sban pr0miSed early none of the tax rebates bad come unwind. 

last ween. through, while some have already In lhe first three months, 

Despite Mr. Callaghans paid this year: Inland Revenue receipts were 

announcement that the Govern- when this factor is taken into only £185m up on the same 
™ en * 'f,Sii! d ? £ be ns ® 5 in account, the size of revenue and period last year, compared with 
April 1380 which they welcomed, expenditure of the Consolidated the projected rise for the whole 

toe chainnen are worried by the fund — the main element in financial year or £2.9bn. 

-££- , e tod n °t specify the central government transactions There was a net repayment of 

individual amounts to be- paid io — are j n tj ne with Budget debt into the National Loans 
thenext two years. projections. Fund of £4Sm last month, com- 

Tne nses follow publication of Consolidated Fund expend!- pared with a net repayment of 
the Boyle Top Salaries Review rm-g month was £529m up on £9Sm in June last year. 

Body report, which said that to j une t 3S 't year, bringing the For April-Junc net lending was 
patch -up with increases in Aprii-June' increase in expendi- £352m iecs than in the same 

private-sector salary levels since mre over the same period .last period last year. 

1972. the chairmen and Board y ear to £i.sbn. For although the nationalised 

members of nationalised Indus- This was an increase of 17 per industries borrowed more, this 
tries, should have rises of up to een t — the • same percentage was more than offset by a sub- 


I : tries. should have rises of up to cen t — tbe - same percentage was more than offset by a sub- 

A PROCEDURE for invesligat- only on fears and worries about Re said that it brought Ger- f2 2£?? 2 w £? ar ' ot prf hr ih* “ crease P^jecied for the stantial reduction in borrowing 
in? nunlpar nmieetis hv an inb« nr hazards, but alsn on man and Swisc intn _ This was accepted by the year as a whole. by local authorities and a repay- 

independent committee instead different views of what const!- conflict with their national laws. Hon* 16 from^^Kom^^ifronnneut T^ contrasts w m ^ nt ^ Nat * onal Enlerw 

of the public inquiry conducted tuted a desirable future. The uncertainties for operators ture fi S ures for March-May prise Board. 


jaj U trpcuucm i.uuuiullcc djoicuu uiuuvuL v» «u«t Lvu^u- LuiunLL wjui luc a i udiiuudl idWX *i__ Fi •nm DnmD nrominont 

of the public inquiry conducted tuted a desirable future. The uncertainties for operators garnet membera^and P loud uro 

by one inspector was put to The procedure he recam- could lead to double contracts hfet mp« l0Ua pr ° 

nuclear businessmen at a meet- mended, which he ealled the and stockpiling in order to avoid 1 w- r-IiwhVrT *>,- n n ~ 
ing of the Uranium Institute, decision advice procedure, would problems with the AcL 

s. e ., ■ssir. mw ^ m ter . Zu £ 


SEAGRAM, tbe world's biggest It is also quitting the “ stan- “gj *JEg£ t&Z ihSS^llues 

drinks business, is adding to the dard" Scotch buliness com- 6 


LUIVCI an V UL AUCfUtXU, Udirncu m ; J . » -i fftO fk 

that procedures such as by the arguments being presented." 52? ^ T Apnl 19S0 ' 

Wind scale Inquiry last summer. Moreover, it would have to 5f e “? d J25 V“? er No guarantee 

iiMimaii i-uniu « flD»niv pnnsWer. clarify and the control of a strong Inter- _ 


Company failures 
continue to fall 


national Atomic Energy Agency. , n £as assumed at the time “• 

«.,»» w W ,u C », •, «uuui5 .0 uic u<uu 01uu.11 uiuuim wui- fms wnnid aKuavs Another point of concern was “*t ““ s yould mean that the the INCIDENCE of bad debts The level of company rauurea 

confusion in the. UK Scotch pletely and does not intend to ^Srpo^^ Critical the application of U.S. anti-truirt £■}““■ £ .J* and company failures is continu- reached a peak in 1976, but Trade 

whisky market by withdrawing introduce at a later date a brand la y n i? JJ*"" h ^ ^ ^micai regulations which, said Mr. ™ m t? e ing to decline, according to the Indemnity said that the latest 

S°cr«! 5 J[ andS T 10 ^ + P !, pers 20(1 t0 WMpete m this part of the tafcen ■ tfae be Jj? information At the WindscaJe Inquiry, Tony :Grey. the chairman of JJJJ _jy° latest survey compiled by Trade decline marked a real improve 

nd mtroducin g a niarkeL . , available not only of toe teeb- although alternative values were Pancontinental Mining,, the of ,25 -^Kl r “LjjS Indemnity, which insures credit ment — unlike the 16 per cent 

ne ^ one ‘ u j . _ . Instead, the new Hundred . . • eD id e mioloeical fac- discussed at length, it could not potential Australian uranium e J^ dustne s wou ^d arrangements for industry and decline last year, which largely 

The new brand — the Original Pipers will compete with Famous { involved but also of how be pretended .that discussion producer, led the nuclear commerce. reflected a stiffening of regula- 

Hundred Pipers— wrll be put Grouse, the Highland DatiUenes p^ppjp 4*^ , Q relation to ot value systems “permeated industry to live in “a Kafka- from £24.70) to £27,170; and then ... tions making it more difficult and 

above best-selling Scotches such brand, which probably, has been £!£!?»* 1 relation to to ^ Inspector's esque world of suspicions and b V ^ t f6 - 415 f 25 *. ln first half Df this year a , 0 be B dectarad bankrupt 

as Bells Haig and Teacher's in the fastest-growing in the last report” innuendoes." annual stages to reach £40.000 gemnebev ^ «es "corded ln oie most recent quarter; the 

Pnce- _. two years in spite of its relatively u the importance of people’s Prof- Pearce’s proposal met Dr. Heinrich MandeL chair- m t t ” sharpest reduction in the number 

Mr Stuart Kershaw, manag- high retail pnee. . valuation of risks versus benefits with criticism from tbe meeting man of the Uranium Institute B_ ut * , of ^. t ? e ?n W ? f S v«£5 of failures occurred in retail and 

mg director of Seagram UK. had not been underetood sSd which has been criticai of pre- and a director of RWE, the Nattoorilsed Industoies’ Chair- L017 m the same penod a year who , esa!e distribution, where 7S 

said the aim is to establish it m ■ ■ Prof Pearce ’ se ot levels of government German electrical utility, said toens Group has decided that AS 0 - failures were notified, compared 


BY ANDREW TAYLOR 


confusion in 
whisky market 


y failures 
but Trade 


said tbe aim is to establish it Prnr Pearce ’ sent levels of government German electrical utility, said ™ en ’ s Grou P has decided that 

“as a quality product at the |7||i<ri«4-|||«p His nrnun at Aberdeen had involvement in the industry. an excess of governmental “nee there is no guarantee that 

top end of the market and en- iJ UIllllllIC been cn^Ssioii ed bv toe I Social The u - s - ■ Government in enquiry and litigation could do this is how the money will be 

able ihe trade to make a reason- |l a 15w fi iJ AC ■ • ; ■ Science Research Council to particular, was singled out for nothing but harm to the Paid, they want detailed 

able, profit ’ {JcUVcrlGS make a gtn&y of the Windscale criticism on this count industry. reassurances. 

, The tiininq of Seagram’s move j Inauirv- and sav whether it was Mr. Peter Jelinek-Fink. the These remarks referred to the Some fear that if a Phase Four 

has been influenced by the with- flOWIl a suitable form of inauirv for chairman of Urenco, the Anglo- tangle of court cases, primarily P*y policy is successfully intro- 

drawal of Johnnie Walker Red BDrm ,„ . aI4 „ . ot i, er nrosnective nuclear issues Dutch-German uranium enrich- in the U.S. but extending last ducedj- the Government may be 

' Label from tbe UK market, SS * TB MmS?nS»r consortium, addressed year to the UK which sought tempted to limit their rises next , 

• • where it accounted for 15 per S ?!£ d TEKgi toauin tasr -° reeaer reaaor hiraself t0 the VS. Nuclear to establish whether an a Ue|ed April to an official limit of! 
cent nf Scotch sales, by Distil- 22^*,“ a* W1 “ He concluded that no institn- Proliferation Act 1978 which international uranium cartel had perhaps about 7 per cent This : 
,0 -l9? in E? 0y after „ its dispute Qn“l seasonanv adbitPd basis t' 00 would suffice for the prob- puts stringent restrictions on the affected the U.S. market in the would not breach the Prime! 

with the European Commission. ® ‘ “WJJPL* lems of anti-nuclear protests, reprocessing of uranium of UJS. penod before 1975. poster's promise to pay in full I 

Other Distillers' brands, Vat a „ ,, because these were founded not origin. The meeting continues today, by 1980. 


Prof Pearce. seQT mveis 01 government uerman eiecmcai uuuiy, saia J 0 Failures were notinea. compared 

His group at Aberdeen had involvement In the indnstry. an excess of governmental since; there is no guarantee that j n the second quarter . the with 123 in the previous quarter 
been commissioned by the Social The U.S. . Government in enquiry and litigation could do 18 ° ow the money wul be number of failures was almost and 137 failures at the same 
Science Research Council to particular, was singled out for nothing but harm to the Pa«L they want detailed 30 per cen t down at 340. stage last year, 

make a studv of the Windscale criticism on this count indust^. reassurances. . 

Inauirv- and sav whether it was Mr - Peter Jelinek-Fink. the These remarks referred to the Some fear that if a Phase Four 

a suitable form of inquiry tor ebamnan of Urenco tte Ango- tangle of o«rt cun. primarily WPOlip is sneeesrfnUy intro- «, , • ir„l 


Shareholders in Valor 
offered gas fire perk 


69° ,ll Il.. D k ie "i , n7' » arfd b"y — ««.«» •"*« »* 

Dewar’s, were substantially in- 27 points to 152 and was mar^n- . . 

creased in price and tois wtil a”/ lower than a year before. . 

S5SSskk!.k Grown Agents tribunal delayed. 

mure marketing effort put behind °f May — was _ per cent higher 0 / 

other Scotches in toe past few Gian a y® ar a S°- 

months. As a result Scotch FINANCIAL TIMES REPORTER 

whisky drinkers m the UK are 

having »n think once again about lUlIUSiry dlQ __ .. , . . .. ^ 

brand preferences. - J THE CROWN AGENTS tribunal. The tribunal is Invest] 

Against this background Sea- NORTHUMBERLAND County under the chairmanship of Mr. “ to what extent there were 


BY ANDREW TAYLOR 


The chairmen are also worried VALOR yesterday became the employees. 

- - • ’ : ' about the impact of tbe rises on latest company to offer its share- Other companies which have 

salary bands for some Board holders perks as a method of introduced perks for share- 

gTH k j J, * 1 _ T J J members, and also want to know topping-up " dividend payments, holders — unlike dividends, 

■ \ pk ffJptflTC: rn rillilH I wi-*fl bow a proposed increase from It is to give its 8.000 shareholders they are not subject to tax — 

V^t iFTTII KX 1U I I il lll wXVXCt. ▼ £t,000 to £2.000 a year in part- a 33j per cent discount on one including European Ferries. Pen- 

time Board members’ fees will be of its range of domestic heaters, tos. Henderson Kenton. Grand 
implemented. Shareholders can claim the Metropolitan and Sketchley. 

FINANCIAL TIMES REPORTER They want to urge the Govern- discount on the company’s Gas The schemes are seen as one 

ment to raise the final figures Glo heaters. Instead of £67.50 method of providing extra bene- 

THE CKOW.V AGENTS tnbun.l, Tbe tribune! * Mpta. f» » W 32E ^hiSSK' teeJ 

under the cbarnnanship of Mr. to what extent there were lapses M ^h^ws for 1°?^ This would mean that the chair- is operation for Valor ject to restraint. 


Against inis oaCKgrounn »ea- “ U “W “*!L uu . "P 1 ™" 1 ' w wn« eneni mere were Jipn ThU wnnlri mpan that tho rhair. 

cram has chosen to drop Pass- Council is to sec aside £100,000 Justice Crooot-Johnson, is to f rom accepted standards of com- men now due for £40 000 would 

port, a brand which never a vrar for toe next three years begin Its public hearings on r professiona! conduct t0 ° soon t0 f2 y - lI 5? ? per ; SSall?^ rerei ve m ore bv lS 

recovered from its initial "rut- to help to attract new industry. September 18. a week later than ™ S !£? concerned in the mquuy at actually receive more by 1980. 

price" image, and 100 Pipers The money will be used to build was originally expected, it was °r of public administration m this stage. He was invited to 

which between them had annual small factories in rural areas announced at lhe tribunal's connection with tbe Agents’ renew his application later if he 


sales approaching 200,000 cases and help companies wanting to second preliminary meeting in £236m losses on secondary bank- wished. 
.a i Ljki 4 l«% expand. Ti\«i?r\n vnetorri u w • n « i-f i fwwv ryjt ir« 


t2.4ni bottles). 


London yesterday. 


Benn backs coal in conflict 
between public enterprises 


ing and property in' 1967-74. Mr. Justice Croom Johnson. Ship COmpany VV 0111^11 UVCI UtllMUU 

wants to end U F 

senior civil semuit, and Sir ^uiJ^Se^n ^pwSig^strt^ tailker OrtlCr A CAMPAIGN was launched have to undergo an additional 

William Shmmings, a leading meDt- yesterday to abolish discrimina- test lo demonstrate that they 

City accountant. Counsel for any witnesses who ° ur Correspondent tion against married women over cannot do normal household 

The tribunal yesterday granted were allowed to be represented A U.S. shipping company has the non-contributory invalidity duties. It is this additional test 

applications to be legally before the tribunal would be told the Harland and Wolff ship- pension. The aim is to have which is causing concern and 

represented from the following: able to make abort speeches building group that it wants to removed the normal household which the campaign aims at get- 

the Crown Agents. Sir Claude after this opening statement if terminate a construction con- duties test which a married ting abolished- 

Hayes, Mr. A. H. Challis, Mr.’ N. they wished. While a limit of tract for a £2Sra supertanker at woman has to undergo to receive It is said to be discriminatory 

S. Davidson, Messrs. Davies, five minutes would hot be the centre of a dispute between ihe benefit and based on outdated assump- 

Arnold and Cooper, Mr. D. enforced, any speeches made at toe two parties since early this T&® nen-eomributory Invalidity tions about the position of mar- 


Move to help married 
women over pension 


BY ERIC SHORT 

A CAMPAIGN was launched have to undergo an additional 
yesterday to abolish discrimina- test lo demonstrate that they 
tion against married women over cannot do normal household 


BY tOHN LLOYD o, uaviason, messrs. uavtes, five minuies wouia not oe me centre or a oispuie oeiween K .... uuiu«iieu daauuiM- 

1 . Arnold and Cooper, Mr. D. enforced, any speeches made at toe two parties since early this The ncn-comributory invalidity tions about the position of mar- 

ATTEMPTS BY Mr. Anthony sing abundance. In short, the generating Board and the coal Marcus, the Ministry of Overseas that stage would be expected to year. ~ pension is a benefit paid to d»s- ried women and penalises dis- 

Wedgwood Benn to persuade the problem is one of coal glut. Board meant that the generating Development, the Treasury, the be very brief. Witnesses would The tanker. Coastal Corpus abied people of working age who abled women who try to lead an 

Central Electricity Generating The 1974 Plan for Coal, agreed authorities will take about 74m Exchequer and Audit Department then be called. Christi. was tendered to Wood- do not qualify for tbe contribu- active life. 

Board to increase its C03l burn between the Government, unions tons this year, 3.5m tons up on and the Bank o£ England. , The tribuna] intended to con- stock Shipping, a subsidiary of tory invalidity pension. The campaign has been 

is a public demonstration of the and the Coal. Board, meant an last year. . si der first the matters relating to Coastal States Gas of Houston. , It has been paid to men and launched by several organisa- 

clear conflict of interests injection of cash into the • It seems clear now that that JSSSSJzKS the Crown Agents aDd its busi- by the Belfast yard in February single women since November tions including the Child Poverty 

between two "rent public enter- industry which is now approach- was a once-for-all gesture of ““ly to resi^ m renain maners ness assoc i a t M which had been and again In March, but toe 19 75 - hut the benefit was exten- Action Group and toe National 

nrisev tbe electricity boards and ing £400m. Because of the benevolence. Indeed, part of "as granted ReaMnaPte legal listed in Mr j^ce Croom- owner refused delivery. ded to married women only from Council for Civil Liberties, 

tho* Nitionai Coal Board. lengthening lead times for open - toe reason why the Generating i were agreea tor me mai- Johnson's statement at the first The dispute went to arbitra- November. The weekly payment Second Class Disabled, by 

In stark terras, this conflict ing new mines — or even extend- Board was so irritated by Sir ’‘rPi 1 * for uavles * Arnold preliminary meeting on' April 10. tion which began in London a 18 Irene Loach and Ruth Lister ; 

hr summarised bv sa vine ing old mines — most of that Derek's comment last week at 81111 cooper- Other matters would be con- week ago. The ship is still lying T ® qualify for the benefit, men arailabZe from Equal Rights for 

LdO u - _ 3 I i ti-nf41 4 -Va 1 TT_2 .r mi J - Jl 1.*.. . Tl r + OnW <~inalo WnmAn hn^A fn pVlHUl niiiflklAJ C 


»hnt 35 ihr Coal Board's’ Plan for Investment will not pay off until the National Union of. Mine- 
rnal assumes a steadv growth toe 1980s. workers' conference that it was 

Si the cool burn ^hile the f I" tb? iabmm the Board was dodging in and out of the 
gencreting board’s plans for coal faced with toe unhappy spectacle market,” and by M^ Benn s 
th«f it Will become Jess of investing as it never had apparent intention to reduce oil 
? mnJSSr oecome less befwe while> at ^ e saine time, and coal imports to “residual 


tribunal deferred an sidered later. 


in Belfast 


and single women have to show- Disabled Women Campaign. 5, 
that they are not capable of paid Netherhall Gardens, London, 
employment. Married women NW3; SOp. 


That it will become Jess Ul lu '“ llu 5 03 It UBUI ,U»“ »FK«isiJl 111 ICUUUII 1 U miuw uu flL!v«AAA 

fmnnSTnr before while - at same tome, and coal imports to “residual I^WllCSC 

in VS Bonn's task is to trv to productivity and deep-mined pro- levels.", was its feeling that the 

make them meet but he "does duction continued to decUne. So, Coal Board was being ungrateful 

not k iDDreach kmirn the position l ast >’ ear the productivity bonus after receiving a big favour. Cfiffl llll CS 

1 -? P n«jtrii medrator P He is scheme was introduced, after a The Generating Board’s prefer- vVittllUVJ 

flrmlvon toe -tidcVwwL as his lt appears to be work- enetKor nuclear stations, and its fi m 

5 "!l;no to hrinc forward the in S- ,, powing aversion to coal, had tTlSKfi t ] TT| 

de ™"ilin n/iirav B coal-fired In AprH, only a few months been apparent for some time but Aklfc UW *^-*.1X1 
w ir,?JrSorinn°d<Jmonstnrted after 0,6 6151 aieas bad bes S n made clear last month on SOTHEBY’S held two important. 
p£l nrhf St3 nnl7finn i«! not toe working with toe scheme. Sir toe publication of its corporate auctions yesterday. Chinese 

P ml«iv of electoral Derek Tira said that it had con- plan f 0r 197^ ceramics and works of art, 

Min i on* 1 the need to buv tributed l-5m extra tonnes to The. plan expressed extreme which totalled fl.24S.S95 with 
‘ Sr?S; if the Government f^p-minedtotal overtoe L- toat^PlM toCoal 1 * ss Bt than 1 P er cent . ™***.*P* ' 

nuners * «um>ort months ending in March or 135m t(mq f ona i h _ Western manuscripts, which 

- £ r l \ h h * c aTS£5i" ibeTtt ^.^ to^altoougb toat i^aoffJS contributed £449^20 with again, 

nmstfiSd markets for coal which. tuet-an d _ then had it both 



n,u ? -™ “SSSi tl mi tami v ‘ous year's by !L2m ions. . ^ bTSw to tf it dS Top price was the £150.000. W » ■ 

,s being produced in embarras- However far from being toe * the S P 3u8 lhe 10 P er buyer's IS If 

answer, now it seems to be part wou j fl nQt needed premium, paid by toe Japanese ■|1| MS 

of the problem. Tn a crucial nassaae the board deaJ er Matauoka for an early M 

The main worry of raid* “ a^mni rtndied Wuc white dish of JMmM 

Board is not the product but toe by WheneratiS SS 14tiw:entury with an other- 

( market. Recession m the steel * ^eeneraung Maranumeg wJfie unrBBOnled pattern. 

industrv has meant thai : «s £ fijJgS Harano. another Japanese 

\\VA CWlMf^TO DC, second largest customer ta generation at high-load factor boufih L * ver ^ Tank horse that fetched a record £110,00. 

W AbniNLjr I vji\, niQre than 3m tong jess coking an - . . s * prTns i s Tzu Chou sgraffiato vase, c 1000 

* *r> • coal than it did two years ago- to j ncrease slow i r AD, for £140,000, while Eskenari -Amiens, c.1435, for Raol d'Ailly, ■ A- roll showing the royal house- 

li /v Pll&lSSClHCC 0/ General industrial users still are over time.’’ 9 3 paid £110.000 for a Tang Horse, a soldier who probably fought hold expenses of Edward I for 

J moving out of coaL The domestic t0 j ts strong bias in a record at auction for a Tang at A gin court The’ manuscript the year 1289-90 sold to Quariteh 

fiir/irinllStlP 1 *** market has grown only slJghtiy- £a VOUr ^ nuc iear power is the contains the Hours of the Virgin, for £5,000, rafter more than the 

Uf Tt Beemei i possible last m ° nin - opinion in the generating board preceded by a Calendar. King’s outgoings for the. year. 

*■* - 1 - _ , P.nmnnnn t*n H ITT 1 1111 ltV~*~ Ik.. ... ° . D . . fT*T DiKIO A Uk.H ... ... 



A luxury hohJ in the 
European tradition. Elegant, quiet, 
unruffled— never a cdbybbSou- 



Tt seemed possible last m® - opinion in the generating board 

[ that the European Community— ^ ^ wil] not prow “ t0 ^ 
which has come up with muen oi mar fcediy m0T2 attractive in 
toe finance the coal Board .i aa Price than oil for many years yet 
I used in the past three years— —possibly into the 1990s. 
i again would lend a hand- This, then, -is toe context in 

A plan had been prepare am which the hard talking between 


SALEROOM 

BY ANTONY THORN CROFT 


contains th e Hours of the Virgin, for £5,000, rafter more than the 
preceded by a Calendar. King’s outgoings for the year. 

The Bible oyustemont Abbey held it5 annual 

near Metz. Procured c-1170, with suro mer sale of collectors' can; 
over 2,0M Peinteff mittals and at Beaulieu and raised £317,920. 
mjgg* llll,stratloos ' went with the two top lots selling, a 

1927 Amilcar, _a_ racing two 


THE MADISON 

Watbksioi-sContdJUnB 
1 5tL i M Sams, ng««i D.C^50MJ 

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or see your travel 33«it 
atesWI C. Giymi ?wprirtfr 


A plan had been prepared m which the hard talking between It probaMy^tayed at the Abbey seater wq. f 0 ’ r cor OOO as did a 

which about £200m of EEC funds Benn, Mr. Glyn England. Horse. Another similar horse until the French Revolution and ^nog Packard which was suoolied 
would be used over the next three chairman of the generating board was bought by Atigetchi for was then owned by a French t0 a Middle Eastern ruler who 

vears to subsidise toe sale of and Sir Derek is taking place. £60,000. , , chemist who was using the So?e it for LOOT nS toeS 

power station (steam) coal in the Sir Derek is in the unenviable _Two more high prices were vellum to cover medicine jars, abandoned it • ^ eD 

EEC countries. position of a man who must get £80,000 from Matsuoka for a A travel .guide to the Holy . «. Oo _„ .. 

The coal Board expected to sell aarkets if his industry’s develop- “hundred deer" jar with the Land, produced in Padua, cJ.475, lt 

about 5m tons in that market, 4m ment is not to be gravely affected, mark of Wan Li, and £78,000 by Gabnele Capodillsta, with e “S® S 0, 

tons up on present exports. But Mr. England sticks closely to from Harano for an incised and large folding maps, went for *crran Spyder sold for 

the Energy Ministers could not jjjs statutory duty— to generate painted Tz’u Chon jar of the £44,000. also to Schumann. 

auree and the plan is mothballed, electricity at the lowest possible Sung Dynasty. . Traylen, the Guildford dealer. Among prices at. the lower 

Everything thus depends on price and the highest possible Highlight among toe znanu- bought a Book of. Hours of the levels were the £1,800 for the 

the coal Board's largest customer efficiency. scripts was the £130,000 paid by Vij-gin by toe Troyes Master for last open Morris Minor to come 

—•top electricity Boards- Earner Mr. Benn must seek to have Schumann, a Swiss dealer, for an £26,000. Another Hours of the off the production line in 1969 

this rear all seemed well. An the two industries accommodate illuminated manuscript with 49 Virgin from- Troyes fetched and the £3,200 for a 1937 Austin 

unwritten agreement between the each other; large miniatures made at £17,000. Mayfair seven-seater limousine. 


Our non-stopflights toTehran run 
right through the week. 

Leaving Heathrow at a highly 
convenient 09.55. Arriving in Tehran in 
timefor dinner. 

And all with .the comfort of a 747- 

For full details of all our flights to 
Tehran, or to make reservations, contact 
yourTravel Agent 



Theworicfc fastest growingairline. 




8 


Fijaancial Times Wednesday July 12 1978 


home news 


ICI investment plans 


‘not justified’ 


W ■■ ■■■ 

Profit ‘essential on feeder jet’ 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


BY KEYIN DONE, CHEMICALS CORRESPONDENT 


"IMPERIAL Chemical Industries' present plans .would have to be al Wilton and is ehippms in .rip..i s inn 
profitability is stili too low to kept under close review. Predic- ethylene from sources in the UK . " .. ' 


THE GOVERNMENT'S approval and obliging tee Govern me nt to 
of full-scale develoometi*. of the shelve the project 
E150m. four-engined short-haul Since then, it has been kept 
146 feeder-liner jet aircraft is ticking over with only a small 
intended to be a commercial injection of Government cash. 


but this has boon sufficient to 


venture hack into top guar. 

Brhssh Aerospace— which is 

now dropping the prefix *‘HS" 


justify its investment plans, lions about growth and import- and* the' Continent. i ^ ?. ; le . t J* r ' • is n0 douot that l^^^Hmexal^cul *hlr ^rhc. 

according to Mr. Maurice a nee of each product would be The company has bad only one l !L rLii Si prototype, so that it should not 

Hodgson, chairman of the com- wjij. recent meeting with senior shop SSuS« 1 ™ 100 to s * ltah 

pany. Tne company's review of in- vlAh ,, r ,. B r _ * , Wo inQU5i r>. wnere worn vni%t ,, wa ,- nrrt . on 11|lir 

ICI has been drawing on us vestment plans should be com- sl *"f rd . s from the muons grammes have been runnin 
cash resources to bridge the -ai P lete[J next month. involved in the dispute, the . down fast, and so remove some 

between low profitability and One result of lower growth was Amalgamated Union of Engineer- , imminent labour problems., tne 
ambitious capital spending pro- that - Skater proportion of ICI ing Workers and the Electrical. J*** l0,d ®4.‘-25 

aramme, amounting to about investment would 30 towards re- Electronic. Telecommunications 

£700m Sis vear. pla«ng existing plants and less and Plumbing Union. ,l urcI \ b,unll > ' 

But it is* future protects that awards expansion. No progress was made and no Jas got to make a profit on tne 

are chiefly threatened Last year ® llt most - immediate further meetings have been ; venture. 

B saictioned fixed caortai y So- problem W3 s the continuing arranged. 1 It should be able to do so. 

toSSin® abouf 1 fflOOm diipu: 1 at ils Wflton situ on Meanwhile. TCI has stopped ail | provided British Aerospace 
, Sfi «« Lv Teewide. recruitment of other weekly achieve? three things. 

/If The Chronic shortage of staff, in spite of its L'OO existing • First, it must ensure that the 

P ThP lr>mn/nv il!s ^hmithv tr3ir ‘ e ° artificers is delaying. the vacancies, ro try to avoid laying- • design meets precisely the 

The company has healthy cornnl i«| 0nill , „ r « c«im off staff ai least until thn end . mm' 

liquid resources on which to “ 



NEWS ANALYSIS 


: : V • y ;/ .... 


AEROSPACE 



of a new £20m off staff al least until the end : emerging market demand for a and calling the ai; 

oi^Vr ethylene oxide derivatives plant, of the holiday period in , small aircraft of this type. —is convinced t: 

£ ™SL£ r th moment * SJld Mr ' which is ready to start produc- September. • Design, development and pro- there. 

lion. Fart of a plastics plant. > ductiun must be kept to After 2 survey (.f 56 airlines. 


rcrafi the 146 
the market i.t 


— w-a 


• j j: 'J *-.■ - - .p tfifjNKA 4 . 


Hodgson. 

But he has told ICVs Central 


The plant, which will produce manufacturing tow density j schedule, with deliveries in together with a 


An impression of the short-haul four-engined. 14ft fvedcr-Hnvr Jet. 


, — . -.—v.. ..... c- — ...... ' — _ number «if 

Staff Conference that continuing chemicals for use in detergents polyethylene, has already been j 1981-82 — there can ue no delays government j. air forces and 

to do this "will be justifiable an d brake fluids, is crucial to shut down. The next plant! if the market tide is to be interested agencies world-wide, -sales for im to .150 aircraft, or af 19$0. with first deliveries to ehrnnicollv sh.irt bec.ui.ic uf (h<- 

oniy IF we nave prospects of r },e petrochemicals division's earmarked for closure, because ! adequately met. the salesmen concluded that up j.u.u! unu-third of the world the airlines m l.<te l»?l or early rapid rundown uf activity gn 

markedly improving our pr on t- siraicgy. says the company. of the shortage of trained.® Third the aircraft must be to 1990 there would he a market mJ rkei. So fur. the competition 19S*J ' Trident jets and Hone. rde Mat 

aoiiiry this year. tCl nas already had to shut personnel to run it. is the . delivered on specification and for about 2.330 aircraft capable j,- },mitud _ which is whv Depending on orders, produc- field wiU control the programme 

He warned that the company's down one of its ethylene plants propylene glycol plant. :at a price the market can .afford, of meeting - • - J — ••••" - 

i With most of the sales !:ke!y to demand- 

'be in the Third World develop- only a smal . 

ing countries, where cash for moving a* any one moment, bui j| u . ra< .,. with its now ageing it should be able to break even shire, ami ai other British 

(expensive aircraft is limited. t».e I*'- 5 * tw.n-jot but with plans for on the costs of close 10 £250m Aerospare factories 

between the 300th and 350th Additionally, more than 
that have never f- • »* *■»•» iiu»wi. aircraft workers in ancillary rnd 

services ... Als «- .I»*?8Cr manufacturers Ot the £350m development iltch Xs dcctmnies 


Exporters ‘couW!^™^^ 

Welcome lower helicopters 

exchange rate’ 


t 2.-OU aircraft capable hunted — which is why Depending on orders, produc- field wiU control the prugramme, 
C t T L’ 1 . “ low-density British Aerospace wants to get tion is expected In build up lu including final avtcmhly and 

That is. routes wi in on W :th the job quickly — witn it*- peak irt the early lSSOs. and itigbt testing, and sumo part> wdi 

3 "'* * m, V Fakker-VKW of Hollnnd in British Aerospace believes that also he built ai Brough in York- 

— British 

n -f.JOfj Elf 


into the Boeing are not going to let costs, about £196ra is for the «..n a 

onward the 14b take sales that it might civil versions, and the rest for hydraulics, will he mvuiied in 
win for its twin-jet the military model. Moat of the inakln s equipment 


I HG musi be kept rugged, rehabie flights to provide genuine “ bus- .- D ii ov -.nn aircraft that could tap 
•and Cheap. stop” type air services between sul;i|? , t af |h( , 14H -. markol . 

The decision to revive tne pro- communities that have aever 
gramme is' a triumph for Lord had jer or any air 
Bes'.vick. chairman - of Brit'sh before, or to fesd iratlic 

h«e Si LhSx° uUSS f ° r otherwise win for its Iwimjet the military model. M«t or the inakln S cquipnient and parts 

given the chance? the'ean make Of this market, the British "?7. Although the 737 is a bigger spending is on research and Wherever possible. Brit nth Ac m 

. THE MINISTRY of Defence has; a success of the 146 J Now the v Aerospace salesmen concludort. aircraft altogether. Boeing will development, including provision space will buy in ready-madr 

placed an order with Westland have *ot what they wen' ’ * aboui 1.200 aircraft would be no douiir aim it al the same of jigs and tools. parts, to keep the aircraft cheap 

• Helicopters. Yeovil, for 15 Com- The" venture was original!? needed io the 70- to 100-scat markets as the 146. However, substantial Aims and tot in development. 

" - — in addition, there is to be a have been built into the figures Bill up to about 35 per eem 

ersion of the 146 to allow for such costs as foreign participation will in* 
ith a redesigned “ education ~ — teaching the enrotirageri. Saab- Scam j ufi 

rear-loading of labour force to build the aircraft Sweden and Aerltalu uf 

, fare duties. The order is believed for a quiet short-ranae “bus’- two versions, tiie Series 100 fight tanks or trucks. Such an — which is expected to account may huilit some parts. Aim' - 

a change in competitiveness. ho be worth more than 20m. stop” type* of jet capable or seating 70 rn £»0 pa<£engeri. and aircraft could also be used for for more than £71 m on the civil Lycoming of the US will 

The academic team, chaired by | inriudlng spares. lining small loads from grass the Series 2nd seating up to 109. tronp transport and as an air versions and more than £14in on provide the four ALK-7iQ2l! 

lower effective exchange rate. Mr. Peter Oppenheimer of Christ The Commando order wil! give- airstrios as well as bia airports. There will be sitsht variations amhuVince. Sales of up to lQfl the military model- engines, because RoUs-Hovcc-a 

and would invest more if their Church. Oxford, pointed out that a major boost to Westfand. which 1 But within a vear the oti crisis on these .lumbers according to uF the military version are In all. about 7.000 workers in does not have an engine in tin- 

overseas earnings improved. there was little evidence from 1 has been having difficulties in .and then industrial recession a!! the seating configurations anticipated. British Aerospace will be directly appropriate thrust ealegort of 

These arc some of the main the experience of floating to negotiating new pay rales for a; but wiped out the world market individual operator* adopt. The current plan envisages the involved on the new jet. mostly 6.700 lbs. and the U.S company 

findings of a survey made for support this view of how the- substantial number of workers! for all types of airliners, forcing With these models. British first model, the smaller Scries at the Hatfield. Herts., and Fillon, may alsu build the w 1115a for the 
the Confederation of British market works. , at its Yeovil factory. 1 Hawker Siddeley to withdraw Aerospace believes it will win 100. flying by about the middle Bristol, factories, where work is jet, " 1 


BY ANTHONY HARRIS 


BRITISH exporters would 
probably welcome a somewhat 



Bataquest 

director 

dismissed 


Toyota challenges 

sector 


Industry. In which 25 concerns They argue that to meet the ' La*t month the group 
from a wide range of industries needs of industrv the Govern- 2 nneuneed that it would not pay ! 
were interviewed at length by ment must have a 'police to main- . an Interim dividend— end warned 1 
a team of professional econo- tain competitiveness. This might ' 1} ? at fl, P ?' Far niighi be 

mists. imply relaxation of exchange disappointing — hcauie °- ll ^ 

.Any sharp appreciation — controls to offset the impact of .‘ 31 ' ur '; 10 negoti.-ue a new wage 
certainly any rise above the UK oil production on the balance • formula to bring an end ™ 
levels ruling at the start of of payments — especially the Pi^work sysiem nr pajments 

this year— would be highly recent restrictions on the use of : at lhe h elicopter Pjaru 

discouraging, and would be sterling to finance ihird-country ' 
regarded by some firms as a trade. 

disaster. Official intervention to The team found that companies 
damp down short-term fluctua- were on the whole reluciant to! 
tions is generally regarded as take a long-term view of coni-, 
helpful. petitive conditions, and base their 

The survey showed that plans on such a view: any benefit ' 

British companies tended to take to investment would be a direct 
a jaundiced view of the effect of result of the improved flow of' 
exchange rate changes in profits to finance investment. ! 

general. Thus, while it was Companies would probably MR. ROGER COCHILL, manag- j USl i ess ^an 12ft lor- failin'* 

widely appreciated that a fail in invest in plant — which the team ing director of Jordan Dataquest m idwav in size 

the effective rate would tend to thought urgently necessary 10 —financial survey publishers and such as the Volksw, 

increase the rate of inflation — make up for lagging investment 1 part of the Jordan group of s Golf 



BY TERRY DODSWORTH 


A NEW contender in the sniali 
hatchback sector of the car 
market was launched ir. Britain 
yesterday by Toyota, the second 
largest of the Japanese 
importers in the UK. 

The new cur— the Starlet— is 


A PASSAGE in our article 
Leasing and HP Options pub- 1 
li.-hed on Friday alluded to the 1 
1 wen I announcement that the- 
Inland Revenue ia challenging 
the Harold Ferry organisation I 
powered by a 1 litre engine, on some aspects or its vehicle | LA.YCERBOSS. 
means that Toyota <GB) will be Suasmi? upera turns. | owned forklift 

dropping the 1000 model from Us It ha.s 


figuration which most European 
producers have abandoned in 
favour of front-wheel drive. 
Introduction of the Starlet. 


LancerBoss seeks 
expansion after 
39% sales increase 




BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 


lhe privately- Exports accounted for 7« prr 
trucks group cent nf turnover Lm. year and 
.s hern pointed out that; which suffered severe financial should remain stable, 
he 1 ■‘■gen cars ranee. the impression might have been problems, in 1974. Iasi year However, the order bonk wa« 

kwasen Polo and The 1000 mnd-'l was never a: given by this reference in its “ achieved real growth” Tor the “undesirably short," .11 the 

_ . . . .. . . JV .. successful m Britain as Tnvuta toiiiext that lhe Harold Perry | first time since that period and equivalent of between three and 

and one firm thought that the in recent years— and few would company registration agents— | Although styled on similar had hoped, hui the company . crcatitsatinn was 10 be thought j is now seeking expansion. four mom hs work, and was about 

damage threatened in this way contemplate such steps as has been dismissed. He is con- • lines to °ihe modern rang* of clear v i« aiming to step up sale* 1 nf as nneur the “fringe elements Sales in the year to the end of the same as it was in Hie autumn 

would be greater than any gain increased investment in overseas. sidering legai action against the . European cars in this clas.-\ it in this sector with the Starlet. 1 of the industry" referred to. March rose 39 per cent, on the of 1976 

in competitiveness-— few bad marketing. ; company. utilises the traditional from- Toyota's target is reatsirai inns: earlier in that passage. -previous year to Witn. while “We don’t expect it to im- 

noticed any. helpful effects on The report comments that UK He said yesterday: "My con- engine, rear-wheel drive con- of 3.000 by the end nf" the year.! Th,* would be a quite nus-: ,axab,e Pf?*! 1 Jumped 746 W prove until the second half of 


inflation when sterling was companies have become much 'tract was terminated without 
strong. more sophisticated in their 1 warning or consultation la*t I 

It was also felt that any handling of foreign currency Friday and since the mailer is i 

markets lost when sterling was markets, making wide use of in the bands of my solicitors !' 

over-valued would be difficult or forward cover and foreign-- orefer not to comment." 
impossible to win back even if currency invoicing. ! Jordan confirmed this but re- 

the currency reverted to its As might be expected, those fused to comment on Mr. Cog- 
original level. with the largest element of ! bill's remarks that he had be- 

Most companies seemed to sterling cost and the narrowest j come redundant because the 
assume that market forces would prost margins were most con- 1 group had decided to curtail 
ensure that the exchange rate corned about the movement in j severely its industrial surveys 
would reflect changes in competi- the rate, and about a third of j from 60 last year to about 15 
liveness, at any rate in the long ihe companies interviewed were] this year. 

run. and their views on desirable more or less indifferent to the j 

or undesirable changes implied level of the rate. 


Move to develop 
derelict docks 


Aviation changes 

IMPROVEMENTS IX customs 
arrangements for “general 
[aviation” aircrafi — including 
| light aircraft used by business- 1 

I " _ „ ,-J.J vn „ -,-aiar I HI* MUllCH l. UIC HIUU^U/ 

J IE ml»bl no. be able to cope will. 


Greater investment 
in tourism sought 


, taken impression : Harold Perry 
! is. of course, a lona-established 
lie 


■ ?n& reputable public company. 


I cent, to £3.94m. 1979 because we must wait fori 

Shareholders’ funds increased one of the major world economics | 
bv £3.4m to £S.2m. With interest- to be rettated,” said Mr. Bownua- 


Su far as Harold Perry is' com | £"$3 borrow^ngs at £2m. the Shaw. 

cerned. there is no element of ' r™“P* n $J ,l t _ u j 

tax avoidance in. any of iu ; £**£. « 1 1 - *' “SLfSt 


i vehicle leasing schemes. 


BY CHRISTOPHER DUNN 


BY PAUL TAYLOR, INDUSTRIAL STAFF 
DERELICT SITES in the London exhibition centre and a 


joint report prepared 


A CALL for more investment in private sector. 

English tourism was made “There is a need for indus- 
yesterday in London by Sir Mark irialists, as well as for the 
Henig, chairman of the English guardians of pension and insur- 
Tourist Board. ance funds to have confidence in 

Sir Mark said that, without tourism as an investment oppor- 
niore investment, the industry tunity." 

Sir Mark, presenting the 


Husbands 
accused 
over pay 


Customs and Excise in conjunc 
tion with the busmes and ii 
aviation community. 

Among the recommendations 

mentary “■prncedurcs^to 1 rnakc C R i but also investment from the ticularly from the private sector.! 


HUSBANDS WERE accused 


West Midlands 
exports 


factory position from which we 
jean contemplate expansion with 
stability,” according to Mr. 

Neville Bowman-Shaw. founder- 
chairman. 

Although LancerBoss has the 1 ,1 

capacity and resources to double Up SllSIltlV 
output in unit terms at its r 

Leighton Buzzard plant, within Firtanda | T!mes R Cport . r 
two years 11 will need a new 

plant some distance away. A “SLIGHT improvement 

vj 1 , j- home and export business was 1 j 

I a reeling again reported hy members of 

The new town of Milton the West Midlands Regional 
Keynes. adjoining Leighton Council of the Confederation of 
Buzzard, was becoming an British Indnstry. 



20-acre : eas '? r for business aircraft to 


Other proposals include sup- 
port for the designation as 
“Customs airports” of Humber- 
side fKirmingtom and Stavcrton 
('Gloucester- Cheltenham) air- 


UU.U.W.U ■ — *«* - **“ -U.'UJN CJIUblUUII kr.l'ir « 41 U B .U'U.b . ... - . ... 

dock areas are to be examined “Tivoli Gardens ' -style fun fair. : internationally 10 and from 

by the Greater London Council The committee has sought! 1 * 16 r*)- unproved arrange- 
to sec if they arc suitable for a council approval for a so. acre ■ ra ents for those using aerodromes 
large shopping centre, sports golf course on Surrey Docks, the < specially approved by customs 
complex, exhibition centre and isle of Dogs or Victoria Docks. ; for business nights, 
fun fair. O The Port of London Authority 

The sites have been selected was given the backing of its 
by the Docklands Joint Com- customers yesterday on the need 
mlttee, and will be discussed for a quick Government decl- 

to-day by the council’s Plan- sion to remove the uncertainty, ... , . 

and Communications Policy over the future of the near- : “f- '“*■ an “ some ^relaxations in 
Committee. bankrupt Upper Docks. '• » h e " P ri °r notice requirements 

The GLC hopes to encourage The _ London General Ship- : £r oluaining Cu.toms clearances 
Private investment in the East owners Society, representing * 0T cert ain flights. 

End. shipowners using the Port of 

Miss Shclagh Roberts, chair- London, said it supports a solu-: Scots linempioved 
man of the committee, said; “We 1 °n 10 “ ,e financial crisis facing ,.-. R .-rfatioN anrf' other Gov- 
are giving a clear indication of the authomy based upon the ern ment emp^'mem measures 
the path we think developmeni need for future viability, p 

should follow. Now it is up to However, the society gave a 


Avon plans to double 
Northampton output 


BY PAUL TAYLOR 


AVON, the direct-selling U.S. for completion in mid-19S0. 
cosmetics multinational, is to A second-phase development; 


The result v.-as that housewives | While internal growth would strong feel ingof confidence that 
were spending Jess on food fori remain in the main policy, this pick-up will continue.” he 

the family, said Mr. Derrick , Lancer Boss could be interested said, “especially with an cle«-- 

Hornhy. president of the Foodij n “comparable acquisitions," tion a definite possibility in the 
Manufacturers' Federation. I Mr. Bowman-Shaw said. autumn." 

“One of our market research | Some tentative contacts had Sectors reporting more orders 

surveys showed that 30 per cent i already been made and, if they since the last meeting two 

of housewives thought their; were to come to anything, months ago included electronics. 


husbands had not had a pay rise 
in the past year. 

"This is, of course not true. 


and the building 


serious negotiations would prob- hardware 
ably begin in -the autumn. industry. 

Capital expenditure this flnan- Overseas trade sales to Europe 
H , ie L„ rfe __ jeial year would rise by £700,000 were said to he “rather better" 

cuauieiius uiuiuiidiiuuai, » w -- . : (at „ J n0 p f °f: : to £2.3m compared with last than two months ago. “ But the 

spend £18m on new plant in the «n™lyins a CI ] urUl . er investment 0 f Ssnosable^ inSSne The ye4r ^ nd 019 sroup woul ? als0 be P° s , iti J on ‘s lumpy." Mr. Swamson 
initial Dhase nf an ex D an>inn of aboul £ . 1Sm ln new ware- . spending an exu-a £lm on added. "One good order can 

P -P - housing facilities on the sarne!™ 0 ]!?^^ ?, oin * marketing, taking expenditure to bo followed by a period without 


programme which will aoubie siu > w S llld follow and was due lo the heuing shop or puh.' 
production capacity at its UK for completion in the late 19S0s. ! Mr. Hornby, manufacturing 
base in Northampton. _ Although the announcement of j director of the ioternationa) 

Mr. Brian Crosby. UK manag- the expansion plans was widely division of Spillers, speaking 
ing director of Avon Cosmetics, expected, the level of investment! after a federation seminar. 

One of the reasons in 


£3m. 


anything coming forward." 


a selective ampton factory and in the L T Kj people by cheque is because the 
investment gram of £l.S75nt for end of Avon's international sales ; husband does not want bis wife 


could have accounted for a5 ! announcing the expansion plans was a surprise and is seen as a; added: 

.. , .... munh -is half of the drop in un- yesterday, said that the Govern- vote of confidence in the North - 1 this country why wo can't pay 

lhe private sector to take up the warning that “uncertainty is a emolovmern in Scotland since men* had agreed - — *— * - J ' ' ' 

challenge.'' very damaging feature" and nf the vear inv 

The Docklands Joint Com- that unless action is taken- -pi, e Scottish Office's quarterlv Ph* 
nittee has suggested three pos- “promptly some shipowners' hutietirT nublished 

ible places Tor a shopping centre may desert the port before ih«:2SSS estSaS^tha? over the 
ir hypermarket of about 200.000 final decision is made. j The ?ear the 

10 the Ji coverage ™? ^ures 


HOME CONTRACTS 


mittee has suggested three pos- “promptly” 
sible 
or 

St, The sites are North Quay, West Government the importance of "e ‘“^-meni SubsidV’ 

India Dock: near East Beckton reaching a final decision overi7 h T P Tob > Creatkin ^nd Work 
district centre; and beside Tunnel the future of the docks, and in j L h ® £5^ nSiSmni ,n?ihP 
Approach, ar the northern end particular the suggest closure of | d 

of the Blackball Tunnel. the Royals, as soo'n as possible. ? mal1 C i m r P !" IC ^ ™ 

Several sites, including the It wants the Government \o mike I g®g sed from a2 ’°°° » e °P le 10 

disused Surrey Docks, are a commitment on the docks'? 1 ,,. , r 0 v- 

suggested for a sports complex, future by the end of this month. ; if r , ? n £ J?r mu: Bulletin No. 

and the Docklands Committee Mr. William i-5. o-u. ti./d. 

suggests that a site with river 
frontage 
a 


The Scottish Office's quarterly (phase one of the programme, due and production 
bulletin, published 1 


to know how much he gets.” 


port 


Rodgers, Trans- 
Sccretary. Is at present 


ntage might be desirable for studying the PLA's proposals in Effluent exports 
500,000 »q ft international junction with union suggestions. : AGAINST THE background nf a, 
[declining home market. British! 


W ave-testing tank holds key 
to future energy source 


BY DAVID FISHLOCK, SCIENCE EDITOR 


Two IBM teams in final 
of management contest 


5Y MICHAEL DIXON, EDUCATION CORRESPONDENT 


manufacturers of water and; 
j effluent treatment plant in-J 
: creased their exports last year! 
, by 38 per cent to a record value j 
1 of Eo5m. I 

j Export work aioounts for 53 
jper cent of the order books of ; 
members or the British Water; 
, and Effluent Treatihent Plant 
1 Association. 


TWO TEAMS from IBM have The other finalists competing. 


won through to the four-team for the £1,000 first prize are Shell ; More Car USCrS 

final of the 197S UK national Thornton Baker, ; THE USE of cars for business in 5 

management championship, in , accountanis. of High : central London has increaed sub- 
London on July 35. pS!SiS« m ~ 1 . « stantlally since 1966, the Greater 

The cbanipioilshlp is epee- poWioe-held Z ,e^f kn oc”Si : in ‘ rc00rt 

sored by the Financial Times, out- in the first round of the! There ‘was also "rowlne 

Sartor 3 d d Ari? In stitute of champion ship, which started m; evidence that more robtorisH 

wato Un ^ antS 'i“ n V ar >' v l' 1 .i h entrants— are were feeding meters illegally. 

with the Confederation 41 0" anrt^Unicorn' Indu»tri4 erV The res* rch™?^ iS ? . preIin li nar >' ' sra,e models of one of the most 

British Industry and the lnsti- £300 nlaic wiirh^n^U. — 0 Ef S «* rC !? d ° cume " t fo a Green , promising methods of hare esv- 

•t.ute ?f Directors ’ London on Friday 4ead9U in -! 5ES, “ Si WWUbrt by the ing wave power, the "nodding 

’ uon on rnaBi ' I council in the autumn. | duck" concept of Mr. Stephen 


AN INGENIOUS new way of 
reproducing hostile North Sea 
conditions in a laboratory was 
demonstrated yesterday to 
Mr. Alex Eadic. Energy Under- 
secretary in Scotland. 

Mr. Eadic was opening lhe 
£100,000 wave-testing tank, 
built for the University of 
Edinburgh and paid for by tbc 

Department of Energy. 

He reaffirmed the Govern- 
ment's commitment to investi- 
gate waie power as a future 
energy source and said that the 
Govern meni would doable tbc 
rate at which it was financing 
this line of energy research. 

He was shown how 350 tonnes 
of water in a tank 90 feet long 
ran be churned into a simula- 
tion of almost any sea condition 
— including freak wares — 
under the surveillance of a 
micro-processor. 

This is designed to test small- 



Saltcr of the Department of 
Mechanical Engineering at 
Edinburgh University. . 

Last week, the Central 
Electricity Generating Board 
said that wave power was 
showing enough promise us a 
potential source of electricity 
to warrant bringing its two 
engineering divisions — genera- 
tion and transmission— into an 
area until now the preserve of 
Its research division. 

The wave tank is to be made 
available to the Board's 
engineers. 

The Edinburgh project group 
believes that Us wave-power 
system could be developed io 
generate electricity competi- 
tive in price with nuclear 
power. 

The Board says more 
cautiously that wave power 
could perhaps compete with 
non-nuclear power " if foull 
fa el prices were again to raise 
substantially.” 

Mr. Salter's scheme for 
harnessing waics centres on a 


duck-shaped cam set on a 
flexible spline, anchored so 
that waves striking the earn 
will cause it to nod and pro- 
duce a hydraulic pumping 
action to drive a generator. 

The generator will Jie set 
inside the cam. Cables buried 
iu the sea-bed will bring the 

el eel riel ty ashore. 

Edinburgh’s calculations 
suggest that peak-power out 


£2m modules for oil rigs 


OtfISCO. Aberdeen, has a £2m handling techniques for the 
contract for work on BP's Forties manufacture of special points, 
field installing accommodation * 

modules on two production plat- Two contracts valued at fliKkOOft 
forms. hove been won by WRIGHT AIR 

it CONDITIONING (SCOTLAND), 

Worth over £lJ!m. a contract has Glasgow. Both are for computer 
been awarded to WALTER rooms, one for Aberdeen District 
LAWRENCE for the construction Council and the other for A, It. 
or a commissary at RAF Station, Findlay or Glasgow. 

Bentwaters, Suffolk. Placed by the *. 

Property Services Agency on be- As part of an air conditioning 
half of the United States Air system refurbishment at the 
Force, work has started, and com- National Gallery. Traralaar 
pletion is due in August 1079. Square. FILM COOLING TOULRS 

* is .to supply eight packaged cool- 
A £700.000 contract for the in- lowers, ^.^^“dc screeii- 
stallation of environmental con- m S for new-silom operation. 

2g ri( 2 U ! if ‘^Tng^demke^'by OOWTY has been chosen by the 
ASHWELL SCOTT at the new Minlrtry of Defence WdMtej and 
Leman Street, El, premises of manufacture the primary flj lug 
Centre-File, the National West- controls the fly-by- wire 

minster Bank’s computer bureau demonstrator, programme to be 
tuhairitarv- carried nut on a Jaguar a 1 remit. 

* Briefly, Ibis moans replacing ihc 
GJSC-GENERAL SIGNAL has a wual mcchnnicnl linkage to the 


the. seas around Britain. 

But generation and trans- 
mission losses are likely to be 
heavy, reducing the yield to 
perhaps one-third or this 
figure. 

The wave tank will test 
small-scale models only 
l;150th of the size currently 
envisaged Tor power genera- 
tion. On this scale, the facility 
represents an area of about 
:t square kilometres, and events 
will lake place about 12 times 
faster than they would at sea. 


Boulton 
to 


puls Of SO hw per metre of 1 %£S 'SST Jg*l££ul SK BST.. off 

shore line are available from igjJs ^G mSuiSSe^ Sr railway trical system. This work will be 

signalling Interlocking at the undertaken by ® 0W| U; 

British Steel Corporation. Tees- Paul under -direct - contract 
side. The signalling la required at British Aerospace at Wharton, 
the Lackenby Entrance lo control _ .. . j 

locomotives transporting molten Work starts shortly on the third 
metal between the blast furnaces and final phase of a housing 
and the steelworks. development at Old HalL Bentley. 

* for Walsall Metropolitan Borough 

As part of a £4im development Council. Worth over Sim this 
plan by the International Paint is a further contract at Benttoy 
Co- Gateshead, SIMON-SOLITEC awarded to C.. BR\ANT ANU 
of Gloucester, (a Simon Engineer* SON, Solihull,* and is* for 169 
ing company) is to build a pilot centrally-heated houses, of tradi- 
hulk storage and handling plant tional deafen -and ,con si ruction, 
worth nearly £B2.000 designed to Site work will include treatment 
confirm the suitability of bulk of disused mineworkings. 




The Financial Times 



The first office penthouse in the sky and th 
first Jumbo direct from London to Cairo -Kuwait-Bombay. 





uilt with the latest technical features, our Jumbos have been designed 
to make your business trip even more comfortable and pleasant. 


\SmVA3T 'S 



THE OASIS: We're opening our unique tourist lounge 
refreshment bar where you will be able to stretch your 
legs and meet other important businessmen before 
you arrive in Kuwait at your destination. 


THE BUSINESSMAN'S STUDY: In the Economy Section, 
our new Jumbo jets provide a quiet study area, so you don't 
have to lose time while in transit, but rather sink into a 
comfortable seat, have refreshment and do your work. 
Remember, there will not be any telephone interruptions. 


THE PENTHOUSE SUITE: First Class passengers will enter 
a world flavoured with the East The richly<arpeted and 
cushioned observation lounge in the penthouse will make 
the hours pass unnoticed 


BMjF JIMP 








THE BUSINESSMANS ENTERTAINMENT: We know you 
won't want to think business all through your ffight.That's 
why we're the only airline with entertainment on every 
flight We show films or you can tune into the latest in 
stereo sound 


THE BUSINESSMAN'S CLUB OASIS: We will be 
inaugurating our exclusive Club for those who like extra 
information and enjoyment on their business trip. First 
Class passengers become members automatically And this 
service wOl be indispensable when you arrive in Kuwait, to 
help and inform you of existing services. 


TIME-HONOURED HOSPITALITY: As our planes get 
bigger so does our service, for us hospitality is a serious 
mattes; and something we're proud ofThafs why we offer 
you a choice of three menus in First Class and two in 
Economy Class. 


THE BUSINESSMAN'S SCHEDULE: Join us on our Jumbos 
from London Heathrow direct to Caiio-Ku wait and Bombay 
three times a week, or from London to Rom e-Kuwait once 
a week. Our inauguration Jumbo service starts this autumn. 
Don't forget our 707 flights leave London for Kuwait 
every day with direct flights from Monday to Friday. 




»• r-\- 






Does more to make your business trip a Jumbo success 


-aft Airways, 52-55 PiccsM&By London WLTfefc 01-491 4280 ■ Binninghain! 5tb Floor, The Rotunda, NewStreet, Birmingham B2 4PA.TbL 021-643 5821 ■ Glasgows 124 Vincent Street, Glasgow Tab 041-248 3588 a Manchester: 218 Royal Exchange Building, Manchester 27DD.TeL- 061-834 4161. 






10 


financial Times Wednesday My .12 


NOTICE OF REDEMPTION 
To the Holden of 

NEW ZEALAND 

9^4%- Bonds due 1982 
(due August 15, 1982) 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Bonds of the above-described 
issue, Morgan Guaranty Trust Company of New York, as Fiscal Agent, has selected for redemption 
on August 15, 1978 at 1007r of due pnO' «pal amount thereof through operation of the Sinking Fund, 
£1,600,000 principal amount of said Bonds bearing the following distinctive numbers: 


3K-32-2625 53E8P 
fit 2633 53*0 

95 2394 5419 
224 2700 5421 
148 2751 5463 
' 235 2799 54?0 
213 2801 5520 

370 2837 
394 2892 

510 28 X> 5680 

327 2944 5070 
. 360 3000 5708 
365 3011 9735 
403 3043 5772 
• 444-2098 3823 
461' 3114 5S31 
478 31C9 5845 
498 3184 5909 
503 32G8 5034 
547 3295 5937 
564 3310 8013 
805 3314 6025 
623 3558 6085 
£38 3387 6088 
663 3427 6188 
692 3476 6183 
730 3477 8305 
763 34B5 £343 
777 3558 827T 
839 3362 630 4 
£51 3801 6310 
900 3653 8352 
918 3654 6407 
924 3061 6448 
956 3742 6517 
986 3767 655? 

984 3775 0563 

985 3825 6611 
10<H 3339 6643 
1051 SW1 8892 
1071 3667 8699 
1093 3924 67-18 
1108 3946 6752 
1126 3958 6785 
1138 3995 6802 
1149 4011 6879 
1183 4029 6898 

.1225 4065 6954 
1227. 4103 £973 
1503 4155 7006 
1305 4500 7009 
2338 4207 7020 
1419 4217 7062 
1440 4243 7069 
1519 4281 7036 
3520 4300 7138 
1525 4313 7159 
1581 4359 7181 
3616 4394 7193 
1 618 4451 7198 
1887 4452 7230 

1713 4472 7281 

1714 4496 7303 
2765 4540 7353 
1768 4567 7364 


SI 55 1 M 13 UM* }=a 43 1 BW 0 21107 
8158 10648 13327 18564 21148 

8187 10701 13329 *U 72 

8190 10710 15343 1 M 20 13650 21214 

£209 10722 13397 15 TJ 7 18632 21245 

8240 107 SO 13408 lSgJg 1 M 85 21255 

8271 10779 13434 1503 1 33722 21283 

8557 8290 10793 1 MW t«[ 6 A 12792 21341 23331 26282 27 IBS 23834 

** Hi UK SSk i6io7 3IS ligg ^ ^ 2715,9 28879 
Hi ML m 1PI jg$j fiS? 

gg it * as &? as tag 

If! tl«K varii lgM 16938 21519 

8548 11066 1 CK 2 1523 ., 13956 21650 

8572 11073 13 fl 3 f, ]. 63 o ; 18971 21370 
8613 11 M 1 13639 10 <g 7 21598 

8617 11087 13045 l£» JfQM 2187 B 

3 R 24 11120 13667 153 j 3 10003 21579 

8631 11142 13715 16 * ■? 19087 21807 
8656 11171 12719 l« 7 y 19117 21603 
8701 11 X 86 13752 lb 580 1 B 130 21897 


23375 23188 27022 28708 30539 32702 35228 37919 

23398 25190 27042 28711 30542 32741 38237 37923 

23420 25190 27081 28745 30251 32740 35239 37982 

23449 25215 27092 28762 30591 38764 35244 38004 

23473 25234 27110 28771 30606 32782 35289 38008 

23481 25235 27112 28770 30634 32320 35270 38007 

23502 25241 27138 28825 30637 32874 35290 38017 

30657 32886 35318 38041 

30692 32908 35319 38071 

23570 25305 27215 28809 30729 32968 35338 38084 

23579 25343 27254 25906 30741 33001 35348 38109 

23651 25343 27278 28924 30749 33051 35367 38110 

23637 26345 27285 28933 30772 33067 35454 38124, 

23658 25366 27304 28950 30787 33144 25459 38219 

23680 25375 27326 2B585 2WBC 23163 35323 38220 

23665 25398 27376 29009 30795 33207 35528 38251 

23888 25438 273TT 29010 30873 33208 35535 38287 

23698 25484 27387 29026 30874 33256 35551 88320 

23722 25488 27414 29029 30676 33259 35620 38325 

23730 25904 37420 29053 30884 33278 35854 38328 

33732 29517 27440 28073 30903 33391 35671 38347 

23753 25543 27400 29082 30910 33323 33717 38380 

23756 25549 27485 29121 30914 33333 35747 38400 

23767 25651 27496 29163 30931 33378 35748 38468 

23770 25552 27504 29182 30951 33388 35753 38303 

23783 35621 27535 22184 31015 23393 35833 38928 

23792 25638 27550 29187 31038 33409 35850 36552 

23812 25841 27573 29221 31093 33429 35882 38567 

--- - 23848 25848 27575 29231 31098 33503 33932 38813 

IWO MSS 21916 23884 26883 27826 29292 31132 33517 35948 38814, 

8887 11443 13073 1665, 18305 21982 23875 25703 27840 29296 31159 33563 35963 38824 

8916 11450 14002 1666* 19328 21981 23908 25710 27B45 29300 3X182 33929 36020 38690 

8531 11533 14012 ICb-S 19405 22003 23940 25731 27687 2S318 31183 33656 36038 38733 

8931 11542 14068 lfc.55 19430 22093 23945 25732 27739 29327 31188 33082 36087 38734 

8963 11399 14070 167A9 19468 22100 23952 25741 27746 29330 31198 33725 36100 38778 

-- - ’«— • 240=0 25758 27754 29338 31232 3C740 36103 38779 

24040 25801 27758 29380 31228 33792 36MB 38818 


8703 JlSll 13757 16382 19139 2j7 10 


6734 112)3 13799 16437 19178 

8788 112M 13812 1«M 19208 21772 

8730 11300 13870 18486 19246 217B8 

£303 11385 13890 18544 19265 21835 

8815 11396 13938 16590 19278 21877 

8816 11422 1393T 1&am 


§012 11612 14096 16776 19474 22117 
9068 11630 14122 16791 19524 23183 
9118 11630 14149 1GG43 19380 22192 
9142 11656 14134 16900 19627 22200 
9170 11665 14252 16903 19JH7 22217 

&S iiSS ?}& 9 S3 ima £& 2 

$3 m\i ssi gg 

9371 11773 14353 37058 19755 22387 
9277 11853 14339 17078 19761 22411 
9314 11B71 14435 17082 19B1I 22412 
9363 11077 14450 1703 3 19647 22421 
9390 11882 14430 17147 1334* 22431 
9407 11920 14524 l'lv, 19352 22520 

m iis m ns ;as nn 

9470 120M 14608 172«5 19902 22550 
9480 13083 14644 17325 19971 22596 
3493 10093 14665 17323 20002 20630 
9514 12130 14713 17355 00031 22631 
9527 12166 14748 17339 00081 22656 
9559 12227 14730 17368 20128 22704 
0611 12257 14302 17377 20128 22709 
9653 12314 14644 17413 OOim 22720 

9716 12327 14R47 17464 20234 22730 

9717 12393 14393 17470 20241 22745 
9794 12431 14948 17541 2'1244 22748 
9807 32468 140-10 17501 20289 22774 
9354 1349* 14960 17376 =0208 22788 
9837 13531 15045 1,634 20323 22818 
9881 12538 15060 17652 20322 23828 
8925 12605 13094 17691 20403 23837 

... 9946 13628 15121 17TI1 104X3 22841 

3954 4881 7590 10023 12642 15145 1T727 29430 32833 
3973 4700 7445 10028 32680 15172 17742 20451 22889 
2005 4713 7454 10039 13688 15204 1775E 20472 23915 
2061 4745 74S2 ZP0S8 13705 15218 17794 20484 22928 
3005 4807 7493 10093 12723 15220 17848 20529 22937 
2083 4830 7531 10096 12781 15245 17867 20533 22938 
2124 4B55 7525 10176 13775 152G1 17324 20350 23010 
2141 4885 7820 10181 12795 15301 17942 20571 23019 
3148 4922 7025 10184 12S04. 15313 17973 20B82 2303* 
2168 4923 7626 10197 12821 15320 16PC6 20627 23046 
3175 4938 7600 10217 12272 1S343 18057 20845 23059 
3199 4934 7699 10218 12878 15266 10070 20887 23066 
2239 4937 7710 10236 12C9G 15385 18075 20703 23002 
2280 4953 7734 10207 12918 15454 1813T 20714 13109 
2322 4973 7768 10316 12958 15488 10176 20783 £3140 
2329 5024 7836 10338 12979 15507 13251 20767 23187 
2356 5062 7854 10250 13005 15550 18152 20777 231 BO 

2383 5071 7868 10359 13007 25558 182&9 2031 I 23134 

2384 5101.7398 10374 13110 19582 18307 20819 23230 
2437 51-12 7942 10385 13115 15656 18355 £0872 23262 
2434 5163 7945 10406 13176 15657 16301 20919 23277 
2458 5173 7398 1C41B 13200 15699 18431 20920 £3283 
2488 5185 8023 10502 13226 15683 18435 £0983 23304 
2916 5201 8034 10926 13242 15766 18448 £1018 2S308 
3544 52S2 8113 10938 13272 15769 18465 21018 23314 


2820 4586 7365 
1855 


1859 4601 7380 
1683 4633 7304 
1928 4679 7391 


24061 25346 27762 29384 31253 33807 36181 38877 

24076 25665 27823 29400 21205 33845 36234 38838 

24087 25888 27824 29429 31318 33*71 36S58 389-17 

34109 25896 27831 29430 31369 33934 36237 38954 

24153 25913 27859 29474 31406 3393C 3S204 38968 

24164 25934 27860 29461 31419 33991 36374 39004 

£4190 25955 27807 29492 31424 34041 36892 39041 

24232 25976 27908 29496 31475 34073 36409 39046 

24237 28006 27934 29574 31483 34089 35475 38064 

24254 26018 27066 29570 31490 34091 26513 39128 

24256 28055 27970 29582 31526 34138 36529 .39134 

24277 26057 28020 29586 31561 34142 36563 39177 

24315 26067 28023 29588 31567 34148 36588 39232 

24330 28088 28027 29594 31602 34156 36S44 39254 

£4343 28116 28040 29613 31639 34183 36673 39260 

£4368 26119 26051 23622 31648 34204 36835 39285 

24387 26122 28084 29654 31650 34209 36711 39330 

24438 26144 28072 29857 31655 34=81 36713 39338 

24443 26188 28092 29672 31656 34308 36789 39385 

=4451 26208 28119 29732 31660 34311 38800 39368 

24472 =0250 28137 29733 31665 34329 36830 39374 

24479 26283 28149 29730 31677 34384 36874 39444 

34499 36289 28156 29818 31710 34409 3SB76 39454 

24505 26294 28187 29833 31741 34428 36881 39464 

24522 26295 28203 29838 31747 34454 36956 39492 

24523 20309 28207 29839 31769 344*5 36963 39512 

24575 26313 28243 =9894 81802 34487 36985 39538 

24577 28337 28262 29898 3181 1 34506 37006 39592 

24618 £6396 28269 29914 31851 34540 37042 39683 

24632 26400 28288 29932 31904 34S31 37044 39637 

24659 26434 28303 29960 31906 84560 37117 38635 

24379 26437 28328 30005 31928 34581 37139 39699 

24680 26450 28331 30007 21945 34624 37x55 39708 

=4690 26531 28363 30044 31965 34637 37196 39782 

24691 28541 28375 30067 32022 34S34 37=11 39780 

24606 28544 28380 30094 3=033 34695 37280 39797 

24704 28356 26334 30096 32058 34703 37281 30817 

24719 26566 28426 30105 32079 34738 373=2 39823 

£4740 26571 28428. 301=2 32060 3474S 37368 39843 

24752 28580 28444 30164 3212S 34772 37300 3988? 

=4772 20612 =8465 30188 3=134 34780 37391 39925 

24808 £6613 £8486 30195 32151 34S39 37438 39933 

248=6 268=9 £8470 30213 32154 34855 37458 33995 

24861 26870 28474 30222 32158 34899 37502 

24878 26670 28488 20244 3=197 34902 37504 

=4809 =6683 28516 30=57 32214 34310 37551 

2492 L 26712 285=8 30262 3=30 34952 27569 

24930 =6776 Z8557 30263 32311 3499 1 37602 

=4966 497B8 2856= 30268 32=27 350=4 37644 

34982 =6790 28591 30347 32=86 35029 37653 

25022 26840 28616 30=59 32407 35110 37672 

25041 26841 28021 30378 32426 35113 37799 

25044 2 £881 28825 302B2 32426 35119 37760 

25061 26904 2863= 30423 32491 35137 37777 

=5068 2692E 28642 30428 325=5 33181 37790 

25113 28969 28849 30432 32590 35133 27010 

=5125 27014 28675 30459 32627 35198 37861 

23140 =7015 26697 30485 32664- 39210 37894 


2535 3266 8128 10597 13280 15804 18551 2:094 23348 

On August 15, 197B, the Bonds designated above will become due ond payable at tbc pruiripal amount 
thereof in such coin, or currency of the United States o! America as is legal tender lor the payment 
therein of public and private debts, and will be paid upon surrender thereof at the corporate trust 
office of Morgan Guaranty Trust Company of New York, 15 Broad Street, New York, New 
York 10015, or, at the option of the hearer hut subject to any laws and regulations applicable 
thereto, at the main offices of Morgan Guaranty Trust Company of New York in Brussels, Frankfurt, 
London or Paris, or Bank Mees & Hope N V in Amsterdam or Credit Induslriel d" Alsace et de Lorraine- 
in Luxembourg. 

FEonda surrendered for redemption should have attached all unmatured coupons appurtenant thereto. 
Coupons due August 15, 1978 should be detached and collected in the usual manner. 

From and after August 15, 1978 interest shall cease to accrue on the Bonds herein designated for 
redemption. 

HER MAJESTY THE QUEEN IN RIGHT 
OF NEW ZEALAND 

July 12, 1978 


NOTICE* 

The following Bonds previously called for redemption have not as yet been presented for payment: 


M-19I9 £712 
ices £736 
£705 =853 


3533 

4016 

4018 


4193 

4957 

5334 


5407 

5885 

5925 


5033 

6036 

6059 


6134 

6389 

7140 


7S43 
8=3 1 
9287 


10774 

10798 

1 C 9 D 2 


11304 

11310 

11330 


11337 

11408 

12100 


13754 

13738 

13787 


147 14 
14313 
26763 


27594 

33682 

33305 


38866 

33569 

39032 


LABOUR NEWS 


Worker participation plan 
for railways threatened 



fy:-: 


BRITISH RAIL could become the deal with the rail board based saltation procedure. But this 
only nationalised industry with- on increases in passenger and was a negaUw system be«Bse 
out arm proposals for Industrial freight carriage. workers were not involved in the 

democracy at Board level after Air. Weighell said on the formulation of policies, 
the end of this month— the second day of the union's two- Delegates earned a motion 
Government deadline for week conference in Llandudno calling for 50 per cent worker 
schemes in state industries. yesterday that there were three participation on boards or com- 
Although th. vatinnal Union different views on industrial panics with independent negoti- 
ofjSSwavrrSn bfpeett te democracy held by the three atm? rights to all employees to 

& wSSMt'SIftal! repla “ J0,nt “ 


consultation 


otter oolois i„ state industries weiehell nu.de ii cler 


scheme for being party tn 


In investigating 

ye^^or^SSS 1 mSTSS ^onan«a>ds of British' Rail a tailor-made system for the rail- 
to drop the ^idea cald the railways dim powers to the negotiating 


oy 


be forced 

because of resistance 
rail unions. 

The 180,000-strong union dis- 
closed yesterday that funda- 
mental differences over indus- 
trial democracy with ASLEF the 


several bad alread> : left the seats on the that the union wanted ultimately 
• •- a uilor-made system for the rail- 

ways with a transfer of consults-! 
tinfl powi 

bad a “highly development con- structure. 


TUC urged to back 

train drivere* union, could block 1* nrrninrf IVTU* 

policy against sst 


deprive an 
by taking 


Mr. Sid Weighell. general sec- By Pauline Clark 
retary. said that talks would take THE National Union of has power to 
place on a proposal for the NUR Railwaymeu which this year individual of his job 
to “go it alone” on worker par- became the first union to away his union card- 
ticipation immediately after the threaten expulsion of "racialist The executive decided last 
conclusion of the union s annual and anti-union “ activists in tha March to instruct branches to 
conference next. week. National Front, has asked the identify members using the NTJR 

He 

risks „ , 

feared the NUR will be vulner- The request, which has been - .. h . ^ 

able to attack if it were the only sen t to the TLC Equal Rights Mg f° 

union involved, in unpopular Committee, seems likely to *““°** disciplinary proceoure. 

policy decisions. revive the public controversy of Bm ^ far no cases have been 

He said that talks soon with last spring over whether unions P“* forward. 

British Rail Board would explore should have the right effectively 


rence next week. National Front, has asked tne identity memoers using me 

will be nointins out the TUC to urge all affiliated unions structure and their position as 
emaUed. P S canicular he to adopt the same policy. union officers to recreit National 

a «v,„ vtttt, si, , — puinar. t>,o mmiaci u-his-h hac hf'f-n Front members m the railways 



Mr. Weighell complained that 
the possibility of - the NUR tak- to deprive people of their jobs there had been mterepresenta- 
ing aunilateral decision.- became of political activities of tion of the unions original 

which their union executives do decision. The National Front 
not approve Railwaymens Association was 

Mr. Sidney Weishell. general not made up of "just a few 
secret an-. warned delegates cranks." ft was a “dangerous 

vetwrda'v at the union's annual group” working systematically 
conference in Llandudno that to recruit members through the 
they must be prepared for a NUR structure, 
further barrage of public “ Our intentions have been 
expected shortly tu produce plans criticisR) when the union distorted by the media although 
of their own for submission to implements its disciplinary pro- we have made it clear that we 
Parliament • ceedings for the first time against are not seeking to expel members 

Friction exists between the a National Front member. because of their political views." 

NUR and ASLEF on a range of Because the ISO.OOC^-strong The issue was about fascist 
issues and is also threatening the union has a closed shop for the activities, Ur. Weighell said, and 
NUR's hopes for a productivity’ bulk of railway employees, it not about political views. 


Tost Office engineers on strike for a 35-hour week iriarcft 
past the Post Office tower in Marylcbone. 


Such a step was. “ bristling " 
with problems. “If. we can’t go 
all In together there is a case 
for dropping the plan altogether." 

Following the Post Office 
example, the steel, aerospace and 
shipbuilding industries are all 


Civil servants may strike 


BY PHILIP BASSETT, LABOUR STAFF 


INDUSTRIAL civil servants will 
consider a total strike if the 
Government does not improve 
ts 10 per cent 'pay offer. Mr. 
Mick Martin, public services* 
national secretary of -the Trans- 
port and General Workers' 
Union, said yesterday. 

Widespread Industrial action 
has already been taken in sup- 
port of the 183.000 industrial 
civil servants* pay claim. 

Action, meeting 

London shop-stewards are to 
meet on Friday to consider co- 
ordinated action on the claim 
throughout tile London area. 

The Transport union is the 
biggest union representing ‘.he 
industrial grades of staff, who 
delude dockyard workers, ord- 
nance workers, drivers and 
Whitehall messengers. 

Two different forms of 10 per 


cent pay offers from the Govern- them to full comparability by 
ment have already been April 19SQ." 
rejected. The unions also want commlt- 

Jfn Martin said that until the on comparisons with 

Government improved its offer, private sector manufacturing 
the present industrial action — industry and on the introduction 
which has included stoppages at Qf four weeks’ holiday a year. 
Portsmouth and Rosyth dock- 


Webley Scott 
to dismiss 100 


yards and the blacking of two 
nuclear submarines — would 
continue. 

If no improvement was made, 
the joint trade union side would 
consider a total stoppage, which 

would cause serious disruption to • 

the country's defences. 10 J oa * * eir ]obs a * the Webley 

- and Scott gun-making factory. 

Talks between the unions and West Bromwich. West Midlands, 
the C:vn Service Department The redundancies, among shop- 
have broken down. floor and office workers, will cut 

Mr. Martin said that many the workforce by about a third. 


are 


Walkout by 25,000 
Post Office men 


BY ALAN F>K£f LABOUR CORRESPONDENT 


ABOUT 25.000 Post Office engin- mare of thm will face in tl 
errs in the London area held a future the problems of teclui 
half-day strike yesterday in sup- logical change which we are f.> 
port of their demands for a 35- ins in telecommunications ntw\ 

■ The statement said the unior 1 
members would continue 
accept changes in techno hi - 


hour working week. 

A demons t ration in London 
included a march to. the TUC 
headquarters where representa- 
tives of the men handed in a 
letter for Mr. Len Murray, gen- 
eral secretary, callin : for the 
TLtC’s '* practical support." 

The Post Office Engineering 
Union said In a statement 1 that 
TUC support was * being de- 
manded because there was a 


and working practices ’ mil; 
they could reap benefits then 
wives such as the shorter writ- 
ing "week. 

Since the union stepued. i 
its sanctions in support _nfc: 
lung-standing W-lwur . ww 
claim.. 71 engineers have b« 
sent home For refusing to w« 
normally and thousands moi 
have staged short walks-outs j 


need to press the Government __ 

to allow more flexibility in col- their support. Yesterday hin njr 
leotive bargaining in both pay j n Colchester, Essex, were se* 
and hours. home and this may lead in othj 

“We want the support of engineers in the town stDpgg 
other unions because more and work today. . ..-.ri 


Fair wages award of 15% 
won for dock chiefs 


BY OUR LABOUR STAFF T 

THE ENGINEERS and Managers’ managers’ salaries before th 


workers were working with A slump in export orders and I Association has won a Fair award averaged* about ±'5120 

memners of the armed services, an influx of cheaper guns from lavage* award of about 13 per with a maximum of about £7i0» 

and wanted the same assurance Europe and Japan is blamed for) cent for managers and directors The salaries of the luei 

” tney rec eived to "restore the cut | at smith’s Dock, the British directors, who in some company 

Shipbuilders’ company on Tees- would ho described as senin 


as 



balances Bankin § fi s ures 


as at June 21, 1978 


las table 9 in Bank of England Quarterly Bulletin) 

ELIGIBLE LIABILITIES. RESERVE ASSETS, RESERVE RATIOS, 

AND SPECIAL DEPOSITS 
I— Banks 


THE TABLES below provide the first 
monthly indication of the trends of bank 
lending and deposits, ahead of the more 
comprehensive banking and money 
supply figures published later by the 
Bank of England. Tables 3, 2 and 3 
are prepared by the London clearing 
banks. Tables 1 and 2 cover the business 


of their offices and their subsidiaries 
fpxcluding Scottish and Northern Ireland 
banks) in England and Wales, the 
Channel Islands and the Isle of Man 
which are listed by the Bank of England 
as falling within the banking sector. 
Tabic 3 covers the parent banks only. 
In this, it is comparable with the figures 


produced by the Bank of England, which 
show the reserve positions of all the 
banking sectors subject to credit controL 
Minor differences here arise from the 
exclusion from the clearing bank figures 
of Coutts, a subsidiary of National 
TVestminster but a clearing bank In its 
own right. 


Eligible liabilities 
L\K. banks 


TABLE I. 

AGGREGATE BALANCES 


Total 

outstanding 


Change on 
month 


LIABILITIES 
Sterling deposits: 

U.K. banking sector „ 

U.K. private sector 

ILK. public sector 

Overseas residents 
Certificates of deposit 


of which: Sight 

Time tine. CD’s) 
Foreign currency deposits: 

L'.K. banking sector 

Other U.K. residents 

Overseas residents 

Certificates of deposit 


Total deposits . 
Ocher liabilities* 


£m. 

£m. 

£ul 


£ra. 

4-174 


- 88 



26.BCI 


+ 264 



665 


+ 47 



2JKJ 


+ 78 



2.438 

'll? 775 

+ 75 

J. 

•"tf 


13.1fl3 


T 

+ 

90 


21,179 


+ 

285 

a.*»68 


+Wtt 



1. 1 47 


- 37 





+ 93 



1,160 

1 7-786 

+ 32 

4 . 

TOt 


53,73) 


+ 

766 


0 .3*4 


+ 

578 


TOTAL LIABILITIES 


03.122 


+ 1 J 344 


ASSETS 

Sterling 

Cash and balances with Bank 

of England 

Market loans: 


1,143 


+ 32 


Discount market 

2.166 



S/J27 

- 10 


8211 



- 93 
+ 30 

OUicr 

.362 


9.781 


- 103 


Total 

outstanding 


Change on 
man Ui 


Bills: 

Treasury bills 
Other bills 


Special deposits with Bank of 

England 

Investments: 

British Government stocks ... 
Other 


Advances: . 

U.K. private rector 
U.K. public sector .. 
Overseas residents .. 


Other sterling assets* 

Foreign currencies 
Market loan*: 

U.K. banks and discount 

market 

Certificates of deposit 

Other 


Bills 

Advances: 

UJS. private sector 
UJv. public sector . 
Overseas residents . 


Other foreign currency assets* 


TOTAL ASSETS , 


Acceptances 


* Includes Rems in suspense and in transit 


£m. 

£m. 

£m. 


£m- 

389 

944 


+ 32 
+ 3 




430 



422 

2,283 

1.435 


+ 10 
+ 3 



.. 18.819 
276 
3J214 


+591 
+ 117 
+ 120 




5^14 


+ 

430 

3,764 
277 
. 7,186 


+ 337 
- 25 
+270 




56 




2,187 . 
1,10.1 
3,127 


- 26 
- 26 
.+ 1 




893 


- 

1 


63.122 


+ 1.344 


262 

■ ' 

+ 

3 


Scottish clearing banks .. 
Northern Ireland banks 

Accepting bouses 

Other 

Overseas . hanks 

- American banks 

Japanese banks 

■ Other overseas banks ... 
Consortium banks 


Total eligible liabilities* 44,370 


Reserve assets 
UJL banks 

London clearing banks .. 
Scottish clearing banks .. 
Northern Ireland banks 

Accepting houses 

Other : 

Overseas banks 

A m e ri can banks 

Japanese, banks 

■ Other overseas banks ... 
Consortium banks 


Total reserve assets 


Constitution of tntal reserve assets 

Balances with Bank of England 

Money at call: 

Discount market 

Other 

Tax reserve certificates 

U.K„ Northern Ireland Treasury Bills ... 
Other bills: 

Local authority 

Commercial 

British Government stocks with one year 

• or less to final maturity 

Other 


Total reserve assets 


TABLE 2. INDIVIDUAL GROUPS 
OF BANKS' BALANCES 


TOTAL 

Change 

Outstanding on 
month 


Ira. 


LIABILITIES 

Total deposits S3, 753 

ASSETS 

Cash and balances with Bank of 


Em. 
+ 765 


England 
Market loans: 

U.K. banks and discount market 

Other 

Bills 

Special deposits with Back of 

England -...I 

British Government slocks 


1,143 + 32 


11.158 

9,852 

1,389 


+552 
+ 127 
+ 35 


43Q 

2,283 


Advances 28,726 


-422 
+ 10 
+778 


TABLE 3- CREDIT CONTROL 
INFORMATION 
(Parent banks only) 


BARCLAYS 

Change 

LLOYDS 

Change 

MIDLAND 

Chong* 

WESTMINSTER 

Chang* 

-CLYN"S 

Outstanding 

on 

month 

Outstanding 

an 

month 

Outstanding 

on 

month 

Outstanding 

on 

month 

Outstanding 

on 

montii 

£m. 

Em. 

Em. 

Em. 

£m. 

Em. 

Em. 

£m. 

Em. 

£m. 

14.713 

+230 

9,773 

- 57 

11^49 

-104 

16^47 

+ 595 

1^76 

+ 82 

337 

- 9 

219 

+ 35 

243 

+ 31 

303 

- 24 

29 


2323 

+ 55 

24167 

.+ -25' 

1^44 

- 89 

3.791 

+337' 

333 

+ 25 

2,687 

+108 

2,477 

-202 

U12 

“ 97 

. 2457 

+300. 

. - 319 

+ 17 

254 

- 10 

102 

- 6 

617 

+ 57 

368 

- 30 

... .48-' 

+ 24 

132 

-125 

59 

- 60 

99 

- 98 

127 

-126 

13 

- 13 

503 

- 5 

437 

— 

392 

- 13 

818 

+ 14 

130 

+ 15 

8,448 

+379 

4,307 

+170 

6,675 

+ 47 

8^08 

+178 

987 

+ 4 


Ratios % 

U.K. banks 

London clearing banks .. 
Scottish clearing banks .. 
Northern Ireland banks 

Accepting houses 

Other 

Overseas banks 

American banks 

Japanese banks 

Other overseas banks .. 
Consortium banks 


Combined ratio 


Eligible liabilities 

25.164 

+ 366 

7,681 +110 

3.798 

+ 21T 

6.159 

- 11 

6,660 

+ 37 

866 

Reserve assets 

3.414 

+ 84 

L.022 - 2 

55*1 

+ 107 

831 

- 11 

896 

— 10 


Reserve ratio (%) 


+ 0-2 

13.3 - 0.2 

14.6 

+ 2.1* 

13.5 

- 0.J 

155 

-0.2 

12.6 


+ 12 
+ 1 
- tu 


NJ3.--Governmeot stock holdings with more 
than one year but le«s than IS months to 

final maturity amounted to 

2—-Flnance houses 

Eligible Jmbiliries 

Reserve assets 

Patio (*^J 


June 21, Change 

1B7S 

montl 

£m 

£m 

25^04 

+ 367 

2.748 

+ 41 

855 

+ 14 

1JI13 

- 92 

W7S 

- 91 

3,986 

-154 

307 

+ 44 

2,745 

-243 

235 

- 10 

44JS70 

-133 

3,433 

+ 85 

362 

- 1 

121 

+ 3 

256 

— 55 

902 

+ 14 

550 

- 63 

48 

+ 8 

423 

— 67 

47 

- 2 

6,141 

- 59 

393 

+ 42 

3,290 

- 49 

250 

t 34 

834 

- 86 

130 

+ 12 

789 

+ 31 

453 

- 43 

6,141 

- 59 

33.6 

+ 02 

13JS 

- 02 

14J3 

+ 02 

14.1 

- 12 

14^ 

+ 0.5 

13.8 

-1.0 

15.7 

+ 0.5 

15.4 

- 1.0 

20.1 

+ 02. 

13^ 

- 0.1 

£m 

fm 

362 

+ 26 

353 

+ ,14 

57.3 

+ 0.2 

10.3 

+ 0.1 


side. - managers, fell witUuuhat ran4i_. 

The award, made by the The "Association .'said- that th» 

Central Arbitration Committee, award, which follows too other— 
concerns about 70 managers and awards secured by. the union fo: 
five local directors. The increases, professional and managerial staE' 
slightly lower for the directors, in shipbuilding, compares favuiir 
are backdated to March 1. ably with those achieved by tin 
The union said yesterday that industry's other unions." " 


Special -deposits ar. Tune 21 were £$51m (down 633m> for hank* 
and (down £5m> ior finance. house*. M Interest-bearing eligible 
liabilities, were £29.733m (down £36~m). 



Buss«g Edia&staJ IBIS 


Brown Brothers Harriman & Co. 


PRIVATE BANKEBS 

[SEW YORK BOSTON PHfLAOELP!«A CHICAGO 
ST. LOUIS LOS ANGELES 

LONDON 7UR/CH GRAND CAYMAN 


ST A TE MEN T OF CONOITIOW, JL«g 30.1978 


ASSETS 


.. 5156,881.289 


74.601.665 


Cash on Hand and Due from Banks 

U S. Government Securities. Orect-end 

Guaranteed 

Stare. Municipal and Other Public 

Securities. - 

Federal Funds Sold 

Loans awl Discounts 180.‘5t36.5ia 

Customers' UaMityon Acceptances — 13.623 657' 

Otfier'Assets .'. " 56' 15 1.783 


63.588 881 
20.000.000 


5 O 34 803 707 


LIABILITIES 


deposits : 6464.302.203 


Federal Funds Purchased 

Accep tanc es: Lere-Amourtn Portfolio. 


Other tia&Stiea 

Capital .....S1AOOQOCO 

Surplus ; laaSS. £84 


15.100.000 

14.184,329 

7.S51.8ST 


33,265.284 - 


S534.803.707 


PARTNERS 


J. Eugene Banks 
Peter B. Bartlett 
Waiter H. Brown 
'Granger Cosukyan 

Alan Crawford. Jr. 

WBianft Driver. Jr. 

Alexander T. Erdderxz 
T.M.Fartey 
EftiridgeT. Gerry 
BbndgeT- Gerry. Jr. - 
LIMITED PARTNERS 
LouiaCurtis GfadysR Harriman 

Gerry Brothers 8 Co. VZ Averts Harriman 


John C- Hanson 
NoahT Hemdon 
Frank WHoch 
Stephen T. Hord 
RL Ireland HI 
F H. Kingghuryi Jn 
Mfchael Kravnak, Jh 
Robert A Lovett 
John B. Madden 


■ Thrman McCanc'a • 
Hector P. PrudTiartma 
Wrtliam F. Rav. _ 
RohrrtV Rcosa 
L Parks Shptev 1 
StokJeyP. Tcurfes , < 
Maarten van HengaJ '• 

JohnC.West 
Laurence F. Mutterrrra 
KniflhcWbcBey 


FtobartE Hunts’. Jp. 

VsatalrdkRui 


COMPLETE BANKING FACILITIES - 

Deposit Actaauntt • Commercial Loans and Discounts . 

Commercial Letters of CrcrSt and Acfr^ptsncaa * Foreign Excfwng^ 
Custody of Securities ■ Corporate Financial Comaelmr 
Investment Advisory Service 
friatitutional Investor Services 

Brel' ere !or Purciiase snd Sale cf SccIff^ieS - " - v . 

Members of principal Sio^k E^chan^cs 


_ _ , . . _ _ _ 1 * 

C'^rin, S; a ~wcv ■: yjrzz. 


‘ ‘rf-rj; 

c*- uiic. Sr:n Sexvn wpn ji - .:* X*. 


>v.-s i-Zj'V mnM B* U.rfl 





& 








for tax law 



BY IVOR OWEN, PARLIAMENTARY STAFF 


cr/aJ 

: • 


TUI THE coming General 
action clearly in mind, Govera- 
?nt, and Opposition leaders 
Rnowk*dged in the Commons 
’ « night the need for more 

ndamcntal changes in the tax 
* to provide equality of treat- 
int"for women. 

rheGovernmem new clause to 
i E Finance- Bill, giving 6m 
i.. -T«ag wives a statutory right 
^ 5 -receive their own repayments 
J, Has under ^ p.\YE system, 
X ; "®. a “ of; .being obliged to 
ii w m v ^ em through their 
V- v ^Daoos, was given an un- 

. posed second reading. 

S roel Barnett* Chief Secre- 
► the . Treasury, admitted 
gus- change — “It is 
We that it has not been 
before" — could only be 
fd as a first step, 
looked forward to the 
hty of more radical 

. including a re-examina- 
f the principle of the 
itlon of the income of 

ds and wives for tax 

^"Wxpoees. a/ter further consulta- 
^ins • with • the Equal ’ Opportune 
is -Commission • and other 
' dies! 

. . .Sir .Geoffrey Howe, shadow 
ao cel lor, underlined the need 
, r r more fundamental changes 
' d described the provisions in 
e new clause as mainly 
cosmetic." 

• ,-k. While carefully refraining 
. | [/tom any commitment, he high- 
■ ||ghted the disparity in the valua- 
' ■«,. in terms of tax allowances, 
■tween wives who stay at borne 
in <d those who go out to work. 

;S| It was beginning to look, he 
4 id, as if the best solution would 
: the provision of a basic 
irsonal allowance of the same 
ze, regardless of sex or married 


status, which would be claimable 
against the. wife's or husband's 
income. 1 

Then these two. personal allow- 
ances could be aggregate&against 
.the- Income' of the" husband an d 
wjfe-or against the single income 
of the husband in cases where he 
was the only wage earner. 

But Sir Geoffrey stressed that 
it would be wrong to expect such 

No woman MP was in the 
chamber during the discus- 
sion on the need for fairer 
treatment of women taxpayers: 

' When Sir Geoffrey Howe, 
shadow Chancellor, drew .atten- 
tion to this, Ur. Joel Barnett, 
Chief ■ Secretary to •• die 
Treasury, explained that Dr. 

. Oonagh McDonald (Lib, Thur- 
rock!. his Parliamentary 
Private-Secretary, was attend- 
ing a Select Committee in 
another part or the building 
and had asked him ". to 
apologise -for her absence. 

changes to be made ** overnight " 
and warned that reforms . in 
favour of women . which 
neutralised the. tax system would 
have the effect of 'making two 
income families relatively worse 
off than one income families. 

Mr. Barnett said that the 
Equal Opportunities Commission 
recognised the major difficulties 
involved in changing the system 
of aggregation which had been 
part of the tax law since 18ti6. 

He pointed out that it was 
because of the aggregation 
principle that tax relief in 
respect of mortgage interest -was 
credited to the husband, even in 
cases where mortgage repay-, 
meats were regularly • made by 


the wife. In such cases, wives 
could only be directly credited 
with the tax relief due to. them 
with the agreement of their 
husbands. 

Mr. Barnett hoped that as a 
result of consultations with the 
Commission and other bodies, 
the Government would be able 
to move forward “as quickly as 
possible” with further changes 
in the tax law. 

But tbt new clause would at 
least remove one major source 
of complaint by married women 
that income tax repayments bad 
frequently been made to 
husbands, who had earlier 
deserted their wives. 

The Chief Secretary expressed 
surprise that more women bad 

not taken advantage of the 
opportunity to claim separate 
assessment for income tax and 
announced that a leaflet calling 
attention to this option would be 
issued towards the end of the 
year. 

He made it clear that the new 
clause did not apply to cases 
where wives had professional or 
business income under Schedule 
D nor to cases where there was 
liability to higher rate tax of a 
total joint income of the couple. 

Approval was given to a new 
clause clarifying the circum- 
stances in which companies are 
allowed to claim deductions 
under the Schedule D rules in 
respect of money spent on the 
introduction of approved profit- 
sharing schemes. 

The House also accepted an 
amendment fulfilling Govern- 
ment undertakings at the com- 
mittee stage by ensuring that 
controlling companies can extend 
approved- profit-sharing schemes 
to all or any of their subsidiaries. 


National 
Liberal 
Club plan 
examined 

By Rupert Cornwell, Lobby-Staff - 

MEMBERS OF the National 
Liberal Club were expected last 
night to approve a £400.000 plan 
lo repair and renovate - the 
famous Whitehall Place land- 
mark— and save the club from 
otherwise virtually certain 
.extinction. 

The scheme, spearheaded by. 
Mr. Lawrence Robson, husband 
of Baroness Robson, the Liberal 
peer, will, it is hoped, put an 
end to the troubles which have 
beleaguered the club, culminat- 
ing two years ago iD the spell 
of management by Mr. George 
de Chabris, whose behaviour 
upset many in the party. 

Mr. Robson is ready to put 
up £100,000 if this sum is 
matched' by subscriptions from 
other members. The trustees 
bave promised a further £60,000, 
while the more profitable run- 
ning of . the club should cover 
the remainder. 

That the plan is adopted is of 
vita] importance to the party*, 
which, for more than 18 months, 
has been using the building for 
office space. But the club has 
been in the grip of the same 
problem which has afflicted 
others in London: diminishing 
membership, leading to rising 
subscriptions which, in tura, 
reduce membership still further. 

It is estimated that up to 
£180,000 is required for 
imm ediate repairs and well over 
£200,000 for the completion of 
interior renovation already 
under way. 

Part of the difficulty facing 
the club resides in the very 
splendour of its architecture, 
which bas earned it protection 
orders that do not allow the 
management to make the 
changes it might have preferred. 


MPs fix gaze firmly 
on autumn election 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


MPs SEEMED to cast aside 
any doubts about the pos- 
sibility of an autumn election 
when Prime Minister's ques- 
tion time was completely taken 

up yesterday with vote 1 
catching sallies from both 
sides of the House. 

At one stage Mr. Callaghan 
made a teasing attempt to cure 
these early symptoms of pre- 
election fever by observing 
“As to when we leave office, 
that will be a long time yet.” 

But nobody took him 
seriously and the blatant huck- 
stering continued. Amid the 
welter of accusations and 

countercharges, a sketchy out- 
line began to emerge of the 
shape which the campaign 
might take. 

The Tories blamed Labour 
for record unemployment and 
tried to undermine Mr. 
Callaghan's claim that inflation 
is now under control. 

Spearheading the attack, 
Mrs. Margaret Thatcher, the 
Conservative leader, tried to 
trap the Prime Minister into 
admitting that the return of a 
Labour Government would 
mean further nationalisation. 

With the help of well-timed 
prompting from his supporters, 
Mr. Callaghan hit back by 
alleging that a Tory Govern- 
ment would Introduce policies 
that would lead to even higher 

nnemjrioymen l 

He also tried to chill the 
blood of the voters with sug- 
gestions that the Conserva- 
tives would Introduce charges 
for operations and other 
treatment under the National 
Health Service. 


Apparently he was quite 
happy at the Tory derision to 
single him out for personal 
attack. He tried to sting Mr. 
Heath into action by blaming 
the increase in food prices on 
the former Tory Pome Minis- 
ter’s decision to enter the 
Common Market bat Mr. 
Heath refused to be drawn. 

- So Mr. Callaghan turned his 
attention to Mr. William White- 
law, the deputy Conservative 
leader, who launched the Tory 
campaign against the Prime 
Minister with a weekend speech 
in- which he described him as 
“ a weak leader at moments of 
decision and a very petnlant 
personality under pressure," 

The Prime Minister recalled 
that Mr. Denis Healey. Chan- 
cellor of the Exchequer, had 
said that being criticised by 
Sir Geoffrey Howe, shadow 
Chancellor, was like being 
savaged by a dead sheep. 

For his part, Sir. Callaghan 
thought that being mauled by 
Mr. Whitelaw was more like 
being “ muzzled by a friendly 
old sheep dog.” 

During the exchanges, it was 
noticeable that Labour MPs 
with highly marginal seats 
were quick to point out how* 
much the Government bad 
done for voters in their 
constituencies. 

Mrs. Helene Hayman (Wel- 
wyn and Hatfield), majority 
520, stressed how delighted 
workers. In her constituency 
were at the employment pros- 
pects afforded them by the 
Government's derision to go 
ahead with the HS 146 airliner. 


Mr. Callaghan readily agreed 
with these sentiments. a 

Mrs. Thatcher reminded the* 
Prime Minister that the latest 
public opinion poll showed 
that 80 per cent of people 
did not want any farther 

nationalisation and this 
included a majority of Labour 
Party supporters. Why then 
did he retain the commitment 

to expensive schemes of 
further nationalisation of 
entire industries? 

Mr. Callaghan blandly 
replied that be was not 
unaware of tilts feeling and 

that was why he believed that 
the National Enterprise Board 
had sorb a large pan to play. 
He was glad to see that the 
Conservative Parly had come 
to its senses and no longer 
proposed to abolish the NEB. 

Tbc Tory leader protested 
that this did not answer her 
point about nationalisation. 
But Mr. Callaghan responded 
by recalling (hat the previous 
Tory Government had round It 
necessary to nationalise Rolls- 
Royce. This proved that even 
the Tories had recognised the 
reality of the situation. 

The Labour Government 
would continue to do the same 
and would solve such prob- 
lems either through the NEB 
or through public ownership. 

Mr. Callaghan also suggested 
that if a future Conservative 
administration was faced with 
a situation like Goian Ship- 
builders or Rolls-Royce “they 
will overcome their prejudice 
against nationalisation as they 
did last time.” 


Bipartisan approach under strain— Davies 


FINANCIAL TIMES REPORTER 

■L JOHN DAVIES, shadow 
■reign Secretary, warned 
sterday that the bipartisan 
proach of the British political 
rties towards Rhodesia will 
me to an end unless the Labour 
•vemment changes its attitude 
vards the internal settlement 
that country. 

Mr. Davies also suggested that 
i traditional bipartisan 
proach to foreign affairs, in 
aeral, was coming under 
•ere strain. “There is now 
more distinctive character to 
ry foreign policy than for a 
;ig time past. Bipartisanship 
l not easily preserved in today's 
idilions,” be said. ' x ' 
rbe single most important 
tor was what he called “the 
. ict confrontation '* and its 
dency to exacerbate. Having 
lieved strategic parity, the 
■tet Union was now trying to 
d ways of undermining 
•stem values and Western 
iccpts throughout the world. 


Right-wing Tory voices 
fear over Heath return 


The Western response, Mr. 
Davies said, should be based, on 
the possibility of matching the 
centra] direction of Soviet 
policies in all respects. Western 
countries, for example, were 
ready to supply the Soviet Union 
with wheat qr to compete among 
themselves in the granting of 
credits. Such acts might -took 
rational enough in isolation,, but 
they failed to fit in with an 
overall defence strategy. The 
Soviet Union, he implied, would 
never make that kind of mistake. 

While at was not practical to 
react by turning NATO into a 
worldwide defence mechanism, 
Mr. Davies said' that fhe alliance 
at least needed to give more 
consideration to the impact of 
events outside tbc* treaty arc3 ou 
its own cohesion. 

Echoing . Mrs. Margaret 
Thatcher, the Tory leader, in a 
speech in Brussels last month, 
be said that tJie European Com- 
munity should - be more aware of 


th epohticai effects of its actions. 
The Community was a commer- 
cial organisation of unquestioned 
world-wide importance, hut its 
political importance . was 
minimal. 

Mr. Davies laid special stress 
on the interdependence of 
Europe and Africa. The latter 
Continent, he said, was going 
through a dreadful crisis which 
would be bouDd to have an effect 
on Europe (in -due course. 

There was. he suggested, an 
ahsolute need for Africa to have 
a continued presence of a very 
largo number of Europeans for 
a^Xpog to come. The Com- 
munity should be aware of this-, 
but there might also he a mutual 
attitude J developed between 
Britain and France. 

On Rhodesia, from where he 
returned at the weekend, Mr. 
Davies said that the British Gov- 
ernment should seek to support 
the purpose of the internal settle- 


ment — namely to bold ejections 
before the end of this year. 

Although it was necessary to try 
to b^ing the two sides together, 
the Government’s plan to hold an 
all-party conference was_ “the 
best recipe for chaos that I can 
imagine.” The proper approach 
was a very intensive, behind-the- 
scenes effort at reconciliation. 

Mr. Davies did not specify how 
this might differ from the 
diplomacy currently being under- 
taken by senior U.S. and UK 
officials. But in reply to a ques- 
tion, he declared that unless the 
Government changed its policy 
in the way he had indicated, the 
bipartisan approach would come 
to an end. He also thought it 
unlikely that the Tory Party 
would vote for a re-enactment of 
sanctions in November if a 
Rhodesian election were in tha 
offing. 

Mr. Davies was addressing the 
Royad Institute of International 
Affairs on Conservative foreign 
policy. 


BY RUPERT CORNWELL 

RIGHT-WING fears over Mr. 
Heath’s trumpeted return to the 
Tory fold surfaced with a 
vengeance last night A senior 
official of the Selsdon group of 
Conse rva t i ves accused toe party 
of u wandering down a blind 
alley" in its joyful reception for 
the former leader. 

The attack came from Mr. 
Stephen Ejtps, prospective 
Parliamentary candidate for 
Walthamstow and secretary of 
the pressure group, whose vice- 
presidents include two promin- 
ent right-wing MPs. Mr. Nicholas 
Ridley and, Mr. Ronald Bell. 

Underlying the remarks is the 
fear that the party in welcomiog 
back Mr. Heath may have paid 
too high a price, particularly if 
the “ reconciliation '' , comes to 
signify a weakening of the 
Thatcberites' commitment to the 
free market and limited govern- 
ment. 


Central Office, however. Is 
busily pushing ahead its prepara- 
tions for the party to show as 
united a front as possible for the 
forthcoming campaign. 

It is . understood that in 
addition to the detailed speaking 
programmes allotted to members 
of the shadow Cabinet, similar 
schedules are being made ready 
Dot only for Mr. Heath but also 
for Mr. Peter Walker. hi6 erst- 
while lieutenant 

Mr. Walker, who seems likely 
to be offered an important post 
in a future Thatcher Govern- 
ment. has also proved one of the 
most effective Conservative 
speakers against the policies of 
the present Government. 

In Ewell, last night, Mr. Eyres 
left no doubt that as far as be was 
concerned, Mr. Heath's presence 
might very well do more harm 
than good, if he did not modify 
his views to fit in with the shift 


in the party over the past three 
years. 

The former leader’s sesturc 
was to be welcomed, he agreed, 
but then pointedly warned local 
Young Conservatives: "If every 
utterance of Mrs. Thatcher now 
has to be double-checked to 
ensure that it does not offend Mr. 
Heath, we are in for a very bad 
time indeed. 

“ Were his words last week a 
benediction for her — or an 
absolution? Was he really giving 
his blessing to the monetarist, 
free market immigration con- 
trolling Conservatism of Mrs. 
Thatcher? 

" Or were they an absolution of 
an infallible former Prime 
Minister— the penance being the 
acceptance of his absolute right- 
ness over industrial subsidies, 
incomes policies, money supply, 
and. say local government 
reorganisation?" asked Mr. Eyres. 


Borrowing 
limits 
for BSC 
approved 

THE IRON and Steel (Amend- 
ment) Bill, which increases the 
borrowing Imiis of the British 
Steel Corporation, was given an 
unopposed second reading in the 
Lords yesterday. 

The Bill increases to £4.75ta 
tbe statutory limit imposed on 
the borrowing of .tbe BSC juA 
its wholly-owned subsidiaries. 

It also provides that tin 
borrowing limit may be further 
increased lo £5.5bn by order of 
iifrc Secretary of Stale with the 
consent of ‘the Treasury and 
Parliamentary approval. 

For the Government Lord 
McCluskey said: “We need this 

Bill to carry oul The Govern- 
ment’s commitment to retain in 
Britain a substantial bulk steel- 
making capacity to underpin our 
wider industrial strategy .’* 

In the face of intense foreign 
competition, it was planned that 
the BSC shou-ld concentrate on 
improving steel quality and 
productivity. 

Schemes involving sums under 
£2m would play an important 
.part In cost reduction but there 
would be h need lor yet further 
rationalisation, said Lord 
McCluskey. 

“The Government is agreed 
that the Corporation should seek 
to negotiate terms for the early 
closure of thigh-cost plants with 
the TUC steel committee and 
with the local work forces 
concerned." 

Lord McCluskey said it was un- 
acceptable for a nationalised in- 
dustry to make losses of the 
steel industry— even if conditions 
were difficult and international 
competition intense. 

He looked forward to a break- 
even siluaion be in gaebieved by 
the projected date of March, 1980. 

For the Opposition. Viscount 
Long said an enormous amount 
of money had been injected into 
tbe steel industry as a whole. 

“The fact remains that unless 
wc do this now the whole of in- 
dustry could possibly collapse be- 
cause all our industry bases its 
materials and its workings on the 
steel industry," he stated. 

Schmidt studies 
fishing problem 

THE German Chancellor, Helmut 
Schmidt, has promised to try to 
find a solution to tbe UK's fishing 
problems during the term of his 
presidency of the EEC between 
now and December, Mr. James 
Callaghan, Prime Minister, 
assured the Commons yesterday. 

Mr. Hamisb Watt (SNP Banff) 
had called for a Minister of 
Marine Affairs to look after fish- 
ing. oil and shipping. 

This idea was turned down by 
Mr. Callaghan who thought the 
functions were too different to be 
reconciled in one ministry. There 
was already a minister respon- 
sible for co-ordinating the work 
of existing ministries dealing 
with these matters, he declared. 


, • -J 7L ** W 


'fr 


CJ Credit du Nord 

1977 financial year 


«... This year's results are encouraging since they, enable dividend payments to be resumed after 
normal and adequate provisions have been made. The'factthat this dividend is limited to the 5 % 
statutory payment, with no contribution to retained earnings implies, however, that there is sco- 
pe for improvement... With certain reservations, and on condition that we persevere with our line, 
of development, it would seem to me, without appearing to be over-optimistic, reasonable to en- 
visage an improvement in the current.year's results...]) 

Extracts from IVIr A. Du pont-Fauv.il I e's address. 


Operating results 

tin million of French francs) 


. Bank receipts 
. Bank expenditure 
. Net interest revenue 
, Net profit 
. Share dividend yeld 
(with fiscal benefit of F. 1 ,-5) 
payable on 30 April 1973 
against coupon 42 . 


197 7 

2996 
1494 
1 502 
11,31 
F.2.5C 


1976 

2 582 
1229 
1 353 
5,66 


Key figures 

for year ended 31.12.77 

(in million of French francs) . 



. Balance sheet total 
.Total customer deposits 
.Total customer loans 


1977 

1976 


(variations) 

270S0 

-f- 13,7 % 

17 671 

+ 11 % 

20739 

+*10,3% 


more capacity 

Harwich/Hook of Holland. 

The Introduction of the “Prinses Beatrix” atthe end of documentation, and our rates are very competitive indeed. 


Highlights from 1977 

Customers increasingly benefited from improved services in the areas of international activity, 
a significant contribution being made by our shareholders in the UK and West.Germany, the 
National Westminster Bank and Bayerische Vereinsbank {and its associated banks in Dusseldorf, 

Hamburg, Sarreb ruck, etc.) . . 

Our medium term French francs.export loans registered hefty increase over 1976, while medium 
term loans in foreign currencies showed a marked improvement. 

in theeurobond sector, new issues increased by 22% to 14.8 billion francs, and CreditduNord 
participated in 266 underwriting syndicates, thus maintaining its position in a very active market. 
New subsidiaries in Canada and Brazil, Credinord Gestion Inc. and Credinord Consultdria e Re- 
presentacoes S/C Ltda have been created to replace our representative offices and to respond 

to increasing service requirements. - . 

The Credit du Nortf Beige, our Belgian subsidiary; experienced a significant expansion of its acti- 
vity in 1977. . " 


Junebringsadramatic52% increase in ro-ro capacity on 
this popular route. 

Now the Harwfch-Hook route Is operated by four 
ferries all with high-deck capadtyfor ro-ro- St Edmund, 
St George,Prinses Beatrix and Kbningin Juliana, ideal for 
transits to Holland, Germany and Northern Europe. 

Aboard these ships your drivers can enjoy high 
standards of service, comfortable cabins, showers. 

He can get hfestefutory rest period on the 6% hours 
daytime orthe 8 hour overnight crossing and dean up 
afteralong road trip. Hecan eat in the cafeteriaor 
restaurant, drink atthe bar, buy his ‘dutyfree.* 

Ashoreweprovide spedal faculties andbackup 
servicesto^Deed your goods through theports with the 
minimumof delay. 

Booking on all Sealink routes is easy so is 


Book yourffeight Sealink and sail with Europe's No. 1 ro-ro 
operator. 

AH in all it adds upto a100% service. 



Sealink Ro-ro 


i__ . __ Se^Wcs Be brand name far the shipping fleets of 

■- EH &’®ShR32i^3Frenchf?aiways,[2j Belgian MarHimeTransportAuthorty, [^3 Dutch Zedand Steamship Ca 

fafehtSales Department EvershoR House, EverehoftSlnwt, London NW1 1 BG Telephone 01 -337 1 234 ex!41 06/4201 


t. 






Financial Times Wetesday.vJftJiy. 12 1978 


EDUEDJY ARTHUR BENNETT AND TED SCHQETERS 


* DATA PROCESSING 

Performance shown on 


• RESEARCH 


Stress 

pattern 

made 

visible 


se! a big screen 


• PACKAGING 

Cushioned 
in foam 


• ELECTRONICS 


Putting its chips 
on the table 


tii Know how stresses are dis- 
tributed throughout a piece 
equipment, a building, a brid 

ctl ' ‘ ^ .. . A NEW grade of pnlyurelhane 

SPATE is based on the obser- INSTALLED AT Univars For example, the activity of foam-in-sira protective packaging 

vation that, like gases, solids London -Benchmark Centre to canons groups of disc drives can j. as peen introduced in the UK . r - 

subjected to compression or ex- give performance assurance to De plotted against lime as. a a . Sealed Air International Cor. SINCE NOVEMBER 1976. Crei- oral lack of expertise and know- 

pansum in .steady-slate condi- intendina .'nirriuwrt n r lioa P erCe atage of t be aastmam paraUon, Telford Way. Keller- tatt Electronics uhritMlU of a ledge of new UscuratoiE) kflwnfi 

tions with no heat loss or sain io ,zUend,n S -Purchasers of nop possible disc inpui/oal?«t- Or. Sa. Xorfhanis. marriage between ECS arid'GDS) customers the company decldtMj 

the system, tend to heat up or bOT ! es compUl ® rs . J oew mom ih e percentage of processor Developed to suit a wide has traded at Slough, Berks, there was a need for a micro. . 

cool down. to ring, system From the company resources a I local ed to the lllffl var j C?v n f anniicalions rnclud- which 

Unlike gases, solids will <h 9 l H s aI , J critical operaiins executive could be plotted ing transit ' packaging opera- panments 

exhibit stress patterns Ui which *™“«* a ” » p * jr ~°. same time as that allocated, to :i £ 

rhp nrp«:,n« e JL ™ fzL tL*. “ 4 ft as 3 ft projection “television user routines. A running 


For 


car'iOi i 


dioxid 



issyssi! BW - - *»«>-« «* 

it it This p>, a „ na -t Known as; PD v-r ‘performance graph, and al any time hard 

lure that hS^hDM iSv dls P ,a ^ system the equipment copy of what is on the screen 
cMiriiorianri a! « A ,l y obtains us data . from 300 high can be prutled. Tape systems 

c ^ I'npetonte probes hooked on the also can he monitored 


as traded at Slough. Berks, there was a new wr * . 

.-hich premises housed all dc* .systems consultancy which WDUid ^JJSff1SSe' l SE2 d ri5 , 2 !,,t 

onments or tto company, m- not only sell and answer Jde- TbeJTong Kong Post CNHce. 
lions, as mil as on-UnelnduMBu; eluding the IBM System 3 com- hone enquiries on mieroprott*. -Hie division will dew 
«£ SmS^IhSpS 40 puter * system, and . CreUon son. but would ata* . JMjr te. » 11 


has riehtweizbt and semi-rigid Microsystems, a division created a^ist customers i a understand- cation* 7 from the iinipk'St T«rf 
* id sianifi- tn mc£t the needs of customers ing and applying miyrupfoCM* JUtat sophisticated, toned, oh 


ra^^froduM^hifpiVc^ in DBtoratan^ifa'e’itew'mlciS s^s. Thus.* 'Crrton Electron^; ttomwor «j 

««Ls reduce risk processor technology. Microsystem-; Division was Set a* lie Motorola 680ft, Oener 

of produc? daaaqc’; and^ronsidiS Financial dfffieStin encoun- up.; in 1077. to All this commune InMrumentPJr, 1W0. CMOS* 
y. pruuuti ana cmuiucr . — J „ .u- --m - ■ ; VWCS SUCh US RCA ( (K|RUe m 


has 


PATENT protection 
sought by Sira Institute on an 
instrument and a method in- 
tended to measure stresses io 


dependent on stress levels at SpTan^T oh the "lM These 


protective packaging materials 
such as wood, corrugated fibre- 
board. polyethylene foam and 
moulded polystyrene. 


been each point 

The v>ira mstruqjem operates ins module which performs a the “total history mode’* is the 

remotely to detect these tempera- multiplicity: of liming and complete data from the start or more tradiliwil with the installation' of a 

— tun jmttaam by •• infra-red counting tasks* and also monitors the - monitoring period:, the "lefcaofn'* material-; performing computer syste 

the materials of a complex: detectors and presents ad tni- all the exchanges ■ between second, with 'the variable time 

structure subjected to dynamic mediate visual display of stress central processor and memory, scale, can be set for a period 

loading. It was developed under distrioutions over a selected In addition, some seven aspens of two to ten minutes. Since 

contract from the Admiralty viewing area of the structure of 1 - software operation are everything is kept on tape. 

Surface Weapons Establishment, under study. High stress points monitored together with six retrospective re-runs can be 
Portsmouth. are '“mediately located and status parameters and the input 

Operational method is based resolution and sensitivity are output activity on 24 .channels, 
on a new measuring technique comparable with the results ’a. ' distributed communication/; 
developed at Sira and called obtained through strain gauge processor converts the resource 
SPATE, for Stress Pattern analysis. counts into percentage utilisa- 

Analysis by Thermal Emission. Ease of uj-e is a major quality tions figures so that, in con- 
The research group which of the equipment on which more junction with a display to existing 

devised the equipment sees a information can be obtained generator both program and machines at 


v. ...... Financial difficulties encoun 

Two separate sets of sccuuiu- abl ;. save 03 storage space in its tered to Superlamp. one of the canons gap. 
are connected 10 a .data monitor- laied data are' maintained: one. syje. ^ P -tinM. Si»m the 


Companies within Crellon Hold- Since then, the division has Harris, 6190. the TJ TMS ]£ 
1. is M a T,^l. SMI*, irsnirafe Md Jegi * ,,y c^ -WivoJvo^^B _p«- S2?"£? > i , £S , U£, 


• COMPONENTS 

Industrial 

encoder 


natural outlet for it in structural from Sira Institute at South Hill, operations 
design where architects and Chisleburst. ' Kent BR7 5EH. shown in 


engineers have an’ urgent need 01-467 2636.. 


percentage 

resources. 


• SAFETY 


Senses loss of coolant Business guise for micro 


carried our. 

The London installation — 
there is only one other, in The 
U.S. — has cost about £300,000. 

Univac says that ;r be 

making the equipment available 
users of 1100 
» price in the 

parameters can be region of £120,000. 

graph form as a More from the company at 65 shaft encoder equipment specific- 
of available Ho I born Viaduct. London EC1P ally developed for the industrial 
1AB (01-236 1010*. and instrument markets has 

been introduced. 

Ferranti Model 24 has- a stain- 
less steel shaft carried on ball- 
bearings and a stainless steel 

nmtBrtira Mn 1 Iminh flOtlPTll 


« nun- during mU*roproceasor*based also Che AMD 2900. ajatn scew 
svstem in systems 'for customers* applies- sourced by .Motorola., 
autumn 1977 1 necessitated the lions and designs of .'bow in- The team of nine systd 
transfer of sumo or . Crellon dustrial and consuwitfwMrtd rhsinwrs. i»o .techiUasns ^ 
Electronics* own resources dur- products: designed ' and built administrative personnel is n 
ing that period to assist Super- prototypes; and manufacturer by the,. company to idler, a. 
lamp microcomputer systems in. large or technics I .support/ unsurpaiu 

Now, an . injection nf capital volume. Many system* have been in the distribution indn^try, s 
f£jmy from a group nf U.S. designed for companies outside much ao. that ns expertise a 
businessmen, plus j furlber £*m the electronics field, in partieu- certain future esrpansmn fc 
of working capital Crtmi a rights tar heavy industry. already, outgrown the - Slq* 

issue to The existing sharehold- The ' compifly now hoists premises and » move- in- it* hi 
ers. has stabilised the situation, customers such as the Ministry home - at. ‘Reading 1 will shun 
Because of the apparent gen- of Defence. BAG. RacaL and sev- fallow. 


MEDIUM-RESOLUTION optical 


Trace is 
easily seen 


• INSTRUMENTS ; 

Easier test of integrity 


WITH MANY high-tevbmjlQjty spetiiilsrd .eddy current -pnd 
OFFERED BY Tektronix is systems. commercial '" per- head has bet» dereloned whii. 


WARNING OF coolant flow from an overheated engine — 
failure in inboard marine diesel usually a cracked cylinder block 
or petrol engines can be pro- — can be perhaps the costliest of 
. vided' relatively cheaply with a *11. 

device pui on the market by Contained in a small -*T~ 
.Sensors and Systems of Mel- piece that can he inserted into 
bourne. Derby. 

The unit will he welcomed 

both small boat owners and thermistor that is heated bv a 
those who hire boals for holidays, small current. Flow of coolant 



is also branching out into u«c .supported 'and the unit is suit- of immunity to noise, 
applications market and has Just a jjie for many business applies- Counting range 
announced a first product in tions. from payroll :o mortgage between 2 00 and 635 


diagnostic equipment and *s the niques used during manufacture, unwanted noise amHhe requifr 
extends display for measured mechanical Where such techniques arc to rtgnate to to torily discriminate 
lines per quantities. be applied, it is customary to Basic- instrument used 

She" coolant intake the^unh con which the micro is only one com- loan control.' Zilog is a wholly, revolution. Operation at up to The trace is easily -seen in use at least two separate and Automation industries EM -33$ 

by sisLs of a detection circuit and a ponenl. albeit an important one. owned subsidiary of tbc giant 10.000 rpai is specified for ambient room fighting and a independent methods before a phasc^enslng eddy, curift' 

■ ■ .... The company’s new MCZ 1/60 — Exxon Corp. normal life application. 0.012 in spot sue ensures crisp drawing a final conclusion. - One. test set with a cathode ray hi! 

built around the existing Z-SO li operates from Nicholson Industrial Products Dept., detail over a wide range of such method, based on gene rat* vector loop display. The nroblf 

since the damaee tiiat can result past the sensor tin coots inicro and high capacity memory' House. Maidenhead. Berks, SL6 Thomybank Trading Estate, brightness levels. The 100 x j n g and detecting eddy currents was tn convert the Ihform.ifl? 

ennseauent roduciion of chi P s _ 'deludes a display and 1LD. 0628 36131. Dalkeith. 031-663 2821. I-*4 nim viewing area matches m the workpiece has been widely in thv dttfday rtiaHnq lo tt 

weil with the standard formats assessed but found ' difficult to weld and fhe state nf thc pam 

of available Instrument cameras interpret, particularly in a metal .around the heal n forte 

and -Sluts. j sample of complex construction, ®06®. into s form which coil 



„ m~ 

Nilfisk 



•the •Ac-rta ■&' ve* f >r?; 

rtf l.:cij«n ;■ v-Kjt Cis-ir*:-. 
iBcrv ?f Cdi-i r.rt if;*?? 


reduction 
temperature. Bur if the coolant 
flow decreases or stops the tip 
temperature rises to. the point 
where the detection circuit 
operates a solid slate swi'rch 
which in turn sounds an alarm 
More front, the company at 
High Street. Melbourne. . Derhv, 
DE7 Hi:! (03316 2228 j'. 


• MATERIALS 

Door trims made fast 


appropriate electrode arrives. 
Three remote-control units. 


MW ****** feJisa^te "W 


which can he used Together or user lo «» his 624 to the specific anrf instrument at ton and the UK Owdopageni work Has prudurr 


DESIGNED AND built by of pneumatic failure. 

Fladyne.' a new type of auto- Power source -used is the com- 
- malic plastic welder has been set party's 30 kW RF generator. 



• GRAPHICS 

Transfers 
a clear 


up at the Chrysler factory at 
Dunstable in the new trim plant 
where it is turning nut a full set 


Revolving in synchronism 
with the turntable is a four- 


.stop the 
safety factor 
Further information 


on 


station materials dispenser, and new piece of equipment 


of door trims for the Alpine in the four components making up Radyne. Moilv Millars 


message 


DIAGRAMS. WORDS and designs 
can be impressed on lo paper, 
metal, plastics, wood or glass by 
means of a dry transfer material 
now being marketed by Preslctla. 
Rufford Road. Crossens. South- 
on FR9 SUE 10704 27577). 

-Sheets of the 
custom-made and 


100 seconds. It is expected that 
tin* equipment will speed up tn 
sonic S00 sets of four trims each 
per week to meet the growing 
demand for the Alpine from the 
UK and U.S: markets. 

Design of the Radyne unit is 
rotary and • pneumatically 
operated. Linear motors drive 


the trim for each dour are pre- Wokingham. Berks. RG11 
sealed lo the operator as the 0734 753333. 


French fibre optic move 


machine ow *** *"5^ ***■ par;,IM *“ *• 

. h available for OEM applications ' ffifiSfl” 1 Provided. hy The EM 3300 «i tl,. 

mm W hwe this is preferable JO. the T “. " el(J assessmenu developers it.tjt .easy in correlate the pm 
standard AG supply. Also, other sa -'- . liba «id magnituHe a defe- 

phosphors instead of the rrequeniiy vdoy . current signal with a particular fcaftii 
standard P31-cui be supplied. signals produced m sccnning * 0 j vector loop displav. 

given weld have been described systems and Insiruimmtallfr 
as Ku* noisy for tin ‘.technique 31 ■ Bridge Srroet. Per^hot 
to be usuaWe. . However, a Wares WRJ0 1AJ.-03S85 .Til 7.-. 


from 

Lane. 

2PX. 


More from .PO Box .69, 
Harpendeh. Herts l Harpdndeo 

63141). 


MAKERS OF low loss optical — CNET- — and Fort has produced 
fibres in France, the Fort fibre » scries of monofilament and 


ujj^iaitru. uiicdi niutuia utirc — ' ci,™ 

the turntable carrying the four optics company, has decided to 


for each dnor. 
high-frequency 


electrodes, one 
beneath the 

press. . 

The two-part design nf the 
material are electrodes permits two different 
can includp weld operations to be carried out 


IN BRIEF 

• A Urge polycarbonate film 

k-uuuic iiuin 1U »u«rct reiiunc- 1..1 '« - . 3 

ments running from lighting and 

rmioseone annliMtUmR. in air- bv MFD Capacitors of Penley. 


set up a UK presen. e to serve endoTcooe apo lications to air- - . 

both the British and American craft signal uses Wrexham. Clwyd <097873 551) 

markets, with the possibility of The French company is also able to handle 8.000 ^amps. for 
manufacture in dSntain within malting fibre for long-range data a bout one microsecond. 

18 months or so. transmission in various forms. • AMI Microsystems has ittirq- 

. . , . - The company holds patents on offering extremely high relia- duced a tersion or. the &6800 

wnrds. phrases numerals and at each pass. ’ methods of drawing fibres which bility factors. microprocessor which is able to 

.hey would probably have many Disc^ brajtes are ■ used Fot will transmit .Signals with, very Further details From Optronic opri-ate over a range of temperi- 
uses in offices. Reproduction is. emergen rv stops and a pre- low attenuation. Fort. Cambridge Science Park, lure from . -40 to +85 .'deg C. 

achieved by simply rubbing over charged ;iir bottle can take over Development is under a licence Mi itdh Ro?«l. Cambridge CB4 More from 10SA Commercial 

and apply these brakes in case from a Government organisation ’-RH. 0223 870332 Road. Swindon 10793 31345). 


he letters nr words required. 


elec trical wire&c able? 

BtfOURH 


"f 


tNORHWWlM 
OK&ER 


•NO KITUMUM 
LENfiTW : 


. Thpusandsof types and si^insfodriorimmediatedeli very *f 

U*HD0fi0156iet18 ABmDEM(Cm32355/£ 

MANCHESTER OBI -872-491 5 

-• TR^dSFER CAtLCHAflCSESGLAPLYAOCFPTED ‘ 

■ 24HlEMERGENCYNUMBER 01 W73S67 Est.4Q9 


tt. 


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vife 05 


BMW enjoyed another record- year in 1977. Both' in Germany 
and abroad the Company's progressive model range attracted 
an ever greater following. More than 288,000 cars and around 
31,000 motorcycles were sold around the world! 


New six-cylindttr range 

In 1977 BMW launched its new generation of six-cylinder 
engines and introduced the 7-series luxury sedans. These 
developments further stimulated the already strong sales 
demand. • 


Renewed high investment 3,500 new jobs. 

During the year under review, BMW invested a record DM 
335 million primarily in new product development, expansion 
of plant capacity in line with overall demand and rational- 
ization programs. These investments we.re largely financed 
from own resources. As in the. past no short-term borrowing 
was -necessary. The added facilities guarantee the' necessaiy 
higher unit output without orienting production on peak 
demand. At home and abroad BMW now employs 37,581. 
tn 1977, 3,551 new jobs were created. 


Record performance in all major markets 

BMW's own distribution network contributed greatly to the 
remarkable sales performance in all major export markets 
with main emphasis on the US, EEC countries, Switzerland 
and Austria. In the US, gross Dollar sales grew by 35? o due to 


Comparative Annua IRgures . 

. 19 77 

-.1976 

Change ! 

! 

! 



i 

BW. hO . . . 

DM it :-:. 

4«e:.o 

+ S65 1 

BM'.VG/Oup*-' 

OuJO-Jl 

CM m-:-. 54---0.2 

4. .“to.: 

-r 163 j 

. Ca's. 

unis rW25c- 

ZT5022 

-f S5 | 

frlOWlCj'CJ-S rn m m m 9 m l' • • ■ • ■ »■ 

Car sales -• 

u:2*:s 0 li 15 

23.209 

ml 1.7 1 

- Domestic 

U.n-is 140.774 

135.994 

m 5.7 

Fo^iga 

uni', TJC-IiSij 

!.;:9.602 

+ 35 

' Total 

Mdorc/cle 3* 'es .... 

units 2SS.Z60 

2 "5.596 

m 4.6 

Doir-e-^ic ; 

L-ri 13 6 60S 

- S.G40 

— 17,1 

Fcr»'ian 

Urn.':- X fo 'i 

20.131 

, mCCQ 

Total 

Personnel 

U’lliS wl>c j 1 

Co. 1/1 

. + 10.0 

5ksi iglh a! end of year: B‘ i 1 .' ' > G . - . 

22.2 9S 

30.-192 

+ 10.6 

U'OHm- . 

S7;=et 

34 QoO 

+ 10.4 

PeriOniele'-cenis 

CMrsilF.. 1,3503 

1.1.5. 5.6 

+ 12.0 

Bdlariis sneet tolal . 

D-M !**:,!!. 2.500. 1 

2.1 93 1 

+ 17.3 

Snare caortdi 

DM 'T-!!. 39ti 0 

330.0 

+20.0- 

Net worth 4 -- 

DW rY.i;'. S20.5 

6956 

+ 130 

Fi»Sa assels 

Of.-f r.’SiiL 1,386.4 

1,216.7 

+ 13.9 

In.esimenfs m ( 'anc-n.'e : .... 

DM mill. 335.1 

320.8 

— 4.5 

Depreoat-on of tangiclo'ixecf assets . . . 

DM mill 222.b 

1fc*05 

+38.6 

Annual net prehr 

DM mill. 125 3 

1260 


Dividend 

Olil fr. ilt. 65.3-* » 

63.0 


pt-T Share oi O'.l 50 nominal value . . . 

• DM 9.00' 1 

10.00 



. * V IS" 

20 


1 ■ VcVyr <3 -.a'-j® adrJ*3 :ar 91 sa'as infiJrt -iVtU'C * r O ‘*->rtr SijbrO'6 


r-n* resen-te. 11 mp^i'ian in ceS-i M.-C3a£M 6; 06.-r.ar. Sum? ii, m 

WrrioMatfdM. j 


increased sales of the large six-cylinder models and genera! 
parts revenues: Unit sales registered a 12?b gain in.the'United 
States. Overall exports advanced by 3.5%. These results were 
achieved despite the unabated strength of the DM against 
major currencies as weil as strong demand which could not 1 
be fully met. : .- 


BMW’s 1977 surplus-; DM 125 million. . . 

Of this amount DM 60 million was used to further strength- 
en the Company's financial reserves and DM65 millidn was 
distributed to shareholders. 


Looking ahead 

1978 got underway with, the highest, product demand in; 
'BMW’s history. However, BMW will continue to contain Jts; , 
overall growth in order to. further strengthen the Company^' 
basic financial and corporate structure. ’ - 


Jn this connection a further increase in capital of DM 104 - 
million has been, authorized at this year’s annual general ■ 
meeting, total funds available from this operation will amount 
to approx. DM 150 million.. . . ■ '* 


Bayerische Motoren Werke 
Aktiengesellschaft-Munich 






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Financial Times Wednesday July 12 19T8 


The Management Page 


ow to protect your new 
product from piracy 



. r 7?+*' :»:vv* '-l v - 


EDITED BY CHRISTOPHER LORENZ 


MS ®W' 



BY CHRISTOPHER LORENZ 

m f n, ? ac ’ /■ meant ™ ie . ,.^ e mum publicity. to get round someone else's 

„. Bnti-h ft 11 * 4 t0 “ ler “ t “7 . ° f Mr. Lever was treated to a invention— “ design around." as 

uch is on ^ na ® es . ]fl Bntisb tool blistering attack on the useful- he politely puts it— but he is 

i havA “J* f °L^i^j°r er and i do ' 1 t-your5eLf Industry ness of p ateats and design sadly short on handy ways 


eir legal aetionshave been SSeSped anJ ” ■ ****** 

^essful in Europe, the United applied for further patents. His E^ e ?J l . re *” aft ®. r lts ? e 6 Sives ample 

ites and Japan, but the com- success in the market place 11 « stall selh^ worldwide indication of other sources of 

ted cost of patenting and brought back to him the menu- J*** 1 ® rate of * ““H* 01 * ***** a JjJ™: dI 

urt action has exceeded faeturers who had previously *5?" ’ SwySl^for example ^ 

M,000 in just over six years, rejected his product as “not Mr. Julius, who claims that lawyers, tor example. 

These are just some of the commercially viable; 7 * Black ^e chair’s design has been Apart from the practical, day- 
sign protection problems and Decker eventually won the <»pied by about 50 “plagiarists” to-day use for those engaged in 

perienced by Ron Hickman, race for licences. in different countries, argues fj^sn _ warfare, the book 

her of the extraordinarily What would have happened that Britain’s design registra- illnminates the thinking behind 
jcessful WORKMATE work- big companies had taken tion system gives “nil” pro- much of Britain s legislation on 

up Hidcman^idea when be techon. and patents very little, 



The Workmate — Black and Decker’s best-selling portable workbench. 


Microprocessors: 
it’s even worse 
than we thought 

^ i A MOST alarming Indication of more money, reflects a view 
! the future competitiveness of that, unless something drastic is 
: British manufactured products done, many British companies 
.-r * ! has just emerged from the will only realise the significance 
j Department of Industry. By of the microprocessor to their 
$ rights, it should instil panic products when they see it in 
I in many a managerial — and their competitors' shop window 
shareholder’s — mind. — by which time at will be at 

Last week’s announcement of least two years ton lale. given 
j a £15m government scheme to the time it takes to adapt a pro- 
I encourage industry to use micro- duct. Jet alone design its 
J processors was accompanied by successor, 
evidence that the vast majority The point about microelec- 
of British manufacturers are ironies, long since realised by 
3 ] doing nothing whatever to assess most Japanese, and many Eurn- 
s/l how microprocessors could pean and American manufac- 
* improve their products. turers. is that anything with 

Yet for many of them, this levers, springs and spindles in 
radical innovation may soon it is a natural for updating — 
revolutionise their business, or replacement — with elec- 
. almost regardless or what type tronics. particularly in the 
of products they produce. If -control functions. 


T : w , iif I1I, u? iacK i“ Q ■ uecKer * firct nut it forward and thanks 'to thA^M^wrirtT JhiTh intriguing of all, as an indication _ . ever there was depressing news This puis the enormous field 

uch bought exclusive manu- f ! rw “ T fS™\ antt rljjr*.™ “ e ease with which of way government, industry preoccupation which is partly protection for inventions and , bo „. fulurc nF B riUsh of mechanical enaincering in 

during And marketing rights S SSftalSLSi SnS££r S“S v“. X «° blame for the pn„r overall designs. pSct design then this is it! the forefront nt the auack - 

ntpixS" it over five years ago-having Hwnsi^^er^St thT ^ tended t0 underr > te ** desis ? 1 of ^ He aIso “P lains **'* ^ On the basis of three very but Britain’s mechanical rn- 

1 ' kI ;f \ CT,oual y sel ^“ ed t0 d0 so - 10 J? ™h«? 1 g": v . importance of engineering dusuial products, m terms of ItaJy Belgium and Luxem- wide-ranging surveys of opinions sweenng companies cine out 

. years the original design has f n &ne the^£ ^ most gratae lustration de5 ign, is Mr . Johnston’s quote their reliability manufacture- bourg of ^ eec countries 'JatoErions in manufatturing Particularly badly from ihe 

awned 13 variants, of wtacb t A tSetabUiS l£d ^ b °°? ^ from the Registered Designs bUity. maintainability, or com- have simple patent registration Sdustiy. the 3>oI has concluded “■warenew research " of the 

er 2m units are. expected to '?The and . 0V ® rla P — betweeo Act, which separates " designs " mercial viability. systems— patents being granted JiKrtS half of industry under- Do1 <some nf wh,ch was F,I P' 

' sold this year alone. moM^ninrrin^IfiHrh RiSk v * n<ms ^strumeats by which from inventions and from patent Rather than just a question without examination and search, standshow microeJecLmnics^ can plied hy the EEC Commission 

At first sight, the apparently - . manufacturers and designers law by emphasising appearance of semantics, this is a crucial But he reports the Commission’s k* to update its products and UK lradc> associations, with 

. vious lessons to both . - 0111 Tbear interests in as distinct from constructional point for Britain's “industrial view that industry in those 3 inp«: the govern in ent’s various 

' signers and manufacturers J £ ^ ^ contained in just half or functional qualities. strategy,” whether at national countries “ is placed at a disad- pe?^eDt U “in the re5earch institutes also playing 

to come up with bright new ~ “r earuer * indepenaent a pa g e> under a picture of the This is only one example of or company level. It is no vantage vis-i-vis large foreign cLTT JLJ V n „ r opnt a parti. 

Jas might be to slap in as y ' Hotpoint “liberator De Luxe” the way UK design protection good for the Prime Minister or firms which own a large number action P Perhaps ihc most depressing 

my patent applications as fast - washing machine, from GEC. laws, with the exception of the company chairman to of unexamined patents...” nove acuon ' thing of all about the DoTs 

they can, and fight potential JJOUble QUICK The machine is covered bv 11 Patent legislation, generally preach the importance of good PerhaTls Th ^ neatest: muqtBI ^ Take W* the tip of the ice- surveys emerges from between 

igiafists to the death. ■ UWC H U1VJV • L ^ J * it c define desigL and “ appearance.” product design to their under- . Perhap s ™ nealest Mustru- berg, an example from one of ,hc lines. If so many companies 

Not only that, the WORK- Secondly, it is arguable that T^r^rnn It leads the author himself into Ungs if everyone thinks they tlon of differences m national the surveys. One firm replied, are oblivious to such a well- 

\TE story shows the need to if onq of the big names; had . ni “Xr” the statement that “patents do are talking about appearances, legislation concerns British - Yes. we know all about micro- publicised innovation as the 

ntinue to innovate. In the taken up Hickman’s idea in. 1968, not relate to design in the sense rather than everything from Rail's famous symbol. It is not processors — and there will be microprocessor, then how many 

•rds of Dan Johnston, the its competitors would have L„,, that design is the formulation the durabiUty of a product’s registrable as a trademark in one in our very next product." more developments mu.st they 

thor of a book published this realised its potential and rushed ^ n of a product from an appearance nuts and bolts, through its ease UK because it is used in But a direct competitor, in be missing i or ignoring) which 

. iek which describes the a simiiar product on to the point of view-the working-out of manufacture, to the colours Nation to services rather than the same said "J « ■" 

ORKMATE saga, “ Once market in double-quick time. As W a rostered i number. ^ ual solution to an idea in which it is painted. goods But France, whose ports cannot se e any reason to bother mundane? i et the success of 

sign leadership has been it was. Hickmans anginal for a product.” i n his chapter on inter- re^Tarl7>cr^mo,iateBrtS ^ it" ’r^'ToTru 

hieved, it can never be main- Patent applications were_ welj £!!}! Thus the law on design pro- national trends. Dan Johnston Rail ships, has a system which The Government's readiness nf l hi 

ned by defensive measures advanced by the time Black.and . The names “Liberator” tection reinforces the design explains how there have been does cater for “ service marks.” to expand the new Micro- m^v *1^ 

~ - LMdershlp l n de,1 ? n "J iSSLTL Y" e r P* -«-#• f«traan y years to CO- So the BR symbol is registered I dectronics Application Project themselves may bp at 

ians keeping one jump ahead beginning to notice nis com- rsraiauc, wmen occupa tj on ^rith appearance — a ordinate different countries’ across the Channel. later in the year, injecting still 5 L.L. 

the others.” mercial success. apply to uus particular machine. ^ 

But is it always sensible to Hick m an’s approach is are also registered as trade 

- hell-for-Ieather for a mass obviously not applicable to every marks. 

all-embracing patents? In new product in every sector of Despite its yalue in dis- 

dition to their complaints industry. Many designers and tmguishing between the various 

3 ut the cost and time manufacturers of electronics forms of design protection, the 

'olved in the patenting pro- have virtually given up patent- book’s extreme brevity (barely ^ ■* 

:s, some designers and manu- altogether, so fast is the pace 120 pages) leaves it undear on J J I la — 1 ^ M M ^ ^ 

■turers argue that the pub- °f innovation intheir industry, several key issues. For ex- / * ■ 8 

itiou process insisted upon and 80 ra pid the diffusion i off ample, exactly when during the B 8 8 -88 B^^V8 ■ 8^fek 

the authorities as part of know-how. But, by a con^ma- patenting procedure do. the UK B IK^B 8 8 %b»8 8 

;■ g* ''L^enting gives the game away tion of judgment and luck; Hick- authorities publish the details ™ ™ ™ m 

‘ L? •' ^Cij.; necessar iiy early to one's man does seem to have, struck of an application, for all the • 

‘* £ * 1 ' ya» npetitors, who then have the .right approach to protecting world — induding potential — - _ Jra W 

WkErt s ‘ "»e to make a few design the design of his brainchild competitors— to read ? A fVl^ 

,'inces — which may constitute Dan Johnston s book, tuned Mr. Johnston is also rather ■ If ■ llAf I K » 

1.8 M% arovements — and get rapidly to coincide with the implemen- short on advice to his readers ^^88 UW BIB 

o the market with their own tation of the new British at several points. One instance „ “ W. Bsi ■ 

..■Sion of the product patents Act, is intended to he a is f that he does not get com- . _ . 

j P.r; C-^ot entirely on purpose. Hon simple, non-legalistic guide to pfetely to grips with the likely 8 • fl 8 II 

. rkman may have struck the tbe complex problems of pro- impact v on employer/employee 8 

al mien in the early life tecting nevi.. designs — by relations of the new Patent If V W bB® »%#■■■ U|| I 

his invention. The book, patents, design registration. Act which is more favourable rjB ■ B. M ’ 127^8 H m M BB 8 8 i m 81 

■esign Protection,” published design copyright, and other to an employee-inventor than ■ ^pB W B B BH 

— -| 2 ie Design Council, recalls means. It will therefore be of was the previous legislation. gg ^0 

The spent six years evolving particular interest to small and Many employers are concerned ' ; 

■ idea into a potential pro- medium-sized companies, whose about the effect of these 

rt before be applied for four new-found Government cham- changes, as was reported on 

ents in 1968— having to wait pion. Mr. Harold Lever, was this page on June 5. 

Further four years till they rolled out by the Design Council The author is canny enough 
re granted to launch the book with maxi- to include a few words on how 


An J 11 RptrorcrtmaHr* varKi Ah ZTalCnUIJ 9 uaulUVIUU ttUCUij/La ivja iiicuij j t<u a id wr luc uu ajwuui 1 

n ' apply to tS^rt^ar ma S^! appearance— a ordinate different countries’ across the Channel. 

is are also registered as trade! • 


"Research safeguards 


and employment” 




Group Balanco Sheet at Sist December 1977 cexidg^w^ 

UABJUTTES DMmOon % ASSETS DMm*on % 


Tanfltole and Wang#* fixed BS5Cfc 
Balance iBauHna tram 


JSINESS PROBLEMS 


BY OUR LEGAL STAFF 


declaiming 
leating costs 

an article on tile Taxation of 
■ming profits, I have read that 
-third of the costs of heating 
I lighting the farmhouse are 
iwable as charges against 
fils. 1 farm approximately 40 
es and pay tar on the profits 
have never actually claimed 
these expenses. Do you think 
un entitled to claim these 
eases and If so can 1 make it 
respective for the previous six 
rs ? . . 

he answer is yes in principle, 
you may have difficulty m 
uring relief for past years, 
ause or the strict conditions 
josed by section 33 of the 
:es Management Act 1970, 
ticularly if your farm 
ounts have been prepared 
fcssionally. . 

33. — (1) If any person wbo 
paid tax charged under an 
essment alleges that the 
essment was excessive by 
son of some error or mistake 
t return, he may by notice in 
tine at any time not later than 
years after the end of tee 
r of assessment, Ingwhieh the 

rssment was made, make a 

im to the Board for relief. 


(2) On receiving tee claim the 
Board shall inquire into the 
matter and shall, subject to the 
provisions of this section, give 
by way of repayment such relief 
(including, in the case of assess- 
ment to income tax at tee 
standard rate, any consequential 
relief from surtax) in respect of 
the error or mistake as Is reason- 
able and just: 

Provided that no relief shall 
be given under this section m 
respect of an error or mistake 
as to the basis on which tee 
liability of the claimant ought to 
have been computed where the 
return was in fact made on the 
basis or in accordance with the 
practice generally prevailing at 
tiie time when the return was 
made. 

(3) In determining the claim 
the Board shall have regard to 
all tee relevant circumstances of 
the case, and in particular shall 
consider whether the -granting of 
relief would result in the exclu- 
sion from charge to tax of any 
part of the profits' of the 
claimant, and for this purpose 
the Board may take into con- 
sideration .the liability of the 
claimant and assessments made 
on him in respect of chargeable 
periods other than teat to which 
the claim relates.” 



,Sf •( 


Looking at Leicester 


Leicester is already the home of hundreds of 
affluent industrial and commercial firms— 
many internationally famous. Most of them 
started in Leicester, all have prospered here. 

m a a Eoqolriestd: Gordon K Smith FR1CS 

■ M m __ industrial Demtopmsiit Officer 

mfm Wmr Tatefibooe 0533 549922 Ext&700 

m f* jL ' • or John Blown FRIGS 

Industrial Promotion Officer 

d A A Telephone 0533 549322 Exi.S750 

' Leicester City Estates Dept, 

SS? "ETM* 


It might be best tactically to 
arrange to have a talk with the 
Tax Inspector, to explain the 
omission of the expenditure from 
the farm accounts. 

A company’s 
article 

Is It possible to make it a con- 
dition of a private company’s 
procedures that all decisions 
taken, must be by unanimous 
agreement of the members, and 
that on the death of a member all 
interest and rights pass to his 
next of Idn? 

Both the provisions which you 
suggest may be inserted in tee 
Articles of Association (which is 
the- contract which governs tee 
conduct of a company). However 
each has potential disadvantages, 
especially the unanimous 
decision provision You should 
therefore obtain advice before 
setting up such articles. You 
will find advertisements for tee 
services of company formation 
specialists in standard legal 
periodicals, for example, the 
Guardian Gazette or the Solicitors 
Journal. 

★ 

No legal responsibility can be 
accepted by the Financial Times 
’for the answers given in these 
columns. All inquiries will be 
answered by post as soon as 
possible. 


.. 





cfwMcftaDtosd 


Number 

180.907 182£80 
7 SLA 06 7*230 


210 ->=. 173 -9.2 


Employees 


Number 

6*503 64.359 


Change h it 
-2.9 


Professor Dr. Rolf Sammet 

chairman of the board of management of 

Hoechst 

*Our research and development will continue to 
generate products to meet the needs of a 
growing world population with increasing living 
standards. , ■ f - 

I am convinced that we thereby guarantee' 
the company’s future."^ 



®#-T#rent«nAgovox 
C3B0 telephone 
Etnsweringmachine 

•tt»sma)iest& , 
l ates t m odel from J 

theZwssGroup / 
TO ofWest Germany |l 



0 -f-y ear rental at., 
competitive rates , 
• available 

immediately 




Vt I I HI a * 

nftagaBBaeag 


-a ■.TTT^ 
* t - ■»I4 ■ • ' ■ 


. .la and.^tyd 


’pMKI IMM 




Our future lies in 
oiir research 

OurcortfidenceinHoecfrafs ”7 
contfnuinasuccesstsbasecion ' 
the fact that progress' is feing 
increasingly shaped by the' 
chemical industry: More than 
virtually any other branch of 
industry, the chemicaf industry 
can offer solutions to. the crucial 
■ probtemsrit our tima We are 
conscious that the predominant 
contribEft'orrmust come from- - 
new developments rather-than 
simply from manufacturing larger 
-quantities of eastingprodticHs..' 
Tb's ts ^challenge to pur •' 

_ researchers: to make-optimum . 
use of oiffscienfiffc andtech- 
nlcal potential and'find. new 
-waysHerefiesthe realbasisfor 
. the growth of Hoechst, signifying 
the importance ofresearch and 
development for our business 
activities. • 


High Investment 
in research 

In 1 977 the company spent over . 
one billion Deutschmarks on 
research and development,- 
approximately DM 80 million \ 
more than-in the previous year. 
This is-a-substantial investment 
for the future, so that the 
company can meetrthe challenge 
of interretionalcompebtion - 
tomorrow as well as today. The 
need forthis expenditure is 
underlined by the fact that neajfy 
one-third of our present sales' 
has-teen achieved by products 
that dipjTot even exist ten years 
ago.‘New products will continue 
of courseto be a criterion of ■ 
successful research. Equally 
important, however, will be the \ ' 
furtteimprovement of existing 
pioduct&arfef the development 
of raw material and energy- 
savu^praductionprocesses. 

In tnisyiray weppen up new 
busing opportunities and at 
the same time safeguard employ- 
ment and the growth of Hoechst 


Coming safely through £ 
a difficult year ^ 

1 9 77 was a difficult year for 
Hoechst After a promising start it 
soon became apparent that our , 
. expectations would not be fulfilled S 
f in many fields. Rising labour costs, ^ 
, the continued revaluation of the 
\ Deutschmark competition dis- . 
tortion through enterprises not 
operating in accordance with 
norma! market principles and 
declining prices have all had a 
considerable effect upon our 
activities. However, jointly with our 
180,000 employees in all parts of 
the world, we have Meed up to 
these problems and overcome this ^ 
j difficult year. ^ 


Dividend . 

The Annual General Meeting on . 
6 th June 1978 approved a j 

dividend to our shareholders of / 
DM 6 per share at the nominal 
value of DM 50. 


Hoechst Aktiengeseilschaft 
D-6230 Frankfurt am Main 80 ^ 


f Additional infofmaiibfi on 
; the activftiesof Hoechst * 

I If you would like to know moreaboot ? 
■ Hoechst, its activities and its research ~ 
.J in. 1977, we shall be pleased to Send A 
J you the English version of the % 

J company’s annua! report ■ 


j Occopalion; . • • . ■ • . ; 

| Address: 

I Hoechst UK Omited 1 
-I Hoechst House 
I Salisbury- Road 
i Hounslow Middx. TW46JH 

L 



— - — — -J 



4 . 







14 

LOMBARD 



BY SAMUEL BRITTAN 


A FASHIONABLE slogan In national income, there .would be 

many circles is the need to shift no better method than by eng in 
the tas burden from, direct to eerins a shift to indirect tax, so 
indirect taxes. This is a theme that tne public had no direct way 
song of which one hears a great of ascertaining the cost of gov- 
deal when a Conservative Opposi- ernnunt expenditure. It is 
tion is challenging a Labour Gov- extraordinary that ’the party 
ernmem before a general uflicully opposed to excessive 
election — although Labour Chan- spending supports a tax struc- 
cellors have also flirted with the ture which enables that spending 
idea, but in the end shrunk back l« he concealed as much as pos- 
from doing anything about It. sible. It is no accident that 
Each time round I have countries such as the Soviet 
expressed scepticism about this ^ i ] lon *|* ve v . er ? low income tax 
tax switch notion — as being rates aa “ raise nearly ail their 
either harmful or at best, a time- re' - «? Due from turnover imposts 
wasting diversion of energies. It A Meade-type Expenditure 
contributes nothing either Tax is a very different animal 
towards shifting the balance from la the present taxes on spending 
collective to individual decisions The name “Expenditure Tax' 
or to increase the role of market conceals the fact that it wouid 
incentives in the economy. be paid over to the Inland 

The object of the present £ even “* ver >‘ much like Income 
article is not so much lo go over a . w ^uld not enter into 
old ground as to answer a l ” e prices of goods in the shops 
question put to me by the shadow Ul 
Chancellor:. Why am 1 prepared 
to face the upheaval involved in 
the Meade committee's proposal 
for an expenditure tax, while 

opposing the much simpler shift . 

from income tax to indirect taxes people would be able to deduct 
preferred by the official from tax bills sums devmed to 


Expenditure 

Under an Expenditure Tax, 


Opposition? 


Tax shift 


Perhaps the instinctive answer 
is that columnists should always 
be the unofficial opposition. 

never the official one. But there . , _ .. , 

is something more logical to say *"“»“« the . M eade 

Committee would confine the 
new system to the minority of 
?r Rate tax payers. But the 
important point is that in con- 


the purchase of approved assets 
such as houses, shares or the 
acquisition of business stock. On 
the other band, the proceeds 
from the disposal of assets 
(“disaving”) would be added to 
taxable income. 

This correction apart, the new 
levy would be very much like 
the present income tax. As a 


as well. A shift from income to 
conventional taxes on spending, 

M u w« ^ HFE 

tax or the employees National dif , uised in Ule prices of goods 

Insurance conlnbution is that jn Qj e ^hops 

people are aware they are paying " . . ‘ .... 

it. They can therefore make T ^ ie novious and mte point to 

some rough and ready assess- made against a Conservative* 

ment of the cost of the public switch to Indirect taxes is 

services, and thus form an idea 11 V“’ 0 H ^ increase the retail 

of how much thev want to pay P nce ,r i£ e *. ant * one £ ou ^ 
fnr in this vnv argue until the cow's come home 

rnr in inis about whether a one ^ hot rise of 

By contrast a tax on goods in this kind is to be called 
the shops is fell by the citizen “ inflationary.” But a much more 

only as one of the many important objection is the 

influences on prices. To shoppers disguising of the true size of the 
a rise in price due to higher VAT tax bill. 

is in no way different to one There is stiH n0 need tQ be 
brought about by aigner costs of committed to an Expenditure 
delivery or a shortage of the Xax . if the anomalies and distor- 
eommodity in question. The fact rtDIU dia g nose( i b y the Meade 
that people paj tax without Committee can be tackled some 
knowing it is often regarded as other way we n and good. Mv 
the great advantage of indirect main point is that ^re is no 

taxes, but on the contrary 11 inconsistency in accepting an 

their great disadvantage. Expenditure Tax if in the end 

Indeed, if a Government the arguments point that way, 
wished to bring about a large while being opposed to a major 
and surreptitious increase in the shift from direct to indirect tax 
share of state spending in the under the existing system. 


Appeal of home grown 


Financial Times ^Wednesday July 12 is 78 



WHY IX) GARDENERS ’ have to .this combination. 

vegetable gardens? I do not -ask marketers have thou 

this as “if to wonder why we slogan to push them along. Sow the seeds 
grow vegetables. That is obvious, except this, their value in a bor- three weeks, nine 
although any of you must, be dec. , and half an inch deep. 


sanws SSinSfiB ra&siffiiB 

«€ SS SS s=5-j as 

- are flower stems are What about the black fly which in oar* Stvlrmlw and recto 



vegetables could not go into’ a ^gieTrerS Wt" 

long herbaceous border wht^ ch <m ^e-Globe Artichoke 

ne&ds replanting and could <fo p0 s? s qo' problem?.. You can put 
with some big clumps. Such- a it -against a south wall and keep 
Ute price, nowadays, of any box- jr safely through' the winter. .1 
P ,aat *“«* the time am rto - S(> . Tbe last 

that the best of them take, to five plants of theedibfe Vert dc 
grow into a clump that ihe « Laon variety which 1 had bought 
unwilling to go back to the f rom ’ John cm- yarnutt 
beginning and buy six new Somerset, •», 

Phloxes for every bare square we t xrinteT 
yard. Would not beans be as cheap, but 

r.c 


GARDENS TODAY 

by robin lane fox 


n an ornamental Ono. land invariably «» S«rad that it few an r S» P»*r cent ch» a 

Buds which you do cot Feans? I: was >wn off by a com- of Handle*) t.io wsntar. , r thl 
nacinn aruup of Summer fiowr.r* m tho-se KW-tward -,ip* 
Savourv. or .Vaiureirt. thermauve- between lb* and r: 

floweni summer Herb. It is not full flush of rose ;. 
just an old wives' tale that this Lastly, you could have ».t 




earthed up. The new Shin* ffo 
vou «w 030 tv »"* just like a IlT.ik 
S avoury sovtn thinly and kept damn. 
t o r0ad win he diving you )»■•.• w-Sb 
a bor heads, -$nmcr two pmiadi - 

Su5S SSL 


Prett5,? 5** ^ wholesale anc five times traditional cover. Trom Noirem- prey . . fler ^ ™ pnn , lllcir owu 

Indeed, they would, if you thepnetfra V restau .- a r.r. are too her m aareb. They are alleged leaf neater, but they dive a . quick ha „ to be " 

could put up with the gaps while S°nd tO- itiLss. to survive at “0 desress F or less.” shape to a border even if jou _______ you over uu.tniRitl suit jioti 

they die back after cropping, it hzi. lone annoved me that I would believe this only if it eat their buds. Grande Bcuire sp™.*"- " _ fool-proof. Snw it very ttu- 

More gardeners are trying to seedsman have' no' been able happened three years running, is a cheap and welcome way in. Free frf black fly, they -are any tiev* ju*w. Thin to n f c 

break the old division of ‘flowers to sell a strain vho«e 'uutL? are Beware, too. of a badly drained i have seen a fine border obvitiuslj a pretty RfeuP- Th* apart, atnl when you sev :fir fij 
and vegetables, probably to save not too pricklv and variable to soil. I have tong found that these broken up with clumps of these grey green leaf and smart black big white heads sot? ip .c. wit ha 

space and labour, partly to enjoy be worth eatiric Bur there is a globe artichokes hate to be damp Globe Artichokes and centred and while flower would bo any need to earth up nr blam 

a border with an air of maturity new Me. just out, which is re- round their necks m winter. Wet on Old Fashioned Roses, with prized in most flower gardens, you will see why this. too. ts 

'. ported to live up ro its blurb, is more lethal than frost, so dig which their grey leaves go so Massed among early blue vegetable which could make 
recently, have caught my atten- Thompson and Morcac. London gravel round them. well. Bis bushes or the dark Anchusas, the fine bis Catmint hold and pleasant mar!: nji\ 

tion. There are some new Road. Ipswich, will’ -l- ! vou a Armed, say. with the contents red Gypsy Boy. striped Ferdinand called Six Hills Giant, double in vri(h an autumn horde 

varieties of vegetable seed. too. packer of their Artichoke Grcnde of two packets for a special GTp Pichard and the tnugh pink white Paeony Kdway’s Glorious front-row flowers. A very nwi 

which are especially well suited Beurre for 33p. . Its buds are nrrcc. imagine how well they Sarah van Fleet were massed and a drift of primrose-yellow new arrival. 


Hatched is the one to catch 
in the Duke of Cambridge 

MR. CARLO D'ALESSTOS a nee, this grey daughter of the and four fillies, while Never 
Hatched, who created such speedy Grey Shoes ran well Bend has four colts and three 
a fine impression when drawing before Oring to' finish -sixth of fillies. 

clear of the opposition to put 10 m Ascot's Fen wolf Stakes. Of particular Interest to 
five lengths between himself and won by Contralto. British visitors will be a filly 

runner-up Heroic in a maiden Another In' “this event, the bv Nijinsky out of Bitty Girt; a 
event at Sandown last month, unraced Manawa. who was flilv by Forli out of Broadway 
will surely be the one they all expected to take a' band in pro- Melody: and a colt by Habitat 
have to catch in this afternoon's ceedings.at Salisbury- but failed out of* Fleet. 

to enter the stalls, could make . One expected to fetch a big 
her presence fett at attractive price. even by Keeneland 
odds. ' ■ standards, is a handsome colt by 

'Hits William Hsr'inzi-Bass Northern Dancer out of the Oaks 
debutante, ridden by Australia's winner. Homeward Bound. 
Harry White, is 'a half-sister by 
Mandamus to AxmeL'e, a nippy 
two-year-old. . . 

The world's; finest collection of 
„ , „ _ . . . „ .. _ j-eariings comes up for sale in 
Duke of Cambridge Handicap on [, A - 0 weeks when the 35 ih annua: 

Newmarket's July course. July sale at Keeneiand. Ken- 

Henry Cecil's good-looking tueky, sets underway. 

Thatch bay. a stable companion The -MO-pius lots on offer 
to Gunner B, is a three-year-old include representatives rrem 
with great potential and it will nearly all the- leadins sires in 
be disappointing if the six in -America in thelas>t twin seasons, 
opposition this afternoon cannot Nortbern Dancer ^bas six colts 
be shaken off by Joe Mercer in - • 


ENT ERTAINM EN 1 



OPERA ft BALLET 

COLISEUM. CrMH cards 01*340 S15Q. 
Rm«rMtleiH 01-036 3161. UntK SM. 
MURETEV f ESTIVAL 
WttSl DUTCH NATIONAL BALLET 
Evas. 7.10. M«(. Sjl at 2.30. fpqr 

Sebum ann Ptccw > Fun .* Aboot a Dark 
Houe. Numcv wilt dance at n ur per- 
S«n« uats MMI a-olNWa. 


THEATRES 

GREENWICH THEATRE. 8M TO; 
(venlegt 7.30. MaLSM 2.30. 

HouiAtOB i MIMnPAn. Timm. HINDU 
WAkCS- •' A real *«L OBPtwan. 


• 30 0832. 


Sat. 4 JO anJF'S&O?' 00 " 


RACING 

BT DOMINIC WIGAN 


COVe NT GARDEN, CC. 240 1066. 
lOaipeiditrM crvdl; carat 836 69031 ■ 
THE flOVAL OVERA 
Ton lent arte ft. a- 7.50. PELLEAS XT ! 
MEUSANOE. Tomer. Sat and Tac ne«t 
at 7 jO: Norma >13 and IS July lav*-, 
oen reolaces Cra<o. IS JuW Veawv [ 
replaces Oidnorv. Lawrocn reirfac-v ■ 
Craig l. ! 

THE ROYAL BALLET 


HATMABKIT. 

Wed- ‘-^ UL KonaB 

BRON PEACOCK 

and IRENE HANOI. In 
A- FAMILY 

A nm Dlav bv RONALD HARWOOD 
D.recira bv CASPER WRECK 
"A r.«llr MHsrv4«ti play..cnu>d 9U t**e 
Hatmainet tw.*.v«c. ,r S. TUnta- 


THEATRES 

THEATRE UPSTAIRS T1J I? 

Omm Tea t at 7, Sur-1 7 M 

IRISH 8YU AND CNU.I-H TCAR- 
trr Nish luiovnn 


KING'S ROAD THEATRE. 3U T4M. 
Mon. la Thor. 9.0. Pi* . Snt- 7 30 9.30. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE -lit 


VAUDEVILLE, list) 99SII CC. Eil 3. 
Mat Tiri 2 41 Sal. S and J 
Oiaab SHERIDAN UuUIe GRAY 
. A MURDER IS ANNOUNCED 

TH£ ME WES r WHOOt'NNiT 

DV AGATHA CHRtSlU. 

■■ Re-anter Agatha wttii wo'ivr » 
dnnnt b*t, AgaUia ClWii't <i *• «n* '—«i 

West End ret again wi‘> amMnm .-n 

HcmttM'y inprnMua murrier <r.-.*r>-i 

Fens RaaCer Cm*ri|i<g N-**- 
AIR.CONOiriSNrO rHCATL-r 


NEWMABKET 

2.00 — Great Grey Niece* 
2JJ0 — Hatched** - 

3.00 — Ki dan ess 
3^5 — Stanford 
4-05— Sand Ford Lass 

4.40— Sofronoff 
5.10— Chop Gate** 

KEMPTON 

6.40 — Rectitude 
7.05— Nellie Clark 
8.30— Norfhangef 


Men mrrt at 7.30 Four Schumann PleCM. | LOWOON paUAOIUM. CC. OTviW 7373. 
The Firebird. Tbe Concert. **5 Amrtjl , NOW UNTIL AUGUST 19 

scats wail.fcr all pert* from Team on i • Men. Tue».. ■ rhur*. ahd- Frt. at a. 


dav of P*sH. 


GLYNDCBOURNL FESTIVAL OPERA Until 
Am 7 Witt) tne London Pminanncnic 
Orchewra. Tomu. sat and Mon ne« at 
5 30. Coil fan tuttc. Fr. Suit, aid Tue. 
next at 6 IS. La Solwme. Potilblo rctvrs» 
antr Bo* office GtvndeOOkK-nc L«««cs. 
t Sub" .0773 8124111. N.B. TFe 

curtain for CoU will rise J *S.30 shara: 

There U no poarbffltv of admittance fnr 

late comers. 


THE TWs'rHW 


lO and 3 SO 
IKS 


In a SeoctacutAr Comedv Rtwe 
TWO EXTRA PERFORMANCES TnK 
SUNDAY AT 5.0 * KJS 
Book now tut hot line 437 10H 


LYRIC THEATRE. 01-437.3®*. E«-_8-0. 

Mat. Tours. 3.0. Sat. £5 bM .JO®. 
FtLUMENA . 

with Eitrabefh Archer 3 Trww Grtmcte 


by Edeorco » Fiumo ~ - ' 

FRANCO ZETFlNSLLI 


Directed by 
'■TOTAL TRIUMPH.' 
EVENT TO TREASU; 
IT FILL 


THEATRE 

Gutcnol. Stick 


Sw. NeM. 

D. Mfr, "X-AJ 




Patrol fleet 
reinforced 


Elkav to move 


CUSTOMS 


EL KAY Electrical Manufactur- 
ing Co, manufacturer and 
and - Excise is 1 supplier of electrical compon-j 
its coastal patrol eats, is to lease a 20.000 sq. ft. 


the closing stages. 

Another colt of whom the best 
has not yet been seen. Stephano 
iming for his fourth succes- 
sive victory — receives 2 lb from 
the local colt and may chase 
the. selection home by account- . . • . 
ing for the “established'' mem- n' l i^ orcin ® 

Jj 0 j* qJ tliA m 4 i-H* floft Cfibiie IlCCl 

winner 
Lester 

Bruce Hobbs and the booking service, carrying - out surveil- . town. Initially, the company 
for the once-raced Great Grey lance duties in a wide area of | will employ about 60 people 
Niece in the Process Maiden Britain's coastal waters to pre-j when it moves to Newtown from 
Stakes could prove significant, vent smuggling and ether illegal ; its present premiseg in south- 
On her only previous appear- acts. i east London. 


I SADLER'S WELLS THEATRE. RmctW 
An. ECI ■ 337° 1572. Urttf July 2Z. 

■«« 7 33. M«» Si' 7-30 
NIKOLAIS DANCE 

Tonight »nd S-it- b**? ' «•*» i ».•••- - 

Fvju 7ft. ij.ie 'rom San<-* u m Tonw »na i MAYFAIR. 629 -MSB/IoM. 1. -Sac. 3.30. 
Tuc • Triple Dii ci iron* Grorro. S1 y«. j and 6 SO. Wad, tut. at* 3 - 

Triad. Ffi in Sat Mat Triple Duel WELSH NATIONAL THEATRE CO. 

from Grotto Gallery, suite from j 

Mon.. TomplM. G-.lgnol Tnad. " Snw I 
Hlurdr, ... an .-MU-rlrncr not JO | 

M- mMW " E. Ni-w». "Uttnrly. nttgrty : 
beautiful . . «Tnadl Guardian. JuiVi 
SI -Aug. 76 MARCEL MARCEAU. | 


VfCTDRIA PALACE. 

Book Now. 328 4711-6. B>4 11 

• STRATFORD JOHNS 

SHEILA HAMCOCo. 

ANNIE 

tmiw ’ M. Mhtt. W*y|. a>Mt Sv. : 

WAREHOUSE. Danmar Tt*eai-i- 
Gartro 836 o.toa roiai f n->n 
PCARE COMPANY. T.jt t. . -O D 
RvetaD's THE HONS cr- L'G 
"QuHr DSMfandlnc.' ». T!.n.-» AH m 
E l .80- Adv. fakuv AldM.cii. '•>:<>£ 
Itantftrr SIOO. 


U OY^ THOM AffS 


MKK 



THEATRES 

| A DEL PHI THEATRE. CC. 01 *3* 7611. 
tvos- 7 SO. MJtv Thun*. 3.0. Sat. 4.0. 
IRENE IRENE IRENE 

THE BEST MUSICAL 

Of 1976. 1977 and 1978 t 

IRENE IRENE l*W* 

"LONOON’S BEST NIGHT OUT.* 
Sunday People. 

CREDIT CARD BOOKINGS 836 7611- 


MERMAID. 248 7656. Rrotadrant iM 

2833. Eweowis 7:30 ana 9.1 S 1 
EVERY GOOD 
■KSOtNUj 


A Blay for icKkvM,' 
STOPPARD A ANOREY 


WESTMINSTER. Ot-ICU 03 

SENTENCED TO LIFE 
PMUGGERlDGE'S t,w.h.|>» l.uitu 

THORNHILL'S dran-atl: D ^ 

“Inufiselr human, tarm-a *fi ""a ‘ v.p 
“Tratnondow imparl. - ' Np.y "i 
■ tfiaroty mtjyta ' J. t.. T,r«..> 
EflJ 7 45. MdU YfCO 3(h) MU 4 
MUST LND July 77 

WHITEHALL. Cl -9 .1C 

Era*. S.TO. Frl. and sat 6.46 ana ■» . 
Nal Rgvmcnd prtueau the Sneutlt 
- Sat Rhiw of the Century 
DEEP THROAT 
6tb GREAT. MONTH 


V 


in: -sMWjm.'t 

63 and £2. 'Mft ONE WHO AOVtS i 
THE ENGLISH LANGUAGE- AN0 = TH£: 
HIGHEST COMIC CAN POSSIBLY. 

MIS5 THIS PLAY." 5- Times. 


WINDMILL THEATRE. CC. alJl' U 
Tw:c» NianHa 8.0 and 10.00. 

. ' Sundays a CIO ard S.CO. 

PAUL RAYMOND pments 
rip orr 

-. . THE -EROTIC LXPLRIENCC O* W* 
MODERN E*A 

•T«ke* » wui 

peritusttbte o- our uape ' to Nr 
3rd GREAT Ttfcfl. 



t Indicates programme in 
black and white. 

BBC 1 


6.40 am Open University. 

Golf Championship at 


... 10-55 

The Open 

Sl Andrews. IJ50 pm "Fingerbobs. 
1.45 News. 2.15 The Open Golf 
Championship. 4.18 Regional 
News for England (except 
London). 4.20 Play School. 4.45 


6.00 Thames at 6.- • HTV 

685 Crossroads.' Ujg am -n^ Lost IxUnas. MAO Simply 

7.00 Don't -Tsk Me. Sewina. 11.05 In Concort UJO Crlckri 

7 JO Coronation Street 12-M pm CnckeL UO Report wc« Head 

5 abo London* -Vi’ht Out- wirh t*r.«.- XJ5 Report Wales Headlines. 2-80 
. «jju uinaon 2 in uut wnn *mi rm«n*wijc am Rowirr 

Petula Clark. 

; •a.OO. ‘Party Poiinca!-. Broadcast. Dear Falter. «LM News followed bjr 
9.10 The Queen -bf a- Distant Report West Headlines. 

HTV CymrwfW*l«»— Ai HTV Geoeral 

_. Service except: X-2lHiS pra Peaawdau 

1(U0. Best Sellers; ■' Testimony of ^ Mawr 

Two Men. 


12-25 am • Close: 'Shakespeare 
; ' sonnet read by Sir John 

• Gielgud - .' 

All ITN regions as London 


6.50 The Osmonds with guest Scotland— 9.55-10.00 a.m. “ Pad- 

Engelbert Humperdinck. dington takes a Bid." 10.00-10.15 
7.20 The Big Time. Jackanory. 10JS-10J5 Grange 

8.15 Z Car*. Hill. 10.35-10.55 The Islanders. 

9.00 Party Political Broadcast by 5.55-6210 pm Reporting Scotland. 

Labour 11.35 News and Weather for 'ScoV 

9.10 Main News. land. 

9J5 The Risk Business. . Northern Ireland — 10^5-11.40 

10.20 Jack Jones with Marvin am The Twelfth: The Orange - - • Country. 

Haraiisch and Deniece Order’s procession. 4.18-4.20 pm - 10.10 News -at Ten. ' 

Williams. Northern Ireland News. 5.55-6J0 

11.05 Where There's a HD1 Scene Around Six. H-36-12.20 am 
There's a Horse. The Twelfth. 1230 News and 

1145 W’eather.'Regional News. Weather for Ulster. 

AU «8'?ns as BBC 1 except at England — 5.55-6.20 pm Look 

the following times: East (Norwich): Look North __ 

Wales — 5.10-5.35 pra Bilidowcar. (Leeds, Manchester, Newcastle): except at the following times: 

Boss Cat. 5.10 Newsround Weekly. 5.55-&20 Wales Today. (k50-7O5 Midlands Today (Birmingham); __ . 

3255 The Womblcs. ' Heddiw. 7.15-7.40 Pawb Yn Ei Fro Nationwide (London and South • iXril ta Chanang canaie.. jt gpm Naw Raw! ang 

a'fi* Even ing News. I cy^es newjdd). 7-40-8.15 Come Eas*J» 'iSmithamiitmll- 10J0 am Fn*ads «f ilpi. M40 SUnplr Canoon. SJ» CrasanMds. tfcOO SwrlamJ 

5.35 Nalionwide (regional vana- Back Mrs. Noah. 11.35 News and South Today (Southampton), s*vnM. UM In Con>.n. Oljg cuamaim Today "H>Ja ReSectlooS on Spoit. ttt3S 

Spotlight South West (Plymouth), ciioi-.-. us pm - Aosiia ■ s™*. xoa m Late Can: 

nnr ^ Hposcpany.. 545 Mr. aad Ujs. 6JJ0 cnrmrrDV 

BBC 2 About Axufca. 1125 afn Tbe Sis QUMbdb. . - - SOUTHERlV 

' VIM am SJappy. JO« Shnplr Sewtas. 
AT\ r xuos in Concm. UJO Ch anging Climate. 

■M* -am - Snmrlmz Different. 9Jft Pm Soa d^Wa wa MBHogcpanv. 

Parsley. 1.28 pm XTV Nevsdci*. M» Extta foDove<1 ** ■ Tbe Btack Ewrience. 

ATV Today. TYNE TEES 

BORDER - 9.25 am The Good Word followed by 

ZOJO am Teclmofla5b. UM8 simply North Eut Nows HemUlnes. 1828 Wild. 
Swing. ■ H.05 In Concect with- mlbo Ute Clomca. MUH Slmpl7_ Sewing. 11.05 


| ALBERT. SS6 A378. CrMrt-cwxl bkgl. 
836 1971-3 from 8.30 am. Party Rate*. , 
Mon- Tues . Wen. and PH. , 48- (HR- . 
Thurv and Sat. 4.30 and BjOff. 

'A THOUSAND TIMES WEtCOM* IS J 
LIONEL BART’S 

OLIVER ! 

MIRACULOUS MUSICAL.” Fin. Tune* 

f j ?ucky U to E be 

Dly. Mirror 


THKATM.. 818. ■ 22S2. | WfYNOHAM’S. 01-836 3A?.D Cfm'l C . 
m auaei : TOUT. 7.30. To- *k«w. «36 I07|.j rrot» 733 a<> M> 
Tnur. 8.00 Fn and >.«f 'j Is »«1 9 
"ENORMOUS!. y RICH 
VERY FUN.1V " t»m'ra 
Man 0'M4lu*y'» **nj»n n.i ax na&i 
ONCE A CATHOLIC 
'loarem* comedv m a.-wi ranger. 
Oii.y Tfriesrwen 
(ES ’ 

LAUC 


NATIONAL 

OLIVIER tonen 

m or 2 45 and 7.30- MACBETH. 
Lyttelton larmconiam nage) : Tor t. 
7 .as BEDROOM FARCE by Alan 
Ayckbourn. Tom or. 7.4S PLUNDER. 

cottesloc ■vnjli autfitortimi : Tor':. 
and Tomor. 8 AMERICAN BUFFALO try 
□*vld Mamet. " 

Many «hc*ileot cheap Mat* all 3 tdtsuraa 
day of Oort. Car park. Restaurant MW 
2035. Credit card MM*. 928 3052. 




COMPANY in 
. CondVoned- 


Hoaaepircf'. 5 3D Crossroads. AO* Xcpart 

west; 435 ReporT Wales. SJ8 FatJ ? r IalUWYCH. 836 6404. tnro. 836 5332 

ROYAL SHAKESPEARE 

racertpke. Fully Air 

HaLSSi 

An cncnlnfl "J tnieMifalrical Oj«Xi" 
s. Tune*. With Strindberg's THE DANCE 
OF DEATH fn«*t P*rf. Twnor.t. RSC also 
at THE WAREHOUSE (see under W) and 
at the Piccadilly Theatre in Peter Nichols 
PRIVATES ON PARADE. 


4364.45 lilt Tro. «w8»4JS V Dytld. 

HTV Wast — as HtV General Service j 
except 133430 pm- Report West Head- [ 
lutes. 435430 Report Wert. 

SCOTTISH 

1038 am C3ne Gob. 1M0 The Station-: 
acr AtR. JUS Simply Sewlnx. J1J ® I almost free. 485 US4. tnamn, Kurt 
**“ — — " •*— — d— a I voJ, nw>0 rt' S "Player Plano." by James 

-Saunders. - Turk-Sat, 8.00 pm. No shows 


ALMOST FREE. 485 W24. Lunchtimes 
-One 06." bv Bob w 'l* o r- no Tu«.-Sot. 
1.VS pm. Sons. 3.00 and a.00 pm. No 
snows Monday. 


iegrv 

"MAKES YOU SHAKE WITH 
JGHTER." Guwrflsn. 


OLD VIC • - 928 7616 

PROSPECT AT THE OLD VIC 
Junn-Seot iroson 

•mshr _ 

ar &rr^ m £>.l?3^ i 

Eileen Atkins. Brenda Brace. RNeltaet 
Denison Derak Jacote. iff • I 
THE LADY'S NOT- FOR BURNING 
■■freoh and buoynat* Dally Tdegraob 
Sflt. 2.30 and 7 30; - 
TWELFTH NIGHT . „ 

“an outstanding rerlusF Thm -Time* 
Rccurnc July 21 


YOUNG VIC.. . M* 9 

Ben joasoo'a Mitmovovsw F> 
E»«» 7^5 Mat today at 2pm. A 
t.T.ns. Touro . 
Phonu B-*» O' 


roaring production ' *> 
Festlral until July 23. 
♦or leaflet. 


OPEN AIR. Regent's Parte. TeK 4B6 3431. 
A MIDSUMMER NIGHT'S- DREAM. 
Ergs. 7.45. Mats. Wed. Thur. & Sat 3.30 
with RULA LENSKA. I AN_: TALBOT. 


CAMDEN PLAZA loop. .-«md«ftTc 

, Tube’ 435 2->43. iavian.'c ALLC 

ELIZABETH ESTENSEN. DAVID WESTON SANFAN <AA' iB, me dlirvlor. 


CINEMAS 

ABC 1 and I JLiafSotburv Aim. 838 80 

pep. Perts Ail seats okfci*. 

tt 2081 . A SPACE OOYSSLY CU» ?» 

AM. Wk. ano Sun: -25. 7.5;.. 

2. B I LIT IS (Kt WK. and Set. 2.00. 3. 
8.35 (last car). 


Shaw's MAN OF DESTINY 
Lunchtime Friday at 1.15. 


Mondays. 


lions I. 


Weather for Wales. 


F.T. CROSSWORD PUZZLE No. 3,716 



ACROSS 

1 Refusal to come clean is 
unable to bear scrutiny (4, 4) 
5 Bars involved in frame-up (6) 

10 Draw the Spanish drier f5) 

11 Cancelled wbat a kid brother 
kept in (9.1 

12 B everting to type of cat a 
visit discloses (9) 

13 General run of a voice (5) 

14 Name alternative lessee (6) 


6 Having no taste whatever for 
Scottish dancing in succession 
<5, 3. 3. 4) 

7 Left public school to spill the 
beans (3, 2) 

S Permanent objective over 
upper-class combine (8) 

9 Visible ammunition for a 
draughtsman (6) 

16 Pool car is in smash, on way 
to citadel (9» 


.5 S W? 8 anae officia. M, 17 J™*, “““ 


18 Si?i%) makin8 t “'°“ nd " ~ SI Fre “ il 


20 Whole of National Trust in 20 2!l V l IW !*. T wou,d enter ODe of 
Ireland (6) 

22 Open pub at Lake Success (5) 


races i7l 

21 Combines with number one to 

24 Write with determination one 23 Sj Mughfwe hear in the 
article then shut up <5, 1. 3^ a “ e 


up 

so Somehow rein nasty bully (9) 

26 Applause is hidden by the 
clatter (5) 

27 Breakfast food for the more 
foolhardy (6) 

28 Way youth leader catalogues 
good writers (8) 

DOWN 

1 Intelligence Henry displays 
moreover (6) 

2 Tradesman making paper 
profits only (9 j 

3 Bill for fruit given to king 
(7. 2. 6) 

4 Official setting off towards 
first course (7) 


county (5> 

SOLUTION TO PUZZLE 
No. 3,715 


CJHEGEG 
a @ ft Ri • m n 5? 
Qssssana esdeldb 
0 cr : C3 
'stiansa HECinHaBQfs 
Q H : " 

EHSH 
^ S.Q 
HQ9QH 
0 G 
raEEnci 
Q 

naans 

a r4 a 

- !?igSB3GSS 


6.40 am Open University. 

10.35 Gharbar. 

11.00 Play School. 

4^0 pm Open Golf from St. 
Andrews: The 107th 

Championship. 

7.30 News on 2. 

.7.40 Rhythm on 2: The Dutch 
Swing College Band. 


8.10 Brass Tacks 
Robson. 


with 


F.rie BaKertas. J1J8 rhanguiB Oimaie. -tUD tn Concert with BJUn Baastns. 1U0 
tnC . SOS CtoatologJ. JjM m North tot New 

n „ . Thp Great Yortablrc Show. 4JJ8 Look- wrf Loo fcaxo trod. 2JX Women Only. 5JJ 

Broadc aSL ™B!id™«iS3i»: m 35T News /Border Happy Days. 6.09 Nortbeni Life. 12 JS(aRTS THEATRE. 
9 JO Call aiy Bluff. . Wttkthcr. UJS am Boater . News . and ■» Epaoaw. 

9.40 Globe Theatre: "The In- Weather. 


AMBASSADORS. 01-836 1171. 

Nightly at 8.00. Matinees Turn. 2 A 5. 
Saturday 5 and 6- . 

PATRICK CARGILL and TONY ANNOLT 
In SLEUTH _ 

The World Famous Thriller 
bv ANTHONY SHAFFER 
Seeing the nlay again ■* m fact an 
utter and ratal ioy." Punch. .Scat criccs 
£2.00 to £4.00. Dinner and Too-prlce 
seat £7-50. 

APOLLO. 01-437 2663. Evening* 3.00. 
Mats. Thurs. 3.00. Sat. S.00 and 8.00. 
DONALD SINDEN 

“ Actor of the Year." Evening Standard 
" IS SUPERB." Naj.W. 

SHUT TOUR EYES AND 

THINK OF ENGLAND 
"Wickedly funny." Times. 


PALACE. CC. 01-437 6834. 

Mon.. Thun. 80. Fr). 3 Sac. 6 3 BAO. 

JESUS CHRIST SUPERSTAR 
by Tim Rke and Andrew Lloyd Webber. 


PHOENIX. 01-836 2294. Evening* B. 15. 

Friday and Saturday 6.00 and 8.40. 

■■TIM BROOKE TATLOR. GRAEME 
GARDEN make us laugn.' 1 D. Mail .In 
THE UNVARNISHED TRUTH 
The H« Comedy bv ROYCE RYTON 
" LAUGH. WHY l THOUGHT 1 WOULD 

HAVE DIED." Sunday Time!- “ SHEER lAI , 

DELIGHT." E. Standard. '■ GLORIOUS “SEPN- Cursen, Jtfeot. J4H 
CONTINUOUS LAUGHTER." Time*. 


PADRE PADRONE). 2.&0. 4 JS. d- 
9J30. 11.15 


CLASSIC 1. 2, 3. 4, CWfoM Street *o 

Tottenham court Rd. Trt]. 6W W 

It Bruce lee GAME OF DEATH t 

Prog*. 2.00. a 1 5. 0 30. 1 45. 

2: Walt Dlsrcv'S HERBIE GOES ' 
MONTE CARLO lU!. Cl..ldn-.i lull art 
Progs. 1.30. 3.40. S.S5. n.Oi. 

3: Alan Bates. John Hurt THE SM0 
,AAi Prog*. 2.30. 4 35. 6.40 ? 45 
4: Final day) Ruhard 3urt7.ii T 
MEDUSA TOUCH |AJ. Progs. 1.10. 1., 
6.00. BJ25. 


terrogation of Mac hi a ve Hi." 

10.40 Late News on 2. 

10^0 Golf Championship high- 
lights. 

11.40 Closedown. 

LONDON 

9.30 am A Place to Live. 9.55 
Catch 77. 10.20 The thidersea 


01-836 2132. 

TOM STOPPARD'S 
DIRTY UNEN 
‘Hilarious - . tee It.' Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturdays at 7.00 and 9.15. 


ULSTER 

. C HANNE L a . 18J8 an The Lost Islands. 10 AO S imp ly 

1 1 sr 'pro CHannel : Lunchtime ■ News, Sewlne. I MS In Concert. 1L3J 
What's On When!. ' SJS-G»n». HamlUoo dUnatotogy. L20 pm Lunchtime. 4.18 |A3TORlA THEATRE. Charing Crasi Rnad. 

IV. 6J0 Channel -^evrs'..' 848 The Bes ties. CWer News. 545 The Partners. 6.88 

V. oa Review Today- and Tomorrow. UJ8 Lister News. US Crossroads. 640 
Channel -'Late News. 1248 am Nenv and Repons. 10-« The Held and Rack. 1140 
Weather in French folhnft-d by Ewlogue. ln 5wd of . . . The Bermuda Triangle. 

r 2145 Bed rime. 

GRAMPIAN - WFSTWiBT) 

USr’gm First Thins. 9 JD A Place TO ’* tol TV AJvU 



01-734 4291. Mon.-ThurC B p.m. Frl. 
and Sal. 6.00 and 8.4S. (Buffet food 
ayaiiablci 
ELVIS 

" Inlectlous. appealing, lopt-stom ping and 
heart-thumnlng.*' Observer. Seats £3 00. 
£6.00. Hall-hour be loro show best avail- 
able seats £3.00. Mon.-Thurs. and Frl. 
S pm pert. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


PICCADILLY. 437 4506. Credit card bkgs. 

836 1971-5 fl-30 am-8.50 pm. 

Evgs. 7.30. Sat. 4.30 and 8. WecL mats. 3 
Royal Shakespeare Company In 
THE OUTRAGEOUS ADULT COMEDY 
by Peter Nichols 
PRIVATES ON PARADE 
*' Riproaring triumph," S. Express. 

BEST COMEDY OE THE YEAR 
Ev. Std. Award and SWET Award . 
FULLY AIR-CONDITIONED 


PRINCE EDWARD. CC (formerly Caslnd). 
01-437 6877. Performances nb, week. 
Eros. 8.0. Mat. Thor. 331. Sat. 5 JO. 0.40 
NOTE CHANGE OF SAT. PCRFS: 

From JULY 22 Sate. SO and B.4Q. 
From AUG. S Sate. 3.0 and a. 40. 
and From SEPT. 2 Sets. 3.0 -and 6.0. 
EVITA 

by Tim Rice and Andrew Uovd Webber. 


499 If! 

(Fotlv Air Conditioned Comfort' OtN 
UZALA (Ui. m 70 mm iLn^mn si 
tmea. A him tv akipa kubosaw 
“ A MASTERPIECE.'' Time-.. "WASTE 
WORK.” The Observer. — iPECTACULJ 
ADVENTURE.'' Sunday T.mn. "VET 
BEAUTIFUL." The Guard, in " HAUN 
ING ADVENTURE." Sunday EvP" 
“ MASTER PIECE." Eroclng News, ft 
tfafty at 2DO (not Sun.) S 00 and S-C 


PRINCE OF WALES. CC. 01-930 B681. 
Evgs. 8-0- Saturday. 5.30 ?nd BAS. 
THE HILARIOU5 _ 
BROADWAY COMEDY MUSICAL 
I LOVE MV WIFE 
■tarring ROBIN A5KW1TH. . 
Directed by GENE SAKS 
CREDIT CARD BOOKING 930 0846. 


Cartoons. 12.00 Cloppa ’ Caslie. -Svysi. &0G Grampian Today and Area Westward Sews Headlines. 545 George 
12.10 Dm Klpnnincr Ctnnps 12JUI Weather. 640 Pu\*ev Scwsroom. hJS Hamilton TV. 6JH Westward Diair. 94B 
Cni mriw n rcS x at Hie ' W«dY Wdodpeck^ Show. KUO B«t TTY Plarhouse. IB 48 Wesfwart Late 
bounds Of Britain. UM News at 12-2S am Ri.-flrcUons. 12J0 News. 1240 am Faith For Life. 

One. 1JH> Help! L30 Crown Court. Grampian Lai* Nish? sews. 

2.00 After Noon. 24E5 Midweek r'PAIViTlA YORKSHIRE 

Racing from Newmarket (carer- 9J0 am Sommer Break. 1048 powor | Chichester. 

ing 2.30, 3.00, 3J3. 4.05 races). 4^0 So , ln 5**- v?llh « ir R'orr. 11.18 Choirs of Up* World. " ‘ " v 

SbadowL'^S V5 ThrFl'inUroife&" 4 * ^ 

bnadOHa. 5.15 Tne riintatones. 6jKlCOBad3 _R-rons. 640 L mroreity 6.00 Calendar ■ Em ley Moor and Belmont 


CAMBRIDGE. 836 BOSS. Mon. to Thun., 

00 Friday. Saturday, _5 AS and 8.30. QUEEN'S THEATRE. CC 


1P1 TOMBI 
ExcMtng BkacK African Musical. 

" Packed with variety." Dlv. Mirror. 
Saar price* £2.oa-£5.50. 
THIRD GREAT YEAR 
DMner and top-price seat £6.75 tec. 


0243 81312. 

Tonight. Juty 14 ana 16 at 7.00. July 
1 5 41 2.00. THE ASPERN PAPERS. July 
13 at 7.00. July 15 at 2.00. THE IN- 
CONSTANT COUPLE. 


545 News. 


Challenge, 1245 am - a N’lubi Music, cdiitonm. 


247m 


part - 1 : S..-hunisnfi. Sainr-Saetis. 6 JO Theatre fSi "The Prontsliw Young 
Sews. 9.05 ■ma Woek's Composer: Man.” by ChariM Marmrttz. 938 Choral 
940 .josic-Fur -Oraan 1 Si Eveosonz from St. Alban's Abbey. 4J5 
Chanel by Story Time: "The Story of Banged 

5M PM Reports, 540 Seren- 1 CRITERION. 930 3216. CC. 835 1071-3. 

5 -* WM,hCr ' NOWLIN IT^SE^JND YEAR - S 00 ' 


RADIO 1 

' (5) Stereophonic broorfawt i.Igunod -S 

SS£S^r'dr j -TOSSs-Stet WhS a. 

^UiroEteim and Meet xour Marcn. ujx and Schubert iS> Chamber music. U45 dteity 

b£ T^ BIackhore lnrii,^ 'j* 0 * s &t7 M “' C 'rV' 

Nattenal Pop Panel. 441 Kid Jensen p . m T 7 * Archers. TJM File on 4: 


I COMEDY. O1J930 2578. 

ALEC Me C OWEN'S 
ST. MARK'S COSPCL 
■■ An unparalleled tour dc farce.” S. Tim. 
Late 5 perfs. Evgs. 8.00. Sire. 4.30. 
Seals El .25. £2415. £2.50. £3.00. Late- 
comen not admitted, 


includiPB 5.M Nuwsbeat. and 7.00 Girl a , n « ^?£? r ?._ ,S Li p i r l ?'■ . BecRcronnd In current eyens. iW Marla 

Tails. 748 Sports Deafc. flolns Radio 2*. 

ULgz^jobn Peel Si. 1790-7 02 am As music. 245 ^Fernsnde Wzt&T. Piano 9JB Kaleidoscope. 9J9 WcJiltvr. 18.00 1 
VHF Radies I and 2— S-08 an 


1 lie nj ,L _ ■- ■ " Z tv LU11L-UI CVDIu, O-UD MlUIB 

• , ,? f, £ bMVC ? ^° d Schubert 1 S 1 Calias: Portrait of the great soprano. 

’S' Chamber 940 Science Now. 9J0 Today In Synod. 
— £mS a fonundp — . . . - 

il <Badi and.' 

Radio 2. Indudliw 1.55pm Cood Lisicnliift; 

ULM wn With Radio I. 12.00-2.02 am 

With Radio 2. - 5 -Harpcichoi 


ipait 
music. 

Wlih WoM "^ 3 M The World Tonicht. 1040 Round Britain 

mn“- Comml-grtottp 15 . Concert: Quia, Round 1: London v Scotland. ILM | 

„ . ^ A 2 Clair E A Book ai Bedtime: •' The Secret Aac ot.' 

DtI ,.. . Hanwchord recital. ASO 1145 The Flnaneal World Tonmht. 1148 1 

RADIO 2 UWOm „d VHF 

vSSwT stjspw ;a*as BBC Badio London 


LESLIE PHILLIPS 
In SIX OF ONE 
A HALF A DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR. 

■' VERY FUNNY.” Son. Tel. 


DRURY LANE. 01-B36 DIM. Every 
(tight 8.00. Matinee Wrd. and Sat. 3.00 
A CHORUS LINE 

'A rare, devastating, iOvouc. Astonishing 
stunner.” Sunday Times. 




206m and 94.9 \’HF 


DUCHESS. *36 8243. Mon. to Thurs. 

Eventegi B.00. Frt.. Sat. 6.15 and 94)0. 
OHI CALCUTTAI 

The midKy K stunning." OarHv T*f. 
Bth Sensational Year 


Gulf: Thn Open 
1R 

LI.02 pm Golf. 


?S j CikFer. U.4S 2. 12.65 am Question Time from the 

TonlsAi'5 Schubert House of Commons. xOS^teso: As Radio 


| DUKE Of YORK’S. 01-836 5122. 

Evenlngi 8.00. Mat. Wed., Sat. 3.00. 
L milled Season, must end Auguft 26. 
JOHN GIELGUD 
Hi Julian Mitchell's 
HALF-LIFE 
A NATIONAL THEATRE PRODUCTION 
" Brilliantly witty . no one should 
miss it' 1 Harold Hobson (Drama). Instant 
credit card reservations. Dinner and 
Too Price Seats £7.00. 


SpeaMtuc. The blnod proteins of nun. 206 Showcase . 443 Home Run. (48 Leolt. 

Jimmy Vaunc ,Si ln.lu.im . 11 in , ,55 S - WAS Stop. Lhnen. TJ8 Blade Londoners. 848 

jimmy lamiB <s. luiludin^ il. 02 and SehnberT. Prokofiev and Rar*i (*i vioUn In Concen: Lisa Festival of London 1977. 

12J0 Pete Murray'* SL ** 1 % ^ S,0Mlc ^ 1X43 L?1 * N ' ,!hr L0nc,0n - TUdk ’ 

Indudmu 1.02 Golf, news: 1.45 Spona j/ews. ' 11 oin'cc 
D..nk with radna. crlckvi nod noli. 240 SanZ 

Da rid Allan 1 S 1 Inclndinc 2.45 Sonny . “ ' 

pesh. Bndne: Newruatkci. 6 JO ^ VHF only ; A HO-7.O0 an. 5.4S- TiinilAn Rnv)lll'IKfin v 

Wa^onere’ WalK. 4.45 Sports Dealt. 4J0 730 pm Open Unit eraiBY ljWuaOIl DroaUCabUnj, 

John Dnnn (Si IncludinK 5.45 Sports Desk. niTMA .* '' 20110 RUG 97.3 VHF 

M5 Sports Desk with racuu; resulis and 'JaAi/lU ■? 5JKI am MernlTlf! Music. (JO Non- 

cri^t scores. _ 7.62 Sink Someihlnu - . 434m, 330m, 285m and VHF W»(I. Sport. 18.« 

Simple fSi. 740 Sports Desk. 745 Listen 6.80 ara News Bnehna ' Ijb Fanning ?5l? n - Hjl5WS 5. fu T r ' i " 80 p * n Rbpok*. 

te ,lhc Band (S', with Charlie Chester. Triday. 64o Todjy 7 f M^d 1* Grorse Gate's 3 O'elodf CalL «J» THEATRE CC. 01-836 a«n 

HuL^2S BI ?SrJfi rC ii. de r S *M 8-W News: 7.30 and s.30 News citeh^ a, 'g m^iaMUnT I 6¥a - ao - MaL Wed.' 3.0. Sat. 5.30. 8_ioI 

Buchanan •series) The Complete Enter- uegdUneji. • BJS Yusiaday ln~Partinmenr. J. ai L, G 1 TIMOTHY WEST, gemma JONES, 

tahwr. ta Sports Desk. 10J2 Offbeat 9.08 i*.-ws. 9.85 The LWlW WorWL 94S ***5 CtaSOCT- 1.B0 am Nl 5 ht Extra 1 n..--.*. 

Sl 111 ® ra . d<:n - . *0^* flubdrt Greas sars . rtrer Hen;. Over There. 10. SB ,%'ewsl Ml11 AUan 

Thanhs fur the Memory. 1LQ2 Brian In Britain Nuw ldJO Dally Service. 


FORTUNE. 836 2238. Evs. 8.00. Thun. 3. 
Sat. S.00 and 8.00. 

Muriel Pavlow as MISS MARPLE In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Third Great Year. 


MICHAEL KITCHPN 

In HAROLD PINTER'S 

HOMECOMING 


Manbew Introduces Round Mntolebf, U.G "Motiuiib Sioff. 11.08 Cflpitftl RsdlO 


EXCEL. 


tecludb« 1=.0« siidnteht News. 2MUU- OmmeuMp! Gte^a. 


victim and reiir..-d Civil Servant talks 


194m and 9£L8 VHF I 

6.00 am Graham Dene's Breakfast Shnw I 


THE 

■■ BRILLIANT— A TAUT AND 
LINTLY ACTED PROD UCTI ON." D. Tel. 

AN INEXHAUSTIBLY RICH WORK.” 
Gdn. '■ NOT TO BE MISSED.” Tlnwi 



THEATRE. , 01-437 1592. 

■IS. WeA 3.0- Sat. 6.0. S.ao. 

*wmn come<,r 

must be :h c hapoic&i laughtee- 
_ « Loridca. O. Tel. "An Ir.-db- 
tmiy ailorabio evening.- Sunday Tune*. 


01-734 1166. 


Eros. B.o. Wed. 3 . 00 .. Sat. 5J}0. 840. 

ANTHONY QUAYLE 

FAITH BROOK. MICHAEL ALDRIDGE 
and RACHEL KEMPSOM 
ln Alan Bennett'* 

THE OLD- COUNTRY 
Play and Players London Critics Award 
BEST PLAY OF THE - YEAR 
DIRECTED by CLIFFORD WILLI AMS 


RAYMOND REVUEBAR- CC. 01-734 1593. 

At 7.00 pm. 9.00 pm. 11 pm. Open Suns. 

PAUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
Fully -air-condltlooed 
21 it SENSATIONAL YEAR 


LEICESTER SQUARE THEATRE 950 52 
(Wchard Burton. Reger Moorr R>cn1 
Harris. Hardy Kruger in the ns 
GEE5E CAAj. S«. Progs. WKI 1 < 
A-M. 8.10. Late shfmt »>(!>.. Thur 
Fri. and Sal. T1.4S pm. Scart roav' 
booked l» advance (o<' 8-10 erog. Mo 
Frl. 

ODCON HAVMARKET. 1930 Jf 30-277 

i anc Fonda. Vanes:* RitJOr.ive *n a Fr 
umemann film JULIA aj. s<t> ptoi 
. Die. 2.30 (Not Sun.} 5.ti5 9 45. Frate 
Dly. 2-45 (Not Sun.1. 6 00. 9.00. I 
-seats, bkble at theatre. 


ODEON LEICESTER SQUARE. (930 BM* 
CLOSE ENCOUNTERS OF THE THIJ 
KIND (Al Sen. oroex. Dly. Doers 00 
1.05. 4.15. 7.45 Lite mow Fri, W 
Sat. Doors open ll.lfflpm. Al! seats Irkb* 


ODEDM. MARBLE ARCH. *723 201 1 -1 
CLOSE ENCOUNTERS OP THE THIR 
KIND (Al. Seo. props Mon -Frl. Doe 
Ooen 2.15. 7.30. AM s^ats bkble. 
advance. 


PRINCE CHARLES. Lw( Sq. 437 
■ MEL BROOKS 
HIGH anxiet r :A1 
Scp. Pert*. Dlv. Hnc. Sun.l 2.45. 6 . 1 . 
9.00. Laic Snovv FI-1, jnc Sat. 1 1 Ai 
Seats bkble. Llc'd. Bar. 


CLUBS 


nCENT. CC.' OWord Circes- Tube 
01-637 9B6Z3. ■ 

THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
Preys, from 3rd Aug- Bm Office open 


ROYAL COURT. 01-730 1745. Air eonds- 
E vcnlngs 8 Sat. B.3Q. 

FLYING -BLIND 

Bill Morrison'* " Savage farce.” T. -Times. 
-AUDACIOUS COMEDY.” TNm*. 


ROYALTY. Credit cards. -01-406 8004. 
Monday-Thwsdav. Evenings B.pO. Friday 
5.30 and BAS. Sruirdays 3.00 and 8.00. 
London critics vote BILLY ■ DANIELS 
DUBBUNG BROWN SUGAR 
Best Musical In 1077 
Bookings accepted. Major credit cards. 
Special reduced rates for maUnccs (for 
limited period- duly). • 


SAVOY THEATRE. 01-816 B888. 

TOM CONTI in 

WHOSE LIFE IS IT ANYWAY ? 
with JANE ASHER 

7 A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT.” Gdn- 

Evas, at 8.0. Frt. and Sat. SA5 and 8.45. 


SHAFTESBURY. 


C.C 01-838 8595. 


Shaftesbury Ave. WCZ (High Hotoom end' 
From Friday for a -Specter Summer 
Season. A New Production 6f. 
CODSPELL . 

Seats from £1 j-£9. 

Best available seats at E2-50J: hour 
before show from tne 'Box Office. 
Mon. -Thur. 8.15, Frl. A Sat 5J0 A. BJC 


STRAND 01-836 2680. Evan Hi OS ILOQ 
Mat. Thun. 3.00. .Sat, .5 JO and 6.30. 
810 SEX PLEASE — 

WE'RE BRITISH ' 

THE WORLD'S GREATEST. 

LAUGHTER MAKER . 

GOOD SEATS £400-£1.0Qe 


ST. MARTIN'S. CC. B38 1443. Em. 8.00. 
Matinee Tues. S-45, JteteWawS a»d 8- 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN- 
26th YEAR. 


TALK OF THE TOWN.' CC 734 5051.' 
8.00 Dining. Dancing * Bara- open 7.15). 
9.30 Super Revue 

RAZZLB QA2ZLE 

and at tl F<«. 

LOS REALES DEL PARAGUAY, 


BVE. TB9. Rogont Slroet. 734 0557.. A 
carte or An.in Menu. Three epoctacij; 
Floor Shows, 10.45. 12.45 and 1.«-« 
mush: of Johnny Havnrevwori 1 * & Frienu 


GARGOYLE, 69 Dean Street London • W 
NEW STRIPTEASE FLOOBSH-3W 
THE GREAT BRITISH STRIP - 
ShoM at M:dni<ii,i and 1 a.m. 
Mon.-Frl. ClbStid Saturdays. 0«-437 B49 


ART GALLERIES 


ACHIM MOELUft GALLERY. 6 Grt> 

venor Street- on Bond Strror. w i .■« 
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FSnanctal- Times Wedi^esday JUh 12 1978 
?levfsion 


15 




our 



by CHRIS DUN KLE.Y 


■he roost eagerly anticipated 
•gramme of the week. Clouds 
Glory, was In the event some’ 
ng of a surprise: it fulfilled 
ther the highest nor the 
cst expectations with which 
• might justifiably have 
iltcd It. 

he director and co-writer of 
! biographical film about 
rdsworth was Ken Russell 
ilexceiu /errihie of the film in- 
;lry who has scandalised 
usiinds of worshippers of 
ssical music, religion and 
rature with works such as 
Romania. Tlic Devils and 
•men Ik, Love. 

ierore going into the cinema 
make those he spent , years 
h the BBC, his last pro- 
mm * in 1971 being The 
ncr Of The Seven Veils, a 
w nr Rlehard Strauss which 
urcntly horrified many -but 
ichted a few of us with its. 
archie mixture of fact, fantasy, 
3 outrageous imagery under- 
med with the concern about 
* life and tribulations of great 
ists which has characterised 
much of Russell's work. 
r _ iVhat could he not do with 
'■he love story of the poet 
jrdsworth and his sister.” as 
: s new programme from 


Granada ' was subtitled? What 
nnght he make of images such 
as:. - . 

** Stem, daughter of the Voice 
- of God!. . 

O Duty! U that name thou love 
Who art a- light to guide, a rod 
Tfl check the erring .and 
reprove.” 

What price flagellation not to 
mention incest, -nudity and 
troilisin all over Dove Cottage? 

. .On. the. other -hand, he might 
come up. with "something more 
like his earlier BBC films on 
Elgar. Debussy and in -particular 
Detius. which, attracted such wide 
acclaim, and since Melvyn Bragg 
who no-scripted the Debussy film 
'Was collaborating again on the 
ClQuds .of Glory programmes 
(the; r second, with David 
Hemnrings - as Coleridge. . appears 
next 1 Sunday) this seemed at 
least as likely. 

' Sure enwigh it was the quieter 
and more respectful Bussell who 
brought us Wordsworth and bis 
sister Dorothy. In fact there 
were moments when the film only 
just- avoided the .closing lyricism 
of the Hollywood biopic. Not 
only.dfd it imply that the poet's 
beloved sister died tragically of 
some .mystery -disease, during the 
course of which die did little but 


recite to her brother his own 
immortal lines and recall their 
tdymcally pastoral childhood 
l actually she lived to be S3, dying 
five years after he did), but 
from time iu time the script and 
pictures began to feel uncom- 
fortably like a Valentine card. 

Thus di the end of the line 
‘For I have learned to look on 
nature" — the film cut to a 
closeup on a red rosebud and 
then raced off into a 'quick 
cutting sequence of other 
“nature" pictures. 

But mercifully such moments 
were rare. In the main the acting 
from David Warner and Felicity 
Kendal in the leading roles, Dick 
Bush's surprisingly unromantic 
photography of the" Lake District 
(the weather may hove helped 
avoid cliches.!, the music of 
modem English composers 
(presumably chosen by Russell), 
and above all ihe use of Words- 
worth's own words, combined to 
create a whale which, considered 
simply as a tclevsion programme, 
stood up well and provided much 
enjoyment and some enlighten- 
ment. The prosecco of the 
Reverend Dewey seemed an 
pneumbrancc ralbef than a help, 
but of no great significance. 





(ika Markham and David Hammings in ** The Rim* of the Ancient Mariner” the second part of Ken Russell's 

“ Clouds of Glory * 

t. Bartholomew’s [Stratford, Ontario 


The thing is that one has 
learned to expect a bit more than 
that from RusselL His Delias film 
achieved a coalescence of visual 
image, mtjsic. and . biographical 
fact which was almost magical in 
its unity, and though the Words- 
worth programme approached 
this It never quite got there. 

Nor on the other hand did it 
throw up a welter of images of 
the sort Russell has used else- 
where to explore the motives of 
and responses to great artists. 

It does seem a pity that in any 
one work he tends to operate in 
only one of these two mutually 
exclusive modes: the first exploit- 
ing the conscious, beautiful, con* 
trolled, poignant, dreamlike and 
loving aspects of life, and the 
second the subconscious, bizarre’, 
uncontrolled, bitter, nightmarish 
and lusting. A combination of 
the two ought to result in a 
masterpiece, showing ns in one 
work as Shakespeare has. and 
Tolstoy, how the dark and dread- 
ful in humanity is au inevitable 
corollary of the light and doving. 

Just once in' the Wordsworth 
film we saw Russell's darkly 
gleaming side when he hinted at 
some of the grounds for the 
known change tn -the poet's porfi- 
litica-1 sympathies from revolu- 
tionary to reactionary, by show- 
ing us French aristocrats being 
whipped, up like -dray horses in 
the shafts of a cart manned by 
cackling Jacobins. 


Bussell’s film came at the end 
of a fortnight's television which 
belonged largely to Dan Maskelt, 
and should have belonged to him 
even more. Maskell is.- of course; 
the chief 'Wimbledon com- 
mentator and it is about time 
somebody pointed out that he is 
reroarkbly good at bis job^ as are 
several of the BBC's .senior 
sports commentators. 

For instance, despite the 
interminable fun made of David 
Coleman’s supposed solecisms he 
is actually an exceptionally well- 
informed and level-headed com- 
mentator even if he does 
occasionally (and the occasions 
are rare) become over-excited 
and consequently sbrilL It was 
not he but bis colleague Ron 
Pickering who informed us 
during Sunday’s athletics meet- 
ing at Gateshead that, “ In this 
race there's only one winner.” 

If one were to criticise Maskell 
it would not be for his repetitive 
use of “Played!” or more 
emphatically “ Well played ! " or 
ecstatically “Ob, well played! - " 
since repetition is the mark of 
most unscripted speech, and 
Maskell’s -catchphrases are" less 
intrusive than many. 

It would be, first, for 
chauvinism (even if his order of 
preferences — British, Common- 
wealth, European, American, 


others-^-doeSr precisely match 
that of'.-tbfe- Wimbledon crowd) 
and-', .second,; , and rather more 
important. Jot sounding too much, 
like- an hnnhsai^. member .of the 
international ..temiix '.circus and 
top; little Ukejxf independent and 
—when- -peceiSarV — critical 
onlooker.'.-; .. . ' 

' Yet his-.trae .value becomes 
apparent i*very t&ne.'some /nobr 
prof essunuF commentator ' ■ is 
invited to' kir an' opinion between 
games, Maifc .CBv for example^ 
may know a.Jot about tenhls bat 
he talks, like sociologist. On 
.SatcrdsQr. he; invented gome thing 
called “.pressure ttrcumstalices." 
And apart-worn Peter West,, even 
Maskell’s 1 fellow professionals 
are sometimes nearly as . bed: 
one of theqv ■ (unidentified, con- 
veniently- for -.-him-)- should ' te 
beaten .'about' the "head "with .a 
tennis racket until he lelU-.us the 
different*: between .what he -calls 
" Recovering. from a Love—40 
situation ’’- and recovering from 
Love-— Wr 

Commentators aside," W imh ia. 
do n V nrigfct ■'‘almost . have ' been 
invented with television in mintL 
la fafct,'- after ' a '- visit to- tie 
Centre. Court -in the -firsf -week, 

I .km' conyinfced' that 7 if: -it- is 
tennis" :you_. are ^ interested in 
rather ■- ' than . strawberries, 
prestige. Spe Barker's legs,. or. a 
sense, of 'occasion, you aro- much 
better, off . at. Home than- you 'axe 
even -in : the .-front row. of the 
Centre Court ■ 

Not only -can- you Tceep dry 
wi thout any .troublein your own 
sitting room. and. watch-, -whole 
matches, without 'straining your 
oe$k"by jperpetnatiy scanning 
from lefr.i.to right .and .back 
again, )wt')fe> it ls„ much easier 
to 'concentrate;, no wind in your 
ear; no' vdje Pipe smoke, .up ' your 
nosei -tib- battery of single lens 
reflex - cameras crashing- away; in 
front of. yon.'-- - . 

Si uce/i "whole tennis court fit's 
veo’ neitly- Mr screen^. udth the 
human figure remaining quite ah 
adequate- size, and since tennis 
is concerned.-, primarily- with 
dynamics, and since the relatively 
low sound quality of TV gets is of 
little significance, during, a ".tennis 
match, .ft ,-tufhs out that, unlike 
the '-.subjects', of some, outside 
broadcast', rtlays— operas '.say. or 
ballets' Wimbledon actually 
gaifis bring .'watched' ■ from 
your'artn&air rather- than the 
exceptionally, hard .benches- on 
the Spot: ... - 

' .■- 

" Welcome tp the Ketiwy Eb&rett 
Video Show from Thames.' It is 
mad, hobest, disrespectful, and 
utteris individual. -Better still 
it's funny;. How un usual to find 
someone 'such as Kenny Everett 
over whom such a fuss, has been 
raader turning, out- in', be worth 
making-? fuss over. : " 


Electric 
- Phoenix 


/ NICHOLAS KENYON 

i happened to be reading 
>ierday the record-sleeve 
■crapby of a well-known 
mist, who claimed to like 
lomanesque architecture, un- 
cntional humour, and kitsch ” 
• would have loved Monday 
eht's concert at St. Bart’s: 
iced he is the only person I 
n think of who could have 
joyed it. The large audience, 
awn presumably by the reports 
this group's successful debut 
Smith Square, -merely 
plaudcd politely. 

Electric Phoenix vocalists 
run Jensen, Linda Hurst. Jdhn 
nor. Simon Grant and the ali- 
portact sound-mixer Terry 
.wards — are an alarmingly 
t-nted group of up-market 
•ingles who have chosen (on 
.• evidence of this offering) to 
row their talent away on music 
iieh makes all the right 
•aures and all the expected 
ises 3nd which ends up. as 
etentious sermonising. 

The l ’(Innate Decoy by Morris 
rt look 29 minutes to picture 
? peiering-out of the universe: 
e minutes of screeching, pre- 
.•orded organ punctuated by 
ilf.-nt drum beats: another five 
chat te rings mingling into such 
eligible texts as “all creation 
based on ahsolute principles '* 
riven minutes in. a hypnotic 
>ihm ohlinalo was developed; 
in the organ was back, mixed 
,^ih wandering chords from -the 
>i os: twenty minutes in, pretty 
mhesiser noises mingled with 
.. i inkle of bells; finally we 
!*rd the grunts of an expiring 
,lok over the sound system; and 
um beats alternated with a 
ceding thtindtrslorm for the 
nl four minutes. 

Such was the kitsch: the 
linientional humour surfaced 
Stockhausen's Erpo. a parti- 
larly fruitless exercise in 
msforming short wave radio 
•cals (luring which several of 
c audience thought they could 
. heller (without inspiration 
■tm a radio) and probably did. 
trry Guy's Hold Hands end I 
Mp‘eiuiibined ihe two qualities/ 
irl left me baffled on a first 
•a rim;: this sub-Stoppard P° r * 
air tif a .1916 Dada cabaret was 
•»her exuberantly nihilistic 
ir intelligibly didactic. 

; teehmenl equipment, though. 

did introduce a potentially 
srinating transformer or move- 
ent iniu sound. Finally (or 
fa et firstly), there was John 
tge's Aria, painfully unfunny, 
■•< John Rush by Smiths 
ie.vpuij, a lovely confection of 
pe-dela.ved sounds- front Karen 
■nsen and Linda Hurst: a 
usiral hall of mirrors, the 
roues herding endlessly into 
iv distance. 



Doe* .he.- believe," wrote 
an indignant' Whistler to the 
editor. of The Spectator when his 
art critic damned the painter’s 
SymphonjT **i White for contain- 
ing colours, “that a Symphony 
in. F- contains no other note, but 
shall -he a continued repetition 
of F," F, F? Fool!" There are six 
lion Shakespearian plays in Strat- 
ford’s opening repertory this 
year, and more to come. After all, 
the New York Shakespeare 
Festival’s current productions are 
A Choms Line, For Coloured 
Girls aofio have Considered 
Svicide and Runaways. 

At the Avon Stage Uncle Faniia 
is given' 'a transcendent per- 
formance under Robin Phillips, 
who as: usual has taken on most 
of Jhis year's work, and Urjo 
Kareda. .who is his dramaturge. 
The set ’is severe and economical, 
two plain wooden walls (one wall 
only fn Act One, showing a 
glimpse, of trees) and plain 
wooden furniture. The feature- 
I ess 1 boredom of life on the Sere- 
briakov estate is perfectly estab- 
lished, '.and the irrelevance of the 
Professor (Max Helpmann) with 
his" bulbous intellectual head 
above a Mack "coat and striped 
trousers comes- as a salutary 
shock. 

The Professor’s wife Elena is 
even more irrelevant, for she is 
Martha Henry, looking fabulou sly- 
beautiful' in . her expensive 
clothes (Daphne Dare is the 
designer); and floating casually 
above life save when occasionally 
an- excess of ennui tempts her 
to dip her fingertips into reality, 
carelessly ■ breaking Vanya's 
heart .add Sonya's, even making 
a little chip .on Astrov’s. 

It is' a beautifully thought-out 
performance, and. has moreover 
some sturdy material to work on, 

for Vanya ia played. by William 
Hurt aiid Astrov by Brian 
Bedford. -Vanya’s good-natured 
resolution 'glows from Mr. Hurt's 
white-f ringed 'countenance ; and 
even his antics with the pistol 
aTter the subtly orchestrated 
family conference only make 
him- more ItavahTe. Mr. Bedford s 
Astrov is ;a marvel, of coolnpss : 
his self-analysis in the Act Two 
scene ' with . Sonya (Marti 
M^raden:- hat?iiy. plain enough) 
"masterty. 

These is a' pew translation by 
John. Murrell, current enough 
to' ensure that another will he 
heeded' jn: 20; years’ time. But 
contains one. useful piece of 
modish •’ American — Astrov 
(talking about the Professor r. 



YQUNU$;. 


the same, a 6tmrid«rabte achieve- 
ment. . "■ y--.‘ 

The Third- Stage, • V- 300-odd- 
seat open- space'l-with- a stage 
like the front- half -of the- Young 
Vic's, reopen* with a new play by 
Sheldon Rosen/. arid ,Jack. 
Ned is Edward. Sheldon; 'once a 
famous.. New York playwright, 
and Jack in ;Jdhhr Bayrymorft 
and. the presents an 

imaginary encon liter between 
them when. -. Barrymore ' has 
started his famous 'run off Ham let 
and Sheldon, tp^ihbse encourage 
.meat the perfbnnvice -iaidhe. is 
prevented from '-' J going ' by - ' a 
crippling arthritli. . B4rTyTOore 
resolves to "Kur 'debt by 

helping: -Sheldon". Cor Hye -ihrbugh 
h is .illness as hrfppHy as- possible: 
but he has • not'- the 'depth of 
understanding 1 to see; that, beach- 
combing on Tahiti is -not exactly 
(he . right prescription. -. • ' 

.Mr.’ Rosen- inaa^Hlid Barry- 
more’s lines with f&e -BartTinore 
panache and^SheldonZs .with the 
Sheldon . arthritis.' ' Consequently 
Alan Scarfs. masterly. Inter- 

pretation of the ■ original,, holds 
the stage throughout,- while Jack 
Wetherall — i Character, 

after-art. iff the t6cns'.of,tbe pro- 
ceedings — CaU/pidy^naicate his 
_ _ u not in considerable.- ; talent for 

Marina Henry playing ' a' haffcrtpoledrman 

entering a dar£*- m.jtddloage. 
dapper heard. Apart from Jeanne, Judgement by Barry Collins at • Peter- Moss JisI "the', director, 
the nuns are not much more than the Avon. He persuaded me no There must be? -some .way- in 
naughty schoolgirls. The import- more than Colin Blakely did which" "he can mate. 'Visible iJD® 
ance of .such matters is not at the National that the piece foufftam-pen v dtq w hlflh Sheldon 
completely realised. Is designed for speaking rather threatens • Barrymore^ 1 -. From 

Robin Phillips gives the play ‘ban reading, and he is .Indeed wljen- laj ' hayB 

an appropriate firefrom the start, inclined to treat it as htera- threaten 1 ne-Wm 
with fortissimo organ chords and ture rather than drama. All than his fl A. 

vivid strobe lights to set the first 

scene. It is a play for big per- 



' "• 

Mea Y enema and Rudolf Nureyev (right) in " About a Dark House '* 


..^Jl 


Coliseum 


Dutch National Ballet 

bv CLEMENT CRISP 


Rudolf Nureyev’s incumbency 
of the Coliseum has brought the 
Dutch National Ballet to join him 
this week, in a bill in which 
Nureyev appears in four of the 
five works on show — a generosity 
towards his audience which also 
means a programme of excessive 
length. The one ballet in which 
be does not appear is the most 
easily dispensable — the glum 
Adagio Hammerklaoier — but even 
Nureyev needs a moment's rest 
in such a marathon evening, and 
so we have to suffer in whatever 
silence the summer coushers ia 
the audience allow. The adagio 
from the Hammerklavier sonata 
is a demanding enough piece in 
the concert ball: with Hans van 
Manen's version the choreography 
seems like, someone kicking 
determinedly against the door of 
9 room in which the music is 
being played. Apart from the 
beautiful account of a duet by- 
Alexandra Radius and Han 
Ebbelaar. who surmount even its 
“wrong note” wilfulness, I find 
it an exasperating piece. 

Nureyev begins the evening in 
another van Manen work: the 
Four Schumann Pieces made 
three years ago for Anthony 
Dowell, and designed as a show- 
case . for his broad-spanning 
lyricism. Nureyev makes a 
sharper, more tensely dramatic 
figure of the isolated hero. I find 
Us dancing here, as throughout 
the evening, very serious because 
so carefully considered. 

It is sometimes vehement in 
dynamics, but in his fortieth vear 
Nureyev not only makes prodi- 
gious . demands upon his 
physique, hut also endows his 
every step with a psychic inten- 
sity. as if will and mechanism 
had fused into a single extra- 
ordinary expression of move- 
ment. The result is sometimes 
disquieting, because the dance 
seems almost naked in its drive 
—the conventions of classicism’s 
elegant surface have dropped 
away to reveal the raw thrust of 
energy — but more often- there 
is now an hypnotic fervour in 


what Nureyev does. It i>. and of 
how few dancers c.m <me say 
this, emotionally involvins of us 
audience, and lh? insidious 
blandness of the Schumann 
pieces choreography thus 
acquired an odd and pungent 
savour. 

The Corsaire duet -which fol- 

Book Reviews appear on 
Page 24 

lowed has for years been a 
Nureyev show-stoppi*r. Its vul- 
garity last night was unabashed, 
and Maria Aradi Kudui-cd a 
coarse manner for her varia- 
tions; there is noth in y to com- 
mend in it save the headlong 
drive that impels Nureyev 
through it — like a wall-of-dcath 
rider he seems la survive on ihe 
initial momentum of his aulas. 

The two works new t-j London 
which complete the owning are 
oddities : one siiecotsful. the 
other hermetic. Toer van Shayk s 
Faun updates yet again the 
Nijinsky original. This time the 
setting is a factory : two girls 
go through routine machine work 
as pop music tears the air ; a 
young man passes pushing a 
cleaner's trolley. At a lunch-time 
break, one girl turns off the pop 
music: the boy settles down tn 
eat his meal ia bunch of 
grapes) and turns a cleaning van 
first into a tangle of curls 
through which his fingers poke 
like horns, and then a wagging 
tail. The Debussy Prelude has 
begun, and faun and nymph* 
now disport themselves. For 
Nureyev the role is well con- 
ceived. and excellently played, 
with traces of humour and a 
strong vein, of sensuality. The 
girls — Maria Aradi and 
Alexandra Radius — are less 
well served; their identity is 
never clear. 

Rudi van Dantziq's About n 
Dark House is a rather different 
matter. It has to ilo with an out- 
sider at a party who imagines 
the stuffy guests as he would 


have thorn hn — (his [ infer 
from ihe prog rani me note, 
though the rhmvygraphy did not 
make it clear to me. There is 
an *xcnici:iting score by Roman 
H. u i ben stock- Ram all. and bril- 
liant design by Tnt-r van Scbayk 
that transforms a 70s functional 
drawing room into a poetic open 
arena. A double cast — guests 
.md their imagined selves — 
grapple and posture. and 
Nureyev makes the best of a 
bad job. 

In their many and varied 
activities during the evening, the 
Dutch National dancers gave 
excel -on i accounts of lhemselves 
the company's design — often 
simple, alisajx sensitive — seems 
to tnc very well judged. 

European 

orchestra 

Plans fur the European Com- 
munity Youth Orchestra's 
summer lour were announced by 
Mr. Edward Heath, the 
orchestra's president. 

During August the ECYO. con- 
ducted by Lorin Maazel with Mr. 
Heath as guest conductor, will 
give concerts in London, Dublin 
and Copenhagen and will alio 
take part in the Tenth 
Anniversary Festival of Youth 
Orchestras at Aberdeen. 

Th? programme, including 
works hv Britten. Verdi. Brahms 
ard Berlioz, will be slightly more 
popular than that chosen by 
Claiidm Abbado for the ECYO's 
successful spring tour, when 
Mahler’s Sixth Symphony was 
the chief item. 

Af Amsterdam. Bonn. Paris, 
Luxembourg. Brussels. Milan and 
Kume were on the itinerary at 
Easier, by the end of the summer 
tour all nine of the European 
Community Countries will have 
been visited by the orchestra, 
whose young musicians, aged 
between 14 and 20. are drawn 
from places as far apart as Sicily 
and Denmark. 


■ no more 


formances, and it has them from 
Its main characters. Miss Henry, 
writhing under the domination nf 
Asmodcus, v;ho*c devilish voice 
sometimes suggests Eartha Kitt's, 
is a terrifying figure. Mr. Pennell, 
with his sleep white soutancc and 
scented handkerchief that so 
offends his bishop, is as sure of 
damnation as Faustus. and is sent 
horribly to it on the wheel. 

Condfde plays sometimes on 
the proscenium stage of the 
Avon, sometimes on the open 
stage of the Festival. It. is 
characteristic of this manage- 
ment to choose a musical with 
intellectual music by Bernstein 


St. Bartholomew-the-Great 


Lontano 


by NIC H O £ A S K E N.^O N . 

After Monday night’s extra va- inside. ;Of '.thea a 

gances, it was good to return to “ natural break?*.‘jrath.tnmiig and 
St. Bartholomew’s for a lunch- inTproyisatiOh . ^^n=.the.'instni- 
ijffl p concert in which' .every .me ms, to 'a quieter, substantial 
piece was worth bearing. The movement- in ^iWrfi-jthe. pianist 
Lontano Ensemble, on this returned to 1 and a 
occasion Ingrid CulEford (Ante), fl'oal evaporation. ^tpvhSrfnomcs 
Nicholas Gethin (cello), and .based again M D-;,' fc - .. '_ : 
Odaline de- la Martinez (piano), . "Similarly - , eajisgfflijf fa- design 

» r» Swisssi^wwm V «*■ - W ■-« s*£2ti 

«i; \ireuuh m&t Kavita 11 by Xaresh Sohal. commented E^^ toside of 
ae yn 5e .' 5; led by 1 have ..too often euspeeted tide 


integrity that the singing is sing 
ing. not inno 
phones, and 


n^VtantJi: He’s really sick! 

.The versatile, protean Martha 
Henrv is seen- again as Sister 
Jeaqne in - John Whiting’s The 
Efevds, a tittie bump-bacKea 
creature alternating sanctity with 
diabolic -possession. This fantasy 
on" a ’ theme - by Aldous Huxley 
does not suggest to me a deep 
understanding of the subject; the 
tale is told’ on a virtually 
romantic- level- father Grandier 
is' presented almost as a senti- 
mental ; character, and Nicholas 
Pehnel) plays him with a fine 
sweep of* blond hair— alL alas, io 
he shaven when he comes into the 
hands of the Inquisition — and 


*sisr ■ sas ■ss.'-a « ! s&s-vsSaSt 


Martin" as"’candide. >aqurtt"e, i f tniywphere (of' languorous 
Cuncgondc and the Old Lady lassitude, enjoyed and indulged) t ^ en “ g 

demonstrate how very much bet- i provided a compeUing framework . , =^' ; - _ ■ . * 

ter 'even modem musicals are 1 for a setting of John Donne’s 

The Good Morrow — the poetry *>■ ^k' 

becoraes tougher than .does 

Sohal’s music, but its conclusion tiie 

is beautifully mirrored In Sohal's 

final * mi cro tonally dissonant P , 6ce ,i W | e& ' 0 i***™-omi.. a hj-uiH- to 

unison. spring by «? -.'■ffiaiidse- coin- 

Marek StacbowsW’s Audition, !>«** Fukus4rin».^4cb OTlored 
which received its British ^e-fuil ra^eritefiirtee pos- 
premiere, proved to Be a. well- abilities, HW jjngt, ^pqgly' pro- 
planned, closfely-knit essay for Jested ' by _ "^d-^liakford — 
flute, cello and -piano; it worked indeed ; pertormeis 

outwards from an attractive served iSar 'argiiing 

decoration of the note D, through 'its merits - witm.,eensB&vtev «iwi 


ter 'even modem musicals are 
when the voices arc undistorted. 

The production is packed with 
comic Utile cameos, bright cos- 
tumes and modestly entertain- 
ing choreography. (I saw it on 
its first performance on the 
Festival Stage, which -perhaps 
didn't show it at its best.) It is 
directed by Lotti Mansouri of 
the - Canadian Opera Company. 

Richard Monette. Hamlet two 
years ago and the Sc we rm an in 


The Devils this year, fires off! a violent movement exploring the unobtraare 

I • ... • - ‘ ‘ • -V:- «-'• • - • 


NOTICE OF REDEMPTION 
To the Holders of 

OWENS-CORNING FIBERGLAS 
FINANCE N.Y. 

(now Owens-Coming Fiberglas Corporation) 

9% Goaranteed Sinking Fund Debentures due. August 1, 1986 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture- dated as of August 
1, 1971, as supplemented, providing for the above Debenture?. 51,000,000 principal amount of said 
Debentures bearing the following numbers have been selected for redemption on August L 1978, 
through operation of the Sinking Fund, at the redemption price of 1009o of the principal amount 
thereof, together with the accrued interest to said date: 

DEBENTURES OF $1,000 EACH 


9309 10546 11828 12947 14177 15354 16390 17360 18850 

9353 10590 11837 13950 1-1181 1536f» 16=97 17361 18870 

9355 10628 11862 12*52 14203 1E390 16321 17376 18889 

9388 10658 11925 13001 34242 35394 16332 17379 18905 

9399 10664 11927 12019 14257 15440 16350 17403 1B911 

9410 10706 11941 13032 14200 15447 16392 17404 3&94B 

94B8- 10727 31987 1304-1 14293 15454 16398 17414 18960 

9478 10728 12D07 13072 14303 15471 16399 17434 18972 

9482 10767 12015 13118 14334 15481 16420 17450 18990 

9498 10851 12036 13127 14359 15439 16446 17471 19010 

9518 10864 12078 33129 14372 15502 16483 17481 19087 

9594 10879 12079 13195 14369 15528 16406 17493 19041 

9607 10886 12085 13211 14417 15532 16488 17499 19095 

9628 109Q3 12108 13212 1446G 15549 16317 17523 19125 

9634 10940 12126 1 3213 14496 15530 16519 17545 19143 

9676 10032 12124 13225 14499 15593 16562 37571 19180 

9685 10961 12142 13247 14502 15600 16564 17578 39205 

9708 10965 32156 13274 14554 15605 16565 17B96 39254 

9738 10070 12164 12235 145S4 15617 16581 17717 18277 

9817 10977 12190 13297 14574 15041 16701 17780 19305 

9833 10989 122C7 13320 M5P0 15651 16718 17768 19311 

9848 11004 12220 13S81 14603 15669 16722 17795 19315 

S®54 31016 12240 132-83 14612 1E375 18750 17798 3932L 

9857 11076 12247 3 32 Ed 14657 157 Co 18735 17824 19350 

9858 11077 12794 13410 14GS0 15713 16763 17856 19366 

11092 12296 13413 14693 15730 JC773 17858 10413 

11163 12317 13414 14717 15737 18789 17912 19456 
21179 12343 134 IB 14761 15748 18800 17922 19462 
HB 11189 12361 13-573 14771 15783 16807 17939 194TO 

“ 11201 12398 33493 14776 15796 16840 17971 19500 

11226 13429 13521 14796 15823 16850 18013 19539 


9911 


M 5 1355 3398 3558 4758 5905 7182 8324 

35 1289 2421 3574 4768 5931 7165 8331 

72 1277 2441 3618 4794 5939 7197 8350 

90 1313 2448 3638 4805 5983 7202 8355 

115 1326 2467 3603 4820 6009 7229 8399 

141 1344 2473 3668 4823 6020 7338 8409 

151 1396 2480 3670 4864 6038 7274 8419 

184 1406 2482 3672 4890 6101 7284 8428 

185 1454 2539 3680 4905 6139 7303 8443 

191 1459 2540 3707 4911 HM2 7315 8445 

194 1476 2548 3717 4B48 6177 7352 8463 

240 1494 2599 3722 4995 6196 7878 8478 

313 1497 2642 3793 4997 6204 7381 .8509 

318 1314 2645 3815 4999 0213 7401 8552 

323 1664 2678 3837 5001 6214 7411 8559 

326 1570 2708 3843 5039 6259 7428 8567 

363 1577 2714 3849 5119 6271 7487 8572 

413 1578 2738 3891 5123 6277 7472 8580 

427 1591 2745 3935 5147 8283 7490 8636 

431 1608 2751 3S52 5148 8295 7497 8M7 

441 1622 2788 3965 5170 6315 7527 8672 

442 I860 2790 4041 5215 6318 .7547 8717 

461 1684 2795 4032 B217 6221 7568 8728 

483 1693 2832 4079 5218 6377 7627 8746 

489 1704 2848 4098 5223 6413 7831 8806 

493 1741 2869 4110 3339 6417 7035 8829 

536 1742 2890 4185 5260 8430 7072 8861 

551 1754 2891 4204 5289 6438 7883 8863 

553 1774 2904 4211 8321 6457 7710 8882 

590 1788 2906 4216 5322 6464 7719 8901 

604 1809 2908 4231 SHU 6490 7720 8904 

663 1810 2914 4262 5371 6522 7723 8906 9989 11250 12456 1=S23 14847 15849 16C73 18020 19530 

703 1807 2944 4303 5394 6533 7796 8923 10008 11232 13478 13525 14855 35860 16882 18024 19532 

707 1872 2961 4346 3416 6539 77B7 8948 10013 1137* 12510 13334 14376 1DH6C 16916 18078 19560 

711 1873 2976 4348 3417 8548 7806 8948 10020 11288 12531 13594 14880 1M74 16935 18128 19573 

720 1874 3029 4380 '5448 6558 7B29 8981 10025 31304 12315 13505 14914 15876 16940 18129 19584 

784 1951 3040 4394 5446 6609 7834 8954 10036 11345 12544 13018 14959 15382 16956 18136 19394 

786 1958 3075 4426 5455 6634 7891 8955 10087 11380 12545 13642 14960 15934 16960 18175 19614 

703 1961 3079 4429 5464 6677 7914 8972 10055 11383 12547 12644 14973 15975 16974 18224 19617 

849 1973 3088 4455 5472 08® 5 7929 8983 10083 11399 12563 13645 14031 15978 16907 16240 10060 

802 1975 3103 4479 5503 6708 7034 8986 10171 11478 12E22 1?G5S 15990 17017 1824T 19675 

m 1982 3118 4485 5514 6725 7938 8042 10181 11487 12835 13673 1MD3 16008 17044 18274 19744 

905 1904 3124 4487 5548 6745 7947 0043 10198 11915 12673 13732 15019 18009 37055 18316 10749 

933 2018 8141 4927 SS68 6764 7964 9060 10218 11517 12683 137S5 10054 16042 17068 1832S 19734 

942 2014 3184 4541 5573 6781 7971 9072 10342 11521 12736 13773 15076 J 605I 17075 1832S 19767 

044 2030 3216 4581 5590 6804 8014 0086 1028T 11540 12739 12789 15108 16053 17134 18342 19788 

969 2046 3221 4584 5591 6817 8030 9088 10339 11566 12742 13793 15141 16058 17137 18347 19775 

078 2069 3256 4585 5644 6849 8039 9102 10367 11594 12753 1JS33 15150 16038 17147 18372 19810 

2034 2081 3275 4601 5632-8880 SO 58 9234 20388 22606 22768 23856 25172 25117 17180 28427 29843 
1030 3094 3290 4803 5657 6879 8073 9149 10369 11619 12785 13869 15188 16160 17169 18424 19860 

1048 2111 3306 4625 5737 602S 8092 9151 10371 11640 12807 13891 15205 1B172 17235 18437 10661 

1054 2160 3352 4049 3744 6328 8121 -8169 30426 11655 12 IBM 13922 15229 16174 17238 1B4S9 19888 

1094 2167 3869 4680 5749 8936 8130 9173 10484 11711 12832 13952 15331 16187 17236 18317 19913 

1132 2203 3888 4704 5751 7017 8153 9188 10441 11719 12849 14083 15242 16197 17246 16538 19028 

1162 2210 3402 4710 5763 7018 817S 9242 10452 .11746 12650 1-SC4T 15248 16212 17260 18546 19963 

1175 2235 3464 4716 5826 7029 8183 0261 10467 11757 12855 14105 13257 1G221 17206 18573 19078 

1209 2297 3468 4717 5849 7060 8189 B2B5 10470 11781 12866 14110 15304 16257 17280 18743 

1233 2303 3487 4732 5851 7101 8234 9268 10434 11813 12880 14159 15330 1(5271 17324 18831 

1243 2823 2495 4753 5879 7138 8388 9275 10539 11814 12906 14170 15333 16281 17356 18840 - 

On August L, 1978, the Debentures designated above will become due cud payable in such coin or 
Currency of the United States of America as at the time of payment shall be legal tender for the 
payment of public end private debts. Said Debentures will be paid, upon presentation and surrender 
thereof with all coupons appertaining thereto maturing after the redemption date, at the option of 
the holder either (a) at the corporate irnst office of Morgan Guaranty Trust Company of 
New York, 15 Broad Street, New York, N.Y. 10015 or (b.i subject to any Jaws or regulations 
applicable thereto in the country of any of the following offices, at' the main offices of Morgan Guaranty 
Trust Company of New York in Brussels, Frankfurt am Main, London, Paris, Zurich or the main 
offices of Bank Mees & Hope NV in Amsterdam, Kredtetbank S.A. Luxembourgeoise in Luxembourg 
and Banca Vonviller & C S.p.A. in Milam Payments at the offices referred to in (b) above will be 
made by check drawn on a hank in New York City or by a transfer to a dollar account maintain*? 
by the payee with a bank in New York City. 

- Coupons due August X, 1978, should be detached and collected in the usual manner. 

On and after August 1, 1978, interest shall cease to accrue on the Debentures herein designated 
for redemption. 

OWENS-CORNEVG FIBERGLAS CORPORATION 

Dated: Jtme 28, 1978 


NOTICE 

The following Debentures previously called for redemption have not as yet been presented for 

payment: 

DEBENTURES OF $1^100 EACH 


2* 302 847 1021 1140 U£8 1428 3282 5449 
743 919 1134 1139 1315 3212 3442 5480 


6656 8205 8334 S33S 9523 10032 1972S U99S 
6878 8226 8337 9467 9524 14068 19977 20000 


- V-". -J 




id 


-financial A uuea wj. aa *.310 


FINANOALTIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EOT 4BY 
Telegrams: Fln&ntfmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-2 4 S 80tt 


Europe’s Airbus: biting 




; % U 


-i «o 


V 


Wednesday July 12 1978 


at Boeing’s heels 



BY STEWART FLEMING IN NEW YORK 


work 


o 


VER ONE-HALF of the 
large commercial jets now 
operated by the airlines 
of the non-Communist world 
were built by Boeing. But as the 
airlines enter another era of 
heavy capital investment in a 
new generation of aircraft which 

AFTER THE financial package news of particular concern to could involve their spending 
which flie Chancellor was forced gilt-edged investors, notably the ? ver S'Obn (at current prices) 
to introduce early last month in behaviour of the money supply i Q t he nex t l* years, Boeing is 
order to preserve the credibility and the latest twist of the trade facing an immense task if it is 
of the strategy outlined in his figures. to hang on to that market 

Budget speech, the markets Figures for the actual growth sb ^‘ 
were understandably prepared 0 f sterling M3 will not be avail- 



TURBO JETS 


1 


IN COMMERCIAL 
PASSENGER SERVICE 

Total : 5,137 June 1977 


The company, as well as its 


McDonnell 

Douglas 

28-755 


for some improvement in the be- able until nest week, but yester-l U,S- rivaIs McDonne11 Douglas 


and, to some extent. Lockheed, 
can now reckon with a serious 
challenge for a large slice of 
that emerging market from, in 
particular, the European Airbus 
Industrie consortium. 

With the announcement that 
three European airlines, Air 


haviour of the money supply, day? monthly banking figures 
The package was made necessary provide an advance indication of 
by two related considerations: w hat to expect So far as 
the excessive growth of sterling advances go, the return to June 
M3 during the financial year just 21 shows that the clearing banks 
ended— it reached 16i per cent again increased their loans 
against the official target range to personal and business 

of 9-13 per cent— and a feeling borrowers, with the emphasis „ , - , „ . 

that the fiscal proposals put for- this time rather more on manu- France, Lufthansa and Swissair, 
ward in the Budget could not factoring. The banks them- have P laced finn orders for the 
easily be reconciled with the ?e ives. however, stress that there Air ^ ,us ®- 10— 1 1 200-seater, wide- 
new financial targets. Sales of has been no sudden, sharp rise bodied jet— the consortium has 
stocks to buyers other than the j n the demand of manufactur- become A* 8 * ® f “* , raaj0 ^ 
banks therefore languished and industry for bank accommo- aerospace contractors to launch 
gloomy expectations became dation. and the latest figures offlcia lly production of a new 
self-justifying. may have been affected by the generation aircraft, directly 

The banks themselves were so switching of demand from the competitive designs Boeing 
conscious of the fact that fresh money market to the banks to is preparing, 
controls on the growth of the save on interest. The effect of 11 was 

money supply might have to be the corset should eventually be toooskf that by June 
introduced that they bad for to restrict the banks’ freedom to 
some time been building up lend, 
their base of interest-bearing 
deposits against a re-imposition possible brake 
of the official corset on growth. 

The Bank of England had sought Although their toterest-bear- 


Boeing, 

too, would be ready to announce 
a major order for new jets, with 
United Airlines expected to be 
the first customer. Such an order 
would give Boeing a base from 
which to launch its new genera- 



S2S*. having hit lows in sin?.!c of the large block of orr 
figures ns recently as 1975. Cur- needed to keep the price of 
rently, the stock has almost aircraft competitive but j 
doubled to around $54, where profitable, 
it is selling at a multiple or Us critics argue t 

close to 12 times earnings. Boeing's plans are euenti; 

It is only now however, defensive. They also point 
analysts say. ten years after its iaat whereas Lockheed ; 
launch, that the company will McDonnell Douglas can c 
begin to see the 747 turn into a reduce the size of their juc 
profit spinner. Some worry that jets to get Into the larger 1 
history will repeat itself and of the 180-220-seat market, 
that the §44 hn or so which the Airbus B*10 is directly & 
company will need to spend to petition with Boeing’s propo 
develop' and launch two new 767 with just over 200 seats, 
wide- bodied jets— known as the There is no doubt l 
767 and 777 at this stage— could Boeing (especially with fore 
eat into profitability. collaborators) can afford 

Analysts expect that Japanese nvw ventures. It already 
and Italian interests with which some SSOOzn of cash in ita 
Boeing is negotiating will each 
rake a 15 per cent stake in the 
programme, and might be asked 
to absorb a further Sl.fibn of 
costs. 

There is broad agreement 
among the U.S. aircraft manu- 
facturers about the outlines of 
the market they foresee for new 
jets in the 19S0s, but consider- under Securities and Kxclia. 
able variation in opinion about Commission investigate 
bow to fill it. Boeing has paid 970m in tr 

„ .. , tkjl seas commissions between l 

So far as the ja of the and . lST5 an * while deny 

market is concerned the com- ^ f ^ ymetlts weK ille 
pames point out that hundreds fig hlillg fiercely to prev 
of the existing world cornmer- names of highiv pia 
cial jet fleet of some 5,100 air* recepients being disclosed. 

niMkft iL*Ara Kliilt trt IS VP9« 


1977 balance sheet and is t*n 
ins a period of im press 
profitability. 

On the other hand it is « 
gested that in the 19SUs it ' 
take more than a well-lim 
sales network to keep as 
rolling. 

That network is. incident* 


Exxon .Ur World Surra I57T 


craft were built up to 15 years . . _ 

ago. The average age of the “ 13 sijSSested f° r e3am 
United Airlines fleet is now over wbllc J he yompai 

ten years. Many of these old air- Willingness to bring m fort 


.... . - .. r. -rw for a potential rival, the vances to encourage airlines to extreme of course is the TriStar craft (the early 707s and DC8s I * flects a * *•*? 

to combat this window-dressing mg _ deposits bare in fact fallen tion of aircraft Tha L announce- Advanced Technology Medium order them. which came close to killing off for example) have low produc- spread development costs 1 

with a warning that it might Aunng the latest month— imply- ment! ba^ still to rame ern Kange (A TMR) transport. There This fact, coupled with the Lockheed Aircraft Boeing’s tivify. They are small (two also part ofraarketing sirat. 
choose an earlier date as the jn S that ^change in sterling r f^r^-ears and 15 ^ owin S support within the recent financial weakness of problems were less catastrophic thirds of United’s fleet have "***»" " n 

base for any re-unposition. And M3 is, unlikely to be large m tor lour i“ rs UK for collaborating with some major airlines and but still salutary. fewer than 130 seats), have ”°?!!5 r ???? m ... lI, ? tt ? 11 ® 0 JM U 


this, when "the package was fin- either direction— they still have currently 


747 engines some 40 per ce’nt less 


ally announced, is precfeelywhat a*® wltieh wortPfiut Ijltifed^hlhfes^the Srt^er SmSth' BwSingon dwSy" mlSndSed b d^L?d 'in JumteTfet inTseo' just « new iuSlmSent thito^odiffT high wake 

rr = h omi & ssssiz t?Em £• eariy iaral m c, “ s orders fr •“ iea by - pa5s ratio <more - 


it did. Not only were 
rates raised again, but 


set on the growth of interest- months' time. Given that the (is now actively 


bearing bank deposits was re- eligible liabilities of the clear-1 the purchase of the 200-seat ^nmsporf* (J^TC? 1 

: ■ i« n h-inL-c kava riean u,hlla »hnca B-10 rather than thp rival 


imposed in a manneT that was ins banks have risen while those |B-10 rather than the rival 


Technological 


leaps 


European 

could be 

bound to hurt. of "the banking system as a whole Boeing jet-an order which ^ 

„ . , have fallen, moreover, it is pos- could be worth $26bn. aegis 01 Industrie. 

money growth sible that the former will have Boeing itself is under no 

The immediate reaction to to brake the future growth of illusions about the threat Mr. 

these measures was an assump- their advances with particular Joseph F. Sutter, vice-president 

tion that the worst was out of forc e — hardly a stimulus to in- of commercial product develop- 

the way and that interest rates vestment in either stocks or ment for Boeing Commercial 

were now more likelv to fall fixed capital, at a time when pro- Airplane, remarked in an inter- _ . 

than rise : the Government fits are likely to be flat. To con- new last month that the com- petition, however, which sug- tory. Some aerospai 

soaked up funds that had been tain the growth of the money P®ny was “under tremendous gests that Boeing will have to suggest that Boemj 

Held in suspense bv selling supply, however, the Govern- pressure” to officially launch its battle to retain its c 1 ™' — - 

large quantities of gilt-edged ment had no choice— with its new aircraft programme. “If we of world jet markets, 

stock — such large amounts, in traditional methods of fln 

fact that the market soon ing the public borrowing ~ _ _ . _ . , . .. _ ^ .. 

developed a fit of indigestion quire ment— but to behave as remarked. With the Airbus In- most successful of the first big 

from which it has only recently the market expected. Yester- dustrie jet now rolling towards passenger jets, the » 0 

begun to recover with the day’s banking figures will help production and Boeing stall inforced On terms of 

strengthening of the sterling to continue the virtuous spiral; waiting a firm order to launch share if not mitiahy profits) 

exchange rate against the dol 

the trade figures due to be pub- 


make both the aerospace (particularly in the U.S.) began efficient) jets and, critically for It is also clear that Boeirq 


companies and the airlines to nosedive. The prospects^of the U.S. market, they will not Increasingly concerned ab 
cautions about the new jet pro- covering the heavy, front end . meet new U.S. noise standards favourable financing wh 
grammes. development, tooling and inven- coming into effect in 1985. - foreign governments are of • 

Thus only Boeing is on the tory stock, of the 747 from big Factors such as these have led ? w " 

verge of undertaking an sales in the eariy years of the Boeing to predict that over the 

ambitious programme of programme evaporated. next decade a market for new °* the reasons Boeing losi 

launching completely new The company’s optimistic aircraft of some $74bn will be r ^ n , 

medium-sized jets, at a cost o£ forecasts had led it to build available with about 40 per cent * °.™ e ^ J®*" Jr J2“j‘' ra 
perhaps S4ibn in terms of «P its workforce to 101,000 in of the total for. replacement of J um&Q J® ■ 

It is not just foreign com- development, tooling and inven- 1968. The ensuing crisis forced ageing, noisy and inefficient gets “nances termh wmcn ljOCKn 

aerospace analysis it to scythe away at its opera- 
's reasons lions, cutting the work force to 
retain Its dominance for so actively considering this 44,000 by 1971. 


and re- 
market 


Simultaneously its net profits 
which had topped $83m in 1968 
slumped to only S 10.2m on sales 
of $2.Sbn in 1969. It was not 
until 1976 that profits recovered 
(in money terms) to top the 


now flying/ a nd l^remainder to offer because 

to accommodate the growth of Tn ^ tar 1S w ' th 
lrafl * c engines and therefore had act 

10 British Government exp 

Torn nPW financing. 

-*■ v TT Boeing's dominant position 

tUrcmft tllc commercial m:,rk ° i ' 


underlined this week wf 


But while Boeing’s UJS. rivals British Airways ortered 19 7 


lar. This recent recovery, how- 
ever. is still sufficiently tenta- 
tive to be greatly dependent on 


lished at the end of the week] 
push in the same direction. 


Its posi- option in part reflect the fact 
he early that, unlike its rivals, it cannot 
1 of the modify its existing designs — 
particularly the 747— in order 
to get into the market for a 

200-seat aircraft which seems to .... 

be emerging. The cheaper 3963 level. In the past two are thinking mainly in terms of at . ,?.. cos f , ° ec . t; 

ir rpmain<r to*'he *seeiTwhetiier i its rival, that judgment is look- when it led the way into the option of launching a derivative years, with rising deliveries of derivatives—^ the B-lQ too is a with its strong hnancial posit 

ing optimistic. wide-bodied Jumbo jet era with of an existing wide-body such planes such as the phenomenally derivative of the A-300-B — this leadership is likely to al 

In addition to the now very *he 747 - Both initiatives were as the BIO or a smaller DC10 or successful 727 whose front end Boeing's challenge for this Boeing to continue to win 

| real challenge from Airbus based on technological leaps in TriStar is not open to it. costs have been covered by long market will be through two new biggest shareoi the market 

i Industrie in the market for a engine design and aircraft con- Neither the airlines nor the production runs, Boeing's profits aircraft, assuming it gets a new jets in the 19S0s. 
new, medium-sized wide-body struction which offered first aircraft manufacturers need have improved dramatically, major order to kick the pro- But it j s looking less and I 

jet, Boeing is also facing the extra. speed, then size and thus much reminding of the risks of Last year profits hit 9180m on gramme off. The general ex- likeIy tbat by the cnd of , 

threat of strong competition for potentially big gains in produc- launching new jets. Recent avia- sales of S4bn. After a further pectation is still that Boeing will ig®O s the U.S. aerospace ct 

a new advanced narrow-bodied Evity for the airlines. tion history provides ample evi- sharp rise this year some announce the formal launching pan**; wm still command 84 j 

jet in which many world airlines But as aerospace industry dence of the dangers of mis- analysts, including, for example, of the programme later In the 0 f the non-Commur. 

are expressing interest The analyks. such as Mr. John calculation and Boeing’s exper- Mr. Edmund Greenslet of year. world market for big jets as ti 

position here is confused, to say Simon of Los Angeles stock- ience in the early 1970’s is part 

the least, particularly in Europe, brokers Crowell and Weedon, of that history. 

What is dear, however, is that point out, the new generation None of the wide-bodied 
Boeing will have to figbt hard of j'ets now ready to come off jumbo jets which came into ser- 
if it is to establish a strong posi- the drawing board and into vice at Che beginning of the 

tion in the market. McDonnell production offer no great tech- decade for example has proved 

IT IS disappointing to find the becoming progressively cheaper Douglas is working on designs nologicai and productivity ad- to be a money spinner. At one 

Energy Secretary putting in relation to base load elec- 


More coal than 
can be burnt 


Merrill Lynch, are forecasting Boeing dearly feels that by do today, or that the U.S, tn 
profits of S9 a share or around launching a new •'family” of balance in commerdal jets v 
5380m in 1979. aircraft it will be able directly continue to be as healC 

The company's share price has to match the market and provide Increasingly it looks as : 
responded dramatically to these airines with the flexibility of Boeing’s big market share cot 
prospects. At the beginning of size and range to suit their come under the heavii 
the year the stock was selling at needs, and assure the company pressure. 


comfort the Co-op 


more regular footing. 


pressure on the Central tricity produced from fossil 
Electricity Generating Board to fuels. As a result, the CEGB is 
burn more coal in its power forecasting a total coal burn of 
stations than the board believes about 65-75m tons a year by the 
it to be in its commercial mid-1980s as against the figure 

interests to burn, so soon after of 85m tons which the Govern-. _ * 

the Government issued a meat put in its green paper on|oOIT1G CrUITIuS tO 
White Paper in which it under- energy policy earlier this year, 
took to put its relations with jt j s obviously in the interests 
the nationalised industries on a of any commercial organisation, 

within the State-owned or pri- 
vate sectors of industry, to have 
regard for the interests of a 
major supplier or customer, 

, 1T ^ . _ . . especially where the relation- W x ^ au wtu 

Wedgwood Berms intervention ship is as vital and as close as (Bert) Oram is likelv to con- 
is tiie difficulty the Coal Board between the CEGB and the NCB. finn today^when the former 
is facing in finding outlets for But a line has to be drawn some- Labour - Co-operative MP 
all the coal it is now producing, where. If the Generating Board becomes the find president and 
Output has risen under the believes that it has gone as far me mber of the staff of the 
impetus of the miners’ pro- as its statutory obligations 
ductivity bonus scheme and, permit, then it has a duty to 
with coal consumption in the say so. If, in turn, the Energy 
steel industry at a low ebb and Secretary considers that other 


MEN AND MAHERS 


Convinced 

The occasion 


for Mr. 


With little fanfare, “an historic 
moment" has occurred and a 
new generation of Co-opera- 
tives” is being ushered in. So 
I learnt yesterday from the 
Co-operative Party, and so Lord 


Development 


Co-operative 
I Agency. 

In Parliament this agency has 

the collapse of the proposal for considerations should prevail, I Jlf® n h ^ i f 0 “ ed ^ on 

an EEC subsidy for coal exports, then he must ask the taxpayer' 1 3515 01 one e 
the coal industry is looking to rather than the electricity user 
electricity, its biggest single to bear the cost and so avoid 
customer, for help in avoiding further distortions to the struc- 
an embarrassing increase in ture of energy prices, 
stocks of unsold coal. The ^fnJced 

CEGB has agreed to increase its u expenses for the next thra* 

purchases by about 34m tons This appears to be precisely “ e J “ 

this year to make a total of the kind of situation in which g® “*• ® fS,- 

tons. the issue of a specific direction, i? .. . ? t0 be sustained by 


one slice being 
better than no bread"; but 
David Wise, secretary of the 
Co-operative Party, was quick 
to assure me that it is in fact 
a ‘•whole loaf.” It will have 
£L5m to cover administrative 



cause inflation and upsets the sension in the ranks is reflected 
balance of payments. in the attack on Mr. Hove, by 

But Saturn’s forthcoming this sentence ; “As far as we 
entry into Virgo, reinforced by a are concerned, we should have 
shift of Jupiter which moves pulled out of the so-called in 
into Leo. means that by the end ternal agreement not today but 
of the year, production and in- yesterday." 
vestment will rise and unem- 
ployment fall. All that mars the — » ■ — 

good news is the revelation that 

with the 1980 U.S. election “the OCa Spree 
dreaded Zero Factor goes into 


~ - ... No longer will Belgian and 

effect : every President elected French bargain shoppers have 


in a year ending in zero 
died in office since 1840.” 


has 


Even less united 


to brave the Channel. In a fort- 
night's time the Geurnsey-based 
company, Channel Cruise Une, 
is launching its marine shopping 
arcade. An ex-Sealink ferry has 
been bought and reconverted 


“However, looking on the 
bright side, truancy should 
cut that by half!” 


74m 


the 

then to be sustained 
’s co-operative 


an announcement on the bank's 
role today. He added that the National Congress. 


Perhaps Dr. David Owen will not f0r around -£2“, to sail several 
think it too unkind if I offer times, a day between Ostend and 
him, as a somewhat delayed 40th Dunkirk. On this £5 a head 
birthday present, news of yet three-hour floating shopping 
another split among Rhodesia's sproe 1 * returning by bus to their 
black nationalists. This one Is original port, passengers will be 
right on his doorstep, in the 300- able to stock up with cashmeres 
strong London branch of Bishop a^d confectionery, shoes and 
Muzorewa’s United African smoked salmon, Burbenys and 
Hot words butter — all at British prices 


a wi cm ft * — ’ ’ ' — — — — I* f hPTl 

But these extra the issue of a specific direction, £...*■ 

quantities are mostly passing along the lines proposed in the ♦hat'Tie ^^saSn.^IndiSriaJ^Com ' m beln « exchanged between without VAT. Belgian customs 

straight into power station recent mite Paper, would be ^ ^ . not mon Ownership Finance, had branch and Byron Hove, who *li« goods costing up to 

stocks, and to repeat the appropriate If such powers Seffi- in Snds for Investing to C o- Aad a stormy three-week stint as can normally be imported 

exercise next year or to take were already m existence SS255J! 1° S?rativei This bS wolred **odesia’s co-minister of tn * of duty and VAT. Only on 

yet more this year would, the ^mstenal mtereentioas would Dr oi^n??n^int from ^ SZnaMrtd Scott Balter Justice, Law and Order. alcohol and cigarettes will usual 

board believes, conflict with its A e subjected to both Parliamen- ^ towards finance 90 1 Commonwealth co-operative and Barrister Hove was sacked du O’ allowances still apply. 

produce I*™ approval and a measure of ™ “ wa ™ s a “™\. . ST was tfven bffidSriaros at the instigation of Ian Smith The company's raarkc 

—1— financial discipline since the When I asked ■ him why “ 11,7. * V and returned to London two management consultants, say 

months ago. He is once again at that ships of this type already 


, 000 . 


statutory duty to _ . , .. . .. , 

Monomic prto ; ZX w°ri«Vs' s ”u« £ rf fS£?2£ 1 i i “ Sg i,, 

These differences are not Ministers to estimate the costs a clouded image, he said that made loan s totalling IL.0, 

made any easier to resolve by involved and pay compensation regrettably they were often 

The two energy boards' conflict- yj e industry concerned. In formed as a last resort making 

mg views about the long-term way, the respective respon- a high percentage of failure Gtf.— mr 
prospects for coal burning in 5 jbillties of board and Minister likely; “The good prospects are starry eyes 
the electricity supply industry. WO uJd be more clear. earned off beforehand.” He said Now it tan he revealed 

The Coal Board may at present Aj „ * Govennnenf has that the Scottish Daily News, worid e£nom!c^Sen wi ^“bwe.' 


have more coal than it can sell pia Ce d a substantial stake on its f Meriden and KME 


work in the courts, but Percy °P^ ra tc to the Baltic. They 
Murombe-Chivero. chairman of titink the venture will not only 
the UANC London branch, has Provide a day’s outing but also 
launched a blistering, three-page a Promotion for British goods, 
attack on him in a party pub- ^iree days since the 

The lication named “Focus on Parity started to appear in 

— was Zimbabwe.” This charges him I 8 * 1 *™®- 700 bookings have 

*»t caused by the rise in oil with “arrogance” and “oppor- been for the first trip. 


the fumrepat food esame'es end to end of to Vie tom ^L,,-To t t 0 mention to sin 

ernment are convmced that t MjS « _or govtotmenht printing of taiWng’ V 'jSSSEfaS 



his sacking before briefing the l* 

. _ . London IJANC members. wPOllins IT OUT 

E?lJ?F d S!S ^M^°Ie s s^ SSS 5 ? sm,s sH-S, ? rS 5 ' rn ?rF’™ r 

2 SH 5 S ESSS SIS? F- » smssb ssb—jws s - E = 

the end of their lives. T Jl }l !f!Z prospects He ^ ey ‘. but ? the word of for an examining board 


stress the important role in 

forecosB, it is enly|nf signifeant wOii* ttiaTfte”»Sito,“rf trade o£ “ tho 

n H ,*n tr>l — t I. J ■ ... , ... . . . uAl X 


For its part, the CEGB doubts right that the public should be tion. A spokesman for the bank here and in America. The latest Kp “AicriniimBA™ tv*p —-** 

the Coal Boards ability to made aware of how much is later told me that it thought it issue exniairas that in In , negations. 1 

Wisusts - SBfAat « sSSslS SSSSSSis ' 


multilateral trade 


Observer 


The Royal Navy 


The Merchant Naw 


The Royal Marines 


Our Fishermen 



Their disabled 


'Their pensioners 


Their widow* 


Their children 


King George’sFund 
for Sailors 
looks after them all 


In this Country of ours, there is rio-one who is 
not connected with the sea. 


Half the food we eat comes from across the sea. 
Many thousands of 11 s, our relatives or friends arc 
past or present members of one of the sea-faring 
services, or of an industry dependent on them. 

There are many charities for seafarers and their 
families. One, only one, however, is the central chanty, 
charged with collecting and providing funds for nil 
other seafarers’ charities, and with m akin g sure that 
the money is distributed where it can be of most use. 


That central charity is King George’s Fund for 
Sailors. Launched in 1917 at His Majesty's personal 
wish, KGFS distributes funds without distinction of 
service, of rank or of creed. The sole criterion is to 
distribute the money to the areas of greatest need. 

When you want to remember our seafarers who 
are in need, remember King George’s Fund for 
Sailors. We’ll see to it that not one penny of your 
money goes to waste. 

Please send your donation to . 


KGFS 

V# ic 


King Georgds Fund for Sedbrs 
1 CheshomSt * London SW1X8NF 
THFfUND FOR CHARITIES THAT SUPPORT SEAFARERS W NEED AND THEIR FAMILIES 



V. 





J ? 


!j ,, a 

Financial Tunes Wednesday July 12 1978 
fE MOSS SIDE BY-ELECTION 


BY PHILIP RAWSTORNE 



ointers for the PM 


N'CHESTER'S Moss Side 
tomorrow give Mr. James 
a?han one Qi his 

,tc 5 , !o . Ub °ur’s prospects 
m October general election, 
eat in this by-election would 
r * ,im 1 “ Uc hope o[ a return 
cilice. But Labour is confi- 
t that u will maintain i*s 
•toral recovery here bv 
.ring the party's critics 

ori, y w,l h minority votes 

t has done in the Commons. 

Liberals appear 
kely to check the swing to 
. conservatives, the Irish, 
:t Inman and Asian voters 
. capable of doing so. 
he groups form a significant 
Portion of the Moss Side 

;. lnra _ t 0 e ~-P erha PS 15 percent 
ne a-. 000 on the voting list 
y have been a noticeable 
.cnee at Labour's campaign 
tings: a receptive audience 
the doorsteps. Conservative 
jcies on Ulster and immigra- 
te stirred them to a 
rical resistance that could 
re decisive. 

m-al Irish criticisms of the 
eminent s ■ policies in the 
nnce are still sharp, but 
nearly so fierce as the com- 
lity's reaction to the Tories’ 

. ;wed overtures to the 
:cr Unionists. 

ut it is from the usually 
ff scent West Indians and 
• ins — now well-established 

“ integrated in the area 

Labour could gain the 
ngth to ensure its victory. 
•-.J. Michael Foot this week 
•I less enthusiasm from his 
.-fence than a young West 
ian supporter who urged 
.our voters to the polls to- 
tow. • ’ Margaret Thatcher 
played her colour cards, 
orange and the black, and 
i are going to be trumped.” 
abour campaigner predicted. 

. ‘ that confidence is fulfilled, 
Callaghan will gain sub- 
ttial reassurance about the 
ngth of his Government's 


backing in some 20 crucial city 
marginals. 

Without a determined anti- 
Tory immigrant vote to tilt the 
scales, the outcome in Moss 
Side could be finely balanced. 
The till Labour majority of 
October. 1974 would be des- 
troyed by a Conservative swing 
of 6.4 per cent, well within the 
margin of the party’s by- 
election advances over the past 
two years. And the con- 
stituency shows enough evi- 
dence of political blight to sug- 
gest that Labour loyalties must 
have been seriously strained. 

Moss Side covers a wedge of 
residential south-west Man- 
chester, a typical urban cross- 
section that stretches from 
modern inner city council 
blocks across derelict and de- 
caying Victorian terraces to 
genteel suburban semis and 
villas. Bousing in the inner 
areas is a constant source of 
discontent In the triple- 
decked crescents of -flats, a 
planner's dream has turned 
sour. Protest is vociferous and is 
expressed, too. in graffiti and 
mute vand alism 

Further out slum clearance 
and improvement schemes have 
failed to keep pace with the 
decay. Zn seven housing action 
areas only 500 of 7.000 homes 
have been brought up to 
standard. But the bulldozers 
have cleared the area of many 
of the small businesses that 
once flourished there, thus con- 
tributing to the 14 per cent rate 
of unemployment 

Mr. George Morton, the 
Labour candidate, faced with 
the task of defending his party’s 
local as well as its national 
record, admits that mistakes 
have been made, but insists that 
the lessons have been learned. 
In one of the rotting streets, a 
shop poster says: “Watch out 
for special offers.” But 
Manchester’s Labour politicians 
decided well . before the 


by-election to spend film thic 
year on Moss Side's housing. 

Criticisms are out of date, 
says a hopeful Mr. Morton. 
Families are being moved from 
the flats to new homes with 
wardens; single tenants are 
replacing them in the fiats, 
whore facilities are being 
redesigned. Mr. Morton, a local 
authority architect himself, is 
doubly identified with the 
problems. 

Aged 38, he has been a 
leading member of the 
constituency party for some 
years, and has served two spells 
as a local councillor, losing his 
seat on the county coancil last 
year. As a political platform 
performer, be has been 
somewhat overshadowed by the 
supporting cast of Ministers and 
MPs recruited for the campaign. 
But though they tend to steal 
his lines and prompt his 
responses, his obviously good 
intentions draw their share of 
applause. 


Leadership 


Mr. Morton’s defence rests 
squarely on “the merits of Mr. 
Callaghan's leadership'* and the 
Government's admittedly limited 
success in bringing the country 
through its financial and econ- 
omic crises. “The electors of this 
constiutnency will not allow Mrs. 
Thatcher to put the clock back,” 
he says with conviction; a con- 
viction which Labour claims is 
reinforced by tbe movement 
back to them in some local elec- 
tions this year. 

Certainly Labour’s traditional 
supporters, though still 
grumbling, seem prepared to 
give the Government grudging 
credit for its efforts. Disaffection 
has been constrained, grievances 
that festered a year ago salved 
by a general sense of improve- 
ment, greater understanding, 
and concern about the alterna- 


tive remedies offered by the 
Tories. 

Mr. Morton has found less pro- 
test than before about prices; 
some anxiety but not yet dan- 
gerous despondency about un- 
employment. 

“I am proud of Labour's re- 
cord and its caring attitude” 
Mr. Morton says. Though no ob- 
vious pride or satisfaction swells 
the audience, it seems to have 
found some patience. With little 
available to inspire a more posi- 
tive enthusiasm for its cause, 
Labour will have to count 
heavily on that patience if it is 
to resist the four-pronged chal- 
lenge to its majority. 

Mr. Tom Murphy, the Conser- 
vative candidate, has a strong 
base in the outer suburbs of 
Chorlton and Alexandra Park, 
where his blue posters sprout 
profusely among the laburnums 
and flowering cherries. Preceded 
by a colourful caravan, exuding 
cigar smoke and light music, he 
canvasses these leafy streets 
with assured casual profes- 
sionalism. The response he 
wins leaves no doubt that the 
Conservative faithful will turn 
out in force tomorrow. 

Born in the constituency and 
now an executive with a local 
engineering company, Mr. 
Murphy is the most voluble of 
the candidates, fluent in his 
prosecution of the Government's 
socialist sins. Aged 36, a former 
Young Conservative leader and 
deputy chairman of the local 
Conservative Association, he 
knows bis party’s mood and 
instinctively sounds his accord 
with it. At his Press con- 
ferences, his hands move 
expressively, fashioning a mega- 
phone or a lectern from which 
to deliver his message. 

The message that emerges — 
under the apparently equally 
benign gaze of the portraits of 
Churchill. Heath and Thatcher — 
is the uncomplicated text of tbe 



Mr. Tom Murphy, the 'Tory 

Tory Party’s campaign hand- 
book. Labour is to blame for 
inflation, unemployment, high 
taxes, and low living standards, 
debt, crime, and anything else 
that comes to mind. 

Has condemnation is strongly 
felt effectively comm uns- 
eated. It should bring back the 
deserters from the Liberal camp, 
as well as enthuse the Toiy 
ranks. The question is whether 
that wall be enough. 

Mr. MuTphy, the Tory’s hous- 
ing spokesman on the City 
C ouncil, sharpens tbe edge of 
his anti-socialism ou the mis- 
management of the council 
estates, hoping to cut away some 
of Labour's support there. But 
for the Tory conversions he 
seeks in the terraced no-man ’s- 
laod of Lloyd Street ward, 
where Joyaitaes are less secure, 
his call seems to lack the neces- 
sary appeal. The death penalty 
end a tough line on law and 
order may be one answer to one 
of the problems that he so 
vividly analyses, but he is a bk 
vague about specifics to cure 
the rest. 

Unless the electorate of Moss 
Side is feeling distinctly worse 
than it outwardly shows, there 
are not likely to be many cus- 


candidate, pensively canvassing 

key to the 

tomers for a brand of Conserva- 
tism which is presented, even 
with superb salesmanship, as a 
magical potion that only has to 
be swallowed to work wonders. 

From that extreme, the 
Liberals have gone to the other 

— prescribing remedies for 
every small blemish on Moss 
Side's neglected face. Mr. Peter 
Thomson, the Liberal candidate, 
embraces community- politics 
with considerably more wst 
than he does the Lib/Lab Pact. 
His pamphlets invite new prob- 
lems and offer action by return 

— to clear rubbish heaps, pro- 
vide more litter bins, reprint 
telephone directories, hold down 
bus fares, create play facilities, 
plant grass, open new police 
stations. 

Mr. Thomson’s concentrated 
drive on such issues is hardly 
calculated to retain the suport 
of any Tory dissidents who 
joined the Liberal supponers 
at the last election. Nor is his 
bulky, bearded, chain-smoking 
figure calculated to inspire 
instant disciples on the Tory 
doorsteps. 

Mr. Thomson, in fact, seems 
much less concerned about 
desertions from his party's 
right wing than eager for 
possible new recruits on its 
left It was this that caused 


T.*rru Ji’tr* 

: a pensive voter : The Immigrants in Moss Side could be the 
by-election. 


some Labour worries at the 
start of the campaign about his 
overall impact on the pattern 
of voting. Whether the Liberal 
vote collapses or draws fresh 
sustenance from Labour's own 
support, the threat 10 the 
Government majority would be 
equally serious. 

Mr. Thomson's potential 
looked the greater for his work 
on the council estates as 
director of the Hulme Rights 
Centre. 

“I am voting Liberal this time 
because Peter is a doer,” one 
voter asserted. But Mr. Thom- 
son's demands for the demoli- 
tion of the council blocks, and 
a fresh start, strike some tenants 
at least as a too drastic solution 
to the expense of. say. their 
electric heating. Nor does it 
quite square with his parallel 
crusade against waste. 

Still, in this year's municipal 
elections in Hulme, his popu- 
larity took him into second 
place behind Labour. His 
campaign is also organised by 
an agent who made serious 
inroads into Labour's majority 
in Newcastle Central, when he 
fought a by-election in similar 
style 18 months ago. 

So Labour's belief that Mr. 
Thomson has been successfully 
contained, as the by-election 


has turned to narional issues, is 
still tinged with caution. 

He is not quite so easily dis- 
missed as the National Front 
candidate. Mr. Herbert Andrew. 

whose i nstrusinn has caused 
some scuffles but no real 
political disturbance. Excluded 
front the lcn-a! school halls — a 
decision it is now fighting in 
the courts — -the Front has been 
even more effectively rnld- 
shnulderod outside. 

Nor docs Ms Vanessa Red- 
grave and her Workers’ 
Revolutionary Parly pose much 
danger to Labour. Ms Redgrave 
inveighs against international 
capitalism and much else, with 
the air of one who believes 
totally in her script, hut has nor 
yer decided how she should 
play the part. 

CANDIDATES 
George Morton (Lab) 

Tom Murphy (Con) 

Peter Thomson (Lib) 

Herbert Andrew (Nat Front) 
Vanessa Redgrave (WRP) 
OCTOBER 1974 RESULT 
F. Hatton (Lab) 154112 
J. Lee (Con) 11,101 
W. Wallace (Lib) 5.HH6 
N. Boyle (Irish Civil 
Rights) 23S 
H. Smith (Prosperous 
Britain) 9ft 

Labour majority : 4,111 


3r\«: 

m 

-••iai-.V 

m-f 


MKw.* 

?flV. .ff j* 




: . > 

» . i i 


Letters to the Editor 


lediffusion’s auditors 


figures quoted by your Shipping they would want to adjudicate 
Correspondent show that we are the worthiness of the purchaser. 
■ nMr B E Bosdew. «j am ****** d °ing toat. Indeed, without The purchaser would also want 

™ dev ?I to being complacent the perform- to know the backing and pros- 

•r, The proposal to remove the subsidiary s accounts. ance of b T DE is beginning to pects of the syndicates contained 

outside auditors of Redif- Again, under the terms of the compare well with Industry in the name, 

on, the BET subsidiary. 42 proposed ethical code, an generally. We would like to see I feel Lloyd’s would be creat- 
cent of the equity of which is iSKPS K aU our competitors doing the ing a service to their present 

I bv a minted mi nor in- raises M mil 1 * 1 . b lt ^~ a 10 same - This must mean nutting and future members and partly 

. nn«.S' ™ WhlCh a “Jiff""* out obsolete facilities and avoid- solve tbe dilemma of restricting 

e imp rtant questions on the arise or Jus impartiality may be u, g massive expenditure on membership in that sellers would 

.lance yivcn to its own impugned due to his professional grandiose prestige projects. be created which tends to damp 

, . iber.s by the Institute of relationship with one or more in short. 1 believe that the down an over-expanded demand, 

rtered Accountants’ ethical cheats who have dose dealings best future for the industry is J. D. L‘ Cowper. 

\ anti un the City's views in wito °^ c ^otoer. This rule f Qr j t l0 b e dealt with on normal Fieldmoor. Gorse UiU, 

oral j.- to the role of the affects his acceptance of not only business liaes with the emphasis Virginia Water, Surrey. 

lo i- and his relationship with on-gomg appointments such as oa service and efficiency. We 

didders. audits «; directorships, but the see no lasting advantage in 

nder the terms of our draft one-off investigation or con- •• planning M for non-commercial 
lv we are told that it is no sultancy. In the words of the activities, 

cr acceptable for a Trustee draft guidelines .. should a (Sir) Humphrey Browne, 

any associate of a Trustee) conflict of interest become yjelbury House, 

a uon-beneficial interest, apparent then one or both of the Melbttry. Terrace, -VW2. 

v ,.|- .nmoll. in the share conflicting appointments must be 

. - ‘ -- — immailiatBk- " ShlCe the 


Qualified audit 
reports 

From Mr. ill. Firth. 

Sir,— The letter 
Barron (June 27) 


by Michael 
made 


tor' 1 He 'npparentW titeks^be techniques of peer reviews of \VVjaf flip nnljop Barron (June 27) made some 
•ssarv decree of independence audit work are now well estab- W flat llie pOilCe interesting remarks regarding 
iflinnnrtlanv for all 1 SSSSr “shed, the practical effect of the *i «ny article (June 14) on a«*» 

KKsv’mse saws* P a * d as? •SJ-ajsri 

eholdcr »l!f jit SS? half mm°rig>tate r y.havta £J „.d g m vriU. disbelief Hr. 

Ciomly'mdrpend Jt acts far company. 5j,“ 0 5.^Sf£,dSuc. < 5£ fcj'ST.'SiS 

dr^m. n i"d St m?Mri n t“ mCr0US moreSn'Hp .ervlc/toV rnle coSXHrith 
is mu difficult to see of the auditor as a watchdog per ience as “having failed to 
sinns on which conflicts of accountable to aU shareholders gala promotion.” Does he think s ^ g 5J2S? eSSofe 

rest may arise between the and to the spirit of the ethical the police forces in this country 5£-dbvDr Barron an ^SSnot 
p and its outside minority in guide, no professional firm should nm entirely on police inspectors, 

■1. the judgment of the be asked to act in a situation of ^ above. There are constables ™ fiJiiSrtrSSiiTfTStS 
;ors could well be involved, potential conflict without the with less service. 1 grant you, ^ 
rt from such questions as the consent of all parties, which con- b u t they hardly possess the ff™®. 

less oF the group's policies sent in the context of this appoint- experience which is so essential, r* 0 ?®- 

reqard tu terms of trade and ment should be expressed by the So many police officers ( M failed " 

'allocation or resources, who minority in a separate vote. or otherwise) have left or are 

Llv- suhsidiarv's auditors Is in The profession is in a quandary leaving the police Service due to a significant difference in share 
isition to comment on the over the implications of much of pay dissatisfaction— particularly P nc ? performance; firms with 
■i or " i’ciu p accounting its ethical guidelines designed to in the 12-15 years’ service area. _ S°mg concern qualifications 

•les (for example on deferred improve its status in the eyes of I agree that salaries to middle considerably, firms with 

on ilie interests of the the investing public. It would management are not good — this re pom hardly moved at 

lriH” In the event of a total befit a firm of Deloittes standing is the fault of the pay policy— all. Additionally a number or 
over’ who reports on the to set an example and ensure that surely under normal circum- firms receiving _ going concern 
t forecasts of the bidder and its appointment to Rediffusion stances most firms would have qualifications bad debt ratios 



K rn ilv b V BET, who never- Lafferty's league table (July 6). course. My particular firm has While it is impossible to 
»ss "confirm that hitherto the B. B. Basden. Had its hands tied for some time denve a perfect control group, 

Tdiaivs auditors have given 38, Finsbury Square. EC2. now, S o I know the problems. and especially for large samples. 

iaiarj * My husband is a police ser- a lot of care was taken in the 

geant with seven years’ service research. The results of the study 
(not one of Mr. Griffiths’ are consistent with research 
and for around from elsewhere which has shown 


’he price of 
etrol 


mg that the effect of these 

negotiations will be to increase “failures") 

clothing prices by up to 30 per £4 ,oqq a. year, gross pay, he does that hankers react negatively to 
cent. shift work, has only one week- “going concern” qualifications 

, _ . May I remind your readers end off in four and risks his life (as well as “true and fair 

- 1,r - $t ra JJ j ra that the result of the negotiations every time he goes on duty— I view” and “asset value" quati 

■ J'fsr.—Mr. Goodchild says (July has been to increase the total hardly th ink any manager would fi cations) in their lending 

**• i “*iat it is not possible to judge access of low-cost textile and settle, for these conditions. No— decisions. The suggestion that 

the problem or wasteful clothing suppliers to the EEC leave our police force alone — audit reports should be released 

edition between adjoining and uk markets, with a guaran- no other job compares with it at the time of the release of the 
. - ns might equitably be re- teed further increase every year and whatever pay award is earnings announcement still 

f -d. I would submit that com- until 1982? For example, total recommended they will still be stands: I would, however, also 


jon is about price, service UK imports oE shirts, from low'- way behind in the end. 
efficiency and the market cost countries .amounted to 39m Jude Lane. 

_,■» « will resolve the equitable last year, compared with total 108, Lent Rise Road* 
inn . access of almost 44m this year. Burnham, Bucks 


creasing prices by collusion. While there may be other 
voluntary or forced, creates grounds for increased prices, it 

•Ik and once established they is unjustified to blame a set of 
expand. I have just heard agreements whose aim was to 
■j meeting has been pro- safeguard employment in the 
d of nil the garages in the EEC and increase export oppor- 
at which it is to be tunities for the poorest develop- Fnm « * , cowoer 
ested that . they an charge in £ countries- _ Sir,— -Your article of June 24 have 


A market for 
Lloyd’s names 


support the recommendation 
that the annual report itself 
should be released at the same 
time as the earnings announce- 
ment if this is possible. 

Leading accountants employed 
in professional practice and in 
industry have frequently 
publicised their subjective 
opinions on the usefulness of 
qualified audit reports and these 
differed vastly. The 


per gal loD — ^ JSSfi R mn Reacted “ Lloyd's dilemma ” refer- research study reported In the 

?3sc at my garage of 4p per British Textile Confederation- r ing to too many people seeking article set out to provide some 
•" G W - rCh,ef Executive), membership^! Lloyds and the empirical . evidence on the 

possible implications of control I- information content of qualified 
ing admissions hinted at by audit reports by looking at the 
Lloyd’s Mr- lan impact of such audit reports on 

Findlay, « the AGM gives rise share prices In the mid-1970s, 
to the suggestion of creating a Michael A Firth, 
market in Lloyd's names. It Department of Accountancy 
seems that the rate of increase and Business Law, 
of new names is not matched by University of Stirling, 
the. increase in new business. Stirling, Scotland. 


J5 1 of all toe cartel is British Clothing Industry's 
tiished in one spot, then it Council for Europe, 
rs an area. How long will it 24 Buckingham Gate. London. 

lefore it covers the whole 

ire? Who will benefit then p n l| PV f ftr ■ 
public or the multinational X Ulicj lili 

ura "° ns - ports 


GENERAL 

Prime Minister addresses 
National Union of Raflwaymen’s 
annual conference, Llandudno. 

Mr. Cyrus Vance, U.S. Secretary 
of State, and Mr. Andrei Gromyko, 
Soviet Foreign Minister, begin 
two-day talks in Geneva on 
strategic . arms limitation. 

India' holds sixth of seven fort- 
nightly gold auctions. 
PARLIAMENTARY BUSINESS 

Home of Commons: Considera- 
tion of remaining stages of 
Finance BflL 

.House of Lords: Parliamentary 
Pensions Bill, second reading. 
Theft Bill (Lords), consideration 
of Commons amendments. Homes 
Insulation Bill, and Employment 


Today’s Events 


(Continental Shelf) Bill, second 
readings. 

Select Committees: Science and 
Technology (General Purposes 
sub-committee). Subject: The 
Eleni V. Witnesses: East Anglian 
local authorities (1030 am. Room 

15) . Expenditure (Trade and 

industry sub-committee). Subject: 
Measures to prevent collisions and 
strandings of noxious cargo ar- 
riers in waters around UK 
Witnesses: British Petroleum. 

Shell and Esso (1030 am. Room 

16) . Unopposed Private Bill Com- 
mittee: Tyne and Wear Passenger 
Transport Bill (4 pm. Room 9). 


Joint Committee on Consolidation 
Bills: Employment Protection Bill 
(Lords) (430 pm. Room 4). 
COMPANY RESULTS 
Final dividends: Associated 
Leisure; Bulmer (H.P.); ERF 
Holdings: Norton (IV. E.) (Hold- 
ings). Interim dividends: Bonser 
Engineering; Countryside Proper- 
ties. 

COaiPANT MEETINGS 
Bishops Stores. Ruislip. Middle- 
sex. 3. Brown Shipley. Founders 
Court. Lothbury, EC. 1230. 
Brownlee. Glasgow, 13. Capper- 
Neill. Midland Hotel. Manchester, 
1130. Deritend Stamping, Droit- 


wieh, Worce.s„ 1230. Ever Ready. 
1255. High Road. N, 12. Foster 
(John), Waldorf Hotel, WC, 3230. 
Furness Withy. l4-*20. St. Man- 
Axe. EC. 12. Goodkind (W.i. 
7-S. Market Place. W. 4. High a ms. 
Accrington. 1230. Hill (Philip) 
Investment Trust. 19. St. James's 
Square. SW, 2.43. Holt Lloyd 
International. Wllmslow. invest- 
ment Trust Bucklor.sbury House. 
EC. 10.45. Jersey General Invest- 
ment Trust, Jersey. 11.30. 
Progressive Securities Investment 
Trust 3, Moorgate Place. EC. 12. 
Rowton Hotels. London Park- 
Hotel. SE. 12. Scottish European 
Investment. Edinburgh. 2.30. 
Twi block. 100. Old Broad Street. 
EC. 1136. 


. E. Strafford. 

•tuna.” Fulmer Road, 
ards Cross. Bucks. 


’extiles and 
le EEC 

11 Messrs. 1. MacArtiivr and 
rtnieh. 


From ffie Chairman, 

British Transport Bodes Board. This. is. unjust to the present 
Sir, — I was naturally names. . 

Interested in the article by your. When a supply/demand situa- Vpli enmo 

Shipping Correspondent (July tion arises a market is generally ‘ 3umu 

30) of the present situation in toe equalising factor. The “show froacurnc 
the ports industry. I would, how- of wealth ” requirement is no UCddUlCa 
ever, like to define my position longer an inhibiting factor in From Mr. D. Fteneff 
on the structure . of the industry that 1 council house is almost Sir,— I would be interested to 
- CTI During the recent multi- rather more clearly. equal to the requirement of a hear from Mrs. R. Epps how 

’TSStions Seen tide I am very much opposed to mtoiname. many members of the * general 

”!r 5? overseas suppliers unification, which could .only and names whose public” she believes would be 

.vicost textiles and clothing, mean toe end at competition, ^““tonces have changed able to take advantage of the 
ilidustrv always took In the British Transport Docks w°°Jd surely welcome the oppor- “ opportunity of adding to their 
tC M nmentlts areuments Board we are. keen to see compe- tnffity to sell to a prospective collections” were our museums 
I nn firt Lt on auestion- tition in tbe industry maintained. whose tax position to auction some of their treasures 

q because we see this as the only would welcome tbe purchase of as she suggests (July 7). 

disaoDOinting to real basis for improving effici- 3 ° etl gting name of varying D. W. Finneft 
itsiiBtdSteSffi (Sinai!- ency. We are quite happy to J«ub maturity. Only Lloyd's $9, Egbert Gardens, 

Time! report, July 4) claim- stand on our own feet, and the could create such a market as JfunweZl, Wickford, Essex. 



if banking Is a service business, 
then if should be on service tfiaf 
you fudge a bank. 


Banfc of Boston Housers Cheapside^ E.G2. 

We’ve spent 56 years in the City, building an organisation to 
cater for the toughest judge of all: the financial professional. 

Thafe why The Bank of Bostons account officers prefer long 
• instead of short-term relationships. Why they stay with their accounts 
longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
■ floor devoted exclusively to keeping corporate customers abreast of 
* developments. 

: Why our two hundred people in London aim at the highest 
standards (if you give the best service, you’ve got the best bank). 

. And it works. 

Our dealers have put us among the top banks in making 
rrakeis in all majortrading currencies. 

And six out of the top ten companies in the 
prestigious The Times One Thousand ’ are our customers. 

Do you put a premium on service too? 

We look forward to meeting you. 

Boston.The bank for 
financial professionals. 

BANK 
OF 1 
BOSTON 

THE FIRST .NATIONAL BANK OF BOSTON 




AUSTfcAU* BAHAMAS: BOUVA, BRAZIL- CHANGE* ISIAND^DCMINICAN fS'jyjr. fWNCF uomt i«wr 

WlW HtWOti: UBSMBOUK* MEXICO: PANAMA: Sng5>0&J S ^ 





flaandfl Times Wednesday JQiv 12 197 s * * 


COM PAN Y NEWS + COMM EN T 


DIVIDENDS ANNOUNCED 


Wilkinson Match up 15.9% to peak £14.3ml 


Gen. Consol. Trust. 
&' H. B. Jackson 


PRE-TAX profits of Wilkinson 
Match rose by 15.0 per cent from 
fl2JJ3m to a record £11. 3m. on 
turnover up by nearly £10m to 
£I92Jm. in the March 21, 197S 
year. 

Mr. Denys Randolph, chairman, 
says that much of the increase 


came from the UK. and there was n” __ . 

9 tm-.rlr.iA imnrnv^manl in 1 IBV. 


group's International match and 
safety and protection biui nesses. 


of True Temper, a wholly-owned 


Although directors feel that 
trading conditions remain difficult, 
he says that the group should 


and that the acquisition of True 
Temper will add Further to growth. 
This will be particularly marked, 
he adds, in the second half because 
of the seasonal nature of the 
group's business. 

At halfway, directors reported 
pre-tax profits ahead from £S 03m 
to 17.22m. 

Difficulties were experienced in 
personal products, caused by a 
combination of considerable once- 
for-all costs in the shaving busi- 
ness in the U.S. ami Italy, launch 
costs or new products in Austra- 
lia and Germany, and increased 
spending on product development, 
the chairman explains. 

Basic full-year earnings per II 
share arc shown as 22.85 p (2n.]Sp) 
and ‘Jl.Otip US.KIp) fuli.v diluted. 
The dividend is increased from 
$.312230 in ]0p net with a final 
payment, based on a "3 per cent 
'ACT charge, of fi-21S23p. Direc- 
tors say that if npw legislation 
restricts dividends the maximum 
allowed will be paid. 


INDEX TO GOMPAHY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Cof. 

Anderson Strathclyde 

19 

1 

Pilklngton Bros. 

19 

1 

Bristol. Pose 

20 

6 

Ratners 

18' 

2 

Coming 

IS 

3 

Renold 

18 

5 

Dana* (nv. 

19 

3 

Scapa Group 

Ta 

6 

Edbro 

19 

1 

Second GL Northern 

19 


Fullor Smith 

19 

4 

Textured Jersey 

18 

4 

General Cans. 

19 

1 

Tran wood 

19 

3 

Halma 

18 

4 

UDs Group 

18 

2 

Jackson (J- & H. B.) 

18 

6 

Utd. British Secs. 

19 

5 

Macpherson (Donald) 

18 

5 

Vanbrugh Ufc 

18 

5 

Marling Inds, 

18 

6 

Watson (R. Kelvin) 

19 

2 

M.K. Electric 

19 

4 

Wilkinson Match 

18 

1 

Neil & Spencer 

18 

7 

Wrighton (F.) 

18 

7 


restated. 


is Coming Glass Works of US. 


Textured 
Jersey 
well ahead 




Date 

Corre- 

Total 

Total 

Current 

of spending- 

for 

last 

payment 

payment 

div. 

year 

year 

ini. 

1.73 

Aug. 23 

1.63 

3.1 

2.S3 

.inL 

\2 

Aug. 7 

12 

— 

3.73 

.Jnt. 

0-5 

— 

0.41 

— 

0.91 

.inL 

1-25 

Sept 4 

0.94 

— 

2.63 


0.63 

Oet. 6 

0.47* 

1.13 

0.9* 

inL 

1.15 

UCL 2 

0.81 

— 

■ 1.99 


1.43 

Sept. 4 

1.3 

1.43 

1.3 

inL 

0.23 

— 

— ■ 

0.43 

0J1S 


028 

__ 

0.14 

0.56 

0.42 


18 

SepL 13 

1.16 

2 

1.76 


0.5 

Jan. la 

0.7 

— 

2 


05 

OcL 2 

Nil 

1 

Nil 

int 

3.19 

Aus. 31 

2.08 

4.44 

3.98 

int. 

L2S? 

— 

1.14 

288 

2.14 


8.22S 

Ocr. l 

4.93 

10 

8.31 



1.08 

Sept. 6 

1.08 

1.08 

1-08 


Dividends shown pence per share net except where otherwise stated 
4 Equivalent after allowing for scrip issue. fOn capital 
increased by rights and/or acquisition issues. {Based on 33 per cent 
tax charge. I Final of 1.9l488p net proposed II restraint lifted. 


f PROFITS BEFORE Ias 


UDS looks 
for good 
increase 


£128.000 to £278,000 in the year 
to -April 30, 197S. ahead of the 
February forecast of at least 
£ 212 . 000 . 

With first-half profits up from 
£82.000 to £108,000 .the directors 
said results for the second half 
would not be less than those for 

_ the first six months. They now for the six months to April 30, owes much to the Montagu 

lUOUMp, based on a 33 per cent say that in spite of the current 1973 Donald Macpherson . Group, Beaulieu TV ad campaign which 

tax rate, takes the total from an substantial increases in Ihe price manufacturers of paint and other gave a boost to the group s only 


second interim dividend of 


27.1% improvement by 
Macpherson at halfway 


of 



IN THE firxt 22 weeks of the 
current year, sales by UDS Group 
s turned an increase in excess of 
20 per cent over the same period 
last year, the chairman. Mr. 
Bernard Lyons, said at yesterday's 
annual meeting. 

All divisions had produced signi- 


Mr. L. M. Balner. Mr. J. 31. Rainer, 

Mr G. 

intend 
final is paid. 

• comment 

Stripping out the start-up costs 
in Holland, pre-tax profirs at 
Ratners are 21 per cent ahead 
which compares favourably with 
H. Samuel’s 15 per cent increase 
in the year to January. The 41 


, _ Earning* per 10p share are ahead at £3L.fim. tutor of Cover Plus, had to stock 

1. Katner and M. Hussain shown at 4J8p (2.9pi and the final Mr. Rex Chester, chairman, up sharply as Macpherson 
waiving dividends if the. dividend is the forecast 0.5p says that the results once again exploited the increased level of 
making lp for the year— the group demonstrate the enhanced quality DIY activity. That and fair 
returned to paying ordinary divi- of group earnings and the merit demand from building mainten 
dends In February after an of having a balanced spread of ance schemes on the ‘trade aide 
absence of four years. interests. accounted for most of the near 

Turnover amounted to £7.32m Looking to the second half he £400.000 improvement in pre-tax 
against £7.59m. Profit is struck tells members that be foresees profits- Elsewhere Unerman. the 
after depreciation of £287.000 little, change in the trading pat- furniture hardware supplier 
(£244.000).- interest payable, tern for the year as a whole, acquired nearly two years ago, was 
£32 . 000 ( £124,000 l and before tax, and anticipates a further signifl- a sluggish performer due to 


current half year would be well UK sales drive, but the big 
ahead of the same period last headache, is spiralling overheads 
year. The outlook for the full year which clipped margins particu 


was 'distinctly 
said. 


favourable." 



IRTT-ri 

197*1 TT 


snmi 

IIUW 

Turnover 

mno 

U3.MS 

Cons'irwr Pmilu'-rs . 

141.IM 

I-U.M4 

liflhMn 

TTI 4.-A 

n..i» 

Personal prortuns 


41.1 'I 

Toflls and h'liifuires 


6-.T7 

Writing min rumonis 

l.i.lKK 

11. SI" 

Sofriy. proli i-lion . . 


21 116 

Paokajinc 

"0 MS 

79 Vrt 

Oilw'r . 

J.ns7 

3S.S.1 

nc 

h<i «ii 


W«i*rn tv'ml«BhiTe 

j*\ m * *> 

*1 T7l» 

Europe 

C«.jo? 

21.491 

fri.-i and Muldk- Ea^i 

75 iW 

•■•5*11 

Pscific 

m.osfi 

ip.fl?: 

Operallnn profii 

1T.S37 

15.285 

Consum.-r pnufii.-i, . . 

II.* 1 * 

11.172 

Matchi-5. lishn-rs . 

Ill i-'-fl 

; 

Pcrionjl pmrliiois 

1 >3 


TooU and hoii5.'M'arr5 

PTI 

2S- 

WntinjL rum^nis lo** 

357 

7or> 

Safi-ty. pro! r^ilon 

4 ni4 

2.452 

Pai-ftJEliM: 

1.7W 

I. Mil 

Olhi’r 

169 



S3£»?% pr ^, and r" e P e L^ nt th T" !" S « 0U „ P r nlmpr-c HOMO* (nil). ED 10 has been can't iocre^ein profits and earn- SeSwSd ' fixture cycle which 

confident that profit Tor the reflect^ the ^ success of Rainers adopted and corresponding jogs per share. For the last full has only just recently started to 

figures have been amended. year the reported profit was show any improvement Overall 

The directors say the group £3.05m. the results at tbe half way stage 

improved significantly in 1977-78 Half year earnings per 25p comfortably exceeded the 11.4m to 
both in terms of profitability and share are stated at 5.5p. For the jn.6m market expectation and the 
liquidity. corresponding period they were shares rose 3lp to 69p. Macpher- 

4.6 p basic and 4.4p fully diluted- son could turn out £3.6m plus for 
# Comment Tile interim dividend is lifted the full year. On that basis the 

. .... . from 0.943Sp to 1.25p net and shares stand on a prospective p/e 

sp t !L- T ffici i t ,_ cond t' on 5 I J 1 the directors say that if dividend 0 f 5.6 and yield 6.5 per cent 

Bazaars ssjats jrssjr s?si szzt 

BS-4 •«* -aai ssfa£?«£Si & ss s. ^ ,brte ttaw ■* 

Europe. In. the long term growth vear b pro ^ have * more than ^ t0lal ** 

II doubled and margins jumped by % comment 


Record 
£1.6m at 
Ratners 


he -larly in the- -second hal£_ Price 
rises should ease some of this 
pressure in the current year. 
Meanwhile the Dutch operation 
should at least break even this 
time although heat? depreciation 
charge* will be felt in the current 


on finding new sji.es in areas of aImosl 3i points £ 4 (j J per ^ nt jn 


AFTER A loss of £116.179 from Walton dwjJjL and the The ^nd W , 10 ^r cent in 

""I P™ide fhese H7S| . Although there is still some 


1 he Netherlands, taxable profii of , 

Rainers (Jewellers) climbed from ,noe 1 ■ ' 
£ 1.41m to a peak 11.39 m in the 


Tlie shares fell 4p 
to 69 p where they stand on a 
rating of $.6 but yield less than I 
per cent 


more appropriate. While the 
shares could be higher the rating 
is likely to take account of the 

Macphersnn's first half highly cyclical nature of the 

pre-tax advance of 27 per cent business. 


At halfway, when 
ahead from £0.3$m 
directors anticipated 


profit was 
to £0.42 m 
a higher 


They now say sales in the 


upward trend and they therefore 


I'K 

Wi-iv-rn hraiisrtUTc 

Europe .. . 

Africa and Middle Ear-i 

Pacific 

Interest 

Pro-lax prolk . . . . 

VK rax 

Otersras lax 

Xn profit 

Minorities .. .... 

Extraordinary riehu 
Preferctu-'- dtud-mU 
A'lribmahli- in ordinary 

Ordinary dividends 

Retained 


9 0*1 

6.259 

321 

1.4IK 

1.5=2 

2 37S 

s rsi 

row 

2.A10 

1 v.s 

.“c; 

2 ISI.1 

14.304 

IZMh 

: 

2. up;. 

4 TPS 

4 S3 

li.fi* 1 

K.l*2S 

1.5*17 

i.U? 


*4 

>>•: 

K5 

4 17*5 

4.521 

223*? 

1.S44 

2.120 

:.6rr 


They believe that the group's 


Corning 
slumps 
to £0.32m 


way to go, the increase implies 
that the policy or diversifying out 
of the clothing sector into house- 
hold fabrics — which has been 
showing annual profits growth of 
around 15 per cent for the past 
seven years — is proving successful 
But jersey knit is still the com- 
pany’s mainstay and this is being 
supported by a range of new 
products to customers such as 


Halma’s overdraft cut 
by property sale 


BANK OVERDRAFTS at Halma 
have been reduced since the 


Marks and Spencer. Conditions March 31. 1978, year end from 
remain tough, but the fact that TJ 5413.512 to 118,112 following the 
has survived Die slump — which has of a surplus property in 


and cost of sales of £83.000. offset 
by a gearing adjustment of 
£75,000. 

Meeting, Dorchester Hotel, W 
August 2. at noon. 


by some £2.63m. but. this has not manufacturer, for the 53 weeks lo — means a potentially bigger The 1.5 acre property with a 

been included in ihc accounts. December 4; 1077 slumped to market share for the future. A single-storey factory and a 

After tax of £131.968 (£60,552) £323,000 compared with a peak stronger cash flow is reducing separate two-story office block 

and extraordinary credits of £2.SSm for the previous year. borrowings and with current was ^id f or £o_45m. The premises 

CiS.lliO ( £233.476 1 retained profit Turnover was ahead from trading and standing orders both uere acquired in March 1974 


been restated for ED 19 


- Civdii. 

See Lex 


save and proms were subject to a tax make a full recovery in the current and companv for a consideration 

and charge of £416.000 against £1.2 lm. year. At 30p the shares are on a D f £282 882 The Surrey property 

rnanges in Uie Oases lor deprecia- leaving a loss of £93,000 compared p/e of 7 while the yield is 5.1 per was included in the year-end 

tion. with a £l.67m profit. cent. This compares with 6.8 and accounts at £377 500 

Earnings per lOw share are Directors state that there has 8 per cent respectively for the ’ 

shown at ?.D6p (7.46p). and the been a chance in accounting textile sector as a whole. 


Second half 
boost for 
Marling 



The premises became surplus balf ,‘ ft pr Vtax profits of Marling 
after the re-orgamsation during - - - - r 0 

the March, 1977, financial year 


when the activities of Fenton 
Bym were transferred to other 
group companies. Mr. David S. 
Barber, the chairman, says in a 
circular with accounts. 


STRONG growth in the second 

Industries, industrial -textile 
manufacturer, well ahead from 
£476,00 to £899.000 for the year to 
March 31. 1978. 

At midway when an advance 
from £303,000 to £404.000 was 
reported the directors said 


In his annual statement he says indications were that the progress 
that subject to there being no would continue. 


Russian nuclear ice- 
breakers use BTR cutless 
bearings to take the strain as 
they smash through Arctic ice. 
Increasing sales ot such specialise 
products have helped to 
maintain BTRs dynamic growth 
rate in recent years. 

We supply thousands of 
other products to the engineer- 
ing. r runs porta tion. energy and 
mining industries worldwide. 

\ iral components for cars, 
trains and planes. Hoses ot all 
types. Hcavx-Jury com evor 
belting. Oil platform steelwork 
assemblies. Rubber, plastic and 
engi neeri ng cot nponen ts. 

W e*iv confident we Ye got 
the riglu i nix ro cam - on growing. 
Sales to key industries and 
worldwide manufacture and 
distribution. Above all. an 
operating philosophy char 
ac 1 1\ eh e n c o u rages grouch. 



:<p-o i/ii Us.lv/ck, ra'afcifii; /f u u/i :7s ueig/ir. 






PTR l.imitcd. Silver town House. Vinceni Sqatre, London SW] P 2PL 


major deterioration in tbe 
economy, further growth and a 
further advance in profits can be 
expected in the current year. 

Tbe group is well established in 
a number of carefully chosen 


Yearly earnings per I Op share 
are shown to have risen from 
1.98p to 4.3 9p and the dividend 
is effectively increased from 
0.90382 p to 1.1298p with a final of 
0.62 98p net The dividend is 


markets, its overseas activities declared in anticipation that 

are expanding rapidly and it has present dividend restrictions will 
considerable financial strength, he lifted before payment ts due. 
say*. If this is not the case then the 

As previously reported taxable wi H 1 ^n^? UCed t0 conforwi 

profit for the year rose from w,th regulations. ^77.7* 

£0^6m to £0.S4m and the direc- too* tooo 

tors have decided to double the tbtdotw- - — 14343 U.48S 

dividend to 1.398p if dividend w * m — S 

restraint is lifted. This dividend ^ 

is covered 4.6 times, Mr. Barber E«mord. credii *24i 47 

points OUL MirUwiaWe W3 2* 

A current cost statement shows 

,h. en u., Piwiwmw maa* in previoui rnr 

U l*,P rot, t reduced to £0.63rn by deferred ux UahOlUes no longer expected 

additional depreciation of £0Alm to arise. 


Renold’s resources 
adequate for needs 


ISSUE NEWS 


Pitman raising £1.51 

■ i 

in preference 


HARTWELLS 

GROUP 

Harrwells Group 


annni] 


The remaining 126.913 si 
hare been sold at a prerruum 
the issue price. 

The net proceeds rea 
(after deduction of the 


a i’APITAL reorganisation Is and the net proceeds lesUn 
nro^dbyPItnurnTThi? includes at 9* p per new ordinary s 
or the rights after deducting the issue- j 
“J? . 7“™*“ Vi,* oxbulnff orefer- and expenses of salei v.il. 
attaching to the esmting ?re jgmitted in due course, lu 
cnee shares andthe placrng ot provisional a „ otteM t . nt 

ne 'r 1 ^™. P ifharefthat C wiII rai« thereto pro-rata to their bold 
preference itawl *at htQ rau« Kaweveu m caaes vvbe rc Mirt 

^ proceeds amount to loss lha 
medium -terra rbormuiWL per holding they will he reta 

Lndcr the proposal, the 3^per f#r thfi bcnetiL of p riLlsh 
cent preferred ordinary shares of Producls . 

50p and the deferred ordinary of 
50p (owned principally by the 
Pitman faintly) will be merged 
into designated ordinary snares of 
50 p. 

In addition, the 3.85 per cent 
redeemable cumulative preference 

shares of £1 each will be redesig- that 1,012.254 ordinary -,f 
nated as 10 per cent cumulative (92.7 per cent) of the 1.73 
preference shares of £1 each and shares offered by rights 
holders will receive an increase in been taken up. 
income from 5.85 per cent to 
10 per cent net 
Additional rights to be attached 
to the existing and new prefer- 
ence shares are that the prefer- 
ence shares will be irredeemable, scription price and so 
they will carry the right to vote expenses) will be diMriburc* 
at general meetings only In shareholders entitled therein, 
restricted circumstances and that 
rsj further preference shares may 
be issued, nor may the borrowing 
powers be increased without the 
consent of the holders in separate 

ee TE7‘pX»& also include » tSS TSSl' IStanli'lw 

“tIiS.yf'T'rrfimd bo£ta hi. *lipSd Iron ’lot 

(the P ’“ n “ ^npH?riaTT» ceot to 10 P er cem - 
ordinary a "d deferred ordinary ^ * rtue on Jul M - 

shares of 6S9.750 new preference rp». ^ .. rt , . , 

?h^«L^e D5 QrS£pn P ^ 5U sh™ Borou R h ° r Tower Hamlets 1 1 
Sfer^SSatKS^tllhtt^ Strathclyde Regiomti Cot 
Arrangements have been made 
for those new' preference shares 
which holders do not wish to 
retain to be conditionally placed 
for cash. 

The new uinHijlm KwHSmC 

-T.- 5 ^ a 7:, a] M 0 Sh 1 trict CouncU (£2m). Bo roue I 

ally placed Scunthorpe (£i)JS5in). O, 

ran » 018 eostine Point District Council (10. 

preference shares- npnnoK ,i- Reigate and Ban.Crad His, 
As a result of these proposals, r*n un #.ji rfnvinii Ci\v nr Pi 
which will be considered at meet- m vk r ,h • 

eS!!eo 

^ C d aur, 

being issued at par by 

J^ e . ln S*Sf . i * Valley Di-ftrict Council, carr; 

» rate of 12 per cent due 

J Jltiy 7, 19S2. white variable 
v ,f, “ a firm basts for expansion. bonds > are bein „ fjW|w! H , ,, <1( 


YEARLINGS PALI 

TO 10% 


(£lm), City ol Kingston Vpnn 
(Xliii), Tendring District Cm 
(£0jm), Cambridge City Cm 
(£03m). Borough of P 
(£0J>m). Stafford Boruuch C 
cD (£0.5m), Borough of Sun,; 


Pitman’s interests Include the 


, Suffolk County Council ( 

»ihi!«btnv & Bicester City Council (£lm) 

w PrinUng and Xntropnlitan Bore 

h«„ d.viwd (flm,. d Ue on 

in conjunction with Morgan 1 

Grenfell and Montagu, Loebl ci/rrmn rv 

Stavley. • otSC. Iv.nl 1 1 

DDrrrcn TAD Sketchley announces that. 

BKFJ ISH I AR respect of the 2.497.193 new o- 

British Tar Products announces W shares offered by righl^ 
that acceptances have been 92 P P®r share on the basu: 
received in respect of 1,342,144 ooe-for-fiv-e applicatims li 
new ordinary shares (about 92.6 been j-ereived for 2,->I4.06J .-ha 
per cent) of the total number of P er cent), 

new ordinary .shares offered by The balance -has been * 
rights and provisionally allotted through the market at a premi , 
on June 16. which will be distributed jirn-r 

New ordinary shares not taken to shareholders cnfitW! llicrlfi ; ■ t- 
up by provisional allottees or except that no payment v. iff u i • > 
their renouncees have been sold made for amounts of lesi. than 


Laurence Gould placing jer 


Laurence Gould and Co^ a grow through 197S and into 1 
specialist farming consultancy early 19S0s. j 

with clients -such as pension ■ a 

funds, is arranging for a private nn rrhni- *• 

placing of shares through Foster ROTORK SCRIP 
and Braith waite. Rotork, manufacturers of vaj 


Linder the placing. Investors will control equipment, is proposing 
170, of which £75,000 scrip 


provide £132,670, of which £75,000 scrip issue of preference a 
will accrue to the company and ordinary shares in order tn si 
£57,670 to existing shareholders, a more conventional tatoi) 
Investors will pay £5 each .for between the issued capilal x 
26,534 ordinary shares of £1, capital employed, 
amounting to 29.5 per cent of the The proposed scrip is 011 ti 
shares in issue. basis of one preference .share ,f 

The company, which expects its every ordinary shares and u 
fee income to reach £l.25in this ne ' v °rdinary share for each an. 
year, manages 225 farms in the share held. - 

OK Its overseas business at The issued capital will be 1 
present accounts for 55 per cent creased from £929.000 to f.14 - 
of its Income against the total issued capft 

,t» ... , and reserves of £7m. " 

h^lC^sJbStaS^ fss^of proVrence^JJ 

result ^ P a Hgnment'wf S hEiotj pean £“ £•» 

price structure and revaluation of Ij, 0 rre a4 their inmrw (he 
the Green Pound increase tneir income from (he 

investment in the company c 
For 1978 the half-yearly figures alternatively, to realise a pari « 
support tbe directors' forecast their investment by disposing * 
almost double to their preference shares ivithdl- 
EUo.OOO before tax. They antief- reducing their proportional 
pate that profits will continue to equity holding. 


THE FINANCIAL resources at towards the end of 1977 and in 
Renold are adequate for ail fore- the early months of 1978 resulted 
seeable needs, air. L. J. Tolley, the in policyholders who acquired 
chairman says in his annual units in this fund and in the 
report. Managed Fund during the 

Despite inflation, the group's period concerned being at a 


Wrighton picks up 


A STRONG recovery in the second second six months, 
half from £178.100 to £305,589 by Sales in the first half rose fren 
F. Wrighton and Sons (Associated £4.71m to £6 86m and profits wen 


•■>0 


system of control of current disadvantage. These policy holders Com panie s) ■ - furniture maker, higher at £363.000 against £2Si.W, 


assets particularly of stocks dis- we being allocated further units. Produced profits of £328.000 at the before tax of £189.000 (£140 093) 
tributed world wide, has resulted «Mi the cost being borne by of the year toMarch 31, 1978 The interim dividend is in 
Jn the cash position continuing shareholders. When the records compared with £346.000 in the 
to be satisfactory. have been corrected, the company previous year. 

The group’s finances have been will be writing to all policyholders “») wayprofi ts 

reinforced by an agreement with stating the additional number of JjfJ™ 11 l£ e 

Lloyds Bank for a 10-year un- u n 'ts involved. Where a contract directors said results for the 
secured loan of £]0m to be drawn had been terminated then the 


an 


as necessary to meet the costs of company will be sending 
medium-term investments and lor additional remittance, 
modernisation and expansion of 
equipment. working methods to ensure that 

Since the end of the overseas this error win not be repeated, 
financial year directors have com- ® ut it admits that It will take 
pleted tlie refinancing of group some time Vo review transactions, 
borrowings in the U.S. and have 


$12m 


renegotiated facilities of 
with American bankers. 

For the year ended April 2. 1978. 
the group reported pre-tax profits 
of £1037m against £12.37m. with 
a dividend of 9.443p (8.54420). 

Sales amounted to £113.49in 
against £126.16m. 

The chairman cannot forecast 
greatly improved results in the 

chnrr tprm alfhn.iTh ha FlnST-HALF 


second six months should show 
an improvement. 

Earnings per share are shown 

The company has reviewed its at 2.91 p (2.13p) and the dividend 

is held at a single l.OSSp payment. 

Turnover for. the year is £8.6 lm 
against £8^3ra. Tax charge is 
£192,000 (£245,000) and £82,000 
(£47,000) is retained. 

In the current 
installation of 

computer development .expendi- 


ereased from O.S125p to l.lop ant 
the final will be reviewed in rhi 
light of dividend restraint lezisia 
tion. Last year's final was 1.184* 
when pre-tax profit was £717.unfl 
The group makes, sells am 
services dry cleaning, laundry anti 
textile machinery. 


IN BRIEF 


J. Jackson 
turns in 
small rise 


CALOR GAS HOLDING C0MPANV- 

Jtcaulu tor me .'ear 10 Sfarcii Si, :9t s 
already reponed. On a turreB coit ij.iia 
year, costs of pre-lax proats arc shown a 1 ir.iWJ 
displays and 'fsawii. afier adjustment for dL-triJfe 


uou X4.rm ii4.42m *. in!op>st II. rim 
hava haon ' I £0.4431) and EOannK nSS.BOa. Nor otlrr^nt 

ture nave d* en written off as aaacta ti04«m .tns.ssmi. Chairman yr. 
incurred. Comparative figures D. h. de. Trafford is conud^ut ih^i tfu 

have been adjusted to reflect this, company win da o»on bettw m n.,- ..urrvtit 

The effect of the change in basis fSf J 1 *}!??. 01 40UIV S. ^ 
nn nwifite i- ** _ . j , j. ■ tlMi of ftndh sbtius 3 17.4 Jm i Xu i®n 

?P Tre-tax profits Is not material. In crease > decrease in HCI liquid fund*. 


the directors say. 


pre-tax profits of 


hesitation in expressing confi- “d H. B. Jackson, iron, steel 


dence in success over the medium ant * n ? n "f err ? Us merchant group. 


term. 


wore little changed at £1.198.000 


The group makes an ddistri- f or tiie half >-ear to March 31, 


butes products for power trans- 
mission and mechanical handling. 
Meeting. Manchester, August 3 at 
2.30 pm. 


Vanbrugh unit 


price error 


Vanbrugh Life Assurance, the 


1978. compared with £1,160.000 
last time. 

On (lie full year's outcome, the 
directors say they confirm their 
statement made in December 
J9<i. and expect that profits will 
be modestly in excess of the 
record £2^9m for the whole of 
the 1976-77 year, without taking 
into account profits on tbe sale 
of quoted investments. 

Some £453.000 profits were 


Progress for 
Neil & 
Spencer 


The aUlmaie holding company is Import;! 
Continental Gas. M*?iirw. i. D«vunshin 
Sanare. E.C.. an Angust 2. at lo .m .-mu- ' - 
RAUTLIHSOHS CONSTRUCTIONS 

GROUP— Kffsnlis to March St. 1J^. urri 
vtoBBiy renoned. Fixed aasom rn run . 

iM.17id'». net cunxni X-'.iTiTO: 

itlJTtnl. In the abort lerm ihvrc w tU tw- 
a substantial profit reducuau a.-> indiuiri^l ■ 
wopertr portfolio Is buili ur- .U.hiiiis, 


Stockport. Cheshire. July .u or noon. 
TRIPLEX . FOUNDRIES GROUPS 
._ ii ■ ,,, . M.-q r, . . . . RrsnliS pn.-vlousIy report Ld Frsol j>si* 

AS EXPECTED, in April, higher a.«m .«.»««.• ner current 
sales and profits are reported by si.tem iic.rsmj. incrcaw n: bank .mr* 
Neil and Spencer Holdings for the drafts ro*Bni ra.mm. curo.nt 
half year to May 31, 1978, and the .5™“ 1 *2" c ‘i' }* 

anticipate that further and S 'X& fixim! 

.progress ’Will be made in the August 3, noop. 


unit-linked life assurance member rc f Iise d on quoted 


of the Prudential .Assurance « les J or . *? e n ! De 


investment 
months lo 


Group, has admitted to error in J"* ' 30. 137b. against £178£KH) for 
the unit prices Of Its various f y Gar - , , 

funds. In its broker bulletin for , Pre-tax profits were struck after 
July, it states that in the course * oan K l° c h interest of £14.060 
of completing its 1977 accounts, it (£15,0001 and wore subject to tax 
had discovered administration of £623,000 (£603.000)- This left a 
errors that had led to a small net P rofit of £575,000 against 
overstatement in prices. £557.000. 

With the exception of (he Fixed Stated earnings per 5p share 
Interest Fund and the Managed are --SSp (2.3ip) for the six 
Fund, it is rectifying the errors month period, and . the interim 
by transferring shareholders' dividend is Increased to 05p 
funds to support current prices (0.40625p) net — last year's final 
SO that no policyholder suffers. was 0.50125p. Two directors will 
But with ihe Fixed Interest waive their dividend rights on the 
Fund, the pattern of errors interim in respect ol 3_2m shares. 


Tiie Finaxice Director’s 
Preferred Pension Consultant 


Martin Pateraeii 
Associates Ltd 






*4-; 


Telephone 01-629 5856 


N 



cVf£*o»’^ 






'*■>£] 


\ « < 5 . . 


..-.M 

risk; 


Financial Times Wednesday Jttfy 12 1978 

^ilkington spending 
will reach £100m 


u , - 

Good start for 
MK Electric 


TRACTED AND authorised 
:al expenditure at Pilklugton 
hers for the eurreat year is 
ahead from £2Sm last tine 
.•99.7m It is shown in the 
unis. 

r Alastair Pilkington, the 
“man, says in his annual 
*' v that a particularly note- 
hy decision in the last year 
the investment of £70m in a 
float glass plant at St. Helens, 
n mil help the group main- 
its competitive position, 
is also investing £iOm In a 
■T itlass plant in Nigeria to 
p .that country’s growing 
u* industry. 

total of £13. 5m has recently 
1 invested in the manufacture 
j nominated windscreens, and a 
• additional investment m the 
Twenty screen has been com- 
Joned to increase production. 

■ previously reported, with a 
tor-one scrip issue, taxable 
:t of the group increased from 
■m to £7L7m in the March 1, 
year. A current cost state- 
t shows this reduced to £64 7m 
2m) by additional depreda- 
of £20.3m (£15-9m) and cost 
ales of £10.6m (£9. 8m), offset 
] £3.6m (£3.3 m) gearing adjust- 

. year end net current assets 
.* up from £10 7.4m to £t35£m 
fixed assets from £332.5m to 
.4m. There was a £21. lm 
?ase (£llm decrease) in net 
id funds in the period, 
le group has commitments to 
1 certain pension rights of 
loyees of £&4m over the next 
. n years, and certain subsidiary 
panics have commitments of 
m over the next 15 years, 
eeting, St. Helens, September 
1 230 p jn. 

V. Willi ams 

educed 

lemand 

THE annual meeting of 
(VUllams and Sons (Holdings), 
chairman, Mr. Hiram Williams, 
that since April there had 
i a reduction in demand from 
□f the company’s major 
omers in the motor trade, and 
.vas given to understand that 
■as unlikely that any signifi- 
uplift would take place until 
■ember. While this had 
Med two of the non-ferrous 
idries, the company * had 
.aged to maintain five-day 
king in both plants, 
le tooling company formed in 
ruary of this year was slowly 
blishing itself in the area. 
South Africa, the Board was 
endeavouring to obtain the 
rn of funds to the UK arising 
i the sale of the half-share 
haloy Africa. While he was 
jful that some success would 


be achieved, Mr. W illiam s envis- 
aged that the bulk of the funds 
will be locked in that country for 
some years. But reasonable divi- 
dends should be receivable from 
reinvestments. 

Kelvin 
Watson up 
to £0.56m 

A SECOND-HALF profit of 
£336.629 against £202398. boosted 
pre-tax profits of B. Kelvin Wat- 
son, optician, to a. record £555,090 
for the March -31, 1978, year com- 
pared with £342,58 L 
The directors say there -were 
improvements in all divisions, 
and that they are confident the 
company has returned to its pre- 
vious path of progress. 

Turnover for the year was ahead 
from £3,064219 to £3,597,108 and 
net profit emerged as £264,701 
(£15837) after tax of £290329 
against £184314. 

Earnings per . lOp share are 
shown as S32p . (538p) and the 
directors announce a second 
interim dividend of Z283p 
(1.13Sp) making the total 2383p 
(2.l38p) net. The second interim 
is . based on a 1 33 per cent ACT 
charge and directors say, it legis- 
lation permits, that a further 
dividend will be paid for the year. 

Mr. G. K. Watson, the chair- 
man, Mrs. H. Watson and Mr. C. E. 
Bloodwocth have waived their 
dividend rights on 1311,456 
shares. ....... 

The company has reached com- 

S letion of an agreement with' the 
rational Research and Develop- 
ment. Corporation to establish a 
major;, joint project tot the 
development and marketing of a 
new continuous wear soft contact 
lens. 

General 
Consol. Trust 
up midway 

Gross revenue of General ‘Con- 
solidated Investment Trust im- 
proved from £629306 to £700330 
in the half year to June 30,. 1978. 
Net earnings for' ordinary, .were 
higher at £356396 against £316336. 
- Earning s per share are shown 
at 1.92p (L71p) and the interim 
dividend is stepped up from 12p 
to 13p, costing £241*153 (£221366). 
Last year’s total was 3.75p when 
gross revenue was 31.4m and. net 
earnings £726302. 

Gross assets at valuation after 
the ordinary dividend amounted 
to £2S.07m (£2t53rn) and Pet asset 
value per ordinary is 1082p 
against 10L6p. After loan stock 


conversion, net asset value is 108p 

(I0i.4p), 

Half-year 
1978 1977 

_ £ £ 

crow rev-one M 7M.33D 829,608 

FranfeNl 467.605 an M 7 

L-m.-inKed .. 332,7*5 

Administrauon expenses ... 36.KM 34.050 

IOien-si charges 95^44 tU.ttfi 

corporation tax 4C.73S si.ftsu 

Tax CTcdlW 1&.SM 120.3® 

Prefermcfl dividends 8^C5 fiJSSS 

earruns* 356.398 mi36 

T On franked income. 

3.1p from 

Danae 

Trust 

FROM GROSS revenue of 
£505,544 against £5*0325 last 
time, taxable revenue of Danae 
Investment Trust rose from 

£461.802 to £466334 in the May 31, 
1978 year. 

After tax of £161329 (£162,5641 
and minority interests of £62,697 
(£96,465) attributable . profit was 
£242,908 (£202,773) and earnings 
per 50p income share are shown 
at 3.47p (2.9p). 

A second interim dividend of 
1.75p net in lieu of a final pay- 
ment, takes the total from 2331p 
to 3.1p net. 

Net asset value per share . is 
shown at 40.68p (29.SSP). 

No dividend 
at Tranwood 
for some time 

Tranwood Group, hosiery and 
packaging, is unlikely to pay 
dividends for an indefinite time. 

Mr. Maurice James, the chair- 
man, says in his annual statement 
that although the company may 
continue to be profitable, it will 
be essential to conserve, resources 
so as to reduce its deficit of net 
tangible assets of £196.418 and. in 
particular, to -reduce its indebted- 
ness. 

Accordingly, while the company, 
by virtue of the agreements 
approved by shareholders and the 
loan stockholders of Benson on 
June 1, 1978, has now survived the 
threat of liquidation, he is unable 
to predict when it may be possible 
for it to return to Die dividend 
list 

In this Context, -it must-be 
remembered that the - company’s 
only interest from which it can 
derive an income is that of its 
ownership of Benson's Hosiery 
(Holdings). 

Inevitably, the company con- 
tinues to depend upon the 
financial and management support 
of Maurice James Industries, and 
will do so for some considerable 
time to come, he says. 


THE YEAR at MK Electric Hold- 
ings has made a good start, the 
group has a heavy load of orders 
and its plants are operating at 
record production levels. Mr. D. L. 
Robertson the chairman, says in 
his annual report 

But with world trade unlikely 
to recover in the near future- and 
with doubts about the revival of 
the UK economy it is difficult to 
express unqualified optimism, he 
says. 

On the Singapore operation, 
which began production in June 
last year, Mr. Robertson says that 
although in the latest year the 
operation broke even, a significant 
profit contribution is expected in 
the current year. 

The 40 per cent owned Kuwait 
operation is however not expected 
to reach profitability until the end 
of the current financial year. 

As previously reported taxable 
profit in the April 1. 1978 year 

dipped from £6.17m to £5.95m from 

turnover up from £3L29m to 
£38. 78m. 

The Ega Group was acquired in 
the year and contributed a £0.67m 
profit Mr. Robertson . believes 
there is considerable scope for 
further growth in its sales of 
plastic conduit and trunking. Ega 
is expected to make an important 
contribution to future prosperity. 

At year end net current assets 
are shown at £9 .24m (£S£9m) and 
fixed assets at £14.82m (£12.17m). 
There was a £2.14m decrease in net 
liquid funds against a £0.43tn 
Increase. 


BOARD MEETINGS 

The foOowins companies have pacified 
dates of Board meetings to the stock 
Exchange. Snch meetings are natallr 
held (or the purposes of considering 
(UvidendG. OfftcW Indications -are dot 
available whether dividends concerned 
are Interims dr flub *nd the stdxUvisions 
shown below are bued mainly on last 
year's thneublc. 
y TODAY 

Interims— Bonser Engineering, country* 
side Pro Denies. 

Finals— Allied Colloids. Associated 
Leisure. ERF. Hollas, W. E. Norton. 
Jacksons Bourne End. Raytack, Rota- 
print, S. W. Wood- 

FUTURE DATES 

I nt e rims- 

A.C Cars July SO 

Associated Fisheries July 30 

Berftfonta - JulT 20 

BnBougb July 20 

Carlfol InvMBwm Trust jay ji 

General Funds investment Trust July IS 
Plantation Holdi ngs .._... — July 10 
Queens Moat Houses . .. Aug. 29 
Tyneside Investment Trust ... July a 

Finals— 

Black Arrow — — — July 1# 

Denhywarc .... July 37 

Ferguson IndnstnOl July 13 

Gordon 3TV ^ Gocch July 20 

LRC lntenuUoaal — July 19 

Provincial Cities Trust — July 20 

S. and U. Stores ......... July 17 

Town and City Properties ......... July 14 


A current cost statement shows 
the pre-tax profit reduced to 
£33Im f£4.01m) after additional 
depreciation of £0.98m (£D38m) 
and cost of sales of £L29m 
(£1.35m), offset by a £144,000 
(£74,000) gearing adjustment. 

Meeting, Abercom Rooms. EG, 
August 3 at noon. 


halma 


Sales + 21% 

Pre-tax Profit + 50% 
Profit/share + 49% 
Dividends +106% 


^Excellent results for year to 31st March, 
1978 . . . further growth and further advance 
in profits anticipated during current year? 


David Barber, Chairman 


Year to 31 st March 


1976 


1977 


1978 


Sales turnover (£OOOs) 6,148 7,969 9,624 

Pre-tax profit (£000s) 190 561 844 

Pre-tax profit per share 4-03p 11-88p 17-70p 


Halma Limited 

Safety and Environmental Control 
Specialised Engineering 


Improved profit from 
Fuller Smith 


Copies of the Annual Report and 
Accountsare available from 
The Secretary. Halma Limited, 
Halma House, London ISI W9 8UU 
Tel 01-205 0038 


Further growth forecast for 
\nderson Strathclyde 


R, H. Thorpe, chairman of 
?rsou Strathclyde, tells roem- 
in bis annual statement that 
; is confident of a further 
nee being made in the current 

the year ended March 31, 
group pre-tax profit? 
'ased from £3 .27m to £S.97m 
h the chairman says indicates 
the group is moving forward 
n after the consolidation 
x and the slight dip in profits 
year. Turnover at £4 6. 77m 
,-cd an increase of £16.2 per 
. an increase in volume being 
eved. as predicted, in the 
nd half. 

-ading in the home market -in 
ng products improved 
ughout the year due in part 
he NCB's introduction of a 
lucrivity scheme, and Is 
!rtcd (o continue with a strong 
and for spare parts and a 
4ng in of the group's latest 
hines. 

exports the group has roam- 
ed its share of available 
ness during a very quiet 
nd. but the markets; in China 
the U.S. in particular, could 


begin to recover -Very soon. 

The- group's industrial products 
face very strong- competition in 
a world-wide: economic situation 
adversely affecting total demand. 
Additional effort, is being applied 
to these products- so that growth 
prospects can be better identified 
in these- areas and subsequently 
realised - when the economic 
climate 'permits. 

The chairman says that a de- 
cision was made to increase bor- 
rowing facilities by a medium 
term loan in part to allow manu- 
facturing in advance of firm 
orders, which activity helped to 
lift turnover in the latter part 
of the year. This caused an in- 
crease in interest- charges 
although actual borrowing still 
remains well within present faci- 
lities. At the year end bank over- 
draft and acceptance credit stood 
at £2. 78m (£L08m). 

The years profits were attained 
despite disappointing results 
from activities in the U.S. In a 
year in which the group under- 
took a major expansion in pre- 
mises there occurred the longest 
ever mining strike.. Business was 


-severely curtailed and a small 
loss was : shown. The facilities set 
up are' now functioning and pro- 
vide the opportunity to take in- 
creasing advantage of a major 
potential market for mining pro- 
ducts. - 

The group has decided not to 
publish a current cost statement 
on the Hyde basis. The directors 
feel that to deduct cost of sales 
adjustment before arriving at 
the operating profit in a CCA 
statement would unreasonably 
and materially distort the profit 
of the group. 

In recognition of the need to 
keep plant modern and up to 
date the levels of purchasing and 
leasing • of fixed assets were in- 
.creased in 1977 and 1978 to some 
£2m in each year and it is in- 
tended to- spend a similar amount 
in the current year. This com- 
pares with depreciation, calcu- 
lated in accordance with the in- 
terim recommendation of £1.4ra, 
an increase of £599,000 over the 
historical charge for deprecia- 
tion in the accounts. 

Meeting Glasgow, August 3 at 
noon. 


Despite a poor summer and a 
damaging industrial dispute. 
Fuller Smith and Turner 
smproved taxable earnings for 
the year to March 31, 1978 from 
£l_02m to £1-1 ftm. Demand for the 
company's bears continued to rise 
and total turnover was up 19 per 
cent at £15.55m against £13.09m 
last -time. 

At halftime profit was ahead at 
£587,981 (£515382) and the direc- 
tors forecast a small improvement 
for the 12 months. 

Hie group will be faced with 
the disruption of building' opera- 
tions for the next few years and 
as a result there is bound to be 
a temporary slowing up of 
expansion says Major L. J. 
Turner, the chairman. He expects 
a satisfactory result for the 
current year. 

Of the attack on ahe tied house 
system made “ by people with 
political motives," he warns that 
any radical alteration of this 
system is bound to lead to higher 
prices. 

Stated earnings per £1 share 
for tiie year were 2733p (22.5lp) 
on capital increased by scrip 
issued and a nee final of 23 per 
cent takes 'the total to 53 per 
cent., equivalent, with tax at 33 
per cent, to a gross of 8.69 per 
cent (7.91 per cent). The company 
has dose statiis. 

Year end liquid Rinds were -up 
£40372 (£33,471) with bank over- 
drafts lower at £281393 (£313331). 
Capital commitments amounted to 
£3. 47 m (£382.000) of which 
£23 5m (£227.000) had been 
authorised but not -contracted. 

' As known, the Board is pro- 
ceeding with a. £3m development 


of the brewery spread over the 
next three years to be financed in 
part by the sale of properties 
and from retained profit, and in 
part-by the issue of £0.75m deben- 
ture stock.' The project will 
increase the brewery's potential 
output by about 50 per cent 
During the year the company 
opened two new houses and made 
extensive alterations to five 
others. The catering company 
produced excellent results, the 
wine spirits division had a good 
year bu4 off-licences showed a 
smaH downturn. 

1977-78 1976-77 

£ £ 

Sales . — J. 15.GS4.D0eiS.DB0.00S 

Profit In trading L3M.878 UL66.BK 

interest 115.173 149.233 

Pretax profll — US0J03 U17^n 

■ Tax - 585.502 520,503 

Net profit 604.001 497.176 

Extra ard. credos 92.854 44535 

Pref. dividends 16.800 ISJMO 

Attributable l ...... 679.535 £5.011 

Ord. 'dividends - 123.728 116027 

Retained 555J309 414064 

Near £2m. 
at United 
British Secs. 

With., gross income up from 
£3.09m to 13.36m, available 
revenue - - of United British 
Securities Trust rose from £1.79 tn 
to £L98m in the June 30, 1078 
year. ...* 

-The .respit,; is lifter, tax. of: 
£L24m (£Lt8tB).<and earnings per: 
25p share are shown at 4.44p; 
against 3.98p last time. 1 . • -] 
The second interim dividend of. 
SJOp lifts the - .total from S375o 
to. 4.44p net. 


Scapa Group 


Extracts from the Statement by the Chairman, , 
Mr. T. Dickson Walker. 

The year under review has been one of 
varying fortunes which have been affected 
by the movement of exchange rates as well 
as by trading factors. Some 75% of the 
Group's trade is overseas. 

In trading terms the G roup’s activity 
remained at a high level. 

Expenditure of £4.3m was incurred on fixed 
assets last year and a further £3m is in 
process for 1 978/79. 

Since the end of the year the Company has - 
acquired Bury & Masco (Holdings) Limited 
and Engineered Yarns Inc. in the U.S A 

There is no apparent reason why 1 978/79 
should not be a year of progress. 


Results 

1978 

1977 - 


£*000 

£'000 „ 

Sales 

52,361 

44,835 ' 

Profit before tax 

7,137 

7,630 

Profit after tax 

3,587 

3.841 

Dividends 

1,224 

SI 6 i 

| Earnings per share 16.7p 

i9.9p 

Dividends per 


4 

M 

share 

5.44225p 

4.3538p 

[ _ _ Tj 


CartmeN Road, 

Blackburn 

BB22SZ. 


Manufacturers of paper machine clothing and 
other specialised industrial textiles. 



Copfos of the Report end Accounts conteming the Chairman's Statement in fuff can be obtained. from the Secretary. 





THE WORLD'S LARGEST MANUFACTURER SPECIALISING IN POWER TRANSMISSION 


Edhro order book rising 


ne current year for Edhro 
Idings) looks promising with 
•rs coming in at a reasonable 
, substantially above that of a 
• aco. Mr. L. V. D. Tin dale, the 
trm.in tells shareholders. . 
e will be disappointed if he is 
presenting results for 1978-79 
?h improve on the previous 
■ toge iher with substantial 
rress in developments which 
Tibute to the basis of future 
7 lability. 

le balance sheet continues to 
.irons, the chairman says. Net 
■i term borrowing has- risen 
ely a* a result of the purchase 
I he Wythenshawe warehouse 
also because companies 
jired during 1977-78 them- 
es carried some element of 
: t lerm borrowings. „ 
ish Row also remains satisfac- 
Allhough short terra boirow- 
do not cive rise to any 
nty. the directors are giving 
erdcration to Lhe possibility of 
ing these on a long term basis, 
ir the year ended March SL 
profits before tax were 
5m against £3.61 m, from turn* 
- of £26.73m <£22.74m). The 
lend is a maximum permitted 


63145p (5.6544p) and if free from 
constraint, the directors will 
declare a second interim dividend 
of 2.7156p. • - 

A current cast statement shows 
pre-tax profit reduced to £2. 72m 
after depreciation adjustment of 
£343,000, Cost of sales, £777,000 
ana gearing, £87.000. 

Secluding those companies 
purchased during the year, tbe 
second six months produced a 
record pre-tax profit of £2.1 71m 
compared . with £1.133m for the 
first half year and Jrt.833m for the 
corresponding period of last year. 
The chairman says this is highly 
satisfactory, particularly when 
the changes caused by exchange 
rate fluctuation are taken into 
account . . 

These differences, arising 
particularly on sales to dollar and 
dollar related territories, account 
for some three-quarters of a 
million pounds in sales revenue 
and very nearly tbe same figure 
in profit terms when the year is 
compared with its Immediate 
predecessor. 

-Development continued at an 
expanded pace and a number of 
separate projects which had been 


under discussion- for some time 
all- came to fruition in a 
remarkably short space of time, 
says . Mr. TTndaJe. 

Bolton. factories saw completion 
of. the installation of new line 
for -tiie production of displacement 
tipping gear rams and a new 
warehouse on the outskirts of 
Manchester was acquired thereby 
releasing space in the Bolton 
factory , for further development 

The- UK land and buildings 
were revalued at May 31,- 1978 at 
£3. 82m compared with net book 
value -of £2. 790m. 

The group trades as a maker of 
hydraulic shipping • gears, 
commercial vehicle bodies, metal 
crushers, balers, hydraulic pumps, 
etc. 

Meeting; Charing Cross Hotel. 
Strand, August 24 at noon. 






Ai 


CE 

for industry and commerce 

Whether you 're seeking fina nee for expansion, 
for plant, equipment, property ora ^jgte- mortgage, the 
.directors of Garfield Marwin personally investigate 

-v- your proposal. 

r -Xi' 1 -• ^ A letter or phone call will 

' receive immediate attention. 

■ ^***^^4 For enquiries please ring 
;1 Worthing (C©03) 814008. 


f ■ Specialist brokers in corporate finance 

Cliftonvifle Hall, . Hove, East Sjissex, .BN3 3RZ 


Second Great 
Ntho. earns 
and pays more 

Pretax revenue of Second Great 
Northern Investment Trust rose 
from-ffi68#» to £663,074 for the 
May SI, - 1978, year. 

The dividend is stepped up to 
2 P net per 25p share, against 
l.TBp,. with a final of LSp (1 J6p). 
Also announced is an interim 
payment of OSd (O.Tpj for the 
1978-79 year. ■ 

Holders of “B" ordinary shares 
will receive a capitalisation issue 
equivalent in . asset value to tbe 
final .divtaead,'and the interim for 
the current year, but excluding 
any tax credit. 

Attrib utable revenue came out 
at £372450 (£315,056) after tax of 
3271A74 (£234400) and preference 
dividends £19,250 (same). 

Earnings are shown as 2Mp 
(L74p) per share and 2p (1.69p). 
assuming full conversion of the | 
“B" ordinary shares. 

A geographical distribution of 
equity Investments as at May 31 
hi percentage terms; UJ5. 
44,2 (40.2); UK Sl.5 (343); Japan 
and Asia J7 08.4); . Europe. 33 
Brazil 13 (12) and others 
2^ (32), 


Statement by tbe Chairman, 

Mr . . L J. Tolley/ C.B.E. 

The 48th Annua! General Meeting of 
Renold Limited will be held on 3rd August at 
Re no id House, Wythenshawe, Manchester 

INTRODUCTION 

During the year, hopes faded for a significant 

increase in economic growth in the industrialised 
world. Despite the buoyancy of the automobile 
industry, overall output levels remained almost 
unchanged with a progressively slower rate of 
expansion in lhe United States and lower levels of 
activity in Western Europe. This slowdown was 
also, reflected in such.primary producing countries 
as Australia and South Africa. 

inevitably the stagnation in world economic 
activity had a depressive effect on demand for 
Renold products which are designed to serve the 
industries of the world. To some extent this 
situation was anticipated and, as a result of action 
taken earlier, the performance of the United 
Kingdom companies Was safeguarded with profit 
on trading maintaining its 1 976/7 level, it is the 
results of the overseas companies which have _ 
depressed the overall Group profit, with reductions 
in almost all countries. Whilst actions were taken 
promptly to counteract the sluggishness of 
industrial'demand and output and the deteriorat|orr 
In the economic conditions in thB countries 
concerned, the benefits are not yet reflected m the 
results. In addition, the strengthening of sterling, 
while welcome in many contexts, resulted this year 
in currency losses instead of gains. 

Despite continued inflation, albeit at a lower rate, . 
our systems -of control of currant assets, particularly 


Of stocks distributed world-wide in the interests 
uf customers, has resulted in the cash position 
continuing to be satisfactory. Our financial I 

resources have been reinforced by an agreement 
made with Lloyds Bank for a 10 year unsecured 
loan of £10 million which wifi be drawn down as 
necessary to mew the costs of medium term 
investments and fpr the modernisation and 
expansion, of our equipment. Also, since the end 
of the overseas financial year, we have completed 
the refinancing of our borrowings in the United 
States and have renegotiated facilities of 
$12 million with our American bankers. Our 
financial resources are therefore adequate for all 
foreseeable needs. 

: PERSONNEL 

: ^Successful industrial performance in the future 
requires availability of good Managers and if this 
Is to be achieved it is essential that some means 
be found in the United Kingdom to allow them 
to be rewarded to a degree commensurate with 
their importance and for the decline in their real 
remuneraiiortto be significantly reversed. \ 

h is not easy to maintain morale when a world 
manufacturing recession, affecting the engineering 
industry, has resulted in low demand and under- 
used capacity with a consequential' reduction, 
over the last three years, in the number of people 
employed throughout the Group. It-is only by the 
efforts of our Management, supported by all cither 
employees/that it has been possible 'to maimsin 
an efficient organisation ready to respond to future . 
increases in demand. 

WORLD MANUFACTURE 
For demand to come to fruition there 'needs to be ' 
a greater concentration on the needs and prospects 
of manufacturing industry and it is significant - 
that the leaders of the western world are involved 
in continuing discussions and conferences aimed 
at finding a co-ordinated policy for hs re-activation. 
Many traditional industries in the countries 
concerned have been destroyed or seriously 
damaged by imports from Eastern Europe and 
Far Eastern countries. Some of the destruction wa» 
inevitable but some should never have been 
allowed to happen : the deterioration will continue 
if the wrong kind of competition is allowed to 
operate without counteraction by governments. 

In Western Europe, in particular, living standards. 

; cannot be maintained nor Increasing unemployment 
avoided unless new technology industries ere - 
created end traditional industries, which have been 
unfairly damaged, regenerated. Governments 


I GROUP RESULTS j 


This Year 

Last Year 


£'000 

£'000 

Sales 

113,498 

116.162 

Profit on Trading 

12.972 

15.102 

— UK Companies 

6.633 

8.615 

— Overseas Companies 

4.273 

6.487 

Ordinary Stack 
Earnings per £1 unit 

17-0p 

18-5p 

Dividend per £1 unit 

9-441 Op 

3-5442 p 


must be prepared to give to these industries the 
necessary protection to allow the regeneration to 
take place and this can surely be done without 
sacrificing the principle of free trade fairly conducted. 
This must happen before the skills and know-how 
appropriate to these industries are lost for ever. 

But if action is taken quickly the industries and 
the people concerned in them can be expected 
to respond. 

THE ECONOMIC SCENE 
Inflation is still a world-wide problem, despite the 
efforts now being made. Major countries are 
reluctant to stimulate their economies whilst 
excessive wage claims continued to be made and 
there is the threa! of rising raw material prices. 

There are no signs of any country breaking out of 
these limitations. Consequently, world demand, 
particularly for capital goods, remains at a low 
level and no immediate improvement is likely. 

GROUP PROSPECTS 
'Given these present uncertainties, it is difficult 
to 6e positive about trends in the immediate future 
for products whose demand stems from the need 
to expand and modernise world manufacturing 
capacity. However, some sections of Renold 
business are showing signs of improved strength; 
our new products and new applications are 
confidently expected to make a greater contribution 
. in 1 978/9 and subsequent years and efficiency is 
being improved continuously in our operations 
both in the United Kingdom and overseas. We 
cannot forecast^greatly improved results in the 
short term although we have no hesitation in 
expressing our confidence in success over the 
medium term. 



RENOLD LIMITED • MANCHESTER 


i 







20 




VIOHALCO 


Group oj Companies 

ATHENS - GREECE 


The Anneal General Meeting of the Holding Company, 
VIOHALCO. &A. was held in Athens on Jane 30, 1978 and 
those of the major industrial companies in which it holds a 
direct or indirect interest took pla^e- between June 27 and 

■ June 30, 1978. 

The following is a suramaryjjf their annual reports for 
the year ended December 3L 19/ 1 . 

VIOHALCO, S.A. 

The major companies in which VIOHA LCO h olds a direct 
interest include STEEL. WORKS OF NORTHERN GREECE, 
SA (91.4%); VIEM METAL WORKS, SA (21.4%) and 
' ALUMINIUM OF ATHENS, SA (17.3%). 

Through these companies the VIOHALCO Group maintaJns 
a close financial and technical co-operation with the Groups of 
BRUXELLES LAMBERT (Belgium). PHELPS DODGE (USA), 
SIEMENS (Germany) and PECHINEY (PUK) of France. 

In accordance with the provisions of Law No. 542/77 for 
the revaluation of company land and -buildings of Greek com- 

■ ipanies and the corresponding increase of their share capital, 
.VTQHALCO, S.A.’s revaluation surplus plus the capitalisation 

. of part of its reserve from the issue of shares above par value 
amounted to D rs. 54,671 ,250. Consequently, the Company’s 
share capital was doubled -to Drs. 109.342 ,500 and the number 
of shares was also doubled from 298.750 to 597,500, the nominal 
value of the shares remaining unchanged at Drs.LS3 per share. 

The application of Law No. 542/77 to VIOHALCO. SA’S 
subsidiary companies, plus its new participations in other 
industrial and commercial enterprises, resulted in an increase 
of DrsJ55.4 million in the Company's financial holdings. 

Net profit, after deduction of dividend taxes, amounted to 
-Drs. 138,246,2 13. and, together with Drs. 4 7,724, 012 from a special 
reserve, net, also, of dividend taxes, the total amount for 
distribution, including last year's small balance, was 
Drs. 184,298.556. Of this, Drs. 11, 100, 000 were allocated to the 
I ordinary reserve and the rest for a gross dividend of Drs .460 
per share. As the number of shares has been doubled, this 
dividend is an improvement over last year’s dividend of 
Drs.740 per share. 

SIDENOR— STEEL WORKS OF NORTHERN GREECE SA 

At an Extraordinary General Meeting of the Company held 
on December 16. 1977, it was resolved to add the title 
SIDENOR " to .the Company's name in order to distinguish 
it more clearly from similar enterprises in Greece and facili- 
tate transactions in general. 

The continuing depression in world markets caused the 
. Company’s exports to remain on the same levels as in 1976 
(S6.734.000 compared with S6, 600,000 in 1976). These were 
-achieved mainly during the first half of the year. 

Investments amounted to about Drs. 69 million compared 
■with Drs -SO million in 1976. They were absorbed mainly by 
-complementary anti-pollution installations and improvements 

• for increasing the capacity of existing plant machinery. Other 
‘.expenditures went towards new buildings and the supply of 

various auxiliary machines. 

- This year, the Company will invest about Drs. 100 million 
in further Improvements to existing installations and in the 
addition of new basic and auxiliary equipment 

Tbe Thessaloniki works increased production by 3% and 
total sales increased by 13% both In quantity and in value. 

In accordance with Law No. 542/77 the Company’s share 
capital was increased from DrsJ218.925.000 to Drs .325, 387,500 
by increasing the nominal value of each share from Drs. 1,000 
to Drs.1,500. 

After deduction of dividend taxes, net /profit amounted to 
DrsA35.7S6.324 of which DrsJ.14.709,242 were allocated for a 
. gross dividend of Drs.895 per share and Drs31.7 million to 
_ toe ordinary reserve. 

VIEM METAL WORKS S A 

Although the international demand for copper products 
rose in 1977 compared with 1976, prices were generally lower. 

: On the other hand, the home market continued to Improve. 
Home sales to the private sector increased by about 5% iu 
value and 2% in volume while state purchases increased by 
76% in value and about 67% in volume. 

Exports amounted to about 37,560.000 compared with 

• $5,408,000 In 1976, marking an increase of about 40% in value 
and 34% in volume. 

New investments in 1977 amounted to Drs.lS.7 million 
approximately and consisted mainly do further additions and 
improvements to rolling equipment and the purchase of new 
auxiliary machinery. 

In accordance with Law No. 542/77, toe Company’s share 
•capital was increased from Drs.233, 335,000 to Drs -238,001^00 
by increasing the nominal value per share from Drs-1,000 to 
DrsA.020. 

After deduction of dividend taxes, net -profit amounted 
to Drs.48,661.728 of which Drs .43 .355,595 were allocated for a 
gross dividend of Drs 316 per share and the balance allocated 
to the ordinary reserve. 

HELLENIC CABLES SA 
A Subsidiary of VIEM SA 

Tbe slack market conditions noted in 1976 continued in 
1977. On the home market, however, there was a higher 
demand even though prices remained at low levels. Total 
sales increased by about 4% in value and 10% in volume. On 
the home market sales to the private sector increased by 10% 
in value and 14% in volume while state purchases rose by 
15% in value and 16% in volume. 

Exports fell from S10.382JOOO in 1976 to S8.990.000 in 
1977, i.e. by 10%. while the export volume rose by about 3%. 

Investments amounted to about Drs.5 million consisting 
mainly of automated equipment 

In accordance with Law No. 542/77 the Company's share 
capital was increased from Drs. 160,000,000 to DrsJ.97,760,000 
by increasing the nominal value of its shares from Drs.1,000 
to Drs.1,236 per share. 

After deduction of dividend taxes, net profit amounted 
to Drs.9,316.2Q2 and, together with Drsf>, 025,600 from a special 
reserve, net, also, of dividend taxes, the total amount for 
distribution, including last year's small balance, was 
Drs.l7.429,0Sl, of which Drs.l6,5O7,20o were allocated for a 
gross dividend of Drs.lSl per share and the balance to the 
ordinary reserve. 

ALUMINIUM OF ATHENS SA 

The improvement in the world market for aluminium " 
noted in 1976 continued in 1977. The same can be said for 
the home market wbere increased building activity and the 
steady expansion in the use of aluminium in buildings pro- 
duced satisfactory results, an spite of the keen competition : 
m this field. 

Total sales, consisting mainly in profiles ('the transfer 
of the aluminium rolling branch to EbVAL having been com- 
plcted) were reduced by about 1.5% in value and about 21% 
in volume. More specifically, home sates declined by 7% in 
value and 27% in volume while exports rose by about 12% | 
in value and declined by about 7% m volume, totalling 
$7,212,500 compared with 68,446.000 in 1976. 

Investments amounted to about Drs.45 million and con- 
sisted mainly in >thc completion and operation of Lhe anodising ' 
unit. Also, certain improvements and conversions were made ! 
to the extrusion facilities resulting in a marked increase in , 
production capacity and the ability to produce profiles of a 
larger diameter. 

In accordance with Law No. 542/77, the Company's share 
capital was increased from Drs.140,2 50,000 to Drs.173, 910,000 
by increasing the nominal value of its shares from Drs.1,000 
to Drs. 1,240 per share. 

After deduction of dividend taxes, the Company's net 
profit in 1977 was Drs.SL,S91,91S of which Drs.74^329,913 were 
allocated for a gross dividend of Drs.905 per share, and the 
balance to the ordinary reserve. 

ELTAL SA 

A Subsidiary of ALUMINIUM OF ATHENS SA 
Tbe world market for rolled aluminium products was strong 
during the first half of the year but began to decline itbere- 
after, particularly during the last quarter. The home market, 
however, was satisfactory, in spite of the competition in this 
field. 

Total sales marked an increase of 30% in value and 16% 
in volume. This was mainly due to exports achieved during 
the first six months of 1977, the home market having remained 
static. Exports increased from Sll.915.000 in 1978 to $19,393,000 
an 1977 or by about 62% in value and 3S% in volume. 

New investments in .the Oinoph>ia plant amounted to 
about DrsJ&5 million, consisting mainly’ in the completion of 
the sew foundry and in the Installation of auxiliary machinery 
aimed at increasing the plant's production capacity and further 
impoviug tbe quality of its products. 

In accordance with Law No, 542/77, the Company 
increased its share capital from Drs.lSL0O0.OQ0 to 
Drs .210, 141, 000 by increasing the nominal value o I its shares 
from Drs.1,000 to Drs. 1,161 per share. 

After deduction of dividend taxes. Net profit amounted to 
Df&31,ll5,709 of which Drs .27.958,070 were allocated for a 
gross dividend of Drs .271 per share and the balance to the 
ordinary reserve. 

BOARD OF DIRECTORS OF VIOHALCO, SA 

President; Mrs. Stassinopoulos, widow of M. Stassf nopoidos; 
Vice-President; Mr. Nicholas 31. Siassinopoulos: Directors; 
Messrs. Evan gel os M. Siassinopoulos; Charatambos Tsolinas; 
EvangeLos Karambetsos; Willy Faulx; Leopold Blampain. 


Financial Times Wednesday July- 12 1&7S. 


STREETERS OF GO DAL MING 


Finding out the hard way 


BY TERRY CKKJ 


The annual meeting of 
Streeters of Godaiming lasted 
just 14 minutes yesterday, 
undisturbed by any questions 
from shareholders. The mood 
was set by the chairman, Mr. 
E. A. Streeter, who at toe opening 
of the meeting restricted 
questions to matters concerning 
the UK operations. 

This ruled out discussion of 
Mondays announcement of a 

marked deterioration ” in tbe 
group’s 40 per cent-owned Saudi 
Arabian associate company since 
toe annual report was issued on 
June 23. In its accounts, 
Streeters said that “prospects in 
Saudi Arabia are much 
improved." But on Monday it 
reported that a contract in 
Riyadh had been drastically cut 
back, reducing the share of work 
expected by the associate from 
flOm to between £3m to £5m. And 
problems over work permits were 
leading to serious production 
problems. 

The only comfort which Mr. 
Streeter had to offer yesterday 
was that " material information 
will continue to be announced and 
circulated to shareholders at the 
appropriate times.'* But he said 
that he did not consider it would 
be advantageous for the subject 
of Monday's announcement to be 
a matter for what at that stage 
would be “ premature and 
prejudicial” discussions. 

Negotiations with majority 
shareholders in Saudi Arabia are 
reported to be at a delicate stage. 
Their outcome could lead to a 
“ drastic reappraisal ” of the 
value of Streeters’ investment in 
its associate, and of the plant 


leased to it That in turn, would 
have a major impact on Streeters' 
balance sheet 


As at the -end of last December, 
Streeters’ investment in Its 
associate amounted to around 
£570,000, and toe group had a 
further £983,000 of plant In Saudi 
Arabia leased to the associate. 
This compares with total share- 
holders' fluids for tbe group of 
£L9m. 


However, the picture is not 
quite that bleak. The balance 
sheet also contains a provision, of 
fl.lm for deferred tax, which 
would bear part of any write-off 
on toe leased plant In addition, 
the group owes a net £500,000 or 
so to- the associate. If the worst 
happened, potential write-downs 
on Saudi Arabia may be no more 
than about £lm. 

But there are two further 
uncertainties. Streeters has 
guaranteed a loan of some 
£650.000 to the associate. - And 
contingent liabilities include 
Claims of £475,000 arising from 
transactions' in Saudi Arabia. 
Directors are confident that these 
can be disposed of without 
material coat 

This is- not the first time that 
Streeters, a public work contractor 
specialising in sewerage and pipe- 
line construction, has run into 
trouble as a result of difficulties 
with one or two large contracts. In 
1967. two years after it went public 
it ran into tbe red when wor.k in 
Coventry went sour. Again in 1974 
it produced a loss as a result of a 
“ sudden and unexpected down- 
turn ” In the UK workload. 

Like a number of other- con- 
tractors faced with a shrinking 


order hook at home, Streeters 
saw the Middle East as a potential 
profit spinner. With the dramatic 
growth In construction, activity 
following toe OQ price increase. 
Saudi Arabia was a powerful 
magnet. The total cost of pro- 
jects to which the Government 
has been committed during tbe 
current five year plan has been 
put at £44bn. „ 

However, relatively few UK 
companies have attempted to tap 
this market. In a timely note 
last December, brokers E. B. 
Savory Milln and Co. listed the 
reasons for this generally cautious 
approach. There are many weal 
established local contractors, 
some of which are comp arab le to 
companies of Wimpey’s strength. 
There is already a close relation- 
ship with the UJS. Tender condi- 
tions are onerous with on-demand 
bid, performance and retention 
bonds and on insistence on fixed 
price contracts. And there are 
also Immense social, physical and 
administrative problems — as 
Streeters seems to be fi nding to 
its cost. 

After reporting profits in the 
first year of operations, Streeters 
met mounting problems on a 
sewerage contract in Jeddah, 
involving secondary house- con- 
nections to main drains. Last 
winter Savory Milln suggested 
that it was having difficulty 
securing further work contracts: 
by June, work bad started on the 
XlQm contract in Riyadh, but this 
has now been slashed back. The 
shares stand two fifths below the 
year's high point at 22p 
where tbe market capitalisation is 
£L4m. 


BIDS AND DEALS 


W. L. Pawson paying the way 
for substantial expansion 


THE SHARES of W. L. Pawson, the 
women’s clothing group, were 
suspended at 42p yesterday while 
the new chairman, Mr. Stanley 
Wootliff, organises the key moves 
which will fulfil bis promise of 
substantial expansion for the 
company. 

His plan revolves around a 
reverse takeover for £127m in cash 
of C. H. Bernard and Sons, a 
family owned company which 
manufactures and retails military 
and civilian uniforms in the UK, 
Malta and Gibraltar. 

Bernard has a manufacturing 
base in Harwich, plus 33 retail 
outlets in the UK, two in Malta and 
one in Gibraltar. With net tangible 
assets of £l.?m on January 31 it 
is considerably larger than Pawson. 

In order to finance the takeover 
(which has already been irrevoc- 
ably agreed to by Bernard's share- 
holders) Pawson intends to raise 
around £lm via a rights issue and 
the remainder through a medium 
term loan from its bankers and 
financial advisers, Keyser UUman. 

The details of the issue have 
not yet been finalised but it is 
thought that the directors (who 
own just over 50' per cent of the 
equity) will take up only part 
of their entitlement and invest- 
ment trusts of Keyser will take 
up the remainder of their rights. 
The other half of the issue is 
likely to be underwritten by 
stockbrokers Capel Cure Meyers 
and Henry Cooke Lumsden. 

Pawson, which last year cut its 
losses from £140,000 to £5,000, 
is buying Bernard at a time when 
profits have collapsed from 
£235.000 in 1976-77 to £69,500 for 
last year. 

Mr. Wootliff. who was formerly 
managing director of the William 
Reed carpet and textile group 
until last year, now believes he 
can pull up Bernard’s profits 
again creating the basis for major 
expansion at Pawson. 

In the last few months he has 
also paid £86,500 for Wilbefort, a 
chain of 14 general outfitters 
shops in Yorkshire, and £50,000 
for a furrier, J. Teff. 

Only last November Pawson 


raised £295,000 in a one-for-one 
rights issue intended to reduce 
borrowings and finance higher 
working capital requirements. 
Now the 500 or so shareholders 
are to be asked to raise more 
capital 

In the meantime the shares are 
likely to be suspended for some 
months as Pawson. will need to 
produce a pro forma balance 
sheet showing what sort of a com- 
pany it will be after the 
acquisition. 


cerning Unilever's 5485m offer for 
National. 

Tbe transaction will be voted 
upon by National's stockholders 
at a special meeting scheduled for 
August 15. 



Jump in quarterly 
gold profits 



BY KH4NETH MARSTON, MINING EDITOR 


nnnvrKD profits for the June have been also helped by higher 
oSer are announced by the production resulting from 
Id? producers in the ConsoU- an improved gold .grade, 
dated cold Fields group. While Vlakfontein’s profit has jumped 
theprice of bullion during the by 179 per cent 
period was only a little above the Kloof also' comes out well, 
average of 5173 per ounce especially as operations were 
received by the mines in toe pre- restored to normal following the 
vious three months, the higher underground fire. Higher pro- 
profits reflect a once tor all auction coupled with lower costs 
bonus arising from bouth an d the gold payment bonus have 


grade of 20.7 grammes gold • 
this basis of a gold price 
R4200 per kilogram (5130 p, 
ounce) compared a year aj 
with 2J8m tonnes at IS sramu 
on the basis of gold at R3|500 



Previously, the mines were 47 per cent to toe 
paid the official price of 542 on hut those of the (ugh grade west 
SdirerT and later recdvSi tSE * “ ora 

premium obtained on the eub- modest gain of 20 per cent. 

sequent sale of the gold. This ^ tatMt caaxwto net pruau am 
resulted in a tune-lag. of one to ^ beknr. 
two weeks. As from April 11, J® 8 Man* »«■ 

however, the mines receive a 

market related price at time of uwnrfontetn — law 2i780 

delivery. Thus the revenue East midmeim _ a.wfl so.+is ss.i-n 
received Jo the past three months XJoof ■” ■'*" KVa 

has included the premium due on ubaaon 

_x tj j .l. Venters! 


part oi 
March 


11034 ?.<W3 Q.K3 

4JC1 3383 4.135 

8.33 tI23 10,038 

■TO - 190 *138 


of -toe gold delivered in the J!- __ -- 

h quarter. west D ririantoa tria S6.7U 22,133 23,783 

... .. * loss, t Alter receipt at State aid. 

The beneficial effect on toe j After ,pt. aid nsuntiL 
past quarter’s profits is most 

marked in cases of toe more XJbanon, which reports a 27 
marginal VentersposL for per cent gain in 'toe past 

example, made a net profit in the quarter's net profit, warns that 
March quarter of only R12S,000 the lower grade areas of the mine 
and this after toe receipt of will soon become available for 
111,197,000 state aid. mining and this will reduce the 

=■■*=■** 

to RI .525,000 after a repayment costs - 

of state aid amounting to The reserve is currently 

R139,000, Ih this case matters estimated at 1.79m tonnes at a 


SUNGEI BESI 
DOING WELL 

Malaysia's tin-producing Sunj 
Besi, which Is now enjoying bett 
times after a somewhat chequer 
career, is expected to agam 
crease production in _ the cot*' 
-year to next March with the Ho' 
Fatt open-pit being by far 1 
most important producing unit ' 

In the year to last March Sunj 

Best produced 1,917 tonnes - 
tin concentrate compared w. 
1,497 tonnes to 1976-77. This ; 
crease, coupled with a higher ; 
price, resulted in a net profit 
MSB.S&m compared with a It 
of SMfilJTm- in the previous yew 

Mr. Junus Suetin. the chairnu 
adds in the annual report tlttfl 
ore reserves at Hong Fatt ri , 
only sufficient to allow product! ' 1 
at the present rate to contiu 
until the end of the current yc : 
and warns that tbe risks of waL,. 
Inflow should not be ignored. 

It is Intended to resume mini 
at the No 3/5 open-cast in t 
third quarter of the current yg. 
He estimates that at current cw. ■ 
and tin prices the ultimate li 
of the mine will still run to abo 
1982. Sungei Besi shares we 
unchanged at 228p yesterday. - 


M: 




Ranger uranium sales deals 


CUSTOMAGIC 

UNCONDITIONAL 


Mooloya Investments' £Lrn bid 
for Customagic — certain features 
of which the City Take-over Panel 
has said constitute a serious 
breach of the Take-over Code — 
was yesterday declared uncondi- 
tional. 

The bid went unconditional 
after Mooloya announced that it 
had received acceptances repre- 
senting a 56 per cent stake in 
Customagic. Earlier yesterday, 
with acceptances at the 55 per 
cent level the group had planned 
to extend its offer until July 17. 

Last week Mooloya accepted the 
T^k e-over Panel’s ruling that it 
should increase its bid by a penny 
— to 21p a share — and that the 
company should not pay a £38,625 
fee to Gras d'Eau Consultants 
for securing the acceptance of 
certain Customagic shareholdings. 

The Panel is to make a further 
statement shortly. 

A ^spokesman for Grindlay 
Brandts, advisers to Customagic, 
said last night that the level of 
acceptances in one respect was 
encouraging given that Mooloya 
had started with a committed 
47 per cent stake. He said that a 
full statement from Customagic 
was expected today. 


BRITISH LAND’S 
£1.2M BUY 

British Land, has acquired CQC. 
manufacturer in Barnstaple of 
specialised made-up textiles and 
protective clothing for defence, 
for £I.2m cash. British Laud 
already has an interest in the 
clothing industry through J. H. 
Greenwood (Holdings), knitwear 
manufacturers. 

Out of the consideration, 
£750.000 is payable immediately 
upon acquisition and 
represented by net assets of that 
amount, consisting largely of the 
value attributable to the factory 
in Barnstaple of 46,000 sq ft 

A further £490,000 is payable 
immediately upon certification of 
the warranted profits for the year 
ending March 31, 1979, of £490.000 
before ty*T 

Mr. Norman Goldwater, who has 
been with CQC since 1948, will 
remain as managing director. 


MANCHESTER AND 
LONDON INV. 

Manchester and Metropolitan 
Investment Trust has received 
acceptances in respect of its offer 
for Manchester and London 
investment Trust amounting to 
541,447 ordinary shares (54.05 per 
cent). The offer is now un- 
conditional and remains open. 


UNILEVER 

National Starch Chemical Cor- 
poration and Unilever are com- 
mencing the mailing of proxy and 
exchange offer documents con- 


HARDY FURNISHERS 

Hardy and Co., furnishers, has 
sold its leasehold interest in 
premises at Portland Place, Lon- 
don, for £202,500 c as h . 

The leasehold interest, which 
originally cast £83,825, was last 
professionally valued in April, 
1977. as being worth £140,000. The 
building previously boused a head 
office staff of the group and they 
have now been integrated into tbe 
company's administration office 
in Croydon. 


Barclays move to build up 
merchant banking in France 


Barclays Bank has agreed in 
principle to take a majority stake 
the privately-held Societe 
Ban ca ire de Paris, an acquisition 
designed to strengthen toe 
merchant banking side of its 
French operations. 

Under an agreement signed 
yesterday. Barclays’ French sub- 
sidiary will buy 51 per cent of 
the BAFK. which is the kernel of 
the private Paluel-Marmont finan- 
cial group. 

.Although Societe Bancaire de 
Paris— which will have capital of 
Frs 10.5m (£12!4m) when the deal 
concluded — does not rank 
among France’s bigger deposit 
banks, it heads a group of 
credit and investment companies 
through which Barclays Intends to 
build up its wholesale banking 
activities to a she comparable 
with its retail banking operations 

in the country, 

Barclays is the most important 
British banking interest in France, 
and its network of 25 branches, 
including five in Parts, is toe 
biggest among non-French banks. 
The greater part of its profit in 
France, however, comes from 
merchant-bank style activities. 

Barclays still has to reach final 
agreement on. the terms of the 
deal, which is 'unlikely to be com- 
pleted before the end of the year. 
The remaining 49 per cent of 
Soeiete Bancalr de Paris is expec- 
ted to remain in the hands of 
the PaJuei-Marmont group, includ- 
ing direct family holdings. 

The agreement will aJso give 
Barclays a stake of around 35 per 
cent in a Monte Carlo-based lone- 
terra credit bank, Societe de 
Banque ot D'Jnvestissements 
(SOBI). in which Paiuel-Marmont 
currently holds 74 per cent The 
other 26 per cent is held by the 
West German Rhin eland-Palatinate 
Regional Bank, Landesbank Rhein- 
land Pfalz Girozentrale. 

SOBI, which became part of the 
Paiuel-Marmont Group five years 
ago. is mainly engaged In long- 
term property loans. 

Through Societe Ban Cairo de 
Paris. Bard ays will gain effective 
control of three investment ccm- 
panies. Pierrc-Investisscments, 
Societe D Invest! ssement et de 
Gestion and France- In vestisse- 
menu. The bank is also a 50-50 


partner with the U.S. broker 
Merrill Lynch in an investment 
venture. 


NO PROBE 

The proposed acquisition by 
Adwest Group or Surman and 
Sons from Duport is not to be 
referred to the Monopolies Com- 
mission. 


ASSOCIATES DEALS 

On July 10 Hedderwick Stirling 
Grumbar bought 12,500 Wood and 
Sons ordinary shares at 55p on 
behalf of Newman Industries. 

Ho are Govett bought 10,000 


Electric and General Investment 
Co: Between June 20 and July 5 
Post Office Superannuation Fund 
bought 180,000 shares making 
holding 3,093,375 shares (17.1 per 
cent). 

Greenbrook Securities: Green- 
brook Securities, through its sub- 
sidiary, Bunting Estates, no longer 
has a notifiable interest in Barge t 
Cambrian and General Securi- 
ties: London Trust Company has 
sold 159,700 shares reducing hold- 
ing to 300.000 shares (7.4 per 
cent). 


_S- Lyles: Clydesdale Bank (Head 
ainees have bought 


Crossley Building Products ordi- 


nary shares at 103p and 200,000 
at 103 tp on behalf of Bowater. 

Sheppards and Chase, as brok- 
ers to Albright and Wilson, has 
sold a total of 13,425 Albright 
shares at ISSp. 

Hill Samuel bought 3,750 Thos. 
TDIUng at IlSJ.p for a discre- 
tionary investment client. 


SHARE STAKES 

' Marks and Spencer: M. M. 
Sacher, director, has acquired 
13,550. 3,496, 7,260 and 25J246 
shares. E. J. Sacher, director, is 
interested as a trustee in the 
purchase of 13,550 shares. 

General Accident Fire and Life 
Assurance Corporation: Kuwait 
Investment Office has increased 
its holding by 25.000 shares to 

12.375.000 shares (7.5 per cent). 
Northern Foods: Nicholas Hors- 
ley, chairman, has acquired 20.000 
shares as a result of his holding 

5.000 Pork Farms shares and h£ 
acceptance of rhe offer for Pork 
Farms by Northern Foods. 

Amber Day Holdings: J. W. 
Rose, director, yesterday sold 

25.000 shares. 

FothergiD and Harvey: Britannic 
Assurance Company has bought 
a further 35.000 shares, Total 
holding 395,000 shares (6.41 per 
cent). 

McCleery L’Amle Group: Sir 
Desmond. Lnrimer, director, has 
raised his beneficial holding to 
200.313 shares (about 1.6 per 
cent) by purchase on July 5. cn 
behalf of his family, of 25,000 
shares at 14jp. 


Office) Nom 

200.000 shares (5.5 per cent). 

Young Companies Investment 

Trust: ComhiU Insurance Com- 
pany holds 588,500 shares (9.05 
per cent). 

Gresham House Estate Com- 
pany: On July 7 and 10, A. P. Stir- 
ling, managing director, bought a 
further 50,700 shares at 57p and 
58 p. 

Caledonia Investments: Kuwait 
Investment Office sold on July 6 

45.000 shares leaving an interest 
in 850,000 shares (4.8295 per cent). 

Homfray— H. J. H. Gilliam and 
C. J. Gilliam have notified a trans- 
fer of 95.S39 shares out of a 
family trust to a beneficiary. As 
a result H. J. H. Gilliam's Interests 
are 342,637 shares (222 per cent) 
benfleial and 959.455 shares 
(622 per cent) non-beneficial. 
Gilliam is beneficially interested 
in 2258,731 shares (14.65 per 
cent). 

Cooper Industries— W. H. Pod- 
more, a company controlled by 
C- G. Cooper, has acquired 75,000 
shares. 

Sotheby Parke Bcrnet Group — 
G. D. Llewellyn, director, has 
sold 75255 shares. P. J. A. Spira, 
director, sold 2 JMQ shares. 

Ecpna — Courts ulds GIF Nomi- 
nees has bought 20,000 shares at 
91p. Total holding 2S0.000. 

JB Holdings — Following direc- 
tors have sold 10 per cent cumu- 
lative preference shares as fol- 
lows: W. G. S. Johnston 71,070 
beneficial and 147,626 non bene- 
ficial: A. J. D. Ferguson 2,300 
beneficial and 13.373 indirecti 


A. J, D. Ferguson and K. M. 

Pnvnn ‘>11 75G „nn 


Payne 211,756 non beneficial: 

M. Payne 2A00 beneficial and 
24,171 non beneficial. 


THE FIRST TRANCHE of sales Had the companies been per- manager. ,*■?£** £5* 
contracts for the Ranger uranium mitted freedom of action the Development told the symposiu. 
project in toe Northern Territory Ranger 'project would have come that over toe next-few ye :• 

of Australia will be arranged on stream last year. As it is, Australia will probably recei 

soon, thus facilitating the raising there has been no uranium the bulk of fil new uraniu • 

of development finance, Mr. mining in the Northern Territory orders placed. 

Bernard Fisk, the general at alL B ut, m co mmo n with oth . 

manager for uranium development The Ranger joint venturers are- on' ' 

at Peko-WaUsend said yesterday, stiu the only potential Australian ura 5 1 55. :■ 

Peko-Wallsend Is a joint ven- producers empowered - to sign The supply 

ture at Ranger with EZ Industries sales contracts. But Mr. Fisk J2S fWtawed° ■ 

M SfiV rsSgeT' , 

London by the Uranium Institute, coming on stream. I^ookfng at the Australian mti ft 

said that Ranger hoped to come to The Nabarlek deposit owned -fa- ijf^artjcQkir Mir. Lloyd sa 
production by 1981. The expecta- by Queensland Alines, could come „ resent market prices we,j'l 
tion of sales contracts applies to to production months earlier than Snouah toenwurage mepkn ^ ‘ ‘ 
the first year of production. Ranger. Mr. Fisk added.. But ggj Sd m waSdSStopSS 

The reiteration of the 1981 K5?2Ji“X‘ &PESEL “It does not wish to disrupt ti . 
start-up date suggests that ®®dentewwij are SL100 tomms n^,.^ short-term price ci 
development work will start dur- wrth 100 > 3a0 toimes 31 ting, for to do so would retor 

ing the current dry season. Fears Kan£ er - the industry to its previa 

that the necessary political and Ranger’s reserves are in any cyclical pattern.’ 1 
legal consents were not forthcom- case expected to increase once q From Sydney, James For ' 
ing quickly enough had led to detailed work -resumes. Mr. Fisk writes: The environmental imps' 
fears that Ranger would not in said. Indeed/he made the general study prepared by Western Mf : 
fact start until 1982. point that the reserves of the fug corporation for the Yeelirr ■' 

Talks between the Government Northern -Territory cpuM be deposit in Western Australia sa- - 
and toe Northern Land Council. several toan those that the potential export incon. 

representing the Aboriginals of announc f d ®2- £ ? r -*J^ er0 from the mining operation wr 

the Northern Territory; are ex- to think that more orej.u,S-$200m a year based on . 

pec ted to finish soon and at that bodleS o® found. uranium oxide price of 540 a 1 

point the way should be open to This emphasises the importance The study, published yesterda 
construction. This will bring to of Australia in the international .took two and a half yeans to con.;., 
an end a period of uncertainties uranium supply-demand equation, piece and stated that product!© 
dating back to 1972. Mr. Barry Lloyd, the general was unlikely to start before J98t . 


t\ i • ; 

i:*.> 


Scapa Group cautious but 


sees progress this year 


TEMPERING his annual state- 
ment with a degree of caution 
Mr. T. D. Walker, chairman of 
Scapa Group, says there is no 
apparent reason why the current 
year should not be one of pro- 
gress. 

Tbe recently acquired Bury and 
Masco will make its contribution 
which the directors say will 
strengthen the performance of 
the group as a whole. 

The volume of group orders in 
the UK has, in the current year’s 
opening phase, been compatible 
with a normal level of activity. 
In toe North American group and 
in other overseas companies the 
level of demand has been 
encouraging. 

The directors will continue to 
develop and take opportunities 
when and where they arise, says 
Mr. Walker. 


As reported on June 24, taxable 
profits for the year to March 31, 
1978, although down from £7.63m 
to £7.14m, bettered the forecast 
profit by £0.64m. 

Mr. Walker reports that tbe 
year was one of varying fortunes 
which were affected by the move- 
ment in exchange rates as well as 
by trading factors. Some 75 per 
cent of the group’s trade Is over- 
seas. 

In trading terms activity 
remained at a high level and con- 
tinuing technical change in pro- 
ducts and methods of production 
was also an element in a demand- 
ing year. 

As foreseen at the time of the 
rights issue in June 1977 the 

group invested substantially in 

new plant Expenditure durin 
the yea r i s broken down as 
follows; UK and other countries 
£2 -8m; North America £1.5tn. 

A further £3m of expenditure is 
in process for which finance is in 
hand. This expenditure represents 


a continuing programme of factory 
itit 


reorganisation and of continuing 
development 

The directors are of the opinion 
that, taking into account bank and 
other facilities, the group as 
enlarged by the acquisition of Bury 
and Masco (Holdings) will have 
sufficient working capital available 
to meet its present requirements. 

A statement of source and 
application of funds shows an 
increase in working capital of 
£3.21m (£a^Sm). 

On a current cost basis pre-tax 
profit is shown at £6 .08m, after 
adjustment for additional deprecia- 
tion of £L29m, cost Of sales £0-24m, 
and gearing £0.45 m. 

Prudential Assurance Company 
holds 6J3 per cent of the group. 
The AGM will be held in Black- 
burn on August 4 at 1L30 am. 


Bristol Post 
diversifies 


The jump In group pre-tax 
profits recorded by Bristol Evening 
Post for the year ended March 31, 
1978, was largely attributable to 
the increasing demand for 


advertising space and the improve- 
ment in the retail and transport 
activities, says Mr. Andrew Breach, 
chairman. 

The group pursued a policy of 
modest diversification during toe 
year as it is considered wise to 
broaden the profits base in- order 
that the group is not so dependent 
on profits from its newspapers. 
Since the last AGM the group has 
acquired Moriey Adams which 
compiles and distributes cross- 
word puzzles. 

Tbe group has also acquired a 23 
per cent interest in 'James Dixon 
and Sons (silversmiths) and 
negotiations are currently In hand 
which may Increase the holding to 
SO per cent 

As reported on July 5 group 
pre-tax profits expanded from 
£LJ2m to £L88m in toe year ended 
March 31, 1978. An analysis shows: 
newspaper publishing and printing 
£L4Sm (£1.18m), retail activities 
£026m (£0.19m), features and 
crossword agencies £18,000 
(£12,000), transport and vehicle 
repair £74,000 (£24,000) and sundry 
services loss £6,000 (£4,000), less 
net interest paid £31/100 (£78,000). 

- The chairman says that in view 
of the difficulty of introducing 
photo-composition and new tech- 
nology, it has been resolved to 
write off the considerable cost of 
equipment which the group h as 


been anxious to introduce bu _ 
which has been resisted by to 
operators. Mr. Breach feels tha 
this is a conservative dedsloi 
from which the group will bene 
fit if it is possible to introdna 
the use of this equipment at a t 
early date. 

At the year ended there waO 
an increase of £41/100 in cashv; 
£431,000 In short-term deposit*.'.. " 
and £192,000 in investments. '•< 

Sir Denys Hicks deputy chair n 
man is to retire from the Board** 
on reaching the age of 70. 

Meeting, Bristol, August 1, al 
noon. -• 


NMC ahead 
at £181,769 
-pays 1.43p 


Pre-tax profit of NMC Invest 
meats advanced from £114,720 to 
£181,769 for the March 31, 1978, 
year after £75,802 against £29,514 ■’ 
at halfway. 

Tax took £62JJ92 (£68,677) for, 
the year, leaving a net profit’, 
ahead from £46,043 to £118.777-; 
before minorities £10052 (£8.753). 
Earnings per 12ip share are shown 
as 2.52p (O.SBp) and the dividend - 
is increased from L3p to L43p net ■ 


This advertisement is issued in compliance with the 
requirements of the Council of The Stock Exchange 
and is not an inrrftation to any person to subscribe for 
or to purchase any share or loan capital of . the 
Company, 



LIMITED 


SHARE CAPITAL; . 


Issued and 
fully paid 


Authorised 

20,000,000 Ordinary Shares 
£1,000,000 of 5p each £601,834 


Application has been made to the ■ Council of The Stock 
Exchange for the enlarged Ordinary Share capital of the 
Company to be admitted to the Official List. 

Full _ information regarding ' Emray limited foil owing its 
acquisition of Reid and Lee Limited is contained in' the new 
issue cards available from Ejrtel Statistical Services Limited 
and copies may be obtained until 26th July, 197S from: — 


ENERGY, FINANCE & GENERAL TRUST LIMITED 
Dauntsey House, JYederit&VPlace, 

Old Jewry, London EC2R 8HN 
and 

RAPHAEL ZORN 

10 Throgmorton Avenue, London EC2N 2DP 
and The Stock Exchange - 




Financial Times Wednesday July 12 I97g 


nternatio 


NORTH AMERICAN NEWS 

Federal 


21 



FINANCIAL AND COMPANY NEWS 


3Y DAVID LASCELLES 

N THE first of many anti-trust 
ind patent suits against Xerox 
corporation to have reached the 
erdict stage, the pioneering 
ilam paper copier maker has 
jeen found by a U.S. Federal 
!«* , to bave maintained an 
liegal monopoly on its product, 
iowever. the extent of the dam- 
iges to which it might be liable 
jjt “While stilt far from clear — was 
■‘I S| 'educed by a separate verdict 
V. j . i arrowing the scale of the mono- 

1 1 [ loly. 

The find ing—on which Xerox 

pfused immediate comment— 
. towards the end of the 
qngest Federal Jury trial in US. 
.ustory in which Xerox faces 
lamages claims of S1.52bn by 
•CM, a diversified Industrial 
■ompany whose products include 
ifficc copiers and Smith Corona 
ypewriters. 

. The precise legal import of 
he jnry's verdicts and Xerox’s 
la mages liability should become 
-learer in the next day or two as 


jury rules against Xerox 


the Court reconvenes in Hart- 
ford, Connecticut, to . consider 
these questions. However, the 
Judge in the case has said that 
unlike .a previous anti-trust ease 
brought against Xerox by the 
FTC. which was settled out of 
court, this one should establish 
for the first time whether Xerox 
broke the law or not. 

The case is based on SCM's 
allegations that Xerox main- 
tained an unfair monopoly of the 
plain paper copier market during 
the 1960's by bunting its techno- 
logy in a “thicket of patents’ — 
some 1,700 of them-— which pre- 
vented other copier makers from 
gaining access to it. SCM also 
complains of Xerox's alleged 
cartels with Rank Xerox in the 
UK and with its Japanese sub- 
sidiary. 

SCM specifically claims that 
Xerox unreasonably refused it a 
licence in the mid-1960's which 
resulted in SCM losing over 


S590m worth of business. Under 
fho anti-trust laws. SCM is claim- 
ing triple damages. ■ 

Xerox denied operating a 
monopoly, and said it had refused 
SCM a licence because it believed 
the company was not equipped 
io make a success of the plain 
paper copier business. 

The first part of the case — 
which began in 1973 and 
developed an awesome complexity 
—was settled in early June when 
the jury returned a partial 
verdict saying that while no 
identifiable market for plain and 
coated paper copiers existed in 
1964. there was such a market in 
1S69. Proof . that a market exists 
is essential to a successful 
monopoly charge. 

With its latest verdicts, the 
jury has said that Xerox 
operated a monopoly when the 
market existed, but that SCM 
did not have the Intention or 
capability to enter the plain 


NEW YORK. July 11. 

paper copier business in 1964. 
tbe date from which the plain- 
tiff calculates its damages. 

The Judge also told the jury 
that there is no legal require- 
ment that a company use any 
patents it obtains. But non -use 
of patents— which was estab- 
lished in Xerox's case-can be 
considered in deciding whether 
tbe company obtained these 
patents to develop its own pro- 
ducts or to block the competi- 
tion. 

SCM was quoted as saying to- 
day “Tbe jury sustained basic 
SCM claims that Xerox had 
bought up and tied up plain 

paper copying patents, mono- 
polising a whole indusiry- The 
jury's finding established that 
Xerox did violate the anti-trust 
law and that SCM was Injured 
by those violations.'’ 

Xerox said “We intend to. 
take some time to analyse the 
findings before making any com- 
ment.'* 


S l pront Marine Doubts over airlines merger 


LOS ANGELES. July 31. 

■ jLOBAL MARINE’S net eam- 
ngs for the five months to end- 
Vfay totalled S2J)m. compared 
jviih a loss of- Sl.Sra for the 
> corresponding period of 1977. 
Tbe latest five months profit 
. Equals 65 cents a share. Revenue 
jf S43.7m compares with 329.5m. 
.The five-month results will be 
□eluded in an amendment to the 
•egistration statement covering 
” > he proposed offering of $ 20 xn of 

f~ <-'»*> Ip, ;enior subordinated debentures 
5.® V fillS lue Aup 181 1 1998. The issue is 
entatively scheduled to be 
, narketed later this month. 

•’* The net loss for the previous 
aeriod reflected tbe effect of 
iccounting changes which 
reduced the loss by 3274.000. 

; Mr. Robert F. Bauer, the chair- 
nan and Mr. C. Russell Luigs, tbe 
j re si dent. had previously 
ndicaied that earnings for the 
: uU year would exceed $1.50 per 
'.bare, contingent on delivery of 
. :he company's newest drilling 
vessel on or near its scheduled 
iate. 

4P-DJ 


A MERGER between Texas 
international Airlines and 
National Airlines could result in 
an Improved, more profitable 
operation. But many question 
whether a combination of Texas 
International; which is a region'll 
carrier serving the south-west 
and Mexico, and National, which 
operates in much of the U.S. and 
has several international routes, 
will ever take place. 

Texas International. as 
reported yesterday, has bought 
790,700 shares of . National 
common stock on the open 
market, equal to 9.2 per cent, of 
tbe company, and is considering 
the “ possibility of seeking 
control of National.'* 

Some consider a merger makes 
a lot of sense since National has 
been concentrating on making 
Houston a major route centre for 
its domestic and ' international 
flights. With Texas International 
also using Houston as a major 
terminus for its large intra-slate 


network, there could be signifi- 
cant benefits lu National from 
the feeder line traffic. 

A major consideration, how- 
ever. is whether National Air- 
lines would agree to being ac- 
quired. Tbe company is tightly 
held and controlled by Mr. L. B. 
Maytag, chairman and chief 
executive, and it is not clear that 
Texas • International could get 
control without his approval. 

Il is felt that Mr. Maytag 
would not agree to a takeover 
since National is in a much 
stronger position- than several 
years ago. when it agreed to a 
since aborted merger with North- 
west Airlines. 

.Another possible obstacle to a 
merger, even if agreed by the 
two companies, could be the atti- 
tude of the Civil Aeronautics 
Board. The. regulatory process 
can be unending, and a proposed 
merger could flounder during the 
time the CAB would spend study- 
ing ihe proposal. 


NEW YORK. July II. 

The lengthy review and hear- 
ing process in the proposed mer- 
ger between National and North- 
west was a major reason the 
plan failed. 

Current legislation in Congress, 
to reform tbe CAB does not deal 
witfrihe matter Of industry 'mer- 
gers. leaving open numerous 
question on how a plan by Texas 
International to gain control of 
National might be handled. 

Mr. Alfred Kahn, CAB chair-" 
man. has said that for a merger 
of two healthy airlines to be 
approved, the companies would 
have to show substantial public 
service benefits. 

In the absence of agreement 
by National to be acquired, the 
prospects of CAB approval to a 
combination may be even more 
difficult to obtain, and no one 
can recall any instance where an 
unfriendly takeover effort in the 
industry has been approved.. 
Reuler 


at & T hopeful Beatrice and Tropicana 
on data plan shareholders approve bid 

vrw t« 1 v ii 


BY OUR OWN CORRESPONDENT 


NEW YORK. July 11. 


;■ ' r ! 1 

■ .'tit 


NEW YORK. July 11. 

AMERICAN . Telephone and 
Telegraph said its proposed SHAREHOLDERS of '-both rourl order which made 

lata communications service. Beatrice Foods and Tropicana after the FTC tried to halt the 
idvanced communications service Products have overwhelmingly merger on the grounds that it 
-.ACS), could generate annual approved the proposed merger would eliminate competition in 
■evenues of up to S500m by the of their companies, although the the ready-to-serve orange juice 
mid-19SQs. deal has been temporarily halted industry. However, they have 

ATT yesterday filed a petition by a federal court due to an until Friday to do so. after 
vith the Federal Communications anti-trust charge filed by the which rhe Court will decide 
:.ommission for a ruling on Federal Trade Commission. whether to grant a permanent 

vbetber tt can use existing injunction to the FTC pending 

iigital facilities - for the new , Tn ™' ee, «h?LcSEi investigation of the merger, 

service. "ir " htrb w* originally supposed to 

• Meanwhile International Tele- JjJJf/iS? SLiiF ha ? e 3 °ne trough today. . 
ihone and Telegraph Corporation shares far ^"version • 

?aid Us ITT world communica- 

r, s „f SSSiSSJS.; * Sr % Sf Boston market link 

-eased channel services. “• their vote-^w favour - of ineww- THE New York Stock Exchange 
The filing was made with the h?fhi«riJS said the BosIon Stork Exchange 

•'rderal Communications Com- *j* ab,e has ^come the friiith exchange 

mssion. and under the new rales wISS? liSfv? tS- 10 be ,inkcd lo lhl ‘ interniarkcl 

II current rales for telex calls SSnJmTf fiSSriJ 15 lrading , S}5te0h an . ^ctronic 

rum the U.S. and Hawaii of $4 P** 111 *? 1 b \ T®*** ‘ communications network that 

»er minute will be reduced to S3 la casn ana STOlK - will eventually interconnect the 

tor minute. Neither company has .vet trading floors of >ix exchanges, 

tr-uicr responded to last weekend’s reports Reuter from New York. 


Ashland Canada 
move awaited 

By Robert Gibbens 

MONTREAL. July 11. 
MARKET SOURCES raise the 
possibility of a counter-bid for 
Ashland Oil Canada following 
Kaiser Resources' cash bid worth 
CS470m. . 

In Calgary a spokesman for 
Ashland Canada said an 
announcement concerning the 
Canadian company would be 
issued later by the parent 
Ashland OH. Ashland. Kentucky. 
The ‘ Ashland directors were 
meeting lo consider the Kaiser 
offer. ' 


Ntmcs OP SEDE3IPTIOX 

STANDARD OIL COMPANY 

(U luliaam corporation y 

8*4* SUttUtra Sn 19BB 


1-. ‘IttBt Gm» that, piUW*at to Bvcdon 3-0l of the Indenture, noted as of Augjiat !«. JOT* 
Jtta Jndwt™. (K GUaflud OU Company (the Comply* aadChaWMl Bank. M)M 
IVMtcek the Company MS electee to re d totn and -rill redeem on AOjn it IS . 1978 RedemjHJon ***?*• 
pnamoalaTOoUt of it e MmMim Due IMB (the lW*nta wot. a t rettempttOn price 

or io^ ottiie prtmapol OTBMrat UiutM plus ttfcMwi irterwi io the Betfttnptlon Date. 

The hIUI BOMkeH ot tbe Debenture* akltt bate been selected for iMtattiw partaoai to the 
Ml* ai*: 



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1 301 
1343 
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1657 
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1977 
20 JO 
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08 nirtnmntiniT Date the Debentures dee ignited abora.wm beeoae das.ud pnynblo 

On and alter the. BedW^uea matur.nK «rtwqnent to August 16. 197* 

upon presentation and MI e« of tbe PajHW Aaent. CbenUeal Bank. S3 Water -Strat. 

attached, either at tte»rpoi*t*Tnis6 ik^o^ Bank In London. Brussels. Paris, prankfurt 

sea- Tort. New Y«It WII« (tonoertr Hr* Nrttoaal City Bank) m Amsterdam, 

am Main and SSOTWh. ot^ S.A. LusemWccuk, In Lusembonre. 

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Ir.tewst on the Mid da 4 ' wturti such Detenfures shall hr 

*** ta rt< * iot 

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i Ind i anal 

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July 17, 1978 


Upturn at 
General Cable 

GREENWICH. July 11. 
MR. ROBERT P. JENSEN, the 
chairman of General Cable Cor- 
poration said that the Board has 
raised the quarterly dividend in 
light of the company's earnings 
results and prospects. Operating 
results for the second quarter 
should show significant gains, 
with net earnings estimated to be 
up about 30 per cent over the 
1977 period. 

For the first slx months. - sales 
should total about S360m and net 
earnings are estimated at SlS.Sm 
to Slfirrt or about SI to $1.05 a 
common share after dividends 
cm preferred stock. 

AP-DJ • 

EUROBONDS 

DM issues 
turn lower 

By Mary Campbell 
THE DOLLAR sector was basic- 
ally quiet yesterday as also were 
sterling bonds. U-mark foreign 
bonds took another turn for the 
worse fol lowing a marked 
weakening in the domestic 
capital . market * where Ihe 
Bundesbank, had lo buy quite 
heavily to stabilise prices. 

Interest in London tot Used on 
the first day s trading far the 
Midland floating rale issue. The 
quotations were around 98? to 
9Si cm the bid side haring 
fluctuated somewhat in early 
trading. 

The Boots convertible issue 
starts trading today. It was 
priced yesterday at par with thfc 
conversion price set at 216p per 
share, a premium of . 6.93 per 
cent above Monday's closing 
price of *J02p. This was about 
iljo same price as lhal at ivhich 
the shares olOBPd uri the day 
ihe issue was announced (after 
the effect of dividend increase 
had mkrn effect). 

In Germany, the flhal terms 
were fixed on the fcifoh two- 
tranche issue. The DM fthn con- 
vertible IVas priced at paf'wtlh 
ihe conversion price set ai 
Y617 per share, a premium of 
S.83 per cent over the current 
share price. Tim ofVcring price 
Tor the fixed rale tranche-*- 
DM 30m—lins been fir at B9»: 
half a point'- above- initial 
indications. 

At the same time, the coupon 
on lzumiya's proposed conVer- 
tible has been cm from the :)? 
per cent initially indicated to 3} 
per cut. 

Ali’ ough no confirmation is 
yet aviafob] Ci reports from Tokyo 
rtiHgest (hat a new Euroyen i&Ue 
may he launched in the early 
autumn. The borrower would be 
the Asian Development Bank and 
the lead manager Daiwa* which 
also brought - forward the two 
previous Euroyen issues' last 
year. The sire of 4he 'issue is 
lfl»'ly to lie YI51M). 

The Japanese Ministry of 
Finance has prevented further 
Euroyen issues since last year 
since ii wanted lo enneentrate 
Yen bnmiwimt in the Tokyo 
market . in . order in encourage 
capita] outflows Irani Japan. 


Mellon 
National 
ahead at 
halftime 

NEW YORK, July U. 
MELLON NATIONAL 
announced net earnings for 
the second quarter or SUM a 
share against 0.87 cents pre- 
viously- Total net earnings 
before securities transactions, 
were $20.4 ra, compared with 
$17m. Net earnings after 
securities transactions totalled 
S18 l9ib or 96 cents a share 
against $17m or 87 cents. 

Frr the first six month of the 
year, set earnings before 
securities transactions total 
540.1zn or $2.05 against $33.7m 
or $1*72- 

Net earnings after secorities 

transactions were S37J>m or 
S1JI1 against $33.4qi or SL70. 
AP-DJ 

Chicago Bridge ban 

Chicago Bridge Iron said a 
Louisiana court has issued a 
temporary restraining order 
barring the company from 
soliciting shares of Rowan 
Cos, under Chicago Bridge’s 
tender offer, worth some S250m. 
AP-DJ reports from Chicago. 
The - Louisiana court has 
scheduled a hearing for July 
27 but Chicago Bridge said it 
plans to -seek relief from the 
restraining order prior to that 
date. 

Beckman acquisition 

Beckman Instruments has 
greed to acquire the privately 
held Alt ex Scientific for 
275,000 common shares worth 
nearly $10m. AP-DJ reports 
from Fullerton. Alt ex, based 
in . Berkely. makes liquid 
chromatography systems used 
to analyse chemical mixtures. 

First Charter 

Net earnings of $26.2m, equal 
to 88 cents a share, are 
announced by First Charter 
Financial Corporation, for the 
second quarter of the current 
year, reports AP-DJ. This com- 
pares with S23.8m. or 86 cents 
a share, previously. 

Hyatt terms raised 

Hyatt International’s principal 
stockholders. the Priizker 
. family. . Itai e increased their 
offer to acquire the entire 
public equity interest In tbe 
company from S3 to S9.50 a 
.share, AP-DJ reports from 
Chicago. 

Media General 

June ' revenues of Media 
General, ihe publishing and 
broadcasting group, rose 12.8 
per cfiit to S19.8m compared 
with 91 7.5m. the previous year, 
AP-DJ reports from Richmond. 
Revenues for the first six 
months climbed 18.7 per cent, 
from 8103.2m to $117,301. 


Peak demand pushes home 
loan rates to. record level 


BY STEWART FLEMING 

THE COST of financing a new 
home in tbe United States has 
risen to the highest level since 
tbe Government began compiling 
statistics in 1963. 

-According to the Federal 
Home Loan Bank Board, the 

regulatory agency For the 
savings and loan industry, the 
average effective rate on conven- 
tional loans in June reached 9.46 
per cent., up from 9.37 per cent 
the previous month. The overall 
cost includes certain initial fees 
whirb are averaged over ten 
years to arrive at tbe total 
interest cost. 

Within this national average 
there are significant regional 
variations. Thus, earlier in the 
year, some savings and loan corn- 
rumpanies in California — which 
has been experiencing a 
phenomenal boom in tbe housing 
sector and soaring house prices 
— increased tbeir interest 
charges on Joans to ten per cent. 

In spite of this high cost of 
borrowing on new homes, 
demand Tor housing continues 
strong, although judging from 
the trend of new bousing starts, 
which have declined modestly 


recently, there has been . some 
easing. 

In the past four years how- 
ever. investment in a family 
house has been an increasing 

popular option for Americans, 
apparently reflecting a growing 
recognition of tbe attractions of 
borne ownership during an infla- 
tionary period. 

Mortgage debt outstanding in 
tbe U.S. has been soaring as a 
result. In 1973 tbe total mortgage 
debt outstanding was S682bn, by 
tbe end of 1977. the figure had 
increased to $1,021 hn. 

The rapid rise in tbe cost of 
borrowing to purchase a house 
led to earlier forecasts predic- 
tions that demand for new homes 
would ease. It Is widely predicted 
now. however, that, unlike the 
situation during the 1974 credit 
crunch in the U.S.. supply of 
mortgage funds will not this time 
dry up. 

This is because over the past 
two years new sources of finance 
for lending institutions have 
evolved. Savings and loan asso- 
ciations and banks are now- pack- 
aging home mortgages and sell- 
ing them to other financial, insti- 


XEW YORK. July. 11. 

tutions in order to obtain new 
funds for lending. Moreover, 
earlier this year the Federal 
Reserve gave banks freedom w 
pay higher rates of interest of 
six-month savings certificates 
With a minimum value of $10,000. 
Savings and loans and mutual 
savings hanks are also offering 
these - savings certificates, on 

which the rate of interest is 
linked to the most recent six- 
month Treasury bill issue. 

The chairman for the Horn* 
Loan Bank Board. Mr. Robert 
McKinney, said yesterday dial 
these new savings i-artificates 

“appear to hare been a consider- 
able help" to savings and loans 
in attracting funds. 

While this suggests that 1 the 
housing indusiry is less likely to 
be hit by a sharp decline in 
demand because of a cut in the 
supply of mortgage funds, some 
economists argue that these new 
initiatives arc pandering to the 
inflationary psychology and will 
lead to interest rates for home 
loans rising bicher than in- the 
past hceausc of the higher rust 
of funds to th« lending institu- 
tions. 


Green Giant earnings advance 


RECORD FOURTH quarter earn- 
ings and higher full year results 
are announced by Green Giant, 
the Delaware-incorporated food 
and restaurants group. Net earn- 
ings for the three months to May 
27 last amounted to S4.7m 
against $l.Sm for the previous 
corresponding period, after 
deducting . losses from discon- 
tinued operations of S144.000. 
against 81.9m. Net earnings 
equalled SUB a share, against 
37 cents a share on sales of 
S144.4m against SllSBm. 


Net earnings for the full year 
were $10.4m after allowing for 
losses of $289,000, against SS.4m 
after losses of S3m. Net per share 
was $2.23 against $1.74 on sales 
of 54S5.7m against $433.6m. 

Mr. TTionras H. Wyman, presi- 
dent. said the record fourth 
quarter earnings and the in-, 
crease in full-year earnings 're- 
sulted chiefly from strong per- 
formances in tbe grocery pro- 
ducts business and tbe absence 
of processed meat operations. 


CHASKA, July II- 1 

“Gur market share.” tbe presi- 
dent stated, “have increased in- 
dustry inventories of canned 
vegetables, which are In -better 
balance and prices are improv- 
ing. In fiscal 1978 we supported 
this business with record levels 
of advertising and merchaudtf- 
ing expenditures, producing ■■ ex- 
cellent momentum as we enter 
fiscal 1979 when total expendi- 
tures for advertising and mer- 
chandising w)ll increase 45 per 
cent over fiscal 1978.” - * • 

AP-DJ - 


Amp looking for growth 


THE ELECTRIC wire terminals 
ntanufacturer.Amp Incorporated 
expects to report second quarter 
net income of about 65 cents a 
share, up some 22 per cent from 
last years second quarter. 
Growth is expected to be fairly 
broadly based according to Mr. 
J. D. Brenner, president and 
chief executive officer. 

Mr. Brenner estimated that 
second quarter sales rose to 
about S197m. ' an increase of 
about 22 per cent over last year's 
SIBlm. 

For the 1978 first half. AMP 


HARRISBURG. July 11. 
expects ‘to report net income 
rise of about Sl 2>6 a share, or 
about 26 per cent higher than 
tbe $36.6m or 99 cents that the 
company reported for the 1977 
first half. Mr. Brenner said first 
half sales are expected to climb 
about 22 per cent to $375m. 

All AMP subsidiaries and 
affiliates contributed to the 
second quarter improvements in 
profits and sales. Domestic sales 
growth has been slightly 
stronger than ■ international 
growth. 

AP-D.T 


| Stokely van 
i Camp increase : 

> NEW YORK. July U- . 

- NET profit of the canned jnd 
, frozen food manufacturer 
! Stokely-van Camp for the fourth 
! quarter ended May 31 rose from 
iS2.8m or SO cents a share lb 
or SU26 a share- Sale* 
j revenues advanced from S13Mm 
I to S1405m. ’ J . 

j This result lifted net income 
[for the full year from $7:lm or 
j 91.93 a share to $10.5m or S2R7 
! a share on revenues ahead from 
|$4565m to $50 3.3m. 

AP-DJ 



The Corporation provides equity and loan 
finance for oil, gas and petroleum- related 
projects and industries in the Arab world. 

It was established at the end of 1975 by 
Saudi Arabia, Kuwait, United Arab Emirates, 
Libya, Iraq, Qatar, Algeria, Bahrain, Egypt and 
Syria, the members of the Organisation of Arab 
Petroleum Exporting Countries (OAPEC). 

Paid-up capital at the end of 1977 was 
Saudi Riyals 1,200 million (US $346 million) 
and net assets exceed Saudi Riyals 1,300 
million (US $375 million). 

In the year ending 31st December, 19 77, total 
income was Saudi Riyals 53.0 million (1976: 
30.9 million). Net profit for the year was Saiidi 
Riyals 41.8 million (1976: 26.6 million). 


CfedaAdi uiiiciiuiUI oSphII 

ARAB PETROLEUM 
INVESTMENTS CORPORATION 


Copies of the .Annual Report and Accounts for the year ending 31 st December 197-7 • 
firn* available from . APlCORRP.0. Bon 44& Dhahran. Airport, Dhahnrn- Saudi Arabia. 
Telephone: Al- Khobar 4 7400- Telex: 6 70068 Sf. 



( 




22 


Financial Times Wednesday July 12 1978 


INTERNA! 


ms 

Siemens to acquire 
12% holding in 
MBB from Boeing 


FINANCIAL AND COMPANY NEWS 


vr 


BY ADRIAN DICKS 


BERLIN, July II. 


F N Herstal 
forecasts 
sharp fall 
in earnings 


By Gil« Merritt 

BRUSSELS. July 11. 

1 FABRIQUE NATIONALS HER- 

SIE5IENS, the West German -a year past, Boetng represenu-j m g'nts and engineering group, 
electrical giant, is to buy out tives have taken little part in •! issued ostensibly tfiappoint- 
the 12 per cent stake held by the deliberations of the MBBi^ p^af tuxnore? figures 
Boeing of the U.S. in Messer- supervisory Board.. for 12-month period ended 

scbmidt-Boelkow-BIohm. West It now emerges, however, that,; June 30 . Provisional estimates 
Germany's biggest aerospace in addition- to the. 8.9 per cent, suggest that FN's 1977-78 net 
group, as the first stage of a Boeing had exercised an option I profits will be reduced to about 
complex capital restructuring to buy a further three per cent ! one-third of the BFr 197m 
deal intended to restore control 0 f aiBB. According to the deal ($6Jm) earned in 1978-77. 
of MBB to West German private announced by Me. Plettner today. { Earnings are expected to be 
industrial interests. 7.9 per cent of tbe Boeing stake j between BFr 60m -80m. and in 

Announcing this here today, is heing transferred .-to Tides, a i October the company will prob- 

however, Mr. Bernhard Plettner, holding company in which' " ' ^ ; _ 

the chairman of Siemens, made Siemens, the steel-group Thyssen 
it clear that the operation is a and tbe French Government- 
short-term one, which will lead owned Socitte Nationals Indua- 
to at least part of the Boeing trielle Aerospatiale each had a 
stake being transferred to a one-third share. Fides. in turn, 
holding company belonging to owns approximately 33 per cent 
Allianz, the insurance group. 0 f MBB. The remaining four 
This, in turn, is expected to per cent of Boeing's stake in 


ably confirm that the dividend is 
to be BFrs 100 per share instead 
of the BFr 170 paid last year. 
Turnover for the 1977*78 period 
was almost unchanged from last 
year’s BFr 10.47bn, finishing at 
BFr. 10.5bn. 

The Belgian group's ‘ poor 


MEDIUM TERM CREDITS 


Go-ahead for $700m steel works loan 


BY. DIANA SMITH IN RIO DE JANEIRO AND MARY CAMPBELL IN LONDON 


f’S confirmation that a Italy's Finsider. It is expensive, allocation and, for the sake of an estimated Output *“nujjly ° f , “ n °o r KjL£ f borrowei^ ^The 
it® of- Japanese ba " . ^ r. , - a ” - tho the middle of 0 ^ the loan will be 


TODAY' 

syndicate v* •ntpauen; vaiw *■> »»*u* *» “■ — ' — *- — * — r •rrr-r— — — mimov 

willing to advance S700m to (Siderbras has -51 per cent and siders , . ...... the next decade. 'a SfneSl tomciitt 

the Brazilian - Japanese - Italian Kawasaki and Finsider 2L5 per Ground- clearing and building ..with problems m the U.S. and se £cridentaI Eo{l 
Tubarao Steel works in Brazil, cent each) and needs a further of infra-structure needed to sop- EEC steel industries, j Latin Occidental Petroleum 

means that after much hesitation, investment of SSLlbn (with Sidep- port the Tubarao are Americans have come under fire ^ g Q c a ^[ nineft] s *ssm. frmr-v^r 


JH 

i'( 



Tokyo 

Bank, 


Occidental Bolivians. a sub- 
__ diary of Occidental Petroleum. 

the project can now go ahead, bras- committed to- Slbn, already under way. Today’s con- for their steel expansion S?4 

Batic terms of tie loan M KmoM to MOm aid Roaider KB**. SABSfffi S2f.“SL2Si L*i3? , AfK «« WwtoV & 

as it • is 
parent :com> 
3 per cent 

Dai-Ichi Kangyo Bank, Bank of investment. In March this year, supplied in' equal shares of surpluses. removed. ^The toati^agreemett 

and Long Term Credit Finsider offered a contribution 33.3 per cent by the three Meanwhile, a mandate has ma ira nroviaion for the lendinc 
will provide the S700m of 3120m to Siderbras but the partners. The project due to go been awarded for a further b gj™ permission for the 
12-year Joan in four annual Brazilian agency preferred to on stream on August 1,-1983. has Brazilian Euromarket cTemt— to bi» removed in' 

instalments: three of 3200m to try to get the fall STQOtn from been criticised by Brazilian SUOra for Nuciebraz. The new * ertaSn circumstances, 
be drawn this year, in 1979 and Japanese .sources. ■ Thus, its industrialists who feel they loan • will ■ run for twelve years . t vl ^ *»■- 

1980 and one of SlOOra to be domestic contribution to the should have a larger share of and offer participating banks a . development of the Tita Field in 
drawn in -1981. There are six fixed investment will be only equipment supplies- rather than margin of 1$ P er cent over inter- . f t ■ j. 1 - 

years of grace before repayments 8300m. . letting over 66 -per cenL come bank rates, a level which marks manager 

Start. In order to get Kawasaki’s from Japanese and Italian ananu- a further narrowmff Of marans CtmDnenMl imnomLia. 

The margins to be- paid over steel's help in raisins’ the 3700m facturers. for exilian "ithta a 

inter-bank rates will be oego- from Japanese banks. Siderbras Tubarao, Brazil’s' other major fortnight maturitv for additional develop- 

tiated between now and July 31. had to make concessions. Origi- new steel project Acominas (to previous men , and Droduction in the 

«>r th. o»U,.,K»w»*. »d Finsider which the UK is beevily cob; Teteb^ surfed omy-teetos men aed production 


become tbe vehicle for share- MBB is being bought directly by : to be largely due to con solid* 


holdings in the aerospace group Siemens, because Fides. accord- 
by- several leading Wesi German ing to MBB's partnership 
industrial companies. statutes, may not own more than 

Boeing has, for a number of 35 per cent of MBB. and because 


showing is. "however, understood ] Brazilian Steel- Agency. Sider- were doe to absorb 20 per cent, tributing in equipment and ago i ncLuded one SSftm tranche JbisUe of^BIoc^^LI/Is' in 

' ' - ' - each of Tubarao* initial planned engineering) and expansion .Of at a- margin of If I per cenL duclug areas ot £mcr_zu/i» 4n 


tion ' and re-equipment pro- 
grammes that relate directly to 
FN's recent successes. Last year, 
tbe Belgian company acquired 85 


years, owned an 8.9 per cent Boeing may not sell its shores } per cent of Browning, tbe long- 


established U.S. arras manufac- 
turer. for S20m, and is currently 
absorbing tbe new purchase into 
the group. 

FN's reporting period will in 
fact run for IS months until the 
end of this year, and next 


holding in MBB. This has led. in directly to Allianz, which is not 
tbe enthusiastic view of the at present an MBB shareholder. 

German aerospace group's man- So far as Siemens is concerned, 
agement. to considerable advan- today's deal is really a holding 
tages in terms of management operation for the benefit of 
and engineering know-how. Allianz, and ultimately of the 
However, with Boeing now Government-sponsored idea that, 
effectively the main competitor West German, private industry ] January 1 it will begin a new 
to the European .Airbus, in which should take over control of MBB accounting year in which the 
MBB is the principal German from its foreign shareholder, ! sales of its own subsidiaries and 
participant, there has been in- Boeing, and from tbe Hamburg ! those of the Browning group will 
creasing pressure on the Amerj- and Bavaria state Governments* 
can company to withdraw from which together own 46 per cent 
a~ situation where it faced Like Allianz and MBB. Siemens 
obvious conflicts of interest. It is domiciled as a company in 
is understood that, for at least Munich. 



Atthte Annual General Meeting held in Paris 
on 29th June 1978 under the chairmanship of 
Monsieur Frederic Chandon de Briailles the 
accounts and the balance sheet for the year 
ending 31st December 1977 were adopted* 

The dividend for the year was fixed at 
Frs. 8.40 per share which, with the tax credit 
attributable of Frs. 4.20, makes a total payment 
of Frs. 12.60. This dividend, equal to the 
dividend for the previous year but applicable to 
a business year of 6 months, will be paid as 
from 10th July 1978 against presentation of 
coupon No. 24, 

The Meeting also confirmed Messrs. Alain 
Chevalier and Ghislairi'de Vogue as Directors 
for a further period of 6 years. 

At the Board meeting immediately following 
the Annual General Meeting Monsieur Alain 
Chevalier was reappointed Deputy Chairman 
and General Manager. 

The Board also confirmed the principle of 
distributing in January 1979 an interim 
dividend for the year 1978. 


be consolidated. 

The total turnover of the 
enlarged group for 1979 could 
weU be BFr 17-lSbn- In addition 
to the extra BFr 2|-3bn from 
Browning’s operations. FN is 
expecting a boost of about 2D 
per cent to its turnover from its 
S836m components and assembl- 
ing contract for the F-100 Pratt 
and Whitney aero-engines being 
used in the 34S F-16 combat 
fighters that General Dynamics 
is selling 

Following a lengthy and 
expensive reorganisation, the 
first F-100 engine is due to be 
completed by FN in September. 

Although FN's financial perf- 
ormance received a setback in 
February-March of this year, 
when a six-week strike cost it an 
estimated BFr lbo in output, 
1978 had in any event been 
planned as a period of retrench- 
ment. 

Under a stepped-up investment 
programme. BFr 3bn is being 
spent this year and in 1979 on 
re-equipment. 

The accounts for the 12 month 
period to June 30 are, however, 
in marked contrast to Fabrique 
Rationale's previous year, when 
it recorded an increase in turn- 
over of 28 per cent and. earnings 
up BFr 75m from the 1975-78 
level of BFr 122m. 


Siemens unit ahead 

Net profits of Siemens Betelli- 
gungen. tbe Zurich holding 
company responsible for the 
foreign operations of tbe 
Siemens group of West Germans.! 
Increased by 10 per cent last 
year. At the end of March last, 
profits emerged at Sw.Frs.21.lro 
(311.6m J compared to Sw.Frs. 
19.3m. writes John Wicks. 


bras, said today. cdi'u uk iuuuiiu'A iuiudi puiuAusu trugiuecruig j oou vi - — — — — __ - - . _ - *■*_ _ 

The Tubarao project has been annual, output of 3m tonnes of existing steel works like Tbe new: Nuclebraz aeal is me 


North Sea. The loan. 


iue 1 uuaiBu piujeci ud» usrru auuuaL oul^jui ui manes oi existing steel worlds •• -------- — ---- -- ro«fnT-nis 

the subject of arduous negotia- steel. . Following negotiations in Usiminas fln'wbich Nippon Steel being managed by Weatdeut^be * , eed -b v Santa Fe 

lions between its three partners March, Siderbras -agreed to has a share) are destined to make Landesbank. It is to have a wnk w^aran teed Santa. i>e 
—Siderbras, Kawasaki Steel and absorb 10 per cent, of Kawasaki’s Brazil self-sufficient in steel, with limited syndication only since it International Corporation. 


Approval for Saar steel plan 

BY LESLIE COLFTT BERLIN. July 1L 

THE West German Cartel Office of. iron ore containing pbos- mains as a competitor, it noted, 
has approved a series of mergers pbate. . and by separating tbe previous 

in the steel industry, in tbe Saar The Cartel Office reasoned owners of Neunkircben in thd 
land following their approval that overall, the merger will re- production of rail fastening 
by the EEC Commission. suit in improved conditions for material, a market-dominating. 

Tbe mergers, which are to competition. Neunkircben re- position is eliminated, 
result in a restructuring of tbe 


ailing steel industry of West 
Germany's smallest state, entail 
the take-over of a majority of 
shares in Stahlewerke Roechling- 
Burbacb and Nennklrcber Eisen- 


Verwa closed temporarily 


BERLIN. July 1L 


BY OUR OWN CORRESPONDENT 
werk (Neuwtdrcben) by Arbed, THE West German supervisory capitaL*’ The bank has a balance- 
the Luxembourg steel giant, agency for hanking has ordered sheet total of some. DHL 140m. 
Arbed already bas a 50 per cent the temoorary closure of the (S6Sm>. 

stake in Roechung-Burbach. Verwa Bank in Stuttgart, a hire A moratorium on orders and 
The merger establishes a link purchase finance house. The payments was enacted into law 
with the French steel group agency in West Berlin says a in 1976 in West Germany, after 
Marine-Wendel, as Neunkircben moratorium was ordered on the collapse of tbe Herstatt bank 
owns 32.4' per cent of Dillinger receiving orders and making in Cologne. The temporary 
Huettenwerke in the Saar, with payments ’ bv the bank, closure gives the bank the 
tbe remainder held by the Verbraucher-Warenkredit Albert opportunity to put its finances 
French group. Speidel GMBH und Cie. on a sound basis. 

The Cartel Office in Berlin The. moratorium became The bank, which is not 

noted that the majority of the necessary. . after an examination connected with' any deposit 
products manufactured by the of the credit institute revealed insurance institution in West 
companies involved in the’ mer- it had an “adjustment of value Germany, has not accepted new 
ger fall under the European coal which exceeded the equity funds since September last. 

and steel agreement and thus 

are not subject to West German 
merger control. Tbe European 
Commission approved the mer- 
gers under Article 66 of the 
agreement. Group turnover of the inter- rising from SwFr50&8m „ to 

The link established between nat i 0 naJ trading house. Siber SwFr51L3m and in other areas 
Arbed and Dillinger was dis- Hegner rose by 2.5 per cent last from SwFr8Bm to SwFr9.7m. 
regarded by the Cartel Office year t0 SwFr 894m (S480m> The bolding company, whose 

after the Commission stipulated according to the parent company financial year ended on March 

that Neunkircben s share in in Zurich , 31,-1978. is to pay a dividend of 

Dillinger w to be reduced to a The share of turnover in 15 per cent from net profits of 

maximum of -5 per cent by eastern Asia went up from SwFr 2.1. «It expects a “reason- 

May 1 1982, and in the mean- SwFr 354.6m to SwFr 373m able” result for tbe current 

time Neunkirchen is not to ^ totalf i n Europe vear. 

exercise its voting rights beyond H 


Swiss trading bouse lifts sales 

BY OUR OWN CORRESPONDENT ZURICH, July 1L 


Norwegian insurance deal 

BY FAY GJESTER OSLO, July 11. 

ONE OF Norway’s “big three" income totalling NKr 240m, and 
insurance concerns, the Vesta the financing company Norkredltt 
group, is to acquire Norvegia- made a pre-tax profit of NKr 
Pallas, which has recently made 3Bm.. Heavy losses, however, 
tosses in shipping and wood pro- were made by two shipping con- 
ducts. panies in which Norvegia-Pallas 

Vesta is taking over at least bas sign ific ant shareholding. 

90 per cent of the shares in a A bankrupt cell uJ ose _ factory, 
holding 1 company. A/S Norinas, Vestfos. which Norvegia-Pallas 
which controls Norvegia-Pallas took over some years w for 
and Norkredltt, an associated NEvx 15m, has continued inactive, 
financing company. At the same *«* the company is also a major 
time, Vesta is putting np a creditor of A/S -Vittangfoss, a 
guarantee of NKr. 2S&, primarily a^oionrpt paper manufac- 

?o secure the interests of turer with debts thought to total 
Norvegia-Pallas policyholders, about NKr 53m. 

. .... _ Commenting on the NKr 25m 

Provision of this guarantee, it guarantee which Vesta is pro* 
is emphasised, would be con- viding, Vesta -managing direc- 
ditlonal on. the co-operation of to^Qlaf Christoptaersen said the 
the authorities in solving ^some croup believed this to bo covered 
of - the tax and . legal problems by ^ Talne of NorvegiarPallas 
the takeover would create. ' property and other assets. . The . 

Norvegia-Pallas* insurance' takeover reflected the fact that 
activities showed a "reasonable Norvegia-Pallas insurance port- 
profit*’ last year, with- premium folio was “interesting.” 

Swiss companies pessimistic 

BY JOHN WICKS ZURICH, July II. 

A MAJORITY of Swiss industrial No real business stimulus is 
undertakings questioned in a seen likely for Swiss industry in 
survey by the Union Bank of the third quarter. While an ex- 
Switzerland expects turnover to pected weakening of demand, 
be higher this year than in 1977. against the second quarter is 
Some 55 per cent anticipate a partly seasonal, business should 
rise — half of t hem expect this to be only slightly better than in 
exceed 5 per cent — while 32 per the third quarter of 1977. 
cent believe sales will fall. Since Any growth impulses in the 
production costs will rise for current quarter are seen as 
most companies and sales prices coming from the home market, 
decline in many cases, the bank since “ difficulties in export busi- . 
forecasts that profits will drop in ness are more likely than not to . 
a majority of companies increase.” 


25 per cent. 

In the non-iron and steel pro- 
ducts sector, subject to German 
merger law. the companies 
involved only attain a significant 
share of the market in basic 

Bessemer phospbate. But the 

(Production of the material has AustraBi s*pc 
been falling steadily in recent 
years, from 300.000 tonnes in ^ 

1970 to 127.000 tonnes in 3977 cjh. jv. Haiitrar sivc ims 
because' of the less frequent use 5”®* 1B8e " 

oenmarx 8}pe 19S4 9<} 

ECS 9pc IMS Kt 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia Sipc lflffl 
AMEV Spq I*S7 


Bid 

Ki 

ta 

*21 

87 

MJ 

m 

8 Si 



■ Mr. Shmbci Konishi, President. 
Takeda. Chemical Industries, Ltd. 


Takeda Chemical 
Industries, Ltd. 


*7bJce^d^% asi SI ifn X U 


■Report byMr.Sliinbei Konishi. President for the financidlyear ended 51st March. 1978 


The Government has taken many measures to stimulate the 
Japanese economy, but recovery has still been slow and the 
business climate continued lo be severe; radical appreciation of 
the Yen. increase of business failures and increased unemploy- 
ment also characterised this period.. 

In each, field of our business, competition continued to be 


buted to the-increase in sales. 

Sates of the animal health products division also increased 
steadily supported by the increase in livestock production. 

Though affected by the Yen's appreciation, total export sales 
increased 20 % over the previous period as a result of the strong 
demand for bulk vitamins and the expansion of the phaima- 


■J «... • rr V — . UCIUCUIU JLUL UUItV 1 1U1IU1U3 uiv K-i^cuiaiKU tut UUtUJIja- 

xccn, but through our efforts regarding cost reduction and ceutical preparations market. Our overseas subsidiaries also 
improvement ol operations, our total sales in this period continued to operate satisfactorily. We promoted joint research 
amounuM to ¥.->35.0855 null ion and recurring -profit amounted and development with influential enterprises in Europe and the 
to ¥24.823 million, both oi which substantially exceeded the u S' A. in order to reinforce our overseas operations, 
respective amounts of the prewous period. _ . . e . _ .... 

^ . r . As for capital investment, manufacturing facilities were par- 

Our net earnings, however, were ¥7. — 0 million, slightly tiullv increased and facilities for safety and rationalisation were 
below the pre\iouh period, at Ler setting aside as a non-recurring also installed. The amount of investment, mainly in manu- 
loss the compensation paid lor the settlement of the SMON facturing facilities for new products, will considerably increase 
litigation, during the period and a reserve lo provide for future from the next period. 

f.ciLicmcnt of the case. ' , , 

Cash flow during the period was very smooth due to our con- 


3n spile of the pride reduction under the health insurance 
system, sales of the pharmaceutical division increased through 
reinforcement of our scientific information activities and steady 
■sales promotion. Ethical drugs, such as central nervous system 


tinuous efforts towards efficient capital utilisation. 

The above report covers the ouiline of onr business 
‘activities during the period. The economic and social situation 



our overseas activities and develop outstanding new products 
In the food products division, a further readjustment of which will be well accepted in the world market, so that wc can 
market stocks of seasonings was made and distribution chan- consolidatethefoundation of our enterprise. 

increased to a hijhcr level than espected and sales of food s.tuauon ofthe 

additives also continued to be good. In March, 1978, respond- ' T , nCer? l ? s °i!5 

ing to market needs, "PIussv Orange FamUy Size” ^ 500ml 1 t , th ^^- h L St ???? b t ^- e % ^ eteIy 

bottle” (a soft drink) was introduced to the market and we 

expect f uturc expansion as a result of this. ^ rcachwim October 1977, at the Tokyo District Court 

£1 . , . and in January, 19/8, at the Okayama District Court vnth those 

. Despite the continuous weakness of the market, sales of the plaintiffs who wanted to settle their cases ; However, in March, 
industrial chemicals division increased over the previous period 1 978, the Kanazawa District Court issued a judgement against 
as a result of careful attention to the requirements of our clients, the Company. We have lodged an appeal againstthejudgement 
The agricultural chemicals division saw an increase in sales of to t ] ie higher court. We will continue our further efforts to 
main products in excess of target as a result of positive sales realise settlement with other plaintiffs on this matter, 
promotion. Cultivation of the overseas market for "Padan*” Wc sincerely wish that we shall be favoured with vour con- 

sul insecticide I and "Validaciu'®'” (a lungicidc l also ccntri- tinued understanding and assistance. 


ECS S‘dc tfl?7 83 1 

Em Mrc 18K 86 

EMI Woe 19S8 ... : — 98 

Ericsson 8?pc 18S9 864 

Esso Sdc 1988 Sot 89i 

Gt. Ukrt.paoer 5»pc 1SS4 971 

Ramereiey Wpc ID92 ITOi 

ffrtro Quebec Bpc 1993 ... 85 

ICJ J»PC 1967 83S 

ISE Canada Mpe 19S8 18SI 

M a cm Han BlOQdtft 9 pc 1932 845 

Maaser Ferguson 9jpc '91 9Si 

illcbclin -8*PC X9SS '1«» 

Midland lot. Fin. SSnc 92 94* 

National Coal Bd. Sue 1937 92i 

VaPonaJ Wtnmutr. Bp6 -A? 1W 
Natl. Wsonnstr. 8 pc 'SB 'B' 100* 
NewfoaodUmd 8pc 18S9 SSI 
Nordic lav, Bask Sipc 1939 96 

Nonres Kaw. Bk. Si pc 1999 K 

Norplpc 84 pc 19S9 94} 

Norsk Hydro S?pc I98S ... 841 

nalo 8pc 18S8 98* 

Porta Aurora mes Ppc 1991 97* 

Prov. Quebec 9pc 1993 9H 

Prov. Saskatcffft-n. 9}pc "S6 9TI 
Reed International 8pc 18S7 92* 

Kim fpc IMS 93* 

Selection Trust Slpc 19S9 .. 901 

Sbwll Inti. FIB. Sipc 1990... 9»i 

Skand. EosMIda 9pc 199 L . 97 

6KT" Spc 1937 »tf 

Swed«l <K-dom> 8ipc 19S7 
United Blscaits flpc 19S9"... 97i 

Voh-o Spc 19S7 March S3* 

NOTES 

Australia 7?pc 1934 93» 

Bell Canada 7 j>c 1837 ... . 85* 

Hr. ColumbLa Hyd. 7."pc 'N 9?J 

Can. Pac. Slpc 1934 87* 

CH-w CTjentical 3 pc 1936 . . 9S? 

ECS 71pc 1932 M 

ECS Sipc 199 93* 

EEC 7% pc 1992 83> 

EEC 7*pc 19S4 ^ 34 

Ensu Qutzell 61 PC 1&34 . . 98 

Gatjrerkea TJpc 1932 94* 

Kockuau Spc 1983 903 

Mirtielln Sipc 19S3 93* 

Montreal Urban Sipc 1931 934 

New Brunswick Spc 1994 . 98i 

New Bruns. Prov. SEoc "S3 99 

New Zealand 9*pc MS8 ... 98* 

Nordic tirv. Bfc. 7Soc 1984 901 

Norsk Hydro 7Jpc 1SS3 . ... 951 

Norvas 7}pc 19B2 - 94* 

Ontario Hydro -9pc 1887 ... 93i 

Sinner s*pc 1332 ...... W 

S. of Scot. Eke. 8»pc 1081 93 

Sweden nSMoml 7-pc 1992 94* 

Swedish State Co. 7Inc 'S2 33* 

Telme* fine 1984 — 984 

Tenncco 71 dc 18S7 May ... Bt» 

Volkswagen TJpc 1987 93S 

5TERLINC BONOS 

Allied Breweries tOloc '30 ?9 

Clncorp lOpc 1093 W 

Caartaolds 92pc 19E9 S9j 

ECS 0:pc t9M . .. «* 

ETB 9Jpc 19S8 

ETB 9 Spc 1392 92? 

Flnan« for Hid. Sipc 19S7 «J5 

Finance for Bid. lllpc.1589 93 

FI so os lOlpc 1937 961 

Gesteuicr Hoc 1988 9U 

INA lOpc 1988 ... — 915 

Rountree Wipe 1998 SSI 

Sears I0*pc 1983 90s 

Total Oil 9ilK 1954 — 90 

DM BONUS 

Aslan Dev. Bank 5?pc 13SS 99 

BtfDE 6fiw JSSfi — S7t 

Canada 4lpc 1983 98 

Den Norake Id. Bk. Bpc ’» lOUi 
Deutsche Bank 41 pc 18S3 98 

ECS Sipc 1980 94* 

EIB 51 pc 19W 941 

Elf AqttlMlne SJpC 1985 ... 93 

Buratem Sipc 1937 OS 

FMlAnd Sipc 18SS 971 

Formaits Mpc 1990 971 

Medeo Boc 1833 98i 

Norcem Sipc 1388 . 992 

Norway it dc 1933 RS 

Nom-ay 4jpc 13S3 -....„ 97 

FK Banken 3*pc 19S8 ..... 96 

Prov. Quebec 6po 1390 97 

Kantanrafdci ${pc 19% Si. 

Spain 6 pc 1»S 03* 

Tmodhctno 3Jpe 193S 96* . 

TVO Power Co. Bpc 1083... 37 

FLOATING RATE NOTES 
Bank of Tokyo 1954 3jpe . »i 

BFCE 1951 Sipc 99* 

BSP I9S3 SJ |npc 1ITO1 

BQE Worms 1955 Spc • 9St 

CGF 19&5 Sipc 951 

CCA1F 1964 finjepc 39 j 


Offer 

83 

Mi 

93 

971 

Mi 

97» 

35* 

96 

9Si 

99i 

Wi 

961 


s Bid 

Creditanstalt 19S4 8 ‘pc »i 

DG Bank 1982 «pc 100* 

GZB 1981 SI 16 PC 99* 

Inti. Westminster 1984 8pc 99 

Uoyda 1833 8»i b pc ; 1001 

LTCB 1883 SPC 99* 

Midland 1387 89ispc 89* 

Midland 1st Fin. Serv. M 3S; 
Nat Westminster *90 95i6PC 98* 

OKB 1988 7JPC 100* 

SSCF.19S5 Sipc - 99» 

Stand, and Chcnk '84 8tsK S3* 

Source: White Weld Securities. 


Offer 

991 

1001 

100 } 

w* 

100 } 

100 

«} 

m 

99J 

IBM 

991 

93i 


97 

CONVERTIBLES 



1M 

American Erptvss 4ipc '87 

S14 

83 

S3 

Ashland ape 19SS 

93* 

65 

101 

Babcock & WUecu «Jpc 37 

107 

108 

931 

Beatrice Foods 4Jpc 1993... 

944 

96 

9W 

Beatrice Foods 44 bc 1992... 

105 

1084 

1031 

Beechanj 6^>c 1392 

99 

100 

93 

Borden 3 pc 1992 

98 

994 

B9i 

Broadway Hale 4 1 pc 1937... 

734 

77 

101* 

Carnanoo 4pc 1987 — 

73 

794 

93 

Cherron 5pc 1988 

1224 

134 

931 

Dart lipe 1BS7 — 

794 

31 

ioo; 

Eastman Koda> 4*pc 19BS 

Si 

544 

1001 

Economic Labs. 41pc 19S7 

78 

794 

99* 

Fltwinne Spc 1WS 

m 

S3 

941 

Ford jpc 19$? 

S3* 

57 

951 

General Elccrric 4ira 1997 

M 

87) 

95* 

CfUette 41pc 1987 ... 


764 


Could Jpc i«rr 

1144 

116 

IDO* 

Coir and Western 5pe 1988 

354 

37 

99 

Parris Spc 1092 

1ST4 

I«i 

04* 

Ronorwol] Bpc 1386 

36 

874 

93^ 

1CI GJpc 1992 

89 

90 

944 

ISA «PC 1997 

954 

• 97 

04} 

Inebcapc- «^»c 1932 

115 

116 

911 

ITT 4Jpc I3S7 

77* 

a 

00 

Jusco opc 1992 . 

■C12J 

1234 

971 

Komatsn 71pc 1998 


142 

974 

J. Ray McDermott 4ipc '87 

140 

142 

9j 

5iatsnahltz BJpc- 1990 

1344 

138 

9Si 

Mitsui 7}pc 1990 

IS Si 

1331 


J. P. 51orsan 4} pc 1937 .. 

93* 

«• 


Nabisco Sipc I9SS 


195.; 


Owns rrnnois 4" pc 1087 ... 

10S4 

110- 

94f 

J. C Penney 4jpc 1S87 ... 

734 

77 

9f.j 

Revlon 4ipc 1987 

15a 

13U 

93* 

Remolds Metals 3 pc 19SS... 

s;i 


90 

Siodrit 6ipc 1933 

188 

1094 

99* 

Sperry Rand 41 pc 1937 ..— 

91 

921 

051 

Sicibb 4 !jk 1937 

814 

S3 

94} 

Texaco 4 jpc 1983 

77 

734 

95 

Toshiba G*pc 1BB2 

13i 

186 

9C 

Ty CO. Spc I9W 

77* 

79 

Mi 

Ty Co. 84oc 1968 

102 

103 

95 

Union Carbide ttpc 1933 — 

91* 

93 ' 

*14 

Warner Umbm 4*pc 19S7 

80 

«4 


99* 
991 
97* 
991 
96} 
94 
96* 
93 
94i 
190i 
982 
Mi 
96 
• 994 
921 
94* 


90 

93 
W- 
955 
971 
93* 
91* 

94 
97} 
get. 

92? 

895 

91* 

SI 


94} 

93 

9St 

101 

03} 

95 
93 
835 
984 
93 
931 
87 

ion 

MI 

S7i 

90! 

975 

Mi 

96 

97 
87* 


so; 

»; 

ioo: 

935 

995 

»r 


Source: Kidder. Peabody Securities. 


Our Eurobanking Services 


m 

Luxembourg 

Vfe -are the wholiy-cAvnetf subsidiary in. Luxemboteg of 
Badische Kommunate Landesbank, a leading German 
bank headquartered in Mannheim, Our Eurobanking 
/ semces Include dealing nrtha 

Money Market 
and Foreign Exchange 

' Our Euro^peciafists have - we trade in fixed-interest 
the proven abifity to deal securities, 
successfully in the money To find out more about our 
markets both -on an inter- Eurobanking sendees just 


bank and insfitutional basis 
- and the sidll to provide 
effective foreign exchange 
cover for clients active In 
international trade. 
Complementing our money 
markets and foreign ex- 
change -operations, we 
manage or participate in 
‘fixed-interest or roll-over 
syndicated Euroloans; and 


contact: 

• Dc K. Krappe---Managing 
Director 

Syndicated Euroioans; 

• LOUaviani- 

Money market and Foreign - 
exchange dealing; 

• DcH.Braurr- 
Secuiity trading 


BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL &A. ' 

23c Bd' Royal -RO. Box 626- Luxembourg-VSIfe -Teti 475144 
■ .- Telephone: 475315 pealeiS) 

Tefex: 1 791, 17S2 (Dealers), 1 783 (Credits) 




We are -pleased to announce 


A. Gary Klesch 


as 


Vice President and Director 

* 

with responsibilities for 
our activities in the 
Middle Bast and North Africa. 


Smith Barney, Hams Upham International 

Incorporated ■ 

New Yojk'londoa- Paris ' Geneva ■ Zurich ‘Tokyo 









Financial Times Wednesday July 12 1978 


in 


ILFH^NCIAL AND COMPANY NEWS II Currency. Money and Gold Markets 


Largest 
Saudi bank 
to go 


Kawasaki plans 40% cut 
in shipbuilding capacity 


Dollar recovers 
some lost ground 


THE POUND SPOT 


FORWARD AGAINST £ 


Unit. 
July 11 ram 


\ fu. 'Three mnoitu \ p.<k 


°lr ill snippilllclmg capacity some lost ground ||; 

PUDllC BY DONALD MACLEAN . . .. . . _ , # kV. 

JEDDah Tni The dollar Sained ground calculated by Ule- Bank or 

(F NMinnai Pa,*?* 1 ' “ « JL 1, again* other major currencies in England, fell tn fil.n from 62-0. iu™ 

jdl Arabia^ 1.S17 « Bank ? M^ASAW Heavy Industries countries such as South Korea ever, will it i 5 understood be wiher less hectic trading in the after standing at 62.0 at noon and | vw. h>. 

• _? . u l s? est financial i « to cut its sbipbuildiDB capacity and Yu »n«!Ja via ' Foreien exchange market jester- in early trading. 


BY DONALD MACLEAN 


/!* l.otSS i.itM I. B«-l.t 8 S 0 tsufl < 0 >'.|.m 2.07 J.VB- l.lli .}-n. 2.50 

1 . 1 IM- 2 .HM 0 .Sa 0 . 5 Ui-.j.m 5.12 l.Sb. I. 4 &-. imi 2.64 

4 4.16-4. 1b. 4.R,-4.I7 a £» «-« l ;‘ s « ' - * ,m . 

Sis SD. 75 -rt.lO oD.U-M -90 40 w f" «■»* M- 70 .-.{ni 4 .SJ 

«* W.li 10 S? Jfl 55. ll/.btt A i'*r -i-SB r*-8, »«v mi> —3.2. 

5 i.Sbi-S.BS 5.rt J.s7 5-2 |4 inu 7-76 i-J-als KPn 7.*J 


reared tn the individual rana'pitv foreign exchange market jester- m early trading. 
Sf"SpSJrtS L n 22SL5 P ^E day.Ws * dollars was no. FRANKFURT— The dollar 


5 i. 9 hi-S. B B 5 .«*J.s 7 ifKl'tt* <■ 

IB t5.bj-eti.tt fib.M 8a.t0 irlifi .u» - ll.t 

« ‘14S.16-U7. IS I46.lb-H6.25 i*r 80 .li« -J.?s 

ll«; 1.595 1.605 I .ban, 1.691,; . 5? l-H 

I 10.15 10. IS 10.15# IB. I b„ -MO 

3>: il.f7 J.41 s.jb* .,596 |i* j«-|>n' 0 40 

7 Lt4 fi.bfii 8.a5 si>8 I l *“'‘ W“ I 'I'- 
Si? i/fi i-B 1 2.7b- 3L50v.) -in 8.25 

4Jn 2 7. /t. 27 .55 27.M 27.r.a | 16-# *i« |ri" 4.at 

I 5.40 a.4 J, 5.4)j.3.4S# i 3-J « .!■»» 8.78 


7.76 7-r-Bij jiipm 7.il 
Il.r 0 lUb- 4 da;.>UB -- 11 .M 
J.?S lfl.li 0 .Mlte ;-l.l 4 _ 
1 . 13 S .6 111 *- all* : - 1.1 

1.48 !5v4a -Ml 
0.40 H 2 - 2 IJ I'.I'IR : 7.45 
l«i 3. 1. ■ ira- |«ut • 0.5# 


2.75 -Ulj.i-w 8.25 7.70 7.5S> .|>m 7-87 


4. a I 42.32 uPaa|4li 
8.78 OSs 7 is .-.|-ni 


luuu-nihk franco 1 Sts -it 


rl jester dev ihn rhp «3a„ri; reauce ns . o*nw - u ««*v xw.wu joos a*xutaui S t u ngures SwFr 1-SiW against the Swiss against the dollar. The L.&. ■ Fnuscin mar ui mi. in. 

lanro KUnisrrv PvJrtina ?H pbuild,aB workforce by 3.500 ba ^e been lost in the industry, last autumn, accounted for some franc, and dosed slightly off its currency stood at DM 2.0510 in- 

Kture ‘on rhp ‘ before AprH of next year, and is . 1 he suggestion has been made 26 P*r cent of the company’s besr level at SwFr 1.81224. com- terms of rhe D-mark ne^r the - - ” 

ik in inviiJ maki- J ■ ! l ° freeze for at least- six years “*”the Japanese Shipbuilding sales, .engines and motor cycles pared with SwFr 1 .8027 i 'at ihe close, compared with DM 2.W66' T „ r cdat 

^-v tu. iiivue .punuc suhscnp.j t hfr operations of a 250:000 dwt «*Jj«nxlisaflon Council that the look a -W per cent share, plant close on Monday. The rise against at the fixing DM 2.0445 at the | 1 nc * uwLUtn-arui 

; «: ilv. rt . .' 'building dock at Sakaide and a ,n «l*Uy- reduce its overall engineering and machinery each the D-mark was less pronounced, London close on Monday. The 5^., 

«1- ya r,T r ’ , e 1 25.000 ton slipway at Kobe both ea Parity by some 35 per cent. 30 *8- Per cent share, aircraft with the dollar finishing at dollar’s rise did not seem tn brj^u spread close 

■nT-i-'fci i r , 01 ; in western Japan ’ - - as reported in the Financial 10 per crn t, and rolling stock DM2.0490, compared with merely profit-taking, but u wa *T5a5* «u«ji ~ «SS3i 
n inp nank nan alreadv asked r Tirn®« .-, ft ner iwm 


Sts-momh lorwjnl dntlar :i»' 43r pm; 
13 month 4>S-4.7.V pm 


FORWARD AGAINST 


>11 r; 


: ■ - 5 JE-A 'SL’SSg? J 0 ,^- “ d nMk K§® *..«"< 
.o™>7„’, sysssss WS bSTSEL tra'STriSE iSSSSTE-WaSrH * 5 ? *• M. 

. iins that no deadline had i i Q the value of the yen in the SK? °“ Friday l0 “ ,l for ^wasaki reported a fall of 26 
"Vset fn r the prnn>4s. | foreign - exchange market, and The , u, h _ _ ?5fn cenl ln nel pTO ® ta t0 Y9.7bn 

si* ,*rs 1 5rf”ffK! by lncr “ sKi tr °- »» >o .»«. .biipSfdeifnT w saraas 3 

. nc»t hv Saudi natinnals. and-! _ '■ “ — 

'iwwS&Si °“de Meester pays same j Net income 

<fIi motiest profit rise at TDK 

I life P Z 1 I ET R,CHARD «“ aOHANNMBUSa JU>, ». ■ „„ 1 7 'XQJ' 

wwiprelal hankc nnt|] i-ap«n»lv THE OUDF ‘ ;« > . ' f 

nui »n-me r P^t-ish P^nV <if ih, MEESTER Group, in Intercontinental Breweries. 

. MM.iik TrJe 1 i, he i TI, sln liquor subsidiary of Which is chaJleneins ,u. By Our Financial Staff 


Day's 

with tne «*ouar musbing at dollar’s rise did not seem in dp j ^ u spr«*d cine 

DM2.0490, compared with merely profit-taking, but it wai LanadTr HJmsjx hjmu 
DM 2.0445 previously. not clear to th^ market where the. I<u] , dl . r z-timmjijs 

Against the French franc the buying was coming from The Eoieiaa Kr SiV HM. KJ £ 3 ? M ? 

dollar improved to FFr 4.4525 Belgian franc, w hich has been ua«8* « r ****** 

under pressure recently within Die ; ’ tsjMii 

European currency snake, fell i ur. «47.itwws.ao »t a.w>.« 4i 

below its lower intervention point i jn.-an. Kr 

of DM 6.343 per 100 franc* earlier' 2 Ssm‘^k wu 

in the day. but closed at DM 6.340. . *>,. 201 . 45 - 203.00 20 ZBSJ 0 : 

BRUSSELS — Althouch the Bet- ! tooiu SiJ» — 14 .hbim< 

. gran franc again touched its ■ Fr l^oso-unfcs i.biss-i.i 
inter\-emion level asainst the • • i'.» s.-r >'^nddias I. 

D-mark, pressure tended to ease. : 

The Belgian currency, which has: 

recently been at its intervention) nioDPMrv datcc 

point of BFr 15.76,1 per D-mark.! LUKtitN^T rt A l to 

was fixed at BFr 15.7615 yesterday. | Special e»r« 

with the Banquc Xatinnale de-juiyu Drawins Unit 

Belgique adding DM 6^5m to its. w>9Si * Acca 

foreign currency reserves, w hereas i sieriin*. ..' . t.bfcisa D.U7 

the central bank sold about . i:.s. dollar .. i.?«69 

D^l Sfirti on Monday 10 support • ^»n»dw«i r 

fho fponi, Anstnan nhillinc ... ISJD57 18.51 

. „ . . K-t iiiii Iran . 40.7640 40.U 

PARIS — The dollar recovered . p 3n «*i kruv 6.«7« 7.0* 

against the French franc, closing 1 ivowfa* Mart 2^5557 zsv 

at FFr 4.4500. compared .with ! cuiid^r ¥IU£ 7‘JS 


Oude Meester pays same | Net income 
" on m °dest profit rise j at TDK 

■ p ;; rr- zi z,*zs \ m r,chard •«« johan^sb^c. «. ■ i» n 1 1 

woqprrlal hankc lint|] rannnrtv THE OUDF If TTX’CTVTJ • ;« 1 . I f\J 

rhe fn-mpr P-*t-ish P^nV »if l} ,_ MEESTER Group, in Intercontinental Breweries, 

MWi> Fq«t nUirblU- SjL * ^!? U 5f wWdi«y of which is chaJ lending SA . By Our Financial Staff 
-n». ? joint rero^?m!Lu2 , J5- A f t, ^LS* ® rewe J i ©*’. lon 3 dominance of TDK ELECTRONICS, the top 

. rnmpany on June 36. JSSt? S 1 m *r? T |J® beer ^ke.t. Mr. Dirk j Japanese manufacturer of 

uter. L: . "for ihe cT , .r™ . Tp ^ 3,S J? IT1 ^ ertzo 3- the chairman, comments ferrites and. magnetic tapes, has 


. M'dd’r 


nim! 

iimuml 


Contested 
bid for 
Duncans 


1 j-: , u_ . ~ ~ — . - ; • ■ -“o. me luaiimaii.vuiuuivnu). icmica dUQ . uitgucuk lapes, 

i nrnfiVl 6 ‘ f? r ’ t0 v* -Nf L that InterconfinentaJ, .which is ; reported a 13.3 per cent Increase 

intnoL jS« r l a • 'S S? U '*F accounted in Oude • in unconsolidated after tax profit 

j ( . sl --- 5ni i- The dividend Meester. “ is not yet makinE a I fur the first half of Its year, to 

is maintained at 3.5 cents: contribution to profits, - and pre- 1 Y5.54bn ($27.4mj. from Y4^9bn \ 

oude Meester is the second diets that mark** ch.» u-«ii u..,,- 1 in tv.® »i,= ' 


■HUH 

iiiiimi 


• 47 . 10444.40 
53830-5. M 30 


Close ' One muth 

li^iui I Pv 4 .Hc pm 

3 nw . L 7 M. 7 Ic pm 
32J0-32.ni I 7i-Me Pm 

S.M2Q-540W I — 

245DO-3.B5M D.84-0.T6p( pm 

45J545JS - 

»W HUTf I 2JO-i701ln:dli 

SJMWJW0 1 - 

4.451S-4.4525 0.41-0.53c di» 

I3XMJW - 

2fi2JtS-2Q3-00 - D.W4J«y pm 

34.1SS944.7550 . - 

1.8155.1.8156 1 .05-1.0 1c pm 


PA Three iMoUu B.A. . 

oX» n.M-a.o^c pm 0 Ja 

3.34 2 . 87 J.Uc pm 5.17 

2-« 21-lOe pm TSt 


fl.I4-0.7Apt prn 4.M 2-51-23*01 pm 5.00 
2JM.70llrKdl» -LBS 7-Sfl-S.25Hr*4i» -3.U : 
fl.43-0.Sk: dit -1J8 l.J0J.40e dll -106 
0.48-8 JOy pm 5J0 lU-2ily pm 5.44 


4.41 3 lb- 3 . 12 c pm 


CURRENCY MOVEMENTS 


nSi u -i 1 ”*?* ^ contribution to. profits, - and pre- 1 Y5.54bn 1 827.4m j. from Y«9bn fenm W 4 s r .. n „ FFr 4.4310 laic 

S !eester ,s s* 5011 ? d,(V ts that market share will have ' in the same period of the t VY!lS»l in lerms ni ,ht ,mp J^ l ' ement * 

5UBS . q “~ •SSSL “«222H: :... 25*^2 iSSV* ,1 ’' 2SST Z 2 


' sea suhstanually before : previous year. ■ Japanese Yen from Y201.40 

African this is done. On completion of. Sales were raised - IS.5 per cenl rhe US. currencr's 

•fWIWITTtf Ml* _ a ^ a . _ # . _ I a L*C4 AIL. . / ArtrtaA _ _ » e_ _ - ■ • " 


FFr4.4375 in the morning, and , . rr Jl n, ’ h rrinh - 
FFr4.4310 late Monday. The . y” 
improvement was regarded as a ! \arv«Un krone 
reaction to rhe dollar’s sharp ; pl-b^ip 
decline on Monday. • wilh no I yr^dan twra 


V ^mi'fbith , • | turnover figures and. in the present heer market **'! The net profits increase is weTi by Morgan Guaranty of New ^'zuMCH— " The ’ ^market * _ ’"wa*s. OTHER M 

SYDNEY July 11. latest annual report has dis- _ Oude Meester. with 79m shares below the 34.4 per cent, to York, narrowed io 7.8 per cent reported as quiet and unsure! • — 

>ELAlDE 'STEAMSHIP Com- peT } s £a *’»th the turnover index in issue, is capitalised at R3fim. Y9.15bn. recorded in the fall year from 8.0 per cent. ahead of the Bonn summit, with} • - - 

ijy, the diversified industrial which haabeen published inthe Jt has spent -over R3Bzn on capital to November. ; The results are. Sierting opened around its no other news expected in the J u,T 11 

au.-has returned to the take- pa £?- . " ■ ~ . account in the' past three years, however, better than . some ^eft level of the day. at 81-8915- short term. The Swiss National L mill . 

er market with a hid for New Through 50 per cent of a so its market capitalisation is no analysts had looked for. The JSFl V p0,nt l^ d n ?, need to ntenrene. WW1 im.im . 

uth^ Wiles timber group holding company. Beer -and Malt more than .this invSent of adverse effect of the rise in the S* 1 ffc 1 ®,*" l ^,!. f L e, ? 1 ? on ’ ( ? olIr,r ^nerally firmer , nm, M-kkn. 

. turn's 'Holdings. Adeiaid^ has Investments, it has.: an Interest relatively recent standing. -1“ have been 

•eatly bonght the 42.5 per cent j r Th? advances, tended io depress the from the best levels. The VJS. 

ike previously held ■ . ,• - • pound bnt iaier figures Indicating currency touched SwFrl.SlRS in u7iSji™i».n4i'"Ki 

istratjan Paper Manufacturers.! |-»Ir|nirQilf|| J | ‘OO’OMraiT’ TlmnnDrl changed intenm dividend of >*. 5, a Eall in toial eligible liabilities the morning, compared with a Lmwiiwum rm 
AS 1 . 30 a share and has under- 1 -A- A.UAA(^M.t-JLwlJi U{kv11l V Lf jo. ll if till hut for the full year expects to reversed this trend, and sterling closing level of SwFr 1.8027) in tiihiih niJki.. 
«en to extend a similar offer to! ° */ MT pay more than last years il5, was steadier in late trading, elos- London on Monday. . x*« zwIbr-i i*oiti 

niaining shareholders within a Ciw»A TJ. li* ' and to make a senp issue. i ng a r.S^M(M.8850. a fall of 50 TOKYO-The dollar eased j 

wonablc time. - ■ J DV ^1 1T1G I V H Ol fllTIO'^ Sales i of magnetic tapes, which i points on the day. slightly in_ moderate trading, .to \££!± lT ^ a n, r 


. - is aune. uo completion Oi i oaiess were raisea im per ceni The IL5 currpnrr'i tr-irlp. 

is most stronzfy current brewery projects. Inter- to Y54.93bn <$272m> from weighted depreciation 5nci the SSklf veslerdav \ 

‘ brndv- inark-it* Ti^M.htiA^J continental will have capacitj’ | '* 6 - 3 J bp - Recurring profits Washington Currency Agreement AMSTERDAM— The dollar was, 

1 5.LI na « **’ ^ PUhUsnes no equivalent to 30 per cent of the! Seined 16 per cent to Y10.9bu. of December 197l. as calculated fixed at FI 22080. against FI 2.2025 

| iurno\ r er figures and. tn the present heer market ■ The net profits increase is well by Morgan Guaranty of New ZURICH The market was . 






Homan: 


Unit oT , 

July 11 

England Guaranty 

RI 9 IIU 

Account 


Index 1 

channel*. 


0,(67184 1 

Sterling 

51.(1 

- 41 J 

.. l .?«49 

1 . 25 *M 1 

I..S. OMIar 

85.53 

™" ?aft 


1.41302 

t -riiarlfin ilnlljr 

MSS 



18.5721 ! 

\ii*inan -h.Unm 

. 140 - 3 * 



40-6172 1 

fii-lei.iii Iranc 

. 110.22 

- 11 . 8 . 


7.04855 

[ijui-.Ii Vrnni* 

114.30 

T- S.) 

ZSSS 57 

2 JTT 75 I 

1 p.'iirstfi.- Mark 

171 JH 



2 . 7 * 15 # 

«-cls* Iranc 

. 116.08 

■r T 8.8 . 

. S . 55355 

5.(0015 

• :uil>i.r 

. 121.20 



1058.17 

1 l-n-neh lunc . . . 

W.W 


. 251.351 

254.513 

l-ir- 

55 J 5 



6 . 781 % 

V.-i 

115.53 



17. *509 

Bi.i'd nn irarii - « 

*irh |^4 »lianv^v (nun. 

5 - 56*61 

5.70706 1 

W.ishmcinn asn.-* nicni n.venlher. 13 rt 

2.26075 

207802 

■ Bant: 01 KnalanJ 

lmlec - liia 



OTHER MARKETS 


1.499 1.503 795.44 797.55 lu-inn . 

1.6395 1.646$ 0.6707 08694 Urlciimi . . . 


|U However, the Adelaide direc- 

1 rs said that they would like, 
rough a number of Duncan's 
arrholders. to retain their 
teresr . and Adelaide would , 
.•Icorap the opportunity to 


Plantation agency plannt 
by Sime Darby Holdings 


pay more than last year 
and to make a scrip issue. 


was steadier in late trading, clos- London on Monday. i 2TV7 V * 4^57 " 4 4?5 49 -7-iAVtan.i 

ing at '.S1-8S40- 1 .8850. a fall or 50 TOKYO-The dollar cased , ^ q ,525 «575 2.W45 2.3065 1 „iU 'wk. 

1 • - " — JI — — 1 .8664-0.8755 tu 3 ...i«iu 


BY WONG SULONG • KUALA LLT1PUR, July 11. ’ I are said to have risen by 47.6 per ■ . .. » ■ ■ ■■■.i w 

’ '• J cent in the latest • six months. 

SIME DARBY HOLDINGS plans A time. .1 is suggested could 1 VTR a0d HJ ' Fi salp s were up EURO-CURRENCY INTEREST RATES'^ 
to set up a ■ MalaysianJiased come when Malaysians them- ! )!™? anip ? h,ny -" hording to — 


KUALA LUMPUR, July 11. 


accounted for about a third of The pound's' trade-weighted close at Y201.471 cor 
TDK’s sales as at May last year, index, based on 1971 figures, as Y201.52± on Monday. 


27'* ?B-4 • 
ot 62'.- 
10.45-10 60 : 
8.30 8.45 
3 80 590 
1570 1600 
580 390 
4.05 4 20 
10.05- 10.20 
79-95 

1.455 1.465 
3.55 5.45 • 
1.86 1 891) 
54 56 


tain Slock exchange listing. Potation agency to . provide selves could be appointed asj Si'- iin S^- of .? r -2 l l e ^ r Sf Jn , r n 

ill acceptance of the Adelaide •managemem and consultancy planting advisers fur overseas ! w ,?£ e ^ e11 dp «n the first half. 11 

er would value Duncan's at , services for overseas pJiotatlonx. plantations. , a though they are expected to t9bonum 


OnaUULD 


>hare. . . 

The directors ol Duncans 


routable use abroad. coming scarce and expensive in 
the coming years,, the .the near future — with demands 



U.S. Driller 


ration wnu ,• 12-13 7 U- 8 U 

» (tor* no) ir* I 1 1 j 3 l-d 

Montb .. lOi^U's ' 7J»-8i| 

rbrre Momij*... IH* 1 j 6 » | 8 eJ» 

■»ts month « — lJSj 12 '* 8 A 4 :t 4 

Unr ,rwr..-- ■ ll.>l« at I ert- 9 .» 

= The ltDnriBC nominal rales were cuflirt for Undon dollar ctrtificaiw of depo «ji: One momh f.M-s 10 oer ctm: three month* fM-i W per cent, its month. 
* 1 !*i 2 »£nn W Eiirodoll^tk^hts! 3 wo year* P 5 i*-s, lt> per «bi: throe years 77 ^- 9 «ib per cent; four years K- 9 « p*r cent; fire year* 9 Sj»- 811 ib rer crnt. * Ra'e.i ar» 


Vised shareboiders notto sell ; Maiaysianisalion progfamme will for higher wages, and fiie rural I MatSUShita Electric «« 9s^r I6 per «n: a»r~ years vr tt . per cent; tour year* k-si P*r cent; fire year* tfe-tm* «r cmt. -Rare* ar 

jSSM ‘‘leWon'^and S-S' ^ “nl^lu.d d-v C ,„ P . ! °L "WWBMS. »n . «• M. — » -v -» - ™ — — - —* — “ “ 

ssocjaips as advisers- Ironically, could be used Dvmesrs. *• ‘ " mechanised rubber tapping knife {manufacturer of electric appTi- i i r - ■ ■■ ■ » — 

■Idon has acted for Adelaide . ln respect. Tun Tan feels ott a -mechanised palm harvesting i ances related to housing, rose by 


bow 


tfnrket 

i Ex eftans 8 


I. previous takeovers. On this that Sime a .In a position- io pole to overcome. this-anticipated [ 18-2 per cent in the first half EXCHANGE CROSS-RATE 

leas f on Australian Inter- P ,onGCr such a Malays tan-based labour shortage. I of the company's fiscal year, to 

'/tionat Finance Corporation is plantation agency as it not only ■* . * * |Y6.25bn _($31m). from Y5.3Sbn Juiv 11 : Pounri SlM-lin?: Ij.s 

|visinp_ Adelaide. The move has some of the biggest planta- Fjjjj'er Merlin Berhad has' in the Mrae period of the previ- — -< 

^.o Duncan's fits with previous | tionS 'th "Malaysia, but owns entered into an agreement with ' ous - vear > reports Reuter from ^ n :^ }aK - 0 J' 5 i 

ctuisitions by Adelaide in the I planiatiDns in other countries as Johore State Land Develop- i Tok - vo - - - : 

ilriing products field. I well. mem Authority Keiora. tn hutJd : Sales for ,he si * months to . 

: _ v r iau. U 6m ringgit Vu&SLfinu hotel t , Ma3 vJ a L n £J? ased ,l£,2’ 1 v per £ e,,t ‘ 

us $ 25 ,ooo;ooo ^ -T aswr'*' : as i 

^eating Rata Londan-DoUar Neflotiab.e , ^ Jfvgr. j dead" - 

Certificates of Deposit due July 14th, 1981 , equity in the too-room hotel, a nd! ^ j i j i ; 

. ‘ ^ ^ will manage it. Construction will | HOUSC rOOCI lndustnaj 

r \ 'U rv 1 Roil L’’ • begin in September and eomple- i House Food Industrial Company. *" 

JL Ilw JLlTQU.oLX Idl XJcUliV ! hon is expected in oiid-lSSO. the Japanese fast foods concern 

At present, the Desaru beach i which has ties with General Mills INTERNATIONAL IV 
f? T T • ___ *4- eomplex has only 25 chalets, and j of the U.S.. has announced a 

OT e 15^'Or^ ll I ,1 TTl IT toil they are insufficient to cater fori 5^ P er cent increase in net _ _ 

. i the growing number of Sinaa-j profits for ihe first half of its 1- 

f _. porean tourists. ' financial year, to Y2J52bn I W ■ 1 1 li 

1 nilnAtl i Apart 'from running its own; fBIMwL from Y2.4bn in the half* X v V/ ▼ f -A- \#A. X. 

i/L/JlJlvAVyXl. j hotel chain in Malaysia. Faber I y ear to May 31. 1977, AP-DJ 

Merlin also operates two hotels' reports from Tokyo. . ' 

at Fraser's Hill and Tioman ; ^les totalled Y44.79bn (S222m). 

Island in partnership with the; per eem rno 7"A ll, M> the 

Malaysian Tourist Development 

Corporation. > For fu]1 ****■ ft * company , 

, . * ” * + . 'expects nel profit to be -7.1 per 

Rni.cti.aH Hniiimoi • M ..« ,, a ; cent up on the 1976-77 figure.’ at; 

S?V®J®f d p°!^ n8s i 5ai ' , iY4.1bn against Y3 84bn. on sales 

SSSSS SI?** Iove ^ e " l ;6.7 per cent higher, at Y91hn 
Committee oas approved its -.painct VR 5 °qiin 
acquisition of the issued capital agajnst * **— S'* 11 - . . . 


I Wilier ;beuirt*M.rt' Y«« | P.*en-b Fni». ; s«» Fr*n. it'iiw-n Itu'wn Lim Un.^n N'c Brt c .* n fra a 




1 -. ?c :c:dan-:c tviHi ihe proviiiDTi-? of the Ortifica:? 5 :. 
noiu-g i 3 hereb- gtv^mhat for the ininal six months 
if , ;,if nenoo from V 'ulv 1 -ih. 1 &<-8 to Januar" 1 
Vi 7 -j. the Cei '.viH carrv an Interest Rate of 
: - ?r annum. T h e relevant interest payment date 
\ .ill be Januaf.’ 1 2 - l «, 1979 . 

Credit Suirfe Vfiv*e ’.Vein Limited 

Aacnt Bint- 


ririn-ll Mw lu 
I'rmn - 


i'ulcii 

Irn ia ii Lint l .00 


.4lll>"lfl U- DW 
i-i ■(» hr* if: 1(0 


L • 

l.b8S 

a.obS 

082.5 • 

Oj>31 

1. 

• • 2.1-51 

2.3 O j 

Q.Z69 0.4*8 1. 98 87 

2.614 4.927 10.10 lOOO. 

1.192 

U.k46 

4.607 

i.75i 

4a5.9 

0.293 

D.abl 

1 11.9 



0.820 | 


1 . s 

2 . 1 o 7 l ■ 

2 . 6 i 

08 l 


INTERNATIONAL MONEY MARKET 

New York rates firmer 


GOLD 


Treasury hill rates were blinhlly from fi.t-ff.v per cent io 10 be reduced from today in 9.55 

o-nerallv firmer Yesterday with fi «-6 P e r c** 01 and *1» 12-month per cent, down from the previous 

i„iic mmidh at — io nor was *1*71 per cent against 7|-7t rate of U.R0 per cent. 'The rate 

13-week bills quoted at • 19 per pep p rev j ous jy. Following had been fixed at 9.S0 per cent 

cent against 7.12 per cent early Monday's move IO increase the since September last year. 


Easier 

trend 


Gold fell Sli to S1S5I-1F6 in 
fairly quiet trading, influenced by 
the recovery of the dollar. It vas 
fixed at £185115 in London during 

GOLD 


.. ..... , changed Trom late Monday at 7 K2 tended to reinforce speculation AMSTERDAM — Cali nmnej. was I 

of Progress Castings for a casbiT |^ OF1 _,_ -.j per coni but up from 7 SO per that the authorities may increase slightly easier at 4J percent from] 

consideration of L43m Ringgits. I * rvenwuviu • c^hi earlier Federal funds Traded their discount and Lombard rales 41 per ..-eni and longer term rates] 

reports Reuter from Kuala Lum- j Trio Kenwood, the. Japanese between 7>4 per cent and 7* per in defence of the franc. However wore all unchanged, 

pur. Progress Castings, with an ■ manufacturer of audio products, cent One-month certificates of some sources suggested that a 31 AN' l LA — 30-day maturities fell 

issued capital of 1.1 in Ringgits.! raised ils after-tax profits by 25 deposit were unchanged at 7.82 slight easing of pressure on the lo sj-tl per cent from 9-lgl per 

has net tangible assets of about: per cent in the first half nf its P* r l ’ ent w D 1,e two-month eased franc may have ruled out any cent and for 60-days 10 per 

1.42m Ringgits and made a pre- financial year. to Y714m siigbriy 10 8 per cent from S.01 necessity to increase interest cent against 5H-125 per cent, 

ta* nwifiic ftf twin non Rrn«<rttc (R3S3mt Fram V.^lm in it.. perceiil The three-month rale rates. Lonuer term rales wc-re also 


matunlies fell 
from 9-lgl per| 


HuJii'Mi 1 
■mil- 


has net tangible assets of about 
1.42m Ringgits and made a pre- 


tax profits of 300.000 Ringgits tS35.3m). from Y571m in the six per ,h 0 J^L 'T c ^ ra,e 

last year. The company manu fa c- months to May 20 last year. I re raa,net1 me same at S.14 per 


tares valve bodies. 


This advertisement complies wrth the requirements of the 
Council of The Stock Exchange in London 



The Boots Company Limited 

Issue of U.S. $30,000,000 
6? per cent. Convertible Bonds 1993 

The issue price of the Bonds is 100 per cent, 
of their principal amount. 

The following have agreed to subscribe or procure 
• subscribers for the Bonds 

J. Henry Schroder Wagg & Co. Limited 

County Bank Limited Dresdner Bank Aktiengesejlschaft ? 

Kidder. Peabody International Limited . ^ r , * Nomura Europe N.V. 

Societe Generate Union Banlcof Switzerland (Securities) Limited 

The 30 000 Bonds of U.S.$1 ,000 each constituting the above have been admitted to the 
Official List by the Council of The Stock Exchange. 

Particulars of the Bonds are available in the statistical services of Extel Statistical Services 
Limited and may be obtained during usual business hours up to and including 1 st August, 

197& from the brokers to the issue: • ■ - 


siigui easing o« pressure on me io sj-u per rent from 9-igi per oivninu »■ » i a 

franc may have ruled out any rent and for 60-dnys lo 9-Mi per n.. mi n« minis... . 3i 5.S5 

necessity lo increase interest cent against JH-12! per cent. „ . !^, s V'v 

rates. Lonuer term rales were also u, ' rn ' w " ^aiss 

PARIS — Day-to-day was slightly easier at -SHU per cent from Mioinm 

firmer at 7J per cent from 7‘ per I^I* cent for 90 and 129-day 

cent on Monday. One-month rates 2Sk„ P J , S" Treasurj- bilk^nu—i Vff; w 


*H 5 ; -rg sifSj.- If JJ 
81 5 i 6 j SltBi 1 6 * 


•£ 7 . 941 , i 
SI 8.05 i 
■£ 3 b.l 2 Bi 'j 


Rsu «r has report*, from WI-gKsSCW-C-, money «■“ ’SUSST Ml, I SK! ZSSST. ,mt. Ml 

Si .p™Z ^ -re — * t. -C 

rates for the Belgian franc r-com- while three-monrh rose io it- j. certificates issues were >>iri fiAt*reiiuu 6, 

merciaii were firmer' throughout, per cent. Six-month funds were unchanged. | >*■“! so 

One-month rose to 52-5f per cent also firmer at Si-Si percent from HONG KONG — Condition* in the J l,rJ, J lV ” n * 

from 51-ai per cent oa Mondaj' 81-81 per cent hut 12-month money market were again tight ■ >l90i ,.«• 

while the three-momh rate was money was unchanged at Si-9 per with call money dealt at 51 per. .ciui, \Ci 

higher at 5-6i per cent against cent. Interest paid lo the French cent and overnight funds com- : Sw«n».... ».* 7 

5i-6 per cent. Six-month rose Treasury on guaranteed bonds is raandmg 5} per cent. “• 8 * w* 1 

• an soremciu »:> 3 » i s. 

UK MONEY MARKET ’. SSSE Z:B'$ 

' b-<f- 'SIM 105 


S ISO; 1 ss 4191 J- I0i} 
11 1 ; lb.. '£101.-1112. j 
5b5 97 $(5i|-i7'« 

• £• -»-S0J' ITig.-Wi- 
s;4i 6, S5«i»-t8ia 

ii." S 50 £ 38 ( -!(Ui- 


Exceptional assistance 


SI4I-M8'- 
■SI 08 1 LI 


Bank of England Minin mum 
Lending Rate 10 per cent 
(sine: June 8, 1978) 

Day-to-day credit was in ex- 
tremely short supply in the Lon- 
don money market yesterday and 
the author'Ues gave assistance by 
buying a large, number of Trea- 
sury bills and a small amount 
of local authority bills. Together 
this buying was termed as large 
and a part of the bills were 
bought on the understanding that 
they would be re-sold to the mar- 
ket at a fixed future date. In 

LONDON MONEY RATES 

. ~ M-jhibs 1 1 i 


addition the authorities lent an 
exceptionally large amount to 9 
or 10 bouses at MLR for re-pay- 
ment today. Although the total 
help may not have completely 
covered the shortage, discount 
bouses were paying anything be- 
tween 8 per cent and 9} per cent 
for secured call loans at the 
clow. 

Factors affecting the market 
appeared to be totally one sided. 
Banks brought forward run down 
balances although somewhat less 
depleted than those brought over 
the weekend. There was also a 


fairly large net take up of Trea- 
sury bills and revenue payments 
to the Exchequer exceed Govern- 
ment disbursements. The market 
was also faced with an increase 
in the note -circulation and the 
repayment of Monday's official 
advances made to the marker. 

In the interbank market, over- 
night loans, opened at 10-104 per 
cent and rose to nj-m per cent 
before fluctuating between 8 per 
cent and 104 per cent and clos- 
ing around S per cent. 

Rates in the table below arc 
nominal in some cases. 


the morning; and at $185.50 in the 
afiernoon. The metal opened at 
! 8185-185$. and touched a best level 
; of si85!-i8ei. 

In Paris the 12] kilo gold bar 
was fixed at FFr 26.900 per kilo 
| ($188.12 per ounce ) in the arter. 
! noon, compared with FFr 26,775 
($187.30) in the morning, and 
: FFr 28.800 (S1SSJ10) Monday 

afternoon. 

In Frankfurt the 12] kilo liar 
was fixed at DM 12.215 per fejJo 
($195.67 per ouncel. compared 
with DM 12.1S5 IS1S5-7S) pre- 
viously. 

HOMEY RATES 


7 t<jhibs I Local. .Lw*' *ntb.‘ Finanro j : Uiut-ant ' _ ■ KIIMblr 1 

InitriuL : Anlbnnty ; nripMwbi* ! Hmm ;lx>npBay ■ myrkei ’ t'nwnry ' Hiuik TiririT: 

'WllepoHft, . riepiaU #■ I W ri» Dcpmil* i I -1 . Bill- 4 Bid*# ; B.»« 


: Ktl&tblr ! 


*i6emi2ht. ••'■■■■ _ — 

; UaV • ni't ■>+--. — 

< ikn t-i . 

t -inv m-i — 

line im-uit* — • J® 1 ! ®fi 

tUwr aj.-nH'-' lO-B^ 


I 9? b 10 


- ■ 10 105g 

9i4 f 9 -b-IOi* 
Wt i wv« 10 1* 

BI# ; B7fl0»g 


9'ig-10. 

9 ^-b;i , ios« 10 ; 10 i* 

o; e 9 u , 10 i 

9I 4 9 7 B B5, sU ' 10>« 

ju-lul* ■ Bil 91 , • 10 i* 

- IQo« Bi* ■ IO>*.ll 

iou-ioj* iou-ss« : lmMi 

■ iuv e 


-Ij Iih-nlli-. .. 10,^, 9 ?j ; 1 l,„. 10 |<- f ll^lul* 

Vi nr nn-ntl'-.’ ILA-IO ; 10,4 : lQii ' — 


l Jne >« - 
1 ■(> vr*r- 


< ic,i ia.i 


,.9s«-»is B.V Bs* 


• Rowe & Pitman, Hurst-Brown. 
City- Gate House, 39 -*5 Finsbury Square, 
• - London EC2A TJA. 


12th July. 1378 


Local ^ 3 n*nc» houses «rep nonet orbirn teven darn’ H*«t. Lonaer-wnn to-.a] aU ihorl(r numsa.c'- 

raif nmniBsUy.j^y rears lU-llj per cant: four roars llrl! »r uww: five roars U't nor mm. » EanV mi taics , n .Ts 1 -* 
are burins ra,r ™r Whae paper. Buvlns rairs for rour-monii hjns buit Bj-s; per ccm. laur-inanih iradr hill* iiu . cni. 
Appee*in« J ^ WlteUf rsres for one-mwifft Tn-ssury ftlUs «ii^ S. j*., CMI - i u -Mno,rh oj- 05 .^. tu-r r^nc ^ r i, r TT 

per ■ Apprialuiare srltiuf rate for one-man ih banl bate 9 t per i-m. and mo-monih B '„ Mr rcni and 
. .. r y r g ewt - Onr-iuomh irade hills 10£ per cenr: two-monrh l(l( per mm: and aiui .TT t 

Flunce "sw Basa Naus <Bu 6 itshsd b> the Hnanee Houses A*wiaiion ■ 10 on- mm irnm .lulv 1. 167? ci-aw B „ Bank 
Qeoasli Barr, sum* ar «i»n dars’ nonce 1 81 -f »r ctbl clearing Bank 'Base Rotas Tor iMidlne 10 uer cenL 

Treasury -Men** trader rates of discOUM 9 C 768 per cenL n,nB 10 Mr wnL 


I NEW YORK 

Prime Rate 

'■ Pod tunds .. . 

' Treasury BHLl * ts-verb ■ 
Treasurj 1 Rill? .i 2 S-werti 

j GERMANY 

; ui^-ouni Kale s . ... 

I 'UvrniuiT 

. wia- miinih 

! Tim— niuinits 

; Sis rtioiirbs 

FRANCE 

! niMiniiu Ratr 

■vi ,-rnikhi 

I One monili 

Thr*« months 

Six months 


JAPAN 

niv-ouni Ba»* 

(“an ii mroivlinona! 1 
Bills Citcouni Rate 














Financial Times Wednesday July 12 1978 



Sepoys in arms 


tyyzzZM&R s®r?5 


BY C. P. SNOW 

Mutiny fnflla 18^7 hv AS* 1131 ^, *«n« } °E *’&* ™ttb tOO getltte 3.11 SBd 

T rh S.lw Hi hhP 1 Mien fanat i ca| °“ tra « e - BMb sides for the mutineers, and proposed 

Chnstopher Hibheri. Allen l00 t e d. raped, tortured, inflicted that burning or flaying alive 

Lane, *■«■*«»■ page- lingering deaths. It was the moat might be more appropriate. This 

William Gcrhardies father. episode in the history or type or Old Testament passion 

who was nothing hut English the British empire. Afterwards, was specially strong among 
despite the name, owned a cotton- the Empire became in many ways evangelical Christians in the 
spinning factory m old Peters- nwe civilised, bur was never the British army, whose absoluie cer- 
burs- He » - a» a ben»»voJpni same. Kipling was the voice of a taint.v that they were a superior 
emplover In the JS05 revolution, strange and precarious dominion race with a totally superior faith, 
he felt nn trace nr anxiety and ali^ady i n dechne had a lot to answer for. 

was sure that his loyal workmen thrisiopner Hinbert is one Their racial and religious 
would show iheir gratitude. The n ' I ne DMt pr our present discrimination was radically 
way they showed their gratitude group m accomplished pnpulanE- different from /he altitudes nf 
was to put him in a wheelbarrow 1T ]3 historians. Popularising the British a couple nf genera- 
ted push him in the direction of historians isn t intended to be a tj 0ns before, who learned Indian 
the river. patronwn* *5° °f evei ? on 4L^ languages, look Indian mistresses 

. I fnund that anecdote (which P r . al f® , t Far . , frGm . >*■ Th,s and wives, and weren't given to 
had a comic finale, during which k |nt * ™ historical writing has financial rectitude. It was swr- 
tbe> lei httn eo» something of a become an art roan in its own V ivors from that period who 
relief in the midst nf -Mr. right. and w being done— sniffed the smell of mutiny 
Hlbberts fine and temperate Hibbert.* book « an outstanding before it happened, and were 
honk about the Indian Mutiny, example — with remarkable ij« teri ed to 
The BriUsh officers couldn't talent and purpose. Part of the . , „ ifi h 

believe that their own soldiers purpose is. in a good and un- al£ ^wed the extremes 

were coins to h e anything but dogmatic Tashion. educational. If “ f ' 5 iS?«L2f™ hf-TS 

dutiful. Even when news came people read Hubert’s book with 1 rho« 

through that regiments a Tew any approach to attention, they 

miles' away were burning and can't help hut realise what that Indians died 

killing. British officers were still British India was like and what ,? ve J stoically as they 

confident. They bad fought along- th*» risks. responsibilities. ° ld themselves one of the tew , , n ,, - (o ™ n , ot 

side these men. Their soldiers achievements and legacies were generous remarks made on A few did The admirable Law- itself. Odd J® f ®5®“® s 

bad plared with the English likelv to he. either side, it is. by the by. rence brothers set the tone for opinion was. if possible, more in- 
ch ildren' All was happv in the To ohtnin maximum detach- desirable for us. so long after- the dedicated administrators of flamed even than id Calcutta, 

regiment. It couldn't happen to went. Hibben has used a fund of w * rds - no * »» be completely over- the later Raj. Lord Canning, the Dickens. curiously insensitive in 
them But it did happen all over information about what was whelmed by the misdoings of our Governor-General throughout the such matters, seems to nave 
northern India artualh- said and written at the own ancestors. Therp were mutiny, became known as taken the conventional punitive 

; Both the Indians and the time Much of this won't be atrocities. right from the Clemency Canning. It a view. Queen Victoria was much 

British perpetrated horror* that snnUiins tn an. English reader. A beginning, which would have terra of bitter contempt, sneered more far-sighted. Reconciliation 

are not for the squeamish to read fair number of Englishmen moved any soldiers, however out hy people clamouring for was necessary, or else the whole 
about. The Indians hadn't a became something like hnmi- disciplined they were, to blood reprisals without end. It took a structure was Inst, she said. She 

collective cause, much less a cidally deranged. John Nicholson, lust. Cawnpore really did strong-minded man to earn n. was wiser and more detached 

coilerfir* nreani<aUon. bm were who was •’ splendid soldier, but happen. In that tumult of Among the wealth of. Hi bh erf's than nearly all her ministers, or 
maddened by the fury of the nnt a model of halanced course, nnly exceptional men quotations, one would have been for noce more imaginative than 
submerged. The British were humanity, considered that hang- were likely to' keep their heads, interested in more from England her husband. 



Failure of nerve 


BY ZARA STEINER 


The wrecked billiards reomi of the Residency daring the Indian 
. Mutiny— from the book reviewed today 


three months’ imports. The Egypt there would be an Aaglb. 

Sum 1936- A Personal Account cabinet knew that Britain was French expedition fo safeguard 
bv Selwvn Lloyd. Cape, £6.50. incapable of independent action the Canaland separate the com- 
Se Sffl 1 un a global scale. It was this baiants. There w no reason *tn 

p s realisation which made Downing doubt that the French did keep 

Street and Whitehall an vulner* their British counterparts in 
Suez is an emotive word. Not a j,i e to vagaries of American ignorance though it does seem 
only was the 1956 crisis the cause policy. Knowing that the Amcri- surprising that nothing passed 
of divisions between families, cans were reluctant to act in this between Paris arid London. We 
friends and politicians hut it has particular region < Dulles refused will not know the facts on this 
been subsequently viewed as a to join the Baghdad Pact) it was crucial matter of. tuning until the 
watershed in post-war British hoped cither that the threat to improbable moment when his- 
history, the moment when the use f orce would compel the torinns are given access to the 
nation's decline was publicly Americans to lake a stronger archives of the French military 
| acknowledged and its economic uru » over the Canal or that intelligence. It is highly probable 
weakness advertised on the world Eisenhower and Dulles would- that even M. Pineau did not- 
stage- As Selwyn Lloyd points accept a military intervention as know the full scape of the 
out in this posthumous account, a /ait'acrompti, secret entente between the 

the importance of the event as a This was a massive mutfudge- Israelis and certain anti-Moslem 
symbolic turning point has been merit. Apart from Nasser, it is cadres in the French army, 
much exaggerated. The retreat the American Secretary of State what Selwyn Lloyd does not 
from Empire and the scattering who is the villain of this tale, explain is why. having endlesslv 
of the nation's economic fortunes saying one thing and doing an- debated the moral, judicial, 
had begun Jong before Nasser other, supporting the British ui political and diplomatic objec- 
appeared on the Middle Eastern theory and then torpedoing their (ions to sending troops and 
scene. efforts to pressure Nasser by proceeding nevertheless, th* 

How important are these threatening military action. Government should have obeyed 
memoirs and how much does the Without in any way defending u, e United Nations' order for an 
former Foreign Secretary reaJly Dulles’s actions nr excusing unconditional withdrawal, it jj 
tell us 7 It is the best explana- Eisenhower's preoccupation with said that assail it. an 

tioo we have of why the Cabinet his electoral prospects, tt isoiffl* ejftTenie i v successful technical 
decided that If air other means cult to understand how either nDera tj 0 n could have been 
failed, it would be necessary to Selwyn Lloyd or Eden could have sucres& fi,Uv concluded in another 
resort to force to block Nassers expected any different American , s j,™ Spiwvn Llovd admits, 
seizure of the Suez Canal. For stance. There was a long history t v at f 0r morale nurooses at least 
‘these men, particularly Eden of American anti-colonialism w __ tohavestoDoed m 

1 and Selwyn Lloyd. Nasser was a which had already poison ed }! * ^ f ridic o f th c ba tt le As^f a r 
potential Hitler. His Philosophy Anslo-Amencan relations both Brian's n rin L ™ 
of Reroiuuvm was compared to during and after the war. The “ S 1 £ .nJE c ?m’ 
il/cin Kampf and bis actions in President and Dulles had h(ip _ ftra , rmsttion bv 

the Middle East considered com- .dragged their feet throughout 

parable tn Hitler’s move into the Suez crisis while on the !*• w“ er _ p :,_l!l e Zl 


Fiction 



Richard Gordon: Crimean 
catastrophes 


Small town 

BY ISABEL QUiGLY 

; ; — ' , '■ |M ■ "■ ■ L - weirdnesses, anecdotes and 

Staggerlorri b\ -Ion Hassti*r. legends; a sense of disillusion, 

Andre Deutsch, £5.50. ,»41 ye'f also of tentative expectation, 

b a ^ cs hope, goodwill. 

The Private Life nf Florence The Private Life of Florence 
Nightingale by Richard Gnr- Nipfitwipole. could scarcely he 
don. Heinemann, £4.90. U33 further from all this. An air of 
pages scepticism close to cynicism 

— ' I — " pervades the memoirs nf one 

Games at Twilight hy Anita Tristram Darling, whose opinions 
Desai. Heinemann, £o.90. 138 R j chard Gordon boldly declares 
P ' _ . . _ . to be his own. Mr. Gordon wrote 

Stogperforrt is an attractive $**** T 
American novel set in a small i 

town in modern Minnesota with rtH i', 

the sort of idiosyncratic detail l J?S i". 

that may easily seem trivial but d anaesthetics and 

here is used with the right degree antibiotirs. This one comes some- . 
of dryness. The effect of this JJ r !’® re . between ibe serin- ?■ .ff 
is a lively irony, a comment nn historical and the medico- 
Staggerford's affairs that seem* farcical. What was Florence 
both to shake its head over, and Nightingale really like, il seems 
to find hope in, the human condi- be saying: tms Victorian 
tion. The local school has on hprmne adored hy the masses, 

Its staff a slightly oui-of-condition disliked by many who came dose 
bachelor of 35 called Miles to her? 

Pruitt. He is something of a Well equipped to deal with the things eternaliv unchanged-— Mr. 
loser, believing flo the outrage nastier smells from Scutari, both Gordon is predictably excellent, 
of the football coacht that a physical and metaphysical. Mr. As a documentary account of the 
draw may he as good as a win: Gordon seems less able to make ghastlv underside of the Crimea. 

a; ,h "a m KR-SS!iiS h ‘?/ en J ra? - cr ® d j h ’? and With a firm understanding of the 

. 52 * a " d fn r ^S un Havtog hampered himself racdlca | alld social attitudes of the 

.2 n Pk h Jl'JhiJ*. t,n5 W,th the b J ash . pcrso u nalU - v of hlR time, it is shuddcringly effective. 
It tL 1 A ?hp c i5p? rS narrator. Trts rant he scampers Ellt aP a n0 vel of character it 
n mHs nnV 'I S, tnl V** readabl .- v ^ fails. Us study nf the enigmatic 

’K*e' innocent P 2 he is P" 1 ™ ?* aft ® r 7! afh . h,,t woman at the centre of events is 

hiSd lnn0CPnt crush he 15 , ® aves one n01 much Ihe wiser sensational and silly, and it fail* 

W The tone is good-natured, the ^ ^ ive T Z? 

method rambling, with a realism S?STl!l limn 1 Lacly v » ri 2*» moods— the indignant, 

of spirit as well as evesight. full L the tiamp. the ff ipp ant. the ironic, the reluc- 

of oddities and anecdotes: read- . °, n kh Mr J a c t h sh0 15 ^ tanUy trasic ' 

mg like comedy, then gradually oMtbhed she confesses to ex|en- Antia Desai writes about 
darkening to rnd. if nnt quite *2*231#™-“ vL* ? bl n, n ' Indian domestic life with a 
tragically, at any rate in disaster ,olall y western technique, and- 

and hereavement. Enough hints mu** been dropped n seems tn a n outsider— sly re 

- Jon i(a«sler has written novels rtn f he way, and the n-hnlp thin? and acceill; certainW a 

‘for "young adults' 1 ithe trade's ^ anyway treated as fairly broad manner that makes “it seem 

flattering term for adolescents), comeoy. movingly familiar, even in 

and this, his first for adult adulis. On ihe appalling conditrons at unfamiliar circumstances: which 
has many of the qualities of gpnri Scutari — the almost total lack of understandable, since she is 
American teenage fiction: an eye everything needed for nursing ,he child of a Bcri"ali rather, a 

and ear for oddities, tcchmcali- Hie sick and wounded, and the German mother. From this 

ties, dotty enthusiasms, local horrifying bureaucracy that k*-pt n ,| XP( j background and an 

f education in Delhi, present life 
in Bom b ay— cn m es an English of 
great purity and exactness, light, 
witty, accomplished. Thp short 
siones in Gnmea ni Tvdipbf deal 
with middle-class Indian life: the 
student preparing for an exam in 
a family too noisy, mo per- 
sistently encouraging. with 


Forster’s way 


merit badges ro be gained by. 

Like President Truman. Eden there was a risible gap, as Hun ; . 

tn prove, between U1 ® 


broader international stage. a'^T^nlution. H 


was haunted by the spectre of gary was 


BY RACHEL B1LL1NGTON 


bility even after love bad long 


E. NT. Forster and His- World by passed. He writes: 


Francis King. Thames 
Hudson. £4.50. 12S pages 


and 


Francis King has put together 
the perfect model for a picture- 
book biography. The 91 years of 
E. M. Forster's Hfe are explored 
with a sympathetic intelligence 
which make the very hostile 
response to the weaknesses in 
Maurice, published posthumously, 
seem the jealous over-reaction to 
a writer who, as even Mr. Kina 
admits, became more famous 
over 60 years with “every book 

that he didn't write.? . 


" Tt is easy to assume an. 
attitude of moralistic dis- 
approbation about these 
affairs. but given the 
economic situation oF the 
time and given the sexual 
tolerance of the working- 
classes, so much greater 
than that of the middle-class, 
it is priggish to do so. 
Forster derived a great deal 
of pleasure from these 
affairs; and his partners 
were glad of help to pay 
doctor's bills, settle overdue 
rent demands, and take the 
children to the sea-side." 


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The criticism has forced Mr, Those who. nevertheless, find 
King onto the defensive which the idea of Forster's nine 
may partly account for the crisp- hours of love-making with a bus 
ness of his views- This is no conductor called Tom which was 
time for a celehration Now is only terminated “by the 
the time for a clear-sighted por- imminent partnrition of Tom's 
trait incorporating aU the facts, wife** slightly off-puting may 
The. main unexplored Cart. rf. of i ook to passages where Mr. 
course. E. M. Forsters homo- j^ inE f n \ K more able to take a 
sexuality. relaxed tone. An early photn- 

A1 though this is essentially a CTaph of Forster with his all 
Hfe story and not a work of criti- important mother is desenhed 
cisnt. Francis King's insight into as. *' The Infant Forster clings 
Ihp effect Forster's sexual atti- tn his mother while she suffers 
hides had on his writing colours his e.mhrace. Tn later life, the 
the whole hook. He says: positions came to be reversed.” 

". . . given the fact of his A phntograph of Forster’s 
homosexuality, it seems to me lover and friend. Bob Bucking- 
fhat the deliberate suppression ham in a police uniform tinctud- 
of any overt reference to it in ing helmet) is titled as “ Bob 
the writings published during Buckingham when still a dashing 
his lifetime caused Forster to voung policeman." Mr. King 
write, not with less, but with quotes Katherine Mansfield's 
an evpn greater intensity. He jibe at Forster's alleged 
was obliged to find a whole inability tn handle a hetrefsexual 
series of metaphors for his relationship in Howard's End: 
real sexual preoccupations and *• f can never be perfectly 
it is in these metaphors that certain whether Helen was got 
so much of the power of b is W jth child by Leonard Bast or by 
writing resides. his fatal forgotten umbrella. All 

Believing this. Mr. King is able things' considered. I think it 
to tell straight the story of For- must have been the umbrella ” 

Mer's search for sexual fulfill- P - ... „ • 

ment and the Ideal Friend. For- Fr * n ? ,s ,^ mg a ** 

stsr “oartert with resnectahilitv" cntck the image of the mousey 
as he put if. in £a?time^JKa'n- Httle Forster we see in the photo- 
dria Where he was working for graphs, wr rh re C ed i ng chin 
the Red Cross. After various whiskers and above anonymous 
experiments, he fell in love with S™* mackintosh. He painta the 
a handsome tram -con due tor £1^® oF a 

called Mohammed-el-Adl who is This, 1 accept 
pictured fn a dignified pose with JudeetL I flnd^Iess diffic^ulty^than 
fez _ ‘ ““ ‘ 


reasons for taking action 

Munich. To show weakness at Dulles's rhPtonc* K and ' American JJ*' “f'SJPvii?* SfJi !RlJ 
a moment when the potential .performance. The point was the jjj? 

dictator could be stopped would Conservative leaders wanted to 
only postpone a far more costly act independently but were nro- 
confrontation in the future. The foundly afraid nf dnins so. This “J** 1 

Cabinet believed that the stakes left them totally vulnerable to a ^ssive ran on i the pno m d. 
were high; Britain's oil supplies Dulles's twists and turns. After .“l® cr ucial factor- 

were at risk, her remaining every' meeting with the Secretary Sriwyn Lloyd s treatment or the 
position in the area under attack, of State. Lloyd records his whole withdrawal issue is 
and the independence of the doubts about the Americans but disappointingly thin. Ts it really 
other Arab nations, many stiff he never faced the implications &a™ to understand why Dulles, 
friends, threatened. Though of his own insight- when Lloyd later visited him m 

Selwyn Llovd does not admit the Selwyn Lloyd also focuses hospital, should have asked 
point, clearlv the Cabinet felt on the much-debated question of " Selwyn. why did you stop? Why 
that with French support this collusion with the - French and didn't you go thrnuch with it and 
was s job the country could still Israelis. He categorically states get Nasser down ? " Even an 
do. Nasser could be blocked if that the French did not tell their austere American moralist 
action could h«* taken in time. colleagues of their collaboration honours success. What no one 
There is a second point which with the Israelis and as late as waa prepared to forgivp or forget 
clearlv emerges from these mid-October the Foreign Office was a loss of nerve at the 
pages’ Neither Eden nor Lloyd bad no idea of their joint mili- eleventh hour. In its vagueness 
ignored or minimised British tary planning. Tt was not until- on the crucial issues, this testi- 
weak ness. At the time, gold and October -5 that the Cabinet menial bares witness to what 
dollar reserves only covered agreed, that if Israel attacked had gone wrong. 


In short— Tower and parks 


adopted 
speech. 

She gives 


us tantalising 


glasses nf milk and advire. tnlship 
allow- time nr energy for study: [ war 

the farewell party given hy an I pattern fnr' slrona. ^ark Jooks Howard's End. , 

unpopular couple aom g on tn at which Forster continued to other question which Mr. Kings 
new joh who. nn iheir last social ! admire all his life. He wrote in fascinating book raises for me. iff 


However. 



of sf»n«unus satisfactions, visual i. . . "* gone on to write another .4 

ntiral. olfactory, tactile: and «fj j n nol i n r Forster's transient Fawape to India or The Longest 
Ihe taste and smell of foods, the I nr more lasting affairs. Mr. King Joumep 

viiuci surpnses of life in another ij s a t pains to emphasize how The creative power nf siih- 
,!0r "' { Forster, unlike his great friend, {{mated **»x i> nn unfashionable 

Mr«. Dpsai s stories are all nfjj. R. Aekerley. who was on the and therefore underrated propo- 
a piccp. rreatino a single world; same road to personal happiness, si tion in the Day of the Psycho- 
seen From several angles. 1 never lost a sense of response analyst. 


— — — more important than the men. was a refuge for children and 

The Tower 1078-1978 by Derek The men lived hard in bothy- some of the mothers from the 
Wilson. Hamlsb Hamilton, houses, on porridge and potatoes. “ problem families.’' They came 
£6.50, 257 pages or just porridge. On huge to depend on her and ware ^Ds- 

* — estates and tiny farm? the mayed when she agreed to move 

The Tower has always' fasri- system sustained Scottish, agri- again, this time to Islington. This 
nated me, ever since, as a small culture from the mid-1800s. . concrete paten, on the edge of a 

hoy, I listened to that long-for- And its achievements were buiuting site, is the ungreen park 
gotten Lancashire comedian, Roy great: magnificent strains of which gives the book its title. 
Barbour's tribute to Anne Boteyn cattle bred by experts, fruit-, GlR season became ■ p»w 
as she walked the Bloody Tower growing that made the Jaod keeper , after a period of deep 
“with ' er 'ead tucked under* round Blairgowrie “The Berry- unhappiness, but in the process 
neath ’er arm." I was hookwj pan of Scotland." and the harvest of m these arab and uo- 

and when a few years later l was time a festival' of fruit and folk, promising sutroundings. she re- 
actuaUy taken to the Towec a And not least the hard life of 

love-affair began that has lasted the farm workers produced, in *hJ’ 221i 

through the years. the North East Lowlands, a ^hed 

The old palace-fortress is 900 renaissance of the old Scottish >22 ‘SSJ IJ2S 

years old this year. There will ballad tradition— more down to £?f ir ent ^rthv S 

be many celebrations, including earth, less nobly stirring, but „ l i^ 0U _ r riJ , ^ 

Tommy Steel playing Jack P obit full of the life of the farm folk l J-? r - 5 

in the shadow of the the walls, and their everyday concerns. ad °P ted “ e,r “Udeness of 
(“None will be more appropriate David Kerr Cameron's book is 

than Mr. Wilson's scholarly and unique and particularly interest- -um'ncesltf the cUIdren'hut be- 
highly readable hook, as nice a Ing because his interest Includes sto iSriSSS « maw 

record of battle, torture and all these factors: hfe social are not fX developed for 
deeds of shame as you can pack histoi? iUuminates hfe accounts ^ ■„ characters. Consequently 
mto a score of television pro- of the bothy baHads; his , hey do not a l3Sting im . 
grammes. descriptions of major breedera pression as individuals. Gill 

All the expected characters and. the development of such Brason writes with warmth, pithy 
are there— the princes. Jane strains. as the Aberdeen Angus RI)od humour and affectionate 
Grey. Anne Boleyn. Colonel contrast with The accounts of understanding of the ' park 
Blood, Sir Thomas Overimry, as grim survival farming such as people. She would probahly gen- 
well as a few I hadn't met before Grassic Gibbon portrayed in prously admit that they helped 
like the prisoner who escaped Sunset Bonn. her to find herself again, 

down a rope after making .the This book will surprise people uiBrtDrr uiwm 

guards drunk (he was a fat who did not expect to get w rM;, * , ■-T* 

bishop, too). interested in the social history With Malice Towards None by 

Any tourist searching out of Scottish farming and modern Stephen B. Oates. Allen and 
Britain's past could do worse balladry. Unwin, £8.95. 492 pages 

than spend his first couple nf I SO BEL MURRAY ■ ■ . — » — — — ■ ■ — - 

days here studying Mr. Wilson’s ■ - •, T * ,1S . ls t ? e .? rSl i f u, ‘ - ! en 8Jb 

hook. It isn't just a guide to the The Ungreen Park by Gill biography of Abraham Lincoln 
Tower, but an introduction to Brason. The Bodley Head, to be published for 17 years, we 
the whole of English history. £3-95- 144 pages are told in the preface. Consider. 

1 was interested to read that — » n 8 large Jturaber which 

It is usual lo associate “ get- already exist 
ting out of the rat race " with classic and mo 

.... escaping to the countryside to Carl Sandburg., 

a duke. £2 for an earl. £1 for a Iiv e the simple life. Gill Brason be® n worth vraiung a _ little 
baron and 10s for a knight. made a different plan for herself longer. Nm that this particular 
This system is worth studyins. af ter the failure of her marriage book is without merit. It is easy 

and her decision to abandon her reading in a conversational, some- 
what slangy style. For English 
readers, at a time when we have 
become conscious of being a 

... mixed race society, it offers gome 

Th- ih. nt_, . Vngreen~ Park “she gives a racy food for ■ though L Most of the 

n j?.. ,*i!? p, ®“B h: A account or - her working life in people of the northern states 

°i the 4 L,fe o! 11 , three parks and introduces her were strongly in favour of the 

Scottish Farmtounx by David workmates and many of the freeing of the slaves, but were 
Kerr Cameron. VictorGollancz. people who came to the parks equally strongly against their 
£6.95. 253 pages f nr recreation and who turned coming to settle among them 

- " to her. as confidante. when freed. Hence the enthn- 

Look after the Clydesdales After a brief spell in Canon- siasm for schemes of black 
first: on Scottish farms for a bury. Gill Brason was transferred settlement in Africa and else- 
hundred years, the horses were to the Barbican where her park where. ALLAN TODD 


Sidney and Beatrice BY PETER KEATING 


11 V — ■ ; — ... . — rr all my and he vowed that a sharp discrepancy between the 

The Letters of bidnc> and , f she married him their “union high claims marie for their work 

Bratnre ttchh edited h> u, kr those or the Salvation by the Webbs and their own Jack 

uS™*itv" C p!S*' wid b " tS ;* rmy, r Wl11 J 10 3 new consecra- of genuine vision or fervour. This 

University Press ann me t, on n f our live? m ihe service impression is enhanced bv 

l?nlr£finon°pp D 453 C 4n5 Tn 4?» way W V, hink r ‘^nnan Mackenzie's skilful edit- 

,i \n|s Efin.nn. pp ^a.t. wn, -t. - best Beatrice wax capable nf mg. The usual editorial jnb or 

Beatrice Pniter and Sidney RVCn c ! n f oro chilling than identifying persons and allusion? 

Webh first mel in January ISflO: ff ? ls ; lV71 J' n Sidney sent her a is handled very impressively. bu« 
thev discovered at once that they 2 .. ,, J 1 . 1 ] 115 ® 1 '., Bh ® Professor Mackenzie goes further 

shared many interests. On their r!?? 1 !. ^ bideo^s and than mosr editors in providing 

first meeting Beatrice asked . S l « , j , . v ® another one essay-length commentaries on 
Sidney For advice on the history JSl3 l 'n f .iill.i* ,} !l! e - V0 V r lhe> Vi » r inus stages of the Webbs' 
of the Cn-operalive and Labour ,< f? 1 , T 1 S - 00 y rarefir * Rnd these are directed 

movements, ami he immediately ,u ‘" 1 am luarr >' in S to showing that the famous 

drew up a list nf snurces for her For anyone who knows partnership was hardly the 
tn consult: on their second meet- Beatrice Webh mainly through influential force in modern 
ins thev discussed " sweated hpr splendid autobiographies My Labour politics it is often made 
labour." ‘and on the third they Apprenticeship and Our Partner- out to he. Seen in ihis light 
examined together Sidney's plans these letter** will be a Sidney and Beatrice Webb 

for the municipal inspection of disappointment, and yet. in a appear frequently to be cut off 
industrial premises. The court- curious way. a revelation ax well, from the tree centres of power, 
ship that followed must lie one is not that the letters- lack hfe- and their eventual admiration 
of ihp least romantic on record, terical interest— this could far communist Russia becomes 
From the beginning ihe terms haTdlv be possible with two such not an aberration of old age but 
of their relationship iccre die* remarkable people who really did an inevitable development of 
rated hy Beatrice, and work lay dedicate their lives to the their earlier views. The argu- 
at the hpari of it. Already in “service nf Humanity" by writ- ment is a convincing one. 
love with Joseph Chamberiain of .pioneering social lhp ■ , . = 

who had rejected her advances. j»tud'ps, founding the London ^ , sidnev was a more com- 
«Tu? warned Sidney ihai fhein? Sch * ,Rl of Economics, and pro- D tinted d erwnaht in 
could only he a “ nne-sideri moting, through the Fabian J' 1 ”„ P y ' 1 ” 

bargain " hut gradually. n n Ihn Snciety. the scientific analysis of R Pf , t „ CP fe nf?S nenrotic and 
understanding that h® was the ™dern industrial society.* deprewed. SidnS SEES it 
" W ?h ra r°i lh ? “ n®!' <if suffer The probtem is that viewed romantic at heart and % local 

retrn>prrj,ve!v. through politician nf considerable skllt 

she m as the Sun and Source of hundreds of letters, there appears and ability, 


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Tel; 01-493 6351 Telex 21879/25247 (Grahamco) 






Wednesday. July 12 1978. .. 

MEKTS - •- •.'•:• •■ 

Lord Cromer 
heads Morgan 
council 


Ojc fcarj of Cromer has been 
of MORGAN 
\R,\\TY TRUST COMPANY'S 
tertistional Council: Lord 
0 ™ er ; was Governor or the 
• fr °™ 196110 1968 

fl Bril’i in Ambassador to the 

f/Tvo 1071 , T< 2 ,fl74 ~ succeeds 
ro O Rnen of Ijothbury. ebair- 
tn of: the Council since .1974. Dr. 

Johannes Wittevecn. whose 
t» as managing director of the 
'ernational Monetary Fund was 
mulcted earlier this year, has 
come a. member ot the CounciL 
'* 

Tbe-. Secretary, or Slate for 
nployment has appointed Mr 
wvor Gwen' to be 'manaelne 
.-cm or of REitfPLOY. Mr. Owen, 
to Tates uo his. appointment on 
ptember ■?. will- replace Mr. 
r.; -Sj .Pholpot.-who is retirin'* 
trr . five years as managing 
rceloc. 

Sir John Wilson will he 
. -oniruert chairman of the CTVTL 
.RV7CE ^ -APPEAL BOARD . op 
:n succession .tn Sir 
■ane Williams, who is retiring, 
r John i' currently rtcmitv chair- 
sn 8r the Bonrfl and « n tn hiS 
lirement was Spconrf Permanent 
nder'Secretarv or Slate fa dm in i- 
caiiDBL Jilin is; Ty. of Defence. Mr 
.. ■ E; I^cfever. -who v-jll be 
. moirlted - tn replace Sir John as 
deputy.- chairman, i« currently 
.’ member of the Official SMc 
met the Board and unt*i his 
tiitcment was an Under-Secre- 
•ry, Cnsjqms and Excise. 


‘ U\iep FINANCE, nart of th*> 
Hire.. Groun. announce Nip 
• ip^intmerit to the Board of Mr. 
Y. JMaTTrv. recently Bccistrnr- 
cnerni flnri .\*«rst:mf Secretary, 
snarttnent or Finance. Northern 
•eland: 

• - • • + . 

Mr.. -Gent ni G^rrais has assumed 
s- resnoQ-'bilities as central 
anaret or . the It’VTOM DP 
VVOTTES ' PAPES ET FRAN. 
-\ISES.. Air. ilervai-s succeeds 
r.. Bernard Th inton who has re- 
'tneri the Credit Lvonnais to i*>ire 
the muna cement or its inter- 
.itionsl operations •department. 

Mr S T. TY Few has been 
•mnjnted ? director of Thnmncnn 
rah.im and Co., -the cnoc^ci 
‘in<r»irnnce ennimnv within ,T \P. 
^■V. At \T ,I ES r »\ INSltR ANrE 
tJOKEPS. Atr. Few was formerly 
:< hi etna . director .--of the - Latin 
' ."’eriffitri : and E" r ooe;in area 
— ions-oT .1. IT. M’nel and- Cn. 
r T» -I. C.:- .Alabins his been rmHn 
tPreeter-of Thomnson Graham 
Teinsiirancc Brokers). 

.... + 

- Mr.- '.CL- F Angus has been 
■"minted ’ tenoral manner. BP 
iTF.ATlC.M~S /IRELAND), sur- 
•edins Mr L. J. Price, who. is 
•firing. Mr. Angus wire pre- 
euslv operations eontroTler for 
P N’Utrtlion tVKi. based in 
Vscx. ■■"• 

ATr. W*. ' Miller, now ' ? copra] 
anaucr of Cremnton Li«rhMne, 
oneaslcr. a HAWKER STDT>E- 
EY eehtpanv. • wilt ' become 
an aging’ director' from Srpt- 
nber 1. Mr. C. H - . Penkman and 
r. F- : J: Ran dell . h"V ft been 
ipninteri dirrclnrs. Mr. F J 
andell-bao become a dirccror nT 
•nntp.inn: Antoslavr. Northanip- 
•n, a Haw her Siddciey company. 
* - - 

Mr. ' George Leaf, THORN 


Sir Henry Somerset "has retired 
Me Board of E 2 rXDUST- 
RjES and of Electrolytic Zinc 
company of Australasia.’ 

• 

” r - J - P- Cook, Mr. C. J. H. 
Fisher .Atr. N. G. Johnson. Mr. 
(V ^*® ar s. Mr. L J.- Morgan and 
Air. A. C. T. W. Russell bare been 
associate; directors of 
ORTON BANK. Mr. FMsber- is at 
present seconded, to Orion’s repre- 
sentanve office in .New York. 

* 

AND SHEERWOOD 
GROUP.. Mr. Bernard Buss has 
been appointed group financial 
conn’oller and a director of the 
whitefrlars Press and Standard 
catalogue Information Services. 
He also becomes secretary of the 
Whitcfriars Press and Associated 
Building Industries. Mr. ' Hugh 
Rudkin is made sales director of 
the Whitefriars Press to- succes- 
sion of Air. Derrick Dottridge. Mr. 
Alike. Gil) is appointed director of 
Whitefrlars -Press. Mr. Dottridge 
retires as director of the Standard 
* 

. Air. F. J, David and Air. J. 
Farago hate been appointed to the 
Board of BUNZL PULP AND 
PAPER. 

■ ■ • - : ■ * 

NORTHERN ENGINEERING EM 
DUSTTUES - has announced I he 
appointment of directors of NET 
Mining Eq uipment, recen ily 
f o r m_e d ’ to develop' and co- 
ordinate its activities In ’ the 
mining equipment field. They are: 
Air. A. D. Nieol (chairman), who 
is managing direcror of NEJ 
Bruce Peebles: Air. J. Beni (man- 
aging director) a director of-NEl 
Bruce Peebles and managing direc- 
tor of Baldwin and Francis: Mr. 
K. Gee (responsible for sales): 
Air.- L. S. Legross (responsible for 
administration). The other, direc- 
tors. representing the main trading 
activities within NEI associated 
with the mining equipment busi- 
ness, arc:. Mr. R. A. Boast (Clavron 
Equipment): Mr. G. Campbell 
(Parsons ' Peebles Motors and 
(Generators): Mr. T. D. Davies 
(Parsons Peebles Distribution 
Transformers): Mr. W. K. Alartln 
< Mackley Pumps): Air. G. YV. 
ATeKeilb (RP Automation': Mr. 
D. A. Thomson (Rcyrolle Belmos) 


Re-organisation at 
Smith’s Dock Co. 

SMITHS DOCK COATPANY. ing appointments: Air. D. 
?e-?sidc: a member of British Fuller as senior manager, admtnis* 
liobuiidcr.-. has announced the tration: Mr. AHebael Prentice as 
How my Board changes:. Mr. manager. $. Qld Jewry branchr 
. II Parker has been made chair- and Mr. D. AI. Wood as manager 
aniand chief executive; Mr. D.R. Melbourne House branch, 
icncc, . shipbuilding director. * 

’comcv assistant managing direr- jvj r . David Carrington has been 
r I'shipbu tiding): Mr. N. ■ E. appointed to the Board of HOGG 
rnwh. Shtprepairtng director, has ROBINSON, 
icn appointed assistant manag- ; *■ 

g director ( ship repai ring): Mr. ^ s and Mr. J. K. 

. F. Milne, planning and develop- g^rlow have been appointed 
cm director, continues in this directors of MAJEDIE INVEST- 
iJe hut is additionally responsible 
r public relations. The responsi- * 

liiiw M the Wher two directors. Mr _ RL p ortcr has been 
r. IT. R. Rnbvon. financial. Sna appointed deputy managing diroc- 
r I .LandcIIs. technical, remain ^orot HECHT HEYWOBTH AND 
lchanged- . . ALCAN. 

* * . 

itaiocuc Company and as sales ji r . d. J. Brigham has been 
rector or the Whitefriars Press, appointed a member of WILLIAMS 

- remains a consultative direc- DE BROE HILL CHAPLIN AND 

r of (he" Inner company on a CO., stockbroker*, 
ri-iime basis. Mr. Malcolm Moss * 

lire*! as director and secretary Mr. Alan AL Stacey, who has 

the Standard Catalogue Com- been appointed mana ging direc- 
ny. and as secretary of the tor 0 f FORTICRETE, was pre* 
hf refriars .Press and Associated viously general manager. ■ Air. 
nhhna- Industries. Air. Peter Arthur Crick has been- made 
1 1 It* water is appointed works deputy managing director. Mr. 
rccior of-.thc Whilcfrisu-s Press. Andrew Teare, general manager 

* - of Cement Eoadstone Europe, the 

Mr N E Richards has been parent company joins the board 

pointed to the fonowing ARGUS of MM ‘ m Mr. HCtuy 

JESS subsidiary Boards: Lund, ft ho has resigned. 

M b«‘ resigned 

■ wn m linns A^us 'Books and his directorships of Bellway Hold- 

,.,h -md Air. . A- T. Ratien hnvc the BELLWAY GROUP, and is 
nod the fonoft his -. Boards: moving to Guernsey. 

^ N "T£52r W ^ d lESS Air. Jeff Samblin has been 
'wsniner Goln*MiV"‘Helmesd»le anoofncwf director of the EAST 
esc iid K?!b 7nd Kelly. Mr. m OLAI^S TOU WST BOARD and 
ften his aKo beta annotated to win .commence- his duties on 
I ,e Board' 0 of ■ Programme August.. L Mr. Hamblin was pre- 
v, , , viously- development officer with 

blici lions. .. fhe Northumbria Tourist Board. 

„ . .. ha ~ bccn Miss Sue Jones, the former direc- 

Mr. Paul. Fele» has been ^ ig tafcinp up a publKr ^laDons 

I'Oimcd director of sales ana ^ t h the Anglo-Continent a] 

-JS&JFSt £ ««*«»- 

J Hants Lea Group. Mr D r. Johnson has beta 

* . appointed managing director of 
Lender the Agricultural Market- PLASTICISERS, part of the Read.x- 

- Act. 193S, Air. John AI. RdrilOn, cuL International group. -“?• 

;. has been appointed chairman j 0 hn^h was previously acncrai 
the Committees of Investigation mgnacer . and director of Die 
•Great Britain, and for England developing business .division 

d Wales, for a period of three Albright and Wilson. Air. J- 
at> He succeeds Air. Ronald KuebmL who ’has been carryipp 
Waterhouse. QC. The' ‘appoint- oUl the duties of caretaker chief 
>r»t emails occasional sittings executive for the past 12 montas. 
|y and Mr. Rankin will continue M verts to his former role of con- 
private practice. suit ant to the board on fibre 

* ■ ■ • developments and remains a 

Hr. S. P- Kelly has been director. . 

sssswe^^Baa , 

VK OF AUSTRALIA from Enfield .. Rolling Afius. . ha^ 
pt ember I. following the retire- deged mM of 
nt of the present general NON-fe^OUS .q-r ^ hc 

maecr. Mr. J. F. Lavan. on FgDERA’nON for 19^ t _ 
iu?i SI. The Undon office of succwsds Mr. K. jggjL ; “SSSi 
« Commonweallh Trading. Bank me director of Fredcnck Smith 
Australia has made the follow- and Co. 


LIGHTING'S director or inter- 
national operations, has retired. 
Mr. Leaf, who had been with the 
company since WSJ, will continue 
his association in a consultative 
capacity oh" matters relating to the 
company"* overseas activities. 

' * 

Mr. .Joe BcD has. been 
®PPJbU*d managing director of 
DORADA BROCKHOLES. a sub- 
sidiary of the Dorada Motor 
Group. He succeeds Mr. TV. 
Arrowsmfth who b&s retired as , 
managing director. Mr. Ben has 
5*«n wiih Dorada for four -years, 
when the group purchased Brock- i 
holes in 1976. he was appointed 
general manager and later deputy 
managing director. » 

* 

Mde. Netty Baudrihaye has been 

appointed director-general of the 

™2,“y;J»nned EUROPEAN 
0F PHARMA- i 
™USTRY ASSOC1A- , 
TIONS and wilj take up her] 
on September t. Afde. i 
Baudrihaye has since 1976 been 
president of the Belgium Pharma- 
AGni" Jndustr y Association, | 


25 .? 




JUNE 

QUARTERLIES 


All cBoi»oni» sMtfeflerf ora lac*if»rat *4 Id cAt grpuMie of South Africa 


DEELKRAAL 60U MINING COMPANY LIMITED 

ISSUED CAPITAL; P9.MU.0Ufl ordinary snares of JO crais each, full? paid. 


FINANCIAL lEOWJ-rj: 

Capua) t-xprndiiuri.-. 

X'WlW! kasc 

ahalrs . 

0 1 her capiul wpendnure .... 


Qtr. ended 
• you nm 


24M 

5.482 


Total fince 
-IneepUsa of 
Otr. anted company it 
22/3.797* 3C/S/197* 


1J90 

4733 

55.700 


s jet 
IM 7 




7,671. 

s.m 

mm 



516 

•29 

7.731 



2U 

HS 

3424 

Loan levy '. .. 


36 

19 

- 358 


CAPITAL EXPENDITURE: TIk ofumalcd capital expenditure for the earmu 
OuaiiL-ial year is Ril.: minion. The unrvpeprfcd balance of aothonoed caplial 
cxpi-mtcuri.- at jO June 1973 ivas miUion. - ■ - 

SHARE ISSUE: tn an announccnic-ni ptabltalutf tn the srees M 26 May 197*. 
members were lntormrd ibai a-rceprancrs liatj been received in reaped or 
90.1 pi-r tern of UiL-.m-oM offer ol :)S.540.6W) shares of 20 cenu each, at- a 
prii c ol 130 t~tit5 pir sb«tL-. in nrdi-r to. raise R47^O2.O0Q. The 3JM.990 sbarca 
noi applK-4 (nr won- la'-i-n np by ihu ondpru-rtier, of rrtjieb 323,200 were sold 
and ilu- |K- 1 proceed : * of sale awr iho Mile Price. aJBOVDUna lo R2.703. were 
paid >n iliia company The- at.ye^oOO new sfiares were aliened on 30 Uay 1975. 
CAPITAL WORKS: 

Wo. 1 Shah: The -hcadaear diance-ovor was kotnplcied and equippirre or the 
•chair commcHc-d on J alay 19TK Thu total distance eouipocd dunns ibe 
quarter cmounicd lo 975 incirvs. 

No. I Sub-Vertical Shaft: The shall was sunt 59 metros 10 a * total dcpib or 
■JB4 metres helm*- >hi- collar .ju 9 Level: The excavailon and support of 
15 Level and 17 Level staffoos hare been completed. 

General: Mechanical and civil work ronltutHrs with the erecuon ot tanks, 
conreyurv and filler bmldinc in Iho redu:non works. 

The erccuon and insiatlaflon of it.e refrlserauon Plant is nciniis com- 

Dic-llOh. 

Const rucuon work mn-macs on iho Iasi three blocks of the hosteL 
uo ».baU of ifae board 


WEST DRIEF0HTEIH GOLD MINING COMPANY LIMITED 

' . ISSUED C.VPITaL. 14.W2.i60 shares of Rl each. Inlir paid. 


OPERAT1NC RESULTS: 

Gold. 

Qre milleo m . 

Gold produt-ed *ks.i .. 
7 ■ ITeld" l' 

. - . Revenue (R 1 milled 1 
Cost iR-t milled 1 


Otr. ended 
n/fc/KR 

U 5 M 0 
13.723 J) 
223 

136.67 

su a 

104. 72 

84.022 

19377 


Otr nnltvf 
Ji. 3. 2975 

as.oop 

15.0 

m.w 

30 6V 


EAST DRIEFONTEIN GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: 34.M fl.flflfl ordinary sham o( Rl each, fully paid. 


11 July 1978. 


R. A. Plumbndie - 1 

P. W.J.van Rcijsburs . 


Director* 


YENTERSP0ST GOLD MINING COMPANY LIMITED 


Profit. (ILi miiipd* 

' Roveiiw* 'RCOO , *i ' 

Cost, 1 ROM's 1 

' Profil 1 ROM's. w - 64.44s 

Uraolinn Oaide 

puJp^ireaicd it. 2K.20O 

Oxide produced "ks.i 47.786 

Viekl 'ku. 1. D.24L 

Financial results irmo'si: 

WarMas prefix: Uotd. ■ 64.40 

Profit on sale ol Uranium Oxide 

and Sulpbom Ac-m 3.384 

Net sundry revenue • 2.955 

Profil before ux.nion and Stale's 
sbarr of orohi 70,784 

Taxalloo and sui,.* share of 
profil . 44,069 

Profit after laxaiien and Slate's 
share of proft 26,71 S 

Capital expenditure 2367 

Loan levy 4,477 

- Loan levy refund <1971. 

Dividend 


ao.-i" 


49^14 


2*7.700 

S7.75* 

O.lXl 


lrt» 

1MI7 


54.W40 

.KMT! 


3 JM 

J^TJ 


Yaar ended 
38/ 6/1978 

OPERATING RESULTS: 


Qtr. ended 
J8/6/197C 

Otr. ended 
31. 3. IB 7* 

6 ntlhy. ended 
JO. 6. 1978 

2.845,006 

Cold: 

ore milled 1 Ti 


590.800 

.■H4jeei 

1.134308 

56.91*3 

Gold produced ‘ tg.'i .. 


12.6973 

12.4j!>.4 

25.157.2 

22.9 

Yield »c 11 


Bi 

s 5# 


W2-2X 

Revenue iR 1 3iUed< 


U4J6 

JJf 17 

112.76 

38.es 

Cm! i'R-1 cnilled* 

— 

2*33 

•37 It 

26.85 

82-25 

Profit iR. i milled/ .. 


S7.93 

S3.7-: 

95.91 

274337 

Revenue 1 ROOOs 1 


67312 

frfl.-l 67 

127.061 

73.441 

Com > ROW* 


15333 

14.91 i 

30.444 

2B.B96 

Profit t ROOD'S) 


5L879 


97.42S 


1.X5U0B 

285378 

•347 


201.096 


32.854 

9330 


229,710 

193.149 

90 Ail 

15.715 

13.577 

1,272 

54^16 


SLI79 

2007 


53,986 

38.946 


4.98* 

3.486 


dkMf 

rrr/i 


njx? 

S7.LV 


3. 1.W 


ISSUED CAPITAL: 5.05u.'i00 shares or Rl each, fully paid. 


Qtr. ended 

38/6/1971 

277,000 
L 692.6 
6.1 

36.64 

3L41 


Otr. ended 
3i -9/1978 

n*jno 

1JIS.0 

jj 

VS4H 

30.76 


Year ended 

36/6/1978 

1.193 J08 

6491.6 

u 

Z7.9I 
27 AI 


5 A3 


18499 

8^99 


7 J55 

5J52 


LCD 


1.456 


.1.(97. 


ff J97* 


n ' 

39 

■ am 

1,141- 

294 

167 

1.622 

1311 

97 

2/ 

lS * * 

‘ J 1-4 

10s 

nr 

14 

3 

— 

14 

14U0- - - 

■ ■ —r 


■47 


33475 

33476 


199 


199 

199 

2452 

848 


OPERATING RESULTS: 

Gold: 

urc milled >11 ...'. — — 

Cold produced 

field is 1 

Revenue <B 1 milted 1 

Cost .R/t irilh-d. 

Profit. iL&ss. iR'i milik-di ... 

Kl- venue .ropd'si- 

Cosi ■ ROW'S. .... 

Profil -.Loss. cRDOO'v/ ..... 

FINANCIAL RESULTS. >ROOO Si; 

Working prom itoss): Cold .. ... 

Profil on s:ik- ol Pyrilc ... 

Stale assjsi.iorc . ._ - 

Not sundry revenue 

Profil before taxation 

Taxation •ni.n-ulinins > 

Prefii afier taxation 

Capiul vxpi-ndiiure 

Loan l-.-vy ... ...... 

Loan |.-vy rc-fmul 

Dividend . . 

GOLD REVENUE: Prom 11 April 1975. payment for 'sold production at ihe 
omoial prnv plus premiurti on markel sales duhribut-.-d nmnihly was replaced 
b> payment at Ihe . market prkv. The non-rccurnnu baJancms panne ms 
roMitinui I ruin thi ihanseover disioned revenue' for the- current -quarter 
which if Ift.Tiforv nu< ^orirparahle w/th pa*» or (ururr qaertvrs. 

DIVIDEND. A dividend 'No. 76 1 u( 20 on is HiSm.Ti* per share was 
lioclan.-d on 13 June 1ST'-, payable to members on or aboui S \ususi 1B7S. 
CAPITAL EXPENDITURE: Thv iinc-XfieiKM * balance of authorised capual 
expc-ndinirv at 30 June 137s was R^l.Ouo. 

DEVELOPMENT: 

"■ Main Roef 


35.20a 

GOLD REVENUE; Prom 11 April 1978. payment for sold production al the 
official price plus premium on market sates distributed monthly was replaced 
by payment a< (he market price. The non-recurrinf balancios payraenrs 
rusoluns from ihe ebatuyeaver distorted revenue for the current quarter wblc-h 
is l&ereforc not comparable with past or lururc Quarters. 

DIVIDEND: A dividend 1N0. 31' ol 2oO cents >l»(679Mpi per share was 
declared on u June 1975. payable to members on or about s Ausust 1078. 
CAPITAL EXPENDITURE: The unexpended balance of authorised capital 
expenditure at .in June 1978 was R9.6 million. 

DEVELOPMENT: 

Carbon Leader 


97.025 

4.128 


181453 

58.067 


7.542 

6497 

fa2 

21.084 


Advanced 

Sampling r> suits. 

Sampled <m< 

Slope width 'em 

Av. vatu.-: cold ic ti 

t-ra.s t 

Vcmersdarp Comaci Reel 

Adcsncc-d * m • 

Sxmpllns results: 

Sampled im> 

Slope width 'em 

Av. value: sold ifit'.. .. 

isn.s. i ... 

Main Reef 

Advanced 'm> 

Sampling results: 

Sampled <mi 

Slope width I«w* 

Ar. value: sold 'Sti ... 

cm. s t ... 

RESERVES AT 30 JUNE 


ORE 


1871: 


44*5 

62 

105 

10.7 

1424 

X549- 


155 

47.7 

7494 

547 

576 
MO 
M 
1412 
The ore 


J.'i-fr 

10 K 

m 
rs 7 

3JtM 

I. US 

6 in 

763 

SS.4 

3496 

509 

m 

164 

1431 

8429 


14.918 

3M 

1*5 

a 3 

2458 

640* 

1.958 

167 

25.6 

4475 

3.093 

LUO 
U* 
. *.7 
L618 


reserves based on a pay 


limit determined at a sold price of R4.214 per kiloRrum are as follows: 


3.798 

386 


34*2 



Aiivjintd un 

1.423 

1 174 

A987 

Soniplsuu ri-nal's:'' 




SiimplL-d 'Di* 

486 

■ 41K 

1.746 

Smuc width •cm. 

1S1 

13* - 

IO 

A\ Value, gold tu n 

9.6 ■ 

fsi 

64 

cm.B-T 

. . 

1296 ' 

998 

Ventersdorp Contact Reaf 

'Adiaucfd mu — - 

151 

JJ* 

797 

■ Sjmnliiui renills: 




Sampled tin* 

Nif 

. su 

74 

Stipe width 'em* . 


220 

225 

Av. value: sold 

■ 

s.s ' 

• 84 . 

- - - • CDbS'l .. 

— 

1397 • 

1423- 


Cla -lfl^-aHuo 


Tons 


Carbon I -cap er | 2.94 5.008 

VentersdiTp Comaci Reef ' 2417 
ilaiu Href . . . .. 1 87.D00 ' 

Toul and iwkh I 5.249.000 


• 

STOPE 


Width I 
tain j 

Value l 
1 grants/ | 
rr.m 

Centimetre, 
grams 
per txn 

T" 105 1 

30.6 .1 

1 333 

*s r 

2U 

' 4.092 

10 1 

113 

! 1.622 

12 S' 

717* ! 

3.975 


un brhaii of the board 


11 July 1674 


R. A. Plumhndse ' 
P. W.J van RcriKburs • 


Directors 


LiBANON GOLD MINING COMPANY LIMITED 


-.ISSUED CAPITAL: 7.937.380 shares of K1 eacb. rutty paid. 


ORE RESERVES AT 30 JUNE 1971: The ore reserves based on a pay Umii 
dofcrmiiK-d at a sold pnee of R4.2M per kilogram are as I allows 


....... . j 


I 

STOPE • 


ClassltKauan j 

Tons 

I Width ' 
: _ 'crut ■ 

, Value 

i igraDn.' 

J . torn 

Centunctre- 
finuns 
per ion . . 

Main Reef - . . ; 

MSJSS 

t ^ 158 

■; 93 

. 1322 

•Ventersdorp Contact Reef l 

33.809 


18.9. 1 X99S 

Total and average* - 1 

1J999.030 

171 

10.1 

• 1.727 


uij octal! o( the board 


II Jaly 1978. 


P. W J can Rrnubuni ■ 
R. A. Pltunbndse 1 


Dirrctom 


OOOHNFONTEIN GOLD MINING COMPANY LIMITED 


. ISSUED CURITAL: 

9 S25.UU0 

shares of Rl 

each. JuUy paid. 




Qtr. ended 

Vir. ended Year ended - 

IPERATING RESULTS: 

Gold: . 


30/6/1978 

jf-.ny78 

30/6/1938 




360.800 

• 360i M 

1.03. DM 

Cold produced '"fc:.! 


2.960 

■ 3 jib i.n 

12.9X2.0 

Yield ib l* 


<4 . 


94 

Revenue 'H I nulled/ .... 


5UX 

41.17 

44.46 

Coot »R-'t miffed/ 


30.0 

3044 

39M 

Profit • R/t milled! 



20.78 

‘ • 12.73 

1448 

Revenue t ROOD'S » 


1SA36 

13J41/ 

63384 

Coat ' ROOO'at 


10,956 

10338 

43356 

Profil iRQOO's) 

..M. 

7 ASS 

1382 

20428 


OPERATING RESULTS: 

•Gold 

1 'it- milled hi ....... 

c.uld produced -ks.) - 

Yield 44-11 

Pewunir >R 1 nulled 1 

Cost 'R-l mill'd 

Pr/irjt iR i jnlllc-di ... 

Rci'tiHir iROOOsi 

Cosi ■ ROOD'S 1 

Profit 'ROBO’st ... 

FINANCIAL RESULTS tRnOO'R.: 

WorfcifiB ProfU: Gold 

Set sundry revenue 

Profit before taxation and Slate's 

share of pfoht 

TsxaCou and S'alc's share of 
profit 

Profit afier taxation and Slate's 
share of profil «... 


Q v. ended 
38/6. ‘1978 

405.808 

3.045.0 

W 

50.12 

25.56 

2436 

2QJ31 

10453 


0 >r. ended 
JJ -3 '1.978 

tMfdM 

1-wa.i 

4.7 

4 i‘ 77 
14.67 


Year ended 
' 30/6/1978 

1.O29.0B0 

14421.8 

8.8 

43 JO 
2446 


IX l» 


iz.mi 


9.948 


9.94* 

533 


10.481 

5468 

4.921 

1.091 

658 

4.762 


7. VI 


7 Ml 
417 


7.746 

3JM 


11.74 


69.824 

39.464 


30463 


30460 

L62J 


31.983 

16.282 

15.781 

34U 

L912 

221 

7.937 


FINANCIAL RESULTS iROM'n: 

Workiiu prefk: Gold 

Net vuitdn revenue 

Profil before tax at ids and Suie'a 

share of profil 

Taxation and 5lal»'s vhire of 
profit . 

Prefit after Lax alien and State'* 
share of profit 

Capilal expenditure 

Loan lew 

1-oan levy refund *1071 > — 

Dividend 2L804 

COLD REVENUE: Krom |] April 1978. Dav-mc-nt Mr sold ,v rip- 

official price plug premium on market sales distributed month! v ir,-, r. putr-t 
by paymeul al the market price. The noii-rocumns halaiiLius Djyiri'-in. 
reMiltliis trom the c-hansrover distorted revenue (or ilu- lurr.-m quarter uhich 
is i beret ure nut c-ooiparablr hith pa si or luiuiv qujrt-.-rs 

DIVIDEND: A dividend '.No. 18> of -in crnls i'J4.74"ldp> lr-r -hjr- was 
declared on 13 June 1975. payable ro members on or ahum > Aiiau:-' 197' 
CAPITAL EXPENDITURE: The eyilniaird capli.il rxp> n.liiur.- I.t ih» . urr.-m 
financial year it RS* million. The unexpended balance 01 am lion vd caiuUI 
expenditure at 30 June 197k was R44.5 million. 

DEVELOPMENT: 

Main RmI 

Advanced uni 

Sampllnc results. 

Sampled >tmi 

Slope width ■ cm i 

Av. valur- told tr/d ...... 

cmjx/t ... 

Ventersdorp Contact Roef 

.idvauced f«a* — . 

Sampltns results: 

Sampled (ml 

Slope width 'em 1 

Av. value: sold tc>13 .. .. 

rm.p/t — 

Carbaa Leader 

Advanced nn> 

Sampling results: 

Sampled' uni 

Stopr width 't-roi 

Av. value: sold >4 n . .. 

cm.fi- 1 ... 


. 484 

All 

us 

311 

"1 

342 ' 

1T9 

119 

175 - 

9.6 


9.2 

1,711 

771 

1.610 

2395 

J.'«l 

5399 . 

1.848 

1.1 

2.203 7? 

171 

r>7 

223 

16.9 

:n. 1 

Ub 

ABM 

3.6*41 

3.497 

3.289 

v« 

6.171 • z 

2M 

II.-1 

5m . 

109 

1U6 

2M 

5.9 

K 7 

6 3 .’ 

643 

:.vi 

6S7 


On behalf »f thr board 


II July 1978. 


R. A. Plumbndce t 
P. W.J.van Renkbtira. 


Direc inrs 


VLAKFONTEIN GOLD MINING COMPANY LIMITED 


3D 0 1973 


ISSUED CAPITAL: 

s.eoo.Mn 

shares ol Hi 

each, fully 



Qtr. ended 

plr ei.rfi-il 

IPERATING RESULTS: 

Gold: 

un- milled. 


30,6/1978 

J1..7 Jy7> 

From surface dumps >1) 

■■■•M 

118,000 

17 :'/*»/ 

Gold prodneed ikg. ■ 


299.0 

34.1 '• 

Yield is 11 


LI 

1 4 

Revenue iR t milled/ ...... 


10.31 

n 71 

Cost 1 R- 1 milled 


4.64 

Are 

Profit (R 1 milled — 


5.67 

1 

Revenue iRUPU S' 


1455 

lit! 

Ciuu (R0OO St 

.. .. 

838 

fitll 

Profil iRfloti'ai 

, t|H 

L02I 

272 


E-51 

4.91 


369 


3.057 

1,704 


1.293 


FINANCIAL RESULTS tROdfl'n: 

Working profit: Gold 

.Yet sundry revenue 


1.021 

131 


FINANCIAL RESULTS (ROM's.: 
Work Ins profil: Gold 

- ; Net sundry revenue 

Profil before- taxation and State's 
'share or prodi . ... . - 
—Taxation and State's share of . 
profit - - ..... .. 

_ Profit alter taxation and Stale's 

- share of profit .. . — 


7,480 

491 


4J92 
- 319 


7.971 

4435 


4 XU 
SJ 43 


9A6 


fiJAl- - 


2942* 

1499 


2L42T 

19483 

-U.M4- 


CapUal expntdiiarr- HO HJ 3492 

Loan levy • . -3W. . 226 977 

Loan levy refund .1971.' .... M -9* 

Dividend 2.94a — .4,914 j 

GOLD REVENUE: From II April 1975. paintcdi for sold production at Ute I 
. official price plus premium on marker tales distributed monthly was replaced 1 
by pajtnvnf- at ilu> market pntv. The ouihrecumm balanelne payments j 
1 respUlug front the thanaeovi-r distorted revenue for tbe cttxren: quarter which > 
'Is ihe re tore not tom parable wiu» past ar furor? aoaners. 

DIVIDEND: A dividend 'Xu. 43' ol 30 tucis iis.3354£pt per share was ' 
' declared on I* Jure ■ 137S. payable to nurabers on or about S Apnits: ISTK. | 

. CAPITAL EXPENDITURE: The unexpended baJauce of authorised capital 1 
. expenditure- at -90 June 1976 was R5.7 million. 

DEVELOPMENT:' J 

Carbon Leader 

Advanced tm' 

Samp line resulis: 

Sampled 'rni 

Stop* width tcnn 

Av. value: sold tan 
-•- - cm.; 7 ... 


■Upiiat expeodirure 1,091 714 

Luan levy 658 472 

Loau levy refund tlOTH — 321 

L'nldi-nd 

COLD REVENUE: From II April 1975. payment for aold produnton at tbe 
o/fac-ial price pfo* premium on otarkc-i sales distributed uiourbl) was replaced 
b> payment ai tti>- market Pnee. The non-recumnB balancms payment* 
n-suitins front the changeover distorted revenue for lh>- current quarter which 
is Hn-relorc act comparable with put or future quarters. 

DIVIDEND: A dividend -No. 35> tn «& eenrs i37.ii0Mp> per share* was 
-declared on 13 June I97)>. payable 10 members on or about 6 A usual 197S. 
CAPITAL EXPENDITURE: The Ul> 


DEVELOPMENT: 

- Maid Rear 

Advanced imt 

Saniptmil rcuults: 

Sampled ini 

Slone width nan 

Av. value: sold ta-l- ... 

em.fi.1 — 

Venleraderv Cuuu Reef 

Advanced mjj 

. Somplma results-. 

Sampled not 

Smpe width 1 era ■ 

av. valae; gold ist» 

cmjti ... 

Elsbura Rod ■ 

Advanced nn> 

Sampling reaulu; ■ 

Sampled (me 

Slope width 'can 

Av. value: sold is n . .. 

cni.fi. r ... 

Kimberley Reef 
Advanced (nyt 

Sampling restdts: 

Sampled 1 mi 

Slope krtdUt itat 

av. v8)ue: cold ism 

ettLS-T ... 


SHAFT SINKING: 

Na. 2 SuMferdcpi share Pull-scale sinking, limns and cquippins arc 
In prowess. ' The shaft was nmk 123 metres to 717 metres below the -collar. 
PROSPECTING: 

The fourth and flnaj deflccUon af borehole LBI wax cnmpfcfed. Hesults were 
as fonous 

Carre aed 

Berehofe LEI Reaf - Depth WMili 

<mi-trea> um> 

Doflf Non 4 ... V.C.IL 2.876 126.9 

Elsburs 2.1 ID 171.4 
ORE RESERVES AT 30 JUNE 1471: The ore reserves based on a pay limit 
deie fanned ai a sold price ot fM-i'OO per kilogram are as folJon-*; 


Proili belore tuatfon 

Taxation 

Formula lax 

bon-miuinA lax ... 

Excess recoupments tax 

Profit afier taxation 

Capual expenditure recoupmr-nis 

<neo 

Loan levy 

Loan levy reload ■ 1871 > ... 


2.152 

621 

39 

56 


436 


fa« 

361 

J.VI 

17 

•is 

136 


2.293 
' "2GB 

2.533 

771 

76 

94 


139 87 296 

92 26 US 

— JIM 110 

GOLD REVENUE: From 11 April 1975. payment for cold production a: :hv 
oft 1 i-l al price plus premium on market sales distributed month!) was jcpI.k-i-U 
by (htyniem ol the market price. The mn-rveirrn nu baJam-ws paiin-nif 
resulting from the chanaeovrr distorted revi-nu..- Inr ih>- current quarter whicn 
is thi-rt-lore not comparable wiih past or lulurc quan*-rs. 

CAPITAL EXPENDITURE: There were no i jplta! eapi-iiJiiurc commitments 
at 30 June 1975. 

PROPOSED REPAYMENT OF' CAPITAL: Nn dividend vat dcilared ur paid 
durme the quarter. At tbe adjourned annual general niit-nna ol inenih-w*. held 
on 26 April 1978. a aperial re^olmton was pawwd in irnm of uhlih.u was 
resolved that, subject to confirmation by the Xuprcme cmirt of Smith Afrli-j. 
the authoriaed and Issued capital of tbe vnmpunr hr reduced frum Rl p^ r jbar-- 
10 90 cents per share, and tbe Directors tv authorised in make j r-pavni-iu 01 
capital nf 10 vents per share to members registered in the hoots of the i-omudiiy 
on 34 June 1978. AppUcalipn ha* hren made to the Court (ur •nnilrmaiiriii of 
ihe redaction of i-apJtaJ. which will becorar .’IfcrUve w hell iIk- ik-i t-M irv nrder 
of Court Is grant Ml and rcfiiarered. Member* will h.. informed in due «mir*e 
when rhear formaHries are completed and or Ihe eapn-icd date jnd the cotidiiiuiu 
j or the repayment of capiul. 

On behalf of ihe board 


ded balance 
lion. 

ol authorised 

capital 

2.177 

tflIS 

7464 

540 

w 

1488 

129 

174 

134 

S A 

.7 I 

54 

722 

694 

470 

1354 

Jjl9 

6,569 

171 

404 

L234 

142 

137 

147 

15.9 

4.3 

194 

2.258 

675 

135* 

1*8 

M 

33S 

126 

.VI 

23* 

197 

J>6 

184 

7.4 

1.6 

S3 

L458 

911 

LOU 

142 

112 

358 

54 

9* 

2C 

157 

146 

162 

22 

113 

Al 

582 

1479 

L3U 

>u held under prOapectuip permit!. 


II July 1978. 


P. W.J.van Rrn-Jjurg ■ 
R. A. PlumbndKv 


Du. clors 


KLOOF GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: 38448.0(10 ordinary vbares ol Rl each, fully paid. 


OPERATING RESULTS: 
Gold: 

r*re mlUc< >11 ........ 

■‘•old produced fkfi.1 ... 
Yield ffi-tv 

Revenue iRT miOeffv ... 
Cost 6R 1 milled! 


Otr. ended 
38/6/1978 

418.000 

6.4844 

UJ 

7A17 

31.48 


LMr. rinlilt 
31 .1 I97S 

4.11 '»*■ 
5.727 ? 

n. 2 

o'J Ilf 
TI. 1.9 


Year ended 
30. 6 '1978 

3.722.003 

22,298.4 

32.9 

6213 

32.C4 


Value 

■fi'i iem.: "ti 
17 A 2.137 

7.4 1-28$ 


Profit (Rt milled) 


Revenue ‘ROGO'ai 
Con >K06» mi 


42.77 


35.683 

25.971 


20332 


28332 


69 

.727 


2X424 

18494 

11434 

d.404 

1423 

1368 


myii 
14 Wi 

I2.i 1.9 

12419 
. . 46 -' 
Iljeff 

7.6 r.’ 

7J74 

Mi 


29.34 


107.072 

56.542 


50.530 


58330 


1.969 

2491 


54,609 

23,597 

31.003 

13.539 

2.635 

12.046 


Main Reef 

V. . AftWed 'mt 

Sampjim? results; - 

v-SMflpUff- (mi • : 

Slope vsjdUt tenij 

. Av. value: void ■ c 1 • 

-■7- i- • cm.K t 


'3304 

ijya 

14,469 

592 

641 

2.970 

' 135 

JUS 

10S 

184 

1.1.4 

14J- 

L9U . 

1 MS ■ 

1481 

SU 

9U1 . 

3068 

410 

4J0' 

- 1,434' 

' 114 

ltd 

; tit 

14 

■ ■ 130 

130 

1494 

1AB3 

1333 

on- reaervre based on a 
kilosrun are as [allows. 

pay -limit 


1 . _ ■ ! 


STOPE 


Classification 

Ton* 

Width 

ICtUI 

Value 
' sratns ' 
iun> 

Cvmimmre- 
sram* 
per ton 

Mam Reef 

<14400 

ISO 

13 

L190 

Venie«>don> Conuct Rncr 

L363.000 

150 


3.690 

<bDbericy Reef 

1*409 

174 

8.9 

1349 

Toul and *»eroges 

L 795, 890 

14t 

20.7 

3464 


CJassfficaowi 

Tbns 

1 

Width f 
nan 1 

STOPE 

Value 

'crams/ 

ton) 

j Centtmero- 
srams 
per ran 

Carbon Leader .. 

LBfiUM 

185 

133 

L386 

Main Reel 

107404 

115 ! 

1L3 

1 UH 

Total and averages 

L 975. SCO 

i» . 1 

134 

ijn 


Kota: The openjoa up of the Jo-.rer zrade areas of the mine .is n-acJilne Ihe 
nase whin OTc from iht-w areas will soon became available lor raining. Thu 
will half lh * ™*cf Ot reducing ihe value ot tim ore rcocr re. . 


11 July IK*- 


un behalf of tbe board 

R. A. Plumbridfif t 
P. W.J.van Rensburxi 


Directors 


On behall o' the board 


U July 1978. 


P. W.J.van Renvburxi 
R. A. 'Piumbrtdse 


Director* 


NOTE: 

Copies may be obtained from 
the London Secretary, 

49 Moorgate, 

London, EC2R 6BQ 


Profit 'RAM’s) 

FINANCIAL RESULTS tRTOO'ci: 

War* in* profit: Cold 

Recovery under loss of profits 

Insurance 

Net tundrr revenue.— 

Profit before taxation and Sra'e's 
vltarc or profil 

Taxation and Stile’s share ot 
profit 1 

ProfU after taxation and Suit if 
share »f profit 

Capital expenditure 

Loan levy 

Dividend "" . 

GOLD REVENUE: From- 11 April 19TS payment for cold production at ihe 
official price (Uni premium on market sales distributed monthly uas repinnd 
by payment at ihe market price- Tbe non-rmrrnnc balancing payments 
recuftiRg Irtnn the ehangtover iDyrorted rcremic fur the turrenc quarter nfticb 
is ibcreiore not comparable with past or lulure quarter*. 

DIVIDEND: A dividend i\o. 17. or .’■> cent* H5 4irj90pi per inure was 
declared on 13 June 197J. payable to members jin or ahaui S Ausust ]97>. 

CAPITAL EXPENDfTUftE: . The unexpended balance Of authoriwd caudal 
expenditure, at 39 June 197S ku R45.« mlUinn 

PRODUCTION: liming operations in 1 
file ft re. have been restored to normal. 

DEVELOPMENT: 

Ventersiaro Contact Rotf 

Advanced uni 

Sampling results: 

Sampled fmt _____ 

sinpe widm 1 crai 
av. value; nolo tgi ■.!..„ 

. um.s't 

SHAFT SINKING: 

Ns. 3. Shaft: The excavation 
Shall la almost complete. 

No. 3 a Service Shaft; Excavation ol the hcadsear pnnlfui of tin-, .nivillary 
shafi is iu prosresi and tbe temporary sinking bmsiy are’hi-ins luMalk-d 
ORE RESERVE AT J i JUNE 1971: Thr ore renerVe baaed on a pay limit 
determined at a sold price of R 4.706 per kilosrJDl Ls a9 follows: 


the 48 lonjitiaU 

tthlch was ad'-ned by 

6.677 

2X9 

22358 

228 

14 11 

L334 

172 

nr 

148 

32.9 

fl.4 

223 

5.651 

i.m 

3.271 

• boisi chambers 

(or No. 

3 Sub-Ycriitd! 


■ 


STOPE 

Classifies lien 

Ton* 

l 

Width 1 
icmi ! 

Value 

1 prams/ 
ion ■ 

j Cenrimeire- 
1 crams 
| per ion 

ventersdern Contaer Rear 

33M.086 

155 , 

17.4 

2497 


On behalf of Ibe board 


21 July -197ft- 


71. A. Phnqbridsr t 
p. W.J.van Rctttbitu, 


Dlrrrlore 



Financial Times Wednesday July 12 1973 . ^ 


26 


WORLD STOCK 




Dow improves 4.5 more in active trading 

. hu« hf>rn in industrials.* 


Indices 

NEW YORK-® 0 ^ J0NES 


INVESTMENT dollar 
PREMIUM 

52.60 to Ei— nrti% moi%> 
Effcclive SI.SWS— 51% (32J%> 


HELPED BY some envourasinj; 
pointers regarding the fight 
against intlalion and nsiite 
interest rates and also an improve- 
ment in the dollar. Wall Street 
maintained a firming tendency 
\crtcrduy In active 'trading. 

The Dow .tones Industrial 
Avcrace gained 4.30 more at 
RM3 and Uie NYSE AH Common 
Index added H5 cent* at 5*1.30. 
while rives outnumbered declines 
by 341 to 52G. Turnover expanded 
hi* 3.0lm shares to !!7.4Sm from 
Monday's level. 

In Washington, Barry Bosworth, 
U.s. Council on 


Tokyo 

Market turned moderately 
easier, with investors becoming 
cautious - Following the recent 
rapid sains and the >'®” 
appreciaUon. The Mkkel-Dow 
Jones Average shed 3.US 


ha S encouraged equity investors. British Petroleum^tb<? 

In Europe, the dollar picked up leader, rose I to S16h-on wona^. 
tfMln«t major foreign currencies It declined to commerii on BriUsn 
m what dealers attributed pri- Press^ reports that 't . has found 
marily r o‘ short-covering in the oil off the Shetland Island.. 

U.S. currency prior to the Bonn Xerox put on £ to S34 and SCM 
economic summit, beginning on gained i to.SiSJ — the jury in 

Texaco, wliirti is drilKng about found that X *roxs patents ■ « w 320[ n shares (3-UWii'i. . 

100 miles cast of Atlantic City, competition in the plain p pe Export-orientated Electricals, 
not fnr from where Shell Oil on copier market- Separajeb. Xerox 
Mo ml ay reported a dry bole, rose said a suit brout.hr by V an Dy 
U to SUi in very heavy trading Research Corporation 
on rumours of an oil find. ~ 

Texaco slid, however, 

could not comment on 




>ouvgu . . 

Roussel Cle Bnncairc. Lceranfl, 

Perrier. Pechlney, Peugeot Curoen. 

Radio Technique. Sue* and Thom- tVarilriir-' after 

.son Brandt were all notable br.ght cousin 


Hong Kong 

Markets reverted to mi upward 


Trmitoport,. 


to spots. 


iiLTOmi „ r alleging 

Xerox* attempted to monopolise 
„ thut it the plain paper copier market, 
er \ will begin today. 


Germany 

Share prices generally softened 

^ J -.. „ „ on lack, of interest. . „„ 

Electronics losing YSO to *2.290. j n leading Banks Dresidner HKSS45i while advances of -0 

Canon Y10 to Y469 and Toyifla Bank shed DM 2-50 and Deutsche ^ apiece occurred in Hong- 

Mutor also YiO-io Y9I0 Bank DM 1.10. Motors had Volks- ^ Rnnk HKS19.30, Hong Kong 

Pharma- wasan down DM 2.20 and BMW ..JJ HKSI0.60. 


Vehicles 
on the 


and . Cameras declined 
yen's strength. TDi\ 


on profit- 
taking, and the Hang Seng- index 
rose 7.29 to 580.42. Overall turn- 
over picked up to HK8i4Q^2m 
lHKS127J0m). 

Swire Paeifie rose 25 cents ttf 
HKSfl.35 and Wheeloek a cents to 


L'ttltriea- 


ToI 'l 27.4B0 22,470. 25.48* Htf* 1 “ 


Hutchison 



director of the Z JO per vicui iiucicm in 

Wage and Price stability. said he added II at S25». 

looked for an inflation rale this blocK - ‘‘ aoea 16 a " 3t 


Freeport Minerals, which has » Resorts International A. 
per cent interest in Texaco's leading active, came back 


the Cements, 
to sharply on 


however, 
the industry's 


leading active, came u**.* « ^ a , __ c n r ueciuum 
sS7J. while .Vmeriean Motor Inns, tiations to sell «>ip tonnes Lhide rei 

— . t 11V „ which is considering buying cement to DM 2*0. 

vear or about T per cenL He told hxxun. 'Vhich is drilling near Ailnntiv i 
i he House Budget Committee Lhal 'its- t0 s14 * 

so far this year inflation has been S2 j{. SheU rose 3 * jf.^| UoUf , ton mi ana .«mcr 

running at an annual rate of about pile i ^**7 hoI J ; ™ of’thc motfi holders or a lease block In 
*" P' r « nl - Baltmore C»n, t n. ■■.■Ilmlwl.il 

— or ihc Loiwmmj picked up I lo 61;. 

Office said that K r „„,i v 


rose BBC °ainlnn DM 2*0 but Siemens local interest, while Hong Non? 
rys nego- declining DM 2.50. Elsewhere, wharf gained 30 cents' t0 
tonnes of n^dTrS-eded DM 4 and Harpener HKJ24.30. 


Minerals. 

Chemical 


Public Authority Bonds further Johannesburg 
1CU . ..wakened to display losses rang- M ^ i rret , — 

and ing to 33 pfennigs. The ReguUt- me nts \vere recorded in the Gold 


S522J. 

Aowlyjts recently boosted earn- 
inufi climates for some drag Canada 

f._!LL .1.. .alt.-Af he* 

The uptrend continued yoster- 


Issues also 

against the general downtrend, 


issues. Squibb, on tlio actives list, 
pul on i to $37i in heavy Trading, 


Paris 

Bourse- prices continued to move 


The director 
sional Butted 

although the U.S. economy faces 
rontinumg problems despite i 

drop in unemployment, itproh- > t o $37i in heavy trading, me up ^°“'i , , ,u num i es "rose ahead in” busyTrading. withdeaiers 

ably will not slide into a recession P AVhab Laboratories rose Lj day. m “ S ^JJrting goSd buying orders from 

I^ie in the market session, the W4 , smithkHnc 11 to SSoI and 1-o0 to inOL *- lii97 ^ po uian ^ 6 . 

Commerce Department reported M „ ck aIso V: t0 S37J. ft? 0 e ” 0 mar^t indices ^ were ° The stock market gained further 

per cent toiinvm:- - — - „.,n° not available due to computer encouragement 

per cent in May. 


I hat retail 'ales in June rose 0.1 Laboratories, ‘which intends .. 

per cent following a decLne of 0* liquidate two units in Puerto Rico. at the es ^ aQBC . 

moved ahead lj, to *«.- K 


On the interest rate front, one «3aming_stocks^lost tevomr- J tow- , . ^ * U "* i 3 ‘ a ^ce'. whtl^Si clco 


On the mitrCM raie irnm. J-J™ «r ftH . r pj r e.,tin>T it CXIR. rose i apiece, while 

analyst said he be Ueves that rates cvei. CaV'ars Morirt retreatm V, ^ Norand a 

m the nved income sector have to jg ^6i. each added S 


helped by Chinese orders ^ for 

vohn neSe w£e n¥e fi?m e^'^nclined. weakened 'To' 'display Joa£ rang- small Irregular move- 

^c^u^o^nd teg »*£-+■ "aart ta - “ 

nominal DM. 3S*m of stock Financials were 

(DM SSJmi. Mark Foreign Loans * to finjie r. Elsewhere, 
also declined. geers retreated 13 cents to 

R6.70 on disappointing urst-haii 

Australia di p7a < S?u^S eS ‘'verc marginally 

Stocks tended to gain ground, lower in places, but Coppers were 
with BHP, on further specula Don a few cents h^der 

esss sSSs 

a brisk turn- 

Milan 



statistical. institute surveys reveal 
ing growth in output and higher vents to ASi.o4 in 

' D The^ Construction sector, for CRA rose S cents lo AS2.5S on Lower in slack trading . M ainly' 
a series of Government speculation about its Ashton dia- on enj-of. account considerations: 

, mond nrosoecL on which testing Tho ' sudden arrest of Raffaele 


w hich 


The sudden anrst 


NEW YORK 

Jnlr 1 
M | 


J..'v ' 
11 

J«!> i 
H> 

+i.<rk 

JlI'V 

11 

L'iniina t*'a»s.... 

1 1 .|*l int'n'tiiiiu 1 

55 

48 Hi 

~54hi 

475, 

qni . 

AM- a* l+r-i.. | 

Ann* LilftALft...| 
<1/ f‘rraii'4?.. . J 
AUn n.\ ”.un» inmini 
A 

"ii” 

211; 

39ift 

27i; 

27 

40<j 

~33 

21’i 

391; 

27'; 

26-.? 

4U* 

m. 



L-K'x'kcn N»v 

1 ("ii'wn /p|ln I'* 1 - 1’ 
(.•iimniin . Knnint" 
(.‘tirti?- IVrielit.. 

Dana 

■ 27'; 
253it 

31/8 

37 

Ibis 

27 ,* . 

27 M 
25*b 
30.g 
37i« 
16 U 

27i« 

All. 


Wfflfc 


Mlrit. Lu'Hllr 

A-iPCMenv r.mei 
4!,tp,l I'lK'inin ^ 
IliH lli-r** 
it'ir riialinrr*- 
AM \X ■ ■ 

\ mrrvl* H»*-. 


IBI4 

351- 

zsu 

33': 

33b 

Z7-i 


Inin, Vrltnf.-. .. 
Iitnii. Hitnrit.. . 
\n.<*r. HlwlM'l. 
ImP!. I mi.. 
Iintr. 1 moiml.l 
Ilni>i . LM?t- I — 
Kl*r. h* 
Ijm. -. 

1 nw. Hi'i'ie FfWi 
\mci. Ucnol. • 
tinvi. Mitii-p*.. 

Inin. '•!. 

A n:er. .-caa-litr-l.. 
Imti -imn- 

Vine!. Id. A Id. 

K nvHe- 

utr 

A up 

VlllU’X . • 
Am'hnr H.-.'kinc. 
A nhPu-Pi Uh-mi.. 
Irmw 

V.>.\. . . 

A*» mer* *'U . . • 


13U 

SO 

40 

42 

29 

33 ji 
23 ’4 
36 

29 V; 

26*i 

5U 

411; 

421; 

33>7 

Sa:* 

52'* 

18 

34 
14'j 

30 
23 pg 
29=1 
211 
16^ 


181* 

34is 

23U 

33’-» 

331.- 

27ig 

13 
50't 
49 in 
42 

28. i 

33 
235s 
55H 
291- 
271, 
5 Ac 
40 ii 
42 
33-’* 
591* 
32U 
17.; 
32'., 
14* 
29., 
23T; 
291- 
211* 
161; 


I Is 1 1 In-luMiio .. 

l<Kie 

IW-i M-jiiie 

Lldl.ins 

Ueui-plv lnl»i. . 
Lli.-dt.il Mih-ii. .. 
Ilialil.iii.l 

|ii.-*si4i>Hie 

LUtpis K.i'i'1 1 .- 
IH»oey iWalti.. . 
Uoteri.>tr|.B. . .. 
IKin Lbcmlt-sl. 

].ir*io 

i Ur«i>er 

; L>uv-.<di 

UriiH) ln>luMnei 

! Lide Pn-lirr 

[ bssi Airline-- - 
1 lisslinsu K-.^lsk.. 
HsImQ 


32J* 
261- 
10'* 
24 
15i, 
26* 
13** 
46'a 
40* 
42'* 
241; 
261* 
43 
1 13 
50'* 
23*j 
12T-, 
S4U 
37ii 


32 

26it 
10 
24S* 
15'- 
25 If 

I5ie 
48 5« 
41.4 
41', 
244 
26'- 
431* 
114 
30'* 
£3* 
124 
53-i 
46 ii 


.1 von 4 .11 sari lie... 
Jithnton -lohUMn 1 
.IohJI-uD L'l'QllOl- 
■lov UsDuisdur'- 

K.'Mirl.ip- • 

KbI^i All mil □ini' 
Ksist-r loi'n-trie* 
Ksimti >l«Mi 

I Ks.v ' 

I Kcmu-.-Hl 

! Kerr Jltlier 

M-lilt- IValln.. . 

KIiiiImiIy I 1*5* w 

Knj'pet-Y • 

KiriI 

Kroger l«. 

Lea wn,v Tnuia. . 

Led Mrmu— 

Lilit'i tiv.Kn.id.... 




t-aum-U'i... . 
All. llwlihvM 
mu.. 1 mu Pi”. .. 

AH' 

Ads. 

Lvnn I'lttrtUiilr. . 

Bsli Cis» Kwei 
Wank Amcru-s. . 
HsnLei ' I'A.V. 
BuKW • • 
PsMcr I m*- n.ti. 
PnuriiM l'-'Oii.. 
He^l'eatllcenM-** 
Pei: 1 Rond.... 

Pehdrv 

Reneud L.-.iv -B 
pRlhlchrm Meel. 
Hist- A l'«'»ei . 

P'ASB,! 

K-i-f lAiwIr 

P -rtleu .. 

P i* Wuriiei 
hiaoill Ini 
Nis-«D'\’ . . 

Pn*ltn Mvei- — 


14 's 
33). 
49;; 
29 V 
91* 
25 >a 
54-* 

25- .j 
224 
35i; 

26- 4 
45 1 : 

24:* 

364 

194 

384 

3-* 

221 - 


144 

33m 

4B.« 

29 

9 

24., 
55i a 
28 
22ag 

35 
26 , 
434 
24'* 

36 

18., 
381* 

34 

22*8 


K'. I. .A t* 

hi I'SMJ Net. <■»** 

Klin, 

Kinerwui Klei-l ri>-. 
hnieryAii Ki'iaht 

I Kmlisit 

iK-.M.I 

KnpdtuiH 

E-majk 

Kihji 

taxon 

fcawlnirti.iiiiew 

. Ked.U*t»i.Sitirn- 

i HmU'iieTiie 

i FrL >»l. Uurtmi.: 

I Kleii Van 

| Flint We 

FlnnUs IWn .. . 

1 1'lUllT 


25 
16', 
30'* 
355, 
235j 
374 
24 
224 
30i; 
214 
454 
' 324 
354 
13>« 
29'- 
204 
264 
30 
351, 


241* 

16 

304 

35'? 

234 

37'a 

24 

224 

30i, 

211- 

441, 

3U- 

36 

134 

291, 

20 

26!% 

30 

36 


301, 
82 jp 
274 
33 
244 
31 
2 

23-. a - 

124 

214 

424 

33 *e- 

44'., 

224 

46.* 

354 

324 

32'.* 

26'* 


30 

83;, 

254 

33 

241* 

3H| 

Z 

237, 

124 

211 * 

424 

33'- 

441; 

2 Us 

461* 

33 

324 

331, 

261; 


I liedon 

HeVnyld* Ueiaia. 

, ktrinuld* It. -1 . • 
UUrbV-n Herr hi.' 
I.'.v-UttpI! Inter.. 

( U'/fam A Huu- . 


481, 
ZB's.-- 
554 
24.'8 
32 ig 
334 . 


48 la 
284 
584 
241- 
321& 
324 


P-.r. Pel. At'li . 
P-.cknevl.in.--.. 
piiin-nn-k . 
Bm-vru, Krie ... 
P.iiMta llalrh. 
p..r.ia-i.-.nNihn. 
Furn-ucn- . . 
1 amtiWii >-ii|. 
I'ann.lmu PHciAi 
1 in*- Ksutiomh.. 
*. sniat i*'ii.. . . 
I'siTif: .1 lieneiai 
•4rter Han w 

' Bid | il . l»r 1 IRi ir 

I Hr .... 

I ”11*1 

' omul A r." . . 


161? 

16i* 

55 

541* 

261? 

25-'* 

281* 

26 

281' 

281; 

15'« 

133? 

141* 

143j 

371; 

37 

161? 

16 

331* 

33." S 

14 4 

14.» 

17T* 

17 i. 

61" 

63ft 

39:? 

361* 

731.-. 

731. 

341* 

331; 

17 

16 'n 

11 

U'l 

26 

27« 

12T* 

11.8 

17'; 

I7ia 

58'v 

571* 

54’.; 

54 

4Qj« 

41 

16--, 

lb'; 


r.jtjc 

Fort M««r. .. . 
fc.ueniKK Mel.. .. 

FotU.io 

fc'njolain Mint... 
FseepoaL Mineul 

t'niehsiii 

fca.|iie lad- 


23 >5 
461* 
20a* 
36. a 
91* 
25-5 

29 

104 


.234 

461- 

204 

36>, 

91, 

244 

28*, 

1031 


l.iflsei i< roup.... 

IdUyibb 1 

Litu-n Indu-t.. .. 

Li-Jiheed iiht'n 

Uue star 
Luii*; lalsuri Lid. 
I/MiiMaoa Land.. 

LuurliC. 

IjicL.v stum 

IAc VunBAt'*«». 

MacMillan 

Maej IL H 

\llu. Uaiuiiw. 

5 Mai*.-... • 

■ Maraiht'ii Oi!.. . 
Msiiui- Mulls ud. 
I Mbi-IirII riel'l • 
Msv I'epl. More' 

ML.l 

UL-Ucmndl • •• • 

Mi* U> -II lie. I Mia 
M.-ijia« Htlte 

Mi-mixes. 

Meiv* 

II err, 1: Lnu.L. . 
.Mew Peiioieuin. 

11 KM 

Miun.MiD«4MrK 

IULH L'.iiv 

MOUMIll” 

Uur-an J.P 

Mulpruia 

Mutr.-by Oil 

Aat-iiwf.v 

Aalco'.bcnncal.. 
XslUMal Csn 


52 it 
484 
217? 
22i, 
19'} 
1£U* 
21*8 
394 
153* 
74 
103* 
40k 
3ma 
32 
f42W 
144 
22 
231- 
503a 
234 
34 
22-* 
40 
57J-. 
185a 
327 S 
394 
56»* 
615* 
504 
444 
46a» 
41-8 
25 
304 
18 


314 

474 

214 

225a 

1968 

184 

214 

39 U 
154 

74 
104 
403; 
35 
324 
42 
144 
226, 
234 
50i? 
234 
33; : 
■Z2i S 
394 
56 1; 
18 
32. s 

40 
5658 
614 
504 
444 
46 
403a 
264 
30 
17 ** 


Knva I Uul.-h 

HTK 

Uut- Lib* ' 

Ujiler ■ey-iem. . 
■Mien.T ■M'.w. 
^t. J lie lli neu 1-.' 
-L Ui^si* Pa|*n... 
1-nail Ke ln.1*.. . 

Ssvm liive-t , 

-s.viiu I ml- 

Sebili/ Hre* mg.. 

I St-hiuniiierpeJ . ■■ 

M.U 

-cdl P*|.d 

! .-.-..Hi Uiv 

■SvuiWerLIu.j. Lap 


594 

144* 

11/8 

22 

394 

237a 

273« 

345b 

54 

54 

13H 

835f 

18>, 

I64 

20' j 

74, 


604 

141, 

117b 

214 

39 

244 

267g 

344 

55a 

6 

125, 

834 

18 

I6i* 

194 

73* 


back 


Wool ttortb • 

Wyly ' 

Xenix ' 

Zaps ls 

Zenith Ka>ltu- 

r.-.S.Trea-WlWf' 


LSlres-a.;*7- .afc; ,79 4 
l-.fi. 90 . lay M IN..' 7. 17^ 



- - — -i 

caused weakness in stocks li 
with the above financier, sui 
Montedison 


CANADA 


the prospect, came 

to AS 1.36. 

Among Coals, While Industries. SAL Baslogu 
AS1.95. gave up the previops day's italccmenu. _ 
gain oF 3 cents which Followed 
i news of its sales contract w-ith 
Japan. Coal and Allied receded 
13 cents to AS4.30. Utah put on 
3 cents to A 34 and Oakbndge 3 
. cenls to ASt.78. 


Amsterdam 

A firmer trend 
yesterday. 

Among 


was apparent 
Dutch Internationals 


S«a luntsinci . .. 

bngram 

i a«a;!i]itLL>.'. 

' i- tan, Koei-utL... 

. ?KULU 

] >hd‘ 

i Shell lnn-?B,rl.. 
j Sian* I 

i •jia.Qwie Onp 

1 -jimpiicitj Hal- 

^imjfi 

■Miiitli Kiint 

.■stuin'jii 

TMlIltMlfWII 

^MUuilietuCa'.lnl 

nmukem Lf 

TJlhu.Sar Ut, 

-iuiilieni I’aiiitiL-. 
'JuiiliiernUailiiai 


26'* a 
22<s 
145« 
22,8 
36 Ls 
321* 
423a 
474 
27 
124 
203, 
854 

25* 

297 t 

254 

164 

353# 

314 

504 


274 
224 
14 
22jg 
35 ,b 
314 
424 
46 /a 
374 
13 
20 
84 
24 
293a 
254 
16 
353a 
314 
<W* 


\ijiubi 13 

Vgniuu Lagie 6'? 

AitaiiAlumlmunii 30U 

ALicnis^uel 204 

A-l«-L.* t404 

ilnnk oi Moiiuea 223, 

liaak X.ji-a -oJia; 

Us-u: Ke»Oiirw»- 
bell- l'eteph<ine... 
bon* Valiev lad...: 


204 

4.75 

57'* 

314 


13 

64 

304 

20 

t41 

224 

204 

4.75 

56>* 

314 


nls to ASt.iS. . Rova! Dutch improved 2.0 to 

Urantl L m ? ^ r iL n J?'"^rC. shed F1133.I and Unilever LO to 


HP Canada - 

Hca-cau 


154 

16 


Hriocu -..j t4.65 


G.A.F 

< Ganneu 

; Gen. Araei. InL. 

i G.A.T..C 

Gen. 1 ai.ie 

lien. Li, iiainic-.. 
•n on. Kiwtn«. .. 

Gen. 

Gruriii.- .Mill-... . 

U fliers l Mi4<>r.>.. 
iren. Pul*. I til... 

j Hen. ^iKnai 

' Geo. f*l. Klcrl ... 
Gen. I vie 

lieiltoM 

Georgia I'acltK-. ■ 
Geity Oil ' 


IB.? 
434 
97 S 
27 . e 
17®, 
734 
52 
32 
304 
601, 
184 
295, 
28. a 
255* 
6 

26 

564 


131* 
45 
10 
271- 
t7l* 
75 
514 
324 
304 
594 
18 j, 
29 
281 ? 
25-* 
5), 
264 
35 -f 


• f-tatlilci’i.. 

20 < s 

20/ft 

1 t-*iia Alrxiftll 

38U 

37 >j 

l iiii-i* Man hull 'ii 

30.; 

301* 

« i(Tilii-n, I - .'. M 

3618 

38is 

t 1C*« r.> jili 

24-» 

24 1; 

1 h+MI' M *l« .ll 

30:j 

29-4 

■ iiii?x« h'.'i^ - 

53'* 

B3»s 

1 ft \ • U" 

IDi* 

10-, 

I’.flfllllM . 

41; 

43« 

i >n* . U ii.v on 

30 'i 

30 

■ .ii.'.* is . 

23 

23 

• lll(t.VMI'1'. 

46.? 

49 >4 

1 ii v Inti'.l iii^ . i 

15i[ 

15'j 

•'S '.■■!? i 

42 

42 

i .. £»lr Pn. ill . | 

20' • 

ZOii 

•.-i;ui- Xi.nimi 1 

11'4 

Il's 

•V i.in'-l? >i»* .. 

27-, 

283a 

("i'.iiiiiI'II, I’l.l. 

201; 

20'* 

1 ii.i-i \m 

161* 

163? 

i .'-I'lUi II hi hit;. 

40 

39'* 

i ■•inl.u.iivn Ki; 

161; 

151? 

• ni"ft 1 .1 Mi»cn 

27 

Zb.* 

i m -i \l. till I.Vl 

2t" 

21; 

I ■■ftiHi. MIlilllF. 

4 1 1; 

40-4 

1 "nn«ili;iv:i!n.v 

It 

111.1 

• .i.n Luc In?... 

3b'i 

36i» 

i 'n™-- . - 

19". 

IB. a 

• •-n.lili.-n 3.1 . 

233; 

23 1* 


Gillette 

lr.jivnu.-li H. V. . 
I.ii-vlvear 1 ire. .. 

t,uui>i 

Gian: tV. If 

41. Allan L'ae Im, 
tin. .Voilli In.-n. 

UreviiMii.i 

Gulf A Weaicin. 

Gull Oil 

Haliburtun 

Haana Miinny.. 

HmuiwIili-pRr.... 
fclai-Mk I.KIUII 

Hrliii H. J 

Ucnl'lein 

Heinr PaeVaM... 

Hi.ii-iav Inn* 

Hoinc-raLi- 

H-.ii* r» eh 

dr»ner 

tlu*]“Cui h- Awer ■ 
H-mdnii Sll.lw 

Hull,. PIi.AiC-bni 
II uni'll iK.fc,'.... 
I.L. In.iusLrim... 

! I>A .. 

Inuei?«iii Ifaiu,.. 

lDlao-i Meet 

IntiU-i. 


28-* 
224 
16j* 
29 is 
26 "b 
64 
253a 

13 4 

14 
234 
604 
327e 
164 
56ef 
414 
25*3 
821* 
174 
34,; 
57 
113* 
317i 

244 
10..* 
154 
26 4 

414 
564 
341 1 

154 


28:? 
22 i» 
16-* 
29 4 
26..- 
61; 
25: i 
134 

14 

224 

614 

32Js 

164 

56., 

40. , 
253,1 

81., 
171; 
344 
574 
11-, 
314 
244 
104 
14.? 
254 
41k, 
ad 4 
354 
143* 


■ Xat.Ulsnilei'v 

j Nat werr.ee tnd. 

! Nati'.nal Sieei.. 

, Nil.'ira, 

:m.k 

: Ve|.tUD« Imp ■ • 

| X err Kn-land Ki. 
New LngianilTei 
' \la*>*ra Muban-l 
; Ma-^aia share. .. 
V.F, luilmlnei 
| v.rt,.i cOVe-tern 
I .Nvrlli NaL.Ga* . 

I Mini. Slate* 
NiliMni Airline? 

, MI>nH Haiux-n,' 

1 ^url.■ll&ill^.'n..... , 
1 1.1.,-ulenu' Heiroi 
; Uai',.v.Maiher. . 

. llliii, Killti-D. ■ - 

lUim 


21^ 

16 

29i, 

414 

524 

173* 

214 

533b 

14 

104 

183, 

244 

404 

254 

274 

24 

184 

214 

•554 

184 

144 


214 

154 

30 

414 

524 

1778 

22 

35 

134 

104 

184 

243; 

404 

25 

274 

244 

184 

214 

55 

184 

14 


3uiiUilauil 

ywi iSainliaiv... 

f -Jpert.v Hutch 

j vfwro 

j ' 

?tatuiai'i Biaruh. 
6i,LUIICaliiumia' 
«■!. i.m Indiana.: 

sid.uil Ulue 

SmufrOhenjical-. 

Medina Drug 

btu-lebukei 

on Li>. ... 

Muvtittnnrf 

syntea-. 

I eciuruxilor 

Lr<mn.4iix 

Idfitnc 

lelex 

lencev ' 


27 
254 
17V> 
4138 
374 , 

274 

39ofl - 
48 

301- i 
404 1 
152; I 
614 I 
423e 
44if . 
514 
12 
42 
984 
54 

314 : 


27 

254 

174 

414 

363« 

274 

384 

474 

30 
40ia 
154 
614 
41 
444 

31 
124 
404 

1014 

44 

303a 


Caiaar, Power.... 
MamUon Miner../ 
Canada Ceuieul... 
Canada X W inn 
Cnu.l nl[i BL.Coaj, 
Cauaiia Indual... 
Can. PaeiPe...—.. 
Can Pa -iRi: lu*. 
Cau. »u|*r Oil ..' 
Carlin" *>' Keei* , 
cauiai AiNfrlo*.: 


384 
151 j 
104 
124 
284 
;204 
194 
19'- 
61 
4.20 
103* 


154 

164 

4.70 

374 

154 

103* 

113* 

28 

£04 

194 

193* 

60 

4.70 

104 


firmer, but Pancontinental _ 

10 cents to AS 14-00. n«?wli?re KNP Pauer BOlls rose 

Elsewhere in Minings. Hamers- Elsewhere. tv-VP^pernm»r«ie 

HSi s 

14 ceitts^ a B t an AMT4 S but^?<aHS 


MOTES - uveraeas unces shown Delow and or «rlo Issue. cPer ttaalttuo 
|*re slier uirhho'dira^aj.^,^ JSre. ««•-: tax free. » K™«r .ndmurnt 


»vr-«ss Ss3i2sviaM 


Chieliain...,- 

CniiurKv 

Coni'. Hailiui>»:.. 

Con-umer Gas 

L.<-et» ifeource? 

Ci^rain ‘ 

Bonn Deret.-.— 
Ucniron Miaen... 

Urnii Mine- I 

Lkmie PetivUaillS! 
Uonnniun Uriigie: 

Oomur- 

Oupoui 

Kalwn'Reyiffce'' 
Ford Motor Can 


214 

26i S 

28 

17->» 

6.12 

I2i- 

83* 
74l v 
87 V 
65, £ 
244 
18 

. 143* 
22 
744 


214 

263, 

274 

173a 

5.62 

U24 

9 

734 

874 

634 

tZ44 

177a 

tl43* 

213* 

744 


* Pias jon flinnm. unless orhemnse sraled. — ™ -- „ Minnnr? 

isr ssa 

unless oihrnvise siawt. ac e> i niia x- B Ex' rlatis-^xd Ex dividend. «Bi 

nm A »Ex^l. afoterim.smcv 
■Cenrs d Dividend afr»r oenrtina rtdit* increased 


r 

"i 


^ ' 


July 

U 


Jnlr 

lu 


July 

7 


Julv 
: 6' 


July 

b 


July 


VaiTs . since eonpilM'iti 


!il ; 


» 




Hleh -. Iifw -. High j tow 


furtusirlal 818-78: 812 -‘ ,fi 80T.« 806.78, 912.1 K. M j Wjg 

'mefi’inin*' «-7»: «.»H 8 ^ : jgff \ ! 


2E2JH 


32DJ0- 218.25 216.50 21G.W 2BJ® 25WS | lto.51 > M 


106,84 1D5.11 1 106. 


L : 1^1 Will | 

.» iMB SS UHl dfil 


, 15.25: 

[ (ti2m {8r7,-5% 


000'M 


i jjBJrt, rf Index L-baaged from \ufiusi 2» 


July 7 


JuundU : JuneHi I tYeer *|p, appMx.i ' 


Jud. div. yield % 


B.75 


3.71 


3.68 


4.83 


stau&abd Aim rooas ] - 

I July Jiijv ; Jidy I July ! J«*Jy hjrX 

. u 1 io ! 7 1 * i * ' 3 ; H| b“ 


1973 yinceCiunplUt'a 


Lour ; High 


llodu^U*.*^ 1M.7B; lOS.Mj IBUIj IgM j BWJ 


• | . ( . j V r (LfUl I. IMJMf 

IEW*. »■»: *" H j !Ia 


154^4 

126.BS 


l*nr 


3.62 

4.4tt 


1 11(1/35)1 a Jfldq 



July 5 

JnobSB ! 

- Juno'S! 

Tear ago- hipprat.)- 

Ind. div. yield % C 

5.18 

5.11 j 

8.07 

4.42 

H- 

Ind. P/E Katie ’ 

8:93 

9.04 - > 

9.11' 

. 10.14 . . 

lain^ G01-. Bend yield | 

8.62 

sis7 1 

8JS2 

7/60 

K.Y.S.E. ALL COMMON 



Bisea and Palls 

; Jute 11 1 inly 10 1 July 7 


July i Jnly July ; Jute j ■ 
I1-! U I 7 ' I Hijrh 


tow 


BJff HJ5. Bi.54' 52-00] 6tM 

: : i (w6i 


48.57 

(.6,31 


luum traded.^... 1.880 

HiaeB 541 

Falls { 5f| 

Uni-handed 4*5 

yiew Hlgfaa...~ — 37 

Kew Lows....-..*-' 80 


1.893 

778 

666 

449 

22 

26 


1.869 

964 

451 

464- 

IB 


XQNTBEAL 


1B7B 


Jnlv.i July Jute j Jute (■ 


11 


IP 


.HiCh 


Low 


Industrial 


A TOB.OTSTEO UomporitC: — | USOa] 

11M iKuj' iMaJrtftffl j 

d JOKASmSBOBfi 

.. ; I rial : Mfi.8 | 246.6 

224.0 1 '-222.^ S27J (11(7) [ 
243.3 | 241 jj 246A(IL7>. I 


KLBB-116/2) 
170.82 iaOdi 


988J (30/1) 


1B3.0 (20(4) .jj-pj".. 


w j anil ..r 


July 

It 


Pre- 

,10liB 


High I Jo* 


Belgium •?> 
Denmark'**' 
Franoe «t»i| 
Gennanyi-- 1 ' 
Holland t** » 


AuatraUa^) J ^ 

96j 61 9b.60 ; 101.16 1 0O.4J 

• - 1 ftji'bi-i curt' 

95.47 9b.61| 96/15 1 04.OO 
. l9il> — 

70.* . 70.1 } 71 3 


H 1 Tlous 


W, : 105^0j - - 


Sweden . (4.858.64. jm4« 
Switjarrdvj 29L7 j 2896. 


794.4,7983 


(3U.i5> 


Hong Eon^i 
Italy i!!' 6189 

Japan 


212 . 
i m 

83JJ 1 632 1 87.0 
! 19(61 

Cc0.42 573.15 EfcK-67 
l tSili 

6L34 


47.6 

w/S) 

756.4 

(17/M 

7GJ0 

(4/4) 

383.44 


197B 

High 


110.78 
49(6) 
397.96 
(3,5) 
336 
OB (S' 


1973 

Lc*> 


B7J0& ir-' 
(17/3| *l'‘ 
325.74 
VS;1) 
216.0 
|25/<1 


Indices and Msa dans («fl base valuei 
1M except "NYSB AO Common - M 
Standards and Poos — 10 and vomnic 
300-LOOO. the last maned based on IMS', 
t Sxdudlna bonds. I4N tmuatzlala 
fi 409 Inda. 40 Utllfttea. 40 Finance «d 
20 Transpost. (ft Sydney AU Old. 




Singapore 

i(dV 


, ol 424.13 ! 424.71 j 424. . . 

. {• ! (10/Ft (4/10) 

■5o4.S4:j£a3i 5M1 2E2J) 
• i (io/7i 1 d/e» 


BrlL Petroleum 
Texaco .... 


<ii) Beteian SE S1/I2/83. Uwanusen axuraan . f 
SB ln/TS. itt) Paris Bourse IML American. AlrUni 

iiri Coounerroank Dec.. UWL (Mi Amsnr. Shjibb - 

dam. Industrial W1L (Mt Hans ben* BW -- 

Bank *1/7/64. dlll> MUm Sri/78, (at Tokyo Golf Oa 

New SE 4/1/6S. (Oi Struts Times 19*4. Firestone Tire 

tSo!S«rm Madrid SE W ri2m. Exxon 

iciSiocRMtm Industrial lri/38. (D Swbw UAL 
Rank Coro. (») OnarallabJe. 



.Change 

Stocks. Oftslnfi 

on 

traded 

price 

day 

332. WO 

164 

+» 

470.300 

342 

+1 

353^00 

S« 

-« 

330.600 

m 

+* 

33.300 

.47* 

+* 

2BJN 

' 21* 

-* 

243.700 

33* 

+4 

344.000 

13* 

— t 

243.400 

43* 

+1 

222.000 

. 31* 

+» 


GERMANY ♦ 


July 11 


■priS" 

Dm. 


+ or 


Uiv.,YUl. 



i*Price*i + or 


Yirt. 

July H 

I Yen i - 

Jj 

% 


AM* 

vniauv Vemlch... 


' iiTeixa* oliijw... 

■ I.IHCIU LOrning .. 
UHell* tlinoia.—. 

| t^u-in.. Gas.. . . 

; 1’aciti" Li^bi in-. 

: Tan Pm. 4 Ltd.. 

1 I’an Aii.Woi.i A:r 

■ hum Hanniun. 
Pwi*>k im.i....' 

: l*en. Fu. A l._. 

IVnm .1.1 

' IVUIU.'*! 

Pwri.w Dm-.... 

■ l'eup'.e» La- .. . 

. t'ejisie".. . 


24 

30!, 

21 

237, 

20 

2i;» 

6-a 
23og 
24 
21i, 
35. a 
28 
10i* 
34 j* 
28i, 


23 J; 
29V.- 
20., 
23i* 
19 ‘a 
21>* 
6i* 
23V. 
23 Jb 

20t 

36 

28 

10-‘* 

34'., 

28'. 


Levaro L'ei n-H eum 

lev»-u 

I‘njui;ull 

Icml. La*ieiu... 
lexa* Inai'm . ... 
j lexal '/il A Gas.. 
Le-Kaa Ltillliea....' 

I limes 1 ns. 

1 time? Urn* 

i lira ken 

! lune - 

1 liausinerii-a 

lnn>eo 

I nna L uiw 

Iran-way luir'n. 
Inm DorM Air. 

rmi'eim : 

In Lununental .. 


101 , 

24V; 

18i 3 
397* 
SOU 
28Bs 
20d* 
40i* 
28U 
471- 
34*a 
151* 
201 , 
35'* 
251* 
20 U 
34i* 
191* 


lOJfl 
233* 
18'* 
39-1* 
BOat 
28i, 
201 * 
40jb 
281* 
46 -a 
343* 
15 

iai* 

35 
25 >« 
20 
35 
19* 


Genatsi- 

Giant YeV'wWmie 
Guir l»ll Lenada.. 
Hawker ald.tan. 

Holunpei 

Homu Uii -A" — 
fiu>lMMi liar Mnc 

Hud-ou Ba.i 

HmJw.inUil A (•*► 

I.A.C. 

I nnw.i 

I iu penal Oil 

Incu 


29 

13 

271, 

8 

t35** 

415* 

t7sj 

22 

431- 

193b 

53Je 

18Vr 

171- 


291* 
13 i a 
27U 

7*1 

36 
4H- 
171* 
22 Je 
■44), 

191s 
53 
IS ** 

171; 


TOKYO 1 


l.K.'V 

Alb Lentil rv F>jX 

L.A.L. 

I A mu 

LG 1 

Liiu^.fi 

LulwierM .. .. 
L nlvu Baaix-tp... 
L ■ii.-ii Larbhle... • 
L niuu CurniDf rtf 
L ni'.'U Oi. I. alii.. 

L ni..|i I'ai-ilif . 


36 -a 
37U 
3H* 
24 ig 
19>- 
39<* 
551* 
24 *b 
37 
73* 
48 
45 ig 


353* 
38ig 
303* 
23 d 9 
193* 
391* 
55 -a 
246s 
36W 
7a* 
47'* 
441, 


! Imlal 

lltlan.1 Aal. Ga- . 
Liil'|i. » 1‘ipeLiU' 
kaiser l!e*oun-e, 
lauin Km. Lull'-. 
U4Haw C.:.ro. ‘M 1 . 
II -ml i .'ii Hlr.ie.tL. 
II a— e.- Kemuiui. 

M,-lut>re 

■W^ure (m pn 

Mounts i uauiekj. 
Aununta Mines... 
Aon.-en kneix.,... 
Athu. leie^-om .. • 
A uina-; Oil A Gar. 
Oak wood Hetrl'm 
Paul Hi- LopperM.; 


,'■>■.*1 Nai . 1 1 a-. 

■ IIMltri-l IV v .t 

■ ntmtniai (•'•j. 
•ntincmal nr., 

•".Iltmla. loir 
.nt'-.' i*»ia 
■»«urr imlu*.. 


24 s« 

38 

23.-? 

28** 

26i. 

15l« 

33M 

541, 


24*5 

3BI, 

23ia 

=8,3 

26 

13’* 

32:, 

54», 


IBM 

Inti, t : a,r>up..... 
Inli. HairNor,. 
Ini:. M.n.A VlKin' 
. lull. Ull.llIvS'.- 

; Inw. 

! Imi. Panel 

i I PG 

! InL Itartltier. . 

I In*, lo . * If,.. 

I Invent 

I l'w« Heel 

! 1 1.' IpiemaiiMia 
l.lim Mailer 


239.12 260 


. I Vi kin Limn.... 

' Pel 

• Mll*C! 

■ Piieipa LWce... 

J l*h;i»'if :phi* K(e.. 
! ITiilu, Uu-ri*..... 

. I'Ll 1 1 in? Pitio'rj 

PiUtiuty 

l Vunev lioire*... 
t riliston . . .. 
i r'.euey Lx-I ADI! 


Z3i S 
32 
33* 
20 1; 
171- 
68* 
31-i 
41lj 
24j* 
21'? 
17'« 


23 

92 

33 

19--. 

17* 

67i* 

311* 

41 

241; 

22 

Ifr* 


23 L 
33i. 
361? 
21i, 
13a, 
40 
33:j 
11* 
30.» 
1 

35’.* 

11s, 

28’., 


23i, 

35'* 

36t, 

2L.* 

IS-'* 

39.a 

33 r a 
1 1*3 
30 j* 
l 

35V 

11* 

28'., 


1 I'u.aiuM 
I Vjtomar tier-. . 

; Pits hidu-ir.ea.. 
1 Piw«r litml'4 . 
' I'm." serve Meet. 

I'ii 1 1 mart 

; I’urr. 

, (Jus Ler .. 

itanbi \reenran. 

Kart awn. 

m a 

Kepu*..:«-sieel... 
Re*"it. Inti. *.V 


39.1, 

15’., 

26'* 

86.* 

220s 

313* 

16t, 

23=8 

«'* 

49 

261; 

22a* 

871* 


39., 
151* 
ZBi* 
861* 
22sa 
311- 
17 
2339 
9a, 
48'* 
2658 
2 Zi* 
88 


I. iiir-i ■ 

| L uilfi Biaails.... 

: Ls bsn-uiT' 

'• l.-S (rypbum 

j t S Sbuc 

! If? bleei 

1 1 .- 1 ip'li niiiui>te?.; 

1 1. V|niiu»Lrie> 

' \ Irgrain KI«rL...i 

l M"*I-t«h^ : 

" arner-Loninili..| 
; " arner- Lsml trl. 

' "uieMui'menii 

' " ei I- Kamo ' 

" ijjlorr bain-m-i , 
l\ e-iem V. A met i 
■ "eiern l ni<:nt.. ; 

! H ert1n«b'© Kie«-: 


7': 

8-4 

28t 3 

25^4 

235s 

26U 

43 
1912 
1458 
241s 

44 
281a 
235. 
2678 
365* 
271s 
165ft 
221 * 


l* 

28l 2 

251* 

23 

26>« 

4258. 

1958 

145b 

2458 

43 

2B'a 

235* 

265g 

36ig 

27J* 

16'a 

223b 


| 1! ft.ra.-i 

I Wrjei baeu-ei ... 

! "lili lpjOl 

niiuecon. Ind.. 

I Wiiimm Co 

AViscuiuui LJeut- 


26ia 

25U 

225b 

22 

17t 3 

285g 


26 lg 
26 
225B 
215, 
17ift 
2B 


13 
10,-8 
131ft > 
145. 
8: a ’ 
4.10 
187a 
tl“3 : 
237a 1 
37®* • 
3.50 : 
26 

16'i ' 

30 I 
37 | 

4.40 | 
1.98 [ 


12'; 

11 

151 S 

147a 

a la 

3.95 
19 
115* 

23v< 
373« 
3.50 
26U 
165, 
315s 
36 '* 
4.15 

1.96 


77.4 +0.3; - • - 
475*0—2 • 31.21,3.3 

BMW.. 34fiffl-2 3BJ&IS.7 

BASF 130.3c —0.8 "18.7^ 7.2 

Baeer 132.8c-0.2 18.76 7.1 

Ba.vei-H.tw*- 288 ,-2 .28.12] 4.9 

Baver -Vereln-bk. 319.5— 0.5 ; 18.2.9 
C:wlnt->e«l-wrt' 165 +2 l — ■ 

i_ommer'l«uiL_... 23X. 0—1.2 26iG 7.4 
I ijIJL Li ilfiifo L.. .. -■ *5-B — l.o “ , 

Daimler Beu/ 303.310 -1.0 28.12. 4.7 

He.. u ,«. 253.1 -0.9 17 3.4 

L>e may 157-0®— -14 4.5 

Ueutfbb Hanv... 304.4c —1.1 28- ]£ 4.6 

L'te-iiner Hank. .. x40.5 -2.5 : 38.12! 5S 
Uickerte.-ff Zerat. 191c....— ™ 9.3H 8.5 
ijuiehoffnuiti;.... 203J>— I.Bj 12 I 2JJ 
Ha|«g LlujiL.. .. 1*3.8 *-0.8 14.M| 5.7 

•• 367.0x0—2 JS k 16.72 5.6 

1x7.1 -1.6; 18.76^ 7.4 
44.7 rO.l . 4 ! 4.4 

135.5'— 0.3 9,36' 3.4 
144^.-1.0114414 .4.9 
315J-4L5 23.44I 3.7 
226.5;— 1-5 4.1 

89.6 — 1.4 ' 

180.5 -2.6 18.78; 5.2 
94.U -0.5 - - 

238 ■ — 4 • 25 4J1 

: 1,410 25 ! 8.9 

103-1-0.4. 9.38; 4.3 
802J5— 0.5 1* [ 8.9 
159.2-1.8 117.18; 5.4 
830 +1 I 10 ».» 

565 ! 18 1.6 

144.0— 2.6 ( — ! — 
121 -2 
187.2 -0.3 


330 : 

469 ;— 10 


710 !— 15 


fcUrveaer. 

Huevhxi 

Hotwh 

Horten - 

kantiud sale... • 

Kar»Uitl 

Kambof. 

Kk.-Liier Li.M 100.' 

KUD 

kmpfv. 

Un.le- 

LonenLrau UXL...- 

T-rtF f Im nolt 1 

ILYA 

' Mannesman a i 

| Metaltges 1 

Muncbener Kuuk' 

| Neckermaon— ...| 
; Preusww DM liio; 
Ubcin Weat.Klev-J 


25 ! 6.7 


AmUu Glass 

Canon — 

Casio-.-.- _ 

CbixMV— 429 2 

Dai Nippon Prtatl 566 1+3 

fcuji Photo i 560 ,—5 

Bltactd .1 254 j-2 

Benda Motor*—.-; 574 — 
House Fobd-‘..—.;l.|3g 
C. Itob — ' 24a *+ B 

Ito-YofcsdOb..— li^BO 

Jaws. 

J.A.U 

luunei Elect Pw IL200 

Komatsu i 

kututs 

kyotv-Ceraralc ...' 

Maiauabitx lad-. , 
UltaubutiiBank.. 

Ullsubtsbi Heavy 
Mitsubishi Corp_ 

Mitsui it Co-i.—., 

UitaakashL 

Aippra Denso.—. 1JS3Q ■— IO 
A) Upon Sbfnuui.. 1 711 
Abutan Motors.... 791 

Piuunr- ,A»770 

Taney EiectruL...' 260 
sekiaui Prefab — . 915 

TbMtlo. 1.190 

;i.690 


18 
1.15 
Vi 
18 
35 

. 1 12 

1.30 

15 


14 n 
12 1.3 
25 ! 1,8 
20 < 2.3 


1.6 

1.4 

2.4 
1.6 

1.4 

2.4 
1.0 
0.9 


-10 - - 


i 346 

:+a 

• 281 


4.110 

—40 

749 

j-2 

; 279 


1 128 

-2 

428 

'—2 

384 

+ 1 

603 

.-3 


i + 13 


■ — SO 


+ 5 
-10 


10 

18 

IS 

35 

20 

10 

12 

15 
14 
20 
lo 
12 

16 
48 
12 
50 
20 


4.2 


AUSTRALIA 


July 11 


14- U! 

Auat.9 j — 


2.61 


ACMILiZsceat) — 

Atouw Australia— 

Allied Mno. Trrtjc. lnda-51 

Ampol Kxplotatloo 

.\Mpol PetiTifeom. M *..|. aa*Mj 

Auoc. MlnetaJs — j 

Assoc. Pulp Paper 51— - 
.Vice. Coo. Indnstrtea— .■] 
AusLFotmdatkm . Invest— 

A-V.l . 

Aurimtco ..— 1 

Auvt. Oil £ Gu 

tfeniboo Creek GoW 

Blue Metai Inrt — 


-0.02 


+IUS1 

+O.OS 


,+0J« 
; 4-Q.06 
1 - 0.02 


2.7 

0.4 

1.3 

1.8 

4.7 

1.5 
2.2 

1.7 
0.5 
0^ 
1.0 

1.4 
2.3 

1.6 


Hou-^ainviiie Copper — ... 


Hmrables Induatriea — — [ 
liinkec Hill Proprietary — \ 
HH ^bntb .-..-....-.■..—..■1 
Lari ton United Brewery—- 

c. J.-UHea - — • 

CSli (Sll - 

Cnukbnro- Cement ' 

LAns. Gnldlielda AuaL 

Lou tain er($L) 

LunziDc Kksisiu-.— — 

Coitaln Australia. 

t'unlup Bobber (31 L— 

HauUK- 

bhierorniih '. — 


;+D.02 


OSLO 


July 11 j Kroner 


; f*nce i + or [ 


-HUS 


1+0.18 


Uvb> MArrae — 237 


iakeite Cbemtca . 406 

l'DK. —12^90 

leljin - f 1*3 

I'ofa 10 Marine . 490 

lokio Elect Pow'r 1,130 
L’okyo Panyn.— ! . 333 


J 40 

•— l 

:-a 

1-30 
'—I. 


OAJ | KJL Industrie. 


1.2 


Pacilkretroleuin. 
Pan. Can. Pei'xn.; 

Pan 00 

Peoples Hep* 9..., 
PlBi-eCan^tOI'.. 

PlaivrDerelopiui' 

Power Lorpoiat'n' 

Prow — 

Unebc. »turi!Cou| 

UanperUn 

tte»i ohaw — 

UifAJimni ; 

Ktwai Bk.OI Can.. 
Loyal "iVn«L...-..; 
Sceplie K , '*ju nr 

iS*«j>ianis...> 

sbeli (Jauaila. 

shermiG. Mid«>: 
siebcs. O. (J— ... 

dirapBOO 

'tee' ui Lanai la.. 
Sleep Kuck Iron., 
teuco Canada.... 
LuoatoDumJtik.' 

lransL4nPi[«Lxi 
1 ran.. UonuLUpi 

rnrcc... ■ 

L inen Gas 

L'liL Jiiei? 3tine>' 
Walker Hiram.... 
iVf.il^ati'liaB,. 

Welvii Pw™» -. . 


38 'a , 
33U , 
t!5 s * i 
4^5 I 
095 ! 
22U ' 

16'b ’ 
137g - 

1.40 : 

31 i* > 
mmb - 
321* I 

32 is I 
1.7=1 ■ 

81; 
25i* 
13’i . 
5.62 
29 s a ! 

55a. * 
25 | 

12-70 
41U 1 
i9i e : 
165s I 
9 
t14 
11 - 
73b 
33 'b | 
11U • 

173, . 


381; 
33 
16 
4.75 
□.95 
2ifia 
16 lb 
13 (3 
1.40 
313; 
10* 
321g 
32'* 
17i* 

8ki| 

255a 

13v s 

5.37 

29t s 

53g 
246 b 
2. 70 
41 
19J* 
15ii 

Si* 

10v B * 

73b 

33'* 

ilH 

17i* 


icherlng.-— :266.8m -0.7 ]28.12j a - 8 1 j^? Bbihaura ..| 


->lemem. 

. u-i tucker..- ! 

Ibyuen .Lb — . 

VarU— ! 

VEBlA- 1 

VeremvA WebtHk 
Vnikhwa^en 


286.0 -2.3 16 I 2J3 

249.0— 0.5 28 5fi| 5.3 

117.0 -0.8 '17.18! 7.3 

17t>sr I 14 I 4.0 

122.6 -0.9 : 12 ! 4.9 
288 -2 18 1 3.1 

221.1 - 2.2 i 25 ■ 5.7 


AMSTERDAM 


July II 


Pnce 1 + or . Dit^Yiu. 
?». I - \ % )% 


T.Blfl. : AaiteCL 1 Traded. 
• New stock. 


EUROPEAN OPTIONS EXCHANGE 


July 

Tel. ‘ I*ftt 


T,il. 


Lssr Tnl. 


Jan. 

IjuU 


Skt 1 * 


V.B.V 

F330 

■ *K' 

K350 

VHN 

F360 

A K /■ 

F27.S0 

\K/. 

h30 

VK/ 

F32.30 


F32.S0 

H'* 

1-35 

H«"| 

F37.SO 

rr.M 

<260 

IR»1 

<2 BO 

Kl-M 

F140 

K l.ll 

riao 

k i.AI 

F160 

• KLM 

F170 

KLM 

FI 80 

KI.M 

F2Q0 

kl.M 

mao 

A \ 

F98.90 

NV 

F 106.90 

rm 

F25 

■ PHI 

F 2 7.50 

KD 

F120 

BD 

FI 50 

KC 

F140 

IM 

mo 

tm 

F1H0 

. I.M 

Ft 30 

BA 

850 

nrr 

sao 

-m 

wo 


8 40.50 E566 


14.50 


20 

20 

53 

10 


3.50 
2.20 
1.30 

2.50 


1 


12.30 


28 

7 


4.20 

2.30 


F28.90 


3 ki 


27 

1 

10 


1.30 

101’. 

41a 


2.90 

1.60 


F32.BO 


- 5260 


0.80 


I 

4 

16 


20 

1* 

9.80 


23 

17.30 


FI 50 


7 

15 

13 

7 

6 


13-30 

3.40 

0.10 

13 

3.20 


6 

5 
30 

6 
1 
3 

13 

3 

15 


4.B0 

2.00 

MO 

S 

a.io 

2J0 

0.80 

14 

S-40 


4 
1 
6 

5 
10 

’ 2 

1 

2 


9.90 
9 

4.40 

2.60 

7 

3.80 

3.20 

1.90 


P99-20 


F26.30 


- F133 


22 

26 


15 

5 


3 

ID 

10 


7.10 

2.30 

13 


F125 


2.00 


Aug. 


5«*. ■ 

6i* 

31? 


Feb. 


*54 H 

*21 

*83(4 


base lending rates 


A.B.N- Bank 10 ?o 

Allied Irish Banks Lid. 10 % 
American Express Bk* 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 

Henry Ansbacher 10 % 

Banco de Bilbao 10 °n 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 *5, 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 ^ 

Basque du Rhone 101% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Eremar Holdings Ltd. 11 % 

Brit. Bank of Mid. East 10 % 

l Brown Shipley 10 % 

Canada Pernft. Trust 10 % 
Capital C & C Fin. Ltd, 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10 i% 

■ Charterhouse Jrphet... 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits... 10 % 
Co-operative Bank ...”10 % 
Corinthian Securities... 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Tran sc out. ... 11 % u 
First Nat. Fin. Corpn. 12 % - s . 
First Nat. Sees. Ltd- ... 12 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank .tlO % 

■ Guinness Mabon 10 % 

■ Hambrof Bank 10 % 


Hill Samuel S10 % 

C. Hoare fc Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 

Midland Bank 10 % 

Samuel Montagu 10 % 

Morgan Grenfell 10 % 

National Westminster 10 
Norwich General Trust 10 % 

P. S. Rerson &. Co 10 % 

Rossminster Ltd 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E- S. Schwab 11J% 

Security Trust Co. Ltd. 11 % 

ShenJ.ey Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 
Twentieth Century Bk. 11 
United Bank of Kuwait 10 % 
Whiteaway Laidiaw ... 10 J% 

Williams & Glyn's 10 % 

Yorkshire Bank 10 % 

the Acccptinc Houses 


loom ifc'i.aoi ■ 

ALzO i t'ueoi 

A iccrn BaAi F i . ICO 

■VM BV (Fi.lCi— . j 

Axanwak iFi.roi 

Bijeakori 

Uaka IV e? (*ioi F1C1. 

Buhmi 'lcUvrodcl 

Lltni«rV (FiOjOiJ 

KunnN.V.Uratt'r 1 

Euro ComTitf FlMi, 

UislBroauie^iK'Cr, 

Heinek-«p (FijSi.., 
Uuocoveiu iMiVO 

HunIerU.iFI.100'.' 

KJ-3I.*Fl.lu0,.... 
lot. Mullen LdCi...' 
.Vurdeu (FI.I01.. .. 
Nbi_NkJ|us.iP 11 o.' 
\edCrtd ULiFI^l ’. 1 
Ned Mhl UbtFUO.. 

‘Jrt.FI. JO. • 

Van UramereD.... 

Hstbued (Fl.tUi.l 
Philip?. FI. 10.. . 

WjnSuhVeriFLk*,. 

Ibtwr<j iKi-oui.-.., 

Kollnro i FI. 

koreulv I KI. cCm...- 
Itoyil Uul.jb'fc'l-3. 

■slaienliurj; 

-(eviDUrp 'FI j." 
loWy^pao. Hkn-.Ji 
L nlierer .FLOji. - 

VikioeKes. luutl' 

1 Vest (su'd u.. Boo I- 


105.5 4-0.8 ' »28[ 3.4 

28.7 +0.2 ' — . — 
365.0 +uJ ! 23 j! 6.4 
81.7x0 -0.5 ; au | 6.2 

73J9 +0.2 ! 233; 5.6 

95.3 + 1.1 i 26 I 5.5 

119.5 + 1.0 ! 82 ^ 6.7 

71.2- J 26 | 7.3 

274 —2 '27.6(2.1 

132.5 + 0.5 37 A\ 5.6 

68.5- ' 94 .S 5.0 

36.7 -1.5 ■ 20 I 5.9 
100.8^-0.9 I 14 ! 3.5 

32.8 -0.1 1 — ■ - 

24.9 ' 12 

153.5 -0.3 
47.6:1-0.1 

34.8 

99.2+0.1 

52.4 -OJl 

197 , + 1.2! 22 {5.5 
1S4 -2 j 36 . 4.6 
140.5— 0.1 | 8,5.7 

37.9-0.1! - ! - 
26.3+0.2 ; 17 ' 6.5 
80.1 -0.4 ! — I — 
172.8 +0.7 jASBfci 7.4 
132.2 + 0.2 ! — - 

122.8—0.2 . *9.3' 3.8 
153.1+2 sw./fc; 8J2 


foray. 

Icnvjta Motor — (. 


142 

164 

910 


-10 I 

' 

-3 I 
t-10 


11 I 2.3 
IS 1 IB 
30 i 0.7 

10 ; 4.1 

11 1.1 
B I 3.5 

12 ! 1.8 
10 ! 3.5 
10 ■ 3.2 
80 1 1.1 


Source NikKo Securtne*- Tokyo 
BRUSSELS/LUXEMBOURG 


July 11 


Price 

Fra. 


| 1 Dlv . 1 

+ or , Fca. It Hi. 
I - , N«M « 


Artel 2,355 

Ui. Bex Lamb.... 1.530 

Boner! -B" '2.000 

C.B.K. Lenient-..! 1,140 

Lockerin — ; 471 

hUh; ...2,230 

Eieccrobei ~.6.550 

Fabnque Nji 2.700 

G.bJnno- Hm_...:2.22a 
Oevaert 1.300 


+ 20 - 
—10 ; 72 
-10 -116 

100 

+ 1 1 — 

177 

-10 430 
+ 5 170 

+ 16 '15U 


4.7 

5.7 

8.8 


■2 


86 

Hutwken 2.400 ;+50 170 

lut«ivonL...___.:1.750. !— 15 1142 


a i 5jj 
19 : H-u 
12.51 3.7 
48 I 4.9 
21 7.9 


Kxeo/eUeoL .6,730 

La.Kcra'e B«4*e_5.730 

Han fir^dirur 2.650 

PetroUna. ....— ~..I3.740 
Sol-Gcd 8anque~!2,960 
jv«6ta BeimquC L935 
4.B | sorina .... :3. tbO 


|-50 £90 
1+20 n525 


8.0 

e.6 

6.3 
! o.7 

6.5 

6.9 

8.1 

4.3 

6.7 
3.1 

4.7 


>j.nr ::":::::.:”: | a’405 

LraiAitin bieL't ..'2,530 

UCB-. J 926 


+ 3U 

+ 50 174 

|._ '20b 1 6.9 

7J 

6 JB 
.7 

i— 30 1170 i 5.7 


-15 ‘l 140 ' 7J 

Jjl5 6J 

5—16 ,.V4l0v B. r , 


Un Mla.il’tO' .] 718 -2 SO f6.9 


Vleiltc Monagnb 1.460 


*•( 


uea.. Property Tnui- 

tliimereJey - 

Uuofc er — . . 

ILl AiimraUa -^..1 

I aier-Copper. —i 

Jenoinse iwtiutrin— 1 

Juaw (D«vkii..._„..„.._. J 
Leonard Ud.„ — 

Metals -1 m plonSkHi 

MIM. tioUin^B I 

li ver tmn>rlura — ' 

NidXutes InL+rruitKxnU i 

North Broken U'duiKS is0c,| 

Oaubridjce...^ 

■Jll search 

•Jlier Kxptororion 

Pivoeer Loucrete 

Heck 111 A L'olaifu 

U. c. Sieifb ' 

AiuLbluid Minim* — ' 

3[«rgo» Hxnlotstlon - 

rot-th (21 | 

Walking - i 

Western UIdIuj* ibOcenu.,; 

Wnolvrorttan. ■' I 


t0.64 
tO.84 

t2.10 

ti.se 
10.81 
tLlS 

11.24 
11.63 
tl.OT 
11.60 
10.36 
tO. 51 
(0.30 
11.15 
11.28 

11.70 
+7.54 'Ml. W 
ti.21 
tl.73 
12.02 
t2.98 

11.25 
tS.10 
tZ.BO 

12.58 
iLoO 

11.58 
TO.90 

12.25 
12.50 
tLo5 
te.22 
tO.72 
12^0 
ja27 
11.15 
tl.16 
ta2o 

10. SB 
12.10 
11.73 

. 12-35 
tO. 66 

tl Jfl . [+8.01 
. t L78 +0.03 

tO. 14 I 

10.38 1*0.0 1 

11. B2 
- +2.85 

10.71 
10.34 
tO.36 


MctgflP H u nk .,-,. 

Born^sard 

Cwdittwit..,,. 
Kimwi — 

Kroditl^wen— — 
N'orftk BydrolxrJBO| 

Storebmod 


92.0M)J 

65^-0^ 


1066 
! 212.5 
103.0 
186 
82.5! 


- X 


— S.B 


+6 


11 

20 

41 

12 

7 


9.7 


&4 

M 

ioa. 

6.2 

106 


BRAZIL 



--PS55"' 

July li 

j Ores 


3S0DITV 


Aceaita OP - ' 0.97 

Banco do 2 nodi... | L89 

, banco lua ; 1^0 

; Belgo MlneiraOP 1.98 
‘+0.iS IwS.A.ner.OJ'J * 00 

J PetroNma PP. — ! 

Pirelli ! 


.lo.xali 2 .il •’ 

8 JffliO. 17;334. 
„..J0.S7i8.4 


j+5!ii7 

-1131 


(-0-01 


Souks Cruz OP ... i 
Unip'PE 

Vale Rio DocePPl 


hJi- 
I— 0A1.O.194JU 

;0.16«.W 

0^3 8.07 . 

'o^ficsa 
l-oj»4jo.ieti44r. 


Ttxnuven: Cr. 100.6m. Vifluma: SSJm.'. 

Source; Rio de Janeiro SE. 


JOHANNESBURG 

- MINES 


July U 

Anglo American Corpn. ... 
Charter Consolidated — . 

Hast Drlelomeln — 

Blsbura — 

Harmony . 

Kinroto — 

Kloof 


Hand 
9.70 
3. SO 
1330 
135 
0.S5 

6m 

S.60 


* 0.01 

+0.ffi 


|»o'.oi 

1+0.01 

t+iLtii 


1L82— -OJK 
to.83 
11.65 
11.55 


Uj« 


PARIS 


July 11 


SWITZERLAND 


■July It 


Price ;+« 
Fra. ( — 




m 


-r 


237.5 -0.3 ; 20 i 8.0 j j^VFrJOOiLlM 

130.2 — 0.8 ' 4.2' - - 

132.5 + 0.5 SO JO U.6 
123.2 + 1.0 4a. ’ 7.0 


40.7 m 50-20 ; 1 - a 

401.5 + 1.0 33 4.0 


COPENHAGEN * 


8 ‘ 3.2 
1U | 3.0 
22 ! 2.0 
22 2.6 
22 i &.i 
lb i 3.7 
‘IO I g.s 

HorrnanPl L'ert?. 70^00 +500 350 | 0.8 
Lta. *iuiwni„.._7,075 +75 ]-35 : 0.8 

InuriAfld 3_: 3:900 ■ 21 i 2.7 

let moll' Ft-. LJ0i..'l,416 —5 • 2 1 ; 1.5 
Neaele <Fr. 1031— .. 3.510 +20 [i*S5.Bj 2.4 

Uo. K*a 2,245 - .+ IS a.8 


Aiuminiura 1. ■ f-MC !••■"— 

6 HC-.V - L646 ,+S 

+ 13 

He. pari, cert.: 645 +25 

Oo. I'+ 587 i+3 

L'rtriii -uiiae — . 2.1BO .+5 

BiedniMU — •••■—■ 
fcWuer iijeur^e'. . _6B3 3 


Home 4a...——..— 

A/rtq net Oocfd'tV 

Air JJqukL 

Aquitaine 

81 C 

bduyiaiea — 

iL"0(. Gervb— .. 

Lbu lefixir.. ' 

L.G.fci 

C.l.T. AKntei —I 
UetMnroVro— — I 
Club Medrter— 

L'MditCom Free 

Uxeusct Lofcre— ' 

Unmer 

Kr. Pecroiea.;... 
Gao. Oaadenuie 


Price 

Pt+ 


cri uip.iYw. 

- IftLl't 


740.2 -2.7 
390 ; + i ■ 
315 +4 

637 '+4 ‘ 
492*5 —14 

917 (+18 

642 | + 20 
1.640 
562 
1.050 


«>fl OB 
Ijlb! a.4 
i I6ii 6^ 
26.25{ 6.0 


16.rt| 

42 

l . 40A' 

1 + 18 1 75 
-1-4.1 ■-51i. B.7 
9 I7&60 7.3 


2.9 

4.6 

7.5 

4.6 


H Members of 
Committee. 


-day deposits TT, T-monUl deposlis 

nr*. 

7-day debo&iu on sums of £10 BOO 
and under up to £2.800 74' ; 
and over C3.000 
Call deposits over £1.000 7*1, 

Demand deposit* 74"'. 


July 11 

Price 

Kroner 

+ OT, 
— 1 

m 

rid. 

•> 




11 

BJ2 


434 

1 

15 1 5.5 

Damke Bank. 

122*4 


12 

9.8 


1621? 

—4*8 1 

12 

7.3 


129 

-i* ! 

15 

iaa 


370 


12 

3.2 

Fnr. Papir..— 1 

79 

+»a S 

— 


Handebbank ' 

1253* 

12 

e.9 

G.N'ihin H-lKtflCi 

265 


12 

4.1 

Nonl Kabet I 

191 

-lj 

12 

b.3 

(Jiidalink ' 

79 

+ U 

— 

— 

FnvBtbsak — 

129 

-7ia 

— 


Provintbuki 

1561; 


11 

a.i 

aopb.BerenadMsa. 

405 


-12 

3.0 

buperibo... 

1 

17912' + U 

r 

12 

b.7 

VIENNA 


MOTH 

RE] 

Ulv.'Yhi. 

July 11 

f9 

! — 

% 

% 


542 


iO 

2.H 


268 

1—2 

Ha 

3.7 


606 


36 

7.9 

+etnpent.. ...... 

90 



1- 

"(teyr Daimler... 

217 

.+7 

fll 

3.7 

Veit Maanreit. . 

230. 

-2 

10 

. 4.3 


OerUkouB.iP-233 2,580 
Pirelli SIP'P lOtb 287 
daudou iFrJaOi— 3.890 
LAj. Pan L'erta^i 480 
Schindler Ct F100' 305 
?uiur Cv'Fr, IX), 363 
awlwair iFJoO)...| 835 
3?1u Hu. F«l00_ 377 
Jv-m iKe»Fi2bO_. 4.760 
Union Bank 3.065 


+2 

460 

.—5 

.-B 

,+a 

1+22 
i+2 
i+2S 
+ 20 


15 ! 1.4 
: .IS : b.2 
! 26 1 1.6 
1 26 j 2.7 
i 12 ; 3.9 
! 14 j 3.8 
10 | 4.2 

10 i 2.6 


..! 10,880 i+ll 


oo| 


2.1 

3.3 

2.0 


MILAN 


July T1 


Price ; +or [Oiv.Tfui. 
-Lire ] — j Ural % 


Imiacai ; 

Jacques Bone! \ 

labi W I 

(.’ureal 

Lejtnurt.. 

.Mai -v nr Pbenur.. 
Ilk-hello 

Mod Benntseey ,! 
Mc-unnes | 

FVrilMx. I 

Po.-Uiney-- .— ...i 
Pernol-KLatri....; 

Piuigeut-Citroen..! 

Pi/.-hun ..j 

Kanin >whbtque.j 

Kedouie. —I 

Klione poulem 


341 !+ 11 • 12 i 3.5 
425 U‘1.0 HJffil 2.7 
128 ' 1 + 1.6 12 9.4 

73 J 1 — 0.9 — 1 — 
769 ! + 12 iS. 75 1 4 A 
J38LM.+ 1JS 1 14.10:10.1 
1BB.6; + X.0j 8.2b j 4.3 

68.11 ; 5.7. 9.8 

126.81-1.7 —I — 
200.61 + 3.8 ; 16.F7- 8.4 
817.01-3 15.1)7: 1.9 

1.7471+57 >5B.7b: 2.1 
489.9 T 3.9! 39 ji 8.1 
1,3051 + 81 J.3LSB! 2.5 
502 1—8,0 IZ.V 3.8 
l&b.ft + 1.4 i 3 '■ 1.9 
176 :+o Ij.sfilU 
85.9; + 2.4 7,618.7 

867^+7 , 7.61 2.8 


Rustenbnct! Pladnuxn - US 

St Helena *15.73 

South vaal ; 8.M 

Gold Fields . SA. --- + ..-2438 

Union Corporation — — .. -.4SS 
De Beers Deferred — — 
BlyroortllDdclu 4-—' — 

East Rand Pty: ...Mm'. -• nJ.fi 
Free Stale. Gadoid 2WJ. J 


+01- 

-Mf- 

+410 

+MS.. 
+ao? ; ‘ • 

+0.K ■ -• i 

+aw 

■+0J5 

-0.01 * +r.~ 


+1.04 




President Brand — *TriS*S‘ 
PresidenL' SWJH !«»' 

StUIonmln- : 4 8 j. 

WeBtom - ; F...~t*3a 

West -QrWontein — — 37 JO 

Western- : Holdings 34J0. 


+ 0.12 

-rOJ5 

-tas 

-0J0 


Western Deep 114^ 

INDUSTRIALS 

AECT .+— . 2 XT- 


— BulO 
+0.12 


Anglo- Amer. (TviirRrHav . laan . 

Barlow Rand I ;■ '*20 1 

CNA (xrvesnnentB tUO 

Currie Finance DBS 

De Beers Industrial tlOJO 

Edgars ConsaUdiued lor. 1230 

Edgars 8mm-- i .127.50 

ErerReafly- : S3. 1L73 . 

Federale .VeSwbeleesinSa— " 1.10 
CrcatcenxaiH Stores .J—.... 1233 ■ 
Guardian Assurance (SA) . —00 

HulortS - - IMt 

DTA : . lit 

McCarthy Rod way tO.Se 

N'edBanh aoffl 


+ 0J5 
+0.03 


-8.« 

+0.M 


+834 

.+oja 


OK Bazaars- 
Premier Mining . 
Pretoria Cement 

Protea Holdings 


7.60 
tSM 


— 3-45 

L39 

Rand Mines Properties M £30 

Rembrandt Group 330 

Relco : — : flJS 


Sage Hold toga ' 3.37 

SAPPI ..... 2 JO 

C. G. Smith Sugar bjw 

SA Breweries L+7 

Tlser Oau and NatL Mlg. lOJO 
Unisec u» 


-0.0* 

+W5 


Securities Rand U^iS0U»9$ 
(Discount of 39.3%) 


^\V| 


384.5j+7.0 -17.16 4Jr 


30 

30 

H 


215 

441.0< + il 
533.01 +5J) 

100. 6|— 0.4 

+i. txotiun— ...— :-l47.6Ui + 2.B »-° 
■ k In HnsBintwl..- , 1,655.0) +5.0 ; 39 , 2.3 

-uto 275.a+9.6!.26A| 9.2 

retenieoLniQiie ! 740 • + IS ! 26.B< 5.5 

Uiunnrai Bnndt.! 213^ + 5.3 15,16 7.1 
Liiinor. — | 24.31 -0.4 - ■ - 


STOCKHOLM 


July 11 


Price 

Krone 


A. NIC-. 


97 


|—2 i — l — . 

«2 t— 17 | — I - 

PtaT^.l !l.790*e|— 19 ( 150 1 82 

Do. Priv ^1.463*c— 27 : 180,10.1 

FlnfeMer 120 1 — 8 — ; — 

(tslcenrat ...... 1 11,510. — 285| 600- U 

luioder. 2 38.5 , — 11^. — i — _ 

Mediobanca 1 33.000' 

Maotedlaon — 147^0.-5.76 
Ulivstd PriT..'....| 970 j— 18 ; 

Pirelli A Co 1.609 ^6 ] 

Pirelli 982 1—11 | 

aula Tricon 7^0-5, — 10 Ji 


AOAAb(Kr^O)... 

Alfa'lAvaJiKHiBO 
AdEA/Kr^??— . 
Atlas Copra (Kr2£ 
Blllcrud. 

Boiora--— 

Lardo.-. 

, Cellnlon— . 
ftecs'loz'B’d 
UricMoa^ti 


218 

142 

81.5 

126 


+ or Div.,l'M. 
— Kr- I S 


+ 5 


+0.5 


65M.-1 
116 +1 


M 


6.6 

5 

6 
6 
4 


S.J6I- ZJB 


10 

6 


Knelt a “B" 

Finer? t* — J 

Granpe* ifreei...;.! 
Hanrtlesbuikra..« 

Msratwu ...— ....J 


SOS 
05 
. 54 
345 
105 


1+4 ! 


(+1 • i - 


!+5 


as 
&6 
6.1 
4^ 
5.0 
3 J& 


.4JB 

4.4 

4.4 


2.6 

4.2 


SPAIN » 


303 

2M 


July 11 

AStand .... . .... 

Banco Bilbao - 

Banco Atlantic!) <1,000) 

Banco Central ■ 

Banco Exterior ......... 

Banco General — 

Banco Cronada (lJW) 

Banco Hispaw 

Banco InCL cat (1,089/ 

B. XbL Mcdltcizaneo .. 
Banco Popular 

Banco Ssniandcr <230/ 

Banco Urqtuio.U.BOB) - 

Banco Vizcaya - 

Banco zaragomo - 

Bankunion - 

Banjos .Aortal eda 

Babcock Wlcor 

Drasados — . 

Inm oban If 

E. Z. Arasoncsu — . 
Espanola Zinc — 

Expl ZUo. Unto ......... « 

Fqczh (lJHHtt W 

Fenosa' (LW9» 

GaL'ProciadU 

Gtopo Volawnea <488) 

Hidrola — 

Zberdnero — ... 

Olarra — ....a 

Papeleras KeonWas ... 

i Pp.tndnwr 

PwroleoK 


Percent 
ia 


a* 

wx 

153 

234 

Ml 

299 

244 

MO 

2W 

243 

274 

150 

2S5 

n 
82 
23 1 
. 2o 
54 
282 


“ 1 
+ 1 

- 4 

- 2 

- Z 


ftfi 


- 2 
- 1 


\U 


- « 
- 0 


+ 2 
+ 3 


- MS 


*2'°;7?' b • To ! S»nlo rawim 


| 1 

■kndrik A.B...—.i 

259 !+l 

5.75j 2.2' 

— 

iK.F.'B' Kh. h 

64.9+0.6 

4.5 | 7.0 ! 

ISO 8,1 

jiniri EiiiUUdft . , 

154 

8-; 5.2 

80' 8.4 

CandHiV *6' KrOC, 

69 -1 

5,1 7.1 

— ' 

1 Uiliteboiin 

58 

“ 


1 Volvo iKr. eOu... ; 

67 .—0.5 

6 1 8.9 

1 


Bosefisa. 

Telrfooica 
Toms Hostencb .... 

Tubacss 

Union Elec. 


73 

70 
U5 
7 *J» 
« 

1U 

77 

115 • 
2M 
57 

5Z3* 

124 

04 

UO 

46 


- 0.75 
+ 1 


- 2 
-13 
- 2 
+ 1 
- 7 
+ i 


- ej» 

- i - 

- /jo 

- 4J» 














































turns 


Fipgndal Times Wednesday July 12 1978 


27 


ARMING; AN D RAW IY1 All; R I A L S 


I Copper increase 
puzzles dealers 


ise 


ID COCOA production will 
d consumption by 49,000 
s in 1977-78 according to 
■d figures issued yestcrdav 
Ihc International Cocoa 
,.jsa lion's statistics com- 

* and contrasts with a re- 
deficit of 80,000 tonnes in 

■ 9iO*u season, 
r. - - - 

. ? with a surplus 

< ly -0.000 tonnes previously 
* st “ *n • March - by ihe. 
ii&itin's' siai isttes committee- 
contrasts with a revised 
!• uf 60.000 tonnes in the 

• season. 

.computing the current 
iT "surplus, the Secretariat 
*d Its estimate of gross 
. 1977-78 production to 

onn tonnes compared with 
| -'VTtT forecast in March and 
'OOO tonnes in 1970-77. 
tow estimates world 1977-78 
ines . _a» . 1.3OT.OOO tonnes 
"ared H-jth Mi&inp tonnes 

s/mslv fiwp-vq. ^nd 1.416.000 
in..Tp76-77. 

* -ip not) .tonnes surplus now 
aM by (he Orpanisatinn for 
ye-ic . ending September is 
well below the surplus of 
.3 tonnes forecast ar end- 
•by C»fll and nuffus. who 
-Tcpectcd to h*-ine not a new 
"t report this week, 
•anv’hite the Huteh pncoa 
crip'V'nrts rnse-'^hYK*"* -0 
■pn i to ie?QQ tnnn»s !n .Tune 
.9 770 in Mav Tmd J3U pe*- 
; from the 10.7*0 tonnes in 
^ VsisT" year, the Centra] 
sties- -Office said.. 


BY JOHN EDWARDS, COMMODITIES JEDITOR 


PRICES moved up 
the London Meuii 


! COPPER 

; again on .... 

: Exchange yesterday but dealers 
I were- hard pul to explain why, 

I A rumours that the Socielg 
[ GVndralt* des Mineral's (SGM) 

; had declared a 15 per cent jorcc 
'.majeurc on its copper deliveries 
i was fiercely denied by the com- 
] Pany. 

| A spokesman in Brussels .lold: 
j Router that there was no justi- 
fication for such rumours and 
the company did not know how 
they had started. 

Tn London it is believed there 
is some confusion about the 
position of SGM and Zaire 
copper, since it was also 
rumoured that ihe Olen refinery 
had declared a 50 per cent 
force majeurc. 

There is a 50 per cent cutback 
in Zaire copper sold by the 
Stafe-ou’oeci marketing organisa- 
tion. Sozacom. after the invasion 
of Shaba province. 

Much of that copper passes 
through the Olen refinery and is 
turned into semi-m&nufacrured 
products such as billets, cakes 
ana continuous rod- 

SCM copper supplies derive 
from other sources and would 
therefore not be affected by 


Impala puts ’ WARBLE FLY 
up price 
of platinum 


'hilippines 
ies improved 
ice strain 

MANILA. July 11. 
IMPROVED rice strain that 
...5 only about 100 days to 
ire will ■ he used in the 
ippines Government’s rice 
' ,;‘uciiun programme. beginning 

• planting - season, the Agri- 
■ ire Ministry said. 

_ i e new variety. 1R-S6 VEM 
■j.-v party -mam r in a 1 is fu'chly 

* "stant to .disease and insects 

\e Asian region, according to 
iro ~ Tan co. Agriculture 

Lstcr. ;. 

s said the-.use of the improved 
ety will give Filipipo farmers 
ance 10 harvest at least three 
>s a year, in a country that 
only two seasons: the dry. 
ina in October, and the rainy. 
Jug -in June. Reuter 


Zaire copper marketed by 
Sozacom. , 

Sentiment on the copper , 
market at present appears to ; 
nave changed, reflecting an over- 
sold position after the recent I 
steep fall in prices. Cash wire- 
njjr* _ Gained a further £7 to ! 
£<04.75 a tonne yesterday. j 

The rise in copper has given 
a healthier undertone to lead j 
and zinc, but tin is reluctant to j 
move until the outcome of the - 
International Tin CoudoII dis- 
cussions this week on a proposed 
rise in the Tin Agreement 
“ fl oor “ and “ ceiling ** prices. 

Producers have decided to 
press for an increase in the range 
from MSI ,200-MSl .500. to 81.500- 
91.900 a picul. However, it is 
generally agreed that the most 
likely result is a compromise, of 
an increase either of M5100 or 
MS 150 in the range. Even the 
higher figure would leave the 
range below the present Penang 
price, which rose overnight from 
MSI .705 lo MSI .741 a picul. 

But the London market, after 
rising initially, ran into profit- 
taking at the higher levels and 
ended the day virtually 
unchanged. Cash tin. after trad- 
ing a« E6.88n at one stace. closed 
at a tonne, £10 down on the 
previous stage. 


‘Canada turned down 
extra beef exports’ 

BY OUR OWN CORRESPONDENT 


By Our Commodities Editor 

A RISE in its producer price 
of platinum from S220 to 8!4i) 
an ounce was announced yes- 
terday by Impala Platinum in 
Johannesburg. 

It belatedly follows the 
increase lo $240 initiated by 
Kus ten burg Platinum Mines 
just over a month ago. 

Impala has taken a cautious 
line walling to »ee whether the 
Kustenburg increase could be 
maintained in view of the fluc- 
tuations in the free market at 
the higher price levels. But it 
has evidently decided now 
that the S240 price can be 
sustained. 

In fact the free market 
platinum price dipped yester- 
day by $2 to S241.50 an ooiice, 
but this reflected basically the 
rise in Ihe value of the dollar 
which also affected gold and 
silver prices. The funda- 
mental supply-demand posi- 
tion that has driven platinum 
prices up sharply in recent 
months remains unchanged, 
with the Russians apparently 
still not selling despite 
rumours that lhev might he 
preps vd to re-enter the 
market soon. 


Eradication campaign under way 


BY CHRISTOPHER PARKE5 


THE MINISTRY of Agriculture's 
drive to cajole and eventually 10 
oblige farmers lo free their 
cattle from the blight of warble 
Hy is now well under way. 

The promised publicity 
campaign started at the Royal 
Show earlier this month and a 
display illustrating the gruesome 
and expensive life-style of the 
warble fly fnasaot is on view 
again at the Great Yorkshire 
Show this week. 

Later this month, nr early in 
AUSU5T at the latest, the Minister 
will lay before Parliament the. 

order promised in February 
which will legally oblige farmers 
to start treating ail (heir cattle 
as a matter of rouiine. 

Larvae burrow 

The warble fly. outwardly 
remarkable for its high pitched 
buzz which has been known to 
drive herds of cattle to panic, 
lays its eggs durina the summer 
on the tags or -trazina stock. 

The hatching larvae burrow 
into the flesh of their hosts and 
upward towards the animal's 


back. The grubs eventually 
emerge by chewing their way 
through the hide. 

The .Government announced in 
February that it intended to 
launch an eradication programme 
using “a combination of exhorta- 
tion and compulsion ~ to wipe 
the pest nut in Britain. 

The Ministry of Agriculture 
hopes its publicity will lead 
farmers to dress their cattle's 
hides with larva-killing 
phosphorous compounds this 
autumn when the warbles are at 
their most vulnerable. 

In any case the coming order 
will compel fanners lo treat 
their animals from March 15 
onwards in the new year. 

Bowing to pressure from the 
fa rmers — who objected to the 
cost — and the yets who objected 
to playing the 'role of policemen 
for the Government, one of the 
early suggestions for maintaining 
the pressure on the warble fly 
population has been dropped. 

The Ministry wanted farmers 
to be forced to obtain a 
veterinary certificate as proof of 
treatment. Now producers them- 


selves will have to sign a declara- 
tion that the necessary dressing 
has been applied. 

it will be an offence 10 send 
cattle to market or to the abattoir 
untreated. 

Dr. D. Melrose, head of the 
Meat and Livestock Commission's 
veterinary services said yester- 
day he hoped that if intensive 
medical treatment against the 
pest worked as desired, warble 
infection could be declared a 
notifiable disease within three 
years and quickly wiped out. 

The British population of 
wtirble flies is apparently falling 
a little after the explosion which 
occurred during the hot summer 
Of 1976. However, according to 
the Meat and Livestock Commis- 
sion, the meat industry's monitor- 
ing and advice organisation, the 
fly is still attacking a “menac- 
:ng'\ high *' number of beef 
cattle. 

A survey of animals sold 
through livestock auction 
markets in May showed tbitl 
about 34 per cent of all the 
animals were infested with 
warble grubs. 


“While this is slightly below* 
last year's average of 3S per cent.' 
it still represents financial losses 
totalling millions of pounds to 
the livestock, meat and leather- 
industries." the commission said 
in a report. 

Its findings, based on; 
examination of 5S-00O animals, 
also showed that the Midlands 
wore still the worst infested 
region. More than 50 per cent 

of stock going to auction there . 
were suffering from infestation- 


Infested 


There was a fairly marked 
reduction in Infestations noted 
in ihi East and Smith-Kit? t ol the 
country, although attacks in 
Scoland reached the highest 
recorded level. 

Of the 12.000 animals inspected 
in Scolland during May. J3 per 
cent were infested compared 
with 21 per cent tn May 1977. 

The Ministry of Agriculture 
estimates that its eradication 
programme ma> cost fanners 
ESni over five > ears 


Drive to switch from rice to wheat 


— VHALE OIL - 

-itish imports of sperm whale 
.last -year were 5.196 tonnes, 
• eventing H per cent of world 
-uniption. the Department of 
istry said. The figure of 
Ot'iy i/uines of imports then- 
ed on this page recently 
Tied Hr British purchases -of 
types of whafo oil. 


IMP. MARVIN MOORE. Alberta’s 
: Agriculture Minister, b as accused 
I the federal Government of re- 
1 jeeting requests to export an 
[additional 11m lb of beef to the 
United States. 

Mr. Moore said at a meeting 
of provincial agricultural min- 
isters that be has Iwtrsed that 
1 Mr. Homer, .. Federal Trade 
i Minister, refused to issue per- 
imits for the additional exports. 
They arc pan of a 200ra lb In- 
I crease in beer imports author- 
j ised by the U.S. Government to 
help fo.curb rising food prices. 

Mr. Moore addressed the 'open- 
ing session of a three-day meet- 
ing of agriculture ministers. He 
;is ■' seeking clarification of 
.Ottawa's position from. Mr. 

; Eugene Whelan, the Federal 
I Agriculture Minister. 

: Alberta is incensed by the 
1 move. Mr. Moore said. ** because 
'we thought ihe Federal Govern- 
ment would automatically take 
Hhe .-increase. We -have beert- 
[ battling for two or three years 


OTTAWA. July II. 
for an increase in the annual 
quota the U.S. allows for the im- 
port or Canadian beef." 

Ottawa, he said, was appar- 
ently giving in to fears thai 
increased exports would pusb up 
domestic beef prices after this 
year's big rise in the cost of 

food. '• 

- He threatened that. Alberta 
might withdraw from national 
marketing plans for turkeys, 
eggs and industrial milk, because 
its farmers were not getting pro- 
duction quota increases to match 
the province's growth- In popula- 
tion. He said national marketing 
plans were ton rigid. 

Ontario and .Quebec . have 
lodged similar complaints with 
the federal minister on behalf 
of their producers. 

Alberta will start a study on 
effects of withdrawing from 
national plans for eggs and 
industrial milk, and a poll will 
be held. among producers within 
12 months. 


Nickel stocks 
growing in 
spite of strike 

PARIS. July 11. 

THE STRIKE by 3.700 workers 
that has disrupted production at 
Lp Nickel's plant in New Cale- 
donia is continuing although 
management and unions are 
talking. 

Production of refined nickel 
products has been stopped since 
June 1 but the company's stocks 
are larae enough to guarantee 
deliveries in progress. Security 
teams are kpening the furnace 
producing nickel matte going 
and -stocks of unrefined nickel 
at the plant are growing. 

The continuing production of 
mnttp means lhai ihe strike will 
not have the effect of achieving 
the management's target of 
cutting output in 44.000 tonnes 
this year from 50.000 last year. 
Capacity is 75.000 tonnes. 

The unions want to ensure 
that management plans tn rut 
production do not involve dis- 
missals or lower pay. 

Reuter' ' 


| BY KEVIN RAFFERTY 

: |N THE . bazaars of Dacca and 
j other towns of Bangladesh 
'there is (he strange sight these 
I days of men going j work carry- 
i inq wheat-based chapaties tun- 
I leavened bread) for their lunch, 
j It may seem commonplace to 
any Westerner who take* sand- 
wiches to lunch, hut lr- the nor- 
mally rlce-ealing Bengalis to 
iakp‘ v.'ieat is a significant 
change. 

The Government hopes Ransla- 
jdesh is turning to wheat in a 
[hie .way. Whej' f might give the 
I country a breathing space in its 
! fight to feed itself; it might alsn 
i.«ave Ihe country possibly hun- 
dreds of .millions of dollars in 
i foreign exchange each year. 

■ After all. there is something 
odd shout Rap"Iarieshis. oracti- 

! call? the poorest people in the 
i world, insisting on eating rice, 
which is almost the mo*! expen- 
sive cereaf- In the world to pro- 
dure. 

Bangladesh has hesun growing 
Its own wheat. Last vear it grew 
j 350.090 lonnes. not much beside 
1 the I2m tonnes of rice nmduced. 
. hut a significant start. Moreover, 
almost all the food grain 
; imported is wheat. 

1 Mr. Ohaidullah Khan, the Aari- 

■ culture Secretary, outlined the 
1 Government's plans. Next year 

he hopes to double the 475JKX) 
acres under wheat and more than 
double the crop. In a few years 
the country should produce at 
! least 1m 10ns nf wheal. The 
j official wheat procurement price 
will be equal to the procurement 
I price forpaddy. 


Wheat is being sown in 
November, after the main a man 
rice crop has been harvested, and 
is ready in March. Yields have 
been low by world standards but. 
at 1.450 lb an acre in 1976. are 
higher than rice yields of 1.060 
lb. However, production from 
high -yielding Mexican wheat 
varieties has topped 1.900 lb. 

Mr. Ohaidullah agreed rhere 
were still many obstacles to over- 
come: the crop was still in ns 
infancy. Some optimists had 
hoped to plant wheat without 
irrigation, using moisture tn the 
soil from the summer monsoon; 
but the wheat would probably 
require at least some initial 
irrigation 

The next years, he said, would 
probably see Bangladesh having 
to fooc with disease and then 
second-generation difficulties 
with seed and rusu and other 
drawbacks. 

For farmers, wheat competes 
with tobacco, which is more 
profitable, so the Government is 
hoping to persuade them to plant 
the two crops side-by-side. 

In all. Mr. Ohaidullah hoped 
that when the research in 
sereenine and selecting seeds 
was complete and when exten- 
sion work had convinced the 
fanners of the importance of 
wheat and helped them to gel 
best use of Ihe soil. Bangladesh 
should be able to set up to two 
tonnes of wheat an acre. 

Mr. Obaidullab's enthusiasm 
for wheat is shared even by 
foreign agronomists and econo- 


mists who - on othvr subjects 
have been sceptical of what 
Bangladesh had achieved. 

For a start, foreign missions 
are urging the Government to 
change the ration system to 
make wheat the only ration 
grain. They say that since 
August 1976 the Government has 
increased the amount of rice 
distributed in rations. 

The Bangladesh ration system 
is limited and does not reach 
many of the poor. Full rations 
are available only in Dacca and 
other main towns, and to govern- 
ment employees. No distinction 
is made bettceen rich and poor. 

Not surprisingly given the 
wide difference in price* 
between ration rice and ordinary 
shops* rice, money has been 
made in reselling the ration 
rice. Restricting the ration to 
wheat would cut that racket and 
might also serve as a ■ simple 
means test, as no self-respecting 
rich or middle-class Bengali 
would be seen buying wheat. 

Cutting out rice would also 
save the Government money, as 
it is buying rice at 130 taka 
(£4.50) a maund (82.2 lbs) and 
selling it in the ration shops at 
100. The wheat price by com- 
parison is 80 taka. 

The encouraging factor is that 
ordinary Bangladeshis are 
beginning to see wheat as a 
great boom. The* find that they 
can carry their ebappalies 
around to eat at lunch: rice is 
not so easily transportable, so 
they had. either to eat_in the 


morning nr evening before or 
after work. 

For the farmer there is aq . 
advantage that the yield for ah»i 
acre <-» good and the work 
involved less. For the country, 
the water needs of wheat are. , 
much less than rice. So even with . 
a bad monsoon a good wheat ; 
crop might he achieved with ’ 
sume initial irrigation. 


Sri Lanka may : 
end rice deal 

COLOMBO. July 11 ’ 

SRI LANKA is seeking the agree- ' 
ment of Pakistan to cancel a 
contract to buy 100.000 tonnes of 
rice this year because it is[ 
expecting to reap a record ' 
harvest, report Reuter. 

A Food Department official, 
said: “ The godowms are full, and 
with a record harvest expected; 
soon there will be no room lo 
store the rice coming in." ; 

Sri Lanka would seek Paki- 
stan's co-operation in delaying' 
delivery of the rice until next' 
year or in selling ic lo another; 
country, he added. 

Sri Lanka's annual rice require- 
ments amount lo about 1.4m- 
tonnes. or which about 25 per- 
cent- is imported 


OMMOD1TY MARKET REPORTS AMD PRICES 

ASE METALS 


PPER—'HdvcS ahead fin ihf I.Miflan 
I Rxi-hanar. The firmness on Cunfc-x 
-lish' wmKpfrtt * ■>:< 3./J- Wrtinc mih 

ira mrial nslris from rri8 10 nc: on 
mroninK fe^-rh in re soon sc to fresh 


•rt.i; 


T a“i»l. --*7 ,,r fi.m. 

OM -i* 1 1 — 1 I'nr.fH- 


jt+i'f 


burins and rtiar«« hurms as the prw» 
moved through I?. 1 ). In the afternoon 
ihe upward Trend saihereC pare wills 
■forward metal lauchUw trM. on Ihc bar* 
uf • Comes, before easm* '0 do*'- »i 
ml 5 on Ihc late kerb. Turnover: 19-tti 
tonne*. 

.Vtnaloarnai'.-d Mela) Tradln* reported 
thal in ibi- Tnumlop cash wire bars iradod 


mewl opened af JftSW and traded borween 
ihe latter price and MO for mop or rhe 
day owing in ihc lack of any phy ileal 
demand beror«* oaslna in :h* afternoon lo 
dose ai ES.5M on ihe tale Herb. Turn- 
over; 1.3J3 tonnes. 

1 S.III.' - ]+ 'IT "Lift. !»«-.r 

TlX Lrffiii* '' l : n.'!Q.-a — 


15-day average J4J.SS lUO.Sit. 
average 130.2? f137.Mi. 


COFFEE 

■K ubimas opened lower this monunx Jn 8S.V.r"seofrii/u Lranshlwnenr "Ew Coai>T. Jaffa: 40's 4.40. Apple*— French: 
, ** h ‘ h S n, 7 ll £555L l,0 2i;jL fc _j?f ; ^ U ’n. , .-^ re ?hl s. African White Aus S3 00. Liverpool- Delicious 30 Ih M's 3.B0. TC's 0. 
F-'-nij*m Lambert reaom Durliu me C]awJw s African TeDuw aus. GD.OU. W. Australian: Craiuiy Smlih 


per lonne unless otherwise 


■C . £ 

jbar* 

701.5 2 
•till?.. 7St-.5 2 
hi nt • -702 
Orton- _ 

. . 698.5 9 -9.75: 
>18.-5 -9 j 
'ni'ui. e99 *9.5' 

-•i.i. . — 



9 • 704.5 5 
i.SS 785 . 5 

•S' - 


701-2 t 7.5 
721.^2.5+0.25 


Afternoon: Wl rebars, cash £V05. Three 
months C36. MA 25.5. 35. 33.3. Caihoies. 
three months TT21.3. Kerfi- Wirebat*. 
three months CT25. 24.3 . 34 . 23.3 S3. 23.3. 

tin— B arely changed despite a sharp dtraiirC: 
rise In rhe Penang price whieft was Ywik 


High tfra«i - ■ • ** 

Wi 6680 5 -47.5 6620-30 —10 

a m>..nri».6585 605 - 75 0560-75 +7,5 
rfeii'ern'i 6685 +46 - 

Siacdarrt 

Li-ui . t67 ■ 80+32-5 6620 30 -10 

o moniiit,. 6585 90 +77.5 o550-60 + 10 

betuera'cj 6680 ..+ 95 - 

+ 1741 .+ 36 

I ...... *571.00 -ll 2 


::-day 35? 30. Aut. S7.J3. Sept. S3.' 73. Transhipment PRICE CHANGES 

East Coast U S. Bart Winter unouoied. 

Ausicalian "heal unquoted. EEC Feed crop 4.2<M5<J: Spanla: Trays 1.40-1. XL pnees 
unqunuxi. large boxes S.50-4.40: S. African; 00-5.40. c| llwl 

Maize: O-X. French July lBS.ui. Aug. Crapefnili— S. African: 27.72 3.40-4.33: 

‘ “ ‘ ' " : Golden 

3.70-3 A»: - 

, j M iii.v-un .. .. ■ . ■ x. u i . . c uun nu. mv.vw. •• . , Sillil y 130. 

morning m -ows were touched ai £1*38 yverpool Glasgow. Tasmanian: Srurmer Pippins 8-M-9-38. 

"* * ' *"* Barley: Liiquoied. Granny Smith 3.60. Croftons S.S0. 

HGCA— LocjUon exJarm *oo( prices. Democrats 9.3U-IA0; 5. .Mncan; Granny 

Feed Smith SAO-9.DO. White Winter Peannaln 


1 I 

I July If ; -f-nr 


basis September but the marhei railed to 
hr»Hk further and volume tor the move 


Month 

■go 


Was poor. W ihe afternoon a recovery mm ........ 

?h V ir l0 SSrr? larlw— lilouccster tom HiniihcrsMe 79.4U. 7 JO. Star Urn; Del idous 8 AO-3.30. 

^ no.5? ri |Seer°*Ml Tl > 1 ' UK moueiury coellicieui for the Delicious 9.20-9.40. Vorfos 9-S0± i 

ru.L"!2L bCKimnnc July 17 remain tut- Oruimy Smith J.flO—w: New < 


balance. Dealers noted small -scale roaster 
lmen>si ai ihe lower levels which helped caanfi n - 
steady values. 


•66.6-68 


Index Limited 01-351 3466. ^ One month Gold 186.4-187.9 

Lninunt Road, London SW10 OHS 
.7. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 



thoushi to have reflected covcrtng agauwt i *nn 

prrnaus Physical sales. Forward standard ^Morning. I^ard.^lhree momhi i|M0. 

Grade, cash «.71J. £0*00. Kerb: Standani. 
three months u j»0. 93: High Grade- cash 
ft. 890. Afternoon: Standard, three months 
£6.810, S. fS.380- 70. M. 70. 65. 60. Kerb: 
SundartL three months £8 556. 70. 80. 63. 

LEAD— A shade firmer in active trading 
with large voiiune traded. Forward metal 
opened at £313 on the pre-raarlwr and 
moved up to £26 in the morning rings 
owing to a good demand for cash mind, 
which lifted the 'forward quotation. In 
the afternoon me downturn in capper bad 
a minimal etfecr on lead ulth the price 
steady around f319-£320 prior to dosing ai 
* »'9 t on Kerb. Turnover: SJ» 

UUUK3. . 

• 1 a.'mTTV+'or' V.m. i+ or 

Lh'AD ! (jiUcm i — ' L'nr.ajtw . — 


Donations and infwmatfon: 

> laior The Earl of Ancosicv, 

KC VO. TD- Midland Bank; 
j.imired. 60 West Smithfidd 
London EC1 A 9DX. 

British Limbless 
Ex-Service ; 
Men’s Association 

•HIVE TO THOSE TVBO GAVE — PLEA3& 


WETBE 

LIMBLESS, 

LOOK TO 10U 
FOR HELP 

We come from boih world wars. 
We come from Kenya, Malaya, 
Aden, Cyprus ... and from Ulster. 
From keeping the peace no less 
than from \var we limbless look to 
you foe help. 

And you can help, by helping 
our Association. BtESMA.(fhe < 
British Limbless Ex-Service Men s 

I Association) looks after the 
limbless fromall the Services. 

It helps, with advice and 
encouragement, to overcome the 
shock of losing arms, or legs or an. 
eye. I L sees that red-tapedoes nol 

staaidinthewayoftheriBhr - 

mlitleroenl to pension. And; for 
severely handicapped and the 
elderly,- it provides Residential • ’ 

Homes where they can lh"e m 
peace an d dignity. 

Hfelp BLESMA, please. We 
need money desperately. And, wjj 
promise you, not a penny ofitwui 
he wasted. ' 


local authority 

BONDS 

Every Saturday the Financial Times publishes- 
& table giving details of Local Authority Bonds 
on offer to the public. 

• For further details please ring 
01-248 8000 Extn 266 


COFFEE 

|\f. 1(1. Ml' 

for + <11 j 

bu-.nem- 

Umi 


: f t«l 1*4111*. 


. 1390 1900 -3.0 

J3BJ I3S0 

■ciJU*xniiO< .. 
Navif|]ii<«c.~ 
Jauuaif 

ls32 1PA4 —lb-5, ic 54 .238 
1879 llttJO— 6.D reSBS *-.4D 
luSS 1*28-13.0' 1-28 -IBS 

M*v 

Jll'V 

1140 1148-18.0 1127 ‘-1& 

, llld llkS-r.J 1095-1085 


SUGAR 


Stunner 

Granny 


Pippins 163 
Smith 8.80: 


GolCen u. r.l. ' ! 

Chilean: AlUTKimum..- £680 £680 

„ Free market iL-i«,:S..WO-Ba'j. 10 'S 1028-18 

?- 20 .' 175 »!£? Copper-MbW.BarJiri04.75:- 7 '1:735 

Italian: Rome - r - - 


U.S. Markets 


Copper and 
gold rise; 
grains weak 


LONDON. DAILY PRICE ‘ratv sugar > 
£5 *.00 1 £89.4*1' ■ a lonm? til for Jub'-Aug- 
shtpmpnt. White sugar daily price was 
Used at 187.30 <138.00 ■ . 


NEW YORK. July 11. 
COPPER experienced siob-Ioss buying on 
a chart break-out. Cold and silver 
conratlsstan-houst-s were on both sides of 

in lb JwsDhines Winter Nells 19.50; ’«*■ w*D» trade buying on veaSi-i 

Peaches— Spanish: Trays 

Italian: 14 trays 1.50-3.30: French 
120. nectarines — Spanish: 16W.M. 

Grapes— Cy on Ot: Cardinal 5.09. Snliana Fr«*3l*rbesn»ft(ll.. | SK^ 


Granny snmn s.bo: t\auan: rmm 3 montL- do. rto. }£785.26 +7.5 U:# 66.75 | 

Eeauty per pound OJo. Golden DeLiaous L ,.h c»hni« ' feTOl.5 . 7.5 ii!7 27.5 

ytfi' Troji Oi.i>li5.B7S|— 1.2 t, lo 1 .575 J .... 

H.* 1 “0; l*“4 Gash JC 3 11.15 + 2.75 >£308.76 • house short-covering and trade selling: 

.. Tin. J month (£319.76 + 2.5 X31B.5 : 0 n lower Mexican registrations, sugar 

g*t4 on Nickel It!£,p66 1 £2.566 bad raoderaie iradc buying with steady 


support was uncovered and a steadier p . r p0llDd D M p.ums-Spanlsh: 5 Wins 
|gnc ensued _ reports C. ttarnlkow. Ga vioU 2.80-3.20, Santa Rosa 2.3K1.M. t 

Thereafter the tnurket seiiled into a BurttBn fcg Italian: Florennas Platinum uwv 133 I £135 

narrow raw* or prices until late after- M lb 3,00-3.20. Apricots— I Spanish: 5 Wins Free Market. 3842 — .24318131.5 

noon wh-n all losses were erased fouow- >>.gt3.fla. satiaoas-Jamaicao: Per ptnmd Ouiekaiiver tibih..iai9B;ift isiao-ia 


Pi«. le-iv"Uty» Hwviu. 


L'nmm. 

Conn. 


C'ir-ie 


L'i o»e 


bit-mo* 

Hone 



Ca»tJ 310-1 ->a • au-.a i+*.iq 

J 319 J6 +4^2]3l9A-aO : + 8J RUBBER 

dti a m'nll all ■-!•& - I 

C.^I-4 .( - J_ j 31 -33 i ■ — 

""Morning: Three months CHS. IB. 19.5. 

.19.- Kerb: Three months £319.3. 19. 

Afternoon: Three months ISlBJi. 19. 19J. 

50. Kerb: Three tnontns fSJS. is. 

- ^INC-L-Practisnally easier and QUlec 
Forward metal rose to IS!? on the pre- 
market hut men came off to ES33J on 
the morning kerb owing to nroAi-uttng. 
ft! the afternoon the price moved up to 
5324J on fresh buying prompted by the 
OrronesB of copper and lead before easlfle 
afresh to dose u *322 j on the fate kerb. 

Turnover: 9,899 tonnes. 


v 

311-.5 1+2.76 


Sales: S. 081 ii.vw* lots of 5 tonnes. 

'-0 iwflraiar pricej for July lu lUJi. 
cams per pouiaii v^iiombtan Mi'.rt 
Arabicas 186.50 tlSV.Mi: unwashed 
A.auiciu 1BU.0L iMUiiei: Other utud 
t.-aft.-ens 748.00 ri 49.00 >: Robmas 133.89 

C,— -a. Dalis' average I4fl» >UL23>. . .... 

ARA8ICA CONTRACT — tin order, u.-t. ... 8 .63 8 .1(1 9 j.Bj.Bj.8j: iu.25-U.4i S.00. Beetroot— Cypriot: 22 ft) 1.59. Oils 

buyer. «Uer. bualnessi. Aug. l8LB9-78.n. u*... _ .2.5-J-S.40' -S.IW-«1.»6 Melons— Spanish: Yellow t'll's 3j0-3.8a: CouoauL r Pbth .£660p 1 8650 

Oct. 145.00-53.09. Dec. 1W.0W9.M, Peh. jUr.-B . 9b.i:,-9jfJfi o8jw-89jjU; 99.5a-t7.7B Canary: Ogen B^lfi'S 2^9-SJO: IsraeU: Groundnut ‘£686 I £739 

1*7 flA.rj an Jane Her .... luj.0.-va.4P,IUUi«WjZaiV|lu2.6a-t,n.M Yellow 804'S 3.SO-LOO. WMtMMlHi— Unsoert Unalo m.fceo48 — JJ.O £385 

Palm Mslayeo &595f — S 'S590 


— man 

■M.90; 2.9 I mines stifl precluding the prospect of .a 
— I major reversal of the downtrend. Cocoa 
I was extremely dull again. Recent grind- 
ing figures have had no impact on market, 
reports Sachc. 

Cocoa— July 144.20 (143.35.. Sept. 139.45 
■ 139.21ft. Dti. 136.15. March 13S-35. Ma>- 
I30JB3. July 12SJG. Sept. 126.S5. Dec. 125.05 
scolements. Sales 324. 

Coffee— ■■ C " Contract: July 140.49- 
l I49.4S I14S.0PI. SepL 1 51. 73-134. 00 <133.50-. 


£|#i UUiio 

Aug. ... 8 b. 5D-B8.40 1 88.2b-BB.BS; B8.75--.7.QQ aJi67 Carrots— French:" Nantes 2i lb braes 


i*Sg! : tSSSinSftSl 

n - ~ . aim: o«»h -.... £314J7S— 0.123.^315.25 i i H.jj-uJ on, July 113.M-U3.39. Sent. 

: u?;™™- Dtc - 1DD00 ' iJ3 - e - 


12T.BtK37.90. .\prtl 123.60410.00. Jane Uav .... tu^.0.-i8.tb,IUlA«Wi2Jhi ilu2.6a-t,D.M Yellow EOl’S 3.5O-L00. Water-melafi 
I22.OO-2S.90. Aug. 120.00-28.00. Sales, nil Aug.-.. liiB.Dfl-. 5.2a, .laSJM&iS IQo.6»MJS Spanish: 2.70: Israeli 2J0. 


U 108. v OB.OD^liKIMAuAO 

UNCHANGED OPOlUnE Oil 
physical market. Fair interest 

the day. cluing steadier. Lewis . _ . .. ... 

reported a Malaysian codown price or £mt. 8U niaSOQi Mr export. 


English produce: Potatoes— Per 56 lb 
1 .30-1.30. Lettuce— Per 12 9.30. Cos S-80. 


227 <22Bi cents a HJo buyer 

j I 

’Yeet'roavt'j I'whiiii 
c-wo* i L 'roe 



UrtemaJlenfll Sugar Agreement; 


No.1 

K.S.6- 


Eunnev 

rt--ne 


Bache. 


ZINC 


s.at. 
US N.< 


t -ill ism. 

— r Cmdfl -w 


lt+ftT 


LVb 512 S * 5 .S' 3 14.25 -.5 - . 1S5 

tntuiith .. -£.22-4 +3.5024J4-.5-.126 

b'meni^. 315 -*3.5' 

Pnu. AVe t, : U9.31 • m.... 

Horning: Throe months £327. 26. 25. 24. 
23. Kerb: Three rnanrtu £323-5. 24. After- 
noom- €aah Q14 J. -Uire months £935. 34^. 
Kerb: Three months £323.5. 23. 225. 

. ”* Cams per oemA. * Oh prtmtw 
ofltciarclose. iSM'per picul. 


Ang. 5E.70-54.1B 6t68-MJD 64.18 

*ept. 64.94.M n 4 sS.90-o5.S0 54.90 
On- Uec 56. 1 0-56.20 d5.26 m.SD 66 DJ • 

Jan- Ui.‘ 58.15-fiii.Sfl b7.5G-57.4fl MJ0A7.4Q 
Apr- j nt tO.lu-oO.15 5a J5 69-80 60J859.40 
Jiy-Oept 91.95-uSLOO blJKKI.10 ol.86-ol.EO 
Wdt- Uei o5.7b-oi.Bfl s2.B0-b 2.90 t5.BJ-c5.45 
Jtn.Jlai: b6^S-v5.60 04^3-84.80 b&.4M:5.L5 
Apr-Jnt' c7.Zu e7,5u 1 6.59^6.86 67.20 July 


Tomatoes— Per 12 lb English 2.29-140. 

cents per lb fob and stowed. Caribbean EEC j 't | : 

port pnerf lor July 10:' Dally 8A4 i6.76k biuTlu Pcr^th 0.tMM Cauttnowera “ oni * Future-— |4M LAS +0.BC82.2 

15-day average 6^8 >Mli. —Per |2 Lincoln 2.09-2.50. ■road beans— Ma iaa.. . r — | 

ll/rtril ClITVinrc Per pound O.IO. Peas— Per pound- 9.09- 

WUUL rtlUKta OJO. Cwrla-Per pound Black 0.60. 

loiidon The market wa* about 't' 611 * Cesaberotai— Per pound 0.23- 

LONDun inc market »« annul qm ruin mint t n Prr naund OJB Bwt- 

dn changed «uh ram a Urtle easier reports amteo/ (Smu— Per It lb 

” 5.50-iAJ. 


French .So. 5 A mil 05 
tVOeai 1 

hb. 1 Red 3pnnjjs82.57» 


| _.£ios 

136.85 


•Pence per kffol 


An.ir>iii'i 

1 l> ^Urni’5» -t- 

ruamrot 

flmiv w ■> 

■ij Lx«6 ! — j 

Lk-ne 

• r • ; / 


SILVER 


Stiver was fixed Up in «mra higher 
for spot d eh wry Id tfto 1 *mm bullhn 
maritat yrateniay « isejp. U3. c#nr 
egfirttems of hie fixing level* were: spot 
wB.Tc, up B,Jc; Uwcovmwih «39.9c, up 
B.4ei Bts-momh 551.9c. down 0.2c'. and 
12-mOnrb 574.4c, down 0.7c- The meia] 
opened and dosed ai the common level or 
2TO-28HP <327-33840. 


o-B8 ; ...... ; 

(.■tu>«r >41-w45L0 l.fi! 

Sales: 191 I61B> lots of 15 tonnes and u®»ni"e' ...744-0-48JJ > 

7 <30i lots or 5 tonnes. 2*7,bHLii ' -i 

Physical closing pru-es 'buyers* were; 248«-SS.0| • — 

SPOT 53.33d i53J5i: August 35^9p ( 54,7s. *; j Ul V jjjgj.62.ij — 

Scot. 33.73p <3SpL trjioiieV gi6.BM.fl +0.5' - 

SOYABEAN MEAL 7-“^ S, «: r — 

The market opened anehanged in turn NEW ZEALAND CROSSBRED— dose: 
trading. Lower weekly US. soyabetut Dec. iK-lK.o. March 1S3.5-1S4. May 
export reglstnuimis and lack of buyme 1S4S-1S3J. July lSS-188. Ctct. 157S-18SS. 
Interest depressed prices at the close and Dec. lS7.5-Uw_3-__Sale5. 9 lots, 
losses ranged from 59p to 80b. reports 
snw commodities. 


Nui.ZH>rd . 

Kngtiub Mniingt £91.50 > 11106 

Cocoa »hipn»ant....]g|'.7itj— 6.5 u:t.74fl 

Furure £1.718.6'— 6.6 !£1. 635.5 

Coffee Future r 

COTTOH— Liverpool. Spot and ship- Cotioo'A' Index,.„i7a.56c 0.2 ; 71-*5 l- 

mem sales amounted lo 112 tonne*, hunter km*. iB3 J6i# Li 57.6t- 

reports F. w. TattersaHs. only occa- >uror tKiwj UB7 i_» KlOl 

sjonai dealings were reported with Wo.>itcip»r4> tu v .... aaAp ' ,gB5« 


COTTON 


interest eta telly in South American and 

.Middle Easient sues. Users . were - Nominal ■» New crop. ; Unquoted, 
cautious fn socurioe ocher Amcncan* ft August, m /ime-Augosi n July-Scpi. 


one crounhs. 


n Juiy-.Vuc. o Sept, y August-Sect. rPcr 
lon- 


■flWW* 1 BuiliOD'.'-f' or; -LM.E. i+ or 
. l» . fixing . — eiore i — 
IW v*. f priuinf 1 


‘iw 880. Ip +1.8 880p -o.s 
TOuaCb. 867jp 1+ 1.8 287.05p —0.6 

nwoili*., : 296.65ft •+ 1.2 — 

I m nih«.' 312.1* -+B.96 __ 

LME—Tumover lO U63> lnis af' 19.900 
. moof*. Tbreif -months 357. 7.1. 7.5. Kerbs: 
Tflrw* months 387.1. $7.2. sf.3. Afternoon: 
■Three: 'moiahs aff. 'X7.L 37.2, S7. Kerbr. 
’T ent m onths 37. ifiJ. 

COCOA 

‘ YulbM wen: contained in a narrow 
JSjfce -wflta consumers ataovcmB .nsht 
imeren but origins remuntng aside 
reports GIB and Duff us. 


Wheat pact ; 
date move 

GENEVA, July 11. 

A TOP LEVEL meeting here 
contract: July MfiJt-Mo.o: nil: nu. oct tonight is almost certain to 
***• 3 ^? ?' agree on postponing a provisional 
•JSSiS^iir S&S- 1 ® September dSe for a UN.con- 
3684: 3t 5. July 387.7-288.0: 387JL3S7.5; ference to negotiate an arrange* 
7. oct sto-S-ttiA: sig.tan. 0 : 19 . Dec. ment to replace the 1971 In ter- 
=73.tKn3.a: j<-^-37ijj: s; ss. Total uie>. national Wheal Agreement; Mr. 

meat/vegetables Sd saylor - u - s - <telee> “ 

*«« ffi'TSS bll ?i r ,i S ST muiwateral' ’Slta 

tenors. hindquarters w-0 ■ *0 Tui. foreqpartere p lia iem ana muiniaierai laias 


INDICES 


jYl-.JtWVM.V. ^111 

! Otero ; — 

-I 


Utfiw-- 

Done 


tftmirLonoe i 

Augu.r >118 9J-1BJI — OJSfl’ 11S.D 1 

U /tuber <1 IS.ifl- 19.5 — u j4fi 120.0 10.20 

Ui.4mlKr ...,HUi-i7.D--0i£ 1 i7.0j 

reorumrv ' 1 17.81-16.5 — 0J> — • 

Apn. 118.50-30.5 +0JS - 

Jap* :fhL 0 j'i 2 .fl -a^a — 


Soles: IB >39< lots or 100 

DRAINS 

LONDON FUTURES iCAFTA 


-The 


«r“o so.#- fetatam «mw here today between members of 
■1.0. fonauivtcre ; 34.e w 37.0, the 12-nation Interim committee 

uunfa: tnfiush small 58o w ffi-fl. h a ,i failed to narrow gaps suf- 


mS« OMrt WhBimfl to u-hSu aSd ^ **■ Kmta on comm nffiS on 

igrlev Wheat saw a good two-way trade Scotch medium *0 to 53,6. imported uCienuy dm cuarae grojnp, uu 

uhhihewitoa to XtoSnSw Art ft™*"; & PL 34i * «* pm ss.o to action to be taken after resejre 

-good buying suuoort m ate nips. The e-.nch uwta. r>u> b - n . stocks are exhausted in a rising 

SSXSg^-S&Wf&M sijs? ~*wS3 S 

5^S“ r “!"■ M »™» S/giveTSortcnTtoS 

"Lii’ of hi E h P nc«, 


4- or ! BuktuW 

WCUA : Groro. — i Hone 


WHEAT 

/)>mnuy 
M'ntM u-O-6 


BARLEY 


4-B.741: 143.60 per 


. _ _ ... The full interim committee ia 

•*i + w re.tvniay . xg^siAcw. ‘jMK L Cfc-ptga 63^p per likely to meet to-moriw to 
~ ~ . ttn- eolorae the decide yet to be 


FINANCIAL TIMES 

July' lOuly loniivith «ctj 


I'MI UP' 


M3B.44; -39.09! e4?J» 

K45.81 

I Bun; Job 1, 1952= 


REUTER'S 


Jnlv 11! July 10 MonLb asr 

i Trar ago 

1448.01 1447.1 J 151D.0 

1532-3 


DOW JONES 


Dow 

July 

jure 


Jon** 

11 

10 

ten | <!!•• 


ffxn .... 366.8 l!s65.33 359.25 39 2. 13 
rumnn»342.66 *42.59i337.4 8 34I.8 fl 
lAvtraw: 1K4-3S.26=l90i 

MOODY'S 


Uopty'f 

1 July ! Jure 

! n i 

jUMlb'Yem 

1 •«*» j 4*^ 

•■pi* Cotntnt.vjSl 1.2-15.41 

WtS.2 B80.7 


LOBtr'l!-. . . i I 

<u:v 1779.6-50.0 -11.3174fi.0-SU 

.1718.0- 17 J1 -U tl7O.MI.0 

-fcc- 18l6.M7.fl — KLO 17KJE16fB 

««*-»... 7fi74.W8.fl —8.5 tSSC-O-njI 

'}*y — 1BM.fl-57.fi —1I.O;iB5SJ)-55.0 

l «vi»... h W i Ml -11J5WH.0-afi.1l 
jr* - — iean.MB.fl -w.o ibto-o 

Salw. 1 64B- <2.0»i lots of uTwHhes. 

IntorBatloHl 'Cku Ononiutln iL'S. 
cejts per pound'— Dally pflcr July 18 
140.57 1137.78). Indicator prices July 11. 


9*Mf . U4 


CRIMSir PISH— Supply 

demand iwd, Prions per stone at ship’s ......... ... 

25£. too £3.«W4J9: j yoy ounce ra-warebOPSf. 


lots. 

Copper— July 6LM <60^0i. August 61.40 
1 60.90 1 . Sept. 83.99. Dec. S3.70, Jan. 6L30. 
XUm.lt 65.40. May 60.40. July 67.48. Sept. 
S.40. Dec. a.SO. J an. tf.30. Starch 71.30. 
May 72J9 settlements. Soles 3.050 tots. 

Cotton— Oct. 59.79-59.75 1 39.13 ■. DCc. 

81.16-61.18 iSl.lfli. March 62.63. Slay 
63 90. July 4.90-4.93. OcL 4.30-4J3. Dec. 
3J5-65.D0. Sales 3.450. 

■Gold— July 1*5.70 <lS6J0i. August 
186.66 <187*01. Sept. 188 JB. Oct. 189JO. 
Dec. 1B2 AO. Feb. 183.60. April 198.70. Junn 
207 JO. August 285.10. Oct. 2O&30. Deo 
111.56. Feb. 314.70. April 317.90 seftle- 
meois. Stoss M56 ion. 

tLard— Chicago loose <ooi available >. 
NY prime steam 24.73 traded (34.50 
sskedi. 

TMalre — July 239i 13481). Sept. 244* 

12471. Dec. 3401-2491. March 3575-257). 
May 36ii. July 

fi Platinum — July 240^C-:Q1.D[I <241.N>, 
Oct. 245.W-M.Dfl 1246.70 >, Jan. 24S.50- 
748.90. April 25L90-233.10. Jui>‘ 232.40- 

255.60. Oct. SS.90-259.10. Jan. 263.60-363.60: 
Sales 9% lots. 

'Silver— July 536.50 ( 52S.10<. August 

33S.90 loSO-iOl. Sept. 533.70. Dec. M4.W. 
Jan. 54S.6D. March Ud.90. May 565.70, 
July 57A69. Sept. 595.60. Dec. 597.3 d. Jan. 

691.60. March 611.20. May 630.70 scttle- 
ntcnis. Sales 6.000 loti. Handy and 
Hannan spot bullion 525.20 <53S.70>. 

Soyabeans— July 6d7i-d67 1 69611, August 
676-677 1B8IK Sept. 641, Nov. 816615% 
Jan. 832). March 39i. May BS2-6S3. July 
£XI. 

IlSeyabeut Meal — July 175J0-175.I<) 
<175^0-. August 174.a0-174.00 1 17330 >. 

Sept. 173.00. Oct. I70JI0. D«, 16S. 00-167 JO. 
Jan. 1 6S. 09-187.50, March (G9.3O-I&.30. May 
179.00-170.50. July 170.70-in.M. 

Soyabean Oil— July 2555-35-70 t3SJ2'j 
August 34.00-35.00 <23.23*. Sept. 3S05-24JD. 
del. 23.29-23.10. Dec. £.’.45-22.50, Jan. 33A0. 
March 32.15. May 22.1623.00. July 3L76- 
212*. \ 
Sugar— Ho. 11: Srtit. (L5S-fiJi9 fS.Jlj, 
Od. 4.896.71 <8.11. Jan. 7.16-7215. Mnrto 
7.43-7.43. May 7.67.81. July 7^3. Serf:. 
7.96-9.09. Ooct. S.03-6.10. Sales 3,816 lot*. 
Tin— 563.00*577. 00 foTtjO nom.i. « 

** Wheat —July 320:-330| '3£1>. Sedl; 

3251-32J i325.’*. Dec 351 j -532. March J 3$. 
May Mu. Joly 331. _ . , . • 

WINNIPEG. July 11. ttRye— July lfll.yo 
asked >1§1.70>. Oct. 100.59 bid <109.51'. 
Nor. O9.0O asked. Dec. »-5u bid. Mfr 
191.70 bid. _ 

t+Oais— July 73 JO <73.60 hid*. Oat. 
72.40 < 72.70 wfcefi*. Dec. 72.30 bid Marfh 
72.80 asked. May 72.80 asked. a 

ttBarley— July 74.50 bid <74 JO bttfi. 

; OtL 74,30 *74^0 asked*. Dec. 74.20 blp. 
March 74JB bid. Mm 1 73.00 asked. I 
SSFluxseefl— July 3S7.30 < 344^0 nom#t. 

• 0CL 33&« bid <236-50 hid'. Xor. S39J» 

I bid. Doc. 33S.D0 bid. May 24340 asked. 

| "Whtnt-SCWRS 13.S per cem protein 
1 content elf sl Lawrence E.73 <18fi.7S>. J 
All. cents Per pound exro-art-hotse 
unless otherwise stated. * 58 per trw 
ounce— 100 ounce loss. * Chicago loopc 
m per 190 lbs— Dept- of Ag. prices pse- 
rious day. Prime steam fob. NY biffk 
tank can. : Cents per 58 lb bushel c*- 
u arehoose. 5.0IM bushel lots. I fs per 
aror ounce for 30 « units of W.9 tf r 
cent porlty delivered NY. r C*nts per 
m New 


-ftiA. 1 ba.BS .-pw.Ds: 78.63 
Nor, ) 83J13 '+ .fir! B1JW 

Ja.ii. 88.75 *jJ15. 84.03 . ... . _ 

Mar. I Bl.UD ' — . — OS 1 flt.60 — QJB cent- average nrice 53. 9p ( + 1 J:. Scotland 

m iv fla. CT) j:&5 ea.is -O.05 -Sante numiwni up perwm. agwo in the autumn. 

*SSsiDe*9 done^Wheme Sept? KL3P83.30. »vBra*c' Pfjj' f+0.60: Shwp nmn- GATT’S simultaneous multi- mk OOT4r njwot ,troy wuicr ecwarenoiwr. '< xcw - t* - 

jw v fiiso-tt.09. jaiL a.M-stsfl. -Marco bers up , --® ^ lateral trade talks have hindered naddoaiS moina m w. *. toon ton for bulk ijt* 

0L3O-91.4O. May K.95-94.0Q. . Sales: 150 183,Sp ' - 0-“’- “wnbara Up 3J per • nrf ,avp K s for Anrop riaHnne J3 *® 0! SJofiiu® haddock £a^8-£4An: Small I of 100 short ions delivered f.o.h p.>ra 

low. Eartays.sejK- lb.S3-7fi.60. Np». 6185- cem. gWMP« Baan <-0Jn. f .® om ®. Iiaaons haddock C.89-SSA0: - LaiSrtffi S • Odtogo Toledo si. Louii airt Alron 

ar-*- Mr - ^ *«“• B sss^tss saa 




28 


Financial Times Wednesday. July 12 1978 


STOCK EXCHANGE REPORT 


Unfounded financial nervousness checks rise in Gilts 



Equities affected and index closes below best at 467.3 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealings tions Dealings Day 
Jun.26 July 6 July 7 July IS 
July 10 July 30 July 21 Aug. 1 
July 24 Aug. 3 Aug. 4 Aug. 15 

• " New time " dealings may take place 
Irom 5L30 ul two business days earlier. 

Last - minute apprehensions 
about the banking statistic?, 
released in the after-hours' trad- 
ing, reversed earlier firmness in 
British Funds and subsequently 
activated loose selling of the 
equity leaders which, at midday, 
seemed poised to repeat Monday’s 
sharp advance on hopes of 
encouraging economic and 
financial pointers this week. 

The main talking point in the 
funds soon after the opening was 
whether the long lap would test 
the aulhorilie?' assumed selling 
price of 4ai. but the market price 
stopped just short of this level as 
n few operators closed their com- 
mitments. Further slight easiness 
followed i he announcement of 
the Government's borrowing 
requirement Tor the June quarter. 

Conditions then became 
uncertain and the two sets of 
ficures relating to banking 
statistic? brought confusion after- 
hours; the longer funds reacted 
noticeably. but the later 
announcement of a small 
decrease in c'wiring banks' 
eligible liabilities last mnntb 
restored quota Lions to around the 
overnight list levels. 

Industrial markets reacted in 
line with Gilt-edged and. follow- 
ing a slight marking down oE the 
leaders, stock was offered more 
freely. Recent buyers decided to 
hold oft with the result that a 
rise of 3.3 in the F.T. 30-share 
index at 1 p.m. was pared to only 
1 8 at 407.3 at the close. Never- 
theless. rises over falls in all FT- 
quoted industrials retained the 
nrevinus clay's advantage of H-to-'J. 
hut bargains marked remained 
relatively low at -l.ti72. 

Contrary to expectations and 
despite the confident general 
tone m the equity sections, the 
debut of Hunting Petroleum Ser- 
vices was a disappointment. Over- 
subscribed three-and-u-balf times 
on application. Hunting opened 
at f*lp. a premium of G on the 
issue price, but softened gradu- 
ally on stag selling to close at 
Sop. 

A routine and evenly balanced 
trade made no impact on rates 
for investment currency and the 
premium, after moving between 
1101 and 1091 per cent, closed 
a net 2 easier at 109| per cent. 
Yesterday's SE conversion factor 
was 0.6337 (0.6550). 

In the second heaviest trade 
since dealings began in April, 
925 contracts were done in Traded 
Options. Encouraged by the in- 
creased activity in the equity 
market, over 500 contracts had 
been recorded by midday. Grand 


jffet eventually emerged as the 
most active with 1S2 contracts, 
closely followed by ICL 140, and 
BP. J22. 


Banks below best 


Turnover in the major clearing 
banks improved considerably with 
buyers continuing to show increas- 
ing interest ahead of the interim 
dividend season which starts next 
week. Prices closed a couple of 
pence below the best, but senti- 
ment in the later stages was un- 
affected by the latest bank lend- 
ing figures. Lloyds, scheduled to 
be the first to announce half- 
yearly results, on July 21. rose 6 
more to 268ft after 270p, while 
NatWest were also 6 dearer at the 
identical closing level, Irish 
issues found modest support and 
Bank of Ireland improved 15 to 
SSOp and Allied 6 to ISSp. Guin- 
ness Peat rose 6 to 238p among 
firm Merchant banks and firm 
spots among Hire Purchases 
included UDT. up 2 more 
lo 4 ip in continuing response to 
Press comment. Lloyds and 
Scottish gained 4 to 92p. 

Breweries continued to attract 
a fair amount of attention, but 
JinaJ quotations showing gains of 
two or three pence were slightly 
below liic best. Among secondary- 
issues. 'oorlaud advanced 25 to 
«>U3p in an extremely thin market 
while, in smaller- priced Issues, 
Buckleys improved 3 to 4Sp. 
Elsewhere. Distillers, up 2 more 
at !S5p, made fresh progress 
ahead of tomorrow's annual 
results. 

Although the general trend in 
Buildings was to higher levels, 
news items were responsible for 
certain dull spots. On further 
consideration of the trading loss 
and the deal with Ready Mixed 
Concrete. British Dredging shed 
6 more to 33 p for a lots of S 
since llu- announcements, v bile 
news of the marked deierioration 
in Saudi Arabian activities left 
Sircelcr* of God aiming 4 lower 
?t L'L'p. Small selling in thin 
markets left IDC 4 down at lUSn 
and M-Nell 5 lower at 40 p. while 
profit-iakinz clipped 5 from 
IVorwest HoLst at WSp. In 
marked contrast. Marshalls (Hali- 
fax) encountered n?gress>vo buy. 
ine and put on !l to a 1978 peak 
or 1 17p. v title renewed speculative 
support lifted Brown and Jack- 
son fi to 13Rp. Awaiting today’s 
interim results. Countryside 
firmed 3 to 43p. 

In a steady trade, ICI and Fisons 
but improved a couple of pence 
to 372p and 369p respectively. 
Coates Brothers were notably 
firm at Tip, up 4 and, ahead of 
today's annual results. Allied 
Colloids held a modest improve- 
ment at 73p. 


vious day's buoyancy, although a 
firm tone prevailed. Press com- 
ment drew buyer's attention to 
Harks and Spencer - which 
touched 152p before closing 3 
better on balance at 130p, while 
UDS hardened 2 to 94p in 
response to the chairman's 
remarks at the annual general 
meeting. Elsewhere, Dixons 
Photographic were popular at 
I38p, up 10. and improvements 
of 6 were seen in Lee Cooper, 
I16p, and Status Disco uni. 178p. 
By way of contrast Ratners 
cheapened 4 to 69p on disap- 
pointment with the annual 
results. W. L. Pawson were 
suspended at £2p pending 


Supplies 6 to 87p and AFV were 
also 6 dearer, at 212p. Reflecting 
disappointment with the Board’s 
decision not to form a joint 
boiler-making company with Bab- 
cock and Wilcox, Northern 
Engineering cheapened 4 to lMp. 
Of the leaders, John Brown added 
4 more at 392p, after 3Mp. 

Interest in the Food sector 
broadened considerably and some 
fairly useful gains were recorded 
throughout the list. Demand in 
a market none too well supplied 
with stock left Billiards IS to 
the good at 222p, while Associated 
Dairies firmed 6 more to 234p 
and Sainsbury 3 further to 205p. 
J. Lyons continued the recent 


210 


200 ! 


190 


ISO 


170 



r1977 


1978 


Consumer Goods 

H Non-Durabte) 


- ET.- Actuaries Index 
J L_ _J I 


NOV DEC JAN FEB MAR APR MAY JUN JUL 


Ratners disappoint 

Leading Stores were more 
subdued yesterday after the pre- 


reorganisation particulars. Among 
Shoes, R, CSp, and Ward While, 
S2p. rose 4 and 3 respectively. 

Thorn Electrical improved a 
few pence further to 352 p in the 
curlier dealings before gradually 
casing back to settle at 34Sp f*-* 
a lass of 1 on balance. Other 
Electrical leaders followed a simi- 
lar trend, with EML 135p. and 
GEC. 'JKSp. closing 2 and 3 lower 
respectively. In contrast, sc.ec- 
live support produced some useful 
gains in secondary issues. Auto- 
mated Security put on 5 to SOp 
and Ever Ready 6 to 160p, while 
Cahleform closed 3 dearer at 79p. 
Benewed buying in a limited 
market left Electrocomponents S 
to the good at 473p. 

Some firm features emerged 
among secondary Engineerings. 
The proposed 100 per cent scrip- 
issue helped Rotork to close 7 up 
at 137p, after 140p, while Crown 
House rose 6 to 65p on further 
consideration of the results and 
planned dividend boost Staveley 
Industries, at 2S2p, recorded a 
Press-inspired rise of 8. while 
Howden finned 3 to 62p for a 
similar reason. Renewed specula- 
tive interest lifted mining; 


recovery movement with a fresh 
rise of 2 to S9p. Spillers also 
found support and put on a 
similar amount to 31 Ip. Hotels 
were again favoured A lively 
business developed in Trust 
Houses Forte, which touched 223p 
before settling at 221 p for a rise 
of 5 on balance. 


Pilkington firm 


Miscellaneous Industrial leaders 
closed well below the best in 
places. Investment buying ahead 
of publication of the annual 
renort helped POkinstnn touch 
~- J 7n before a close of 15 higher 
on balance at 543p. while Reckitt 
and Co' man were also well 
supported at 479n. up 9. after 
482n. Unilever added 6 to 532p 
and Turner and Newall put on 5 
to 17Sp but Boots closed nnlv a 
pennv dearer at 203p. after 297p. 
and Beecham ended unaltered at 
(loop, after G63p. Glaxo reacted 
from 573p to close 3 easier on 
balance at 565p. Elsewhere, 
WIIMnson Match rose 10 to 171 p 
on the better-than-exiJected 
results and Donald Marptaersou 
improved 3$ to 69p, after 70p, 
following . Interim profits which 
exceeded expectations. .B. Kelvin 
Watson improved 3 to 6Sp, also 


after trading news, and LC Gas 
firmed 6 to 39Sp on the annual 
report- Buying ahead of Friday’s 
half-yearly figures left Gestetner 
A 7 dearer at 20Dp, while fresh 
speculative Interest prompted 
gains of 6 in De La Rue, 358p, and 
Uetraset, 143p. 

The recent figures showing a 
continuing boom in car safes 
again benefited Garages and 
Distributors. Appleyard Group 
moved' up 4 to 94p, while H. Perry 
rose afresh to 108p before settling 
at 207p for a gain of 2 on the 
day. Alexanders put on It to 19lP 
and BSG International gained 1} 
more to 43$p. ERF continued 
firmly at l07p, up 2, awaiting 
today's preliminary figures. 

Reflecting North Sea o3 
Interests, Daily Man A improved 
12 to S12p. Elsewhere, small 
persistent demand lifted A. C 
Black 6 to I13p and further 
speculative support left Websters 
Publications 2 higher at a 1978 
peak of 561 p. 

In quietly firm Properties. 
MEPC added a couple of pence 
to 123 p and Stock Conversion 6 to 
220p. Selected secondary' issues to 
command further attention in- 
cluded Scottish Metropolitan, 
109, and Alin ait, 2 OOp, up by 5 
and 4 respectively, while country 
buyioe following the annual re- 
port left Bradford 9 up at 232p. 
Speculative support lifted Bernard 
Sunley 6 to 220p and demand in 
a thin market prompted an im- 
provement of 3} to 3Sp in R- 
Green. Also in restricted markets. 
Municipal Properties and House 
Property of London both held 
rises of 10 at 235p and 1«P re- 
spectively. County and District 
firmed 2 to 86 p and, awaiting to- 
day’s annual results. Daejan fin- 
ished similarly higher at 94p. 

In active trading. British 
Petroleum remained prominent in 
Oils and closed 30 higher at the 
da Vs best of 874p for a rise of 42 
till lowing Ihe reported major oil 
discovery off the She (lands. In 
pnnriderabls’ quieter conditions. 
Shell finished at the overnight 
level of 370p after initial progress 
to 375p. Elsewhere. Ultramar 
firmed 4 to 23Gp. while similar 
improvements were seen in 
Lasroo. 142p. and the * Ops,’ 320p. 

Trusts again found favour and 
gains were fairly numerous. In- 
vestment Trust Corporation rose 
5 to 266p while, in capital issues. 
Triplevest stood out with a rise 
of (1 tn 142 p. 

Scattered gains in Overseas 
Traders included S. and W. 
Berisford, which put on 4 more to 
14Pp ahead of next Thursday’s 
interim results. 

Conrtaulds followed in the wake 
of the other leaders, closing a 
penny dearer at 118 p, after I20p. 
Elsewhere in a quieter Textile 
sector. Textured Jersey, a good 
market of late, eased back a 
penny to SOp following the good 


annual results and encouraging 
statement on current trading. 
Scattered demand left J. Haggas 
3 to the good at 113p, while 
favourable Press mention promp- 
ted a small improvement to 57p 
in Carpets International. 

Tobaccos continued firmly, wltft 
Rothmans noteworthy for a fresh 
rise of2}p to 55*p. BAT Industries 
rose 7 to 312p and the Deferred 
5 to 26&P- 

Rubbers made fresh scattered 
improvements, but Guthrie en- 
countered profit-taking after the 
recent speculative advance and 
eased 10 to 365p. 


Golds up again 


Optimism over the forthcoming 
June quarterly reports — the first 
from the Gold Fields group, are 
published today— prompted n 
persistent, though modest, demand 
for Gold shares desnile the $1.25 
decline in the bullion price to 
$185,625 per ounce. 

The gold Mines index rose 1.3 
more to 159.5. 

In the lower-priced issues. 
Venterspost closed 5 firmer at 
226p in front of the sharply 
increased profits for the past 
quarter. 

South African Financials tended 
to move ahead in quiet trading. 
“Johnnies” closed i up at £13} 
and “ Amgold ” i better at £17 J. 
“Amcoal ** hardened 15 to 590p. 

Op the other hand, profit-taking 
left De Beers 5 cheaper at S79o 
following publication of- the half- 
ye^tr CSC sales figure. 

London-registered Financials 
closed barely changed on balance 
after movfne ahead Inti ally in line 
with UK equities. Platinums were 
unmoved by news that Tmpala had 
lifted its producer price to $240 
— in line with that of Rustenburg. 

Australians gained ground 
across a broad front led bv 
Broken Hill Proprietary, which 
improved further on talk nf 
natural gas strike in the Bass 
Strait. 

The participants in the Ashton 
diamond venture attracted a good 
deal of attention following 
rumours that a progress report 
is imminent. Northern Mining 
were active hut finally un- 
changed at II Op while the 
majority holder Conzine Riotinto 
advanced 6 to 240 p. Tins con- 
tinued to edge forward in sub- 
dued trading. 


FINANCIAL TIMES STOCK INDICES 

July 


QgWDBWd 

FfactdZa iw «..,« „ 
IfldmxU Oritef. 
GoM KUiea— — - 
OhL Dir. ’ 


EeBinjpLrifflpalbrt 
P/E Ratio (WSJCtt—. 
Dealings mart*!-- 
Equity taroowr £m__ 
Equity haigaina IqnriJ 



18 am 48U. 11 am 487.8. NMtt 489.7. 1 DO 471.0. 

2 pm 478.1 3 ptfl «£.&, 

Latest Index OrZtt HZfc 

• Based on 52 per cent corporation tax. ♦ TTU-7J8- 
Baste too Govt. Secs, la < 18 / 26 . Fixed Im. 1828. lad. OM. 1/7/M. 
12/9/35. SE Activity Joty-DcC. -IMS. 

S.E- ACTIVITY 


Gok 


HIGHS AND LOWS 



1578 

Shm CompUatUw 


High 

Low 

■High 

Low 

Govt-Stca— 

78.58 

p/11 

68.79 

(b/fi) 

127.4 

(9/1/36) 

. 

49.18 

(3/1/76) 

FUfldlnLw. 

81.27 

P/I) 

70.78 

150.4 
(28/ 11/47) 

50.03 

P/I/76) j 

Ind-Ord 

497.3 

(6/U 

433.4 

(8/3) 

549.2 

(Uja frn 

49.4 1 

(3b, d/40) | 

Gold Mirra 

168.6 
. mi 

130.3 

P/ti 

443.3 

(E2/&r?S) 

43.6 

ps/io/m | 


July July 

II I 10 - 


Gilt-Edged _j 
lndontnea ._.j 
ripoculutive^j 

p-day.Vv* 
OilC-Kd 
lnrtiM trt*l«_| 

apaculaiivo... 

Tool i* 


170.3 

108.Q 

37.0 

XO&S 


ise.a 

163.7 

35.7 

102.5 


183.0 
183,4. 

34J 

110.0 


154.9 

160.1 

33.0- 

103.5 


OPTIONS 

DEALING DATES Plaotalions 


RISES AND FALLS 
YESTERDAY 


and 


Up Down Same 

sun 


British Funds .... 

Corpus- Dom. _ _ 

Foreign Bonds 13 — M 

Industrials - 512 13 te 

F'nandal and Prop. - # 3 M 

Oils 17 3 14 

Plantations — — 9 4-19 

Mines .... «• 14 .« 

Recent Issues — 18 5 24 


Totals 


m 2 » 14218 


Warrants, Yu 

First Last Last For Catto. Lad broke Warran 

Deal- Deal- Declara- Settle- British Petroleum, Queens Mo 

ings logs tion meat Houses, National Carbon bdr 

July 4 July .17 Sep. 28 Oct. 10 Cullens Stores “A", Lonrit 

July 18 July 31 Oct. 12 Oct. 24 SUvermines, Consolidated Go 

Aug. 1 Aug. 14 Oct. 26 Nov. 7 Fields and Barrett Developmen 

For rate indications see end of No puts were reported, b 

Share Information Service double options were arranged 
Money was given for the. call Shell Transport, Queens Has 
of Bannah Oil, Wm. Press. Weir Houses and Consolidated Plant 
Group, Tricentrol, Consolidated lions Warrants. 


NEW HIGHS AND LOWS FOR 1978 


The following sccurftfes Quoted fn the 
Share information Service yesterday 
attuned new Highs and Lows for 1878. 


NEW HIGHS (170) 

BANKS <1) 

BEERS f3) 
BUILDINGS (S) 
CHEMICALS (3) . 
CINEMAS (l) 

DRAPERY AND STORES (10> 
ELECTRICALS (3) 
ENGINEERING (111 
FOODS (3) 

HOTELS <21 
INDUSTRIALS (19) 
MOTORS 13] - 
NEWSPAPERS r 5) 
PAPER AND PRINTING (1) 
PROPERTY (1) 


SHOES CO 

SOUTH AFRICANS (1J 
TEXTILES (3) 

TRUSTS (76} 

OVERSEAS TRADERS (4) 

- RUBBERS (2} 

TEAS (2) 

MINES (5) 

NEW LOWS (6) 

BUILDINGS (1) 

Streeters Of GodalmJng 

FOODS 133 

England CJ.E.) Tavener Rut led on 

- SHIPPING (1) 

Reardon Smith a 

TEXTILES (1) 

Levw 

TRUSTS (1) 

Akroyd and Sumners 


ACTIVE STOCKS 

No. 


Denomina 

Of 

Closing 

Change 

197S 

1978 

Stock 

tion 

marks price (□} 

on day 

high 

low 

BP 

£1 

16 

87* 

+30 

S92 

720 

icr 

£1 

14 

372 

+ 2 

396 

32S 

Shell Transport.. u 

2ap 

ll 

570 

— 

5S6 

4S4 

Hunting Petrolm. 

25p 

9 

sa 

— 

91 

S5 


BATs DefcL. 

Guthrie Corp. ... 
Marks & Spencer 
Turner & Newall 
Allied Breweries 
Grand Met. ..... 

Lucas Inds.. 

NatWest 

Barclays Bank .... 

Beecham 

Boots 


25 p 

£L 

25p 

n 

25p 

50p 

£1 

a 

£1 

25p 

25p 


S 

2G0 

:+ 5 

296 

*»27 

8 

365 

-10 

375 

211 

8 

150 

‘+ 3 

160 

135 

8 

178 

: + 5 

209 

166 

7 

8*4 

;+ 1 

94 

78 ’ 

7 

107 


ll7f 

87 

7 

300 

- 1 

318 

240 

7 

268 

1+ 6 

298 

250 ’■“■ 

6 

315 

[+ 2 

358 

298 ; 

6 

655 


678 

583 

8t 

203 

. I+."l 

231 

184 


COMPANY NOTICES 


SANDVIK 


SANDVIKENS JERNVERKS AKTIEBOLAG 

US$15,000,000 9 Per Gent Bonds 1986 


Notice is hereby given that the Sinking Fund redemption due on 
1st August 1978 has been fully satisfied by purchases in the 
market totalling USS7S0 .000.00 face value of the bonds. No 
drawing will therefore cake place. 


The following bonds drawn for redemption on 1st August 1977 
arc still outstanding: 

2 3357 9861 9870 9871 99S8 

10790 113P5 13359 13362 13374 13S33 


IZih July 1978 


Fiscal Agent 

Bank of America NT A SA. 


LEGAL NOTICE 


NO. 901360 of 1979 

In the HIGH COURT OP JUSTICE 
Chancery Division Companies Cou rt, la 
the Matter of NEWS RECORDS LIMITED 
and in (he Matter of The Companies 
Act. 1948. 

NOTICE IS HEREBY GIVEN, (hat a 
Petition for the Winding np of the above- 
named Company by the High Court of 
Justice uras on the Ulb day of July 
1918. presented to the said Court by 
WEST COUNTRY MARKETING AND 
ADVERTISING LIMITED whose registered 
office is situate at 39/40. Gay Street. Bath 
in the County of Avon, and that the said 
Petition Is directed to be beard before 
the Court sitting at the Royal Courts of 
Justice. Strand, London. WC2A 2LL on 
the 34th day of July UTS, and any 
creditor or contributory of the said 
Company desirous to support or oppose 
the making of an Order on die said 
Petition may appear at the time of 
bearing. In person or by his counsel, for 
that purpose: and a copy of the Petition 
nfl he furnished by the undersigned (o 
any creditor or contributory of the said 
Company requiring such copy on pay- 
mem of the regulated charge for the 


THE SUNGEI BESI MINES MALAYSIA BERHAD 

.Incorporated In Malaysia) 


NOTICE OF MEETING 

NOTICE IS HEREBY GIVEN that the second Annual General Meeting Of members 
ol The Simon :w Mines Malaysia Berhad will be held «t 16 Jalan Tanpsl. 
Kuala Lumpur 10-91. Malaysia, on Monday 31 July 1978 at 11.45 am tor the 

To consider and. It thought lit. Pass the following ordinary resolutions 

1 . Thai the ProM and Loss Account for the vear ended 3 1st March 1978 
an.* {he Balance Sheet at the Company at that date and the consolidated 

Proil and Los Account (or the year coded 31 March 1976 and the 

c:ns3i>?a:ed Balance Sheet at that date, together with Che annexed report 
o' ihe nirreior,. be and are hereby approved and adopted. 

7. That Mr A. j w. Owston who retires from the Board by rotation be 
ais is hrrebv re-eiccicd a director <ol the Company. 

3 That Ercil J unus Sudln who was appointed to rfte Board since the fast 
Annual General Meeting be and Is hereby re-elected a director at the 
Comp.uiv 

a Than naia B.h-i-oI Ahmad who was appointed to the Board since the last 
Annual General Mcet.ng bo and Is hereby re-elected a director of the 
Company 

5 TSat Mcsi-I. Peat Marwick. Mitchell and Co. be and are hereby appointed 
t>i- Comranys auditors for the period until the conclusion of the next 
Annual General Meeting and that the remuneration to be paid to them 
un tied or the Board. 

B, war of special business to consider and. II thought at. pass the toUowtng 

resoluTicn wmen will bo proposed as an ordinary resolution. 

6. That the remuneration to be patd to the Company’s directors under Article 
35 ol the Articles of Association be fixed at • rate of MS1 1.500 per 
annum lor tne Chairman and at a rat* of MS9-2QO per annum tor each 
director ■ other than the Chairman) which shall be deemed to accrue de die 
In diem with effect from 1 April 1977 until further notice. 

A member entitled to attend and vote at the meeting Is e nt Me d to appoint 
one or more proxies to attend and vote in bis stead. A proxy need not be a 
member of thu Company. 

By order of the Board, 
ZULKIFLI TALI EL 
Joint Secret a ry. 

Wluna Bunga Rlva, 

Ua its 


No. 152, 
jalan Amoang 
Kuala Lumpur, 
Malaysia. 


«th July, 1 970. 


2- 


A form si proxy to be valid mult reach the Registrars’ oOca at WNnu 
Bunga Raya. No. 152. Jalan Amw/JBi Koala Lumpur, Malaysia, not less 
than 48 hours before the meeting. 

Them are no directors’ service contracts reaulnd bv the Stock 
London to be made available for Inspection at the meeting. 


WM- F. PRIOR & CO.. 
Temple Bar House. 

23/28. Fleet Street 
London. E.C.4. 

Ret: PO/795A. 

Solicitors for tbe Petitioner. 

NOTE.— Aw person who Intends to 
appear on tbe bearing of tbe said Petition 
most serve go, or send by post to. tbe 
above-named notice in writing of his 
intention so to do. Tbe notice man 
state tbe name and address of tbe person, 
or. If a firm tbe name and address or 
the firm and must be signed by tbe 
person or firm, or Us or their solicitor 
tlf anyl and must be served, or, If posted, 
most be sent by post In sufficient time 
to reach the above-named not later than 
fonr o'clock In the afternoon of tbe 31st 
day of July tars. 


EDUCATIONAL 


GERMAN 


intensive tuition 
Individually or in small group* wrt* 
German teacher at specialised German 
language centre: 

HOLBORN LANGUAGE 
CENTRE, 

Deoccha Seminar. 
MimganisfK Hojiso. 

8, Parker Straps. London W.CJl 

Tel: 01-243 2677/8 


PLANT AND 
MACHINERY 


N.V. AM IV 


list 40.000.000. 8*d debentures 
DUB 1978-1987 


la accordance with the terms and condl- 
ttoin of she above-mentioned debenture 
loan, tne undersigned, mute* lor tne 
drbenture holders, announces that Hte 
company has surrendered to the trustee 
4.000 debentures of U» 1.600 each 
for eanmiatJon so that no drawing of 
debenture, will take place (or the redemp- 
tion instalment U ner August 1st, 1978. 


and that the. a. OOD debentures so 
will do credited 


tumrMcred to the trustee 

in. or towards, satisfaction of the redemp- 
tion instalment due on August 1st. 1978. 
The Trustee: 

AMSTER DAM SCH TRUSTEE’S 
KANT COR B.V. 
pf.r. Voorburgwal J2S ,328. 

Amsterdam 'Tbe Netherlands}. 

Jueo 29th. 1978. 


BARCLAYS BANK LlMfTXO 
NOTICE IS HEREBY GIVEN tMt the 
Board of .. Directors or Barclays Bank 
Limited will meet on Thursday. 27th July. 
1979. to consider the payment ol *□ 
Interim Dividend. 

D. H. JOHNSON. 
Secretary. 

94 Lombard Street 
London. E.C.3. 

12th Ju*V- 1978. 


NATIONAL WESTMINSTER BANK 
LIMITED 

Notice lo Pi c te i ancg Shareholders 
NOTICE is HEREBY GIVEN that a 
dividend of 2.4Sp per share for too hall- 
•ear ended 30th June i9Ta Will be pale 
on list AUdult 1978 to hofifors of the 
Cumulative Preference Shares registered hi 
the books at the Com non, at the dose of 
business on *tb August 19.3. 

BY ORDER OF THE BOARD 
C. F. GREEN, 

Secretary. 

nth July 1978. 


PUBLIC NOTICES 


CITY OF MANCHESTER HUB 


amounting to £ 1 2.45m. were issued on 
1978 ter mtlmtT on 
1 tth October. 1978. The total amount 
applied for was £12031). The rwrintm 
rate accen ted wa s_9 27.fi4tlta per cent, per 
annum at wftfch 84 per cent, were iHMen 
The total amount of bills outstanding is 
£ !Z.45tn. 


METROPOLITAN BOROUGH OF 

£3 dm. bifls at 9‘u*; to 

S??® T-i’. 1 ! 0 '* 8 ’ To *»> aDPiicaTJons 

US-Sm. Total outstanding £4 .Am. 


GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 


Bcqr «Wr horn tbe taan ufectu i a i i 
rttb foil 


with foil after sales service 

CLARKE GROUP 

01-984 8231 
Telex 897784 


EXHIBITIONS 


RINGS A HD RAT7USNAK23. fcrftlbttkm 
of nnft* and rattfosnalre*. hfow U3. 
le-mls. Goldsmith Hell. Faster Lane, 
Undtw LC3 S-28U July. Mon.-Frl. 
10-S. Aum. Free. 


SCULPTURE IN TIME at Asprey. CnhlM- 

Aoderors ^eoet Skafotan watches. 
<•' 5 Ju ly Mon.-Frl. 9.3o a.m.-6.30 p.m. 
Saturdays 9.30 a.ra.-i.oo p.m, Asprv v 
A Co.. 16S-I M. New Bond Street. 
London. W.t. Tel. 01.493 G7S7. 


RESIDENTIAL 

PROPERTY 


BELGRAVIA. S.Wf.1 — Private Residence? 
Embassy. 21 Rooftvi. 8 Bathroom*, In 
need of modernisation. 99 year Lease 
Ground Rent £2 SO PA Pr.ce 
“95.000. No oners. Tel: 01.370 


LONDON TRADED OPTIONS 


Jmy 


O.lMher 


Jauuarv 


Option 

Cs'rH-e 

prh« 

Clo-iug 

offer 

VoL 

(.'biking 

i4T« 

Y<rt. 

i»Ber 

Yol. 

Equity 

• lire 

UP 

750 

120 

7 

137 



156 



B&5p 

HI* 

800 

70 

12 

88 

2 

115 

— 

UP 

850 

21 

27 

35 

10 

81 

2 


BP 

900 

3 

33 

S3 

18 

54 

11 

147p 

Uim. Union 

140 

7 

— 

14 

— 

17 


Ciui. Union 

160 

J« 

— 

6 

— 

91* 

— 

Com>. liokl 

160 

21 

19 

29 

— 

31 

— 

181p 

Cons. Gold 

1BO 

31* 

22 

13 

20 

19 

3 

CotircauMi. 

100 

20 

28 

fe51* 

5 

251* 

— 

119p 

Conrtauld* 

110 

10 

— 

151* 

— 

i7 

4 

„ 

C’ourtRuirlit 

120 

3 

5 

a 

11 

121* 

— 


Coiirtautdb 

130 

1 

— 

& 

6 

8 

— 


GEC 

220 

60 

— 

54 

1 

61 

— 

268p 

tiBC 

240 

30 

— 

38 

9 

46 

— > 

gkc 

260 

10i a 

31 

231* 

15 

34 



GEC 

280 

ll* 

3 

131* 

IS 

22>* 

10 


OrtftW Met. 

1 OO 

7 

70 

121* 

12 

26 

4 

107 p 

Gratvl ilet. 

110 

1U 

14 

7 

— 

114 

13 

Grand Uei. 

120 

k 


31* 

9 

7i* 

40 

„ 

ICI 

330 

42 

S4 

50 

8 

54 

5 

371p 

IU 

360 

121* 

17 

25 


34 

3 

„ 

ICI 

390 

lk 

— 

101s 

hIS 

21 

— 

W 

ICI 

420 

u 

— 

5 

15 

114 

— 

212p 

I#trt'i See*. 

180 

32 

22 

36 

— 

40 

7 

b,li'l bra. 

Kvl 

13 

— 

171* 

16 

234 

2 


Liii-I 

220 

1 

8 

7 

33 

19 

2 


Marin ± dp 

120 



35 

— 



lBOp 

Harks A Sp. 

140 

til 


17 

11 



f 

Markh i bp. 

160 

mnm 


7 

.10 




Marti 

500 

Mi 


80 

4 



668p 

shell 

650 

19 

35 

39 

8 


n 

p. 

Ml. "II 

T.-lflla 

600 

*« 

461 

15 

35 

311 

a7 | 




RECENT ISSUES 


EQUITIES 



Isa 

I|5 

vm 

Stock 



H 

1 

52 


Prfoe 

p: 

i£ & 

■4 

H* 

Higb 


ll* 


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88 

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16 7 

86 

35 

+2 

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4.65 

♦taJi 

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16.9 

6.1 

7.6 


FIXED INTEREST STOCKS 


8 2 2 


11 1515 


P9S 

£99.4] 


100 p 

moo 


128/7 


28/9 


7/8 

16/8 


F.P. 

F.P. 

E50 
T.P. 

F.P. 
flO 
F.P. 

FJ>., 

tlE4I.fA F. PI 28,7 
" )£29 '26-8 
F.P. 81/7 . 
F.P. 181/7 I 
P-P. I -- I 
.1109 | F.P. 121/7 
995,1 F.P. 1 - 
S98i4 : £10 

taa £io 

L-98S,|£60 
U98J,|e2S 


19TB 


Higb I Inw 


»P 

941i 

£107g 

llMu 

HXJJ« 

S 1 * 

28U 

Kit 


Stock 


98p (Allied Leather 9^1 Pret 

93 j Allied BetaUen Pref. 

46 ruunet Itit Iftst. l»tf« ...... 


Q0I b Buyniagbsm Yar Bat«859 

BU L'rellnn lL^I.’«.nv 


81* L'rellnn PrtU. 1979—83 lOp. 

£105*1 Bast Anglia Water 7% Red. PttL 1983 

lull, iSuoiefciaw'al ln*.Oflh^l05yfoi SndCumPrel 

9959 (-aifobciwii (Qcy of) Vgr. Hue IKS 

97V h*r«* Water 7J Ked. PreL 1985 

Pal mew IfatK Id J<S* Deb 

J B Boldlags 10% Pref ,. 


dino b __ 

PTll? Pref ' 


Ef 

1/9 

15/9 


— ... 97 P , 

jlDU2 m «il i«r fP 

« 1 965* | Uoie O'Femll 10% 2nd Com. Pref. 

KotaauoUtw (1J 

aefton Tar. Bate Rod. 1983 

-oothewi-on-Sea 12* Bert. 19^7 

Sooth. TyneeHie 12i^ Red. 19W 

SOij, «73* I^Tie ± Wmr Kml. UFF. 

»»?! » I Wert Kent Water 12* Dei-. JR8S 


1„ 

9U 

IVft 


I 

a 

89p 

+ 1 

93 

—14 

51 



+ ii 


+ 1 

£105* 


1014P 

rap— 

9931 


984 


24 

98p 

+ 4 




POO .PP 

XOSr 

IMIN 

993 4 

M ..PO 

9 

^4 

10 

-u 

49 

— 4 

24t* 



“ RIGHTS” OFFERS 


Imue 

Price 

Pt 




1978 


Laie-t 
Ben one. 

Date 

6? | I Bleb j Low 


Stock 


SA2.76 

6 

da 

28 

15 

141s 

8'rt 

86 

Kid 

29 
ISO 

25 

92 

95 

95 

95 

95 

30 


Nil 
XU 
F.l*. 
Xu 
Nil 
Ait 
F.P. 
Ml 
Ml 
An 
XU 
XU 
F.P. 
Xil 
Nil 
Nil 
Nil 
Ml | 



7/7; 


14/7 

8.7 

14/71 


7/7 
17;7 
I7f7 
17/7 
17/71 
- I 


ijANZ 

ij Bridgend Proc yn a Qa -.— — - 

flirlihli Tar I’r* cfuc-t* 

Tool Krie.. 


18,8 hpmijijpm jl'nsiko 7 

— ^}po3 4 pm Darunoo 

— 2i/ni Klswu-k- 


fl pwL Dartmooth Inn 

S(«i 54,01 KlBWU-L-Uapiior.._.._ 

18/81104 93 Hartwell- 

— I U 10 Heal&m 81ms A Ccggtns. 

4/8) 17/im )f,ji, Heiiijn- 

28, irfru^at Kjpni Hjnun il. tS.|_.._... 
4/B! ilpm Mpm!l«lEb loTereats.... 

— Zipml Z[uo; Lever 

28/7112 |1Q8 [dketcbley^-.-u... 


25/8! iApm l4ptn 
25/8: ffipm 16pm 
25/8) 25wn 12pm 
25/8, eatnn 12pm I 

26 I 26 


ewuncar Q rbu p 


roup„ 

Do. A. N/V. 


Security sforvlcss 

Da A. N-V 


|8mrUlTe Speokman^ 


Claeujjr, 

Prwe 

PI 


25 pm 
4 

5£ia 
3 >a pm 
51b pull 
Spin 

96 

II 

161? WH 

40 lg 
17pm 

Bpni 
110 
IS pm 
17pru 
l2pni 
lBiim 
26 


1+ or 


+ 2/2 


—le 
+2 
+ 4 


ReuiDaattan date nsully last day lor dealing free of samp duty, o kiwim 
based on proweerns estimate, a Assumed dlvtderal an] yield, m Forecast dividend,- 
cover based on pratnons year's earnings, r Dividend and yield baaed <m cm* pectus 
or other official estunairs for llil. q Grass 1 Figures assumed, t Ikivvr ui.nn 
(or cnoverslun or shares act now ranJctng (or divtaend or ranking only for restricted 
iividrfias. 1 Piacuu once to gnbiiC- pt Pence unless otberwiK uMicated, \ Issued 
bv tender. R Offered to holders of Ordinary shares a* a “ nuttrr; " «■ lean*) 

by way of capitalisation, n Hawflfofo tender price. « Reimrodmwl. 9% lafuert 
m coatwenon wirft reorgamsanon meraer or take-over |(ll (mmducuon. issued 
to former Preference hoidera. ■ Allotment letters (or falls oaid j . • Provisional 

or sanly-nid allounem le tiara. * with warrams. 


FT-ACTUMIES SHARE INDICES 


These indices are Ute joint (xanfAlatim of the financial limes, the Insdtuteflf Actaarie* .«■* 

and the Faculty of Acttiaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures In parentheses lhow number of 
sto c ks per section 


CAMTAL GOODSa 721- 


Building Materials (28) 
Contracting.Coitstructi(m (27 ) — — j 
Electricals (15) 


Engineering Ciatractws ((4) 1 

Mechanical EngineeziagCTZ) 

Metals and Metal Fonntnglfl) 

CONSUMER GOODS . 

(DURABLE) (5» 

Lt. Electronics, Radio TV (15) 

Household Goods (12) 


Motors and Distributors (25) . 

CONSUMER GOODS ■ 
(NON-DURABLEX174) 

Breweries (M). 


Wines and Spirits {65 


Entertainment. Catering (17) 



Food ReMing (15)— 

Newspapers, Pnblldiiagd?). 

Packaging and Paper 05) 
Stores (3g) — - 


Textiles (25). 


Tobaccos 


Toys and Games (6). 


OTHEB GROUPS <S7). 

Chemicals (19) . 


Pharmaceutical Products Cft. 

Office Equipment l© 

Shipping CIO). 


Miscellaneous /55)- 


1NDUSIRIAL GROUP (495), 


OilsiS)- 


Tues., July H, 1978 


Index 

JNa 


213.61 


190.66 

339.00 

463.15 

32038 

270.90 

160.62 


19698 

234.70 

275-24 

122)64 


20L66 

222.87 


262.83 

251.98 

19613 

207.44 

399.25 

133.93 

183.92 

175.60 

24LQ1 


108.02 


295.73 

279.21 

25739 

23035 


405.44 


20327 


209165 


499.76 


Chmigel 


+ 0-6 

+1.4. 

+0.7 


+02 

+83 

+06 


+03 

+02 

+02 

+03 


+12 

+16 

+22 

+ 0.6 

+13 

+17 

+02 

+13 

+0.9 

+13 

+17 

+03 

+0.9 

+ 0.6 

+03 

+11 

+04 

+16 


+0.9 


+18 


Est 
Esnii|» 
Yield it 
CMasJ 
Carp. 
TnSZS 


17-73 

1019 

2057 

14.85 

18.71 

i&e 

1725 


1737 

1600 

2667 

2021 


15.97 

1531 

1530 

15.62 
1926 
1409 
16.01 

19.62 
1146 
1085 
22.77 
1822 


16.40 

17.73 

1122 


1834 

1727 

17.63 


1662 


14.77 


Grass 

Dir. 

Yield* 
(ACT’ 
at 34%) 


5.69 

5.76 
4.05 
4.01 
637 
628 

8.77 


531 

435 

644 

653 


5.93 

610 

532 

688 

5-67 

4.91 
334 

7.92 
431 
739 
7.77 
578 
525 
626 
3.98 
4.97 
735 
649 


521 


395 


SaL 

n e 

Ratio 

(Net) 

Carp. 

te«, 


723 

7.75 

7.07 

934 

731 

7.17 

7.63 


8.00 

823 

029 

695 


830 

930 

979 

937 

686 

920 

3426 

673 

1279 

690 

526 

649 

7.98 

7.66 

1109 

645 

689 

736 


016 


734 


Mon. 

July 

10 


Index 

No. 


21244 

13603 


33674 

46315 

319.91 

170.08 

159.67 


19645 

23417 

17685 

122.22 


19931 

21926 

25803 

25037 

19161 

20494 

39841 

13197 

18235 


17339 

23734 

18730 

19408 

27742 

25688 

12919 

40373 

20889 


20722 


49181 


Fit, 

July 

7 


index 

No. 


20&66 

18526 

331.94 
451.61 
31199 
16732 

157.95 


19315 

229.60 

17417 

12831 


19532 

21578 

253.60 

244E 

189.79 
19931 
39639. 
13829 
17722 
170.19 

234.79 
19667 
190.67 
27237 
25221 


327.07 

397.47 

19685 


293.95 


48838 


Thura. 

Jnhr 

6 


Index 

No. 


207.62 

38528 

332.11 


443.43 

310.05 
16732 

157.05 


19014 

22238 


17435 

12073 


19437 

21526 

24939 

242.41 

190.45 

199.60 

39338 

23030 

17724 

16916 

233.72 

10739 

29640 

27134 

25235 


12723 

39609 

19691 


20320 


473.77 


Wei. 

July 

A 


Index 

Nol 


20728 

10514 

33317 

444.® 

387.14 

26615 

15&0B 


189.71 

22172 

27415 

128.74 


194.86 

21642 

208.18 

242.44 

190.01 
198.43 
39642 
23640 

177.01 

169.41 
233.72 
10673 
29076 
27330 

252.41 
12731 
39662 
19627 


20317 


479.08 


«a 

(mm3. 


Index .- 
No - 


110.99 
150.68:.-" 
24462 
36233 - ? 
26120 .. 
362H 
14911 - 


17L29 
19650-.- .. 
26LZ0 
10979 


16557 
17475 
28654 
209.61 
270.78 
17230 
30150 
12648 
144.98- 
16475. 
20141 
• 9834 
17 931 
25337 
O.Qfi 
10037 
484.82 
17427 


179381 


500 SHARE INDEX. 


EEE 1 ETi b- l V - 1 TEEM Ea EE 1 E 33 


FINANCIAL CROtJPdW. 

Banka 0} -- , 


Hire Purchase (S)- 


Insurance (life) (10)- 


lnsurance(CanpoBiteK7)- 

Insurance Brokers (MJ- 

Merchant Banks (Ml 
P roperty (31). 


Miscellaneous fl)- 


In va st iuMi t Trusts (SO). 

Mining Rnance (4) . 


Overseas traders (18). 


ALLSHAKE INDEK873) 


160.88 

183.84 


20334 

14733 


13331 


12234 


335.67 

77.71 

23Z46 


104 SO 


21833 

10052 


317.46 


21576 


+0B 
+16 
+13 
+3.7 
+0 J6 
-01 
+0.6 
+16 
+11 
-LI 


+10 

+02 

+10 


+10 


2574 

2376 


14.62 


335 

2430 


337 

1735 

1631 


5JB9 

610 

831 

537 

633 

6.97 

4.67 

630 

370 

8.00 


4.65 

6.92 

6.72 


■539 


5.88 

2116 


1021 


48.45 

535 


3132 

6.94 

7^4 


15959 

28LS2 

200R3 

142.08 

13230 

222.42 

33ia 

7650 

23033 

105.61 


21679 
IDG 30 
31418 


21329 


155A7 

177.18 

20021 


139® 

12823 

11823 

52491 

7633 

224.88 

105.49 


21239 

97® 


208.91 


154® 

17532 

20031 

13665 

12688 


11834 

32213 

75.97 

22386 

104.92 


21129 

97.05 

30826 


20733 


154.47 
17425 
197.65 
137.67 
12674 
118.87 

320.48 
7534 

223.40 

10526 


21426 

97.71 

30667 


207.96 



18728 


FIXED INTEREST PRICE INDICES 


British. Government 

Toes. 

July 

11 

Dkg’S 

change 

% 

Xd edj. 

Today 

xd adj. 

1978 
, to date 







2 


11411 

tO.29 

-037 


5.® 

3 

Over IS years.. 

12037 


722 

4 ■ 

Irredeemables 

El 

+033 


'724 

S 


11749 



521 



■■■ 



INTEREST . 
YIELDS 

Br. Govt At/ G rass Bed. 


Low 5 feaza.: 

Coupons 15 years.., 

» years.. 


Medium 5 years- 
Coupons - 15 years,.. 
25 years.... 


High 5 years... 

Coupons 15 years..., 

25 years— 


Inedeemables. 


Tuea. 

“July 

ll 


882 

10.99 

1169 


1159 

1799 

12.28 


1173 

12.68 

13.00 


11.74 


Koa. 

JUJy- 

10 


177 

10.94 

1166 


11 ® 

1226 

1228 


11(5 

1264 

3296 


1178 




Year 

ago 

(approxj 






7.69 

11 ® 

3246 


1054 

1233 

1295 


1139 

13.® 

13.64. 


1266 


fTueaday. July 111 


Index | Yield 

No. 


Men. 

3 1? 


PrMay 

July 

7 


Tbnre. 

July 

6 


Wed. 

Joly 

6 


Tom. 

July 

4 


Mot. 

Ju(y 

3 


Friday 

June 

30. 


Year 

ago 

{xppraxL- 




20-yr. Red. Deb & Loans (15) 
Investment Trust Prefs. (15) 
ComL and IndL Prefs. (20) 


58.73 

8139 

70.13 


i 13.07 
13.72 
13J0 


06.7B 

51.59! 

70.20 


06.78 

5L64 

70.14 


96.64 

51.63 

70.14 


.58.64! 56.37 
6Z.63! 51JJ5 
70.24 1 70168 


57.16 

5105 

70.46 


57.84 

01.01 

70.86 


0S4S 

6251 

80.17 


t RodatoptiM yWi. Hlgbs end lows retard, base data* and vainer aw - cansthsaat dmn are puUkJmtf in Srtn rday 
**• * rtc w lrtt of tbo CMUKoanls i; available Irom tbe PabDshere. tbe Financial Thncc. Brack co House. Cannon Street 
Leaden, E»P flBY. price Z3p, by pect 2=p. ' ' ’ ’ _ 






































































































































nnancial' limes- Wednesday July 1 2 1975T 


29 


“ c 1 INSURANCE, PROPERTY, 
.. BONDS 


jep Life Asmrance Ca lid. .. _ 

htW.Cfcurchjwl.K4. uunwut 5" P “ S ‘° M Mwwgement Ltd. 

£SSS5 b! " rap3Ha - 

Gredum Life Ass. Soc. Ltd. 

S Prince of Wales Rtt, Buxnith. "w 7S7H5S 



\ Eh" ((».. ...__ 
SiFtl Scr 4. _ 
■t Kd Ser. 4. ... 
illy Pd. Sit 4. 
nr. Fd Ser. i... 
try Kd Ser.4 


35.6 

36.7 
U&6 

150.7 
B93 
Ul.l 
12 L0 

174.7 
M.4 

136.7 

175.7 
156.9 

127J 

1324 

M2 

122.0 

1094 


.El 311 


G.U Cash Fund 
G>L Emil 

GJL. Iasi. Fuad 

CL. Ppty. FujhL.__ 


16M 

,3SS +02 
USD *02 

K?i *«3 

109 *01 
09 +n p 

m :?j 

mtki 

■as as 

117.S *01 

t*ai July 4 V itiustlnn non*w% cdxy. G. 4=S.Super£i“ 

RRi" Life Assurance Ca Ltd. 

Id BurlmxlaaSt.w.i. 


..(1483 


01-604200 


Prices July 3. .Nest doaltity jLigusl 1. 


196.8 

105.5 

ffl 



- Growth * See. Life Asa. Soc. Ltd.* 


- Bert »- WMOi nlSSL^r— 


New Zealand Ins. Ca (U.KJ Ltd.* 
Maitland Hnua*, Southend 5S12JS 070262953 

’SI*! 

psoPEEj 

igi js-f 


Flexible Finance- j £1044 

Uandbank Seen. JrtS? 
j-andbank Sen Aet)1144 il7.d 

nm 


lMJM 

unii 


_ ton. DeponiFd.M-.l9t7 
“ Norwich Union Insurance Grtnpf 
— TOB«4.NurwiehNR13SG. 000322200 
Managed Fund B1B.9 . 222* +0® _ 


‘ lire Pd tee.... 

' -rdlm. Acr. ...... 

JloniHFdAc.. 

Man Pd. Arm. 

-pFdAcc .._ 

dc Inv. Aec..,._ 
tv P»n Yd Arc. 
dl-Pcn-Acc— 
Hot. P m Ace.. 
MU.PnFUAcc^. 
. -.Fcii .An..— _ 
BlnvPdnAee.. 


R7M 

1379 

[114.4 

[Ins.4 

SKS 

2102 

173.* 

|l29.2 

1234 

197.1 


IK 
1451 „ 
1284 — . 
U0J .” 
114,( -..1 

i7o.ii ....: 
■ au 
182.1 ... 
135.9 ..J. 

U7J — 
1296 

207 H 


Guardian Royal Exchange . EqWPu'nd BSi 

noiua 01-3887107 Property Fund"" 12*8 135.5? 

ui-wfitaa Pro party BumH — p76.9 lfM] — £|«ri Ini. Fund., „ 151& jjfjf 

Hambre Life Assurance Limited V 
Old Paris Lane. Loadoa. W1 01-4060631 


JgpoM] [Fund__'— 11056 11X3} 

6N or. Unit June 15. 206.1 


*3.3 

- 


FOUMI InL Dep Q25.4 

Equity 172.9 

uu 


Cap 157.5 

Managed Acc— 1M.B 
Omwmu u&O 


OUiEdsed— (in ; 

AmwfcmAcc 96.1 

Pm.FJJJep.Cap_ 127.7 
PmFJJegAcc— 1911 

iHml. Afina RsL.Helsnte. Resale 40101. Pra. Son Am ZZ 26L4 


EV Life Aosunmee Ltd.9 


' :VKana«d_ 1376 

iVHBdTI' 1103 

.X Money Fd.,. 105 0 
:V fruity Fd._ 1070 

V Fived Int 903 

:v Prop. Fd 972 

VVMtdJVmFd 967 
■V Ugd. Pro. -B - 97.4 
iplsui [968 

#w Life A ssur ance 

xhridpo Rood, W.12. 

■kJ-is/’lInL’zlSS iS. 

aSSWMt* » 

clays Life Assur. Ca LttL 

tomfond Rd. E.7. 

Inybonds*.. 11223 

ntccdZIZZZ [lioll 

■ert; [104 0 



Pen. Man. Cap. 281.6 

Pan. Han. Ace. 259.7 

Pra.raJtEdn.Cap.. 121.1 
Pen.GihEdK.Aec.. 1273 

Pm.B3.Cap. 124J 

Pm BA Ace. MM 

Pm D-A.F Cap. _ 
PmDAJF.Acc 


132M | 

UU 

170.1 

1446 

1761 

1243 

mi 

10L2 

BJi ~ 


m 


Property Fond 

Property Fund 1 Ai. 

Acnenlinral Fund. 
Agile. Fund IA»._ 
obey Nat Fond.... 


01-748 am 


2273} 

Sag 

248.91 
imii 

1833 1—4.— A 1 

Hearts of Oak Benefit Society 

15-17. Tairlatock FUcn, WCIH 8SM 01387 SOD SiOSSSSiFd^^AT 

Heart* o£ Oak. (365 383? 1 — Kqmly Fund. 

HUI Samuel Life Amur. Ltd* SS& S£d <A » *••• 

A’LA IVr., Aridlseombe Rd.. Cray. 014BB435& Honey Fundi! 


Phoenix Assurance Co. Lt<L 

waiiam Sl_BC4P4BH. Ol-ftSSBRI 

Prop. Equity & Life Ass. Co-V 

1 IB, Crawford Street, W1BZAS. 01-4860667 
Fie* Matey Bd j 1490 

Property Growth Assur. Ca Ltd* 
Lean House, Croydon, CH9 ILU 01-6600606 
" ib e 

180 9 
752.9 
7564 


Abbey Nil. Kd. CAV! 
Investment P uijd 


1084 


aged. . 

“ ^ensSccmivT 976 

. . rtitial 983 

EdcFena-Ace — 95 9 
Ditto] 


Units _ [1546 
Mariaj(«l US6 

01-534 6544 

Hog? Units 1286 

Pna. Hanagcd Cap_ 137.1 


128. B? 

iSJl+oji — 


Mm - 

iSa+i9| 
uijy -hi4 




m.1 

b« Pens. Ace. .-PM7 

lidal .. W7.4 

'Current unit value July 12. 

|bive Life Assttr. Ca Ud-f 

ombjrd SL.EC3. 

Horse July If 127.67 
uda Life Assurance Ca 


Pns. Managed Ace.. 1443 
Pn*. Gtced. Cnp__ 10JJ 
Pna. iPteed. Act— 1113 
Pena. Equity Cap 993 

Sffic Atc '^ 


LCap. 


PmLRollnLAce (94.J 




WJ 



Actuarial Fun^‘__ 
Glli-etigedFutid— 
G0t-Ekl«edFd.iAJ- 
OHelira Annnlty 
♦homed. Ann*t>_, 

Penoicra Fd. nt» 

Coav. Ptata. FeL 

Cuv. Pns. Cj^, ou 


UL 


Pens. Prop. Cap «5. . 

Pena. Prop. Aec— 1960 
Imperial Life Ass. Ca of Canada 
01-6231288 boperial House. CtuldtunL 71299 

I | _ • GrtFdJoJr 7 083 

1 Pena. FttJnly 7 Ml 706| 

Unit Linked Poctloil 

*“$£**< 5USa S5 

j* -* - 

noa Assurance Ltd.f Irish Life Awnwniof Ca Ltd. 

.■ori e Wy, Wembley HASDNB 01 4)02 8878 11, Flnabury Square, EC2. 61- 


Man-Pens. 

Man- Pens. Cap. 
Prop. Pwib. FdT__ 
PropJHm1.C3p.Uta. , 
B^. Socmen. Ut.! 




1946 
1539 

%£ 

148,4 
•139.7 . 

U32 

121.9 

mo 

1638 
1433 

a>« 

12L9 12U3J 

134.9 
1306 
147.7 
1336 
1433 
1317 
HU 
1336 
13X7 
1206 


Soc. Cap. ct_ 

Prov incial Lite Assurance Co. Ltd. 
222. BLMwpsgate, EC-2. 01-3476633 

Prov. Managed Fd-.imi ll 1 

-631 - 



t> d=im iota 

«tv Units E1CJ3 

.» ftond/Exee.. £1129 

LBond-Exee 0333 

Bd., Ex ecru nil. 03.03 

78.1 Bond 1116 

^•Awubl — 174 

■ertj' Accum. 02.73 

X tecum. L5M 

ioiiitr 92 D 

Property 1M.7 

ttaneem 967 

^>ppSt. . 969 

liliT - B&4 

£4 Fens Ace. . 93.9 
'rp. Pens Ace. _ 108.3 
M£± PensjAcc KJ 
DupJVns'Acc. 936 
Gift Pvui'Arx E* 7 

JSJF S7J 

iSJ.F.2 265 


■MU# — 

Ml* = 

Ss3*?5 = 

— +3 — 

W.4 +£l — 
1106 — 

= 

935 — 

99L4 ♦M _ 
1146 — 

lil 


^06 


I Exempt. Man. Fd-_U0L3 
Prop. Mod. Jnlyl „|iaBJ 
Prop. Mod. Gth.^mrara 


Current value July UL 

Ito! Life AMuraneoV 

aton House. Chapel Ash Wton 000228511 
Invest. F<1 . — 1 10161 I — 

aBkerlnvYd.l 102.63 | — 

rierhause Hagna Gaf 

h«Tt;cTsS<3, Uxbridge UB8 1 VE BStm 


Prudential Pensions Llinlted4> 

6293 Holbara Bars, EC1N 2NH. 01-4060222 

460 EquU.Fd.Jnne 21 _ 

— Fid. InL June21_. 

— Prop. F. June £1 (£2578- 2651 

Z.”! — R el ianc e Mutual 

Kfalg & fihflnMi Ltd. Tunbridge Wells, Kent 088222271 

52, Ccrohffl. EC3. 01-8Z35433 P^ Prop BdJx 1 195.9 [ j — 

Band Pd. Erg tg* —filg-TS lC519t- — | - Rothschild Asset Management 
Gart. .*T^fnS _ Sl Swl thins lane. London. EC 4. 01-6264296 

loaghsm Life Aasnranee Ca Ltd. N-C,Pr<rp ~.|UJ6 1256| — I — 

L im gham Hx, Hoimhronk Dr.NW6 014035211 Royal Insurance Group 
Lragham ■ a; Plan- [436, .67 Jl — I — New Hail Place, Liverpool. 0612374422 

^ :ij Z Pooral Shield Fd. _[133.4 MU| +16 1- 

Legal ft General (Unit Aram- ) Ltd. ' Save * pro8 P er Group? 
En^raod^Hraae. KhtgWOt^.Taita;^ 5^ !?* 


St 


rw Enerj;--..-.. 
tee MoDoy.._..„-_ . 

Use Manu:cd..[3S.6 
ur- Equity ,....[34.8 
ia Bid. Soe .— 
ia Managed — 


1336 

150.6 


gar^f 

2-a + i-°i 

JOiW 


Surrey KTSOBEU. __ 

Caahhittlal 956 

Da A ix mu 97.4 

Equity Initial 1196 

TVx. Aeeum 1226 

Flaw! Ini tial ,.. 1165 

Do. Accum. ; 1169 

IntL Initial 976 

Do. Accum. 974 

Managed Initial 717 A 

Do. Accum. 1197 

Property Initial 996 

Do. Accum. 101.6 


of tfntmiiuiter Assur. Ca lid. 
■tead House. 6 Whltefaerra Road. 



1D2.4 
125.* 

126! 

1226 
i rt? 
in? ; 

VOX +63 
129.4 
1261 +1 
lop 

. . 1064 ..... 

Legal * Gcatnd (Untt Prwlirat l td 
Exempt Cash InlL-1%.4 103J 

Do. Accum. M6 llM 

Exempt Eqty.laiL. 121.9 1264 

Do. Accum 1„_ 123.9 1305 

Exempt Fixed Init 1096 USA 

Da Accum. 11L4 U7J 

Exempt Hncd. Init. 119.9 1263 

Da Accum. 121K 1263 

Exempt Prop. taiL. 96A SOUS 

Da Accum — NB6 10X2 


GUtFd. 


DeporitFdr.-. 

CwnaFeni Fd.t 

Gilt Penxra. M35 

DepoajWs-Fd r |996 _ _ 

■Priro* on July 4. 
tWeekij- dealing!. 

Schroder Lite Groupf 
Enterprise House, Porumouth. 
Equity June 27. 225.9 
Eqirtty3July4.._ Z13 6 224.4 

Equity 3 July 4 U6b 

Fixed InL July 4__ 134.7 
Fixed [nt6 July 4_ 144.7 
InL Ut July4 ... 1365 

K6S Gilt July 4— 34X0 
K A Sc July 4-. 1192 


162.4 

1262 -06] — 
1361 +03) - 
•tty i 

1923 +26| 

2346 

986 +0j 
1041 


070527733 


WngtLFIc Juty4—.p29.t 


.V.etscyAcc.— 

•> if i Equity Cnp... 

; *- L Equity Acc._ 56-0 
■ ' ' id runnitty c — 

*rm I'tuu 


.. a£ Westminster Aoonr. Sac. Ltd. 

•' 1 shone 01-884 MM 

m“si5”:l^ 181 rd = 

^jmerctal Union Group 

flcn's. 1. L'ndcrviudl, ECS. OM8S7SQO 

■■'SSBlttl gg IrrJ : 

federation Lite Insurance Ca 
.laseay Lane, HC3A 1HE. 


Managed July 4__._ [142.5 

Money July 4 hnru 

**S« DC wmsrai rnqx ru. wj(nk mb Money 3Juhr4 |1176 

11. Qoaen Victoria St. ECHN4TP ' 01-3480878. Property Jqty 4, — 

Life-Amnr. Ca oC Pemujlraula - MnPnCp&iiiiM-Z 196 b 
3B-42Ne*rBondSt-,W170RQ. 01450205 !t*4 S4D 

LAC0P Units JW7 ^1B6|..-J - fSStpSSSL' ™ 

Lloyds Bk. Unit Tot. Mngra. Ltd. Prop. Pm Cap 95 9 

B.uqted a.ga.. mmiay aSS,’&!cS?g: « 

VxamA — IW.7 1Q36| —4 7.98 KoacyPm ActB. |%.8 

Lloyds Life Assurance 
26 Clifton St, EC2A 4MX 

‘ L2975f..M®W — 


122.71 

14L 3 

i4s!a 
32551 
13451 
15031 
113 4 
12X3 
163.7[ 
16L3I 


2073 
2464 
99J 
1003 
10U 
1016 
1067 
10X2 
1026 — 


BJLGth. July «■■■■■ 
Ql45Pr^ 7uiy6,BM-0 
|^. July 6_ 11260 

opts^Sj|gmjB||||| 


Opt6D0pt.jhb-S.PZX6 1261{ 




1306 

132.71 3_. 

la.ir 


Oversea* 4...— ^.|973 

Scottish Widows’ Group 
PO Boot 002, Edinburgh EH IS 5BU. 031-6500000 


Inv Ply. Series 1 

Inv. I%r.Serie*3 


SS 9 


- Inv.Coab Juty7. h61 

“ ErUtAce July 5 


ExUUncJu^S- 


134.7 

®79 


10X91 .... 
10X4 
1032 
1405 
1364 
257.9| 


— Money Manager..^. 

— ItM. Flexible 

— Fixed Interest 


ityFund 

, ved Fund.— 

F':nd.. 

I. IVmi. UncdL- 
;d.MncdPn... 
n Mnjjd. Pen... 

V«^z| Ski |=J= 

^irty-PraslraJ 1394 1 1 _ JgS^PwWl 

. vhiD Insurance Ca Ltd. 

.irnhill. E.C3. OM20641O iBV.TTtnXFumL— 


152.6 lt02 


1777 3863 


3154 


E?i 7t2 

, (i-l 

7X6 762 

pl|| „ 

1942 


399.7 

ail..! 

221.0 


1394 

— 


London Indemnity ft GnLInaCa Ltd. MsdPra. 

Soho- Lite Assurance Limited 


10/12 EJy Place London E.CJN BIT. 01.2422005 


Solar Managed 5— [126.9 

Z The Loodoa ft Mim Chester Ass. Gp.¥ 1615. 

— Tbe Leas. FaDcestunfl, KeaL 030307333 


“i-b Juno 
■+c Jnne 
■ hpd JuncDO. 


— I ....„! — Property Fund. 




2225 

3300 

894 

349.0 

m 


•ft ft Commerce Insurance pera-Pouioti***— 

Accept St, London W1R5FU- 01-08900 Cney. Deposit* 
Hn E dFd.-._.rJ24 WJH-..I - 
va Life Assurance Ca JUiLf Fondly 81^8“ 


107.4 +1.« 
1066 +L0| 
1055 +051 
1B5 -HJjj 
1TOJ +051 
1068 
100.1 
100.2 
1063 +14 
1063 +1.4 
105.7 +13 
10X2 +0.J 
3023 +ai 
1167 +X1 
1167 +11 

lOIX 

10X0 .... 
1069 +Lfl 


4.97 


J4»nttKedBd.H 


American 



** Japan Fd.Bd.-_— . . . 

- Price* on *Jnly 6 “■HTnlP A “July + 

Werc hon t Investors Assurance 


5.05 





01-4080171 


M ft G Groupf 

Three Quays, Tower Hill BC3B BBQ 01-830 6308 
[2269 
1U1 
136S 
1545 

M+lSI MZ Managed Bd.*** 1^3 

'd I'd. Ir.lL — UU 

yFd. Acc 

y Fd. Incm— 984 

>• Fd Init 

ttty- Fd Acc— ^6 
.rtyF«ii!wm.. Wf 
■rtyh'dlmt.- 953 
hi. Fd Acc — 10J-0 
■ K. Fd Incm - 1 0X0 
rt Fri. Init ..... 100 5 
Hat Fd Acc- 973 
Jni Fd Incm.. 973 

LfdAee U0 9 

L FH. Incm. - . Ut 19 

yFd Arc 960 

v Fd. iDcm — 960 
Fd Tntm. — 10X6 
nDrt Inv -A... 159.6 

aider Insurance Ca Ltd. 

%WS-. TO "< «ELh-ta.Ul 

te Star iMOr/WdtaBd Ita 

vadaccdle SL EC2. N*} 0 * Aecynx _ UX0 +2.4| — 

■iMid. UtuK— [512 5231+04 *■* NelexMCTWH-Cra.- 516 fisJ -~. 

Itj’ St Law Lite Asm Soc. L ttf KdaOthiuCip. wS so3 >... 

yhem Road, High Wyeombe Q6M833T7 W«ta GttUtcAoo_|«6 Sl3 


Solar CashS — 1060 

Solar IntL S_ — 974 
SoUr Managed P__ 1266 

SolarProportyP 1115 

Solar Eqaity P 1613 

SoUrFxdJnLF— U52 

I3SS W~Wi 


133.6 +01 

117.7 

1703 +14 
13X6 -03 
1063 .. 
1035 -0.5 
1333 +0.1 

U7.4 

1693 +14 
12X3 -0.1 
1063 ..... 
1Q3S -05[ 


Sun Allian ce Fund w*«pnt Ltd. 

Son Alliance Hbuae. Honham. 04038(141 

EtpJrdJnUuneH. 105030 166MI ......] — 

Int Bn. JotylL^, ] 03.95 ”-615| — 

Sun Alliance Linked Lite Jju. Ltd. 

SauAlHanroHmae. Horsham 040366161 

_M 92 1255I+2.ll| — 

-ROSA iixa +oi] — 


FroportyFimdK 
Into ro a ft ocalFd— 
DepcattFtmd— _ 
Managed Fond 




1+0.4 


US, High StreeXCrepdra. 
Proparty- 


^ ai-wowt 


SOU 



NeIICxd.Fd.Csp-.M7A 5031 . 

NdMxd.Fd.Acc -iMii 50 — 

Next SdbTday July a. 

Far New . . 

at 


Lch 


The quarterly report as of 31st March* 1978 of 

Leveraged Capital 
Holdings N.V. 

has "been published and may be obtained from 
PIERSON, HELDR1NG & PIERSON N.V. 
Amsterdam. 


ROM 1X5. Of +0.61 - 

Sun Life of Canada (UJL) Ltd. 

2, 3, X Cockxpnr St, 3W1Y 5BH 01-8309400 

SSESEiH 5SS 

Target Life Assurance Ca Ltd. 

Bac$& 

Man. Pauline M34 9631 . 

JftartadAft: 1155 12X6 

Prop Fri. Inc. — DHLS 1143 

Prop.SU Act. 1390 

Iut I FtLtea WJ° 1W.4 

si®|- 

GittPeaCap. R29L4 1202} 

Tn unri a t ernatlonal Life Ins. Ca Ltd. 
2 Bream BMgs- ECU Nl'. 01-4038407 

[1369 . 14631 -0.U — 
1104 ’ 1162 —05 — 
314.3 1203 -03 — 

3169 323.61 -O.a — 

^3 = 

iTrideot Lite Assurance Ca Ltd.f 

Honae, Glcraceator M5238S41 

[32io mi 
§\ 

p£a ‘iSj 

bt9 X45J 

_ _ 

ioi.o|J4i^ — 


tUILDING SOCIETY INTEREST RATES 


msm 


050 0212? 

rtrvinvwli HMi Raxd, 
entrich. SE10 8NL. 

PMU r.a:e 6.4S*;, Shore Aeeouma 
Sub'pn. Sh*re* T.BS'i, Term 
re- S yrfc i'i above share rate. 3 rrs. 
abete sftsro ro»- inierast paid 
rti.il>' un bhflres’ienn shares. 
«hi+ Jnroom shares 8.80ft. 


LONDON GOLBBAWK 

(0X995 *32U 

1617 Chiswick Hi eft Road, 

London W* 2M0. 


Sat 

ssaass: 

BSSKffiari 




nil,.. . 

' ■Cuh vxloo for £100 mad 

Trndali AjmixancefPCBstiinsf 
jlRCaaroge Hoad. Bristol ' 027232X41 

13-War JubtL 

O'ocuDrr Jo^a_ 

STfc 

{Vaabngh Life Assurance 


1233 



1636 

raum 

1646 

- 

3034 


327.7 



146.9 

li|1M 

783 


169-2 

...... 

§?s 

“ 

866 



Him 


KeaagedRL 


SLIriaWlRSLA. 


KSSpSfcr: 


165.6 

2305 

1069 


01-48842^3 

M +0.9J — 

as = 

«3 

IVauhnigh Fensloas 

lu«Xadiln8t.Ldn.WlBBLA 0I-4B06BB* 


t Loodoa & 



Deposit Rale 643. SfiAro Anwnus G- 9 *! 
fub'pn. Shares S26 


h Ratos’ tablA 

Life Assur. Ca LtdL 
Rfctya] Albert Haa. sham St, Wlndror 

fel>3 


88U6 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tst, Bfgra. Ltd. (si 
72-SO.CalebouceRd- Ayicabtuy. 

Abbey Cfl pi hd—..[3r $ 3M.' , 

Ahbey Incprae 1393 4X61 +0. 

Abbey Inv. Tat. FIX. |S63 TLB +0. 

Abbey Gen, Tit —}«3 «M *%■ 


Gtrimere Fond Managers f (aKg) ‘perpetual Unit Trust MngmLV («1 


Allied Hombro GroupV (a) (g) 
Bamhro Kse. Hunan. Brentwood. Essex. 
01-589 2»1 or Brcnlfood (02771 MiW 

BManeed Fftnda 

.Allied 1st 165.4 

Brit I ml*. Fund [6 22 

rirth.i w . has 

Elect. A Ind. Dev.u|2 
.t Hied ClplUI - [716 


HanbroFuod [3035 

Hambro Acc. Fd | J1B.7 

locemc Fund* 

HiShYIridPd 170.0 

High Income M.fc 

AJi.Eq jne B7.7 

laieraalima] Tnh 

International 1265 

Pacific Fund (466 

Secs. Of America _(53.a 
U SA. RurmpUr.^. [95.6 
Specialist Fund* 

Smaller Co.*Fd._ US 7 
2nd Smlr. Co's FiL- 4X0 
Recovery . K.4 

Met. Min. O Cdty. _ 4X0 
Dwrwus Eanunoa. 57.4 
Erpt Stair. Ca't . — # HU <3 


69.« +8.® 
665 +1.C 
39.4n '+05 
355 405 
764 +69 
UD7n +12 
W75 +W 


0O8BH1 65CMaiyAxe,BCSA2BP. 
+•■8 J® frlAmerlran T*t — ??J 
540 British Tbt lAccr— g‘. 
j CmamodltySbaro- «3* 
4.06 Extra Iraoraejn-gJ 
UMFarEMt-TJut- 376 
1 Fifth lnroowra— 
Income Fun d ■■ — :fL 
•las. Aeceries ~ — *5 *5 

Inti. Exempt Fd BJ 

tilaU.Trt.(A«J-p32 


JOZid) +0J] 

563 +0.1 


175.7! 


404| 


' 62 6l -04 
782) +0,7 
1674^+021 
' +06) 
+921 


01-3033931 48 Hart SUBenley on Thomas 


+oy 

+0.3 

+0.1 


4Mt 


04812 0889 
^■3501 


600 FpetaalGpXtt p93 

v* Piccadilly Unit T. Kgn. LtfLV teXb) 

WarthTtoNss.. 99a London WoII ECS 6180801 


.pa.4 


at mi... Far East Fd — . ... ..127-7 
01-5894111 American Fund — P3J 


.... 1 B.60 
O3tf+02( 4.00 
M4J- 050 


5UI +63 
40.0 *0J\ 
44.9c +Q.4 
40.7a +0.4 
373 +0.H 
M2 +0.W 
575 +03} 
29.7U +0J 
25 lq +021 


9.90 

327 

4B5 

2.92 

OJU 

357 

356 

1.00 

270 


7*5 +0. 
693 +0.< 
401a +0 


28.4 

49.9 .. . 
373a +0. , 
100.7 +0.1 


Govett CJohnlV 

2^5 77. London WU1XRC2. 

720 STildr.JnnoM-.— PJ8® ,+s.i 
Do.Attum-Umt— R659 174.9| 

Neat draft nc day July it 
Gricveson Afanogenient Co. Ud. 


342af +64 
46.9 +ni 

90J +o.n 

495 +0.6f 
6X4a +0.3 
2H.fi +lS 


■52? Private Fund* 145 

.. _ , • — ■ AecomRr. Fund M0 

sSz Gibbs fAnlonyi Unit Tst. Mgs. Ltd. Tecbooiocy Fund.-p*! 

533 a3,BIom0eWSt,EQMTNL. 

’ 4.99 laiAJJ.Inrowo*— . 

f-S < »a{ +D - 8 l IS Practical Invest- Co. Ltd.* (yXrt 

535 I-^G.^^j-1254 050 ^ Bl0MuhMy5q . W ci.A=RA ■ 0I4SS0BH 

Pracilcal Jiity3 [15115 159.71 _._[ 440 

Arcu m. Units . |212.fa 2Z52| .-..J 

01^985^1 ^ i nT . q,. LtdLV 

?.W' 22S,B»hopoCBle,EFi - 01C478533 

- Frollfic Units »3 9 »5l +1 M 3.W 

HiKb Income: [110.1 117.9|+0.7{ 759 

01-8084633 Prddl. Portfolio Mn grg. LtiL» faWbMc) 
llolborn Bars, ECU? 2 VH 01-4059222 

S10 'Prudential J1245 SSMl+XSl 4,4b 

Qnilter Management Ca Ltd.? 
lit) The Stk Exchange, EC2X1HP- 01-000417 

|| i^3 :d ® 

427 Reliance Unit Hgrs. Ltd.V 


... 239 
... 250 
i.« 601 
il 1.99 


J955I I 

1 


454 

3.07 


Bam niton July 5- z 

(Aecnm. limtii-..-|<“4 
Btng H.Vd. JulyB- 
1 Accum. UniBi 


BOOB 

2103 



ZZ7« 

mil. 

iQ^xrfl 

mo, 


'vT/® 

207.0 



2161 

+4.4 

214 0 

2237 

+1.5 

922 

972a 


964 

SOT ff 


H 6 

71.7m 

ora... 

72.1 

753 



3X5 I'Acenm. UoitaF-— ^ . 
r« * «Mlr Jnlrfl— M 6 

Andersen Unit Trust Managers Ltd. wcenm. unim 

158 Fenehurch St EC3M 6AA GZ39Z31 Guardian Rnyol El. Unit MgR. Ltd. Reilance Hst,lUnbridgeWeUs.EL 88B2222T! 

Anderson U.T (46.6 . 52^.. — | 440 Royal F-.r- hnmg.gC3P 3D N. 01 -628 B0 1 1 Opporhniity Fd— 166.7 715J+23[ J2J 

Ansbacher Unit MgmL Ca Ltd. I 4.0 * £&%% S3 

1 Noble Sl. E(SV 7j A 0I®®T6 £2SSffiPSSL Bidgcfidd Management Ltd. 


lac. Monthly Fuad . |U6.0 17641 | 753 Proourr UT Admi n- 3 Hsylolch Road. Hutton. 

Arbathnot Securities Ltd. (iKcj r'Tnio* 

37.QueenSt.XmdanEC4BlBY_ 01-338 S2S1 Cap. Growth Iwt— 

Extra Income FU_pfl45 ' “ 

KJgfalne. fund K»5 


CfAcoua. Unitsu— 549 
[WjV Wdrwl UtaJ 54.9 
PreForcuro Fund— 13.9 

■ Accum. Unjiai- 372 

Capital Fund w.l 

Commodity Fund — 667 

Areum.Unltsi 175 

i»3% Wdrwl U.» S31 

Mn*Prop.F6 17J 

Gtanb Fund 1305 


Accum. Unit*) 452 

Growth Fund—.— 340 
(Accum. Uni til— .. 40.8 
Smaller CVS FU— . 77.0 
Eastern & Ind Fd.. S62 
ifl% WdrwLUta-l.— 205 
Foreign Fd |87X 


«. Aaer. 5 InL Fd.[514 


12251+031 

«3S+oa 


365m 
43.9K 
295 
382 
2 £2 
93-2*1 
334 


+oa 

+o3 


59.1 
392, 

:-l 

266 
65 J 
93.7 

57.1 
164 

4XH 


+a* 

.+05 

467U)+65 


+B.4! 

+0.4 

+0j) 


+0.1 


r— .0X6 

M 

IXM Srdor Fund* 


1153 Cap. Growth Acc — ffJ.J 
9.41 Income Jr Assets — 026 
9.41 EUgfc Income Ftauta . 


0+77.-17 »3g 38-W. Kennedy- St, Manchester 

Ridcefield InL UT.|9I.Q 104 0^ 


081=10 8531 
672 
1071 


Sector Fund* 

, Financial* ITD— PJJ 

Oil * NaL Res -I 27 4 

IS Inbwn*lion*l 

IS Cabot - 

i-S Internadonal. 


‘H5I +65| 351 RJd ceileld I nernw |91.6 
Sa 4 - f M 35i Bothsehild Asset Management fgl 

1 734r>. Gatehouse Rd.. Aytesburj’. idMWl 

t« ,|+ D ,r 7 m K.C. Equity Fund.. 11692 1860J +1JB 3 01 

IjJ toil ,0? N.C. Enes Jtca.TaL UN.fc 1164 +03 . £50 

B3W1+041 9.01 N - -C i nc «S f . rnnl i_ M afc 1560 +2-2 675 

■ a » N.C. IntL Fd. (Inc 1 WU 954 +0 2 1 75 

; i: N.C. Inti. Fif (Acej 90 1 95 B +0 2 174 

1642 +2J 


1M 


tor lllWinMUUPI -wra. 

55 W rid Wide Joty 7. 

Ornieu Ft 
Australian. 


Europe 
Far Em 


North Amer__. — 
NAm.GrssJnM— 
CabqtAmer5m.cn. 


351 

< 0.0 

279 

391 

1174 

512 




03.4 ^ 

1254 
53.9 +04 


Archway Unit Tst. Mgs. Ltd.* Mfc) „^Tot2Lx 
A r teKty-6 i ^-tt Jiul <e * 1 " tlT " 


253 American JtzlyS. 
its Securities July Ii._, 

Hill Samoel Unit Tst Mgrs.T ta> H‘BbYld.J*T— [. 


Barclays Unicorn Ltd. teXglVfc) 

Unlrorn Ho.2S2Rnm/ordR(t E7. 01-334 r*M 

Unicorn America « B3 .4 

Do.Aiat Acc. [79.9 

Do. AnsL Luc— ]5U 

l>o. Capital ttfl.9 

D6 Exempt Tat — (107 3 


Do, Extra Income . Z75 

Do. Financial 602 

Do. 500 734 

Do- General 3X2 

Da Growth Ar t 404 

Da Income TsL Mi 

'Do. prf. Atm. Tsl 135.7 ...... 

Prices at June 30. Next sub. day J 

Da Recovery 142 A 45 JH +0. 

DaTnmtee Fund- 1169 119.93 +1. 

Do.WldwideT&L—. 492 5523+0. 

Btrtln FdJnc 62.6 «3 +1 

Da Accum. F7X6 7661 +1 



S.C. Smilr CUyx FdJXWJ 1M2|+2J/ 4.54 

Z.U Rothschild ft LAwndes Mgmt. (a) 

SL Swi thins ran*. Ldn.ECL 01-82S4356 

New Ct Exempt — 10254 132. « ...._] . 354 

Price on Juno 6 Next denims July 17. , 

454- Kowan Unit Trust Mngl. LttLVfa) 

,3 city Gale nia.FUubtuySq-Eca. oiamBUMH 
- a_|675 7»a .._.J 697 



(Accum. Unitaj [750 77, g J 603 

01-0380011 MraftuJuly S m.0 B22l 3.86 

1663) +25) 5J7 I Accum. LnilAi [952 100J[ 1 JJ6 

Royal Tst. Can. Fd. Mgrs. Ltd. 

4K MJcnayn streets. W.l. (Q-8288C52 

0.96 Capitol Fd FW.9 7X71 I 353 

7.09 Income FU- -.170.7 766} | 7! 

S26 Prices e£ June 90. Next de aling July 14 

2S 01^,^ 

828 InLeLlnc. Fund |B6 4 932x0 +0.81 6-08 DenUncs in: 01-556 8809 or 031-228 7351 

SJ7 Key Fund Managers Ltd. laKg) Save ft Prosper Securities Ltd.* 
fell 25. Milk SL, EC2V8JE. 01-8087070. Inle raaUttnsI Foods 


[30 Bath SL. SL Heller. Jersey. 


IStcrUav DcnatoiM Fda. 


1342 
£2 18 
kl!97 


37.1 

lO Dollar T>oXL — ».2 
(btCaplialTn^ ffln 

fbt Financial Trust gj 

1 bl IncomoTVnsl.'-- ZS9 

ri5S5S®:ES 


|97j463L 

Sl ^ 
30^:531 


Negit Ltd. 

Bank of Bermuda Rides- Ho mil too. Erode. 
NAVJunc30 1£555 — | „_J — 


uerscr Enercy TsL ■ 
lUnivsi. STrt. Stft— . 

High incSUC-TsL— 
jl’jS. Dollar Denominated Fda. 

.UmvsLSTst BUSS17 5« — 

InLHlfihlDLTst [suaJW Ull __ J U 

Value July 7. Next doaUnc July 17. - 

I Brown Shipley Tst. Co. (Jersey) Ltd. Phoenix Internationa! 

P.O.Box mi KL Helier. Jersey. 085474777. FO Box 77. SL Peter Port. Uaernle*. 

SterilnK Band Fd. -|QBJ4 1DJ7| ,,._J 22,00 lnicr-DoU nr Fund.. 15229 X«i ....... 1 — 

Butterfield Management Co. Ltd. 

p.a Box 19S. Hamilton. Bermuda Quest Fund Mngmnt. f Jersryl Ud. 

Buttress Equity |226 2U[ . — I X94 P.0 Bok lM.fit I Idler. Jersey. 05342744L* 

-^-■;l -M* Que+l SUe.FkiI InL. I El 

Sl 


Key Energy ixFd... 

“ _ "lOen- 

LW.- 


Til 

M+ 

Mil 


82.1x1 +121 

1 SI ?— 

16O0 "a* t; 

|96.0 101 +0J 

Klein wort Benson Unit ManagersV High 
H8 26 Fra church St. E.C 3. 01423 sant'Hlfth Return-. 

KB. Unit Fd. Inc— W.9 92M I 5.09 ^oome 

Baring Brothers ft Co. Ltd.¥ (aMx) oRB-UnhWAc— Un 0 115^ ..... ( 5.09 ujl Funds 


424 



at Kw^neoo»e'Pniid_}7|.0 
571 Key Fixed InL Fd._ 

522 Kfty Small Co's Fd- 



39.7a +0.3 
272 +OJ1 
742 +02[ 


3.11 

4.13 

X94 


’5721*0.9} 7J1 


70.71 +68) 

4411+531 


0.48 

0.89 


86 LoodenfuU SL, EC2. 
Stratton TsL- 
Do. Accum 


mnm KB.Fd. Inv. Tfcts.... 1553 
014882830 K JXSmIrJa» , *FA..-r- 


4.90 UK Equity.. 

Overseas Fund«(r) 


.1431 463] +02] 536 


SmI ' MIS :::ri J3I L &CUnit Trust Management ^Ltd.¥ 1»,7 

Next sub. day July 3. The Stock Ecbrafte. EC2N 1HP. 01-388 3800 Jagra 

Bishopsgate Progressive Mgmt. Caf ^S&^SFd:|^9 B ™J 7J# == 

9,Bft*ops*siaE.C2. _ oi-388 R280 Lunon Secs. Ltd. ffalfc) 


— I ?.» 


B'ftatc Pr. -Juhr 4-D8X5 

1742 fSsS+Lil XEL g8.6 

lAcamUJnlylL^ Wto Sol+xS 221 5-tS^nSS?^’ « l 

Next rob. day -July 35. ~ildy 4 IftSSS. 1 ufcl 6lx 

fe Puud Managers* (aMcl m 

Kinfi William St- EC4R6AR OMJBW1 SSSnUidSoirlwi 


222 Sector FUnds 
Commodity, 
Enecsy- 


»X 

703 

716 


+3JS 


|-s 87. Qaara'aSL. London EC4RIBV 01-2885281 Financial Secs. 

" " * * -- - 'w 1 42J „ IH . 6.48 M g fcj BBimani Fhndv 

So Select InlernsL— ISfl 

2'0 IS Select Income [52.9 

467s 
26.1 

j-45 Kfiar5fii3z=:i*s ni 

6.60 t»»Ctecisn3L Quits 1 _ |63.6 6 92 

32« Deal. *M<m. *Tnes. t+Wed. iThurj. -Fri. .Scot Ex.Glh*4i_ — B339 
1% ^f adaU ratadayJaly 16 

v 3.4X SSuS' 6121 Schleringer Trust Mngra. Ltd. (o) (a) 

Deaihift *Tuw. tWed. fTtans. Pri cus July (Accum. Units)— I7Z-4 _ 76.6| j 526 J 40. South Street, Dor Idot (0308)86441 


American U Gerui- 
Income*.—. 
Capital Inc.t— 

Do. Acc. 1 

Ewsmpcr 

Intern tl Inat- 
Do. Acc-t. 


242 

492 

352 

HJ 

10-4 


262 I 

542 +0J 
37.9 - 
4X9 ... 
MU 
173 — 
192 


J 0.50 

820 
1X38 


xm Seotbits Securities Ltd-V 

Scot hits —.08.7' 4L 

Srotyleld— .|495 53. 


1X38 


Scotshsres- 



60 

245.M _....) 221 
168Jd( ---] 7,60 


Britannia Trust Management fa) (g) x^ewiiue Atoinist^titm^Ud- aSgtowi'i 

3 !-«don wan JKM ^tedmSHXradrawiMttlP. omsgsboi 


ft 


London EC2M SQL 
AasMa 17X1 



76JI+1JH 
583 +X1 
• 60.4 +08 
085 +12 
402 +JS.S 
1202 +02 
422 +0.4 
287 -0J 
67.4X +0.9 
97 Jn 23 

852s +15 
783 +L0 
695 +0.6 
505S +02 
40J +02 
882 +X1 
37.7 +CJS 
3058 +02 
52X38 +89 
14.1 -MU 
495 +02 
32.9 +02 
342 +0.4 


5^ LeoDiot 
3.98 


m 


■mm Exempt J&L Ld«_ 

JJ-S tS# Extra Inc. Tsl 

08J{+5^ 458 IncomoDiaL 


m.4 
288 
256 
25.7 
IB 4 
38.1 
28.9 
48.0 


Da CAccnm J. ... — . . 
4-S Third OncameJ— - B2.1 

M3 Do. (Accum.) 112-3 

ith Fourth CKxIikM - 585 
DatAc mni ) .. f . - .g K 


5.07 

254 


Financial Secs 62.6 

Gold a General 907 

Growth— 79.6 
Inc. 6 Growth—— 72.8 

Tati Growth-. M2 

InvcfiLTsLSIiares- 96.9 

Minerals VS 

NoLHigbloc 1X9 

New Issue 35.8 

North American — 204 

Professional 505.6 

Property Shares -.. 132 

Shield — 480 

SUm« Chance. 302 

Unlv Energy 023 

The British Life Office Ud.f (a) ^^.uniut gs.6 

Reliance Hst. Tunbridge WeDa. KL 080232271 Commcdity 78 0 

BLBHUchUfa [492 52.71 +02) 5JQ lAroum. Urnte * ~ r Ml » 

BL Balanced* — _|4*.9 502) +IS 526 Urapoundyrowib. 1B5 

BL Dividend- [4X4 4541 +D2j 9Jfl Conversion Gronth MX 

■Prices July 12. Next detllng July 19. : Con venoe Inc 63.9 

Dividend..— — 1153 

Brawn Shipley ft Ca LtiLV fAccum Umbn — m 7 

”*""5 rA^UofL,.:.— WS 

I 5^ Extra Yield B2.7, 

A72 (Accum Unit*i_— 1102 

FarEaclem 59.9 

•39 lArcum Unlw> 125 

XU Fund of Inv. Tsl*— 61.7 
4J8 (Accum Units' — I7S.4 
420 General ..... . — 

954 (Accum GulUi..-.- 
327 High Income — 

425 (Accum Units 1. 

3JO Japan Income .. 

4.4S (Accum. Units 1 — 

3-92 Majmvm — 

3.94 (Accnm.Gnitsi 
Midland- 


427 Lloyds BfcTfnlt TsL Mngrs.Ltd.¥ (a) Inc. l0%WdrwL— 
2- ES8M**! Gonng-by-Seo, 

5971 +n* IB Market Leaders — 

‘Nil Yield — 

-Tfainsl 5ra ^LjkGfltTrust- 
383 Of +0.81 2.99 Property Shares — 
Special S1L~ 


428 Worthing. West Snmex. 
Ijn Flrst.IBslmxlJ 150 0 


Sb DaiAccm&J 
(n Second iCspJ 

2.94 


gl 

69.9 


m 


+0L8I 


882 +XX 
1207 +l4 
62n +o3| 
7X5 +Sl 


29.0 
273 
222 
25.6 

special siLTst 275 

02. Grtfa. Aeon. BJ 


2.99 
821 

621 uiGth.DU4.__ U9J 
8X6 J. Henry Schrader Wagg ft Ca Ud.V 

01-2403434 


2251+03 
282 +0.2 
26.9 +83 
772 +05 

305 

4X0B +0.4 
SXlxw +AJ 
5XM +0L3 
27.9X +0.4 
3X2 +0.6 
29A +0J _ 

24 On 1260 

* 275 +03 229 
292 +0.5 254 
233 +0-^ 5-ik 
205 +03 536 


2.92 

167 

847 

440 

930 

997 

805 

844 

450 


824 Lloyd's Life Unit Tst Mngra. Ltd. uo.Cteapaid*.E.cg. 
'7200. Gatehouse BO- Aylesbury- 02885M1 auitol JnJyll B« 

58 «• SSS-isH.— 

4.74 M ft G Group? (yACRZ) (Accum. UnUaJ 17768 


J9X Three Qubts. Tmacr HilL EC3R MQ. 01K» 4588 General July 
?-*? Sec also Stock Excbaa*c_D^al]"»* (Accum. uiuisi, 

American ... (49.0 

(Accum Units;— HOB 
Anstra lasian ._._p4.6 


Mngra: Pounders CL. ECS 
BS Uiftts July 10 — mo 9 
Do. lAc c.1 July 10 — [262.9 
Oceanic Trnxtc (si «ia 

Financial L34.C 

General — — [l&6 


Growth Accum-- 
Growth Income- 
Bjfji Income _ 

Index. 


Overseas 

Perform un. 
Recover 


Recovery 

ExmpLJuly 1 


452 

36.0 

*92 

2X3 


244 

19.1 

572 

Z13 


56.9 


381 +0.41 
19.7 +03 
47.1 +0.6 

382 +05 
. 3X6 +0.1 

22.6 +03 
285a +05 
205a ..._. 

62.4 +0.4 
22.6a +03 
59J 


Canada Life Unit Tst. Mngra. Ud.f (Accum. Units 
W3 High St- Potters Bar. Uerta 

Can. Gen Dial B84 «.« +0.a| 432 

Do. Gen. Aroim — K85 49.M +05j 432 

Dc. Inc. Dist P»2 35.3 +xa 7/n. 

Da Inc. Acco m . (434 48 *" 


P. Bar 51 122 S22IT? , •; 1 

i-fi aj am f Accom, Lnitfii,— 1 


sssafc==B Uzdfx 

Prices on July 6. Next dosUns July 19, 




Second Gcji 
(A ccum. Units'- 

*» i%S.£Bi.-. 

Capri (James) Mngt. LtlLty Bycctallud Fnnds 

100 OH Brood SL, EON 1BQ OIJB880IO TSjMra si -■• ; R5Sf 

- 1 b — (Accum. L mix 1 — 277.1 

Chart bond July 4- ,„,M9.7. 1 ...... 

ChBTild. July 11 — 1453 147^+Xjl 
(Accum. Units' J80.B 182.7] +29j 

Carliol Unit Fd. Mgrs. Ltd* (aXc) StsEUiiS * ‘ 

BOibuu House. NewrasfltHipoD-TyM 21 ik MannLife Management Ltd- 

Carlinl 166.4 69>« _l..| 

Da Accom, Uniis_(8BX 82-M — I 


M-jjTig Ssssafc„„. 

1U *Pcn6CharFdJn20 166.7 
'Spee£x.Juhr4 — 0487 

a w ‘Recovery July4_,.[lB13 . _ 

4j4 “Fbr ux exempt funds only 

3" Scottish Equitable FntL Mgrs. Ltd.V 
m 28S(. Andrews 5q.. Edinburgh 031^5580101 

7.99 Income Units |JJ3 52.7] +X3) 521 

7.99 Accum. UnlU 1 565 60lj+U| 521 

328 Deatinft day Wednesday. 

aii Sebag Unit Tst. Managers Ltd.V (a) 

851 Pi^ Box 51 1 . Br k] bry. H se., E.C.4. 01-2385000 
1-85 sebac Capital Fd. .. B3.1 34.71+0.41 3.63 

JJS Sebag Income Fd. ..[304 3X*1 +05[ 027 

4.61 Security Selection Ltd. 

£8* 15-19. Lincoln's Inn Fields. WC2. 01-8S16B05B 

■ S UnrI Gtb TXt Acc ... 124.1 25.71 1 230 

858 Unvl Gib Tst Inc pl.D 22.4x( ..._J 230 

Stewart Unit Tst. Managers Ltd. (a) 

3 82 45. Charlotte Sq- Edinburgh. 031-383371 
1 22 tStewmrt American Ptand 

738 Standard U nit* [63 7 67.91 I 142 

*3? Accum. Unitor— (68.6 73.21 — 

*36 Whhdnroni Units -pOB 543| —.-l — 

5-S *9lewt British Capital Fund 

5j? Standard [134.0 I455/+2JJ( 434 

Ja Accum. Units 1535 166^ +231 434 

Jg Dealing TPri. -WedT 


Sun Alliance Fund Mngt. Ltd. 

631 Sun AXUanceHsa. Horsham. 010364141 

4| MRS9M. W S +13} » 


Do. High Yield |OJ 43.7] J 

DO. Accnm Unfts ..feU 5321 j 

Next dealt ng date July 32. . 

Charities Official TmesL Fd* 


7.91 Target Tst. Mngra. Ltd.f faXg) 

3X Gresham SL.EC2. DealtncR 0208 SMI 
Tarpet Commodity. 137.1 

420 SL George' 1 Way. Stevenage. 0438 58T01 Target Financial... 992 

420 Growth Uniis PM 535] [ 433 S»v 

aa MayRower Management Co. Ltd. SEfSSSBJi." axi 
821 14/lBCresham SL, ECTV7AU- 01^008099 TmgetGIlt fund— 1153 
Income June 2".— gOTJ 113^ j LU Target Growth £83 


General June 20- 


97 London WoILECSN 1DB. 

Income June 20. A32.4 — ! [ 4j 

Aram. June 20 [253.1 — | . ..Z] — 

♦Unjjnth- Only available to Reg. CharitiraL 

Charterhense Japbetty 

X Patemmcr Bow. EC8 

C J. InteraaCl [23.0 

Arcum. Units — 272 

CJ. Income 32.6 - 

CJ.Enro.Fin 286 

Accum. Units 3X0 

CJ. Fd. Inv. Tst 27.6 

Ara m. U aim- PX6 


ui-5881815 Mercury Fund Managers Ltd. 


553 Tarretlntl.. 


ices July 8 


H:SI~d 

2L< 

331 — 

294 

331 .... 


Next dealing July 12. 


6-70 30. Gres bam Si. EC1P2ZB. 

Here. Gen July 12 -1179.4 
Acc. Gts. July IS- — gM- 
Merc. Lot July 12. _ MA 

Acc, Uts. Juft 1 12 69.7 

01-248990 MoroExLjmieM - Z14X 
X99 Acan.tna.June20-|2S55 
Xw Midland Bank Group , 

!>2 Unit Trust Managers Ltd.f fa) 
Coattwood Hcuw, Silver Street. Head. 
3j£ Sheffield. S 1 3F.D. 

176 Commodity & Gen.. [7XB 


Da Bcinv. Units [29.7 

Tors et Inv.. 


19X4 -321 
2494 -33 
6BJ* -03 

-"3 

223.0 
2663 


01-6004555 Tgt Pr. July 12 [1574 


4.7B Tct. rue 

4.78 TsLPrel 

2.75 Tfit Special SUs.. 
2.75 


ms 


m 


39.91+03^ 
643 +0-3 
39.9u +0.3 
2162 +4rf 
2942 +65} 
1215 +03} 
303 +0.4) 

29.4 +thi 
3X9 +0.4 
344 +fl.5] 

165.7 +43 

31.4 +03| 
143a 

207 


374 

437 

6-00 

631 

658 

3.00 

4.88 

X68 

158 

331 

431 

831 

lies 

431 


OFFSHORE AND 
OVERSEAS FUNDS 


Arfmtlraat Securities (CZ) TJmHad sing ft Shu ran Mgrs. 


y. lOHiatri 1 unrui|i.reu.»t. Hiiirr.janr.icani ,TrtL. 
[Cap. TxL ( Jeracy i_1116J> 120LBI ..._.l 437 Valley Hxa SL Pew Port. Graqr. (D4Sl\ srag 

Next deaDne date *- civ....o«j mu 


Klcinwort Benson Limited - 


| Cast AlntLTstiCt 1 ..|1380 iSoU-.J 3.00 

Next rob. July 20. 

Australian Selection Fund NT 
[Market OpportunlUos. cio Irish YounM 4t 
KTuthwaite, 127. Kent SL.^yrtncy. 

tuSUShaxei 1 sOSXK ) ._„4 - 

Net Asset Value July 8 _ __ _ _ _ 

bank of America International SJi. 20.pcnciturchSL.Ec3 

DS Boulevard Royal. Lomshounc C.D. 

(nidlnreat Income Jfil’SUlN llMfaf I 788 

Prices at Jane 29. Next sub. dai Jut? A .. — 

iBnt of Lada ft S. America Ltd. — 

40-68. Queen Vtcierla SL. EC4. 01-9302313 KB Japan Fund... 

.UexflJKlerFlind .lira 75 - | ] - 

Net a*5« taluc June 28. 

fBanque Bnuelies Lambert 

p. Rue D*> la Refcnce B 30OQ Bnunli 


1 Tbomas Street, Dounlax, LD.M. (06211 4ft* 
.Gill Fund (Jersey) 39W.._.]12C0 

GatTtuxtlLo.SU_.n04 1 1063d] 11203 

Gilt Fad. Gucxnsey|933 93b| 1 12.03 

Init Gart. Sera. Tst 

Firat Sterling--'. —.118 49 M60I - 

FiratlnlL ) 165.92 lM5l| | — 


Eurinvcu. Lux. F. 

Guernsey Inc. 

Do. Accum. 


X063 

|602 600} 

793 31.9 


5US315S 



SI.S12J3 


1 33 

SL-S36 13 

-rUt^ 

0.69 

51 ; .in 77 


075 

SUS4JW 

• 0J»? 

:.w» 

18 90 1990 

-ore 



K.S.UJ5. Girth Fd 
Slftnet Bermuda I 

■Unlfond^iDMi , . 

"KB act as Ixndan payinc ac:cu oab 1 . 


01X23300(1 
I 3 riri 

4CS 
4 38 


Renta Fund LF |XJ»3 X941| | 7.7T id.) V/T MgTS. 

jBarclajra Unicom InL iCh. Is.) Ltd. f £^i^^, K 'V« r i J4srse5 ’ fc , m 
LninrlncCrow.St Helier.Jrty. 0534 date 
(Overarai Income _ 45 4 483rf ) 12.01 

rSi^dTvSf ta-S' ]m3wlii1 4 rm International MgfeRt. 5 A. 

'^■ShlSJtolra 1 uSaShSi&m Ora 7 Rue du Ilhrrer. P.O. Bos 179. (HI Geneva !l 

Kw™ p"' < L 0- MiStSSSSigmli SS:J B' 

1 Thomas St, Do u cl as. Io5L 08X44898 


Dnicorn AuiLExL. 53.7 

Do. AusLSiln. — . 133 

Do. Grtr. Pacific 650 

Do. IniJ. Income 39.0 

Do.I.oISUnTsL 44 6 

Do. Manx Mutual 15 B 


1^ 
4t 0 J ..... 
27.7 


160 M ft G Group 
170 


Three Quays. T/raer HUE BC3R 0BQ. 0I4BR 45S8 


Bishopsgate Commodity Ser. Ltd. 

P.O. Bos 42, DoilKias. I.O.M. 0S3U99U 

ABMAC ’June 5...^ JtraCJ* 32J*| „....] — 

C.ANRHU -July3_ CXin7 1 ind j — 

COUNT —July 5_..-|C2.460 2 344 1 1 2J6 

Originally iraucd at 'ITO and **U.00. 
Bridge Munagromt Lid. 

P.O. Box 90S, Grand Caynun, Coymaa If. 
N'boabl JuM90.. .1 -Y15369 | ......I — 

G.P.O. Bor S8tt Hone Kraift 
NippauFdJuiy!t.. 



(Accum UmLii— 1178 4 


4149 

189 0| +32] *3 45 


Samuel Montagu Ldn. Agio. 

u i-iaa r.yvj 
51 IS| . . ! 36h 


114, Old Broad St.Ei'2. 
Apollo Fd. June 30. SF47.15 
JapfestJunr30... . IIIPJ.'S 

1 !■ Grn. June SI'- US 

117 Jersey June S3.. £507 
HTjrsyO'BJuncSi ‘-1= 13 


104 


-is.. 1 1V7 


ium J 0J7 Murray, Johnstone (Inr. Adviser* 

k Split. . J S3, Hope S».. Glasfinw. <72 MI-221 .'321 

Britannia Tsl. Mngmt. (d) Ltd.' -Hope si fu 1 sjwjn I — • I — 

(03490114 ■Murray Fund.. SUM0.T1 ' ' 


•NAV June 30. 


Growth Invest. 

IntnJ . F(L. 


K5 


34 6el . . 

91X X80 

1453 I X50 

2.29 I urn 

X00 1X00 


3.M NegitSjft 

10n Boulevard Rej-xL LuxemNiurs 
NAV July 7 | 5US10.99 l 4 — 


Buttress lacrene... )l9T Xoa) 515 Que^t Slle Fxd TnL. 

rnccs at May U- Next mb. day July 10- 3u5t intf.'.Secs. 
Capital International SA 
37 run Notre-Dautc. Ltncrmbourp. 

Capital IPL Fund _.| 5051738 | 4 — 

Charterhoase Japhet 
XPaiernooter Row, ECA 01-348 


ithl.j ri : I — 

s.. ...| srsi .... ( - 


Queii Inti, Bd- I 5USI — 

Prices at July 3. Next di-nllnft July li 

Richmond Life Ass. Ltd. 

48. AUwl SlreeL DmiclDs.I.O M 



ix >Tbc Silver Tninl 
5 45 Riettmond Rond 97 
511 Do. Platinum Bd -. 

5.83 Do. Gold Bd - 

563 Do. Em. 97.02 Bd— 


106.2 
175 2 
120.5 
103.4 
1712 


108. SI 
104 Oil 
126 Bl .. 
103.» —A ; 


180., 


(W24 23014 
0 2! _ 


-1.4 


►C.El 


1140 


Clive Investments (Jersryl Ltd. 


8M Rothschild Asset Management tc.l.i 

P.Qjtox SB. St. Juliana CL Gucrnr-cy. MSI 2£TJ1* 


PO. Box 320. St. HeJirr. Jersey. 003437301. O.CJSg.Kr.lunem. 

Clive (TUI Fd.fCil. [9.99 10031 J 1X00 OC.lntFd.Julvo.. 

CT.ro Gill Fd. Uxy.*.|9.98 lOoll -J 1100 


152 2 
152.6 


55J 2 W 

1621 .... 7 21 

1 30 ...... 1 ss 

155 2 ...... 325 

[134.6 14)1 451 

152580 2744|-....J 0 73 

Price on June 39, Next dcaliiu: Juty N. 

1 Price* on July 7. Next dealinj; July 21. 


fl C Commodity*.... 
O.C Dtr.Cnrndty.t ... 


CornhiU Ins. (Gnenweyl Ltd. 

P CX Bax 157, SL Peter Part, Guernsey 

iDtnLMui.FdL |164.0 17I5{ | 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta Inv. July S-_|S1.71 1J0| 1 

Dentscher Investment-Trust 

n ^otf.M.ro nx ni.i^.^—^ it.Kmrvinp+iM.Wtarf RT intTU-^ iFd..(M 

jConcontra fDRlXW OM-OI) — ' ' *" "* 

| InL Renlentonds— |DMt87» 7DMI 1 — 

Breyfmg Intercontinental Inv. FtL 

F-O- Box N371Z Nassau. Bahamas. 

IN AV July 4 W?S1«* UJJI I — 

{Emson ft Dudley TstMgXJivyJUd. 


Royal Trust (Cn Fd. MgL Ltd. 

P.O. Box m Roi-alTxL Kml, Jerary.«S3427+]| 

R-T.inl'LFd JSUSUS 9741 

T IntTUvy >Fd. p4 . 

Prices aL June 15. Ncxtoealius 

Save ft Prosper Intemetlonal 


1 3 M 

3 21 

:Jaiy 14 


Dealtni! in: 

37 Broad Sl.. St Holier. Jersey 0534-2050) 
I'-S. Dollar-denamlnaird Fonda 

Dir. Fcrf. lot-. 19.13 9 7Jrf 7.19 • 

P.O. Box 73, SL Helier. Jersey. 053420501 IptCrnat Or. *t 721 7.00^40.14 _• 

EJJJ.C.T. 11212 129.01 +U| 300 FarEnamrort-.—KAia 49.9*j+19l . 

Enrebsad Holdings W.V. ^■^ nenc3n is^q Z 

HandeUhado 24. WlUematad. Curarao sterllaC-dnumliiBied Faudi . 

Lmtilra Aftents: Intel. IS Chrlstapkir SL, EC. CTmacS Capital#- 1229.2 24130 +3.9J Z69 
TeL tn-847 7848 Telex; UI4408. . . Channel Islands#- R«.S 153 1^ +L7 5.17 

INAV per shJly.71 SUS2025 | | — Coauaod-rZZZllW.T 


ft C. Mgmt Ltd. Inv. Advisers 
,1-ft Laurence Pountnoy SOU, EC4R 0BA. 
toi-a23«BO . 

CencFd.JutyS 1 • JUS5J9 f — I — . 

Fidelity Mgmt. ft Rea. (Bda.) Ltd. 
P.O. Box 870, Hamilton. Beranda. 

Fidelity Am. Axa—.! SUS24A7 f — 

'Fidelity InL Pond. I SUS2X29 I — 

, Fidelity Poe. Fd — SUS50J7 ' +05S — 
Fidelity Wild Fd— I .SUSH56 1+03* — 
Fidelity M^nt Research (Jersey) Ltd. 
Waterloo Hse, Don St-St Heller. Jersey. 

0334 37561 

Series A ilntnLI I 0.74 , 

Series B (Pact B d_. 18.90 J+OO: 

Series D CAblAmliI £16.96x1 . 

First Viking Commodity Trusts 

fasg'EiftSs^aift c, m. 

S3. Pall Hall, London SW 17 3JH- 

37. 


SLFaed*" 110.7 U7JI I1XB7- 

Pncoa an “July 10. "Jnty 5. ***July cl 
tWeridy Dralingn 

?chlesinger International Mngt. Ltd. 
La Motto SL.SL Helier. Jersey. 0534735B3. 


SAIL. 


SA.OX.. 

GtlLFd.. 


SOM 

22.7 


0A[ 

Z2Al 

ICS 


, +11 
+001 
# 0.1 
, +1 
+ 0 - 0 ? 
♦2 


+oeiJ — 


&r»- 

5.05 

3101 

3)7 

2SS- 


XtdLFd. Jersey Wj „ 

JntnLFKLLxmbrg -1*1045 

*Far£a«FnDd flDO 

•Next sub. day Jtuy 12. 

Schroder Life Group 

Enterprise House, Portsmouth. 07O5SJ7J3 
iDlernaneaal Fonda 

£Equtty 1185 1260 

SEqulty 128 B 137.0 

CFftced Inlerext 1362 144JQ — 

11X4 ..... 

13S.1 

124.6 — . 


InlcrciLraw 1362 

SFtxcd Interext 104 8 

01-0307837 £ji (maced 129.9 

Fn. VtaCmjrsL_D5S 377) I JJg $Uaus£Cd |Eh6 

Kt .\ liJ5bl.Op.TH ..[75.0 ■ 80.0ri( — 1 ISO 

Fleming Japan Fund S-A. 

37, rue Notre-Damc, Lnxombonnc 
Flemlnx July 5 | 5US55.02 | ....-1 

Free World Fond Ltd. 

Butterfield Bldg- Hamilton. Bermuda. 

NAV June 30 1 STS1BJ.76 | J 

G.T. Management Ltd. 
para hk> . 18 Finsbury circus, London ECS. Sentry Assurance International Ltd. 
TeL 01-828 813L TLX: 8861QQ P 0 . Box 338, Hamilton 5. Bemud* 


J. Henry Schroder Wagg & Co. Ltd. 
120, Chea pside. ELCJL 01-588+000 

Cheap SJuty 10 | SUS1X53 J+0CM 2.5! 

Trataliar Hay 31—1 SU5U941 J — 

Asian Fd. JuIylO .-.BtNnit Mflf 275 

DarJitU! Fnd JSA1.D3 1“) 5JD 

Japan FtLJuno38.|SL'54£il 7.41x1 fl-K 


London Axenis for: . 

Aaetor'B' Units— .BllSfl.fl INd 
Anchor Gilt Ed«e - Cf .64 6.70a 

Anchor InL Fd..— SUS457 Uh 
Anchor In. Jsy. Tit . 26.7 7a> 

Berry Pac Fd.. SUS4932 

Berry PacStrlc 309 00 323-44 

G.T, Asia Fd— SDQM7 M 

G.T. Asia Sterling- E15J2 1624 

G.T. Bond Fluid — *US12.Wrt 
G.T. Dollar F*L— SUS7.07 
G.TJPadHcFd 5US15A2 


Ub NrasEed Fund |17S17in 15*431 .1 — 

40.oj] M singer & Friedlander Ldn. Acents 

2-71 20. Cannon SL.EC4. 0I-248BKG 

DAI peValtmds IDM2J97 37301 1 622 

®-g TOkyo TiL July 3— | SUSI7.00 | — \ X68 

Stronghold Management Limited 

0 70 P O. Box 315, Sl Heller. Jersey. 0534-71480 

X05 Commodity Trust-. [92 J7 97_25[ { — 

Gartmore Invest. LtdL Ldn. Agts. Snrinvest (Jersey) Ltd. (x» 
|A SLMaty ^ LMdoB.»a 01-283X01 H(n . ud. sl Helier. Jar- <KH273ffl 

£8552S®Z±:|B , B lxgwil) ~ ■ 

Kd.. l i T5 ^E o» J-TiiSdraTrt.—.jaLsa 3gnl-iUis| _ 

Ss Ho 188 Unit Trust Managers (CJ.) Ltd. 

r^rtmnn. wZT* Bafialrile R(L,St saviour, Jersey. 0534 73494 

fiffiMMwSIt «d. ltt.4 48 8 b?+0.4| J.« 


-rOiB 

*022 


Guerawyl^ra „ .ISta '4oj| +0*1 4.92 

TOM ”I!-I ABO Prices on July 12. Next onb. daj 1 July 13. 


Da Accum. ~ g2-B 

Chieftain Trust Managers Ltd.p(a)(g) d& AramTITTZLI OT 9 

11NOWSLEC2H4TP. 01-3832882 g?a 

InteroatiOTriW-feiMA 2 fcW+M 320 1*86 


A £ Target Tst. Mgrs. (Scotland) lagbj . 

4J6 IB, Albol Crescent. Ed in, 3. 031-22B882LT 

Torset AmerEa£lel273 294rf +D.«i 135 

- TarRefThutle _.p9B 422+0.51 5B1 

Extra Income Fd. _|5U 652+0.41 x000 

Teu 0742 70042 Trades Union Unit T«X Managers* 

f-J* 100, Wood Street, RCH 01-0388011 

|-g TUUTJUMl |48A 5X8) .....| 536 

3-04 Transatlantic and Gen. Secs. Co.¥ 

Bl-09 New London Rd. 



S.4& Barbican July 6 7X7 

tn (Accom. Units.! — . 11X2 
2*5 BartvExpLfuflaSB. UA 

*» Bucktn. July 6 77.7 

aj5 (Accum. Uitlui—— 9tl 

8 ss Coieino July 7 122.B 

jm (Accum, Uni tsl— _ 148-i 

s'u Cuxnbld- JulyS Vi2 

l.lccnmllabtu 53.9 

(Hen. July il B3.« 


Chelmxford 0245 51831 


Basic Reerre. Tta|Z7J M.fll +0.4] 4jl KL7 

Confederation Funds Mgt Ltd.0 fa) S3 

50 Chancery Lone, WC3A1HE 01-2420382 EqidtyEBrmpl*^ JM-9 

Growth Fund KU efl+XOf 4Jtt Do-Aceum.*.- - — 

- ... ‘ ' . •Price* at June M Nest deallay July 3L 

Caranopolitei FtmdHaiuigera. Minaier Fond Managers Ltd. (ArSmjTUnitrt„_f6a.6 

3a P«it Street London WXXW2. 01-3SS8SSS. jenster Hae- Arthur St-EC«UffiiL , MarlboroJnly U_ 513 

C08mopalu.G4hFd.fl7A 1M| +03] 4J6 01-823 1050. lAsnim. Unllsl 58.6 

Crescent Unit Tst Mgrs. Ltd. (aMg> g££$S SVnB* ^ 1““| Loa uSSTnraffif^ll S| 
4*teltilleOrofc.aitobm*h3. osLjavn mi x (j n U Trust HgemnL Ltd. SSjttfiSJfcr- Si 
«2RraSS?L h JlS.7 §3 333 is Old Queen street. SW1HBIG. 01-8307333. iA«nm.Unl^ — w| 

drex. Hiah. D» l 3^0 -S3+0.3 SB MLAUniU I«-1 « 2\ +I.6| 416 WlckT JutyiX. M.9 

CreaRraerara «3 «|+|| 4 -35 Mutual Unit Tnirt Maifeg«rsf fiMg) IggffiSaSz: M S 

■* Z6-H-IU1 OJB ja.Cop(h*llAve..E^t7BU. 014084803 Do. Accom "|73.7 

Discretionary Unit Fund Managers SSA&f-jSf-'Bi ‘ Im Tyndall Managers Ud.V 

a.HtauIWdSL.KaiTAL 0UB840B JgjgffiSSS&T-gl fcS 

Due Income- ptoa 1WJ| .-—I &» Kmu il High Yla-P*J +o2j L78 lncomeJu!y5— ...W2 

E. f, Winchester Fnad Mngt. Ltd. National and Commercial (Arcum UBitw — 


7bJn 
1182 
M7n 
8X4* 
100.8 
129J 
256.0 
SLA 
57.4 
56J 
729 
5X5 
602 
XU 
64.0 
73.7 
4« 
462 
62.2 
718 
67 4 
772 


Great Winchester— 1371 
CtWinch'cr 0'aeaxll9-2 


Old Jewry. 'EC2 014082187 3L St AnUrf^^uiu^ilxib^oyi.MBlSl m 

“t fag -.-I 5JH — RSi J*? j 622 £aanntJu]y5-, 1072 

■*— * «» asaffli?— ® Pad sssiisg’s— »> 

Emson ft Dudley Tst Mngrrmt Ltd. Wxnm. u “^-r,^, i, T ...„| 3.71 Sctum.Duitai 2S.B 

SO, Ariinclan SL. A W.l. OMOB7B1 National PrOridMltlnV. MaffB. Ltd-IP P»LJuty5_. VhA 

Emoa Dudley T1L.I&6A 7X5| — | 340 4a.Gra«*cbuirhSL.SaP3Hfl ! oi« «00 ui'a 

N PLCth-UnuTol- gj 430 SVunlSfiT 1592 

RgnityftLiwUn.Tr.M.yiDn.XOt*) « >° gJS jBly * 

AnmrabainRd-HlBh Wyccmb*. 049433377 ««*«*«“ DaAmra Big 

Equity ALaw J46J Wfl+Ll] Att l«. 1 Cfcoapmd& E«v «U. OMOB nn. nnandai Prtrty_.&5J 

Acciua. > — Hftg 70.91+0.71 4.21 Do-Accmn. 

'. Inland Y8nXEG4B3D&. OUMBBn 


Eqnilaa Secs. Ltd. (a) (g) 

MfhPTIgfttr EO 11 
Prosrraxiw 1665 702J +05] 



*H 1111 Trarara^ra^ 
*2 Jnwn* . 


l&cftmeTX. 
Inx Growth Fd. 
Do.Accsjn. 


mu 


Portfolio 1st. Fd.—W7 

mu Untrersol FdJtf*-— pO-7 — ,-^. w . 

NEL Trust M anason Ltd.» (aKg) 
IGlun Court, uorlHBjtBumj. son 



IMS 

IB3J 

127.4a ...- 

1792 

1132 — 
159J ...... 

2508 

2792 ..... 

20X4 

1Z54 

1406 

1672 

1692 


S75 

5.75 

5.07 

4.91 

4.91 
426 
626 
746 
7.46 
425 
425 

2.91 

2.48 

355 

325 

821 

465 

625 

5.4Z 

5.42 

8.72 

8.7Z 


02723S541 
B.60 


+0.4 

+0.41 

— ft.iL 

-oil 

+03 

+0.4f 


444 

825 


531 

767 


5-65 

f.M 


jaj 

,720 High ine. Priority— U.0 

5.42 International. 306 

532 Special Bits..-. — PX4 

Ub TSB Unit Trusts ly) 

222 zx Chantry Way. Andnver.-HaniSi 0284S1B8 


87 7] +1 J 5.90 
89fa+1.2 - 
39^ *0-2 TOM 
+02 — 
+02 521 
+02 — 
+06 838 

+03 2.98 

+o3 539 


ltl 

|| 


Friends’ Provdt. Unit IV. Mgra.? Neiatardd^-— 


PixhaatEnd.DorklDK. 
Frlestdi Prw. Ota_ I423- 
PaAfoiiriL ■ — .J546 


(blTSB General 

U .,, M , „ ibiDo. Aecmn. 1572 

01005035 513? +&8 M0 £1^60®°““ — ^ 

2^3—031 ja For New-C«r: : ^ral teua»r» ua. TSBScnW 

583| +02] 425 iDO Rpthi r*™* At*** j hagam t <blDo.Acc .... 

G.T. Unit Managers UdLf . * Norwich Union *“*w*nee Group (b) Ulster Bankf (a) 

fePtnrtnrtyCtreticECaiTDD OMCBam ?-O.S« 4 , Norwich. ^ wrap WulnsSteseLBeUuL 



Gua nine 

'^tesifcisr 

.Japan & 1392 

LPHtaExftL J30J 

- C.Iuri.Fpnd . ■ UOJ 
OT. Four Yd — [03 

A A. Trust (a) (g) 
’5.BartdxhBd, Brentwood 


^S ^j^n iTTn ^r riri Iff f* T 3 ^ 1 (bJohSrCMWlh-fJTio FMI-iSq’uB 

jSjjfH '?58 SSSu Cftit ' lW AccDnnt * »8Wt- Ltd, 

M° M&radhF£-&7 2431 KiflgWilh«PSLEWB9.iR ' 01-034951 

Pearl me ' 33.W +ojl 736 35 e ? rCrUl ‘ Rld " - B?t — J *31 

pSSunltTrt- BtJ 5.04 DaAcacn. fH3 J 4B 

iAretun.Onus-i-— - «LSJ +o j| jjh Wiaiet Growth Fnnil 

* KinEWUaamSt.EC4n.SAB 010334601 

nSTO227a«l *aFoonUtnSt,N»J“«i« 08VU838B5 In come Units— |29.7 viw ,, . 1 «ji 

9UI+^ 4X5 PeHcaa PaU 1 W3 ]+ojj gM aw+m. trni». [rap vag] [ ^ 


M76j+,l' lS Pearl ffiro*^ 1 ^^ 1 — 

wl-ili lie 

5*S _4 730 


P.O. Box 32. DdurIbx, IdM. 

Gartmore IntL Inc.. 12X0 
Gartmaro l“U- Gfth{663 
Hambro Pacific Fund Mgmt, Ltd. 

2110. Con n au g ht Centro, Hons; Rons 

JSSRSC==B& “«S! r 

Haxobrss (Guernsey) LtdL/ 

Hambro Fund Mgrs. (CJJ Ltd. 

P.O.BoxSO.GuernEey 0481-38521 

C.L Fund .. [140.4 1403/ +3 

Inlnl.Bond - SITS 10539 HKJKj+O- 

luL Equity SUS U25 lXM+0-_. ^ , , _ „„ L , , 

Int. Svim. ‘A* 1US 5DSU2 US □ 830 Chennai 1 July 5 — RPH 

mt. Svss. ‘v sus un ufl+ooij ZJO lAreum. iinit»i gtijas2 

Prices on Jnly 12. Next deallns July 18- 3-Way Int. June 22. .(HSUS 
Henderson Baring Fund Mgrs. Ltd. 

P.O. Box N472S, Nassau. Bahamas 

Japan Fd. BUSffiK 3»ffl -I — 

Prices on July 5. Next dealing dale July 12. 

Hill-Samnel ft Co. (Guerniey) lid. 

8 LeFebrre St- Peter Port Gurmacy. CJ. 

Guernsey Til 11418. 16031 +231 334 

Hill Samnel Overseas Fond SJV. 

37, Rue Noire. Da me. L uxembourg 

irararaoSBoflSSui ”t* SLZST-JEZZL 

PO Box KCT1. so. Pitt St Sydney, Ausv 
avelln Equity Tst.fSAZOS 


Tokyo Pacific Holdings N.V. 

Tntimiq Management Co. N.V- Curacao. , 
NAV per share June 30 3U538.1l. 
Tokyo Pacific Bldgs. (Seaboard) N.V.* 

InUmlE Management Cn. N.V., Cura am. 

NAV per share June 30 5US43J9 

1'S TrtidaU Group 

P.O. Box 125C Hamilton 5, Bermuda, 2-2784 

6.08 

2 New 5L,n. Reiter. Jersey . 0534=73: LI 

TOFSLJulyQ _|f.7 75 

(Accum. Sham) Q2-W , , 

AmencanJnlya^-lsi.0 S7fl| ...... | 2.00 

t Acnun iharosi — |BT'3 
Jersey Fd. July a__n91 2 

(Not+J. Ace. Ula.i_.|270.b _ 

Gill Fund July 6 1062 - 1BB2| | 11.09 

l.tecam. Sb Brest |137 2 

Victory House. Donaba. isle af Won. 06M 24 IIL 
Managed June 22.^1129.4 136 4| | — 


1-X Miilcaatcr Street. 5t. Helier. Jersey 
! _ UJJLFuad Pl-SlOl.W IBJfl 0.06 

JJE.T. Managers (Jersey) Ltd. * United States Tst TnlL Adv. Co. 

PO Box 184. Royal Tst. Hse, JerseyOSM 17441 14. Rue AJdnnger, Luxembourg. 

Jersey Enrol. Txt~.fl74.il 125 JH I — U2LTrt.lnv.Fwi._l 510.42 {*0471 0.96 

Aa at Jure 30. Nextrab. day July 3L N« ouet July 10. 

ffiendng ft Co. Ltd. S. G. Warburg ft Co. LttL ‘ 

t^i i*Z°g; . 5011 g 1 f m 5qi 30- Gresham Stow, EC2 Ol^ajlSSS 

Jardlns E*tn.TsL„] 5HB293.44 l Cnmd.Juty 10._.l 1US9 60 1+OiiH _. 

i-S En«.Urt.JuIy 10 — SRS1749 +0® — 

160 Crv&JlFd. June 30_| SUK7.08 J ...7J 


&lulvri«(t SU875JW. 


J online J‘pn.Fd.*_ 

Jardino S£-A_ 

Jardlne Flam int. 

lull Pacific Sera. _hBKtU7 
NAV June 30. «Eniiiw ..... 

Next sub. July M. 

Ktfnln MngL, Jersey Ltd. cmflm Juneafl^fsiraus 

PO Box 96. SL Seller, Jersey- (Eh C- 01 -4M 7070) CUT Ltd.' June 29.-lil2.77 

TFrdJa Hjni+afcJ 1M — T,l - J,,ne 

44? 


Men-EbdFd July ft(3P5UJ7 
Warburg Invest. MngL Jrsy. IAd. 

J. Charing Orwy.SL Holier, Jsjf.CT OS3473741 
1TO3S 


Fonoela.. 


Btmdselex 

Keysetexlnri 

Koycelcx Europe— [O lM 

Japan GUl Fund nUSfftr 2U3{ 

Eeynalcx Japan [U438 1568 

Cent. Assets Cap 03421 


+0.03] 


^ 174 


ZbO Metals Tst June 18.1 

TUT June B BISU57 

TMT Ud. Junes ao.bS 



World Wide Growth Management^ 

10a, Boulevard BoyaL Uixcmbours-' 
worldwide Cth Fd| SV51528 1+0371 _ 


NOTES 


iTTcos eo am mcmaas preunm, except where indicated *. ana arc in pence umeu otrerwuo 
Indicated- Yields 9s tamnra Id last column 1 allow (or all bnyinx osponsrh a Ofiered prices 
include an.Oxpenea. > To+hnrty price* c Yield Used on offer price, d Estimated r Today's 
[>pnninc pnee. h Dlstnbuien uneef UJL laws, p Periodic premium loro ranee pLins.1 Sin do 
premium lruurunce. x Offered pneo includes all expcuv.s except atent's commission. 
r Ottered price includes nil expenses If boufiht throurii manners. * Prunou* day's priec.- 
V Net or tax on realised eopitai rains unless indicated by 0. 1 Guernsey gross, e Suspended: 
♦ Yield bribre Jersey t«. t Ex-subdivision. 

■■^BM^MairararaMm^ro^MMftMrai^mrarara^BMnmranMMraR. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101 ' 
Index Guide as at 4th July* 1978 (Base 100 al 14.1.77) 

Clive Fixed Interest Capital li‘S.05 

Clive Fixed Interest Income 114.14 


CORAL INDEX: Close 466-471 


INSURANCE BASE RATES 

t Property Growth 10} % 

t Vanbrugh Guaranteed 9.50% 

t Address shown under Insurant? and Property Bond Table. 



so 


Financial Times Wednesday July 12 1978 
FOOD, GROCERIES— Cont, 


Stewart \ 
Wrightson * 

International 
Insurance Brokers 
for Shipping 

.il*. 1 C-i.Ticn 

=SCl i L'l: <■-: v. tc.‘ TMJ 

T>' • PO“" 1 7f 'I 


FT SHARE INFORMATION SERVICE 


BONDS & RAILS— Cont. 


BANES & HP— Continued 


l Hi* Lot 


Prlfe | * wl Kv. **. I KmL 


m 

High Lo* 


^‘BRITISH FUNDS 


■ BB 82% Ireland 7%y 'HI -81 

i .21 79 DaKipcil-M 

1 375 265 Japan 4pc'in.\ a j_ 

i 87 68% ttoSpe sm 

:160 laO ffm&Jpc 

! 75p 75p S.i;.!.®?pe I960. 

!$W SWn Tunnflp'1991 

;DM91 DMBl funnftjpe 19K_ 
I 97 94 Crummy 3%jx- 


!S99 yju! 
"DM91 DMI 
97 94 


83%«d| 7i;| 


9*4 12 82 

"~6 1L05 
3 21b 

'■ 867 

, 9.52 
6% 10.70 
“ 380 


i»n* 

ffieh lot 


|f sr] VirM 
| — f KoL i BctL 


‘•Shorts” (Lives up to Five Years) 


V.S. $ & PM prices exclude inv. $ premium 

AMERICANS 


235 172 Nat.EtAiK.l4l. 225 1+2 

i 81 66 Null um Hip 72 

1298 250 3tt.Wnl.ei 268 

1445 350 SchredmEl 400 

1255 190 SemfliteMCU. 

Strtilh S» Aub 

Sand'd Chart £1. 

Trade tki. SI JiO. 

Union Diac£l 

4B 1 32 t' UT 

£24 j£15 J « Aelli Kara>15 
69 60 Wiotrusiatp 


Phttl -*| S |CM|Wii|w 8* Hi * 'lot 

* 1 * ,>i tin 


CHEMICAIS, PLASTICS— Cont. 

li^LwS " Stock | Price |*-1 S* |cw|or , s| 


ENGINEERING— Continued 

W-lswa 


99% 9fl% Exrh. Sorxmt 

105% 1DU TraumyllUpcTMt-. 
97 94% TrcasuMqc i?8- — 

977, 95% ElKlRi'4UbC 7MS ._ 
104 ‘i Q97 s Treasury l«!*pt 7SC_ 
961* 44% ElHCU^nincTIVTJ — 
10jij 96,1 Trca*urv9pc ISW£ 
302\; 97% Trea*un8r,pof€*$ _ 
95% 92% TtoawJfceT:* - 

«6i- “3*4 Fund mo .">%«: TWKI- 
110% 103% Exchequer ty* 198& 
106% 99'1 Treasury llljpe lffilti 
91% 88% T:eajur.-3ia>c IS7ML 
301*4 95% TkusunrSUpc 

97* 41* ExAftpclWI 

lOOl 94% GtcfLOt-pelfff 

S7‘.l 85% E.\rh.3pc 1991 

97'* 95% Treas Variable HI# _ 
111 102% EmK V!'«pc 1981 tt — 

99% 91% Trea.8ivpt-8Nt» 

8b% 82^ Treasure 3pcV!tt 


99% *it 5 05 931 

IQlC ... U3b 9.40 171 

95% 314 b89 60i 

95% 4« 7.85 31 

lOOij +* 10.49 1031 32 
96 3.65 6 63 334 


IW 

9 ffifth Lot Stock 

9.40 171*1131* ASA 

689 60% I 60% AVD- S'.r.im H7_ 
7.85 31 22 Aims SI 


•031 32 21% A mem-3 n Express 

96' 3.65 6 63 33% 11 Awr Medic. Int 

97 1 1 , 9.27 10.97 15% 969p Asareulne 

97 -1 -i. 9 74 10.96 29% 18% Biker InluUora SI 

933+ 373 7.02 19% 11% Barnes UrpStfL. 

941. 5.5fl 861 32% 22 Bendi.\G>m iC 

10358-% 12 55 U16 23% 13 Beth. Seel 58 

100 A id -% H44 1122 .11% 625p BnmtfS Fee. clffj. 

89fyd -% 389 7 89 13% 8S7p Brunswick rorpalL 

96% -£ 10.12 1130 65 41% Burroughs Corp. 55 

93 8.B7 1111 48 30% CHS £30 


9.27 10.971 15% 969p Asorwlnr 

974 10.96] 29% 18% Biker Ininl. Com $1 
373 7.02 19% 11% Barnes lirp-S^- 

5.58 E 61 32% 22 Bendi\Cora$C 


8 bS 82% TMsuiiUpcma wn -'e 

1157. 106% Treasun 14pc'823 — 106Ci 

96% 94% Trea> VaraMe 8S»_ 94-% 

96% 89*s Treasur 8>4pc "E 90U -% 

100% 91' s DcB.9i.pc 1982 91ft -.1 

°4% 91% Euh.»4pe I9BEA 91 ',1 - 

89% Ewh&'.pcMB 90% -% 

85% 79% EwhJtpcW 79% -% 

114% 100% TreS'-un - 1>: I98W . 101% - % 

Five to Fifteen Years 

100'jl 69% ITiwuri 9%IK‘ '83 - -- | 90’*wl | - % 


95',tri - » 9.96 1135 42% CP.C.5% 

86,% -% 349 8.17 48 % 323 * Caieipiflari 

95*4 10 21 1033 27% 17’* Chase JThlaJCA. 

1031* - ». 1236 1156 22 13% ChewbroaehSl— 

92%d .... 9 18 UDa 11 765p Clww!ertt% 

84>d -% 3 57 823 21% 13% CiifcwpM 


84>d -% 3 57 823 2H. 

106 5% 13 09 11.60 14 

94-C ...'.*. 10 32 11.46 25 


156 22 13% Ch«ebroaj;hSl_ 

108 11 765p ChnslerSflij 

823 21% 13% i'iticorpS4 

.1.60 14 713p Cttvbu.SlJlS 

1.46 25 14% ttoln.Prf.BSI. 


90% -% 914 1136 IS*. 12% Cnlpile-P.SI 

91tt — il 10 06 11.70 31% 29% Coll lads. SI 

91 ',1 -A 10 06 1173 26 15% Con). mmois SI0- 

90% -% 9,70 11.59 25% 17 ConU'ilC. 

79% -% 3 7b B34 28 20% Cro*nZetLB 

101% -% 11.85 1163 47% 20% « -uUer-HaancerS5. 


32% 22 EaionCrpSON)- 

2fcK -yf\ A Esmart 

100% 6^ rTrea-.-un seme ■«]„.. 90’**fl -% 10 18 1170 2^4 EumIU.'T 

45 43 Rich lOpcBSiI-racd • 44 ..-10.66 1156 12% 670p Firestone Tire U__ 

59% 80% FundmeSi ; j»: (C-*4tt. 82ri -% 6.76 9 79 13% nif First Oucafio 

96% 86% TreanirySiipcWaSS 87% -% 9.69 10.84 32% 20% Fluor Cora. S% 

87% 77% FWine8%pc-S.58£. 79% -% 834 10.37 41% 26% Ford Hot<JrE__ 

89% 79% Treasury 7%pc 8588ti 80%al -% 958 1103 25*4 lb% IJATN 

68% 60% T ramppr". 3pc 7838_ 62% -% 479 8.67 44^ a 29% ijen. EleclSLi* 

75% 64% Trra airj-.ipc 8M8 ... 66% -% 7.64 1D^4 2 4% 15% OiUeWeJi 

115% 101% Treasure I3pr IflfUtJ- 103>4*d -% 1252 1236 48* 28 HouevwllSL50_ 

B«*% 77% Trei«ujBi487»e;_- 79%-% 10.44 11^ 14% 750p HorwoE-F. 

306Jj 92% Trea..ur.il’4pcI«I- 95i 2 -% 1131 lf«7 224^ 171 IBM. CoraS 

75% 63% Ftmdm,V 4 nc8791». to -% 8.92 IlOO 52% 34 InttftoU SS2 

312% 98% TreJSU.-yi.-fPi-'KJt ~ -% IfW 1237 21% 735p Int ScstemsiCotSl 

96% 85ij Trei.ur. l0pc 1992..... B8 5 : -% 1180 1133 97bp 705p 1 ILinUrraaticmaifl 

113 98% Etch. Itt'jpc 102% -% 1236 12.63 28 18 Kaiser ALjii 

Over Fifteen Years « « 

Vif 5 ! 9 S \ S -\ 9 *3) fl w 1 n® 17% 33 NoR^aswilttSl 

72% 60% iFUafiPCbpc 63% -% I 9.79 | 11« 137. ni. iJuUu-fll CL13 ^ 

120%| lO^’ITreajur- I'Abpc I933rtl 108% -% 112.94 I 12.79 t <! 8 ir.~L-.ik.rri«c 




120% 1041* Treasur. 13%pc 19904* 
128% 112 % Treasury Hljpc Wtr - 

114% 94% Exch li’.fc 19W 

89=i 76% Treasury- — 

106 % 45 Trcj-ury l&rTS * 

51 \ 43% ';»3peV0ffi 

95 82% &»h I0%pcl»5 t 

114’* 9S% Trea^un-fl'apc'SWt.. 

90% 76% Treasur. flncO! MJJ-. 

131% 1141* Trea.oin- !S*dc 

llT-i 101% Exchequer 13%pf96». 

50 42% Medeoipinw-VliW-Wi- 

115% 100=3 Treasury I 2 *«pc _ 

98% 86 Exchequer W^r IfflT 

88 % 74% Treasury £%pc IsffTtf .. 

72% 60 Tre*BUn- 6 ? 4 pc'P 5 - 98 {t. 

135% 118% Tran, t Si- pc -*3 

97% 93% Each. Epc 1998 

90% 77% Treasure 9>;pc IS09t* - i 

46»* 83^4 Treastui ll0+x' 1999— 

42% 34% FundincliarcRMA — 3 

80=t 67% Treasun- 6 pcTC«S- 

58% 47% Treasury S 31 C H8 12tt. 

76% 62% Treacun TWltl-lOT. t 

45 42% £ich.l2peUl7i[Vpdi* . 

Undated 

?7% 30% CuBso%4pc 3 

37% 29% War L/an3%prit 

39% 33 Cans 3%pc ol .Ml 

28% 23% Trr;asury3p*’66AH — 

24% 19% Consols 5*oc 

24 19% Tre.iCTnyif.pr 


108% -% 12.94 12.79 g 


13>g kXreu-HUlLS .. 
14% IQuaker Oats CSSS . 


is HriSSesSar: 

1 9« 4 "1* 1? 22 ££ 30% lfc% Rep, N-Y.Corp.S5. 

_7V% -% 1130 12.06 :l ReiDordJj... 

95I41S - % 12.54 1263 22% 14% Rkhdm.MrrII.SlC 


13*410 - *4 

44% -% 
84%wl -% 
102 % -% 
79?s -% 
1181* -% 


A n? iSn 22% 14% RkhdstL.Mrrn.Sl>, 

in S i3S 576p 255p SauitB. F.lSI 

TV . f 18lJ Shell Oil $1 

11% SiveriSlOi 

SIS US s* a 


7y-i -u ii/u ±£.w ju’ 22 % 
11V -% 13.19 12.97 33 ? {eg 
1051^ -% 12 .B1 12.75 27^ lw! 
43i-% 6 99 976 £{* 

103xd -% 12.82 12.77 iZL gi, 


SpernRandSOaO. 

TRWlnc.SUi 

Tenneco 

Po.tnLa.SU.SlX 


"i tfki 975p 505p resoraPtl'SSaUSj 

SJs -[* J??’ H-5 22 165 TeMt«S6^5 1 

2Z> " 4 K-72 90 22% Time Inc. 

,S!» “ 4 Ii35 H2S 13% 865p Transa BRrica$L_ 

3g!p " 4 ifS 30% 21% CldTech.SCS5- 

Jpv £8 HS 241* 17 % cs Steel si 

T^ 1 “* 12-29 17 nu Wool worths SJ : „ 

-*“3 "I* 46 28% Xerox Carp SI _. 

"!• it S 975p 385p Xirnicsloc lOc 

4g IS 1L76 UM 14 
63%2 -% 1210 1219 S.E. List Premium S2»45i 
44% -% 12.62 1262 Conversion f« 


Imp Chen £' — 372 

DuSMhil 

IirtPaial 

DportelJUl: SJ[L- 
NorsLRKrEn_ 

Plysi lOp. 

Reototnl Ittp — 
Reienex — .^. 
*oCA‘.Ind.£l. 
StetrartPIartuii.. 
ThKa-fcrta hip . 
WordleiRer.-lup 
Wolstenhnime .. 

Verts 111 ? ms — 


Ri?hl'd Disl20p. 


MAS, TH] 

69 AnsJuTX' ‘-.V — 
98 As. Tele "V- _ 
32 Grampian ‘A'lflp 
55 Greer Groan l(>p 
18t 2 HVnJWi"c20p. 

105 RTV.VV 

106 LWTA 

66 Reda.TVIW.U- 

52 Scra.TV-.A- I0p 

45 mdiTX'-.viop. 

52 Ulster TV 'A' _ 
ffestsrardn Wp_ 

RAFERY 


4MI+1 
101 +1 
25 t+1 
1+2 
-1 


31%*d f% 12.51 
30% +% 1163 
34-% +% 1036 
24% .... 1259 

20% 1215 i 

20% 12^ 


Conversion In 

CAM 

16* 10,C BkMontrealC — 

16*9 10,4 Bk-NmaScoL 

42% 30*4 Bell Canada SS_ 

22 % 12 BowVallejIU 

12% 325 p RrascaniJ._ 

•21,4 39 CanJn^j-Bt 52 — 


INTERNATIONAL BANK Jft S? c S;S££ i fflr 

S3 | 82% [5pc Slock “■£ | 83% | | 5.94 | 9.75 21^ 16% < HilHXlCan.II 


CORPORATION LOANS 


9g% 9?.% BimhamS'.pcTWI- 

941. B8% Bn,tol76pc7Ml 

107 100*4 G1.V l^';pcV2_. — — 

112 100% D.. U!i :r *o 1SK3 

97% 901* tiU4«B9%|KlMS— 

94 90 j 4 l[Hl*5i4iic7M0 

99‘: 97% LrtcrpaoliUpcTbTB- 

ID?.* 90% Uo&pe SMH 

29% 25% Lw birred. 

99 % 91 Lun Cnrp 9>ipi- SWb .. 

97% °4% LCCdp.-76.ft 

«2t* 84l ; [v- ii.pv 77-81 

871* 761* rvi.il -fK* 82*1 

69 65% DuS;>pcTA87 

73 66 rVip-4p; '369' 

2b i; 22^; Cm .Ipe ’J' Uu 

93% 91 Middv j%pc IS«J 

491* 94% NOTi-anlc^pcTEBO. 
lOb-% 100% Warwick I^.KaU— 


630p 315p HavfcerSid.Cafl.il 

26% 16f HollmserSS 

16a 11% Hudson's Bay IL — 
32% 24% HudBOiiaO*- 


■am 1 Dun 11 cr 3 --‘* -'♦'S ttua null U. 

Z?!z S VI. K AS. » H% lyfcioihu- 
iHi AS 7,5 P M5 P lid°NaLGa»SL — 

-- — 100%al 1234 12.15 tmn u-»»rP«^ii 


94 +«, 1054 1153 a? a ^H^SEeCE: 

Ifi ,r«, 20 J* 13i* Isea^ramCo-CSl — 

22. J5-S 14^|955pjTor.[)om.BtJI_. 

Mil -%' 6« ll%1880pfTlaiuCan.Pipe_. 

Bi*<0 -u 6 % 10 25 S.E. Lis* Premium 52% 


Ml* -% 6.49 

781*1(0 - 1 * 6.96 

68 8.14 

67«d +14 10.12 

23% 13.30 

911* 5.74 

95i* 4.71 


13.30 - 

5.74 10 87 


BANKS AND I 


4.711 11741 


10b-% 1 100% (Warwick 19/# H»U._| 10H* ( 112 31 1 11.67 ifigt ^OT 

COMMONWEALTH & AFRICAN LOANS 

100', 95% Auvt N ; pc7>73 100% 556 10.41 

95% °2% Doflip.-TTW 93% 5.91 10.63 

83% K% [Ai3«RI« 84%+% 6.66 1134 

•W* °»% N Z.4pc 76-78 98% +'j 4.09 9.42 

9pi* 42% Du. tar TWO 94ij +% 650 XL27 

87% 81% Do7WW« 82%+% 9.12 10.90 

951* 91 Sth :\fnca!«sa:TML 95 10.20 12.03 

70 50 Sth Rhmi 2=*pc 65-TV 51 — — 

96 SO [hi.6p.-TMl 81 — — 


100% +,'. 

93*4 

84% +% 
98% +'j 
94% +% 
82% +% 

95 

51 

81 


556 10.41 
: 5.91 10.63 
6.66 1134 
4.09 9.42 

650 1X27 
9.12 10.90 
10.20 12.03 


LOANS 

Public Board and Ind. 


64% Fin* \m, . WB „ 

90% 80% Alcan liw.i* HWM 

' 13% 28% K* ftir :ipr - R 

139 107 CsMCSpi- IflK. 
95% 88 1 hi wiTliuut Warrants 


273 

822 1 1130 82 
13.14 33.60 *ao 
10.84 1254 *£19 


89 10.27 13.00 


Financial 


107 % :oi rn iSpr isei 

H» 102 l>*. 14r* 7*1 

3»% 102% in m . .. .. 

85 79% l'.TVft.'p- Ch*h 7fcME. 

81% 73 4 ttn «%pcDh 3i« 

nn S9% is. Hp^ilnsLn W.. 
Wti 4 »0% LV. ll^l'n^Ln 88 _ 


102 nl +% 1274 12.04 rj^ 
104J* .. .. 13.83 1310 83 


105% +% 1339 1276 
82 6.87 1X20 


339 Ai/b 3 % 

6.87 1X20 ? 

825 U 80 *- 


92% d +% 11.35 1X90 
92% *d +% 1192 1230 
94<4«d *% 1247 1270 
63% id +% 1X42 12.90 

63% 11.86 13.12 120 

75% 12.42 1310 2M 

68d 13.05 13.60 2 j 7 


7*% n -tar \ HI W 75% 12.42 : 

I M |lviJr ; p|ji YIS: | 68 d| 1 13.05 | i 

FOREIGN BONDS & RAILS 


irs 

RieSt lanr 


|+ wlDic. <-A Red. 
- Urns Yield 


38 3? 

98 43 

415 350 


17 tnin'asasljnir-J 

33 IwSp-Trel 

48 1 bilean MiVtil 

50 'krrrunA n£.A'.*pi’. 

46 ■ ■rc*?'.:7p: V*j 

4p Du tp.-JSa.h. Aft- 
40 r»>*ih:Mi\e*IAs*.. 

42 llun.* 

b5 I. eland ffljp- RLSR 


23 „^.. 

38 

98 «d 

405 id 

54 . — 

51 

43 id 

55 1 

65id | 


06 
37 
41 
79 
ao 
68 49 

£310 £220 
130 64 


118 104 
178 125 


66 
76 
Z7 
186 
38 
19 
18 

30 
157 
126 
326 
40 
70 
12 
146 

61 111 
q c 312 

52 50 31 

a S s 

91 63 

23 1© 

66 54 

178 
152 
66 
21 
57 
lib 
169 
166 
60 
105 
19 


Fort ill Itu 1 1 Op 


55 
186 
32 
120 
113 
34 
39 
160 
9S 
92 
12 
105 
190 
20 
89 
66 
138 
25% 
159 

37 
17 
16 

27% 
1 43 
126 
316 

38 
69 
11 

118 

284 

280 

£¥ 

2 to_ 91 m 

tip ZL 
61 
166 
140 
54 
14 
57 


KSS3fe*OOp 


Miller 1 Stan HOp 


FINANCIAL TIMES 

BRACKEN HOUSE. 18. CANNON STREET. LONDON EC4P 4BT 
Telex: Editorial 888341/2, 883897. Advertisements: 885033. Telegrams: Flnantimo, London FS4. 

Telephone: 01*248 8000. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


Royra broop. 


Southern 1 . on. 5p 


ig&Gulow 


ECTRICA 


76 
*20 

26 
261 

34 

77 
43 
158 
137 

35 
2712 
334 
73% 
179 

* 131 
0 86 

1*8^ 

2-5 ™ 

6.2 10 

ft® 40 

*5 S3 
92 qz 

12.4 afi, 

15.91 900 
52 


84 . _. 

236 248 


225 167 
144 115 
13 9% 

25 21 

228 166 


69% 53 
30 24 

65*2 55 
29 23 


191- 
£40% _ 
117% 70 
41 27 

^76 128 
116 1M 
137 20 


Mnniin Pr. Wp 


Midland lnds. 5p. 


99 

I'd 

17 

Ctt 

15 

Cn 

128 I 

0) 


50 
122 

97 
56 

51 

70 

5p 24 

im._ 79 
Isbwd.l 130 
114 
127 


EDITORIAL OFFICES 

.\m.*Icrdanu P.O. Bos 129S. Amslerd.iirvC. 
Telex ISITl Tel* ir-fl) :'«55 

Biranin^ham-. Tvorze House. Ccorce Road. 

Ti!c\ Tel: H214.-*I fiSSII 
Itniin Frcs-.iuuv II HR Hou.xjllce 2-10. 
Telex fW09:*l^ Tel- ^liroa 

RrusM'l., :S (tile ( lilr jl** 

Trlw laatl T. I r*l”-LHU7 
C.iirn- l»n hii*. -JUJU. 

Tel KtHTi 1 1 1 

rhiMm. H Kil. will 1 . 1 m Sqii.irc. 

Tele. li-l TMT.:rjl 
l-Miiiliur-.il ;<T liTOii'ii Mr.yi. 

t«*li*x T14tMT.il lUI Jl'Jti 
Fr.itiVJnrl Ini sueli.- eni.ifl**r JX 
lelei 41l»« Tel: fwTJH 
Jii>i.ililie*Mlr.- i’ll. Ku\ L'lVB 
Ti-lex f-ii'i'iT Tel: ka.~>4j 
I j-i"*n- li-j.iii >i i .vicqnn M-IP. S. 

Telev JISVH TW- :«B 503 
Mdilrul F..|imiiL‘L'i!u 31. Madrid X 
T.-l 44! uTT2 


A D VERTISEMENT OFFICES 

Kiruiinctmm Course Houxe. nenrse KtutL 
Telex .TWr-n Tel. Ifi-Ua liCKll 
EMmhurirh TT inxir^e Street 
Telex T-^WJ Tel- i«!-220 4 1 as 
Vr.i r.Uurt lm .onla^er !.T 
T**lex nets:; t.*i ss+arr 
Lrisls; IVrmjnciit llou.se. The lleodnir. 
Tel. 'K12 4MWI 


SOBSCRimON’S 


Manchcxler Queen's House. Queen Street 
Tele* SW8U Tel 061-834 8331 
Muticow: Sfl doi o-Sa mo lev hnaj-a 12-24, Apt li 
Telex 7300 Tel: 294 J74» 

Nc* York. TTi Rockefeller Pla^a. N.Y. 10018, 

Telex OG390 Tel: i212* 541 «5 
Pans: 36 Hue du Senlier 7500!. 

Telex *rS»M4 Tel- 2385743 
Rio rlc J.incim: .Memda Pres. Yarcaj 418-10. 

Tel: i‘a +«48 

Feme: V >a della 74 e reed e 53. 

Telex 6irjX! Tel: t»78 3314 

Snn-Wliolnj 1 o Sie.n>ka Da^bladet. RaaJajubsitiaen 7. 

Telex 17003 Tel: SO 69 88 
Tehran* I’ll Box 11-1879 
Telex 212834 Tel: 6R2S9S 
Tillin' Wh Floor. Nihon Kcitai Sliimhun 
Knildin'4. 1-9-5 'Ttemacbi. Chijoda-ku. 

Telex J 27IM Tel: 241 292U 
B'.isftijrSton: 2nd yhvr. 1325 E. Street, 

N w . Washmrton L»C. 2iXXu 
Telex +WC 2 S Tel: OCi 347 8678 


Manchester: Queen's House. Queen Street 
Telex 66W13 TeL 061-834 9381 
N.'w York' 73 Roetefeller Plaza. N.Y. 10019 
Telex 423025 Tel: >212i 489 8300 
P-irj..-; 36 Rue du Scntler. 73002. 

Tdfci 220044 Tel: 238.86.01 
ToVxo: Naxahara Building. 1*6-10 Urtiikando. 
Chivoda-ku. Teles J 27104 Tel- 295 '4050 


22 
560 
13 
34 
45 

C1Imi7!S*7%%LjiI £90% 
£91 
£90% 


13i 
28 
30 
20 
135 
£93 
473 
24 
120 
16%ri 
16fi 
294 
77 
125 
268 
38 

123 
104 

, 72 

c — 1 190yd 


«01S_ 174 
;.aip. 43 
'4cc_ £65 
site ZZ2 
5%% £54% 

no_ 955 

3ffp- 89 

84 
94 


IRADIO 


93 

[137% 

70 

!» 

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! 82 60 

105 25 20% 

16.7 -45 26 

* 29 20% 

195 68 52 

t2 199 160 

138 32 

108 82 
117 109 
228 110 
128 98 

3^177% 55 
56 1 53 38 


65 

in 
10 

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82 

f 
88 
84 
16 

103 
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51 
64 

254 

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106 
222 
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210 
75 
1S2 
27 
62 
25 
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27 
75 

64 

70 
133 

82 

52 
56 
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59 
36 
64% 
17% 

S' 

US 
79 
170 
86 
17 

42 
41 +1 
87 +6 
68 +1 
29 

127 

65 

43 

98 
56 

104 

& 12 

99 

160 

105 

71 
81 

9 

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53 
158 

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91 
74 


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ftlW ! - I Net' CYr l^jjj 

67 28 

151' <164 14 

65 +1 -44Q5 16 

24 H2J 29 

48 +2 d2.o9 41 
63 - u.»05 - 

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222 +15 441 6.0 

90 . . 2S9 6 

£37% t's IQ52J3 23 
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141 +1 fl.W 22 
385 +1 3.6? 50 

108 11’- 55 24 

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148 +3 d4I5 34 

84 fd7.J6 X2 

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78 hrffi.n 7J 


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66 


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W15.0 4 5* . 

+1 dO.66 0.4 ZJIi 


T3 29 b!8 9.1 ■ 
572 27 b.«l(l 

030 52 50 


uirra H 11 U.-p 


05 +5 db 02 3.3 

66 3.33 2.7 

31% *2 L35 la 


145' -3 152 
174 — f!3.3 
85 -1 458 
46 f% 1.63 
61 +% t3.1 
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-1 45 81 15 10.4 
f% 1.63 3.1 5*4 

+ 1 * t3.t 21 7.7 
+2 h2.69 3 2 51 
...- 243 29 6.2 


HOTELS AND CATERERS 


35 
73 s * 
148 
17 I 10 
117% I 87 
96. 75 


162 
15 
180 
25 
18 
25% 

21 % 

138 
58 

20 iStakulHeo* IDp 


14% vl +% 0 67 5S 2 

C2J +1 iQH45 29 b 

54 +1 X25 * 3 

122 +5 b317 4 7 3 

160 44-65 1J 4 

35% +% NO. 33 td.9 3, 


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1-4.25 35 6.1 : 

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+4 7.0 3 8 57 1 

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tab 33 26 1 
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h0.84 68 24 * 

d0.33 23 13 4 

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+1 hL02 4.7 20 1* 


30% +% h052 

& S 

33 .— X28 
340 T*v41 


52 35 ? 

.25110 t 
21 24 57 
8 4 6.0 


INDUSTRIALS (Miscel.) 


Boinj inm.) £1 


Barr 6 WAT. ‘A 


54 

46 
141 
79 
45 

% 

125 

58 IBodu-otelnt 


Briiipon-02IJp 


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H.IndTilOp 


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105 
62 

61 

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lOp. 100 
.afc 77 


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3 90 

7-9 170 , .. 
120 19 no% 
9.0 140 1M 
5X 360 230 
55 87 I 68 


Cx, !>,<•* ul.taiiu.Ulc Cr-in. ne«s-i«nt* an.l hralcrtalls worldwide nr n n regular subscnnucu Iron. 

SuUcriiurufl Department. t .Mnciul Time*. London P 


180 
104 
68 
225 
148 
£11 
48 

140 nu 


125 111 
8% 5% 


Idrat'jToup 


234 +6 
43 1 


7.1 1 34 28 

5.7 151. 127 
451109 87 

IS 26 
45 25 
51 37 

46% 39 
60 48 

146 S3 
167 128 
104 81 

860 485 


BMtaYMSttp 


England (J.Ej5c 27 1-1 |X42 


570 410 
203 149 
83 53 

190 160 
104 80 

66 46 

73 58 

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24% 17 
86 66 


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INSURANCE 


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Arflnpna Motor. 124 .. 

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■ Brad Group 5p . 39t;d . .. 
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ColmOreln»s — 34 
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(MamcbeOa-l 
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Home Counties- 

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Pvranud lOp — 
RoutletoiKP. 
Sharpe ?»>■» — 
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UliKewspaptm 

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PAPER, PRINTING 
ADVERTISING 

Assoc. Paper. _ 

Do.BijpcContf.. 

Aalttmhorg-~ 

iBemrosc 

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Usher Walker I0p_! 
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PROPERTY 


101 ; 

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Lin LJDd20p_ 
Lend Lease SV _ 
Lon Piv. Shp 10? 
jlfin. Shu® fTap . 
ILrrdon Hdf» alp 

MEPC 

Warier Etme?.. 
[MrbcrnH lOp . 
McKay ?crs a)p 
Lpidhaimi Wb IJpj 

IMi mat vicv5p 

n.A&J.i 



Prop Part'rhip.. 
Prop & Be»- V- 
Prop. Sec taraup. 
Ba-lanfhoo 5n. 
Repiian... 
Regional PfOp— . 

Da -A’ — 

Rmli & Tompfais] 
Semwl Praps .... 
ScoL Metro? 3>p 
Second r iD !0p. 
SlouphEsis. 

Do USCUir.'n 
a«|[Conrem_ 

SunieyiBjInv 

Smire ftopen ies 
Town Centre .— 
TowniCrtplDp- 
TrrfimdPurtr.l 

fi Property 

Ctd. Real Prop-. 

W arner E state 

Waraiori lnr a)p_ 
WebbJosrSp. „ 
W’nd rater P.JDp. 
W1 nrton Erts 


Trice 

310 

9 

37 
21 2 
£166 
£341 
044 
42 
257 
93 
62 
126 
123 
27 
41 nf 
220 
39 
55 
120 
46 
79 

287xrf 

111 

285 

142 

74 

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114 

32 

109x4 

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234 
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<£‘2 

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12 

109 

20 

250 

330 

275 

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bl 6 
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176 
516 
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127 


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D.5 — 97 

U 73185 76 

1.2 2.7 472: f£ 

15 38 255 255 
5.7 [3.6 _ 84 
57 f4 5 — • 81 
57 f7.1 - • 89 
03 36 1367300 
2.0 3.0 16.7 112 
2 6 1.3 43 5 lS 
08 7 3-M9.1K 
25 27 221 llfi 
1.9 21 384*125 

34 G' 


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0.4 


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TNT- TRUSTS— Continued 

Iht* I Wen I*- | M |Or 


FINANCE, LAND— Continued 


24 40.8] 
27 346j 
20 


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b.bjWUj 87 

83 
81 

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3.8 illl'ji99 
79 

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23 5& 

52 ZDJ 
25 * 
3.1415 
3J 315 
3 9 3L8 
45 23.6 

52 195 


SHIPBUILDERS, REPAIRERS 


75 

157 

181 

295 


305 

;200 

,158 

348 

157 

£ 

26t 2 

, 

138 

a 

aS 


22 

65 

67 

104 

47 

98 

73 

42 

501; 

50 

56 

40 

70 

64 


64 

125 

135 

260 


1252 

112 

hi2 

33 

[1W 

,8* 

1105 

84 

67 

32^ 

71 2 


HrMbwnLato. 
S'ian Hunter £1. 
jyusper. — — _ 
f\arrnw50p 


67 

+1 

__ r 

146 

+2 

686 

176 

+3 

4.65 

265 


+4.61 


SHIPPING 


IBrit fcConi SOp. 
IComns Bnc-SOp. 

Fisher [J 1 

Fun«?sWithjil 

BuntinsQhro.Hj 

JarrtHU.L.20p. 
Lsn.QSeas.Fnre. 
L.-|eShipjilna. _ 
Man. Linersaip . 
iMersev Dk.L'mts 
Millord Docks £1. 
DreanTrasifon 
P.40.Defd.S- 
ReardcnSm.50? 
Da-A'aOpJZ. 
Runrimantw.)— 


280 

116 

158 

228 

117 

33 

271; 

110 

220 

79 

107^2 

85 

70 


+h 



2:m6.$ 


SHOES AND LEATHER 


16>2 
54 
56 
93 
30 
64 
47 
36 

8 

3 - 

5 I 

41 „ 

18*« fTUr&BTU'&EiOp. 


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Booth Hntnli 

FoatnarInre._ 

GamarScotbUir 

HeadlJD.5jBsi?- 

Hiltons Xn* 

K Shoes. 

UiabenHih 3}p-- 
NeaboWfcBar.n 

OlivenGi'A’ - 

rittanJUip. 

Stead & Sim A* _ 

1 Stron5fcFiiner- 

[Stilo Shoe? 


66>z 

24 


IV; 


1.0 

vr 

7 ff 

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4?9 

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173 

57 

+1 

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10.4 

95 


450 

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90 

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if 

83 

66 

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41 


3 17 

11- 

1! 7 

50 


? Rfl 

SJ. 

85 

46 


187 

J E 


52 


777 


81 

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+1 

71) 

17 

85 

55 


+4.24 

24 

117 

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L72 

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45 

30lj 

„ 

hi. 16 

itl 


82 

+3 

%H96 

81 

71 

27 


tlJl 

2.6 

7-5 


llfi 

590 

130 

145 

125 

450 

102 

160 

824 

600 

71 


, 30 
1420 
53 
28 
62 
95 
94 
» 

1130 
. 58 

"S 


(Wirt While.—,. 
(WeanalClp— 


SOUTH AFRICANS 

♦CJ29C 


.Abercom R030- 

Anfilo .An. In R1 

.Ang.7fsfnd.50r 
EtivorkslOc 

Gold rids P.3^: 

Grlmas'A 50r _ 

HvlensCpn.RL 

OK Bazaars 50c_ 

LVunroseJOtts., 
Fer Treeftia kM 

SA Brews. 20c_. 

Ti$erOalsRl_ 
Uaiaac 


98 

590 

123 

80 

72 
132 

95 

418 

73 
160 

821; 

5 S 


'+5 

+2 

4-2 

+1 

♦8 

1+5 

+liji 

.+101 



TEXTILES 


75 

73 

30 

$ 

481; 

55 

17 

57 
43*2 

33 
84 

39 
131 

T 

135 

1134 

74 
35 
371; 

!U3 

99 

13 

55 
64 

56 

34 
32 

40 

53 
64 

a 

TIL* 

48 

64 

49 
45 

98 

42 

65 
1128 

50 
82 
29* 

93 

51 
91 

43 
25 
63 
47 
40 
39 
34 

99 
73 

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47 

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34 

58 

31 
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20 

28 

28 

4\ 

10 

351, 

41 
12 
391* 

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67 

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4 

99 

98 

55 

25 

25 
85 
79 
101 * 
45* 
53 

39 

27 

26 

28 

42 
38 
15 

7 

11 

5 

73 

29 

46 

102 

24 
58 
12 

1 

69 

36 

19 
48 

25 
18 

20 
20 
84 
50 
2Q 

S 

40 

26 
23 


ADied Textile — 
Alkies Bros.. 
Beales U) 21? _ 
BeckmmiA.IOp. 
Blackwood Moft 

BcndSt.Fab.10p 

Bright (John) — 
BrigrayGro5p— 
BriLEnkaJoru- 
Brit Mohair 

BnhuerLma3Ip_i 

KTaiirl i Dundee;- 


iCcau Patous — 
ICorah- 


46 

441* 

48 

41 

34 

31 


[Courts olds. 

Do. <*• Deb 82.7 

(CnmiheriJ ? 

ilovreca loll 

Do\V.._. 
DixoniDaivD — 

Early tC.i tiUOpj 

FoseriJohni — 
Hantas'J.ilOp _ 
Hiding Fat aOp. 

HieldBrosSp 

Hirhams- 

Hollas Crpap — 
Hoof ray — . 

III prortbM.20pL 

Do. cV SOp 

In?ran(B-jlOp_ 

Jerom6fHldgs.)_ 

leedstoen 

Leigh Milk. 

towap 
Lister 


MeslS..3)? — 
tofatTHuji — 

Mackiiinoii Scott 

tortiu(A120p_ 

MilerfF.)10p_ 

wSSmTs-— 

(Nova Jene* SOp. 

IParidand'A' 

(kcUesmtCo. 

1 Do.’A'NVIOp— 
fULT-lto— __ 
RadlejFraions 
ReediWm.) 

Reliance Kniia)?- 

RichanfslDji ' 

SJXT.SOp 

Scott Robertson. 

SekmlnL 
Sb«- Carpel^ 
Shift* Spinners. 
SidlawIadsiOp. 

Sirdar-- 

Small fcTidma*. 

SaVtseosaLuaU 

DaPriv.U3»- 

SpencertGeal— 

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Sroud Riley Dfd-J 
TcnwOonsuIatt. 

TccTrdJroy.lOp. 

TceoifiBSOia 

nwii 

rwavno — . 

Tranoni Carpets 

WcorillelOp_ 

Vila-TexSOn 

VortvFmeU'.aip. 
Yosgbal !. 


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3.67 

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62 
2.6 
2.42 


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1.65 
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3.75 
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Sf 

1.82 

2.05 


3.7 93 43 
X 9 8.6 45 

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1A1 1, 

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29 

43 33 
43 35 
tb 5J1L1 
2.110.7 6.7 
, 2.8 1L1 4.9 
20.0 0.9 B4 

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3.0 93 54 
L6 10.2 (78. 

0.9 10.8 tMJi 
3.1 7M 62 
33 72 6.0 
151L7 8.6 
3.6 8.6 4.9 
5.8 3l4 72 
93 5.9 

03 I 
151L0 9.4 
0.9 10.9 155 
5.4 6.S 4.8 
48 5,9 4:0 
35 5.8 7.4 
22 8.1 a 2 
4.8 4J2 6.4 

6.6 6i I'lilWa] 

22 LO 10.4 ( 71 
2.1 9.4 7.6 ilS 
3J 7.7 55 92 
33 12.0 43 ,751* 

{ 8.0 * 181 
9 110 3i 146 
3.01D3.6.1 ,39 
9 2 43 IS 107 

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h H& p, 

IS 9.9 105 ! 82 
43 6.0 43 pW 1 ! 
L61I0.4 B.9I W 

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18 93 83 89 
4.0 6.9 55 1931* 
b 7J *- 1460 

r.o 44 10 

131031^2 
23 8.6 6.0 
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ia 95 85 

6J 44 53 
2311.7 6.0 
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8^ _ 


TOBACCOS 


1337 . 6(346 
5.0(24.9(296 
3.4j383|380 
Bl 

I? 


(BAT Inds 



312 

260 

340 

77 




tl3.01| 

m 

8 ? 


f 33 6.4 5.4 

46 

53 3.9 73 
20113 5.6 
4.4 5.fci 2.9 
2.9 72 


TRUSTS, FINANCE, LAND 

1b vestment Trusts 



- 52 
2.9 fS3>‘l41 

24.8,111 

- 102 
.228 
n!l24 

- -187 

221 2.0(34.0* till 

- 46 

1 * ) 46 

20.6.1M 
18.6j 50 

<3Lf' 41t* 



i 62 
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5531 57+, 
17.2 69 
25.7171* 
18.91173 
(62ii 61 

1931^ 

tv. 9 

awB 


49 

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53 

47 

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84 

. Ai 

104 

36 

64 

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48 

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1140 

A 


ii70 pw 


Aberdeen h 
.AberdeeaTi 
Aibalnr„- 

Aihancelnv 

, Alliance ITusU. 
'AJTdundlac.dOp, 

Da Capital Wp_ 

Ambrose im. Ilte. „ 

Du. Cap.- 

(Amen can Ting. 
lAnwieluTrt ’B’ 
As^io.AiiLbMS- 
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Da.A'aetSte— 
Antiu-Snt 1 d\.. 
.Archuuedwlnc.. 

Do.Capiip — 
A!;— 

fcadMl Inr - - 
|AtiUUBatL JOp, 
AHanftr .Assets- 
(Allas Elect 

AusLilnufOpi. 

Bankers' Im; 

Ferry Trust- 

[BlsrufecaieProp.. 

SWwpspaeTet. 


.Brazil Fund 
tesallnv.CzSl- 
{Brenarftt— 
^ecstor, 


"a 

6 

34t; (BnlABL&Gen- 


B-i teb .Assets— 
Brit Esm. Sees. 5p. 
Brit. Ini & Gen- 

ss,2awa — 


50 

339 

M9 

IK 

227 

126 

186 

53J; 

59 
4Pa 
45*4 

104*0 

43 
136 

44 
66 
411, 

146 
125 nJ 

60 
95U 
62 
99 
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69 * 

7*2 

173 

6L 

SU?4 

105 

167 



7 35 

+1 

65.05 

+1 

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+2 

3JAI 

+2 

7.10 


830 

+1 

0.42 


43 

+i 



1.35 

+1 

70 


32 

+3 



♦1.61 


515 



-2 

92i"i 

+2 

T4.M 

+1 

05 

+2 

0.40 


190 

+r 

+77 

+1 

2.55 

+1 

tM7 

... 

mm 

+2 

rf6?9 

+2 






..... 

— 


L65 

rl 

Sf 

+3 


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«3 


IA 157 
106 


7.120.7, 
5.5253 IBS 

5.7 2481900 
4.5 33.1 99** 

4.7 30.8 84 
LOfM.8 135 309 

, 03 - (158 
112.7110 92 
- - 1 88 
4 5 32.3(170 
- I 31 
4.4 315 {214. 
130179 

unias?! 


|!242 
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06(534 ; 44 
4.6(3021 25 

pf 5 

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43318! 27*j 
83 155 -ISO 
55 27.21 19 

4^3437 19 


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pledomalnTF.- 
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rDe.*B" 

fraAbnanaDd'iyn. 
H’aaieiliabit* top. 
H'an.fcFbreisn.'.. 

rtpiiaI4N«.— 

DP *B 

Cardinal DM 

harilrilmr 

(offils-IacIT 

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CbanerTmst— 
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Do.Csp.Hli — 
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fe^fclnlernU. 
tifj of Oxford. - 
navertiouse.TOp. 
cidtoa tow :op 
.. Ielnv_ 

-B” 

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CwtwBfUVioo . 

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ittureC&rn. 
vTSLlnttl 

sionfc^t 

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Dc.FarEasern 
Pa. Premier- .. 
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PtmdeefcLoa. 

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I 761* .Vn_ 

(130 Foreknfc Col- 
37 F.U.G.LTzR025i. 
35*2 Fund must Inc. . 
49 Do Cap 

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GetConroidtil. 
General Fundi... 
Eo.Com-. I0p._ 
GertfaitsMTs... 

, GernSrottisb .. 

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GUf^Sl-Udnl 

Gkodeitm lm- 

Do.-B' 

Qobelnv _. — 
Goietl Europe-. 

Granse Trust 

GtNorUi'nlnx- 
Groenfnarlnr— 

(toeshimlnr 

Group Investor?. 

[ Guanjj*ulnv Ts_ 

HwhRK 

Harms lm. lOp. 

Hill 1 Philip; 

HumeHldj.-A’. 

Da “3" 

SSI; leolund 1 Ji 

700 Do.i£i 

42A, Industrial fc Gen. 
651; Interna I Im — 
107 Inv.inSucrtts 

M j In' wm Cap .. 
aitjtmt.Ts ITp.. 
lartlneJapan. . 
7D* 2 Wine See FTCS. 
L03 Jer$m-Ext PF.lp 
28 Jersey r*en U — 
411* Jos Holdings— 

1 44 Join Im . Inr. LOp 

vA SSJS.*,: 

75 Like View lov... 

, 38 Lanc.fcLon.Inv> 
87b La+rDebemure- 
m\*LuariSU;.Ktt.;p . 
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AosUnvAAl : 
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ifc Hoiyrood— ' 
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.fcMamtroae. , 

L *'rF : 

LoaS?S?_ 
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MfcGbullK lOp : 
Do CajLlOp. — : 
tofed. DuUk iOp 

-JQp- 
JWdnimiBV-..- 
Mercantile tov„ 

Merchants Tjt 

Monks Invest — 
Moat Barton JOp 
Pc.WTm.Cl— 

MooJoyatfJi 

Moorgkta Inv. __ 
Moonade Trust- 
NpptS-VSUSl- I 
i* .VewTbrotlnc- 
DaCep.fi — 1 
DaNemWirts- 
? N.\,4Ganraore. 

I »C8 Invest 

* SHl Atlantic See 
; Nlhn. Amen c*n_ : 
2 VoitfienSecs— * 

Pilfc Assoc In v- 

initokb Inr 

Pcntlandlnv 1 

Pro* 5t*. tor, »p 
2 Provincial Cities 

F^ebuni ] 

Reabroritlnv.— 
Ri£Usfcks.Cap 
RuerfcllercZ. ] 
River Plate Def_ 1 
^ RobecotBr.)F130 f 
Do. SukSh's F15 f 
\ RrtiKoNYfiaJ. I 
I».6uh.So'»FT5.. 4 
Ro nmey Trust. - 
Rosaflniondlnc. 

Pa Cap- 

Kothafidla-Wp. 1 
sJejuardlfld..- 
Si .AndrewTrt— 3 
? SrM..Aa.bv50p 
1 Scot tCtrol lav _ 7: 
Scot. Cities 'A'— 3 

5cn.Eaai.Iiiv 1 

Scot Biropean- 
2 sromthlav — _ j 

SnK.Sfert.&'bl. 3 
SrotNahail— 3 
Scot. Northern _ 1 

1 SrocOottrio 7 

Sea Ltd. inv 

? SroLWerttro— 1 
Scut Westn.*B'_ 

Seo AIEssreTAt_ 2 
Sec. Greet Ntlm.. 

Do.-B' 

i Securities T. Sc_ I 
Je^rtBuilBr.JES. 4 

IHrsSz 1 

Soberelnr— _ 1 
SPLIT Inc. 1 Op — 1 
! SPUTCSMtSl- 
SfanhopeGen— . 1 

I. 3 SH&&Z 1 

Techwfeay 

■ Temple Bar 

. rhrttt,G*uwUi— 

' Do&p.£I 1 

TbroonoBwi — 

5 Da ^SLwn-. £2 
Tor. Invert, toe— 

7 SiStei 

TnbaBelavert-, ' 

> TrakrtesUntSOu- 
' rV>.ftpitaf£l_ 1. 
Trust Umml- . 1 
Trusses Corn— L 
Tv-neaidelm— I 

UpdomilaT 

slid. Bril See*— I 

Lid Capitals ; 

1 La Petal Cotti i 
L'ifcGorralTS 11 
I'S Trust Fuad SL_ 81 
'•‘tUngResooim- • 
1 W.fiLfcTbtBslijp, ' 
ft'etnyssInr.Q— 3l 
WinlertwttDQL_ 1 < 

, tVitan I mr_ 1 

po.-r — i 

yeoman Inr U 

Vctfo.fclants— 
lwxCTOf0Hir_ 
VouncCo'alnr£L 


t355| 

«P 

. . 8.43 
+1‘*1 tL6Q 
+2 


2.01 5.1 302. 30 
l.« 5.7 24 6 34 
1W 5.0 24 1- 11 
28 0 

229 165 
483 20 
_ 120 
22.6 80 
29 9 -3 
26 7. 

312 30 
_ 99 
L0( 54 27 2*127 

26.61 If 

240* -’ 4 
*£22>a 

. - I 18 

,..24*390 
9.6|li6j 14 

_ 224 
23 2! £73t< 
.-1971 11*2 

tU7|'U| 3.1 «53 




+1 


h2.40 

13.43 


+iy 26 


A 
+3 1 


YV 1978 

Gfv WE: Rich Lw 


Seek 

GrimshjwMp- 
HambroTrtW — 

Hjcnuun lit ap. 

,Hj* hr ? SI 
lln- In. 7,'J 
jnvftxvsU.',. — 
_KjKU 

rinril 'to. 

L-a’-'i'.-i- 
L»p car: *.rp.-_ 
McrtHint 
M t«. lillu- +p. 
iLceJit im- Ivy.. 
V.jrtir. ■R.f : n. 
.Ua- ' J!.”*- i R fry - 
N Mt'lai* !J : ;0 
Nlip-rjc Vliipl 

Parimbr !un 

Pars Place fnr_ 
IWjarSjfcSos. 
'ftewtl S 
Ht.wr-rreli'a - 
SvAlMerr •A- 
SE.£+ , i5K.AL.n-. 
inula StOn 

SthaPa: H9k 
. Sue; Fir VF209. 
900- ItoH W TsL-.p 
24 
361; 

68 


Price — 


-1 


-1 


Dhr 


TH 


Net 

Cn 

Grt 

PIE; 

AM 

43 

92 


04. D 

22 

22 

235| 

fO 94 

31 

79 

5.7: 

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« 

81 

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10 

19 0 

21 

3.1 i 

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13 

114 

10 4; 

03 

05 

6 

47 

2o 

2.7 

if &; 

+125 

42 

1“ 

130: 

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3.7 

44 

87 

0 c8 

2.4 

15 

4021 

t5.98 

1.1 

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7.1 

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36 

Tq 

69 

681 

3.5 

47 

92 

69 4%, 


4.0 


D.48 

1.0 

6.3 

232 

302 

3.7 

4.5 

198 

Q4 25 


85 


14.91 

LI 

12.4 

64 

_ 

— 


41 

ff 

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12.7 

a 

10 3 

Ti 38 

37 

39 

10 4 

U9 

IS 

2.7 

103 


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D 



96 


242 

- 

6.0 24 4:892 
5^ 2S2i 7bt* 

4.926.5i 72 

43.h C62L 
267 m:* 

“ 2 8 

32 41144 

^ 7 I i£ 

22.3(190 . 

IS.biOMA,; 

31 1/15 

iH , 
gii^ sl 

445 586 
110 69 

“■•ia 


6 81213 


OILS 


.Attack Sip 

Put Darre .NVi. 
Pnt Petroi'iacl 
to 3".Pf.£l_ 

Bunrlitl 

Poft-LnSI 96. 
wiCPHa Sea£l_ 

lentoTj LOn 

I'hirterr.all 5p- 
• ecf>p^rtt«B. 
frCfeSPiiJl 

t+CMe Patrol £1 
EaideaiourSJc- 

k r.\ 

LASMO - , 

LA«»qu , sm:« 
LASM* 1 
Maren . 
mlEvpi IOp.. 
Prcrav+ iVcs. api 

a Ranker '"’I: 

1 Re?T.O:dt Dll lc 
t FiJ’l Dctchfia. 
SrcpircRes ... 
Shell Tmu. Res. 

. Po7 : »Ff £t... 

iLi.il 

TevatvfcVtjCac. 

Tncntrol 

t kronur 

to Tpcr*:: Cl _ 
Weeks Nj! itVtri 
toPfdfeitarJ 
VTood^ia' A50c._ 


90 

158 

874 

65 

64 

£56 

800 

62 

'22:* 

£24t 2 

375 

122 

S 9 

142 

f 97'v«d! 

32tf 

23tj 

222 

16=* 

£22*s 

£431; 

590 

570 

57*2 

3*42 

156 

178 

256 

243<d 

1B5 


*6 

+30 

+1 

■rl 

+>J 

+2 ' 


*s 

+li; 


+1 


674 

22.10 

5.6?J 

0^*4 

2.63 

QKliir 

1.00 

♦01 

QMS 


2.11 


7?: 

15 7" 
4.9?J 


132 

~7X 

Q1?*C 


H 

a09J13.4| 

e!6li 


3 0 


2 4 




5.8 

MS 


c.5ll5.2 
3.S 9.4 


fl!4« 


1.4| 


4.2 

138 


4.9| 


60 

578 

10.7 

116 


3L5 

♦ 


5.a si 


5.8 


162 

85 


OVERSEAS TRADERS 


u 


43 . 9 ^; 


Si 


+1 2 

m 


m 


168 


African Lakes 
tost. Aaic 50r_ 
8 ensfcrdiS.iW> 
Brrttw.HTK* 5*7 
> Bouttead ; Ito . 
fin toil* ;30p. 
tillfeDufui — 
Gs.Nlhn.ilO-. 
H ns. ns. '.ms £J. 

ffpffnuns'S.' 

In*, heaped 

tori; Ka 

JanauaSuj 3 r_ 
I/wh*.* _ - — 
Mitchell Celts. . 
NiKenan Qec.i! 
Cirern W'isns.aip 
Put*«i ZKlLiOp. 
Do.'.A'N Vito .. 1 
Saucer 1 JX .1 IOp. 
SenaSdL'aroOp- I 
iSime Darby low 
Steel Eras .... — 
Torer Kems. 20 p 
Dn.OpiCnv. TU 

U CiC-Merc.l(>p- 
[to I0p:Ln 18p 


270 


h3J2 19.0 

70 

27 

112 

+1 

03 5c LI 

L4 

171 

146 

+4 

+M.13 46 

4 ’ 

55 

46 

+1 

6 2 LI 

•.mis 

ihJ 

48 

+ 2 ; r 

150 « 

4.7 

♦ 

357 

-8 

05.0 4> 

64 

♦ 

135 

*5 

h4.36 3.2 

4 S 

83 

F651' 


Q 12 S 4 

1.4 

* 

500 

+3 

♦21.71 Z2 

6.6 

97 

84 


4.26 2.1 

77 

76 

410 

+5 

115 0 32 

55 

IOC 

27 


Z 0.66 6 J 



43 

12 





60 


6 55 2J 

165 

(50* 

41 


3 4 1.7 

17.6 

i5 7* 

?40 

-5 

13.2 « 

fib 

6 

93 

+7 

2 R 8 2 .i 

47 

84 

1£0 

■*■5 

f7.7 7 3 

65 

11 

178 

+5 

f7.7 7 5 

65 

31 

28 


C443 L3 

$ 

5.0 

6 






114 

-1 

hi. 75 33 

71 

27 3 

215 


65 44 

46 

73 

56 

+1 

3.10 2.1 

3.4 

|5.2i 

£93 


OS'S 2S.C 

18 7 


65 

+2 

thO.75 11.0 

17 

7.9 

65 

*3 

0.4 3L2 

12.8 



6.9(29.8 


RUBBERS AND SISALS 


1378 I 
High Lnr I 


+2 


059 


+21 

miz6 


iM 


12-5 


7.1 20.6 
4.7 21.0 
0.7 1373 

4 . 7 ) 32.0 

«j£ 

4 j 344 

4.6 332 

5 8 26.2 
4.6 31.6 
6.4 22.9 
6.4 21.5 
10.0 16.3 


Sock 
Anflo-Icdorj^n.. 

EeramCon- 10 o. 

Bird'Afn.-j' 

Erode all lup — . 
Ctotljf.eld lOp 
CherK 'Resell' 

Con.' Wans II „ 
Grand Central lOp. 

rui!ine=l 

SrrrcriSfh'.Ei :*i?J 

HtehlaadsMSOc 

EualaKeponfiMSl. 

TtKiilimJLDc 

Ldn Sumatra 10p_ 

Malakoff MSI 

MuarRiierlOp-. - 
KisUUonHld^ i9p 
SiiUKiSnanlOy . 


Price 

J 

16 

62 

255 

47 

47 

10t; 

365 

119 

129 

83 

581* 

163 

79 

52 

81 

73 


+ « 


+2 

-5 

+ 2 i*| 

-U 

-I 

-2 


+3 

+i' 


|rw 

CitI&ts 

4.7( 45 
15] 5.2 

LO 4.2 
LO L7 
12 4.4 
12 9.7 

h u 

5.1 
35 
33 
43 
3.7 


L9I 43 

3 JI 13 




TEAS 

India and Bangladesh 


+1 


+1 




.4338 
♦4 75 
Wc 
134 


0.40 
h2.92 
2.7 
2.85 
3.45 
2.10 
153 
4.05 
230 
tl35 
t3.70 
Ti.06 
0J2 
8.13 
625 , 
~SJ*i 


LO 


6.2 d 
7 6196 
0.7 1522 
13 0112 


Assam Pnnars- i .. 
.Atsiir.Fnvntieril. 
Assam Inv + £1 . . 

' Lmptre Hunt; IOp. 

JflcaiEl- 

Lonct-vumefl .. 
McLeod Russel £i . 

Moron £1 .. 

SailoHl'ic.- top . 
WatTen FlanLv. — 

Williatnscail 


24S 


♦9 51 

5.9 

305 


h!625 

49 

120 


7.0 

3.7 

29 

+1 

♦1.98 

1.6 

345 


♦12.001 

35 

365 


♦1D.00 

6.8 

225 

+1 

035 

2.7 

370 



15.08 

4.9 

25 


♦F1.72 

32 

227 


14.67 

49 

17*1 

+2 

9.0 

4.7 


81 


53 

4.2 

91 

62 

108 

9.8 

7.8 


1978 

Uieh Low 


210 

24 

,50 

175 

“10 

41 

161; 


15 
132 
125 
820 
245 

71 

140 

40 

220 

3U 

6 >; 

W3 

16 
173 

50 


“?! 

122 

78 

32 

10 


10 

64 

(ISO 

ll4§ 

El 

10 

125 

10 

a 

1 8b 

lit 

30 


MINES— Continued 
CENTRAL AFRICAN 

Dir. rid 
Net [rwICfi 

Q10.0 

IttSSI 


Stock 

(Falcon Rh T-rv- - 
Rhrtl'ni'oro 
RryJU'nis.i-i.— 

T&mL.myikfcaUp— 

to nrof.Wtp 

WantaeC>4 nh-1 — 
ZamCpr.SBIXU»„ 


a*W*P5? 


40 

538 

300 

loO 

70 


3D 

400 

60 

300 

145 

10 

300 

165 

93 

II 

77 

510 

415 

73 

62 


12 

3 i 8 

84 

35 


a« 

240 

M5 

m 

iff- 

78 

10 

68 

450 

280 

40 

50 


AUSTRALIAN 

13 

120 


ArrncvSfe- rr — 
fcorainvtllerOTsea 

BM South J#r 

Central Pacific — 
Ltar.nr R:o!.olo.'4e. 
GUKaljrwheSL 

Hjmntn Arrii'-.+p.. 

Melain&- Me 

MlM.HIdCsSuc.. 

Mount Licit ^5c — 

Neumctal fOr 

North D.UilibOc 

INUl. Kalpurli 

KiakbriilceS.’.; 

Panfir' omwr 

PanronVI i* - — _ 
Pannca MfcE.v5o _ 
Wrko-Wal>'«nd f*c. 
Southern Purifir . 
VninM/niKfAr 
ttluin Creek 2Qo 


225 D65 


61 

61 

220 

330 

228 

78 

100 

100 

233 


148 


AmaL Niceria 

.\)cr Hltam JM1 

EpraJtTiD 

Ber junta] SMI 

Geevor 


(Cold i Base I2hj>„ 
HlopenjtGoTis. 

Hongkong 

IdrulOp 

7antarf?s>- _ 

KanmnluiGSULSO. 

KiUlnsball , 

Malay DredjpngSMlJ 

iPahanp 

PenckfllenlOp. 
Petdiwl 



[South CToftv lDp _ 
Smith Kintj SMO Ml 

Srfin Malayan SMI. 

Sunpci Besi SMI . 
Supremo '.'nry SMI 
os (TaDion: lap . . „ 
74 [ronckah lltbr SMI 
'* TronohiMl 


Price 

175 

16 

70 

156 

87 

35 

141; 


114 

575 

240 

48 

234 id 
28 
197 
26 
44, 
123 
131; 
165 
46 
£13 
36 
518 
215 
347 
55 


♦1 


13 

73 

, U 

163 

L4 


24 4 
53 

6.4 

63 

183 


TINS 


25 

400 

53 

300 

132 

9»; 

300 

160 

85 

10 

77 
464hd 
415 

73 

61 

225 

49 

S3al 

220 

330 

228 

78 
92 
92 

233 


+2 

+3 

+50 

+6 

+2 


-li; 

+ 5 
+1 


+10 


-3 


-2 

+5 

+10 


+8 


QSc 


QlOc 

6 5 

Q9c 

Q6*r 

.uTic 


QlSe 

40* 


+2.51' 
aJtirTf 
3 75 
iQHOc 
MSI 

isl 

i£o 

ajlSae 1 


iM 


22 } 2.6 


U 


J.C 

25 


40 

42 


18 


JTSH 05| 
b 5 


Iff 

BJ778c 
1(^131 3e| 
whac 
2v}10c 
o 5 

.hOisL-*. 
;&3s c 


Hr, 


112 

52 


oM .7.7 


161 


4 W 


22 b 


0.7( 

-6 

Off 4» 


13 16 1 
16 6.2 


6.1 




6 

80 

bl 

IS 

10.7 

bI 


COPPER 

100 ] 70 (Messina ROW .. .( 86 1+2 l^;0c| 1.9| 

MISCELLANEOUS 

+1 


35 

& 

164 

(750 

120 


Barvmm 

tomna Mltps 171. p. 
Com- Mur*:h 10c _. 

North gated I 

R.TZ 

Sabina Inds. CS1._. 
lTaraExtttn.Sl— 
pchidv-Miimnli-lOp. 
! Yukon Cool CS1__ 


52‘; 

14 

255 

425 

222 

64 

875 

43 

166 


1-2 


5030: 

93 


133 

Q7c 


» 


63 


4.7 


2.91 2.0 


NOTES 


11 


1.51178 

6.0 24 S 
4 3 32.6 

4.3 34.7 
4 9 25.4 
5& * 

4.0 31.8 
4.9 304 
612281 
7 618.0 

4.4 30 0 

4.2 32 3 

7.2102 
6 8 20 6 

5.0 19.2 

5.0 192 


Sri Lanka 


aO (123 ILnnirtail | 133 (+3 | 55 | 1_5| 4.6 


Africa 


610 

185 


290 

130 


Wan+vceil 1 

RuoEXates ] 


610 

ISO 


50.0 

13.0 


I ti m 


10.9 


MINES 

CENTRAL RAND 


DnrbanDeepRl... 
Eas’.P.autinp.iU.. 
RMQJcntnE£.F.2. 
Wert Rand R! 


254 

283 

£34i £ 

337 


EASTERN RAND 


+1 _ 1 -i _ 1 - 


ti 


+i 




5.58 

36 

415 , 
1260 
1.2 
8.0 , 
t4S0| 
1.5 

1256 | 
330 , 
t3.45 
336 
112.05 
hi. 60 
2.20 

1 1557 
2.0 


45 28.7 

7.7,218 
53 27.8 
45 34.9 
2.4 47.0 

7.6 18.0 

4.7 34.2 

5.8 229 
36377 
43 363 
3 5 395 

4.9 30 8 

4.333.9 
3.0 510 
3.3 49.1 


302 


Rn>:ki*jflOc 

SKDMJtoRl 

ERGS! ROM 

Grwlvlciaoc 

Kinro+vRl 

Lnliefcx- 

Martei ate R05U — 
S. .Afro an Ld35c.. 
\1abfonicin30c— 

WmkelhaalrRQ — 
WiLMcelfSc 


741; 
29 
39 2 
93i 2 
375 
43i; 
6b 
511; 
47 
727 
47 


+2 

+6 

a 

+11; 

V2 

+8 


. 6J 
6.7 616 


U» 


7.6 

13.0 

54 


12 4.: 
1.0 

14 31.8 
L7| 7.1 


FAR WEST RAND 

063c, 
QlTOc 


i 


+ 1 ; 


j t27B 
75.3 , 

If 

^ ,51 

458 


[0.49 
, 5.0 
hU 
439 


3 


£14l z Ell 


BlyvjMja 

Buffets . 

> toeltraal Ru3) — 
RoorrJonlein Rl — 

East Dr* Rl 

Ea ud; raas tiid 3V . 

Ekbonjftl. 

fiartebeert SI - - 

HooTGuidRl 

UhanoaKl 

SouTh.aalaOc 

StilionteinMi:.— 

Van! Reef* yie 

VentersnoK Rl — 
5 W. DnerU 

Western .Areas Rl- 

WestentocpRS- 
Zand pm Rl — 


319 

959 

279 

727 

226 

101 

£12% 

533 

517 

485 

283 

£141, 

22b 

£21 

157 

798- 

210 


+2 

+4 

+4 

1+2 

*8 

+5 

-1 

-1 

+11 

+2 

a 

3 

+4 

+1 


324 

10.4 

1L2 

7.0 

, 50 

1L8 

4.7 

121 

26 




6.9, 

115 

4.9 

ill 


+1 


, 9.7 15 6 
Jf7.9 . 

110 1 1221 
0.8 

4 5 318 
, 3.545.1 
>110.5145 

55 285 
4.b 313 

5.2 26 B 
3.3(507 

3.2 
7.1i 

5 5 269 
4.W27.6 
0.7[ 
LS7L4 
lasas 


O.F.S. 


free State Dev. 59c 
F.S.WdBW50c — . 
F.S.SMipto»Rl- 
Kannocv jOc — 

Lcraincaf. 

Pros Brand 50c 

Pres Se.nafc 

St Helena P. I 

I-’nisH - 

Wrikrenftc- 

lVHtrid/fiisXfc 


FINANCE 




600 
'25.71 340 
418 07% 

WB 

214 204 


Rnance, te n d , etc. 


1210 

2& 

lflj 

14 

103 

56 

iHT- 

B 

16 

91; 


Akravd Sorter, 
Armour lit ion 

BriUnniaAmw. 
ihadde ' 
ihaiien _ 

e® 

jwgrr 

fttputast 

EMtolnAUI* 

:Er Landsr 

FanlonfcF- - r 1 
Fuuarefcl 

FiZsrsj'lineit— 


Mge 

195 
35 
1 196 
}l22 

-5 (20.0 ( 4.7(14.41 22|tU>4| 

i 6 ii 

59 

6.8; “5 

u »!t(§ 

>.! 64 


+1 


d0.99 

1.72 

112 

d0.49 

494 

2.0 


O&j 30| «Lu 

C25V 
111.76. 
tLD 




.Ant .Am Coal rOr_. 
Aaslo Aarer 10c.- 
, Am; -Am Gold PJ _ 
Am;- Yaal SOr 

ChanerCoiu 

Com Gold Fields - 
Ew Rand ton. iup 
ii*n XmirtJG - 
t tWdF*id;*vA2c- 
JriTjurcCun? R2._ 

Middle W it 25e. 

'.Iinrnrp ISjp 

iLneri-tiARDI 40_ 

.VesWilMr 

Pilinu.WFtSa 

Eand Utodonlii— 

jflpfiiunTruc 

Sfijurir tor 

Siliemmc*3tn_ 
T Mia! vims ULR1- 
[;.C Inert RL.. .. 
L'uion Caron fcSc. 
VeselsSy- 



Units* alfcenrtoe IwUcatnL prlw, ad net dividends are ia* 
peace and denominations me S5p. Estimated piiizlMnluv 
ratios and coven are baaed on latest annual reverts and Knonii 
sad. where possible, are updated on UI-nsHy tlKares. FIE* are 
calculated on the basis it net dlabrlballan; bracketed Afoin 
Indicate lb per rest, or more diflerence IT calculated oq nil" 
distribution- Covers are bated so "mail mom" dtatrlbnUon. 
Yields are based an middle prices, arc icrasa. adjusted to ACT o? 
H per ccsl and allaw for valor of declared disuibaiioiia and 
rtght*. Securities with deoemlnaUaaa other than sterUns m 
quoted inclusive af the bmstmat dellar praertsm. 

steftinx denominated securities which include Investment 
dollar premium. 

Ttop" Slock. 

Hi Jibs and Lows marked thus have boon adjusted to -41 aw 
lor njbls issues for raijh. • 

Interim since incteaaed or reaumed. 

. Interim since reduced, passed or deferred. 
it Tax-free to ncm-resideois on application. 

0 Fieure* or report awaited, 
rr I’ittisted security. 

Price ai lime of -suspension. 

9 Indicaicd dividend niter pending scrip and/or rights issue; 

cover relates to previous dividends or forecasts. 

+ Merger hid or reorganisation in progress. 
a Not comparable. 

y.irne interim, reduced final and-'or reduced earnings 
indicated 

Forecast dividend; cover on earnings updated by latest 
irrlcnm Male mem. 

1 Cover allow for conversion of shares no* now ranking for 
dn identic or renkinc only for resincted dividend. 

* f.ii i-r doci nol allow lor shares which may also rank for 
dl'.idt-nfl ai a (uture date No P'E rauo usually provided. 
V E'.cludinc u find dUlUend deelaraUan. 

+ Ri'iti'inal price. 

K No p.ir falne 

a Tax tree b Figures hosed on prospectus or other official 
rciiciair r fonts d Dividend rale paid or payable on part 
ni capital, cover l-ased on dividend on lull capital. 
1 Redemption yield. I Flat yield, g Assumed dirideud and 
yield h AtMimert dividend and yield after scrip issue, 
j payment from capital sources, k Kenya, m Interim higher 
than prr<ious total n Rights issue pending u Earnings 
bared >>n preliminary' futures, a Dividend and yield exclude a 
special pay men) i Indicated dividend; cover relates Lo 
previous dividend, PE ratio hosed on latest annual 
earnings, n Forecast dividend: cover based on previous year's 
earning.' v Tax litre up to Mp in tl» L w Yield allows for 
currency clause, y Dividend and yield based on merger terms, 
s Dividend and yield include a special payment: Cover does not 
apply I" specie! payment, a Net dividend and yield. B 
Preference dividend passed or deferred. C Canadian. E Issue 
price F Dividend and yield based on prospectus or other 
oil 1 via I estimates for 1078-80. G Assumed dividend nnd yield 
after pending srnp and'or njthts Issue. H Dividend and yield 
based en prn>pi-rtiu nr other oftlrial estimates for 
IS7R-TP K Ficure.s based on prospectus or other nffinal 
cslim-iLcs l* r 1BTC. » Dividend and yield based on prospectus 
or other otttci.il estimates inr 1078 N Dividend and yield 
based an prospettu.'* nr other officio) estimates for 1079. P 
Figure* ba-Jt-d on prospectus or other official estimates far 
1078-79 9 Unws. T Figures assumed. Z Dividend total to 

dale ++ Yield hared on .avvumpUon Treasury Bill Rate stays 
unchanged until maturity of stoct 

Ahbrrv Mlionv rt ex dividend «ex srnp iuuc; v eu.rlghta: nea 
all. d ex capital distribution. 


Recent Issues ” and “ Rights ” Page 28 


This service is available to every Company dealt in on 
Stock Exchanges throughout tbe I'nited Kingdom hr a 
tee of £400 per annum lor each security 


REGIONAL MARKETS 

The following is a selection nf London quotations of shares 
previously listed only in regional markets. Prices of Irish 
issues, mo.ii of which ore not officially listed in London, 
are as Quoted on the Irish exchange. . , „ , 

Shelf. hmnihmt.I .52 


Alhnny Inv. 30p 
Ash Sptnnintf ._| 

Bcnam - — 

Bdp'Btr. Ert. S>p 
Clover Croft . - 
Craicfc Ro*e£l| 
pi'tOP'.ft. A.l A 
EaiicfcMcHdy.. 

Eve rod ........ 

Fife FOrgo_ r __| 
Finlay PkC- 5p- 
GrpicFhlp.fi... 
Higsons Brew.. 
LG.MSun.fl_, 
Holt i Jos >25p... 
N'thn. Goldsmith 
Pearce if. H i_ 
Peel Mills-. .... 
Sheffield Brick 


24 

44 
21 

475 

38 

61 

1& 

73 

150 

260 

55 

380 

20 

45 


+3 


+15 


Sind all iWm.j._| 103 


IRISH 


Conv. 8*6*80,82. 
Alliance Cas._ 
.Arnott .. 


Carroll 

Ciondalldn 

Concrete Prods .' 
lleiton (Hides.) 

Itus. Corp 

Irish Ropes | 

.TacoK..,. 


Unidare. 


£9&b 

70 

337 

95 

9B 

130 

W 

MB 

230 

62 

30 

173 

90 


+h 


*3 


OPTIONS 
3-month Call Rates 


= tItM diamond and platinum 


Lff 


- i 95 


Aa^lO-.AialmiOc- 
Bi+.-aipsWePiLiOr- 
Dt Btsrs Of. Er 

Dofl>pcPf ? 5 — 
I:-ffl‘.ibitr;12 1 rt_ 
(Ssi FtiL lit 


£401; 


Quito 

U 

86 

-1 

tifrlc 

■ IS 

379 

-6 

qJj 5t 

3.3 

£11 


0200c 

3985 

62 

-1 

nriic 

LO 

52 

-1 

N 2 * 

LV 


taduri rials 

A Brew 
.A. P. Cement .. 
B^.R . 

Babcov I: . 
Barclay! Bank 

Bc-erhum 

t r.BcHiu nmc... 
s-S* Bcwaiero. - — 

3-S B.AT — 

7.7 Bnfibh Osypen 

26 Brown i. i.i — 
U,3j Burton 1 A'. — 
5.2 1 Cadbury? — 

gj Couriaulds — 
7 ilDebcnhams—' 
an! Distillers ' 

7ti Dunlop. ..._ 
„5 Eaclo Star. — 

7 -«J Gen. Accident 
| Gen. Slertnc.. 

I Glaxo _ 

S Grand Met — .. 
!G.Ci -A' 

B«: Guardian 

snSG.KS. .. ..- 
aj- Hawker Sidd .. 
10 Home of Fraver. 


I.C.I...„ 

'■Imps' 

l.t.'.C 

Interosk— 

KC'A 

I j-1+.rnke 
Lcc.il fc Gen. 
Imx Service 
Llny-rf^Bank- 
“Ijift" . . 
London Brick. 
Lunrho. 

Luc.ih Inds.—. 

l<yv>ns>J l 

"Mums ' 

Mrh*.fcSpncr 
Midland Bank 
IV.E.J I 

Nat. Vest Buk. 

Do. Warrants 

Pfc O Dfd 

Fltnsev-., 
R.H.5L 


Ronkor-'AV 

Rce«t IntnL— | 

fillers 1 

Tescu. 

Thom 


Trust Housec.. 


Tube lm uel.J 30 


Ijntiever 

1'iri Drispety. 
Vickcr 
Wool worths —| 

Property - 

P.rit. f»ind 

f.ip Cuuntles- 

E.I*. : 

Inlrcumptan 

Land Sees. 

MEPC. 

PtNirhev 

Sbmui.-l Props.. 
Town ie ClQ*— 

Oils - 

Bnc Petroleum. 

Bunnah Oil 

Chart *Trbali 

Shell 

Ultramar- 

Mines 

Charter Cons. 
Cons. Gold 
Rio T. Zinc 


35 

& 

5 


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4 

26 

12 

& 

9 

1*4 


ns.. 12 

14 

— 16 


A sel+riion of Options traded Is given nn the 
London Slock Exchange Report pa^e 





82 




Wednesday July 12 .1978 


Extel- 


iiie International Bom r! 
Dealer’s best friend. \y 

■Phona Sates Offices: 01-253 3400 


'Phono Sates Offi ces: 01-253 3400 
orTelex: 263437 


Britain’s 
share of 
offshore 
industry 


orders np 


Benn pledges reply 


on oil supplies grant 


Fed seeks 
right to pay 
interest 


BY GUY DE JONQU1ERE5, COMMON MARKET CORRESPONDENT 


- BRUSSELS, July It- 


■ By Ray Perman, Scottish 

Correspondent 

BRITISH-BASED COMPANIES 
again increased their share of 
orders from the oil industry in 
1977 and look likely to make 
further gains this year. 

Figures published yesterday by 
the Offshore Supplies Office. in 
Glasgow, showed that UK con- 
cerns took 62 per cent of con- 
tracts last year compared to 57 
per cent in 1976. 

This confirms the steady 
improvement in British per- 
formance in this important 
market in spite of the strong 
foreign competition. 

The total value of orders was 
worth at least £L3bn last year-; 
a quarter up on 1976 — and UK 
industry’s share was £806m. 

Britain's share this year could 
be higher. All three of the pro- 
duction platform contracts 
awarded so far hare been won by 
British yards, which are also well 
placed to tender for the four 
further orders expected by the 
Department of Energy in the 
next IS months. 

The Government is also 
anxious that shipyards in the 
UK should win the lion's share 
of orders for emergency vessels, 
although the first of these 
specialised ships has been 
ordered by the Oxy-Sedco part- 
nership from Japan. 

The Government has made its 
view plain to complaines like BP. 
Shell and Chevron, which will 
shortly be placing contracts. 

Dr. Dickson Mahon, junior 
Energy Minister, said yesterday 
that he expected five of these 
ships to be ordered in the near 
future with a total of 12 by the 
early 1980 sl 

lie praised British industry for 
becoming internationally estab- 
lished as one of the principal 
suppliers of offshore goods and 
services in a relatively short 
time. 

*• We must never become 
complacent and we must main- 
tain the high standard of quality 
of product and delivery if we 
are to continue our share of the 
ltfarket." 

British firms did well last year 
in some of the major sectors of 
the market, taking two-thirds or 
more of the value of orders for 
production platforms, installation 
work and plant and equipment 
and accounting for virtually all 
the work on onshore oil and gas 
terminals. 

But there is some official con- 
cern about the failure of British 
companies to appreciate the 
importance of the growing off- 
shore maintenance market. Only 
onc-lhird of the £56m worth of 
contracts placed last year were 
won by Britain. 

The Offshore Supplies Office 
estimates that the total spent on 
maintenance hy oil companies 
could rise to £300m by 1980 and 
double to £600ra by 19S5. 


MR. ' ANTHONY WEDGWOOD 
BENN, Energy Secretary, has 
promised that the UK will give 
a formal reply by the end of this 
month to the protracted inquiry 
being conducted by the EEC 
Commission into Britain's system 
of interest relief grants for 
domestic suppliers of North Sea 
oil equipment 

A Commission spokesman said 
today that he gave the undertak- 
ing at a meeting in London on 
Friday with M. Raymond Vouel, 
EEC 'Commissioner for competi- 
tion policy, wbo bas been seek- 
ing to persuade the Government 
to modify the scheme volun- 
tarily. 

According to EEC officials, Mr. 
Benn offered to make some 
changes to the system but they 
were considered inadequate by 
M. Vouel. 

Mr. Benn tben said he would 
consult his Cabinet colleagues 



‘UK TODAY 
OUTBREAKS OF rain, sunny 
intervals. 

London, E. Anglia, Midlands, 

N. Wales 

Cloudy, occasional rain. Max. 
1SC-19C (64F-66F1. 

S.E„ Cent. S- S.W. England, 
Channel Islands, S. Wales 
Fain, perhaps thundery. Max. 
16C-17C I61F-63F) 

E.. N.E. England 
Dry. sunny intervals. Max. 
1SC-19C f 64F-66F). 

N.\V„ Cent. N. England, Lakes, 
Isle nf Man. S.W'. Scotland. 
N. Ireland 

Dry, sunny. Max. 22C-23C 
f72F-7.1F). 

Borders, N.E. Scotland, Orkney, 
Shetland 

Drv. cloudy. Max. 13C-15C 
(55F4j9Fl. 

Cent. Highlands 

• Dr>’. sunny. Max 20C-22C 

(68F-72FL 

N.W. Scotland 

Drv. cloudy. Max. 13C (S5F) in 
north. 21 C f70F) in south. 

Outlook: Showers in the south, 
otherwise mnstlv dry. 


about the Commission's objec- 
tions and would set out their 
views in a reply to be sent to 
Brussels before the end of this 
month. 

If this response is also deemed 
insufficient by the Commission, 
it may decide to order the- UK to 
alter the scheme or to abolish it 
altogether. But it would be 
unlikely to take such a decision 
much before mid-September. 

The relief grants scheme, in 
force for about five years, pro- 
vides interest subsidies of 3 per 
cent on loans to UK suppliers 
of offshore fixed platforms, 
platform installations, submarine 
pipelines and single buoy moor- 
ings. 


Restructuring 


The Commission maintains that 
it does not conform with the 
Rome Treaty because it is not 
available to suppliers in other 


EEC countries and is not linked 
to . industrial - ■ restructuring. 

According to officials here, Mr. 
Benn offered to make the system 
available to a limited number of 
suppliers in other EEC countries. 
But M. Vouel believed that this 
did not go far enough. 

.The. Commission opened its 
investigation at the end of 1975. 
Almost a month ago. it announced 
it bad decided to open the final 
stage of proceedings against the 
UK. 

But it now appears unlikely to 
bring the issue to a conclusion 
until it has received the Govern- 
ment’s promised reply. 

Meanwhile, a Commission 
spokesman expressed confidence 
that' the . EEC investigation 
recently launched . into Britain’s 
£90m special intervention fund 
for the shipbuilding industry 
could soon be brought to an 
amicable conclusion. 


British Airways signs 
£120m Boeing order 


BY MICHAEL DCNNE. AEROSPACE CORRESPONDENT 


on reserves 

By Stewart Fleming 

NEW YORK, July 11 


BRITISH AIRWAYS yesterday 
signed with Boeing in London its 
order for 19 of the US. com- 
pany's 737 short-haul airliners, 
worth £12 0m. 

First deliveries are sought for 
early 1980, and all the aircraft 
are expected to be in service by 
the end of that year. 

This follows Monday’s Govern- 
ment approval for the airline to 
buy the twin-jet aircraft, after a 
long appraisal of their merits 
compared to the British Aero- 
space One-Eleven jets. 

British Airways has also been 
given authority to negotiate with 
British Aerospace for up to six 
more One-Elevens (it has a 
number of these already in its 
fleet), but these negotiations are 
not expected to be hurried. 

Mr. Ross Stainton. chief execu- 
tive or British Airways, said 
yesterday that the 737s deal re- 
presented “ the first stage ” of the 
airline's re-equipment pro- 
gramme. 

The airline is studying a range 
of other, larger short-haul jets, 
such as the proposed Boeing 757 
twin-jet airliner, for use iu the 
mid-1980s. 

The British Airways order for 
737s will raise total orders for 
that aircraft to more than 600. 
from 70 operators world-wide. 
The 737 bas already flown more 
than 6m hours in airline service, 
and made more than 7fim land- 
ings. It is thus the world’s most 
experienced twin-jet airliner. 

The aircraft for tbe UK will 
seat up to 130 passengers in a 
high-density seating arrange- 


ment, and will be used an many 
short-haul European routes as 
well as on holiday routes to the 
Mediterranean, to replace some 
of the ageing 707s of British 
Airtours. 


Tbe airline said yesterday that 
its 737s would be equipped with 
a substantial amount of advanced 
equipment, including a “ perfor- 
mance data computer system ” 
that would enable the two-pilot 
crew to fly the aircraft “in the 
most efficient and economical 


Boeing Is to sell to Siemens 
of West Germany its 12 per 
cent shareholding in the aero- 
space company. Messerschmitt- 
Boelkow-Blohm. The deal is 
being seen as the first stage, in. 
a complex restructuring of the 
MSB's capital aimed at restor- 
ing foil control to German 
interests. See Page 22. 

News Analysis Page 8. 

Feature Page 16. 


manner under all prevailing 
conditions.". 

The aircraft would also- be 
fitted with the latest “blind 
landing " equipment, including 
an automatic engine-throttle 
control made by Smiths 
Industries of the UK. 

Each aircraft will -also be fitted 
with a “ husb-kit ” on its engines, 
built by the U.S. company Pratt 
and Whitney, 

Our Labour. Editor writes: The 
engineering draughtsmen's union 


TASS yesterday described as 
“ nothing short of disastrous " 
tbe Government’s decision to 
allow British Airways to bay the 
737s. It said about 5,000 jobs 
might eventually be lost. 

- However, the union welcomed 
the decision to go ahead with the 
£250m development of the 
HS-146, now to be called tbe 146. 
This, it said, vindicated the 
union’s fight “in tbe face of 
determined efforts by private 
owners to kill it off." 

There would, though, be no net 
employment gain- from making 
the 146, the union said, since the 
aircraft would simply lake up{ 
workers from, the expiring 
Trident production line. 

Mr. Bill Niven, national 
industrial officer of TASS, tbe 
staff section of the Amalgamated 
Union of Engineering Workers, 
said the fact that BA would be 
negotiating for between three 
and six One-Eleven jets to be 
built by British Aerospace would 
do nothing to ensure job 
security or the future develop- 
ment of tbe One-Eleven series. 

Of the Boeing purchases be 
said: “This decision by national 
carriers must adversely influence 
other potential One-Eleven 
customers, particularly . the 
Japanese. 

“The end result will almost 
certainly be premature closure 
o! tbe One-Eleven production 
line with the loss of 5.000 jobs. 
3,500 of them British Aerospace 
employees. 


THE US. Federal Reserve 
Board bas submitted proposed 
legislation to Congress which 
would give It power to pay 
interest op the reserves which 
member banks currently have 
to retain with the nation’s 
Central Bank. 

The Fed intended to start 
paying interest on bank 
reserves through its own 
administrative action. 

But key members of Con- 
gress, demonstrating their 
belief in the Congress’s auth- 
ority over the Fed on these 
issues, declared such action to 
be illegal _ . 

Mr. & William Miller, chair- 
man of the Fed, has now 
bowed to this congressional 
pressure. 

The plan to pay interest on 
the reserves is partly designed 
to make membership of the 
Federal Reserve more attrac- 
tive to commercial banks. 

In recent years, smaller 
commercial banks in particu- 
lar have been leaving the 
Federal Reserve system, one 
of the reasons being the cost 
of maintaining reserves 
interest free. 

It is estimated that the 
Central Bank— and thus at one 
stage removed, the US. 
Government — will pay unt 
$765m in interest a year on 
reserve accounts initially. 

There are suggestions that 
the Fed will offset this by 
requiring banks to pay for 
other services which they 
obtain from the Central Bank. 


Continued from Page 1 

Money 


supply 


Power station demand for 
coal to be reconsidered 


BY JOHN LLOYD 


BUSINESS CENTRES 


THE INCREASINGLY embit- 
tered relations between Govern- 
ment. National Coal Board and 
the Central Electricity Generat- 
ing Board were soothed a tittle 
last night 

The improvement followed a 
meeting between Mr. Anthony 
Wedgwood Bean, the Energy 
Secretary. Sir Derek Ezra, chair- 
man of tbe coal board and Mr. 
Glyn England, chairman of the 
electricity board: 

They agreed that further 
studies should be made into 
ways in which the electricity 
board might increase its coal 
burn, although the short state- 
ment issued alter the meeting 
stressed — at the insistence of 
the electricity board — that no 
extra costs would fall on tbe 
electricity consumer. 

Sir Derek said: “ Electricity is 
our biggest customer, taking two 
thirds of our output. As a result 
of today's meeting, the CEGB is 
going to examine ways in which 
it might burn more coal, and we 
are looking into it with them." 

The meeting followed a series 


of statements from the coal board 
and the electricity board 
obliquely countering each other's 
assumptions about coal burn. 

Last month, the electricity 
board published its corporate 
plan which showed that it 
expected output from the UK’s 
mines to be well down on the 
coal board's target and that it 
intended to press on. with its 
nuclear power station programme 
as fast as possible. 

Last week. Sir Derek accused 
the electricity board of “ dodg- 
ing in and out of tbe market" 
for coal, and Mr Benn spoke of 
seeking to ebange the electricity 
board's merit order for stations 
in a way which would favour 
coal-fired stations. 

No details were available of 
last night’s meeting, but it is 
understood that the subjects dis- 
cussed included the possibility 
of Government subsidies to 
power station coal, thus making 
it more attractive to power sta- 
tions. 


The Government already sub- 


sidises coal to Scottish and 
Welsh power stations, under 
agreements concluded last year. 

The Welsh agreement, which 
was for one year, has a maxi- 
mum of £2m, while the Scottish 
agreement is for five years at a 
maximum of £5m a year. To 
date, some £5 .4m bas been spent 
on the schemes. 

Under separate .agreements, 
the Government also subsidises 
coal stocks held by tbe Coal 
Board and by its major cus- 
tomers. Over the past year, 
£18.7m bas been granted to sup- 
port stocks. 

Stocks of distributed and undis- 
tributed coal in the UK now 
stand at 31Jfrn tons, up 2.7m 
tons on the same period last 
year. ' 

The Coal Board is known to be 
pressing tbe Government to sub- 
sidise coal consumption in power 
stations throughout the UK. or 
at least to regions other than 
only Wales and Scotland. 

Editorial comment. Page 10 
Benn and coal glut. Page 8 




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Japanese banks agree $700m 
loan for Brazil steel project 


BY DIANA SMITH 


RIO DE JANEIRO. July 11 


long-dated gilt-edged stock 
recouped most of their earlier 
losses of 6 to close virtually 
unchanged on the day. 

The market is now looking 
ahead, particularly at the June 
trade figures due on Friday. 

It is thought possible that the 
outcome will be unfavourably 
affected by larger imports of oil 
rig equipment for the North Sea 
than in May. 

The adjustment by the banks 
to the re-imposition of the corset 
is shown by a decline of 1J per 
cent, or £367m, to £29.73bn in the 
interest-bearing eligible liabili- 
ties of the banking system as a 
whole in the month to mid-June 

This indicates that the banks 
have made about a third of the 
necessary change in their 
balance sheets to come down 
within the corset ceilings with 
two months still left for adjust- 
ments. 

There has been a difference in 
experience, between the banks. 
Thus the eligible liabilities of 
the London clearing banks (not 
just interest-bearing deposits) 
rose by 1.4 per cent over the 
period, compared with a 0.3 per 
cent- overall decline. 

The clearers will probably 
have to make a larger than 
average adjustment to come 
within the corset limits. 

There are differences between 
individual banks, which may 
partly reflect anticipatory action 
on tbe measures. 

Midland reported a fall in 
eligible liabilities, while Bar- 
clays and Lloyds showed notice- 
able increases in the past month. 

■ Differences between the banks 
as a whole and the London 
clearers are also shown by the 
latter's sterling advances to the 
UK private sector. 

These rose by £591m in the 
month to mid-June, with an 
underlying rise of possibly about 
£500m after seasonal adjustment 

The increase was spread over 
most categories of borrowing, 
but there appears to have been 
some switching by _ customers 
from market borrowing to the 
clearers on interest rate grounds. 

Apart from this, the main 
increase seems to have been to 
the manufacturing and personal 
sectors, though the banks say 
there has been no real take-off 
in lending to industry. 

In previous months, much of 

the rise was in advances to the 
service and personal sectors. 

Lending by the London 
clearers to overseas residents 
rose by £120m. reflecting fur- 
ther growth in export finance. 

The Bank of England also an- 
nounced yesterday changes in 
the seasonal adjustment to the 
money supply figures for mid- 
June, to be published next 
week. 

This is because of alterations 
in the charging of half-yearly 
interest Thus the seasonal 
adjustment for sterling M3 is 
now £40m. which will be sub- 
tracted from the unadjusted 
figure. 


THE LAST hurdle preventing go- 
ahead on the long-delayed 
Tubarao steel project in Brazil 
was overcome to-day. A decision 
was made in principle for Japan-_ 
ese banks to provide a S700m loan' 
to Siderbras. the Brazilian state 
steel agency, on terms acceptable 
to the Brazilians. 

The S2.6bn project is due to 
come on stream in August 1982 at 
a rate of 3m tonnes annually. It 
was originally given the go-ahead 
more than two years ago. 

However, the weakness of the 
world's steel industry resulted in 
a major renegotiation between 
Siderbras and its two minority 
foreign partners, Kawasaki Steel 
and the Italian Finsider. As a 
result of the renegotiation. 


Siderbras bas agreed to absorb 
a higher proportion of the out- 
put than originally scheduled 
while Kawasaki Steel agreed to 
ensure that S700m finance for 
Siderbras’s share “of the project 
would be made available by 
Japanese banks. 

A couple of weeks ago, it 
looked as though Japanese in- 
volvement in the project was 
again at risk since final terms for 
the loan were proving difficult to 
agree. Brazil put a time limit 
of the end ot this month bn the 
negotiations. " . 

Mary Campbell -writes; In a 
separate move, Chrysler 
Financials Corporation has 
arranged a SiOOrn. five-year loan 
among a group of Middle Eastern 
banks. The loan marks a sig- 


nificant step forward in develop- 
ment of Middle East markets. 

Tiie size of the loan has been 
increased from $75m originally 
scheduled. 

The proceeds will be used for 
general corporate purposes. It 
carries a margin over inter-bank 
rates of 1 per cent 

Joint lead managers and 
underwriters were Gulf Inter- 
national Bank, Kuwait Foreign 
Trading Contracting and Invest- 
ment Company /Burgan Bank, 
National Bank of Abu Dhabi. 
UBAF and Wardley Middle East 

First Boston, tbe company’s 
U.S. Investment bank acted as 
advisor and ran the books. 

Go-ahead for loan, Page 22 


Continued from Page 1 

Tariffs 


The illustrative list proposed 
by Washington includes a wide 
range of measures at present 
applied by EEC Governments 
and the UK in particular. 

It includes Government partici 
pation in enterprises to an extent 
that affects imports or exports 
“in a manner inconsistent with 
commercial considerations, in- 
cluding price” and Government 
participation in companies “for 
purposes of covering significant 
operating losses over a sustained 
period." 


THE LEX COLUMN 


The corset 



to 



The gilt edged market’s initial 
reaction to tbe June 
statistics was confused. After 
being a quarter of a point 
better, prices of long dated stock 
fell by around £8 on the publica- 
tion of the £366m rise m the 
clearing banks’ eligible liabili- 
ties. However, this was not a 
guide to the experience of the 
rest of the banking system and 
when the full figures were pub- 
lished they showed a 0.3 per cent 
fall. This was not quite what 
some of the optimists in the 
market had been hoping for but 
it was sufficient to send prlcfes 
better after hours. 

Although the corset was intro- 
duced on June 8. well over half 
way through the June banking 
month, its impact was deariy 
being felt fairly quickly. The 
£ 133 m drop in total eligible 
liabilities was made up of a 
£2 34m rise in non-interest bear- 
ing liabilities and a £367m fall 
in the interest bearing element 
Meanwhile, within the banking 
system there were some major 
shifts in emphasis. The clearing 
banks seem to have recaptured 
much of their business .which 
they had earlier lost to the 
foreign banks and the non- 
clearers. The eligible liabilities 
of the accepting houses, for 
example, fell by 4.8 per cent 
over the month and the Ameri- 
can banks showed a 3.7 per cent 

^Within the clearing banking 
community there were also some 
major differences in experience. 
Midland Bank, which had 1 been 
aggressively building up its 
balance sheet has been unwind- 
ing some of its positions in' the 
money market while the. other 
clearers have recaptured some 
of Midland’s share of total 
advances. 

However, the real worry about 
the latest hanking figures is the 

strength of cleaning bank lend- 
ing, where the “underlying 
increase was again substantially 
upwards” Obviously part of this 
reflects a swatch baric to the 
clearing banks by some bor- 
rowers but until Ihe full money 
supply figures are published 
next week it is impossible to 
judge tbe true buoyancy of loan 
demand, dearly, if loan demand 
continues ■ to rise strongly, 
serious, distortions wdH start to 
appear within the financial 
system and the money supply 
figures wild cease to be quite so 
relevant. 


Index rose 1.8 to 4 673 


1T3 


■ Three -Month 
Interbank 
- Rate 



■su- Apr Way Jhm. M 


share issues for cash, 
question that needs to be 
at today’s meeting is wl_ 
chairman of Barclays, in wi 
to shareholders, failed to . 
out that nearly £10m of nu 
capitalisation was being, 
away to shareholders of ani 
company- Maybe the s 
holders of Barclays would 
voted differently had he 
so. Since the day before 
deal was announced 
Barclays share price has ui 
performed the other cleare. 
nearly, 3 per cent. 



Wilkinson Match 


extraordinary meeting on the 
Investment Trust Corporation 
takeover proposals hacked 
heavily by favourable proxies 
from small shareholders.. And it 
does not look as though many 
institutions are planning to go 
along to upset the apple cart 

At least tbe pension funds 
have had their say in public. But 
the dispute has tended to 
emphasise the contradictions 
and conflicts of interest among 
the investment institutions. Not 
much has been heard from the 
insurance companies, which 
themselves have been active, in 
trust takeovers before (though 
not yet on the Barclays 
formula). The investment trusts 
are simmering, and a circular 
critical of the deal has been sent 
privately to all members of the 
Association of Investment Trust 
Companies. But although J * 
number of trusts will' vote 
against the deal, they are 
reluctant to air their views pub- 
licly for fear of being accused 
of simply protecting their terri- 
tory. There is also gossip about 
divisions among the big 
nationalised industry pension 
funds, two of which have 
recently bought trusts using 
much more difficult routes than 
the Post Office fund. 

The final position of the pen- 
sion fund investment protection 
committee was that the trust 
deal was wrong in principle but 
an attempt to leave Barclays 
stranded without- its money 
would be counterproductive. 
There is logic in this, but -other 
companies tempted to copy Bar- 
clays could still decide that the 
pension funds’ bluff can be 
cdlled. And any future scheme 
would no doubt be made subtly 


Wilkinson Match 
achieved its forecast with 
tax profits £2m up at £1< 
But the management still 
everything left to prove fo 
ing the controversial acquis 
of True Temper, which . 
effect after the year end. 

Last year’s perform anc 
very mixed. The worst of 


bad news comes from thc 3P j>£.n 


sonal products divi- r 
largely razor blades, w»{ 
profits are £3m down despf 
12 per cent 'increase in s 
Behind this lies £lm of clo 
costs, in Italy, and the deci , 
to take over direct markc . 
in the U.S. from Colgate - 
addition there is a little mi 
of a price war in razor bli 
where Wilkinson is havin: ' : 
battle it out with BIC and . 
lette .on lower margi n s. ,- 
What was lost on pere 
products has been gained 
matrixes and lighters, when . 
division’s profit cootributior 
increased from 48 . per 
59 per cent on tfce baefy cra^n 
higher prices and some 
cutting. Margins have 
recovered considerably on i., . . 
and hardwares — the div •): 

■which stands to become Wi . ■ 
son’s largest in sates Ar.. 


iJgmarruV/ 




different to confuse the issue. 
Barclays ■ The principle remains, how- 

The Board of Bard ays Bank ever, that shareholders should 
is going into this afternoon's have pre-emptive rights on 


■when True Temper is 
in the current year. 
profits are £1.6m b _ 
safety and protection Vj 
Apart from the. pr obi ^ 
personal products; Wiki -i 
big challenge for the cut ■ 
year will be.. to make a 
on developing consumer v 
ducts and safety and prote- 
sales in the US. Here Alleg , 

Ludhrm is pledged to lenufl]2CCLSCd 
support, though nothing defr - . 
is' planned yet Against r 
mixed background the sh:~ 
look fafriy valued at 171p o - 
fuHy taxed p^. of 8 and 
above average yield of S.8 :j _ . , 
cent . 


7HB ANNOUNCEMENT APPEARS AS AMATTER OF RECDHD ONLY 


pn diSp.rr; 




€mpf€SQ Oadonal 
d€ Celulosas, s.q. 


u.s, sio.ooaaoa 


MEDIUM TERM LOAM 


ARRANGED BY 

BANQUE DE L'INDDCHINE ET DE SUEZ 
THEHOYAL BANK OF CANADA f FRANCE! 
BANCO ARABE ESPANOL S.A. 
CREDIT AGRJCOLE CCNGA) 

UNION WIEDITEHRANEENNE DE BANQUES 


AGENT 

BARDUE DE L’lNDOCHINE ET DE SUEZ 


s 


MARCH *1373 




^'Chinn 





----- k(v 


R'Slsiirnui 81 czn pom once. Pruned ay St. Clement's Press tar and Du&us&ea 
by tbe Financial Times lad.. Sraclun Uoulc, Cannon Street. London. EC4P 4RV 
■ ** H Q The financial Tunes Lid.. UTS 



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