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UijU ■_ 



Tuesday June 13 19% 

. : v •.• • ••• - 


Raw material costs 

No; 27,583 




King & Co. 

Industrial and 
Commercial Property 
- ‘ 01-236 3000 Telex; 885485 






• : STERLING . • unproved 

strongly, closing 112 points up 
at 5 L.83SQ. The pound's trade- 
weighted . index rose- So • 61.5 
( 61.3) and the . dollar's depreda- 
tion widened to 5.8 (5.5) per 

^.S pair. 

TY :s;: 'Bp - ’ 

r " ^ ‘SIBBALIAR „ 

• GOLD closed 51 . down at 

• WALL: STRfiET *as Alp 0.78 
at 860.41 near-tfce close: - 

■: ' - ive . people died and three 

^iore are missing following a 
^ .Y.‘ -Collision between an American 
TU^nlK carrier and an Algerian 
: , ,.U ..“ i : ^5argo : vessel InthleKfog near 
U./ .,Y‘ .‘A.iJiraltar; . - ; 

-Y-; R'oyal Navy ships mounted a 

•' • ••--- ' Major- rescue ■ operation; 'First 
a- the scene vras the submarine 
•' R^nUr»!«» n inwbale, : followed by the missile 

- ‘ u - l; <2lVui6er : Norfolki the -"-'frigate 
“ . .... Vurora; the KFA vessel Olna and 

• , • 3 -*o tugs. 

■!■ -• ”..W essex helicopters were also 

- * - '• - 1 despatched and. a -boarding party 

‘:-:;,as put aboard-' the American 
■ : . ij-iip, . Yellowstone. fll,DOOtons), 
• -!_U 'the dead and missing so far 
— .' . :.;Aported are from the Yellow- 
. . AA-one. . ... ‘ 

t; - 1/' ' -The collision ‘happened 14 

*- i -T riles sotith-easThf Gibraltar and 
j--. • *.:ie Navy reported, the . .ships 

"I ■ *' locked together; 1 '. . 

• GILTS- dominated markets, 
investors encouraged by the 
Government's tightening of 
credit controls. The Govern- 
ment: Securities Index closed 
»i53 up at 70.79. 

• EQUITIES improved! as the 
new Account got under way. The 

:Quake Rills 
: »1 in Japan 

:ed -the densely-populated- 
-lain island, Honshu; caufifedtftey- 
nrapers to .sway in Toiiyo 'aj^ 

~ ?d to a tidal- yhvefcaiert aJong 
.- lotu-hu’s Pacific coastline. 


r -adup. the casino . division 
- ; Ladbrokes; has. issued" a‘- £481317$ 
•r i?h Court writ for -the -settle 4 
. .. -lent of a. gaming debt against 
‘ ~"unce Tala! -Bin AbduJaziz al 
-• - aud of Saudi Arabia. .- 

FT Industrial ' Ordinary^Jndcx 
elosed $.2 up at 47l2. : r£'. 

0 LEYLAND toolmake^called 
out more than ,2.000 for 

ah . unbffitfal one-day ^ 
and ui^d cfldloasues to'|jgj&Mld 



.iof.^Sra ! 4n’ g'ovt&nnwjm 
s persnj^ed.Lfwtis A$ra. 
space. te-stay oh: Merseyside and- 
move- into . a/ new Buyton. Liver- 
poolLptant: /Tht&'will save 500 
jobs: Back page •- * 

union . subscriptions. . »n£ 

inJbntfedto eniWarDfA ! 
over heKfrtifcjihs rights. 1 

rise by 51% as 

sterling declines 


Industry’s raw material costs have jumped by nearly 
H per cent in the last three months, mainly as a 
result of the recent decline in sterling. But this 
increase is likely to take several months to work 
through fully to prices in the shops. 

Output prices charged by in- uncertainty about what will 
dustry at the factory gate are happen to seasonal food prices 
still going up al a moderate rate, during the summer, 
vising by less than 2 per cent in Th = - ^ \-monai 

D^r ce S nt l m € th? l |Jl? S qiJ D mo b nth Insritule and London Business 
p.r cent in the last six months. Schoo | is that tiie i 2 . nion (h rate 

The Department of Industry 0 f retail price inflation is likely 
wholesale price indices, pub- to level out at sliglulv below the 
lished yesterday, support hopes current figure in the next month 
that the 12-month rate of retail or two and then rise to about 10 
price inflation— 1 7.9 per cent in pe r cent by the end of 1978. Tins 
the year to mid-April— should re Hects the recent fall in the 
remain in single figures until at exchange rale and acceleration in 
least late aiHumn. The May ]abour in lht , last i 2 

index will be published on 



„ Manufacturing ' , 
P -Wholesale Prices 1 


Dcpi nt (otfusirp 

' [] RJV. Malonnls 
^ i ~*aMiinufdClu>ers' 


j AV'iVm 5 V rt'o j VftS'V- 




The official view is that a 
. But. there is not yet sufficient single-figure, 12-month rate will 
evidence either to confirm or to continue until early next year at 
refute the claim by Mr. Roy least and what happens then will 
Hattersley, Prices Secretary, that depend on wage increases after 
the 12-month rate will remain the end of phase three next 
aj or about the present rale for month. 

the rest of this year. While political discussion con- 

• In a speech on Sunday he ccntrates on the 12-month rate, 
said this was a fact not a pre- the better underlying guide is 
diction and he stuck to this provided by the six-month rate, 
view yesterday during lively the latest wholesale price figures 
exchanges al question time in suggest that this trend may start 
the Commons. climbing within a few months as 

Some economists outside the favourable effects of last 
Whitehall questioned the degree 
of assurance claimed by Mr. 

Hattersley in view of the usual 


Output Raw 

(home sales) Materials 

Parliament Page 13 
Continued on Back Page 

1977 lit 












197R lit 










28 0.6 




337 S* 





- Source: Department of Industry 

Retail spending up— and 
credit sales increai 


; BA man iai fed 

iamus Twomey, reputed forme* 
7 sad of the Provisional IRA, was, 
; .tied for five years in Dublin for 

reaping from the city's’MQuntjJby 
; rison by helicopter in JL973.v'Noj: 
‘ *nlty please were entered 'on, 
: womey's behalf after he fefused 
.-.' recognise the court,' .- •••• " • 

General Motors 
to expand 

toccer baniV . : 

tilipt' Johnston, Scottish: AYorld 

layer who took a barred 
ug, has been banned .from- 
ternationals for one year by 
jFA, - the world ruling • body. 
Tie Scottish FA has already 
i: tinned Johnston from inter- 
VitionaJs for. life.. for the .same 
fence. ’• 


[leis moco protest 

? : V 

iunsel for the .Spanish owners 
‘ the Amoco Cadiz tanker, 
■ecked off tBrittany, claimed 
“ . . • -e Liberian board of inquiry ^n 
inddn was “unfair" because the 
wers had’ not been invited, not 
id the -inquiry was tikely to be 
- - - -itical and. had only just 
ceived transcripts of the early 
rt of the hearing. «ee. 8 ?; 


riefly v - V 

ie ; Government .' suff erieid . 
other defeat bn ‘-Scottish: 
volution in the Lords when. bjr-. 
majority of 28 (74-48). peers 
proved a' Conservative amend- 
»nt ^stopping the proposed 

^biggest -automotive manufacturer 
in North America, pUms a new 

: I15m.seal belt unit at Dundonald, 
nea^' Belfast, and am £1 1-£17m 
jlaht for .automatic gearbosr 
rptarders^— possibly in the U.K. 
Back Page -> 

vb. UTTLEWOODS, Britain’s 
largest privately-owned retailer, 
announced a £20m expansion 
programme for next year, which 
will . result in L6G0 new jobs. 
Page 10;' 

• NALGO president has accused 
the Government of “ gross inter- 
ference '' in 'current wage talks 
for local government officers on 
the . eve of its annual Brighton 
conference. Page 14 

• PLAN vto revitalise London 
docklands with the creation of a 
300-acre -free tirade zone for 
manufacturing exports will be 
studied by ' the GLC on 
Wednesday. Page .6 

• LICENSING uf profession?] 
engineers ..Should, become statu- 
tory' - but remain the responsi- 
bility, cif: the 1 Council of Engineer- 
ing , IhstitutiDns, ; Ibe CEI has 
urged. Page 10 . . 

itrttidiAss«n.biy making grants 
“ — -aUe-T^ • - 

** buy works for art galleries. 

- i attendant who was, mauled 

• ’= : a tiger atLongileat safari park 

• -s said to be “ coriifortable in 

boy, only a few hours old, 

-;*s in. hospital after-being found 

field near Chesterfield, 

.. - rbyshire, /. , ■„ ; 

,n who raped a 10-year-ola gxri 
ly hours after being released 
nn prison' was jailed for eight 
jxs by Exeter. Crown Court - 
cktand blaze in Liverpool took 
o hours 10 control and baldly 
iriaged .* number of ware : 


profit for the year ended March 
■31 was £6-61m. compared with 

. £7.5Sm Ibe previous year. Page 

•53,. ." 

• ASSOCIATED British Foods 
"pre-tax profit-- dropped 3.4 per 
cent to £77.63m in the year to 
.April 1-P-age 33;- 
•-VAtbB COJiPAfrV. beating 
end cooking appliance maker, 
with turnover up from £30-w™ 
to £375Sm. saw taxable profit rise 
frem £1.07m to £l.fi5m in the year 
to March 31.- 

• CREUSOT-LOntE. the heavy 
engineering arm ..of Empmn 
Schneider, has .announced a net 
consolidated group lose _et 
■FFr 222m- (£26.5 m) last year, a 
tenfold increase on the previous 
year's shortfall. Page 37 

SPENDING IN -the -shops acceler- 
ated.hist .month, confirming that 
the long-awaited consumer spend- 
ing boom- was at last under way; 

. The'.fetitx of the volume of 
sales for-'May rose to 109 from 
106.7 in April (1970= 100. season- 
ally. adjusted), according to pro- 
visional estimates by the Depart- 
ment of Trade. 

The 2 per cent jump in spend- 
ing underlines the official can-, 
ceru over the increase in bank 
lending to consumers demon- 
strated by bank statistics. 

.- These showed that lending to 
the personal sector increased by 
£215ra— well ahead of the normal 

This suggests that consumers 
are not only spending the extra 
disposable income they have 
received -rince the beginning of 
the 1 year but are also increasing 
their hire-purchase and credit 

;Such an interpretation is sup- 
ported by the trends already in 
evidence in' 'April, which showed 
strong rises in sales of durable 

IjQOds— usually a reliable indica- 
tditbf consumer confidence — and 
sales on credit 

The strength of consumer 
spending is one of the factors 
that underlies last week's credit 
control package. 

Mr. Healey said on Thursday: 
“There's some evidence't&al the 
banks have been lending too 
much, not to manufacturers but 
to service industries and indivi- 
duals, and 1 think, that could 
bave been damaging * to the 
money supply." 

The clearing banks have ail 
said that the effect of the newly- 
imposed " corset ” controls would 
be . likely to be felt In the 
personal “sector— as well ; as in 
services and property. - 

The new controls could -have 
the effect of dampening the boom 
prematurely, and retailers, are 
now more cautious over -fore- 
casts that the volume of sales 
in 197S will be 5 per cent higher 
than in 3077. 

They are concerned that last 
week’s package could have' under- 
mined confidence, as well as 
adding to the number of unem- 
ployed and increasing the 
resources devoted to mortgage 
repayments at the expense of 
retail spending. 


.1971 = 100 

adjusted ) 

4 >ercenti|e 
with a rear 
earlier (not 

7977 1st 





+ 13 



‘ +15 




1978 1st 

106 3 

+ 13 

1978 Feb. 











+ 15* 

* provisional estimate . 

iDDna*: Department of Tiodt 

However, the Treasury said 
that the Opposition Finance Bill 
amendments were likely to put 
large amounts of extra cash into 
autumn pay packets, and this 
(actor could sustain consumer 

Post Office given back £9m 


FOUR MAJOR British companies 
*sire i - to repay £9m to the Post 
Office- to compensate for prices 
charged between 1963 and 1974, 
when they were operating un- 
registered and secret agreements 
to-' set minimum levels for 

-\The rebate, described by the 
Office of Fair Trading last night 
* “salutary warning" to 
others, was agreed following an 
■ftfrestigation of the companies' 
financial records by the Post 
Office .with the assistance of 
Coolers and Lybrand, the 

:4E1nal negotiations were con- 
fected .between Sir William 
B^rloWj chairman of the Post 
raise/ ; and the chairmen and 
o§fc|f executives of the four com- 
pah ieb--JRlCC, Pirelli General, 
Standard " Telephones and Cables 
^ Telephone Cables. All four 


‘rices in peace unless otherwise 


as ISipc *97 ...£1091 
right L \ 

Wilson ... loll- 
ed Retailers ...•■••3* 

keley Hambro' ...109xd 
ined Eng: Stores 97 

ft :... «.-» 

.^thenn 180 

-ward Technology 133 
iter Bros. ... 


trmess Peat 
Wker Siddeley 
rob • Ufa cor ... 

^ Equipment, , . 
d'Bitiii:. -133rd 







.+ i ■ . 

+ 7 
+ 4 • 
+‘ 10 . 
+ •8 
+-.4 ' 
+ 3: 
+■ 6 " 
+. 7 
+ .5-. 
-»■ 6 ' 
+ 9 
+ 4 
+ . 12 ' 
.+ 7- 
-+ + 
+ : 4‘ . 

.-+ 6 . 


Sears HWgs. .. J 5 

Tate and Lyle.^-.- T ^ 

Trust Houses forte... -19 J 
Turner and Newail — t | 

Ulster TV. A » J 

Union- Discount 

Anglo Utd- Devs, W* J f 

Charter Cons.- WSxfl ^ 

Conzlhc Riotinto 23S • | 
Marievale — I l 

.MIM HldgS. 216 J Jj 

North.. Broken HiU ...Ml + “ 

Pancontinemal ■“4* j » 

Sabina : + a • 

Western Mining.-.—-, ■ 


. Ocean .Wilsons ........ • S» 

■f pric*, at. suspension.. 

companies are suppliers of tele- 
phone cables to the corporation. 

During the 11 years between 
1963 and 1974. the Post Office 
spent around £450m with the four 

No details of the amount to 
be paid 'by each company were 
given yesterday, but it is under- 
stood that BICC accounts for 
£3.5m and Telephone Cables 
around £3m. The remaining 
£2.5m is divided between Pirelli 
General and Standard Tele- 

Standard Telephones is a sub- 
sidiary of ITT, the U.S. company, 
and Telephone Cables’ majority 
shareholder is GEC. Pirelli 
General is jointly owned by Dun- 
lop and Pirelli, 

The companies refused to com- 
ment in detail on the affair, • 

BICC said: " Full provision for 
tbe settlement will be made in 

BICC 1P7S group accounts and 
it is considered that it will not 
have material effect on the total 
opera ung profit for the year." 

Tbe pricing cartel between the 
cable companies came to light 
in December, 1974, during an 
Investigation by the. Monopolies 
Commission into, the supply of 
cables to the Post Office. 

The investigation showed that 
three separate agreements 
existed between a number of 
companies,, and that none of 
them were registered, as they 
were required to be. under the 
1956 Restrictive Trade Practices 

The Post Office was unaware 
of the cartel because of tbe 
steep rises in the price of copper 
—which forms around 70 per 
cen t nf cables' . value— through- 
out tbe 1960s. 


.CBivpean news 2^3 

American news 6 

Overseas hews ' 4 

World trade news — 

Home news— general ... i-md 

. —labour 14 

—Parliament ... 13 

Technical page 14 

Management page 13 

Arts page 17 

Leader page 18 

UJv. Companies 32-35 

Mining •- 34 

Inti Companies 3W8 

Euromarkets 29 

Money and Exchange, 39 

World markets 40 

Fanning? raw materials — 41 

UK. stock market 42 


Tyre . industry on tfc* 
Import-export to and about 18 

Society To-day: 

' Experiment in parent 
' power 31 

Film and Video: 

Producers who refuse to 

play safe IS 

Romania’s Independent line 

affirmed — 2 

The South African motor 
car industry •• 4 

French company’s success 

against the odds 15 


Drug houses lose their 

priority 3g 


France KL30 

App ointment! ....... . 

.' AjipafntnuHits Mvti- 

- Business Oppts 

. 'Crossword • 

’’ .Entertainment Cu Wo 

r.' PT-Aonario HuMco* 

;A<ftter«- ; = v 





■ u 
» . 



Men. and Matters — 

Racine ' 


Share Information . 
To-day's Events 






TV Mil Radio .. ...... 

Unit Trusts 


World Value ef £ ... 
ExChe4. smk Use 





CArteis Caps) - 51 

6 IS. 

PMtor Brettan .. 

C. S. He ath 

Hn*sa .._ 

1W lumhntm . 
Prttp. ap4 Umar. 
BMa UMii'ia 

For lotrst Share Index ’phone fiI-246 802* 


Hope of early 


rF.T.Goveifnmcnt ' 
L Securities Index . 

I II 1 11978 




pact fades 


BASLE. June 12. 

tap stock 


THE BANK Of England took 
advantage of strong demand 
for gilt-edged stock yesterday 
lo announce another issue of 
£900m of stock to fund the 
Government’s borrowing re* 
quire men ts. 

This move means that a total 
or £1.8bn of new Government 
stock will be made available 
for public investment in two 
issues this week. 

Tbe issues are intended to 
capitalise on the sharp 
improvement in the mood of 
the gilt-edged market which 
has followed last week’s credit 
control and budgetary 
measures. With payments 
spread over the next three 
hanking months, the new 
stocks should make an 
Important contribution to 
keeping money supply under 

Strong buying of gilt-edged 
securities exhausted supplies 
of the previous short-dated tap 
stock, of which £800 m was 
issued in mid-May, early yes- 
terday morning. The new 
stock, which is technically at 
the short end of the medium- 
term range, is designed as a 
replacement for thaL 

The market remained 
buoyant yesterday. While 
news of the issue brought a 
setback in late dealings, prices 
still ended with gains of op to 
a full point. The Financial 
Times Government securities 
index rose QJtf to 70.70. • ' 

The new stock is £9O0m of 
ten per cent Exchequer 1983, 
of which £800m Is available to 
the public with the rest ear- 
marked for public sector 

It is being sold at a price 
of £95 per cent, with £15 
payahle on application, £30 on 
July 7 and the rest on July 28. 
At the issue price It gives a 
flat yield of 10.53 per cent and 
a return of 11.26 per cent to 

Lex Back Page 

f in New York 

June * 


spot j si.e38«s» si.-t-wJtao 

1 inonlb . 0.75-0.53 ili, O.TO-'XfO -li* 

5 mnptbs - I.fiS-l.SQrtW l .3M.#5rii» 

12tnr>nLbfl ‘ S.3J6.10«ii» ' 5.50 6.SC' •)!« 

THE PROSPECT of reaching 
early agreement on plans for 
stabilisation of European cur- 
rencies looks remote following 
talks between Central Bank gov- 
ernors attending tbe annual 
meeting in Basle of the Bank for 
International Settlements. 

They appeared pessimistic 
about the chances of agreeing on 
a concerted EEC stance in tbe 
series of international meetings 
due in the month before the 
seven-nation world economic 
summit is held m Bonn, in mid 

Both the report of the BIS. 
published today, and the annual 
meeting reflect differing attitudes 
about how to deal with interna- 
tional payments problems, cur- 
rency uncertainties and difficul- 
ties in reviving world economic 


Dr. JeLie Zijlstra. president of 
the BIS and Governor of the 
Dutch Central Bank, concen- 
trated in his speech on the risk 
of emergence of increasing pro- 
tectionism because of slow 
economic growth. 

He warned that underlying 
imbalances persisted in spite of 
the recovery in the dollar in 
foreign exchange markets since 

Mr. William Miller, chairman 
of the U-S. Federal Reserve 
Board, managed to reassure his 
fellow-bankers to some degree 
about U.S. concern to defend 
the dollar and fight inflation. 

But there was no sign that the 
U.S. would respond to Dr. 
Zijlstra's call for it to borrow 
money to he able to intervene 
more forcefully in support of its 

West Germany and Japan, the 
two main surplus countries, 
continued to come under 
pressure to reactivate domestic 
demand: But the BIS report 
warns that “ neither of these two 
countries is likely to be very 

successful in strengthening 
world demand unless a number 
of other countries, take action as 

Among the so-called “ con- 
valescent countries” the UK has 
made " perhaps fhe most remark- 
able turnaround *’ in the last 
year, according to the report. 

Details have emerged from 
EEC representatives of four 
alternative schemes for currency 
harmonisation being studied at 
committee level and due to be 
put to Common Market Finance 
Ministers at their monthly meet- 
iu Luxembourg next week. 

The first involves the “ex- 
tended snake ’’ or “ boa.' under 

Details Page 35 
Heavy shift from dollars 
Back Page 

which countries outside the 
present EEC “snake” arrange- 
ment, such as sterling and the 
French franc, would not only be 
given a wider band within 
which their currencies could 
fluctuate (a 5 per cent variation 
instead of 2\ per cent), but would 
also have a less rigid obliga- 
tion to intervene. 

An alternative lo this would 
be to ask countries to maintain 
their effective exchange rates in 
relation to a basket of curren- 
cies, which would prob/riy mean 
a combination of the dollar and 
the D-mark. 

A third plan, of French 
inspiration, would involve kill- 
ing the snake and replacing it 
with a much narrower animal, 
restricting fluctuations to plus 
of minus 1 per cent with refer- 
ence to a basket of all the 
European currencies. 

The fourth scheme being con- 
sidered is the plan for a Euro- 
pean special drawing right 
facility on the lines of the IMF 

Teimeco bid agreed 


THE BOARD of Albright and 
Wilson has agreed to an in- 
creased, offer of 195p a .share for 
the takeover of the company by 
Tenneco. 19th. largest industrial 
group in the U.S. 

Albright’s shares were sus- 
pended yesterday at 15”p pend- 
ing the announcement. 

Tenneco made its firet move 
last month for the 60J per cent 
of Albright which it does not 
own. Tbe offer of 165p per 
ordinary share valued the com- 
pany at 10J9 times earnings in 
1977. It placed a value of £ 97.2m 
on the outstanding ordinary 

The bid was turned down by 
the Albright Board and its 
adviser Hill Samuel, which 

called it inadequate, said it fell 
substantially short of the level at 
which an offer could be recom- 
mended to stockholders. 

Tenneco's revised bid values 
the ordinary stock at about 

Hill Samuel said last night 
that the bid would be recom- 
mended by all parties. It was 
felt to be fair and reasonable. 

Tenneco repeated, that it in- 
tends that Albright and Wilson, 
tbe K's second largest chemicals 
company, should remain a separ- 
ate and autonomous operation. 
The present management team 
would continue to run the com- 

Lex Back Page 



Monday, ^ 

3 hours 50 minutes. Or New York in % hours. 
Or Bahrain in 4 hours. 

Concorde takes you to 
the heart of things - at twice 
the speed of sound. 




Schmidt’s currency 

zone backed by 
Austrians and Swiss 


CHANCELLOR Helmut Schmidt 
has received encouragement 
from Switzerland and Austria for 
his idea of a wider zone of cur- 
rency stability in Europe, accord- 
ing to Government sources here 

As a resuit it is felt that Herr 
Schmidt will be able to enter the 
European Council meeting and 
the western economic summit 
conference, both in _ West 
Germany next month, with his 
position further strengthened. 

Support for the currency idea 
came at a meeting in Salzburg 
this weekend between Herr Hans 
Matthoefer the West German 
Finance Minister, and his 
Austrian and Swiss counterparts. 

The Anstrians are already 
closely linked to the European 
currency snake, although not 
members of it formally. The 
Swiss say they are ready to 
co-operate in a widened currency 
zone, while stressing the import- 
ance of economic discipline if 
such a zone is to be maintained. 

Neither Switzerland nor 
Austria will he taking part in 
the European Council since 
neither is a member of the 
European Community, nor will 

BONN, June 12. 

they be represented at tbe 
economic su mml t- 
Herr Schmidt now appears to 
have gained widespread support 
for at least the broad lines of 
his currency ideas, outlined to 
the European Council session in 
Copenhasen In April. 

His plan is not to water down 
the existing discipline of the 
snake, but to draw other Euro- 
pean currencies closer to It. 
part of the West German 
reserves would be used for inter- 
vention if the scheme were 
agreed. _ _ 

Herr Schmidt believes he has 
atreadv won the support of 
President Carter, as well as that 
of most European Community 
Countries. The British still 
apear to have reservations 
although Bonn thinks it has 
noticed a somewhat wanner 
Bntisb artitnde to the idea in 
recent weeks. 

Italv is understood to feel It 
will have to remain- outside a 
more disciplined currency 
arangement for tbe present. This 
is likely to be a key topic in dis- 
cussions in Hamburg on Satur- 
day between Herr Schmidt and 
Sr.’ Giulio Andreotti, tbe Italian 
Prime Minister. 

German employers and 
unions reopen dialogue 

OAMV fun 

WEST GERMANY’S trade union 
movement and employers' federa- 
tion have beeun a cautious 
attempt to ease the misrrust 
between them that has placed a 
severe strain on this country s 
unofficial social contract for 
more thJ»n a year. 

H**rr H“!o*-0«kar Vetter, presi- 
dent of the Deutsche Gewerk- 
■ rhaft'hiind friGB). the counter- 
part tn the British TUC. met Herr 
nun E*=er of the Bundesvereini- 
-ijnr dtr Deutschen Arbeitgeber- 
verhaende (BDA1. in Duessel- 
dorf today. Tt was the first time 
the two men had met since Herr 
E. ; ser the murdered 

HarnMIartin Schleyer 
several months ago. 

Relation* between the two 
sidec of in-iurtry have been poor 
/>■?<■ r since the employers brought 
a lawfyi: in the Federal Consti- 
tutional Court a year ago against 
the hard-fought workers' co- 
determination iMitbestimmung* 
Vt which comes into full force 
on .1 it 1 v 1. Herr Esser announced 
before today’s meeting that there 
my Id be no question of with- 
drawing the suit, in which the 

BONN. June 12. 

BDA is challenging the Act on 
the grounds that it interferes 
with the ultimate right of share- 
holders to dispose of their own 

Herr Vetter, in turn, said that 
there could be no question of 
the DGB’s return to the con- 
certed action conference with 
the cm pi overs and the Govern- 
ment unless the suit were 
dropped. It is also unlikely that 
the BDA will do so before the 
Constitutional Court has given 
Its ruling, which Is expected in 
the autumn. 

A statement at the end of 
today’s meeting committed the 
two "sides to seek jointly accept- 
able ways of tackling the un- 
employment problem and com- 
mitted’ them to continue their 

While this may be ley than 
Count Otto Lambsdorff. the 
Economics Minister, would like 
after his repeated appeals to 
•both sides to rejoin the concerted 
action group, it was hailed today 
as a first step towards the better 
relationship that has prevailed 
for most of the post-war period. 

Poll backs 

By Paul Betts 

ROME, June 12. 

ITALY’S MAIN political forces 
from the ruling Christian 
Democrats to the Communists, 
appeared tonight to have beat- 
en back an attempt to water 
down existing law and order 
provisions and remove size- 
able slate subsidies to politi- 
cal parties. . , , 

The challenge in the form or 
two popular referenda-™- 
lag for which ended at - pm 
this afternoon — was initiated 
by the small left-wing Radical 
Party, which campaigned for 
the repeal of both the exist- 
ing law and order legislation 
(the so-called Legge Real*) 
and of the public financing of 
political parties. 

The actual issues were not 
considered to be serious by 
the main political forces, but 
the essentially unified if low- 
key campaign demonstrated 
yet again that the present 
unique governing all tonce, in- 
volving mainly the Christian 
Democrats, the Communists 
and the Socialists, appears to 
have held substantially so far. 

However, although the prin- 
cipal parties supporting the 
minority Christian Democrat 
government represent, on the 
basis or the last general elec- 
tion, about 90 per cent oftbe 

electorate, and these part*** 
campaigned in unison, it IS 
already evident that many of 
their supporters went against 
party recommendations to vote 
against the repeal of the public 
financing of political P a ^ te ^- 
Final results will not be 
lmown until tomorrow morn- 
ing. but provisional results ^in- 
dicated that the Radical Party 
proposals would be defeated. 

n releases 

i Portugal loan 



■Sr , S ErvSftS 

fnr cevpn vears stocks. always regarded^ he^e occupied -or expro- 

__ under the ettlse of 

witt, the Portuguese 'Lest veer, for «* ^cel ^d reform. 

to" Portugal arranged in Paris "SJfitieT'tor Tmetom'tem B.S" ‘of'pStutf -as Eo “ Ln^em A.’SSd'llta 

SeWmberThemetumr.of “J, WSL Neither sell 45.2 tons ofJoldmK^ foreign^ ^ ^ ^ 

vwteral lead managers, nor terms, are ment xJ.S. and who are prepared to make 

a positive contribution towards 
luluaauu “ ‘ ” _ _ -reviving agriculture ' in this 

The Association of Foreign - *■ 

is guaranteed' by the 'Federal lead, mangers, .or terms, are "^eedThy 

Government— is ten years but >et known. Stabilisation Fund, 

the interest rate, which is fixed. Jimmy Burns adds from . . 

Lisbon: The latest package of 

is undisclosed. 

Other Western countries, such 
as Switzerland and tne United 
Kingdom, but also Venezuela, 
have already made their contri- 
butions available to Portugal. 

In addition to 

ssociation of Foreign but they have to first 

loans from m'tarnatfona, hanhs Farmers S “ 0 a ^ n d ^ 4 te conrinced 

loans trom international rar ~ --”1 — — — .. 

being negotiated by the Porto- pressure group oot 3 coantT7 of robb€rSl 

guese Government is expected to foreign fanners w£°se land_^ ;Edlmaim said, 
help finance Portugal's balance seized at the ;°j h t on the .:in April a personal -letter was 
of payments deficit of S1.5bn. It mumsrtacked onslaught in April a Minister, Sr. 

will also help restructure the Alentejo region in southern sent to tne — „ 

in aaamon to tbif package cifr- iiTfwS, hS uSed toe M^o°Soares. ™ letter^ 

and the STOm the International t ^. g^^mated at S2.4bn (total Government to clarify once and answered with i Minister’s office 

srssi wu gs&> — — * at s- *- ^ on ’"‘r 

A first medium-term loan International Monetary la J Lisbon. Mrs. Carol Edlmann, told. Since the the need tor British suppliers 

amounting to $I50m is currently Anally s {g ed p ^ V guese govern- the Financial Times that despite Socialists! Januaro ^uipment; to^taip 

being arranged: joint lead man- weex, tne_ rwius ^ mrer the nasr week prats took office January, 3rW fair *» -<hnnnrh,teT^r 

agers will be Westdeutsche ment 

. # 

Norwegian 11 ,y 

rto ift*' 

' °*V‘ l 

companies ^ 

By Kevin Done 

OIL COMPANIES prepared ‘ 
take an active role tn the indus - 
trial development of Nqrway wi 
receive favourable treatment ; ' 
negotiations over tbe - faun 
round of offshore exploraiic 
licences, Mr- Bjartmar Gjerd 
the. Norwegian, Oil ahtL.Enen 
Minister said in London yeste 
day.. . 

JBr. GjeWe to-day meris ft ; 

Anthony Wedgwood Berm, y 
r HK Energy Secretary- Ito-tl . 
latest in a series of 'six-month 

at the Prime Meters 555 — ^SuoSmfSi^ 

who simply ,, S3 ^ d ^~ a ^ Inparatlftn fa. development, 
hud been referred to the ^“ a >d IpiKSfc 

pledges to 

iSUS and. Commerzbank balance of payments deficit to tiiat the 
A string of French. Swiss and Slhn by Apnl 1979. s,Qer ‘ 3 

Government was _ 

issuing instructions British ambassador ® j continent^ "shell The Jwo^d 

British” banka "is expec t~e d 10 par- Borrowing from the Euro- regulating ^ Indemnity W, Lord M°^^^ now had several meettn 

tees crats idur fair " -Opportunity 1 

con- several spokesmen, inclajng we j Wfl . ^ ithe Norwegii 

ions British ambassador to Portal eantinentol shelf. The fwa-iriA 



. ectea xo p»»- tn p_ase ores- foreign farmers here’ have approaches to the authorities on 

in the management wmSSil prevent the receif?d no assurances from the the subject. 

French move on 
EEC shipping 

By Margaret van Hattem 
block EEC attempts to estab- 
lish a system to monitor ship- 
ping movements and the 
undercutting of freight rates 
in EEC ports. 

Britain, supported by West 
Germany, the Netherlands and 
Denmark, argued at the EEC 
Council of Transport Ministers 
meeting here for immediate 
action to counter the growing 
threat of Soviet dominance in 
world shipping. Mr. Stanley 
Clinton Davis, the UK Under- 
secretary of State for Trade, 
said failure to act now would 
merely substantiate Soviet 
suggestions that the EEC was 



THE TURKISH Cypriots find 
themselves in a paradoxical and 
uncomfortable situation: they are 
receiving too little of the kinds 
of money they need, too much of 
those they do not. 

They would tike sufficient 
foreigD currency to pay for their 
imports, at -least, and some sub- 
sLantia'l foreign aid as well. What 
they are geting. however, is 
largely Turkish lire in grants-in- 
aid from the mainland and money 
spent by Turkish ** shopping 
tourists" who come over to load 
up with imported goods that are 
restricted in Turkey itself. 

Together with the expenditure 
from a garrison of about 1S.OOO 
Turkish troops (among 2 total 
estimated population of 12P.000) 


have now Tiad several meettu 
on : t&s topic but with, litt 
result to dale. ^ 

. Other 1 major topics on 'tj ' 
agenda for the two energy min; 
ters will : be: co-operation it. 
contingency planning fop erne 
gendej and' general: safety-^ 

[the North Sea, 'progress j 
treaties to decide the nnitisatli ,tf‘K 
of tbe Statfjord. and Murchisi^l !ul^ 
Fields (which • straddhf ^ u 
median lipe between the UK fti 
Norwegian sectors),' and possfir" 
joint action to ' build a g -■ 

_ gathering pipeline system. 
on the The two sides a^e thought; . 
visiwia «»— -r'rrri™ . agree In principle on - wfi 
1875 they got about 68,000 main- ^ Nortb oporat g 

. land tourists, In 197& about companies should make tn m -■ 

: 03,000 and in 1977 more than pare for North Sea: emergence 
150,000. , ■ Both governments: have. - bej 

To attract foreign investment deeply' influenced by the-Ekt^ . 
in this sector they- have opened s nfQ blowrbut last year K 
a couple of casinos m Famagusta The Norwegian Parnimaiti: - 
and on in Kyrenia and are nego- debate a report on tbu-aci- 
" tiating with Insure industry dent later this year- It has bet 
groups in the U.S. to. take -a folding up any progress ou T :e 
.share. From the point of .view pioration north of the 
• of potential investo rs in tne paraUeL j 1 /' 

unstable eastern - Medit erranean, Tjj e Norwegian Government' 
the gambling industry- has the ahadouft to speed up the develo 
o lliu Niffnn thaf Ollft d 6 Sft not DCCfl mont nl /ill" dhj? itob rCSOUltf 


K > 

\ 3 

. tourist-handling skills 
visitors from the mainland. 

me ^aiuuxmK aflxious 10 sptrctz up uj 

attraction that one does not need 0 £ 0 ]]- arid gas 

- to invest in fixed property-— because of the flagging . _ 
just managerial know-how and Mr.. Gjerde said yesterdj 
op^retinnal A 11 *™-®- that the earliest drilling con 

" • The Turkish Cynnots are a«o ^ ow would be 1980. 

-; - working on a paAffiie of incen- -Fifteen, blocks are belt 
L ___ are n0 longer in fear of tives for foreign Investors in offered iti the fourth round m 

1977, but nearly hatiofit came ^industry, offering depredation at Ieast h 

from Turkey— in Turkish u - allowances and import conces- allocated t 

the inflow is currently causing in- 
flation of 25 to 30 per cent. 1977, but nearly half of it came fndSstry, offering depredation feast lialfofthesewnldl 

The 1978 budget is expected from Turkey— m Turlushnre SafiSuSout Sii like pay.’ • allowances and tmportconc^- allocated by the end 6f the yei 
to be (UB.)888Bm with a deficit Tourism brought in an estimated quarrel aoout ^ ^ u ^ p0S81 briity of ^ Mr . Gjerde. The object i 

of about $17m. The Goreroment S8m— again nearly all in Turkish The new ■ government .■£?£:. operating from a free -entrepot m* round is to speed up tt 
of the Turkish sector is planning lire, and muc hof it appued to a few weeks ago. would, liko to ^ de zone in F anW gnsta. " exploitation of oil and ® 

to take a series of austerity importing consumer goods. create a price sand wageB poucyi Tourism and foreign »id baVe reserves, to discover more aboi 

measures in order to increase T jj e Minister of Industry and but with inflation as always been the ' invisible the poffential of blocks in tt 

State revenues and ease the p^lic ' Enterprises, Mr. Tansel well-organised tirade UD . 1Q n ?, baiaricers of the - island's area of "the Statfjord Field (ti 

severe strains on the budget. The Filu .j — a former economics tinue to demand wage increases. ^ with exports running biggest find in the North Sea 

. - - - *»* hi * r hAd - — * * improve employment i 

engineering Industry. 

_ . _ . „■ divided. I. Mr. Gjerde said Norway ws 

■to rise. . turn it creates for commerce. The inflation, ' Both of-ttiese majOr lnVisible loofei^g for oil companies “Vit 

The main expor earner, agn- He ^ conso i es himself that it both cost-push and wag^ftlV I . * — 

culture. bro ught*T fe g:^ ; ' n ”■ — u *-- -* K “ fnw ’ tho 

, . — - - — r- huir^rerafcaiga oremaiaed on the interesting investment project 

is less than the Turkish main- and before the new^)v?maVv^ side, par.tkml.arly: foreign to : . offer.". We would prefer 

land rate, • though depressing can get near applying any ^ pri^e. Mmistej of the, company t&at wbuld be active 1 

compared with the 7 per cent of wages prices P^icy-n 6cCti0lli Mr. Osman Orek the* industrial field. That wou! 

rate on the Greek side of the hM to try and overcome jtoetaCK “political inatahUity is the he a credit in the negotiation, 

island, which is enjoying a 5 per of basic machinery for control ^ atest genomic asset of the Any' progress on a joint ga 
cent growth rate. line money sup ply- Greek Cvoriots. .While -Hhere is gathering pipeline between thi 

Peking over the military line Pending the arrival of Western ^e worid UK. and Norway will depend oi 

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uuiucm [imujui — - 1 * 7 . . . 

Turkish sector of Cyprus. Keep- opportunities to: 
ing up with the Papadopouloses.^ 
one might call it. The latest; 

Turkish Cypriot assessment of 
their own economy states 
bluntly: "The economic rift I 
between the two regions is 
widening." This, it says, means 
that the potential for integration ; 
between the two communities is 
being reduced. 

The Turks point enviously to 
the foreign aid and credits, 
which now all go to the inter- 
nationally - recognised official 
Government of the island — -the 
Greek one. They say the Greeks 
have had S600m of foreign aid in 
the past three years, which works 
out at about S12.000 a head. On 
top of this, all United Nations 
technical aid is available only to 
the recognised Government. 

, Tbe Turkish Cypriots must 
shift for themselves in . trying to 
cope, for example, with their 
problem of excess money supply 
without benefit of a central 
'bank. UN monetary experts are 
-available to advise the Greeks. 

By way of foreign aid the 
Turkish Cypriots receive a grant 
in-aid from Turkey worth about 
S 12.5m a year, which is similar 
to wbat the Turkish community 
used to receive during the years 
when it lived in segregated 
enclaves in an island that was 
in practice controlled by Greeks, 
though theoretically by the two 
communities. In its enclaves, the 
Turkish Cypriot community 
lived, says Mr. Flkri. ”as a con- 
sumer society," for a period of 
some 11 years, which did nothing 
„ enhance its entrepreneurial 
| and other skills. 

Now that they have to apply 
i the same $ 12 ra to their develop- 
ment projects, the Turkish 
Cypriots find themselves very 
short of qualified managers to 
use what little money they have 
Their unemployment is estimated 
at about 7 per cent, but it is 
mainly structural. They are short 
of people to handle their tourist 
industry, such as it is. even 
though at this stage the tourists 
are almost entirely mainland 
Turks. The international airlines 
may not fly into the Turkish 
Cvoriot airport at Ercan, near 
Nicosia, because of the 
| unresolved political dispute. 

f’Ttaey stole our airport," say the 
Greeks. “We built our own," say 
! the Turks.) 

They would like to shift man- 
. power from an overpopulated 
| civil service to the money.earning 
part of the economy. They have 
to import seasonal migrant 
■ labour from mainland Turkey to 
harvest the citrus and other 
! crops. 

The high rate of Inflation gets 
ahead of wage increases, and 
i there are freqoent strikes. 

1 When we were fighting together 
we paid all civil servants £30 a 
month and nobody complained 

| about their pay " says Mr. Fikri 
ruefully. “But now of course 

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^ Norway over 
11= Volvo agreement 

1 ^ 7 f * -WjiXiah duusorce Stockholm, ju oe 12. 

and federation of industries. A 
2;o,-SiSS I yirt,SS le Li *?ave ^?eu leading article in. the latest issue 
*l;r -.*“ 2 ^ ..^Wr ""tte- last two of its magazine: states: “There 

***d .^!i.W&CKS/ 'SuOUt thft ' AOTMTYlATlf 1 ' flftAmr V#. k A 

mj Ceausescu visit affirms Romania’s independent line 

■ P *5]rrr- » . . . . “J «iVpv*IhM LU aw.oc UU UK* 

~ ^'^^.,'^ownmtent /cannot be . 

•' ■ s waoutg'. ' parliamentary The development- possibilities 

’■ - ■- 3:>, iaTVOmval fnr. Hu -%r .• . . 

-w -- '■ leaaer oss yet “i-'rumaojc 

^Btatea that hie party would Vote ondertaking. . Was Norway “the 
<p r t. yr-r. ] against ,ffre Volvo agreement bpt.^ 3 ® 51 'suitable. P^ci for the 

aueguncy or - me mionnatioii - SO iwwus.wuu?' 

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*“-• i-A *:?-*:■ lffJ-. assumptions, had clarified 

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.-:. ^..v^v'hae come from the Norwegian meet. ■• 

' .'l . ■»• j >. • . ‘ 

; Malta attacks Dahrendorf 

THE Romanian President, 
Nlroiae Ceausescu. flics to 
London today on the first 
state Visit to Britain by a head 
uf state from a Warsaw Pact 
country. He will be the guest of 
the Queen 'and will hold talks' 
tomorrow wilh Mr. .tames 
Callaghan, the Prime Minister, 
which are expected to span 
Middle Bast. African and East* 
Wesl affairs, as well as Anglo- 
Romahian relations. 

The four-day visit is part of 
Romania’s drive to demonstrate 
jthat its foreign policy is quite 
independent from the rest of 
the Warsaw Pact. President 
Ceausescu has in the past two 
months visited both the U-S. and 
China and has won a reputation 
as a go-between in conflicts in 
the Middle East and the Far East 
** Ceausescu," said one Western 
diplomat in Bucharest, “is on a 
tightrope aiid he needs the We$i 
to give him a safety net.” 

A, principal weave in this 
safety net is the strengthening 
of trade with countries ouisidc 
the Cnmecon bloc, especially with 
the West and the third world 
Trade in fact will rank high 
during President Ceauswcu’s 
talks and several deals arc 
expected in he signed either 
during or shortly after iho visit 
The largest of the deals under 
negotiation is with British Aero- 
: *pace— to he visaed by the 


President on Thursday — for ih** 
construction of ft! BAC mi 
short-haul airliners. According 
lo (he terms of the preliminary 
agreement. pans uf thl- 
BAC 1-1 Is will he manufactured 
in both countries wuh a 
si niul tan onus gradual expansion 
of Rumanian I ethnical capacity 
until a full-scale production line 
can go into operation in the 
IflSOs. Although the final details 
of the Heal, wnnh smite £>ClOin 
have yet 10 be sr-islcri. Romanian 
furei&n trade .itJicUls said thev 
were opimistic ihai iho agree- 
nicois would be signed 1 his week. 
A separate deal with Rolls-Rojec 
for tin? production of aircraft 
engines is also expected to so 

The BAC 1-lt deal illustrates 
Romania's trade strategy with 
the Wesl. dictated as it is by 
the need 10 reinforce Rumanian 
economic independence. Oun- 
pensuliftij, barter and counter- 
trade deals are favoured and 
joint production schemes, pass- 
ing on expertise and stabilising 
long-term trade, are particularly 

Romania will certainly use the 
Prosideni's. visit lo urge Britain 
not only to make more use of 
economic co-opera linn projects — 
there are at present no British 
joint ventures on Romanian soil 
— but also to increase ti* 
imporis from Romania. British 
exports in Romania last year 

lntallcd i^0.4m compared with 
±' in 1S76. Romanian 
exports to Britain amrmnted only 
to £52.4m compared to £49 5 in 
in 1 076. 

The imbalance of trade is. in 
the Romanian view, tbc only 
outstanding problem in relations 
between London and Bucharest, 
which are regarded as stable and 
friendly. Fur Britain, the visit 
represents something 0 F a water- 
shed for ils links with the 
Warsaw Pact. Indeed. Anglo- 
Romanian relations often seem 
In counterpoint the ups and 
downs of relations between 
Britain and the Soviet Union. 
Under normal ei re u instances, the 
head of state of a Soviet bioc 
country would run ii<tve been 
invited to London until aFter a 
visit by tiie Russian leader. But 
aince the expulsion of over 100 
suspected Soviet spies Trom 
London in 1U72. there have only 
hcen distant prospects of a visit 
by president Leonid Brezhnev. 
Even Mr. Harold'!> visit in 
Moscow m 1973 ua-, folJoued 
shortly afterwards by a trip to 
Bucharest tn v. Inch lie assured 
President Ceausescu uf British 
support for the country's 

independent politic-. The 

gesture is still appreciated in 

In a sense, both ihe British 
and Romanian leaders will he 
looking over each other's 





President Nicolae Ceausescu 

shoulders this week. Mr. 
Callaghan will be looking for 
insights — valuable even from 
such a wayward member of the 
Warsaw Pact — into Soviet policy 
moves in the Middle East and 
Africa. Mr. Ceausescu will, in 
turn, he searching for a guide to 
future US. behaviour towards 
Bucharest. Romanian officials 
made it clear that they believe 

Mr. Callaghan has the most 
leverage of all the Western allies 
with Washington. 

Romania is concerned that its 
relationship with the U.S., once 
clearly defined under Presidents 
Nixon aod Ford, has become 
somewhat blurred under the 
Carter admmj strati on, partly 
because of criticism of 
Bucharest’s record on human 
rights. Mr. Ceausescu’s recent 
visit to Washington appears to 
have done little tn calm bis fears 
over U.S. policy. 

Mr. Ceausescu'* immense net- 
work of diplomatic contacts, pro- 
vides the West with some 
tnleresting — indeed, otherwise 
unobtainable — perceptions of 
international events. Romania, 
for instance, is the only East 
European country to maintain 
diplomatic relations with Israel 
as well as the Arab countries- Mr. 
Menjchetu Begin, Prime Minister 
of Israel, Mr. Moshe Dayan, the 
Israeli Foreign Minister and 
President Anwar Sadat of Egypt 
have visited Romania recently 
and, according to an Arab Diplo- 
mat here, “seen the problems of 
the Middle Fast in a fresher per- 
spective." ■ 

It is difficult to judge whether 
Romania's usually active inter- 
national role adds up to anything 
more than “ a fresh perspective." 
whether indeed it h3s any 
relevance outside intra-Warsaw 

Pact relations. One school of 
thought, subscribed to by many 
Western diplomats, is that Mr. 
Ceausescu is carvinc himself a 
role as honest broker in the 
vacuum between the two super- 
powers. No-one. the argument 
goes, attacks the broker provid- 
ing he is demonstrably honest. 
But the Romanians deny such 
ambitions, claiming that any 
form of mediation would !>p 
interference in the affairs of 
other countries and thus 
anathema to a slate which has 
tried to enshrine the principles 
of independence. 

Yet Romania's role in the Far 
East — President Ceausescu has 
travelled recently to Cambodia, 
Vietnam. Laos. North Korea and 
China — seem* to suggest that it 
is acting as more than a trans- 
mission bell between stales that 
are no on speaking terms. A 
Romanian Foreign Ministry offi- 
cial made clear lasr week that 
any conflici — such as tbe border 
dispute between Cambodia and 
Vietnam — which could embroil 
lhe USSR. China or ihe C r .S. was 
a matter of concern for Buch- 
arest. ■* We believe." be said. 
“ not only in territorial sover- 
eignty and integrity, but also in 
equal rights for small nations to 
act in ihe international arena, 
alongside ihe superpowers” Mr. 
Ceausescu will doubtless find a 
sjmpaihctic response lo such a 
policy from Bn lain this week. 

* ‘ * Y GOBPWEY l 'GWMA* ' 7 

~ THE KALTE^E -. 'Government 
today reacted " sharply to an 
attack, by Professor. . Ralph 
Sij^Dahrendorf - on its projected 
V"-^' Iradical refonns in tertiary educa- 
^ >jdori"due" to 'come ibto-effect later 
; ; V'^rfhis year, . ' • . - 
; ‘v-;A Professor Dahrendorf, head of 
-- " -"the London School of Economics, 
was chairman of tbe Maltese 
- C-'.' -Gommissio^ for,' Higher Educa- 
w ' ■ - iBdn' Tfor more, fhan six years 
; before resigning on June 6. 

In bis letter oi- resignation and 
?:lnT a series of newspaper tnter- 
^ views over the weekend Pro- 
• -^ifessor .Dahrendorf accused the 

VALLETTA, June 12. 

Government of “destroying the 
last remnants of equalitv in 
higher education ” with its direct 
involvement in the running of 
the universities. 

This morning Dr. Joseph 
Cassar, Maltese Deputy Premier, 
claimed Professor DahrendorFs 
criticism was “ imprudent " 
largely because this was based 
on a draft, not the final education 
Bill which the Government 
intends to present to parliament 
this evening. Dr. Cassar said the 
Draft Bill differed substantially 
from the final legislation and the 
White Paper published this 

Under the 
provisions of the 

a licence has 

■ ■; 
c' .L-X 



»en nsti® 15 

THERrrz / 


■■■■ ■'■■■■ 



Members only. 

Banks in 
debt talks 

I ANKARA. June 12. 

j TALKS ON rescheduling some 
[ S2.5hn which Turkey owes (o 
■ private foreign hanks start 
here today between (he 
I Finance Ministry ami repre- 
I seniatives of an international 
j hanking consortium. Turkey is 
understood to be seeking to 
consolidate its .short-term 
debts so that it can pay them 
back in seven years with a 
three-year grace period. 

It is also hoping to secure 
$33 l>m of fresh credit from the 
consortium, which includes 
major European and U.5. 

The organisation for 
Ecouomic Co-operation and 
Development recently agreed 
in principle to postpone 
Turkish debts to its govern- 
mental members or si.5bn 
while a number of bilateral 
agreements with creditor 
states have also been 
negotiated. ' 

A tw-o-year, S450m loan 
agreement with the inier- 
natioual' Monetary '- Fund 
i-Viuch took effect on May 1 
"was seen' here as a signal, for 
private banks to make their 
~ own ’'moves to accommodate 
Turkey !s problems. 

The Turks have also reached 
a. separate agreement in 
.principle with Citibank, one of 
i .the U.S. members of the con- 
-sortium, for a SldOm loan 
-spread over the same seven- 
year period with three years’ 
i grace, for paying off debts to 
foreign private Companies. 

| • Other members .of the con- 
sortium whose representatives 
start talks with the Finanre 
Ministry today are: Chase Man- 
hattan, Morgan Guaranty. Bar- 
clays Bank, Deutsche Bank, 
Dres finer Bank, the Swiss Bank 
.Corp. and Union Bank of 

• Chinese Foreign Minister 
' Huang Hua held talks here 
today .-with Prime Minister 
Bulcnt Eccvif and the Turkish 
Foreign Minister, Mr. Gunriiu 
Okcun, at the start of a four- 
day official visit. 

The Chinese Minister, who 
arrived here from Amsterdam 
fast night, travels to Istanbul 
;on . Wednesday and leaves 
Turkey on the following day. 

- Beuter * 

Dutch likely to buy French reconnaissance aircraft 


HOLLAND LOOKS increasingly 
likely in replace its marinp 
reconnaissance licet of tH \'cp- 
lunes wilh the French Bri-guel 
Atkin tn| nr? ms-iead of the British 
Nimrod nr lhe U.S. Ormn. This 
I follows a request hv tbe French 
jfor ihe Dutch aircraft ntanufac- 
lurer Fokker-VFW to make an 
! offer fur iho delivery of 12 F-27 
aircraft for use as trainers by the 
| French Navy. 

The French have said the order 
will definitely go through if ihe 
Dutch navy replaces its obso- 
lescent Neplunes wxb tbe 
BrOguet Atianiique, Fokker said. 

^.r. % *r *• 

The value nf :h- F-27 order will 
depend on th* detailed specifica- 


France h.i- alsu expressed 
great inlcii-; in the morainic 
version of ihe F-l 1 ? and is eon- 
.sidering ni-d-.-im-j up (n L'O ’.ehiie 
the F-2R id i< alsti a possible 
rfplacemer.i >v,.- the ageing fleet 
of Carawllo- in use v.uh Air 
France arul Air Inier. " ft :« 
clear that ;:ro>peci.. for the F-g? 
maritime and ihe F-^S orders are 
increased if replace the Xep- 
tunes with French aircraft,” 
Fokker said. 

If the order i> placed with 

* ‘- v 7 

France. Fokker would get com- 
pensation orders wonh Fll‘22m 
i ^55 m ) iu build part of the wmgs 
and engine casings of the iff 
planes for lh? Duu-h navy and 
ial.-u for llie 42 to be built (or the 
French navy. 

Fokker is hoping that the 
possible return orders and the 
compensation work which wuuld 
help employment in Holland will 
weigh more heavily than the price 
when the Dutch Cabinet con- 
siders the question later this 
week. The estimated cost of the 
AtJantioucs i* FllJIbn (j>535ni) 
while the Orion, which now 

appears the only serious alter- 
native. has heen costed at 

Fokker believes the actual 
price of ibe Atianiique would be 
lower than this, in terms of fuel 
economy the Arlantique doe» 
better than the Orion, costing 
Ffli.i’ra a year against F'lom. 
Repair costs nu-r- 6,500 (ly- 
ing hours are higher at F117.3m 
against Fill "m. 

Tbe French have also offered 
to provide four Allantiques of a 
previous version to bridge the 
gap between the phasing out of 
the Nep tunes and the delivery of 

AMSTERDAM, -lime 12. 

thp new Atl antiques. The new air- 
craft would be delivered in 
19S3-S4 hut lhe already over- 
worked Neptune fleet will be 
phased nm fir.m next year. 

The Cabinet will lonsider the 
problem of Neptune replacement 
at ns meeting uii Friday although 
u is not certain that a decision 
will be taken. 

British Aerospace. manu- 
fdviurer of the Nimrod, com- 
plained reeemly about incorrect 
and misleading details released 
by the Dutch Government about 
the aircraft's price, performance 
and delivery dales. 

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F inanc ial Times Tuesday June 13..;.197S 


Israel ready for hand-over deadline 



ISRAEL vogterdav began its f-irr- in 'b-' earlier stages battle with guards at the settle- bon of serious political discus- [ 
withdrawal from south Lebanon, of v'itadra^.- Israel has Ibis ment. . l ... - . "®” and £?! 

which it invaded io March- But rime refused to surrender to the This is the first guerrilla attack Palestine Liberation Organisa-; 

it has turned over most of its UN its positions near the Cbns- fin an Israeli target from the Uon 

positions to right wing Christian ti an villacrs Jordan valley since the raid on Commando raids against the MOTOR CAR manufacturers are 

militiamen. according to j n of complaints Beit Sheen almost four years occupied West Bank stopped ; currently enjoying a degree o. 

Western military sources in j JV riiajnr-General Emmanuel ago-.. Analysts believe the attack being launched from -Iordan public attention in South Africa 

Beirut. Israel’s main units were first ine. the UN commander, was. in retaliation- for the^lsraelj after the fightiiig between ■ which they ,,n * 

withdrawn on Sunday, and the about the 

Trying to fit a quart into 
a shrinking pint pot 


5. AFRICA. W7 

-Jn^dhrector " The growth over 
■' ^the iiext -10-20 years is going to 
he/ enormous." 

27*739; i What- has prnbablv been more j jj^ied here one week helore^the 

will boost 
oil prices 

JEDDAH. June 12. 

OIL prices should be left to be 
determined by market force* 
which are bound to push them up 
shortly. Saudi 03 Minister Ahmed 
Zaki Yaroani was quoted as say- 
ing. - 

Speaking in an interview' puh. 

UN commander, was. in retaliation for the Israeli after the fighting between Which they find slightly un- FORD 

— - - tllJUU , recent lack nf co- assault on a guerrilla sea-base an Jordanian and Palestinian forces ; comfortable. As an industry with VOLKSWAGEN 

rest are expected lo be removed operation. Israel insists that it the Lebanese coast on Friday. in 19i0 and 197L which resulted, a high degree of foreign owner- =r==nwwi«AN" 
m time to meet the deadline for never . occupied the Christian The analysts said the action of the Pales- 5hip . since only thwej>f the J2 

withdrawal today. ... ' " 

The handed-over positions 
be under the command o 
Ss&ij Haddad and the 

strip in which they are — - — . , ... 

L the last area under Israeli According to a report in the barriers Which were established between 1867 and 19<1 were -Africa. 

occupation. About 300 square g fk ; rul daily. al-Safir. a left- after the Beit Shean raid. devastating to Jordan's aims oi Currently, the reassessment is UNITED CAR (Mercedes) 

mites, it forms what the Israelis veins newspaper. Israel left Rami G. Khouri reports from making the fertile region a being undertaken from varying g=-rrtsr 

call a security belt. h«»hinri art military vehicles. Amman: The Jordanian Govern- centrepiece of the country eco- viewpoints in Government offices, 

Both hefnre the invasion and including .< number of tanks and ment and army declined com- nomic development. Boardrooms, and the anti- RAT 

after, Israel built up dose enn* ^id prsjil n ry to- boost the medt about the guerrilla attack The protracted guerrilla activity apartheid organisations in 

nations with the Christian *n- Ftr cnzth the rishl-wing on Mekhola. Reports from Israel dwindled to 5,000 after the , Europe and the U.S. — --p . 

riaves and have established militia. The vehicles were re- have assumed that the guerrillas internal fighting of 1971, but has Th t ^mediate reason : ■J"' mu’* Mr Pitt says.) i ~ 

painted and the Star of David infiltrated into the occupied grown again to nearly 80.000- The Jn ^ umeltgbt .how- OTHER (an«mbi«l) . ITS ^ th^.m^e-conscious motor ! nrASS^SSSSSJSS^^-^ 

-> «■- — " * from Jordan and Govemmenrs investment \ ever . u that the industry is ^_'7" industry 


immediately- ini port ant in .keep- -scheduled opening in Geneva trf 
in fc'thdJ4r manufacturers m the I an OPEC - price-listing conference. 
Jl*"* market- has been the 34 per cent. ! Mr. Yamani said Saudi Arabia 1 .* 
"^imported content which parent '. price, freeze policies were based 
-- *o their on the continuation of the glut in 

profits (the oil market and on its *vish 
Leyland j to protect tbo world economy, 
i. for “Saudi Arabia's demand for a 
"iVfrnr-Wsfnnle are worth some R50m freeze is not ’ only based on the 
— a year. Even if ihe subsidiary ! existence of a surplus fm the 
7429. is losing nionev. ii may mean.' world oil market) but also, on its 

.Parent . fK Tg 

imponderable element is j be very harmful to U.S 

— , ‘ : pride: national pride, company since we . invest vast amounts of 
pride, or simply the managing { money ' in Western markets." he 
39H director's pride. “ People don.t! told the Jeddah newspaper Otar 

strong infrastructure 

between the communities which removed before the equipment West . w __ 

not only bring them more was handed over to Major then returned across the Jordan gramme will make the East Bank, widely expected Voundinrgo 'some TOTAL-SALES. 

n r*i t..- > _ . n rlnukt laiWat Viar n F d kaIIac f V i P . . • ■ it. _ ■ 

end we 

more have very dear political interests 

strongly together in protection Haddad 
against possible Moslem and that 
Palestinian attacks, but would ^rns 

facilitate an Israeli return to the operation ana aeaungs wun .. We saw nothing 

area. Israel has said that it Israel. nothing.” was the remark of one people by 1983. 

remains committed, even ^*ter jhsan Hijati reports from senior official when asked about In Cairo: it has .... 

withdrawal, to the defence of the Fatah, the main guerrilla reports of the guerrillas escap- in the weekly magazine 

Christian community m south orsanisatjnn . has claimed respon- ing into Jordan. ~ " 

Lebanon. ..... 

Source: NAAMSA over, those manufacturers -who 5 
mMMRMRMmoMH«M : ;arc talking about mergers seem 

- determined to keep their own 
marker for hi? -Dtoducprs like models on the road. There are 
- a politically sensitive area may £$£d Sa M^nSdes ■ currently 37 different models on 

been reported ,h a vc some effect on the outcome. f it ^ “ f ^ 'the talk many ^ market. according to 
significant . ennin- m i? 0 r y 

The IsraeUs arc reported to fhTuVaJh^d'b'i 
ave asked the United Nations [[)« 1 j^dai' ° 


interim force in Lebanon to 
negotiate with Major Haddad muniqn^ 

sector ^ me i" under °h^ r conE Attack had retunied in base it could do to ^ agricultural Middle EasL ^ Wh»e Leyland South Africa, the great degree of rationalisation.^ ment really does want a more 

manrt. Reports from Israel Indi- «fcly. ^ hotsung the Pales- area in «W«h Slbn 1* bMjg ^V es Jf^ y b “ a * 0 su ®i * wholly-owned subsidiary of says Mr. Brian Pin, managing efficiently organised industry, it 

,,t, that W agreed to hand 'XF&StiS ? ™ British Leyland. has confirmed director of Ford in South .Africa, will have 

over its prtsKum- in me 


West takes hard line 
over Pakistan’s debts 


ISLAMABAD. June 12. 


MEMBER countries of • the want 10 see details of next years 
I iv>=rem Aid to Pakistan enn- budget due to be announced 
sortium are taking a hard line within a matter of weeks and 

warns of 

tn intervene more 

that it is holding talks on the current market leader, “f forcefully, not less. So far there 
rationalisation of production go through each of the 12 mahu- has. been little sign of serious 

that seems « wma 

lw i /M important than elsewhere. More- jin the west," Mr. Yamani added. 

Japan oil view 

THE global oil supply is likely 
to become short in the latter half 
of the 1980s following an antici- 
pated recovery of the world 
economy, the Japanese eovem- 
znent’s Natural Resources arid 
Energy Agency said in a survey 
report,- Reuter reports from 

t Currently, the non-communljt; 
nations are having an art gj u t 
reflecting a low global economic 
recovery as weD as increased ml 
supply from the North Sea, 
Alaska and Mexico. But th« 
appears, to be only a temporary 

By Michael Holman 

LUSAKA. June 12 
ZAMBIAN President 

. with three other manufacturers, facturers • one .by one. Who is strategic thinking. For example, [-phenomenon, « said 
!The front runaer for some sprt going to-move out? You come. the local content programme is 
of merger with Leyland is lo the conclusion — nobody.” .., based on weight, not otr .the 
Sigma, one of ihe few groups Several reasons are advanced Reeds of economic strategy-" most 

with a notable South African for the apparent masochism of of . the equipment still hcia R[ gone to Middle East conntrlcs ib 
stake. Anglo American Corpora- manufacturers hangins on to a. imported is high in value j watch out for Japanese Red Army 
rion. own 75 per cent.- of Sigma: loss-making market share. In technological content- But guerrillas who -might be 

and Chrysler 25 per cent Toyota. Die long term there Jp 'itifc-RtnKgic requirements coulaJ a Jjjjackv Jap^Dere'^icf 

the only car manufacturer marker potential. According greaier Lnvernment ralro-i yesterday, Reuter reports. r 
quoted on ihe Johannesburg Smires produced by Le\-iand;'- vention The necessary Jcgisfa- [ They-declyi^ to say ho 

r «- w - l.. v.u t.iu. u hifp m» ttnn ic. aimanv tffl the ^ Sirttlltf. I 

Red army fears 

Japanese . police, agents - have 
rigs to 

By Our Own Correspondent 

M.VT-ILA. June 12. ■ request "bv "GeniVaT. how internal inconsistencies in 

THE PHILIPPINES funner!? . z ,.. n] government for the draft of a Five ^ear plan 

shed Us old Auierican-st>-le. rP . rheduliQi , of its external debt, for l87»-83 are to be resolved. 

Presidential form of 30 vereinent : Dis . cll5e j on of the - topic was The U.S. and West Germany! 

*sMSd”C' , &i ^ ^.srsris* - ha *™*™* 

all with smaller i crisis m its history. . name Qf virtuallv even . one of by the year 2000. On current datory 

• - * ; population Drojectioss. that has be^i 1 uacu 

white ownershin companies from. 

Kenneth Kaunda -today warned 

‘Stock Exchange, has. held talks white car ownership is vittaath- Ubp is already on 'the^steiute. 
with Peuaeot-Cirroen. although at saturation point : 3.4 pebble: honks, ‘.-in fhe form Of the 
ni . ihev have since fallen through. Per car in I960. SM.. in I^U hationa? Supplies ..JToctfrdment 
ui- 1 ^ 1 j ndpiinmo sE v«. miKi Api ah the" major'.'Pianufac- 

' ' that 'they have 

nday -.hen Presd^nf Ferdin.nd ! J^‘r'Sd";, St meeang'Vn' Paris are taking ‘the toughest «UUuBe'. { ?« si™J^Sd’‘^T»rTKK-»«Pto per’ear" li-lMfW-Siio litint.on of PuJHrigout of 

East to check dr* 1 
parationa.. by. . _ 

violent i-grbup : .: whid^iiiupjiorts 
ra&oi) J#paj#$e to 
dose- ■■-Tokyo's''- new - iurpon- at 

Marcos convened the country', ; llln , , nn „ 2 of con- »™». ““ «— virtuaVfv "every “one' of by the yeir 2000. On WrreS datory nnns embargo elxeady, 

five years of one-man rule. noV- ,U evnected" uauTaT least the loans, are believed to have made; “Africa is on fire." he lold the 12 manufacturers has been projections, that -5*® i used to i stop iLS .m ntor , zAUTB exeCUTlOHS 

But Mr. Marcos, who is nnwi°.,;. M „ p or are about to convert their i-deleaates .to the ooenine >e>sion linked with every other in wpu !d mean white ownership, companies from, supplying i 

wno is now, . 

both President and Prime - aU ™ mn ' 

Minister, said he will continue 
martial law until the new P3rlia-| 
ment can “shew lo the world that 
it is as effective if not better than f 
the crisis Government. J 

The Assembly of which Mr l continuation of 
Marcos is also a speaker has 
;a ; k of ensuring an orderly 
transition from the presidential ■ monin. 

form of government and its, -j-^g toush stance of Ihe con- 
hicamerag Congress whlch isort«um countries is based on 
martial law abolished, to a, 


184 delegates 
opposition candidates 
they received the loudest and 
longest applause from about 
J.000 people in the galleries. 

of the Assembly's i sihn l? now renirtfed SmS aboi »* S500 ™ - TWs . , « al 1L 0St 50 
; won their seats as,™ ^ pJuStTnis work- S»r-emt of its total export earn- 
indiclates and today JnA ings although It is approximate y 

mg in the Middle East and ^jg proportion of 20 per 

fcuro?e- cent when remittances are 

The consortium countries also included. 

^rapeon investor has my guarantee that 

West Vliginia is everything we say It is." 

John D. RockefoUor IV 

Mr continuation of a previous- agree- ‘ n - ^raanyma 

the 1 of relief of S650m for the discussed isthe legacy of pre-. p 0 t n Ung to the “wars of -too small _ 

.rlv 1 four-year period ending . this .™> u s c ° mrn i* 01 *?. t ^ [^1 oJGfSf Hheratlon ” in Namibia and*— i n 1073— just short of 230.000 

elten on very soft terms. Britam | “ a deadly time homo -cars were sold In South Africa, 

promised £35m m Pans j ln s oul h Africa, apd the conflict i in the last two years the market 

The Pakistani case for re-lin Zaire’s Shaba province. Dr. has slumped disastrously: to 
scheduling is based on the feat-! Kaunda spoke of a threat to • 185.000 cars in 1978. and down 

*— “*■" ‘ u **” TOO last year. The 

Association of Avtomo- 
Manufacturers (NAAM5A) 
tbpt the industry r o1 - 

lost ■ -some -R20m 

amortisation ' charges will reach} dueing an atmosphere remmls-f (£I2.5ml in 1970. and R50ip 
~ • — cent qf the cold war between -the i f£31.25ml in 1977. Clearly the 

west aBd the east," whose ! industry has had to ride out the 
weapons "are starting to play a i effects of the most prolonged 
.key role » n determining inter- 1 economic depression in South 
I national security Ip central and Africa since the last war. on 
! southern Afriea.” • top of the effects of continuing 

petrol restrictions In the wake 
of the oil crisis. 

While the economic depression 
has no doubt concentrated the 
parent companies’ minds on their 
losses, the worst would appear 
to he over. The rusrket seemed 
to bottom out six months ago. 
and has picked up steadily since 
the start of the year.. Sales in 
January were 15 per cent higher 
than in January. 1977. while by 
April they were running 43 per 
cent above figures of a year 
earlier. There is Hill little sign 
of real growth: most of the 
purchases are of replacements 
made ahead of this year’s ex- 
pected price increases and ahead 
of the introduction of a new 
general sales tax in July. But 
most manufacturers have raised 
their predictions for the total 
market this year from around 
170.000 cars to nearer 180.000. 

Even then there is hardly 
room for 12 manufacturers. Mr. 
C.hris Griffiths, chairman of 
Sigma, believes i 1 could support 
a maximum nf six. more prob- 
ably four or five. Mr. Colin 
Adcock, managing director of 
Toyota, believes South Africa 
already has the capacity and 
facilities for atl its needs “up 
to the year 2000.” Too many big 
facilities are standing under- 
utilised. he says. He estimates 
current surplus capacity at 
rather more than 80.000 units a 

It was to tackle precisely that 
situation, where one industry 
might tie up too much of South 
Africa's scarce capital resources, 
that the Government first intro- 
duced its local content pro- 
gramme in the early’ 1060s. The 
thinking behind it was that, 
rather than strictly limit the 
number of manufacturers 
allowed to open plants in the 
country', it would step up local 
investment requirements until 
the weaker ones were forced to 
quit, leaving the market to an 
appropriate number. The latest 
merger talk is largely a pre- 
liminary to the next major phase 
of the local content programme, 
which comes into effect on 
January 1,1980 

Full details of the programme 
have yet to be published, much 
to the irritation of the industry. 
But the broad outlines are 
known. Light commercial 
vehicles will have to be brought 
uo to the same level of 66 per 
cent local content as passenger 
cars. Moreover, the^curreat dis- 
pensation under which manufac- 
turers may “ average ” the local 
content of their models is to be 
scrapped. Two results are in- 
evitable : the programme will 
require substantial new invest 
menu and it will largely erode 
the price differential between 
passenger cars and light commer- 
cial vehicles. Manufacturers who 
have previously relied on the 
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a markeL At its peak Peter Murrouxh. Leyland manas- tbe .wmc time. 

Travellers arriving in Kinshasa 
reported that a firing squad bad 
executed . Zaire government 
soldiers for looting in the Shaba 
province mining town of Kblwert. 
reports Reuter. About four nr fire 
soldiers were shot for the offence 
following last month's rebel in- 
vasion of the Kolweri area. - 

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But there is also profit 
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Pentagon reconsiders case 
for land-based missile 



DEFENCE planners are begin- 
ning to have second thoughts 
about the new land-based mobile 
missile which is currently 
planned to be the key element 
of the U.S. nuclear deterrent 
from the middle of the 1980s. 

■For some years the Pentagon 
has been working on a new 
missile known as missile experi- 
mental, or M-X. which would 
replace the ageing Minuternan 
missiles which are scattered 
across the great plains in fixed 
silos. The M-X, by contrast, 
would be movable and could 
travel up and down a 30-mile 
trench in order to evade incom- 
ing Soviet weapons. 

But, according to evidence 
given in secret to the Senate 
Armed Services Committee, and 
obtained by tbe New York Times, 
the Defence Department is no 
longer as enthusiastic about tbe 
missile as it once was. Officials 
are now increasingly worried 
that a carefully planned Soviet 
attack might cripple the missile's 
mobility by knocking out the 
trenches or the tunnels from 
which the M-X would emerge. 

The Pentagon is also worried 
by the high cost ol the M-X 
programme, now estimated to be 
in the region of some $30hn and 
it anticipates strong objections 

to the whole concept from 
environmentalists who are 
expected to argue that it is un- 
acceptable for a series of 
trenches to be dug across wilder- 
ness areas of the south and mid- 

However it appears that the 
Administration has no immediate 
alternative in mind for the M-X. 
This will not please many 
Senators whose current reserva- 
tions about the wisdom of a new 
strategic arms agreement have 
been somewhat assuaged by tbe 
existence of the M-X. It has been 
accepted from the start that no 
SALT treaty would stand much of 
a chance in the Senate if the M-X 
were included in it. 

Two weeks ago, Mr. Andrei 
Grorovko, the Soviet Foreign 
Minister, called on the Admini- 
stration to suspend further 
development of all new missile 
systems and included the M-X in 
his list of systems. This, in turn, 
prompted President Carter to tell 
the Russians that the U.S. was 
not prepared to make any more 
concessions and that tbe Soviet 
Union could “ take It or leave it.*’ 
Mr. Carter later angrily denied 
that this amounted to a " freeze " 
on the SALT talks. 

These new doubts about the 
M-X. which have been heard 
privately in some quarters for a 

few weeks, cannot but confuse 
the picture. If the. Administra- 
tion is indeed no longer happy 
with the weapon, there should 
be much less objection to meet- 
ing the Soviet request. On the 
other hand, opponents of SALT 
are likely to argue that the new 
found scepticism about the M-X 
is designed to please the 
Russians and advance the treaty 
and should be treated with great 

One ingenious alternative to 
the M-X. now being canvassed in 
some quarters, Is for the 
Administration to dig many 
more silos for its Minutemen 
weapons, but not to tell the 
Soviet Union which silos contain 
rockets and which do not. This 
would be technically easy to 
accomplish but would present 
formidable verification problems. 
There would also be nothing to 
stop the Russians doing the 
same with their missile. 

In practice, the Pentagon 
argues that the debate about the 
land-based missiles . is less 
urgent for the United States 
than it is for the Soviet Union. 
About 25 per cent of the U.S. 
nuclear deterrent is land-based. 
The rest is at sea or in the air. 
The Soviet Union has about 75 
per cent of its nuclear forces on 


assessed by 

TIONS contribute modestly to 
international monetary 

stability, promote economic 
development through 'the 
Injection of new resources into 
the developing world and la 
general support a responsible 
foreign policy, a study pub- 
lished by Brookings Institution 

But the study found that 
foreign investment appears to 
increase (he companies’ mar- 
ket power within the UJ>. 
The study, prepared by Mr. 
C. Fred Bergsten, Mr. Thomas 
Horst and Mr Theodore Moran 
while they were at Brookings, 
before entering the Carter 
administration, was aimed at 
providing a basis for U.S. 
policy towards the multi- 

The Brookings Study said 
extractive companies with 
equity investments in natural 
resources find it difficult to 
support the national interest 
of the U.S. as an importing 
country difficult to maximise 
output and difficult to diversify 

The study said multinationals 
confer world economic benefits 
by shifting ibe location of pro- 
duction to comparative advan- 
tage. But it found tax revenues 
are lost to tbe U.S. because 
companies, within limits, can 
arbitrarily allocate costs be- 
tween home and host countries. 

The study staid U.S. policy 
should be neutral towards the 
multinationals, neither 

encouraging or discouraging 
them, although this neutrality 
should not mean non-involve- 

The authors said the U.S. 
must provide the proper 
economic and political environ- 
ment for the multinationals, 
and protect U.S. national 
iatere.vls From the adverse 
impact of other countries’ 

The study suggested there 
should be policy initiatives in 
taxation of foreign income, 
compensation for works, Arms 
or communities hit by foreign 
Investment, antitrust, insur-* 
ance and guarantess by the 
overseas private investment 
Corp. lOPIC), host-country 
expropriation and investment 
in the Soviet Union. 

UAE surplus 

OIL EXPORTS from the United 
Arab Emirates last year were 
worth more than twice as much 
as imports, even thought imports 
increased hy 28 per cent to 
$4.3hn on the year. 

Oil exports were worth $5.$bn. 

Saudi mapping work 

Fairey Surveys has been 
awarded a mapping contract 
worth £1.23m from Saudi Arabia 
for the production of 150 
different map sheets in 1:50,000 
scale covering an area of about 
110.000 sq km of the south 
Shammar region, for the Ministry 
of ' Petroleum and Mineral 

California tax cuts will 

increase federal revenue 



AS GOVERNOR Jerry Brown and 
the Californian state legislature 
continue to grapple with the 
budgetary problems brought on 
by last week's State-wide vote 
cutting property taxes, increasing 
attention is being focussed on 
the impact it may have on the 
Federal Government in Washing- 

On the surface, the U.S. 
Treasury - appears to have re- 
ceived a windfall. Slate property 
taxes may be deducted against 
federal income tax and the sharp 
reduction in state levies will 
therefore mean a commensurate 
rise in the Federal Government's 

Nobody is quite sure how much 
will accrue. Governor Brown 
last week put a figure of S2bn 
a year on the additional Treasury 
income. But informed sources 
here, while acknowledging that 
no precise calculations hav-j been 
done, suspect that the sum could 
be : three or four times this 

However, though this appears 
to be a useful boost towards the 
goal of reducing the federal 
budget deficit, it has to be set 
against the fact that hard-up 
local authorities may in- 
creasingly turn to the federal 
government for help. 

For example, the federal 
government currently supplies 
toe State of CaMomia with over 
S4bn in the form of grants-in- 
aid which require the State to 
put up matching funds. These 

cover a variety of social, medical, 
law enforcement, and highway 
programmes. In addition, the 
federal government is liable for 
some of the unemployment insur- 
ance claims for Government 
workers laid off work because of 
lack of State revenues. 

If local authorities cannot 
match federal aid. then the 
choice lies between reducing 
the assorted programmes or 
Washington talcing a greater 
share of the load. This may well 
have the effect of cancelling out 
the original addition to the 
Treasury's revenues as a result 
of the reduction in local pro- 
perty taxes. 

In his first direct public com- 
ments on the Californian vote. 
President Carter said in an 
interview released over tbe week- 
end that' he hoped the tax cuts 
would persuade Congress to sup- 
port his own tax' cutting and 
spending limitation proposals. 

But be reflected the underlying 
concern at the federal level by 
adding that while the vote “was 
a very good thing for property 
owners who are economically 
able to take care of their own 
needs.” less Fortunate members 
of society more dependent on 
government services could well 
suffer. He said he would have 
been “concerned” had a similar 
initiative passed while he had 
been Governor of Georgia. 

Of some consolation to the 
federal government is the fact 
that so far no other state appears 
to follow California’s example. 

Castro statement on Zaire 

weakens Carter’s position 


THE CARTER Administration's 
case that Cuban forces actively 
assisted the Katangan troops who 
invaded Zaire last month has not 
been helped by the disclosure 
this weekend that President 
Fidel Castro, tbe Cuban leader, 
told tbe White House early in 
May that he had tried to stop 
the’ invasion. 

His message was relayed to the 
President by Mr. Lyles Lane, the 
chief U.S. diplomat in Havana 
on May 17. The Cuban leader 
told Mr. Lane that he had tried 
to reach President Agostinho 
Neto, the Angolan leader, to ask 
him to halt the invasion, but that 
be had not succeeded perhaps 
because Mr. Neto bad been ill In 
Moscow and out of Angola just 
before the attack. 

A week after President 
Castro's message. President 
Carter told a news conference 
that “we believe that Cuba bad 
known of the Katangan plan to 
invade Shaba province and 
obviously did nothing to restrain 
them from crossing the border.” 

As far as it went, this state- 
ment was correct, but a number 
of Senators, already sceptical 
about the Administration's 
evidence for Cuban involvement 
in Shaba, took strong exception 
to the f act that they had not 
been told of Mr. Castro's 

Further, a briefing for 
members of the Senate Foreign 
Relations Committee on Friday 
by Admiral Stansfield Turner, 
the director of the CIA. failed to 
convince many of them of the 
extent of Cuban involvement 
alleged by the Administration. 
Even Sen. John Spraionan, the 
conservative chairman, said after 
the briefing that “ the weight of 
the evidence is circumstantial 
and the weight is substantial but 
by no means conclusive.” 

Sen. George McGovern, the 
man who has taken the most 
sceptical view of the “ Cuban 
menace ," said on Saturday that 
the whole question of Cuban 
involvement had been overblown 
and that, in any case, “Africa is 
not fundamental to American 
interests and ... we can't do 
much about it anyway.” 

The Administration argues that 
It did Dot mention President 
Castro's warning because it did 
□ot believe a word of it but did 
not want to get into the position 
where it bad publicly of semi- 
publicly to cal! him a liar. 
Officials argue that it establishes 
beyond doubt that tbe Cuban 
Government did know that the 
raid was going to take place and 
there is at least prima facie 
evidence for tbe case that Cuban 
advisers were involved with 'the 
Katangan rebels. 

Shadow on Carey’s campaign 


NEW YORK, June 12. 

THE start of Governor Hugh 
Carey of New York's campaign 
for re-election in November was 
badly and unexpectedly tarnished 
this morning by an announce- 
ment by his deputy. Lieutenant 
Governor Mary Anne Krupsak 
that she would not run for office 
with tbe 59 year old Brooklyn 

Miss Krupsak’s decision, which 
she foreshadowed same months 
ago could make the governor's 
personality an important election 
issue alongside his support for 
legalised abortion and his 
hostility to the re-introduction of 
capital punishment 

Mr. Carey's preference for 
isolated decision making and his 
sometimes abrasive treatment of 
colleagues bad drawn increasing 
criticism from friends and 
enemies alike. 

Miss Krupsak has complained 
that she and the governor lack 
a “shared commitment” and that 
Mr. Carey has not spent enough 
time listening to the people. 

Miss Krupsak's defection cast 
something of a shadow over the 
governor’s formal announcement 
of his candidacy this morning. 
He is expected to be nominated 
by the Democratic state conven- 
tion on Wednesday where he will 
face a challenge from State 
Senator Jeremiah Bloom of 
Brooklyn whose chances, how- 
ever, of . snatching the nomina- 
tion are nil. . . 

Significantly, in view of the 
Californian property tax vote 
last week. Governor Carey sought 
to establish his cut in taxation as 
one. of his primary achievements. 
His campaign statement dwelt at 

length on how 16 years of 
Republican rule culminating in 
his 1974 victory bad featured a 
603 per cent increase in state 
taxes which he had subsequently 
sliced by a billion dollars In Just 
two years. 

The governor is scheduled to 
announce his candidacy in a 
flying tour of four cities today, 
starting with a declaration at 

Albany,. „ the state capital, fol- 
lowed by speeches in Buffalo, 
Syracuse and New York. 

His campaign starts with his 
administration standing in low 
public regard according to recent 
opinion polls: But most observers 
believe that the. governor’s skill 
as ' a campaigner coupled with 
the tactics Ot bis media con- 
sultant, Mr. David Garth, will 
ultimately make -him a hard man 

to beat. His republican opponent 
Duryea, nun 

Mr. ' Perry Duryea, minority 
leader in the state assembly- 
looks set to run a classically con- 
servative campaign whose 
emphasis will be on restoring 
the death penalty for various 
categories of murder, and the 
failure of Governor Carey's 
administration to achieve .true 
economic regeneration - for the 
state whose economic problems 
are still dominated by an un- 
employment rate well above the 
national average and by the well 
publicised financial problems of 
New York City. • • 


in clothing 


By John Hoffman 

PEKING, June 12- 
CHINA'S Mao-suJted millions 
have made an industry out of 
low fashion. Almost every man 
and woman wears identical 
baggy trousers and a shapeless 
jacket buttoned to its narrow 
collar, all made from tbe dark 
blue, grey or jungle green fabric 
extruded by the - millions ot 
metres from the country’s cotton 
mills. .... 

Clothes make the man an end- 
less repetition of himself. Class 
differences in this not-quite- 
egaltiarian society can be dis- 
cerned only by careful examin- 
ation of tbe. tailoring, which 
smartens the garments of the 
powerful or privileged. 

The sartorial sameness of this 
civilian uniform -has its advan- 
tages. Tbe Mao suit adapts >»sily 
to the rice " paddy, the shop 
counter, the office desk or the 
banquet table.' What to wear is 
never a problem— much less, one 
suspects, a consideration. 
However, - In the first few days or 
identiflably summer weather, 
the streets of .-.Peking have 
undergone a _ transformation 
Tbe people have begun to shea 
their Mao jackets and display 
shirts of various colours. 
Chinese men do not venture far 
from the traditional white 
shirt, with the tall out and the 
sleeves half rolled, but toe 
women’s clothes suggest that 
their wearers indeed . have a 
sense of fashion. It is much 
loo soon for skirts— the bare 
female calf does not appear 
until the weather is oppres- 
sively hot— but. blouses, shirts 
and light cotton jackets in 

S astel colours, •. checks and 
oral patterns have .material- 
ised like blossoms in the 
spring. • - 
Children especially stand out in 
the crowds because they are 
dressed, usually - - with grea l 
care, in bright yellows, reds 
and greens.. Department store 
shelves bloom with a garish 
selection of miniature shirts, 
trousers and caps — an unex- 
pected revelation of what 
China’s textile industry can 
produce. ., 

Gone is the inescapable cold 
weather impression that the 
Chinese people might actually 
enjov the ‘ . unrelieved 
uniformity of their drab garb. 
But despite this strong 
evidence that, the; Chinese 
enjoy a little frivolity in the 
wardrobe, the 'country- still 
regards the supply of sufficient 
clothing material. as a serious 
problem. Cotton gotfds.are 
strictlv rationed and chemical 
fibres’ are scarce .and expen- 
sive. At a national textile 
industry conference in Peking 
recently officials' stressed that 
although people’s basic cloth- 
inrfneeds were guaranteed, the 
. amount of textiles available 
per head was still small and 
the acreage available for new 
cotton crpps limited. Charged 
with finding answers to China's 
clothing problem, the con- 
ference- decided on a vast 
expansion in the chemical 
fibre industry. 

The growth plan issued by the 
conference says that there will 
be a concentration on 
chemical fabrics so that the 
value of output will be doubled 
by 1985. Meanwhile there will 
be a big increase in textile 
products for export and the 
average consumption of textile 
products per capita will grow 
by a fairly large margiD. 

The Chinese Minister of the 
Textile industry. Chien Chih 
Kuang. said recently that he 
hoped that chemical fibres 
would account for 40 per cent 
of textile output by 1985. 
China is now building several 
modern chemical fibre factories 
including the Liaoyang general 
petrochemical works, • the 
Szechuan vinylon plant -andi the 
Tietsin chemical fabrics* .plant 
and more factories v .are 
planned. \ 

However. natural fibres Will'; not 
be neglected, said Mr.rCbien. 
China will build more cotton 
textile mills and dyeing and 
printing plants, although, the 
emphasis will be on increasing 
production from existing 
plants. ■ - A 

The- Minister also promised help 
to local authorities in develop- 
ing their silk, jute and woollen 
textile industries. Special 
attention would be given to 
silk fabrics, always it good 
seller at home and abroad. 
Mr. Cbien hinted that a Jpnch 
more gaiety could be expected 
in the streets in future 
summers. “We wilt -also 
increase the production of 
products traditionally favoured 
by the people ” he said." “ We 
are now able to design a nd 
produce more cnlrjurinl pro- 
ducts to meet different 'tastes.” 


zone area m 

' jO -. waasMrf 1 


A PLAN to revitalise London Policy Committee on Wednesday princirolly for. international 
docklands with tbe creation of would mark tbe start of torroalcanjnantes seeking a European 
a 300-acre free trade zone for consideration of the plan.. There base or those which need the 
manufacturing exports will be had already been exploratory specialist support services that 
considered by the Greater talks with the Port of: London Only London could offer. The 
London Council on Wednesday. Authority and HUT CurtomaX Chnunitte e hoped the - goverti- 
The scheme Is likely to be of Government and; custeMTmenf j^ould g»*e Its support 
interest to British and foreign approval would be needed, ; industrial development 

companies’ making productewitb the GLC mU I Werdgy it^WftHfcates. , 

a high duty content These P ot F* 1 * Gqy«cnmept ^;jnm report proposes^ phased 

include tobacco products, food 


programme expanding in: 50 

«. ot\n n m ttac rvu tno 

and drink, radios, televisions, ^The. plan was prepared tar'^cre, stages to 300 acres by the 
cameras, chemicals and electrical the controller for planning an^jald-lSSOs. 
machinery transportation in the GLC «, • Miss Roberts will discuss the 

. r . . asks the Committee to contfnte .Idea In New York at. the; end 

Companies would be en- th e initiative taken so far; anil Vtif ..the month when she. attends 

cou raged to process raw for the GLC to provide the sttf a joint meeting of the World 
materials which would be im- and funds needed f or further- Trade Centres of London and 
ported duty-free provided they detailed planning. Up to £20400 New York. The London centre 
remained within .the zone. a year for the next -two nr three S i subsidiary of Taylor Wood- 
Finished prodnets would have to years' would be needed, the ice- tow and tbe report says;-the 
be exported or be. subject to port said. \ ' ■■ ‘ committee should await a tiecl- 

Sbelagh ■ Roberts, ^ the-sion. on the company’s possible 

normal customs duty. 


The GLC said the meeting of the Committee leader, said last -mg 
Planning and Communications that the GLC would be look! 


rone plan. 

in the free trade 

Daihatsu enters Dutch market 


AMSTERDAM. June 12.; 

THE JAPANESE car manu- the Taft, win he introdoefed Nedlloyd Shipping and Transport 
facturer Daihatsu - has begun later. . ’/Grimp. ~ 

expanding to Holland and hopes Daihatsu, one. of the smaller - •.philips has received a. Skr. 55m 
to attain sales of 6.000 * year or Japanese motor manufacturers ($i2m) order from a consortium 
1 per cent of the Dutch market which is loosely, linked witlr ihe Of general and farmers co-opera-, 
within two-three years. - It Toyota group is now expanding rive banks in Sweden for its 
estimates sales This year at rapidly in Europe. It began by Bankomat system. of - terminals 
Daihatsu becomes the seventh expanding to Switzerland ^hd- and cash dispensers. Re order 
Japanese car company in recently started distribution vdf: is for 350-400 terminate/ pash 
Holland. Japanese cars held 19 its cross country vehicle..- in-dispensers of Philips PTS 6000 
ner cent of the market -with Britain: Daihatsu now aims tohe terminal system. .-Installation 
combined sales of. .30,558 in the selling throughout Europe by thfe win begin next year and be com- 
fim three months of 1973. end of the year. pleted in 1980. .The system 

Toyota Is the largest single Daihatsu Nederland, which has ; allows account holders : to with- 
Japanese importer selling S.602 64 dealers in Holland, is a fully- - draw cash and check their 
or 5.3 per cent of the market owned subsidiary of the Rqyii balance 24 hours a day. 

Other manufacturers selling in • ‘•V 

Japan’s plant exports dip 

Holland are Datsun. Honda, 

Mazda. Mitsubishi and Subaru. 

Daihatsu wfll start by selling 
a four door saloon and a five door 

estate car version of its recently . . . • , ... .. .. .... 

introduced Charmant'l*00 model. THE JAPANESE Construction appreciation and * r decline, ta 
The drivp-awav prices are Ministry says construction orders'; plant exports from /Japan which 
FIs 13.341 /S5.9S5) and FI 13.832 received from overseas--" by ’Usually involved .constru ction 
reroectivelv. inclusive of tax. Japanese construction companies, works, according to ^he Ministry. 

The range will be extended during fiscal 1977 fell 23J per Ordera from the Middle. East 
to inctnde the Cuore mini-car. cent to Y364Bbn from Y47A6bn fell 47.8 per 
♦he three-five rtnor Charade and a in the preceding year, Reuter from Y3 11.- ton, while those from 
livht van before the end of this reports from Tokyo. ; V-- South Vast Asia 303 per 

year The cross country vehicle. The fall followed tbe yen’s cent to Y 146 .2b a from Yllz^bn, 

By Rami Gi Khoiiri 

. ’ ' AMMAN,.- June 12. J 
EFFORTS ’ to establish - jstre I 

^direct- flights . : between vixljma- 
Arab 'capitate ratid - New? iVork , 
City _are now being directed at imT* 
^receiving American permlsssion ' llffi 
for- the -Lebanese and Kuwaiti j 1 
national airlines - to- jem - the 
Jordanian and Syrian carriers in 
expanding^ the -existing .sing 
Amman-New "York twice-weekly 
service. - . :‘- r - l - 
Senior officiate of the Joidahian:. 
State airline 1 Alia, have ’ told' 
the FinancfaL -Times that' - -the-' 

Arab; air carriers' .organisation . • 

delegation to' "Washfaigtoh neat'; / 
month to' seek approval; froia the 
Ameriran Civil- Aviation ’Board’ - - - 
■for Kuwait Airways-. and Middle" 

East Airlines to join the cbh^ 
sortium- which now includes Alia*, 
and. Syrian Arab Airways. ; Thd 
atm. is ;to increase the Amman- / ' 
New.Yoik-nothStop servicfe uriag: ^ 
BoeingjY47 ■ Jura bo ' Jetst.'i p : four : - 
times- -Vtyselq; with -Mlddfe'&®t>.. 
Airway s - antf. Kuwait’ Airways. . 
rnu&ng^elt.own plAnesArongh . 

making . 

rta Ptevcuforfc:-;- -. : v - *• o.v . i’-.. - • 

' The twomm delegation 
be-eompesed- of ;1he -Atih chair-. 
nra» ’^&nd the. . secretary ^enenl 
of the Arab air carriers' organ!- : 
sation. ‘ ~ ' ■“ " ’ ' . -- 

It-Js. hoped that this expansion 

China in 


HONG KONG, June 12.* 

TWO Peking-controlled banks, take into account Peking has by the MTR. but the value of 
the Bank of China and Nanyang made a number of substantial these guarantees has not. been 
Commercial Bank, have agreed investments in Hone Kong. r.. 
to provide financial guarantees property in the past, - howeveE. ; ^ln a se parated^ v el op m ent, tbe 
for V a Hong Kong property which is seen -here as a tacltiyietnaniese-- Government has 
development which involves the acceptance .of the co ntin uati di wha tils being. described as 
Mass Transit Railway Corporation, of the status quo beyond 1997.' the 

- fa tbe latest such gestme^he investment rm -the-. Colony, in a 

This is the first time that ^ banks join two -Hong Wanchai office block on Hong 
Chinese banks have become Kon „ companies. Son Company. Kong Island. *:v •*:*■ 

involved in an MTRC venture and -ma ki u Rwong Investments. In The HK* 15ni, ...2l-starey 
observers view the development a ma]or commensal and Golden Star_buildlng fe owned 

as anotiier sigit of China’sjong- Residential development to be by th? v Vjetaam^^n^ce Com- 

tenn attitude 'towards the future b^uPover* the^MTR ^epo t on the p Miy.Jncorp watedto HongKong 

of this British colony. 

underground railwa 

sun Wan "this yeir. ;v Recently, Vietnam’s 
Leases on the Hong Kong New extension. / v J official .^ade timson^o^e w 

Territories are due to expire in To be completed by the end Hong Koog-was told to varate its 
iS? and altWh Peking's of -1983, the HK5 ll-7bn Tsun existing, offices in the i&mk pf 
attitude is that these have no Wan complexwai provide 4,000 J ng d 

validity, having been signed with flats for 20.000 people and will subsequently 
the old. imperial ' government, include a large commercial move Tajuff _to ^roo^r £pr a 

their exnirv in less than 20 years shopping- area. The Peking- news, computer system and- did 
time te a factor which potential controlled banks are providing not rrflert toe nft between. China 
investors in Hong Kong have to the financial guarantees required and Vietnam. 




Swiss drug exports r up 

Swiss, exports of pharma- 
ceuticals rose 32 per cent to 
SwFt 8fi2ra in the first Quarter 
this year from Sw-Fr 654rfin the 
same period a year ago,i£P-DJ. 
reports from Basle. The 'pharma- 
ceuticals exported i n tf*- first 
quarter this year repress &-& 
per cent of total Swiss exports, 
compared with 6.5 per tent- 'a 
year earlier. 4 - : 

Iran fruit processing. 

Technip has been awarded ® 
FFr 12m turnkey contract to set 
up a fruit-conditioning unit - In 
Iran . for the Moghan -Jafito- 
ind ire trial and livestock comply* 
AP-DJ reports from Paris Initial 
capacity of the plant has-^ 11 
set at 10,000 tons a vetfr ^ : *nd 
constitutes a test bed' fDr;th« 
processing, sorting, calibrating 
and cold storage of a production 

of more than 20(1.000- tons 
expected to be reached in- 
region by 1985, 

JAKARTA, June 12. 
INDONESIA’S Pertamina state 
oil company has signed separate 
production agreements worth 
$27.5in with Demin ex and 
Teikoku oil of Japan, Reuter 
reports from Jakarta. Demines 
will develop a 4,285 sq km area 
in east Kalimantan, and Teikoku 
Oil will deal With, block A id 
Jambi, central Sumatra. 

•Both contracts are of the new 
joint . operation type,., wherein 
costs for expIoration t develop- 
ment and production, as well as 
output are shared equally by 
Pertamina and the contractor. 
After a 50-50 cost split, standard 
production ‘ sharing - --contract 
terms apply, giving- Indonesia- an 
85 per cent share. 

Under toe Teikoku agreement,, 
tbe contractor will invest a total 
of SISm in exploration costs 
during the first four years, while 
Deminex will . make an explore-, 
tion investment- of $9:5m in its 
first three years of operation. • 

The signing marked the third 
and fourth contracts of this, kind 
in less than a year, toe first two.| 
having been signed by Contin- 
ental Oil (Conoco) and Total 
Indoaesie for work in Irian Jaya 
last year. 


Poles win 
Nigerian order 

By Christopher .BobTnsfci 

WARSAW.. June 12. 
THE POLISH. foreign trade com- 
pany Polimex Cekop; says it wiH 
supply machinery and equip- 
ment, assembly and training 
services worth 85.5m . for a wood- 
working plant 'at Ekole in Ondo 
State, Nigeria. ’ 

The . contract is; wJlh. a. new 
company, Nigerian Wood, made 
up of Polimex Cekop, tbe JPoiish. 
trading company Dal and a group 
of Nigerian businessmen. Con- 
struction of the - plant will start 
in “ the near future '* and it wHI 
handle 44,000 cu . m . of wood 
annually* - 

Ruhrgas signs supply 
agreements with Sweden 


BONN, June 12:: 

RUHRGAS, West Germany’s grid of natural gas pipelines; 
biggest natural gas distributor, and thus .'to the growing West 
has completed a series of agree- European -network, 
meats w*tb the Swedish utility. Deliveries to S-wedegas are to 
Swedegas. for the long-term begin In 1981. and will be stepped 
supply of 2-2bn cubic metres a up over: three years, to the full 
year of natural gas to toe rate of 12$>n cubic metres a year, 
Malmoe region, Ruhrgas \is . unwllHng to set a 

, , figure on -toe value of the con^ 

The supply agreement was tract, since it will be determined ; 
signed last month and the com- ^ -rifting natural gas price 

p antes have now set up a joint 
operating company called Nord- 
gat to build a pipeline from the 
North Sea coastal terminal at 
Eraden. to the West German- 
Danish border. 

when. deliveries begin. 

Actordlng"to the West German 
company* tbe natural gas sup- 
plied ta Swedegas will be de- 
rived'. from . several different 
sources. Ruhrgas has for severe! 

•The pipeline, whose final route yearig'; bfeen - diversifying'!' ‘‘.its 
has yet to he fixed, is expected sources of .supply, and these how 
to be about 350 kms long and include - long-term- contracts for 
will cost the consortium DM deliveries ofi natural gas From 
400m. It will join Scandinavia Iran, the : Soviet Union. Algeria 
for toe first time to the Ruhrgas and toe Norwegian. North Sea. 

Bombay high pipe complete 

BY K. K. SHAAMA ; ■.■'NEW pELHI, June 12... : 

THE 203 kilometre dual pipeline power generation projects .in the 
from the Bombay High offshore Middle' East and Malaysia, lit is- 
.oilfield to transport crude oil and one of., the " main suppliers of 
natural gas to -the shore has been equipm^ntr for India's projects 
commissioned successfully only for rapidly increasing power' 
six months after construction generation^ capacity since el’ectri- 
began. The U.S. company, city shortage Ip & major con- : 

Brown and Root, with tbe straint on industrial . production, 
the ass (stance o f toe World Bank, The veSpuiriom and maderiiisa- 

whjch gave a loan of $150nj_, was tion ."-.-.programme -v. is - -'- being 
responsible for construction of launchedi-an collaburetioa: with 
toe- pipeline. , KWTT. Gfeflnany, a Seimans.. sub- 

Bombay High is producing 5m sidiarv. ; Investment for the pro- 
tonnes of crude oil annually. This gramme' 3s r estimated ^at -just 
is expected to reach 6m. tonnes Bs25bn' • which means ; that 

by the end of. this year and 10m. turnbver WiU douhUe this amount 
tonnes by 1980. Until the pipe- every year in the -nextjlve years, 
lines were . commissioned, toe BHEL needs -to : .modernise 
crude was being stored in a- large mainly ''because its ‘- plant at- 

i« n 2« a u e i Q l.-n?f^ 5P ” ted Hardwar e Uttar Predesh state 
ash or? in snidllQr UjiRsrs. ' e^iabllsh ed * vi^K c^_ ■ ^ 

ho be ^ assistance "nearly a ' decade ago 
natural-gas whlchis to be .used with a. "rated capacity of seven 
[ or ^4 el power stations and as to eight- .turbosets of -200 MW 
feedstock for fertiliser and petro- eac n ° / 

cbemicals^lanu in th. Bomb,, Eqidpmint in the plant is now 
_. _ , , _ obsolete and needs to be modern-" 

The Government-owned Bharat ised to' enable BHEL to operate" 
, Electricals Company competitively both abroiui and 
I8HEL) has launched an expan- . in India -where a number- of’ 
sion programme which aims at power generation projects are 
doubling^ its turnover to Rsllbn being fUiahced hy toe World 
(about £650m) withm .five years. Bank and. hence are open- -to 
This will make the company one global teadere- • 

of the largest electrical equip. The' Wompany is . negotiating 
mer ^ ' > the other .^technical, collaboration 

J??- ^ already estab- agreements :With Seimens for 
l;l h ^P ut a- electrical’, equipment and with 

tion for itself by winning a Combustion Engineering of the 
number of turnkey contracts for U.S.. for toqiiers, " " 

Saudis bail 
another 91 


•; " RIYADH, June 12 
SAUDI AR ABIA ": has banned -d 
dealing with fil companies from *' 
16 countries for contravening the 
Arab boycott of Israel reguia- - ' 
tions, writes our correspondent ' 

- A decree by tjie Miid^try .of : 
Commerce- which listed the- com. 
panics waff: published : hi. Ithe- • f 
official gazette. The decree ateo -' 
reminded businessmen, that, the - - 
ban ; on dealings with Isi3ieiK '‘> 1 
owned shlps is not airtoinatically - 
lifted if these ships -are sold to : 
third parties. ~ - . ■ :-r : 

It also added to® names of 2z Y 
Ships from nine coonhies to the * 
boycott list ^ v - .- . 




of the Jordaruan-Syriah consbr-^^nn/ ) 
than, into a v four-natiott I'A^dl HjjliU 1 * 

opera tied will be^ followed by' 
further expansion bringing the,. 
Saudi Arabian ;alriine and-rGuJ£r( 
Air into the scheme, Alia' officials' 
say. " . . ’ ,1- 

■ They add'.^tokt., a siraU^r^k 
arrangement may- be attempted 
with. Alia’s recently; acquired- 
ri^ite to fly Into South America . 
via West’ Africa, a route wfiich h. 
now redeiving top priority sined 
Alla’s requests to “obtain rights- ; 
to extend lts New York service; . 
to San Frandsco have befitt _ 
turned down: ' .- 

for Danish 
shipyard orders 

Bjp Hilary Barnes 

• . COPENHAGEN; June fev • 

THE. DANISH Government, has 
agreed -. to provide a state; 
guarantee ' worth DKr 
(£18m) to cover an order fronk 
H&e Sudan for two ships front- — 
the Burmeistar and Wain shins' 
yard;, in-. iiCopehtogen. ^ 

Government will also proridir nnv 1 3 
DKr20ui in the form of a gragt 
.to. tthe ■ Sudan to cover parMt i M . • 

the price of. the vessels, rlhjajlk fpQ 1 / 
limits the shipyards risk to "ten w 1 Vwiv 
pqr cent of: the .purchase price.- G? 

The craft gn order are : • 
so-called multiflex ships of aboqt. . 

12,500 dwt each. The Govern-i, 
meat 'decision... .breaks . 
ground, , because . tibe. credi^ 
guarantee’ was given -after . thft> "• 

Export Crefdit Gcarantee Depart ; 
ment had refused i guarante:;; ’ 
T?»e.T5anish.'Goveninient l bar n^f 
.previously prqrided .this Jdnd.w,L. 
assistance^ to .Banish shipyard^ 
but Minister of Commerce, Ivat-- 
N o ergaafd , : told' that : othw • 
shipyards came to the\Gpyap: . , 
ment wito-similar requeststoffitri;, . 
woald be duly conwderediV-'-: ^ 

Germans to 'dear Suer 

THE . HAMBURG . Salvage Com- 
pany . Neptun." ;Bergungsgeseflf 
«chaft has been contracted by the' 
Egyptian ’.Government \cleat 
tho' two, Suei Canal;' entrances: of-, 
all remaining wreyks; report; AB - 
DJ from-HaTnbuig. ^ . , - 
A spokesman for Neptoni i . 
subsidiary, of thg Swedish 
trom group, said -tod . conrtractr : 
which '- .it - -■shares '.with Bugsrer 
Reedereuof Hainburg was worifi 
more than SlBm.. and Involved v 
clearing alt sunken wredte leff. : 
over: from thf* October 1973. 
Middle "East War in the ‘Suez • 
and Port Said approaches to the -- 
Canal. •• - -.-v- .. : 

Itob wins contract 

t ITOH and Japan Radio have won 

a Y25bn .contract- to supply toe 

VenezuelaD Ministry of TraB?.-’ 
-port - and - Communications with .•■ 
■two coastal radio, station systems. “ 
reports AP-DJ f rohr’rokyo. ' 

. of- the systems is' Jnade- upidf-J* - 
|.long-distanee : - coaiinuhicatibP|' : . 
stations, -AO'.-' substations, 
mobile' offshore” stations and ' 
mobile-land stations,- .and shswid i~ 
be - complete by . April |979. ; 
other is composed ot'nln^ urfc ' 
manned stations; to 'be built jat 

the snmm i^ nf itt yrtifalM acwfii.’ 
the (toast by October 1 J97!£-_ ‘T v"-' 


THE .-CaaTY . of '.Tacoma; to:,**". 

state ^ Washington^o^ ^ 
ordered two high-^eed • ; 
[.side-skirt vfcovercreft - rfr0 2 r 
Hovermarine of Southampton,-^; ; 
be nsed^s wuttopprpose bar^».. - 
patrol- vessels, : an d ^ wfuch - ; ; 

also _ - carTy ; r .' 5 <rpbistirated . fire 
fighting equipment. - -- The W"?. -u 
is . • worth . over - ' wblw ; 

brings the r ryafize -df • ; 

marine export orders : 
past month! to more ! 

The Tacmna qrder;is ba^;-® ) . 
a new 70 ft Huyermarine^oeg^: 
and, for this partial . 
ment; . will 'need a "crew wfjKt ■: 
two, .with : 

ment contitoltod 





. ^.v.ia ’.it- -... 

, ..'asX- ;. 




V b-' J 



New cement price 

1 fi?!v 

tjv n ^-.V 

structure urged 

Coal Board 
plans hit 
by delay 
over orders 

jt :.,*>• 

W 5?.*SO- 



THE Price Commissicra,yesterday company's plant and those manufacturers' common pricing ! the MARKETING plans of the ! 

World black market 
in Land-Rovers, 
says TV programme 



rorttaue* % d \? f resisted: on the grounds of i 

ai 4 j£ nl H ' c - a cMcfttfon w 

4rs-*aB2r.w^ iaaa< “° n - 

insurance concern, over the claims eieht weds uo 
■- Ot claims. EJbome: MitcbdK ibe jfS 

resisted :on the grounds of non- ! structure. Prices in the long At present, the commission Practices uuun.. 

disclosure, a nmcfosioa which | term should, it said, be geared to concluded, customers far away But it said Jhai A PCX’s par- the electricity supply industry, l £ finnof Land Roversund P Ran n e 

Ocewms came to after \ reject more accurately the rrom APCM's plants are being ticipation in this scheme had Ao increase its coal purchases. i Jf_ v h e t r Rovers a>W° S dfisffibuttS* 

investigation: ..; -S i different costs Of manufacturing over-subsidised by those close-by coosjdcTsblj weakened ita mcen-, S «iior officials of the Coal 1 JJjSS* 22522? 

Tki-«H<uiwMvv — - — - . , . .. — i amior uidciuib 01 me , 

The commission also said that tive to duft from high- to tow ; Board privatelv concede that U TI £f Week Programme. _ 

« . a i. 1 _ * ■^nnn^n ft n U., « . _ . ? . * . _ ■ • T h q nwiii i*mnmn nil 

and dealers to special operators' 

1 HNtMUV A LIC ujuuiLiiiiDu v*i»v u . k •» . , •" i" ; OOSlu IU 1 VU 1 V] J rauteuc 1 UJL 11 . _. _ , . ,1 . »,,* «.i_ l j. m„L-u 

notice of ^avpldswee of the As a first step it recommended the prices of higher quality cost production by greater use;j s unlikelv that ihe electricity? The programme cjmtos that in me duck market. 

. 1 - Ll I , . . > ... . j: J 4 .1 «WU*f»CC niimiFniilxn. :r,A ' . . - 1 l. 1 ‘ LOVIIUlfl rildlHhlltOrS anQ Tlin mo.l-ntn 


. . § v 1 * Z, ot ^ d^tros. ElboroerMitchrihr^te.-XtoyiTs ■ increase in the prices cliar&ed ihe higher costs of 

"■ > ..syndicates’ solicitors.: and Is j to customers who colleci their involved. 

: which...... expected to : further ecniem from “base points” but The price and gn 

I ^ “ mai aiup it (tfcuiiimcuucu ^ « — - . ’ |5 uimnciy uiui iu? t .. . . n j _ 

to 'that there should be no further cements did not in general reflect of dry process manufacture, and ; industry will take much more; ^ e '? ral , nd distributors ana The black marketeers then sell, 
f*s .' increase in the prices cliarged ihe higher costs of manufacture blended cement. f^en ?0m tonnes of coal over; ? ea erS v at home and overseas the vehicles to customers ai well. 

i s ! jo mcinmnw uih n oniia^i ihoir iflvfjved In addition, because basing the next 10 years, and may take have been involved m oe ’4 l e aver the list nrice. This Week 

CL E. Heath. Lloyd's brokers, 
arranged with Oceamis for'the 
syndicates; after .‘they bad 

statement tUs'weeK 

kvumi( jiuuj uohC pumiS OUt auc ptuv imu grade structure, point 'prices and transport j e «s. , f . . ^ — 

that prices charged to other it maimained, should be revised charges aid not reflect actual ■ However, the Government and I irancmsing arrangeuiems. n , et hod for about £2,000 more 

customers should be allowed to to reflect more closely the cost costs at works and depots, the the Board both still officially Mr. Jack Reardan. a former than it would have paid normally. 

-nrtL’ over the list price. This Week 
Lieyiaous bmi^ht a Range Rover by the' 

Early esiimafes of possible 

wblcb.' coutd arise ‘ 

rncHVMjl »hin*JLt» r /vwT WilU'B. . GUUIU 

- f ? c CTl » ^ against Ocean as ; under ihe 

5 > - 

New York container : «roun: 
The claims, which have been 

mounting.;. - against' Ocean us 

since mld-1977. have been 

terms of reinsurance - . are 
pitched in excess: flf-ffln. bnt 
precise figures Tiave not becn 
calc ala Jed. . . 

auwuju ue iu:v»ku iu V — . r--"* •***■. UIC oiuiu uuiit at’ii wuikwn.. i . • ■■ r--- — 

up by amounts originally pro- of manu acturing different quail- present price structure did not! a cree that consumption by j director of Ley land internauona!, 
j posed by the cement ties of cement and customers encourage a transfer of sates j power stations will rise to 80m who is taking over as head of Although practice « m ,l 
manufacturers. should be offered a wider range from. high- to low-costs plants. ; tonnes over the next few years. 'sales at the newly-rormed Lana- illegal, it runs counter to 

i The manufacturers, who arc of choice than at present. The resulting cross-subsidisa- 3 nd will stay at that level until } Rover and Range Rover aroputt; Leylands policy , of . se-Uins 

among the few companies still The Blue Circle Croup, which tion, it said. limited the pressure towards the end of the century. fj'J a .?J has J™ 1 “SRef'cSnSlled “area* ^ 

allowed to operate a common owns APCM. has given the from other suppliers or transport The Central Electricity Gene- a detailed inquiry into the alle^a .are > cootj-olled areas, in 
pricing agreement, told the Department of Prices an under- which might- lead to greater , rating Board has for some time {cions. wmen to operate ar ns.ea prices, 

commission in January that they taking to hold the price or ordin* efficiency and lower costs. ; expressed scepticism over the ; " Whenever there is a shortage The company has made con- 

wanted to increase the prices of ary Portland cement supplied in The commission also noted a . Government-Coal Board assump-iof any rood commodity or any . siderabie efforts in recent ye^rs. 

most cements by 10 per cent and bulk at tbo level recommended substantial difference between I tions. i sood product, a black market will t0 s t am p QU t these unauthorised 

, those of certain special cements by ibe commission- The company, the British and European cement I a report yeilerdav that the| invariably develop." methods, mainly on the grounds, 

iby 9.21 per cent. however, yesterday rejected some markets. In Europe, it pointed ] Electricity Board’s forthconiina ■ Mr. Rearaan also admits mat ^hat legitimate customers can be. 

1. The commission derided to Q f the commission's comments out, blended cements made from j corporate plan rejects the 80m I Leyland nas reprimanded one ot from Uie product 

(investigate the notification sub- about its efficiency, and manning, blast furnace slug are now well; tonnes level is in tine with the its Middle East dealers for try- w ^ en t h ejf have to wait up to. 

j milled by Associated Portland The commission did not think established- The report said; Board's belief that its use of i tog to sell his allocation of mc , n th s f lir delivery, whilo 

, Cement Manufacturers; the it was its job to make any reconi- there was now an urgent need 'coal as a fuel will decline both (vehicles outside his own tern- others get preferential - treatment 

ctice is nor? 
counter (o 

•11 - 

• V« 5^ 
\ i. 


call for ethnic lisfe 

r c !kM 


* - -J :*tJ - 

• il l’? 


■BY DAVID rHiloruii i . ul uic HiuiuHEiurcia. mi 

: • T X>A ,D CHURCHILL . . , . . ..'t-V interim increase of 7.09 per cent 

CONTROVERSIAL PROPOSALS in g whether to imrodnee such ! S wWle lh « ia ^ iry 

tot employers to compUe confi- records into the Chdr Service and; { Duhlished vwter . 

denhal records of the ethnic nationalised industries- . , daJ ' So ‘SS^Mon L??»i 

sss, °L e £3$*zi • jaaa ~ S *• S5— 

j biggest of the manufacturers. An mendations about the cement to develop this ar**a. 
interim increase of 7.09 per cent 

1 relatively and absolutely. 

S fofKoml EquaJUy CUU1 Khed^yeicrdLy ‘gSlffi “iJSdti APors so°ecial wmTms.^'u alsS 8Y DAV,D F,SHLOCK - science EDITOR . “™ u 

The commiMldtL set up under ** nes to employers - .op equal j gave company the go-ahead a SENIOR United Nations Or. Tolba has asked Britain's tified. laboration, because Britain itself 

the 1976. Race Relations Act to °PP ort u n| ties at worfr ■_ (to raise the prices of its other official, in London yesterday to help in joining with other Six or eight developed nations was still unsure on too many # 

monitor: .-progress of race rela- a “° published ^a- oooKiet cements, like ordinary Porlland. see Mr Peter Shore, the Environ^ developed nations xo help the had already promised case counts. For example, nuclear IvKPSldirinO TSIin 
tions, believes that record-keep-* . ur S |Q S local authoritiM to by 10 per cent. ment Secretary, on Britain's par- UN Environment programme studies of manageable projects risks bad been over-stressed and i»icajunil a lain 

tog will' help 'employers to im Ptoment ih full fhe .1976 Aet The only exception was cement tk-ipation in a major environ- quantify boih ihe benefits and thai might contribute to this coal risks had been under-played, . _ _ 

enure they are within the Law Dnder which authorities have a collected from the company's mental protection exercise, the costs of environmental pro- exercise. Sweden was providing he said. Will! fEtiSf 

The proposal to establish statutory duly to eliminate racial main premises or delivered praised the Windscale Inquiry tection. a study of Us iron and steel “The benign and renewable” 

records i$ likely to: Cace heavy. -mscnniiMlioiL . • . , ■*>. i ^ilbin a five mile radius of a report as an exercise in assessing There has been “some relaxa- industry and Finland one of us energy sources were unquestion- Badar can provide a more effec- 

criticism for allegedly creating Referrmg to the wwef e£<nd | plant Price increases for tbe new project's effects on the tion” of international efforts in paper and pulp industry. ably renewable but “I'd be Jjve and les^pensive means nf 

positive discrimination in favour «*acks on Bengalis !n^ Brick cement sold in this way. it -aid. environment. enacting ami-pollution leg i si a- The aim was to persuade the very reluctant to say that they meLimn- rataffil over I wide 

ofcolmireriwnTlre« Lane area of the EaStEnd, Mr. should be restricted to the 7.09 _ l on. and to finding funds for developing nations not simply to a re environmentallv «umnd— vou 

of coloured workers . ■ Davld L^e, the commission level allowed under the sare- Mr. Justice Parkers report was mronmen i a i prelection. follow developed countries, but din'? have She ^ intonation.’’ Sordini E * 

The commission fa Id. . There chairman, said he wa? ^appalled guard provisions earlier in the definitely one of tbe best j t was his aim to persuade to plan for environmental pro- _ . . ... t0 * 

can be no valid objection If they b y the continuing owfercaks of year. environmental impart assets- governments that Jhere were tection from the outset Hard Britain was Still considering report published yesterday, 

are used in an e qu a l opportunity rscfai Thos* -resnons - 1 This wnuld co some wav to merits yet, said Dr. aioslaia ranoihl* heneflis m h* nhtninpd from the i-vnM-imw of the whether it could build a pre- it is hased nn a studv which 

UN official praises Windscale report 

by paying over the odds. 

The programme also suggests ; 
that this process could lead to- 
disenchantment with the product' 
and give Leyland's competitors 
the opportunity to enter the 

V ■-» »t- 

^ "I n ... 

...„ •• "> 


*v ?/ri-r -.iL ; 

Measuring rain 
with radar 

«.i l tv 

->ir c ■ 
:r.C . r r.^r ..... 

. . , - -Jr-- 


“ * “ 'n.t-v 

- .• . . ..2 

- - - • 

are used in aq equal opporturiity racial violence-”. TbCiWLT^spons- j TTiiq would go some way to yef ' .sa/d Dr. Most 3 fa tangible benefits to be obtained facts from the experience of the whether it could build a pre- it is based on a study which 

programme which has been ibie “must be deaitiStith very reducing what the commission Tolba. executive director of the from expenditure on environmen- developed nations were lacking, feasibility stage of assessment involved the Meteorological- 

ele.ariy explained to- employees firmly by the po!ice - 4tod by the regarded as the unacceptable gap UN Environment Programme. tal protection, and he was solicit- he said. into the new energy sources. Office, the Central Water Plan-, 

and job applicants.” courts, as were the irate thugs j between the prices charged to “If you ask me, can you pro- ing help from some of them in But *n spite of Britain’s experi- using- its newly-created Commis- niug Unit, the Department of the 

The Government is consider- of Nottinz Hill in 185&." customers situated far from the duce a better one. I would say trying to reach an agreed encc in the energy industry. Dr. sion on Energy and the Environ- Environment, the Water Re- 

- - .-fly • : no. We do not have tbe tools." formula on how the benefits, as Tolba did not think that this ment, set up by the Department search Centre. Plessey Radar, 

v said Dr.. Tolba, well as the costs, should be quan- would be an area for UK col* for the Environment. and tbe Welsh Water Authority, 

■ : rr-r: ■— 


t rescue 


Hambr^Life will back 
‘pocket typewriter 5 


By Eric -Short - 

■7- THE RESCUE scheme for, Dritm- 
-•mond Investors, the financial ser- 
vices company subject to a 
•-winding-up petition, suffered, a 
- setback yesterday in the High 
Court when two more’ claimants 
_ came forward. • 
r The scheme had been approved 

1 RAMBRQ Life AssiiJr^SjNs to 
provide finabclal back^^for- a 
pocket-sized “lypevw^^ — the 

invention of Mr. Cy En^ld- an 
American fihn directinaivho is 
based in Britain. - , 

Hambro Life bas • to 

take a 25 per cent equiafeUke 
in a new business to 
porated to manufacture Mg lS§d- 
field’s microwriter. Kr.-y^^ 
Wcinberfi. managing director W 
Hambro Life, said yesterday that 
he did not envisage that, the 
initial, investment- would cost 
more than £{pa. j 
It will betTIawbro Life s first 

. r The schema had been approved 
Jdtp nii'l by a substamial,': majority: at a 
tUVL creditors’ meeting last month. At 

M yesterday’s hearing Mr. Robert 
Reid, for the company, was 

granted a 14-day - adjournment 

UtnvJirfi i?to-deal with the. claims of the 
♦ft* P> U J, * ne w creditors. 

and communicating information, 
all of which is vital to the run- 
ning of Hambro’s existing life 
assurance business. 

Hambro wiJJ supply marketing, 
accounting and administrative 
expertise to the new - venture 
as well as supplying capital. 

To date the cosr of developing 
the -microwriter has been met 
entirely by vMr. Endfield who. 

amtrng,- .other films, co-directed 
and'' wrote the British box office 
success Zulu. 

The - microwriter. which is 
simitar in size and appearance to 

[lyiaiL -‘new creditors. 

- sirs'. He said that their claims were 
heing disputed. The company was 
‘ v ; -resisting their application to lie 
' ' added to the list, of creditors out 
... ;of time. - 

experience of providing venture 
capital, blit Mr. Weinberg said 
that this wasta " one-off deal." 

The microwriter could have 
important implications for the 
business bf storing, retrieving 

a medium-sized pocket calculator 
has only five keys but incor- 
porates all the features of an 
ordinary typewriter — with the 
operator pressing keys in various 
combinations to produce different 
letters and responses. 



Scots regions order computers 

^.O’iTPUTER -ORDERS- totalling 
■non? than £6m have been pieced 

.- ignore than i6m have been yyiced 
.- ly "Lothian; Fife, Tayside, Uram- 
’ *..wn. Highland, .and Dumfries and 
- Jifloway regional councils, for 
\va1ems from INTERNATIONAL 
.'4WEPLTERS. . ... 

:'*ENT AND HELLYER, Andover, 
"J, a contract for the supply and 
•'-ista Ilatlon of steriisers For the 
rikinspn M or ley .. Neurological 
.ospital. Wimbled on. 

“ - * . '• . 

..-as .Tieeri: awarded - two ■ contracts 
v the Monklends District Council 

for house modernisation. Worth 
about £2jJm. tbe contracts are for 
the modernisation of property at 
Gveencud and Kirksbaws, Cost- 
bridge. which Includes plumbing, 
electrical wiring, installation of 
central heating and repair and 
redecorating. ^ 

LA TNG SCOTLAND has won two 
High Street store contracts total- 
ling n^m. At Bath Street, cen- 
tral Glasgow, work has started on 
a £lm-plus contract to fit out an 
existing store for British Home 
Stores. The. development will form 
an eytehrion to the existing store. 
At Hamilton. Strathclyde, work 

bis started on a £420,000 contract 
to construct and fit out a new 
two-storey steel-frame flat-roofed 
'extension for another department 
store chain. • 


Two advance factories are being 
bull t for the Department of 
Industry on the Department’s 
own sites. At Netherton, Mersey- 
side, a 15.000 sq. ft factory, worth 
£198,000, Is being built by Norwest 
Holst, and at Ellesmere Port. 
Cheshire, a 10,000 sq ft unit, worth 
£125,000. is being built by Lane 
and Marine Construction. Both are 
scheduled- for occupation in 

Tis 10 

i : 





US. $14,000,000 













’'Yeah ! You u p in the corridors o i power ready to sign that order for a new fork lift truck. 

Battery electrics rule- OK? • ^ . 

"Alright, we know they cost more to buy. But who wants to drive a noisy engine-truck 
all day-exhaust funiesanrl all? Would you have one in your office? 

”fts the truck that needs to be tough, not the driver -and buttei^ electrics are tougher 
than you think, especiaJly with Chloride batteries fitted -OK? ' • : ; • • 

v So keep it clean, fellas.” • - : - • ” . . . 



Chloride Industrial Batteries Limited, . .r 

P.O. Box 5, Clifton Junction, Swinton, Manchester M27 2LR. 
Telephone: 061-7944611- Telex: 669087 

Financial _T&tes Tuesday June IS' 1978 

in joint 


Tanker disaster 
inquiry ‘unfair,’ 
says counsel 






in Kent 

By Michael Dixon, 
Education Correspondent 


.vW.j-rt, -V: 

of Inquiry into the Adiocd Cadiz cover the facts. 
A JOINT- VENTURE agreement disaster which is being held in The Board wa 

By Our Own Correspondent THE OFFICIAL Liberian Board against anyone” but just to ud- *t U She^ < *chools U of iheir 

of Inquiry into the Amoco Cadiz cover the facts. „ *5” * „ * 'm^Inded ves- 

A JOLNT- VENTURE agreement disaster which is being held in The Board was told that Cap- choice ere caun* ' council 

(between the- State-owned Harland London was attacked yesterday tarn Pasqu ale Banian, master of nfLiinV of its ^ education 

and Wolff shipyard, Belfast, and as “unfair by counsel acting the Amoco Cadiz, is to be re- .™““ng oi itse 
IS? ’West German engineering for the vessel s Spanish manu- leased by the French invesligat- co {?™‘” d ee d • £2M S'-£600.0OT 

company MAN of Augsburg has facturers. ing magistrate in Brest on Tburs- ^^be^u^ffS outside 

fa ea confirmed in Munich. Mr. Geoffrey. Brice counsel «« before P the Board next the normal education budget, the 

» The new company, to be «« Mondav council seems bound to support 

known as Hariand-MAN, will be launched the lengthy a ? ac * t ^? n M . the recommendation at its next 

p-stablisbed to market a medium- procedures yesterday when the Jt ;J, S _ n0 * *£1 meeting on July 20. 

S(ICCU uican CMgiue ucoi »usu in m.Kiin cin M nr Pnnb 1DP UOnservaUVC ran.- 

Germany. It will be made under In earlier hearings last month 5SJJJ _ P LlherSn called for trials with voucher 

licence in Harland and Wolff's Astillcros Espanoles and its sub- SjJJJSJlfJt dfscloled veiterdav schemes as a possible means of 
engine works. sidi.ary companies which t hI^lnori«- to ^ the can^ increasing parental choke of 

Mr. Don Concannon. Minister designed and built the Amoco {ain 0 f the salvage tug Bugsier to education, and tbe Kent council 
of State for Northern Ireland. nnk- testify he had offered to hear his has a 10-to-one Tory majority, 

said in Munich that the anree- criturrsed^and it was_onlj^ after ev j dence m camera. However, a two-year study in 

.... , Asnlcv .\sawood 

An impression of tbe £15J5m tiered conference centre the Government • is planning for 


£15m conference centre 

said in Munich that the agree-. . . . . _. „ . t, mC ii.r >■■ camcm. - — - , .. 

meat would safeguard 400 jobs in wfllme? the hoa?d’ S S cha^ma°n Mr - Leslie Maynard, an indc- the counry showed that w-hrie 
the engine works. WiHmer tne^ board s chairman pj?ndent safety officer on board parent were largely 

” arljr 600 .° ,h “ represented. 'Sf ?"!!? *! L hnltile . «d «SE!”lwn.e. 

skilled workers there is still un- 
certain. Tbe labour force has 
fallen to 980 from 1,500 in 1976. 
Shortage of orders because of the 
Shipbuilding recession may 
mean further redundancies, 
j The Northern Ireland 


MIC AIUVLU l .<dUl/. dl lime Ul I , _ . n L Amafl 

the accident, began giving his hostile, and I that you ener Kjcniw 
evidence yesterday. would be difficult and costly to 

He gave the Board the first administer, 
description of events on fhe Society Today Page 31 

., n ■ _ Mgil description of events on fhe 

foipuuuaing recession may h d ' nt been invited to the vesseI / .*? rid ee when the steering 

mean further redundancies. innuin- had not b^en told thTt gr?ar failed on March 1S - He 

The Northern Ireland J"dU»rj. n a not been to la tbat sajd tbat tbe helmsman noticed 

: ine Northern Ireland ,t was likely to be criticised and th _. rh „ _ h i n ' s nilil jpr was hard 

Department of Commerce said bad 0 nlv recently received the ™L S e W henit Should haSI been 

that both parties to the agree- transcript of the first six days ^flihoaS “ “ “ “ 

ment_wou ld invest substantial of the hearings. th* were stnnned and 

capital. The amounts were not 

ot ine neanngs. The engines were stopped and 

Unless the company were Mr. Maynard said the captain 
allowed an adjournment to study sent a radio message to nearby 

Appeal for £im 
to save theatre 

Financial Times Reporter 


MR. PETER SHORE, Seere* the. then .. Government 
tary for the Environment, announced that the site was too 

announced plans, yesterday for Important f W office develop-. 

» ns cAnn... , ment and should be used fora 

a £lS25m- Government con- buHding -national 

ference centre wn one . of significance.” 

Londons more notable bomb TiMhI ,. Ur 

H«plta h i e to lMd Cr .^t Stn B^ a e d SJfeWwe 

■ West ' SPEEXm 

minster Abney. - now be. put thro ugl 

The site, bought by the -procedures -with th 

Powell, Moya and Partner^ 
stems Tram a feasibility -study 
commissioned from the part- 
nership in 1975 by the Pro-' 
perty Services Ajgency*;. " J 
Proposed Is a tiered concrete., 
building with a theatre-type . 

Conference Centre have been auditorium seating up to 1.000' 

.unveiled, and the scheme will 
now be- put through, planning 
p rondures -with the Greater 

Government after the war. Was- '' London Council and West- 

Harland and Wnirr will hevin anowea aujourumeui id siuay sent a racio messa?^ id nearoy Financial Times Reporter 
to tool-up almost imm^diatelv in the evidence, " a grave injustice ships to warn them to steer clear. ^ APPEAL for £|m fromin- 
expectation of orders for the ml " ht he done ' l Uter - the ca P ta,n L and “ r - dustry and the public towards 

engine which has both marine A summary of evidence expec- Maynard went to the steering the cos[ D f ' refurbishing the 
and land applications It w?H ted from w,tne5ses should he ronm to assess the damage. Pa | app Theatre. Manchester, andl 

augment the company's 

originally earmarked as 'the 
home for a new Colonial 
Office. A dearth of colonies 
killed that Idea, and l n 1958 

minster 'Council, and consul- 

people. WOrh on ihe founda- 
tions could start by the end 
of next year, after. an -archae lo- 
gical dig and tbe building is 
expected to be completed by 

talions with the Royal Fine the mid-1980s: - T-TOe- -£15^5m. 
Art Commission. cost estimate is based On this 

The preliminary design, by year's building prices.- ; 



>nm to assess the damage. Palace Theatre, Manchester, and' 

Most of the evidence this week e slablishing it as the base in 

traditional output of 5pSd before tbe witnesses were called, will be technical. Yesterday Mr lhe citv for touring companies 
diesels and turbines 5,0WSpeed as was the usual prncedure Derek Bailey principal research was launched yesterday 

The Palace, formerly 

£179,828 book collection 

the new engine. 

Mr. Concannon said: M The 
very success of this agreement 
and the spirit in which it has 
been concluded by both com- 
panies is of itself a fitting tribute 

diesels and turbines 35 wa u»u rt i rmccuuic jwiw Pii«.M.iinu,« was launched yesterday WAJi.vvi>Avaa 

Srfand and Wolff which has under British law. officer at the British Ship ^ Palace fortnerlv owned 7 

produced alternators and *^Tr rirdnn 1 f R h’p S S 1 ] \ ’ of Ve tests by Moss Empires and threatened AN EXCEPTIONAL collection of t rations, made £24,000, as against sold a copy of the Gutenberg 

generators, may make complete t i J ? thire seemed ? ! *w Ordered bv Amnco nn wrts of for S 0 IT !f*?® e w,th K cIo ? ure .' ?5 continental books from' the the £35.000 which secured a Bible to the University of Texas 

generating sets incorporating L DDre heision”^bJut^ \h* nur^se the steerin" 4?r from the ac{ l uired th >s year by tne ouild- 15 ih to 17th centuries was sold similar copy, but with coloured for S2.4m. This is believed to 

the new engine. SftKinniiSr He Sfi 5 S^not Amorn Milford" Havin ’ sister ‘"5 group Norwest Hoist and at Sotheby's yesterday for illustrations., at Sotheb/s earlier be the highest price ' erer 

Mr. Concannon said: "The bpi __ heid^to "make a case ship to the Amoco Cadiz. Siven to a trust set up in run it £179,828. It was amassed by this year in the second part of achieved for a single book, beat- 

very success of this agreement bemg bel d t0 make a case sb1 P t0 Ihe AmocB c aaiz - The full cost of renovating the M r. Carl Pforzheimer as an ing the S2m set by Christie's in 

and the spirit in which it has theatre has been estimated o> adjunct to his great collection - New York earlier this year for 

been concluded by both com- a a p* a/>a c • ■ 5 consultants at £1.53m. Greater 0 f English literature and sold ■ prAau another copy of the Gutenberg 

panies is of itself a fitting tribute fl II SID iniQjCl filCF Manchester Council has indicated hy the Trustees of his Founda- S&ALfcKvvPlVI Bible, 

to the benefits of collaborative olc^v/jVvv that it will make £lSO.ono avail- tj on . The main disappointment -rv,„ n.»icti«'e mi. 

£ 45,000 6 missiiig’ 

to the benefits of collaborative w ■ v/ 9 v w that it will make £150 .ono avail- tj 0 n. The main disappointment 

effort, joint enterprise and in- POLICE CONFIRMED yesterday any person presently living. Our ab . la and th f., Art * Cou ?; : i!-«nn S was a falock book 

vestment opportunity between that £45,000 has been taken im- iquiries show that there can he J ald “ -lio.OtMl. Pouperuro— -The Bible for the 

important sectors of industry in properly from the books of thp no charges against anyone .' 4 Manchester City Council nas Poor— printed- before 1470 but 

our two countries." Charley Permanent Building The police inquiries started also h ® en a PProa<?bed for a sub- bougbtjn yesterday at £32,000. 

The venture was bound to be Society, Lancashire. earlier this year. Following the stantial contribution. The top price was the £26,000 

of real and lasting benefit to the Chief Inspector David Phillips, death last June of the society's __ — from Breslauer for a first edition 

The top price was the £26,000 

- New York earlier this year for 

SALEROOM . ' “ w or a- Ottota. 

8Y ANTONY THORN CROFT Tbe Christie’s sale of Chinese 

export porcelain totalled 

1 ; — £228,308. M archant paid £1L500 

_ „ t iu__ for a large familie' rose dish Yung 

Other high™ «?57n? ScHon 

h DB t it E F n »Ae.ef funiuu) Aronson gave ztyeuu ror a garni-, 


the Broxhoume Library sale. 

. from Breslauer for a first edition which beat its forecast £140.000 S^re of five faSilT xubv rSuml 

prospects and prosperity of the head of the county commerce former secretary. Mr. John hv TV-dfllfl of Boccaccio's classic on the lives were the £11.000 from Breslauer _ arlv Cb -i- n r^nir mS 

two enterprises, h'e said. branch, said: !• It is evident the Kerfoot. 61, his ^on Neil T fJj. 0 f famous women De Claris again for a first edition of the £5000 t- a sfmlbur lot^* 

The Department of Commerce, building society has lost money, succeeded him, bur it now seems THE WORLD'S largest warship, mulieribiu, printed in 1473. and works of Homer, printed in 

In conjunction with Harland and It would appear to have been ini- likely that the Chnrlcy the 94.000-ton nuclear-powered including an illustration of the Florence in. 14S8, and the same A pai£ of famuli rpse_ blue 

Wolff, would continue to look for properly removed. There is no Permanent will be taken over by aircraft carrier USS Nimitz, accouchement of the mythical price for a first edition of ground fish bowls sold for £4,500, 

ways of safeguarding enmloy- evidence nor any suggestion of one of the larger building makes a three-day visit to Ports- Pope Joan. Quaritch paid the- Rational*? Diwwiorum Officiorum, >“<1 Aronson again paid £3,600 

ment in the engine works. 

'anything untoward in relation to societies in the area. 

mouth next week. 

same sura for a first 1465 edition the earliest book in the saie, for a massive familie verte 
of Cicero's De Otficua containing printed at Mainz on vellum in P°™ der blue grpuad -dish K’ang 
the first known use of Greek 1459. Hsu 

type. Outside the saleroom, on The lots removed from Child- 

The first published book on Friday Quaritch. the leading wick Bury, the house of the horse 
war machines. De re mtfifari by Londnn antiquarian book seller, breeder H. J. Joel sold for 
Valturius printed in Verona in acted as agents for. the .Carl and £73.020. They Included the garni-' 
1472 with over a hundred illus- Lily Pforzheimer Foundationiand turej vases. v*; 1 

of £19m 


ant LESLIE LAVY, a former 
Erector of the fatted secondary 
bank David Samuel Trust, dis- 
closed debts of more than £19m 
at tbe London Bankruptcy Court 

. . Personal guarantees- made to 
caver Samuel Trust’s liabilities 
account for- the bulk of Mr. 
Lavy’s debts. And in .bis state- 
ment of affairs Mr. Lavy shows 
that of his total debts he expects 
about £4.67m . to . be claimed 

ills . persona!' assets at just 
£39.714. leaving an' effective 
deficit of £4.63m. 

T Mr. -Geoffrey Gillvray, the 
Official Receiver, questioned Mr. 

. Lavy on settlements made in 
■ favour 'of his family. Between 
1970 and. 1973 Mr. Lavy gave bis 
: wife jewellery valued at £128,000 
and other members of his family 
received Cash, shares, antiques 
.and paintings worth more than 

Directors j 

grotip will 
meet Dell 

By Christopher Dinin'"' j 

MR. EDMUIvD DELL. Secretary 
for Trade, has invited an 
Institute of Directors’ delegation 
to a meeting on June 26 so they 
can explain their fears about the 
Government's industrial demo- 
cracy plans, published in May: 

The institute has launched a 
national campaign against- the 
plans, which envisage trade 
unionists in board, rooms by 1984, 
and said that they threaten the 
job- prospects of the whole work- 
ing population. 

The delegation will be headed 
by Lord Eroll of Bale, president 
of tbe institute and President of 
the Board of Trade-from 1961 to 

French visit 

MR. BOB CRYER, Parliamentary 
Undersecretary of State at the 
Department of Industry with 
special responsibility for small 
[companies, began a two-day visit 
fo Paris and Lyon yesterday 

fyiliBliipllllil! liliil slag.:-'' ; 

; I ' . ' . — ' 

WWW - '-,4;- - 

This mar 

We aim fe 

Designing, supplying 
and servicing the most efficient 
packaging equipment for customers; 
it's Metal Box'is business. 

As the people who know more about packaging 
in a wide range of materials than anyone else in 
Europe, we're often asked for help on anything from 
better filling equipment to more efficient factory 

Vfe provide it, too. 

Our customers range from the giant 
multinational food companies, to the State packing 
industries of Eastern Europe. 

And our products range from precision tools to 
computer programmes for improving filling line 
design to obtain maximum throughput. 

It's a service that goes far beyond providing 
better packaging; but it's all in a day's work for 
Metal Box. 


PLUM (Production Line Upratmg Mftthori)- 
a Metal Box computer for designing more efficient 
packaging lines. 

Metal Box 

A good bimess to be in : . ; ^ 

Queens House, Forbury Road. Reading RGl 3 JH. Telephone: 0234 581 17Z telex: 847437. , 

What you get: 


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finer firing control 

consistent quality 

less pollution 

easier working 


Gas is the best fuel for premium usage. 
Economical, versatile and efficient it will improve the 

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arrange for a technical representative to call.Or send 

in the coupon today 

r [o; British Gas, Industrial Sales, 326 High Holbom, 

London WCN 7FT 

I would like to know more about how gas can improve 

Financial Times Tuesday June 13 . 1978 




Do you need tc increase ; 
or should you look for an r.c 'eco 
How are you planning io-:— 
GRESHAM TRUST car r.?!r 
problems like this is our business. 

VVe are a Ion* established nv 
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That’s -A hy v. e'l! ah*, ays I. star, 
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Why don't*, ou do so :oc= . . 

. ’ overd^art 

^ <n cap! tii ? 



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■aid tc v. me 

■A" tli 


Where the successful' private 
company feels at home. 

Lv 3.. t.r-; ir.r ; ~ Ho-. ;f C c;- C i r.. L" ; CC 

Should Jh'*s cap happen lo lit you, ynu would he well advised 
to fix your sights on real property, in which 90% of all existing 
millionaires achieved their fortune* All -.he signs indicate 
tta- immiuentr of a no (her properly boom: rising house price-:, 
falling inve.H:uent*j yields. City institution*" buying farm Lind. 
To kwp ahead of l he herd in ihi» 1 a -i -.Moving mar Pel > oil 
need :o study the Properly Leiu-r. v.T.ieh dels 10 fhe *.ery 
heart of rhe property husine*.? wuh do ' T.-iii-earih. ruing *nt 
article- providing you v;lth information, ideas and unusual 
approaches Jhai you won't got ;.-nyv h-.-re --Ise. The Property 
Letter could ju-i pn'-sildy uc a better investment for >-»:i 
rhan the property marine itself.' For detaij- uf a FREE TRIAL 
OK FEU. write i": 

THF. PRtiPERTV LETTER. !l.-u. lt.r 
1.1 • lo I den So-.nre. London. \V1 
or pliom- 01 -.797 T:!P.7 (24-h»ur ans - - erms service! 




Rnrs. family lounge, cab arc: rc.m. re .->1 a u rant. etc. In all 
1*5.41:0 s r |. ft. Turnover 1:>77-T> iP&Oiid. Full d*'l.*;’u. eur.l act 
Box «.i.:0fll. Financial Times. 10. Cannon Street. EC4V 4RY. 


Above average price paid where 
purchase is appropriate. 

■A rr-; in • '•mpl-v . nn:M- -u-e :o 
5u.C 'I.H'M. i .i.v--:.U T.n;.;j. 

1". Cannon Mr* KCIf 4MV. 


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itienjj an hefiil? rr r.-intiSi.'s -or 

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38 CNESHAM PLACE. LONDON SW1. 01-235 4551 


Sql:* of J?;rs*. ifjO.OOU Jijn./rn. ,»rj; ;.-r;r: i into inf 93^ 
Jt realistic 3:i;«, S:»nd !:id»r n it; 0r.-.» r*n;< V/oJ'd «.Li-4r jiurniniuT 
£i'.4iuin; -:ompm y nr pun.: r.iouid.n; tampjp/. *t 3-:s:^i il; n 3-k tuo- 

eon-'Jct*d 3'3li:i n-?vcr >:in; .-u-»in>.f.d . 

PlMit r:flr to: 

/ackson Vayro & Co.. 9. Afma Square. Scarborough, Yorks. 
F.T.A.Q. Mr. B. Lecsing 


Arnvme? invlud*- in-4, injeciiun iii'iiiid'i 1 ” .<nd 
pn.sswork. "vn br.ind prudu?t r.-m-jr. ;.m| fruj-.- i.urk. Tin- 
Ojinpany i- ?.lidl;ind:. b^is-.-d. Turiu,-vor £1;u. 1 'ij-si^ 

Writ*- Bi>:: 'l.^<n*iy. Fin;HK-i;il 1'iin j 
Hi. Cannon Str&vl. EC4P 4 BY. 



An internationally famous 3-star Cots-voM Hotel in i acres with 
31 bedrooms i 16 with p.b. i and superb public rjomt. Turnover 
-t-ic-Jedin^ £254.000. Freehold and fully furnished £270.000. Sole 
Selling Agents. 


Near prosperous population centres — 3-5TAR COUNTRY HOUSE 
HOTEL/RESTAURANT taking £400.000 p.a. Bedrooms to sleep 3-5. 
m.-»|n;fic^nr public roems. 4-!C0.002i asked ir^chold complete. Sole 
jsllinc Agents. 


Njtor.»: H-“tl * •-n.. Cefp.-w.jie Mcu'* 

T/-J '.r-e:‘irrr 2J3S 


FOR SALE — £250.000 

Scilinj; 10 major multiples. Substantial profit! — Srnrfit:. 

N«: asseu approv. £100.000. 

Id*a( fa: fjin.;./, .iihiij ca :n«r th-ivnj fade {hrouc!- o'i titibnff-td 
butiritsi tipatic si -.utiuni-M e*asn;isn. Sjf: 4«« uUl' ■: 

<cndarv ivau.'d rsmiin '{• jsrni j:j» -n ; niyc \ iict irui onif 

frem principals capable of susjinn; tan 1 : rtiercnces in -I-jc tsvrs*. 

IVf.'f fid' r lns.i'i3f Ti.fl*:, fj, C'lnna-i i»r*ts. ££•(? 

Independent well established 

With Ilea Aqua rters in Sydney, ore looking for further dev?inp- 
nient in Australia by way uf Association with Financial af.-l/c-r 
Liu yds Brokfnc House. 

Director will be in London from mid June. 197S. for -aout 
two suomhs. 

Write Box f.lMl. Financial Tunes. 

10. Cannon Street. EC4P 4BY. 


to the exp-rts. Complete and efTident team at your dis?:;ai 
at ver* short notice. Our -cry competitive raws will 
you. Sena for full descriptive brochure, giving all detail; :o 
the company’s sale; representatives cr phone. 

130a Burnt Oak Broadway. Edgware. Middlesex. 

Tel: 01-952 6626 - Telex: 923598 


Do you buy pressed steel part*': 
Capacity available for U.K. and export. 

Effingham Road, Sheffield S9 oQF. 
Telephone: 0742 449367. Telex: 54424. 

Tin- \ihrrtiser Ls relaliu-ii by a suhstamiiit & reputable forrign 
company 10 procure all type* of defence lranspurt and supplies 
L'K manufacturers of ail types of defence supplies and tvanspurt 
nonnallv rwiuiivd oy a military Luylsrics Comm a mi fuch ;'.s. 
portable brids-'s and roads, cirnimunication c»!Uipin*'r:. ;aaK 
transporters, alloy lento ^ and mobile caterins •»quip.n-.‘r.r, ure 
invited in ’.he first msiance to send up-to-date brochures and 
speciftcaiii»ns i»»: 

Box OSObT. Financial Time?, in Cunr.un Street. *-.-P 


Cellulose Primer Suriaccr £30.00 per drum, approx 150 Its. per drum. 
Assorted various cellulose colours £30.00 per drum. 

Hu* ccrnejrc. m reject cooC'Sica. 

Brilliant White Gloss £350 per 5 Its. Brilliant White Vinyl Silk 
£3.00 per 5 Its. Brilliant White Masonry Paint £3.00 per S Its. 

plus Mrrior:. D-ryct Irom monyiocturer. dlicount fsr le m te -.rit’s- 

Phone OS 1-523 4022 Telex 627603 


Agents required in the U.K. * 
Europe to introduce a unique 


to Industry and Car;c handling 
companies. High renumtra:icr, 
and all doting sales done b/ 

Detoils: — 

D. j. Coiterill Import -Export. 
143 Speakman Road. 

Sc. Helens. Merseyside. 

Tel: (0744) 23189. 



yaur tempaur :o you." 3(ii 
u jt, you n»ed (he proi**:ior>il «xpc>- 
nte el the Nidanii aifc;uc an Jf 
MvCr- i ft'iauiii’.ion uni.iiiiii:! « i :S 
40 memoir i"i-m» thi »JSA ir.i .n 
Eire?:. MAMAt has hit ;s*(i:vUr 

lilCXH «iCh limit »?<lin; I Sr 

i 1.000.000 or more. For a ire mocr 
S'm ne»r yai r-ho can i—auc' a 
discr-ct, esp nd.-.nljl senii't v»!ih a 
quai.r.-d ouyer. «"li W*M»C. *?SS 
LB) r:re4>o«. Suite T87Y. Dellos. 

Te. ei 7S23*. USA 


Rr-iiretl industrial M.Li. lu- 
substiintial financial backing 
■•j help small nmrt-prvnfur 
with new ventures, rocuvenes. 

Full particulars to Bnx G.20S3. 
Financial Tunes. 20. Cannon 
Street. EC4P 4BY. 


Scek^ reversal into Fublic 
Cornpany with funds tt? expand 
present £IM Pre-Tax Profit 
to £2M 

Wr-lf Sp. C.jfljc. Fine'; at 7:ires. 
10. Coni ion ir.-.-c, £ja,= ♦3r. 


F*tto-y re-rond::ion:<S and 2 u»u-i(«rd 
t r ibh. Bur- up :j -ad ? :. 
Lsaif J y-: j~! !:on i 2.”0 »<tV'.y. 
f ;n: *:oti £79 p:~ month. 

Phone: 01-641 7365 



*nh;s to dn?oi- o! t (n-/«:wnhi 
ruliu to urii^ut iO-tal-i *«!!«'»(“■• 
Ontr::: ^t(h Nat-s-i'isid Induiuy 
prndtnj. Pr|nci9o/i et*. ?leo*e * fl " 
Rajcr C»t«n S P.'-jk-.. 
IkXOwnHlill. S. Pnsrr Hsad. O'! 1 ®™- 
B-'Stei BS8 I7Z. 



Pap: rbound ortr 450 ?*i<: .nd 30-C00 
cntrit»- Mar Ltd (■ 1--n; ■j-i-ir £1.10 
per <o?j. oO.OOCi :or-t* a«a»l4fc!* 
packed in thirties. 0;«rii;. orice 34P 
:oDy. F.O.8. Lundan. 

Write flo- -j 1 13-. F icki4 
ffl. Cannon Street. £C4P 46 y 

FROM £69 

Fdi-mation :n S-itam jff tn*\Or 

coiininc! and O^-ihorj l*:i* iisMiW 


ESiii.hi personal Conloct: 

CCM Ltd.. 2. P-ospe:: h«i. Oauzitt. 
Isle of Man. Tel: Dshtln ( 06 JAJ 
23733. Teltx: 6278^0 3AI.IOM G. 


Singapore. South East Asia 
and Fiji 

Experienced negotiator 
making liih no?.: r^eular vi^' 1 - 
.luly.Auyti<i -.-.-ill accept 1 or - 
,* del i : i u n.T 1 i;y i« ;j; j •>; , on *• 

■.■‘n:: K.i\ >. j*-. - .. ...... times 

l* 1 *•- • ■'■’Jr- Ir-V 


Manufacturer of entirely ne w . 
p* rented, quality-gift product, 
which has pro'5n housewits. 
family appeal and r»c competition 
anywhere in world. . • • 

Seeks the involvement of national 
or multi-national organisation 
with preparedness and capacity 
to promote the complete selling- 
marketing » packing operation. 
Considerable sales inccej. 
already gained from leading com- 
panies at home and abroad. 
Write, in first instance, to: 


Chartered Acccuncants._ 
Barton House. Folkestone. Ker.:. 



Ideal for Haulier. 
Metal Stockist, tic. 

Due lo rationaitsacirm 
National Group has for 


Two-acre- freehold site 
modern offices, 
accommodation and 
Write Box G.C06S. Financial 
Times. 10. Cannon Sired. 
EC4P 4BY. 


Full Sonic*- is our Business 

• Law and Taxation. 

• .Majlbnx. telephunc and 
ti.-lex services. 

• Translations and socre- 
mal .-err ices. 

• Formal inn. domiciliation, 
ami admloisiration of 

and foreign com- 

Full confidence and discretion 

3 rur Picr*c-F*iw. 1265* Geneva 
Td: » OS ao. Tele*: UR! 


jjtiiin-.ii 1 i-ouf •*> 4 »*.4e 

0 i cf ituvit’t* *nd u-.itli.'Hf -n 
pr*»fijian oln::( in N;*tk 
Lonijon hr>e lurD-us otfi ;t sttentmed*- 
tior.. fiiflT. Tune* and comne'd- at 
:x»tr; ; »e */aiijt 9 ts PtK un*3't to 
•upioit tl’fir Peteoi a l/zusman o- 
our,d 'diii ■> ->o »at»nte s: *u:h 
•*:ilitic*. Write *.-i ll'-SC: sr rfcrecce 
DirjtM-. I.S.H., S-itJe""* 
Hijh R5S4. F-n;nle>. 

London. M I Z. 


Freebrnok Limited. 

12/13 S-*. Nicholas Cliff, 
Scarhnrnuch. N. Yorks. 

Sm«ll Ca*;i-14 »,;S t-ss.-t bill, h'!.^ 
tecimeto;- ;:4:cr;n< >-odu::. + sh*i 
:o find i time- j»semti*ei4t*»tK* 'o" 
Sjndiin; ta-tritts. --tjik: M 

T*>t :;-^3inr (««> 

■ n th« Ivr Midiird; -.nd tt «v=ircin! 
rjpii!!.*. Minsnt' in il»:.-S -?3U're< 
ai £5.000 ts £10.000 Cona.t-am el 
Mnplayrt'f': luO, nagoz'at’a. 

Write Sc r d.2ti5£. Finunda' 7;-isi. 
73. Cinnon Street. £C*F *3r . 



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I.i u-.-n 

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.1) 'llwl 

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.,(:•! x-unJn. 

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,v . r MiI-.IIj: 


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T :itri. 





.-.Its t-f-tni out rat.-ntii 1 

-Tig;*:* Jddij-jnn Lrefl'eni 

m.cit-r.rn: sreipcii <*«: cou- 

r.'.tv o‘ i Be*id ABps.nun;r:. 

.trite e.-* C.11F*. -'.wavT T.w». 
jn StrceL 



EXP?t5S C£> t£OI5TP.ATiCN: lTD.. 
JO C ii ? aid. cT 1 - 
CKftZS 5421/5/7561 . 


oods plans 

£20m expansion 


Ut(l*Mt-oud>». Britain's largest 
prii atplj-otvned retailer, jts- 
tprdav took the unusual step 
of announcing its investment, 
plans for iJte year. 

Ii is io spend more than 
£20m next >ear on building 
Tour new stores and expanding ' 
H\v others. The development 
programme will produce about 
1.600 new lobs. 

In real lermv the budget is 
ahoui the same as in the last: 
few years. 

Littlewood*. which nPW 
operates 106 stores and had a 
turnover through i»s fhaln- 
stores of £2 19m in 19*6, has 
been opcnliiR new branches at 
the rate of about four a year 
sinee 1970. ...... 

What is unusual is that tnc 
company, traditionally one of 
Britain's most private private 
companies, announced its plans 
to outsiders- ’ . 

-This marks a further step in 
•die company's policy of being 

more open, which began two 
years ago when Llttlcwooils 
first publicised its trading 

The new stores are to he 
.built at Paisley; Poole, Dorset- 
Hanley, Staffonjshire; and 
Manchester. The last 
replace am existing store in 

Stores to be extended sub- 
Manually include those at 
Oldham, Aberdeen, Cardiff and 
Newcastle. . 


Exc/mira Quality range cf 


Eiv>:'i:S«d UK i 'Tit 

toitnttl lo- fu-tnt: ««9iPt-3r.! 

Cia.tsi recurtd la- outr.jhi fj-thai* 
• n a? :J5. 0CC. 

p.?— C'fiQ-j anlv— i'ea« r'r.zc fcr lull 
Jno'ls :*• iff-rt ecr.Bdsme. 5o» 
0.;P3 e . riM.H'ti ’irre.t. 10, C:~non 
Street. £C *? <S V . 


24 hou- T t l«jr j-r»it* S5:n ’ C»r* 
i M..«e*‘. jii: :a u» f ®’ satti. 

it-.o-»:Y -ciiabil :v. v/ - 4 ,m 13 

kicp ‘O'sr ererhcids ia<". In«s's:ci.* 
w Hf HOT PHOtiB u5 ON 
01-S89 7642 


Cc-mBl”- L?nflon Are* W' in 1 

figaltn reasons. Com minions >ati rear in 
credit o: C3O.0CO Cn-tms i»«luS4 "^Ov 
iornojn^ Writ? 

C2033. 7>ntC\, C-» n 

'ire:*. ECc? . _ 0 „ 


Q*Cf £ d ffri 'Ije ID _ A'TTDlC 

■SCOn?.. iVri 1C BO>. G 
Timei. 10 C-mi'.h SirCi 1 . ^C-P 
Small S»:*?d U.K fQWflA, 

5 imsl iCTtiMLi in »nd«ei«e- 
Chief E-«iull-C At* anmenis Ud . 9. 

M^ncheiSii- Souarc vV.i. 

big price 
increases ; 

By Roy Hodson 

THE FRICE of electricity H,cx-j 
peeled tc rise faster than -the : 
central level of mriation- In{ 
Britain during' the next few, 
years. _ 

i The Central Electricity Geuer- 1 
anna Board h3« identified, .a j 
sene? t>f reasons why electricity' 
-a:I I oeccme dearer 'oerween now , 
and the mid 19S0s. They include: j 

• Government intervention ini 

the choice of fuel for elec-*' 
tnchy generation. I 

• The rapidly risin? cost ofj 

power stations. •- 

• Problems being experienced; 
by contractors on large con-, 
s’.nictLon sites in Britain. j 

9 Scaring fossil fuel costs. i 
The analysis is contained ini 
the nev corporate plan for the! 
Board up to the 1990s which will ) 

be published shortly i 

The Board is concerned that! 
Government intervention . in thel 
day-to-day running of the ‘power! 
>uppiy industry will deny tbei 
electricity authorities the com-, 
me trial freedom they have tradi - ' 
tionaliy enjuyed to choose the. 
cheapest fuels and systems for; 
power generation. j 

The proposed Bill for the re-i 
organisation of the power in- 
d’.;s:ry. put forward recently by 
Mr. Anthony Wedgwood Bonn, 
the Energy Secretary, and* with- 
drawn from the Parliamentary 
talendar because the Liberals 
refused to .support it. includes 
potters for the Minister lo direct 
the industry as he thinks fit. • 
The issue is at present being 
ho;lv debated at a series of he?r- 
in’s of the aJl-Partr Corhmpns 
Select Committee on National- 
ised Industries which i» t inouir- 
ina Inro the electricity supply- 
industry. / 


Interest costs / » 

Power station building costs! 
h-?ve risen .-o rapidly ihzl the . 
noard foresees tire interest costs ; 
on partially-completed stations 
becoming a much more 
significant portion of the average 
consumer’s electricity bills. \ 
The power station ordering- 
programme will now include a'i 
least one major new power 
station each year. Many will be 
nuclear stations, costing £600 m 
each at present-day prices. 

In the long-run the board • 
claiais nuclear power is by far 
the cheapest as the stations enst . 
very little to run after being ! 
built, in contrast with the high 
cost of supplying conventional 
stations -with coal er oil fuel. 

But delays in building rhe 
nuclear stations are having a 
disastrous effect upon 'ihe' 
board's finances which is being 
reflected in rising electricity 

The eenerulinc Board’s cor- 
porate pian is also sharp’y criti- 
cal hy Miiplii-ation of the Xational 
Coal Board’; ElOhn expansion' 
plan which is backed hy ihv 

The rleciri»'ii:- leader; h^iiwe 
Miat the National Coal Board will ; 
fall short or target l»v as much, 
a - fiMru tonne? of cnal a year by' 
the year :WW hecause the mines- 
will fal; io meet productivity tar- 

The curd “Plan to 2000“ rull>= 
for outwit "m l^c expanded to 
some 170m tnnne« a year. 

The generating authorities 
would be required to :«h$orVi- 
much oT I'nai aridinonal outnut — 
nearly 77).ti tonnes y year nmre 
than ’ present levels of British 
co il usage. 

Thu generating Board view i< 
Thai coal and oil prices in 
Britain will bc.«>me siea-iily lc«-; 
ooinperilivc compared 1 with 
nuclear power. 

Engineers’ council 
seeks to keep 
licensing rights 


LICENSING OF professional 

engineers should remain the res- 
ponsibilitv i>F the Council of 
Engineering Institutions, it was 
said in evidence to Sir Monty 
Firm is ton’s committee of inquiry. 

However, the Government 

could monitor such a system by- 
appointing on e or tv -0 lay mem- 
bers to each section of the 
council's engineers' registration 
board, the council added. 

The council’s suggestion con- 
trasts sharply with the evidence 
of one of its main member insti- 
tutions. the Institution of Elec- 
trical Engineers, which wants 

statutory registration admin- 
istered bv a publicly accountable 
body created by Parliament. 

But, it says in its evidence, 
that statutory registration 

divorced from the council would 
become costly and bureaucratic’ 
while providing little advantage.' 

Recognition of the registration 
board -would be “likely to lead 
to raised standards and addi- 
tional qualifications among 
engineers ’’ and “ would also go 
some way to clarifying Jrr the 
mind of the public the distinction 
between qualified professional 
engineers and technicians and 
non-qualified manual workers.” 

The council says that academic 

qualifications alone are not 
enough to make a good, all-round 
engineer. “One of the prime 
requirements is pr.acticaL ability 
— in management leadership, 
work planning, problem-solving 
and molivatins a workforce. ThU 
can only be gained from experi- 
ence on the shop-door.”' 

It calls for manufacturing 
industry to provide more train- 
ing places for embryo engineers 
and, at the same time, plan and 
monitor the practical training 
and experience being gained. 


In the past an “ overabundance 
of graduate engineers has 
resulted in them being used in- 
effectively, leading to disillusion- 
ment on the part of employer and 

“Manufacturing -industry's 
general unawareness of the 
grades of engineers available to 
it and the level of performance 
which could reasonably be 
expected of each grade has also 
been a contributory factor to dis- 
appointment and bad perform- 

Industry should set its own 
targets for the supply of gradu- 
ate engineers in conjuction with 
universities and polytechnics. 

BAT now to launch 
plain cigarette 


BAT INDUSTRIES, which in the 
spring shook the British cigarette 
market with launch of the cut- 
price. king-size brand State 
Express 555, is now to use the 
State Express name on a new 
plain cigarette. 

The new brand, 555 Selected 
Virginia, will sell at 5Sp Foe 20. 
This is about the same price as 
other plain cigarettes with a 
middle-tar content. 

Because, the brand has a 
medium tar yield rather than a 
high yield ir will not be subject 
to the new selective health tax* 
which will add 7p to the price 
of a packet of 20 plain cigarettes 
with a high yield. 

This will mean that in the 
autumn it will have a price 
advantage over some of the estab- 
lished leading brands. 

Opencast mining scheme 
curbed by protesters 


victory yesterday in their cam- 
paign' against the National Coal 
Board’s recently announced 10- 
year opencast mining programme 
for Northumberland. 

The county council’s planning 
committee decided tn ask the 
Board to restrict coal extraction 
in 20m tons. 10iu tons less than 
planned- * 

The decision camn after wide- 
spread prof cab from conserva- 
tion groups and the National 

£30111. South Wales coal loss 

■ The share of the cigarette 
market taken by plain brands 
has fallen steeply since the war. 
Today, it accounts for about 9 
per cent of total saies. 

BAT Industries said yesterday 
that 555 Selected Virginia was introduced into a ” st3tic 
hut still large sector of tho 

Many smokers would be 
reluctant to switch to a filter 
brand although they might wish 
to smoke a lower-tar cigarette. 

The launch is far smaller than 
that for State Express 555, which 
is costing about £5m. But in line 
with its policy of. Investing 
heavily in trade promotions for 
new brands. BAT Industries will 
be offering the trade profit in- 
centives in addition to normal 

Farmers’ Union, which com- 
plained that the programme 
would spoil land needed for 

Col. Jim Small- the committed 
chairman, said: “The decis/rij 
has been very much influenced 
by public opinion and we nuetf 
stand firm. 

"We believe that 20m ions * 
a very fair share toward'* dip 
national economy while at th* 
same time safeguarding tM 
interests of Northumberland. 






Write Eox G2085 
Financial Times 
IQ Cannon Strecr. £C*P 4i>Y 

APVEBTJStK ottuiun 

-Viilfw F-.w: i-o': BiJ» G-u.4. 

m-rv.-j’ mpim. io. Caivon St 1 ret- 
leap ;ey. 


THE NATIONAL Coal Board's 
South Wales area is expected lo 
make a further loss of more than 
CJOm in the present financial 
year. This news comes after last 
month's report that the deficit 
for the past year n^s aifo about 
E30m. more than twice the 1976- 
1977 fisure. 

Las: year's loss has meant that 
the £lOQni plan to develop a 
colliery at Margain, near Port 
Talbot, has been postponed. The 
projections for this year mean 
that the postponement will he 
lengthy, possibly several years. 

Mr. Philip We ekes. South 
Wales Coal Board director, said 
last week that he hoped the area 
would break even in about five 
years. However, he could not go 
-‘cap in hand” to London to ask 
for a £100m investment while the 
figures were so bad. 

His' decision has brought a 
strong protest from Mr. E:ulvn 
Williams, president or the South 
Wales National Union nf Mint- 
workers. «ho said llarjam would 

have provided, jobs For up to 850 


Mr. Weefces said that the pro- 
ductivity - scheme negotiated 
between. the Coal Board and the 
miners at the end of last year 
was not yet seir-financing. and 
it had- made only a marginal 
improvement onr the area's pro- 
ductivity, which was the lowest 
in the country. The Welsh 
miners bad been extremely 
dubious about its merits before 
it was introduced, and many 
remained so. 


The area has also -suffered 
from two labour disputes in 

recent months. Industrial action 
by .clerical workers delayed, pay- 
ments of. the -bonus money, and 
meant that the scheme's ffnancial 
rewards were kept from the 
miners for some time. 

At lh« ouw Bcfwys an lh ra- 
Cile drift niittc, near Amman- 

ford. an overtime ban by. tala' - . 

ers has meant that production -v . . 

-is Jess than baJf the amount 
forecast. Talks this, week •‘J’ 
tween the miners union and 
the Coal Board may result .*® ; : _/ 

an agreement to work tbe B* 51 - r 

face at Betwys this month. 

Extensive cuts in the capif^J. 
equipment orders have \- 

made by the Coal Board in v -' '„ 

effort to reduce the losses. Tne 
problem remains. however j 

that there are a . large , 7 

of 19th century pits with au®- • 
cult. faultc4 seams and a 'w* '-J . 
productivity rate. ~ 

.Mr. Weeks said the »ain fesk -w. v 

was to agree a programme o ^ 
cloture?, and to continue: “ 1 
raise productivity in th e reinam- -.^ v , 

? There are some pits '*•?' 

will never . make, a c > , ‘ 

" 'ii. ut i Gift ■ iHpni.- ^ r V' -a-ici* n vi 

which : we will not close b cK ^' 
of the quality of coal thW P. ;; * 
duce- Wo cannot siinp'? ' *•., * 

into consideration . 

duced by the individual o 11 ** 

' - ' ...... _ i _ '.I . 


c^vT-: • . 377 ”• / . ■ 

1 txfa-J. ■ 

r.t ■- .- - 

over the 1978 Financial 

to £Ns 


f;*k completely revise the interior styling. 

4^ ; He provided^ with a nicely understated 

thindme treatment ol the main diary together with 
0 UH(j - a thatching desigii fdr the information sections. 

Finally we decided that no-one wants 
a marker-ribbon that falls to bits, so we ve attached 

a non-fraying marker ribbon. 

In addition to the desk diary there's a 
slim pocket diary and wallet, in black leather, with 
strengthened comers and real gold lettering. 

It contains a colour map of the City 
of London, tube and inter-city maps, a list of recom- 
mended hotels and restaurants, information on 
road, rail and air travel in Europe, calendars, world 

>! 4 


ICjl S 


1 % 1 IWIII 




■ Ym! t 

on February 3rd, 1980 
So you can 4 a 


it suits you. , 

We’ve also 
extended the busin 
information section. 


% list of useful infonna^n 
■ - sources in thirty ||| 

hr* loin countries of the worl 

Yop can trace M: 
ette anything from a 

consumers’ association 
to a Polish translation 

1 L >. .. ,r • , ICS ' >•** 

■ .'>V; i 


' ' 7 ry ' . I ■ U j A- V' ■ ■ / ' ■; • .v *.V; VS 


v-' r 

• s . , ; 'W 

u 1 : 1 ifi y "y ; 

y. VC ' 7 

V"y:-/ 7 -y , ;- : ' V-'v;:':-'- ' ^ 4 7 -.{.it'/'*: % 

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* ; '.'J ■- ( ' ■• •• , v ' V' * *7** 

' ' y ' 3 :, ; v : y /:■ S'^^i 

■■;■■. • .• v 

On the^ubject of translation, the diary also 
contaihs a French and German business ^ 
vocabulary covering everything from cash to 

:• ‘collateral’. 

It could help makeletters from abroad a lot 

easier to understand. , 

, - Next, we thought wed put an end to writer s 

imng^ cramp. i , , f 

rotestee To save you havingfo copy out hundreds ot 

- addresses and telephone numbers at the end ot 

each year, we’ve incorpoi^ted a detachable address 

booklet. .1 , r ■ 

. ; Now, on the assumption that you do a lair 

bit of travelling, we’ve listed the passport, visa 
and vaccination requirements of aH major countries, 

. along with world time-zohes and 
coal ^ air-travel distances. There is also a superb 48-page 

colouratlas. . 

“ y Statistics, we thought,\vere vital. 

In the 1979 FT diary you'll find an 18 
nacre section containing analysis charts, monthly 

time zones and metric conversion tables. 

We’ve also designed an attractive matching 
address book. 

If required, the desk diary, pocket 

diary and address book can all be gold-blocked with 
either your initials or company name and logo. 

So you can give either yourself, your staff or 
your best clients a personalised gift. 

Which will add a very nice perspective to any 

desk top. ' 

To: Geoffrey Phillips, The Diaiy Manager; 

Business Publishing Division, Financial Times Lmuted 

Minster House, Arthur St, London EC4R 9AX. Tel. 01-6_3 1211. 
Please send me your brochure and order form. 







I ^ ^ 

graphs, and international clothing sizes. 



Code of recruitment practice— official 


.\U'i.\».;sine. at la*i. is the final 
form of the code of sood recruit- 
ment practice which was su?- 
ge.-ted by rite Job* Column H 
months a?u. and is now as yood 
as officially adopted by the In- 
‘Hftitc of Personnel Wanacc- 
went. It i* a proud day. in this 
. . . b:u let's not proc-ra-Minat". 
.Co and read the code, plta-e. 
.then come back here and I'll be 
waiting fur yi>u. 

Now. no doubt 3 number of 
regular reader* will be exasper- 
ated to find ihat the code does 
hot include points which tii*-y 
.-•'•n; in as possible additions. 
Please be assured that all -ug- 
lions were carefully von- 
-•idered. but that most had m the 
'•ml to be ommed in the ini ere- 
-.Veits either or keeping the code 
brief, or of making it fundanv.Mt- I enough to govern the pe'.u- 
Jiar need- of pub'Se-'erviee a- 
well a* bU'tncss organisations. 

THE CODE sets out what the Institute believes represents 
current good practice. Organisations who observe the cade 
nil] «ln so to promote giiad relations between Uwdh'Ivcs and 
the people who apply for Jobs they offer. 


? — .luh advertisements will state clearly the form of reply 
desired (for example, curricnluni vitae, completed application 
fi»rni> and any preference Tor hand-written applications. 

; — An acknowledgement or reply will be made promptly 
to each applicant. Where consultants are acting mainly as 
runtanling agents for companies, the parties will agree who 
w ill acknowledge applications. 

— Candidates will be informed of the progress of the 
(-fleet ion procedure, what this will he. the time likely to he 
intoheii. und the policy regarding expenses. 

A — Detailed personal information (for example, religion, 
medical history, place of hirth. family background, etc.) will 

not be called tor unless and until it is relevant to tile selection 

5 — Recruiters will no! lake up any reference without the 
candidate's specific approval. 

6 — Applications will be treated as confidential. 


1 — Advertisements will be answered in the way requested 
f for example, telephone for application form, provide brief 
relevant details, send curriculum vitae, etc.). 

■2 — Appointments and other arrangements will be kept, or 
(he recruiter be informed promptly If the candidate discovers 
an agreed meeting cannot take place. 

3— The recruiter will be informed as soon as a candidate 
decides not to proceed with the application. 

4 — Only accurate information will be given in applications 
and in reply to recruiters' questions. 

.1 — Information given by a prospective employer will be 
treated as confidential. 11 requested. 

Fur Instancy, several rcal'T* 
-indignantly called for a ban *»n 
.organisation-' adverliritm ex- 
ternally when they already 
.knew full well that fh*‘ job con- 
cerned will be filled by :me "f 
their exiting staff. 

a rcpl;-. I -ailed round in a*k 
what had happened, the staff 
looked a: me as though I was 
mad. Everybody knew, they 
said, ihat -neb jobs were adver- 
tised puli!;> ly only because ihe 
r.o-up’- pettifogging rule.- insis- 
ted mi it 

- The institute i- aware that 
this furr'v. camouflaged 
’.feather-heddmu wastes a lot nf 
job-hu tilers' rime and a lot uf 
•niuney. often at flu* I a ’.‘payers' 
expense. And <n do 1 rinec 
‘•I applied f>>r the manager'* jnh 
; af the Incul 0»-np -p»re. When, 
'after vainly waiting week* for wi. i |i* the thnitgiif nf flint 
kind "f m**? n-m in defines* makes 
r.ur lip- curl, we decided the 
iMifie's purpose is not *<» much 
to try m han deliberate 
as tn clarify basic 
d ,■(<.•> which are often 

neglect e;l shrnnqh either lanor- 
rm-'c ur iia r :t s sment. Besidps. <n 
Ions a> *vi "Trial advertisements 
imp*ar in such circumstance*, 
ihcrc w 1 !' remain a slight 
chance th»' the jnbs-only-fnr- 
tho-buyi chibs will be penetra- 

ted hv some really capable 

Our cmi tempt f«»r the 
camouflaging practice — and also 
fur would-be consultants who 
advertise fictitious jobs in the 
hope «f selling the applicant* 
in genuine employers — will 
nonetheless be expressed in the 
“Guide rn Observance “ which 
ihe institute plan* tn publish 
with the code. So. no doubt, 
will be our hope that fair-minded 
employers will take steps to 
make clear that the jobs they 
advertise are open to applica- 
tions from inside, as well as 
from outside their organisation. 

The marter which probably 
produced most continent while 
the code was being formulated 
was the requesting of detailed 

personal information such as 
medical histories ( Recruiters* 
obligation. No. 4)-. 

Originally 1 . [ C lt that this 
information should not be a.-ked 
fur unless the- recruiter could 
first make clear, either hy print 
in the" advertisement or by 
chat in an Interview. how the 
information was relevant to Uie 
real needs of ihe job. 

Bui examination revealed 
that the issue of respecting an 
applicant’s privacy is complex, 
and sometimes so because of 
legislation intended to protect 
us. The Commission on Racial 
Equality, for instance, is advis- 
ing employers to collect data 
the racial origin uf all 

applicants so that, in case of 

complaint, recruiters might 
refute charges of prejudice. 

To be realistic, therefore, we. 
had to settle for a pledge to 
refrain from prying into private 
details “unless and until it is 
relevant to the selection pro; 
cess.'* (.Again feeling that ii 
was our duty to regulate prac- 
tice and not prescribe perfec- 
tion. we decided not to add after 
“selection process" the clause 
“ which should have at least 
some relevance to the job.**) 

We had to settle for less than 
ihe ideal, too. in dealing with 
references (Recruiters’ obliga- 
tion No. 5>. 

Like myself, the institute 
seems to believe that recruiters 
ought to have the professional 
guts to form a judgment, and 

only then seek external refers 1 
en ces as a check. But it seems j. 
that this confidence is lacking in j) 
many organisations, especially i 
in the public services, which! 
pusillanimous!? demand refer-! 
ences for study before inrerJ 
viewing the candidate concerned. 

Ideally, of course, recruiters! 
who doubt their ability to make , 
up their own minds should j 
transfer to other work in which t 
they might feel competent. Bat- 
in these days of high unemploy- 
ment. i; may be hard for even ! 
public-service officials to. find' 
another, less challenging trade. 

In ihe circumstances it seems 1 
best to allow such people what-.j 
ever external opinions they feel; 
necessary to make up their 
minds for them; So the clause' 
on references guards .* .merely; 
against blatant abuse. • • . 

But the local authority which i\ 
refuses to interview any can-f 
didate who withholds permSs-i 
sion to seek a reference at that ^ 
stage, should realise that tbisj 
rule is the sort of gratuitous,: 
dogmatic prodnosery which has' 
brought bureaucracy into -dis-! 

Which leaves me room “Only 
to pay my thanks and respects 
to the lovely Ann Redfeam. Bob 
Fleeman, and Bernard Dixon t no t 
relation) of the Institute of 'Per- 1 
sonnel Management, who have I 
been mainly responsible for 
making the code of recruitment 
practice a reality. 

Financial Times .Tuesday Jane 13 197s ■/ 



Standard Chartered - LeaswgV] 
recruit an additional leasing salesmi 


ThP new salesman will be .given a 'marketing 
territory in the UJC and wiU 'he based. ia London 
It is ukeW that he lor she) will be given additional 
European responsibility as the jotrdevelops. 

The iob itself is-to market leases bn IBM 360 
*70 a nd the new 3000 senes. computer equipment! 
As SCL is a subsidiary of the Standard -Chartered 
Bank group ; the security of SCLis. assured. . : 

The successful applicant ; Tma)e or female) 
would need a successful sales record, acknowledge 
of IBM equipment and a- knowledge of.- finahee. 

If you 

are interested in this position; please 

John Burke 
General Manager 
79 New Cavendish Street 
London, W1M SAJj - 
Tel. No.: 01-580 0302 



Managing Director 


- to develop further the European operations of a substantial 
American electronics corror.irion already established in marketing 
capacitors throughout Western Europe. A new factory is under 
construction in die United Kingdom. 

• the task v to work with die present Managing Director with a 
view to early succession. 

• the prime requirement h tor senior marketing management 
experience in micro electronics preferably agam<t a communications, 
data processing or aerospace background. An appropriate degree or 
engineering qualification is mandatory. 

• preferred age around 40 / Terms are for negotiation above 
/ 75.000 together with international company benefits. Location — 

Write in complete confidence 

n com pi < 

to C. A. Riley as adviser to the company. 



M ANACCMEN T C >j NS*. i I T.\ STv 



Wix t,uj 



TVe an? seeking in appoint 


»n m ih>' ex pan Mon 'if our Xlarfceiinp Programme. 

Thr applicant Bill be r"s|i"».*ilfic- for nroittoling a eoi»prehen*ive 

range '.'f <in:uv.-i:<l and bynkins scr iei-. «■ Cvnunen-o. lndu*i r y and other 
B.inl.- and vidi in nil pn*iu«m> in f.<ind<.'ii. BiiT.ttnghani. ManriteMor arid 

The upening-. uffer cxvllent vipport mill n-r* fnj- ad\.inecment both v.ubtn ih« 
F K .iti'J ' uvr-ffas. 

\:){'Iti-rint.< -'ill id'-all; he in theh :i»v, and h.iv»- had at lea*l len .'rar.*‘ 
hanking exiiciienc-e. (ireferahly dnnie*l|r and interpatienal In include 
l.tiii.-uin^niary c:r»*fiu*. Foreign Exvltang''. Lending .ind Markeiina 

Salary will !«■ coiniie-nsuroco with ■-v|>encm.'e *•< which will b? added 
r Si'e|l>'ni fringe henefil.*. 

l , lca>e apply m writing, giving brief fi.-:»ils nf career to dale in: 

.Mr K. -I nalph. 4 . Man.ig-r — personnel. 

American Kxpre*? Iniern-iMunal Ranking Corporation. 

32/fio Cannon Sired. L" EC4P 4EV. 

Leading international maritime transportation company in Rotterdam 

id seeks qualified 

Is currently expanding its administrative staff anc 
applicants for the following positions: 


Reporting to the Manager European Financial Analysis and Reporting, he. 
will be responsible for the review, approval, assembly and input of account- 
ing entries; analysis of financial accounts and cost reports, providing ir - 
continuing analysis of financial account activity, the review and assembly of 
cost and revenue reports, and assist in budget preparation and variance : 

* Nationality EEC national, preferably British ' 

* Languages: fluent spoken and written English, another language would ' 

be desirable " -V. 

* Age around 3o . .. . - *. 

* A recognised accounting qualification, or a university graduate with v- : 
financial management experience 

* Two to' five years' analytical/accounting experience preferably in an ' ' 
international environment 

* Moderate travel and willing to consider later relocation 

* Proven management skills and problem-solving ability 


Reporting to the Manager European Financial Analysis and Reporting; 
working under the direction of a Senior Financial Analyst; performing 
essentially the same function as listed in position A, in less complex afeas. 
The profile is similar to position A, except that age should be around 30 
and only one to three years’ relevant experience. 

In addition to technical competence, candidates should be dynamic, but 
diplomatic, ambitious and willing to play an active “hands-on” rolel There 
are excellent prospects for advancement. 

The salary will match experience and achievement. 

If you are interested in either of these posts, please send your 
resume with salary requirements to : 

Ref. FT 01 

William Greenway. Partner 
Avenue Louise 523 Bte 30 
B-1030 Brussels. Belgium 

London Brandi 

ji-. ■ 

requires for ics acdye_and . . • 
expanding business operacions an 


Expert on 


Bank Organisation 

Applicants should be m their raid 20t and 
a sound British BankFrig background together ' 
with a good knowledge of computerised 


data processing particularly In relation to the 
sductidh.of new systems.-' -. : - 

introduction, of '-new systems.---. ■' -^f 

Salary and benefits will be commensurue — ' 

with -'the successful candidates, experience. . y .• - 
Please apj^y In writing gbdng full details 
of career and salary to date, wbkh^rflt he^' ^ . 
created In strict confidence,, to: \ 

Deutsche Banff AG; Lbrsion ftanch ' : 
10 Moorgate, London £GjBP 2 AT. ' * 1 

1 ef: 01 - 60 B 4422 ^ 'Vi- ..L' ‘ 

r. ■> 



Company Secretey 

A veil .estabtlsjiedi intematlonaT ^risiip'ln .ctTiT. engineering 
requirWa qtialffied cotnpamy secreUar/ The appointment will, 
-be-fn the-MWaads.- AppIlc»ntrt>F either se rjbo aW- be inTbe- 
age- range^KMifc - Hiecce-ic ' computers woul d ^be -daSrabl e 
but not essentiaL 'Hie - successful •. applicant would be 
responsible for the normal dudes of company secretary, le^L 
advice and pirticlpatioa commercial negotiations. Tn«f 
salary la negotiable and includes g^terauff/rlngo benefits. 

Please write in ctmfidence with full personal and career flefcg# 

r» a ffOoo in r-mmu. QVtvmM- 4RV“ 

ri«ac will* 1U ir.m -r— 

to Box AJG 38 &, Financial- Times. lO^C^nnwi StreQt. ECAPffiV. 



To join S^^-ba5ed private group-^opbAqpg in «xpoVt/8py«q ,ment i 
packaging and freight forwarding. Annual turnover approachina 
£Zhi. -Nett profits in excess of £)QQfi(p. Sifl«r£ per atjna% . 
plus car. Profit pardcipation. Equfty aviilibU. Successful andidit^ able to fntrodoce business from" Ttoy. one and stimulattv 
those with whotn he/she works. ' r .;‘ V- • . - . f 

Write Box A -6377. financial Times, 10# -Qnnon. Street, EC4P.4WJ. 



Si n>'i.U. ui •|.'..\.**;Si*IK.VT 

Aop'icjiinn? :i- r' : t for a 


I*:wW* /run’ ]-: Jjn'i l?T9 ll IS 
boo- -t io jpdoiiv winoar- will* sh 
:n 'i-eoinun* 

i.-wtrol bu: p-t^» o' tier 'main 
insT»*«:* ••ill • .hv 1 i r r ,, tl 1 A Dr^ 
f>?s5'*’nal uuat^i-j'ion u noi easendal. 

bjljry in r.*iv :'-i4l-WN 
Fnrihifr D^rti'-ni-ir* »-•*. apptlri'lon 
fr.rni< BM' h • 1 Irotn lo -' 

Pcrsonn 1 ’! '.'Pi'-T. I'n;'- •■r«l;y 
r.H'h B.v: ;aY. <i»»nn* mterear; 
it II*FT. 

Clnjin* •1-i'r I-.-- .nn.-caaon^ 

“r.s iu- t , >:- 



We are seeking additional Institutional 
Fixed Interest Salesnieii/Women with 
proven and established records lo expand 
this side of our business. 

Remuneration and incentives are open for 

Replies in confidence to: 

R. B. S. Wood, 
Smith Keen Cutler, 
52 Cornhill. 
London EC3V SNR. 


Circa £ 10 , 001 ) + Car 

FTiYTEL, a newly formed company, owned jointly by Financial 
Times and tMct is seeking a dynamic manager to develop 
and market business inrormaiiun services un an international 

Initially, the company is concentrating its efforts upon 
developing a data-base for distribution via Prestel, the Po st 
Office viewdata system. However, the longer lerm aim Is to 
establish a range of data-base products to service a variety of 
business needs. Experience therefore in at least three of tba 
following fields is essential: 

electronically distributed information services 

specialist business publishing 

European and E : .S. markets 

data-base services 

compoler/coniDi uni cat ions 

consultancy in a marketing role 

The successful candidate, who would report directly "to the 
Managing Director ia likely tu be in bis or her thirties with 
a decree front a British or foreign university or business 
school. There are good prospects for later selection to a 
board appointment. 

Please apply in writing giving fulj details of your career to 
dale, to: 

Mr. B. Bottcn. Managing Director. 


1. Pudding Lane, London. EC3B 5.V\. 

£7fi00 ? 

£ 10 , 000 ? 

£ 14 , 000 ? 


A sales career with Hill Samuel Life gives you unlimited 
earnings potential. 

The contracts you would be offering are among: the most 
attractive in the industry and you would receive a 
thorough initial and on-going training to give you every 
opportunity to succeed. 

Opportunities how exist for 3 people at a new West 
End office. 

If you are aged between 22 and 54, are sales orientated 
and have a proven, record of success in your previous 
career, telephone Tony Boys on 01-734 4658 or write to 
him at Hill Samuel Unit Lii’e Services Ltd., 3a Soho 
Square, London WiV oDG. 



Required hy a U.K. based Knitwear- Company with overseas 
operations, for positron as Assistant to the Company’s Group 
Accountant. Will be required to assume varied responsibilities 
within the Accounts Department based at Sandemead. Surrey, 
reporting to both the Group Accountant and the Board of 
Directors. A salary in the region of £6.000 p.a. will be 
offered to the successful applicant. Please apply confidentially 
ip writing to the Financial Director of: 

at Westgate House, 
Chalk Lane. 

Surrey. KT18 7Aj •- 


JUNE 29 1978 


- MVjA » . ■' f . r^ -6-. -^O- T , ^ 

a Survey on Accountancy on Thursday/June ’ ■ 
: 29 197S,\ . .. v: /• V; ^■■'1 

,^fe.- 'nialn headings . of fte | 

, editorial synepsis.are set out 1 >efow. ' ' 

% —’4 


... : l! 







' For further information on the ©Sitofial^ 

. contmt and details of- advertisings rates, blease ^ 

- cbtttact: -- 


Mike Hills, Financial 

10, Cannon StreetiXoiidon JK^PABY H : ' ^ 
V v: Tel: 01^#8 4864 

Fliianci^! Times are subject lo chafffaife gE HiSgrCUM^- 
of The Editor. 


- :-v .. 


Mr "■ 

.-. u.:. ;; * 

1 tMMh, 


■ - J - :-^f >^; .«»£«; ,4 .. :: -; 

^ *►* 


.'1 }. 


i j 

k . . 5»fy- . S' 

fieve'. - ' % 

*^T % X 

Tftsjii*' ^ i’-v 

■. ;-<*8 
■* i?S>. V* 



^ * fc 

Nfc .)«»* 

-‘j '!/>», 

iV!‘-. , •■Ua - . >. 
. ^ 

■r.u ... 


Merchant Bndt.' ■ ■. private clients 

: : - .. - ' ®V r *®*?» 311 accepting houses is none of the. major forces in the investment 

- •Sceflfc. Thev mini rm'mrA mJmi. r.~A . i ,- , 

«*wl»Ull£ ilUUiVv ts VlW LN 

, „. r ■sane. Tiiey regard private clients as a growth area and are currently seeking to 
' - V: tftcir growing department by appointing an additional manager. 

. . — “ — « — y. -jrr-" a — 

. ' You will be aged 26/34, possibly be a graduate, but mote important be 
\" who combines an analytical training with flair tor portfolio management. 

. Minimum experience levelwith a stockbr.oker/uivestrnent house/bank— fuur years. 

- Yoitt responsibility will-cover all types of investment and you will be 

. • -•■ . .supported jay sophisticated computer4tnd "other systems. Considerable personal 

- - 3K?S0Qrnsibllitv and riMfiu’t ie TtitmtiwrT and fiirllipr nmiimiiAn nmcndi'lc 

J>\R 1 .IAMKNT \N 1 ) politics 


Peer sees 

Hattersley resists assault 

on inflation rate forecast 

risk of 




k-uumuiu iiivunrcu aiiyLiuiuisi promotion prospects a re good. 
An exceptionally generous remuneration package will include an above 

exceptionally generous remuneiation paesage win include an above 
average salary, a bonus-lwel in line with Stockfixchange practice, assisted mortgage, 
. - 7 non-contributory pension etc. : 

- •• > . details please to Colin Barry at Overton Shirley and Barrv (Management 

- - : Consultants), 17 Holywell Row, London EC2A 4 JB. Tel: 0 1 -247 8274. 

’ : rand Barry 


A Professional Service 

; Xloyd Chapman Associates are pleased to anno unce the formation 
of a Banking Recruitment Division.^/' " 

The Divisioxuunderthe managenieiht otr vonne Emmerson-Fish, 
is structured to provide a prolessionalrecruittiient consultancy service 
to the Banking world. 

Enquiries are invited TromBan king organisations i with current or 
future recruitment needs T and&om canididates seeking advice on 
career opportunities. . .. * : v: 

• In the first instance please telephone orwnte to 
Yvonne Eminerson-Fisb. 

Lloyd Chaqjman 


:G. Lend® fe 

w- • i-w-^ • 

DESPITE A sustained Tory 
onslaught in the Commons yester- 
day during which he was accused 
Of making “ fraudulent '* fore- 
casts, Mr. Roy Hattersley, Prices 
Secretary, doggedly stood by his 
prediction that inflation will 
remain at or about its present 
level for the rest of this year. 

Mrs. Sally Oppenheim, shadow 
Prices Secretary, led the Opposi- 
tion attack by maintaining that 
the fall in the pound since last 
January, rising raw material 
prices and interest rales and 
higher National Insurance contri- 
butions were bound m have an 
effect on inflation by the end ot 
this year. , , , . 

•■‘We are going to he back in 
double figure inflation by the 
second half of next year.” she 
insisted. , 

With a roar of support from 
the Tory benches. Mrs. Oppen- 
heim asked: “Who do you and 
the Prime Minister think you are 
kidding when you repeat your 
fraudulent inflation forecasts. 

“Do you think the people of 
this country have forgotten this 
Government’s lies about the rate 
or inflation before the last elec- 
tion and that the same people 
are going to be fooled by tills 
kind' of electoral deception 
again? " 

Mrs. Oppenheim challenged 
the Minister to repeat his “in- 
credible prediction " that infla- 
tion would be even lower next 


Amid Labour cheers. Mr. 
Hattersley retorted that the 
British people were unlikely to 
be impressed by Mrs. Oppen- 
heim’s “ vulgar stridency. Over 
the last 18 months, the level of 
inflation -had been brought 
down from over 26 per cent to 
under S per cent. 

It had been made clear, said 
Mr. Hattersley, that the rale of 
inflation next year was some- 
thing for the British people 
themselves to decide. Given a 

Challenged to repeat 
“incredible prediction.” 

moderate wage round, inflation 
would remain under control. 

Mrs. Oppenheim and the Con- 
servative Party could make a 
contribution by telling the 
British peuple whether they 
wanted a moderate wage round 
next year. 

Earlier, Mr. Hattersley accused 
Tory MPs of hoping for an 
increase In the inflation rate. 
"They want to obtain narrow 
party advantage out of national 
deterioration. The Government 

does not propose to allow that to 


Mr. David Hunt «C.. Wirral) 
endorsed the view of Mr. Alan 
Fisher, general secretary of the 
National Union of Public 
Employees, That Mr. Hattersley s 
inflation forecasts were no more 
than ■■ kite Hying " before the 
general election. 

He colled for the withdrawal 
of the forecasts and a promise 
from the Minister to face up to 
the reality of continuing price 
increases exemplified by last 
-week’s 1* per cent increase in 
the mortgage rate, later esti- 
mated to add about l/3rd of 
1 per cent to the retail price 
index for as iong as it remains 
in operation. 

But Mr. Hattersley continued 
to adhere to bis forecasts and 
claimed that more gloomy ones 
made by two bodies — the London 
Business School and the National 
Institute — had already been 
proved wrong. One had been 
wrung even before it was 

He asserted that even the 
figure for April, always a month 
of “ uncharacteristic price 

Increases," had been very good 
and confirmed his prognosis. The 
rise of 1.5 per cent in t “ e ,5Sr 
was the largest since April, isji, 
but the smallest April rise for 
six years. 

Mr. Hattersley stressed that 
the most important consideration 
was the current trend. He re- 
lieved that the rate - of inflation 
would remain at. about the 
present level from now and 
through into 1979. 

The Government wanted to 

build on the achievements that 

hud been made so that the influ 
lion cycle was broken and 
beaten down to the level of our 

industrial competitors. 

Mr. Hattersley reminded Tory 
MPs who blamed the Government 
for the fact that the RPI had 
increased by 91.3 per cent since 
February, 1974. that informed 
observers were in agreement that 
inflation began with the Barber 
printing boom " 

He agreed with Mr. Gwylim 
Roberts fLab. Cannock) that 
there was prospect over the next 
two or three months of some 
small improvement in th e rate 
of inflation. 

A TORY PEER warned In the 

Lords yesterday of a possible 
“ English backlash " after devo- 
lution over the extra cash Scots 
receive from central Govern- 
ment funds. 

During the report stage of the 
Scotland Bill, Conservative 
spokesman Lord Strathcona and 
Mount Royal proposed — but later 
withdrew— an amendment which 
would have Forced the Govern- 
ment to spell out the public 
spending comparison between 
the countries. 

Lord Strathcona said that until 
now Scots had kept quiet about 
the fact that more Government 
money was spent on them than 

on the average Englishman. 

They knew they had been 
specially favoured owing to their 
special needs. "But with the com- 
ing of the Assembly, it isn't going 
to be so easily accepted by Eng- 
land as it has been in the past.” 

Lord Strathcona said that when 
the Government handed over 
money to the Assembly it should 
say how much was being spent 
per capita on devolved matters 
in Scotland compared with the 
same matters in England and 

Rise in food 

index slows 


Hint of tax concessions 

A HINT OF more measures to 
help small business was given by 
Mr Harold Lever. Chancellor o.f 
the’ Duchy of Lancaster, in the 
Commons yesterday. 

Mr. Lever told MPs: “\ou 
can rest assured that the Chan- 
cellor of the Exchequer 
Healey) has not come to the end 

of his consideration of reason- 
able potential tax concessions for 
small businesses." 

The financial package 
announced last week would not 
be "especially burdensome to 
small businesses,” Mr. Lever 

Prices Under-Secretary. sta* e d 
that the retail food index had 
increased by 995 per cent since 
February 1974. But food prices 
had increased by only 6-3 P e r 
cent between April 1W7* ant } 
April I97S. the lowest annual 
rate since June 1970. 

He also stated that m the past 
12 months the wholesale price 
index for the inputs to manufac- 
turing industry had 
3 ^ 8.1 in May, 19m, to 341.8 in 
May, 1978. 

Lord Leather land (Lab.) said 
the Scots were currently getting 
"in excess of a fair deal." They 
received more money per head 
in education, health and social 
services, roads and transport. 

The total figure for spending 
on these and other services was 
£946 per bead for the Scots and 
£754 for the English, he claimed. 

Lord Kirkhii], Scottish Office 
Minister of State, said per capita 
comparisons could be misleading. 
They took no account of the 
numbers of schoolchildren or old 
people, the sparsity of population 
or the diff*'reni d?er?cs of 
deprivation that had to be dealt 

They suggested unfairness 
without providing the facts to 
prove whether they were unfair 
or not. 


Qualified Accountant 

r .‘ 

For a. dvU ’ engineering • company in the Midi 
international work. Applicants, should be in. The. 
3040 and would be responsible for ail financial m ^ 
company. " He or she should be able to demonstrate t 
record of achievement in financial control 
preferably, in an international envirbninentv . 
which is negotiable, will include generous- fringe 
Please write in confidence with full personal _and caree 
; to Box . A^63SL Financial ^T3mes, 10, -Cahnqn Street.. 



iauseivea iu un™-. — — _ 

Removal of Royal Warrant would 

Lord Kirkhii] said Scotland's 
share of public expenditure was 
settled on an a.sessment of 1 its 
needs and would continue to be 
done in this fashion. 

Does your Board need an 











. — r : 

■ Coiaiste na hOllscoile CorcaigJ; 


[ Applications are Invited for a post -as Temporary Full-time., 
f Assistant Lecturer/College Lecturer In Beonormcs for the 
lic&r, 1978. SrJjfyd^nientipon 
qualifications and experience 

It_ would be., an .advantage if .candidates . could teacn 
Econometrics at least at undergrade tjplevel though this need 
not .bp their main, field of specialisation. : _ h _„, hp 

Written application tie names Jf two nlmts Ehou Id He 

forwarded to the Professor of fcconbmics. Umvers.ty College. 

' Cork, by Thursday, 29th June, 1978- 


I u fnnrrt ■ thpw firms," said Mrs. refusal to consider a stronger as 

A CALL t for much stronger “ it J iU be possible 

ta reduce cigarette »aan.. . . „ 

‘ grotesque. 




Preference win be given to thoie applicants with export experience. 

Apply In - 'strictest confidence for application fora. 

M. C. Ayting, . . . 

Market -Buildings, Mbtcing Lane, 
London EC3R 7DA. 01426 9900 

Write in confidence to an 
experienced director. 

. .Write Box A.6380, 

. ■ Financial Times. 

10; Cannon Street. EC4P 4&Y. 

i \trs Short said that there was 

on cigarette packets - ■ . . ^at children were 

ures to reduce cigarette t * 0 *be desUt with." saying 'specifically that smoking ,, beginning smoking in 

ing was made in the Com- *?; ““L ' F „ ud (U IsJe of . caU sed lung cancer and other ^ oo]s Teachers 

; yesterday by f 'SSSSJ to suggest that diseases. _ . feaUy^ad to set an example by 

Lord Vaiyey (Lab) proposed 
but larer withdrew an amend- 
ment giving the Assembly power 
to raise or lower taxes in Scot- 
land by up to 15 per cent ; 

He said the Lord Chancellor 
had previously stated that the 
Government was in principle, in 
favour of giving tax raising 
power to the Scottish and Welsh 
Assemblies, hut had not been 
able to decide how to do so. 


roons yesteraay by^Mrs. Rmw- .mr. \axmvm * ' to" suaBwT’that diseases. really had to set an example by 

Short, (L.J., The had, however. 

NE) and chairman of a Com ^e ci^uette P ^ appoint . the recommendation She aCJe e d with Mr. Patrick 

raons subcommittee wb ch carried t e ^ Majesty for more non-smoking places in Jenkin< Conservative front bench 

recently reported on preventive ment to ^ n^ j tself a useful public ureas and she hopedthat spokesman' on social services. 

deterrent. "Mrs. Short agreed and British Kail and London Trans- w bo intervened to say that 

t0 pointed cmx that, in fact, four port wou ld now eliminate srao ki ng . among nuraes in 

persuaue iue nu«w r kings had died as a result of smoking areas altogether. _ hospitals was a matter 

so' far unsuccessfully— person- poking-related disease. jd that tobacco com- greater con r<m. 

ally to take «p with Jbe Queen ^ re8l]lt of the Norwegian pa n ies h ad spen t £15m in 1976 «- **>' 

the possibility, of removing the a ; M «mi nriwprtisme <nivArti!iine. aoart 


Mr.’ Freud said: "We seem to 

Lord WINon of Langsirte fLab) 
said the Bill was a sham if ft 
did not include tax raising 
powers. This had contributed 
to some extent to the ever-crow- 
ing cynicism and unease among 
the public at the wav in which 
our nnlitrcal affairs were 

ST eontrol S“clgarette ,P SSverU°S«. «Phrt 

Royal Warrant from cigarette P been highly encouraging, she frojn increasing sponsorship of to smoke and ou 
manufsirrnrers. •- wn 9 ennsider- Rritish Amen- vou done smone. . 


Unique opportunity in 

. N. London locrtion ideal ‘or 
manufacture/ distribution 

(1 ) Lmm oh lit lory *pp,o*. au.000 
sq. fc., full office Rocommadicion. 

. extension to 70,000 so- fc- 
adequate car puking. 

(2) 20 Injection moulding machines 
50-450 tons full ope ruing ««^- 
vices, some machines still located. 

(3) Rang* of housewares moulds 
capable of Immediate production. 

Offers will be accepted for individual 
lots or collectively. 

.Write far portIeuiar*_lo Bo* G.2072,. 

.Ihonciai Times, 

10. Cannon Street. EC4P 4BT. 

ujtoa — - had been mgmy enwu. t Toin mcreasms; B _ n u- 

anufacturers. said There had been a consider- gporL n ow the British Amen- y«* [ - Stltude that 1 object 

Mrs. Short made a renewed a bie reduction in cigarette smok- can Tobacco Company had It is an att . 

»i,a finvemmant to bring ,nH ihb bad been maintained. „ nr,AMnrpH that it intended to 

Mrs. Short made a renewea able reduction in cigarene can Tobacco yorapany 

call to the Government to bring j na an d this had been maintained. annout i C ed that it intended to to. 
in legislation, similar to that recalled thaT the Govern- spend considerably more on nr. 

introduced in Norway, to ha*j , m enT had not accepted the sub- sponsoring sport 
cigarette advertising except fj co miTli nee’s recommendation to This. Mrs. Short said. 
the point of sale. Tb« would ™ advertising to the point of absolutely unacceptable. Sb 
mam that advertising could only . rAr-nmmpndation House that Mr. Deni 

I think - smokers are 

Smokers . he argued, never 
as realised how “ desperately un- 
tie point of sale. hrait* 1 advertising to the point of absolutely unacceptable. Sbe a^ pottuted atmosphere, 

mean that advertising could only nor recommendation to i d the House that Mr. Dena 1° in edrs and in lifts, 

appear in tobacconist shops. tha t cigarette machines should Howell, Minister of SP? 11 - ?. f canno t U5e the lifts in the 

The House was debating the on iy he placed where children given bis approval to this mo e. House of Commo ds because there 
report on preventive medicine c0ll j d no t have easy access. jn contradiction of D d one nft. that has a no- 

., c surprising, she smoking sign on it." 

from the Social Servicw and Elfen more surpnsing, she H d^cribed sponsorshi p smoking sign on rt. 

Employment subcommittee of , d was Government’s who had desenuen sponsj p 

the Commons Expenditure Com- salfl - - - - - 

Call for action on alcoholism 


(incorporated In the Republic of South Africa) 

A Member ot the Bartow Band Group 


^ ^ --i.* V 


syrt 48^5:5.--* - ° S - 


whteh forelan currency . dwlinji ire tranMCted... . 5? . 

WWt applicable South A Man non-reiidwt itoraholdcr*' tax deducted from the dividend: . . • . . ' . * . io . 

obtxiis lS**" 



•j The Boards of directors of . 

( conipinles ha« decided, not to declare 

j' dividends, for th* half-year endms 

30di ]«»•»■ I 97 ?- 

By order of 

D. F- L. WATTS. 

. Admlnbtrative Manager 

. . and Secretary, 

Registered Office! • 

1 Sth Woo f- 
63 Fox. Street, 
Johannesburg, 2(n)l 
(P.O. Box' 62370.- 
Marshalltown, 2107). 

40 HoUiorti Viaduec, 
. London 6CIP IAJ. 

United Kingdom .Refhtmrsairf Trwfe A*""*". 
Charter Conselidaud umiMd. 

P.O. Box 102 ; 

Oiirter Howe* .. 

Park Street. . 

Ashford. Rent TN 2 d 86 Q-. - 

12th lane. 197B 


Over 400 sets in stock 
Buy wifely' from the manufacturer* 
with full after sates service 

01-986 8231 
Telex 897784 

fork LIFT TRUCK SALE. We have a large 
•Section of aoproximattlv 120 tracks ra 
cnoose irom. Ring now for our Itet . 
Trade A Bsoorf eoaulrtes welcomed. 

. Large reduction on bulk ourchases. 
Deliveries arranged worldwide. Birniin 

^^Wk^LMt’Traek'iw-'Hams ‘r^ 
Saltier- Blrmlngiiam B8 1DU. Tel. 
021-327 5944 or 021-328 1705. Telex 

UJC ouu>uivi« —--I , . 

mittee. The report recommended 
legislation to limit cigarette 
advertising to the point OF sale, 

a strict control of sponsorship — - — — - „„ nm ori 

through Sport. □ considerable in- ..... finH Th _, D eoole with Cymru. Carmarthen) wecoroeu 

crease in duty in order to reduce S1R BERNARD BRAIN E (C. ,. n Y e Drob °einr 3 t wJrk have five tlie growing attention paid to 
smoking, and a stronger health Essex se). chairman uf the P a b se nce due to sick- alcohol and nicotine abuse. But 

warning on cigarette packets. Sat i 0 nal Council on .Mcoholism times a ^e generality of re WPre health dangers in 
Mrs. Short said that she had sai d that alcohol abuse plajed Se5 day foods, including white 

asked Mr. Callaghan, a non- a major role m the „eneraj ^ Bernard ca ) Ied for a code bread and white sugar which, he 

smoker, to raise the whole ques- factor of . |i ^^ d -.^n^ nn ihe of practice in industr>- so that w had b eeD called sweet 
Ition of cigarette advertising and cruelty death and I injun on tne wouW encourage whit ’ e poison ” 

SsSH :r^v” r S t&srS&T* 

Queen related acident^ at work The •• crime, but as a in the High Street is tne 

"It would be a great encourage- fart sickness, a condition that cries S»j»^ tables* should be 

: as sa — . 

Warrant could be withdrawn workers is totally ignores 


lor tne 

> Directors’ Dining Room to on aloamino 
" display « Tne Goner j[ TrB U™ 

• -i lianu-olckeo selection Of all that to 
' best In modern oosign at well os the 
finest traditional suHes. Write lor our 
general catalogue “ ,45 C str«t 

Trading, Company, 144 e 2“* ,, » a - s l treal 
I, sioane Square. Lonoon SW1X 9BL. 
OWN AN ORIGINAL— -Art enthusiast must 

sail his entire collection ol FIW» 
Impressionists at a «««!•» 

value. Oil naimimjs J ,ne t fl! oi 

world's cop larger*-— Slsned. Td- D«- 
4BS 482B. 

Bureaux de change 
complaints for study 

Revenue accepts two 
valuable paintings 



JHE.DE monfort housing society 


I Intend 'to build 301 Has m hign and tow 

USJfsUSoSSJent to Oalort Street. Uieratg 
iwUnvhB Contractof* with tbo approortoto 

experleoce and organHarran “j 

b* comUMreO for inclusion on 
unuerera to submit their nam^ut 
Architect!- Drew- Edwarw Keene. 34 
Princess Roaa Welt. Letoester not later 
than Wednesday, 21« June 19T#. 

.flEoMIW akU-EBJi-i 3 - g5) B SE&TIB 

ftilNTiSS^uSl k j,"'*- ■*-*»• 

' ri fely 

COMPLAINTS compiled by Mr. 
Peter Rost (C, Derbyshire SE) 
about the trading practices of 
bureaux de change are to be. 
forwarded to the Price Commis- 
sion by the Government 

He told the Commons yester- 
day that the British Tourist 
Authority was . most concerned 
that some bureaux de change 
were abusing foreign tourists by 
charging an unreasonable rate 
of commission and offering an 
unreasonable rate of exchange. 

Mr. Rost said It was not sur- 
prising that the Department of 
Prices and Consumer Protection 

had received no . representations 
about the activities of the 
bureaux, since mostly foreigners 
were involved. 

But he hoped that the Govern- 
ment would accept some re- 
sponsibility for protecting 
Britain's good name. 

Mr. John Fraser. Minister of 
State for Prices and Consumer 
Protection, paid tribute to the 
efforts made by Mr. Rost to 
publicise abuses which he had 
uncovered. Any information the 
Tory MP was able to provide 
would be forwarded to the Price 

exhibitions Chilean aero-engines 

TWO VALUABLE paintings. 
"Two Dancers in a Field" by 
Degas, and Turner's “Thomson s 
Aeolain Harp " have been 
accepted by the Inland Revenue 
in lieu of capital transfer tax. 

A Haida oil bowl and a 
Brazilian wood carving have also 
been accepted. 

The Degas is on loan to the 
Fitzwilliam Museum, Cambridge, 
and the Turner has been on loan 
to the Tate Gallery. 

After allowing for estate duty, 
capital transfer tax and capital 
gams tax, the National Land 
Fund has paid out a total of 
£325.981 for the items in order 
to make up the amount due to 
the Inland Revenue. 

Of the total paid out by the 
fund. £537.370 is attributable to 
the Degas and £238.611 to the 
Turner, the carving and the oil 

The decision on which 
museum or gallery will eventu- 
ally get the objects will be made 
by Lord Donaldson, Minister for 
the Arts, after taking advice 
from the standing commission on 
Museums and Galleries. 

Announcing the acceptance of 

the various objects, Mr. Denzii 
Davies. Minister of State at the 
Treasury, said in a written reply 
last night that the identity of 
-the owners was confidential. 

Lord Home of Ihe ITirsel (C) 
said an elected assembly .in 
Scotland could * not live 
indefinitely nn money raised by 
other people. 

"The Assembly muit be able 
to raise some . revenue for 
purposes which it judges to be 
in the national interest of 
Srotland. Unless the Govern- 
ment can find such a scheme, we 
are inviting friction," he 

Conservative spokesman Eajrl 
Ferrers said that giving the 
Assembly the power to spend 
money but not to raise it could 
lead to confrontation with West- 
minster who would be blamed 
for anything the Assembly 
wished to do but could not 


Lord Men us key. Solicitor- 
Genera* for Scotland, said there 
were many organisations and 
hndies *bat were not resnonsible 
for rais’ne their funds but stfil 
spent them responsibly. 

The amount that could be 
raised in Scotland through in- 
direct taxation was “minuscule” 
and the only way of raising 
substantial sums would be to 
raise income-tax 

Lord McCluskey said the 
Government considered the possi- 
bility of Scotland having <a 
different rate nf income-tax to 
the rest of the UK to be in- 
compatible with the concept of 
economic unity in the country. 

The Government would like 
the Assembly to have the power 
to raise some money through 
" limited supplementary taxa- 
tion.” But this matter should 
be considered after the Assembly 
had been forrnnd to give it tim£ 
to come up with some ideas. 

Cosmetics rules 

promised soon 

Price agreed 

SOUTH ALLS (Birmingham) have 
given the Government a’* under- 
taking not to Increase the price 
of tampons before December 23. 
1978 in accordance with the re- 
cent recommendation by the 
Price Commission. Mr. Robert 
Maclcnnan, Under-SecreLary f° r 
Prices, said yesterday. 

NEW CONSUMER protection 
regulations on cosmetics are tp 
bp introduced shortly. Mr. John 
Fraser. Minister of State for 
Consumer Protection, announced 
in the Commons yesterday. | 
He said the«c would have the 
effect of prohibiting the sale lb 
Britain nf eye cnsmetics contain- 
ing lead and its compnunds. 

He also hoped to make regula- 
tions dealing with perambula- 
tors. pushchairs and oil lamps 
before the end of the year. 

P*rlc Lane, W.l. 14 June, 5-00 o.m. m 
10J0 P.m. 15-24 June. ll-OO «.jn. 
to 7 JO. olm. Closed Sunday. Ao mission 
Eljo Including Ihostratod handbook. 

request considered 

New airport ‘a long-term option’ 

More cash for 
church repairs 


} MALL GALLERIES . e Tne | M J 1 R S f ^5 

iculoturE Until 

SV«, 189. fievciu St. 734 0557. 
Carte or All-In Menu. 

uane or wo.-.'jbreel R mMbIw 

Floor Shows 10.45. IJMf » 1 ■*&,*£* 
mu»te ot johnny Hawfcgfrwortti & Ffieno*. 

GARGOYLE. 69, Dean Straet, LOMO"- W.l, 
Show at Midnight also 1 a.m. 

Mon ^ Fra CtoMd saturoart. *57 MS5. 

THE GOVERNMENT is still con- 
sidering a request from Chile for 
the return of Rolls-Royce aero- 
encines sent to Britain for over- 
i haul, Mr. Leslie Huekfield, 
i Industry Under Secretary, said 
| yesterday. 

In a Commons written reply to 
Mr. .Robert. Adlcx .CC- Chxist- 
( church and Lymingtonl. tbe 
Minister confirmed that the 

Chileans had applied for an 
export licence for the Avon 
engines. “This application Is 
currently being considered by the 
departments concerned,” he 

added. - - 

Mr. Aoley said that following 
a court rilling the engines were 
being.. held Lcontrary to.con-_ 
tractual obligations, by trade 
union action.” . 

major airport for London is still 
among long-term policy options. 
Lord Winterbottora. For ihe 
Government said in the Lords 

He was replying to Lord 
Boston of Faversham (Lab), who 
wanted to know if any, studies 
were being made into the need 
for a new London airport. 

Lord Winterbottom said that a 
new body was being set up to 
advise the Government on the 
" longer-term options ” in airport 

Events since 1974 had con- 
firmed that the deesion to cancel 
the Maplin project was correct. 
But he added: "In the long-term, 
the .construction of a new airport 
is one of the options that should 
be considered.” 

A TOTAL of 133 grants towards 
repairins historic churches have 
been made in the last 10 months, 
Mr. Peter Shore. Environment 
Secretary, said in a Commons 
written reply yesterday. 

The cash available for such 
erants. which were made to 
churches of oulsiandmH historic 
or architectural interest had 
been increased this year by 
£400,000 10 £75O,00Cl 













Leyland toolmakers 
out in union 
differentials battle 


LEYLAND TOOLMAKERS “ reaffirmed their determination 

underlined the threat they can to see that justice would be 
pose to the State-owned corpora- done.” 

'..■tinn by calling out more than The mass meeting granted the 
-.’-2.000 workers for an unofficial leadership of the unofficial 
: one-day stoppage yesterday. movement freedom to take wbat- 
C;. r However, the immediate sane- ever action it considered neces- 
'".tions threatened by a mass meet- sary at the time of its choosing. 

:■ ing of 1.700 workers in Birming- All-out strike action seems un- 
'Jham were directed against their likely in the changed climate at 
"own union, the Amalgamated Leyland. Workers are conscious 
■Union of Engineering Workers, that Mr. Michael Edwardes, the 
rather than the company. new chairman, is not bluffing 

The toolmakers urged col- when he says the company faces 
leagues to withhold union sub- a make-or-break year, 
scrim ions until the unions While feelings among tool- 
national executive supports their ma fe e rs run high about differen- 
aims. tials. they can at least see some 

The move is intended to em- attempt by the company to 
barrass the engineering union improve the situation in the 
and is directed particularly current negotiations on reform 
against Mr. Terry Duffy, prosi- of lh{J pav structure 

The toolmakers voted yester- 

Sriil r *rJn 8 re the unoffiLlal dav to press for another meeting 

r„ c „ tnni with the company and their 

wiakoVe’ i ' tho ’nrntpJt union executive to discuss the 

makers leader, said the protest _» .muj 

seeropd the only way fn r skilled of * k ‘}J ed . w ? rkers ‘ 

men to register rheir frustration Unle * s *i** f J erin * ,s 5""* 
at the wav' they had hecn treated v ?" e g- t t A e J < S ?n ? kBrs r “ y \ ,hey 
-by the union. w,n halt lh $ P lacm 8 of toolroom 

The foo/makers are demandine work abroad. _ . 

separate ncsotiarine riehts with Ml Fraser said this posed an motor industry. 

Leyland. to restore eroded dif- immediate threat to a contract q production of Leylaod's 

ferentiais. with an Italian company for Rover saloon was disrupted at 

The isMje was at the centre of l-5ni man-hours’ work on the pro. Solihull yesterday, following a 
the month-long strike that posed new small car to replace strike by SO external drivers pro- 
brnurht the company close to the Mini. testing about disciplinary action 

financial collapse last year. Th* toolmakers are demanding against a colleague. About 1.500 

Mr. Fraser insisted that the a wage increase of more than of the 4,000 assembly workers 

tno'maiM’r* did not seek another £20 a week to put them in line were laid off and the company j 
confrontation hut had with rates which they claim are was trying to resolve the dispute. 

Roy Fraser: determined to 
see justice- 

being paid elsewhere in the 

meet over 


pay offer 

By Nick Garnett, Labour Staff 

A MEETING of lay delegates 
representing Transport and 
General Workers' Union members 
in the construction industry is 
being recalled next week to re- 
consider its rejection of a pay 
offer, affecting 800,000 building 

Ur. George Henderson, national 
secretary for construction, was 
given sanction yesterday by Mr. 
Moss Evans, the union's general 
secretary, to send notices to the 
regions reconvening the national 
trade committee on June 10. The 
national pay agreement for the 
industry runs out on June 25. 

The Union of Construction, 
Allied Trades and Technicians, 
the largest union covered by the 
agreement, has accepted the 
offer, which is marginally below 
10 per cent At the same time, 
the majority of the transport 
union's regions has made it clear 



Brighter look for plastics 

IX AN ATTACK on a p laf cable at least as good and frequently also rolled .or 
plastics market now put at 70m better than the competition.' - - structural sections 


up to 30 

- r* 


lb per year, the International At present, the production ? nrties 161 as oart 

Nickel backed company, MPD ^maiion is that the MpD Tec*- ■ Machines can be built p 

Technology, - is launching no iogy associate in the U.S. olan^lnflutog'pr^ 

throughout Europe a material set ap a divls j on called Alloy naintina «»d 



Allow •* Da caauuE 

called Cap rez DPP. Polymers to. manufacture Caormi-' aUl °conveytng, 8 work 

This name describes a directly and commercial production and "dusY control. . 

electroplateable. electrically con- starting- Y : ^The Mntrifugal blast leaning | A . 

ductive and easily moulded form MPD will import the material nrin^nip is employed for these ^ V. *A* : 
of polypropylene containing into Europe in the form of ready- machines whlc j, h ave wee-belt -• 
carbon filler and certain pro- to-mould pellets, offered : at abrasive throwing wheels, 7 

prietary additives developed by per pound. European production a ir washing equip*. - 

(nnn in « Via TT C TVioca con/o thp ic Wai na nliitnahra • 

Inco in the U.S. These serve the is being considered. >-■. ment^for' cleaning the abrasive 

purpose of providing complete caprez is suggested for tfcT’ . - 

and speedy coverage of the plas" production of car parts dntf - ^ . » .- ■ 

tl , cs m j»“r f *ce accessories, household TO!" 

of metal and they _ also promote and ap piia ncesc as we n as plumb- - 1 03. IX Cl. JLvIJL 

C H^tio 011 S i0 S tofs- Triad nnis -' 

ana piasuc. on consniner durables and A1*C 

Perhaps the most significant automotive parts are al ready, in vIJ.Cl iHUl-iS 

- I 

among the advances the formula- progress in the U.S. and cars:' 1 . 

A LONG, term; agreement has 
beep announced between "Veiwo 
Allsteel . Press- • Company . 0 f 
Chicago .and" - Hea#Wrigiifeon 
Teesdaie for the fetter' to jrtara- 
facture and market, the entire 
range of Versorr ’presses. - ... 

The American company de- 

•1-- . 

iithcr plateahlejilastics. At the Caprez from Pro d_uct_ Ma nager. . based - OB -press^s inquire tf.’by :the moiQr r 

.fUe UUH • j 'VnnKfln«.c . Sort’ knahnmv 

it is unwilling to take industrial; commercially available injection 

same time, the material aoes not Alloy Polymers. MPD Tatim*" ' £a« , lio^and'appHances - iad-attniments ^ 

demand complex and expensive logy, Wiggin Street, Birmingham length of l.lionun ana ^ - “ 

pre- treatments, sometimes in volv- B16 OAJ. 021 454 0373 or. 487^-^ be aupplied In lengths of 'compdalek bey^e^ ^h 3t 

ing dangerous chemicals, that are ^ - up to six enclosure widths -of 

required at the moment. B. : metres with a working height vnn^graMnly 

A further boon to that Caprea III fleets' Kin- 4 * 1.370mm flepth. 
can be handled on standard. 

Blasts hip* : :.:--vadTS5S Tmiy ’oien UJL wfcere thehaoto* 

indard, , ftbn L and inward f ume extraction ' exp?^- 10 esperienceirttt tijffi- 


The union's negotiators hope 
the delegates who voted narrowly 
against the offer's acceptance will 
take the original advice of their 
nnt’nnaf officials and accept the 


to continue 

By Our Labour Staff 

at the 

Fresh recognition 
claim is filed 


THE LEGAL and General Staff sen tali on with Association of 

Bank of Eneland orintine works- Assn ciaiinn yesterday revived the Scientific. Technical and Mana- 
have decided to continue "their 1 con t rovers y over union repre- serial Staff, hut «v S that neither 

strike until at least Friday when 
another meeting is expected. 

More than 500 examiners, 
drivers, binders and other groups 
have been dismissed during the 
dispute which has prevented 
note printing and distribution 
from the Loughtnn works in 
E«sex since the middle of last 

The bank's moraiorium on £1 
and £in notes, when the clear- 
ing banks would have been pre- 
vented in any case from circu- 
lating new notes that should 
have been primed during the 
dispute, ended at the weekend. 
The moratorium for £3 and £10 
notes finishes on June 30. 

The banks with stocks of new 
notes have not heen caused any 
real problems by the dispute. 

The Bank of England says the 
dispute, which involves about 
half the printing wnrk«' 1.000 
examiners is over a closed shop 

The dismissed examiners, 
members of the Society or 
Graphical nnd Allied Trades 
have complained that the hank 
has been reolacine union by 
non-union members. 

over union repre- serial Staffs but says that neither 
sentation in the company by (he company nor the rival union 
j filing a new recognition claim has been prepared to concede 
the Advisory. Conciliation and this. 

Arbitration Service The staff association claims 

By taking this action the asso- that while it enjoyed less support 
tiation believes that the arhilra- than the association in the arbi- 
tion service will once again have tration service ballot, there is a 
to interview employees and majority in favour of collective 
ascertain their views on union bargaining among Legal and 
representation. General staff only when suppor- 

Earller this year, the service ters of both unions are counted 
circulated to parties involved a together. It believes that this 
draft report after another claim justifies Us claim for jojnt rep- 
for recognition^ rights at Legal reienfarinn. 
and General-lay the" Association When the service was conduct- 
of Scientific. Technical and ing its inquiries on the initial 
Managerial Staffs. This showed association recognition claim the 
that in an 80 per cent poll staff association went to court 
1.854 employees wanted the asso- and successfully challenged a 
ciatinn to represent them com- decision nnf to include its name 
pared with 773 for the staff on a questionnaire seeking em- 
association. More than 1.100 plnvoes’ opinions, 
other staff did not want a union The staff association has com- 
at all. plained to the arbitration service 

Since the Drnduction of the that it regards the draft report 
draft report the staff association siipoorting the association’s 
has been seeking joint repre- claim as incomplete and biased 

Strike hits beer supplies 

A WALK-OUT yesterday by 350 being advised to buy elsewhere 
draymen \at Mitchell’s and after consultation with the 
Butler's brewery. Smethwick, brewery. 

Staffordshire, halted supplies of The draymen Tear that their 
heer and. soft drinks to 5,000 earnings — between £120 and £150 
public houses, cluhs and off- a week with overtime — will he 
licences in the Midlands. hit by a deal under which the 

The men are not due to meet company has handed over Mid- 

ac.ain until tomorrow and many land pubs to Courage in return 

__ , ipuhs. with stocks jow because of for some in the Bristol area. 

TWO YnKh.NrtiRE factories of Jfhp recent heatwave and a dis- They waftt a pledc* that pay wti’ 

Associated Engineering tiTurbinn j p ute at a rival hrewerv. will have not drop below £100 for a 40- 
, .j ___ ^ ^ Tenants are hour week. 

Bonus dispute 
makes 3,000 
workers idle 

Components Division i Ltd. are 
at a standstill through a slrik»* hv 
1.300 employees over honus 

It began at the factory at Ship- 
ley. near Bradford, when 45 wor- 
kers began a work-tn.rule over 
alleged anomalies. They were 
sent home bv nmnacement. The 
remainder of the factory, some 
300 men, walked out claiming a 

rebuked bv 

By Pauline Clark, Labour Staff 

accused yesterday of “ gross 
interference " in wage negotia- 
tions for local government 
officers in a sharp rebuqe on the 
pve nf thi* annual conference of 
the eve of the annual corforence 
of the 710.000-strong Notional 
and Local Government Officers 
Association in Brighton. 

Mr. Jack Bradbum. chairman 
of the 450. OfJO-rn ember local 
government officers' group said 
f hat Mr. Peter Shore. Secretary 
for the Environment, should "set 
out” of the present wage nego- 

Mr. Bradburn told a sneral 
"roup drlep.ire meeting that 
there w-««? a negative att-mde ip 
the nennti’tions. .Bn* the Gov- 
ernment was now .adding tn it, 
"»M mivhp caii^M'isr 'it'3 v 

He added: ** T tell you hefa and 
now. there sro«S; i reference 
'o neentia^on* r ar . The puMp- 
lines e-“ nnn thing, interference 
is -nother " 

The mept'ioc wa« to'* tha* i* 
the ir*ar»v sfa^es n f the local 
nfiwrnmont ne-ntintiOTlS the 
epio’everq wi>n> vne-i"" Iw'ar'lt 

u *-*>sh increase of ahnut 9.5 oer 

Mr. ?M»rtf pptinoit 

'*>« mnnri nf **><< cnofip 1 oar pen. 
f«riJi]Ap in I.enrten •>* flip hiinln. 
" ! nr ef th»c men»h. vh^ri nnnnsi. 
*'ni wqs p*-nre«ci»i* m ihp Hovom. 

mnn*'s nnllf'es nf pnntrnl 

nf Wqees. ,’arh l { rn'fs a»*d ftirepf 
intpr^entifiTi jn t>-e n'lhJip sprtor 
3<f orn-’nniie paniilalnrs, 

Mr Rrprthi>rn so*h vester^av 
♦hpi his member.; i^st mpif»r 

ernun to spt*!« under Phisp 
Throp_ had .suffered worse. than 
n*ho7^ jp the local government 
pp»' arena. 

Thpv would sptrtp fnr nnrh»np 
less ftnn full rnpsnlirtpHnn of 
hnfh the ciinntpinr-n's pnd a t n 
per cent, increase on consolidated 
scales from July 1. 

moulding equipment and it has 
been found during tests that 
shorter moulding cycles are . 
achievable compared with ABS plnnn 

or other plateable - plastics. 

through a disposable filter..- On -Julies in &ndm& ;jjggMMam 
COmnOnentS the to% of the- exhaust chamber suppHers .f^modl^g^^aew 
Vl/UI|>LfUVUli3, ^ impellers which create a equipxaen t . heeded. - 

^ - -"constant inward air velocity of satiqn ,V. and equlpm^t r pro- 

about .75 metres tn .9 metres per grammes .YX' 

<ecnnd ensuring that the ■* ■ 

1 r iin ,e I 0F a new raflge of airless operator breathes . cleaner air . • 

3 and 4 lb .have been produced^ abrasive blast cleaning machines enabling him. to work for longer ( 

Tha should also contribute sub- deT eloped by Beverley Sbotb&Kf ? periods wtihout interruntioh.. 

stantially towards lower costs. Engineering is now available: for; The booths are suggp^tert for 
The material can be plated demonstration runs at the com- ^ hand soravinc furniture 
with copper / nickel / chromium pany's Billingshurst works ^ua -parts^ motor car accessoriiw. tovs; 

coating systems similar ro those Sussex (040-381 2091). electrical. office onitipment, 

used for other similar materials This machine caii handle .steel, . metal pressings, -fabruaitfans,, 

and heat-resistance as well as plates up to 48 inches wide and. ca^n*"!. etc. /- v : ,-V '»-• ,V-7- 1 ; v 

pee] and corrosion resistaoce are 3 inches thick in any length And-' ‘.Further on Nottingham. 258291; 




> a , -ft ■ ■■■■. 

■ r# 

r-* vWjsr---: •t\zir^Lo 

itf Fv • 


Cheap look down below 

mauds of the'imemational brew- >— • 

ing and soft drinks ^aiistries is . t r , . 

a high-speed cad ckKinff.-m^ilne *• 

.. from FMC CorporatieiPH^vi, of ' ’ ' 

-Takenham, Norfolfc -v' »? : 

The nli-stainieffi- - : unit. 
c ,. called FMC 952, inffi jfr^amjng - 

- ^spindles and two ^iqver feeds and 
■'closes "twtf-' 

'' with r. conventional \.nhximoiuin 
— puil " tab or -ecology ^covos T at 

- -rotes of. up to 2.0W 'pe^Hi&mte. . 

afore Oh' 8328 32u: ^> 

y-i rxc;--f. 



- :■ 



■ 1 3 


'■ ra-s •*'* 

■: •'"■ 
'• jSjitS "j* 
j E»f- r c < 
- >',W t 
: an; c«r*ra.-: 
.. to- 
. »*4ri- 

^ A ao d . . 

:hekh'awt "ak veiltfll|Lt3dri' irdm * 7 - .f” 
* siri^? r ^Sut-\vhfdi", %y- &ti3islng . 
clean “wild- heat^ ha^‘ s4ved V dfarrar-’. 
CJydeelde,- print factory more: imu r- 

% thaB 30-per,rent rf heating.-co^ 

A SMALL, unmanned and highly complete inspection service to operator - simply presses 
controllable submersible armed the offshore industry. “ hold button and the com- «w pir*»ti«w hnt 

with television cameras has heen Control of the craft Is vested puter compensates for disturbing nues.:; should bu>. achieved - 133 

mat. I ari» - >ebti!atfijg r : - ;sya tern 
■•froiff ihe DanislPiwmpsny, Nor- ; 

disk,- there are t^o ' tpodels avail- 
_ v abi‘e in the HKA n£hgei^;‘>..y '• - 

- By m atchft^Jflpytt^Agiir ggtroct, 
-rates... exactly: apd^providing anT 
.a utom atic all yr^alnhced '-mfetaro 
: of re-cii cui ation ' atW air, 
'the design may: he used to-^dvan-" . 
tage s in ^ almost V-anj^indusWal 

: a»«D5Sf 


wr.rc’j. i 
dwi>it v 
Ins if n >-,v 


■tlirs-ic- <t 
rea j 
"ft* 5i.j; 

ACAS ‘given a free hand’ 

THE Advisory. Conciliation and The union, the United King- tion was anxious to avoid. 
Arbitration Service had been dom Association of Professional It would mean that instead of 

given a free hand to decide Engineers, is challenging the three bargaining units, com- 

whether or not to recommend a validity of the service’s decision prised of three other unions, the 

Worker; at the main fai-tnrv i union for recognition, a High and asking Mr. Justice May to employer would have to nego- 
at Yeartnn near Leeds came out J Court judge was told yesterday. Invalidate it. tiate wtih four, 

tn supmjrl. i Parliament had left it to its Mr. Brooke said the service Mr Brooke agreed with the 

Mr. Ray Deanev. Amalgamated l members, as people experienced felt that to recommend bargain- judge that, if the association was 

ttninn nf Enginr-erine \Vnr'-**rs. i in industrial relations, to decide in c rights for the association and recommended for recognition, it 

at Yeadon. snid a “last-ditch 
approach” had been made to 
management for a settlement, 
hut without success. Mr. Ralph 
Bradbury, the personnel direc- 
tor. said that if the company 
missed business now there could 
be harmful ions-terro effects on 
profitability a nd jobs. 

in a particular case what was the higher grade staff it repre- would be encouraging the “exten 
the wisest solution, said Mr. sented would be inconsistent si 0 n of collective bargaining" 
Henry Brooke, counsel for the with existing bargaining arrange- provided in the Employment 
service. meats within the company and Protection Act. 

He was defending the service's ths engineering industry. But, he said, the service could 

decision not to recommend bar- It would lead to further frag- disregard that particular duty 
gaining status for a non-TUC mentation of those arrangements, and have regard instead To its 
professional encioeers union at which was something that the duty to “promote an improvc- 
APE-Allen. of Bedford. Engineering Employers Federa- ment in industrial relations.” 

developed by Marine Unit Tech- in an in-house design of micro- *_ r(W . irfi eD ina the vehicle -in plabk- generating- waste -heat %. . H” 5 - v “' ! 
noiogy. of Richmond. Surrey, to computer, interpreting manual lh required ^position . without- from, process: :machiheryr-^.un'« -• •< 

provide undersea inspection in control signals from the console furthers per a tor intervention. A dries, bakeries, print wjifc^ete.. - ' 
the poor visibility and hostile on the surface. <un iar lechrunui* is used fn ~ -riin ..W? ttsha lv . 

operatms coodlUoM of the "orlli . i™' I ^ 

Dubbed SMARTIE (lubmiirlne ™d„ Later -a««lopoient! will' in- pended +erticaUy.IrdmrJtawJ ;,| W® T . 

automatic remote television in- mameier ™ “ clude 3 «i oc k-o a " mode, C au*-'.t)f a pne-storey/facton' m-indus- : 4 

pump and has no propellers. 

re- •• ! i J 

control and power circuits. aD a lr ' iriinsportable Idt con- 
For low visibility work the sisting of submersible, electrical 
The company sees SMARTIE on-board computer can accept generator/operator's console and 
as a low-cost alternative to the input from the craft’s magnetic cable, accompanied by three area whi le Ure^'-bladeS' do 
use of divers as underwater compass and gyro and project trained operators. . •' outer ring. for?e ; a iiiExttirejr 

observers, even in shallow water an artificial navigation "target" - r „ ... , circulated and fresh air, through _\ . 

and maintains that the operator which the operator can follow , „ ^ 1 o 1° L™ a a dpzeii'. ■ adjustable ■' ■■NWPjfy- ; ^ Hi- .. 
on the surface can see more on on his screen even though the npzztes on: pje.;clrcitia^:*^Tby- •* 

his monitor 
on the 
the craft 

for sale, i,>.*i,«u, « « '.w...... u> uvimhis ... ~ - - . — -* - — — — ^ ^ . . . r h. 

company Marine Unit will offer tion, even in fast currents. The More oh 01-W0 3682. ;.baust air ducts continls^niertenir v.-i „ Er io 

• '■ perature.. - ... “ fcj f, 

® COMPUTERS ^ Stnnirer job • 

Base Rale Change 


Bank of Baroda announce that, for 
balances in their books on and after 11th 
May, 1978, and until further notice their 
Base Rate for lending is 9% per annum. 
The deposit rate on all monies subject to 
seven days notice of withdrawal is 6% per 

Bank of Ireland 

announces that the 
following rate will apply 
from and including 

13th June, 1978 

Base Lending Rate 
10% per annum 



Scotland swings to ICI®:.: \ U: §5 

region, will get allow them to share -the -costs heat. - the -j 

2970 system and of ! developing new ; computer J?’ • -- *-■' 

ting- the- maximunr: amonnt.oi.-_ . 

SIX OF Scotland’s nine Regional second largest 
Councils have ordered 2900 the large-scale 2970 
Series computers from Interna- 
tional Computers (ICL). Total 
value of the orders is over £6ra 

Systems Ordered range from sjaiciuj «m eu w »UB uiauiHiiu, ejgiem^'viuni uu WUIR imuareu— , ,• •— t **— 
fCL’s 2904 small computer to rhe Fife, and Tayside Regional by Tayside. ' f an-_ thraugfl- the ; . “p. - : i 

2970 machine and borne from: Councils. ICL 2904 computers A -key factor in the choice of , a ‘^ ar S® . - 

Lothian. Fife, Tayside Gram- w'til be installed in Inverness the -2900 Series computers 

plan. Highland, and Dumfries by Highland Regional Council. ICL's Direct Machine _l 

and Galloway Regional Councils, and in Dumfries by Dumfries 

Cli. I (J Li'S xnreci naacarae miviroB- V \"- — -.-J 

ies ment ' ‘ systenu . DME; , : which -j, I 

These are in addition jo the and Galloway Regional Council, enables customers to~ fan- pro- y y a ~ If • 


Finns get 



ties at eleven places throughout control procedures now developed - 1 

the country. Raahe Iron and in - industry, . including, those paired.. Tqqm-,; temper «thrt-^. - 
Steel Works, situated on the which make -e^^sive' use of coin- A 
Gulf of Bothnia, is the biggest poters- Tbe contcol .procedures ^^Pgratgre srie mQf . •.■■jz 

of the production units with an must he .of * high standard for. . at ■ -, 

iron making, plant, a basic approval to be given 

oxygen steel melting shop, a Register ‘-’-'-arid- are 

continuous casting plaot and regulariaiid systematic lecrtnirai — r- —7“ 

plate and . strip mills. Total audits' byr 'surveyors to ensure yanety w 

RAAHE Iron and Steel- Worksof of thm is shipbuilding ^ acheine h applicable ‘ to- j 



steel plates mJ .. r . 

Rautaruukki Oy w«s estab- “f adopied as an- alternative to alQtainlumr: : ; alldy. - 
lished by the -Finnish Govern- Nj® L^, j 1 1 3 J* re 5^ 1 hSOectton platesl /strip,' “sections — — 

ment and the main Finnish • s “ y “ e Sociey'B jnrended for huU constructioii. 




inetal industrial corporations in sw^ e y or s- 
I960. The company now has The scheme 
production units and office facili- advanced production 



"r ***. 

: m ‘s 



* PAc KAGi|, 




© VEN7IU® 





j ■■■ -J ■ 

,•■*5 . 

. CGE : HAS been accused of 
“.hwrf^g^oui , ? Jn the re-organ*, 
satldn -bti several of France's 
industrial sectors, notably in 
nnde*r power- and telecom- 
munications, which the Gov- 
enuaent has sponsored in the 
Interests of. bringing essen- 
tial technology under French 
control. Bat how true is this 
conventional wisdom? 7 
: Nuclear -power; When the 
, stale-owned utility Electrffczte 
de France decided to build up 
France’s^, firet generation of 
uudearpawer stations around 
sl single, model u had to 
choose between '.the boiling 
water reactor licensed from 
theU-S. by. CGE {and for 
Which _ it had- placed two 
orders and Six options) and 
the pressurised water reactor 
licensed from Westfnghouse 
bv the Crensot-Loire group. It 
. chose the Westinghousc sys- 
tem and CGE’s orders- were 
cancelled . .(with ' compensa- 
tion). ‘ 

At the same time the state 
decided to. concentrate pro- 
duction - of 

aro and Alsfhom . whfeh had 
come into the CGE camp in 
1969. Iti.eariv 1976 Alsthom 
merged with the shipbuilding 
croup Chan tiers . de TAti an- 
tique leaving CGE with a 30.7 
per cent share in the resulting 
group AIsthom-Atiautique. 

Chantiers de rAtlantiqtxe 
had' experience in diesel 
motor construction and also 
had link* 7 . -with the state 
AtoorfcTSiiergy Commission in 
the .field-of smaller nuclear 

power stations. 

-Latfer'in 1976 the turbine- 
generator division of another 
big engineering concern, 
Compaghie Electro -Mecani que 
(CEM) was made oyer to 
Alstbom- Atlanti que, ' giving 
the company an effective 
monopoly of turbine-generator 
development. . In its final con- 
figuration AIsthom-Atiautique 
bad a production capacity of 
8.000MW putting it on a par 
as a producer, of turbine- 
generators with Kraftwerk 
Union and Brown-Boveri 
(whose, licence it holds) 
although behind U.S. General 
Electric and Westinghonse. 

Since CGE also has large 
civil contracting Interests,; it 
claims that it can handle some 
two-thirds of the value of 
nuclear - power station .con- 
tracts without supplying the 
nuclear cote. 

But CGE retains Its stake in 
the fast-breeder programme, 
which will eventually give 
birth to France’s second gene- 
ration nuclear power stations. 

An important series of 
agreements have been signed 
effectively setting out the 
frontiers between Aisthom- 
Atiantiqne . and Crensot-Loire 
In the fields of steam turbines, 
hydraulic' turbines- and 
nuclear reactors. ' 

“ The mistake.” according ta 
Bom, M was- not getting out of 
nuclear: it was getting into it 
But we wanted a Government 
decision that would give ns 
tiie turbine-generator mono- 
poly in -ietnrb for quitting 
nuclear. Turbine-genera to rs 
make much more: money than 
-unclear - reactors - and we - 
reekon. there will have to be 
reconversion of power stations 
to coal and oil.” 

Telecommunications: The 
Charge Is that the state Jilted 
CGE when it decided to con- 
centra teswit chi ng technology 
in . French' bands in favour of 
the Thomson group, which at 
that : time, was- not even % 
competitor ii r th e field. In 
consequence^ TIT was obliged 
to sell its Lei Materiel Tele-, 
phonique (LMT) ' subsidiary 
and Ericsson was obliged to 
sell its French operation to 

CGE argues .that" when the. 
state was looking for a Bister 
.mother for. the Sfetaeonta 
system developed by ITT and 
the AXE system of Ericsson, 
there was never a practical 
chance that CGE would be 
selected for the precise reason 
that. CGE was the, master of 


Its own technology — the E10. 
CGE points out that the Eio 
is a fnlly-Frentii system — a 
sentiment in line with its 
general preference for deve- 
loping systems from scratch 
rather than adopting overseas 
technology. ft 

CGE thinks privately that 
Thomson has precious little 
chance of exporting adopted 
technology when the original 
article can be bought direct 
from the* parents:' 

“I decided . to . pursue the 
temporal (digital) switching 
system 12 years ago and I am 
right,” says BUmx. “Thomson’s 
systems are space-switching 

(analogue) and . they are 
short-lived. If anyone lost out 
in that business it was ITT 
and not ns.” 

The position of CIT -Alcatel 
(the main CGE telecommuni- 
cations concern) has not been 
much affected, claims Roux, 
remarking that when he 
he arrived at CGE the com- 
pany did FFr 60m a year in 
telecommunications and that 
it does FFr dfan now. 

In the years np to 1977, 
ITT took around 42 per cent 
of the market .for telephone 
exchanges via LOST and its 
other subsidiary CGCT, CIT 
about a third and Ericsson 
some 16 per cent. Now 
Thomson has 1 walked into 
about 40 per cent and ITT has 
some 16 per cent leaving the 
CIT stake more or less intact. 

CIT-Alcatel has been reduc- 
ing its dependent on French 
Post Office orders because it 
expects that .after the 
. modernisation ,.i$.^over there 
will be problem^ of over- 
production. i luvftthe early 
1970s Post ’ : Office • business 
represented twotitbds of the 
company’s turnover^ Now it 
is down to half, vdih mlUtary 
work .taking *■ further third. 

In the tr ansm ission field 
the company to be 

second^ only to TFC Jor the 
construction Jqf y&ihmarine 
cable links; ‘andl'dit ranks 
behind Western >Et£ftrl c as 

tbe world's ieadiiiglzKanuf ac- 
’ .turerof pulse-coifcg> modula- 
tion . equipment -Mi:' digital 
' transmission.' • ■‘-.’•7$- 

Computers : The ^arge is 
that CGE has had % take a 
Back seat in the ^develop- 
ment jof France’s computer 
industry. _ 

The story j begins with 
General de Gaulle. He took 
it ill wheu^ Control Data 
Corporation^ refused lo let 
France ’ .the big com- 
puters needed for her nuclear 
weapongf programme. His 
cbril sgfvahts worked out tbe : 
. Plan^Calcul . to give France 
. ber/own. - industry- under 
wijirh . Thomson-CSF . and 
qpE. took, respectively. 52 per 
yent and. 46 per cent of tbe 
/holding company which con- 
trolled the new creation, CII. 

In poor financial shape, CU 
was pushed off into partner- 
ship with Siemens of 
Germany and Philips of 
Holland to form Unidata. 

In. July. 1976 the Unidata 
marriage was annulled and 
‘ cn ■ and Honeywell Bull 
brought together. Thomson, 
got out altogether and CGE 
was left with 20 per cent of 
the holding company, which 
has 53 per cent in CII-Honey- ; 
. well Boll. The 47 per cent 
stake is Honeywell’s. _ 

“ CH-Honeyweil Bull was 
. launched on a four-year 
FFr L2bn programme of 
direct government subsidies, 
after which it was supposed to 
stand on its own two feet. In 
its first calendar year it netted 
FFr 144m. which was 60 per; 
cent better than its con- 
. stltuent parts had done tbe 
year before, and its turnover 
was FFr 3.79bn- 

CII-Honeywell Bull appears 
. to be on target to meet its 
financial objectives and CGE 
appears content with progress- 
though, as has already been 
emphasised, it is more esetted 
about the prospects for its 
own- information divisio us in 
CIT-Alcatel than it is about, 
mainstream computers. ■ 

The French giant that 
‘knows where it’s going’ 

“A CRISIS of identity? " 
Aznbroise Roux rocked his 
rotund frame back on li is chair 
and allowed ' a carefully con- 
trolled expression of perplexity 
to flicker across his face. - My 
dear sir, I know exactly what 
we a re and where we are 

He rocked back, against the 
table, spread bis Angers as if 
to play the opening notes of a 
concerto, and offered a slight 
concession. “Of course, there 
have been some problems diffi- 
cult to explain psychologically, 
such as when we got out of 
nuclear. But. after all. we got 
exactly what we wanted.” 

It was a typical exchange with 
Roux, chairman of a far-flung 
I empire ranging from lurbine- 
i generators to public works, and 
1 from shipbuilding to telecom- 
J munications and computer 
S peripherals — the empire (or 
! perhaps Roux would prefer 
j Commonwealth) uf Compagnie 
; Gdnerolc d'EIectricifr. 


i Big league 

j The CGE group is definitely 
j in the big league. Its 1976 
accounts consolidate 211 com- 
panies. including 66 foreign 
j ones, while it controls more 

■ than half the capital of 159 con- 
! cerns. At the end of 1977 the 
i group, subsidiaries and affili- 
. ates. employed 170.000 people. 

! CGE identifies seven leading 
markets for Its products: energy 
and power engineering equip- 
ment (about 30 per cent of tum- 

■ ovcri: industrial equipment 
| (15-20 per cent); communica- 
tions and transport equipment 

! 1 15 per cent); telecomm unica- 
Itions and information systems, 
j including cables (about 23 per 
I cent): household electrical 
{equipment: building and public 
j works; and defence, 
j Translated into products this 
means four basic ranges: 
mechanical construction in- 
cluding shipbuilding: electrical 
construction and heavy elec- 
trical engineering; professional 
electronics: and specialist 

materials, of which insulation 
and sealing equipment are to 
the Tore. The three services of 
construction and public works: 
electrical contracting: and dis- 
tribution complete the picture. 

For four years now, through 
the thick of tbe recession. CGE 
has pushed ahead with a 
vigorous expansion programme 
which has seen it multiply the 

number of its affiliates. It has 
invested heavily to renew its 
industrial equipment and has 
imposed a rigorous financial 
discipline on itself iu be able in 
finance both expansion and 
rejuvenation without imposing 
disproportionate burdens on tbe 
balance sheet. 

Roux is fond of comparing 
3973 with 1977 to illustrate tbe 
group’s performance. -In 1973. 
when only majority-controlled 
operations were included in the 
group, our sales reached FFr 
12.85bn. Last year sales of 
controlled companies reached 
FFr lS.3bn ( 2.3 7 bn i uud if you 
include affiliates, turnover 
topped FFr 33.6bn (£4.ui»nl. 

*■ Assets have climbed front 
FFr 55Sm in 1973 to more than 
FFr l.ISbn: wc have deliberately 
set about reinforcing our posi- 
tion in uur principal sectors of 

"Our overseas turnover has 
risen from FFr 10.3bn to FFr. 
12.1 bn and we are the country's 
third largest exporter. Vet ail 
this lime, and despite the 
immense investment and 
modernisation effort we have 
made, we are carrying FFr 1 3>:i 
less debt now in terms of con- 
stant francs than wc were in 
1973.” . 

Roux himself has climbed that 
typically French ladder of pro- 
motion out of the g ramies ecole 
(Ecole Pulyicchnique. diploma 
from the Punts et Chaussees. 
and Lho Ecole Superieure 
d’EleclriciiO) and up the para- 
political ladder of the civil ser- 
vice and the ministerial cabinet. 
In the 1950s he made the 
classical side-step from govern- 
ment to industry (rare, indeed, 
are movements in the opposite 
direction) to become by 1955 
the deputy managing director 
of CGE. Eight years later he was 
managing director, and he will 
soon be embarking on his ninth 
year as chairman. 

He combines this with being 
one of the barons of the 
employers' organisation, the . 
Patronat And he has a reputa- 
tion for being a no-nonsense boss 

. * * , 

impatient of notions ihai social 
engineering should come before 
mechanical engineering as a 
corporate concern. 

His personal portfolio of 
directorships includes the Credit 
Commercial tic France: the 
holding cum p any of the Paribas 
industrial and financial empire; 
Pechiney Uc,ine Kuhlmann; the 
Credit Mariana!; and rbe 
Societe Xaiiuiiale d'lnvestisse- 

Roux’s -olid presence has 
been a strong asset for the 
group over the past few years,- 
during which time CGE's profile 
has chanced substantially, Fur 
jn three important areas— 

nuclear power, ti-li.- communica- 
tions and. in a lesser extent, 
computers — CGE has been 
affected by Government- 
sponsored industrial reorganisa- 

In each of these areas CGE 
has been accused of "losing 
uut to Loire and the 
Eropain-Sehneider empire in 
nuclear: to Thomson-Brandt in 
telecommunications: and gener- 
ally in the computer field. 

Roux agrees that any account 
of these three restructurings 
shows that, far from having lost 
out. CGE has emerged with its 
position improved. 

Key areas 

•‘There’-- nothing in the 
group which ;vo don’t want.” 
Roux affirm*. " Perhaps there 
are iume things wc are in 
through force of habit, but l»y 
and largo we are now present 
in a number of key areas and 
convincingly present.” He also 
feels no nostalgia for the activi- 
ties they have .>hed. 

Alsthom-Ai I antique, and its 
shipbuilding operations which, 
like the entire French industry, 
has failed to book a single 
order for two years and is pre- 
paring to pur its workforce on 
a 34 hour week. “ Its expansion 
may be iess rapid in years to 
come because tbe growth of 
sales in the heavy electrical 

sector will slow down. But we 
intend to develop ceramics and 
glass insulation — particular!)’ in 
Brazil— and don’t forget we 
already have a quarter of free 
world production.” 

One of his priorities for de- 
velopment i* dearly the tele- 
communications and data pro- 
cessing field. CIT-Alcatel is 
Roux’s particular baby, the only 
subsidiary which he himself 
chairs, and it is under the CIT- 
Aleatei banner that the group 
has placed two of its most 
rapidly growing concerns. Sin- 
tra and Transac. The group 
stake in Sintra was raised from 
15 to 37 per cent in 3976 and it 
has signed a “ growth contract." 
with the State, seiung out norms 
for financial and market per- 
formance in return for subsidies 
—one of the Government's tech- 
niques to encourage the devel- 
opment of tile French presence 
in crucial areas of technology. 

IVith professional electronics 
and military electronics as well 
as “distributed processing” 
^••per^^nformatiquo■'l among its 
activities, CGE directors refer 
to S intra-Tran sac mischievously 
as “ a mini Thomson-CSF **• — a 
reference to the large elec- 
tronics group which is part of 
the Thomson-Brandt/Thomson- 
CSF tandem. Roux himself 
reckons that there will be “an 
enormous effort” in the field of 
automatism, peripherals, lelo- 
t-ommunicatious and data- acqui- 

A further area for develop- 
ment is that of new sources for 
energy. Tiie Laboratories de 
Marcoussis and five industrial 
concern* in the group are be- 
tween them pursuing four lines 
of development. The most im- 
portant is the area of heating of 
buildings, where the group 
claims a leading position in 
thermo dynamic or thermo-elec- 
tric heat pumps, universal solar 
captors, high temperature con- 
vectors and energy storage. 

The second theme is the regu- 
lation and management of 
energy, covering areas like the 

V ... :.j 

T-- . 


Ambroise Roux- ’’There is nothing sillier than buying a bad company 

control of boiler temperatures 
and televised supervision and 
metering. Photovoltaic conver- 
sion forms tin.- third main axis 
of development. 

Finally, rite- group is aiming 
to develop high performance 
production techniques for hydro- 
gen. -Out- group is incontestably 
one of those most committed in 
the field ol' new energy sources, 
geared by priority to the devel- 
opment of the techniques ihem- 
stdve*. rather than to agreeing 
industrial alliances with over- 
seas companies" the annual 
general meeting was told. 

Roux explains the mode of 
growth: " We have never gone 
backwards, if this means that 
our increases in profits are 
modest, it means equally that 
we have maintained the pro- 
gression. We intend to keep 
growing by external acquisition 
and internal development. 

" Of course, the former is less 
simple now — there are not m> 
many companies available. But 
we will continue to apply the 
normal criteria: we have never 
bought a company without 
being certain that it has what 
we call the industrial critical 
mass to justify the outlay. 
There’s nothing sillier than buy- 
ing a bad company cheaply.” 

CGE is a national flag-carrier 
in a number of sectors — and 
French industry by and large is 
more responsive to government 
guidance and more inclined to 
recognise national interest in 
their calculations than some of 

their European con temporaries. 
Does litis impose constraints on 
CGE ? 

" When you have got the place 
we hold — in heavy electrical 
engineering, in telecom muni ca- 
tions. in cables, in batteries — 
it’s bard to have a general 
policy which differs from official 
policy. But the Government 
listens to us. Wc have never 
had a quarrel about overseas 
investment and now and again 
1 am asked to put a factory 
somewhere to solve a regional 
or unemployment problem." 

Docs he’.' “If 1 can do.” 

The group is easier to run 
than one thinks. Roux remarks. 
” It's very decentralised. It's 
easy to see if a group is decen- 
tralised or not. Go into the 
parent company headquarters 
and look ai the names on the 
doors. If iho names are those 
of tiic chair men or subsidiaries 
>ou can forget about decentrali- 

" \oni- of ii i.v subsidiary 
chairmen an- here: they have 
toial autonomy and borrow 
money eier ibeir own signa- 
tures. They decide wages and 
social policy. 1 certainly don’t 
got involved in solving strikes 
in factories.” 

"How many letters do you 
think 1 sign each day’.’” he asks. 
"Un average less than oue a 
day." he answers himself. And 
lu what sort of people? 

■■Oh. the Prune Minister, the 
President, perhaps the chairmen 
or the really big companies." 

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16 ■ 


Financial Times -Tuesday :.. 




The producers who 

account for Creetown 

■ *u 





THERE'S NONE so blind, says 
the jidace. ?<; those that will not 
see; and nnnc so gullible. 1 some- 
times despairingly conclude, as 
those who wish to be deceived. 
Or -perhaps, on second thoughts. 
those who are talking their own 
book. If it is not dishonesty, it 
is still mightily profitable. 

The subject of these seemingly 
disjointed musings is the rap- 
turous reception which the gilts 
market has accorded to (he latest 
package of measures to reduce 
the - growth of the money supply 
—and especially to the re-im posi- 
tion of corset restrictions on the 
hanks. It is only a week since 
my . desk was swamped with 
g'onrny circulars describing in 
detail hnw w? were sliding un- 
conirollabiy to an inflationary 
doom. Now MI.R is up one point 
— for a Tew days at anv rate — 
and the growth of the monetary 
ytotislics’ has boon determined 
by administrative fiat until about 
October and (hot fs nfl of suh- 
s‘n »i(v ti-hir/l has changed fi 
take ‘it that dealers believed the 
Chancellor when he raid in the 
Letter of Intent that the borrow- 
ing requirement would not be 
?ilo*.vod to rise beyond £SJhm. 
Fut some of the circulars now 
jinq a very dtlrcrent rnnj. 


Tlnre. ro tab*' a lyrical example, 
i; Messels: "The authorities had 
underestimated the likely 
strength of loan demand: the re- 
]^->nei»inn of ih n ‘corset was 
a logical and necessary correc- 
tive move. 

"However. The increase in 
MLR . . and in employers' 

national insurance rontrjhu lions 
were nuite unexpected, and show 
that Mr. Healey was very serious 
indeed about ihe commitment to 
monetary restraint. Moreover. 
tou;h action has been taken in 
an election tear — totally refuting 
suggestions that vote-catching 
considerations would deter the 
'•'••v’rnnien' from doing the right 
Thing . . . (jilts are a good invest- 
ment, both short and long term." 

'» i? only 3 few days since T 
suggested T hat the market was 
be* ij g child* shiv frightened by 
its o-vn shadow. The present 
re'jef <o?ems if anvtbina even 
pi ',-e ebi'dieh The gilts half of 
the whole seif-in^tifvipg system 
i? familiar. Last week It ran. 
'* 1 am not huvin*’ gilts Therefore 
"I-. 1 -money i< piling up in the 
hark therefore th>? miVipv *un> 
o»if of control, therefore 
ind aTinn <e "nine through th» 
roof. tbe-p r nre dlts are a had 
h*iv " This week it runs, with 
liule cyaggeration. “I am buy- 
ing' cilts. therefore my bank 
denneite are falling, therefore 
thcjrnnnoy supply is going down, 
therefore inflation is going to 
fa'l for ever and ever, therefore 
?i!ts arc a splendid buy.” 

There is. o' course, some logic 
in this: if the authorities are 
reluctant to lot interest rates 
rise to the point where funding 
begins, and remain reluctant, it 
can lead to nasty consequences; 
the market hAS to he convinced, 
and now is. But the fact that 
the corset is part of the trick is 
another story. 

The first time the corset was 
imposed, it was greeted as if the 
Bank of England had discovered 
how to square the circle, and 
make credit both tighter and , 
cheaper at the same time. In 1 
fact u bad the quite modest aim 
of eliminating one distortion in i 
the money supply figures, round 
tripping, "and succeeded in this:! 
but the idea of laying down the 
Future growth rate of the money 
supply- and lotting the system 
adapt! did rob the growth of the 
money supply of much of its 
value as an indicator. The corset 
has subsequently been used 
rather reluctantly, and with well- 
justified embarrassment. It’s 
really a bit hlaiant. 

However, the very existence of 
this nflicia lly-i m posed distortion 
nf the money figures tand a 
corset. aFter all. Is by its nature 
a disfnner nf figures) has bred 
its own problems. Because 
tight stays arc uncomfortable, it 
has inspired the banks to deep 
breathing at the mere murmur 
of corset restrictions — and com- 
petitive deep breathing at that. 

refuse to play safe 

THAT FINE sprinter Tumble- 
downwind, who might have 
lasted- out the Kowley Mile and 
won the 2,000 Guineas had 
Newmarket not been riding 
softer than ever before. looks to 
be the answer to this afternoon’s 
Leisure Stakes at Lingfield. 

Deep analysis 

The result is that the exist- 
ence of this device now distorts 
ihe money figures whenever 
monetary growth is anywhere 
near its tnp limit, whether Che 
scheme is in force or not. While 
the banks fear it. they inflate 
their own hooks; once it is im- 
posed, the figures are compressed. 
It is a matier of deep financial 
analysis to dir cover whether the 
thing is light or loose. It all 
illustrates Harris’ Uncertainty- 
Principle: the more we try to i 
control a given financial figure.! 
the less it means. 

A decent puzzlement, then.) 
sec-ms to me the intelligent 
reaction to recent figures and, 
events. We have the same fiscal) 
challenge as on April II: and; 
with a bull market in gilts, wei 
may soon have the same low j 
interest rates, and the samel 
risks. But meanwhile, we will 
have had a big rise in the market 
as the cycle, reinforced by manic- 
depressive comment, rolls pre- 
dictably on: and I find myself 
haunted by a City friend, an 
ardent monetary reformer, who 
usually ends a dissertation on 
desirable changes with the com- 
fortlng reflection: “ Of course, 
they won’t listen: but it wouldn’t 
he nearly so easy to make money 
if they did." 

IT MAY be tempting fate to run 
a film preview and invite ques- 
tions from the floor at the end 
of the show. But it is positively 
hazardous to solicit comment as 
well. This happened last week 
at the' preview of a new Elec- 
tricity Council film. Play Safe. 
The production comes as part of 
the electricity industry’s con- 
tinuing educational and inform- 
ation scheme on understanding 
j electricity. 

Play Safe is aimed at children, 
warning them of the dangers of 
electricity lines and sub- 
stations. Vandalism is not the 
only problem; nor the stray 
ball that goes over the railings 
marked “Danger — High Volt- 
age.” There are unexpected 
hazards such as flying kites near 
power lines (this can be dan- 
gerous despite apparently non- 
conductive materials in the 
kite), or moving a sailing dinghy 
down to the river under a low- 
slung feeder line (the alu- 
minium mast could proride 
fatal contact). 

It seems perfectly reasonable 
to point out these dangers in a 
film, and an adequate job has 
been done by the producers — 
albeit in a style more appro- 
priate to the 1950s than 
the 1970s’ era of juvenile power. 
But as the cosy questioning 
rolled on. one of at least three 
MPs sitting in the audience 
slipped in a comment about a 
more controversial sequence in 
the film showing vandalism — 
where a group of children throw 
a steel chain across an overhead 
power line, shorting out the en- 
tire districts power supply. 

From this point onwards, the 
hounds in the laree audience 
were after the fox. Wouldn't this 
attempt at reducing accidents 
actually increase them? Was 
(here not a positive risk that the 
film would put ideas into the 
heads of potential vandals? 

Also sitting in the audience 
was Mr. John Shepherd, who 
heads the British Rail film unit 
— which was responsible for the 
much more controversial film. 
The Firtijchiwfr Line. This film 
stages a bizarre sports day at 
a railway cutting — with ■ games" 
such as tossing bricks through 
the windows of passing trains, 
'last across," and tunnel trek- 
king. The score hoard is 
reckoned in deaths and injuries. 
It is an extraordinarily 
courageous film but obviously 
wide open to criticism from 

those who believe it will do 
mare harm than goad. 

Since The- Finishing Line has 
been in circulation for well over 
a year, Mr. Shepherd’s experi- 
ence was eagerly sought. But. 
as expected, there has been a 
strong polarisation of views, 
with some teachers not only dis- 
liking the film but actually 
banning its use, and. others 
claiming it to be outstandingly 

British Rail was careful to 

Could such 
films put 
ideas into 
the heads 
of vandals? 

obtain views from psychologists 
and educationists before com- 
pleting the film, and also before 
releasing it. But regrettably the 
impact of the film has not been 
subjected to controlled research. 
It is back to old fashioned cut 
reaction, and a generally held 
feeling that the film is actually 
doing a good job. 

Surprisingly, the Health and 
Safety Executive, has not re- 
searched the effectiveness of its 
own use of the media in health 
campaigns. Some years ago. how- 
ever. Che Health Education 
Council did carry out controlled 
research into anti-smoking films 
and came to the conclusion that 
they were ineffective. 

Of course, no two circum- 
stances are the same and it is 
misleading to draw too many 
generalisations from specific 
cases. The Central Office of 
Information has carried out 
regional research into The 
effectiveness of its seat belt 
campaign — highlighted by ihe 
clunk-dick TV films. It found 
that though the campaign was 
successful, the effect of any 
one campaign quickly faded and 
needed replenishing. 

The circumstances with seat 
belts are quite different, how- 
ever, from those where risk- 
taking has potential excitement 
built into it — as in Play Safe. 
and also a COI /Health and 
Safety Executive film called 

The latter is about accidents 
to children on farms. It takes 
as its theme a game of cowboys 
and Indians (played with great 
relish by the child actors). The 
participants get killed, one by 
one, in a variety of accidents 
that typify the hazards always 
present on a farm. 

The COI says that Apaches 
has yielded the predictable 
polarisation of views. But some 
schools have responded to it 
enthusiastically, one near Don- 
caster even running a group pro- 
ject connected with it. Reactions 
such as “I always imagined a 
farm as a perfect place to visit 
but after seeing the film I see 
it differently — as a death trap," 
show the kind of impact the 
film made. In another school, 
a questionnaire showed that 
children reacted favourably, 
confirming one view that the 
kids accept the film as a warning 
whereas often adults merely 
finish up feeling guilt about it. 

Perhaps the crux of the 
matter is hidden in complex 
personal reactions. When people 
respond to a film, they may re- 
veal more truth about their own 
hang-ups than the probable 
effect of the film on other 
people. This is not a researched 
fact, but a view of my own 
based on some experience in 
the psychology of film. 

The sad truth is that our 
knowledge of the effect of film 
(and television) is still hope-, 
Jessly inconclusive though in 
1967, aided by six industrial 
sponsors, I ran a series of 
carefully controlled experi- 
ments which did tend to prove 
that film can change conscious 

Perhaps the last word should 
go to another person in the, 
audience at last week's Elec- 
tricity Council show — Mr. Henry 
Geddes, Director of the Chil- 
dren’s Film Foundation. His 
organisation produces films for 
the Saturday morning cinema 
clubs. It has' a tradition of res- 
ponsibility towards children’s 
films — hased on much research. 
And Mr. Geddes was dearly 
annoyed at the criticisms of 
Play Safe. The Foundation 
would use it, he said, because 
he saw no harm in it but plenty 
of good. The view prevailed that 
it was better to do something 
than nothing at all. At which 
the audience almost cheered and 
the hounds lowered their tails. 



Tumbledownwind. trained by 
Bruce Hobbs and ridden by 
Geoff Lewis, both of whom have 
good records here, should he 
able to take advantage of the 
weight be receives from Lester 
Piggott’s mount Creetown. 

Although Creetown ran re- 
spectably at Epsom a few days’ 
ago, I shall be surprised If he 
can accou nt for the Hobbs’ 
three-year-old on terms 7 lb 
worse than weight for age. 

It is not often that a mare 

is responsible for two winners on 
the tame card. However, 
does not seem a remote pos- 
sibility this afternoon for 
Cigarette Case is represented by 
Brancaster in the Fenendons 
Stakes and Ashcroft, who goes 
for the Smugglers' Stakes. 

I ' expect Brancaster to wm- 
possibjy at the chief expense of 
Mr. Peter O’Sullevan’s Attlvo,— - 
biit expect Ashcroft to find the 
Ryan Price- trained Nimble 
Fingers just too good. 

" Looking ahead to Royal Ascot, 
bookmakers are slightly at vari- 
ance over the Royal Hunt Cup. 
Laabroke has Ficatina an in- 
mate of William Hastings-Bass s 
Newmarket stable, as 10-1 
favourite while the Tote— the 
first to open a book on this years 
race^ makes Fair Salinias 
stable companion Greenhill God 
market leader at the same prices 
. Prince GabrieL Andy Rew, 
Blustery. Fear Naught. Bell 
Tent, Digitalis and Casino Boy 
are . others close up in the 

year is at York On, Saturday, 
June 17. The whole of the pro- 
ceeds of the day will go, as 
usual, to the National Society for 
Canger Relief. 

The. principal sponsor Is again 
the William Hill Organisation, 
which is giving £7,590 for the 
day's feature race the WtiUam 
Hlli : Trophy, one of the richest 
three-year-old handicaps of the 

The Vernons Organisation, Hr 
Dan Prenn, Mr. and .Mrs. Jim 
Mullion, Mr. Basil Samuel, Sir 
Michael' ttabell and the Time- 
form Organisation are .:xlso 
sponsoring races. Nominations 
to Wonow, High Top, English - 
Prince. Abwah, Tumble Wind 
and Hittite Glory have been pre- 
sented for the ^'benefit of the 1 
day. : ' 

betting. ' _ 

.■ Tlmeform Chanty Day this 

.. . ! HKCFIEtD ; ; 
2^-Cover Note 7 
8.60— -Brancaster* 

330— Saturn us 
4.30— Burma. Fbfk 
5JN) — Nimble Fingers*" 

Technology aids 
coal output 

Wildlife photo exhibition 

IMPROVED muting technology, - 
would play a crucial part in the' 
effective development of the coal* 
industry. Mr. Alex Eadie. Undet= 
Secretary for Energy, said yes- 

Mr. Eadie. speakiog during a 
visit to the Guitick Dobson min-.; 
ing machinery plant in Wigan.; 
said that coai output achieved, 
by mechanised means had in- 
creased from 2 per cent to 94 
per cent over the last 30 years. I 

Over the same period; output per 
man shift had doubled from 21.5 

A PHOTOGRAPHIC exhibition 
entitled The World Wildlife 
Fond in Action will be held in 
1 be Kodak gallery. Nigh Hoi bom, 
London, from July 5 to August 4. 
It is sponsored by Kodak and 
the fund. 

The exhibition will depict the 
work of the fund In Britain and 
abroad. More than 200 photo- 
graphs will be on display* nearly 
all in colour. 

purchase, - education; . govern- 
mental advice and': -lobbying, ; 
equipment and publicity and the ~ 
basic strategy of conservation. ''' 

mao shift had doubled from 21Jj 
cwt in 1047 to 43.6 cwt last year. 

' ' It will cover examples of the 
fund’s activities including land 

The exhibition ■ jwIR.'. be ♦ fa 
three sections? ^cdusevaaon— ^ 
what It is and why 4f is need*. 1 
sary: what is the role - ■$£ .the-.- 
fund? and what dan J rfbtd help? -• 

The World.- Wildlife "Fund. .. 1 
raises money for . the conserva- 
tion and. rational wuse; of ihe 
Earth's resources- end in partteu- - 
lar, animals, plants and habitats - 
threatened with -exfoctHm.'- 


CC— These wmw accent certain crtdtt 
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skv). Sat. at 7 JO: Madama ButurSj. 
Mon. next at 7 JO: Luisa Miller. 65 
Ampul* (eats avail, lor all Perta. Iron 
10 a m on dav el pert. . . . 

Note: Personal Tel. bags, tor July Ballet 
opens Jury 1 A Not June 3. 

ice* Dvor- 
liter. 65 

GLOBE THEATRE. _ 01-437 1S92. 

Eves. 8.1 S. wee. 3.0. Sat. 6.0. B.o. 
ALAN a ril K BOURN s New Comedy 

“Thl* must be the happiest la uo liter- 
maker to London." D Tel. “An Irresfst- 
1 iblr enjoyable evening.** Sunaey Times. 


Pr«v.. Tonight 7,30. Opens Tomor, 7.0. 

ROYAL COURT. 730 1 745, . Air OOH. 
hen. from, -tomorrow' at - K- Ban* 
Jana 20 «t 7. Sobs: Eyas. K B. sata. 
- ' >• S and Mo 

PLYING Btma.'i -- 
or BUI Morrtson. 

ROYALTY. Credit Cards. 91-406-8064. 
Monday -Thursday evetthtg*. 8,00. Friday 

Sub. eves- 7.30. Mat. SaW 2 JO. . _ j 
Plays by Yeati Synge and Lady -Gregory. I 
For 2 Week* Only ■ - • ' 

HAYMARKET. 930 9 S3 2. Box. Office Ntw» 
Ooen, prer \. July 4 A S at 0.0. Opens 
Jidv 6. 7.0. ' ■ 

Monday-Thdrsdiw wantage 8,00. Friday . 
6 JO and BA 5. Saturdays 3J» and S-Ofc .; 
London ertaci vc** - 
-.*-• BILLY DANIELS' to - 
Best Musical of. n 977. . _ 

Aug 7 witn the London Philharmonic 
Orchestra. Tomor.. Frl. A Sun. at 5.30: 
Doc Giovanni. Thur- Sat.- 8 moil next 
at 5.30: Die Zaubertldt*. Possible return*, 
only. Bos Office. Glvndeboume. Lewes. 
E. Sussex (0273 5124111. 

BobUhg* accepted- Major credit owda. - 
Special, reduced - me -for mattaea* for a - 
UmMed period only. 

ECl. B37 1 672 , Last Week. E*g(.:7J0. 


- with JANE ASHER . - J- 


. r. . TO SEE IT.** Gdn. ‘ • - II 

Era*, at-. 8.00., FrL.* Sat. S.«5 A . 


sat. Mat. 2 JO. 
Song sawan 

Music and dances from Ball. 


Music and dances iron hii. »■ 
the «* oer Vance not to be mHenl."Gdp> 
■me 19 to July I. FIESTA DE ESRANA. 



t Indicates programme lu 
black and white. 

BBC 1 

fi.40-7.5S am Open University. 
MS For Schools, Colleges. 1.30 pm 
R^^rime. 1.45 News. 2.00 You 
anifTWe. 3.20 Teilhir Tir. 3.53 
Regional News for England 
c«.*::cept London i. 3.55 Play 
s.-hool las BBC 2 11.00 am). U2.0 
Ch a mo ion (he Wonder Horse. 4.45 
Goober and the Ghost Chasers. 

5.05 Wfldtrack. 5J5 Roobarb. 
5.40 News 

5.55 Nationwide {London and 
South East only). 

6.20 Nationwide. 

6.30 World Cup Report. 

7.20 The Feather and Father 

*.10 The Standard. 

9.00 News. 

955 Yellow Cab: The BBC 3 

Documentary: the work of 
two plain clothes detectives 


in Harlem’s 28th Precinct 
10.10 Cabaret Showtime with 
Lena ZavaronL 
10.55 Tonight 
11JS Play Golf. 

12.00 Weather/Regional News.. 

All Regions as BBC 1 except at 
the following times: — 

Wales — 5.534L20 pm Wales To- 
day. 10.10-10.55 Wales '" Down 
Under. 12.00 News and Weather 
for Wales. 

Scotland — 555420 pm Report- 
ing Scotland. 12.00 News and 
Weather for Scotland. 

Northern Ireland— 3.53-3.55 pm 
Northern Ireland News. 3.55-630 
Scene Around Six. 12.00 News 
and Weather for Northern 

England — 5.55-6.20 pm Look 
East (Norwich t; Look North 
(Leeds, Manchester. Newcastle); 
Midlands Today (Birmingham); 
Points West ( Bristol); South 
Today (Southampton): Spotlight 
South West ( Plymouth ). 

12.00 Issi Noho. 12.10 pm Daisy, 
Daisy. 12.30 News plus FT index. 
13.55 Help! 1.00 Parents’ Day. 
1.30 Crown Court. 2 00 After 
Noon. 2.35 Red Letter Day. 3.20 
Once Jn A Lifetime. 4.05 Cartoon 
Time. 430 Paul. 4.45 Extraordi- 
nary. 3.15 Emmerdale Farm. 
5.45 News. 

6.00 Thames at B. 

6-35 Crossroads. 

7.00 Oh No. It’s Sehvm Frog gift 

7.30 Charlie's Angels. 

8-30 Life Rrcins at Forty. 

9.00 Will Shakespeare. 

10.00 News. 

10.30 This Week Special. 

1130 Dan August. 

12.25 am Close: A painting by 
Velasquez with music by 

All IRA Regions as London 
except at the following times:— 


12-50 pm This Is Your RI*ht. S.M 
Wbai's We*. 505 Crtwnvad*. W» 
GranaJa Ri’poris. 6J0 Emmerdale 
Farm. XUO Police Surgran. 


Of 1976. 1977 au&-/B7a. 

SurrdJV P*o|fl*. 


r-tJOHH RtARUQN-*i .. ■ - 

-. KISMET • 

TMa musical- has EMfythln.^ £ Mir/ - 

AW THEATRE ^ . 01-saer 1594,' '*. - 

br ARNOLD. WtSKEfl. 

strand:.; oi-us 26 €a; €***»( ng* «uoa 

. ■ .... _• . wrJtE BRmsH 

• GOOD STATS £4:00-£1 .50. 

12.50 pm Report Wett Beadllaea. 12^ 
Report WfJrs ffe /dimes. 2.00 Bou*e- 
pan>. 5.15 Poceyc. 5 JO Crossroads 
6-DO Report Won. 60S Report Wales. 
5.30 Emmerdale Farm. IXJ* The unt- 

ALBERT- 836 SBTa. Party Rate*. CrMU 
card HU. 8X6 1S71-2 Irom 8.30 a.m.. 
3.30 p.*n. Men.. Tue*.. W«l. ar«l Fri. 
TiS u rn. Thun, and S«t_ 4.30 and a.OO 

ABLE TO SEE IT AGAIN;" Dally Mirror. 

HTV Cyrmu.’Wales — As HTV General 
Service except' 12J0-X2J5 am Penawdau 
Xeyddion Y Drdd AM Cuitooname. 
4. 10-4.45 Mordatlh. 6JIO-A15 Y Dydd 
Mjq Bjrvyd. U.15 World In Acuon. 
11.45-UJO am Celebrity Stnures. 

ALDWYCH. 836 6404. Into. 836 5332. 
repertoire- Tout. Tomor. 7.30 Low Prke 
a review Strindberg •» THE DANCE OF 
DEATH. Witlr Sluknntrt * CORIOLANUS 
inert pert. 22 June ) RSC al*o at THE 
WAREHOUSE ‘see under W» anfl Jt the 
Piccadilly Theatre in Peter Nicbols 

HTV Wen— A.i HTV General Service 
except: 2Z5B4.0Q pm Report West Head- 
lines. 1054. JO Report West. 

ALMOST FREE. 4BS 6224 “One Oil J* 
bv Bob Wll*on. Tues..Sat. 1.15 p.m. 
Sunv 3.00 A 3.00 pan. NO show Mon». 


J/-55 pm Ans Da Neu-j. J.w -Boose- 
n.-irtr E-M Abwii Anclia 7.P0 Survival. 
11.30 Baretia. 12.25 a.m. ChniUiBs In 








_ | 













BBC 2 

6.40-7J5 am Open University. 
10.30 Work talk. 

11.00 Play School. 

4.55 Open University. 

7.00 News on 2 headlines. 

7.05 A Woman's Place? What 
About the Kids? 

7.30 Newsday. 

8.10 Airport. 

9.00 Rhoda. 

9.25 Our Mutual Friend by 
Charles Dickens, part 1. 
10.20 Livine on the Land. 

10.45 Late News on 2. 

10.55 The Old Grey Whistle Test. 
11,35-11.45 Music at Night. 

BBC 2 Wales only— 7.05-7.30 pm 
Hnddiw. 11^5-12.00 A Woman’s 

12 JO pm ATV Swmlnk «.8S Pro- 
fr-wr Bal’hazsr. 5.15 Larcme aod 
Shirley. 4.00 ATV Today. Emmer- 
dale Farm. LL30 M«nr Cycle Racine 
Rost TT from MaUnry Park. 


tl2J8 pm Mews and Road Report. 
5.15 Tbe Bubbles. 5J0 Crossroads. 5410 
Scotland Today. 4 JO What's Your 
Problem. 7.00 Rmmerdaie Farm. U-30 
Late Call. U-35 Police Woman. 


12J0 pm Soutbero News. 2J0 Hoose- 
pariy. 5J5 Betty Boon. SJB Cross- 
roads 6.40 Da; by Bay Including 
Soutbspon. 7.8Q Zinmenlale Farm. LL30 
Souihem New* Extra. U80 Drlve-Ia. 

AMBASSADORS. gl*g — - !?**• 

Nightly at 8.00. MaL Wed. 2.45. 

The World-famous, Thriller 
** Seeing the play again I* m fact «r 
otter and total Joy/' Punch. Seat Prices: 
£2.00 to E4A0. Dinner and Too- Price 
.Seat £7.50. 


11280 pm Border New*. 2 00 House- 
carry 5.15 The Rolf Harris Show. AOO 
Lookanmnd Tuesday. 7 . go Emnverdale 
Farm. 1L3B The hdd Couple. 112-00 
Border News Summary. 


1.J8 pm Channel Lunchnmc New* and 
MU'i frn Where b.M R.-nnrt AC Six. 
7 00 WalMnc Westward Channel 
Late News. UJO Space 1LD 12.21 am 
Visaaea de France. 


1 Bet on record amount of 
business in reserve ( 7 » 

5 The name used for gas? (7) 
9 Hold lorth about zero tax (5) 

10 Autograph notice at river 1 9 > 

11 Extracts money from tipster 
for a drink (4. 5i 

12 One more involved in a com- 
plex transaction (5 1 

13 Took food and nourishment 
initially hut died outside (5) 

15 Late month for sad music 
<4. 5) 

18 Unusual rate more certain to 
come from bursar (9i 

19 Undiluted gas in South-Wales 
town (5) 

21 Bird that is below par 15 1 

23 Burning Frenchman in the 
making (9) 

25 Spoil fish in eastern fat (9) 

2fi Extreme part of fateful 
tragedy (5> 

27 Thin telegraphist must gain a 
pound (7) 

28 Airman left in tree — in a 
sticky mess? (7) 

7 Grown-up gave notice last! 

month (5) i 

8 Hook's associate going to 
south-western city for optical 1 
cleanser (3-4 ) 

14 Pay no attention to Diana’s 
respect (9) 

16 Contract to change green team 

17 It's a relic that could be life- 
like (9) 

18 Units accepting nothing in a 
flask (7) 

20 Bird goes to prohibit Oriental 
poisonous plant (7) 

22 Proceed with monarch to the 
south-east in furze (5) 

23 Credit that is right for old 
announcer (5) 

24 Type or accent for a copper 
to note (5) 


9-30 am Schools Programmes. 


8.23 am Ftrai Thine. 12.54 pm Gram- 
pian New* Headlines 6.00 Grampian 
Today. 6Jfl Out Of Town. 11 JO Reflec- 
tion* 31.35 One Fftot In Eden— Com- 
poser Peter Maxwell Dav|e S took a 
holiday In Orlmer elt-hr years M© and 
stayed on as a resident u « am 
Grampian Late NUht Headlines 


1.25 am The Good Word, followed by 
North East New* Headlines. 12J0 pen 
North East News and Lookamood. 5J5 
in Search Of . . . Inca Treasure. LOO 
Northern Life. 730 Emmerdale Faint. 
U-30 Landscape. 12.80 Epilogue. 


12J0 pm Lunuchtime. 4J8 Ulster 
News Headlines. 5J5 Friends Of Man. 
fcJO Woody Woodpecker. TJIO Emnwr- 
dale Farm. UJO Old Bnoae. New Home. 
1L55 Bedtime. 


12 27 pm Giia H one yhun's Birthdays. 
12.50 Westward News Headlines. LOO 
Westward Diary. 7.80 H'alMnc Westward. 
IU I Westward Late New*. U-30 Space 
1899. 12.25 am Faith For LUe. 


1250 pm Calendar News.* 4.05 Lasting 
Beauty. 5.1$ The Mary Tyler Moore 
Show. MO Calendar lEmley Moor and 
Belmont editions'. 750 Emmerdale 
Farm. ILK The Protectors. 

APOLLO. 0U37 2663. Evening* e 00. 
Man. Thor*. 3.00. Sat. 5.00 and 8.00. 
"Act or oi the year." Ev. Standard. 
"IS SUPER8." N.O.W. 

*• WtcketBy tonny,* 1 Times. 

ARTS THEATRE. 01-836 2132 


** Hihnous . . . see IL" Sunday Times 
Monday to Thursday 8.30. Friday and 
Saturday at 7.00 and 9.15. 

ASTORIA THEATRE. Charing X Rd. 01 -7 *4 
4291. Mon.-Thur*. 8 p.m.. fit. A S3t. 
6.0 & B 45. 


InTecltous. appealing, loM-atomping and 
Heart-thump tag. -- Observer. Circle bvhet 
open before and alter show. Seats tz.oo- 
£6.00. Hall-hour before show best avail- 
able seats £3.00. Mon.-Thur*. A Frl. 
6 p.m. pert. only. Dinner and tep-onte 

sear £9.00 fnc#. 


Lunchtime Theatre dally at p.m. 
June 12-23: “A SLIGHT ACCIDENT." 

CAMBRIDGE. B36 BOSS. Mm. to Thun. 
8.00. Friday. Saturday 5.45 and 8.30. 


Excttinv Black African Musical 
1 The girls are beautiful, bare and 

bouncing.'* S. Mirror. 

Dinner and top-price seat £8.75 I net. 

RADIO 1 247m 

(S) Stereophonic breedcast- 

5.00 am As Radio 2. 7-82 Dave Lee 

Travta. ff.00 Simon Bate*. U31 Paul 
Burnnit. 12.38 pm Newsheat. 2-86 Tony 
Blackburn. 4JX Kid Jensen. Including 
5 JO Newsbeat. 7 JO Sports Desk ilola* 
Radio 2». 10.02 John Peel <Si. 12.00- 
2-02 am As Radio 2. 

VNF Radios 1 and 2—9 00 am With 
Radio 2, including 1-55 pm Good LlsU-n- 
on*. 10.00 With Radio 1. 12-00-2 B2 am 

With Radio 2. 

No. 3.690 


1 Weaver io hed thrived f7) 

2 Left the French to chance 
outside for summons to a duel 

3 Sediment around head of 
delta in Yorkshire city (5> 

4 Cut more ancient fuel supplier 

5 Rower, or may have been (5) 

6 Shopkeeper winds soldier i9j 

■ ; BBHHSa 

■ ^ n b n s n 


on n 0 p 

E • B- S‘-- B. ■. m 


CJ - G : - fl rfq- 

. B E3 B B 0 n pi 

"B- 0_n_. .... b e a 

BEBSEB •-••ElETiiswB'iH. 


5.00 am News Summary 5.02 Ray 
Moore 'Si with The Early Show. Includ- 
tiw A15 Pause for TBaiueht and 4.41 
Sports Desk 7 J2 Terry wood ■ Si. 
indadioit 7.41 Sports Desk. S-27 RacinR 
nullrtin. a.4J Sports De?|r and 8A5 
Pause for Though la. 02 Cohn Berry iR». 
1215 pm Wajuoocra' Walk. 1230 Pefe 
Murray's Open Rouse iS>. Including 1-45 
Sports Desk. 230 David Ramil Inn fS>. 
Including 2. AS jnri J-U Sports Di-sk. *.36 
Waggoners' Walk. 4.4S Sports Desk 

L5I John Dunn iSi. Including 5. 45 Snorts 
Desk 6J3 World Civ Sponhs Desk. 

T.BZ Follr 78 iSi. 7JB Sports Desk. 7J3 
On The Third Beal <Si. 8.02 Nordrtnn 
RendezvcuE ISi. SJtZ Among Your 

Souverdrs >51. liS Sports Desk, in a* 
Throe In A Row. 10.30 The Slept ae Saga. 
11.02 Peter Clayton Introduces Round 

Mrtttfghi. Including 12.00 Kewa. 2.0WJE 
am News Summary. 

Music (Si. 1*J0 Violin and Piano redtal 
'Si. 12.05 pm BBC Northern Snoo&m? 
Orchestra— Part: 1 Vaughan Williams, 
Strauss 'S'. 1X0 News, l.os The Arts 
worldwide. US BBC Northern Symphony 
Orchestra— Part 2: Sibelius is». U5 
Schobert from Bristol iS.i 3,05 a Little 
Light Music iSi. AOS 5chubert 
Schumann piano reclial is*. 5J5 Jaxz 
Today 1 Si. 15.45 Barneu- ar i1 Bound- 
tt-OS News. 1 A -10 Homeward Bound 
< continued!. 1630 LlleNne*: Wot* and 
Training. 7J0 Plano Rerhal— Part 1: 
Schubert, Clement i 1 S 1 . 9.2a \ promen- 
ade of Resons— Fan 4; Eisihourne. 
8.48 Plano Recital— Pan :: Chonln. Lisa 
iS». 5J0 -SOS'*. New work for voice? 
by Banr B-rnungn is*, in no Betties 
,i"£ , J* cnrT Oiaw. recital 

'b*. U2» Chanson Fran<-aiyr- The yond 
at Barbara -S.. 1U5 New?. mh-U.45 

Tonight's Schuhcrf Snng. 

Radi* 3 VHP only— 4 . 00.7 00 am and 
&45-7J8 pm Open University. 

4.63 Gardener*' Question Tbne visits 
Avon. 4J5 The Roof of Wales. 5 JO pm 
R eports. 5.40 Seredtplty Signings On. 5.SS 
Wealher; Programme News. 6.00 News. 
6J0 Many A Slip. 7.80 New*. 7.85 The 
Archer*. 728 Time For Verse. TJO 
Plano Recital fa s Radio 3> ts>. 920 
KJeldoseopc. 9J9 Weather. U4N The 
World Tonight. 10JO The News Quiz is>. 
UJO A Book At Bedtime. U.15 The 
Financial World Tonight. LUO Todiy 
In Parlament. 1290 News. 

COMEDY THEATRE. -01-930 2578 
For a Ltd. engagement June 20 to July 16 
“An unparalleled tour de tore*.** S.Tms. 
Tubs, t* Set. at B.O. Sun, at A JO. No 
prs. Mondays. Seats LI. 25, £2-25. £2.30. 

RADIO 3 464m, Stereo & VHF 

I Medium Wave “aly. 
f«JS am Weafher. 7-fid News. 7.85 
Overiuro 'Si. 8.00 News. MS Mornlig 
Concert 1 S 1 . 9-00 News. US This Week's 
Composers: DTndy sorf Dtiparc is). 
9.45 Plains oag and Che Ride of Europe an 


434m, 330m. 285m and VHF 
6.1S am News. 627 Farming Tod*»- 
6J5 Up To The Hour. 7.00 N& 3 . 7J# 
To The Hour (con- 
tinued >. a. BO Nows. 820 Tndav *-35 
Yeatcrday lo Parliament. 9,00 News. 

9.05 Tuesday CaU 10 AO Srvj 18.03 

Elephants Can Tell Jokes, in.30 DlWF 
Service. I 0.45 Moriuna Siorv UJO 

News. J1.05 Thlm-Minute Theatre. H-* 

Profile. 1200 News 32, aj ppT you 
sod Yours. 1220 Desen island BUC*. 

JWT 8 _ pro * sr “ rnm e news. LOB 
The World Ai One. Ua ttip Arche rs. 
1.45 Woman's Hour, tSXfiJ 

News. 245 Listen With Mother#^ 
Neire. 3J0 Quesnons To The Prime 
Minister Uvj f rmn noise fif 
CommoflJ. 3JS Money Box. 4 . 1 * NhwS- 

BBC Radio London 

206m and 94.9 VHF 
5J0 am As Radio 3. 4 JO Rush Hour 
9.00 London Ure. 1203 sm CaU la. 
including 2 BO London News Desk. 203 
296 Showcase. AOS Rome Run. 6JO 
Look. Stop Lbnen. 7J8 Black Londoners 
8 JO An Thai Jazz 18.B3 Lata Mshr 
Loudon. 1200 as Radio 2. 1205 am Ques- 
tion Time from the House of Commons 
1.05 Close. As Radio 2. 

London Broadcasting 

261m gad §7-3 VHF 
5.00 am Mortons Music. AM AM: non- 
stop news, information, travel, sport 
and review. 10 .BO Brian Hayes Show. 
1.80 pm LBC Reports. 3.M George Calc's 
3 O’clock Call. AM LBC Reports. 0.89 
After Eight with (an Gilchrist. 9 w 
N Brtil line with Bryn Jones. ZJC em 
Night Extra wifi Adrian Scott. 

Capital Radio 

194 m and SSJ VHF 
(JO am Graham Dene's Breakfast 
Show fSi 9 Jo Michael Awei »S». 12» 
Dave Cash 1 S *. 3-08 pm Roger Scott 
151 . 740 London Today (5>. 7 JO Adrian 
Lore's Open Line fS». 940 Nicky H 0 me'« 
your Mother Wouldn't Uke It (Si- 1140 
Tony Myall's Late Show fS«. 2M am 
Duncan Johnson'! Night Flight (5). 

COMEDY. _ 01-930 2578. 

Evening B.O. Thor. 2.0. Sat. S.30. 

Margaret COURTENAY. Dermott WALSH 

■■ Blackmail, armed rt»bb*rr. double blurt 
and murder." Time*. "A good deal or 
iu».*' Evening News. Last Week. 

CRITERION. 9 SO 321S. ICC OSS 1071.3, 

■ -MO OidW, inilTX 



*• VERY FUNNY, •*- S. Tal. 

DRURY LANK. 01-836 BIOS. Every 
rngnt 8.00. MeUnee Wed. ang Sat. 3.00. 

"A rare, deve scat Ing. Joyous. artoniaMng 
stunner." Sunoay Time*. 

DUCHESS. B36 8243. Mon. So Thura. 
Evenings 8 . 00 . Frl.. Sat- 6 . IS 6 a. 00. 

*' The Nudity Is Hmmimi." Dally Tel, 
Bth Sensational Year. 

DUKE OF TORK'5. .'Oi-BSS 5122. 
Evenings S.DO. Mat. Wed., Set, S.oo 

in JuINn Mltchell'l- 


" IrtHtoMiy wren ... no one should 
miss It." Harold Hobson (Drama). Instant 
credit card reservations. Dinner ana 
Tee-price seat £7.00. 

FORTUNE. B36 2238. En. 8.00, Thun. 3. 
S»t.' S.00 and 8.00. 

Muriel Pavlcw as MISS MARPLE In 
Third Great YMr 

"ih&r. • . _ . 



London Exhibitions 

Elizabeth Half 




by G AR R Y O’ CO N ftOR 





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Ir .£■ 

If**; Hl> 

Louis® .-Michel was a 19th- 
century ■wotktog-ciass. feminist, 
destined -- sooner , or . later to 
surface, - as she . has at the 
ThShtre-rBruyfere- -in Dominique 
Houdart's eponjhnous play based 
on her writings. She. is shown 
rigidly; -.hud unwaveringly in- 
vincible; from her standing up- 
-ioythe .decrepit symbols . of the 
2nd Enipire, through the Franco- 
Pnis^an .War, the Siege of Paris, 
and the. days of the Commune, 
hex.eriletaNew Caledonia, to 
her - . return hoine ' to- . further 
prison sentences . (.and a meeting 
with Marx's, son-in-law). Lik& a 
Henry .y: placed a whole evening 
instead; of. a: single .scene before 
tiie . walls -o£-. a.. . capitally, 
bnrgeols, Harfiear. she is frozen 
for .ever on the same scaling 

Yet if the content of Mile. 
Houdart’s ideas leaves much to 
be filled in,. -in execution she 
weaves with the -means at her 
disposal a careful and fascinat- 
ing texture. A timber-framed 
proscenium within a proscenium 
has been built oh .the stage of 
the ThOatre Bruy&re and here 
dozens of puppets ' of differing 
sizes and ' condition, some on 
strings, - some as gloves, some 
merely held, make their en- 
trances and exits,' surrounded by 
their manipulators, who are 
visible. Louise Michel herself is 
played by Jeanne Heudin. who 
delivers songs and exhortations 
with panache, but- the real value 
of this evening lies in- the illus- 
trative material, the “slides,” so 
to speak, in this didactic 
“ lecture." ... 

These are the puppets them- 
selves, which give an authentic 
effect of 19th century caricatures 
and. wood-cuttings, cavorting and 
gesticulating- with eerie effec- 
tiveness, .while : the Chinese 
lantern effects of the days of the 
Commune; and the ’ incidental 
music, are also good value. But 
with many Parisians complain- 
ing they womd never be rash 
enough to go to the .theatre these 
days - because the- quality is so 
low, and with. half a dozen Brecht 
plays, or - Brechtian affiliates, 
running such as this (there were 
less than 20 in the audience) it 
Ls hard not to believe that Paris 
theatre tnay be dying from a 
surfeit of working-dass heroes, 
while the authentic French 
heroes (at present) are the 
paratroops of the 2 RiEP. 

But the Tfatttre d’Orsay does 
have an ambitions" Beckett triple 
bill running, which is filling 
bouses,-- as is Roger' Blin’s pro- 
duction of Waiting For Godot at 
the ComSdie-Franfiaise. In spite - 
of such establishment treatment, 
Beckett. I am glad to say. still: 
provokes irritation bordering, on 
violence in some of his andences: 
the performance I _ attended at 
the Orsay was marred by a senes 
of - inmlite; spectators - .who. 
brought Madeleine .Renan d. to a. 

ejected- in. a senes of. scuffles. 
The cause for provocation was 
not-Madeleine Renaud hut a long 
and tedious mime previous to her 
.appearance called Histoirea, in- 
spired by the works of Beckett 
and performed by the Thektre du 
Labyrinthe, a vague evocation of 
objects, people, • ?£ d . - *$ „!■ 
■“territories,^ full, of the kind of 
pious pretension . to -which 
Beckett's works sometimes .lend 
themselves. , 

The substance of the evening, 
was, howeiver. Pas Moi, unemngiy 
well ; mouthed by. Mme Renaua, 

her 'stride regathered, her beat 
upbroken. even by the interrup- 
tions. It was uncanny -how the 
mouth itself, which is all we sec 
of -Mme -Renaodj-rsuddenly dis- 
burdening itself** words after 
a lifetime of ^tofte, - seemed to 
grow in size, almost to, become a 
person; through the. . suggestive 
powers Of her v<SjceT\ 

Mine Renaud .teamed “P with 

the outstanding actress Pelphine 
Seyrig for the world premiere of 
Fas (literally steps ^ but trans- 
lated: as- FogtfoUt, the 

e vocati ve .woM- Eliot in 
The Fear author 

directed this, as fe" trad Pw Mot", 
and It is in thrS0bdit;parts: first 
May has a Ua.wi^-ber mother 
who is invisible ken by Mmc 
Renaud); then tite-mbther’s voice 

addresses while ' May 

marches backwards apdforwards 
on the stage. FinaBjKal&y^ hedged 
all this time by darkness, faces . 
the audience, -delivering 'a snatch j 
of narrative contenting a parallel 
mother-and-daiighter relationship. 
Mlie Seyrig’s -shuffljiig. g aJt an «J 
poignant eyes, her -boyt clipped, 
delivery, cputiTdcft ^-Improved 
on. ' 

Fas remains'.an enigma, at 
least to this critic; Martin Esslin, 
in a note in' the -programme, 
praises it for its perfect economy, 
writing that “ economy, is one of 
the hallmarks of. .supreme art," 
but I wonder if endless and 
colourful . profusion would not 
sometimes serve better. 

This, at least," Is.tfhat we have 
in Jtfrorae S a varx’s 1.001 .Waits, 
just opened, also af tlm Theatre 
d’Orsay, in which ; Sarny's free 
wheeling a daption'bf ytories from 
the. Arabian Nightj-is-intermlxed 
with street-corner eafd encounters 
m a Paris suburbMb^ evening is 
noisy, unrelcnting.iand. a little 
long, but even so Jt. Js full of 
some good visual jokes (they 
show mock dumnrfOKjbt men of 
the 2 REP descei?«ii^^ rescue 
wives in distress, won a 

resounding cbeiscK^/r *®d fo® 
anarchic spirit is de§^refresn- 
ing. unified as It-is^by-tDe dis- 
arming quirkishnes^^FSavary s 
imagination. -X 



Richard Hamilt 
painter, is orga 
tion at the Nati 
called The Artfefs JS 
open to the public 1 
and continue until; 

It will include 
collage Mq Marilyn 
-features Marilyn » 
personal selection j 
from the National Ga 
tion. The Arts .0 
Hicfiord Hamilton w 
' at 4 pan.,- Monday 
throughout the exhibit; 

This is the second in 
of The Artists Bve?ex 
in . which a modern- flirt 

f- July 5 

t;and a 

invited to make af.choictr^ot 
Gallery paintings tcype displayed 
with one of .^he/artist - own 

works. The:" ^Fies was in- 
augurated the sculptor 

Anthony Caro Jh 1977. 

Two of the perennials of Lon- 
don's summer effulgence are the 
exhibitions put on by the two 
senior dealers in old masters, at 
the Piccadilly end of New Bond 
Street, A Knew and Colna'ghL 
Dealers may complain of the 
scarcity of fine paintings, but this 
year these, two shows are up tn 
standard, even if the incidence 
of actual masterpieces Is not so 
marked. At Agnew (till July US; 
not Saturdays, but open Thurs- 
days till 7 p.m. instead of 5.30 1 
a big Cuyp presides in the 
serene certainty of sheer quality 
wonderfully preserved. Not that 
the subject matter will astonish 
you— as so often, it is cows* 
estuary and a boat- or two: a spit 
of earth, a broken fence; water 
and sky. But above all light and 
air. The benign and elegaic 
magic that Cuyp at his subtlest 
could distil out of these everyday 
elements into a peace certainly 
beyond "all understanding, is one 
of the miracles of European Ideal 
landscape art — even Claude has 
| to be at his best to surpass Cuyp 
I at his best, 

| At Colnaghi (till July 7. 10-6, 
'Saturdays 10-1), the outstanding 
picture could not be more oppo- 
site in mood — by a Dutchman 
likewise, Dirck von Babaron, but 
painted earlier in the century, 
about 1615, and In Rome — and 
exercising with brilliant control 
the language of Caravaggesque 
drama. It is The Capture of 
Christ: a subject, with its torch- 
light setting at night. Its opening 
in violence of the story of The 
Passion, dear to the tine- 
bras. The complex, seething 
composition is handled with 
astonishing assurance (the 
painter died perhaps even before 
he was 30). It is resolved from 
two sources of light— the flaring 
torch, high above the head of 
Christ, bowed in submission, 
almost tenderly, into Judas' em- 
brace; a dark lantern below, 
opened to spill light on the fran- 
tic gesture of Malcbus. fending 
vainly at the knife that will lop 
his car.- Dutch and Flemish 17th 
century painting is well repre- 
sented at Colnaghi: a little Bel- 
shazzar's Feast by Bramer, 
elegantly Italianate hut fore- 
shadowing comparable effects by 
the young Rembrandt — and a 
Rubens study of two Emperors 
beads. Magnificently drawn, for- 
midably characterised, they pro- 
voke the modern onlooker 
nevertheless to speculation as to 
what kind of Imperium they were 
the ideal embodiment of— Nero 
and Galba they are. true bully- 
boys. In vividness of character, 
they are matched by a little early 
Italo-Flemish panel of a mer- 
chant. attributed to Ambrosius 
Benson— a flat-headed low-brow 
bourgeois merchant, be-ringed 
with material prosperity, shrewd 
vet also somehow vulnerable- 
one wonders indeed whither the 
missing pendant— that of his 
wife to whom he must be offenng 
a ring— has strayed. The por- 
traits at Colnaghi are indeed 
good=r-a dour Philippe de Cham- 
paighe (rare and underestimated 

in this-, country); a sultry young 
man by Carlo Dolci: and a mag- 
nificently fresh young English 
grand : tourist. William Fermor, 
, painted by Mengs in Rome in 




Detail from ‘Nero and Galva* by Rubens 

1757 — the bloom on the shoulder which bein* settled, the dignity 
of his red velvet coat succulent and accomplishment of the por- 
as a fresh peach. trait are all the more impressive. 

Both Colnaghi and Agnew Two enterprises by national 
show staples of collector’s de- museums are to be saluted. One 
light in the grand flower pieces, permanent one — the Victoria 
the still-lifes. Both bare a d Albert— has reached up 
Rysdael. through the Piranesian tangle of 

5 xa fffi s its upper stories and dislodged 

j e e ^ ^ more Italianate. spiritual its oil paintings from its aeml 
o r [ e GSs b0 ro UB f in h« ,rta . -taro 

Sfl" ffi B Tact,?;. ofT EfiSE* E 

hawking party on horses, dappled front door, not an ideal situation 
with woodland sun (Agnew); a tat brnneot l ^'_? * and f’ Sf £j! 

»S but” overall a* |r«. 
valley ( -olnag )■ . gain jnsuantly accessible instead 

Agnew has ..JEEJ of needing exploration. For here 

Guardis (two of that deligl btful o£ str ange anomalies 

postcard size), a luminous hazy infuriate or delight the 
vision of San Giragio Sri 0us London perambulator, 

all awash with light aoo cr „ what was meant to b£ 

»i“E,K sura 

srsura a bu y ;» i q m ’SM 

Sr s Ls’ KSoEf 1 uSiW cS 

SSfffeWf’SM/Jf'S BSSS c-T^-oDMSSKpS 
'aaf ftaaj-rTu 

of a verv sirand gowned G0fioese shrine of family port- aits y 
aristocrat 1 S Hast seen (somewhat G. F. Watts might serve as 
wominely) at Brussels in 1965 lkonostasis. beyond which a 
as°bv Van Dyck, is here ascribed superb hallucinatory Louis ie 
much more" convincingly to a Nain confronts Degas s extra- 
Genoese 1 fo flower. G. B. Carbone; ordinary medley of Parisian 

audience, the orchestra's musical 
instruments, the ghostly nuns on 
stage, at a performance of 
Meverbeer's Hoberto il Diavello: 
across them Delacroix’s claustro- 
phobic study of the doomed 
shipwreck boat from Don Juan 
confronts a -serenely nostalgic 
Poussin school-piece of an 
artist drawing among ruins. And 
bevond these iand not in the 
Tate as you might expect) is the 
finest display of Constable in the 
world: one case, that with his 
little oil studies of Brighton 
('done on the lid of my box on 
my knees as usual') shown uni- 
framed. seems to catch the artist 
actually at work, and the 
immediacy and vividness of that 
delight alone should exhilarate 
anvone for a whole day or more. 

Finallv, an admirable exer- 
cise by the National Gallery in 
aid of Birmingham's dauntless 
campaign (deadline July 11) to 
salvage two of the Canalettos of 
Warwick Castle sold from the 
Castle. The two can now be 
seen in the National Gallery 
Boardroom. It is just about the 
first tiipe that it has been* pos- 
sible for the public to study 
these crystalline masterpieces 
properly; unless £77,000 more is 
found, it will also be the last 
time that one of them will he 
visible in this country'. A large 
collecting box is conveniently 
placed by the pictures. 

Mr. Eschenbaeb’s piano recital 
on Sunday began and ended with 
well-loved Beethoven sonatas, 
framing early Schumann anti 
Berg. The Berg was of epuree 
his op. 1 Sonata (sadly> ° e 
wrote nothing else for solo 

piano), to which Eschenbach s 

nervous sensitivity is ideally 
suited. He maintained a sense of 

shuddering development through 

all its fitful tempi . and its 
exacerbated harmonies; ins 
drained pianissimos were pecu- 
liarly intense, and the power ot 
the stabbing climaxes was judged 
to a nicety. The formal silhouette 
of the piece is not often pro- 
jected so clearly, nor its fraught 
inner voices so delicately 

Where inner parts carry some 
rhythmic energy Eschenbach 
seems content to give a general 
effect: he flicks ai them, or just 
skitters. The Schumann piecw 
lost something by that, though 
their confiding lyrical tone was 
confidently held. Schumann s 
op. 1. the “ Abegg ” Variations, 
sounded wistful from start to 
finish, with gossamer flurries in 
the quick variations; but Its 
sturdy passage-work was devita- 
lised, awl some of its neat little 
jokes were too limply turned to 
click. The rarely heard Allegro 
in B minor, op. S. was given a 
firm overall shape — no easy 
matter, for despite its origin in 
an intended sonata its design is 
odd and elusive: a welcome 
resurrection. All the same, one 
could not banish the thought that 
Schumann's piano writing was 
planned for tougher fingers. 

Gerald Larner’s programme- 
notes have been a consistent 
pleasure in the current South 
Bank Piano Series, and this time 
he drew upon Rousseau for clari- 
fication of what Beethoven 
would have understood by 
Patftfttque when he applied it 
to his op. 13 Sonata: epically 
emotional, but not necessarily 
grief-laden or slow. (There’s no 
reason to assume that it must 
have meant something different • 
“to a Russian composer at the - 
end of the 19th century ” merely 

on account of Chaikovsky: when 
Skrvabin wrote “ patetico." as he 
often did. it was rhetorical pas- ■ 
sion he had in mind.) Escben- 
bach’s account of the 

‘‘Pathetique” offered extremes of. 
tempi, and an extreme rubato in 
the opening Grare: the Adagio 
cantabile was sweetly restrained, 
the Rondo wan and ambiguous. 

Finally, the *' Waldstein “ 
Sonata was less a business of 
relentless energy than of con- 
tinuous anxiety, less driving than 
driven: an interesting and con- 
sistent reading, with the second 
subject skilfully managed so as 
to emerge glowing from the 
nervous flow without breaking 
it. The preface to the Finale 
was explored in still suspense, 
and Eschenbach sustained the 
worried, provisional feeling far 
into the Rondo itself. Probably 
he aimed at scintillating confid- 
ence in the Prestissimo, but the 
uneven flicker of his semiquavers 
compromised any such effect. 
Not a misfire, exactly, but it made 
a strangely qualified conclusion, 
a tentative triumph. 

Elizabeth Hall 

Beaux Arts Trio 


Berger^V estival 

The Marowitz Hedda 


The Beaux Arts Trio are not 
merely America's finest piano 
trio, but one of the great 
chamber ensembles of the world. 
It is no inflated praise to com- 
pare them to the great ensembles 
of the past, to whom they are 
natural heirs— the trios of 
Thibaud-Casals-Cortot and Rubin- 
stein-Heifetz-Feuermann. The 
Beaux Arts’ appearances in Lon- 
don these days are far too rare 
— but their recital on Sunday 
was both confirmation and com- 
pensation of a kind: an evening 
of pure delight from start to 

They began their programme 
with the late Haydn C major trio 
(No. 27), striding out in the 
first movement with a fine, 
resilient spring, warming the 
andante with gentle contrapun- 
tal conversation, throwing off 
the finale as a sparkling tour de 
force, brilliantly led and sus- 
tained by the pianist Menahem 
Pressler. The Haydn C maior 
has always been one of the 
Beaux Arts’ special party-pieces; 
and they have .loDg been cham- 

pions too of - the Mendelssohn 
trios, still both much-oeglected. 
Their account of the D minor 
trio was a marvel of fire and. 
suppleness, of flexibility of 
phrasing and easy rubato; the 
andante touching above all for its 
simplicity aod economy; the 
finale, taken very fast and light, 
an insistent, mesmerising play 
of light and shade. 

The Beaux Arts ended with 
Schubert’s B flat trio; a miracu- 
lously whole and coherent per- 
formance, illuminated on every 
page by flashes of dark and lov- 
ing poetrv. The andante and 
Rondo especially showed their 
greatest quality: a freedom to 
indulge in quite extreme indivi- 
dual as well as collective rubato 
—in this sense they are an “old- 
fashioned” ensemble — without, 
any loss oF clarity or foe least 
hint of expressive strain. The 
four movements emerged as a- 
single span, delivered without 
hesitation: gripping unanimous 
argument, fresh and buoyant, 
not one gesture hollow, nor one 
essential note false. 



. o.-f-UiV 




TiwKby lam 2«h to july IStfi 

* J’ 

’ |U ■"itfii 

*- £>'.* rv; 

"• "T ' ? J 

. -v 

» ■ i « - , • _ »• 

... ’ 



■ inhi»sotoperfonw»n»«rf- • 


tour de force^ 
simply not to be 
with ears^cimind 
ora soul \ lei doner 

' ' ' Btfruod Urta - Stmdet}\Jbnes 

Tuesday to Sstpifay at 8$ 
SVMX\YSat4J0- " 

rvij’ojortf’iukia Uo*t*nl . 

fYicw^ CJJS’to P-M. 

m Marowitz has struck 
After Hamlet, and his' 
Shakespearean collages and 
-•free adaptations." and a simi- 
lar treatment accorded to 
Buchner's Woyzecfe. which he 
also staged in Norwegian in Ber- 
gen three years ago, it seemed 
logical that he would want to; 
tackle Ibsen's Hedda Gabler inv 
like manner. Something peculiar 
to the Norse sense cf humour 
undoubtedly made foe Bergra 
Festival pick on him to stage the 
world premiere of his latest col- 
lage, called simply Hedda, during 
the 150fo Ibsen celebrations at 
the National, ' foe very th^e 
where : I bsen Jiiraseif once worked 
as “dramaturg " and director. 

Norway warmed to Hedda. The 
Oslo reviews were rapturous. 
Only a. couple of Bergen critics, 
demurred.. - Hedda, d n li Ke . 
Marowitz " collages, introduces 
characters and .scenes _ mat 
Ibsen’s play leaves to our imagi- 
nation.' though, according Jto 
I Marowitz and to Liv Scboyen. 
rhis Norwegian co-adaptor ana 
co-director, every word spoken 
Is Ibsen’s own. Hedda s odd be- 
haviour and motives are in- 
geniously linked by bringing °n 
old General Cabler. Jbe o.ltos 
Aunt Rina, arid the 
Miss Diana in " her demimonde 
world. . 

Tesman’s subservience to ms 
a unis, As boy anil adult, is made 
explicit by linking; them with 
an umbilical cord which becomes 
a ikippingTOpe to- which he i has 
to dance.-- The General, J£ a 

A ball 

game, with Lovborg’s manuscript as the ball, in Charles Marowitz’* ‘Hedda’ 

silver uniform, returns from foe 
■grave like Mozart's wronged 
father in Don Giovanni, not only 
to admonish his unruly daughter 
but also to receive her Oeflipai 
caresses, which she also lavishes 
simultaneously on her husband 
ana .on her lover. It .is the 
General who fulfils his daughters 

unconscious desires by firing the 
legendary pistols at ail and 
sundry on her behalf. 

Most revealing of Hedda s 
thwarted nature is foe recon- 
structed brothel-scene, seen, as 
all else, through Hedda's eyes. 
Here Hedda can change places 
with Miss Diana and cast her- 

self. a> it were, in her rival's set. a circular Roping white -disc, 
role and into Lovborg's arms, that shatters like ^ e &&*hell a* 
The fracas, only reported by foe climax, makes it clear foat 
judge Brack in ibsen. here everything we see has been tak- 
actuallv lakes place as in a comic iog place in Hedda s muni. The 
movie uf silent days, one of whole evening is as much a 
Several extremely funny triumph for its devisers as it Is 
moments in the 75-minute-long for the striking Jannj Hoff 
show. John-Christian Alsaker's Brek ke in the title-role. 


Swiss Industries Fair Basel, from 10 a.m. to 8 p.m., 
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Telegrams: FloanlLoo, London PSA Telex: 886341/2, 883897 
Telephone: 01-248 

Tuesday June 13 1973 

Cuba’s African 

THE TRUTH about last month's 
invasion of Zaire's Shaba pro- 
vince will probably not be 
known for a long time, if 
ever. It has now emerged that 
Mr. Fidel Castro, the Cuban 
President, told tbe U.S. some 
weeks ago that he had tried n 
prevent the rebels' incursion. 
'.'Washington, on the other 
.hand, continues to maintain 
. that the attack was mounted 
. with Cuban connivance, if not 
* active encouragement. How- 
' ever flimsy Washington’s evi- 
dence, there is no doubt that 

- the Cubans are effectively in 
; control of Angola, whence the 

invasion was launched, and it 
ran only be assumed they bad 
-some hand in training the 
r rebel forces. Whether they 

- then positively encouraged the 
"FCatangese to cross the border 
■/is of only marginal relevance 

to their longer term objec- 
tives in Africa. 

Long-term policy 
. It would be wrong to see 
"Cuba’s African role simply is 
--‘hat a! a Soviet cat’s paw. It is 
itriie that President Castro has 
- drawn much closer to Moscow 

• bier the past 10 years or so. 
Rut it is equally true that 

' Cuba has its own independent 
reasons for arlventurism. 

• President Castro has made it 
■ quite clear that Cuban troops 
’are in .Africa as a result of 

long-term policy and ideological 
•considerations and that they 
are not aoing to he withdrawn 
.’.in the foreseeable future. He 
r makes no secret of their avail- 
ability for future operations in 
r Namibia. Rhodesia and ulti- 
. ma’ely South Africa. 

It is not hard to speculate on 
■the underlying reasons for this. 
^ Cuba remains relatively isolated 
= in ihe Western hemisphere and 
President Castro's revolution 
: has not ignited the widespread 
uprisings throughout Latin 
America that be once so confi- 
dently predicted. Domestically, 
Cuba still faces the familiar 
social and economic problems of 
most developing countries. A 
' foreign adventure has long been 
one of the traditional methods 
of diverting -attention from in- 
ternal difficulties, and quite 
a*ari from shorter-term con- 
siderations. President Castro 
'wants to be remembered as a 
historic revolutionary figure. It 
> clearly attractive to him to 
pose as the hero or the African 
liberation movement 

Cuban objectives thus dove- 
tail neatly with those of Moscow. 
It is unlikely that the Soviet 
Union has an . overall grand 
design for Africa. It is quite 
obvious, however, that tbe Rus- 
sians prefer to see Communist- 
leaning regimes installed where 
possible, and that they regard 
changes in the existing power 
structure as generally to their 
advantage. Moscow apparently 
believes political disruption in 
almost any form to be in its 
long-term interests — the more 
so when it occurs in an area 
vital to the West’s supplies of 
raw materials. 

That is no reason, however, 
for the West to be panicked into 
over-reacting. Mr. : Callaghan was 

right at the recent NATO 
summit to urge his colleagues to 
proceed with caution, even if he 
did so in an unnecessarily 
patronising manner. The history 
of Soviet-Cuban intervention in 
Africa is not a total success 
story. The Soviet Union has, at 
least for the time being, lost its 
foothold in Somalia, and there 
are reports of growing divisions 
between Moscow and Havana 
over the Ethiopian campaign 
against the Eritrean separatists. 
It is unlikely that the Angolan 
Government could survive if 
Cuban forces were to withdraw, 
and the Cubans have so far 
avoided confrontation with 
white nr Western troops. If a 
number of American hard- 
liners see an imminent threat to 
the West, the military assess- 
ment in Washington is that the 
balance of forces has not so far 
been seriously altered. 


It is, in any rase, hard for .the 
West tn try to deny independent 
Governments like that of 
Ethiopia the right to solicit out- 
side military aid to defend their 
frontiers. That was, after all, the 
main justification for France’s 
action against the Zaire rebels. 
It is a card that the West will 
want to keep up its sleeve for 
possible use again in the future. 
Whether or not the Invasion of 
Shaba province was condoned 
by the. Cubans, it provided a 
useful opportunity for the West 
to signal that- It will not put up 
indefinitely with Soviet-Cuban 
mischief-making. It will not 
make the Cuba us go home. But 
the vehemence of President 
Castro's denial of Cuban in- 
volvement at least shows some 
concern at Western reactions to 
his African activities. 

State subsidies 
at risk 

ATTEMPTS TO counter the 
growing resort by more and 
■^mrc countries to the use of 
•isu bodies to aid ailing indus- 
tries are being made both in 
the preparations for the Bonn 
summit meeting of the seven 
leading industrial nations next 
month and in the Tokyo round 
qf GATT trade negotiations 
.where it is hoped to reach a 
.basic political agreement in 
time for the meeting at B^nn. 
At the latter meeting, the U.S. 
’and West Germans will press 
the other governments present 
to »7ree to limit state aids as 
pan of a wider package of 
measures to boost the world 
economy, while in the GATT 
ialk« the question of industrial 
suhridies is seen as an essen- 
tial part of a new international 
.aaroement covering both tariffs 
>*d non-tariff trade barriers. 
.The rommnn thread is the grow- 
Tqs concern at the extent tn 
vph^h world rrr ,rf " is 
torted by subsidies and other 
.forms of protection. 

'Spread thinly 

For the British Government. 
4n:hi« h has become one of the 
ipain sinners in this regard, the 
Jtssnf is of 'nm* 1 considerable 
political epneitivity. -partienlarly 
with an election in the offing. 
As in other countries, there 
has been a growing feeling that 
■Jhp costs of the traditional enm- 
.mifnient to a liberal trade nnliev 
.can he ton high in terms of 
ftnemplovrieni and the ijisrijn- 
‘tion evnerjpnee-i hr industries 
particularly exposed tn import 
enmpetitim. Politically and 
.Socially, Tlvs FeoHn*r mav he- 
understandable for the advant- 
ages of trade lib D,, n ,! satinn are 
.spread widely and thinly nod 
Sxc not easv to pin down, while 
•the disruption caused by up- 
surges in imports during the 
recent years of relatively slow 
growth in world trade have been 
considerable. But the -need for 
ouirker-acting and more selec- 
tive safeguards against surges 
id impnrtc which cause econo- 
mic damage has been well 
recognised in the current GATT 
round and is quite separate 
fWm the argument about the 
use of state subsidies. 

...The dancer in resorting to 
state aids for industries facing 
import competition lies in the 
risk of confusing cause with 
e |f ec t.' — in believing that im- 
ports are sponsible for the 

weakness of a particular sector 
rather than, as may often be tbe 
case, the consequence of a 
deterioration in competitiveness. 
Unless aids are limited strictly 
to the promotion of structural 
improvement, a vicious circle 
may he. established - 

Tbe effects of protection can- 
not. moreover, be confined. Costs 
to other industries and to the 
final consumer are increased. 
The saving- of jobs in uncom- 
petitive industries can thus 
make more difficult the creation 
of jobs in industries with a 
future. Other sectors facing im- 
port competition will clamour 
for similar treatment There 
will be the risk not only of 
retaliation but also of emula- 
tion in other countries. 

As the experience of the Euro- 
pean Community has demon- 
strated, it is not at ill easy to 
police international rules on the 
use of state aids. The US. and 
the West Germans do not expect 
Britain, and other governments 
to cease granting subsidies 
altogether b.ut they want their 
use subjected to effective disci- 
pline. This inevitably raises the 
question of making state aids 
both specific and transparent, 
matters on which the European 
Commission in Brussels bas 
been labouring hard, without 
very much success, for 'some 
years. It is not easy, tor instance, 
to pin down the precise effects 
of tax concessions, guarantees, 
and cheap loans, while the 
financial arrangements that are 
often made between govern- 
ments and state-owned indus- 
tries and companies can be even 
more difficult to unravei. 

The first requirement, how- 
ever. is for governments to 
recognise that in the end no 
one can win from international 
competition in subsidisation. 
The process of adjusting to 
changing patterns of trade in 
the last few years of world 
recession have been difficult. 
But adjustment is likely to be 
a long and continuing process 
as more countries in the 
third world seek outlets 
for their new industries in the 
markets of the developed 
nations. The Forthcoming meet- 
ings will present an opportunity 
tor securing a basic inter- 
national understanding on the 
use of subsidies which mav not 
rise again for a very long time. 

KC.J * 

■ -* •?«; r- .'V ii 



T HE FLOOD of imports 
of low priced East 
European. tyres Into this 
country has prompted the 
British Rubber Manufacturers 
Association to present the EEC 
with an anti-dumping . plea 
later this month. Britain’s tyre- 
makers say the imports are 
undermining their home market 
Unquestionably, they are doing 
considerable harm, but the real 
causes of the tyre industry’s 
lack of profitability lie deeper. 

In essence, the industry has 
the installed, capacity to manu- 
facture more tyres than its 
customers need. A ruthlessly 
competitive marketing system 
ensures that it has great 
difficulty in selling them at 
realistic prices. 

The problems which have 
taken most of the profit (Hit of 
tyre making began some years 
ago with the aiding of resale 
price m&krtenance, which turned 
what had been a carefully con- 
trolled business into one with 
price-cutting as its main selling 
weapon. This coincided with the 
motoring boom of the 1960s. 
Most tyres were still of crossply 
construction and they wore out 
quickly enough to maintain re- 
placement demand at a high 

So, despite discounting, tyre 
manufacture and marketing 
remained profitable The tyre 
safety regulations, introduced in 
1968, further fuelled the boom. 
Sales of Imported tyres were 
still so small as to be irrelevant 
In the early 1970s, the longer- 
lasting radial tyre began to 
affect the situation but the con- 
tinuing growth of ear ownership 
kept tyre sales buoyant 

For the tyre industry, the OH 
crisis which began in late sum- 
mer of 1973 was a disaster. Car 
production fell, which reduced 
demand for originally fitted 
tyros. Speed limits and soaring 
fuel prices reduced vehicle 
mileage and lowered demand for’ 
replacement tyres. And the coat 
of oil-based materials from 
which tyres are largely made 
increased enormously. 

The oil crisis, and tbe econo- 
mic -recession it sparked off, 
could hardly have come at a 
worse time for the industry 
becapse by then the effect of the 
radtiu tyre — and. specifically 
the steel belted type — was 
beginning to bite. The industry's 
favourite indicator, the tyre 
replacement factor, tdls the 

Although the number of cars 
and vans in Britain grew from 
14,1m to 15.2m in the three- 
years period 1972-75, replace- 
ment tyre sales dropped from 
22.4m. to I9.4m. The tyre re- 
placement factor (tbe' number 
of replacement tyres - sold 
divided by the number of 
Vehicles') fell from lb^to 1.27. 

The number of vehicles has 
continued to rise, since the 
worst days of the /recession but 
the tyre replacement factor has 

further declined. This year, it is 
Likely- to reach 1.28 (compared 
with L3 in 1977). As tyre tech- 
nology advances,- there is no 
hope that the trend will be 
reversed unless tyre safety legis- 
lation — ^ axid its standard of 
enforcement — fa toughened. 

At present, the tyre manufac- 
turing and - distributing 
industries (through their official 
bodies the .British Rubber 
Manufacturers Association and 
the National Tyre Distributors 
Association) . are campaigning 
for more stringent tyre safety 
standards. In particular, they 
want to see the tyre with a legal 
amount of more than I mm 
pattern across 75 per cent of its 
tread hut with one bald 
shoulder made illegal. 

Barring any spectacular 
change in the tyre safety laws, 
it looks as though the annual 
car /van tyre-., replacement 
market in Britain has settled 
down at around 20m units a year 
for some time to come. The num- 
ber of vehicles will undoubtedly 
Increase but : the- tyre replace- 
ment factor, due to constantly 
improving tyre technology-, will 
maintain its slow decline. 

The steel-belted radial, which 
lasts up to 25 per cent longer 
than a textile-belted radial and 
more than twice as long as a 
crossply, is how almost the 
standard kind of car tyre. In 
1972, only one replacement 
radial in three was steel belted. 
This year, the replacement 
figure will be well over 50 per 
cent,' and rising fast The steel- 
belted radial tyre will account 
for between 85 and 90 per cent 
of original equipment purchases 
by tbe car makers this year. It 
will probably take between two- 
and-a-half and • three years 
before the majority of them are 
doe for renewal— and their 

At one time they were primarily 
wholesalers but in the last 
decade they have entered the 
retail tyre business so success-' 
fully that they handle an 
estimated 70 per cent of sales 
compared with the garage 
trade’s 30 per rent. That is a 
complete reversal of the 
historic position. 

And tile distributors, once 
sturdily independent, are now 
in tbe mam owned by the tyre 
manufacturers. This process of 
vertical integration was started 
in the late 1950s by Dunlop and 
every other .manufacturer 
followed suit. Dunlap’s National 
Tyre Service is now the biggest 
organisation of its kind in 
Europe, with about 450 outlets. 
Some are of modest size with a 
turnover of perhaps £100, 000- 
worth of tyres a year; others do 
that amount of business each 

Other large manufacturer- 
owned retail chains are 
Associated Tyre Specialists 
(Mich el in). Tyre Services 
iGoodyear). All Tyres (Fire-, 
stone). Central Tyres (Pirelli) 
and Motorway - (Avon). 
Together, they outnumber tbe 
independent specialist retailers 
and handle an estimated 65-70 
per cent of replacement tyre 

In the U.S., manufacturer- 
owned “ equity ’’ outlets handle 
only company brands, but the 
British “ equity " tyre specialist 
deals in all kinds of competitive 
tyres, though managers are 
expected to favour parent com- 
pany brands if They can. 

The specialist outlets — 
whether manufacturer-owned or 
independently run — and the 
garages have more than 90 per 
cent of the replacement market 
However supermarkets and 
hypermarkets like Asda, 



' AVON 1% 





. industry/ It has lost mora than 
50 per cent of the car tyre 
replacement 7 . market to 
importers,' . Brlti^I companies 
among them. •.'* 

Because uf the dedlnfe of 
sterling, what tbe British' in- 
!du$try calls ' “black * exports” 
haVe been flourishing: Dealers 
Sdy from manufacturers through 
normal trade channels, -butin- 
stead ■ of-, being Jsofd-. retiil to 
British • motoriatsi the tyres are 


: ftrere at- - b orttiwaitrte 
• prices. I a - 197& -‘^hlack expo rts” 



... ’? Source: Trade Estimate* 

rircle. Because of rlsi^ iipportSi 
some of- the m ainland . Eqro- 
amounted to quality and increase the output pean ■ tyre . ' /factories/ _-hav fe 
£4JS£ of all-steel radial truck tyres, inflated -inventorjea. - . This” has 

surplus: tyres 'ewiffi 

Last year they 
700,000 units worth 

apiece, British tyre manufac-, . nvniwcni. Russia can use all led- 

.... D-itS-V . 1 . ^ - ■ 

turers say British ex-factory jjj C 
prices are higher than -Ihe’ duce, 

landed prices of these East outrun supply for many years, ^ . . .._ . - 

European tyres and that th^y British tyre industry -sources, Many . reach -Rptaltv /where . 
must therefore be dumped. - however, point to the analogy' specialism, can ‘bpy ,fir 
TVian> <•- MmtManMo ■loiri'" with Soviet-made Lada car& less than ’ "* 

British tyres — the latter arenas* they are being exportedin sub^ V, jTh e.' ■ Am «icab-;>ihar^J ' 5 bas 

good as any in the world— their stantial and gro wmg num&ers to ; 

material and labour content iS the West for hard currency.".. groundf or. European vm^lnaing 




and development chargesT -the- are from Eastern . J - 

difference between their pride sources. Japanese i mpOrts ' emapd Jit'ihe .. 



Total replacement 

’ tyre sales 


Cars and vans 

(new and remould) 


In use 

far cars/vans 









1 JW> 



















replacements' wili bV nfore steel Woolco and 

Carrefour are a 


If the prices realised for 
advanced technology steel- 
belted radial tyres were related 
to their mileage potential^ 
vastly greater than that of the 
old-fashioned crossply tyre— 
the industry would be happier. 
But unfettered competition in 
the marketplace has ensured 
that the “ steel " tyre is sold 
too cheaply. 

The reasons are complicated. 
Few industries can match the 
tyre industry’s anarchic 
marketing arrangements. Tyres 
are sold through many different 
types of outlet The main ones 
are specialist tyre distributors. 

rising force. To the chagrin or 
the distributive trade, the tyre 

techniques. • . : Imports from EEG.cottntrtes EuroBeath, 

East Germany’s share d this have tailed off following the Micheliu,, ;_-sooa 

ten-fold increase in the volume, fall ia sterling. Some nuhiffac- 

of imports has been bv far.tfae. hrrers, like Kleber-Colombes of Wra -';• -for ‘V.- stap^Ed-sizcd 
largest I mnorts of -Pneranant France and Continental .-- . 

tyres from its state-owned Fae- Germany, are now' coocfentraj.- 7 Although'the ,fU.S> ; ihdtt!rtry , s 
tnrv rose from Iff, 000 iir.vISTO ing on selLing higher-valne and ohniiklVrqi^pdt - CL; 2$5m -ear 
to 503 000 last -rear.' A erownw specialist types of . tyres 

proportion oMhem are aH=StceT Britain rather than ^tryiqg tp ;i aver- . lyres— 
radial tyrefe for heavy lorries compete head-on with" yt^aiar yirtuaXly.': Pall '.'^radiaWwere 
v?'th a retail value in the region sizes. tropnrted .'.I^>year:^^bfl!Lmain 

of sioo anieca. • . r. In earthmovdf • • > :a#$!ierSr s -'\ 

Curinuslv. East European volume but very jilgh : value France, Ghimany, but 

mes are being produced with market segment - in ytftihh: ■ a Britain^ shipped :4K&Q0D,:;tybas 
the aid o f w^forii teffinpTosrv. single tyre 2 My^T:ci^;: 7 oveir fo ^’ . 
For example. Taunis tvres-from.. Ji5,ooo. the British, Industry is meat" jnarke^. ^EuipfiesSi tyre 
Hntisarr are made in a plant; being seriousl^affecteff^ ^.hy iin-;'ma£ecs ,a» 
which depended hcavilv on tech-, ports. These are from - Japan in retain and possibly - increase 
nolnsjv from : Senaperijf ofvthe main, but in£hdesome t frojh. theifc«ha^vef 'thi(r ffiige and 
Austria. Nearer to Horae V a -low-Aisf producer countries like lucrative market nSanlyii^ause . 


recent multi-mHIlon pound tyre South. Korea, . .. ■ r ,< : . ; pi higher product 4-iraljty- 
raakino know-how deal between The 1 British mamXfar&rers jnjjLk- J ; kVirridlW thw"'-. 

.l. t-pen 3 W*a1li V i -r_4.- ',a- _ - ■ ■ - . ■ Da.Vl>ig . DSTciy OlgeSffiEl 1 

manufacturers rushed’to supply the USSR and Danlop-Krelli- ctra^lali. ftat these imports are j 

In the past ten years the “ tearing the h eart put “ of thetr VuKiil : ' ♦htt'' fiVifk 1 - ■ 

the hypermarkets direct, even 
though they are in direct com- 
petition with their own equity 
outlets and with the 

It is against this background 
of profit-eroding competition 
that the threat from cheap 
imports has to be seen. Their 
rise has been startling. Total 
imports from the Eastern bloc 
(and these are what tbe BJRMA 
is complaining about) were only 
70,000 units each worth an 
average £2.19 landed in 1970. 

less, pmnmoie ^ses a uie ecm- Evgry . i^ufacturer •; exoen- 
stniclmn industif. %Bn». imiB* ) 

maker-now sees much. hope oL - nV Which \ 

of the resulting output has been 

used by the Soviet motor-vehicle maker-' now sees much, hope ot of j-j- . ^ fncinding those ifffich | 
industry and .-only a - trickle of gettffiir a l-eason^jh* return on h a ve no Teiifoitni^ 

Russian tyres. have sold against the s^bstaotiali capital invest- be ■ moulded- m - a ^ngle ; 
the British product in Britain, ment iieceusary in ^epawnissioii- dperatforL -- Bat radiai-piy. coo- j 
But the latest five-year agree- 5n S over tyrh plant; structionis unUkely to be^er- -j 

ment between Duniop-Pjrelli Tb e ^?. ,s s ^ eCi ^j S6d ; seded 'on any ^scale until the . c ) 

and the Russians is worrying part the ^rodusby . may witiier. 1990s -at ’the >e_aiijest ; Iii^the -r ; \ 

some sections of the British tyre The'“;Britis6.' problem pales 'tyre ifid ostry’s vi few. .o ne i^vo- • \ 
iadustry because it involves sell- into ^ insignificant? " compared lotion every. 25 years igJliiits .j 
ing . technology to improve the withvthat,oF the West Germiji erioti^i. " - ' * * Vv '' 


Guru works fo 
woo the Weald 

Two months ago the Maharlshi 
movement had me wonder- 
ing as they told me how they 
were woqlng tbe captains of 
British industry and NATO’s 
armies. So, when they Invired 
me- to join 200 Transcendental 
Meditation teachers at their 
ambitious “Capital of the Age 
of Enlightenment for Great 
Britain,” curiosity drew me 
through the Weald to their 
headquarters in the spacious 
Tudor mansion of Roydon Hall 
in Kent. 

I had hardly walked through 
the door before one adept was 
telling me that he could no 
longer fly in the lotus position 
as he had dislocated his knee. 
This, I was to’d; was almost stan- 
dard for those studying the 
Sidbi techniques used by the 
movement but that for the Time 
being there were only a Few 
who could make themselves in- 
visible or walk through doors- 
Could I see this? I asked, only 
to be told that, the movement’s 
Founder. 'His Ho 1 i ness Maharishi 
Afahesh Yogi, did not like his 
Followers to show off. 

At the previous. meeting I had 
attended three businessmen had 
turned up to hear reports of 
employers' claims that teaching 
TM u was the best investment 
I ever made" and “reduced 
absenteeism.” But, this time, 
even more serious business was 
afoot The Maharishi movement 
believes that when more than 
1 per cent of the population of 
a city meditate ' accidents 
H“»*rease. hospital admissions 
fall, unemployment may drop 
and divorce may become less 

If 7 per cent of a country is 
meditating if helps. I was told, 
“the invincibility of the nation.’’ 
And reachine such figures was 
the aim of the one-month cam- 
paign they were beginning yes- 
terday in Kent. 

TM teacliers told me that the 
Maharishi is interested in 




\HPmsW 5 

ing. Then twenty nations parti- 
cipating in the experiment were 
listed with their population one 
by one. Next the voice started 
listing 82 countries involved. He 
began with the Pitcairn Islands, 
population 70 people, but then I 
had to leave. My taxi driver, a 
retired merchant seaman, told 
me whenever he had reached 
the islands sailors had never 
been allowed to land. 

tunately, PWS had a set so- that 
play could go ahead. However. 
FWS showed that all had not 
been forgotten about the 
Savon ita. They offered to sell 
the stumps to WFD for £60,000, 
it did not take WFD long to 
real Is® that this was the amount 
that Pearson estimated that it 
lost in brokerage .when SIAT, 
the Italian insurance group, 
transferred its business 

Fiji apprehensive 

armed forces as they account 
for about 1 per cent of the 
population and that the move- 
ment baa a Supreme Military 
Council... V.— ' 

Last nigbt, before the Mayo r 
of Canterbury cut a ribbon and 
the first eager teachers set off 
to convert Keot, there was to be 
Morris dancing and fireworks. 
Later in the week repr^enta- 
tives of Mongolia an ^Taiwan 
are to speak at Roydon. One 
spokesman told me that the 
whole of one Latin American 
cabinet which recently took 
office meditates.. He a<WMd: r “In 
Chile we have a lot of-^upport 
at governmental level and as the 
support has grown the regime 
has softened.” I questioned tbis. 

Tbe Maharishi had been due 
to telephone us From his Swiss 
headquarters at raid-day. At '1.45 
the telephone call came through 
but the tine went dead so a 
guitarist Played us Green- 
sleeves. We sat back in . Ihe 
marquee on the lawn and event- 
ually the call was reconnected 

to tKe loudspeakers. I leariit it 
was the fourth year of tbs Age 
of Enlightenment and the Year 
of Invincibility /nr .Every 
Nation and that the Maharishi’s 
World Government was listen- 

I have become 50 used to bear- 
ing of Eastern bloc diplomats 
walking out of Chinesq banquets 
that I now merely imagine their 
indigestion. But last night’s 
walk nut also cost them the 
speech of the skirted and titled 
Prime Minister of Fiji. Right 
Hon. Ratu Sir Kamisesc Mara. 
Turning to a visiting Fijian 
basketball team who were also 
at the banquet, he told the 
Chinese that when basketball 
began in Mexico in the 10th 
century BC " if the solid rubber 
ball was put through the fixed 
stone ring, the player was 
entitled to have the clothing of 
all the spectators.” He then 
added: “We, in all modesty, 
sincerely hope that this rule will 
not be applied in the match we 
will be watching tomorrow 

Chinese officials said the joke 
translated well into Chinese. It 
certainly led to prolonged 
applause. I am waiting with 
interest for reports from the 
China-Fiji fixture. 

This transfer happened after 
Pearson, concerned at the cir- 
cumstances surrounding the 
claim for damage to Fiat cars, 
refused to press the reinsurers 
tor full settlement qf the 
Savonita claim. 

The committee of Lloyd’s has 
now received all written 
evidence in its inquiry into the 
affair. It will call for oral testi- 
mony before reporting, it hopes, 
at the end of July Meanwhile, 
PWS have said that they are 
reserving their rights to pursue 
a possible libel' action against 
WFD in connection with WFD’s 
own report on the claim.’ I am 
told that PWS*s own feelings 
about the Savonita case in 
general have not been weakened 
by their defeat by WFD on the 
cricket, field — by no less than 
eight wickets. But PWS's chair- 
man. Malcolm Pearson, seemed 

“At least we managed to get 
two of them out," he told me. 


Willis Faber and Dumas and 
its bitter adversary in the 
$500,000 row over the Savonita 
claim, Pearson Webb Spring- 
bett, have just met in more 
relaxed conflict in the second 
round of the Lloyd's Brokers 
Cricket Cup. 

There wa* an initial hitch in 
thal WFD were supposed tn pro- 
vide the stumps, but forgot Fur- 

Tall story " 

From Whitehall comes this 
story of a conversation between 
two civil, servants : “ How did 
you get on at the doctor’s ? ” 
“I’d rather not tell you.”- 
“ Why not ? ” _ 

" You wouldn’t believe me." 

“ Of course I would'!/’ 
u Alright then, JHe told me 
that I had been working too 
hard." . ; - 

■' I don't believe you.’’ 


•• --a 

: -If 

■’ We think he’ean. 


-n ; 1 * 

it istanrlffi) to find hnsweaa tb problems lifea ^ asa/ • ‘ 

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'iS . -f\‘ <_ 

Tuesday. June 13 1978 


' ' The re-election of the Centre-Right coalition in the March general election is likely to 
■ lead to a period of greater stability than in the recent past. Taking advantage of 
V This a revolutionary experiment in industrial policy has just been set in motion. 

FOR _THE first 23X0)0 lor two 
-year*- France is back to uormaS. 
The-general election in March 
.put. kn eml to a dong period of 
mramtAinty. about the country’s 
political and economic ^future, 
which bad restricted the Govern- 
ment's freedom of action .and 
created a depressed business 
climate. The endless election 
campaign, jpunetuaied by drama* 
: tie quarrels between political 
allies to . both camps, bad taken 
an obsessive hold of -the French 
.-people. The news media, even 
- ,: a year before the election* could 
talk/ of little else than she 
domestic po&tacal situation. By 
the - time the - election came 
round the whole-country, except 
perhaps”, the tireless GauHiSt 
leader, Jacques Chirac, who is 
always asking for more, -was in 
a stale of utter exhaustion. 

Comfortable . 

- While it- ban hardly be 
claimed toad the unexpectedly 
comfortable.' vdotiCLry' of -- the 
Cehtre-Itight ^coalition was 
' greeted wato ... jubilation/ the 
feeling of was widespread 
and was shared even by a sub- 
slahtial number of those who 
had supported the Left Tor it 
was dear rnany months before 
voting- day that "the rif t between 
the Socialist and. Communist 
parties was so profound that 
.even if they won the election, 
- the conuntry would: be faced with 
a long period of unstable 
. government with dire con- 
sequences for the economy. 

With hindsight many obser- 
vers of the Trendx scene main; 
tatoed that the outcome of the 
■ejection was predictable. It 
merely confirmed the old maxim 

that the fimdameoteHy conser- 
vative French, who like to 

■ pretend - that itoeyboid radical 
left-wing ideas .'teeaause it is 
fashionable todoso. vole with 
their hearts in the first round 
and with tbdt; wallets in the 
conchisiye fital baBnt- 

But that & oertaineiy an over- 
rim ptidficatioo. - whacta docs not 
take account of the very great 
contribution- made to their own 
defeat' by toe.Soaaiist and Com- 

■ rnanist parties. If they had 

■ maintained jjbeir nu&ty and had 
; given toe impression that they 
; could implement a coherent and 
, reasonable preg^anome, the 
; result could have.beeii very 
I different, forto^pnMJc opinion 

polls showed, the French 
’ electorate wakre^dy for change 
after 25 y ears’iof /conservative 
rule. . 'Jr-rK 
The majoriW 1 - of ;^0 . seats won 
by -the Centrfrffi^U. coaliti on of 
i Gauliists ^nd, jup^iscard cen- 
r trists gxeatiy -the 

! magnitude of toesr. victory, 
s thanks to outdated constituency 
s boundaries wtsloh' favour the 
i Right and wma^aa g ago have 
i- been redrawn iu * more equit- 
i able way in mosf bitfTer western 
t European demoqS^es. In per- 
a centage terms^ flie^overnment 
a parties polked ^ss;*tiban 51 per 
t cent even in tbi second round, 
t, and the Left, of its 

i, tameirtable - faUare. ^ present a 

i_ _ i i* a ' A Q non 

U- thinV of lhA President efficiency and international com- 

attempting to fcme <*e a great risk that .hat wnjd repress, tatives of U.e to^uppor. h.m Q ^ ^ ^ ^ has P^tive^Th^fam^hat. ^ 

Socialists to spell out and certainly have been a Socialist- comnosii'On of the dependence on the Gauliists, the adopted a very low profile as a unl 3 i{ 19S1 has niven him enough 

extend what was sUJl a reason- dominated Government, with M. But .the ‘ of much loss reliable other member political leader and has reserved towat chhis experiment 

ably flexible common pro- Francois Mitterand as Prime new^Mtmnal Wmhl> is by ® ^ coaJition . Although h= s yen' considerable energies ™ ^ B„ he S S 

gramme which could be adapted Minister, would soon ha% e no " An the M. Chirac's party has made dear l0 sn ipin S at the Government in ° ear rlv™reat The trade union^ 

to changing economic circum- diluted the common programme, the : ‘ = ' tittl j a r that its support remains condi- his capacity as Mayor of Paris. A iti J lv ° stU n ned b y t b e Left’s 

sLances, it was courting disaster. The Communists— at least their Go ■ ’ p . . ’ fj on a) — it will submit all the No-one believes, of course, that ■ w . u not middle 

The Socialists rightly argued lea dorsad not want to he powei \^i^e Governmenft policie. to crltlial ji. Qtirac's uncharacteristic 

that the original nationalisation junior partners in an essentially .significant!* modified. \\ hile the restraint is anything but tem- „^ntment at havfn ® the pur- 

- — pora «’rf a »? d «. 1! i^iii S run ra fnr chasing power of workers frozen 

expected that he ™ fQr — is given free 

the president* a^ai • rejn to set its own pr i ces ^as 

- card d Estaing m 1981 ‘ already begun to boil over: wit- 

A |* f The Government, meanwhile, ne5s t he current strikes .at. 

/%tt T “f" '1* /*\ /''N S~\ has started its new lease of life several Renault plants and the 

new ireeuom ^^»«<?y^ pub,icutiiities - 

President as Prime Minister, T^riyppoctc 
has pledged to pursue his A UlCtflaw 

, • economic stabilisation policies Moreover, the latest official 

I * A _ _ _ for another IS months, he has ’ 

O Atl infd a"^a 'brand^^^ndustr ial forecasts for the French 

||l s\ I. | II }I| policy, which is nothing short economy show that there is no 

1 U1 Ctw 11V11 - St revolutionary in French Prospect of re duemg unem ploy- 

_ . ^ , . terms. Abandoning France's ™ent before the end of the 

By Robert Mauthner, Pans Correspondent traditional policy of price con- 

J trols, which has been singularly increase substantially. tsn 

unsuccessful in curbing long- mates for growth in 19/8 have 

■ — inflalion , the Government been revised downwards to 32 

^ ■ will free industrial prices pro- P" cent, whereas GNP must 

nronranuno was already as much social - democratic admioistra- Gauliists. with 150 scats, stiU examination before : giving : it* jvel b the end of th e rise by about 4 ,5 per cent even 

as*T 3^toratr^ld “S tion because it would have remain the biases! single group apprarri and Gauli.s^ Jear. The quid pro quo for this to keep unemployment steady, 

nr the economy could absorb at alienated their own supporters m spite of losing *3 seats, the ha\e been deb: irr * d D arty‘s concession to industry is that in the Prime Minister’s view, 

one co AnTthe Government and jeopardised Uieir long-term new Lnion Pour la Democratic mg an J in h \ he pa ^, ® it will be required to stand on France is still precluded by 

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the national ^rnomy by a growhlg number of the who was widely hailed as the over his own powers and toe »«, i( i rmitJ ./ and , after toe election, a substantial external 

th?“fIln«f™Sal ^ reasons for party's 8 rank and file, they only real victor of the general Government s ele^on smte^y. substantial price rises stimulus is needed before the 

th^ rJmm^fsts^uicidaf tactics opened toe door to the re^lec- election, much more freedom of J ireai^ been firanted to the State-owned Frenc h economy starts ticking 

But C itTXaVdear that ^ toe tion. of the incumbent coalition, manoeuvre than he had in toe party leadei ^ has alrwdy be ut mties and public transport over satisfactorily again. To a 

But it is already clear ui alternative was not viable, old parliament. He has not, it obliged to draw in ms nor ns. the Government intends j arBe extent, therefore, toe 

Communist leadership w - , n «n n r tiwm ic tnn» managed to win over He suffered an earl* post-e e » a rt- nhadni nut its massive nmran rtf m Rarrp’s Rronomic 

united front, mot|| 

The Communitflft-? 

lences xor ine mmuac- most of the blame fctone am eat parties long-term survival ana »n««.i«w. *•** - r P nrrp-Lpft coalition Party’s official candidate lor uie «""M™r r nn“ »" mneerted 

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oust take 
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. .tinaneiai TJirifcs 3S?8 : 

3-* ■;- ■ ■ •- • 


- • Industrial regeneration policie&^ra 

- is unashamedly eihployecC ;$y liplff- consianptjoa . ls~reHEM|tily 
" . '■'• she authorities. V • ' . . " ‘ . ,* s at an : aimuat latest-more 

• ' • "i-! • 

.■ .electosait coma. — •***■' -w* 

trial -unrest '. has increased *“& ^ r tKn««r.^v;^^rcis 
noticeably over the past two consumer-goods,- ^;- 

THE CRUSHING defeat of the 
Left al the general election last 
March .has- allowed the new 
French Government to take one 
of . the biggest gambles in the 
coiin tty's post-war economic 
history. Freed from any elec- 
toral constraints for the nest 
three years. M. Raymond Barre. 
the Prime Minister, has inter- 
preted the Centre-Right coali- 
tion’s victory not only as a 
rejection of the Left's collec- 
tivist political philosophy, but 
as giviDg him the green light 
for breaking with France’s 
long dirigiste economic tradi- 

By their choice at the polls, 
so the official argument goes, 
the French people have opted 
for what President Giscard 
d’Estaing likes to describe as 
" the advanced liberal society,” 
which implies a free market 
economy. And that, in turn, 
calls for policies which not only 
reduces the State's intervention 
in the economy, as far as this 
is possible in a modern Indus- 
trialised society, but allows 
industry to operate in a 

genuinely nimpetifivt? climate. 

The iron grip m. which the 
State has held the economy for 
much or the post-war period 
cannot, of course, be completely 
luusencd at one go. particularly 
given the pessimistic short-term 
outlook for the world and the 
French economy. But M. Barre 
and his new Economics Minister. 
M. Rene Memory, have already 
gone further than anyone ex- 
pected them to in such a short 
time. With their decision pro- 
gressively to free industrial 
prices by ihe end of this year 
and to bale out only those 
*■ lame ducks " who stand a 
genuine chance of becoming 
financially viable, they are even 
considered by some commen- 
tators who are not hostile to 
their fundamental economic 
philosophy to have embarked 
on a dangerous course. 

of the freeing of industrial 
prices and the recent sharp in- 
creases in public sector .prices, 
he. has underlined the serious 
financial difficulties faced by 
many companies as the result of 
failing profit margins, and the 
unacceptably h*gh level of 
Government subsidies to the 
nationalised utilities, currently 
running at an annual rale of 
FFr 30bn. 


Both the Government and its 
critics have produced a number 
of convincing arguments in de- 
fence of their views. M. Barre 
has put the main emphasis nn 
industrial efficiency and ortho- 
dox budgeting. In justification 

The Government has admitted 
that its pricing policies will lead 
tp a sharp jump in inflation over 
the next few months and that 
tiie result for 1978 may be in 
the region of 11-12 per cent, 
compared with only 9 per cent 
last year. This, however, is 
the price which must be paid 
for the necessary aiij^tment to 
a healthier industrial struenm. 
3nd better competitive climate, 
according to the Prime Minister. 

In the longer run, the freeing 
of industrial prices will have 
a disinflationary effect, the 
argument goes on. While 30 

years of price controls in Trance 

have done little to check infla- 
tion, countries like West Ger- 
many, where Industry has 
always been free to set its own 
prices, have one of the luwest 
rates of inflation in the world. 
Moreover, the Government's 
monetary and credit policies, as 
well as its wages policy, will re- 
main restrictive, and it will 
make sure that French industrial 
products will face sharp com- 
petition from abroad. All these 
measures will help to keep infla- 
tion under control. 

M. Barre's arguments are. no 
doubt, persuasive, but the main 
trouble with his policies is 
that they are highly selective. 
Industry has been given a hand- 
some hand-out, but prices in 
the services sector remain 
controlled for the moment The 
banks still have to live with a 
12.5 per c«it coiling for the 
annual eap»«£i>ij tit the mcoey 
supply and the same civoit 
growth ceilings as last year, 
which is also a constraint on 
new industrial investments. 
Last, but by no means least, 
the trade unions are being 
asked to accept a freeze in pur- 
chasing power for everyone 
except the 700,000 to lm. 
workers on the national mini- 
mum wage at a time of escalat- 
ing prices. . 

Workers, however, have an 
unfortunate habit, as far as em- 
ployers and Government are 
concerned, of concentrating on 
their wage packets and are not 
likely to swallow for very much 
longer an economic policy 
which, on the surface at Least 
appears to demand substantial 
sacrifices from wage-earners 
while favouring their employers. 


Area 212,742 sq. m 

I I ' ■'. i.weeks. Two plants of the State- The steady jpcreaW'S^^iuse- 

^ ^ . : ~-y. owned Renault motor car demand 

. . .'.pany have recently been oecu- - g p oking, be hccompaDi^ditiy a 
• . v V:r* ryirSML'liy thtSr 

stimuiate employment ; . ; claiming a substantial increase 

FFr 4ba and. 3bn respectively^ in their minimum wage, ^1^'triai .‘iasps&iSt > to 

However, it is. certainly true workiflg- hours, a fiye-s^eeK r gtdw, i>y' between X ijer 

GNP (1976) 

Per capita 
Trade (1976) 
Imports from 

Frs 27,300 

last year’s version. .‘.transport workers nave also w_‘ i 

■ . -i -staged short strikes, and there . Prospects 

The main difference oetiveert ,^ .g^ous .rumblings in the payment fisttafoly 

a hon coKnmbc i c fhftt ^ 7 . t ’maJ 1 f -wA mi j ^ 

Frs 308b a 
Frs 273bn 

the two schemes is that region, where thousands goodj 

concessions to be offered to Jf- jobs : in the textile industry new-feutid; J^r v She 

companies, employing TOpn« : : *re .'threatened because 


Exports to 

£2.1 bn 

Trade (1977) 


Frs 3SIbn 


Frs 319bn 

Imports from 

£2. Ibn 

Exports to 


Currency: franc £1 =Frs K39 

500 and with a turnover .not. j^ issued a general call year was- 
exceeding vp<- i ihiih a*a-_ .. .■ .■ _«■ _» , =■ _t: ■* mii- , ■ .■ .. ■ 

exceeding FFr loom. .Apfl. {or occupation of any. plant: comparetf?:^oth 

iostead of total exemption froni' ^j^ because of its financial balance n£.-iratfis ha£ in 

cnr-i-*I opr-nrit-c pharees. enm- ■ ■ . , , -- - - ■ ■- ' ---■ 

imports from It is a moot point, in any . .. ; ^ : . . rumupg .at ^ sroa^ j^Qvsted 

UK £2.lbn case, .to what extent, these T Tjr|.i , pc| - ‘ r ■" 

— = — ~ — : schemes have made a -dent in V mvjL , . ■ ^ . V,, • ' . - a.ttefi^it^for tile Saiae'^ur- 

UK 12 7bn unemployment which, in April, doubt> industrial; unrest 

was still running at kept down -to •-in«iiage--' yF r»-f.5to._ 

Currency: franc £1— Fre &29 While the Patronal claims thaty zb ^ pj-bporrions' be^btf -nuti". lt,Bvte tbsoid;#^^ 
> ■ 1 11 the 1977 pact provided jobs .for. during the guniiner : .hbHdays.-^nlfflittea^ tias ;yeAr:. 0i’^itt 'Jfisast 

550,000 people, the unions But the chances, of a -maitt' : ^3ec- 

• argue that this was ac h^®Ted a ntuirm ’’ are now muchgprt^er .tn^ Vluc^.^ s^^iint?^. When 

The progressive rises in the onI y by replacing .jn&r than they were -0015" a 

monthly cost of living index — workers. Moreover. ; weeks ago. : - ’• - S^nister/ & *Augast,‘1876 r — 

nt; ^ nr new emphasis on profitability- , ■ 

f . 



■v;.*. vTE>-AS- 

0.5 per cent in January, 0.7 new emphasis on profitabpi|y- 

“ILSiSZjrSl r^eTnough — 

CloseW reSed ^Tthe eves enough to offset the hundreds climate. Some private ^ jestdin^Jfi|jiec 
^toseiy reiaiea, in tne ejes jr , - -. .™a„ . M ndA«^ti,A intact 

nolir-v in enitp of tbp fact that worKers TO ormp uown.^H^ - •**“*■? ; y-r ~ -w ■v rT7 > 

2* lSatioStadSd unemployment: certainly . not.; . «Jack international economic 
TloseSTreSSed Th“lS eves enou^ to offset the hundred djmate. Some private ^ tetiti.- -fmtjMLvfgi 
of rte ambus is tiie series of Snmsands of new ; j^ tions^ ^even consider-- the latest p^^ta^ r «^^_trade 

Stadon Sod -fm ^ «U «, me ^fr^***** 

What tbev consider to be the the market in the autumn. -optimistic. ''...fW 1 ® ;, 

Government’s neglect of this Privately, officials concede Nevertheless, there MvV 

problem. Their criticism is that unemployment could well distinct signs of a pick-qp^in ' , 

perhaps unfair, given the large rise to 12m by the end .of the iconomlc activity; ; slnceV '^e;.? 1 ^^. 
sums earmarked by the Govern- year, if not more, but bere begitining of the. year.;.' The V ' 

ment and social security system again the argument that this is Industrial production- index! rose ^ 

in 1977 and this year to the inevitable consfequenCcr 'oF to 130 in April; its hfghestTCTel / L l .AWnOTt f 


' :y 

&S.W*. - 


this year to the inevitable ' cons^uenCp oF to 130 in April; its highest,I^vel / V- ’ . .nifflaBTI 

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1VHEN HE was elected as Presi- 
dent of France four years ago 
President Giscard d’Estaing had 
already had many years of ex- 
perience as a Minister in <.-harge 
of the country’s economic 
affairs, but his knowledge of 
foreign affairs whs strictly 
limited. While he had the 
reputation of being **a good 
European", and was generally 
expected to take an active role 
in promoting European unfica- 
tion. .-his ideas about France's 
role -in other parts of the world, 
its relationship with the two 
super-powers and its attitude to- 
wards the developing countries 
were vague and ill-defined. 

As he felt his way during the 
first year of his Presidency, the 
Gaul lists, those uncertain poli- 
tical allies who have given M. 
Giscard d’Estaing more trouble 
than anyone else since his 
election, had a field day, 
accusing him of all sorts of 
political heresies. The Presi- 
dent they claimed, was about 
fo sell out to the Americans. 
He was preparing to • ditch 
France's nuclear force and, 
apart from his predilection for 
safaris in the African bush, -had 
no real interest in France's 
traditional lies wi:h and obli- 
gations towards Africa. 

In short the French President 
had no intention of giving 
Frar.fC the world role which 
General de Gaulle had spent so 
much of his time ami energies 
in building up. ihc Gaullists 
complained. Hnv. wrung they 
were — at least in ihe longer 
run. HI. Giscard d'Estaing is 
someone who does nut like to 

plunge headlong into unknown 
pools. His policies are formu- 
lated only after he has mastered 
his briefs and after an appro- 
priate period of reflection, and 
only partially on the basis of 
an inherited set of principles. 
This process has taken, time but, 
after four years the main lines 
of Giscardian foreign policy 
have now begun to crystalise. 

Though it is at odds with 
Gaullist thinking in some fields, 
it can hardly be argued that 
President Giscard’s foreign 
policy represents a real break 
with -the port. The main 
difference lies in -his less agres- 
sive style and more pragmatic 
approach to problems rather 
than in fundamentals. No Jess 
than his two predecessors, M. 
Giscard d'Estaing is convinced 
that France has an important 
role to play in world, affairs 
and that the solution to inter- 
national voblems should not 
be left just to the U.S. and the 
Soviet Union. But he is much 
more aware than either General 
de Gaulle or M. Pompidou of the 
physical limitations on a 
medium-sized power’s capacity 
to influence events. 

bad built up a fund of good- the two West African Presidents 4,500 troops !in the^ newly inde- 
will in the Third WorltL-Jhe about the growing Soviet and peqdent state of Djibouti in. the 
developing countries Rs a wfcole 1 Cuban influence in the conti- Horn pf- Africa* and the L300 
appreciated its policy af^inde- nent that President Giscard ap- men Iil Senegal, arnattaehed to 
pendence from the two super-speared to realise that -there was permanent- French bases under 
powers. The Arab world -was an opportunity: tor France to bilateral defence agreements. 

too;-, .President 

Port tor a -Palestinian^ .home*-:. • th*. • • vkw-trW > 'nn Wu-h - miiw hImpIv 

i ^ - ’ The ' 'doctrine'bn . which Giscartfr African Policy dearly 

land and cnticaj . ; atmu|e ,40- Frahce’shew.AfriCan policy is has TtSVWeak points. If any 

disarmingly simple. African government, however 
former French Afncan^oiomes The premise isihatthe hordefs tfictatori&l. can always count on 
stilf regarded Fran ^ which' were V fixed when ..the .. French help tOcprop it up when 

furnished ,.7“ , “JJJ . African countries became Ihde- threatened, by- rebels who lave 
quantities of fin^icial and peri( ient are sacred. Any State often fled across the border to 
human aid, as they best friend, territorial integrity and escape pers«a)tipAja change to 

The prestige ./ enjoyed by security is threatened, by <mtride“ * more liberal reghne is ruled 
France in the Third World en- forces has the right to appeal out -- ' z, 

abled it to play the leading part for help to its friends: France Moreover, It is often very 
in setting up the 'North-South is prepwed to offer military aid difficult to establidi,. as it was 
conference between the develop- in such circumstances ' if it in tiie case of 4he latest invasion 
ing an industrialised countries, receives an official' request to do 'of . Shaba, whether . Cubans and 
The disappointing outcome of so by the ^cgal goVeinhierit of TIu^sians arevin^ Jart master- 
the negotiations was certeinly the State cenceroedv -■- .. .‘ '. minding the, dpefatjoh. 
felt as a set-back by the French, Th^d mtineinleswmu invoiced ‘ ^ ;! 4a*cati«riS-Varo * .that 
though they could - hardly be t0 already 

blamed for it What Is perhaps FrehS^rovided^or tlre ? anfiprs t0 ° 

equally important, however, is heayyaFrmich military involve- 

that all sides now recognise the t ^ahient Mobutu's aid raent ^ Africa. _ His emphasis 
need for a permanent North- ? uril S^t Srf S at the , -recent Fran'co-African 
South dialogue, if not in the £ £ summit on the need to set up 

South dialogue, if not in the _ nlIt r^ T _ 1 Zfttre , orovinCe ^ summit on the need to set up 
same form as before, and that SJ?bi. an April lasTyear and ^ pan'-African v peace-keeping 
seeds were sown in Paris which force ' aibeit with French techni- 

wlU certainly bear fruit one day. cal as_sxstance,. appear to show 


comparison of consolidated balance sheets of the group 
AS OF 31st DECEMBER 1976 AND 1977 

(in thousands US S) 





' 38,853 

Net Results 



Total Consolidated Balance Sheet 





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In general be considers fist- 
banging and vetoes to be 
counler-productive and does not 
like France to be isolated. Even 
in the case of the recent mili- 
tary intervention in Zaire, he 
has been careful to ensure that 
it had the support of a very 
large number of African 
countries, of the U.S. and, [ess 
outspokenly. France’s Euro- 
jpean partners. This desire lu 
! avoid diplomatic conflicts, if at 
'all possible, has led above all tu 
a great improvement in 
France’s relations with the U.S. 
and a much greater willing- 
ness on the part of the Washing- 
ton Administration, and Presi- 
dent Carter in particular, to 
listen to and take account of ; 
French views. 

In European affairs Giscard 
has shown himself to be both 
-an idealist and realist at the 
same time. Though clearly 
anxious to promote European 
unification, he has never 
espoused the federalist ideas of 
the founding fathers of the 
European Community. Indeed 
his most successful initiative 
has been the setting up of the 
European Council, which meets 
periodically at heads of 
government level and in prac- 
tice ensures lhat no major de- 
cisions can be taken without 
the full agreement of all mem- 
ber States. 

The dominant theme in his 
foreign policy over ttie last two 
years or so has been “France, 
the friend of the developing 
world." There was a vacuum 
to be filled. The U.S.. after its 
traumatic experience in Viet- 
nam, was drawing in its horns 
and concentrating mainly on its 
relations with the Soviet Union 
and China. Britain’s ambitions 
to play a world role bad been 
eroded by its serious domestic 
economic problems and West 
Germany was basically in- 
terested only in spreading its 
economic tentacles. 

France, on the other hand, 

wuirciwmu- uc« uuu ua>. Ftench paratroopers were sent Zw ^ m 

But when all Js said and done, to Kolweri last month to rescue ^ SiTlSe^^ EendanSe of 
President Discard's most arnhi- the City* European population. Africa " for too^ong or aTleast 
tious as well as most dangerous Mauretania and Chad, both - t £ it ^j. 00 long ’ 0 1 

foreign policy venture has been countries- which are also tJ ^ cooperation of other 

e " 3aged ^ fermngly intermin- particularly 

become deeply embroiled over able wars acamst rebel forces, x> it 7v" - tVi 
the past year. It is not at ail have abn benefited front sob- “5"^ "S 

certain whether this was the stanrial ^French military aid on !L nhahI .. I welcomed bv 
original intention. During the this score. . . r ZSSSUS 

early period of his “l^ngiy. however, thd 

he did not appear to be par- question is being asked whether x riish the oppur- 

ticularly interested in fostering France has bitten off more than lUnitV c ; f D i avine lhe bind 0 f 
Frances relations with its for- it tan chew. Its.miJitary inter- 3 interoatifnal role to 
racr colonies. Indeed he was ac- vention -capacity has been.JJJ h norira Hy ^ly the per- 
fused both by the Gaullists and extended to its limits. The_’^“L : J* ! S X;_ 
some' of the moderate African French jdow, have a total of more f u^Tnne’pr Ti»rm riioio- 
leaders — such as President than -10,000 Troops in Africa, 

iwauciti -’UUI U “ i vviuvin IU«n -iVjUWU uu-pa ju j . 

Senghor of Senegal and Presi- some of fhern‘. like the 1,700 ^The tfs^ebarie m 

dent HouPbouet-Boigny of the Tor^. paras . ™ ^7,, ^ fres h 

Ivor>* Coast— of benign neglect, in Chad, almost permanently in : . 2r er -i iftd v , » mind- 
Jt was only after the Angolan voived ,in' fighting with Libyan- • eiy oajrs m - 
affair and repeated warnings by backed' rebelsL Others, like- the. 



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• Rack and pinion steering for precise .and ' ' 

predictable cornering. Servo-assisted dual circuit 
braking system for easy, safe braking. 

A tremendous amount of research and money 
has been expended in building an Experimental 
Safet y Vehicle. Numerous active and passive features, 
thoroughly tested and proved on this Safety Vehicle 
have been " built-in” to the design of the 305 - a rigid 
"cell" has been constructed around the passenger 
compartment-all possible angles of impact have 

been considered and attention given to every minute 

And then the body style - von told us that too 
often this was boring -humdrum.' We remembered 
' well your comments, the result . , .what you see above. 

To enable you to. choose according to your 
particular requirements^ 3 -model range has been 
developed, the 1300 cc GL and GR,^ndthe 1500 cc SR, 
each. with a high level of standard equipment and 
available in a range ofbeautiful colours. And there's a 
.wide variety of options such as metal;sunroof ; electric 
front windows and tinted glass. 

And finally economy -you have seen the prices, 
now take a look at the fuel consumption chart, main 
service intervals are every 10 , 00 QjnM (or one year) 
with intermediate check and oil change at 5,000 miles 

(or 6 months) .In addition, the 305 is covered by a 
simple, straightforward 12 month unlimited mileage 


We are very proud of our 30 5, we think that our 
designers and engineers have done a fine job, and you 
can imagine our delight when we read that theTimes 
motoring correspondent thought the 305 was 
" probably the best new car I ha vp driven this year" 
(Nov. 1977) and "the 305 sets such a high all-round 
standard that it must rank as one of Europe's best 
middle-range models” (March 1978) . 

There's a lot more that we can tell you about our 
305 has beendesigned forvou,so why not 
find out more for yourself by visiting your local 



Engine Size 

‘Fuel consumption 

Constant Constant Simulated 

56mph 75 moil urban driving 

305 GL 
305 GR 

305 SR 




1290 cc 1 
1290 cc 

1472 cc 

43.4 mpg 31.0 mpg 29.7 mpg 

(6.51/100 km) (9.11/100 km) (9.51/100 km) 

45.5 mpg 33.6 mpg 31.7 mpg 

(6.21/100 km) (8.41/100 km) (8.9L/100km) 

Peugeot Automobiles (U.K.) Limited, 

Ai»a I nivinn nRS.Tpl'fll-C 

333 YVesiem Ave., London W3 ORS.Tel: 01-993 2331- 


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Vilmmh H— Me of Brad 



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COfflflwa ihMMMm^mna 




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Agefi is read regularly by 90% of 
French institutional investors and 
is the leading non-English language 
business newspaper in Europe. 


92 Fleet Street, 
London EC4Y IDA 


Rue de Gevray 1 
1211 Geneva 


108 rue de Richelieu 
75002 Paris 


Quai au Bois a Bruler 5-7 
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if'!*; !;/ 'm*-'-''' 



Would vo a to live on Avenue Fo :h in Pans 0 

Tr.?n you miohi as '.veil live on ihe b*si ihe light 
«sioe as vol co down. Tne sunnv sic? Tn-a 50 
sice Ail the greai sueels of the vord have iheir 
best side On Avenue Foch, foe a oer.i jrv the n;ost 
«;;ei beer, the even nun, tie: side. Tne 

50 s oe 

Ai number 50, a new devslocmer • be:r.g cu:lt. 
one '.hat faitnfullv reflects the spirit o.' Avenue Foch. 
With three, four and five room apart merits m tr.e super* 
u:es. .And witn four. s:s anc room town 
houses m the Sower part. complete ratios. planted 

areas ar.d hanging gardens- * tov! e: 4000 sqtrare o: ccidcei i.vjng space c - : - . 5600 sc; jar e 

.Aoarirr.entc ana town house r Tie r-.-ie 
cea'ed dv the ai ihitecl er.d the ;r.;e;.or designer is 
“slor.e and bronre 'one', ir. the tiac ■:•: rii.s aver, .e 
ihat leads to tee Eoss de Boulogne it ,z n-iweve:. a 
3; vie ir. wmcil nothing is rigid, a .'fie -vim a hee and 
flowing o: space. Tbe ioc ,v .: ?:e aeiigr.ed 
for entraining bui have thar feei ng for m'.macv and 
-.vermth tftai :s so much a pait ol out ta::e led a/. 

^Jabiter A*'«?rm Foch, * Pars? Aufanl hsbiter 
le bon cote. Cote droit, quand on descend. C6;4 
soieil. Cote cinquante. Tou*es les grandes 
avenues du on! un bon edit. Avenue 
Foch. depuis up. si^cle, les plus lechercnes 
sent les numeros pans. 

L? csr.quar.ta. Au numfc'.odnqjanle. s'edilie 
un ense.mbie nouveau e! ties fidele a V Avenue 
Foch. Avec des eppaitements de 3. 4. 5 pieces 
dans les superstructures. Ei a vac oes noteis 
paniculiets de 4.6.8 pieces dans ia paruebasse 
"ou se m^ler.t paries, verdure. jaid:ns sus- 
pends : a u :etal. 4000 m’ae verduie sur lesEBOO. 

Appsitements el hoieis particuhers. L’ar- 
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de 1’Avenue du Bois, mats qut n’a rien de ngide, 
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Les pieces son; concurs pour recevom mais 
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Viewing every day from 11 a.m. to 6 pjs. ( 
except Sunday and public holidays. 
Saturdays from 10 a.m. to 5 p.m. 
In the reception and sales 
areas: models, drawings 
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50, Avenue Focb, XSU> Paris- Wl. S00.44.G5. 

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Dans le hall d'accueil et de vente : 
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•t “livxet de bord" edits 
A votre intention 





A long road to 

- . : v more than -The response has exceeded all 

IT USED to be said that France had deteriorated tn 9.< centimes^ country to sat y energy expectations. Withm two years, 
was a country which had every- compared with 13.3 centimes for 2Q per cent o gg domes- the urtiuiiin plan is ^cpected to 

thing. More generously endowed electricity Produced by an J? : produced electricity of generate, investments totalling 

with agricultural land than any fired power station .and . 1LJ * oriAiu Set against, the' some Frs. 250m... 

other Western European centimes for that produces ; by " fl^n^provided by nuclear . Though supplies . are expected 

country, which made it self- coal , >iJK i Sv today, this would to faE short ot demand until 

sufficient in food, and with a Other ^ i 0a ^? >U JjjT 1>e _ co^iderable achievement. 1985, France .is in; a relatively 

dynamic industry which has to the modification of p-^pgig energy strategy favourable'posifion In this firid. 

been built up since the creation original targets. clearly implies that it should j t produces 7. per cent '.of the 

of the Common MarteU the of : J I “?he van^ard of new output 

was poorer than most in indig- tests by ecologists, nuclear to go ahead at full ^with RepuMic. The rest, .pf its 
enuus energy sources. It took power stations have come =0*. ^development °' ^ .requirements ' \ im made up 
the world oil crisis in 1973. stream at a slower rate .Ihsm rich men t “ d ill ™?“ r r-«T mm nly by imports , from South 
when the price of this essential orieinally planned. processing factUfres. _ Africa^ where French interests 

commodity was quadrupled, to Fessenheim 1, for instance, . In all three now uranium mining, 

bring home to the French the first of the new series.>of among the wor dsleadera. ine ..At the tnwnent, -totally 

seriousness of their economic new reactors, situated in Alsace, Ed? has ; set _iteelf a tWLJ dependent ^ oo ioragii urajum 

oredicamenL was plugged into the grid only, some 10,000 MW of fast breeder enrlcJunent facilities, parUcu- 

P . „ imnorts for 75 last April, two years .behind rapacity by 1990 and cpnsttupr far jy in ^ U-S„ Fiance is also 

D ° e e needs schedule. tion of the first Vffg* maSoga big effort to plug^this 

whit is more essentially on At the same time, financing tor. of this kind. ijoIjb-' - ft- -Is a major partner in 

•unnitpn in the unstable Middle problems have become-,:. in- Super-Phe nix has the Eurodif consortiumr which 

Eas? region France was. and creasinglv serious. .Electricite Under present plans, ^ building a gaseous diffusion 

SiH is in a particularly vulner- de France (EdF), the State pair oE , fasl . *°. W S enrichment plant at Trirastin 

ab e poStiom A mator military electricity utiUty, has. ..been ..stations ’ s to in *he Khone : Val\ey: . With a 

conflict Tn toe Middle East, such obliged to mobilise enormous ordered by the st^e ufrllty to of . ro . 7 m separative 

as the Arab-Israeli war in 1973. sums to fund the nuclear pro- two or three years tun . . wr fc.--. .^*ts 3 • Trl#»tta- is 

could threaten its energy life- gramme. In 19^ its need tor scheduled to start prbducitibn to 
line and, at worst, bring the finance was J^sl6bn,^d tote pi A • 1979. and .become fully operative 

French economy to a grinding - vear lts * re Sfi 1 £S53I • “ three years -later. A> project for 
halt. A quick look at the figures e f imated at ' »«™ u 5 e of the hl£b “? ® f * second enrichment plant is 

eloquently illustrates the fo f ^ ent the venture— initial investments^ ^currently . tibder coiuaderatitm. 

magnitude of the problem. iS CS TS* ** 5151 **„*** ' Last: but noHe*^ . the French 

-Oil products, which repre- £2"°^ tSTdo^ esti ? ated at ^ '?* 

sented only 30 per cent, of toe ^ e S r increas ^g construction -f d r lh . e pT0S F* SS,’ .‘.de^Wenl;. ■:# ^npn&&ng 
country's energy needs in 1958. *'* r Jfj ^ deto in the cbm- hal foreign sales, the French facilities which, apart_:_Ironi 
made up 75 cent of the ^ e of ^ pow“ have associated thcmsejves with tfielf . -owh domestic 

total in 1977. while the part of talio ^ g It has thus P been . the West Ger mans and reqd&rtmfents. vSei n big prize 

coal fell From 60 to 17 per cent, ^id to go to the international. m . - a . c0 ^ theform 0{ ^orrigncontracts. 

during toe same period. More- Set where it borrowed . p w ‘i‘ ° pera ^ £* 

over, toe sources of France s oil Frs 9bn in 1977, and if wiU Super-Phenix^ .ff/ 1 . tl ? | ^|^ .beeri idgned wito Japan, West 
supplies are dangerously con- require an additional Frsl3bn h “ . the “®" * -*5?r* * n Cermahy and Austria for the 

centrated on a small number of in the current year. WJ i!? a ^ fSlf hrMd^ have «Pro«SJd.nff of_5pent nuclear 

countries. Saudi Arabia, Iraq. The high cost Qf financing toe thJlreatad^nt^ofproduc! &el at the French plant at La 
Iran and the Gulf Emirates nuc j ear programme and the * nliLtonium than thev Hague. 

supply as much as it per cent. del in j* s implementation ,ng rnore The.French are thus well and 

of France's crude oil needs, bas -**, the sdF to order at f 0BSU J oT^nrichS ^i^ium truly set on a nuclear .path, hut 

with ihe first-named country , coal-fired power J“f tead wm the dividends will be slow in 

alone providing 36 per cent ,“?on.”hi. ”wm”e brilt «t ™tJ"jaL^aL^- , £.!rtli« fe Acc ordil, .» th. 
the toial. Le Havre, and to ask the become pro^erei ety ^ j ate3 t .estimates,- France will 

The prospects for discover- Governrnen t for authorisation I ™*™' Effects wffl bi feti^nly stm be importing^some 100m 

ing new national sources of construct a number of gas but thc effects wm^oe ^ tonne s of oU in 1985, about 40 

traditional energy* products are [^e stations. . ‘ , , in that toe cent ot itfi total ' wergy 

slim. Exploitable coal reserves ln spile of e veiy thing, how-: jjjj *“* .’^SriaiuStion- ot requirements of 240m tons of 
are estimated at no more than ever France dearly cannot. ^oil ; ^equivalent- .-CtoeL ; - while 

about 550m. tonnes-. 1,000 times afford to do too much cheese- natural uranium wnr gin- 0 nuclear electricity will provide 
smaller than those of the U.S. paring on it& nuclear -pro- considerable only 50m to 55mtoe, natural gas, 

and only one-twentieth of V«est gramme, given the lack of Viable „ hl-jT^iadl to ® ost of if imported, 37mtoe, 

■ German reserves. French coal, alternatives. The target for new effort? f have been ^maae ^,^1, 25mtoe and new energies 
on toe whole, is not cornpen- capacity has been reduced to ensure that France will not e ^ 2 -3mtoe.,It ^ill be a very 
five with imported coal and is an annual rate of/5,000 MW short of uramura- Unowr , i on g .|| g ui indeed before anv- 
il kely to be even less so after w hi c h, taking into/account the Governments Plan uraniu^ thing like .independence or seif- 
forthcoming price increases energy whch is expected to be adopted in 1977, public loans ^ jeaiched. 

which have been authorised saved over the next eight years are offered to companies-pros-. • - - - « 

under a contract signed by or so wou i d still enable the pecting for the scarce- mineral. - . 

Charbonnaces de France and • ; • - - 


west of France, once con- ■ • 7 -■ 

sidered to be the answer to at yiy TT\T TO r T TI '\7’ 

least some of France's energy I jVI I ] I 1^1 V - 

problems, will siart to decline XX X XX. JL V . . y, -. *-.' 

afier 198*2. By 1980. seconding ' ■ “ - ' ' . ■ ' ' ' 

lo the latest predictions and . .* . t.' 

plans. French -produced natural -m *y , a ‘ 

gas will meet only 25 per cent fV I /-\'w w T ■ X^ 1 Oil T A flfVT T ■ 

••r the iounrrj-'s requirements. I ^1 |— ■ \Jk/ W ■ I 1 \/ 

with one-third coming from 1 ft LX V JL J 

ihe Neiherlands arid the rest \mr w 

from Algeria, the Soviet Union * X X 

and the North Sea fields. ~r 

Hydroelectricity, with which I 1 ‘FI \f £*Jk | j.fc-m ff I -’ 

France is comparatively well M I I V I v| |iv|X 

endowed, has already been t w_.wp- 

f V')i , eXP r' 0 finding "sun^ificam THE French Government has Frs 31bn in 1976.. ment fimrt be prepared to play 

m.Rntfh-. of o?I d “the Western proclaimed a new industrial While toe production situa- ball — around 20 per cent of 
quantities of oil in the Mctnnnn »r. tinn hac imnrnwpd sliohtlv since the. riPrtvr is owwi to the Govern- 


New strategy 

^n^ e exDloKd?on *nf tive.^ and aid "for the develop- Frs 38bn in debt for a turnover riiim, aird it is hoping to get the 

Tto mT ment of new technology, and of Frs 33.5bu-a cool 113 per Government's response before 

Fvinrfi therefore had little insisting that sectors with cent of lndebtednMs to sales: the holidays. 

v, ni ,« hi'.i iii mi niiriear in a structural problems will only Usinor,-- the -biggest of French on toe prices front toe pichire 

•1,: - nffchnpA aP „i mem ot new lecnnoiogy, auu ui *** uovernmenn 

1 A-^nre therefore had little insisting that sectors with cent of Indebtedness to sales, the ! holidays. 

Fiance, therefore, na - rrilrtllP -i will onlv Usinor.- the -biggest of French , : ^ nr u. 

r hni.f hiu tn "11 nuclear in a structural problems will only usinor.- tne -oi^geai .or fre . ;■ On toe prices front toe ptchire 
hi. u-,v while rl the same time qualify for aid if they can steelmakers, and a . ranyuiy encouraging. Th? 5 per 

?tenpin* up its efforts to P^sent plausible recovery pro-witb (Jent OaHuaiy rise imposed by 

diversify i.s snurces of Im- S™,"™' 8 . ‘ nd 

and trulv over. At toe time, "burning dossiers "are await- 1975 net-toss. 
France, had an installed nuclear Ing action from toe Govern- - 
rapacity nf nn more than 3.000 ment's ruling directorate com- 
MW. The Messmer plan pro- posed of M. _ Rene Monory. Jt 1 tHHli- • • 
vided for a sharp increase in Economics Minister: M Andre ^ — 

power. ■ J J, • rnmA tots war actually • being practised in 

The first really big boos! tn industrial mvestra m -7- . * .- France at the end of last year. 

France's nuclear programme But while these measures, if Sacilor . atraom as mg as ^ April ^ because of toe 

was given by M. Pierre Mess- followed through, will bear fruit- Usinor but jvsth muto more oj recalculation, of values in rela- 

mer's Government in 1974. only i„ the medium term, there are its, vcfffc* ; ^ tioTtotte imitof account, 

a few months arter the a number of sectors crying out heavily .qoaceivtrated in 1 the east added j oie -4 per cerrt ^ 
western world had been faced for immediate assistance, and of Franqp.-. recorded ■ d France, lea vine prices slickly 

With the bitter truth that the some of the companies in them rompajoy.aet toss of FFr 2 -^ n: ab b ve %j,3r ^uly tovd 

era nr cheap energy was well are close to bankruptcy. These in I97frtoree '.times as big as its -r™ isl TlO no? ceoTriM stifl 

. . » 1 tin... ■■ KiirxiiiD rintsiprs 1 are awaiT- tniunai^iH. • per ceai rise- su« 

to come, so the industry stands 
a . reasonable chance *f getting 
the overall. 25 per cent increase 
in the year that it thinks neces* 

„^ 0 fMme 6.000 M. Robert Boulio. Ubour Profitability. Pnces lor etqlBt T 

MW per year and a total invest- Minister: all under the direction **W#'*7£ l ,w ilkifehaaa hOTe - T ' ien •!«>.•#»«• 2 

imen. P ™ estimated in 1975 a. of Prime Minister M. Raymond 15 end 25:,er cept^nou WSC 4 

' Fr mohn Barn? - Hcrc - then * ,s a ver Y furtaef Ffr ouum oeiweenmem destinations..- :-7 

The programme has since selective guided tour through so £ar:to*s B^^ups Output in toe first; four yt; 

been revised downwards for toe waiting room of ihe h ave began -the re-orgmisation pomhs of *ns i'US'l 

.several reason-*, although it Industry Ministry. of . tonft es ,7 .6 per coa£ higba- toao 1 :; ! 

remains one nf ihe most sub- To deal with the steel in- uaUy tlm GOWW ment S desire l )a4t year; but after adjusting 
stan I i a! in the western world, d us try's problems toe Govern- see Wieir Dasic stee -max^g for the strikes of April. 1977 the v 
Because or the slack, inter- m ent was forced 15 months ago adavrtiea; ^socutea more reaJ rise ^ . to per -J 

national economic climate and. i 0 put together an emergency closely o^wnstreffla opera- cenf ToUj ^ W8S; :; 

the consequent slowdown in the package of closures of old tions. winch are HKay to dc 22.1m tonnes laiitirist 23^m Ja : « 
rate of growth of the French installations and modernisation nw>re profitable. 1976 and the jndusuy dbes not : * 

economy, forecasts tor elec- 0 f plant. The programme— Tte; ^ industry claims that ^ it expect to get back -towards 33ffl 

tricity consumption fell sharply, which looks to toe Government, cannot .generate' any momentum tonnes capacity before the “M* ’ 
The cost advantage which the industry’s owi collective for ; mcovbiX ^ vhiTe^ ^it is carry- w 0 f the Plan- ' 

nuclear electricity had in 1973. fund-raising operations (via the i n g such- a. burden of financial ned ifioon lol^have'-already m > 
thanks to the jump in oil G IS Land the European Coal c bat«eS'lmdti»t arescheduling g0 n^ jndudinSom&SjiMXrflU 1 * \ 
prices, has also rapidly eroded and Steel Community for flnanc- of & ^esScntiaJ;. As it .could Hshr redundaMiesjX ; > 

: il ...iikmil hmuaifap inn fnrpcau ihfi filimiTiatinn .... _ ■ ■ ' . - 

nuclear vlecrricliy «. .*». voun.jy ^ di^Un. which n t« monl, 

K^ir that nr finnvpntinnai elec- nrovoked the crisis was an it.;. ■ n:A^L'i^ 2 AHenfs 

hair th.l or conventional ele,-- provoked rhe criaik waa nn inarket, this mans 

iriciiy — 4..1 centimes compared industry rarrjing Frs 3ibn m v. - hanks and Ihe Govern- with » 
with ninrp than I® centimes per lone- »mt mcdiunHcrm debt “ nlB “1 

kWh- in 1977, the relationship which had recorded sales of . - CONTINUED ON N£XT-PA<5E‘;:tdt 



5 13 

” •- s • > .> ■'■-• v ••; 

4 ‘-r. .-r 7aZ£5aj£*3t - :■ r*£^~ 

"■- •i^csisEty.'’ s^sr*^--. .. :ir- r - 


: ••• t . ._. 

13 1978 


ii. . - -••<- .- *• 



under way 

<rt~ The company has suffered broad details nt finanee settled, ponies. . 
badly fro TSZ interference -The contract also provides for 

over" the past few vears. Notably the concent ration of activity on formula for Pjofita ^ 

U had been obliged to maintain Roissy-Charles d e Gaulle airpon they *«" "J “ f b ™ 5?3 
in "service a fleet of elderly and agam specifies compen- cl ear f °r the b enefit^of 

Caravel les because there was no salion, while, the entire con- management where J ‘ 

European replacement avail- eorde invcatinwnt has been taken frontier between its freed 
able to divide its operations out of the airline’s books, in- and State imperatives, 
between rhe two airports of eluding transfer to The Stale of State, the burden of the ente - 
5XS? Jnd Orly; and to the. responsibility for 70 per prise becomes at worst a P«- 
onerate Concorde. All these cent of the operating losses of dictable rather than an u p 
obligations were compensated, ihe supersonic service. dirfable factor. 

■hut the airline had no idea or further clauses deal with .The policy of purging the 
the direction in which it could growth expectations and pro- pubUc sector has just begun ana 
travel. duetivity — it U a fairly com- will certainly cause S«mMM 

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• •. • v 

SPRING _• IN Paris this year 
tvas not*, only cold — it was 
painful. The Government, 
determined in the wake of its 
election victory. to take French 
industry, by ' the scruff' of its 
-neck- andr shake if into; com- 
petitiveness, had made a solid" 

' start by decreeing a sharp 'rise 
in a number of tariffs directly 
..underwits control. Coal was to 
-got up- fcy. nearly 8.7 -per cents 
^railway tickets by 15 per cent, 
with frcTght .to cost around 10 
per' cent more ; stamps 20 per 
cent imore ; metro tickets up 
from -Frs II -to Frs 12425 for 
a 10-tickei boot ; 'and 10 per- 
cent on £as and electricity 

Mi Raymond Barre admitted 
that this would cause a few 
- months of bad cost of living 
. figures, but he was unrepenlent. 
TTiere was a- -clear difference, 
he said, between price rises 
. occurring against a background 
of a wobbly currency, un- 
healthy trade- balance, wages out 
of control and excessive mone- 
tary expansion and the rises 
which took place: in a planned 
. fashion against the background 
of ■ wage !■' controls, a stable 
.. currency;: a restored balance oE 
payments and firm supervision 
of the money ‘supply. These 
“curative” rises were essential 
if the inflationary budgetary 
deficit "of the State was to be 
reduced. . 

M. Barre has. never failed to 
cite chapter and verse once 
given an opportunity; This 
-year, the -..Slate — that is. the 
taxpayer — was facing a bill 
Tor subsidies to -the public sec- 
; ’ tor of Frs 30 bn- (almost £4bn). 
Without a' price Increase the 
"State-controlled (51 per cent) 
SNCF railways would lose. Frs 
5;7bn~ this year, while the total 
[ State subsidy to the system 
Would approach Frs 14bn. 

The increase in public .sector 

• tariffs to more' realistic levels 
is one of the lines of attack 
decided on by the Government 
In- its campaign to tackle the 
whole business of the operating 

*■ deficits in the public sector. The 
: other elements are a severe look 
' at investment projects and the 

• - opportunities for economies. 

and the- drawing up between the 
' " State and the enterprise con- 
cerned a sort of formal treaty 
• setting out the rights and obli- 

Mtibu - i>bw- Last year it had a turnover of “ f . “''3^ Sa^M»nIS ,n> wS ,l S? 

: The 

and The same -propomoiv oi in- its total niuncine neeus mr -f"'. “u,« h^innin- Mr France and the cual industry lead airline for uie evemua. « " ‘ l s '‘ QTS^r'nrc^ Barre's political weight and of 

’dustrfal added^tfe. One M. the year were Yv* l«.3bn. in- economie,^ alj-o _ while m , lllure are in [he new European Jt'T airliner, and which also covers 19<8«>. pro- prosideiu Gjscard d'Estaing's 

Edouard Bmiiiefous, . president eluding Frs. I3.2bn investment, though the 0 f nesMla lions, the it lays down specific financial vines for the restoration of j how far and h0 w 

rommi. w,. r j» ...,r *« I-,-.** «..iv> atPMfiv selected one golden enur^ _ n. 0 iniauoHb, «««>- ,.„A r«mviie price frcotloiti. fixes the le\el of F ■ .ti tl > Government goes in 

Slate aid in relation Xo j ts commitment to restore a 

with Air France are phased out. The- airline also ^w^fSSjfer* to the liberal competitive economy. 

- Stale rrrlain nou-opera.inj David CurTV 

SSaPSiSW £K£ ^‘TSS P S?U» 0 . Of ^ , d«.r Ail*, and -47S - «.h -he L0sls - “0 «“»“» ■ 

that where«s: ; m 20 years the the local capital market and 
number of Statebwned holding some Frs l.6bn from the Slate 

companies has. declined from via loans or capital increases. 

170- to around .130 their sub- Its debt ratio (all forms of ^ ■ ■ > . 

si diaries bavfe .multiplied from debt divided by own capital) L/-L C4< V CONTINUED FROM PREVIOUS PAGE 

266 to alihosi-650- ^T. . was 109 per cent in 1967. vir- » B ;m«niod in governments and the highly 



But they cannot all be lumped 
-together'. The -fihani3al State sec- 
tor is crowned' by the three eludes compensation mr me 
State-owned big banks — ihc control of fares, subsidies for 
Banque National® s d e Par j- S - various concessionary fares and 
Credit "Lyonnais, -ifid ■ Soeiete a very hefty contribution 
Generate, if y do .add in the wards a pension fund '" h " 
trustee and popular savings actually paying benefit! 
banks- vou find tiiat the State people than the existin 
accounts for SO. per cent of bank ing staff of the system, 
deposits, while ; fQn. the same Virtually all the - 

terms some govern- 
to Third World 

lo ihe industry's 
deliveries in 107 

deposits, while : t QO. the same virtually an me h _ indus try managed a first 

definition collitfaW some 60 cerns m the StaK-owned sector ‘ ej . sur ^i us > : the depend- 
per cent of insurance preniiums. have seen their for * ?lf ‘ * nce on a handful of large value 
th»n> if ihe industrial financing (defined in France as . . a ,. n nrt«- ihp 

c i.-.v. in • r~- - witn an oraer nous oi o.iaiu 

_ , „ , ,, „ hnrU- i-nverin® metal State-owned, lias lost Frs Jon . ^- ne start 0 f id is year it 

first Schneider empire. But ihe The - : m o L .iianieal > n refining in the past three down to 174m srt Only 

Government's current pre- transformation and ^ years, and' the difficulties of the ig ® (|Q , rt T uf , iew orders we re 

:r ccui. wi iub^»»v*. - - v in France as ence on a nsmarui o* mikc ^ occupations centre on the No. o industries .as- 3(J ppr L . em State-owned CFP- Dl a U . e d ’in 1976 and 15.000 in 

Then there is Ihe ihdustna financing contracts for its exports; the ofthe industry m terms of group picked U P J® 1 - 1 - 3 p ‘ lhaI J Total group in refining have J B77 “ vJ| ie n French shipping 

Slate sector, in- which pnde or low divided by financ al rc | ative i v small size of the com- turnover «Fr-- 29hm» Raiir-r- better m i me fir»i .u« r ‘ n aJs0 becn pronounced. Both J ordered more than 

place is invariably., given tu needs) diminish over ■ ‘and. of course, very Forest-GSP. particularly the Iasi year) but companies signed the memo- g,.,^ ; overseas For throe 

Renault, the. motor manufac- years part.culariy as they have p ^ Forest part of ihe group with are still w»«J randum sent i.y five European ^ d ° nce ha5 faiIe d to 

turer/bul which, embraces the had to s ^ff ” There are 1 win lines ..f attack its Trs 173m of lurm.vcr and m doring m oil groups to Brussels seeking re l ]sXcr a , UlS } e roreign order, 

coal mining indu^y , with a laUoiis while ; in_s° me . h „ th^flnvernmcnt: the attempt 1.100 work force. The groups iter clients, deterred b^th^jo»J re «Jiation oi ex-refinery prices The^onlv^rders in sight are for 

-eeiments and both lwo pp r ->om each refrigerated 

the solution to cunlailK . r ships to carry 

Brussels. bananas, but Chantiers de 

— > , -y-j-i - 1970 io 36 nor cent last vear. creation oi iuu.ici e*«— i— — — . , ... .u t . reach fur their In shipbuilding. Government FAtlantique may have to build 

company A erospft^®-- , tm... hat Hpfinerf smaller companies to undertake this stiate-u- Sk,ai '® 4 „ ; ' u ^ u„ aid is running at about them for its own account and 

perhaps FFr l.Sbn a year and the lease them subsequently, 

orders are Transport Ministry is refusing Shipping companies them- 
. i . in nvnoriofi in mt charplv because any more. The industry says selves face a crisis. Their asso- 

Ssivt e cTon d ^“g d s X rS‘"V own We in the SSid^raWy freich^ySSte w”S from FFr^bn ?! FTr $ S 

ss Di su r,s sskk ^ con,inu?,l!r 

taking a colossal mv®^aem pro- e u ^ . eelinse Renault 

;srn g T™i;s.rb»mpr«- u« sf i ‘mw s «" SJSuii £ SSSSIS 

gramme to- give .f%»ce -^n interest market an P division plus the seven sub- Renault is also concentrating dus>rv, th.& - it an 1979. it argues tliat Govern- car go business have fallen some 

s-r .*■-’w w up ,o 20 FFr so '" short ot debt repas " 

fir 5 step, and the Prime comes from sales to the ' com- *“* > 5 j; h see3 in f rol the import, refinery, and cent of co 

- ... «»-*-*-- h» on ot pains to pany’s motor d } vi ^,°°f “JJJ, * Forest one of the most advanced distribution of petroleum pro- with the 30 

SfcSr" too, duun mb ^ on, p t ,o ««; 

and the gas a 
utilities, which-, 
of an ambitious P 
nuclear energy. 

The electricity a 
EDFj is one - of*, 
voracious consumers? 

iity. the Minister has been at 

haE..SfiET i™, contracts_wifh_ 

n 1*1 pAhS If rail I3I<7> AL ai^uc-j - ; 

numn are in- ment aid amounts to up to 20 FFr SOm short of debt repay- 

PU, P nt c-f sale price of a ship ment charges and that the 

translates into 10-15 per deficit would reach FFr 300m in 
cost price compared 1978 and remain high. 

per cent, accorded David Clirry 

competitors by their 

? 1 

«-/-v ■ 



features of n*^ fr ^“®J 1 1 ^|teiBolt.30TS 

an Alplrte ,^ 

as it is manoeuvring skilfully throug 

•"the most difficult city traffic. 

Its bia 2.7 litre 6 cylinder engine gives you more 
smooth powet and sophisticated, advanced 
handlina characteristics make sure that you control 
the sharaest comers and that they don t control you. 
■ Front-wheel drive and independent suspension • 
make the longest.get-away-from-it-all trip tx)th fun 
and safe. 

T-' .-fiSff.^55. 

Comfortable protection, Renault 

style. But just as important as better 

performance is you. And that's why 
the Renault 30 TS has a safety system 
that incorporates a unique 
safety cell passenger compartment . 
it keeps you safe and sound under the 
most hazardous driving conditions so 
that you can relax at all times. 

The pleasure principle is all around 
vou in a Renault 30 TS.,. so you can 
escape m style. Seat's can be specially 
neared lothe “comfortable body 
angles’, so that they Tit you... and you 

don’t have to fit them. . 

Tinted windows make visibility less of 
a strain- And all interior instrumentation 
is intelligently positioned... ready and 
waiting. • 

Anywhere, Anytime. The Renault 3Q TS 
wouldn't have it any other way. 

RENAULT 30TS, the uncommon 


banque de llndochine etde suez 

HEAD OFFICE - 96, boulevard Houssmann -75008 - PARIS - tel. fl) 266.20,20 

CENTRAL OFFICE -44, rue d. Courcelltw - 75008- PARIS -iol. (1) 766.52.12 

telex 650409 Paris 

LONDON BRANCH ^2-64 Bi s J,gp S ga| e , EC2N4AR - Tel. (441)5884941 



































subsidiaries and affiliated banks 


Banque Frar»?aise Commerciale 

Banque Francaise et Italienne pour J'Amerique du Sud -SUDAMERIS 

Banque Monod La Hen in 

Banque Libano-Franfaise (France)' 

Dupuy de Parseval & Cie 
Societe de Banque de ('Orleanats 


Credit Foncier de Monaco 
Trinkaus & Burkhardf 
Banque du Benelux 
Banque de Suez Italia S.p.A. 

Finanziaria Indosuez S.p.A. 

Banque de Suez Luxembourg 5. A. 

Eanque de Suez Nederland N.V, ' 


French Bank of Southern Africa Ltd. 

Compagnie Maracaine de Credit et de Banque 
Nigerian Finance 5ervjces Ltd. 

Banque de I'lndochine et de Suez -Mer Rouge (Djibouti) - 

Suez American Corporation (Investment Bank) 

Bfyth Eastman Dillon and Co 


Banque Antiliaise 


Banque Francaise et Italienne pour I'Amerique du Sud - SUDAMERIS 

Al Bank Al Saudi A( Fransi 

Arab Financial Consultants Company (AFCC) - Kuwait - 

Banque Sabbag et Francaise pour le Mayen-Orienf - FRAN5ABANK * 

Banque Libano-Frangaise S.A.L. 

Uluslararasi-Endustri Ve Ticoret Bankas i - UTEBANK « 


Indosuez Asia Ltd, Hong Kong 

Banque de I'lndochine et de Suez » Nouvelles-Hebrides 




a Franco Algerian Bank with capital of 80 million French Francs 

held by : 

Banque Natkmale d’ Algerie , Credit Populaire ff Algerie, 
Banque Nadonale de Paris, Credit Lyonnais, Soeifte Generate, 
Banque de Paris et des Pays Bas, Credit Commercial de France, 
Credit Industriel et Commercial 



50, rue de Lisbonne PARIS 75008 
tet 766. 52. 84 

B.P. N° 181-08 75363 PARIS CEDEX 08 - Tilex i 660.213 

Looking for Industrial 
Properties in France ? 

Following the reorganisation of its manufacturing facilities, a large 
French industrial company has a number of quality plants to offer. 

These plants are located in various French regions, including the 
Paris area. 

They could be of interest to firms wishing to develop their activities 
in France and planning to employ 100 to 300 people. 

In addition, this French company is ready to study with any interested 
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For further details, please write to Box F.1013. Financial Times, 

10, Cannon Street, EC4P 4BY. 





The seats 

THE STATELY Parisian innnw* 
ments where the big French 
hanks have their headquarter?. 

with their high ceilings and 
carpeted corridors, are ru- 
ing more and more the seats 
ol empires. The rapid expansion 
of French banking overseas in 
recent years expresses a 
dynamism that belies their 
august facades. 

It is only in the last decade 
that the big three nationalised 
deposit banks— Banque National 
de Paris (BNP). Credit 
Lyunnais and Socfctd Generate 
— have made it into the world's 
top ten banks. As their inter- 
national operations increase, so 
do the banks come to rely to a 
growing extent on foreign ri*ks 
for their profit 

The BNP, for instance, in its 
1977 report attributes " more 
than a quarter of the bank's net 
earnings*' to the operations of 
its 21 main ' foreign offices. 
Among the leading private- 
sector banks. Credit Commercial 
de France last year made 40 per 
cent of its profits abroad. 

The proportion of overseas 
earnings is larger among some 
of the top U.S. banks, but this 
is largely due to the special 
role of the dollar; in French 
banking terms, it is un- 

Besides the general move- 
ment towards internationalisa- 
tion. of banking, there are 
several reasons behind this 
trend. French banks have since 
1972 been subject to Govern- 
ment controls aimed at keeping 
down the growth in money 
supply, in the form of strict 
ceilings on each bank's per- 
centage increase in credit 

The two main exemptions to 
these controls, in the obvious 
interests of helping to restore 
Fiance's trade balance, are 
loans for energy-saving projects 

and medium and short-term ex- 
port credits. Between them, 

these two categories' make up 
a-fifth of all domestic lending, 
which meant that last year, for 
instance, when the big banks 
were pinned down to a 5 per 
cent growth in their normal 
credit operations, the total 
volume of loans actually in- 
creased by 14 per cent. 

The prospects are that credit 
controls will stay in one form 
or other for some time, adding 
to hanks’ interest in their ex- 
port credit activities. Most 
bankers seem resigned to this, 
even though the Government is 
now freeing its controls on in- 
dustrial prices; the .Govern- 
ment's policy is aimed at 
strengthening companies’ own 
financial base and not at letting 
go on the money supply. 
Bankers have proposed other 
means of control — such as o 
fixed ratio between banks* 
capital and the amount they are 
allowed to lend — and many still 
complain; M. Jean-Maxime 
Levfrque. chairman of Credit 
Commercial de France, has 
called the controls “barbarous." 

But it is not just the controls 
that are forcing bankers’ arms. 
The slowdown in the domestic 
economy has meant that in any 
case demand for credit is low. 
In the second half of last year 
it did not even hit the ceiling. 
The banks were left with a good 
deal of wind in their lungs. 

The setting-up of new 
branches in France has also 
slowed down. The years after 
the so-called Debre reforms of 
1966-67, • when the banking 
system was liberalised and the 
distinction between deposit 
banks .and merchant banks 
virtually erased, saw a massive 

These were lea amices ] dies 
of French banking, when large 
numbers- of families who had 
kept their money at home 

became clients and started 
using bank services for the first 
lime, Now the possibilities are 
virtually exhausted/ with the- 
exeeprion of the State-owned 
farm loan agency, the Credit 
Agricole, which continues to' 
open new branches and whose 
activities have spread outside 
the purely farming area. The . 
lax exemptions it gains from 
the Government are a source 
of anger to other banks. “ It 
is not surprising," the caustic 
AL Leveque of CCF comments, 
“ that its branches are. pro r : 
life rating like mushrooms.’’ . •*. 

Abroad, however, everybody's 
branches seem to be pro- 
liferating. Credit Lyonnais* list 
of overseas representations 
numbers about 400; Soctetf 
Generate is directly or ■ in- 
directly active in 45 countries.- 


All three of the big Slate 
banks belong to international 
banking clubs — Soctet'ft 
Generalc alongside Midland in 
Ehie, BNP alongside Barclays 
in Ahercor, Credit Lyoonaise 
in Europartners — while CCF 
joins Williams .and Glyn’s in the: 
Inter-Alpha group. But these 
associations have proved di£ 
appointing in their scope, and 
the banks arc now leaning 
much more towards setting up 
their own operations. 

In London, the French banks 
aFe long-established. Credit- 
Lyonnais and Credit Industriel 
et Commercial arrived, therein 
Victorian days. The presence 
of BNP. which has just opened 
new offices in King ‘William 
Street, dates back to 1867. when.' 
the Comptoir National 
d'Escompte de Paris became, 
one of the first foreign banks 
io open a London branch. 

The BNP was formed. 12 
years ago through a merger' 
with Banq u e Nationale • 

pbur le Commerce et lTndus,- 
■ trie,.. which at the time bad the 
biggest' foreign network among 
French banks. Aggressive in tts 
approach, and the- most active. 
French bank In export .credits, 
the BNP is also the parent of 
qne of the main merchant banks 
active In the Middle East,' the 
Banque Arabe et Internationale 
dTnvestissenient iBAIIj. ■ 

The banks’ activities abroad 
fall into four main categories: 
finance for French ■ exports, 
: assistance for French com- 
panies setting up overseas, 
management of foreign cur- 
rency loans and the recycling of 

. In their support for- exports! 
.“French banks, are absolutely 
In the front rank,” according fo 
M. Maurice Laurd, chairman- .of 
Soaidte Generate. The Sink’ 
took on Frs 40bn worth of risks 
in this domain last year, equal 
to almost half its total deposits 
-from -clients and. some 60 times, 
its net profit for the year/ Two- 
thirds of its medium arid- long- 
term export operations were: 
buyers’ credits, of abtiotJ20 per 
cent of total foreign trade risks. 
The great bulk of these are 
hacked up by the Government’s 
export guarantee . agency 
Cofacd. - .... 

• Other banks are be'avily in- 
volved in ovc rseas Indust ry, 
notably Banque de Paris et 'des 
Pays-Bas (Paribas), whfch .has 
been international since' its 
foundation in 1872. * Until the 
1966-67 reforms Paribas was 
classed' as a merchant .bank, 
which meant it could not. open 
branches or accept deposits. Its 
industrial holdings in France inr 
dude important ' minority 
shares in the Thomson electri- 
cal group- Compagnie Franchise 
des Pelrbles (the Total nil com?' 
pany) and Pechfney-Ugino- 
Kuhlmann, the . metals and 
chemicals combine. 

Abroad, Paribas was active in 

founding not only banks— such 
as Sudameris and Banco 
Nacional tie... Mexico— but also 
industrial companies such as 
Norsk Hydro, the Norwegian 
energy. concem. .After the war 
it set up an -investment bank in 
the U.S.-— Paribas ■ Corp.— the 
first non-U.S., bank. to do so. Its 
big U-S. operations— Paribas 
North America, . ; Becker- 
Warburg-Paribas and this month. 
& new branch in: New York- 
helped: establish the .bank in.tbe 
Eurodollar /business:' it is now 
one of the. most- active banks- in 
the Eurocurrency maVketSr 
.. Also because of its Industrial 
interests .overseas; Paribas was 
one-' of the leaders, in the post- 
war’ period .in setting up export 
and import finahee mechanisms. 

. A pioneer- ip Moscow, -Pari bas 
has" also -built: Up in. recent 
years important, interests ■■ in 
Asia. - 'In the Middle East, it 
the largest network - of any 
hank of continental Europe, its 
more recent venture: into . the 
Far East, -.where others, such 
“as /Banque de'lTndachipe-ef de 
'Sueiz, the main, banking' -arm of 
the Suez group, .have .. been 
longer, .established, includes a 
minority stake taken last month 
-in a leading Jiang, Kong broker, 
Sun Hung KaL It now, seek- 
ing a branch in Hong Kong to 
•take advantage otthe authori- 
ties’ changes of Jjne. "With regard 
to foreign haul®. 

' :. Although itpjFfench interests 
have- also, expanded, Paribas 
now .'estimates--, that . half its 
profits are earned abroad, and 
Ore proportion is going up. 

A Jook round the main banks’ 
profit figures for last-year makes 
it dear that despite all their 
complaints— about -ci curbs,, 
about State domination, about 
the - para-banking institutions— 
they are : generaI3y not doing so 

David White 



FRENCH MOTOR manufac- 
turers are set to achieve 
record output of cars and 
small vans for the third year in 
a row. Jn 1977 the previous 
year's record was cmnfortably 
surpassed when output in 
France reached 3.09m. If the 
460.000-odd cars manufactured 
overseas with varying propor- 
tions nf local components are 
counted, it means that last year 
well over 3. or* cars bearing the 
marque of a French manufac- 
turer wore pro/.uced. Direct 
exports alone accounted • for 
more than 1.6m units. 

This year will not see a dra- 
matic increase, but the bis 
three manufacturers are all 
forecasting that they wtU 
match last year's performance 
and may edge ahead of it. Al- 
though output over the first 
three months of the year at 
S45.673 fell behind Inst year's 
figures by 2.8 per cent {over- 
seas assembly was well ahead) 
and registrations were running 
9 per cent down. April brought 
much better news. Production 
was up by 3.6 per cent and 
though registrations were still 
below the level of April last 
year their pace was picking up. 
At four months the industry’s 
production in France was top- 
ping 1.21m. 


Last year the industry was 
operating in a climate of severe 
economic restraint. In parti- 
cular it was restricted to a 6.5 
per cent price increase for the 
whole of the year which fell 
well behind the increase in 
labour costs (average industrial 
earnings were up by around 
1 1 per cent). 'In fact motor 
manufacturers have had to 
make do with an overall price 
increase of 8-9 per cent in the 
period since M. Raymond Barre 
introduced his economic re- 
covery programme in October. 

The situation is now changing 
to some extent. The Govern- 
ment is continuing to hold down 
wage rises to the equivalent of 
cost of living increases (which 
could easily top 10 per cent this 
year) but it is committed to 
freeing most industrial prices 
in the third quarter of the year, 
with the motor industry 
scheduled to be liberated ” in 
mid - June and commercial 
vehicles and tyres already freed 
on June 1. 

At the same time there are 
signs of some firming in the 
steel market, a fundamental 
source of supply, and the steel 
industry thinks that with a bit 
of luck its prices might manage 
a 25 per cent rise over the year. 

The general feeling is that 
there will be no dramatic price 
increases though there will be 

some move towards closing the 
gap between French and other 
European prices, which are 
generally higher -(except in 
Italy). In any event, the in- 
dustry is too politically aware 
to risk a sudden price increase. 

Each of the big three manu- 
facturers is going into battle 
with new models. Peugeot- 
Citroen unveiled its Peugeot 305 
at the end of last year. Output 
this year should reach 80.000 
and is fully bought up. By the 
end of the year output should 
reach around 1,000 a day, and 
the 305 is very much the car 
which will carry Peugeot's 
colours into its African and 
Middle East markets. The old 
battle-horse, the 504. is still 
running at 1.300 a day and is 
the higgest sold and exported 
car in (he stable. The small car. 
the 104. is running at around 
700 a day while the up-market 
and expensive 604 is being pro- 
duced to the tune of around 
30.000-35.000 a year. 

Peugeot produced 780.000 cars 
last year and expects to do 
marginally better, and to hold 
its exports at about 52 per cent 
of output. There is the hint of 
new models to be unveiled at 
the October motor show — it is 
generally supposed that the 504 
is due for renewal but the com- 
pany is keeping its cards close 
to its chest. 

Its stabtemate Citroen ex- 
pects very much the same 
trend. About a year ago the 
Pougeot-Ctlroen tandem, which 
has always tended to act like 
brother and sister rather than 
husband and wife, got a new 
president in the shape of the 
40-year-oJd Jean-Paul . Parayre, 
one of the particular breed of 
young and political whizz-kid 
civil servants familiar in 
France. He presides over a 
three-man directorate including 
Pierre Peugeot and Gerard de 
Pins and it was stressed that 
the introduction of a relative 
newcomer as president (he 
joined the group in 1974) did 
not mark any radical depariure 
in the policy of separate iden- 
tity for the two components in 
the group. Howcvp-. given M. 
Parayre's experience as one of 
the Slate’s watchdogs on the 
Renault board it is thought that 
he may be rather more 
ecumenical when it comes to 
joint ventures rtt the industry. 

Last year the group’s profits 
rose marginally over 197B to 
FFr I.59bn net, whereas cash- 
flow was more than 21 per cent 
stronger at FFr 1.586 bn and 
turnover close to FFr 42bn, of 
which 49 per cent represented 
exports and overseas activities. 

Chrysler is the relative baby 
of the big three, with a patchy 
profits record. Last year its net 
profit dropped From Frs 215m 
to Frs 47m but the company 

says much of this reflected the 
cost of setting up the new line 
for the Horizon.' Chrysler’s 
champion in the battle of the 
new middle-range cars. The 
company expects to produce its 
maximum nf .520,000 cars ihis 
year, of which around 210,000 
will be Horizons. 

Over the past three months the 
company claims that it has im- 
proved its market share by a 
couple of points to around 12 
-per cent. 

Renault has followed an 
aggressive policy of multiplica- 
tion of models (Renault always 
denies that it is ever replacing 
anything) for some years. This 
has seen it move Inin the 
executive car range with the 
20s and 30s and add new blood 
to the medium car range with 
the inflated mini, the 14. A 
couple of months ago it unveiled 

its newest competitor in the 
shape of its "Eur'vcar", the 
Renault 18, designed to fit into 
the market between land with 
some overlap) Ihd 12 add the 
16. Initial output was 220 a 
day and by November some 800 
a day is the target. Both the 
R18 and Peugeot’s 305 st.ter 
clear of the familiar hatch-back 
formula To opt for a conven- 
■ tional boot., _ 

While Renault runs second to 
Peugeot-Citroen in home output 
it lead? the field. 'in global pro- 
duction; around 1.7m last year, 
and it jy the expansion of 
Renault** overseas presence 
which is one of the majn pre- 
occupations of the car division. 
In particular. Bernard Hanon, 
the head of this division, has 
been itching to have a new 

crack at the American market 
and' the recent deal between 
American. Motors and Renault 
must be seen, in this context 

The company's., current posi- 
tion in the U.S. is based on the 
mini R5 — le car~but total 1977- 
sales. in the G.S. were still 
below 13,00ft. The main -in : 
terest of the AMC deal— which 
is still being fleshed out — is the 
access to the AMC 2,100-stmng 
dealer network (though seine 
will -presumably stick to. the 
.European manufacturers with 
which' they are already asso- 
ciated). The Renault network 
in the .U.S. is only 335-strong. 
There is also the prospect oE 
production of the new Renault 
18 in I960 at the Kenosha AMC 
plant, which is at the moment 
producing only to a third of its 



«La France* 4,' rue Ancrfto - 92521 Neuilly-sur-Seine Cedex 
• ' Tel. :. 747.1 1.45 - Telex : 610334 & 610640 



KdHQO-Building - P.Q. Box 5595 ' . ■ 
Manama - Bahrain • 

Telephone : 57 393 / 57 387 ' • . ' 

Telex ; 8840 U8AF CJ { General b 
8823 UBAFEX.GJ iForeiqn exchange) 
Cable : UBAFO0U 


Room-208 - Mitsui. Bekkan. ; • O' 

3 - 3-7 Afuromashi, N ihombashi 
Chuo-ku * Tokyo 103 -'Japan ’ : ’- 
-Telephone : 241 5945 / 245 0801 \ 

Telex :J 256S0/1/2 - V • ; ’ : -- 

Cable ; UBAFTYO 

General Representation of y.BJLF. In the 

Centre Gtfinbr- f .0. Box 9092 - Beifut • ! ’ ; - ; V ; SSSS'S ■ - 

Lebanon . ■ — 

• :-.'y 

- • .V .-dbr-ifi: 

kJ *- * ■ «~ i W.igi i S> , ^ yftS^3r..i' • — L -_iJ.. . -.-^L-’-'-i— '• •— 

^TmesvTUesday- Jun^,&3;1978 




regains its 

••>•.. ■•■r' 

EVER ; SINCE -the French : 
Government decided in the : 
wake of its election victory that ; 
one of its priorities was .to he ' 
the restoration of the' finances 
of the company • sector, the 
« whole question of .the stock 
! exchange (Bourse).. as a vehicle 
for the raising of .industrial 
’capital has become, a central 

- debating poniL- ^ - 

The restoration to the Bourse 
.of its role as an instrument for 
raising risk- capital and the 
parallel-' policy of encouraging 
the flow of savings into equity 
capital- is the subject o-f a series 
of legislative projects which will 
begin their, career ip the 
National Assembly, the 
summer. " . 

At. the same time the Govern- 
ment has grasped' the particu- 
larly prickly - .nettle' of . Jhe 
taxation of capital gains, and is 
. Jinking together the passage of 
a new law on capital gains with 
the measures encouraging the 
flow of savings into investment. 

While encouraged by the 
Government's awareness of its 

- financial problems, . industry 
thinks that the reforms do not 
go far enough, and in particular 
would like to see more, bene- 
ficial conditions for the raising 

. of loan capital and better tax 
treatment of . revenues from 
’. shareholdings: 


income from: share disposal will 1 
be taxed iosteid at i flat 30 i 
per cent rate on their profits. 

• For those:who_ar.e occasional 

traders . but who -nonetheless ; 

make significan^prOfilts the rate 
of taxation’ is loWeriS. .it* 15 P er 
cent apd the thre^rold )^lue of 
sales at which the fax is applied 
is doubled to Frs 409*000; One 
of the rea'sons .fpr.-ths to 
avoid heavy taxation, of drie-off 
company " ' ■'restructuring 

operations. : C: : \ . 

• There is ho tax on'occasional 

revenues dcrivedlfrqifi'rsales of 

shares worth -less" than Frs 
100,000. . 5 
It should be . noted . that the 
-thresholds — Frp -50,000 and 
Frs 100,000 la. each case 
apply to the. value ..of: the. sales 
and not to the value ;pf‘tbe in- 
come. Losses- caa- : r be offset 
against gains of the t^me nature 
over a maximum "period, of five 
•years. - ‘ - : 

The new capital-gains tax, 
while attacked as. ®%«tradictory 
to the GovernmpnCs intention 
; • o f encp u rag ing : thq : tfnvestin ent 
of. savings, in industyy.twas a 
political necessity : iivifiilfil the 

■ Government's 

■ greater fiscal . equality.' 

■ addition, it could. ppt Jduindnn 
: .the .idea of a' capital 1 : gains tax 
t without appearing tQ-GSW.iu t° 

. the Gaul lists — no^itymld it 

implement the' existing -pleasure 
. without incurring .thqic open 

rphpllinn . . . -it,': *- 

lost revenue — a sum which is 
too heavy in the light of the 
Frs lo-20bn budgetary deficit 
the Government is facing this 
year and next. 

The Bourse is looking to these 
measures to help it tackle one 
or its leading problems — and- 
one of industry’s main problems 
— the pre-eminence of the fixed 
interest issue over the equity 1 
and the consequent increase in 
the indebtedness of industry at 
(he expense of self-capital. Last 
year, for example, of the Frs 
61.3bn in hew money raised on 
the Bourse almost 84 per cent 
was by way- of bond Issues at 
fixed interest rates. 


Let us start with capital gains. 
In 1976 the Government -of M. 1 
Jacques Chirac, pushed through c 
the . National Assembly a 1 
measure introducing . a capital j 
gains tax on shares. It was ( 
bitterly opposed by the Gaullist .< 
party, to which M. Chirac- him*-, 
self belonged, and the Prime 
Minister led from behind, thus i 
making it clear that his heart 
was not in the battle. . In the : 
. course . of its passage the : 
measure was so - amended 
emerged in a virtually incom- < 
prehcnsible form. 

The underlying principle- of : 
the tax was the addition of 
profits from share dealing to - 
income, thereby allowing a pro* 1 
gressive taxation. 

With the Gauljists. fiercely, 
opposing their own emasculated 
baby, the Bourse in a state of' 
pre-election gloom, ' and with 
even the accountancy profes-.. 
sion declaring the: tax to be. 
- largely beyond comprehension, 
Prime Minister M. Raymond 
Barre postponed Us application - 
to January, 1979, and during the 
election campaign promised to 
.review the entire basis of it so 
.as to make it more simple.-.- 
The Government's new. pro- 
positions rest essentially on -the . 
imposition of a fixed 'rate lax- 
irrespective of the . length of 
time shares have been held in 
portfolio, but there is an excep- 
tion made . for so-called 
■professional sf where the idea 
»f addition of gains to income 
ax has beep retained.. 

The basic propositions are : 

9 Habitual, dealers — defined, 
n relation ' to the speed, -with.- 
t-hich they turn over their port- 
folios r- .wiirbe taxed on sales 
3001 bov& the level of Frs -50,000 
year. The form of taxation 
Spends on whether they get 
mre. or less than half their 
»tal- income from disposal of 
hares. .Those who gain more 
iau. half will have their glhbal 
evenues from, all sources 
imped together and they .will 
e subject to income tax whicn 
au go up to 80 per cent. 1 Those 
ho get less than half of their 

rebellion. ■ • ‘ - ; £- . * •: 
The measures to ^courage 

the flow -.of savings: ^nto in- %i 
dustry should. become^Jaw by n 
the end of June., -•Tb#..- main n 
features are as follows^-: . d 

• Families will be rijjte to a 

deduct' from Their. :ta*ji|)|e in- p 
come Frs 5,000 .’a yeax^ the e 
purchase of. shares,, Frs jj 
500 for each. oL thgieffi: tyn v 
children and: Frs l^WO^^ach p 
subsequent child., This^nces- r: 
sion will last until of 

1981.' ^ fi 

9 The. concession is exHUmed 
to 15 years for people aj&jl ® _ 
so that they can .build? »*P - J 
portfolio of shares, .tor therf 
-retirement A 

0 For tax purposes investors ; 

will have to choosemetween the • 
new facilities ' an/. the old sys- 
tem whereby tb/first Frs 3,000 - 
of dividend income was exempt 
from taxation/ . . 

© Preference shares- are to be . 
introduced/ to France to 
encourage/ companies to raise- 
capital jfithout risking losing , 
. management control. In 
addition,'" the exoneration of.-, 
company tax_ liability bn the in- 
come .from new shares is 
extended from five to seven 
years and to 10 years for the 
new Preference shares. 

.'® It Is. being made. easier to 
assimilate official loans to com- 
pany capital by subordinating 
them for all repayment and divi- 
dend purposes. : 

• In order to recover some ot 
the cost of the measure the tax 
on fixed interest revenue other 
than- bonds is being lifted from 

. 33V per cent to 40 per cent for 
.-■people .who opt to. have such 
" income taxed separately rather 

1 than consolidated with global 
i revenue for tax purposes. 

The Government reckons that 
1 these measures, should direct 
■ .some Frs 5bn a year into in- 
: dustry at : a fiscal 'cost to the, 
» Treasury of some. Frs Inn a 
[ year. It -has. apparently ruled 
s out the raising of-the tax credit 
l from .50 to 1QQ per cent despite 
i the persistent pleas of industry 
» and the Bourse ; because that 
r would .cost some Frs 2bn m 

On the secondary market 
equities have never recaptured 
the position they held in the 
1960s before the creation of the 
fixed interest issue of maturities 
of up to seven years. Whereas 
shares acounted for 69 per cent 
of transactions in 1969 the pro- 
portion was only 45.5 per cent 
last year. 

This is a delicate problem 
because a substantial part of the 
money raised via bond issues is 
raised by semi-Govemment in- 
stitutions, though much of this 
is re-lent to industry. Neither 
the Government 'nor ' industry 
itself wants to see this access 
to capital made less attractive. 

Another Government project 
is to legislate to improve the 
quality of company information 
made available to shareholders 
notably by compelling the pro- 
duction of consolidated 
accounts. The Bourse is cam- 
paigning for clearer and more 
competitive rules for take-over 
bids and the protection of in- 
vestors from misleading pros- 
pectuses promising . fabulous 
riches quickly.. 

The problem of company 
finance is a serious one, as a 

number of recent studies testify. 
The official statistics institute 
INSEE has calculated that 
between 1967 and 1976 the 
value-added by industry has 
multiplied 3.1 times: the for- 
mation of gross capital 2.6 
times.; salaries and social 
charges 3.5 Times and interest 
.charges 5.9 times. 

■ INSEE reckons that the level 
of cash-flow has diminished by 
28 per cent and that the part 
of non-distributed profits in 
total earnings fell from 16 to 
.10 per cent. It says interest 
charges represented 4 per cent 
of value-added in 1967 against 
6.5 per cent in 1976. 

M. Francois Ceyrac. the head 
of the Patronat employers 
organisation, has added his 
voice to the picas fur action, 
i He says that in I960 30 per cent 
of net investment was financed 
by appeals to shareholders 
against half that now and that 
financial charges have doubled 
in 10 years while company in- 
debtedness to banks has multi- 
" plied. 

1 The measures to benefit cor- 
porate money-raising must be 
\ seen in the context of a general 
• policy to restore company 
5 finances, notably the policy of 
I restoring price freedom. But 
5 what is remarkable — at least 
: to British eyes — is that this 
f deliberate policy of freeing 
5 prices and promoting what is 
: after all (again in British. 

1 terms) unearned income is 
e taking place against a back- 
1 ground of continued sharp con- 
5 trol of wages. 

'■ Although French industry 
“ thinks the policy could go 
l " further, it is difficult to see 
e how any British Government 
r could even tip-toe to the 
threshold of such a policy with-; 
r out being accused of perpetrat-. 
s ing the most dastardly form of 
social differentiation. 

I D.C 

(private cars and small vans) 


















Exports registrations 
634,794 640,384 








..Source: Chambre Syndicale des Constructeurs d'Automobiles. 


45Q.p00-yehicles a year capacity. 

Renault has also been anxious 
to develop its “ southern 
strategy based on increasing 
inter-dependence between its 
French, Spanish and Portuguese 
operations. At the end of last 
year It concluded an agree- 
' meat. , virtually entrusting it 
with; Portuguese motor industry 
development, ■ .for which an 
initial Frs 1.3bn investment is 
-planned with Portuguese in- 
terests. The number of 4s, 5s 
and- -12s assembled will rise 
from 10,000 to 60.000 a year, 
with the local content also 
lhcrOasing. An engine plant 
; geared to exports and depend- 
ing,: -heavily on local com- 
ponents will be built, and a wide 
range of components will also 
be manufactured. 



43, Boulevard des Capucines — 75002 PARIS 

Other branches and subsidiaries in France and Monaco 





Le Havre 

Monte -Carlo 





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«>•« CO UB <*LLE S: 

. Peugeot has also expanded its 
imbjrie -limited overseas interests. 
In November it signed an agree- 
raept with Iran National whic h 
foresees the eventual construc- 
tion of 100,000 units of a version 
of the 305 some five years after 
production begins, around 1980. 
The^Iocal content.wiil be stepped 
up progressively, but Peugeot 
reckons that if it were to supply 
ab.outhalf the content of 100.000 
ears a _y ear this would repre- 
sent exports of some FFr 600ra 
a year. • . 

The motor Industry's real 
disaster area is commercial 
vehicles, where 'the Renault 
Vehicules Industrials subsidiary 
is /desperately trying to keep 
its -head above water. Un- 
official figures put the Renault 
1977 loss at more than Frs 70m 
. against Frs 125.5m profits ' in 
1976,: while its stable companion 
Berliet saw a Frs 380m profit 
slump -'to a reported loss of 
more than Frs 170m. However, 
-a good .Frs 100m of joint losses 
will -be due to provisions for 
early retirement. . Turnover is 
expected to be 3 per cent down 
in volume. 

‘The problem is the deep 
: depression • in the market 
_ coupled with! a fierce price war 
launched by the importers, 
, inaugurated by. Mercedes and 
taken up by Volvo. At the same 
time: the' Fiat-Iyeco operation 
has made serious inroads on the 
market, though more at the 
expense of other importers than 

of Renault’s position. . 

After a 6 per cent volume 
decline in 1977 the market for 
the first four months of the 
year was 15 per cent down on 
1977 in the 6 tonner-plus cate- 
gory, although R1V held its 
share at 48-49 per cent. May 
looks to have been marginally 
better but the stark fact is that 
there has been little change in 
the wait-and-see attitude of 
clients despite the safe negotia- 
tion of the general election. 

■ The problem is that hauliers 
themselves are suffering from 
contraction of margins and 
control of tariffs while facing 
sharp increases in fuel costs 
and the wages bill. The sector 
embraces lots of small enter- 
prises running out of cash-flow 
and poor prospects for loan 

RIV is likely to impose a 
price rise despite market con- 
ditions, arguing that it is often 
rebates that count rather than 
prices and that French prices 
are around a quarter below 
those in the rest of Europe. 
Last year Saviem had 32 days 
1 lay-offs and Berliet 19 while the 

■ group implemented a policy of 
r retirement at 58 years. So far 
( this year there have -been 15 
' days lay-offs. Stocks are down 
I a little to just under 10,000 
, vehicles. 

1 RIV has a “ national mission " 

* to reconquer the domestic 
1 market and it has pressed on 

with the renewal of its range 
via a Frs 6bn five-year invest- 
ment programme. It recentty 
1 tapped the international capital 
J market to help finance the pro- 
gramme and to lengthen the 
t average debt carried by the 
I group. The heavier end of the 

■ range has been rejuvenated and 
s RIV reckons that the main ehal- 
r tenge now is' in lighter vehicles 
s which fill the gap between the 
n snail vans and the 5-6 tenners. 

The group will lose money 
p also in 1$7S since -its cash-flow 
it depends heavily on the local 
;r market, but while there may be 
s, some stretching out of invest* 
d ments. -priority projects like the 
e new Lyons foundry and the 
n Lorraine plant for camioneues 

* ‘ will not be held up. 

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Paris Branch: 3, Place de I'Opfira, 75002 Paris,Tel: 74213 29 

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Registered. HcafUiinrters : 4 , rue de Presbmirg— 75116 Paris. Tel. 723.54.04 

r iciivitv sectors* military. space, civil ami automobile, MATRA. is constantly 

J^ear^headTn"°a<}vancfs in*the state-of-the-art, relying on a snjn-tolal of experience and expertise that 

few"firnis can claim to equal. 


(In million Francs) 

(in Francs) 


(excluding taxes ) N et Profit 

197fi 1472 “f? 

1977 l.«94 8< *’ 7 

Tlie breakdown of the Parent Company’s 1977 
untaxed turnover by sector is as follows (in 
million francs): 

Military activities 1JJ22.8 

Space activities 
Automobile activities 31 *.6 
Civil activities 1<4 - u 

Taking into account the activity of the 
subsidiaries and eliminating the P 

services, the untaxed furnou'i of the MATRA 
Group for 1977 amounts lo 2.104 million Iranis, 
non-military industrial acliwUes account lor 
half of this tctal. 

1978 Years 

Military Sector 

In addition if producing cuioenuonal ronyuLiral 
weapons iconsisliny esM»iUiall> of rocket-launcher 
«vsiums« MATRA has designed, developed and manufat- 
tjrcd self-guided missiles, as sole or prime conliaelur for 
such systems, and associated ilseir with various nalional 
ci i-o per a tors of high industrial reputation. 

MATRA has walised in ;hc pmdtK.|ion of vanou* 
tvpcs of missiles: air-to-air imO MAGIC, fur close-up 
aerial combat). surface-to-air JCHOTALE j 

developed by THOMSON /CbF for yerj !nw-lei.t I 
defence), air-fo-Mirfaec f MARTEL anti-radar version 
developed with HSD). anti-ship, aiound-ln-sea. air-lo-sea 
lOTOMAT anti-ship missile, long and very long um^er. 
MATRA has also produced sophisticated air-io-sui'face 
weapon systems sued as BELUHA close-up support, and 
DURAN DAL for the destruction of airfield iunw,i..s. 
Finallv. MATRA has developed th«* very advanced mr- 
to-air "interception missile, the SL PER ^10. »'»'h 4>v-< 
enap-up. snap-down irapabillij. lor which the l 1 - 
Force has just placed a standing order. 

When it enter-! service the SURER 530 will certainly l ,r ’ 
the most sophisticated, high-performance, aii-to-sur 
missile in its class. 

launcher equipment case, and the on-board dal* 1 
processing system of SPACELAB. 

Finally MATRA is i" be awarded the contract f"r 
building the French Earth Observation Satellite— SF«-'T- 

Automobile Sector 

Space Sector 

In fifteen years of space activity MATRA has gained an 
enviable international reputation. U is engaged ir. all 
ihe European programmes: OTS lekvommunivaiton 
satellite- it-' maritime version M A ROTS, the radiometer 
of the METEOSAT meteorological satellite, the ARIANL 

After having gained three consecutive victories in ihe 
LE MANS "J 4-hour race. MATRA withdrew from t»m- 
pe tit ion in 1974. The Company mass-produces, in .1? 
Rmnorantin factory, two car models: 

—The MATRA SIRICA BAGHEERA, an original three 
front seat coupe 

— The latest product, the MATRA SIRICA RANCHO, 
a “ Field Koamer ” that has achieved a great c<h»- 
mercial success since it nas^ launched in June 1977. 

Civil Sector 

The activity of this sector is essentially concentrated 
in four fields. 

— Automatic transport systems (consl ruction of ibe 
Lille Metro- France' and airport development. 

— Optics, producing in particular equipment ::nd 
systems in the Photogram me try. aerial reconnais- 
sance photography and terrestrial resources 
leledeieclinn fields 

—Industry, regrouping the teiesupervision (especially 
for power carrier networks) and the Off-shore ml 
drilling and extraction fields « Control units <*f 
submerged systems i. 

— Telecommunications: visiophone. telecopier for 'he 
general public, aids to telephone operation, tele- 
distribution and postal mechanization. 


held by 


1977 F rs. m. 

63.7 Makin 



Making of automatic control systems for urban 


Professional electronics 

Data acquisition and processing 

Rail rolling slock 

Printed cii cutis 

■' M 



• ’• v-iW 


Time for decisions 

Is there a secret drinker 

at the back? 

We’re talking about that third engine, which 
every medium-haul, wide-body jet seems to 
need to meet its performance specification. 

Every jet that is, with the exception of the 
A300, which does the same job with two. 

And you don't need an Einstein to tell you 
that two engines are a lot less thirsty than three 

The A300. Its two turbofan engines can 
easily fly 250 people non-stop from New York 
to Los Angeles. Smoothly. Quietly. More 

That’s why airlines around the world are 
coming to call it the economic miracle. 


Airbus Industrie 

THE SHAPE nF the French civil - 
aviation industry to the end of 
the century will he largely 
determined by decisions to be 
taken This year— decisions _\ 
which will also determine the a 
degree of integration of the d 
E uropean industry as a whole, g 
Almost certain is the go-ahead *, 
fnr the construction of the new [, 
version of the Airbus— the BIO $ 
to carry some 200 passengers— T 
to complement the now success- a 

| e "l B2 and B4 versions of the T 
sically Franco - German E 
rrier. Overshadowing this is § 
lelher there will be a three- g 
ly co-operation, this time E 
vnlving the UK, on a Eu ro- 
an competitor in the market 
r medium-distance aircraft to „ 
rry 130-160 passengers tn } 
place types like the Caravel le, : 
e Trident and the Boeing 727. 
\erospatiale. the State-owned ' 
■eneh manufacturer, puls the 
arket for this aircraft at 1.2U0 
r 1990. J 

While Britain is participating 
the advanced marketing of 
e European JET aircraft it J 
is not yet decided between the , 
merican and the European ‘ 
>tion. its problems tn a certain 
dent being that it has not . 
erely the future of British 
erospace to consider as a 
jildcr of airframes but alsu ■ 
iat of Rolls-Royce as a motor ■ 
anufacturer. The JET is I 
ready pre-empted for the * 
eneral Electric SNECMA CFM- : 
j engine of 22.000 lbs thrust. 1 

But while these decisions are ] 
ending the French industry ‘ 
as had a highly successful sin 
moths on the sales front. The 
irbus itself won that famous | 
rder for 23 aircraft from 1 
astern in the U.S.. while Aero- , 
latiale. the French shareholder 
i Airbus, has signed a deal to : 
lanufacture iis light-weight , 
cureuil helicopter in Brazil, 
inally. that old warhorse 
'assault ha-! recorded large- 
;aJe orders fur its Falcon series 
f business jets (including a 
ale of 41 Falcon 20s to the U.S. 
Inast Guard) while on March 10 
ne newest in the Mirage series 
f military aircraft — the 2000 — 
cached Mach 3.3 at 40.000 ft 
n its maiden flight. 

Ai the same time there 
emains a problem of maintain- 
ng skilled people at work in 
he aircraft factories— notably 
t the Aerospatiale plants in 
'on I mist* — and with the 
!own ol the Concorde line in 
nind the Government is 
elaunching production of the 
lililary transport Transmit la 
: i-ancn-Gorman twin-engined 
in: raft which has sained a 
criain fame recently as ihe 
ranspurter »f French troops lo 
tfrica) and is toying with ihe 
elaunch of the Iwin-engined 
fnrd 262 as a business or niari- 
ime n'cnnnaisance aircraft. 

On ihe corporate front the 
leciMon to lake a one-third 
take in Dassault, announced a 
ear asm, has led lo ihe 
ppnimmenr «*f four State 
■«■ present a lives to the Dassault 
Jnard. hut the financial dis- 
msiJinns tn renreanise the 
;ha rehold togs are still incnni- 

.Since the Airbus has been 
he most obvious success of the 
ear it is as well to begin with 
t. At the time of writing 95 
trders anri 38 options have been 
•eteived From 14 airlines. The 
or production is at the 
nonieut close tn 1.5 per month 
■*ut this will rise to two a month 
iy the end of the year and tn 
hrcc a month towards the rnd 
d 1979. The present production 
line could go as high as eight a 

The significant figures are 
ess these orders and options 
iian the estimates of the Intal 
requirements for Airbuses nr 
?xisliiig clients. Excluding 
Eastern the consortium reckons 
hat by 1990 its existing cus- 
;nmers will have taken delivery 
if 270-280 aircraft, and ir 
Eastern's needs are included the 
[oial conies to around 3aO — a 
score which would make the 
Airbus a mor.e successful 
machine than the Caravclle, 

The B-1U version is attracting 
interest. Eastern has options 
for it: Lufthansa has said it 
nould switch some options from 
R4 to B-10 and Swissair is also 
likely tu he a launching airline 
tor the version. 

The B-10 will have a smaller 
redesigned wing than the B4. 
A re-entry «'f Britain into Ihe 
Airbus consortium would vir- 
tually guarantee the continua- 
tion of construction of the wing 
by Hawker-Siddeley (British 
Aerospace). Otherwise the wing 
will go r» France or Germany. 
The development price-tag is 
thought to be around S600m and 
if a decision on the launch is 
taken this summer the B-10 
could enter into service in nud- 


The JET began its life as ihe 
,\20n the French contender in 
the European stakes to build a 
new medium-haul airliner. The 
British offered an improved but 
not radically redesigned version 
of the BAC1-U but the con- 
figuration of the -TET as a com- 
pletely new airliner with twin 
engines hung on the wing is of 
mainly French conception. 

With the CFM-56 earmarked 
for the engines France cannot 
expect the linn's share of the 
airframe manufacture also, 
iiiuugh Dassault will no doubt 


Company . Finn orders Opti 

Air France .."..18 

Air Inter — — ' 5 

Deutsche Lufthansa II . ; 

Bavaria Gcrmanair Hapag ... 4 ; 

Iranair .6 * 

Indian Airlines ' 5 ‘ 

Korean Airlines ' L * * 

Thai International ^ 6 . - 

Aerocondor I J 

TEA 2 

Eastern Airlines 23 ? 

SAS -W 2 1 

SAA . 4 | 

Undisclosed ‘ 0 * 

Total '* t : 95 3 « 

* Plus an option on 25 B-los. 

Firm orders 



' IS . 





- 3 . 


- 9 

7 f 



. . 4 . 



. 2 



. 3 



6 ' 

" 6 



'. 1 







9* ' 





• 4 






. 95 


«■ 49 

bid hard for the wing as a 
derivative of the wing On its 
own unsuccessful Mercure' air- 
liner and boasting its Falcon-50 
experience with supercritical 
shapes. There is a strong poli- 
tical commtiment in France to 
this aircraft and Air France, 'in 
the “ contract” it recently drew 
up with the State, its owner, 
agreed to launch the JET witii- 
orders of around 50 aircraft in 
three batches with delivery 
beginning in 1984. 

The JET is planned to. exist 
initially in two versions seating 
136 and 163 passengers respec- 
tively with a range of up to 
4.500km. Air France envis- 
ages them as replacements both 
for the 727 and for- the 737s 
which it is intending to buy .as 
stopgap replacements for its 
Caravelles. - 

On the civil front the other 
main success story has come 
from Dassault. It has sold more 
than '700 business jets all told 
and last year orders T ’- were 
received for 36 Falcon 10s: 1 64 
Falcon 20s including the Coast 
Guard order and for 71 of the 
Falcon 50 tri-jet which is still 
undergoing trials. 


The company received orders 
worth Frs l*2.75Sbn in 1977 of 
which FFr 10.697bo was for ex- 
port (more than FFr _8bn of it. 
military). In the period 1974-77 
'the company’s orders amounted 
to Frs 31.9bn of which 
Fr S 23.6bn was export, all but 
Frs 3.9 bn of it being military. •- 

Switching the focus to the 
French industry as a whole ex- 
port orders received last year,, 
excluding options, amounted to 
Frs 23.8bn. Almost Frs 12bn 
of this was for complete air- 
craft and airframes, including' 
some FFr 1.20bn done in col- 
laboration with other countries. 

The State intends to take a 
one-third stake in Dassault to 
achieve closer co-ordination in 
the national industry. .Th e 
means by which this stake is 
to be achieved, other than that 
it will be a conversion^ of loans 
into equity, have not been 
spelt out. The octogenarian 
Marcel Dassault appears uncon- 
cerned: he has already been 
nationalised once by the 
Popular Front government be- 
fore the war and he is confi- 
dent that Dassault, employing 
only 15.000' of the lOaOOO 
people in the industry, will 
play the role as the brain- of 
the industry. 

The State provides in its 1977- 
1982 military procurement. plan 
to receive an initial -batch of 
127 Mirage 2000s— the aircraft 
on which French hopes are 
placed following the abandon: 
ment of the ACF (Avion 4e 
Combat Futur). Eventually the 
French are likely to' acquire 
some 400 of the Mirage 2000, 
which is being developed as a 
single and twin-seat aircraft.' . 

The company itself envisages 
developing a twin-engined ver- 
sion christened the Mirage 4000. 
The prototype 02 pf the 2000 
should fly by the end of summer 
and the 03. fully equipped with 
electronic gear ' and weapons 
systems, in spring 1979. The 
first twin-sealer the B 01 shim Id 
fly in 1980. The aircraft has the 
Snecma -developed M53 motor, 
and the ability to go into series 
production for the M53 and for 
the civil CFM-56 is very import- 
ant for Snecma’s financial health 
—the group employs 19,000. 

Dassault-Breguet is the back- 
bone of the French aerospace 
export effort. OF its 1977 turn- 
over of Frs 5.69bn around three- 
quarters was gained overseas. 

Aerospatiale is, in- compari- 
son with Dassault something of 
a poor country cousin, though 
this is rather unfair on it. It 
has of course the Concorde, 
with some 2,400 jobs draining 
away, and it had to bear the 
long early years of the Airbus 
development when sales came 
in dribs 1 and drabs. Its most 
glamorous . sector at 1 the 
mpmexfeis helicopters, of which., 
it has eight models. in series 
production.- .Y-; 

Its. other relatively buoyant, 
arfea has been missiles:. This' 
division employs around' 6.000 
and bad a. 1976 turnover of 
Frs l.Tbn, of which a quarter 
was- accounted for by the joint - 
Eutomissile subsidiary with the 
German MBB: At the end of 
1977 ;Euroraissile had orders 
wortibi some Frs 5hn for its 
Milan, (light anti-tank); HOT 
(heavy anti-tank): and Roland 
(ground-air) missiles and its: 
turnover is running at around 
Frs lbn a year, for which 
Germany and France account - 
for about half. 

The real problem for Aero- 
spatiale is in its aircraft divi- 

i sion- The company reckons thai 

•io the third quarter of this yeai 
if will still be around 20.0W 
hours a month short of work but 
that it should reach the level of : 
some 320,000 hours per month . 

'at the start of next year. Its. pm- ' 
duction fine for Concorde 'win 
W replaced by that for the » 

TransalT for the Air Force, pro- 
viding same 2,000 jobs, and the 

Mirage 2000 work for Dassault ■ 
should f eplace tire super-Frelon . 
helicopter -production line. The */■" 

Mirage 2000 production, rate 
. -should reach, four a month in .Y 
1983. The’ speeding , up of the 
■Falcon 50 and Airbns lines will - - 

provide some more work and '■ ' * 
output of the Mirage FI may go ' . - 
, from slv TO' seven a month. ' 

Aerospathde's missile. actirity -. 

P has already been 'mentioned. 1 To 
.the Franco-Gennan collabora- '. ' 

*' tioii must be -added 'the Exocet • 

P sea-to^sea missile developed in • 
co-operation with the UK and - 
J- the ground-to-ground PJuton 
: missile, with a nuclear warhead, 

■ as well -'as' ai series' of first - 
generation missiles and a range '' 

B of target 1 add pilotless vehicles. ■ * ' 

' TTie company also has a signifi- r - 
' cant: stake in European and.'"' 
j! "French ballistic programmes. : : 

It is a matter; of fundamental . ■ - 
V nationaJ strategy that France ■ 
should . remain 'competitive in,- 
areas of high technology, not -. 

'■ only to - safeguard her own > 
a independence but f» be p!resent , 

D . bn .the high-value export mar- 
3 kets i of liie next generation. .• 
e This means in particular deye- . 
s . loping- the capacity to compete '- 
with the .U.S. or adopting and- 
3 ‘‘.naturalising ” American tech- : 

I nology where necessary. Usually 

3 it means a .combination of these - .. 
h and aerospace is la prime ex- y 
“ ample. The Airbus is U.S.- .. 

B powered and the new JET, . 
which. will- be of European con- - 
ception, will be powered by a .i -■ 

? Franpo-American engine built • 

® around the power unit for the 
; ndw abandoned B1 bomber. . -, r 

At the same time the French 
industry recognises that it has 
i- no choice but to play the Euro-.- 
'f pean card: the Concorde', .the .« - 
h Airbus, the Jaguar, the Alpha- ’ 

-t Jet and increasingly the heli- " 

!. copter and missiles sectors arc 
S being developed by joint ven-_ 
e ture. Strategic missiles apart,. 

^ only in its main conshat air- - - 

e draft has Franee made a purelj • --- 
't national choice^-the Dassault r 

e 2000— -while admitting that ar^ 

b- aircraft like the ACF is 

5 longer within the capacities ol 
‘‘.-a single European country tc 
tk- develop... . ' 

13 Although it is by no means ex 
® eluded ..that the interests o| 
lf national independence will ? 

’ r tixiue to dictate an e.vdusivel5 nw, ' r * 

II "French • development of mair 

battle aircraft— the eventual [«, n ; _ . 

^ post-Mirage_ 2000 generation i.* Y 

already under study— -France rrer'.p 

already under study— France 
has made co-operation in aero- 
space something of a litmus test 
for the European sincerity of 
her EEC partners. That is' one 
of the reasons why the decisions 
which the British Cahinet' has 
to take wfll be awaited so criti- 
cally In France. 


rieid of 



Lack of cohesion 


Government are now shaping 
up for a long and proha bly 
difficult series of pust-elcctmn 
pay negotiations. Since the 
Left's defeat in March, all Ihe 
main union leaders have been 
in and out of the offices, first 
of President Valery Giscard 
d'Estaing. then of Prime 
Minister Raymond Barre. then 
of the employers' chieftain 
M. Francois Ceyrac. but there 
the inconclusive sparring ends. 

In the background of the talks 
will be the prospect of an in- 
crease in unemployment this 
year, especially if the Govern- 
ment sticks by its policy nF not 
reviving “lame duck” industries, 
and a probable return to 
douhie-figure price inflation. 

Although there have re- 
cently been signs of stirring on 
the labour front after a period 
of relative freedom from strikes, 
the kind of protest strike 
movement some feared after the 
election has not materialised. 

Stoppages have been gaining 
momentum in the public sector 
(the railways, Paris buses, post 
offices, power stations. Renault) 
and in condemned ship repair 
and textile businesses, hut there 
has so far been no concerted 

On Ihe other hand, there con 
be little duubt that the elections, 
nr rather the campaigning 
before them, aroused expecta- 
tions. especially among lower- 
paid workers, of a big rise 
somewhere just around the 
corner. The impact of these 
expectations has been delayed, 
what with the shock of election 
defeat and the considerable dis- 
array among the unions them- 
selves. which despite their weak 
membership are heavyweights 
on the French political scene. 

The testing time may well 
not come before the end of rh% 

summer, when unionists have 
had time to assess Uu* scope of 
the Government’s commitment 
to social measures. 

In the meantime, the two big- : 
gest union confederations, the 
Confederation Generate du 
Travail (CGT) and the Con- 
federation Francaise Demo- 
cratique du Travail (CFDT), 
have a period of rethinking, to 
go through. In the opinion" of 
M. Edmond Mai re, the CFDT 
leader, bath made a gaffe by 
hitching themselves too closely 
to the political parties of the 

.ft ^CT5 (j.|1 

limbering-up : talks it appeared I w 

that the Government might haw 9 * '-f : t. - - 

a surprise trump in M. Maire, 

although the CFDT leader, was 

quick to deny a volte-face 

even a rapprochement with'.- the h CGR r ■ 

moderate Force Ouvriere of 

Andre Bergeron,, usually more 

ready to play ball with ^ r .. 
Government. -- 

The preliminary _ contacts i " 


The anniversary of May 1968's 
student and worker revolt has 
highlighted a marked contrast. 
Ten years ago. up to 10m 
workers were mobilised in 
strikes, subsequently forcing 
the Government's hand -in jack- 
ing up the lowest wages by- a 
third; but the political counter- 
part to the social movement was 
lacking. In- 197B everything: 
went (nto the political move- 
ment; the social mobilisation 
was lacking. 

M. Maire's lm-strong union, 
far less centralised than the 
bigger, - Communist - oriented 
CGT, is now concentrating on 
reviving its bases, turning its 
attention- towards specific local 
struggles rather than -national 

It is H- Maire "who has taken 
the most surprising stance after 
the' election — breaking prece- 
dent by requesting a presiden- 
tial audience, showing himself 
prepared to negotiate, even if 
results are partial. In the initial 

The preliminary _ contacts j CQu Y 
have produced lew noised of 5 ■*"- AQNj 

satisfaction from the unions ^ _ 

They have yet to assess -p tv. . _ 
pass Is to update the minimmu'. 
wage system through the *pn- 
cept of basic famiry income* | S0r,c~^ " 

The minimum SMIC ( rainuauiB :.S c • 

-interprofessional growth salafft " 
itself a new system brought m, - - 

in 1970 to replace the sepafat® \Y-'" . : - . 
industrial aiid farming ".bBse-'k .. 

rates, which started with jthe.i 
return of free collective bargain' ! ir ' ) £T 
ing 20 years before) has-’jn^ * -• 

been raised by a less-than-hopcfr.- '■ - " 
ior .3B7 per cent to Fr *•>: 

per month on the basis of 41 \ 

4Ci-hour week. In _ real terms?.' A - 
the increase : was- just over l-R 
"per -cent.* well .under pa^-H nu Tc*st-i 
terms of M. -Barre’s cafflW ’ ‘ ir u 
pledge that by the next -election, ^ 

in --2983 - the . ntimmum V 1 ; : 

be the current equivalent ■ - r' - 

Frs 2,400 — the wage the 



Frs 2,400 — the wage the |^- 

campaigned for in March..,' -y U T 

The minimunr wage "appl^v *r--. 

to about 700,0.00 workers, JRwK 
ot them Algerian immigTMf?! \ 
But' the number, earning d 8s % 
wages between .that level 
Fr 2,400 is several times 

. The unions are 'also Jess jh • 
enthusiastic with the 
put forward by the 
irganisation, the Patronat. • 

Patronat wants. 


gouate, even if Patronat wants. m Qre .^“^eK. Lv4l ($1 

ial. Tn the initial arrangements, . case-py* ^ 


' V. - 


. ■s.-r&il: 


; -c ? '• . ' , ••• 

>» — 

§& it: ■ . 



- W € : 

r it .•*. . 



.*• i_. r > VVr^r, tw •' V'. V 


^;'.;,j>- ;,> ; ;;.::'; ? ' : -,v; : 

^./ ;,. . ;/ , \v? v ; . v 'V *• ; 

’ ■■ t*v ; >■< ^ ••• • ? y- • ■':■■.•■ -\ ■■ J * :A i* . > . ■••'’■•' •• ■ *■ * t 


« :,«$ 




1977 . 













Scientific instruments. 
• Electro hydraulic 

• Installation 
and maintenance. 

• Training. 





23, RUE DE COURCELLES / B.P. 96-03 
75362 PARIS CEDEX OB 1 FRANCE I TEL : (1) 256 52.52 


fiuch to do 

•-SINCE ; PRESIDENT Giscard i 
' d’Estaing was elected to the i 
’Presidency there ba> been, a 1 
. great deal of talk about greater « 
.“social justice T and a fairer ( 
distribution of incomes and the i 
wealth of the country. But the < 
achievements on both these. : 
.. counts have been disappointing. < 
CCTtainly-.'the national minimum i 
. wage has gone up faster during < 
the first four years of President 

... Giscard’s term of office than at 

•. any tiine .since the 9harp rise 
following- the student-workers* 

" ' uprising ' in . 1968, and ‘ family 
^allowances and other social 

- benefits have also been substan- 
• tiall-t raised. These measures, 

•however, have hardly scratched 
the paint off what has long been 
. -/one of the .most serious problems " 
facing French society and. the 
.. cause of much social and politi- ' 
>al tension- — the’ very large gap' 
.'; .'between the 'rich and ihe poor.' 

The .promised' 'fundamental 
t - fiscal reforms, which could mark .. 
, :Xhe beginning; of a fairer dirtrir ; 
- . button of income and . wealth, 

. have failed to . materialise, with 
: the exception of- a capital gains 
•.-/tax which .is very mild, by the. 
-standards of most other western 
-.-.countries. A wealth tax. though 
'.-.theoretically under considera-. 
: '|..tion" by - the Govern men L is 
. ..unlikely to, see the light of day 
' for some time. yet. The income 
../tax. system, though no longer the, 
> leaky instrument- which was 
.1 once "the source, of so. much. 

' f amusement, ..still ’.gives the 
..-. wealthier- section of society and 
r- / jh embers of. the liberal profes- 
‘ -sidns a much better deal than 
, in all the other Common Market 
countries, with the exception of 
Y'ltaly. And the. heavy emphasis 
. In thefiseah system on indirect 

- • taxation. obvfodsly, hits the poor 
r " proportionately harder than if 
... docs the wellroff. 

I V. For a long time, the authori- 
- 1 ties refused to accept the fre- 
• •’ tjuent claims that, among the 
"highly., developed countries, 
"• France was in the vanguard of 
those with the greatest, social 
"’•inequalities. - . 

" But while- it. was relatively 
. easy to reject the OECD's com- 
; para live study, on the subject 
- — after all. Governments con- 
' • stantly contest the international 

organisation’s ffgure&r-it was j 
much more difficult, to ignore i 
the findings of two' ver? reput- i 

able French research Institutes, \ 
one t of which had prepared a i 
report at the;- request of the . 
Government itself: "' Both the < 
reports,’ one by !CERC (Centre 
d'etude des recenits et des 
eouts) on Incomes, .and. the , 
other by CREP {Centre dc 
recherche ecbnomigue ' sur 
Vepargne) on ibe distribution 
of wealth, reach' similar conclu- 
sions. While thby do. not. like 
the. OECD, v make';lnteriiaTionai 
comparisons, ".Ih'dirl .findings 
. show -that income- *pd wealth 
disparities are stiU unacceptably 
large in France. . And, whar is 
even more striking), that -much 
'less progress! has bech made to 
bridge the gap, between rich 
'and poor than might have been 
expected from: a! country which, 
during the last two decades, has 
become one of. theVnjost pros- 
perous in thr world and- whose 
average per capita ^rational irt_ 
-come -has - risen - by=!- more- than 
4 per cent per ‘yeat'sibce. 1960. 

The figures quoted in the re- 
port on .income distribution are 
not, it is true, entirely- up to 
date. But they - are/ irecent 
enough to give- a. -picture which 
' still remains generally valid. In 
fairness, it said that 
there has been v-'a marked 
improvement in the.ftend since 
' 1968, the great .watershed in 
France’s pest-war biktory, when 
The explosion of LStfldent and 
worker anger finally forced the 
.Government to take a more 
realistic view of the .widespread 
social discontent in the: country. 

Whereas, between V1955 and 
1967, the salaries oEteecu lives 
and middle manageni'eBt (the 
so-called “cadres’*) "ipse by as 
r much as 190 per ceni'edmpared 
with oily 71 per cent-jf’or thbse 

■ on the national minimum wage, 

■ thus shanily increasing ^income 

! differentials between tM^highest 
, and lowest paid, betw»PU ‘ 1970 
r and 1976 tlie wagesbf'^lowest 
l income group have' rise'^by. 144 
per cent as against pn^ |6- per 
jr cent for the “.cadres,’:. Tai' 

Nevertheless, the faster 
r growth of , the lowest'- mrapmes 
- between 1970 -and 1978/did not 
l entirely " compensate |he 

ground they lost in the preced- 
ing 15-year period. It is prob- 
ably not until this year, thanks 
to tile Government’s decision to 
freeze top executive salaries, 
while allowing the minimum 
wage to progress, that the gap 
will really begin to be closed. 

Some eloquent figures are 
given in the incomes report to 
illustrate the size of this gap. 
In 1976, the average salaries of 
executives were still about four 
times higher than the average 
wages of ordinary workers. 
Thus, while a senior executive' 
(cadre superieur) earned an 
average of . Fr 8.400 a month, 
equivalent to a net annual 
income of about Fr 120.000 
(about £14.000). including The 
universal payment of a 13th 
month, (fie average monthly- 
wage of a worker was no more 
than Fr 2,200. 

Perhaps even more striking 
was the report's finding that, in 
1976, one wage-earner in three 
still earned- less than Fr 2.000 
(about £235) and that as many 
as 56 -per cent earned between 
the national minimum wage of 
Fr 1.750 and Fr 2.500. Family 
allowances and other social 
benefits may push up this last 
figure to between Fr 3,000 and 
3.500 which may not be quite 
a “ bread-line " income, but 
which is still very low for a 
family with two or three 
children, given the high cost of 
living in France. 



of the rm>st irritant l^ustrial 

' French Groups*/ 

V ' Turnover in 19.77 : 20 ; 0 ^million FF- . 

: (excluding ta^es). 

- 110,000 employees 

v : . Fi eld of activities 


■ ; • Professional electronics 

• . • Turnov er In 1 977: 10,000 million FF 

<^F N eral consumer products 

Hous^hojcf appliances, - 
. Radib-TV, electro-acoustics . . 

' .Turnover In 1977-.4Q00 million FF 


Tji . Wires and cables, -.eleclrotechnique 
^ . Turnove r in 1977:1,400 million FF 

mmmmmm CGR {Qe Generate de Radiologie) 

. Medical activities 

V . Turnov er in.i977: 2,00Q million FF 


||P .Lamps andlighting fixtures 
‘ • Turnover m 1977: 9Q0 million FF 

■■ ■■ • SODETEG t 

■6 . General consulting engineering 
. Turnover i n.1977: '725 million FF 

MF 1 BONNE? . 

Bg?| : . industrial catering and refngeration 

r. Turnove r in 1 977: 280 million FF 


fS .Mail sorting automation 

• Turnover in 1977: 2 20 mniion FF 


: .Armaments;; 



IBB UGHTINO Ltd (StAlbans/Heithrdshite) 

. -mOMSON-BRANDT -RelationsKerieure 5 

173 boulevard Haussmann 

75360 Paris Cedex 08 ■ - - 

TpI • 256^6.00- Telex Elihu Pgps650143^ 


What is true for salaries and 
wages is even more evident for 
the distribution of the country s 
wealth. The study by CRbi', 
published by the Government- 
controlled National Institute of 
Statistics (INSEE), shows that, 
while the average wealth of 
French households was multi- 
plied bv 13 in consent francs 
between 1949 and 19 15, ^n 
increase of more than 10 per 
cent per year, it was the 
wealthiest section of soemtj 
which benefited most from this 
expansion. . - ■ . - 

The ratio. between the wealth 
of the 10 per cent 'of richest 
■ households and tbe lOper cent 
of poorest households has prac- 
ticglly doubled over the^ iasi -o 
years in favour of the first 

* The'i-l; P er cenl 
households have seen their 
wealth grow by an average of 
sometbing like I&per cent, per 
vear over the period studied, 
while that of the 10 per. cent 
of" poorest households grew by 
iio more than 7.5 per cent. 

. As a result, about 10 per 
Of households __ currently 
possess as much as 52 per cent 
- of the country’s patrimony . 
while 50 per cent of others own 
no moire than 5 per cent. 

Broken down by social cate- 
gories,. the wealth increase was 
greatest . for industrialists, 
businessmen, shopkeepers and 
the liberal professions— nearly 

12. per. cent per year — while the 
wealth of workers and simple 

employees grew by only 6 per 

Several reasons are given by 
the report for the widening of 
the wealth gap. People who 
already possessed a consider- 
able amount of wealth at the 
outset were at a great advan- 
tage during this period of 
heavy inflation. They were able 
to benefit from the sharp and 
constant increase in property 
values and owners of capital 
could hedge against inflation by 
judicious investments. 

On the other hand, the wages 
of the poorest groups barcly 
.kept up with the cost of living 
index while interest rates for 
small saving have lagged behind 
price rises and rents have in- • 
creased by more than the rate 
of inflation. 

The findings of the report are 
not entirely negative, however. 
The faster increase in the 
wages of the lowest income 
groups since 1968 has enabled 
a much greater number of 
people to purebase their own 
homes and thus to benefit from 
long-term capital gains. 

Today, nearly one household 
in two owns its own home, com- 
pared with only one in three 
before 1968. while as much as 
10 per cent of families own 
what the French describe as “ a 
secondary residence." The in- 
crease in property owners has 
been particularly marked in the 
younger age groups, an en- 
couraging development as far as 
the fu.ture trend of wealth dis- 
tribution is concerned. 

There are. it should be said, 
some serious shortcomings in 
1 the statistical basis used in the 
- report It does not. for instance, 1 
; take into account the ownership 
1 of gold and jewellery or w’orks 

■ of art. reliable figures for which 
f are not available, given the 
' Frenchman’s inborn reluctance 

* to reveal the value of the gold 
1 which he has hoarded under his 
r mattress or. indeed, that of any 
5 of his other treasures. Nor is 
'' agricultural land included, since 
5 statistics fn this area are hard 

to come by and are often con- 
1 tradictory. Most seriously of 
J all, perhaps, given the wide- 

* spread ownership of cars, which 
: must certainly be considered as 
1 a valuable addition to the wealth 
1 of families in the Lower income 

groups, consumer durables are 
1 also excluded from the study. 

[ Nevertheless, together with 
F the report on incomes distribu- 
r tion. the study provides a 

* valuable and revealing insight 
1 into the structure . of French , 
¥ society and the problems which 

still remain to be solved before 
r President Giscard’s objective of 

■ social justice is attained. A 

* wealth tax, even if it is adopted, 
will hardly do the trick. The 

n answer can only be found in a 
fiscal system which gives 
J ' greater weight to direct taxa- 
15 tion and a wages policy which 
s ' allows a much faster rate *»f 
d growth for the lowest than the 
y highest paid. 



agreements rather than nation- 
wide accords and the introduc- i 
tjon of an annual quota of < 
working . hours. This would ■ 
supersede the 40-hour basic i 
maximum brought in in 1936. 1 
. The employers also want to 1 
redefine pay agreements in ] 
tfirins of an employee’s total - 
income, which would include i 
end-of-vear and holiday bonuses, 
long service payments and 13th 
,ahd-'14tli monthly salaries: most , 
employees receive some or all , 
..of these perks, but by no means . 
on a standardised basis. 

= t The - • white-collar unions 
grouped under, the Confedera- 
tion Gdnerale des Cadres 
<6<3C) f support the proposal. 
Ihsiuance workers got an agree- 
ment of this kind in 1974, cover- 
ing ali extra payments except 
for' overtime. Chemical com- 
panies 1 have also proposed a 
total-income agreement to their 
unions before. But the idea is 
still too much of a new one to 
’most unionists for it not to be 
greeted with suspicion. 

- The round of emptnyer-umon 
talks coincides with active 
debate within the union con- 
federations themselves. The 

CGT in particular has some snul- 

' searching to do before its con- 
gress ’in November. In factory- 
floor inter-union polls it has 
repeatedly lost ground, in most 
cases by between 4 and 8 per 
; cent. This trend was especially 
marked after the election— 
apparently displaying members’ 
■discontent with the union's 
political involvement— although 
more recently the CGTs popu- 
larity appears to have picked up, 
notably, in the new steelworks 
at Fos near Marseilles. - ■ 
The CGT votes have gone less 
’ to -the CFDT than the Force 
Ouvriere, originally a splinter 
union of the CGT. The number 

of Ron-unionised — referred to 
r . Maire as the. unions’ 

parasites— has also risen* 

France, partly because of its 
rural base, is the least unionised 
country of western Europe (and 
also one of those to show the 
greatest spread in income 
levels). It has about 4.5m 
union members, almost half of 
them in the CGT. constituting 
20 to 25 per cent of workers, or 
around half the level in the 

The militant teachers’ and re- 
searchers’ union FEN is the 
only exccptiflh to this rule; its 
550,000 members represent 70 
per cent of the profession, and 
response on strike days (there 
have been five in the last two 
years) is about four-fifths. 

The common ground between 
the. different unions is 1 shaky. 
Force Ouvriere, although its 
leader, M. Bergeron, is a 
Socialist, refuses to join hands 
with the Socialist-orientated 
unions (CFDT and -FEN) as 
long a$ these are in cahoots 
with the CGT. The CFDT, al- 
though an ally in many disputes, 
is sharply critical of the CGT. 
Although the CGT is these days 
in favour of worker participa- 
tion in management its idea of 
it (unionists in management) 
differs from the CFDTs more 
open approach. Force Ouvriere. 
unimpressed by the experiences 
of Yugoslavia and "Algeria, is 
1 against it It also opposes the 
series of one-day stoppages 
. which are typical of French 
i industrial action. While the 
. CFDT preaches greater egali- 
[ tarianism, the narrowing, of 
differentials does not go down 
’ well with Force Ouvriere or 
’ even with some, sections of the 
' CGT. ... 

The lack of cohesion in the 
labour movement — ironically 
made worse by the elections — 
may well ease the Government's 
task in the coming months. 

David White 

ft I'l- 


X-:'- ->/•' 




. ^ -v-. ’ ‘xiT- 

*■ v' v 

, Vi*r "^“Vv .. v * ' . ’ . '•• » • 



t j ■ > ;-.\iJ 


; /j 

Credit Agricole was founded in 1894 to meet the growing needs of the French form 
community through a decentralized, co-operative banking structure.Today,wifh over 
10,000 branches. Credit Agricole plays a leading role in the development and financing 
of every sector of French agribusiness. 

The International Department of the Caisse Nationale de Credit Agricole tCNCAl, 
operating on the international financial market, provides its customers with a full range of 
services regarding foreign transactions and international business. Credit Agricole's 
dense network facilitates all banking operations in France for its foreign correspondents. 
The CNCA-is officially associated with the principal European co-operative banks under 
the name "UNICO Banking Group" and is connected with the Swift network. The CNCA 
finances the international commerce of agricultural products and all, related agribusiness 
operations, such as agri-industrial complexes. 

For more information about French agribusiness and Credit Agricole International, 
write to: Caisse Nationale de Credit Agricole, International Department, 9] - 93, bd 
Pasteur, 75015 Paris, France. T6l. 538.52.02. T6lex CAN AGRI 2 04670 - 2 04655. 

* 1S76 Classification 


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and Bavaria, where our bank has and London, 
a tradition dating back to 1780. Representative offices and parti- 
One of our specialities is long- cipations in banks and financing 
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in West Germany. With total Q ur whollv-owned subsidiary 
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UNION BANK OF BAVARIA the Euromarket. ‘ 

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Re presentative Office 
for France 

Mr. Peter Schmid-Lossbcrg 
9. rue dc la Paix 
F-75002 Paris 
Telephone: 2616208 
Telex: 210219 bvp 

Bayerische Vereinsbank 
Head Office Munich 
International Division 
Kardinal-Fauihabcr-Strasse 1 
D-80110 Miinchen 2 
Telephone: (089) 2 132-1 
Telex: 523321 bvmd 

Bayerische Vereinsbank 
( Union Bank of Bavaria ) 
London Branch 
40. Moorgate 
London EC2R 6AY 
Telephone: 6289066-70 
Telex: 887876 bvjg 



“FRANCE’S OIL" is how want a sudden rise in its domes-/ by a slim 1.7 per cent. after less cornfleldS would, byoqw be 4 \ 

President Giseard d'Estaing, tic food prices ia Line with; several years of stagnation — garden allotments.- Bur the pay- 

possibly after a very good Community norms. But -the this • white the number of offs made 'by the fanning. heir < ’ 
lunch, once depicted the import- monetary compensation amounts, farmers is steadily dec linin g by to bis tellow-i n hen tors to com- 
ance of farm produce to the now work in such a way -Afrit about 3 per cent a year; Out- pensate for their land .rights 
country's economy. But if French exports are taxed -and P ut rose by 4.3 per cent last soaks up- a , lot of The credit 
France is a land of abundance, imports subsidised, which means year and is expected by the going into French farming. Agri- 
the biggest agricultural pro- Lh at French farmers lose-/ any Ministry to be higher this year, culture Is, after Steel, the second 
ducer in Western Europe, and benefit they might gain from 'a with selling ''prices rising faster jridst heavily indebted sector in 
if it can continue to rely on its decline in the franc’s value. 'On than costs. But farmers’ organi- France. -Farmers' total debt last Z " ; . 
farmers to provide the backbone the t j, e cos t of. fm.- sations do not expect this year’s, year was. Frs 1201x1? .and. .the 

ol its foreign trade, there is purlcd fertiliser and improvement in income. tp_ be Credit Agncdle alone put in 

still a long gap between flowing goes up . -. ynuch more than last year’s. . Frs 21.6bn, of which Frs 17J5bn ; : ' 

with milk and honey and flowing Thc systeni Q f frontier pay- ■ The slowdown in farmers’ wap lent on Government-backed 

*' ith oil - , , ments is seen as the main revenue has taken place despite easy terms. / 

The ldea - al a few - vea , r j cause of the French farm deficit' krge injections of government .Tbe.CrMit.AgricoJc's point is ... 

ago. was that France would __ esoeciailr that of JahuaiV aid into the rural sector-^ that partly because of the in- ' 

build up enough of a surplus on .£ ‘ ■ ft f •£,- Frs 4.3ybn last year, including hieritance system, farmers’ debt.:-;, 

its food trade to pay for a good In S 'tlw residue of the 1R76 drought is rising. faster thatf production. • / 

part of us energy bill. But the wiJrS relief pJan. . . increasing cost of servicing : - . 

target of a a Frs 20bn surplus in a“^v?stGerm^ny BiUMf As Sincf the beginning of the-ihe-debt- is one- of tSe factors.; 

1980, equivalent to almost half " “jJJjJVA* decade, agricultural output has .that makes' them less competi- ■ 

Frances annual agricultural are hardly die only villahis of ."J^ d * b3r an anastoundipg tiye. ; - ' ■ r -- • - - < 7 -' 

sales, seems to have been wish- one thing, a -apod J3 3 cent xhe growth ih .. Theauthoritiesare also push- 

ful tiilnking. It was based on Part or French produce, such as 3rable farming is more pro- mg for a more active food pro- 
the halcyon days of 1974, when falls outside the system.^ nounced Cereal production in eessing industry; About 60 per •' = 

in its fourth surplus year run- It woula be dangerous," J97Q.77 went up by over 40 per cent of what -is grown or raised -f i - 
ning France turned in a net My Pierre Mehaignerie;. cent ^ helped by high prices; on ; French rfarms^ is now pro- ; 

profit approaching Frs iObn on Agriculture Minister, "to tell France’s surplus of maize, in cessed. The.indusrtiy is large— 

its food trade. uur larvners that everything particular, has risen apacq v Beef over: Frs i54bn : .tuiTK»ver. eri^g- 

But since then the lucky depended on Community and pork production, on* the Ing 3.70Q 'companies: and etnpicy- ‘ : r - - 
numbers have not come up. decisions.’’ other hand, are well' behind ing 5 per- cent of thfe French ;.:*;. 

There was the long drought of Despite ail the efforts taken needs- France has : to. import ; mdusWalTabdii^fbfee--4ts main: .- 

two years ago. then late frosts since the early 1960s and des- about Frs 2bn worth of pig- activities being milk: (a leading . 

in the spring of last year pile the generally impressive meat a year. . : - expmrt^er cereals); meat antf ^ ' . • 

followed by violent storms and record of farmers’ co-opera- T.aldobolic drinks. ^The co-opera- ' 

floods in the south-west. Pari- lives, there are strongholds of i v 7 tires have been’ moving 'iTicreas* T-. . . 

sian summers are inaugurated inefficiency. France still counts UGTG31S .. ihgly into Indufitriaf operations, ’jj 5 ". 

with the arrival of cherries from a lot of small farmers and a lot ,.. u and how account -Tor about a - 

the Yonne; last year the of old farmers. Technically and ^ ^ KI1 rni^ fhiQ wS£ist quarter of The sectors turnover . 

nhaFfiac u u.-iru>rl Oltt and f’nmmnrr*ia7l<r fho Commit anrl was II) SUtplUS, 11115 Was almost ...» m.'rt if... - - 

cherries were wiped out and commercially, the Germans and bic ouSSut ^-45per cent of the milk, 4fper 

this year they are late and few Dutch are ahead in many areas. miwi nes and Writs cent of .distilling an tT 21 percent 

—a poor augury. A number of measures were n;*™,mtine ^ those cateHories it of meat processing: But a num- ; - 

Prices of food imports such brought in during the early S^ ^n pericultural Slorter ber the big: companies^-ltke T. 

as coffee and farmers' feedstuffs 1970s to bring France’s farm- M Mchaienerie lias pledged the Lesieur edible 'soils' group -*■ : - 

such as soya have soared in the ing image more up to date. -The f -“: i Pna i rpfnrin s to foster or Sir ' James Goldsmith’s ” a '* 

meantime. France's agricultural scope of the Credit Agricole, farming profits. Agriculture Ggnerale Occidentale — are 

meanume. rraiiirea wupc v> me Agacoie, farwiinff urofits Agriculture oeneraie ucciaenoue — are ~ • 

account was Frs 3.76bn in the the Government-owned . soft- ; nrivileeed" place in this caught up in the throes of re- 
red last year. Its exports rose loan agency, was extended to - ^ budget in which the: organisation, "and, apart' from a : 

12.6 per cent while it had to pay embrace the whole rural sector, Ministry’s allocation not includ- few brilliant export successes 
almost a third more for imports, including activities such as ino cre dits goes up by 22.5- per such as Perrier ‘in the UA, the 
its cattle herds and fruit crops tourism. The “SICA’’ farm co- CP ® lt -pis l9.67bn. .Overall, industry is coiiadered to he - : --'- 
having been reduced by the operative groups were re- hat wjl jj ^-edits and social underperfermihg- .-on - foreign - ' ' • 

weather. This year’s prospects defined so that they could have ' roRrammes .. |„ rural . areas, markets. . .. •' - Y.' ' 

are a bit better, but a big deficit up to a fifth of their members J ome Frs . 47b n j s due to be The Government- would like "V : 

of Frs 1.35bn in January has to not actually working on the ploughed in-r-as much the to rely less on the export of raw .j-z 

be recovered. land. Regional programmes worid’s-^pu rchases of French farm produce; which .make up ”f - -• 

France’s position as the were introduced in the raoun- jarjir produce last year. -- of’France’s.Sales. Theonly . 

world's second food exporter, tainous areas of the Auvepgne, ;j n parallel -with the Govern-, hitch is, that , client countries - 

after Uie U.S.. now has other Limousin. Lot and the .AVest, ment's new industrial policy, also prefer to do tbeir own pro- r •- . 

contenders in the shape of Hnl- and a drive begun jo change helping companies to strengthen cesring. .. . - 

land, with a much smaller home over from dairy firming to their own ".resources . "while The most fundamental -of- the i 
market, and Brazil, with almost beef and to increase the value jetting lame ducks float to problems affecting both raw and 
unlimited land resources. oF farm output by processing damnation, The emphasis is processed goads is vvhere and> " 

more of it locally. turning towards [ -weeding out how to sell. As the results of-.- . 

Tnmntafinn But modernisation has been the inefficient fahn unit. At t he forthcoming GATT. negotia- b-'... 

lClII|ilaliUil slow, not least because, the vassy in Normaihly. at the end tipns qre awaited; Jtf. Mehaig- C.‘ 

There is a strou- temptation ranuers - v ' itH one in 10 French- 0 f last, year.' President Giseard nerie^has launched . a crusade ; ■ 
for French farmers to blame meD livln - on ,he Iand - have told- farmers: “The rule is;/ or an . EEC export policy, to. I.r.. ' 

their current straits on the * een politically coddled that producers should not :be .ftird countries^ including tl new I 

ALthnilPil the „ - — - inese ouisioe lartjjveu.. rnme r. 

or Greece). Although t e French catfle herrt for j n - work.’’. .relies on the EEC to buy- two- / : - 

markets opened up by £bG s(ance . has only 26^ head. The. Credit Agricole.- which .^nis tif its farm exports, -but ; v: 

membership provided a big im- cortl p are d with 69.4. in the UK lays elaim to being the third ^ tfr ere ha^ begun lo ' : - 

peius to farm growth in the 0r 44.1 in the Netherlands, and largest banking institution. ’in j eve j Other countries have ' 
1960s — along \ritii Frances lower even than Ireland's 28. the world. Is recommending become " more self-sufficient— 

first real agricullural policy, (Cattle farmers have in fact giving farmers better margins witne^g: the West Germans’ in,- i -: 

setting aims for modernisation, seen their income risinq faster through -.price changes_ and pj-oyeijjpDts in sugar, cereals 

farmers' revenue, prices and than most, because of price substituting the inheritance and butter— and more efficient : ’"- 

subsidies — the Common Agri- trends.) law on land, a Hangover , from France’s position in EEC trade •: 

cultural Policy has to some ex- Production last year failed to Naoolepn. , . ^ farm goods is deterioratiBK. " 

tent backfired on France. get back to the 1974 level. Under the Code Napoleon . At home,, pf course, people 1 

The system of green eurren- entailing a loss of Frs 10-I2bn. inheritance system, the -neirs as we jj ever> b^t even >. 

cies and MCA payments began according to the Ministry, share the land equally In pm-- FreTlch a ppptltes are not limit- 

as a concession to France when Official figures show farmers’ tice this^does^not- usually happen Consumption grows about- •“ 

it devalued in 1969 and did not average income Iasi year rising —if it did those rolling hedge- 


On the way up 

A LYON city councillor received as it is called. The Government, directorate in Lyon, (its first 
me for an interview. "Transfer aware of the problem, proclaims outside Paris), with sizeable 
me no more calls.” he told his its desire to "decentralise and powers of funding. Official 
secretary — “unless of course it’s notably to build up Lyon as "an bodies dealing with the 
the Ministry of Finance in international centre of service insurance and subsidising , of 
Paris.” I smiled. He smiled too: industries." a counterweigh! to exports have followed a. similar 
Sorry: that’s Fiance for you." Paris. Many Lyonnais remain .. continued ON 
The nation’s second city- <pop. sceptical, knowing the tenacity . NEXT PAGE . :v * 

with suburbs limf has been of the Jacobin tradition. — - 1 — — 't- 

trying hard in the past years to pr ’ oud mercantile city has - 

escape from Ihcnld spider’s weh a i ong reC ord of resentment ; 

uf French centralism and create a r. a j ns t Paris, and in recent . g '• j— 

far itself a proper international years has begun to lake action. „ .1 

role, equal to that, say, of Turin. \ few senior bankers and busi- • . ..7. _ ■. 

Dusscldorf or Manchester. It ne5! ;tnen have put pressure on ••• - 

still has a long way to go. Paris to help them reactivate 

At least it has laid the basis die city’s historic role as a . .' tiBCtflC rotating IB3C 

by investing massively in a centre of banking and finance: , . •_ r .. Low voiiogB wv«hran 
modern infrasti-ucture twith Paris has shown some response, and threap 

State help), and the results are and the first modest results are ; ’ . A.c. G«n«ator 

impressive: there is to-day a encouraging. The Banque . 

touch or ClTicaao about this staid Nationale dc Paris, one oF the SpwHiWacrtK^ 

old town astride the Rhone and three major State-controlled Homing v 

Saone. New motorways radiate; banks, has physically transferred ' V 

Safolas. the big new airport has from Paris its department deal- Electromerfianii 

direct flights to 71 world cities; ing with the Lyon area, so that " speed f 

the officii complex of La Part most decisions affecting the Ei'ecirbmsgr 

Dieu. with its 500 feet sky- region are now taken locally. • * . 7 integral mou 

scraper, includes what is said to The director told me: M pre- \ ^ 

be the largest commercial e.-nt re vtously. 9fi per cent of local M 

in Europe. And tile airy, com- transactions were referred to ■ mi 

fortable Metro, opened last Paris for approval now It Is . ■ 70 wbsidiary compahiw 

month, n as given the provincial only so per cent.’ This and Hwadtfiei; Motors u 

Lyonnais some hint of living in other banks have also greatly isooa angoulei 

a metropolis. increased their ceilings for 'J, TdM45J62.Ai.i7 

Yet these physical changes transactions that can be decided '-'-.V As«ncy : lerqy-somer 

alone cannot turn Lyon into a locally fin the case uf BNP. ;v.. =_ _ 3G»ob«Ro«d- 
iruc European metropolis unless from Frs lm to Frs iOra, it j's - 

the city can also attract “an saidj, while the Sanque de ‘ ^ •ffiw2 -2Z, 

apparatus of decision-making," France has set up a special - 

3 per cent a year, while French 
families, are spending i_a analler 
proportion of iheir income: on., 
food and drink. ... . . -.-'v 

_____ D.W. 


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mi di-pyrenees 




, fyF a! 

« \r y? sR 

it p !??. -i* '^ tl J - be ; p^sented ally isolated from the*, zone of 

SahL n ' °®“?Uy to> ; the yanous minis- low-income housing being built 

Jrf~3 **** "5?*? iwppen- tenal advisory commissions of a short distance to the west in 

_w S M nw - OT vId .the experts which., ^aie - normally Nanterre. 

Wo^ meatarKj Y^getable mar- 1 ' asked ‘ to approve ;the designs Whether or not it will ever 
-: - “"That’s happening f or major' constructions herore be possible to bridge the obstacle 

i • efense t”Both of. these a building permit is awarded, of the ring-road sufficiently well 
■ 4- oeen billed as prestigious'' Just at tite time -b* the recent to attract inhabitant to do their 

- ; --yanyras? projects : over . the. elections" a? TralSarajP- by Mr. shopping in the immense centre 
v-years,- .and. they remain un- Boftil, whose' participation had projected and paid for by the 

: . nicUoA ' A a.i.j : u ' . . i: .. n. _ 

i. ^happens • in - and" , around the received a bcilding 'pennit. A pitting and humanising the plat- 
. ' >' - Capit^ in, - - terms of architecture win foe Giscara, ' one.- might form running down between the 
toWh planning' as rep re- assume - towers with something more 

;^r;6ehsative:; 6f .what-js. occurring However,. Paris- ndw has a than just a sculpture garden. 
. • v .elsewhere: • in France 7" The Mayor as from 'last year, after These towers, sentinels of capi- 
answer is; I' think, yes .it is; a century. or raore-o f eeing an t a i and industry lined up on 
+ "whether. it be in terms of urban anomaly among French muni- each side of the platform, are a 
: r' renewal, ■ of housing construe- cipalities. The Government, act- kind of rogue’s gallery of the 
. . - ti-on: or particularly in the hew * n 8 through;.* Frefet-^tp decide best and worst of commercial- 

." V cities around major centres of ^ municipal matters, is now iscd modern skyscraper design, 

office building. being coaxed into relinquishing Their variety of shapes, sizes, 

.■ • . ••• ; - much. -of its power ' to the colour and brilliance of reflect- 

vAfulutecture. isa national- strongly- ambitioas^-- potential i n2 gias S ue impressive, even 
^ France, : not just rival to the President, Mayor amusing, but at the same time 

- ■ culture ly but eMnomically. and Jacques Chirac. The latter is overwhelmed by the radical dif- 

jjotiucatiy -and perhaps demanding that . the ’. Mayor’s ferences ln scaJe between the 

more so .any. -other office have the fioafcsay on all man standing on the platform 

country... Rich in architectural urban planning matters,- inciud- an(J 40-storey tower which 

. ,r. traditions, the - , country also ing building permi$s.. In the past swoops up from- his feet, it is 

. ...isJW« the wqrld.the. first genera--: few -days he has- spoken, out now up l0 the pubjlc oftice 
;. r 'pp? or. -scientific ” modern publicly against tbeBaflJlsohi- ( epad> created to develop the 
•- .,-.- ^pwn-planners- in this century, tion for housing, .^that one is sue and its elaborate infrastruc- 

- . — .^bwever, France Js also = well-, once again in doubt as to its ture— but not the architecture 

- -v-knov.-n for its Wghly centraiised construction. . • of tiie individual towers, which 

' ., : :fiflyernnienta] apparatus:. Recent r . was Jeft to the owners— to find 

;;;?^^^ ln 3nd ardtii^ the capi- A ni3C0nt-^' llle financial means and design 

- ' the extent to which - • • . * 'Sierarri tal - nt 10 transform tif possible) 

' s-ar^teGturalxcmberns^re inti- On the other hand^tiisparci lhw - segment of Manhattan" 

- 'I'.mate ly linked, to the economfC: J. 83 8180 ! d n ?'^J!»nt U re into a v,a ble urban space; a cos- 
craPd- poetical goals of hdgh.-level met it- job will not suffice. 

.. r r „e jrony is whose *nere are a number or 

-. . .’ vlbat these same events. demons- Parallels between the situation 

■5. P®te. great . uncertainties -on ? +v»isst<’mah “ l “* c ^ckiuc ouu uim wuicu 

their part about- precisely which 

First Deputy, M. de iff TMalene, 

at the Defense and that which 

• to choose now tbal the -hich will also indnde 4 GOO ricnai new iuwiis or uie rani 

• - ; poUdes.of previous administra- 7_„_„ ^rf. ebminercial Region and elsewhere in the 

-- .vtions are well on. .the way to • country. The central Govern- 

t: •- ; bcing. achieved. • - - .•> ** ce- _ om . ment established the Master 

4,000 French new towns of the Paris 

country. The central Govern- 
ment established the Master 

•-.1 .•wiatiovcv,. . -* -. • rr a ;w» TWonKi oom- camuusucu utc mua ici 

Indicative of. the. significant Zmiins f oe^Sv un- Plan creating the new towns in 
; impact: of executive authority fi ni ^ b ed b uildin/s^^ot only 1965 - ^ engaged considerable 
upon • transformations • of :the capital in land acquisitfon and 

: .- upon transformations ^ of :the ^ ^0^ cr^l^ slnce capital m land acquisition and 

- ./. physical- environment- is^Presi- V974 thrown mto '-doubt a ln balding the necessary infra- 

- •: r. dent- Giscard d’Estaih^s ride in numberiof forecasted iiBout the structure for attracting industry 
• - ^dficiding.the aature/aizd quality p 0t ential growth- : ^ residents. As at The 

•:of the final solution for the viability of this cenfrcdMoire^. Defense, there has been a slow- 

- 7 Halles, - the -Defense business but the architects and ®mers down ' D ^ lhe rat l of 

..and • residential complex, and seem perplexed' as to hBjf best 8 ° me tiiese cities (e.g.. r.vry 
even the status of the profes- tT-“ aSot maL” the i&man “ 

. - sional architect himself. .: spaces more human/ TO vast inhabjtante find themselves 

■: --. . It may seem curious, biit not central promenade serfe Ibe 

;• - whether -we^wm -see emerging formidable as- It ^ T?Jrv 

r * un official attitude toward, archi- the rest of the - urh&ft fifbrfc 

fuenerm ae uauue ana m. auu ^ anilftrtft rpsidpntfi and today 

AtSSSLSn ^lel s ,-et^ ot t tat 

-lauoched the Defeove ^d the eouftem.™b^of I^j S . (rom „ arohitec . 

.' 'ISSe'jSSS^S L physic- mta. Ph.n, of view, lehshiteets 
»>nd. cultural map, it is perhaps ' ^ 

-for fiis interventions id coni- /V.-,/ 1 1_ ^ ^ _ __ ^ 

■ M ;CMt ; tiic way up 

. One of his acts upon becom- ... ... er ■ ■■ 


; . -SffiS -i&SLr&SS. 

1 metres international commercial .Mimsoy °t. rinanre »ukh h , h eo 

■*kw«*k ' To»---+*«ii ’Lv6a has inhovated the creation ma kin g nas aiso oeeu 

. -centre then proiected for the “^“-“^independent body, dbsfructedby the post-1973 
. -western portion of. the site^.and SipareXj w b 0S e primary role is economic, slowdown. Several 
' 'to raise local finance for focal firms, French and international, 

■ '^?-Tl> e n d c medium-sized firms. A secondary \^ich had planned to put a 

leers Was beld^ and. the con- ^ fs tQ . reV jv e t he highly headquarters in Lyon have now 

: moribund Bourse de Lyon. belrf’back because their own 
lect: Ricardo Bofill, 38 years old. - . other measures expansion rate does not justify 

^f r Tr ^ "JiSFtia haveTeen weSJd ™v local it"And this helps to explain 

garden arid fountains with [^yg-S^l-^^^darking'a step the. collapse of the local real 

.ings vaguely, .rem^cent f Lyon's «e„ boom. The acres of new 

those oa^tbe Rue 1 de Rivplr depSS^ on Paris; offices at La Part Dicu were 

highly imaginative ra th«r Thp --^nklnB srenp has become planned or built, partly by 
decorative _ allusions) livelier: each year, several banks British developers, at a time of 

rumaqred. to have- Caught the their first branches in rapid, growth when the expan- 

. presidential fancy. There was t ■ total. of 36 arc now s i on 0 / the market looked limit- 

- subsequently «uch a; iujpre - Twelve are W But demand has now 

vSS torgign— g sign of the city’s f a Men. sharply: nearly all the 
arid Erawing new cosmopoiitanism. offices in the 36-floor Credit 

are paying the price (cheaper 
than in central Paris, it is true) 
of having to live in apartments 
in densely-built-up urban 
agglomerations that are the 
result of experimentation by 
architects, industrialised build- 
ing companies and developers. 

The question now being 
raised at the highest levels is 
how much more money to 
invest in the development of 
new towns and how much 
should be devoted perhaps to 
the progressive economic expan- 
sion of existing middle-sized 
cities in the region. Here again 
there is a reordering of priori- 
ties going on after a first pro- 
longed phase of reaching 
concrete results. 

A significant shift in atti- 
tudes concerning architecture 
aod town-planning appears to be 
taking place, but it Is too early 
to define its precise character. 
A younger generation of archi- 
tects is finally being given the 
rhance to build before they 
reach 40. 

Running concurrently with 
the Governmeni's reassessment 
of the major projects has been 
an active endeavour to reform 
both the leaching and practice 
of professional architects in 
France. -Just over a year ago 
iesislotion was passed requir- 
ing that an architect be in- 
volved in the design of all major 
projects, notably public com- 
missions. with the one exception 
heing made for individual home 
con si reel ion. Nevertheless, a 
system of local and regional 
architectural councils was 
created and given the powers 
to accept or refuse a given 
project. Companies engaged in 
producing industrialised house- 
types must engage an architect 
to develop their model-types. 

A final illustration of the 
important effects to be antici- 
pated as a result of direct per- 
sonal concern on the parr of 
President Giscard d'Estaina is 
his announcement, in a speech 
to the Academie d’ Architecture 
Iasi October, of ihe creation of 
an interminislerial commission 
to improve- the qualiiy.of public 
buildings. This is still another 
means by which the President 
hopes to achieve whai hfc has de- 
clared: “My ambition is to 
reconcile all Frenchmen with 
architecture, to permit archi- 
tects to excise their profession 
fully and to favour the creation 
of a new French architecture, 
innovative and comprehensible 
to all Frenchmen." 


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or P. GIRBAL. FXD.B., 12 Stanhope Gate LONDON W1Y 6JH 
Tel. 01 493 5021 - Telex 263 093. 




Brian Taylor 


‘ ‘^S - companies, especially thnse who thrbe.- in the EEC, along with 

With the elimination:^ cqn- ^jpufacture in the Lynn area, and Brussels) has felt the 
■ siderable commercial • space to- trahsfer ’-aU or part of therr ecojjounc pinch and last month 
’ e r e -. developed , an ^ eai j office activities -from Paris, beaded to reduce its floor space 

.--• ■undeclared running, .struggle t Lyon This is not easy, for b v, a1f - , Q 15000 SQ ft 
.. between the. SEMAH^ {Sucie.te ^ 0 r ^XfiTTOs farge or smallish ^ 10 l3 ’ wu sq 
.^Eeonomie mixte pour .J'Amen- usually prefer to keep their HQ 
t^agement de ^ Halles r . and ^ ^ the^ \in --P&ris . near the Ministries TpITinnrBrV 
' . >'GoyernmenL The' 1 new master who . mugt t, e lobbied so * m-a j 

' plan.- -submitted -itwo yearsvagb ggg^^oo^iy/ So DATAR saw it : These may prove temporarj’ 
provided for a series ofseparate ^ ^f e a - cClU p when Rhone- problems. The real long-term 
• . buildings to dose off the eastern poifienc, the chemicals giant and issuer—for Lyon to achieve its 
..end of the sfte towards the new by origin, recently metropolitan ambitions — is 

VBeaubourg Cultural centre/ This transfecred ; the head .office of w heth'er the’ State will ever 
>■ its' fertiliser division, to L >' 0T ] decentralise its own civil 

■- . L. iwhere 1 most of.itsRand D and ser yj cei . aii the Ministries, and 

' " A- ^ ' FRAWCE- it plant ” are -situated^ 10 .. b ^. especially • the all-powerful 
✓5^^ r ~ ' 5 fdlldwe'd soon by the Fniqpces, still have all their 

If you are- dreaming of a house 5 division. And in 1974 Fecnin y derision-taking staff in Paris and 

% in Cffw i'ArtrJ Moved' Us P» le J» keep -only low-pde- offices in 

jf. .. % division.- attracted by- me i**li - -guci, ^ Lyon; and so It 

-j&m Provence. iht.Ungurtoc- g ^atmo^eaditig countries have . g t6 . Parjs ^ mosf Lyon 

Roussillon area or in Corsica, 3 f u ]j consulates there. -businessmen must go cap-in- 

t read. . ' . vf 


| You will find in this magazine g 
j the house, flat or plot of land j 

•/ But powerful economic T> hand once or twee a week. “The 
• ft sures axe still pushing m Government’s a bit two-faced,” 

5 otheT direetjon too. tow aaliff- one ■ local banker, “it’s 

K. more centralisation. Berl let. . e de^re to decentralise may be 

e 5 Lyon .. .lorry t .manufac . sine^e; but it does not have the 

J the house, flat or plot of land / always . prided itself on ® courage to break tiie Jacobin 

that you have been looking for. S ^ **** habits^of its own Civil servants, 

c i. i a £ French- firms to keep is And sljall we eVer get aa5 ^ V h er e 

• for /our holidays or »..a safeg office . - at _ lts plant in , the ^ real 

; investment. V provinces: but now thar eer the regions?” 

I 0 *" \ ^ Yet others believe that even 

; Summer Edition ” of. MWIter- ft Renault’s own Paris within the present structures, 

: rente Immobilize, which witl.r & blDW w Lyon’s pride Lyon can nevertheless do a 

^ierentcrecelptefwineerm-g _e„d its coffeis: Berliet repre-. greet deal to improve Jts own 
1 i T fi. — ■ to j .AMa 1 2 npr cent of local . status — so long as it can sum 

: tionel money order equivalent 2 rented so^^per . monnp the dynamism. Despite 

to £1. addressed to: --ft S ■’ Domimque- ' Nouvellet, its central position and entre- 

** MEDITERRANEE : -• 5 - r ' tot of Siparex, sa.vs: "As preneurial traditions, this has 

IMMOBILlERE '* I ymf cap see. ifs a race against for centuries been an enclosed 

i****’f‘: got^yss 

p,n, (Fr eest Sd nfiodoliatioos are drivins mamifaMoreis (formerly of sdi. 

now mainly of chemicals and 
metal goods) is famous for its 
hard work and slightly stuffy 
Puritanism (over most - matters 
except to cuisine) and has never 
shown much interest in the out- 
side world. But recent decades 
have broughi changes. More 
than 10,000 cadres have immi- 
grated from Paris and other 
places: the censuses of 1962 and 
1975 show thal between those 
years the percentage of the 
population born in Lyon fell 
from 66 to 48 per cent So Lyon, 
like most other big French 
towns, has become a more mixed 
and open society, more aware 
of the world. A new generation 
of local politicians and business 
leaders is seeking to develop the 
work of the late Mayor, the 
great Louis Pradel, whose vision 
it was to shake Lyon out of its 
provincialism into a new and 
wider role. .No real successor 
to him has yet been found. But 
it is significant that the Prime 
Minister, Raymond Barre, has 
since March been a deputy for 
Lyon; and there are whispers 
that he has ambitions to be 
Mayor. If so, he could use his 
authority to help pull Lyon into 
a higher European league table. 

The city is just beginning to 
recover some of the cosmopoli- 
tan nature that it knew during 
the Renaissance and even later. 
Recent straws in the wind are 
the setting-up of the WHO- 
backed International Cancer Re- 
search Agency, and the arrival 
since 1974 of four international 
audit firms, among the very first 
to take root ouside Paris. 
Another example: the British 
resident colony of 300 or so has 
Keen growing steadily, and some 
50 British companies — from 
ICI to Habitat — are listed 

Strasbourg and Nice in their 
own very different ways are 
international cities, but if any 
French town outside Paris can 
hope to aspire to an inter- 
national economic role, ' it is 
Lyon alone. It has made a little 
progress. But compared with 
Stuttgart or Zurich, or. maybe 
even Birmingham, it still looks 
insular and. lacking in control 
of its own fate. The -Lyonnais 
still trembles when the tele- 
phone rings from the Ministry. 
The remedy, is — partly at leas.t 
— in his own hands. 

The Fichet-Bauche group, one 
of the- world leaders in 
security equipment, has fac- 
tories and sales subsidiaries 
in France, United Kingdom, 

Ireland, Germany, Belgium, 

Luxembourg. Switzerland, 

Italy, Spain, Portugal, Tunisia, 

Iran, Malaysia, Brazil and . 

Argentina. Altogether 4,000 
persons 'and exclusive distri- 
butors in 50 other countries. 

Fichet-Bauche are manufac- 
turing a wide range of 
Bankers’ and commercial 
safes, strong room doors, 
safe deposit lockers, . night 
deposits, anti hold-up instant 
barriers, drive-in counters as 
well as. on the continent, a wide variety of 
alarm and surveillance systems for burglary 
and fire, original access control devices, high 
safety door locks and armoured doors for flats 
and houses. 

They also produce fire doors, fire cabinets and 

i-. v 


ticnei-Huuche head offt tv in K«<r.v, neui runs 

files and computer data safes approved by the 
Technical Department of the French Insurance 
Association (fire and drop test). 

For more than 150 years, the major French 
banks and many other banks around the world 
• baye given their full confidence to this Company. 

Head Offiee: 15, Avenue Morane Saulnier 
78140— Velizy— France— Tel. 946 96.44. 

London : Fichet-Bauche (U.K.) Ltd 
7 Trading Estate. Sandgate Street 
'London SE15 1LE— Te], 639 S421. 

Warrington : Fichet-Bauche (U.K.) Ltd 
29 Tation Ct., Kings/and Grange Woolston, 

*tt XT" 1 Warrington WA1 4RR — Tel. Padgate 822 116 
|~f Ih Dublin : Fichet-Bauche (Ireland) Ltd 
J XL 13A Parkmore Industrial Estate, 

Long Mile Road, Dublin 12 — Tel. 50 SO 16. 

Th$ Lyon region ^an out you in.^affekleal'strale- 

isilir.rr (r.r nc.ncitTi.tirr> the. marirct^nf il«ru'ith-e»s»«tpm 

and operating costs plus top rate services such as consultancy 
companies., universities, graduate schools, world renowned 

More and more the political and economic 
^.^i^'Partners in Lyon are working hand in hand. They 
■ i look forward lo welcoming you and helping 
i-.’Vis^lyou to do business profitably under Ihe best 
A conditions. Living in Lyon is pleasant - Only 
; ^vW,a short distance from the ski slopes and 
’ the Mediterranean, while the cily itself 

vV- c -.offers a lively and varied cultural hie. 

’r There are other large metropolitan 
- where the emphasis is on ‘large' 
^^iK^nd which are becoming increasingly unli- 
f ■‘n;' , ?vable. And there are also vast underdeveloped 
areas which can offer sunshine and subsidies. 
'^’Ss But ttte desert is perhaps Ihe only place where 

Our region is already thoroughly indusfriSiaSi^we 
have Ihe factories. So you have the benefit i 6fVa^rg& : .anii 
si- tiled labour force ready and on the spot. 

Compared with other large Europeant^ropbffl&i centres, 
you will .save money in Ihe Lyon region :*educed. installation 

industrial Europe, %, -i 

If you would like to know more about how we do business in 
Lyon, send us the attached coupon. 



; .’ Assade'ion 

peur le Deveioppamer.: Eccr.onvcje. 
.. .de-la Region Lyonrwije 

20. rue de la Bourse 
69289 Lyon Cede* I-Frar.ce 
Tel. 16 (78) 38.10.10 

Name : 

Posilicn : 

Whole address : . 

John Ardagh 

So:!®!/ : 





.financial ;: •••;', r- ' 



GEORGES SEGUY is a tougher 
man than his cherubic looks 
suggest The chirpy, zealous, 
51-year-old Communist has 
needed a firm band in his more 
than ten years as leader of the 
CGT, the biggest French trade 
union body. He took the union 
through the mass labour 
struggles of 1968, has 
strengthened his alignment with 
the Communist Party and main- 
tained the strong central organi- 
sation of a Communist union 
whose members are only hall 

His enemies accuse him of 
being Stalinist in his approach, 
of lacking initiative, of turning 
the 2m-strong union into a 
political “drive-belt.” But it is 
not always clear which is the 
cart and which the horse: 

M. Seguy led the party in its 
late conversion to worker par- 
ticipation and has taken its 
Euro-Communist line further by 
hitting out at restrictions on 
union activity in the Soviet bloc 

His curriculum vitae ae a 
Communist is impeccable- 
primary education, apprentice- 
ship at 15 as a typographer, 
resistance, party membership, 
arrest by the Gestapo in 
February. 1944, torture in 
Saint-Miehel prison in his home 
town of Toulouse, deportation 
to Mauthausen two months 
later. Released after 13 months 
in concentration camp, M. 
Seguy was just turned 18. 
Physically weakened, he fol- 
lowed his railwayman father's 
footsteps and joined the SNCF 
as an electrician; his wife is also 
the orphan daughter of a rail- 
way worker. 

Active in the strikes of June 
and November, 1947. M. Seguy 
worked his way up to the top 
of the rail branch of the CGT. 

lealey & Baker S.A. 

'Telephone 720 05 85 


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Telex 31 347 


On this page Robert Mauthner, 
David Curry and David White 
profile six of France’s leading 
personalities in the trade 
unions and the Government. 



By then he had already been 
elected, still in his 20s, to the 
party's central committee and 
to its bureau politique. 

He is known now to be con- 
cerned about improving the 
sense of unity within the union 
— but his own position is hardly 
in doubt D.W. 



JUST BEFORE., the general 
election and 11 months before 
his term of office was due to 
expire, the French employers’ 
association, the Patronat. elected 
M. Francois Ceyrac to serve an 
unprecedented third spell as 
president The deeply-lined 
face of ML Ceyrac. with its 
angular features and stiff fringe 
of grey hair, had already become 
a familiar television sight as he 
waded into battle with the Left 
over its industrial and economic 
election platform and mar- 
shalled the Patronat to deliver 
to the conservative Government 
the lm or so jobs for young 
people which would enable it 
to claim that its “employment 
pact ” was getting to grips with 
the jobless situation. 

Since the election the 65-year- 
old M. Ceyrac has been just as 
prominent, as the Government 
has freed industry from price 
controls and as employers pre- 
pare to open a crucial round of 
talks with the unions on pay 
and conditions. 

Over the past five years his 
main achievement at the 
Patronat has been to return 
much of industrial relations to 
the arena of direct industry- 
union talks rather than 
depend on Government-imposed 
measures. He has brought four 
big areas under such “con- 
tractual ” agreements: Improve- 
ment of working conditions: 
unemployment indemnity paid 
largely out of jointly managed 
funds; .bringing white-collar 
workers closer to participation; 
and negotiating early retirement 
accords at 70 per cent of former 

Within the organisation he 
has reconciled the sometimes 
quarrelsome differences between 
the small industrialists and the 
big and generally conservative 
groups, and has managed to 
avoid being identified with any 
particular school of thought on 
prickly subjects like participa- 
tion. He has a regular liaison 
'committee with the heads of the 
country’s .30 biggest concerns 
and makes regular provincial 

M. Ceyrac's influence is. un- 
doubtedly helped by bis per- 
sonal friendship with tbe 
Prime Minister, M. Raymond 
Barre, and with M. Jacques 
Chirac, the Gaullist leader, 
while his relations with M. 
Giscard d'Estaing are cordial. 
The success of the return to 
price freedom may well depend 
in large measure on the 
discipline tbe Patronat can 
induce in its membership to 
control the inevitable un- 
pleasant consequences for price 

It is sometimes reproached 
to M. Ceyrac that he has 
□ever managed a large 
industrial concern: in fact he 
has spent bis life almost 
entirely in professional organ- 
isations. But the advantage is 
tbat be knows intimately the 
machinery of bureaucracy and 
government' and in France that 
is a priceless asset 



TTTR ROTUND. avuncular 
economics professor who was re- 
appointed as Prime Minister of 
France by President Giscard 
D’Estaing after the March 
general election, 'has made Us 
mark on tbe country in record 
time. Decried as a mere techno- 
crat when the President to the 
surprise of many, first 
nominated him as Premier in 
August, 1976, to replace the 
ebullient but fractious M. 
Jacques Chirac, the 54-year-old 
M. Barre has quickly mastered 
the tools of bis new trade. 

By his own admission, he has 
little taste for the antics and 
tactical manoeuvres on which 
all genuine political animals 
seem to thrive. His fundamental 
attitude is that they are a waste 
of precious time. “Either you 
have a job to do, or you play 
the fool.” be said in a moment 
of irritation. “I am in .charge 

of . the . . Government Mid its 
economic' and financial policy.- 
I am not there to fool about* 
This did not however, pr* 

vent M. Barre frtm : conducting 
a particularly effective, even 
aggressive election campaign in ■ 
a cause which tie considered to 
be of vital importance 
for the future of the 
country. On one- famous 
occasion he even, demolished 
in - a TV debate , that 
acknowledged master of pollti-. 
cal cut and thnmV the socialist 
leader, M. Francois Mitterand, 
and he undoubtedly made an 
in valuable contribution to the 
Centre-Right coalition’s victory^- 
Apart from his economic ex- 
pertise, M. Barre’s. 'greatest 
strength and appeal , ties in his. 
honesty and . “no nonsense", 
approach to the country’s prob- 
lems and his refusal to, court 
cheap popularity. From the very: 
b eginning he promised to .; tell 
the French people the truth 
about its economic plight and 
the sacrifices which, would have 1 
to be made. _ =,. 

He has done so in a. typically 
forthright manner. Ifyicontrary 
to all initial expectations, his 
first austerity plan won ■. wide-' 
spread approval anddid not lead 
to massive social unrest; it. Was. 
largely because he managed :to 
inspire popular confidence in 
his integrity and judgment 
. Though freed freon-all elec- 
toral constraints. /. for . .three 
years, M. Barre may have -a 
more difficult time witti public 

opinion and the trade. 'Unions 
during his second term of office.' 
Whatever the fundamental eco- 
nomic justification for his latest 
polity of freeing Industrial 
prices, while pennitting rises in 
purci asing power- of only the 
lowest income group, it is bound 
to lead to^aNsharp increase in 
inflation this . year. And most 
people will not forget that M. 
Barre has always said that keep- 
mg down prices was one of his 
principal objectives. 

But the Prime Minister i$r. a 
stubborn mad, who believes that 
the long-term effect of his new 
.industrial policy will be di» 
Inflationary, whatever may hap- 
pen . to .the price index ever the 
next- few months.' . He knows 
-that, probably, he will be given 
no' mort than a-.year to prove 
his -point, bnt that is -a gamble 
' which he is fully prepared: to 
-take in- what he-'ccnsldera to-be 
the interests -.o£:tii& country. 

fiideedTone of M-Barie’s-most 
endearing qualities is that he 73 
clearly not- frightened of sacri* 
=ficiiig;hls polltiCaF’cafeet ' “T 
am -quite prepared to. return - to 
iiny; chair, at Faris^ University 
When- the'- trine *fcomes" "Be- is' 
quoted as. 1 saying. I-’; If he 'ever 
does so, .’there can hardly 6a 

• any. ; doubt yflD 

lecture notohly his stadentshat 
will - continue., ' . to, rwagi: an 

: admonishing finger at whoever 

• is - in charge -, of the - country's 
'economic policy.-' - 

••i':. rm. 




Rene Monory 

RENE MONORY j s reputed lo 
be the rising star of the Govern- 
ment. Last year he came out 
of the comfortable obscurity of 

the French Senate to become 
Minister of Industry. After the 
election he moved up to become 
Economics Minister (the bigger 
half of the divided Finance 
Ministry) and it is Rene Monory 
who is the man in charge of 
the nuts and bolts of the Gov- 
ernment’s grand liberal strategy 
of freeing industry from price 
controls and trying to push pri- 
vate savings into industrial in- 

Bulky, bluff and amiable, with 
a rather heavy turn of phrase, 
Rene Monory left school at 16 
to become an apprentice mecha- 
nic in the family garage at 
Loudun in the Vienne, eventu- 
ally becoming mayor of the 
town and, through that, arriving 
in the Senate, election to which 
is indirect and weighted towards 
regional interests. 

He went down well at the 
Ministry of Industry. After all, 
with the reputation for common 
sense which France attributes 
to her provincial sons fas 
opposed to the •• cleverness " 
which distinguishes the Pari- 
sien) and with his experience 
as a small businessman running 
an agricultural machinery and 
Peugeot concessionaire's busi- 
ness, he was felt to be close to 
the soil — or at least the work- 

M. Monory is reputed not to 
like fiddly individual dossiers: 
he believes in the broad re- 
sponse. Letting industry set its 
own prices and letting managers 
manage is better than hours 
spent by bureaucrats manipulat- 
ing details; in French terms this 

THERE EXISTS in the French 
Government a particular and 
powerful species of animal 
which operates In the ill- 
defined area where bureaucracy, 
politics and industry overlap. 
Andre Giraud comes from this 
background — a man who has 
always worked for the State but 
held jobs which extended his 
influence and ultimately his. 
orders deep into industry. 

A contemporary of Giscard 
d'Estaing at the -Ecole; Poly- 
technique, Andre Giraud col- 
lected additional qualifications 
in the oil and engineering field 
before embarking on a civil 
service career which made him 
a powerful voice in the forma- 
tion of French energy policy. 
From being director... of the 
French energy institute he 
became the senior Industry 
Ministry official overseeing the 
carburant sector before, in 
1970, moving to perhaps 1 the 
hottest spot in both the'civll 
service and Industry as the 
head of the Atnmffc Energy 
Commission. -wMch ..runs 
France’s ambitious nuclear 

attitude is close to revolu- 
tionary. given the long tradition 
of the omnipotent state. 

At 55, M. Monory is tbe same 
age as Raymond Barre and they 
clearly think on the same wave- 
length. In fact they are both 
given to the same style of rather 
heavy, pedagogic, step-by-step 
explanations of economic policy 
full of appeals to commonsease 
and the common roan. 

“ 1 shall spread the gospel of 
liberty and competition," he pro- 
claims, announcing the trans- 
formation of France’s Price 
Commission into a sort of super 
competition commission. No one 
doubts that if industry fails to 
respond to the joys of laissez- 
faire, M. Monory will be quickly 
on the pbone to set the offenders 
right in the habitual style of the 
mayor of Loudun. 


Edmond Maire 

A PROVINCIAL small-town 
notary: that is as close a descrip- 
tion as 3ny to the image Edmond 
Maire projects in public. The 
self-effacing, painstaking, ironi- 
cal manner of the leader of the 
CFDT union makes a sharp con- 
trast with that of his ally-cura- 
rival Georges Seguy. 

The 47-year-old CFDT secre- 
tary-general is. unlike most 
French public figures, oblivious 
to snappy dressing. Under his 
suit he usually wears a soft 
shirt, either open-collared or 
done up to the neck without a 
tie. His nose would pass for a 
boxer’s; its owner attributes its 
shape, and the slight nasal tone 
of his voice, to the whim of a 
military surgeon. 

Despite his modest presence. 
Edmond Maire is as outspoken 
as any of his union colleagues, 
including against them, against 
the Government, against the 
employers and currently against 
all political parties including 
the Socialists to whom he is 


Becoming leader nf the CFDT 
— the second largest union and 
the most innovation-conscious, 
with a large extreme-Lcft fac- 

tion among its members — in 
1971, he took up the cause of 
worker control which had come 
alive during the “events” of 
May. 1968. 

In the 1960s he had also 
favoured the reform of the 
Christian Union body, the main- 
stream of which became the 
CFDT, notwithstanding his own 
strict Catholic background. 

Like Georges S$guy. Edmond 
Maire is the snn of a railway 
worker: his father eventually 
became srationmaster at tbe 
Gare du Nord. Tbe sixth of 
seven children — two of the 
others took holy orders— he 
trained as a chemist, worked 
for a while for Pechlney and 
made his union career among 
Paris region chemical workers. 

He has published books on 
employee participation and on 
the famous Lip watch factory 
dispute of 1973-74. After the 
Left’s disillusion in the March 
election this year, he has steered 
as far as possible away from 
politics. His appraisal of the 
election periud contains, typic- 
ally. a sprinkling of self- 

energy programme. He took 
over when the country faced 
difficult choices over nuclear 
technology and when a number 
of ambitious Gaullist pro- 
grammes in the nuclear sphere 
had ground to a halt. By the 
time he left the AEC he had 
transformed the organisation 
into a veritable industrial trroup. 
firmly established the PWR as 
the first-generation reactor for 
France, sponsored a broad re- 
organisation of the industry to 
serve this programme and 
pushed along development of 
a French fast-breeder pro- 

Until a few months ago his 
only political experience had 
been as director of the cabinet 
of the Minister for Education 
for a year in 1969-70. But after 
the election Andre Giraud, at 
53 years old. was elevated to 
succeed M. Rene Monory as 
Industry Minister and the trium- 
virate Barre. Monory and Giraud 
(perhaps with Robert Boulfn, 
the Labour Minister) is usually 
regarded as the strong men of 
the new industrial policy. 

Up to now his main concern 
has been defining the Govern- 
ment’s policy towards “lame 
ducks" or sectors in difficulty. 
No aid without a realistic 
recovery programme and a com- 
petent management, he has been 
proclaiming, and industrialists 
watching the Boussac debacle 
have been In no doubt tbat he 
means wbat he says. 

Observers note that the new 
minister has an arid turn of 
phrase and suffers fools badly: 
there are a lot of patients In the 
Industry Ministry waiting room 
( steel, textiles, shipbuilding, 
machine tools, oil refining) and 
they are waiting to see whether 
the good M. Giraud can make 
himself into a sympathetic if 
no-nonsense family doctor. 


1 i"- li 


■ ipolieb 

A name that’s recognised can inspire awe, 
envy pi, in this case, confidence. - : ... 

IfV a name with a reputation for accepting 
onlythebest^andmainfairiingthe highest 
; , stahdaxds. An.assurance; for.the,wiQ€?-htiyer , - 

that his choice has been expertly selected and 
carefully shipped. - ; - . . ' . , 

■ - A very good wine reasonably priced. 
’Distinguishing it from the ranks of ail the rest. 

: in other words, a name such as ouis can : 
sometimes be all the guarantee jrouneed. 

■ Because when it says Bouchard Aine on 
the label, it says a lot for the wine. 

read the small print first 

A". ■■■*. 

Burgundy spedotisbs and shippers of fi ne win s 

*Ame denotatgthe eldest son of the . ' 

, . - 

.- ■■ 

■ • v- 

■ / ..■*! 

' International people \ 
are discreetly choosing 

. s *. m \ 


on the Riviera 

In 60 acres of fragrant pine-lands and gardens s 
ory the sea’s edge rooking out . 
over the Bay 'df Cannes , 
the property includes 2 club houses, 

2 swimming pools, several beaches, . 

. a 180-berth private harbour ' . 

Fishing, sailing, waterskiing, diving 1 
: and many other spotis are available. 

And with many other servieds-for ■*. 
a carefree and leisurely life. 


A first class investment ... 
30 minqtes by motorway from- 

Houses in dusters with'3-6 rooms -■ 



174. Bd. HAUSSMANN-EARIS S-i .; t 

' .. . 766M4M : : ; 

‘bn site: Theoule (AIpes-Meritimes) 

TeL (93) 90.30.48 y 


sirfies;^ ; ; 

Vineyard propertied 

BORDEAUX — 75 hectares Which -JncIude^K^het^res pt-'ffis V-', 
vines — well-known chateau: chaitrfenser^arge wfemakfc*- 
plantln company. - - , - tv-a /.. . ■ . f v iHu'-'.t' '■ 

plant in company. • - . , ; ; -i y. 

jaff.Ttecteres Including ^ ljeaares. nr 
OT AO.G. ■ Margaux — large wiue-malio&i 
dateau -in limited company. ^ ■?? , =? - 1 ; 

LUAkVAu aii.awuicu company. ■ . * - .uv-f „ - : i ^ ■ 1. 

COGNAC— 62 hectares: 20 hectares -of j 'k' f;' : *;r 

--te^ge wine-making r^nt ' tTTrtfll'niy ~ .ffrirlir 



,*< ;V. '». . 

TinaoeSal. Tlme$ -Tuesday ' June 13 1978 


The caie for an experiment 

: a-.-. 


:THE CASE for education day recommended * that an the choice is so limited. Faced funding came to w end at the that 



results should he 
request.” A full 

..c L. 1V1W J, * r r £ vear «iven icqueai. a mu 

vouchers is not proven, but the experiment in' the use of with siuk-scbool “A’* and 3ust- close of the l9.b-< / scnooi j • « o£ ^ leachers said 

~ set-by school “B”, and standing In the view of those who WP» information should be 

: .«sse for testing tbeir use in vouchers should proceed. The get-hy school * u , ana sianaing xu me “* “V; K(mt that this 

• ^practice most certainly is. Any- committee has ' already taken with one’s arm twisted high up wrote the re ?r .. thal -withheld” from parents. 

■ ane Who has any doubt about tbe bold step of "publishing a behind one’s back by the pri- County Council, a sysi No f ewe r than 40 per r.-ent of 

-this should consider for just “feasibility study whose con- mary school head, many people was intended to g P ‘ ^ teachers wanted details of 
“ moment the irrational fury eluding paragraph records a tend to make a “choice” that the parents resimea J fe ® . . qualifications kept from 

• rwith which tbe entire educa- “general ' impression^ that the local authority can record far more power to tne pro paTenls while details of 

.tionalr establishment is attack- ’* choice ' of schools is- seen -as as “satisfactory.” f essio nals-— t he ea teach in S experience were 

ilnff- the very Idea of' a: small vital by parents- - -hut that It is for this J£“ on educational regarded as sacrosanct by half 

parents did of them. "Most rfrir-tnrf; lawvers 

sug - ***** Mi. a. . Oliiaii v tuu u j yaAcmo -- _ 

^experiment in parental choice vouchers would hot necessarily theory of vouchers has sup- 

m. jCenL. The unavoidable con- be the only or the most satis- porters. and opponents on both alternatives Md parenis u ^ arc hitects v. ill gladly flaunt 
:,diision is surely that anything factory means of achieving it. the Left and the Right. First not make l |? e ° f * . d de JL e » their qualifications, while it is 

•St that lot is so vehemently It would' be' difficult tn proposed by Professor Milton tunmes to the expected degree, w .. 

... . . . n0 f impossible io discover how 

agunst must Save something in quarrel, wi to this ’.generality. Friedman' in 1956 as a On Jhe o . . . l OD2 any such professionals 

it • - but as it stands "it. re wither of bringing the market economy demonstraUon provided X hare been practising. What are 

- Vhat that something is is evidence in favour of large-scale into education the idea was sul> siderable enUence on ° ^ Kent teaehers— presumably 
” also quite cle^r. Most parents adaption of voucher, schemes sequently tried out with the viability of . ^ te | na .^* 1 representative of their coi- 

: would' like -to exercise the nor against a ntiUT- controlled blessing of many on the Amen- grammes. since it leagues else where — afraid of? 

.woum lute «i excise me nor against a ase for an can Left, as a means of enabling teachers 1 opportunity to choose the answer mav be or 

■ ' the poor to choose better an d design their curricula, and .^^pioyment.’ 

Dai’ld OllcJ 

Members of the 

Kent County Council Education Committee pictured yesterday. 

/would like to. exercise the nor against 
degree of choice over which experiment. — T 
school ‘ their, . child - should experiment is to .be ; found 
attend that. is., enjoyed by. the further back in - the report, in 
iichi and the powerful, inclu.d- the small print.- -/ - • 
ingi shall we say, the present According .to' its-. own figu res 
Secretary of State for Edara- the Kent 'education 'department 

iiqn. Most-ieacbers, at least in is highly successful at ^meeting JtLXpcrilllcIll 

tide .country, seem to regard parents’ wishes. ...In -Sh^. years 
the majority of parents as 1974 to .1977 between 95' and 99 
dangerous idiots who should per cent of children aged 11 the 
'ii6L.he allowed anywhere near were transferred to the secon- in San Juse. California. 


lazy and who are. expected there 'has' S a 

voucher io work hard at individual -• nhUrirf.n» away from the worst extremes 

Over the past couple of years 

school’s for their children. thereby made available to Vny oiher method desks. Sw% ea ^ Le r fch are "able to decide of this non-education, led by 

L„s.L ww., . . .. evstem, llRe a»J «»uiei uirin«*u uhm. 

parents a new range of choices. -. E i V ing preaier customer There may be 

These comments. tucked ot ' * l¥ » 


was highly 


customer There may oe something ... — -- themselves by choosing the caiiagnan • 

luc-sc v— — . ------- c u 0 ice is likely to work beat this belief, and for the purpose schools as they do in realisation that it 

away in an appendix to the Kent there spare capaciry. of the immediate debate it can ^ nInd ^ bvusin^ a combina- damaging, to both the economy 

report, constitute one extremely ~ ^j e most popular schools he accepted as correct. The England. ° r °f U;5 j n ^ hools 1 t nros- 

powerful argument in favour oi Thence ^ p p their mw proper response is ’so what?^ O £ojtoo<!' schools 
i is was the theory behind a proper es^rlment in u . The trouble is that Is it to be assumed that tochers 

experiment at Alum Rock, the very menuon of voucher ^ chjldren be . in? borT1 . who ua m t 

-- T-.-A n 9 «m scheme sends such an _ s ufce |y t0 aCL - e i e rate the gressive r 

teaCnera ...u; ..u »l,> nnnnlur Kni>nn«P 

or and Labour’s electorial pros- 
as pects. The lighteoiiig-up in 

, .. Th»v Hn in the L’ S The power- some schools has l>een assisted 

to use other, “pro- Uiey do ln ine^L.a. f„„, ,.r rolls: even 

methods are 

rjoht fCj seem to make' similar deci- by the fact of falling rolls: even 
for their children in east under the present system some 

education has 
and Forth fairly 

utsii ; - - - . thp rhfldren ana parents, ami svvuus .#«w. ailu *** “ 

the-shoulder defence of the the cm j hc poillt r; f sharply over the past few > ears, 

example, right >n *»ver shorter too nars . 1 Hiffipnit to sav 

«els ■ and nan ui loppen \nese up ... rolls tne system nmwu «.u»i cm-v- 

Union those were won by the aggrieved vouchers to give added educa- responsib'hLv to Hie chi: Id we u from the point of view of fashion 

Union those were won oy tne agg tiona , buying power to parents their care above _thejr chip^n- jeu parenls . and ^ung hack 

Perhaps they 
not know the 

parents and against 
r>. * ^ gierefore ' the National 

u r* 9t :■ Teachers and the National parents. - - ... hl .,i rftn 

'sfeocia^on of -Schoolmasters/ Yet the evidence, of ^ie ! «u£ »f Th f 2% 0C k eWpk 1 . rieht to work ever shorter *“niachcr“ ' Ind‘u would be difficult to say 

It 1 ■'SEES *52? Se KuiTv on robchS IS not which finds as the most Jure for ever higher^ V ‘T second t "and one which that the ••professionals” were 
& ministering authorities-^ the quite so glowing. What, asked extensive study °f the ^ use if this of haunts many teachers, is that if r,g!u tb “ ,e p 0 int that one _ 

^^ 'eo^ncS^^d “y ^reffnT i^the cho^of Soot has prided enough evidence to teachers attitudes, then ione can way tomes down tc i the «»“ ce ^ mSke^thd^way in development or ower mtuiyu* 

§Sfee ?5iSer ■' to Upset ’Some 68 per cent 'of'^parents support both sides to the argu- only offer m ex idence ^--8 in ;. hich teachers do rheir work. tl!e opposition to vouch ^ Vi ^ world. There is evidence to or giving parents greater choice. 

•l?athe P r ie San teadTerl replied. “ No.” of rnent. Jt was one of a variety It is widely believed that most suggest that in many cases this is surely beyond doubt. 

condemned to a less happy and education for all. 
successful life than they might would not. I do 
otherwise have enjoyed by the answer. But that vouchers are 
failure of teacher-controlled worth a full-scale experiment, 
state schools la equip them with and that the experiment would 

u • t itiat one a decent ability to use numbers, be worthwhile even if its only 

given more choice It is at this point that ■ app |j eat i 0nSi or effect was to encourage the 

comes down to the essence^ of oi^wjte ■ w8V , n dew , 0T>men f or other methods 

naugh'.v secondary 


j‘sb ‘they,, too, are. nearly all a child who. recentijt /moved 

The famous __ „ . . 

oany people’ are-: aware, . the answer: local 'coundlx ^et high could not raise their lees to omy a* ftirther^Sl per serried ranks of chili 

Cent County Council; whose rates of acquiesence under the meet Federal rent of the respondents allowed are d isciplined when 

dneatien committee met yester- present sj-stem preciSBly:because b asts was changed when Federa l cent of the responoe ■ 

Mr Denis Healey. Chancellor 

Letteifto the Editor 

^ j i of England Governor, addresses 

of outside know- feel virtually abandoned— unless , uncheon P r Association or L -- 

“ ”” Aanlts Berne. 


^ too, are. nearly toe^u^^edt^ fiJjrS thiy a^ e^sive^ for ^ ^ 

bus exception is, 'as stand the reason-' • foV ^th is in private schools: schools Hkea i bj; want the three R s taught «o that djpwd* upon^ a .real ^ 

,i a - thA iAr.t-WMri.-ttt high could not ratse their fees to only a third of the te acne rs sam ranbs of children who variable*. dU th ° f ( . e '^ ra , p^n- centred ’’ edi 

Today’s Events 

professional failure^ — the 
the application of 
notions about “child- 
the central prin- centred ’’ education. 

Joe Rogaly 

Mr. Wllln Miller, rb.irm.n togHndn ' 

Life policies 
YHfl as mvestmehts 

B B 1| ■■ rom Mr. Peter J. Franklin and 

Federal Reserxe 




Witness: Dr David Owen, Foreign 
Secretary i4.30 pm. Room 6). 
Building Societies’ receipts and 
loans iMayi. 


Board, ccedlngs on 

to mannfaeturlns tninf&T;: Tb® ---- -Jg* | ^FcZLnor {SS 

ofth. Duchy Of UMO.M, fTXj Juii^trr for ' Sp.dd EEC documents oo non-Ufe year) . 
speaker at London Chamber of Trn{ , e jj e presentaiion. in Paris. 

Commerce and *"d us g> “JPfi Deadline for complete Israeli 
luncheon. Guildhall. EC2, 13.4a xvithdrawa i fium South Lebanon. 

There is Norman Jenkins. 

fact that a student -decides to ledge - - - .. 

^ c ora!iB . w .. .. .mtaisisrsS’i 

Sir.-The t a «T about ' life vrich courses. ■ For «■' mdibjf lo 

.ssurance are even worse than to companies that it makes good 

-lose noted' by your, corrcspon- manufacturing .industry, to - ,, m p r risl sensp tn u^e part- 

ents Mr. King and Mr. IMl UK M^aM ™ m ' e e d ^“! l0 “ * w lM« <|i«»S»'« 

Incentive to 

From Mr. J. J. Polling 


r Queen greet' President Nicolae Two-day international con 
Ceausescu. President of Romania, ferenct opens in Brussels to <«*■ 
at 'tart of hi- state visit to UK. cuss economic aid for ^a«re. 

Victoria Station. London. 12 JO pm. PVRL i *j IE vtaRY BUSINESS 
Creditors of Mr. William Stern. „ r*— «.«««• Romain 

Special EEC documents 

House uf 
( Lords ) . 

land Bill, report stage 

ie ?L raSS "* The'cVangeTEermondsey, SE. 2^0 

rource on Statutory i%i 0 'Varraac. Birmingham. U30 

- — ’ Newspapers, 23, 

Third Reading. Scot- Averys. Smethwick. 

Inriepen- 12.15. Empire stores (Bradfonil, 
Bill. Bradford, 1 2. Garner scotblair. 

S 3 &E*%s STgaa 

nrn ..irii> E ^ nisworfui aremneut aon - 11 -P®: ’ * 


I cannot anticipato decisions 
Life assurance is no longer of the Action Co jnn^tee but l major form of contractual can assure . Professor Hanson 
, vines in the UK. Measured by that, we are conscious of the ex- 
;.3t investment during 1976. cel lent work whicFhas been done 
-surance companies’ long-term in., many univei^Des and poly- 

Options to 

SSr'SJSd'TSKi S':«S» 

moonlit - 

7i provides.a powerful argumeut 
for a shift of emphasis away 
from income' tax and towards 
taxes on expenditure, such as 
purchase tax or taxes on raw 
materials and energy., while 
income tax remains, people will 
alwavs try to minimise their 
contributions by evasion or 
moonlighting, of which the worst 
feature is the widespread con- 



- -vestment amounted to £2,900m dustrial soyety. 
at v*»ar " Oscar Hahh, 

■Whereas the increase in the Chairman. Action Committee. 
V' anal sector’s .holdings of life N a Vi (mat Engineering 
.1 i rs“lr«*r , ‘wir.*'nre and - suneracnUgrinn Schnl arshins. 

Sit pppd-i 2IR per c^t of th^r Hfli, . 

1 anria' sumbts »n I9W ; n 1974 Wei/ordon-Auon. Wonmcfoihire 

proportion had ■ fallen to 
font 71) per cent. 

(Ruiiding societies have enn- 
iued to grow at. the expense 
life assurance and other 
,-ines media. - New deDO^'to 
vfh buildine societies exceeded From Mr. D. C. hutting 
ROOm in 1976. or 47 per rent Sir,— The Engineering 

-» £2,1 Ohm. whereas publ'c and will enable ^engineering studente .Sjr,— With regard to the adVtce lempt for tbe law that it en- 
ivate- sector -pension funds’ .net to contnhute/in our complex in- . 6n . “Leasing Plant m renders. Taxation on expend i- 

... connn™ j,.— ,« i ^ur legal column on June 7. you ^ rfi WDuld avold while re- 

toay.'bave misled your readers oy tuning the fairness people ex- 
sayihg that it was possible to take pecr Q | a taI system. Those who 
oftt a- lease with an option to ^ V e opulently would pay heavily 
purchase. Anything which con- w ^ Ue tb0! . e witb a modest life 



tains an option to purchase is a €tv] ^whatever tbeir income 
wtrii P>irrhasp. Aareement. and if nav T«lK0S 

,rd M 



Hire Purchase Agreement, ana it ^ paj - i ess . Taxes on espen- 
a: lessee purchased an asset at W ould encourage _ saving, 

the. 1 end of a lease he w £uJd investment and enterprise and 
destroy the tax allowances which WQU j d be easy to collect. They 
the lessor may have taken out on are nj 0re in harmony with man s > 
the. asset when it was purchased mature — and would make hfe 
new*. '. much easier for all of us. 

-Your correspondent may he j j_ p 0 Uing. 

Pro- interested to knov; that nowadays cJidtaigncriar. 


. Riviert ; 

the persnnai sectors financial fessors’ -Conference- was ably some 95 per- cent of the selling J3 97 Founex 
•oiiis and about 66 per" - cent reported upon by Michael Dixon pj^ce of an asset coming on lease voud. Stcitzerlnna. 

th° sector’s increased hoidines aQ( j his subsequent comment era be remitted to the lessee by 

life assurance and super- about A and B streams on June way, of a rebate of rentals or a 
auation ftmde that year. In 7 recognise the importance of deposit on. a new asset I would lJail^CrS OI 
» vear 1971, flow of funds data - customer reaction." Both con- baverthought he was in a strong , 

iwv-The increase in -bull dine tributions appeal to be construe- potion to argue for some rebate U 11V U«|*t Hattie 

Coni- of. .'rental with his leasing DUV -UftLJBL UCflia 
' ,tHw ““ — ad ? ice . From Mr. John Dingle 

•epiuu a. - --- ° th . er i easl ^ 1T ,j 0m " Sir Now that there seems to 

assurance and ..superapnu^ ; profession ^ the technological pani„ 3i s wen is verj- sound. ^ awareness of the 

:••.:= ! ; V v ',. ; 

remium income for nrdi- 


mainstav of the country. Robert Hawkins, 

There- is great merit in the Editor, Leasing DigesL 
lon° term (life) business proposals of the Professors' Can- 7 Rridae, S* reel. 
ounted"' for more than 55 ner feT en«. many .separate aspects Coggeshall. Essex 

t nf personal savings ui 19P3- D f which' already have a proven ^ . 

! i9T^t it accounted for only record of success. It is me 

Iff 519^ ill' 20* per cent of.- personal '■ ^tretuning- -into A and B catc- 
'1 ^ ----- which is unlikely to he 


he S j mo lie at tons of .the'e fih'i- attractive ttf students^ is ^imitjna 

DC Ull ~ ^ -. aiuni-.u.. „r -nalitv 

? to tHe industry and to The yj the comprehension of reaiu> 

nmittee to Review the Fimc- ^ all . graduates and might 




potential dangers oF buy-back 
deals involving sales of Western 
-technology to the Coniecon coun- 
tries. it is perhaps time to con- 
sider whether some form of safe- 
guard is needed agaiosl the use 
of buy-back as a bargaining ploy 
in international competitive btd- 

- For example, you report {June 
9) in connection with a bid for 

line of Financial Institutions . (.pnf using to some emptoye^. from Mr. hormJfwam _ - automatic components factory 

uld not be tost. Among nlhpr May' I suggest to the Pto . Sir. ^-Described hj John Lloyd asa 1 "*’ cmnDeti- 

it Shows the. .highly fessors 1 Conference through the ia hls excellent review of June §*** *** 

- ■ * ' ! al ccTurtesy of your columns that S a3 a m i ne . of information Sir J®?’ l “ al 0 

ip- a common threc-yrer course in- Derek Ezra’s - Coal and Energy 
«rf : vofvfbg the practical aspects i s -surprisingly snort of data on ®5J? * 

b Stream district heating and. combined to enter 1 ^ ^ W1 

bachelor « heat, and power. In face J can ment ^ ps nQl say whether 

have the g nd no - mention of these energy- directors of the British com- 

-•’•amic nature of the financial 

- em. It also ques^tons assump 

•■■-s about the future rat,e oi 

. .vth of life assurance, and the described 'for. the 

- • that life -offices are Itkdy should lead . to :i 

; iave in the capital markets degree. Those _ v-ho 
•’ -■ the next dpcartes- aptitude, (mostly ^the 

.. : . EUU LB inciiiiun ui iuscb directors 01 me isriusn I-UHI- 

A S vital techniques at alL This.js panj .^ were motivated hy simple 


; . ?r J- Franklin, 

tor-Lecmrer in Economics. 
- aline Woodhead. 

^-‘?arch Assistant. 

of London Polvtechnic; ; . 
‘ ml of Business. Studies, 
Moorgate, EC2. . ... 

pn«siblv a Tew nf the otlicrWi'e yjrp rising in view of. the author's Ljjency, or by concern 

- Tt"^i "could proceed to a fourtn pnthusiactic advocacy over tne ^j. e j y long-term impac 

B "s ) ‘could proceed to a lounn pnthusia'tic 
vc'aV to qualify for a masters years' and. on one 
"decree based . on a itcener downright quarrel an 
.hn nr aii.^i ctiniv of a pertinent at _ w conference 


impact of 

occasion, a . bnv .K ac fc arrangement on the 
th6 wftii eC a UK economy,, or a bit of both. 

’ ;5 ngineering 

a What is certain is that they had 
_ their bid 

ruV";r«Sm;«™rt r Control SSSS^'iUm'S ^ being run 

}“ The Vinniston Committee. v.. — — -™« "« wered at> R 

n Mr. Oscar Hahn. 

D. C. Nutting. 
Past-President In'titut»- ‘y 
: ’Hea'itremei)t and Control- 
)o . Hall Plece Drive 

energy, conservation 0 _ comme rcial shortcomings, out 

Nottingham, jointly funded with bMause customer Insists on a 
the City Council for using coal . . _ * 

becau s e 1- - f 

w. v - - ... , . deal which includes an element 

and incineration of _' T S 0 f real risk, not to the bidder 

completely ignored. This plant, ab)ne _ bu t which may also 

incidentally, is now selling elec- . . future employment and 

trieity to the local area board. in the bidder’s 

Unfortunately, too, few know 



—1 was very interested in Mnbri^acl Surreu 
essor Hanson's letter 19 the 

ncial Times which appeared - . . . 

June 8. I should ‘ lk * ^JpWT lfi&RS ID unruruiuaiwy, >“«.■ ,. n , m trv. 

7 to the second part of the I^vtY I . of- this activity a ?d . the - possi- A of voar rea ders will know 

r concerning National Engl- Wp. 'Rn^rdrOODl MHtr -Of tie oraissmns being ^ ^ ' is not an isolated 

ing Scholarships. .. ■’ TI1C S5U<lllUv deliberate in order t° create One possible an 

*e Action. Committee of ^ chairman. .. ■- corifroversv is -S5SSL to safeguarding 'British com 

k I am chairman was only ..•Ffo Tn . co The omission of these technique - OT faced with- this sort 

unced' on March 13.. 1978. Bnon Woodh od bt jesshave. from Energy Comintssion dis- ^ obJem without exposing them 

* was time to Sir. — ^ 0U «niom*P disagreeing enssiohs this week to a charge oF unfair competition. 

* e a pennanent Scholarships other correspo^en di^ E vjew .. gest an agreement betiveeo the be t(J prov ide for reim- 

. me for 1978 entry, or to set. with ^-^^ritish directors, energy industries to ^ ore b ^J bursement of their bid costs out 

V ie administrative machinery {.June ») that -anus been potential of what_ has ^aeen nf Roveranieilt funds- in cases 

Flyvig Hotset 

The fastest way to South Afne|| 

'V&fZ'- raexhmute you step aboard an SM ; .' .-^V. 

> . ' .' r^Uper B 747 Jumbo at Heathrow you’ll receive;t;he; .. V ‘ ' 

• . V ^si^htae^eatHient. • . • ' 

Wveiiie d to give yon mere T 6 oin> for ; ' ; •• - 

*. instance, by reducing the number of seats;. - ; 

' • you'll also be pleased by the choice of . ; 

^foodand wines too; The wines actually ape • 

‘ i'SS^’hJch will give you a taste. of the sunshine.. 

; advance; . ... ' • - 

Naturally enough, after the inearth ere s.a; ; 

'• ' ■ ' V^g^odlfilih -tov^tch or ^ix-music channels'toenioy*- 
‘ Ai'd' afl igewh&’ ; ybiW 3 be^oke$ 5 • " 4 

V |^ibm iM';v, ; hdse .aim is to be among^t'the' 

jiei, most attentive ydu^lTuid ans^fere.. 

6ur service has- come to enjofe^;! 

Flying HoteL 1 • O. 

■^« x <;AvA ^ vin^Hotel.leaves Heathrow 

•; ocean islfeds bfMattnfids.^d- 

^own'exdus^e doine^t ^ 

* administrative macam«.* imuuc . d haV p oeen poteuuai ui , q f covernmeni iu» . 

nation-wide selection. We on, being a 5 p0 '^ t ed t ' 0 ■ J n ck the proved eisewhere. The evidence it ^ judged that aceep- 

the^lternative of ■ doing “conditioned 1 not to ^ r jdeas “ t0 date suggests .that at least m taQfie flf a buy-back arranc;ement 
uJ ^ 1978 or taking a short boat .^yJSJfjSenieiits. which- the UK energy decisions are tor vould prejudice future industnal 
n {fn balance, 1 think it. was Such. sweeping sta e of t yj e t00 im p 0 rtant to be left to me deve | 0pmen t m tbe UK. No 
tn take a short cut . .cannot ;be true, tn ompe titive -energy indnstnes-yvrtiOM only doubt quc h a proVLsion would 
-'the lWB wSy. it has been evident survival “L^j. private- interests are in nsmtaming toe n t0 be carefully qualified: 
‘e? e th« the.^holarowps world ^ n0 P t help . 500: tat at ^e cost of far 

the principle, however, seems 

by tne ^^JJ^S^SdVte co»l>o- -TImwS of os wbo..b_=Jf,^3 j„ hn Dingle. 

TTnoineermfi instuu- row y , . 

iiwjc ui- .mu . — - nrlnu rH • ,OI,n ,Jl 1 


gHTiS-TSawSSiii shareholder, u 

draw upon 





iFinandal Times 


£2.7m downturn to £77.6m at AB Foods 

WITH THE UJC bread industry 
difficulties and the high street 
price war cutting contributions 
from itwo major divisions and 
exchange differences reducing the 
overseas contribution, pre-tax 
profit of Associated British Foods 
dipped 3.4 per cent From £50.3 fim 
to £77.63m in the April 1. 1970 

When reporting halftime profits 
£0.8m higher at £32m Mr. Garry 
Weston, the chairman, said the 
group expected to exceed the 
previous year's record, although 
the increase was not expected to 
be signifies rot. 

He now says that margins in 
the UK and overseas came under 
pressure in she year with the 
home margin down from 4.7 per 
cent to 4 per certt and the over- 
sea^ margin from 0.7 per cent to 
5.S per cent. 

Overall world sales increased 
from £l.49bn to £1.68bn. with the 
UK sales up 13 per cent, or £12Sm. 
while overseas sales rose by IS 
per cent in local currencies. 

Mr. Weston says profit growth 
will he achieved in the current 
year, "although overall volume 
growth in the food industries in 
the countries in which we 
operate continues to remain 
almost static, and the combined 
effects of Government regulations 
and severe competition make the 
attainment of better trading 
margins difficult." 

The lfi« <-7S shortfall in trading 
profits in the UK — where interests 
range from Sunblest bread to 
Fine Fare supermarkets — was held 
to £2.2m. and the biscuit division 
produced “ especially creditable " 

Overseas profits were reduced 
by I0.3m. faking into account the 
adverse effect of £2.1m owing to 
the difference in exchange rates 
at rhe year ends. 

Mr. We-'fnn says that consider- 
in'* the adverse factors, and the 
cvrremeh- difficult year for the 
food industry in the economies 
in which it operates, the results 
must be considered a satisfactory 

A second interim dividend up 
from 1.3ft32p to 1.5226p increases 
fhe net total from 2.0754p to 
2.2281 p per 5p share. 

The profit after tax. minorities 
and extraordinary items was 
£30 4m and after providing for 
oMinarv and preference dividends 
£2S.lm is retained. 

Earnings per share are shown 
at B.GTp compared with 9.86p Iasi 
year, and ordinary shareholders’ 
funds have increased during rhe 
year from flop to Tip per share. 

Capital sn«*nding in the year 
exceeded £7i)m (£62m>. 


As ejected pre-tax profits at Associated British Foods 
are slightly lower, at the trading level there was a £ dm 
turnround to losses on the baking side, while retailing suffered 
from the price war and turned in £3m less, but the shortfall 
was more or Jess made up by the other manufacturing 
activities. Full year figures from Hill Samuel are rather dull 
with banking profits flat and a downturn in ship broking. Lex 
also takes a look at rhe market in Light of the rather surprising 
issue of a new " short tap" stock. Elsewhere, WGI has shown 
good recovery after the setback the previous year while Valor 
has performed wen in a very depressed market. 

next year or so. It will continue 
to upgrade its moulding machines 
and is committed to a modest 
programme of expansion in . the 
live gallon/25 litre area The direc- 
tors believe the company has 
reached a point where proms 
should start to reflect the invest- 
ment. of the last 18 months- 




WGI up 

of items to different periods for 
lax and accounting purposes and 
for stock appreciation relief. 


to £1.2m 

A TV UNROUND from a loss of 
£315-224 to a profit of £117.641 in 
its civil engineering division 
helped WGI. engineering and 
construction group, to achieve 
taxable profits up by 36.9 per cent 
to a record £12m for the year 
ended March 31, 1978 compared 
with ui.7#ni. on turnover ahead 
from £2 l.Srn to £23.9m. 

At the interim stage profits 
were up from £261.082 to £496.870 
and directors anticipated con- 
tinued progress, and expected 
satisfactory results for the full 

The group has entered l he 
latest year with a high level of 
orders in hand. 

A divisional analysis of turn- 
over and pre-tax profits shows: 
civil engineering E7-94m (£7.54ni) 
and £117.641 <£313.224>: re- 
fractorv £4.4Sm (£3. 53 m) and 

£558.990 t £478,522): process en- 
gineering £7. 62m <£7.89m) and 
1334.536 (£468.3581 and mechani- 
cal and structural engineering 
£3.S3ni l £2 -84 m) and £185.642 

Stated earnings per 25p share 
are 26.1P tlT.lp) before tax. 16p 
I i4p) after tax and 12.5p (B.lp) 
after tax at 32 per cent. The 
dividend is lifted to 5.8p <5.2p), 
as forecast, with a net final pay- 
ment or 3.Sp. 

1877-TR 1376-77 

f f 

.... 3XS72.307 21.7tM.MR 
... 1.19MOT 7U.M2 

■M’.oT.t 19X7X1 

Taxable profits up by more 
than 50 per cent at 1VGI Group is 
an impressive recovery after the 
previous year’s slump. A deter- 
mined cost cutting exercise has 
trimmed several regional offices 
from the civil engineering 
division while earnings from over- 
seas contracts, notably in Bahrain, 
have also helped the return to 
profits. Refractory products have 
done well against a dull market 
background and profits here have 
increased by 17 per cent: WGI 
concentrates on high quality 
markets, though growth here may 
be difficult to sustain in view 
of declining demand. The com- 
pany, however, is trying to 
develop customers outside the 
steel industry while exports, 
which last year amounted to some 
70 per cent, of sales in this 
division, are playing an increas- 
ingly vital part. Meanwhile 
profits in process engineering 
have dipped 28 per cent but earn- 
ings from a number of long term 
contracts should show through in 
the current year. At lOflp the 
shares stand on a P/E of 6.4 and 
yield 8-6 per cent. 

FROM HIGHER turnover of 
£0.2;Jm against £6.ln» profit* 
before tax of Ariel Industries, 
Leicester-based maker of indus- 
trial fasteners and light engineer- 
ing products, etc, rose from 
£762,436 to £783,369 in the year 
ended March 31, 1078. 

First-half profits increased from 
£322,500 to £325,900. 

In their interim statement, the 
directors referred to negotiations 
for the sale of interests in South 
Africa. These have now been 
successfully concluded mid pro- 
vision has been made f t«r the 
resulting loss of £65.869, the 
directors say. This figure covers 
all contingencies and the South 
African situation is now totally 
clear, they add. 

Trading figures in 1DTS for the 
South African subsidiary have 
been excluded from both turnover 
and pre-tax profit. 

A final net dividend of 1-208P 
per 23p share is recommended, 
lifting the total to the expected 
2.134p compared with 1.9 Up paid 
in the previous year. 

:"T .'J 

to wore 

£30. 63m to £37J5Sra taxable profit 
of Valor Company* heating and 
cooking 1 appliance maker, rose 
from £1.07m to £t-65m m the 
March U, 1978, year. ' 

-At haK-way profit, was aP iTOm 
£dJ 6 m to £OJ52m and directors 
believed the trend con- 
tinued for the year. They. now. 
say they expect profit to increase 
further in the current trading 

Aslilcv Aabuood. 

Mr. Garry Weston, chairman of Associated. British Foods. 



Hie result Is subject to tax of 
£0.52m (£M9ro) and last- year 
there was a £0.5Bm extraordinary 

Earnings per 25p share are 
shown at 1023p (5-Slp) basic and 
e.62p' (5.82 p) fuUy diluted. Oh & 
nil distribution basis ; they art 
given at 10.54p (6.73p) and 9.08p 
(5.8ip) fully diluted. 

The final dividend of L433p 
(I246p) takes the total from 
L884p to 2.135p net The increase 
has Treasury approval. ... 

Kir. Michael Mon lague the -chair- 
man said yesterday: “lam hoping 
for higher margins in the coming 
year. Demand is good at present 
There has been a pick-up in the 
sales of cookers and that has gone 
almost exclusively to gas cookers.” 

The Valor cooker factory more 
than recovered its first-half loss 
in the second half of the -year 
and- is now working, at full 
capacity and some 30 per, cent 
above last year. On heaters, the 
company still has some 15 "per cent 
capacity ware. > . 

On the Belgian investment be 
said the company had wri tten off, 
the total cost of the investment. 
« if anything we have over-' 
provided." Part of the purchase 

demand started to pick up. The 
-turnround to profits at the Rata? r 
hUl .cooker factory last year wa&a j 

factor in the margin improvement 
as was the absence of a write-off.'-: 
against the Belgium subsidiary':, 
-which went Into liquidation. Valor i 
'is stiff in litigation 'to recover tht- 
original cost of the acquisition 
from the: vendor, but even it tfria" 
fails Valor has -already written^: 
all its investment. Meantime, the; 
outlook for this .year, seems - 
reasonably bright. So far in 1978 -' 
industry figures show gas cooker 
sales up by 30 percent, and Valor 
is hoping for another margin, 
improvement now that the com*, 
petition is becoming ‘.less heetjt ' 
A new range of heaters and 
cookers this - autumn Is also- 
expected to improve profitability. 
At 44p the higher .dividend Con y 
recovery ground*} gives a jdeJd -of . 
7.6 jper cent and the fuHy dDated: 
p/e is 4.4— not a demanding 
rating; given- the current recovery,, % 

P. J. Carroll 
off £0.75m 
at midway 


loss at 

fails to 



Trarl inn fu reins . . 


Interest payabl* 

P— before ta* 

UK tax 

iiverst'V tax 

Net profit 

Minnii' |> s 

Extraordinary profits 

Pn-r. dividends 

Ord. dividends . ... 
Retained ... . 


3S.»0 iu.717 

772 M 4 iel7.a»U 
272. l.T! 24::.S7H 

ano.Gal 39S.HV5 
- 223.711.1 

Pre-tax ora tit 


N profit 

Extraordinary credits.. 




Prom capital reserve... 

Brought for*' 3rd .... S.2K.23* 2.6«.^tv 
Carried Ton* 3rd .... S.7SS.9I9 32S3.MS 
Tax for the year amounted 
to £462.575 (£135,754) on ED 19 
basis, and was split as to UK 
£428.550 1X140,798). overseas 

£18.123 f £5.428) and prior year 
£15.902' (£10.472 credit). 

Provision has been made for 
the liability to corporation tax 
which may arise in the foresee- 
future frnm the allocation 

manufacturer of plastic containers 
and domestic wares, fell from a 
peak .of £811.000 to £750.000 Tor 
the year to March 31, 1978. after 
£456.000 at half time. Full-year 
turnover was ahead at £1 1.06m 
compared with £9.42ra. 

Earnings per lOp share are 
shown as HBp f 13.9pl 3nd a final 
dividend payment of OJS407p 
l0.7325p) lifts the total to 12S36p 
(123S5p) net. 

The directors state that within 
the next few months the com- 
pany will hove completed its fac- 
tory extensions which should give 
adeauate production space for the 

A PRE-TAX loss or £0.44m 
against a £ 1.16m profit is reported 
for the November 30, 1977. year 
by Dentsply, the U.S.-owned 
dental supply group. 

Turnover for the year was 
ahead from £17.7om to £.11. 19m 
and the group trading profit was 
£2.45m compared with £2.02 in 

The result is before a £127.000 
tax credit (£L16m charge i and 
extraordinary credit from .-ur- 
pluses arising on group recon- 
struction of £1.09m. The 1976 
figures include 11 -months' results 
of AD International, a subsidiary 
acquired in the period. 

Turnover of this company was 
little changed at £15. 1.7m In >he 
latest year against £!3.2m for 11 
months previously, and the pre- 
tax loss was £142,000 i£346.000 

The profit is before tax credit 
or £0.51 m (£68,000). There were 
revaluation surpluses in the year 
of £7.04m (£0.51m). 

Arid Industries 1-27 

Assoc. British Foods 

2nd Int 

Blyvoonillzlcht Gold 

P. J. Carroll int. 

Comm. Bank of Near East 

Dalbeattie Finance 1.4 

W. Hens hall 

Hill Samuel 323 

Ocean Wilsons 1.88 


Prop. & Reversionary 


WGI „ 

Warwick Eng. 

W. Bromwich Spring . 






of spending 








. 127 

Sept. 25 





Sept. 4 




. 33 

Aug. 4 




t. 2.15 

July 7 




t 25 





. 1.4 

July 4 




. 2 

— - 




. 323 

Aug. 2 




.. 1.S8 

July 26 




- 0.84 

July 38 




. 3.16 

July 12 




. 1.43 





. 3.8 





. 0.5 





. 0.71 





.consideration, some^O^O^ was 

'held in escrow and be 

current litigation in Belgium 
would result In this comi ng back 
to the company. 

• comment 

Despite depressed market condi- 
tions for cookers and heaters 
throughout most of - -last - year' 
Valor has continued ' along the 
recovery path with a 54 per cent 
rise In pre-tax profits. Sales 
value is up by 23 per cent- though 
in volume terms the position- is 
virtually unchanged; /it was- not 
until the final quartet, that 

ON TURNOVER ahead front-' 
£53.45m. to £54.2 m. taxable profit «i" 
of P. -J. Carroll and Company 1 
dropped from ££lBm in ; ' 
the March 31, 1978 six months, -.r - 
' Early this year directors re- 
ported that profitability is £ha -. 
tobacco, business' -had oeenseri- .i 
ously affected in the December 
quarter by. price reductions oh '- 
some, products In. anticipation .of .. ' 
changes lit . the duty system and 
by a decision' to delay price in- v- 
creases. • . - - -. 

■ : The half year residt Is -after- 
interest 'oi : H)JSm (£8J35m) and,'- 
subject to _ tax of £0.66m tS)8Sm) . 
Last .year, -there were ’>.ffjioriQr r . 
interests . of. £13,000. Attrfl>utiri>la ..- 
profit is shown ' at £Llm (£1.64m).- - 
~ Earnings per : 25p share art: 
given at 4.3p C6Bp) and the '- 
i ntertm dividend is lifted .from „ 
1.7873p net to 2J48p. • 

.' ■■ ’Last year 4 4JZZ38&P .final was . 
paid -from deproased profits of 
£u82m. : -• -■ 

Dhidends shown pence per share net except where otherwise stated. 

"Equivalent after allowing for scrip issue, t On capital 
Increased by rights and/or acquisition Issues, t South African. cents 


Second half 

recovery by 
Warwick Eng. 

Your place in 

the big build 

“The success of our first assault gentlemen.' is now 
overwhelmingly dear. 

*200.000 sift- of warehousing and fight industrial 
premises in the superb, new Eurolink complex at 
Sittingbourne. Kent have now been occupied. 

“Heartiest congratulations! 

“Your next task is therefore obvious: immediately 
occupy the remaining limited number o! units available from 
5,000 sqit up to 30,000 sq.ft Your orders are to capture the 
next 100.000 sqft as it becomes available during the next 
12 months. 

“Once established, you can expand at will across 20 
acres of planned future development. 

“I need not remind you of the vital strategic position of 
the site. Eurolmk is minutes from the M2 motorway, 55 miles 
from London. 16' miles from Dover, and within easy striking 
distance of the roll-un /tall-off facilities at Sheemcss. 

“Movement of transport and supplies is supremely easy 
due lu (he site's size and parking facilities. Eaves of all 
buildings are 20 ft. higii. 

“And local transport services and amenities wjQ suit 
your troops down to the ground, 

“Gentlemen. Eurolink and success is at your feet." 

For further information contact HQ below 



To: f uller Horsey Sons & Cassel 52 Bow Lane, 
London EC4M SET. 

Please scud me full information on the 
Eurolink Industrial Centre. 


_ Company. 
I Address- 

L ^— i J 

Fuller Horsey 

Sons & Cassel 

McDaniel & Daw 

Chartered Surveyors 

The Eurolink Industrial Centre is a joint operation by 
The London Life Association Limited, and The Blue Circle Group. 

After a £69.000 first half toss 
against a £211.000 profit. Warwick 
Engineering Investments recovered 
in the second six months to post 
a LllOJMHi pre-tax profit in the 
March 31. 1978. year compared 
with £343.800 last time. Turnover 
vas XlS^/tn. compared with 

The result is after exceptional 
costs of £104,000. which relate 
largely to redundancy payments 
associated with the reorganisation 
of metals and alloys. 

This points to a second half 
profit before except ionaf costs of 
£283.000 against £132,800 last time. 

Directors say the expectation 
for the current year is that the 
proup will do slightly better than 
the £0-55ra indicated by the 
second half. 

The final dindend is 0.3p per 
20p share for a 0-S25p total com- 
pared with 2.292p last year. 

jsrr-nj isrs-rr 
1 i 

Turnover LS-Wi.IW 1S.9S7.2M 

Profit before tax UaJOB M»JO0 

Ta* .il.500 

Nel profit 88.600 

EnraortinaTT loss . 

From minorities ... 












75 companies 
wound up 

Orders for the compulsory 
winding up of 73 companies were 
made in the High Court yesterday. 
They were: 

Premier Promotions and Mar- 
keting. A and L Trucking Com- 
pany. Zurich Merchant Leasjng 

Company, Gripcroft, Hardy and 
Horne, Tilden, Continental Decor 
t Products). Country Woodcraft, 
Quintain Builders, Cadsew, For 
Goodness Sake, J. Basslngton 
(Builders and Contractors),- D. C. 
Watts (Brokers), Gadella, Lakes 
Construction Wholesale Supplies, 
J. Robinson (Grocers;. 

A. F. Martin, John Cdrr. 
(London),- Maxberry, Socreco,' D. 
C. Farquhar and Son. HJW.P. 
Transport, Greevedaie, Hague 
Seel. J. A. and C. Building 
(London), John S. Booth (Kids- 
grove), Miilar-Boume Artistes, 
P. and D. Services (Builders), 
Surlroy, Spenton Autoaids, Walsh 
Brothers (Highbury), TeaJcdale 
Double Glazing Co. 

Westdean .Motors, YAV. Motors, 
Top Hat Transport, Kebahland. 
Hans, Peters and Company, 
Southwark Welding ,C 
Kenway Sports. J. Dorio 
Company, Fairfield / Pi 
Company (London), /Guy 
Berry Warehousing- and Haulage 
Company. Canterirille Invest- 
ments. Jayant ' Holdings (RJS). 
R. and 5L (Import), Rundell 
Crescent Properties. 

Steven Hawkins. Holm«drew 
Heating and Pkunbrng. Taxi and 
Car Hire Agency (Merseyside), 
Srepcant Conveyors. Ash to nd ex. 
Archer Motors. Fairham Rpprn- 
ductions. Chart Sutton Develop- 
ments. KHD Transport Services, 
Mills Discount Mini Markets 
(Plymouth), Duggan (Hauliers), 
Fletcher amd Gray. 

J. and Tt Ettanr. Remark Motors 
(Teddington). Anno, Trailer 
Systems. Dulwich Civil Engineer- 
ing, Royal British I-egtoo Wallop 
Club, Lily wood. Elm bond, Pem- 
broke Construction. Larbmead, 
Maurice Henry Housing Associa- 
tion, Tallchoice, Integrated 
Reclamation and Dredging Com- 
pany, An cm oss, Safeclose, and 
W. F. BrownbiJJ. 

Lazard Property 
Unit Trust 

ovan and 

The next issue of units in The 
Lazard Property Uhit Trust is to 
be made on June 26. -1978 ait a. 
price of £1,395 per unit This is 
£40 per unit higher than that of. 
the previous offer made at the 
end of March: - . -TThe .. Committee 
points out that it is difficult to 
estimate the expected yfeld oh the 
offer because^ of the.' uncertainty 
over the return on the £20^m of 
the fund held , in shortterm 
deposits. But' it would expect 
about 5i pwr cent- .on the sub- 
scription price. ■" 

The trust aims to provide direct 
property investment for approved 
pension -funds -and charities with- 
out endangering their favourable 
tax status. The accounts of the 
trust for the year ending March 
25, 1978 show that- the fund grew 
over the year to £94m from £64 tn, 
with £18m ot this cash flow coming 
from net hew investment- and £l2m 
from the rise in property values. 
At the end of the year, there were 
177 superannuation- funds and 23 
charities participating in 

The offer document for. this 
latest issue shows that at May 4,. 
197S ( the property portfolio was 
valued at £76m and was producing 
annual rents of £4.03m net Of 
ground rents. The current market ■ 
rental values of these properties 
on the same date, including 
vacant property totalled £7.08hl— 
a figure that is expected to be 
realised in 1987. 

Recent acquisitions by the trust 
include a pre-let shop and office 
renovation project in Edinburgh, 
a modern office investment in Ash- 
ford, Middlesex and a warehouse 
development in Cambridge. - ’• 

by Centra) Manufacturing and ' 
Trading Group on the basis, of hw- 
for five at 20p per share. The - 
balance of 483,482 new ordinary' 
shares. (6.4 per cent) has been-’ 
sold at.r54£p and the net pro- 
ceeds wffj be distributed pro-rata.’- 


: The issue for .cash is' 
announced -of £900m of 10 per. ... 
cent Exchequer stock 1983 at a: 
price of. £95 per H00 nominatv . 
payable as -to £15 on application, . 

£30 on July 7 and the balance . ... _ 

stock 'to be ' issued^" . - 

£800 m win he offered for sale ■ • 
to the public. .The balance has- : 
been reserved for the National ' 

Debt ' Commissioners for publif • • -- 
funds under their management, f 
Interest on 10 per cent & 
Exchequer stock 1983 is payabti 
half-yeariy on June 12 and Decem- 
her 12. The first Interest payment, . L i j 
will be : ‘ made otrt December il> 
1978, at the rate of £4J168.peh( 

£100 of stock. The stock will MJKa*; 
repaid at par on December 12, '^ •”» 


■ r *.i 



CMT— 93.6% 

Shareholders have taken., up 
93.6 per cent of the 7.553,823 I Op 
shares issued by way of Rights 

• The prospectus is published 
to-day In connection with the new; 
long tap — ten issue of £lbn : of 12 
per cent- Exchequer Stock 2W3 1 , 

2017 priced at £96 per cent 
The issue is payable as to £13 
per - cent on application next 
Thursday with ca)ls of £30 pci 
cent on June 27 and the balanca^-, ^ 
on July 14. . :3 ^ ‘W * 

-Interest is payable half-ftofl^ 

on June 12 and December 12 
the first payment next December Ljj 'J | ; 
of £5.2881 per cent. . 

>%ts t 


The Nineteen Twenty-Eight 
InvestmentT rust Limited 

D. S. Allison 
J. 5. K. Oram 


The Rt Hon. Viscount Bearsted,T.D.,.D.L (Chairman) 

B. R. Basset C. A. Keeley, F.C.A. J. L King H. Ockford, F.C.I.S. 

A. F. Roger 

A. P. Simonian 

B. A. C. Whitmee, F.'GA. 

Performance statistics 

Net asset value 

Year ended 

Tertyears . 
ended 31.3.78 
% , 

Middle market price 

(Stock Exchange Daily Official List) 

Rate of dividends (net) 

Retail Price Index 

4 4 

4 3. 


4 9 

Distribution of investments at 31 st March 1 97ft 

Equities and convertibles 

(but including U.K. companies with substantial foreign interests and assets) 

pi a? 


(including U.K. companies operating mainly abroad) 

Fixed income 

Extracts from the Chairman's statement 

Capitalisation Issue. It is proposed that the Company should make a 2 for 1 capitalisation issue of 
ordinary stock units, partly to increase marketability' of the stock and partly to bring due issued 
capital more into line with the resources employed in the business. 



Revenue. Our present revenue estimates are running- at a higher level than lest year and we expect 
to be able to recommend a further increase in the dividend for the cmrentyear. 

. 71 'Qi.r! * 

v iur 

a inr — 

'f. . **.1 7 ><r. , 

Copies of the Report and Accounts can be obtained from 
Phi/ip HiH (Management) Limited, 8 Waterloo Placer London SW1 4AY. 

■In-. c - f - 

^ w ^ 

- L-tr , 

. ■- -i 

mT". ~~ i 


r ,«r| 

. .. : - ■ • ^ ' -'-‘riJLrf r ':^r 

^9 "K, 

% ~ - 

oea&SXSm 6;i* 


&>-■ >r. >- ■■ ______ - J \i.: . 




t i «.■'■» '• s] 

; ??*.-.C— — _ „ 

■■* •+:•• iC v. s -i? : r: — • w -,'" r r^v • ■ 

; j*..; __, : - 

■ -. OF . mil. Stunner Gnink! ■ 

:. .. -. t V.* - net figure • Erefaw*. 

^-.-^^^^Se but lower at £ 6 . 6 lm com- 

“ ‘ v •..■f&tid <wafh f 7 .SHrn dlyJdenda.. 


such ' SuttinK -eie . wmii? 
tla-pariptaeeit -TOtMertaf 
Ottdal imEcationrj-are . ret 

Interest In DattJnafl was finalised WHILE MAINTAINING its future ^SKS of lts actWtles 

on October 31 and Consummate efforts to improve too profit- in JjgfrSr nrflrw , inH 

Marketing Services ,f CMS) was in- ability of overseas investments, .After ■ ' P™cediag ; years 
corporated on November 9. Data- the aim of Eastern Produce losses, .tM . CTOUPS rubber and 

mail offers -a personalised direct {Holdings) ts to reach a position copra estates in Papua New 

S&dSiPfei ; S Ml * .^vestment 

S jOSm. . (£0 J9ni ) v : 

Tomy . 
tBtoHiw^-Com Bxduase,- 

. _ Hilton Hotel. W. on 
■July 6 at 10 am. 


..._ ay- '. 

„ .ST Producer, Brownlee, 
Gold JHnluS,' : OBJ Inter- 
jfercUftr foaoi 

uuiiuj^w — ; . — w ov s w 

cater for new plantings which will 
*_ be coming into production over 
10 — next fo 

i-^.^.emy were Split as to: . Broklns Gold Mtaln*. JahrawuMarflMff/ utanon 

- 1 itd^-consultiiigr services ; j? ,7Trn’ S 0 *'' ip«»»er- 

^ ‘-mrnstmnt am*—., vm**** cm 

' : i-batf&gemebty :18.79m .C£0.5n»}- 

:if?^*WpoWnmff. jEOaini loss . last 

> ■.Interest on- - loans. ■■ toolr ^romt'Northcni I nv ft B ha^rf'Twat JtSc IS 

JdUdu. ... 
r-r fUTUJie Dff^Eg. ,y t - 

1- - - • . : ....-s.- .■ *6 - -* 

_ " tftettttsv jof insurance sub- t SS^f& uai ^ ~r V**& J T “£ ” 

P y»jHes;.are. jioLjncluded in the- B8?E»^Eri *-*dtb***&* ?i 

l Okvecounts. 




n. .™*^e : 'were exchange gains f 6 r Brown and Taws* Jm * & 

Of ZWm, c^jpwSdwtth- 

Wjjtelt* T**!*!*- *** »« after ■ gSSV?"T ? J 3 ^7* jS S 
* I JRlTmh - surplus' , transferred, to Bwiffusioa 

> SanMr^/cOTtipgepcy ^reserve; The s «S«» 71 

nirlv. ata is after tax relief of £L7Sm WarnB ^antojitoar' 

**U>V3PJ59 , n , Jtoc <aiarge)i; inchidiiig. 

r • Ha JSm Gils time -relatmg to -prior . ‘ •' • "• - - ."• •'-f''** -/- : 

‘ears. " . ;.. ..the produce '-of thfe^JiSE. ctiemica]' 

companies. ■: ..■••.■" 

^ .,, DESPITE turnover, falling 

Brtrt r-- tKW £34J9m to £29J24m taxable profit 

S™™s of Ocean Wilsons (Holdings) 

finished the year to January 31, 
1978 little changed at 12.7m com- 
pared wIQi £2.8m. . 


>r .- . .*. — - recovery 

T^P-from the Shipowmng bust- of increased «)sts. : ^‘" 'A&0 the 
. -- '«» Tbe amount includes opera t-- .relative 'strength' 0'f' sterting daring 
• ' ’ r:-. ' ^ losses = . and 1 other expenses . the , period reduced export 
■;,,!SdCiated with dfeposal of the margins ., Timber preservation 
' : .- • ' i- ■- profits, however.- showed^' Slight] 

■; r.; directors -state 'that vAi'de in^roveouent, h* say*:-r';.'f-: 1 

: -. .j-atfie' parts 'of the gronp per- The. immediate. futHre.’ mnsins 

...'.'jrthed notably weH and made uncertain but there are signs that 
' ; 'jbstairtial ■ •' iircreaset to ' profit, -secopd-half profit ■will be -higher 
icers suffered' from thtf adverse than: the- first. St - * ' _ 

«ff bra in their particular markets. As .reported last week .aj.-l^Sp 
• ; ' - Corporate finance, investment (12lp) interim dividend- is to be 
• - " r ~-iji»gement -and -'-the' computer paid >..v''*.7 

and a reasoname level oi a»v»- w 5 uu - -:r- - - 14 _ 

dends. Mr. H. K. Fitzgerald, the pramme for the factory on its 
chairman, tells members in his principal rubber estate so as to 
annual statement cater ft 

. In this way it is intended I ^ neXt f0 ur years, 

bring overaU ear Jj}^SS into L^gely due to buoyant coffee 

.balance as between the UK and . • there were good results 

overseas, and at the same time p tfaVuzi. also, 
directors Balance sheet shows a reduc 

ways mwtoch to unprove the ^ ^ S hort-term * borrowing 

spread of. the Ppbtical and com- [rom t o £l41m and 

ufSPJZPoi 1 the ^owl ^Jpit J although « this time results for 
large part of the total capuw ^ ^ expected to be as 

employed is exposed. favourable a® 1977, the chairman 

• As reported on May 25 pre-fax that by the end of the cur- 
profits for 1977 rose from £2i«rn rent year the UK overdraft should 
. _ to a record £7.1flm and for the fi ave been further reduced by 
irom first time in four years the group revenue receipts from overseas 
Is paying a dividend of 4.35p with operations. A statement of 
a final of 3.03p-. source and application of funds 

Tbe chairman says that the pro- flaws ASSES?" in overdraft of 
nounced rise In the price of tea £2 ram (302.329). 

• was the major contributory factor Meetnw. WO Old Broad Street, 
UK tax .took £152,924 (£298^49) t 0 . the marked Improvement in EC, on July 3 at noon, 
and overseas tax £993,005 group results. 


Stated earnings per 2 Op share Coffee plantations to 30 per cent Cwenove and Sf’ropa.ny, on 

are ■ 11.589p -(11.96Sp) and the and more recently to 85 per cent Friday. j>urehayd a ooo Comer- 

divfdend total is effectively raised and its results were included in craft o*d^ maiy snares ^ 65jp on 

from 2. to' to -2.875p with a final the years accounts. Mr. Fitz- behalf, of Courier Bank, an 

payment of l.S?5p net. gerald looks forward to assisting associate .of Uirnerc rot t 

The Property arid Reversionary 
Investment Corporation Limited 


1 Results to 31 March 1978 1977 | 

| Profit before tax 


£892,491 | 

| Earnings per share 


7.0p | 

I Dividend per share 
i (maximum permitted) 

5.1 6p 

4.66p | 

I Undistributed profit. 


£174,153 | 


Points from the statement by the Chairman, Mr Alfred Rubens, FRiCS 

sj: Property revaluation' at 31 .March 1978 shows increase of 
21 A% over previous year. ' 

Dividend covered 1 .59 times. 

Net assets 430p.per share (up 25%).' 

Copies of die report and accounts maybe obtained from the Secretary 
of the Company at Albany House, Petty France ; London SW1 H 9EE. 

isyices company; Lowndes -Ajax, 
S'« Trad record years. However, 
■ fferest 2 rafe's ..dropped' sharpSy 

. ; .V-' rSto^the p'revioits year and tiiis 
. ■ < - 1 ■ ' JbsfatotiaHy reduced toe 

h& G 



. „ earnings 

. . . • -grdup's own funds. 

r ;Tbe asset base' of "Hffl Samuel 
* T : 8e"Ass'uraace wss strengthened 
• year^they add. For' the year 

■^'•i-ijlljikirpfiis was retained : in toe Legal- and -Gen 

fffe and Annuity, funds, and no Society has completely' redesigned 
hirtdend is being paid by HSLA. -its Personal Retirement Plasfr-the 
to adtotion to toe sfaipowntos pension contract for toe rolf- 
tsses, toe. shipping services aetm- employed and < other pemua^in 
es to Lambert Brothers Shipping non-pensioxiabla empioymeStfTblfi 
os tamed a reduction^ in profits has involved reasseEaing^ . the 
f over £0.6m. .. -expenses -toarged to toe^psdi-and 

On the merchant banking side underlying annuity xates^wjra.the 
le lack of economic growth and result that the benefit* under -toe 
r business confidence has meant scheme have bean. substjmtiflUy 
mi ted lending demand from improved especially nndep^ toe 
idustrial borrowers, so that there longer term contractor: i §?sr- : 
as inevitably been intense com- Existing policyholders’ toe 
'j^.^etition aznoag banks and cor- plan win also benefit ffpm'toese 
? ^'japonding pressure' on ~margins, improvements, since theifsaieme 
- ■' tlwctor*-* explain. ^ essentially a series of ^^c&ffing 

.. ....-While the revenue side. did not: single prem jum contracts 

-lerefore : expand : to the capacity all future premiums wtfl pnschase 
. t-- -which, the group is capable,- "benefits' nn toe. new term?; • - 

. -iflatiori,' though somewhat lower xhe'new plan retain* '-ffifeaggh 
-•‘•lanito the . previous ,4wo years,- degree of flexibility mhfaftn^ln 
ontinued to have its inexorable the-old sdieinc, both ta'resi>N^of 
: ffect m costs, they say. . ..- : - contributions : and in the -payfifent 
.Against this ^background the 0 f pension arid' other- .waBts.' 
lateriai increase in profits, from Contributions can be ea sSy 
ommerdal banking activities from - year to year to ma'r 

- ver the previous-year, is regarded fluctuations in v 'earnings'of 

- r. a. creditable achievement : ' self-^mployed persons. Pe 
Stated eartimgs.^ier 25p, shar^ paymeuta can also be va 

afore, exchange ■ ipfferehces and ' mert 

tent of 

.octrsoniinary “hems .are. 11.83p cmplovltf ^Ctoo ^only w 
•” 1j;40p):;and the' ..dividend . of fhelr pension at first- ■■#. te 

- tepped up to 4.904p (A2655p?.net ™ - - • -.“Vy :• .ihrS.j* . -.fir-' 

..71§)Pbmg £2. 07m (£1.62m). T3)<ar^Qiiiii#l ■■ l/'iai’drt^C 

Balance sheet -totals as. at March . X j L ftlUIU -JBkVf'Ji 3 1 

- P'were £l.Sbn against £IJ5bn, / '■' ■ -. r*: - 

■riatvJto'g '.asset* and liabilities- of UO CXD3DSJ0I1 
.osorance subsidwfnes-- . ..... .t.-. • “ g 

See Lex • 

IN’ HIS anhusLf statement Mr. 
PauJ-. H.- chairman of 

? pl3®llfeals hpl^ pyT^nfi^Grou ^(Publish era L tells 

feackHickson ^asS^-^&r-SJ : g™$°£ 

and Welch 



pahsion - by developing internally 
and-jexaznumg -new ventures will 
continue.^ . 

Explaining too reduction-^ to" He sayx that 1977v which pro. 
re-tax profit to. the Mfinto .31; ducecfi": profits of £237,497 
IIS* .half-year from. £459m to (£220.365),^ was uneventful. In 
iJltoT Mr. T. Harrington,., the July.vbf that year the purchase 
mrtnart of Hickson and Welch of Redland Printing was com- 

w?,- 1 a r*"“* 

Reports to meetings 

Sxinon Engineering 


?imon Engineering is op !to-gW fcr - 1 ?S2- , ??52f If 
3k out -for -a fairly substantial. but tons must no L ^ don ® 
quisition to add to -its - stable , ftwcriminately. - Every proj-ct 
icontracting and engineering has to at pur aims,” stud Mr. 

ferests, _ ~ ' . H j^LPctcf^ Simihonds, chairman 

Mr. Harry C. Hamson, -chair- 0 j -Leyia n d Paint and Wallpaper, 
mi, told shareholders at yes- , shareholders " at the AGM 
tray’s AGM; “ We - now. have t^at man agemexti' figures for the 
B structure and resources in g^j- .quarter showed a substantial 
mon Engineering to ; bring ih : j in pi t)Ve xxj,fept . iir- turnover com- 

fairly substantial acquisition - par ed with the same period -last 
deb could form toe nucleus . yeac-^ra ding in .April and *iay 
'a fifth operating .group', -v." . had confirmed .this irend. . ■ 

* “ ^“ Rlo ffVT n ,._ . -Subject to no deterioration in 

.We have a the economic.: situation of the 

luirements and .1 an wsiue ^untry^ the - Board feels opti- 
u that this specifically ex-, ^gtic'-that the ’results for the 
tdes venturing into .-business y ejtI : *yill show a significant 
sas completely- ; aiien^ to ou ? j^uiroveinent on- -toe annualised 
-ierience and knowledge. .. figures;, of the last trading period, 
f-We have ample.fin a nclal roy said Mr. Slrpirionds. . _ _ 

- ■ 

: Bank of New South Wales 
innoiirices that with effect from 
• Wednesday, 14th June 1978 

r ' • . its base rate for lending 
? will be increased, from 
: | : 9% :to 10% per annum 

Batik of N®w South Waltis, 

29 ThreadiieedleStreOt, 

London EC2R 8BA^ 

Incorporated i» AuSttelUi with limited Habili^ 

// Erodudng continued 
growth with profits 
climbing by 38 % " 

reports Frank Holland, the Chair- 
man^ in his statement on the year to 

Dividend and Results 
vln spite of difficult economic cori- 
dhaons. we recorded further very 
successful growth with the net profit 
available for appropriation, showing 
an increase of 38% at £7-9 million. . . 
y-'A; final . dividend of 5.118p ppr 
share Is recommended making the 
m aximum permissible under current 

Insurance Broking 
;; ..W3th sterling- strengthening 
agunst the dollar and a reduction in 
the rate of infiation there has been a 
storing in the rate of growth of 
brokerage. Nevertheless the increase 
to^brokerage income; from £14,9 
zmllioih to £18 J millio n — 24% — is an 
outs tanding achievement by - all our 
insurance broking companies. 

_® Anlyxbi Df bcorw £ raUHun 

Blaamct brating hotii 
15 |Bln»ir»a iind«wtioii imam* 

. [JlBmoimiinoniB 

Overseas there has been good pro- 
gress from our Australian insurance 
broking operation- despite strong 
competition and our combined opera- 
tions in the Far East are also making 
a contribution. Unfortunately-, our 
South African Company is still 
having problems but there are good 
prospects for an early return to 



Our Lloyd’s non-marine syndicate 
suffered a smaller loss than antici- 
pated on the 1975 account recently 
closed and it should achieve profita- 
bility once again in the 1976 account. 
An important new development is 
the formation of a Lloyd’s marine 
syndicate, under our agency to com- 
mence underwriting for the 1979 
-account. Also in London, our 
Agencies Company which writes on 
behalf of the Bellefonte and Pine 
Top Insurance Companies is making 
encouraging progress. 

' Overseas, our Australian under- 
writing operations achieved very 
satisfactory growth in profits. Dining 
the year we broadened the scope of 
our operations there with the acqui- 
sition of Oak Insurance Limited, a 
email personal accident and disability 
insurance company. 

Investment and Future Growth 
Most of our growth in recent 
yeare has been achieved organically 
from the growth of existing accounts 
and from obtaining new business. 
■However, we arc also actively pur- 
suing alternative means of growth by 

acquisition and the purchase of 
additional freehold premises adjoin- 
ing Cuthbert Heath House will 
facilitate this expansion. 

A most significant development 
for our operations both in France 
and the Common Market generally is . 
the acquisition of an 80% interest in 
Groupe Sprinks, the Paris based 
underwriting agency. 

Future Prospects 

We have made a considerable 
advance in the recent past but cannot 
expect that future years will be easy. 
With .stable exchange rates and 
world-wide control of inflation, insur- 
ance broking growth must come from 
new business, while expenses must 
be closely controlled to maintain 

In this context we are very for- 
tunate in tbe quality of our staff 
They have achieved much in the past . 
and,! .am 'sure will achieve even 
greater things in the future. - 

Contributing to industrial 
and commercial progress 

Today, .industry and commerce 
function .increasingly on an inter-, 
national basis.' The effect has been to 
broaden enormously the sphere . of 
operations and to increase the capital 
sums involved. Consequently, there 
has arisen a corresponding demand 

for insurance to be arranged inter- 
nationally to cover the complex risks 
and huge investments at stake. 

In these circumstances more and 
more organisations are taking 
advantage of the international insur- 
ance and resinsurance broking and 
underwriting services provided by 
the C. E. Heath Group. 

In almost every country in the 
world there are undertakings cither 
under way or in operation simply 
because we have been instrumental 
in arranging the insurance or re- 
insurance so vital to progress world- 

Providing evidence of 
outstanding performance 

' In the past five years the com- 
pany has grown from a market 
capitalisation of £10 million to over 
£75 million and it is appropriate that 
this fine performance should be 
marked this year with the accolade of 
'foe Queen’s : "Award for . Export 

The citation referred to the fact 
that over a three-year period the 
company’s overseas _ earnings, had 
more than doubled. 

Our Award comes from channel- 
ling insurance and reinsurance pre- 
miums through the London market 
from clients all over the world. The 
results are good for the C. E. Heath 
Group. More important they’re good 

1 9 7 7 

for Britain. And they're good for 
Lloyd’s and the London insurance 
market. It is an achievement that 
makes us feel proud. 

Demonstrating liveliness 
of outlook 

One of the many reasons for our 
growth is that we are and always have 
been forward-looking. An obvious 
expression of this liveliness of 
outlook is the way in which we have 
made advertising work harder in pro- 
jecting a favourable group image. 

.Evidence of our success is to be 
found in the fact that we were 
awarded The Times Grand Frix for 
the best company results advertise- 
ment of 1977. 

As another part of our public 
relations, we sponsored the yacht 
Heath’s Condor, skippered by Robin 
Knox-Johnston and Leslie Williams, 
which arrived home first in the 
Whitbread Round-the-World Race. 

Copies of the full Report and Accounts are available from the Secretary 

Cuthbert Heath House, 151/154 Minories London EC3N1NR 
Tel: 01-488 2488 Telex: 885280 or 888088 


• ••I- 




Ttre^y Jwie 13 iMk 




Mr. F. R. D. Holland, chairman 
of C. £- Heath and Co, says ia 
his annual statement that he is 
confident the group’s new 
organisational structure will 
enable it to meet all likely 
challenges from within its own 
market and from abroad. 

However, he cannot predict that 
the next few years will be easy. 

On the underwriting side, Mr. 
Holland is sure that the overhaul- 
ing of the syndicate account will 
prove beneficial and that a reason- 
able underwriting profit with its 
attendant commission will be 

On the insurance broking side, 
the group will have to face the 
fact that with greater control 
being obtained world-wide over 
inflation and with more stable 
exchange rates, growth must conte 
from new business and that to 
maintain profitability close atten- 
tion must be paid to expense 

For the year ended March 31, 
19TS. profits before tax rose from 
111.27m to a record £l4.6Sm. The 
gross dividend total is 7.3ISP 
against 6.6^7 p previously, ad.iu.sted 
for a tvo-for-one scrip issue. 

AraiWtfe net profit is ahead 
from £5.7Rm to rr.SUra and on a 
CCA ha sis is £731 m <£5.3mi. 

Or? insurance broking, the chair- 
man says the increase in broker- 
a-re income from £l4.93m to 
flS.olm is an outstanding achieve- 
ment. The rate of increase has 
varied to a certain extent from 
one onerating division to another, 
bid all made substantial increases. 

Overseas there was good pro- 
gress from the Australian insur- 
ance brokine operation despite 
strong competition and also there 
are now positive signs that com- 
bined rperations in the Far East 
are .'dsn making a contribution. 

South Africa is still an ar«a 
hc«ef with problems hut ‘he 
chairman is hopeful that the 
npe-ation is now on a hetter 
basis and that in this current y n nr 
it will be achieving a reasonable 
level of profitability. 

in underwTitin'r. the group’s 

■*P75 Llovd’s syndicates’ accounts 
have recently been closed with 
the non-marine syndicate suffer- 
ing a loss smaller than onVc'mated. 
while other syndicates showed 
reasonable profits 

It now looks as thnueh the 
expected return to underwriting 
profitability for the main non- 
mnrine syndicate will commence 
vilh the 1976 account, Mr. Hol- 
land says. 

Meeting. Baltic Exchange, EC. 
July 5. at noon. 

Statement Page 33 

■Textiles turnover rose from 
£14. 05m to £17. 16m and pre-tax 
profit lifted from £0.49m to £0.73m. 
The result is subject to tax of 
£66 ,000 <£ 170,008), and ordinary 
dividends absorb £0.57m (£0.14m). 

Fluidrive rejects £5m 
Thomas Tilling offer 

Homestake still needs 
Custer’s gold 




Fluidrive, the Middlesex fluid 
couplings group, has rejected a 
£5m offer from Thomas Tilting, 
whose Interests range from 

engineering to tiles and pottery. 
Fluidrive yesterday decl ned to 

Strong growth last year is 
reported for Western Provident 
Association, a leading medical 
insurance agency, with subscrip- 
tion income in 1977 on Ks main 
fund— the Private Treatment 
Scheme— uP by 3S per cent to 
£1.7m and a 33 per cent increase 
in investment income. However, 
claims for the year were 36 per 
cent higher at £lJ25m — 75 per 
cent of subscription income — and 
expenses were 27 per cent higher, 
SO that the operating surplus on 
the year amounted to £149.000 
against £RS.OOO in 1976. At the 
end of the year, there was a 
surplus of £l-28m compared with 
the minimum requirement of 
£390.000 required under the In- 
surance Companies Act 1974. 

Mr. A. G. Wright in his chair- 
man’s statement, points out that 
despite continued economic 
pressures the net number of sub- 
scribers to the association rose 
by over 20 per cent. He referred 
to the merger with Mid-Southern 
Hosnital Contributory Association 
on December 1. 1977. which had 
resulted in a doubling or both 
membership and income. The, 
accounts, however, only included 
Mid-Sniuhem results for Decern- 1 
her and no adjustments had been, 
made to the 1976 figures. 

Fluidrive yesterday decl ned to 
state its reasons for rejecting the 
offer but said the reasons would 
be given to shareholders follow- 
ing the. despatch of Tilling's offer 

In the meantime, Fluidrive 
added that it strongly advises 
shareholders to retain their 
shares- The shares rose another 
2p yesterday to 78p compared 
with the bid price of 73p. 

Tilling is offering five shares 
of 20p each for every eight 20p 
Fluidrive shares. 

The directors, who own 20.0 per 
cent of the equity, intend to accept 
Petford's offer. But in view or the 
possibility that the offer may not 
become unconditional, and that 
the Bovbomne offer may not be 
increased, the Board says, “you 
may wish to take advantage of 
Petford's intention to continue 
buying shares in the market.” 

The Board has ** been given to 
understand that Bovbourne has not 
ruled out the possibility of an 
increase in its offer.” 

ton David J. Knott Adrian J. 
Wilkinson, Alfred P. Sterling and 
Howard T. Burgess. 

The directors are sure that 
these arrangements will give addi- 
tional security to the employees 


of the group and will provide a 
more secure basis for the share- 

More details will be given in 
the chairman's address at the 
forthcoming’ AGM. 


W. Bromwich 
up 80 % 

Berkeley Hambro Properly 
Company has severed its remain- 
ing link with Swire Properties of 
Hong Kong. Berkeley Hambro's 
Hong Kong subsidiary yesterday 
placed its remaining 2 7.1m Swire 
shares with institutions. The £Gm 
raised is £1.6m more than the 
shares* book value, and the cash 
will be used as part of the British 
group's de-gearing programme to 
reduce overseas Sorrowings. 

Berkeley Hambro first acquired 
an interest in Swire in 1972. and 
at that time the companies 
entered into a management agree- 
ment earning BH between £50,000 
and £100.000 a year for managing 
Swire. This contract is due to 
expire in July following Swire's 
public flotation in Hong Kong 
last year. And last May Mr. John 
Spink, BH’s former deputy chair- 
man and managing director, 
joined Swire as its chief executive. 

The Hong Kong sale follows BH 
disposal earlier this year of its 
North American properties to 
Swire for £4-4m. 

at Dunlop 

Improved pre-tax profits were 
reported for 1P77 yesterday by 
two Dunlop subsidiaries, Dunlop 
Plantations and Dunlop Textiles. 

Plantations’ profit jumped from 
£4ni to £7.fim on turnover of 
£23.9fim (El7.3ftml. and before tax 
of £3J8Sm (£l.S2mi. Dividends 
absorb £1.1 7m (£0.76m). 

AN EIGHTY per cent jump in pre- 
tax profits from 1331,200 to 
£595,475 is reported by West 
Bromwich Spring Company for 
1977. Turnover in the year rose 
from £2.69m to £3.44m. 

Mr. D. Cooper-Smith, the chief 
executive says the result was 
achieved in the face of dull 
trading in the automotive and 
engineering industries. 

The results reflect the concen- 
tration— on specific markets, lie 
says. The group has had con- 
siderable success recently in the 
agricultural machinery market 

The increase in profits was 
coupled with a rise on cash and 
short term deposits from £228,000 
to £400.000. The company still 
has no borrowings. 

Earnings per lOp share are 
shown ahead from 3.96p to 7.06p 
and the final dividend of 0.709p 
net takes the total to 1.039p Com- 
pared with 1.09p last time. 
Shareholders received £500.000 
worth of bonus Preference shares 
in March which has effectively 
doubled the dividend. 


j The Board of W. Henshall and 
Sons (Addlestone) has written 
to shareholders rejecting the 20p 
per share Bovbourne bid and re- 
commending the 30p per share 
counterbid by Petford. 

Henshall not only opposes the 
price of the Bovbourne bid but 
also comments, “ your directors 
do not consider their intentions 
with regard to management, the 
development of the business or 
dividend policy have been ade- 
quately explained." 

The pre-tax profit of Henshall 
for the year ended March 31. 
1978 is revealed as £244,568 
(£92,449), on turnover up from 
£2.1m to £2 ,8m. 

The Treasury has given per- 
mission for the dividend to be 
increased to lp (0525p) per 

The property assets have been 
revalued to show a surplus of 
£390.623 after providing for de- 
ferred taxation. The net asset 
value per share, after this re- 
valuation, is 47J2p. 



The proposed acquisition Of 
Union Bancorp- by Standard 
Chartered Bank for 6372m or $33 
a share is sure to get ** very close 
regulatory scrutiny.” 

This was stated by Mr. Harry 
Volk, Union’s chairman and chief 
executive officer, at a Press con- 
ference in Los Angeles yesterday, 
which was also attended by 
Standard Chartered's chairman. 
Lord. Barber, and its managing 
director, Mr. Peter A. Graham. 

The proposed acquisition will 
almost certainly add to the unease 
already felt by regulators and 
some members of Congress over 
foreign banks taking over U.S. 
operations. This will be the third 
such pending acquisition. Pre- 
viously. National Westminster 
Bank agreed to acquire *a.l P er 
cent of National Bank of North 
America for about $340m and 
Hongkong and Shanghai Banking 
Corp. of Hong Kong announced 
plans to buy a 51 per cent stake 
in Marine Midland Banks for as 
much as $260m over a period of 

Neither transaction has yet 
been approved by regulatory 
agencies, and now Union Bancorp, 
joins the waiting list "It's like 
three guys waiting to go to trial." 
says Mr, George Salem, vice- 
president and senior analyst for 
Bache Halsey Stuart Inc. “ If the 
regulatory agencies show a willing 
attitude toward these, I can see a 
flood of such takeovers," he 


Alcan Aluminum (UK) is going I 
to compel the outstanding holders 
of the 9 per cent convertible loan. 
stock to convert. This was fore-' 
shadowed earlier this month when 
the company announced that 82 
per cent of the holders had now 
converted. The income advantage 
of conversion is now overwhelm- 
ing in view of the new dividend 

Most of the holders who have 
not converted are private inves- 
tors and the assistant managing 
director, Mr. Donald Main, has 1 
said that they mieht be compelled 
to convert -f or their own 
interest." The effect will be to ! 
increase the UK interest in the 
equity of Alcan from 15.9 to 192). 
per cent. 

Formal notices will be issued to 
the remaining stockholders before j 
June 28. They have the right to 1 
receive repayment at par plus: 
accrued interest as an alternative! 
to conversion. ! 


The directors of Pennine Motor 
Group announce that negotiations 
in Stabilising the financial position 
of the company have now' been 

Certain shareholders of Prcm- 
train Group have acquired lm 
shares from directors and certain 
major shareholders of the com- 
pany. In consideration of this, 
Premwain have made arrange- 
ments to ensure the financial 
stability of the company. Prem- 
wain is a property investment and 
development company. 

As from June 6 the board will 
consist of: Geoffrey Tankard, 
chairman; .Richard T. S. Kowns- 
brough. managing director; 
Edwin H. Marley. executive direc- 


Tullet and Riley, the London 
money broker, has set up a Joint, 
venture international money l 
broking firm in Singapore. The 
Singapore partner is Dega/u and| 
Co., a local money broking firm 1 
established in 1974. The new 
company which has an issued, 
capital of StlOD.OOO is known as 
Degani, Tullet and Riley. 

Of the issued capital 60 per cent 
is held by the Singapore partners 
and the remainder by Tullet and 
Riley. Until the formation of the 
new* company, the two firms bad 
an agency agreement to represent 
each other in London and 

AMERICA’S Homestake Mining is 
best known on this side of the 
Atlantic for its veteran gold mine 
near Bobtail Gulch in the Hack 
Hills of South Dakota. Reputedly 
discovered in 1874 by a detach- 
ment of General Custer's army, 
the ore deposit is still yielding 
gold and last year some 305,000 
ounces were produced, - equal to 
about 30 per cent of the total 
U-S. output. 

Homestake made an operating 
profit from gold in 1977 of $3w 
(£L6m) which together with the 
contribution of the Bulldog sflVer 
mine accounted for 13 per cent 
of the total. Of the remainder, 
lead and zinc contributed 37' per 
cent and uranium provided as 
much as 50 per cent. 

Production and sales of uranium 
from the U.S. properties was 
lower last year and a -large 
purchase of uranium concentrates 
for onward sale was made from 
an unnamed foreign supplier. A 
new partnership uranium mine in 
New Mexico came into production 
late in 1977 and it is hoped that 
mill construction at th£ Fitch 
mine in Colorado able to 
go ahead this year following the 
completion, of an environmental 
impact statement by the UR. 
Forest Service. 

Meanwhile, 'Homestake is In- 
volved in the Westinghouse law 
suit against 29 domestic and 
foreign uranium suppliers (which 
include Rio Tiato-Ztnc) which hap 
been halted pending disposition 
of a motion to disqualify Westing- 
house lawyers for conflict of 

Homestake says that when the 
action proceeds the company wjfl 
defend itself vigorously against 
the charges, “which we believe 
are attempts by Westingbouse to 
escape the consequences of its 
own commercial mis judgments. 0 

Ho mestake’s move from losses 
to profits on gold last year -re- 
flected an average price received 
of $147.47 per ounce and it is 
pointed out that the rise in the 
price to $165 occurred in the final 
quarter and thus -had only a 
limited effect on the full year's 

Clearly the advance which has 

politically impossible to reverse 

per sist ent inflationary! spending in 
the public sector and ihe expan- 
sion of governmental growth and. 
.regulation. 11 . - . 

Uranium earnings this year are- 
expected to show a moderate de- 
cline after the advance which has: 
taken place in the past two .years 
and income from, the new Pitch 
mine may not be significant until 
19SQ Not much change in profits 
from lead is expected, this year 
while the zinc outlook is not 
promising. So the traditional 
gold activities will have to . take 
the strain. -.- . 

deposits* according to the MhristS' 
of Primary Industries, Ur. Anal 
Abdul Talb Mahmud. AvailiM 
geological data Indicates that thr 
central belt, parallel to and eas 
Of the- country^ main range, coo If 
.contain - copper, lead and zh b 
de posits , 

uranium gets 
the go-ahead 


An increased final dividend 

of 33 cents (20.Sp) is declared 
by the Barlow Rand group's 
gold-producing Blyv oomltxicht. 
The payment, which is much. -in 
line with expectations, makes a 
total far the year to '-June 30 
of 63 cents compared- with 46 
cents for 1976-77. 

Once again, the group’s strag- 
gling marginal- gold mines, 
Durban Deep and East Rand 
Proprietary, are passing, their 
interim dividends.. Blyvoor 
closed unchanged at S37p yester- 
day prior to the latest dividend 


since taken place in gold— it was 
$1S1£ yesterday— will make an 
impact on current year’s profits 
of Homestake which believes- that 
"the value of gold mSI -continue 
to rise as long as most govern- 
ments of the free world find it 


buys biscuit 


The Italian, state-owned iron 
and steel concent. Italskter plans 
to import about I50m tonnes of 
coal from Australia o ver the next 
10 years. The raaooan cement was 
made by a Flashier executive 
after a meeting, with officials of 
Australia's Utah Development, - ' 
* * . . * 

Canada’s Sabina Industries says 
that production has commenced 
at its small 50 per ceot-owned 
Hewitt silver-lead -zinc mine’ in 
British Columbia. The company’s 
president, Mr Bill Cummins, 
anticipates 'that revenue from 
Hewitt should •. produce ah' 
estimated C$100,000 (£48,800) pre- 
tax profit towards group funds. '■ 
★ ★ "'.ir ’ . 

Malaysia’s government is tmder- 
taklng a geochemical and geo- 
logical survey of the country’s 
central belt to- locate metal 

uranium deposits in north ec 
Saskatchewan will be permittee 
subject to tough environment* 
and worker safety condition; 
reports oar Ottawa cored 
pondent. • 

The province is believed t 
have 30 per cent of Canada 1 
known uranium, reserves. As 
result, of the go-ahead ahnounct 
meat made by Mr. Alan Blaki 
ney. the- state -premier, royaltU 
of between .C$ll5bn (£T62m) an * 
CS3bn are projected during th 
next 13 years. _ . . 

Mr. Blakeney’s announeemei 
on. the weekend was greets ' 
enthusiastically by business an 
with dismay - by etrviro: 
xnentalists. The- latter are cts 
cerned that the public has n« 
bad time to study a report whic 
preceded Blakeney’s ahnoune 
merit' that development will l 
accompanied -by social upbeav 
and that the radioactive 
daggers, afq not . fully appr 
elated. i 

Mr. Slakeney said, that four ■ 
five years will pass' before tl 
province sees any substantia] j 
crease in royalty revenues, fro 
uranium development H . 

announcement followed tl 
release of a 1,050 page report 
a public inquiry headed by W 
Justice E. D. Bayda. The repo ' 
recommended .development / 
Ur. Justice Bayda specifies! 
inquired into a proposed C$130 
mine and mill -for Cluff Lake - 
northwestern Saskatchewan. Bo 
the ' board of inquiry and tT 

J : overrun ezrt approved of the pi 
ect proposed by a . French -ml' 
Log- firm, Amok, ... 

Geo. Bassett Holdings has 
purchased Paterson's Scottish ' 
Shortbread, the Livingston manu- 
facturer of shortbread and other i 
biscuits, for £973,000 from Booker 

Geo. Bassett said yesterday that 
the acquisition continues its 
policy of diversifying into the 
manufacture and marketing of 
special food products. Bassett 
hopes that Paterson will streng- 
then Bassett's effectiveness in 
this area of operation, which 
already include Purdy cakes and 

Booker said its policy is to 
concentrate on food distribution 
rather than manufacturing — 
except in the specialist health 
food business. 

Imetal predicts 1978 loss 


Major international carpet 
manufacturing group doubles 
DTofits in successful 1977 

The car distributor business of! 
Appleyard (Aberdeen) appears 
likely to be taken over by Aber- 
deen Motors as Leyland Cars sets 
about re-organising its franchises 
in that city. 

Discussions are taking place 
between Appleyard and Aberdeen 
Motors following Leyland’s 
decision that it is over-represented 
in the Aberdeen area. 

A price for the takeover has 
still to be agreed but Appleyard 
said yesterday that if the proposed 1 
takeover succeeds it is not 
anticipated that there will be any, 
redundancies arising from the' 
rationalisation, with Aberdeen pro-, 
posing to employ the majority of, 
the Appleyard staff. 

IMETAL. the French metals 
group, expects to make a consoli- 
dated net loss this year. 5L Guy 
de Rothschild, the president, 
warned shareholders. But the 
operating profit should be held at 
about the 1977 level of FFrs 38m 

But he was confident that the 
group was weti-equipped both to 
maintain and develop its profits 
and dividends. / 

The principad holdings of ImetaS 
are 59.43 per cent in/Peoarrova, 
the lead and zinc company, 50 per 
cent in Societe Le /JickeL which 
has extensive interests In New 
Caledonia. 93.8 per cent in Mokla. 
the uranium, iron and managese 
producer, 67.01’ per cent, in 
Copperweld, a major U.S. invest- 
ment. and 24 S6 per cent, in Lead 
Industries Group of the UK. 

M. de Rothschild conceded that 
the prospects .for Societe Le 
Nickel were best seen in the 
medium term.-b&t added that the; 
other maki elements of the group 
would find financial equilibrium, 
next yean and £uiL health in the 
following years. •: . : 

Societe Le .Nickers sales volume 
in theJtisticdf of. 1978 was much 
the .same as fn the 1977 second 
half and * the loss woted he 
FFr 50m against FFr 80m.. The 
latter period was affected by the 
fail of the dollar and the increase 
in costs. 

Lead Industries is in good 
health. M. de Rothschild said, 
and Coppenveid wifi trade as suc- 
cessfully in 1978 did in 1977, 
but the costs of. .closing .an ; 
important plant - wifi weigh 
heavily on the results: • 

Mokta, a diversification ■ f- 
ImetaL produces profits at 
regular rate and its results tl 
year are likely Lo be of the sar 

order as in 1977. 

. ;For its part, Penarroya 
troubled by . depressed zinc pric ~ 
and its performance will depei 
on EEC steps taken to safegua 
the industry generally. 

ip 3977,- Imetal -made set- co ;• 
solidated profits of FFr 82mj k -i 
than half those of 1976 ■ . .* 


. GEEVOR Tiff-— If ar ontpvtf s- 
tonnes treated produced 190 tonnes Bb - 
Tin rfiS per cent So), Including 12 tffltt “ 
lev gradB 'conmmatH. -:a - 

ore Tor Ma tonnes, April. SB -tonne 
ore for liar, 24 tomes; April. 28 tonnef"— 


' iRe 

Rundle production could 
start in 1981 


The following key figures are extracted from the 1977 Annual Report of the 
Heuga Carpet Manufacturing Group of Companies based in the Netherlands: 





Net Sales 



Net Profit 



Cash Flow 



Total Employees: 






Net profit per share: 



Sale TUney, the food importer 
and .specialist machinery manufac- 
turer, is lo dispose of its 50.3 per 
cent stake in the U.S. company 
Amcnm Corporation. Am cam is to 
buy back the majority interest for (£274.123). 

Sale Tflney acquired its stake 
Tor £177.386 in J974. The British 
RTOUd said yesterday that Amcam's 
nroducls were no longer suf- 
ficiently compatible with products 
of other companies in the group. 

It said that the cash raised 
would be used more profitably by 
supporting the development of 
business more closely associated 
with the group’s existing range 
of activities. 

Of the total 1977 turnover of van 
heugten b.v. (heuga) 79*5% was 
achieved abroad. This was repre- 
sented by 183,600,000 Guilders, and 
accounted for a major part of the total 
exports of Dutch carpet manufacturers. 

The company predicts that the 
improvement shown by the 1977 profits 
will continue through 1978. heuga has 
three carpet factories in the Netherlands 
and one in Picton, Australia. Apart from 
their world-famous range of needled, 
tufted and woven carpet tiles, the 
company also now manufactures 
broadloom carpets as well as area rugs. 

During 1977; the Millitron carpet 

dye injection installation was started 
in the Steenwijk factory, and heuga is 
very confident that this design 
method will prove very successful 
on the international market. 

Both broadloom carpet and area 
rugs produced on the Millitron machine, 
and marketed under the name “heuga 
design” have been very well received 
by the public. 

The international sales division of 
van heugten b.v. comprises 14 subsidi- 
aries and 44 agents in 57 countries 
throughout the world, heuga u.k. limited 
is located at heuga house, 

1 0xford Road, Aylesbury, Bucks. 

Copies of the 1977 Annual Report, including an English language summary, 
are obtainable from company headquarters: van heugten b.v., P.O. Box 1 6, 
3925 ZG Scherpenzeei, the Netherlands. 


Schraders — Vinci tas. a. trustee 
of certain settlements made by 
members of the Schroder family,, 
has ceased to be interested in 
271,464 shares on retirement as a 
trustee of a settlement Vincitas. 
is now interested ia 1,143,304 
shares (14.7 per cent.). 

The non beneficial interests of | 
Bruno L. Schroder, director, has' 
increased as a result of a pur- 
chase by trustees oj S.000 shares. I 
He is now interested in 1,136.453! 
shares (14.55 per cent! of which 
254.153 are held beneficially and 
8S2 jnn non beneficially. The non 
beneficial interests of G. W, 
Malllnckrodt, director has de- 
creased as a result of a sale by 
trustees of 32,226 shares. 

Mention (Knitting Mills): 
Interest of Master Securities. tf»- 
iretber with J). Djanogly and D. 
Djannety. in shares of companv 
has been increased to 476,300 
shares 121 per cent): 

Birmiri Qualrast: Kuwait Invest- 
ment Office sold od June 1 60,060 
shares reducing: holding to 
3,34.1,0011 shares (5.83 per cent). 

Hoskins and Horton: G. W. 
Taylor, director,- has sold 9,500 
shares reducing holding to 1.500 
shares. His family and other 
interests of 9.000 shares have also 
been sold. Ail on June 5- 

Hawkins and TipsOn: Sun 
Alliance and London Insurance 
Group has raised holding by 

45.000 shares to 550,000 shares 
(7.99 per cent!. 

Francis Industries: Temple Bar 
Investment Trust is interested In 

460.000 shares (551 per cent). 

Office and Electronic Machines: 

E. Markus, chairman, has sold two 
lots of 25,000 shares and J, C. 
Danes, director, has sold 5.000 

Jobn Lewis and Co.: John Lewis 
Partnership on June 2 bought 
£20.000 5 per cent first cumulative 
preference Stock making total 

PRODUCTION of od from the 
Rundle shale deposit in Queens-, 
land could start in 1981 Mr. Jan 
McFarJane told shareholders of 
Central Pacific Minerals at the 
annual meeting last Friday. 

Central Pacific and its associate 
company, Southern Pacific Petro- 
leum. have a 50-50 joint ven- 
ture in the deposit 

Mr. McFarlane said that the 
partners want to build a. test plant 
at Rundle but this depends on 
the outcome of feasibility studies 
and the willingness of a major oil 
company to participate. 

All feasibility studies should bo 
completed by August and three 
oil companies had shown an in- 
terest in the venture, Mr. Jtfc- 
Farlane added. 

Preliminary estimates based on 
the Lurgi Retort method show a 
three retort test plant costing 
U.S.$210m to U.S.$240m could pro- 
duce 23,000 barrels of oil and gas 
a day. If this was successful, the 
plant could be expanded to pro- 
duce 250,000 barrels a day from 
40 retorts. 

Mr. McFarlane said that an ex- 
pansion of the plant to this level 
would Involve an ultimate invest- 
ment of about U5^1ffbn to 
U.S.$2.Qbn. He said that estimated 
Rundle reserves are L3m barrels 
of oiL 

At the meeting it was estimated 
that production costs would be 
around $3.75 to $4.50 a barrel for a 
40 retort operation. 

Both companies have performed 

spectacularly well in the recent 
“ boom ” on Australian stock 


In overnight Sydney markets 
Central Pacific advanced 50 cents 
to. A973D. while- Southern Pacific 
climbed 5 cents to AS2.G0, after 
touching AS2.75 at one point. 

. Petrobras, the Brazilian state- 
owned: oil company, announced 
last week that its L-RJS-56 well 
had produced constant shows of 
oil, reports Diana Smith from Rio 
de Janeiro. 

The well, to the north of the 
Campos basin is in an area which 
until now have been iittle 
explored. ■ . r • ' " 

Unlike other .wells in ' the 
Campos basin, L-RJS-56 is in 
-waters only 30 metres deep (com- 
pared with 100 metres for other 
wells) and only SO km from the 
coast. Until now the . major 
Campos probes have been- lOfl km 

. Well ' L-RJS-55, another recent 
discovery in the. Campos basin, is 
yielding 1,560 barrels per day and 
thus, Petrobras says, can be con- 
sidered “ commercial." 

This veil and another, L-SJS-49, 
now being tested at 2359 metres. 

now being tested at 2359 metres, 
arc only 3 km from • the -Pampo 
field,' which means that they can 
make an important - contribution 
to the field’s deflnltivej>roductipn 

* - * - ' * 

-Pertolcbs de Venezuela, the 
state oil monopoly, inaugurated 

last . Wednesday a $36m prow 
which company officials say ebu) 
add 5 bn barrels. o£ recoverable^ 
to the nation’s proven reserves « 
18bn barrels. .,i 

The project, a continuous stea 
Injection system located oh 
at the eastern shore of ' 141 
Maracaibo, is under the maaag 
merit of Mnraven. one ef theTp 
operating subsidiaries of Petnilft 
de Venezuela, tbe holding cm 
pany that has run Venezuela'^, 
industry since its nationalisms 
on January 1.1976. ,;..j 

; Tbe system is intended j 
recover deposits of heavy m 
extra-heavy crude which cams 
be. brought to the surface throiS 
natural pressure^ Nelson Vasqpg 
head of production operations^ 
Ma raven, said the estinmj 
increase in . recoverable resfeef 
applies only to the areas asslffig 
to Maraven along the east cm 
of Lake Maracaibo in 
Venezuela. . . • ■ 

Of even more importance. .4 
the future of Venezuela^ --jj 
industry, Vasquez said., ig jj 
possibility ' that "a similar 
can be put to use in the OrfiHJ 
oil belt, an area of vast^ 
explored reserves of tar-U&M 
iii aoath -eastern Venezuela-. .** 

. ; ■ 

Oil from India’s - first offasw 
oilfield will come ariiore 
through a 203 km pipeline bad® 
a cost of 875m. accwdinRj 
India’s Oil and Natural Gas Cw 
mission. . ;■ - ivj. 

interest £335332 stock (2235 per 

Grand Metropolitan: W. J. 
Baker has converted the whole of 
his bolding of loan stock and has. 
been granted right lo subscribe 
for 0,000 shares. 

Tcbidy Minerals: O. S. Straus, 
cha irman, has bought 15,000 

Anglo Indonesian Corporation: 
S. C. Pryor, director, as a result 
of accepting the offer made for’ 
Walker Sons and Co. (UK) has 
acquired a beneficial interest in 
a further 43,000 shares. 

David Dixon and Son Holdings. 
Mr. FL Turpin, a director, has 
acquired 23,000 ordinary shares, 
making a total of- 160300 (11.04 
per cent). In addition Mr. Turpin 
holds 41.99 per cent of ihe pre- 
ference capital. 

Francis Industries. Imperial 
Group Pension Funds has an 
interest in 447,500 ordinary shares 
(6.17 per cent). 

Lindsay and Williams. Mr. Peter 
Bennett of Security Growth has. 
reduced ' his holding of 173,000- 
shares to 149,500 (1437 per cent). 

Noyapara Tea Holdings — The 
holdings of Mr. C. L. Nelson, a 
director. • are beneficial 7325- 
sbares (I0J7 per cent) and .non- 
beneficial 021 shares ■ (133: per 
cent)..: . ; 

•Wails FaJbeiv— Mr. H. E. Gumbe), 
a director, sold 10,000 shares at 
257p on May 25 and 20390 at Sip 
on May 30. 

. Kelsey Industries — Mr. P. B. 
Aibtb, a director, has sold 1.7T6 
10 per cent cumulative preference 
shares and now holds 25,752 shares 
(£38 per cent) and . has. bought. 
6305 ordinary shares and noVv 
holds-' 358.320' shores : (933 .' per . 
cant). Mr. M. Arbib, a director; 
has sold 4367 preference shares 
and now holds 42384 shares (2.78 
per cent) and has ' bought 439(1 
ordinary shares and now holds 
352342 Shares (8.19 per cent):- 
Mr. G. Fr Arbib, a director, has 
sold 5331 preference shares tand. 
now holds 42.784 shares (2.78 per , 
cent) and has 'bought ■ 6371 
ordinary shares and now bolds 
37^014 shares (934 per cent}. - 
HRobfrt McBride. 'Confederation-: 
life Insurance Company has 

acquired 50,000 ■ 30 pc^r ^1)!| 
cumulative preference 6bai rea.^ [[[| 
Thomson t-Utiur. :€anrflHH| 
Kieinwort BeOsbiT ofthS ^ 

shares (739 per cent). \ . 

Pennine Motor Grbupr GresWV 
House Estate Company 

460.000 . (734 per cent) .and > 2*'G\ 
D. J. Knott has'purctoased -iBO.v \ 
shares (7.64 per cent). . . 

- .S. Lyles: Trustees, of Ml . 

S, Lyles, deceased— Mrs. K ■„ 

and C. G: IT Wooldridge Wi'-fc, 
sold 268,101 shares and npw : 

100.000 shares (2.75 per <*82* 

Estates and Agency 1 U - 

^Angloped . A ^ .. - 

[•f.-.A* Shasbs. 

dlnaiy shares and_3|j5 s iv" cr* 

pour and ' 4 . ■ At Shasba 

322^509. ordlnaiy shares an 
preference shares. Ta - 

S reference share, ju .^S 
It. sha^a holds 23,000 
.shares.' M.= H^anayan- a&\ 
195,900 diares. ^ „ 

Lindsay and 

■GUesi a diredor, holds l™ 1 

'ghares-(Kgfrj» er 1 cgiti- . 

St,. AndrgW Sffl W 

ZaSa Aflfttraacr 

605ia 'ihsHfei^.PM 




t :. 




fwim^^ ^feirT? 

■~ H8&8fr "i '^V g^yj-^ • ■■'/, • •_ .^ - ii.- - - ■_ : .'/■ 

^;.I978 .' • 





■ -V.' 

k ^tch 
n iutn 



■ INTERN ATIONAE growth could' 

rcaotivated;; • .Ijy: ,*. : three-- 
^ prspgedv policy of ..reducing oil 
^SStfPft ; bills, concerted expao- 

- '^ioDaiy actlOb featuring tax cuts 

• - and' -a eontimiation-af the fight 
^ against 'inflation,: the 'Bank for 

.Interndtionali ^ Settlements ' said 

¥fegterelay. .:■■ . = ■-■ ■ . 

. The bank's aimaal report said 
lethal... the .weakening ' of world 
economic activity -lan year was 
.largely- unexpected., and : there 
spwer©- still depressive - influences 
at wqrfe ; j. ■ ■ .. _ ■ 

- Tfeseinflnracesivere the same 
as loose ,w^igh_ last year tilted 
the. balance; -outside the UlS.- at 
- , ?c«t;:.tgwards slower growth* the 
.fettHnr- but. stHl ‘sizeable oil 
^Wmas; the payments imbalances 
:-' »»bn'g -lndustrial countries' and 
< toe ;, resulting currency, unrest - 
' persisting ■ cost/price inflation - 
.: aiflt structurai_ problem 8 in some 
: oefte htahly . developed, export- 
^ oriented, industrial co untri es. 

On a more optimistic note 
C'ihe bank:* said that , the forces 

- -Wbich -'-could- ' contribute to 
.'■renewed ’.growth seemed- to have 
. -strengtSened. Many countries. 

■ both . in r .-westrn Europe and 
. among developing nations, had 
~ gone far towards redressing their 
•_ externaT balances and' their 

■•jesei'v-e positions. ’ The supply 
..bTJunds; for balance-of-payments 
flnancmg showed -no signs of 

• Becoming tighter. 

•'-•'.-Also, there 'was awareness in 
Japan and Germany., that a 
-i steady, healthy 'expansion of 
^domestic - demand was ; as. impor> 
'.tint for. these countries as for 
' .fKe- rest of the ' world. In the 
IT-ST the- outlook was for ' .con* 
;; .tinued .expansion, although prob- 
'•■ably al\ a -slower pace. 

" Oiv " ba lance, therefore, it 
■^appears unlikely ; that depressive 
^ Jnflnences could prove strong 
.. " though, to push the world further 
'-Into .recession. But. it seems 
r equally qnlfkply that economic 
-growth "crnrkf resume a- satisfac- 
' ttwy' -course, in the .absence* of 
further' stimulatory measures, 
I taken wifh -due' regard for rela- 

• ■ tiye ■- payments, imbalances Bnd 

.'the continuing need to reduce 
inflation; ' : . - . 

-‘“'.."The chances are that with 
tin: change, in policies, economic 
aidlvlty land trade would con- 
tinue ‘ to grow at- a very slow 
pace.** . 

While such' a development 
enufd hardly he described a's a 
world crisis, it would entail a 
number of potentially grave edn- 
. sequences for industrial and 
rdevelopting countries alike. 

One ■. .obvious : 'j consequence 
would bqr^te widespread persis- 
tence dfblgh Tries if ‘ unemploy- 
ment,- particularly.: if . rises in 
real wages. continnedto support 
.the strong lahoppsavtag bias of 
investment. poli?ies.' Jn. this 
event, the- -growth.— of '^labour 
productivity tsoiridrtendvto equal, 
or even exceed, tbat of output. 

.*■ * ‘ ■ ■ '.i'.'.-'fl r ■■ 

The shifts ^ 

There would -also. be^p impact 
on the nonnaT -andilcwqtimious 
process- ' by- -which - ;ir sources — 
entrepreiieurebip > .' :: ^afioitr and 
capital— ;were. trafifflfriT.ed from 
declining, to' expanding ~ indus- 
tries '." 'this . process,’ /fay' from 
accelerating, ootdd. actually, slow 
down for two- reasoHS?/ j . • 

THE FIRST Was/ that in. - a 
slowly-growing' economy it. was 
bard to dietingufsbiiiennanent 
.shifts in Co oH»ar Stive advantage 
from excess . capacities which 
were simply the outcome of bear 
stagnation.' Thus, fleelihmg indus- 
tries could . he bolstered by 
Government assistance^ 

THE SECOND reafibniwas. that 
many industrialists,- inhibited by 
the general ' uncertainties of 
hesitant growth, "would: shy away 
from undertaking major: invest- 
ment in potentially promising 
sectors. •• 

Semi -stagnating -.’ economies 
would not help -In - efficiently 
fighting the cost/price .spiral. 
After participating . in- ..severe 1 
decades of fast' • mid ■’ ‘regular 
growth. competing.-;'., pressure 
groups would be Jike&' to try to 
appropriate ever-increasing 
shares, of a cake .’which :had 
ceased to grow. Outcome 
could- be continued?- upward 
pressure of wages, costs and 
prices, the bank, added?.;? &f..- 

The stagnation of outptt^Would 
have a manifestly detrimental 
effect on developing codfifries. 
The success which the;’ major 
debtor developing countHcs-bad 
harj -so far in cutting.', qnfrent- 
account deficits to manageable 
size would be subject tp/feversal. 
while other develoDint countries 
would find their -chan ce^g^r join- 
ing the develoument^Process 
seriously reduced, ■ , '• 

. The bank's policv*“wicora- 
mendations stem : '•frittw 7 ' its 
analysis' of the depressive-actors 
underlying the present sidvvdown. 

Thq_ first factor wiifrthfc. otl 
surolus, . Becyclinc;. , ^^9tigh 
necessary, wan, no mor^^an ; a 
palliative. " One component of 
real adjustment— the *b?m|rtion 
of goods and services S^f®g'oil- 


' - - :*-•■ 

Real increasa in total expenditure 
Countries ; ;1»73 : V 1W . 197S . ,IB7« 1P77 

producing countries— would have 
to be spread over a fairly long 
time span. ‘ 

. The burden of further adjust- 
raent therefore would have to 
be borne by oil consumers, either 
by economising on overall energy 
consumption, substitution ’ of 
other forms of energy or. In some 
countries, by expanding domestic 
oil production. 

The second major constraining 
factor . was the balaoce-of-pay-- 
mentfi disequilibrium among in- 
dustrial countries— more specific- 
ally between the US on the one 
hand and Japan, West Germany 
and Switzerland on the other. 
The reduction of the imbalances 
required adjustment measures by 
these countries: 

However, it would be unreal- 
istic and potentially dangerous 
for the world economy to recom- 
mend strong overall domestic 
restriction in the US and con- 
versely, strong domestic expan- 
sion in West Germany and Japan. 

In practice, neither of the two 
surplus countries was likely to 
be very successful in strengthen- 
ing world demand unless a num- 
ber of other countries took 
action as well. 

In a sluggish world economy. 
the export-oriented stmeture of 
their industry precluded any 
satisfactory short-term revival of 
domestic demand through invest- 
ment and it would he unrealistic 
to expect a sufficiently quick 
adjustment through private con- 
sum orion alone. 

“ It follows that, although more 
moderately than in these two 
countries, domestic expansion 
may have to be stimulated else- 
where as well — In countries 
where balance-of payments con- 
straints have been reduced and 
where inflation rates have been 
brought down substantially.” 

It was essential that the ex- 
pansion should not be initiated 
through -easier monetary policy. 
Expansionary fiscal policies 
would be less likely to elicit 
countervailing market reactions 
and the risk would be even less 
if fiscal action were to rely on 
tax cuts rather than additional 
government spending. 

if fiscal expansion was pursued 
moderately, it would be uniikelv 
to trigger a revival of .demand- 
pull inflation. 

Furthermore, cuts in income 
tax should be conducive to 
greater wage restraint, since 
they provided, a practical alter- 
native to pre-tax wae» increases. 
This should help undermine the 
cost/price spiral. 

Exchange rate 
aids U.S. trade 



THE SHARP exchange rate 
movements Jo the past year have 
caused a further deterioration in 
the competitive position of Japan 
and Switzerland in international 
trade while enabling the U.S. to 
further improve its position. 

The Bank for International 
Settlements reaches this conclu- 
sion in an analysis which has not 
hitherto been a feature of its 
annual reports, and in which it 
particularly compares trends in 
relative unit labour costs with 
trends in effective exchange 

Germany, Britain and Italy are 
quoted as the major examples 
of countries in which -larger 
movements of effective exchange 
rates have been accompanied by 
little change in competitive 

The analysis chronicles the 
changes in competitive positions 
since 1971. Jn the case -of the 
U.S.. the bank says, a spectacular 
improvement of the international 
competitive position occurred as 
a result of the 197-73 deprecia- 
tion of the dollar, but the subse- 
quent maintenance of the com- 
petitive advantage did not pre- 
vent the surplus from disappear- 
ing in 1976 and being replaced 
by a $20hn deficit last year. This 
in turn led to a further deprecia- 
tion of the dollar and strengthen- 
ing of the U S. competitive posi- 
tion from late 1977 onwards. 

The exception 

'In Janan, the deterioration in 
the competitive position in 1971- 
1973 was resumed last year, 
after the tumround in the 
balance of pavmcnts from heavy 
deficit to surplus. 

In both the U.S. and Japan, 
the changes in competitive posi- 
tions were considerably less if 
measured by movements of in- 
dustrial wholesale prices and 
export unit values than in terms 
of unit labour costs. This meant 
that profit margins fared better 

in the U-S. than elsewhere, while 
in Japan they fared worse. 

The ffi- 8 * 11 lesson the bank 
draws from this analysis is that 
if before 1971 too little use was 
made the exchange rate as 
an instrument of adjustment, too 
much has. sometimes been ex- 
pected of it since then. 

•■The effects of exchange rate 
movements have been overlaid 
by other factors: where no 
change -in competitive positions 
has come’ about by the absence 
of adequate domestic adjustment 
policies; where the competitive 
position b 35 improved but the 
balance 'of payments remains in 
substantial disequilibrium, by . . . 
differcbces between countries in 
the levels of domestic demand; 
structural factors such as the 
degree of fexport orientation; and 
lagged responses to relative 
price 1 changes— the so-called 
J-curve -effects. 

Capita:! movements " instead of 
stabilising Che exchange markets 
have often added to the 
exchange market effects of 
current. account imbalances.” 

The bank quotes as an excep- 
tion here those members of the 
European joint float who have 
“ fairly rapidly turned the 
markets in their favour by a 
combination of vigorous 
domestic measures and exchange 
market intervention.” 

The bank notes that there was 
a sharp increase in effective 
international liquidity last year. 
This is attributed to the U.S. 
deficit's leading to an increase 
in reserve holdings by other 
central banks which was not 
matched by an increase in in- 
debtedness. “ The effects on the 
international monetary system 
of last year's reserve creation 
were destabilisinc. cither poten- 
tially "or actually, while the 
question of the asset composi- 
tion of reserve creation has once 
more been raised. 

Noting that the change from 
the Bretton Woods system of par 
values has not cut back coun- 

United States 





United Kingdom 











• Fefciuuy. 

Annual averages 

7965-69 7969-73 

% % 







Twelve months ending 
Dec. June 

. - 1976 1977 

o/ <v 

/a fo 





12 2 










7.8 - 


















15 3 



























S 2 



... .7,6. 














































f March. 






















tries’ demand for reserves as 
much as had been expected, the 
bank says that last year's ex- 
perience has reinforced earlier 
doubts as to whether this increas- 
ing demand for reserves can, 
consistent with the maintenance 
of reasonable stability on the 
exchange markets, be met simply 
through additions to dollar 

With gold ' no longer an 
element in researve growth, the 
choice appears to lie between 
the special drawing right and 
the use as reserves of curren- 
cies other than the dollar. 

The bank' sees the future of 
the special drawing right as long- 
term rather than short-term and 
implies that a further increase 
in holdings of currencies other 
than the dollar is likely — an in- 
crease which already has been 
considerable in absolute terms, 
but small in proportion to overall 

The concern 

At the same time it notes 
several objections to the in- 
creased holdings of other cur- 
rencies. From this it therefore 
draws the conclusion that " since 
there is no alternative to the 
dollar as the principal reserve 
asset, appropriate steps should 
be taken to restore full con- 
fidence in it by cutting the U.S. 
payment deficit and by building 
up reserve assets in the U.S. 

On the other hand, it notes 
that "a strengthening of the 
dollar may not be enough to 
ensure that all future reserve 
need* will be adequately met. It 
may need to be supplemented in 
due course by the expansion of 
the reserve function of other 
assets if countries’ preferences 
as regards the composition of 
their reserves are to be met 

In other words, it may not be 
realistic to demand a strong 
dollar and. at the same time, 
pursue policies aimed at keep- 
ing the dollar as virtually the 
only element in reserve growth.” 
- In spite of the continuity of 
growth, 1977 was in some 
respects a year of transition and 
change, the bank notes in its 
regular annual commentary on 
the international credit " and 
capital markets 

At the end of IS76 there had 
been concern, essentially of a 
prudent nature, about the banks' 
exposure in balance of payments 
financing and the soundness uf 
the financial position of the 
debtor countries. By the end of 
1977 the focus of concern had 
shifted to macro-economic ques- 
tions — notably the role of the 
international financial markets in 
exchange rate volatility and 
international liquiditv creation. 

The report chronicles the con- 
version of the less developed 
countries last year from net 
borrowers from the international 
banking system to net depositors 
with it — a development which it 
had reported in its earlier quar- 
terly analyses. 

The annual report also notes 
the improvement in the-current 
account position of many of the 
developed countries outside the 
group of ten — countries which 

have been heavy borrowers from 
the banks in the past year. 

A final factor it notes is a 
sharp slowdown in the lending 
by U.S. banks and their replace- 
ment by banks from other 
countries as the major source 
of new international bank lend- 
ing last year. 

All these developments are 
closely connected with the sharp 
deterioration in the U.S. balance 
of payments and the declining 
surplus of OPEC countries. 

On the one hand, these 
developments. - reduced the 
demand for balance of payments 
finance and. on the other, they 
increased the supply of funds 
available for international 

While these two developments 
increased the supply of funds, 
these were absorbed by 
increased demand because some 
countries remained In deficit, 
while others wanted to build up 
their reserves. In addition 
hedging operations and outright 
speculative activities connected 
with exchange rate uncertainties 
tended to boost the supply of 
and demand for Euro-currency 
funds, particularly in the second 
half of the year. 

Forty-eighth annual report. 
Bank for International Settle- 
ments. Basle. 

£10m urban aid approved 

Urban aid has been approved 
on new schemes worth £10m in 
towns and cities with ’ special 
social needs. The aid is part of 
the £26m available under the 
urban programme for new pro- 
jects to start this year and is in 
addition to the £16m for schemes 
submitted by the seven, inner -city 
partnership areas. 

About £fim will go on capital 
projects, £2m on the running 
costs of capital projects and £2ra 
on non-capital projects. Volun- 
tary organisations will run ISO 
projects worth about £3.Sm — 
their highest total yet in real 
terms under the urban pro- 

Net financial deficit (— ) 
1974 1975 1976 



j - ' ' 

t.-.y.iyi • 1 
i .i*.-. 1 

. ‘ ’ * _ T 

■ in percentage* . 


gra*^ national product ^ 

; - 

.United States 


• ■ 33 



' 33 yp 

- *&: 

■ -42 


— T.l 

-"-Germany . 

73 ' 


63 . 


3* / 






France • 




. ' 4.7 

r 0.9 - 

03 : 




United Kingdom 



23 . 





-^4 3 - 






- 183 

0.1 1 



• r-5.9ti 




iMp_an . 





& . 


—7 At- 



. -Canada 




: 34- 

- f.r -. ' 


. \s . 

~-23 - 



Current and capital expenditure - pin; trap iter p a ymuftf- except In the case of Japan-' (public c n nnuwp Oon and 
jnvmtmtant only). Increase in nominal term divided jy the GNP price deflator. f Include* public enterprise*. 



Prop. & Reversionary tops £lm 


REFLECTING the 'more healthy- tectencal reasons - the vendors mideffor . tax which would arise 
Jtate of the property market, tax- were, unwilling to ’convey the if properties were sold. The 
jble profit of Property" and Rever- freehold Jbixt- have stated that they amount of the contingent liability 
non ary -Investment* Corporation will do so at -a future date. has not been quantified. 

■ose 21 per cent to TLOSin fbr the ;• Part of Vhe land at Fam bo rough • A Statement of source and anplr- 
rtar to March 31. 1978. : . Is undeUlopS 1 mtd 'plans &e -JW® ot ^ows a £760.000 

At the -interim, stage, when re- being prepared for the construe- _ a ^°; oao lncrease ) m 

torting an advance from £469.000 tion of additional industrial space r .„ Ivimr „ nT . w : ll 

0 £504.000, Mr. A. .Rubens; chair- of about 44,000 sq ft ^ t 

nan, changed his earlier' forecast, • As to the remainder of the port- Hous6, ^ on 

hat full year profits would show folio a certain amount of re- ** 81 a ° on - 

ome £100.000 Improvement ; and furbishment was carried out • • _£ £ 

aid Mb at they 'would top the fltn during the year and several Pr*ot before tax mjm 

' nark. • --- schemes for redevelopment which Tgc- ; — - SS-E® XflU 

V'TSe -now- says that the current ^ Minphry tatenws ""!!! 1401 1.163 

'ear* should finish some 10 per examined -and revised. . Eidaoniiaary items ... "ion — 

- . - The net asset value , at March Available «2.«ifi iron ] l . 31. 1B7S, was equivalent to 430p JMienta Srtjo 

>Twt> main features of the year shov /u, e a r is e 0 f 25 Reunwl aio.084 iw.l» 

■ Ti'der review were gross rents up P <rin ce last vear ■ Pneis no . dtawwai of toreronwu 

bm -EL27m to £l-47m -and net P The ^<S?ms Si^^he auditors * ropert3es - Tr » nsf * red ,0 capltaI surplus - 
e |£niu ad f ^™ £ K^shaS^ I Je'.^ l ^^ c ^ lhat ^ 7 provision is . v Statement, Page 33 
iyetrat ^8.2p ffp.) and the final . .. V 


:*nie annual review of property c x . asia, ^sterling) fund— N et lubdfifca- scasm <qkj. 8 s>>. bate dls- 
'5 at March 81, 1978, discloses an. j 2]CQm£ (S3J356 for mombs to March si. couw«t ssm.Tm >£2S0.<mi, cods £133, 6m 
iccease in value of 21.4. per. eenf tns. Set asxv ttfin.ast. r«Jc/hpuod ciits bjo». loans 

jpt - the nrevioas vear. ' An . pnee of parUcjpstWr redeemable prefer-- Mu.lm ifaso »ro ». Tbe company bas oon- 

-Ja location ence stores at March. 31 £H3t and issue Unoed; to develop connections overseas 
rralysls^ by d"® ”^-22522?!! Wto £w!m. no dividend i same .. *»d ampd? the bantams sect or and has 

"lows:' Offices £14-74m. (tu-arok beLGRAVE (BLACK HEATH) (Manu- Met with considerable success. It is also 
■‘ions' £7^1 m‘ industrial iWujer of atwl fondnss and nuts and actively engaged in business with an 
-titSrn /£247 m)’ - -building sites, bolls I— Rente for the year lo January ^creasing ^number or foreign banks in 

1 Ty ii 1 »♦.' ’pn-yim- (fOiSinl Si i«7g reported April 29. Group fixed Umdoo. Meeting. I. King Wliliam SUeeu 

Istdentfal. etc., .£03an (fO-^m). Nel current asset* EC. on July S. at 12.30 pm. 

he value of SSm < 0.08ml. Meetfog. Birmingham. commercial SANK OF the near 

iased dunng uie year . Iinaus- m Jubr 4 ^ rxwn. .uvesr- EAST^TOvIdehd *5p net per a share for 

. 'lari amounted to . Canadian^ and foreign _ ,NV «i 1977. . Profit for year after iu xsiiea 

The Solartron wqrks at Fare- went trust-j^w to March (i4TSia) 

; vouch. : ja - 9! .® DALBEATTIE FINANCE CO.-Flna) 

i acres Of industrial land wth- “““ “ ^oied UU5m (£0.19mi. vash dWdend for year to March 31. 1878. » 

i0 000 sq ft Of modern buildings ; aewxh £L3fim (flMJWOi. current* making lolal 2p iljp>. Turnover 

e-inriinc sn 000 sq ft of . affixes aata, i£03ftm). ciirrem Uab.UUM ll2»**!5,(n^3Ejl3». interest and rentals 

On lOTiE lease £0.9m -l£03m). Income performance wPJ X(B3,73I t£445.7M«. -AtUpInlsu-adon and 

’id laboratories let an ions S?tofluf?5rwi by Umlmr "of inv«tment ol general .expense* £56.371 ilfMiu. 

- Solartron. a subsidiary - 01 c . , in TrK Meeting. 9, Bishops- Auditor^ - cemuncrauon £2.650 - (£1^501. 

‘hlumberger. was bougnt. . rp Juhr 4. -at noon. _ Directors - few £36 t£30'. pension scheme 

•The- interest conveyed to the: ryder. and co.— rcsuks comrttntions 13.900 (C.8i 

■ .mnUv a gOS-Vear lease at. year to Apnl M. 1KB. already kiwwn. emotamtot* £38.702 (£26. 

impany was B iraoSAn). current ctontw carxoi ,(£205.8421 

pension scheme 
!.862 j and other 

'^ P ^L-nif^ri B rmrnf < £t.n5 a ^FOT Siwent awts iwini'''(£4wjm). current Siuw'l^ior'igOS.Sttif^Dcpr^SuM 

fixed ground rent -of £ rpr .wr^ay^.. » , , , 

Hill Samuel & Co. Lunited annemee that 
" with effect from Monday, June.. 12th, 

; their Base Rate, for lending was mereased 
from 9 per. cent to. 10 per cent per annum. 

'i , Interest payable on 

Deposits Accounts is. at the rate ot j P 

^ . cent per annum. 

Hill Samuel &Co. Limited 

■ / ; • ‘ 100 Wood Street 

... ‘ . "• LondonEOP -2AJ 

' X^Iephone: 01-628 5011 

, r 

« Prow 

Q4S.4Z< (£87,1361 before (ax of £31.430 
>349,672. credit 1 . Extraordinary news £<G0 
(07,28837- ' Uuappropriaicd profits brought 
forward '• £308.703 m32.8ra». Available 
£<27 in 5 U327.33S}. Dividends £27.766 

(£36.8241. Group.. Bxed assets £836.6^ 
<£ Net current assets SI 71m 
t£1.6Bm).: The company la -- close. " 
Meeting: Datbestie on July 3 at 6.30 pm. 

thanufaciiire and tnelal mcrctondng)— 
Rcsulu- ior 1977 reported Jntte 3. Group 
(teed "ptarv JS63.55I 1 CSS JOS 1 net current 
assets (fi.flunj. Net Uquidlty up 

783^83: {down 1732,8091. Inflalion adjusted 
profit ’fe,8W -higher with £J 15.005 siock 
tdjugupeni and 3 fie. £88.000 extra depre- 
cialhW and pearlnB- Conwensailon to 
director for iasa of office £5.060. Meeting, 
Glasgow, June 28. won. 

COMPANY — Rhodesian fixed assets 
RSI :61m i2t.65m i, UK current assets 
030.177 (£108.830). UK current flabJlnles 
£29.267 (£40.998;. Rhodesian nd enreent 
assets £429.015 IJ752,487». PhocAiS Mining 
am) Finance owns 21.89 per cent of shares, 
and African LaKcs Corporation tons 
i.BS-per. cent Meetinc. m Old Broad 
StrwL KC, June‘38. at 1LU5 am. 

ESTATE— First Interim of 7 per end per 
share legs Malaysfau Tax of 40 per cent 
and UK Tax of 34 per cent for Ihe year 
ending June TO. 1978. Payable June 30. 
to holders registered at tbe dose of 
ousi&es on June 33. 187S. 

(dle-cuters and founders)— Results for 
1977 repotted May 3. Group fixed assets 
E1.62m (£UI»). net currem assets 0 . 1 6m 
(II. Mm). Decrease- in, cash and bank 
to .ism Improved result for 197S 

predicted. : MeeOna, -Canlllf. July -10. ai 

Re port No 2 




'■*? .j- y'p -, i7 




Highlights of 1977 (Automotive Components) 

Purchase of a brake parts business in the USA 
— Nuturh 

Curty, France’s leading automotive gasket 
producer, became a T &N associate 
^ Eight other acquisitions in the components field 

Our disc brake pads/ brake and clutch linings, 
gaskets and filters, fan belts and heat shield materials; 
are manufactured by- 28 factories and 14 associates 
in 18 countries. 

We are the world’s largest exporter of friction 
materials and ga'skets. 

And last-year-we- expanded our world -- 
involvement even more. •_ 

We are growing rapidly in automotive 
components, plastics, specialty chemicals, man- 
made-mineral fibr^-and construction materials. We 
are growing in the_ USA marked as well as 
continental Europe. In 1977 we invested, 
expanded and diversified at a more rapid rate than 
ever before. We are very much more than the 
asbestos giant. 

Why not take a fresh look at Turner 8c Newall? 

Write for our new corporate brochure today. 



To: Public Relations Dept Turner & Newall Ltd 
20 St Marys Parsonage/ Manchester M3 2NL 

Please send rne a copy, of your corporate brochure and/or 
Report arid Accounts. 



Address . 


u. . 

2 ). 

Financial Times Tuesday ; June 



12 per cent EXCHEQUER 
STOCK, 2013-2017 


ISSUE OF £1.000.000,000 AT CU.00 PER CENT 


On application . ... nS ““ w «" 1 

On Tuesday, 27 th June J? 7 * 03 -® 3 Rt ‘ r «"l 

On Friday, Ulh July 1*78 C5ua » «“ 

W# Per cent 

Safeco tries to pull out 
of two high-risk states 


NEW YORK. June 12. 


th-m Stock is jii invvjimMM IjUmW kMho Van II « the Flm Schedule to (he 

Tnu«, liiwnrir-nLi .\ti ism. Ai‘!ith.jin.:i &jl' h “;‘' Ok- Council or The 

SlucK Exchange Tor ih- Stt* to !>■ JilmiUnl "» ihu '//."''/i *““■ 

THE r.nvERN'OH ,'iND i:y>IVANV >>F nit UA'- 1 * , [ bN'jLAND arc aurtwru.wl 

lu rci.-lti- anitlkuilouc. For lbs tbow s;wP. . 

Tile pmii'lual nf anri un -r-si on th.- :■»•»■* mil *>■ ■' '-“rV® - on HW -s annual Loans 
l-unii. nlLh rtr.jnr.i- in ih>- rmiti.iliilas.-il I-'uihI W tl>: ftl KuikiIoiu 

K noi n-J. L-ni -l. Hi- Sio-.'~ «nll lie r i:aid at par un liih Dect-mber 

>ir. bur Her MAl.nlv % Tr> jaw? r- v.-rvo in tie ns- Hi «s the rich; to redeem UK- 

<io(V hi it hi tie >»r :ii iur> hv >iNviiu< or nih-.-nt i'".. ill par mi or at any tiiiiv dRer 
I.’Ch DcoeinU-r J-'U on Mima rml !-■« Off-.-- Ui»niiib’ n«in.u in the- Lona.m 

l ’" , *Thc Stock will '»■- re an lord :-r III-.- 'kin* EiicIjikI nr at I he Bank or Irritant. uud will i>-. Irji-si- rjiii. . in iniiiiiiA % "t ‘.n- rwar Oe-tniy *j» instrument ui 
urn in., in .-i-voril.iiic-. with ill-- Siu*.t Traiisfi'r Will DO fr« ul 

lldlllll iliIIJ. . . r. 

1m -«-"U a-.- reiyaM.- half yen rlv or. Uth .iur.. awl '-Jl Dwimtvr. tueuiai.. sax 
-.11 dir i.-d irum ujyjuciii. uf inor ■ that: .**> * .«.'nuzn. Inf-n-vi wurranis «rfU 

b. tra nan: =: toil bj |io..l Th-.- arsr pijin- m «UI t>< in * !'- on L;th UoCMnbnr 197S at 
ih-.- ra: • uf E'.-.J-.i l*- r ’Iff" »i iV V 

A poll cat kins will be received si Hie Bank of England. Mew Issues. Walling Street. 
London. EMM *AA. Applications So r amount up to X2.BM Slock must be »n 
multiples of £130: applications for amounts bciwcen Es.aW and £50.003 Stock must be 
in multiples ol £530: lor more ihan ISAM Stock muss Uc In mul-.iples 
of Q. £39. A separate cheque representing a deposit of 05-00 Per ccnl of the i.-vcrna! 
amount applied tar must accompany each application. 

I„ n._.f. nr j'ialtdi'ni In n.-Nir-il -o tim .. ,ii|i>i»> it rill In.- d-.-npaiche.-' be Dust al Ih-.' 
risk ol rln- .ippli- am. Nil alUrm-.-ni will rnii-J. -ot a li-su nmonn: than *10* Sun i: 

m, ■ sent L*r pa niiil ulloiiiii-i:: i b- IjjIji'c- ui 'h. ..moimr paid a* d.-po«!i v.-ill he 

r< fiinri.ri b. .-b.-i|U.- i1-»/»auh.-d In po-r »l in. rl.l- ri 'll appUeant: il mi allo'.Pii-nl is 

in .id. the siiit-.itirti paid a\« iIiWmii till In re'orP'.il li~-_- i**. PanuMi ui full iDaf he 

load ■ at .inv rime alter allnani-n: bill u*. ills, non: J lil 'w ailowi-d no such paymeut. 

D.-f.-.uli in ili- . 1 : :mr oisialiueut hi- i". d'l.- -l it- will render ihr- deooidt.aud 

any iiislalliieill |ir- i:uiUil:‘ C.*‘ id liable m forliiiun- .tl.'l Uf -"llloltn^nl i*. . ane.-llatioo 
’ jj.-i 1 , rs ul a'loim-n- 111 . 1 v hi spin ‘- 1.11 iUmpinia-MW at multiple-? of CUM uo 
11 r. rpj..-«' rec lv-d 1.7 the Enciand. I ; sm*3. VTatllll^ Sinn r Loudon 
KCIM 0 A .1 nr liv ..nv n( *ln- brnr-.h--. .if ih.- ul tnulatid. nu inu nor later 
ili:, ir | *1 Vi .lulv 137-r. Such re<|it.-sis tun-,: In '|,ni .1 .mo mos! he aci'nrop.nilcd h- the 
ieffer; <rf .tllm-nt "■> -bm fcif-r* r.imiei »«* mil’ . i . u> ':i*ia:nii , m psytiMii i« mifihwi 
L- rt. i^ ol :.|lni"n..|ii iuiim in- snrr. n«l -r-.l for r -ctnlrMInn, j'-> nrnpameil hv a 
i.iiiipl.-ii-d r> r'tr:i:ii>n torn n-hn ili* piouir.i- n: ft paid, unless iiaymoni 01 
fid' has Ik- 11 iii.i 1- li.-for-' ih- iin- in whi.-h iltcy tuu-r tie for 
r. _-l 4 |ra:i»in "jii I 0 . r IbaJi J J lli .lulv i ,, 7» 

*, ■ i.ron 11-11 ii: a- !*.•• l.":i |i.-r fHi» uf -he s':..-., 1 , w-ifl »».. p.i-il m iianters or 

nil. » Proki rs un .'ll-cin .-ms Hunt, in r.-'--..l of uPaH- ..lions Ik.ipiu! ihrir -tamp. 

• t .in pavr ii- ill h - tu.i.J- 1 . ,Vr • '■ hstiL-r -r st-h-Jtl.ruker vr.ijlp r-.viv- 
Uy >**a- nf .nii-rr-i-'Oii j lu'il u- '■ ;- «h »:• 1 " fnnii-' and . »p. i in t|u« nn.-pu-i.ii n.-..v tie oi>uitiL-J at 'hi tank u' 
F-ul,,.;,: i - K 11 - - '.Va’l:n ; <ir-.-.-: L«iiiSii\ E''*\! '. or a: any of -h- bra-. he- 

. 1 : ih.. v.-ml 111 j- the E. 1 - 1 * .0 |r. l-!i.| r-it. 13 norieC.-!l» r*l5-s-. B. !fa V 

IN A WTv-ANGLE tbul symplo- 
inises the problems facing th<* 
t'.S. insurance industry, one or 
the major property and casually 
companies. Safeco, is trying in 
pull out uf underwriting car and 
home risks in the Stales of New 
Jersey and New York, because it 
says business is unprofitable. Bill 
the State authorities, who exer- 
cise lighi control over the insur- 
ance industry, are trying to 
block the move on fhc grounds 
that it w«.n 1 Id violate policy- 

holders' riuhLs. 

New York has already rejected 
outright Safeco'* request to sur- 
render its operating licence, and 
(he New Jersey State aufborif/e.- 
arc due to hold hearings on the 
matter later today. 

Safeco, the 2dth largest U.S. 
insurance pompaoy. based in 
Seattle, said in announcing its 
withdrawal plan- that ii had lost 
over SlSm in the two Slates in 
the past nine years, and expected 

to be losing $15/u a scar by I9SS 
if present trends continue. 
of these losses were accounted 
for by car insurance. 

The irony behind the announce- 
ment is that after several lean 
years, the U.S. insurance In- 
dustry ils a whole finally broke 
back inln profiiabiliiy lust year, 
thanks to a rise In’ premiums 

sanctioned by tbe State insur- 
am-e aTithorities. However, both 
New York- and New Jersey ure 
high-risk States and it i-i gener- 
ally accepted that insurance com- 
panies find it hard to make much 
of u profit there. 

But Sa feed's move ■-■oines at a 
time of growing pub lie debate 
over whether or nut pouple have 
a “ right” to insurance. The 
cunpanie-s, obviousl). *>ay that 
nu such right exL>;!>.’ anil they 
r.rgue that attempts to enforce 
any supposed rights only under- 
mine the insurance industry. The 
public, on the other hand, enjoys 
the backing of uir»*.r State 

au-thorities in arguing that every- 
one should have faiK access to 
insurance coverage. 

It was on these Grounds that 
New York rejected Safeco's 
application tu pull put An 
announcement from (he State 
Commissioner's aOice saio that 
the action was ** in yialstion of 
applicable New York State 
insurance law. and violated both 
the contra etna I and statutory 
rights of policyholders.’' 

.Although New Jersey has yet 
tn decide un the matter, the 
auguries for Safeco are not good. 
Only last month, the State won a 
court ruling barring, another 
insurance company. Nationwide, 
from pulling out of the car 
insurance business. 

Both Safeco and Nationwide 
have announced their intention 
to appeal against Stale rulings, 
and the issue is therefore certain 
to get a full airing in tbe 
Federal courts.. 

for $1.5m 

former Lh 
division to 

off l 

I, - :' ! 4 

rottM ,# r 

• V - / 

td - v . 

NEW YORK. June 12. 

A FEDERAL jud^c approved 
settlement of a Sl-am class 
action suit bronght against 
Merrill Lynch Pierce Fenufcr . 
and Smith l)v holders of 
Scientific Control Corporation' 

stock - _ ^ ^ 
.Vs previously reported, Hie 

settlement involviiif .the 
nation's largest securities- firm, 
a unit of BlerriU Lpth, was- 
proposed to (he court last 
September.' _ 

The settlement muu is to pc. 
•shared by persons who bought ' 
Scientific Control stock ^from 
Merrill Lynch between Rlareh 
l. IS6S. and November 21, 
1969. The fund will Mtually 
amount to only -Sim 
bursement of some SoOO.WO 
legal fees to five law - 

Scientific Control, a Dallas^ 
based romputcr comrern filed 
for bankruptcy in 

ITT discussing sale to Heinz 


NEW YORK. June 12. 

PT' .‘f: V: a\ i;ull. n - .• i;.. :i ■> 1 r. Londun. L'.'.'K or a: CRic: of 

Th- s, 4''i i>. 'it .1 ir. she L niv-.J t. nid-un 


i -iNri-v: 

*jtb Juji-.- l?7j 


1 ur Un til bl.llcl II 

riikVOIdlVI L'lalinillJ LUIbnUEoluO— 


VAT F^Ti \p 

• if nu, ruslsiirr.rf put ".NOSE"! 

lnterealiunal Telephone otiri 
Telegraph and H. J. Heinz con- 
firmed today that they were bold- 
ing talks about the possible pur- 
chase by the food company of 
certain of ITTs European food- 
processing subsidiaries. Neither 
company would elaborate on the 
announcement, on the grounds 
that negotiations were still at an 
early stage. ■ 

ITT currently owns food com- 
panies in the Benelux countries. 
West Germany. France and 
Britain. It would not say which 
companies were involved, though 

It stressed that fond companies 
outside Europe were d-.-Sniteiy 
beyond the scope of tbe :alks. 

The large international con- 
glomerate’;; decision to sell, 
which comes at a time of chang- 
ing leadership, appear to fit inlo 
a broad strategy aimed at reduc- 
ing the company's involvement 
in Europe, which il >ce> 3S an 
area of low growth and high 
government interference. The 
decision aDpenrs tu be '.ess in- 
Huenced by a desire tu pull out 
of the food industry as ?ueh. In 
fact. ITT reported last ; ear that 

its food products division had 
turned profitable again after a 
period of losses. 

As far as Heinz is concerned, 
the news comes as something of 
a surprise. The large tuud com- 
pany recently acquired two U S. 
food makers. Food ways National 
and Weigbtwaicbers Inter- 
national in what was seen as a 
major move to strengthen its 
position m the L r -S. market. At 
the time. Heinz was also reported 
to be taking a bard look at its 
European operations in view of 
the economic situation there- 

Sperry Rand optimism 

Suerrv Rand Corporation said 
that largo backlogs and strong 
order trends in its major busi- 
nesses support optimism for 
fiscal 1979. despite the fact that 
major world economies will 
not be robast this year, reports 
Reuter from New York. The 
annual report also said Sperry 
Rand will continue its. special 
emphasis on computer business 
because of tbe computer In- 
dustry's extraordinary poten- 



strenuous attempts (o ‘pare a°wn 
its debt burden has resulted: m 
tin* sale to West German's Bayer 
AG of a division of Cbetnetron 
Corporation which was acquired 
for $210m six months ago.- . 

The sale is tbe third divesti- 
ture which Allegheny has made 
this year in its bid to reduce a 
long-term debt burden which was 
more than" doubled to S377m by 
■ th e acquisition of Chemetron. 
Allcgeney's decision, to sell 
Chemetron’s dye and pigmeat pro- 
ducing division fitted neatly with 
Bayer AG’s ambitious, expansion 
plans for tbe U.S. The company 
has spent more than $550mia the 
last four years building. ..a 
chemicals and pharmaceuticals 
business here ~ as ■ part - of .a 
strategy aimed at reducing- Its 
•vulnerability to the high -costs 
of production in Wcst- Gerruany 
and the steady ' appreciation, of 
the West German mark. 

Neither company would dis- 
close the price which Bayer! -bad 
agreed in principle to pay,, but 
-Informed speculation points to a 
figure close 10 £50m. Mr.' John 
Buckley. Allegheny's chairman, 
has previously Indicated that he 
had found more than one bidder 
willing to pay -“veil 'over boo&' 
value " for tbe business. . ' » 

Since he bought Chemetron for 

NEW -YORK, June 12 , . ? 

a sum which he acknowledge] ^ 
have been nearly twice the right 
price, Mr. Buckley has been 
attempting to hive off some of lie - 
company's assets. Its industrial 
gas business has '"been swapped 
for- "a ■ one-third ownership --'oL 
Liquid Air Corporation of Nora ' 
America, which has annual sale* 
of $350m and rta loss-making, tube 
turns division has been cutbad 
and" absorbed into Allegheny - 
■special’:- steel activities. Ii 
addition, Mr. Buckley is seeking 
buyer for Chemetron's facilitia 
producing phosgene,", a gas usee 
in pesticides. The indicator 
price for that operation is aronai 
$35m. " - - r * ' 

■Allegheny, whose other naajo 
acquisition this yeaf has beenflj .. 

purchase of a 44 per cent sldk ' 
in Britain's. Wilkinson Matcfe ha .- 
also sold off Jacobsen Manafai-- 
turing a producer of ttactoivas' 
lawn mowers, to Textron for 
rumoured $50m. ■ ■ - 

Under ' Mr. - Buckley's leade -. 
ship, ABegheny Is -coramitted' t 
reducing 1 its dependence o. 
special = steels- production, who;' 
share .of total' earnings" hr 
dropped from 56- per cent in 19? 
to. 44 -per cent last- year. Ho\ 
ever, . some : analysts has ; 
questioned the speed, with whic. 
the company is pressing aher 
with -diversification because -i' ' 
the pressure on its balance shoe 7 

Peak third quarter at Gelco 




12 per cent EXCHEQUER 
STOCK, 2013-2017 


1 1 • THI. liuMill'.yH \NL- CuMPlNV I’.r THt IlA\K uh L ;n;..V\D 
Til. jiiplviiii’ u’i'Io'-. r.ouu-icj, yuu lu .itlu* 'u in:i| her in a c-m rjmu 

-ns ul ihc »ror v vi.".u> do: L a sui Jun 
K'Tj * • 

' £ 


.•J Ui*- ahuv^n^n.'tt Pud hi r^hy • to pay lh* ini’.alnv. n't as shall 

lii. un> • flii aay .ill. iimn ii the. ni&? tu. nud> m ffipji'r u: ;!ii» sp|ill%;hUOn :c 

iinmit.-d ujr ih - Mroiik-'M Thi jppImiui requests Mini .nry lii.r >jt allot mo □( 
in r.-spo-i uf ilu si’xl- ailuii-.-q L- s*mi m him hvr by post 31 Ins h-;r ml. 

that it achieved new hiehs in 
revenues and earnin?s fur the 
third quarter and nine uiunllis 
endfd April JO. 

Earnings before currency gains 
or losses for the third quarter 
were S5.2i*i or 76 cents per 
primary share, on revenues of 
SS4 Sm. This, corn pares > iih 
earnings before currency gains 
or losses for ‘be same period a 
year earlier of #V9m or 67 cents 
per share, on revenues of «53.8m. 

None month earnings before 
currency gains or losses were 
?15.5in or S2.43 per share, on 
revenues of $229 5m compared 
with earnings before currency 
gains or losses of Sll.lm or S1.30 
per share, on revenues of S53.Sm. 

Nine month earnings before 
of SrtfiQ.OfJO or 11 cents 
Nine month net eamincs. after 
a currency loss of S2.5m or 4-0 
cents, were S13.0m or $2 05 com- 
pared with $9.4m. or $1 6 J. after 
a currency loss of dl.Iiil. or 29 
ccnLs ncr share. 

Earnings for tbe third quarter 
aGer a foreign currency toss of 
$215,000. or 2 cents p*.r share. 
were $5.0m. or 74 cems. This 
compares with 83.3m or 56 cents 
per share, after a currency loss 
of S660.00. or ll.ceniy 
Mr. N. Bud . Grossman, the 
chairman and preside:.!, said the 
market fur Goicn's tiianageittem 
services both in the US. and 
abroad con’inues t»» expand. 

"Wm expect thi.- ermvTli in 
demand tu continue during the 

fourth. quarter and beyond.” Mr. 
Grossman said. 

Third quarter currency losses, 
realised and unrealised, declined 
substantially from the previous 
quarter because ol the dollar's 

Ge Icq’s European operations 
include the UK branch of Gelco 
International Corporation and 
the Transport International Pont 
division with fourteen branches 
in the UK and nineteen on the 
fUin'-nunt c.picn International 
provides leasing and transporta- 
tion services for car and truck 
tleets fur clients in En rope. T.I.P. 
which is the world's largest over* 
the-rnari trailer rental company 
ha> a fleet of over 8.000 trailers 
domiciled in their European 

Continental Illinois 

Continental Illinois Corpora- 
tion. parent of Continental 
Illinois National Bank ' and 
Trust of Chicago, ‘ filed a . 
registration statement with the 
Securities and Exchange Com-' 
mission covering the- proposed 
public offering of 3m shares of 
common stock, reports Reuter. 
Proceeds will be added to 
general company funds. Merrill 
Lynch Pierce Fenner and 
Smith and Goldman Sachs will 
manage the underwriting 
group which will make the 
offering in late June or early 

Petro-Canada planning 
offer for Husky Gil 


. MONTREAL, : June 

Uotum at Akzona 

Akzona expects “ substantial '* 
increases in sales and earnings 
this year, said Mr. Claude 
Ramsey, the chairman and 
president, reports AP-DJ. 
“Barring unforeseen develop: 

' meats ~ during the .second 
half., year-end earnings for the 
diversified fibre producer may 
double from last year’s net 
inirome or S7-5m or 6 cents a 
share., bales may .reach about 
S9O0m, - up from $808m ^Jast - 

THE CANADIAN National 'Oil 
Company Peto-Canada is proptfS? 
ing to gain control 1 ' uf Husky 
Oil of Calgary from its U.S. 
owners. Petro-Canada this 
morning revcvled that, it -plans 
to make an offer to buy' all the 
outstanding common shares of 
Husky, both publicly and- pri- 
vately held. It wnuhjHoot reveal 
any details of pricel- -' . 

However.- the dast' annual 
report showed that ; .there 
were nearly Urn Husky shares 
outstanding, living a., market 
valuation of the company: of 
nearlv C$409m, The slock .was 
halted on the Canadian Stock 
Exchanges last Thursday after 
rising 7 points in a short period 
to $35i. • : : 

■ directors 1 - of Husky - a 
expected to meet later today 1 ' 
consider the offer. . 

Petro-Canada also said it wou 
make a further announceme' 
before the opening of sfo 
markets gt 10 a.m. on Tuesdz 
In Ottiowa no immediate stat 
ment was available . 

.. Husky is a major West* 
Canadian, oil and gas product 
with strong links with, t 
northern tier states market- . 

The announcement of PeO 
Canada's intention to bid -f 
Husky comes at a time wfc _ 
Husky's assets -are being assess 
by -another possible bidder, er 
slsting of a group of Canadi 

CIAE compensation term 

Tli Miir ul h 1 . Jivirta tbu amour: ol :h..- required deposit 

■ £1 1 W fur iiCti ol Mr- applied :ori. Is eaol*>--.-i1. 

c I v.v dflap :h.ii iiiH .1 in j | ■«-: hi 1 * in-- r-^iili-m uuislde ilu- S..Iwi}iiM Tumrunet d 
.'ii'J ili»i 'ii>. - vuri'jr >*■ ili' 1 1>- ovqui'vd Oy mo aytdluani a; :lte ouimiiee of aic- 
ii.r,un-s- r<.£i0-.-i>r -lui.-idi. Tt-rriiunt,. 

Uniroyal sells footwear unit 

<I<:-.ATCKK . . 

ui v 11:1 1.. iii ir or dpptican>. 
I i."N 

M i.\ \’IK ..Il WMLtiVXT 

mu :.iks mis-; un titlk 

KIKIT \\'IL N. J- nu 


NEW YORK. June 12. 

UNIROYAL ha.« signed a letter F* mi wear. The- purchaser would East, and other products in 
of intent to sell Us U.S. footwear akn acquire Unimvpl's footwear L'nirojal's leisure sport and 
business to a new! v-ryrmc«J§if>up P»»nt In Dublin, fiwrsia. other business segment. How- 

beaded by o»l»» Intemalional r li> " 1 lhc ««• UUrwaf. sporl and in- 

. . r . ... . to sell its US. fii.if.vear opera- dusfrial cn 

Enterpr^s. Th..- pureW price s!6mmc d f r „ m i|,c com- included in 

was noi disch/st'd. but j he pay- p an v 's decision m ca cent rale ils 

fe Km?™* by growth in other sogmeU of it, Thf coinpi 

majur New iurs banks. manufacture 

clothing would 
in the sale. 

uient is tv be guaranteed by *., h ln ( .,i, ei . ,,„ meU of ib> The company will continue to 
uiajur New York banks. business * manufacture footwear at its 

The agreement gives the The «*le of ilw L.S. footwear ?} i,Dl in Thomson. Georgia, for 
purchasing group the worldwide business does nut involve qolf Uj 1 ’ purchasing group, and bas 
rights to Unirtiyafs American and golf i.-lolhiu-j products' or u- s e the plant in the 

brand names, including Kerfs, footwear mannf:,.-riireil and dis- Uiiuie for the manufacture o, 
Pro-Keds. Grasshoppers. Sperry* tributcri bv l.’mmva! in Latin P trowels other Ilian Footwear. 

1 Topside r anrl Royal Red Bail America. Europe ,.nd the Far AP-DJ 

eftn t2«Q33 and £50.033 SiOcK musl be in multiples trf ESN; I .. ^ - - — . 

Citation in talks 

Citation Incorporated said it is 
engaged' in separate discus- 
sions with two unrelated 
parlies concerning possible 
acquisition of Citation, reports 
AP-DJ from Grand Rapids. 
The company said it was not 
aware of any unfriendly take- 
over attempt. Merger talks 
arc continuing with both 
parties, hut “it is premature 
at this time to speculate 
whether a formal proposal 
might he made by either of 
the two parties.*’ 

A SUM. of to he pdidf as 

compensation .to shareholders of 
the Argentine Etectriciiy Com- 
pany CIA - Halo- Argentina de 
Electricidad (CfAEV on its 
nationalisation. -.The major single 
shareholder is Swiss company 
Motor Columbus. -while several 
thousand smaller -shareholders 
are also based .in Switzerland. 

The - decision, which foaows 
years of negotiation. Is below 
Swiss expectations and the figure 

a Agplicn'.mns lor itnaum, up >b C2.S33 Slocl: musl be In muliiples of £HH: apnlica- 
lion» lor amour is between 12.032 and £50.033 S.ocK mub be in multiples ol £500; 
applications for more man C53.3CJ stock must be in multiples of EI.B33. Applications 
should be lodged at the Bank ot England. New Issues, Wailing Street. London. CTI I 

6MM «AA. 

u a separate ciiecuc mufi accompany each application. Cheques should be made 
Payable la "Bank of England'' and crossed “Exchequer S:ocV. 
c Ii -in.- d,<.lari:ibii kiiit'.ui ii ,iu>ulU b*. dul-.-iud juti r<-f. r.-iK-u sthinld be Bid 

i:l *»J lu :.H .\i.:iii>r.> -d l' >i»t: irt f>r i-s th-.- lUi«ubli. ui ir^ldlal :iti ■ Anpnrtirt STRAIGHTS 

•.. m. il.rt.u4ii •••iititii Stiil. n*« t.' -Vtihl bv eflvi-ltfd. Auih.-ri-. d D,pbi!irh-x atv ... 

Ill ih. FTl.t. vf Krjlj 'l. r.ul.o FJv.' I and tn* !"■!• ■mOjI 'unis ji,e vo-A- '-J., ^p,. 'i ^7 " “ 

bttiV-.r-- .i:fl M.ili,.l-..r- -ii the Lmi'-d (Ofu'h'M riie Cli:iii:nl Isbr-lt ur liuir.'ta i'-j- -. ua ' n - 

il-. I*: - it; *j- it. r . m v v m 111 -.- 11 .. public m ir laml .in; d\ii:u-d in Ibt- jj s. g.jr "?-j 

l, -t i ,k ” r H«-I. |, 1.! » Ft; j-prv)ayj ti*ab ■ Vi 

d l l » h.-i’ij. ; T. rr>»*. .n r>r ■■..■in t-ttiii|iriat- 'iw Uiui-«1 fnatkiiM. »ln? Citaiuu-i lum-jit-r s:;t t’*'*.* 

l-]jnd-. I],. I -| ... -|.in rii. K. ->ii'ill. Ircl^nrl and tStltriit-ir r-.n v c.ili. ..r :q- n- 


r:.n \ Ratlv.-.y -ID'- SP' •! 
*— \a<h>r- ,| • u 



Clot I il n«' Compo ny Li mi ted 

increased profits, continued expansion 
and a flying start to the current year. 

"We have got off to a flying start and, in the absence 
of circumstances quite unforeseeable, forecast that 
the increase in trading profit for the year ending 28th 
February, 1979 will be the highest ever in the history 
of your business. You may be sure that all is well — 
very well ." H. G. High , (Chairman ) 

C- -i:iiarfc Vp. r.'*4 




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|M V 

Te r epbone merger 

Continental Telephone and 
Indiana Telephone have com- 
pleted the merger of Indiana 
Telephone into the Continental 
system, AP-DJ reports from 
Atlanta. The agreement In- 
volved the exchange of 
3.456.115 shares of Continental 
common for all of Indiana's 
outstanding common. The 
value of Continental stock 
involved is abont $53 m. 

which 'would "have ' arisen" fn..- _ 
an. original; though controveisi : 
clause in the concession agr . 
meat. The $93m will be p:... . 
oyer an 11-year period, with fi.. 
years*' grace for. the Argent! : 

CIAE supplies ' electricity . 
wide areas of Buenos Aires,* 
the provinces. The Argent}/ 
presidency said the nation* 
sation followed repeated CL' 

warnings that it aimed to cat 

operations.". "* 

•' •" 

Credit Industriel-/ 
et Commercial r 

etc group 

The leading 
• banking 
in France 


' 74 Lcmdon %a]IlClM 5NE 
Telegraphic address: - 
Canonicus Ldn £CZ 
Phone 638 5700 |2Qlines). 
Telex 886 725 Canonicus Ldn 
Foreign exchange 
telex 888 959 Canonexldo ~ 

T ku aanonactcnmii appears forparp-Xvaaf reconL /'- 

U.S. $10,000,000 

Central American Bank 


\r .Tmli* *'?• 5 ,K -t 
P-Jll r:.nj<*t T rv - 
Br. coJivnit"* riv’ ; 
P -f. s -*•: l' 1 ^ 

ftfli V-S-l Tt-ar- ..... fl«: 
ivc !■ 1(1^^ <->1.. . . H91 

.—ui t'htri ,r j ^’:r>- gg? 

Wins. n"-l OlV-". «■,». !«1.. 

Siniri-iT nrhiii- w'ew Seranua. 

Other salient points from the Chairman's circulated statement 

9 Profits have increased by some 25 u d 
to a figure of C5. 1 32m. Dividend the 
maximum permissible namely 
11.4001% (1977 10.3048%). 

0 Foster Menswear had a very 
satisfactory year as did the Donnie 
shops and hire cenues. Adams 
Childrenswear. now operating 54 
shops with several more still to open, 
is now ihe second largest specialist 
childrenswear chain in the U.K. 

9 Our cash resources have impioved 
overthe year by some C 2m. We 
continue to be expansionist minded 
and have more than adequate funds. 

On 1 st June. 1 978, we purchased Staff 
Facilities bmited which seifs cosmehcs 
and perfumery ic people at their place 
of work. 

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Economic Integration 

(Banco Centro am ericano delatqndio Economical 

Term Loans Doe 1985 and 3988. 

/ Tbia financing was arranged bjf 

The Industrial Bank of Jq»n, Limited 

in co-operation with 


Year ended 28/2/ 78 28/2/77 

• Our forv/ard planning provides tor 
1 2 or more new shops each both for 
Adams Childrenswear and For Discount 
for Beautv in the present ttadmg year. 
Abour 20 will tie opening under the 
Fosiyr Menswear banner. 


Sales (inc. VAT) 
Profit before tax 
Profir after fax 

Earnings per share 





S 4p 

Fl - ,r ' ' c ^ tAR : OOP ■■HE .V INS. Vi.-.- . hi Lt'flE MS'-v ? A - : DiSCOl>*.t' .-Of? bi&'JTY 


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'.-'•ni 7'n-- lqq|| . 

Dillon, Read & Co. Inc. 

and provided by 

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T.n4i*n 1.1 ur '•»? IT 

Tj I’ll '5f4 .7: 

y KiiWrr. Pnbftl? 3 vair|rt«. 

The ItulffirtrisJ Bank of Japan TheB^skf^Tokohamk 

u- '** Ufc . - . . ! "’ 

The Qno Trust and Banking Company Tbe Long-Term jCrwfitBaji£ of Japan- 

u “>- < imu - -r 

TbefiGtsuirishi Tnat and Badofig Corporatum The Mitsui Bank . ' : ‘ li , - 

• ; * •• *. ’ ' ttmmi" : _ j •*'»■' •'.* **. '4 / i 

TL_ MU : T a. J l» » * _ * n- V • ’ * • 

The Mitsui Trust and B anking Company 



«*•**>•. ^ ; 

* - v. 

'':.v " •• 

Catilan : " 
Vo ^fcaifltior 

v^f Santander 

’ VJ k ;, *y oi*w :‘csi*,v^ •-• ^ 

' ^; . ^CELO^A, June 1=2. 


profits needed to 
Swedish investment 


I'jJJ;. By pitid ' G~jiyfn'^r ? . . •jf y -S- . -.* *-~ , J .• . 

; e ^ P^.. . - '°* as- the steel werks of surprising that industrial invest- 

<-? .■ .r*rr' - 7 0 jFrV ^June 12: Swedish companies -is.suiL at a Graenges and. Stars Kop par berg, ment will plunge .even further 

?"'■£?& iANCG: JM2.-. SANTANDER -the ^rttfcalfy i lQw^.fjifijteP-. and a are no longer lasted on the stock downward this year. 

V:.> •UsfefSiJjtriest of - Spain's J *' bi« substantial . ibcrease^ar-lhe re- exchange. • . .- • SEB also comments on the 

L ha ri Kn 0 ; i 0,M,c survey .ot-: tne-,^ 

fee. economic scene.; 

companies still turned in net fast growth in the money supply i 
Profits of around $Kr 2bn. Ad- from accelerating credit expan- 1 
justed to 1978. prices this figure si on and boosting prices. A! 
would correspond to almost large part of the Increase ini 
SKr 4bn. bank deposits will thus have to ■ 

• . - i ■hhfflMt-~Qf ' tnp PaV«liit >an.Vi T f* caumniw- - ,4, j • ft 4^**“* w* llic iuvvi jl u auiucvc uu», tut' 

- : - ■ COto bioed nerreiiXrti L af ter-. cost- maintained during the 1977 re- !s likely to -raise the banks’ 

r l ?alculat ^ i:i ' ilepreq^ori.;-. • apd cession. SEB argues. If State liquidity ratios further in the 

r nH^ 1 J^J 65 could: recover'-.^ ^ around subsidies are deducted, earnings near future and, provided the 

-■./ '•• . i;;*!?:,; t-ne 'BGE.-.-PUxtj SfKr-.lbn (S2l7mV .this year,. but would be even lower. In view of krona remains stable on the cur- 

,P?® n closed at.- a jthe improye)nem..wcmM; be due the drastic reduction in both rency markets, a Further deuc- 
- rerjE close- to, mainly to the fact "*h** S0IDe profitability and debt-equity tion in interest rates may be 

r j\C *^7*; ,'® 71 5 n}> ji n cases companies making Itfayy -losses, ratios, the bank does not find it anticipated, SEB forecasts. 

i -.Urtflrhut.iollQwed direct" qegotia- ■ v^r - ... 

r :.r.-: J s«tlpas-; '^between - Santah4j2r *- •'•A:.:. Or : £-'A : - . 

. _'jncesident :-Sen. Emilio- Bof'm A '• J '■■• ' * : J • • • * -i • ■* t 

^ Astra optimistic as sales boom 

.-/••'•Hie sale was preceded by - .. .*. 

=rupipttrs -of disagreement on 
-A’ Board and reports 


STOCKHOLM, June 12. 

■ r - '-Vklencian- «arfn*<? hant period last year. Ha prpftRgure IS per cent to SKr 62m with the The Board proposes to pay 

v *RM»ftindP.r ♦**» is #ven in the inteinni>’ report, swiftest expansion coming m the shireholders a dividend of 

- Z but managing director.^- . Ulf U.S. SKr 2.90 a share on the 13-ruomh 

W*“W»r J977-78 account This « almost 

“• K vious forecast of a 1 -t^j^r cent exactly the same as the SKr 4 a 

. rise in sales to. SKr-2&lbn for TTv-padraelrwi a l - share paid for the previous 18 

p apyms “TSES’S 

Ul ^r.r^ nt 11 °^' -BSrnrt'" 1 1 ‘■''■Mira-j:' Our Nordic Correspondent income of SKr 7.6m and state 

11 _tn«I.area and tnni»ticmally the .Exports are leading v’AStra s .. , ,« stock suDDort of SKr 7 7m Stock 

.. Won which ■ generates the growth.-' Sales abroad daereased STOCKHOLM, June 12. ^PP 0 ” 1 “ ; e ? u lt bv 

hieheat level jof. .savine. San- by 26 per cent to SKr .40ftm in PAPYRUS, the Swedish pulp, sKr4 5m 
. tender's r« , f ,i nt acquisition of the first four months'* fioinpared paper and board concern, reports Th* ooeratine income before 
■- i Ran^iftno*aseA - hanka is wdth a. 10 . per cent , growth- in pre-tax earnings' of SKr 72m depredation was SKr 2^0m 

• - ttTV’oubrodly the reraVt of a Swedish turnover. rj’prcign (S15.6m’l on a SKr l.83bn Depreciation totalled SKr I’liui 

markets accounted -finSfArefr- ($397tn ) turnover for the 13 “fS t 'Sfod!? ists Sine oi” 

. : - ... -Trpfiwhtv Of ; having a quarters of the «pJ*sIpn m months ending April 30. These at SKr S6m a major i ncrea se 

^!;G?tal a n /shop window for pharmaceutical division^ 1»1» preliminary figures' are not over the previous account The 

-oneratinnv. »n -a during the jmriod: .-.-.^ v':. directly comparable with any latest account includes the 
- ^ ' ^P^H’-ron^oua-^atelllcrty Grow ,w was lower in-dfenlcal P reviou3 period • because of Hylte pul p m [ 1L in which 

prodnSr where SlS^ooh- expansion over the past Papvrus int ^ ased lts holding to 

^ ^ ^ goods in Flnliad-.:and wo y ft3rs - u 55 per cent during the 13-month 

; : SrJ!-SS rbrniTe^a^ Swedcn developed more^^'orly The last account covered the period. * ■ 

. . r 'a^Hjh'anffe ~ of Probinisa for * ■ ■ ' “|prs7 . ^ ■ 

is5qu*ander sKares. v -TnaWn" ' . ’ ' ' ■ : 'V*"v... 

Slow fir^ftalf at Solvay 

• • -jportam shMAhoiaers ip San- ^* VTT 

' ■ -s^Tlder with Vivht tn najrie BY A CORRESPONDS^ j:, 1,. BRUSSELS, June 12. 

- SQi.VAY.fte Belgtam » ^L^rtmor. 0 ^™ m ita 

“ 7 tssffl: iniKSflS 

Expansion at 

By Our Nordic Correspondent 
STOCKHOLM, June 12. 

1977-78 account. This is almost 
exactly the same as the SKr 4 a 
share paid for the previous 18 

The pre-tax figure of SKr 72m 
includes minority shares of 
SKr 46m; an extraordinary net 
income of SKr 7.6m and state 
stock support of SKr 7.7m. Stock 
losses reduced the result by 

boost for 


By Michael BUnden 

midland and inter. 

the oldest of the London-based 
consortium hanks, reports net 
profiL< UP. from E2.S9m to a 
record . £3h4m for the year 
ended b March. 

The profits have benefited 
from a change in the hank’s 
accounting policy under which, 
as a move towards full dis- 
closure, .it has reduced (lie 
proportion of profits trans- 
ferred to reserves before 
arriving at the published 

• Nevertheless, the record 
results reflect a real increase 
in earnings in spite of the 
depressing effect of the 
exchange rate changes during 
the year and the impact of the 
pressures on lending margins. 

Lord Armstrong, the chair- 
man, said that the results were 
gratifying against the back- 
ground of the “ continuing 
difficult circumstances in 
interpatfosal banking,” The 
bank also stated that it was 
moving. towards Tull disclosure 
of its figures — if is the only 
consortium bank which is 
exempt from disclosure— and 
transfers to inner reserves 
reflected this change in 

The chairman did not expect 
a short-term improvement in 
(he highly competitive world- 
wide banking market. In his 
statement he wondered “Just 
how far this competition can 
drive margins downwards 
before some yet to be identi- 
fied catalyst emerges to correct 
the trend.” 

London Interstate Bank, 
another London-based consor- 
tium bank, reported pre-tax 
profits down from £425.000 to 
-£309,000. Mr. Ben S. Barnes, 
the chairman, said that the 
bank's performance improved 
in relation io net interest 
income and fees from loans. 
But the overall performance 
was a (Tecied by lower sterling 
interest rates and the weakness 
of the dollar. 

Creusot-Loire deficit up 
tenfold on steel losses 


CREUSOT-LOIRE, the nuclear, 
heavy engineering and steel* 
I making arm of the Empain 
| Schneider empire has announced 
! a net consolidated group loss of 
I FFr 222m (§48.4 ml in 1977, a 
I tenfold increase on the previous 
! year’s shortfall of FFr 22.5tn. 

j After depreciation totalling 
I FFr 255m and net provisions of 
I FFr 2m. cash flow generated last 
year amounted to FFr 35m. Given 
; the unsatisfactory financial posi- 
tion of the group, no dividend 
will be distributed this year. 

The group made a toss in spite 
of an encouraging 23 per cent 
jump in sales to FFr 10^6bn 
from FFr S.6bn the previous 
year. Most of this improvement 
was accounted for by the heavy 
engineering and contracting 
sector, whose turnover rose by 

42 per cent to FFr S.Sbn, while 
the sales of the ailing ' steel- 
making sector rose by no' more 
than 5 per cent to FFr 4.6Sbn. 

A company spokesman said 
that the group’s heavy engineer- 
ing and contracting activities 
were again expected to make & 
substantial profit in 1978, -while 
steelmaking, which was respon- 
sjbiA for year's heavy loss, 
would probably break even this 

The. improvement In th$- steel- 
making sector was expected to 
take place in the absence of a 
gneral economic recovery, thanks 
to the effects of the EEC’s 
Davign on plan and the radical 
rationalisation measures adopted 
by Creusot-Loire in 1976. .Though 
the Davignon plan was currently 
in trouble, it had already led to 
an increase in prices this year 

PARIS, June 12. 

of 10 to 15 per cent, the company 
pointed out. 

The company's order hooks for 
heavy engineering and steel pro- 
ducts .are considered to be “rela- 
tively satisfactory " at the 
moment. But Creusot-Loire Is 
nevertheless cutting down Its in- 
vestments to a minimum. Though 
declining to give any precise 
figures, the company said that in- 
vestments in 1978 would be sub- 
stantially less than last year’s 
FFr 300m, and that none of 
them would be devoted to in- 
creasing capacity. This year, as 
In 1977, a big proportion of new 
investment would be earmarked 
for energy-saving equipment. 

Creusot-Loire’s parent com- 
pany also made a substantial loss 
of FFr 155m, after depreciation 
of FFr 88m. 

BSN-Gervais Danone reverse 


A BAD YEAR in the drinks 
sector and the continued burden 
of the investment programme 
in flat glass were, the two thain 
'factors behind a sharp reduction 
in the consolidated profits last 
year of BSN-Gervais Danone. 
Attributable net profit was down 
to FFrl4m i$3m) from FFrlkm 
but the dividend is being lifted 
from FFr25 20 to FFr27 which 
means a final pay-out after a 
tax bonus of FFr40.50 per share. 

The company generates 
slightly over half its turnover — 
up by 9.6 per cent to FFr12 RRhn 
last year— in the food and drink 
sector, with the remainder in 
Plat q1a<!5 and. mainly, class 
nackaqinc in ’he ratio of about 
two to one. The fnnd and drink 
<5P.'rnr opined only P ner cent in 
sales last year wherea* pack- 
■icpipo niansood $ g npr coot and 
fiat nlass a 9.8 per cent improve- 

The cold, wet summer held 

back the group's drinks sales, 
particularly of beer, for which 
the group, via Kronenbourg and 
Kantebrau, controls half the 
French marker. In addition, a 
strike of more than a month 
in July at the Evian table- 
water subsidiary (turnover some 
FFr 350m)- made the situation 

The group is undertaking a 
FFr 550m investment programme 
between 1970 and 1980 to con- 
vert its flat glass plants in the 
north of France to float 'This 
has been weighing heavily on 
the group’s finances. Investment 
last year topped FFr lbn, against 
FFr 927m for 1976. '• 

The flat glass market held up 
reasonably well, with the rela- 
tive buoyancy of demand from 
the motor industry offsetting the 
continued depression « In con- 

Finally, the imposition of 
Government price controls in 
1977 prevented the group from 

PARIS, June 12. 

increasing Its prices by enough 
to meet higher costs. As with 
so many French companies, the 
overseas operations were able to 
recover their costs and to report 
better profitability tban the 
French operations, although In 
the case of BSN there are impor- 
tant minority interests in Its 
overseas companies. 

• Banque Bruxelles Lambert 
will take a majority stake in 
Banque Louis Dreyfus SA, 
according to Louis Dreyfus et 
Cie. Reuter reports from Paris. 

The Belgian bank will first 
buy minority holdings in Banque 
Dreyfus, which will give it 
arouDd 40 per cent of the capital, 
and it will then subscirbe to a 
capital increase that will take 
Banque Louis Dreyfus capital to 
FFr 60m from FFr 49.7m. 

After these two operations 
Bruxelles Lambert will bold 
200.026 of the 400.00 0 shares, 
while Louis Dreyfus et Cie will 
hold the balance. 

family run banks have . 

ins BFr 490m Teat year. 

' “ !«/1n ha r 2 ^H rt r norT^ ^nd' ^ 4fter'a-slugKish fir S ^jjf; The usual prob Jems for Belgian 
, 22 rlllt and e *P ecls no marked, incise exporters of high domestic wage 

!nn‘»^k'Wl?”iSy^Soo in -business this year..'.. jgE;*nd energy costs are blamed. 

iob&^.sma^'-^wws ’-eift.rt.ka m: ***.- 

which BIM: directors rule out-, told the annual meeting^alh«|^^^ ke ^^^ b J lf “r 

~d2 s6lv4y"s production in Belgium is 

which BIM: directors rule out-. , old. the annual maetihg^a^eS^- ' Ahmit ha f o' 

is ,ai« 

• • ^bns. : whfle rerahri^ theRCE overall economic nWry in P ro0ucts w ,ts 

> ^ Bible - 8a1 ^ /■-•• • to Sbivars groun profits 

- foreign bank-. : *" • He said that hejffiad a certain Wf BEr 2-7bn from BFr 4.9bn. 

Br.E. . pad approximately i ac ^. of ^enthusiaan for forecast- while .'sales * rose to nearly 

- *^22 ing results for tne current year! BEr-DSbe...- from just tinder 

-. if? sal a- while the RIM. ^Backing -up- fh^ general picture BF£ '8Sbn. The dividend was 

"jT® .-2S' 1 --'w- — °^ nd of gloom,: id. Solvay revealed that maintained at BFr 200. 

. . in deposits. # _ .-■ -. 

_• n:^.r~y . *••■■■ 

- .. .the fwuppiM N^tle still biggest Swiss group 

filVESjjHENT COMPAKYS.A. ^-john wicks .. ;^ v ; r . ZURICH, June 12. 

Itt/fisltf ^ ^ NESTLE LAST year remained engineering .group. Brown 

WIW** ; ; .. . May SIst, 1978^^ _ faf and away Switzerland’s big- Bovert with SwFr 8^bn. Other 

WlftlPfffi v - : uJl. 310-05 . ■ ^est company, with turnover of -t °p ^^ dert ^ kin |, s „„i?' 

ON DON -H«idel**MtuM. 2^tt l in Z toe S .list_^^^^ri^.S^r”"5A4tm and 

. • -Tnvrtjawrt Wtikrrs- • were t h e Basle-based chemical the Sandog chemical group with 
- *" M<miU Fccwcswirtiies sL\- s . coneenL Ciba-Geigy. with SwFr A77bn, 

— SwFr j, -94bb> and the Baden services con ceni was 

; _ ~ ■ — the Migros retail. and service co- 

operation, with 1977 sales of 

' •' • S ; •. . - -SWFr 7_23hn. followed by the 

[ j_ . Swiss -Co-Op' with SwFr 5.13bn 

- • forward! 

transport company Danzas. with 

i Mi M JB JB U • SwTr'AiBbn. ... 

J ' Top of the list in terms of last 

■■ 'roar's cash Jiov was Hoffmann-La 
w Ttor-he. with Sw’Fr t.Slbn. fol- 

lowed by Nettie SwFr I.4bn 
and Ciba-Geigy with SwFr 

' *-* .- Pu, 




■ r , 

r Results 

Group turnover 
,V United Kingdom 

\-i- Overseas 

Group profit before tax - 
profit after tak 
Less ExtraoTdinar? items 
Attributable to shereholdt 
Dividends (including 
proposed final) 

Earnings per share 

Yearending March 31 st 

£25,580,000 ; 

- -£23,147,000 

_ 6,983,000 - 


£3^5.63,000 ; 

; £31,544,000 

v£2^>30,00a -j 



' 1 2,172,000 

£ ' 30,000 

£ 204,000. 

£1,331,000 : 


; £ - 3633300; - 

’■> £ 325,000 

■ 3.6pr . 


71w comp 
policy- M 

nuwitgures amns dmh restaiflo ibiiow'"v » 
i provision I s now ba/ng made tor mi deigned by reason of ®w«k 

a mwi wiwuww vi ■ - r ~ . 

: 0.921 4p. This I* ihe.mBnmuiji pwmittBd und« currant ietltelaiwn. 

This year's. forecast irr the Half Year Statement reflect 
ithe downturn tir jndusirial activity which '.has redyqed margins. _ 
However r we ha^/beer .abie iq>iaintain out ^position in the- ‘ 
markets served by our manufacturing and operating subsidiaries. 
We are strong ' fin ancial ly ; and have adequate capacity jo take 
advantage of an up-tiim -in activity when ft occurs. We retam art 
interest in 8tock 21/21n thr U.K. North Sea where oil and gas 
tiiscovgries 'hatfe-.been ; made end where- a delineatwn. well is 
likely to be drilled this year. In thVfifth round we were granted a 
licence for block 73/73, a well rated prospect where**'* have a 
7496 interest. We are -making encouraging progress on-shore »n 
southern England where wejaxpepuo.drjH an axploranon wall 
this year, in .'addition the. resoha.frofm'Dur new oil and gas 
production and exploration yemures in the U.SA. are proving 
very sattefacWy/Thfltfe^afe'pfefis for. further «Apansion in inis 

-.5 i? 7 

r -i.^" 

Recovery plan for 
French paper concern 

PARIS, -June 12. 

A .irDHRETS-PART programme 
designed to enable the French 
paper- and pulp concern Groupe- 
ment Europeen de la Cellulose 
to. recover .11% financial balance 
has been unveiled. 

Hip group - has been severely 
affected by the fall in inter- 
national paper pulp prices. 

Firstly, its' capital will he 
raised by FFr 70m (3l5.2ni) with 
.Ihe". TTench industrial develop- 
ment -institute (IDl). the 
Canadian group Macmillan 
Bloedel, Credit Agricole and the 
Belgian. Societe Nationale 
dTnvestissement (SNI) all. con- 

; .Secondly, a deferment of loan 
repayments and financial charges 
Wl^Uing. FFt 201m has "“been 

Finally, the group has been 
granted ngw loans and subsidies 
totalling : ;EFr242m. of which 
FFr 160m are to come from the 
French government’s economic 
and: sociaKdevelopinent fund. 

■ Macmillan pioedel, with 40 per 
cent i dr ia Cellulose will be 
charged ‘ with managing the 


• . Algemene Bank Nederland 
fABN), has opened a new office 
In. Riyadh, tjie Saudi Arabian 
capital- It- also said that it has 
p lans for a siring of new offices 
Jtt. , the r country, -writes Charies 
Batchelor ih- Amsterdam. 


Net Asset -Value per 

Depositary Share as of 
31st May ,1973 


Liesii "tsp London sioti! Esfh^nB? 


For seventy-eight years we’ve traded as The 
A ssociated Portlan d C em en t Manu factur ers 
Limited and APCM is our familiar name in 
the City. 

But for many of those years we’ve been 
identified by our famous Blue Circle symbol, 
and Blue Circle is what we’ve come to be 
called by customers and the public at home^ 
and overseas. 

. From now on its the only name to know. 

On June 1st* The APCM limited became 
known as Blue Circle Industries 
Limited. Under our former name we 
grew to be one of the largest cement 


manufacturing organisations in the world, 
with turnover approaching £400 milli on, 
and with 12,000 employees in the UK alone. 

Over 50% of our profits com e from our 
manufacturing interests and investments 
overseas, and we also have a substantial 
export business selling to over 
100 countries. 

We are considered to be world leaders 
in cement technology and, with, 
our new name, we expect many 
more years of successful 
growth, both in this country 
and overseas.. 

Blue Circle 
Industries limited 

19 7 8 

w oiute'sawvm >vk 




Financial Times Tuesday ; * jgne'-p'- 

international financial and company' news 


Drug houses lose their priority 


FOREIGN pharmaceutical com- 
panies are classified separately 
from other foreign companies in 
India for purposes of the Foreign 
Exchange Regulation Act 
(FERA). Distinctions are also 
drawn within the drug industry, 
which was previously extended 
the most-favoured treatment 
under the Act as an important 
industry, employing sophisti- 
cated technology. 

\ The new policy put forward 
by Mr. H. N. Bahuguna. India's 
Minister for Petroleum and 
Chemicals, stipulates foreign 
equity retention of only 40 per 
cent (against 74 per cent allowed 
earlier) in companies producing 
formulations and bulk drugs not 
involving “ high technology, 
since they are considered less 

' The process under which 
drugs ceased to be treated as a 
priority industry began two 
years ago on the recommenda- 
tion of a Government committee, 
headed by Mr. J. L. Hathi, a 
Minister in the Indira Gandhi 
Government The panel, which 
was asked to recommend 
measures to ensure a “ leader- 
ship" role to the public sector 
in the drug industry, had in 
fact suggested reduction of the 
foreign stake in drug companies 
to 26 per cent. 

The elimination of foreign in- 
fluence in general is an emotive 
issue and Parliament spends 
considerable time on the ques- 
tion of how to bring this about. 
But in the pharmaceutical in- 
dustry it is of significance since 
45 foreign companies out o! a 
total of 250 or so, account for 
40 per cent, of drug production 
Jo the country. Of the 45. seven 
are branches of multinationals. 
In 14 others, the foreign stake 
is more than 74 per cent. Taken 
by country, 18 of the 45 are 

American. 13 British, six Swissyears, will be mainly in the first 
and four West German. two sectors. 

Drug companies which will be Whether or not a particular 

affected by the new policy in- bulk drug involves high techno- 

. , A Mini. r .i - . u . J : J.J am 

c lude: Abbott Laboratories logy is to be decided by an 
(foreign equity iqo pe r cent), expert committee, comprising 
Burroughs Wellcome (100 per secretaries to three economic 
centt. Glaxo Laboratories (73 per ministries of the Government 
cent), Indian Schering (88.7 per and four outside experts. Since 
cent). May and Baker (100 per most drug companies ' are com- 
centi, Parke-Davis (83.3 per posite units producing bulk 
cent). Pfizer (75 per cent), drugs and formulations as well 
Roche (S9 percent). Smith Kline as other consumer products, ^the 

well up 

The Indian Government rejected earlier this year a 
recommendation that foreign drug companies operat- 
ing in the country should be nationalised. But it called 
on those companies making “ low ” technology items 
to reduce their equity holdings to 40 per cent, in line 
with the Foreign Exchange Regulation Act which 
defines the framework for most foreign investments 

and French (100 per cent), and 
Johnson and Johnson (75 per 

A distinction for proposals of 
foreign disinvestments is made 
between pharmaceutical com- 
panies and other FERA com- 
panies. The reduction in foreign 
equity above 40 per cent will 
have to be in favour of Govern- 
ment-owned drug undertakings 
and public financial institutions 
and the companies’ own em- 
ployees but not to the general 
public as stipulated for other 
FERA companies. A beginning 
has been made with Bayer India, 
which has been asked to allot 
additional capital, being raised 
to finance an expansion pro- 
gramme. to financial institutions 
and not to private shareholders, 
as was proposed earlier. Thus 
there will he the state sector, 
joint sector and Indian private 
sector in the pharmaceutical in- 
dustry. Henceforth drug produc- 
tino. which is to double in five 

minimum share of high tech- 
nology bulk drugs in its total 
production has to be fixed for 
purposes of foreign equity dilu- 
tion. The current thinking is to 
accord priority treatment (limit- 
ing the equity dilution to 74 per 
per cent) for companies the bulk 
drug production of which 
accounts for 60 per cent, of total 
output. The classification is a 
value judgment, despite guide- 
lines. and the committee will he 
subject to pressures from in- 
terested parties for most- 
favoured treatment 

The new policy also bars the 
entry of foreign companies into 
the small-scale sector (defined in 
terms of a Rslm investment in 
plant and machinery). This is 
done with a view to plugging 
the loopholes in the law created 
by Abbott's entry into India 
without an industrial licence a 
decade ago. 

The government wants to 

provide drive to bulk drug pro- 
duction by setting a two-year 
deadline for existing pharmaceu- 
tical unite to become self- 
sufficient Henceforth, foreign j 
companies will be given, 
formulation licences only If they I 
are linked with the production! 
of high technology bulk drugs I 
from the basic stage. I 

A controversial aspect of thc : 
drug policy is pricing. While the ; 
new principle of allowing a 12! 
per cent return on net worth 
(equity and free reserves) helps 
the industry to grow, the graded 
method of fixing the "mark-up'" 
—the increase allowed over the 
cost Df production to lake care 
of marketing, sales promotion 
and profit — has come in for sharp 
criticism. For the first and 
second categories, out of the 
four into which all the formula- 
tions are divided; the mark-up is 
only 40 per cent and 55 per cent. 
For category three, comprising 
items like vitamins and cardio- 
vascular drugs, the mark-up is 
100 per cent 

The new price formuia will 
come into force a year hence, 
since the Government has chosen 
to freeze drug prices at the exist- 
ing level for 12 months. Mean- 
while. major drug companies 
have been asked to prepare pro- 
fit profiles on the basis of their 
1977 product-mix for the 
Governments’ consideration. Mar- 
ginal adjustments may be made 
in pricing in cases where a unit 
is likely to be driven Into the red. 

Industry circles foresee an era 
of vital drug shortage in India 
because drug companies are 
likely to move away from pro- 
ducts failing in categories one 
and two, and go in for those with 
high profitability. The question 
is whether the public sector, on 
which the Government pins its 
hopes, will deliver the goods. 


By James Forth 

Sharp increase m 

deficit at Keisei 


TOKYO, June 12, 

SYDNEY, June 12. 

Profit setbacks for three ICI companies 


CALCUTTA. June 12. 

THREE MAJOR manufacturing 
companies in the ICI group have 
published 1377 results — show- 
ing sales declines in two cases 
and a slight improvement in one. 
These companies are Indian 
Explosives. Chemicals and Fibres 
of India and Alkali and Chemical 
Corporation of India, which 
account for the best part of ICI’s 
activities in this country. 

The most serious decline has 
been reported by Indian 
Explosives, the company making 
fertilisers and commercial blast- 
ing explosives, because of 
reduced sales of urea fertiliser. 
The company’s sales fell to 
Rs 9.46bn (S1.13bn) from the 

previous year’s Rs I3.2S bn. Pre- 
tax profits, however, rose to 
Rs 150 jh (S17-Sm) from 

Rs 143.8m. 

According to the directors’ re- 
port the gain resulted mainly 
from savings following the switch 
to coal-fired boilers. A rise in 
income from the company's 
short-term investments also 
played a part. 

Chemicals and Fibres of 
India’s sales have fallen to 
R$ 3S5.5rn (S45.Sm) from 

Rs 42Sm. and the pre-tax profit 
to Rs 29.4m (S3.5m) from 

Rs 43.4m. The company’s activi- 
ties were hit by competition 
from “fibre imported at very 
low prices from major producers 

in Japan and the Far East who 
had large capacity and were will- 
ing to export at very low prices.” 
say the directors. Offtake by 
domestic textile mills was also 
lower because of financial diffi- 

The Alkali and Chemical Cor- 
poration of India reports sales 
marginally higher, at R s 538.3m 
(364.1m) compared with 
Rs 523.2m in 1976. However, 
high interest charges and low 
production of more profitable 
items, such as polyethylene 
caustic liquor and liquid 
chlorine, brought the pre-tax 
profit down to Rs 25.2m ($3m) 
from Rs 36.4m. 

Despite these setbacks, the ICI 

group ip India, which has 
pioneered products of vital im- 
portance to the economy like 
caustic soda/chlorine explosives, 
rubber chemicals, reactive dyes 
and polyethylene, has initiated a 
further phase of expansion and 
diversification. New capacity is 
being created for pharmaceuti- 
cals and rubber chemicals, nitro- 
cellulose, vat dyes and reactive 
dyes. A major expansion pro- 
gramme envisages an increase in 
the urea capacity by 60 per cent. 
The chairman. Krishna Mudaliar. 
says that these expansion and 
diversification projects are a 
measure of the ICI group's confi- 
dence in tbe economic future of 

rCI AUSTRALIA, the chemi- 
cal! and fibres offshoot of 
Imperial Chemical industries 
of the UK, has turned in a 
solid 35.7 per cent, gain in 
earnings for the March half 
year, from AS14.5m to 
A$l9.7m. The result pats the 
group well on the way to 
passing tbe record A$34m 
earned in 1976-77. 

The interim dividend is 
raised from 6 cents, a share 
to 7 cents on capital increased 
last year by a cash issue. New 
shares will receive 3.5- cents 
a share. Last year ICI paid a 
final dividend of 8 cents to 
make * a total payout of 14 

A large part of the profit In- 
crease came from a rise in the 
group's non-trading Income. 
A higher dividend from asso- 
ciated companies and higher 
interest from short term in- 
vestment of lands temporarily 
in surplus, following the 
share issue, helped boost non- 
trading income by almost 60 
per cent, from AS5m to 

Total group sales rose by 
5.5 per cent, from A$359m to 
A$379m (U.S4430m). 

Trading profits were high- 
er in most sectofc of tbe 
group's business, with the 
exception of the paint com- 
pany, Dalox Australia, ICI 
New Zealand Ltd. and the 
rural division. 

Sales of agricultural 
chemicals were low because of 
very dry conditions over a 
large part of Australia. 
Demand for paint was subdued 
:n some market sectors, includ- 
ing the automotive and build- 
ing industries. The low level 
of economic activity in New 
Zealand resulted in reduced 
sales and earnings from the 
New Zealand offshoot. 

Tbe directors report that 
Increased use of fertilisers for 
pasture improvement and strict 
control of operating costs, 
enabled Australian Fertilisers 
to increase Its sales aod profits. 
Benefit is now being derived 
from rationalisation of tbp 
synthetic fibres business and 
the fibremaket^i division 
achieved a small trading profit 
in the half year compared with 
a substantial loss of the first 
half of 1976-77. If fibre makers 
continues its trend it will make 
its first profit in four yeare. 
Last year this division reduced 
its loss from $A3.9m to SA1.8m. 

The result was after a reduc- 
tion In (he (ax proi'lsfou from 
SA9.3m to SA8.8m, reflecting 
a lift in investment allowances 
from SA300.000 to SA 1.65m. 

All of these securities having been sold, this announcement appears as a matter of record only. 

New Issue /June, 1978 

$ 125 , 000,000 

The Bonds are unconditional, direct and general obligations of Sweden for the payment 
and performance of which the full faith and credit of Sweden is pledged. 

916% Bonds Due 1998 

Interest Payable June 1 and December 1 

Salomon Brothers 

The First Boston Corporation 

Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Piarea, Fenner & Smith Incorporated 

Scandinavian Securities Corporation 

Svenska Handelsbanken 

Goldman, Sachs & Co. 


E. F. Hutton & Company Inc. 

Lehman Brothers Kuhn Loeb 


Atlantic Capita! Bache Halsey Stuart Shields Blyth Eastman Diffort & Co. Credit Suisse White Weld 

Corporation Incorporated Incorporated 

Dillon, Read & Co. Inc. Drexel Burnham Lambert EuroPartners Securities Corporation 


Kidder, Peabody & Co. Lazard Freres & Co. 


Paine, Webber, Jackson & Curtis Smith Barney, Harris Upham & Co. 

Incorporated incorporated 

Warburg Paribas Becker Wertheim & Co., Inc. 


ABD Securities Corporation 

Loeb Rhoades, Hombiower & Co. 

Union Bank of Switzerland (Securities) 


Dean Witter Reynolds Inc. 
Arnhoid and S. Bleichroeder, Inc. 
Nomura Securities international, inc. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 

Banque Nationale de Paris Basle Securities Corporation Daiwa Securities America inc. 

Kredietbank S.A. Luxembourgeoise New Court Securities Corporation 
J. Henry Schroder Wagg & Co. Sparbankemas Bank 

Robert Fleming 


Hambros Bank Kleinwort, Benson 

United Incorporated 

The Nikko Securities Co. Orion Bank 

Intenraitonal, Inc. United 

Westdeutsche Landesbank Yamaichi International (America), Inc. Baer Securities Corporation The Bank of Bermuda 



Caisse des Depots et Consignations 
Kuwait International Investment Co. s.a.k. 
Nippon Kangyo Kakumaru International, Inc. 

County Bank 


Hiff Samuel & Co. 



New Japan Securities International inc. 
Sanyo Securities America Inc. Suez American Corporation 

Samuel Montagu & Co. 


Vereins- und Wesibank 


L ) 


KEISEI RAILWAY, the troubled’ 
private railway operator on tire 
new line Uniting. Tokyo with 
Narita International Airport - suf- 
fered a current deficit of 
Y9.4bn (S42.5m) in the year to 
March, against Y2.3bn in the 
previous year; with Tosses - 
realised on Tatiway operations, 
and on the disposal of real estate. 

The loss, however, was reduced, 
to Y690m by the gain of YS-Sbn 
from sales of securities and 
buildings. - • 

The company has agreed to the 
appointment as deputy president 
of Mr. Knrao Murata. of the 
Industrial Bank of Japan, which 
has led tbe reconstruction moves 
at Keisei since last summer. 

Keisei’s financial troubles 
emerged last year as a result of 
investment in real estate during 

the real estate boom around 1973. 
Reconstruction measures decided 
on test summer called for the 
company to cut its workforce by 
490 by 1979. to reduce its real 
estate to Y50ba by 198L and to 

improve revenue , by raising fares 

from April this year and by .the 
opening of new services to Narita 
Airport. However, Keisei’s-fares 
increase has been postponed until 
after the autumn, while the open- 
ing of Narita Airport was 
delayed by two monthSi which 
will curtail tire origiaaUjfcsti- 
rnated revenue by Y2.8bo. . The 
company has been operating tbe 
new Narita line on a load factor 
of ■ 25 per cent, well below the 
original target of 43 per cent 
Keisei revenues for the- year 
to March increased by YlObn to 
Y63bn ($2S5m), strengthened by 

disposal of real estate; 

- During the year. Reiser p* 
duced its borrowing slightly, by 
YSOOm to Y123.6bn. According 
to the company, its debts will he 
cut by YlObn. hr the current 
: fiscal-year. ■ • - :• 

However, the picture - at Keisei 
remains' gloomy. Tbe ‘company 
expects another current loss of 
Y5.Sbn, in the.current fiscal year 
as . a; result of the increasing 
interest -burden generated by tbe 
new Marita line and the losses 
from - -.real estate, although - it 
foresees sales' growth of 17 per 
eenttoYTJBm. • - . 

According to the -rehabilitation 
programmer the company has to 
sell another Y35bn of real estate 
over the next four years to 1981, 
against the Y5bh sales achieved 
last year- 

Huletts cuts its final dividend 



diversified sugar producer which 
also controls Huletts Aluminium, 
tbe former Alcan operation in 
South Africa, bas followed up 
its reduced interim dividend 
with a further cut In the final, 
so that the total payment for 
the year is down from 31 cents 
to 28 cents, making a further 
reatreat from the 33 cents peak 
in the year to March 1076 . Tbe 
shares, unchanged at 195 cents 
on tbe news, yield 14.4 per cent 
and reflect tbe general uncer- 
tainty over the outlook for sugar 
prices, both internationally and 
in the domestic context 
Tbe group's South African 
income fell from R28.6m - to 
R2?.7m (S3 1.8m) with tbe bulk 
of the shortfall apparently com- 
ing from the 61 per cent owned 
Huletts Aluminium, pre-tax 
profits of which were down from 
R4.6m to R3.Sra taxation was 
lower by RL.3m at R7fini. with 
(be aluminium company again an 
important influence because of 
investment allowances, which 
reduced its tax hill from R0.9m 
to a nominal level. Ignoring 
extraordinary Hems, Huletts' 
consolidated net earnings were 

down from K13.9m to R13m tax fell to -RS, 684,000 (USS lmV 
($14.9m), making earnings -per in the year to :March, from 
share down from 45.8 cents to R85.6m in the previous year 
42.6 cents. This figure is s truck Lower world sugar prices 
on a replacement coat basis. together with marketing difficui ’ 
The group initially, ^prepares ties are blamed for the dramatic 
its income statement on- an downturn "in profits and Triangle 
historic cost basis and adjusts says that ihe .sugar industry - hi - 
the figures by. deducting what it. been - forced' to stockpile “con 
calls “additional depreciation steerable- quantities? of unsotf 
arising from asset revaluations production. The Rhodesiai '. 
and LIFO- adjustment after tax" Government is currently con 
this charge falling from.RS.9m to sidering an application for ai 
R4£m last year. On the htstortc increased sugar price in the loca 
cost - basis, earnings pgr share market s - : 

would have been down from 61,7; : ‘ Triangle .7 says - that .iiutia - 
cents to 56.4 cents: ; _ \ ^-y ; negntiations for foreign loans fo 

Since the last annual report the construction of power alcoho 
and accounts, Huletts has decorif plant:-. -(making - sprit fret 
soli da ted its Rhodesian interests, mol asses) have failed hut other 
which at one-time, accounted- for. a venues 7 - are - being explored air 
a third of profits, .and;; now Triangle "hopes to start tbe pri 
presents them as, income- after. Ject" “Iff "the near future."- ' • 

tax from subsidiaries. .ncit. :cqhrc -Triangle warns that the cllfl" . 
so Li da ted. This figure fell from cult trading conditions .expe : 
R3.4m to R0.7m. . v~ - euced last. year are expected t 

• Tbe depressed state, of the continue in 1978-79 and sag s ' - 
international sugar market !? re- production -is being cut to avol 
fleeted in tbe results of; one -of the build-up of stockpiles, tv,. — 
Rhodesia’s two majorsugsr.plan- . angle warns that it will make “ 
tation groups, writes Tony Haw-. very substantial loss” in 195“^i 
kins from S a I is b ury.\.Tria ng I eC as the only group companies 6a\j . 
which 15 owned by the Huletts rently showing a profit are U: 
group of South Africa;., has cotton ginning and animal, fee - — 
announced that Its profit after companies. ... 

Malayan Breweries widens NZ interest 


SINGAPORE. June 12. 

largest brewery group in Singa- 
pore and Malaysia, bas acquired 
sizeable blocks of shares in two 
of New Zealand’s leading 
breweries through its recent 
activity on the New. /Zealand 
stock market. J 

With the acquisition, Malayan 
Breweries is now /the biggest 
single shareholder in the two 
breweries — Dominion Breweries 
of Auckland and Lion Breweries 
of Wellington. ' 

Malayan Breweries' stake in 
Dominion amounts to only 36 
per cent ol Dominion's issued 
capital while its Lion stake 
totals just under 10 per cent of 
Lion's issued capital. According 
to Wellington reports, however, 
Singapore interests have taken 
up a total of 13.07 per cent of 

Lion's issued stock- 'Although the 
actual percentage of Sin ga pore- 
interest ih Lion cannot be con- 
. possibility . of . other 

Singapore Investors joining . In 
* aw Zealand 

directors took defensive actir 
through a complex series 

, Lipn's latest accounts, for t 

the foray into the New 
ma rket cannot be discounted. 

Lion has informed its share- 
holders that .Malayan Breweries, 
has given the assurance that the 
acquisition has been solely for. 
investment purposes. ; : 

Lion said that it is; confident 
that- the financial and -trading 
expertise available through the 
Singapore shareholders will be 
beneficial to both companies. 

Malayan Breweries is believed 
to have attempted to acquire a 
larger stake in one of the two 
New Zealand breweries between', 
late last year and early this*, 
year. But, according - to- New 
Zealand Press reports. Lion 

year ended March showed grot 
lifttibfter rising'-bY29 p£r cosy* 
to NZS252m (U-S-SIOSm) ai' * 
post-tax profit increasing by 
peT eent. The group made a oc 
for-elght scrip issue and dedart-- 
a dividend of 7* cents on I 
fifty cents shares. 

. Malayan Breweries wbl' ' 
already has subsidiaries involw 
in . substantial brewery opei_ 
tions in Papua New Guinea ai 
Australia bas also a stake 
another New Zealand brewery 
Leopard Brewery; a joi 
venture between the group «•_ 
Lion. Malayan Breweriesns al 
.associated with Heihekeo*. 
Amsterdam, which acts as 
group’s- technical advisers. 

(Electrical & Industrial Securities Ltd) 

Process, Mechanical and Aircraft Engineers 

A t the Annual Genera! Meeting on June 9th , the 
Chairman, Mr. M/chae/ Waiters, reported that 

T urnover exceeded £1 1 .5 millions, profits before 
tax exceeded £1.4 millions, liquid assets exceeded 
£1 .8 millions, all new record levels. 

sfc The gross dividend increased to the maximum 
permitted, 18.1 5% 





I n vestment in new plant and equipment in 1 977 
was nearly £700,000* The programme df factory 
modernisation and re-equipment continues. 

The Integration of C. F. Taylor .(Holdings) Ltd into 
EIS is proceeding satisfactorily. 

3ft All the companies in the Group havebetterorder 
books than a year ago. Trading results to date ■ \ 
support our expectations of continued - 

improvement in Group performance. 

Copies of the Report and Accounts are available from the 
Secretary, EIS Ltd., 6 Sloana Square, London S.W.1 . 
Telephone; 01-7309187 •'*. . 

. i - 

-4. '-Oi--- ~ v ■■ v ’ ; 



iirrency. Money and Gold Markets . i 

^ III . ■ I • 

• T-. 'a.;.' ^ 

V.. s *e#^'^^wowd : ; strongly 
, against most rajQbc ■ currenciesin 
"yesterday's : ,- f oreifcn. ..: exdh a rme. 

‘ Recent, flemanct top- UJK. Govern- 
meat, itocfcs jHwnpted jr steady 
.demand .for th^ pound- and after 
openingat:?^90-5i.B300 In terms 

ot-tbe-^;doJJar,-Tt; finis&ed a t 
:-|^p75-Jt8385, .*'■ rise" of 142c 6n 
^ndayf^ose. JUdiig Bank' of 
*Es gland figured thc pound's trade 
weighted index jfose ; to 015 asaihsr 
having: stgiot* at St-4 at riooii 
in ■ early dealings.- Forward ■ 
1 T |teH|rig' also^-sbowed an irnproye- 
itment with the six-monthi: discount 

^aga Tris t"Qie: idollajf naErbwIng rfe 

-Li!;-:; --" ■• •■•■ V-Ntawl- . 


• - P , ; iPPk _ Jon* 12 rate*, U*v> One month ® p4u ahiwnrnmii. 1 i r-'- 

’• ' •■ - ' " 3» : .w* i 

*° Svf Fr £'■*■ * ' •• I -|l.“2M-W!Sfl i|.»J7B I. 386 5.72-0.82«rom! < 57 'l.H US...ynii‘ 5.B5 

1-8880 frpto“SrvIV 1JB830:;:- " I k*T. l “* n ' *■' 'WW 3.0686 2.0680 0.W0.70c.i-ni: «-S? :1.rt l.rt -|<i«.. a.fi5 

.•JSffPviL '■*“ dollar has fixed | Jfc-wUn F r - sigf 66,50 m.m : .95 j 40 so ..w : r.oi ioo?o-.i«ii 5.43 

at - DM . 2_0860 v .compared with Kr.;. » ;io.iS4-io.«7fl i 4 •*» <tu i-s.«7 6* 8* . <n,iw ; -2 83 

DM z.QSll in ear/y trading and | ^ ' v *. * { *J*-**fj *< i.iin. 2: iu-*u pt \ .m s ss >M-/a a pt **«■ a jo 

DM 2 0813 im Fridav Tradin-' w« ‘ ?"■ **• » BS.WUB4.2fc i bS.SlH4.oil ! i a . ifii d« —I56I7S ^ Mi «a->3 

I ?V* a - I 1 'l46.60-J4fi.S0 1 46.1-.- 148.80 I 4 i- 120 di, 1- S 56 ;*45 215 -4.2 

Saiff t ^ e BundeS- 1 fere 111«| UM-USl IJWMJn;- ! 2 .in-ym-l .It— Q.S8 P4> i IN.. Ik — e.5 

franw ..ufir not: intervene. The ,£*■«*». Kr.. 7 ■ a.-B*.r.S4i , a js* ; u 21, „ re .lu h 2^ 

Bondesbaim s ■ _ .trade-WBi^bted ; ' r *»ii Fr. ; a V 0494 -.444 1 B.42p- .454 ; m u r.^n ,1.07 3ij 24 .uni : 1.42 

from ihe ?«d- of 1977. ; . : SSfT] V |£SSg 

ing, .compared with :Fl ^23345 at L. ■ ■ ■ 

thfe fixing" 

Tokyo; The dtdiat- M) *eU>w THE DOLLAR-SPOT FORWARD AGJ 

Y22ovin. mode rare ^trading ^ It — v,. ■■■ = =-^- — — ^ — — , 

SZ*- a«e Ose m« mu pi T*™ 

'abbui "Y^oi^in^ew^Yo^ The £* r,ar5 ‘ n - s * : nsutjz Sr : - ojY4 

awui y22047 in- IJlew.-YorR. The Guilder 2 , 21 * 0-3 2 m 2 43*3-243 »o i 0 JM.?se pro 4 .so 2-64-; 

currency- fa&'va&.-Tow- as &^iKian Fr 32 .u- 32 . 5 a 32 j*s- 32.*« - *.7S4c pm \2k 21 J-; 

V219^g, after opening at V220^Q. D*nl»h Kr 5-M2&-5.4O40 s.U23S.m« J - 

find toueh7hs^a hich pr T22Q.^0. ' 2M&xsm 2.am2.oaa ia«4iaQpr*m «.ts sjo-: 

^ - y. .... fyn. Es — 4S.50-4S.70 — - 

. Japan.'*, trade figures for' Mar *MO5-a50.7* 1 z-is-xzsiirodta - 4 . 2 s pjs-i 

W fW ^ PUbI f5 e4 ^S daJ ’' iLOS-fjOcd.. -2.SS 2.00-j 

-and ure expected ttr produce an- s«-c<ij 5 b Kr 4 .m,tm.52« «jmm-52so I — 

other large . surplus- Jigafenst the Yen 229.45-219J0- 219.4S-219J0 ilj»4.95ypm 5.47 2.40-1 

U^'asrweH as other'majer .coun- 1 , r,. ,,, 

tries: Expectations of-a connnued . n _s rt^T^caMdiaTl lUHJtepm to 2 sjo-: 
imbalance in ' raro0r *r Japan has ; O-S. cents per Canadian «. . 

led -to suggestions of-- a further ... 

WreciaMon -of the^^nd^ a CURRENCY RATES i CURRENCY MOV 

possible record. high^Bflramsr the — ! — 

dollar. :: VolOTTK! r y«t®'day - .Vas . Special Epropeap • »anl 

moddrafe at: S430r^ift‘y9»t. turn- June 7 ” ' I JW “ ‘ e iSl 

over, and S522m io combined for- — : Acc,l,Bt . — _ — ~ 

ward and swan trading Sferilns 0.571368 0J74TU Sterling — 51. 

■ ra antI s " a P traamg. .. ,- s doi;ar . 1.22377 3_22«t u.s. dollar n. 

Paris* The dollar : reenvererf 1 ranad,an d0,,ar — 1^7334 I.S7W2 , Lanadlan dollar ... . & 

Austrian sohUllna .. WJ902 ia^73S Vu^rian scbllUnu Ml. 

sojoewnai ngsmst th®- French I Bxj^i sn - fra ac • 34.4157 «jm Belgian franc ... . in. 

rranc jil quiet trading, ft- dosed > Oanl-h krone 6.925T0 6 . 95 m Danish krone . ... ns. 

At ■ FFr 4.5950, compared -with ! Deuuche Mark 2J5gfl 2J78C7 nemsc&e Marts . . 141. 

FFr 4 58S71 In the wnminC hur GulhIw 2.73757 2.7S1T3 S-a1ss franc ... 182. 

of'\ rench franc 564127 GUJldor 121. 

weaxgr than the. level ofii.ira ibsui 2059.75 French franc - — ■». 

FFr 4.802a in late .fradins oniv-n 77o «3 271.732 Lira 56. 

Friday. French trade' and- jinem- ' ^o^cKian krone .. 6.51006 ,6.56m Yen ut 

nlovnipfit finirn' ir» nwrtrri . i Peseta — 97 Am W J6T9 Bfised on .trade u-Huhief 

j E r .5V rCS 1 Svreitish krona 5.67621 S703Q1 Washington asrfpment T 

tne eua or TnLs week.-ana this may J Swss franc 2J3716 zjnst iBank of England ind«= 

help to keep tradiSx fairly calm _ 

over the next few diyL. Sterling _ FPr 8.44 f rdm an early OTHER MARKETS 

level of FFr 8.40. iv&ile'.tfie Swiss 

franc, and -D-mark sdunved little "■ c i s 1 

change. • ygg-J ■ ! 

Moan: The Italian; jfaTr lost Amenuna Pow...., 1.425-1.429 lAusirU 7 .. . .. r 

ground against • major^European Austmiia L>»i»r.... 1 . 612 s 1.6288 IQ.b7B5-OAt60 iBeUuuoi 

currencies, -but wax.- firmer in Finland Markka. 7.661*7.60 J4.8BB6-4.kBB9 lA-nmart 

terms of the dollar - a£ : vesterd8v's ^™rti Cnizniro: — j 52 .e 8.52 bs ' 19 . 35 - 1 i .89 jvninr*- 1 

Rvino TWo C.-Hcc f , itch ‘rn C'ndiBM 6 7. 26 1 -68. 9 24 56.60-57.50 Germany 

r SungK-n*: Dollar. 8.5312-8^61- 14.65704.6590 (Italy ...:. 

L4d3j 1 -fltlTB LtoWft;. .Wiffle tnuKtal I 126-131 -I 6B1-.- 71*. 'Japro..- ■ 

the--. D-mark* •: unproved-', to Kimit Dmhr(K'Ul| 0.500-0.510 10.2720-0^775 NeU.ertan.i 

L4I2.4S from L41L86. The. doDar DiawnbenrE FraDi.-] 69.60-69.70 1 52.65-32 67 Nmirav 

fell to' L860 -40 from LSfTLoO 'at the ^^.veia Uoliar 4 J 7 lj- 4 J 591 » 2 6860-2. 6880 Funyaal I 

SrLf Stxc Zealand Pel tar 1.8006-1. 81 8a0-98O7-0.B8»5 a»»in 

fixtns. The vojume Of was Saia.15 AmWa Klval 'b. 25-6,26 i 3.40-5.45 IsiriittrUnri 

normal at Sl.i^m, -wJTh tte Bank non*;. ' 4 ^ 61 * 4 ^ 71 ? 12 ^ 275 - 2.5205 Un«e* s-uie* 1 

of Italy -selling most OCT them. Scuib Airli^n K«d<i| L5786 l.6040!0^588-0.8727 lYupmJavti... 

Trading- In other cmri^ocltt was : — — . . 

'light • . '. •-■ -. . _ Rate-given ter Argentina is free r»ie. 

j ali-Sl* 1% pm* 10-57 :9ls >z ■ .pm 1 '0.37 
t 1 , 

( SbMnomlT forua'rd dollar 3.W-2.WC pm. 
1 tl-momji 5.d0-3.43c pm. 


• ;H 2bs 





T. : - • 





15" ; l 

■ in 

A s a. 9 

- - 

' 1977 

apread ■ 

2^1*0-2 2394 






Clete . { One mamn 

S9.28-M.3t | par r 

2J3*W4J99 I D J0-0.7SC pm 
32465-32151 ■ 8.754c pm 
5.5423-5.6448 j - 
2.H72-2.BSS2 I 0£4)40pr pn 
45.60-45.70 — 

150, 50858.78 i 2.9*5-251 Irodl 
5X1S-S.U25 ' I — 
4J96O4J980 f LUS-lJBcdl* 
4A2484.62S0 I — 
219.45-21940 i lJ»4.95y pm 

P.b. Throe maalba 

~ SJT444C 5T 
4.00 245^01c pm 
X26 213-20C pm ■ 

O^OSOprvm «-75 i50-2-4Spf pm (.64 ! 

2.9*3-251 1 roil ta -4.25 (3*10 lire 4bs -0-35 J 
LftS-l^acdli -2.55 2.90-3. lot df* -2J2| 

i ooa».i_4*ifl 

4 ^:-. I /■-■! 


O^. cents per Canadian S- 


. UlSlOOc pm 

5.47 2.8ft-2.75y pm 
702 S20-J.Uk pm 


Special European 
P ' to I i iii Uah or 

0^7X36# 0A74718 

1.223T7 1.2299T 

3.Dlc from 3.43c and the six-month 
; loosing at. S.SSC^againiT fijfJc* ; " 

... -Sterling ,was alio- helped -by. a 
-weaker tendency, in .the dX dollar 
-which reacted -Strongly against the 
-Japanese; yen rfn ' Jate dealings 
^mainly, as a result of the prob- 
'.abrljty ‘ of a - further, large.’ trade 
■ surplus agaihst the, U.S. 1 

Using 'Morgan Guaramjr .rates 
:-at-noon in 'New York, the* dollar's 
■'1 rad e ■ we l&hted average Seprecia- 
:ticm widened to. per cent from 
5.$ per cent- and its index on Bank 
^of. England "figured fell to gau 
'’Kgamst 89.4 on Friday.- T3ie .yen 
: Improved in ' dollar terms to 
Y217.70 from .Y220J whUe the West 
^German -mark- closed at DM2.n793 
^ajjainst; l DM 2.0855^ , The^ dollar 
^nished slightly above -its -worst 
- -levels against roost currencies with 

Sank «r 


Jaw 12 

England Guaranty 


ckuwt ”, 

Sterling — 



U.S. dollar 


- S.B 

uaoadlan dollar .. . 



\u«*nan schllbnc 



BelKlan franc ... . 

III. 29 


Danish krone . ... 


+ L3 

Deutsche Marts . . 



Swiss franc 



Guilder ... — .. 


+ 13.5 

French franc _ — 


- 4.4 

Lira ' 

56 J7 





A * ; \ 

• '»• ••:• 

• A f 

• '' 


Mi . ‘\x ■<-■■■• • ■ 


m ,, ■ 

. . •*, .• 


- •fj-yi's. 

■ V £S V M_ t: 

• xVi.' *V ,, "| \ • ' a ; 



i ./i- = - ■■ ^4* 


H" 4 * ■ - # -t • 

rv^f ■ , *'f. ; v • ‘ 


< - * v,.'B 

Br.wd on .irado vHidN rhansr* from 
WB^titnnroti asrnpmcni P>>rernb«r. 1971 
iBank, of England InduTiMi. ] 


Jltltt* lit If 

B7 as >4 
JO.?3- 10.38 
3.70-3 85 
4530 1590 
400-4 It. 

4.00- 4.15 
9.BO- 10.00 

143 146 

3.00- 3.55 
1.62 1-E4 

,‘C t 4t'aSf-' r ■ 

: ' * *■< ■ 

S v . .t;t ,.■ - . ■ •••/»•!_ 

Rate given for AnceUlna is free rate. 


Pound Sreriiog- I 

U.S. Dulfer _ • f 

Dimtiirht Mark ■ 

• . J«|pinrw Yen 1,000' 1 

lllivi- Fieiioti JFprti«3 10 . j 

0.263 1 

2.500 - l 

SirfM.Pronc ' ~ ■.■‘rMfifi"' *7' ' “ 0.*S29' 

- Dun-h Umldcr . ~\\\' 0.244 0.448 

-• lutltau Lin IjOOO - J -.. ; 0.652, j 1.162 

taiunliaii IMIsr - i- * ■ OAQS •- . 0 . 89 1 . 
Belgian Franc li3ll . ; * ~ -.1:670 "*'r ~ S-U69>. 

- j 3^23 
.4 2.Q80. 

. • - 4jJ34 •- 

f •-lSoi' -. ( w 

"1 0.952 i 

-I- - 3.417; - i 
1 2.856 T“ 

•,*■ ■ &a jb+~’v- 


263 JO? --. 

euno-cuF^ENcy' interest ratcs* ’ ; / 


; ■? ■ >; 

-Jinwi li.. ( 

' ' I r .’.' '• ' ■ ' •- ■ ■ ■ - T - 

■ :*? tfwta jPHh*.' 

. Month I 

. Ttjree tnoothe,.,^ 

* :’-Sis' nhinili«...^; v : 

. Onn : T<iip„‘.. . 

* *. l-*iuiilipn 
otKflinn 7 *' . Collar 

~ - ; ' ' 7-8 

.• . -i ■ '7-0 ■ ' 

ll^'-iaig • 77 B -8l4 

115,121s . 

12 in- 1212 * 6&.8 p« .. 

-13 it -12 fc? iBA-ftii 

■*' UJj. p"jt*r 'Cmcljpuilder ; swl« Fmno [' 
“j 7 »^.7a* ' * * L -y 4-41* ^7; is- 5 , * .. F 

' ' * 7, a-' 7 i* ' *[ / MU . •' -;' 

[ - -8J 9-85s. . l . / 4-4it j IVy-ljV '' ' . 

J... '8-8*t \f- 4J*-4la -j U*-15* '1 

•' Bla-BSt "if 45«-6 . p ■-«•:. 1 

-T ‘ 85(i-8 ?8 ^4 &58-35B I IffrZrV I 

-358 51s 


• 3 is-. 3 Sa 

^French Fraae : 

Italian Lira •’ 

Asian 8 

J asanree Yen 

. 101 2 -11 

i llSa-lli! 

' 7153 117* 

. nic-is 

rio •” 

913-1113 1 

11-12 i 
12>3-13l S j 

13- 14 1 

14- 15 l 

7i B ~75, 



83 4 -S7 9 

i t?8 6<a 

I ■ S 1 ® 

2t« 26« 

i . . 

• .- Sli-41, 

: The foBowlng-Uorainii rare* were QUOied, for. London dotfar eerUficaies of deposit: One monili 7.707^0 per «m; three months 8.0*3.10 per cent: sne months 64*8.90 per 
"¥nitr one year per cent.. ” . V " - „ . 

l^-ivna Eurodollar deposfts, two years Si-» per coig three rears MJ per ram: four years BMf- per cent; I've years «-91 per cenL “Rates are nominal 
-•dtarijog rates.-- ■ / • 

• i. ;£hort-tenn - rates are «aU for jJerting.*-t'.S. doll«i and -Canadian dollars: two days' notice for guilders and S«ss francs. 
r Aslan rates are'dosing rates in Singapore: " ' 

. . . for international finance. 

l - - 4QCWf ' T' 



. 4.103 

1-81. .. 


29 88 

| - - 2XT$^. ! 

i~.iL:' 1 

. 4.3S7 . 

.1.883 : 


860 5 ’ 



. As one c‘ !he leading banks in Southwest Genr.arry. Badischo 
Kommunale Landesbank has tne resources and flexibility to 
select the most suitable financing alternatives for its clients. 

After more than 60 years of refining our skills to meet the 
demands for flexibility of German and international companies 
at home and abroad, we offer a full range of streamlined 
services for financing international trade. For example - shon 
to long-term foans, buyers’ and sellers’ credits; documentary 
payments and collections; letters ot credit; discounting of 
foreign bills; foreign exchange hedging facilities. 

■We' operate wholhz-owned subsidiaries in Luxembourg and 
Zurich. Badische kommunale Landesbank International SA. 
in Luxembourg with direct access to the Euromarkets, spe- 
cializes n roll-over credits, syndicated loans, money market 
and foreign exchange dealing, and Eurobond trading. ■ 

Foriaitierjng und Finanz AG in Zurich adds further dimensions 
to our international capabilities, concentrating on non-recourse 
financing (a forfait?, short and medium-term frade financing, 
and other specialized financial services. 

We are a regional universal bank, headquartered in Mannheim 
(with total assets of DM 16.4 billion). As central bank of_ 69 
Sparkassen in Baden, we are linked to Germany's powerful 
network of savings banks. Ws are also authorized to issue our 
own bearer bonds, assuring a broad source of funds. 

Flexibility and Ihe proven ability to match available alternatives 
with client needs are among our major strengths. For complete 
information, jus! contact: 

Badische Kommunale Landesbank - Groienl'a’e - 
Augusta Anlage 33 6800 Mannheim 1 (West Germany) 
Telephone:i062Tj 456! 


.1.686 r 

1.B92 , 


I. - : 



. -5.799 j 

. 6.851 • 

2mi. : 

3.439 • 





New York rates easier 

ties i- tJi 

New York’ interest' rates, were 
lightly lower in . .places in early 
radius, with 13-week Treasury 
Ills quoted at 6.63. per 9rant bid, 
ompa red with 6.63 per. cent. late 
h .Friday. Twenty-six-week bills 
ased to 7.15 per cent from 7.17 
er-cent and one-year bills: fell 
» 7-S& per -cent from 7.42 per 

Ftederal funds eased to pec 
int from 7* pe<- cent: On Fri- 
»y rates ranged between 7j per 
mV/antT 7,^ per cent- 
Orie^month certificates -of -^c- 
jslt were 7.58 per cent bid; tw-o- 
oittti 7.65 per c.cnU and three- 
onth 7,77 per cent. all showiDg 
Ltie " change from Friday.. . . 
Bankers acceptance 'offered 
tes were: 7^0 per cent fpr 30 
iy&; 7US0 per cent for' S6. days; 
40: per cent for 90 days: - 7.30 
•r-cenf for 120 days; 7,60- pec 

cent for ISO days; and 7.70 per 
cent for 180 days. High grade 
commercial paper was. 7.50 per 
cent for *3.0. -days: .7.55 .per cent 
for 60 days; and Z.60 per cent for 
90 days. ■-! ••••- 

Frankfurt: Net -central currency’ 
reserves of the Deutsche. Bundes- 
bank rose by _DM ODbn to. 
dM. flUJlbn in . the. week ending 
June 7; Other reserve assets were 
unchanged', at . DM 7.8bn. The 
increase - follows a decline t«f 
DSf O.Sbn in the last week of 
.which; was' flue, partly to repay- 
'm'ent of Tore/tfn D-mark denomin- 
ated bonds. The net fall in May 
was some DM 3.lbn. but no reason 
wps cited for the latest increase. 

Rome: The volume of bonds and 
Treasury bills circulating in Italy 
at the end of February amounted 
t<r'Lr«j558bn, ?_ rise of lAQOObn 
•frora“lis'r Decerabw. 

Brussels: Call money eased to 

3.85 per cent from 4.50 per cent. 

Amsterdam: Call money fell to 
•£23 per cent from 4.5 per cent, 
while one-month money eased to 
4.25 .per cent from 4.5 per cent, 
arid three-rnomh to 4J575 per cent 
from 43 per cent, with six-month 
unchanged at 5.125 per cent 

Tokyo: The Bank of Japan is to 
:buy. National Bonds worth about 
Y250bn from financial institutions 
through competitive bidding on 
June 29; to cover part of an anti- 
cipated . fund shortage between 
"June kpd August. 

This will be the first such pur- 
chase through bidding. The 
authorities trading in bonds have 
been previously conducted at pre- 
fixed, prices. . _ 

'• Bong Kong: The money Market 
. was i tight, with JcaJ I. money at 4* 
per: cent and overnight trading at 
. 4$. per-cent. 




Gold eased to a morning fixing 
of 8181.40. down from the open- 
ing level of S181 1-182 j. Trading 
remained quici with tbe initial 
weakness reflecting an earlier 
firmness in the dollar. However 
during the afternoon the metal 
was fixed at S 180.55 and closed 
SI an ounce lower from the pra- 


J une 11* i J imp i 


|(ii>l>1 bullion i* rme 

l Clop*. . .._ . .. 

' ! Opentna 

t , Mornina nxma 

Afternoon hxm^. .. 

Gol<l Coin* I 


S1S1 1513 
SIM* It2j 
SI* Q-5& 
ii.-aB.S3S I 

Bank of England Minimum " ■ 
tending Bate 10 per cent 
-' (since June 8, 1978) ■ 

Receiw sales of gHt-edged stories! 
i -jo an exceptional shortage of 
v to day. credit in yesterday’s 
nao-n TTxmey market: There was 
n -a moderate excess of revenue 
iii-sfers. to the Exchequer over 
vCriuzient disbutietnerwy and:a 
rnthiy adjustment of ' sprinil 

■** posits. This- was Hr JuKStidn 'to 
i-L rather run down balances 

iusht forward over flie veek- 
i;by the banks, ' ' ' 

."p -relieve this shortage, uie. 


authortlies ifenL.ra . very large 
amount- to 6 -or .-7 houses at Ml-K 
for repayment, today. 

They also bought ; a large 
nmijuiu: of- Treasury IrU*. ' ft wnafi 
number of' local /authority bills 
and a. -moderate ..'amount -of 
eligible bank bills. A part of ,the*:e 
bills, are for resale w the marker 
,a later 4 - date- Total... assistance 

- amounted 4o extnemejy large and 
JhdicatJbDS 1 jjolnied towards - some 
shortage being left in . the system. 

- DlscoutiPhoases paiid between a 
per cent and 10 per cent for 
.secured -call loans for the greater 

part-of; the day. In the interbank 
market overnight loans opened at 
101-11 per cent and firmed Id 12- 
12 J per cent before easing slightly 
10_ llj-12 per cent. However with 
money remaining tight closing 
balances were • taken at between 
30 per cent and 40 per cent with 
rates' as high as 60 per cent in 

Short, term interest rates 
' tended ; to '■ firm wliHe longer 
period*:: •' showed an easier 

Rales in. the table below arc 
nominal jn some cases. 

Sev. So»e»ei?n».„.. 

Okt Srverelan* 

Gold L- jnv.. 


■ Sexr jtoitrrjyjis.. .. 

DM na^tvt-ipiib..^. 

: !S»fc«t-ief . . .!. 

I 830 KauLa. 



lairs usi 

‘f£!»i 60J, 

1 £30-31/ 

.'S78J-- ISZ5 
-1 £99.1 63l 

s 1*1. SO 


|958i-t6i ’ 

;f£3DJ-aui • 

S1t6i 188 j 
'£iUi 112, 
. S62i S9J 
,>£2lri 2*ii 
SlfKMK • 

a 9*i 
*' . 7 

_ - H - * 

•rigl« ; r- 

F*nonwj... . — 
rt'or 1' - 

tt notice-; — 

5PonLfa ' 109 b- MU 

ipontbp...' luJe-lO^j 
b months; .lJ-97g 
iqMith-. I - 978-838 ■ 

ijaontbe,-! .978938 

S**l f -978 9*8 

.von.,....; . . '— • 

ipij.lOSa - ; ■- 

IOsb-JOH Ids 

1 10i8-lL>S8 ICMOig 

ioS-IOStt ; xo.' 

I 10-10 le .10..'. 


SO-lui* 10^-jpig 
. 11-lllk 

- • 1CS,.11S 4 

103 s -I0l£ 10*8-11 
. 97a-10U .VVj-IUSs 

. 912-9 7b‘ 
958 978 
9Je-97g ■ 

• lOte 

9-10 { • — 

964 -IO - 1 - j 

91J-9B8 953-Bj* :10l8-1038: 

BSb- 91,: 9A-9B' j 978-lOrci 
«m-95B 9*8-9- Bit- S 

. _ 859-99, 

vious close at S1S1-1S1J. There 

seems m be little prospect of 
jmuch movement in the near 
j future and despite yesterday’s 
: slightly weaker tendency, market 
i sentiment continues 10 support 
1 the feeling that the price ef gold 
should rise with possible' short- 
term deviations in relation 10 
currency movements. 



Prime Rale- U ' 

Fed. Funds 7.4J7S 

Treasury Bills (13-week) ........ 6.63 

’Treasury' Bills (lE-watJO 745 

■“ “ - . . nn ,i rP othera seven daj^’flsed. Lcfsg-tenn local ambority mortsage rale 

seal authority- and finance Sr whefive ^ Kars 12S-W ver cent ipBank bUl rates in table are 

nails three rear* iMUb W cent. un. ou> per cent: funr-mona trade bills toe per cent, 

w rates for prime paper. Bun ag rates Joy- tour-roooui ^4itf B*s24HiS: per ccm: -and tarrejnontb 

to «r rent-- ABproslmatc 3Baina n ««a ” mo-Trtomb 102 P«r cent: and also. ibreMOon-Ji 10; uer rent, 

‘■monrh 8i-9i7.« per cenr. ^ cem rrom Iune ’■ , 19TS x ' e "■ lm, Bank 

c,eariw Bank *“* ». 1 — • 

Hua 1 Bills: A^tragc lender niicis. of di&Ceiuit 9 per. cent- _ 


Discoont ' Rate 

Ovtim&bz- - .. ...... 

One month 

Three months 

Six months. «... 


Disconm Rate 


j One month .. 

‘ Three months .. 

J Six months 


'Discount R-4*.“ -. — — - 

--Tail ir.nonsdiTianal- . 

I Bills Discount Bait 

World Value of the Pound 

The table below gives the 
latest available' rates of exchange 
for the pound against various 
currencies on June 12. 1978. In 
some cases rales are nominal. 
Market rates are the average of 
buying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rates have been calculated from 

those of foreign currencies to 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and tbe rates shown 
should not be taken as being 
applicable to any particular 
transaction wjthout reference to 
an authorised dealer. 

Abbreviations: (Si member of 

the sterling area other than 
Scheduled Territories; <ki 
Scheduled Territory; (cu official 
rale: fF) free rate; (T) tourist 
rale: (n.c.i non-commercial rale; 
(n.a.» not available; (A> upproxi- 
mate rate no direct quotation 
available; (sg) selling raic: f be 1 
buying rate: (nom.) nominal; 
texCi exchange certificate rale; 

Value of 

Place and Local Unit , £ Sterling 

Afghani**** 1 
Alhanui. . 
Ajrforra. . . .. 

MiXol* . . ! 

.Vnd^ijR .5. 
.Vraemin* - - 
Auesnuu. -s» . - 
Au-irj ’ 

Axar&- ... . 


UabTvIn ip. . 
Balteni- l-le- ; 


P1«n hbPMMa 
knnw,- - ' 'i 
K. C'KnbbMn S 
Ar. He>w tree Ka 
mtnt/M«n $ • 
-..HI Dins . ' 

I’-.rtii". EMUhio | 
Us. LH»ll*r. ' 1 



• ; 

Barrodc* *7} " I 








S 74 - 1024 ■ 


Benin .-. 
Hermu.1* i> 
boUrie - ... 

BuUn'aiUv ■ 


Brunei (&>.. 
Bot^sriz . . 

US • 

-K.A. Franc 
, B-ls. S 
iiuliiu Rupee 
. H-.iiviu Pcso 

. l-uin 
i.ruzaro :: 

, i.L>. S 
KnrnolS ' 

Lev .. 

B'ji »ndi Pianc 

; ■r,em'&9.88 
, i ■ JOH60.05 
, IS. 287 


Place and Local Unit 

Ecuador - . ■'‘•■-•re 

twiyA 1 * E&rpuan X 

Kllilufui . Kthiopian Birr 
&4VI l> hi nee 

F^landls. •. Fn I k,,, xt.i l.. i 

Kan.. I, Uuutii KruUe . 

I'ij) 1» , Kij) S 

Kin laud. . . . Mnrkka 
l t'rajpjv . . . Kreucli Kran«- 

t'rC'fyinAi" C.K.A. Kratic 
rr.tiuiaua, .. Ij«.-ni Fial*'- 
Kr.‘ O.-. It*. .. i .K.H. fnnv 

Gabon '-.K.a k ?«»■■ 

Liuuii'le -I. . ItolaM 

Value of £ 



1 1 K. 47.80 
■ ‘OiB.764 
,‘T, 1.27 
|. H 5.80002 
146.2& f 

Place and Local Unit 

Litvin 'ns| 11 iranc 

Uixeinlmjq;. Lux Fraav 

Value of 
£ Sterling 

(P> based on U.S. dollar parities 
and going sterling dollar rate: 
t Bk J bankers' rate: (Basi basic 
rale: icon commercial rale; 
ten) convertible rate; (fnj 
financial rate. 

Sharp fluctuations have been 
*ecn lately in llic foreicn 
exchange market. Rales in the 
table below, are not in all cases 
rtosing rates on the dates sbovp. 

Value of 

Place and Local Unit . £ Sterling 

Campro'nKp L -f — 42U? 

Uunma *■ xoadiaa S _ 2.05926 

Cowry hie- 'B»»eta , 146.225 

Cape Verdi l 
'Joymaii IMS' 







Cuba • 

Cyprus 1S1— 


Denmark- ■ 

DjlUmU .- .-. 

Cumin, lie-i*.. 

i‘*w V.Eicwio . 
toy. t-4 
l .K.A. Krsne | 
O’, a; Prune . | 
C. Breo 

KoumUtte Tuan 
1-. Pew 
L'.P^i.- Kjauo 
l'I'A. Prana 


thiulxh Krone- f 
IT. - } 

K. CTribt«an^ 
lA.mtnieai, Pewi 




421 u 

CUb) 50£S 
' 5.7554 
fFi 69.67 
42 Hs 

1 ((Mini 10. 10 
i (Ti 17,59 

ij ernmn.v 


liherw 1 

Cilbrahsr iKi. 

Ollhm U 


Uren»J» i»"i- 



Ciullien Key- 
tioiinfli bi'uinu 
CuyaUk.Oi .. I 

Haiti 1 

■ Huibliira- l!»-+i . 
[ fioni-Knlls 1S1 
Hunyzn ....... 

Iceland .. 

I Iniliz isr 

linliine*1x ■■ . 



Irtah key iki- 


Ivorj - CiaM -.. 
Jamaica i»l.. • 

J ft] HI l 

■Ionian i'SI.. .. • 


kHjaiSi... . 
Kiava (Nthi... 
Korea <s>rLj... 
Kuu-nji (Slh). 



LnOtliv,.: . ... 


I Libya 

1 Macao . -. 
i Uaderot . ... 

‘ Ky 

I Uftlftf I is-i. . 
MuImv-In (ei. 
Ualdl* 1- U.'Si 
Madi liy. . ... 
Main 1 ‘ii. . . 

.\lKnlui.|ii(.' .. 

Maimiaiim . 
Mxuniiut. 1S1. 


.M i.ji iL-lr.ri . ... 


31un^nli a 

Udnmm.. . 




. Kc-n o"' wLicudu. 
. ML Kraoc 
. Knai-tm 
. J(lug»li 
> Mai l,'ny,:-v 
Mall Prartc 
Mai lew i' ; 

. L*>al Pram- 
OnplliyH : 

1. M. Mupee 
. Mexhau Hero 
1. ',-K.A. Pram- 1 
. J'renii Franc • 

■ lus«iU 
L. *J«ml>exa $ 

. Uirluni . 

.. Muz. tin.'Udo- 

J Deui»i^una:k 

Gn>ra!iar ii 
Au*r. Ucllar 
IMnJ-di Ki'-ner 
K. CVirrlhMia $ 
I*n»: Kranc 
Cs 5. 



i.iiiyane>e S 
Lem pi ra' 

H.h. 6 

t Krona 
I ml. U'ipee 

h«i( Ulnar 

Mali £ 

JxITH-I l 

L.F..V. Frank 
JanioJua Uullar 



Kenya SUllIio^ 



Kuwait Dinar 
KJy Hut Hoi 
Lebanese £ 

>. Afrinin Hand. 
LtlvHiwi 9 
Ltl<y«n ntnae 

; 2.07(^. 

; 68.0935 
1 10.57 

; 4.887 

' 8.43 


1 &4.S6B 


i(e-:>uii 72.86 
iT);uci 36.55 

. USJKt 
i 782.77 
1 iA-l» 

' 0.5591 

1 1.00 

: 61.8951 


42 Uu 

I 2.3488 

1 400 

I «-S53.-ei 


! 0.CQ5- 


1 5.5526 

• 1*0.54* 

Kaon; I* ■ 

Netlicr loads., 
Nettu Aiu'les. 
N'e" Uekri'lm 
.v. /.eaieml isi 
1 .Xiuaniuiia.. .. 
Slfier ky. .. ., 
M);erU iSi . .. 
j Xiuraay 

Oman Sultou- 
Blr i«l tdi 

A list. Dulior ! 

.Yvynleae Uupe« . 


Antillian Guild.'. 

■ Fran-r 1 

1 Ana). Dollar ! 
vjt. Dollar ■ 


C.F.A. Frane 1 

Xrwg. Krone 


- Ilia I Omani I 

Pakistan HLai. I.'upeo 

Hmnma . . . Halloa 

Pfc|»u»N .G .i.Sj- Kina 

Para’-uny... . Guarani 1 329.00 

P'pl'i 11. Ry .j 

til Yemen (ai S. Yemen rhnar'lAiO.62768 

X’ero. N»l ifexca ( ?76-7S 

PUilipinnej... Pli. pewi 15.64 

PlK*™!,.*, iN^SmlS ,.MS7 
PblaiMl Zloty ' | (CniwLOD 


P*.iri ’limor... 
Hrinciv« l»Ie. 
ymai o, . ... 
’• Ibfuiilun 
1 llfk'la 

1 Ultmlroui .. .. 

Pgse. Esemio 
Timor K*.-udd 
Pirra. Ewuilo 

Qatar l^al . 

Frenuh Franc 

»!i*‘-levlau 8 

' Itl'IlllDIH . . .- 
: li»TII'1« .. . . 

j SL Christo- 
pher (St 
*• 1 . Hi-Jeun.. 

I SI. Iju-U .. . 

1 SI. Pierre . . 1 
SI. Vin.-enjiV, 

[ raUuHnr. Kl. . i 
1 ilium ‘Ani... 

1 -«n IlMfin.,... 
j s«<' 1'rttie . . . 

■ Samll Arnl-m.' 

S4n«sal- . .. 1 


■ MOJ relft'jiri Sj 
! *'m^ay<>he i*»i. 

I 'S.|..IU"II |MSi 

, Snmali liey. - 

| S. W. Mr lean 
; lemJ'-l if '.*•( 


j si«n. I'lrl, in 
! N-irlli Ainu 

■ «.ri I-niik-i |j».) 

sielan l!y - ■ 

1 sai inatii 

swit/ilnlio ■>.. 

, suevieR 

■ s«n ',-rlaii-l .. 

1 Syria 

i Taiwan.- > ■ 

1 lanjaniH • s ■. 

- ( bmlHlnl . .. I 

! i kr .. 1 
T-insii U. .s,. , 
Trllll'lml-s. ., ^ 

I 1'iinirlH 
! liirk.-v 

I I no.- x i I 

i Tuvalu . ... 

; Uganda 

i L'airvf ’'at'-'- 1 

( L rummy i 

[ tui.A'1'Emls. I 
I ! 

ifrpyer VnJia . I 

l Vatican- • - ] 

r Ver.wutie.. .. 

ViecnaniOtbi ! 

Vietnam ■•»thi I 
Virtln 1*- 1 J. I 
: Sotsoa. ‘i*!- ! 

-i«i. - 

Hunnria Franc 

F.. Lanbbran 5 
Helena C 
K. Larlhbenn S 
t'.F. A. Franc 
b. I. Kril>t>ean S 
l nlon 
I. S 

liHliaii I.i:« 



L-.F..V. Franc 
s. Kuyee 

, Sulswi-m- S 

Suli.QlKII Iv 5 

>i.iu Milllmg 


i •*. A . Kind 



S. L. Ituyee 
■stiiian £ 
s. <i ilrtiT 


■j, Krona 
i« Franc 
svna E 
Ne» Taiwan 
Tan. Mililuu.* 

i.'.F.A Franc 
Tim. -v T»it«cn 
X uTii^tnn Diuar 
Till klnii 1.11-B 
L’.s. e 

Australian £ . 

I -K. Shillinc 

t .S. lloltar 

Urupiiav Pe*o 
L'.A.E. Dirliam 
C.F.J,, Fra do 

Italian Lire 

L'-S. Dollar 

Samoan Tula 

Yemen -H.v»i 

Yiic-'-litvia. .. 1 Dinar 

' Zaire Rp Ai‘te 

/.■t-ivi'iii Kum-!ta 






l 8360 
i 83.75 " 
’ E 5D 
■ ' 42Ha 

1 16.225 
: A. -0.98999 
1 5913 

45.75 . 
1 . 9 B 8 B . 

> Imjii 10.65 
1 ifni 10.68 

(TK.1605 ij) 

8-37 *2- 

Thar v»ri ■** e M M niwm y in . ; The Auauiya lus replawci me O' A 1 - U"»*eral UluS 01 oil a no lfu r. e«"'rlh " l!> :hr Trara,ler niarhei ronn- 

Ain:a i ,, nn-rir Ban of Kr-mh «f*$i , fram-. Th" "xchana. mart- ai .1 j " 1M . _. Mr"* now t>asr<* nn " r •„ 

Alma hr H - '' 1 ’ 1 ^-Eqa* totlol Ain ca j rate nf rFA Fr 5 Ui one unit ot ibe ; R-w nn cross rates ssamst Russian n.- -j.iiiar. 

Rupees cor pouna. j new currency, ) rouble. - l .\ctf uue o&iuai ratej 






Dow improves 4.5 in reduced early trade 


*2.60 to £—113!% (113°;) 

Effective $l.8W9— 5i|«4 (491%) 
SHAKING OFF the slightly easier 
tendency prevailing at the end 
of lart week. Wall Street reverted 
to a firmer course yesterday 
morning in reduced activity. 

The Dow Jones Industrial 
Average improved 4.51 to 863.74 
at 1 pm. while the NYSE All 
; Common Index put on 11 cents 

Closing prices and market 

reports were not available 
for this edition. 

to $36.18 and gains led declines 
by a seven-to-sis margin. Trading 
volume contracted to _ 17.84m 
-shares from last Friday’s 1 pm 
level of 22.6Sm. 

Analysts said investors were 
impressed by the market's per- 
formance on Friday in giving up 
only a token loss in the face or 
a steep rise in the U.S. money 
supple. Such a rise sometimes 
heralds a tighter monetary stance 
by the Federal Reserve, forcing up 
. interest rates to check the money 
growth. . . 

However, analysts added, inves- 
tors seem to be looking beyond 
the expected near-term rise in 
interest rates to a slower economic 
growth rate later in the year 
which could ease inflationary, 
monetary and interest rate pres- 

Analysts also commented that 
the market is still its own 

best- advertisement as portfolio 
managers continue to buy stocks 
in advance of end-of-quarter state- 

General Dynamics jumped 4 Mo 
S67i — -it has settled a dispute with 
ihc navy over cost over-run claims 
that it said would have forced it 
to stop work on a submarine con- 
tract if not resolved. 

Bethlehem Steel 'picked up £ to 
$24* — it is raising prices of steel 
mill products about 3 per cent, on 
July 30 and wil] not increase them 
again this year. The company said 
the modest rise was an effort to 
assist Government anti-inflation 

IBM rose S2 to $271. Teledyne 
Sit to SI 161 and International 
Harvester also $1J to $38j. 

Union Bancorp, however, lost 
to £24; in active trading — it 
said it will probably take several 
months to obtain necessary 
approvals for the acquisition of 
the company by Chartered Bank 
of London. 

PRICES MOVED higher in active 
trading on the American Stock 
Exchange, the market index add- 
ing 0.63 a: 149 .98 at 1 pm. Volume 
2.96m shares f2.77m). 

Sonderling Broadcasting gained 

1} to S2i; — Viacom International 
has signed a definitive pact to 
buy Sonderling for $25.50 a share. 
Viacom eased 2 to $224 on the 
New York SE. 

Automatic Radio lost } to $3i 
— it is to sell a large part oT its 
domestic radio business at a loss. 


A firmer inclination was 
apparent m fairly active early 
trading yesterday, the Toronto 
Composite Index recording a rise 
of 1.1 at 1.144.2 at mid-day Oita 
and Gas moied ahead 9.0 io 1.403.5 
on Index, but Golds shed 2.0 to 
1,365.3 and Banks 0B2 to 2?7.oG. 

Petrol Oil and Gas added 5 cents 
at C$3 95 and Daon Development 
edged up t to CS8J after both 
reporting higher earnings, but 
Skyline Hotels shed 3 cents to 
C53J.5 on a loss for the year. 

Ego Mines, which said its u.S. 
unit has drilled a successful otl 
well in Tesas. advanced 13 cents 
to C$3.80 in heavy trade. 


Late profit-taking cut into 
early gains, leaving shares just a 
little firmer for choice on 
balance after moderate activity. 
Volume 190m shares. The 
Nikkei-Dow Jones Average was 
finally only 1.61 up at 5.51L89, 
after an initial 13 points rise. 

Blue Chips and populars, after 
extending Saturday's improve- 
ment, declined on tbe yen's 
appreciation in Tokyo. Honda 
Motor dosed Y10 down at Y580, 
Alps Electric Y30 off at Y1.D90. 
Toyota Motor Y5 easier at Y995, 
and Pioneer Electronic Y3D 
cheaper at Y1.S20. 

Breweries received a boost 
from news of increased beer 
sales. Kirin Brewery advanced 

Y13 to Y463. while tower-priced 
speculative Issues also atiraciea 
buying attention. . 

Mochida' Pharmaceutical rose 

Y110 to Y 1.330, Maklta Eta**"* 
yao to Y1.330. Mu rata l ® 

Y909. Chukyo Coca-Cola Bottling 
Y32 to Y544, Kyushu Matsnshita 
Electric Y30 to Y950. Sanko Metal 
Industrial Y2S to YISS und Seiren 
Y21 to Y239. 


Markets put on another firm 
performance, with Minins slocKs 
and resources-orientaicd . ,n . du ®' 
trial leaders looking particularly 

Uraniums strengthened across 
the board, with Pefco-M 
rising 14 cents to A $5.60. ^“*^5 
Investments 7 cents to AS'-IO- 
Pan continental 10 cents to -4513. 

Better tin prices saw Bcnison 
up 40 cents to AS9.50. while the 
new foreign ownership guidelines 
spurred on GRA 7 cents more 
to AS2.57. 

Western Mining were a further 
3 cents up at AS 1.59. after touch- 
ing AS 1.65. still buoyed by its 
Benambra copper find. 

Central Pacific closed ^0 cents 
firmer at AS7.50. after AS.-bO- and 
Southern Pacific reached a»i» 
before eadiug uncharged on the 
day at A$2.60. following fresh 
speculative buying sparked off by 
their annual meetings last rriaay. 
at which shareholders heard of 
plans to develop the Bundle oil 
shale deposits. 






Abbott Labs 

AiidraKoeraph ... 
Aetna Life A Cass 

'Air Products 


35 U 






205 1 

A Icin 


A ■ leu. Ludluni... 


Aliechenv Power 


Allle-I (.'hnmt>.ul.. 


Allied Stores 


A Ilia (.bo liners... 




Arnenuia Hess ... 


Amer. Alriuiea... 1 


Amer. Urnnile.... 


Amer. Urnarloo.Fi' 


Amer. Lan.. 


A mor. Ucninilil 


Amer. Klee. Pen; 


Amer. Exf-rete... 


Amer. Home Prraii 

31 ' 8 

Amer. .Medical... 

251 i 

Amer. JlMoro....' 


Amer. Nal. Oss.. 


Amer. ^taodard.. 


Amer. Sti+w- 











Aucbnr Hock me. 


AobetL^er Bu*cb> 

25 U 

■irmol Steel 




A ram era Oil 


Asntw : 

Ashland Dll. — .... 

Ail KU-bfieM 

Auto UeU Pro.... 


Avon Products— - 
■ Bait Gas Elect....- 
Bank America.... 
Banker* Tr. N.Y. 

Barber Uil 

Baxter Tea vend.., 

Beairi -e F-c-i 


Bell A Howell— .. 

Beiulix ... 

Benjtuet Dons ’B’ 
Beriilebem oTeei. 
Black a Decker .. 


Bulne Ui*ade- 


Burg Warner 

Branitt lni~ 

Bra»su> - A*._ ' 

Brituu Myers 

Bnt. Pet. AD 8...' 
B rock w ay U less .., 


Buerrue Kne 


Burlington Mho 

Butrou^li: -• 

tsmpbeli soup— 
Canadian Pacitw. 
Canal Hamlolpb.. 


Car net A. General 
Caiter Hawie.v... 

CB.-S —...I 

Ceuanete cor pc 
LeniraJ Jt S.1V„. 

C-erutnieeii ; 

Leuiu Air.-rafl... 
Chase ManbaUan' 
Lbemi'Ai Hk.XY 
L'be-eUreh Hnnil.., 
biii-MM Brut^e... 



Cm Mi.acron...' 

Cine: sei rM.-e..... 
<.■lr lttve»llnt:... 

l.o:B L'.-ia. 

1. •.■i|t«» Pami • 

loilms Alkmau.. 

t-Aumbia Gas. 

Cvlurabla PM.... 
Combust M> bn it. 
Coni'aistiuD Eq.. 
C'm’T'tli Miron 
(...m'u'tb Uil tic: 

Loim. fren.; Lm .. 


Lon. Eii's- -n X.Y 

Loujirf F,<n» 

I r-ll'u N«L 
lunsinter !*•■»« 

«.,Hilluenia- i-rj-. 
C-wil i nentai Dll... 
L ...nlineiiln- leic. 

Coni n -i Data 

lo"i«r lu'li-s 

i6Ta • 


511* ; 
53 ta ■ 
101 « . 

26 Jb 1 
55j« : 
353b i 


395* : 
24 U 
52t 3 
301* ■ 

30 u ; 


14 sa 

15 : 
381 a 

151- - 
34 U • 
15*3 i 
2IU 1 
• h 

3 5 T » ; 



27 u : 
ia«4 . 
19U • 
57 1 4 
41i 4 
161= l 

22ig ' 
36 1* ■ 
32 ! 

25.- a • 
551; 1 
24 1* 
15i B 

22 : a . 
1Z l 

275* • 



1 1 ~a 
23 '3 
30 'i 








18i t 


41T S 


54t 8 



12 s 4 



375 4 

S? B 






19 is 
30 14 



29 14 
44I S 
38 >4 
211 * 
397 fl 



201 = 











20 <4 

34 14 
67 1* 








111 . 


295 ( 







43 i t 

42 i, 



j Slock 





| Coming Glass...., 



,;OPC- lnt’n’tionm)' 



I Crane. — 



1 Crocker Nat 




1 June ! 

i 8 ! 


■ Crown ZeMertach 
r i.'ummln • Kwrlor 
; Cuitiss W right...! 

| Dana ' 

j Dan lndinmes_, 
1 Ueen* 

. Del Monte.- 

1 Delii-na [ 

! Dentsplr Inter..-! 

• Detroit Edison.., 

: DismoDdSbamrki 
. Dlcui>bi:>ne..».... 
I Digital Equip..... 

1 Disney (Walt* ' 

j Dorer Ci.trpn 

{ U'jro Chemical....: 

- Dravo : 

J Dresser ! 

I Du Pom - 

I Dymo Inilustrie*: 

■ Eiqsle Picber : 

; East Airlines = 

: Eastman Kolak.. 
i Eaton 

1 E. G. A tr 

El Paso Nat. Gas- 

' EUra ’ 

; Emerson Elect no 
1 KmeryAirPr'tgbl j 

: e.m.1. 

■ Engelhard 

. Bsmark 

; Et byl 

1 Exxon • 

j Fanebild Camera 
. Fed. Dept. Store, 

1 Firestone Tiro...., 

• Pat. .Vat. Boston ." 

■ Plexi Van 

; Flint tote ' 

i Florida Feorer...., 
[ Fluor J 

j p.m.c. r 

[ Ford Motor _.i 

. Fomnoei Jlck„..; 

• Poxboro «.i 

i Frank/in Minf-^i 
I Freeport Miners 1 

| Fruehaur 

1 Paqua Iiuii. 

4H= ! 
175b j 
11 ii 
231 1 
121 * 

27*s j 
1658 : 
347* ; 
251= . 
371- J 
2i* . 
241* 1 
315* : 
235s I 
467* ; 
341- • 
145. j 
295a ' 

221- t 

27 U J 
SOU > 
375. , 


49U ■ 
3210 ; 
395« ; 
1050 ; 
22: a ; 

I G.A.P.- ' 

■ (Jannen-. 

Gen. Aroer. Im... 

tG.A.TA 1 

. lien. CatHe_™.i 
j Gen. Dynamlca... 1 
, Gen.ElectruaL.^. 1 
1 General Foods._J 
. General Mills. — 1 
' General Muton^J 

■ Gen. Pub. Util. .; 

Gen. Signal J 

Gen- Tel. Elat_^ 

I Gen. Tyre 

. i^euesw 

'Georgia PsdRe...- 
, Jeflv Oil 

! Gillette. ...1 

1 .•>kstro-b B. F. : 

J Uo-slyearTiie....- 

| Gou ill _,i 

! Glare W. R. ’ 

, Gt. Allan Pai-Tea, 
, Gn. .North Iron..- 

. G rev hours | • 

i Gulf A Western, i 

! Gull U» ■ 

1 Haliburbiii : 

; Us Tina Mining ’ 

1 Harnlw.-btegDr.~-l 

■ IIaitis Corpn 1 

! Heiu H. i. ; 

Hen t-iei , 

He» leu hitfurri.; 

Holiday iUD. ... 


' H.-neyaren 


■ Hu 'p.C««rp.Amei.- 

• Huuatiui Nal.l-a-; 
Hutton ‘ h.F.l.... I 
l.C. Indurlner ..." 

:{na | 

j Ingervii Kand....i 

• imand ateei...— 

• ln-|ic>> ; 

; miei con t Energy I 

him • 

lull. Flaviqir*....' 
tntl. Hsrvo-vter... 1 
I Inti. Min ACheni 
lull. Miilnirohle... 
! lll'M 
















165 1« 



171 0 





66 <>b 
367 S 
19i e 
34 >s 
34 G 
27 U 

37 1* 
22 *z 







255 S 













30 k 

271= ' 
347 8 
3B1 a 

31 lg 
471 b 
29 1 8 


: 385* 


43 k 
101 S 
! 29 k 
; 321, 

! 31 *J 
! 18k 
1 313, 

; 27k 
; 168 k 
1 29 

; 22* 





22 k 

I 155a 
. 24 
' 34 k 
■ 161, 
59 l B 
5Bi 0 

' 34 k 
: 171= 

39 k 

■ 16k 


26 k 


Johns Mann lie... | 
Johnson Johnson 
Johnson Control. I 
Joy Manuiactcr', ■ 
K. Mart Lnrp^. J 
Kaiser Industries 
Kalaer Steel 

. kennectct 

I Kerr McGee I 

1 Kiii-lr Walter^.,., 
r Kimberly Clerk ... 

i koppen j 

| krall 

; Kroger Co ! 

UaKsiit Trans..' 

Cert btniuH. 

Libbj Ov.FmkI...! 

[ Uggel Group ; 

I Lilly (EH; 

[ Lilton Indust....' 
| L,icLbeeilAircr'ft> 
Lone Star Imis^.l 
I Lons Island LM.| 
• Lniisiiaa Land.J 

I Lubriis.'l j 

Lucky Stores ] 

L'ke 1 unpi'ra! 

I Mai.-.MtHan 

| Macy H. H 

1 Mir*. Hnur-ver... 

| llapco 

[ Marathon Oil 

j Marine Mullanri.' 

I Marshall Field 1 

) May Dept. Store*. 


I McDermott 

; McDonnell Dougj 
| Sl-Utis Hill......' 

j Memorex ! 

I Men* \ 

! Merrill Lynch : 

Mesa Petroleum ' 


JllflU MiugAMlg: 

Mobil Corp. 

' Monsant-,..... — . I 
; Morgan 

j .Motorola 

f Murphy OH....— . 

1 NaMsco ~~.i 

• Nalco Chemical...; 
; National Cid.....| 

: Nat. Distillers....; 
! Nat. Service Inn., 
; National Steel-.. 

1 Nat-imas 

j NI K — 

I Nept'ine Imp. .... 
j N«« England El. 

! Nen England TeJ 
• Niagara Moba«t. 

I N meant Share 

' X. L Induitrlo. 1 
; N--riolhAWer.tem 
• Xuith N'»t. Gan^.' 
: Ntbn states Pwr' 
! Xibaest Airlines] 
' Nth weal Bam-otp 1 
■ Norton Simon. ... 
Ujculenta. Petrol 
. Dgi» r »' .Uatbar...' 
’ Ohio trti 

• Dim . 

I isno 


: ini'. : 

42 ‘j 



1 K. 




’ mt. Keiiiler,, .. 




, Ini. lei. a lei. . 



29 U 

ln« ent 




'. !■■■«» 


36> 2 


■ 1C Inlcriinilnua:^ 




Jim IValim 



j Dreneaa^blpf....' 
■ Owen* O.’rnlnu.J 
[ Drens Illinois.... 

Pack hr Gas ■ 

j Pa.-ihc Lmbimg . 

1 pk-. pwt.i u:..: 

I PhnA 01 World Mr! 
| Parker Hannidn. 
1 Pabolr Ini i 

• Pen. Hit. A U—.i 

• Penny J, t.... • 

s Penuzoll 

People- Drug ...... 

Peoples Gas 

' Pepsico. ; 

• Perkin Elmer 

' Pei 


Phelps INxige 

Philadelphia Ele. 

1 1'uilipMurns 

; PlriltlpsPetrorm , 

1 I'll stui v 

‘ Pilnev ftiroc* 

• PltUMQ 

; Plesaer U-i A L»K 


Pol '.*niac Elec.... 
PPG Ind'i-lner. 
Pnei«) 'jgnit^e. 
Pub -erre b<rci. 

' PurniMU ' 

J Purrx 

' ijuskei 

. Kai'l-i American 


] I ft' A 

1 Kef-mib- siee ... 

24.5 b 
33 k 

23 k 
485 b 
47: 8 

48 k 

54 i B 


35 k 

33 k 

47 i* 
21 U 

18 70 


42 S, 

36 k 
22 : 

25i, . 
64i* ; 
29l g ! 
341* 1 
24m 1 


59i« ; 
20k ' 
35 | 

351. ! 
56 k 
65=* ' 
53 U : 
495, : 
48k ; 
40k ( 
258S I 
29 j' 
165 b • 

221= • 
165a ! 
32 ‘ 


571= . 
211= - 
i4i 4 : 
101= - 

19 I 
3 579 ! 
391= . 

89.0 | 
2653 ! 
19s* 1 
235, i 
18 I 
15k \ 

37 ig 1 

31 . 
22T e 

207 a 

7i= . 
261, : 
21k 1 
29 1« 1 


365, • 
33k • 

70.-B ; 
341* . 
24 k 


17k i 

32 • 

17 • 

25k : 































21 5b 






65 Sfl 
63 Tb 

24 7* 

18 : a 


101 - 

18i a 

25 l a 


24 k 




24 a* 


25 k 
265 q 

24 j* 

14 7* 
31 i* 
11 J 
49 Sg 

| Stock 





j.Ke+ion 1 



! Kejmolrtn Metals^ 



I Kernel, is R. J.._' 





liockwell Inter... [ 



1 UobiD £ BaAa...... 


357 B 


Korai Dutch 1 

; KTE , 

■ Russ Log* • 

; Ryder system... 

! Safeway Stores... 1 
' Sl_ Joe’ Minerals j 
| Sc Regis Paper, — 1 
Santa Fe lnd3.,„.. 

■ Saul Invest ■ 

I Saxon I tuts J 

i Scblttz Brewing. J 
I Sublumberger„...- 

I sc u ! 

. Scon Paper j 

I senrtl Mrg ! 

1 Sne Duoder. 


, Sea Con la Inert... ^ 

. Seagram 

j >eane<G.D. 

I Sean Roebuck 

; SKDCO • 

; Shell Oil 

' She 11 Transport...; 

■ Signal 

j SigaodeCnrp 

j Simplicity Pat.... 

I Singer 

- SniitbKime™-_... 

1 Soiltron 

; iiiiituiown 

; Sen hern Lai. to 

. Southern Co_ 

J Sthu. Nat. No.... 

! xcithern Pa-nfi. 

. SouLbemUai Irony 

j avnit bland • 

IS'w't Uan>harfr.| 
JSierry Hutch.... 

; sperty Kan-1 ! 

Squib ' 

, Staudanl Bran-I-. 

I std-DuUsiiioniie 
I st>1. Du Indiana..' 
1 Md. DU Ubio^.^ 
( rtauB Chemic*-. 
: jteriing Drug....' 
| rtiolebaher....... 1 

( Suu Co 

. Suniiruanil ' 

57 k | 
.1650 | 
13 j 
225, , 
4i5e I 

565, , 

ess : 

14k ■ 
831* ' 



8u ; 

3H« . 
25=0 { 
155a 1 
24 [ 

375, ! 

341, ; 

395f 1 
471, i 
36k | 
141, ! 

74 k 
3 ) 

3450 ‘ 
ibk ; 
3a=8 ' 
495, , 

291* i 
37k i 
19k ! 
435, ! 
3250 | 
271, | 
50 j 
67 | 

43k . 
695, • 

4168 ! 
49 1 

307 B ' 

57; a 
26t 2 
84 s* 
17 k 

24 k 








37 k 
60 k 












41 : a 

' June 


Wool worth ..... 

wriy - 



3enrtfa Radio - 

lf.S.Treaa 4% ISUC. tS^- 
CS.Trea*4i?75* tBOif 

1; n. rc._L-.11. c A*. 












180 a* 


\blutn l'a yw ■ 


127 3 

.Vgnlro liacle ■ 


\ l»n Aluminium 









bank nf Montrea 1 



Hank Xorm tk-otia 1 



ttasic Kesniroes. ! 



Bell Telephone— 



Bow \ alien Ind... 1 




Unucan ...... .1 


















Teanro Petrolenm 



less co 


241 a 




Texas last.m 



TetaaOii A Ga*..- 

3 lag 


Texas L'lIIllle* 



Time Inc. ....« — 



Times Mirror...... 









, rransmeri-a, 


frail- Lnm J 

Tran- ay Intr'n, 
Iran, 'l.jrkt All. - 

. Ttarellera 

! fri Col mental n. 

; r.K.W 

3.D item iirr Pox 
; U.A.L.- 

• L‘ \littU 

' L G I • 


ciinevei .7 

■ Lui>eiei N\ 

Cii!-«i BaiK-i rp .. 
urn- m Larl.-bii,,.. 
L,ii-<n Lommeiu 
L ilh-n Dll Lam .. 
Cnion Paoifi.-.-, 

■ unifocal 

t mini Brand-. .. 

L 7- Ban-.-niy 

LsLm psiim 

* cs oh e 

LS oteei 

L. Je , .’iino--.-gie,. 
t V Indil-lriea... 

1 irgiina Enror.- 


Warner- Lr-utnin 

. Wirte-Hail'meu' 

. "V'-.v Fargo 

We-lrrli Ban ».iv 
•'Vieni .'. Inn- 
" W.ri: Lmoii.. 
iV<-):n;i)-e E'er • 

■ li'ftr,r. 

■A ex erli-eii-ei ... 
Wii,r<i«-..* . ..... 

ll'inU.'.-in. In-1.. 

| 111 nan. IV 

il :«o-n-in E'e- t.. 








40 k 





21 k 











19 k 




37 k 




14 J* 
40 k 



46 k 

27- f 
22 7; 

• Calgary Dower....! 
1 Cam dun Mines—: 
J Canada Cement..: 
1 Canaita NW Dnr. i 

■ Canlmp BnJiCoir' 
| Canada lndii«T_.| 

■ Can Pact He ' 

; 'Jan. Piu-iHc Inv..- 

■ 'Jan. Super Dll 

, Carling O’Keefe.. 1 
! LesmirAlieabw^.' 

. ChieUain 

• L'oruipco 

1 ‘jnni Bathurst ; 

; LVxaHmer Gai | 

• Coaela Reaoarce, 

1 Ccetain Rich ' 

I Dean Uevirnt ! 

Denison Mines...! 

I Dom Min— r . } 

j Dome Petroleum 
lA-ralnton bridgej 

Domtar 1 

; Dupont j 

J t’aimn'ge Nickle.i 
j Ford Motor Can.., 1 

I Gen star u 

j Giant Yei'wkaUe, 
Gull Oil Canaita . 

1 HanUerSM. Can. 

: Homager.......... 

Koroe Dll *A' „... 
Hihisoa Bay Mm- 

Hudson Bay 

dulson OiiAGar 

• l.A-C - 

I I tuasi.-n 

{ Imperial Oil 

I 1(IX»~ 

I liida 1 

1 inland NacG*,.. 

- iUt'p.rl'4«Unc. 
i Kaiser Kesou.-ve»., 
. l^iurtFiuCorji,... 

Uiblaw Cx-m.'B'..; 
: Mctniii'n bioe.ii., 
Has«ey Ferguson- 

1 Mclutyre. 

1 M-u-e Lurpn 

; MouutalnatateK- 
| -oiali is limn.. 

! A'uven Kiiergj... 

• Mhn.Tei«>.vm. .. 
Nuniac uii A t- H 
Dabaufkl Pel-'n.. 
PadnuL'xi^.ptr M .1 

P xnlir-Petir-ieun.: 
; -'id. Can. Pel'n. 


. ' ea Deiit.^.. 
Place Can i (in.. 
PincerDex rio, m< 


iuehet- ?lurge. r. 

.Unge- 1 ■' 

doe- 1 

*.IM N *|i III- 

Ixu.i-u hk.-.-i Can. 
wl a> I rusl 

-veptre W-uroes 

■Iiei- Cana-:-... .. 
■Iierrtlt 1 -.Mines 

-letieii- D 


*'i >^mu' 1*.. 
it~|- li- v- i.i-n . 

1 e «. -n« . 

t.-i.-nt. tl-.-t.b,. 

I 'an*'. h.-I'ii- 1 .11 
I Ti'i- 1.1,- 


t !■'. •:‘i-*'-liii,- 
'll we; H.r-i. . 
*'\~i Lie>l I -a 
'l.--l.'iil-»- . .. 


14 « 

10 70 
28- s 

19k . 

4.25 . 




Jfa.ft , 

761 = 
85 k 

15 1 
235, , 

30 . I 
-121, I 
265* . 
81* ‘ 
331* 1 

39 ; 

17 : 

201= , 
35 s * 

19 k 
19k ' 

126* l 



145, I 

9 t 
4.10 1 
19L, ! 
12k | 
84 ! 

375* ' 
265a ! 
155| • 
38 k 
4.10 1 
1.95 ; 

35k ; 
732 ; 

tl5k . 
4.7a : 
1.00 ; 
837a [ 
161- [ 

14 k . 
1.33 i 
34 ia ; 
10k , 
33 k ! 
33k ! 
19k | 

650 I 
2860 - 
1333 1 

27k I 

55b ; 

381: > 


15 ta ; 
9k ' 


ilk 1 
71= ; 
336s | 
1130 - 
165* ; 

r 195* 
















1 12k 

8 k 






19 k 


24 k 






36 k 



































' Fid : ‘.sped { Traded. 1 New 





II'W V.ji. 









h-p'iii 1 




7 >2 


























5 ; 1 


>24 :* 

c.t,.-. T 


- - 




54 J 

17, s 




. 181= 



h. K'.-’sk 








a _ 

L. K-lsk 







L. K.-lak 




3 '2 

























1 4 



1. M 






12 . 

. — 

*6 1 ,, 

li M 

56 J 









>7 J 

















18 = 








13 , 


52 J 





'24 | 

















<-’6 00 

K 355 

* Igeniene 






2i. 00 
















• 5 50 


6 5 J 


t 74 6 





• - 

5 Oj 


re 1 







F 160 



21 00 



• - 

1 161 






19 SO 




6 00 


11 00 





t 190 



8 50 





¥ 20U 












6 00 








I 110.80 

\«l \e.( 









• - 

2. 50 


. 4.00 


l 26.50 



5 00 


KJ 3.00 

1 00 


2. BO 










K 127.80 

1;. n. "' ! .e:i 





13 00 









k- i>. 7 --+H 

K 14 J 










F 120n 










2 30 

1 80 

^ ^ ^ 

2 83 

^ mmm 


Hainuros Bank 10 

Hill Samuel $10 ir o 

C. Hoare & i> flO ^ 

Julian S. Iluilce 11 % 

Hunikona xt Shanghaj 10 % 
Industrial Bk. of scot* 9 % 

Keyior Ullmanc 10 % 

Knows ley & &>. Ltd. ... ll;°o 

Lloyds Bunk 10 ^ 

London Mtrcannle ... 10 % 
Edward .M a □= on & Co. 11$ °o 

Midland Bank 10 °b 

Samuel Moniaj-j 9 % 

Morgan Crenfei: 10 % 

National Wet 1 minster 10 % 
Norwich kcneral Trust 10 ^ 
p. S. Ttersn n & Co. ... 10 ‘o 
7: o.-sin ia=;er Accopt’cs 10 % 
Royai Bk. Canada Trust 9 ‘yj 
Su-hJesin^er Limiied ... 10 % 

E. S. Schwa 0 101 % 

Security Trui; Co Ltd- 11 “T. 

Snen Tru-i 11 % 

Standard Chartered ... 10 ^i? 

Trade Dev. Bank 9 % 

Trustee Savin-* Ban k 10 “T, 
T'.ienlteih Ceniurv Bk. 11 % 
V,r.'? ci * Bank uf Kuwait 10 *^i 
■\ 11 1 tea wav i.aidlaw ... lOi^u 

W:ll:a;n.- jl- t,: V n'« 10 % 

^rl inir- Bank 10 % 

V \|. .C DtlUK B0U6-> 
• .. i-rnontB ileaeaitj 
7-'V' .1 r „ VJmj ot no IHHJ 

' '1 1 r Ja -o i!j.Dl4 .;*• 

A. BN. Bank 

Allied Irish Banks Lid. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Ansbaciier 

Bunco de Bilbao 

Bank of Credit & Cmcc. 

Bank or Cyprus 

Bank of N.S.W 

Banquc Belac Ltd 

Banque du P.none 

Barclays Bank 

Barnett Christie Ltd.... 
Bremar Holdings Ltd. 
Brit. Bank of Mid. East 

1 Brown Shipley 

Canada Perm'?. Trust 
Capilol C & C Fin Ltd. 

Cuyzer Ltd 

Cedar Holdings 

i Charterhouse Jaobet . . 


C. E. Coale$ 

Consol id died Credits... 

Co-operative Bank 

Corinthian Securilics... 

Credit Lyonnais 

The 0> |im*' Popular Bk. 

Duncan Lawrie ' 

Eagil Trust 

English Transconr. ... 

First London Secs 

Firsi N'di. k'm Corpn. 
Firs? Nat. Suva. Ltd. ... 

I Antoni Uihhs 10 

Creyhound 'Tujranry . 9 
Crmdlay-, T t0 

1 Cuinne.i> Manon . . 3 

10 % 
10 C, 
10 "i, 
10 % 
10 W. 
lu *>;, 
10 % 
10 “T, 

10 “i 
9 % 
10 °T, 

10 'T. 


11 °r, 
10 % 
10 % 
to c. 

9 w» 

10; ".J 


10 % 
lu "r, 

ID *7, 
10 "T, 
10 C. 

10 c. 



JO o', 

10 ,r „ 

10 'T. 
i I . 

11 *7. 

! ML.r- 
■J-*- tfv, 

' .1 .it-: • ; U, Swrli-is In'! 

)■ er Dir. ITId. 

June 12 

Dm. j 

- j s | % 

lndustiiaJ leader BB? advanced 
S cents to AS7.16. while CSR 
moved ahead 7 cents to A$3.02, 
although IO Australia, despite in- 
creased interim profits, were un- 
altered at A$2J!5. 


Market failed to establish a 
clear trend yesterday ahead of tbe 
Parliamentary debate on the 
capital gains tax Bill and Presi- 
dent Giscard d’Estaing’s Press 
conference tomorrow. 

Banks. Foods. Stores and Elec- 
tricals were little changed, while 
Constructions and Engineerings 
tended easier but Oils and Chemi- 
cals were relatively firm. 

Club Uedlte ranee, whose bead- 
quarters were the object of a 
bomb attack at the weekend, re- 
treated U.2 to FFr 400. 

ImetaJ receded 3.9 to FFr 65.1 
and Iffalsons Phenrx 38 'to 
FFr 1,005. but Moulinex added 4.9 
at FFr 159.9. 


Stock prices closed on a mixed 
note following light trading in tbe 
absence of stimulating news. 

Dealers said profit-taking set in 
on some of last week's favourites, 
with Metalgesellshaft losing 
DM 4_8Q and AEG. after its recent 
strength on rumoured Middle 
East buying, reacting DM l.TO. 

Motors also declined. Daimler- 
Benz ending DM 2.30 off, BMW 
DM 1.00 easier and Volkswagen- 
.werk DM 1.50 cheaper. 

Degussa. however, rose DM 2.50 
and Stirring DM 3^0. 

The Bond market was quiet 
with Federal Loans losing up to 
25 pfennigs despite DM 5.0m 
nominal purchases of stock by the 
Bundesbank. Mark Foreign-Loans 
were little changed. 

Hong Kong 

The market lost most of a fresh 
initial advance following profit- 
taking near the close. The Hang 
Seng index ended a net 1.76 
harder at 51S.80, while trading 
remained active, turnover on 
the four exchanges totalling 
HK St 99 .56m, compared with last 
Friday’s HK 8215.06m. 

Hong Kong Bank gained 30 cents 
at HK$17.2Q, Hong Kong Land 10 
cents at HK88.85, Hutchison 
Whampoa 5 cents at HK85.40 and 
Swire Pacific 10 cents at HK$7.15. 
Jardine Matheson finished un- 
altered at HKS14J0, while 
Wheeiock Marden were 2.50 cents 
easier on balance at HKKL75. 


An easier bias prevailed in. thin 

Hoogo w ns led Dutch Inter- 
nationals lower with a decline of 
35 to 71 34-4. 

Banks gained ground, but In- 
surances were weak, heavy losses 
were registered in the Transpor- 
tation sector. KLM receding 7 J3 to 
FI. 168.2 and Van Orameren 4 to 
FI 152. Helneken shed 12 to 
FI 104.3 In Breweries.. 


Irregular movements occurred 
in slow trading. 

Petrofina gained 65 to BFr 3365 
in firm Oils, while Nor -ferrous 
Metals had Hoboken 50 up at 
BFr 2395. However. Clabecq shed 
35 .to BFr 1,650 in weaker Steels, 
while Unerg lost 35 to BFr L510 
in lower Utilities. 

Cockerin, which reported that 
Its losses continued in 1978, fell 
13 to BFr 471, 

MU an 

Shares turned lower on techni- 
cal sales alter tbe previous two 
upward sessions, the market being 
conditioned by the forthcoming 
day of settlements, scheduled for 

Ras, Assicurazioni Milano and 
Pirelli were among tbe few issues 
to dose higher against the trend. 


Golds tended to improve 
shade, while other Metals 1 
Minerals and Mining Financ 
were quiet and little changed. 

Interest relief 
rates rise 

The rate of interest relief grant 
was increased yesterday from Hi 
per cent to 12 per cent In those 
cases where it would be appro- 
priate to allow tbe equivalent of 
an interest free period on 
Department of Industry loan — 
hut where companies obtain 
their finance from other sources. 

Tbe “concessionary” irate of 
interest on loans for employ 
ment-creating projects (Category 
A) was increased from 8fr per 
cent to 9 per cent The “ broadly 
commercial *’ rate of interest on 
loans for modernisation projects 
not providing additional employ- 
ment (Category B) was increased 
from Hi per cent to 12 per cent 

Ind. div. yield % 

June 2-. ] May SB s Bay 10 

BJSO | 6.69 ' i ' 6.40 


NOTES : Overseas prices ahavm below 
exclude % premium. Belgian dividends 
are alter withhold idr tax. 

4 DM30 denom. unless otherwise staled, 
yields based on net dividends plus tax. 
V Ptas.oOO denom. unless otherwise sated. 
% Kr.IOO denom. nnless otherwise stated. 
« Frs.509 denom. and Bearer shares 
unless otherwise stated, j Yen 30 denom. 
unless otherwise stated. 5 Price at time 
of suspension, a norms, b Schillings, 
c Cents. J Dividend after pending rights 

and or scrip issue, e Per share. 1 Franca 
0 Gross, die. %. h Assumed dividend after 
scrip and/or rights lane, k After local 
taxes, m “i tax free, n Franc k Including 
Unllac div. pNom. 0 Share split. »Dtv 
and rield exclude special payment, t Indi- 
cated dlv. n Unofficial trading, u Minority 
holders only, u Merger vemUnc. ■ Asked, 
t Bid. {Traded, t Seller, z Assumed, 
xr Ex rights, xd Ex dividend. xcSx 
scrip Issue, zafix aQ. a Interim since 

_ _ W 

financial Times Tuesday June 13 197S 


NEW YORK-bwiobib 

■Baoia of Index changed bora Augu*at 


1 ■ 

i\ , 

il i 

. j t 

5 i 


jilsdnatilaln 111.62 
lOomperiM j «>-M 

Ind. dir. yield % 

3a aa 



1ML2K m 



6 : 


6 . 

iv&jaa iio.Bs 

IM.'EB HL96 




Ind. P/B H»*«> 

Tiong Gyvt. Bond yleM 





May 31 









[Since tiomplbiirn 

Low | High 




86.90 125J6 

(6/3) 1(11/1/73)1 
17 | Year ago (apprnx.1 












l -Vi 


June ! Jnae i June 

S 0 , 

. 8 1 7 L* 


68.1 r 68.19 


High 1 Cow 

00J». 4U7 

| June 9 

■lima 8 

June 7 















Saw High* 




New Low»_ 





Juno Jona tana 
8 .7 6 




18S-81I 184 AS 1 

183.9# 1B4.SS! HS.4 



IBS. 91 (16/2) 

' 178.82 (SO/l) 

T0B0TTT0 Compontel 1l46A[ 11«Aj 1144 Jj| 11*6.6 18 /ft | U98J2 <30/1) 





114.1 I 210.6 
S24J I 22SJ) 1 

228.1 (2/6) 

166.0 (SO/4) 




I Pro- I I9TB 1 19TB 
I vfaxn ! High-; Ljw 

Auotralia(5)| 498 - 21 J 
Belgium (O’ b®-® 6 | 
Pemnrk (•*)! 95.® 1 
France (til 70.6 

GennaayW>' 7BL5 

gelland (HV K& 

4S6J)6 J 001X6 [ 44L1B 






nruok J 


( 6 / 2 } 

... at* 

-nij 6U.T t 769.4 
j ! (IDS) 3 (17/6) 

I 81 JO JcTA> 1 76 Jl 
I 1 iBfi : (4/4) 

H«u> Kon» 816^0 \ fim» 1 518.80: «5. 

ffts L low!® 

Italy CSC* 1 6327! 63.44 i <AJU> 









Spain M 





Streden W 



337 ifi 








£?o 1 



Japan w; 412B5 ' 4UB4 

Sngaparo ' 316JM 


. . A (ion) 

< ! (19/4) j (4/10) 

! 31£JBj 31828,282.0 
t 1 (Ifli on 

hxBoes and base dates (aQ tnea values 

100 except NYSE AQ Common— M 
Standards and Poere— U and Ttoronte 
880-im the last named based on ItTSU 
fExdndftv bonds. * 400 
|4M ZhdS^i 40 UtfltBfw. 40 Bfimnoa and 
30 Tr ansp ort- iDBvdna AO Qrd. 
(IP Belgian SE U/12/HL p-1 Oapenfcmreo 
SB mm. (tt) Paris Bourse U6L. 
(tt) Crnm n ondb a Mk Dee™ lW. (H) Amato-, 
dam. Ihdastrial IVTOl (ff) Hang Seng 
BankM/7/SC. (H)Mfian2A/7L (a) TOtaro 
New SE 4/1/08. Cb) Straits times 1S08. 
(c) dosed. Of) Madrid SE 30/13/77. 
(e)Suckhdhn Indnsrial 1/1/38, (DSnrtM 
Bank Ohil . (bJ UnaTzfiaM«i 


tf ' 
A? ' 

ti 1 



4. ; 





AEO — 

A.tiiuu Venlcli.. 




never. Hypo. ! 



82.8; — 1.7 — | — 

471.6! — 1.5 1 20 ' 1.9 
241-6; — 1 128.001 BB 
140 M)-5 18.76' 6.7 
1—0.5 1 1B.7B 6.7 
lj+2.2 | 28.12! 5.0 
H-t-1 [ IB \ 23 


+ or 


June 12 




Aaahi Ol-M 



+ 3 

+ 0 








Commerzbank..... Z21.Zxi4+-0^ j 17 I 7.7 
GumGummi...„..i 76 +0.4 1 — . — 

Daimler Bens. 303.BI-2.3 j 28.12’ 4.6 

Deg'iBu .J 260(4+2.5 17 • 3.3 

Demag } 156 j-0.5 | 14 I 4.5 

Deutacbe Beck.... 1 298.3 ali+O.B , 28.12 4.7 
Ureadner ikmk_. • 239^-0.9 | 26.12; 5.9 

166 I : 9.38, Z.B 


Uyckerhotf ZemtJ 


Hap&e Lloyd ] 

Harpener I 



Horten .... 




Jons 12 

Amt. f 

—Z 1 ' 

Del Nippon Print 

FuJ Photo.™™ 


Honda Hoion.— J 580 

rionae Rood 1,130 

G. Itoh. [ 221 

Ho-Yokado !UR 


+ 18 | 26 
+ 10 > 20 

liarual ISIeca. Pw- 




294.0 I 9 | 3.1 

laiBri 18.75 7.1 

j 46.11-0.2 I 4 I 4.3 
j 133.7' — 0.8 | 9.36| 3-5 
Kail mxi Sail ( 138.5al'„...._. 9 | BJi 

i»+o.a , 

) mi— 0.9 i 

j I-.-..-.; ».ao x.a ; Aubota.^. — — J 279 

I 1+0.5! 12 | 3-0 -hyofo-Cemmici 14.150 

| : 13 ' 5.2 i Hattuhbita lnti„| 743 

Mltoabiabi Bank. 

iliiniMsbi Hesvrl 

tfltMibhbJ i 

MltKUi & I 

Nippon Denso — !l,440 

AGMLL (2b cent). 

Acrow Australia. 

Allied Ung-Tnlg. Ends fU 

.Ampoi Kxptotat t d o — J 

Ampoi Hrtiolinn.'.:.. 

Asmc. Jltnerslr 

Assoc. Fuip Pkp » a it J 

Assoc. Ooa.Irrimtriea^-J 

Amt. PoiandaUon lirrost— 



Ansi. Of AGa«. 

Bamboo Creak Gold. 

uiueMenu Ind.. 

Uarlteo United Brewery. 
0. J. Coles 



. June 12 









Umd 0ha»b, 


11 ' 



EiUditheawn w +, 





+ 1.B 





CSR (SI). 

KiMwIi J 315.5 — 25.44 3.7 

Hauftai't ..J 219 18' 72, 43 

Kioekner DM 100 J 94^,-O.S . 

KHO J 178.5 -*■ 1 18-76 5.3 

IvniL'p^...^.^,.^.! 91 ! — 2 | 

Unde I 241 ;-2 ; 16 [ 3.3 

Lmenbrnu I00.... , l 1 450»d 25 . 0.8 f ihlseido 

Liu barns i 111 i-0.5 9.36 4 J : ^ . 

y-'-' - ] _M>-8 : W ' 3.2 ! tbS&SSSd 

Hanne mann.„...l 157.5 17.18, 5.4 

Melange- j 230 1-4.8 ■ 10 3.3 

18 1.7 

AlpiNX) tihlnpan-l 

1 Nlseua Mutort_..‘ 


_ ; _ , wnyo Hlectric— 
dutiful Prefab — 

■ UK. 

Cons. Goldfields A 

Conta fn ar (51) — 

i-'pn riee IMnrin te , 

Costs In Australia 


















j+BJB j 

| asm 

Munchener HnekJ 537 ! + 2 

'e.-Leni is on ■ 128. 5: el 

119 !-l 
258.5 + 3.5 

freiu-^t Dll HXLj- 

itUemU'en Jiiect. 


■it men, 

5u.i tucker — 

tii.r-reii A .0. ...... | 

'"arts — .j 

' Kb A 

l eremsAWeat Bt 

I'oliiswa^en — 

117.3J-0.7 [17.18 7.3 

• Ujln 1 121 

tnklo Marine [ 496 

. _ _ ioliioKie«iPow'i]l,t30 
25 i 6.6 1 eanyo......j 314 

28.12! 5.2 | Lvbro3hibaura...| 145 
16 1 2.8 ! lorav.............— J 147 

2 2fiJ6! 6.5' iwnm Motor. 

995 :-5 

Sonne KUdco Securities, Tokyo 

172.6' 1 14 4.1 

107.6- : 12 5.5 I 

IffifcKii 2» ! I;J i BBUBBS/UJXEMBOUR6 


June 12 



+ or ! Dir.Tld. 

Ahold (PlJiUI i 

\kJO(Kl2pi • 

Xisem UnkiFIliu 

AM tV iFi.ICD ] 

Viriroteok (F‘2Cit. 


Bok> -Weil 'mIFiOi 
Uurhnu te<len>1e{ 
hiw-i ler ViFi.SJi.- 
b-n n In N . V. UtAiei 
burvCoinTi-t Fl.lOi 
s»l»i BrousnentFluj 
doogoven? iKijjOi, 
Junior D.tFi.lOl/)] 

107.61—1 l *21 3.3 
30.901 — 0.80' — [ — 
365.0'+L5 'A26A 6.6 
86.6|—1 iAa44! 5.1 
74.6 +0.9 ' 23.5; 6.0 

June IS 




Ne-I t 


Hq. Brx. lamb.— 
Hebert -B" 



7B ; 4.4 


J.B.K. Cemenc.— 
OiA-kerli — 




100 i U.2 

Dunlop Bobber <2D 



HLZ- ludii striM 

Gea. Property Trim*...-.— ,| 


1U1 Aunrsils 


I Jones (David) 

Loihani Oil. 

Metals KrpwmtiOQ. 

HIM Hol dings 

Uyer Bmporitzm . w 


Niaboies Interhatioaal — „.| 

Nortb Broken H’ding* I 

uii Sc 
Otter I 
Pioneer I 

ttookilt A Cofmas..^.: 

H-asWab L. 

Southland Mining- 
diAimn Kxpiamtkm™.^.. 

roots du-— 

Watton a— - — 

Weatem: Mining (6 0 


tl.41 '1+8.51 , 
r 12.12 

10.73 f+8.81 1 jrhne 12 
12.25 . 


tL30 1-8.84 

Jane 12 

AaislU OP j 
Osncodo H rsrii — | 


Lojsa Amor. OP, 
Prtjolm ia PP_.. 

Sanaa CrnxOP„ 

OnlpPS J 

Vaie Bio Uo+Pr 

VoL . 

Sourer ZHo de Janeiro i$E, 








Pabnque NaL„^. 18.740 

.a.fcSOra— 10 1177 | 8.0 


91.0;-1.2 1 26 : 5.7 lg*™* 1 
122x1+2 i 80 : 6.6 J HutxAen 

74.0*4' | 26 7.0 Inieroom 

282nl>2 . 27^' 2.0 hLrelwhank 

l 6.4! 

65.0m 94.8, 5.4 ) IVn Hold Ine._l2. 600 

36.0,— 0.2 - 23 j 6.1 ) Hetrotlna^^ 3.t65 

104.6:-1.5 I 14 ! 3.4 ! ioe Gea Banque.. 2.995 
34.4CF-l.80l — I — . Gen Belgique 1.925 

27.0!— 0.4 12 ; 4.4 1 sodim...^ 3.155 

4.8 • » ™,v 8.540 

e.LU. .'+i.10lj_.- 168J30 — 7.3 | 8 4.8 *> - 8,540 —5 IA21U 8., 

mi. Muilerrlxot.j 47.7x4—0.3 1 26 ! 8.0 r ™fttoo Blect— -2,550 170 6.' 

Aaer.ienrKi.lO,... 36.0 -0.B i 12.51 3.5 » K^B — 9SO 1—2 — — 

»!..%«■ In-JPilC- 110.8—0.1 

NedCmi H+FPiJw; 33.2m' 

>e,l liul BLiFi-Dl; 186.0;— 1.3 

la* its. a, : 

feu UmiDeien....| 

I'lltJloed 1 Pi. fcOi.l 
Itiiiipi <Fi. 

IvjL«o.> (Pi o3i i 

i-Vi'luoa (Fi. 

152.01 — 4.0 
42.1-0.7, — 

26.40; — 030,' 17 
85.0-4 I - 

171.01 I.A2S6I 6.6 

131.0—0.4 | — I — 

48 5 j 4i4 | L'n Muu (1/1Q) — I 738 W- 10 | 50 

21 1 7.8 M min® JioningM.ii.aao I— a 1 — 
22 I 6.0 
36 < 4.6 
18 ! 5.3 

_ j 

6.4 j 


June 12 


di: 6 * 5 ” 1 

— .... 122.1 tt + 0.1 ‘ 14 | S.8 j ilHTI? 1 " 1 * 1 - 

itoyeiDutchcFi^Li 127.8 m—0J9 63.75 B.4 , “L * ■ 

■laveneurg, 248.5111+ 1.5 [ 19 | 7.6 1 ^ 

term UrpiPiJOj 127.8m- ! B7j| 4 JS i Do. Kart. Oert.. 82Gx^ 

IV-kj-oKee. H.da-e 112.0ml I 30 0.7 „>» K «W-r L091a»i 

L Di.ovcr (PI. a0i.120.ami_ 42.8 7.1 ainwe— _ 2.17a 

A tEla U Ker.!nt»]i> 41. 0.1 | 20 1.1 Mlectacnantt- — .. 1.710 

Weatbm'du.Bank! 401.0-3 I 33 4.0 timber (Oeerge). _650mJ- 


doSman PtCerv., 76.600] 

I Du. (small) — 17.560 

lncertood B I3.B60 _ 

, lelmeU (Fr. 100) .j 1.416 '—10 
I Nestle (Fr. 100) — |5.405sII + 3 

I Price l + or ; Div. rYld. 
June 12 i Kroner. — i i ‘ S 


l>»n-ke b« a. 
ts-t -V..1SU Go.... 
Kinin Lanbcn.....! 
w. Ututener...! 

rV-r. Pa|,ir^.— < 

Han lie-J.enl j 

U. S’UT iiR.iKrSui! 
,! KsM_.. — J 

i.tueiabnt _.| 

i'ntulsat ......_l 

'i-fili. Ueren,1-en. 


473 J 

16Bl=xr, — 1, 
1 E&Gix.+ la 
357 +1 

76 +1 

124 j 

2671=:— 1= 

188m +s* 

761,;— 3, 
1291= —... 

136 1- : 

3B3 | 

183 ! + ', 

11 8.1 
15 , 3.2 
13 : 9.8 

12 I 7.1 

13 110.3 
12 [ 3.3 

8 < 10.6 
12 . 8.9 
12 [ 4.0 
12 6.4 

I !2 - 

1— 8.5 

" 11 ; 8.1 
I 11 I 3.0 
1 12 . 6.5 


June 12 

Price • — wr 1 Cnv.Yld. 

•_ 'KIMIcdK ...... 


ei»> la 


•tcvr luiniier,...- 
Veit 'l: enroll. . 



398 +2 


192 *3 










Do. Ueg 

Pueili dlP (F.Kk 
miMoe (Pr. 1*0).. 

Do, Parts Cene 
i ■hindlerUtsPlOQj 
inmrLYi fF.100), 
Swissair (Fr. iow 

Striae (Ke. FJaS0).j4, 
Union Usnb. 
duricb Ins... 


June 12 




IkiKSI — 



-13 i — 1 — 
—IB 1 160 0J| 
-0 .160.0.8 

Lto. frlT 



12.350! — 49 ] 200. 

106.25I -5 ! _l _ 
32.940, + 260; I^JB 3.7 
150.26 — 3,/Bl — < J. 
1.030 ‘*1 1 — ; _ 

2,071 1 + 25 i 130 ! 6.3 
970 iS j B0‘ 8J1 
724 -14 | - _ 




Anglo A m eric an Corpn. — Sir 

Charter ConaaBdated t3-45 

Ban DriefUnteln 

Elsbrnu • < x.77 

Barmimv BjfS 

Kinross 6.03 

TO M 8A0 

K m i gn burg FUtbntni ni - L4S 1 

St. H rlan a — tU.SD 

Somhvaal 7 J9 

Cold Fields SA 2IA0 

Union Corporation ^ 4^5 

Me Baers Deferred 6.00 

Biyvoonrtlrieht . . .._ u J3.60 

East Hand Pty. 3.00 

Tree State Ceduld {S3. 73 

President Brand icas 

President Stern tua 

Stflfonteta — 3_ggi 

WelKom : fug 

West Drteftmefa] . 37J3 

Western Holdings HiUH „ 129 jo 
| Western Deep 13 35 


AECT 3.70 

Antdo-isnr. Industrial _ ojo 

Bortov Rand 3 ^ 

Currie Finance 947 

De Beers Industrial 79.35 

Edgars Consolidated Inv. 2.63 

Edgars Stores rUM 

EvarReadF SA L70 

Federate VoBcsbeleggtnKS , L3 

Greatennans Stores 3J9 

Guardian Assurance fSA) ljjs 

HuletM — . 2.00 




McCarthy Rod way 


OK Bazaars 

Premier Arming 

Pretoria Cement 

Protea HabUngs 

Rand Mines Properties .» 
Rembrandt Group ....a 

Re tea 1M 

Saga Holding, ■ 


S. G. Smlili ftipr ' 

SA Braveries '7 .'"' 1.29 

User Oats and Kn£L iwi g, 9 43 



+ 0.04 

+0 08 















Securities Hand SU.SJ 1 . 73 . 
f Discount of 3fL5%^ 

)9.19Gm' + 5 
,2.670 j— ZO 
279 Ul 
3.780 ,+S 
470 io! — 4 ] 

295 I 

5600} — 12 


Kkgerwa — 

Ootagfs (Ttai 

Marabou —I 

MoOeb Donuto.4 

|*UJdril( AJI J 

‘V KrtZj 
a Lain) BuBkHda.,.! 
rVuMhmb *B' Eri£< 

LMdehoUn : • 

VoIrO (Kr. O0L...J 

100 ; 


B44 J— 3 I 5.75; 1 2A 
62a +a - I 4.5 1 7.3 
«a +b . 8:!aM 

71 *8 I 6 [ 7.0 
50.5- +0.5 ’u- ~' 

6 8.8 


,nM » Per cent 

Asland im 4, • 

Banco Bilbao _ y 

Banco AUantto o aj»> 23* ^ 

Banco nwntroi 

Banco Exterior ____ u* 

Banco Popular 

Banco. Santander (250) . ni _ 

Bpnco UrtndJo CL000) * 

Banco Vfateaya . .. >u 

Banco Zangnuo . =q, ™" 

Buftanbm S 

Banns Antialne ia an 

Babc ock WMaa 29 

DrsKafloa — 

Tnmnfcnrrtf ________ S 

H. L Aragoimsaa - «■ __ 

KepanoU Zinc . . in . 

^* pL W-73 - U 

(1,000) . — . . 35.75 + ojj 

IS _ 

iS + J 

SS-? + 17 » 

iS 5 +BJ 

Papateras SauUg* _ •* 

PsupUber it» . 

Pmptaw 2 ti c 

Santo- Papalara bi r . . 

Sntece 5^* If' 2 * 

So gWlaa uc _ 

Telefoalcs — ggj -. a u ; 

Torres Hostencfr .99 _ ? . 


fe* 4 

,5 ;. 

7 ‘ \ A 



Fenoaa (1.MB) 

CaL Predados 

Grupo. Yelaqnas (4S0) 



- 3 

— Z 

— 3 

— S 



— j Gnura Elec. ” ."„!!.’!.!!!. 79.TS 

+ 0.73. 

■ 2$ 
• . ■ > : i 

... -j'-' •• • 



cocoa price 



ACCRA, -June 22. 
QIAN A AND the Ivory Coast 
««?«» to secure a realistic 
•'•••• P r i« for c °coa, reflecting market 
•trends, production posts and the 
_ phasing power of the produc 
gig countries. ■ - H WUUL 

>Ss \ £ communique sign e{ j at jj,* 

Mr 3 ° n | V ‘ Slt 

- ' t ' D ? n » Bra^Kaoon. the 

■-. Ivory Coast's Minister of AgricuK 
'x ti^e.-also said the' "two' countries 
>wouJd collaborate with 

MiSn- v f the Cocoa Soducer' 
AJHance to ensure that the short 
commgs i n the 1975 fat 

^ agreement were remedied .* 
in London. meanwhile talk? 
> N hav e started on a possible r£. 

^ 0f the 1975 W 

^ a J}?naJ Cocoa Agreement. An i 

■ % m i e s U hf; pr ^ ,0 “‘ new 

“*»■»« I 

“ ■“«* “ 
A producer proposal is alsn 

- ? Tpe '5u ted . tQ be forward stat 
'ving the inadequacies of the cur- 

s ?r een “*- nt a °d' suceesfing 
^alternatives based on either -ex 
.. . port quotas supported bv a buf. 

fer stock or a buffer stock alone. 
-— ** renegotiation, of the current 

i .'cocoa : pact -/as agreed a full 
conference would be held in 
s Geneva early next year, dele- 
_ -pales said. 

■ • \ n Accra the Ghana Cocoa 
Marketing Board said it had 
bought 2.540 tonnes of the 197S 
mid-rrop cocoa. 

— w. -Put it did- not give the pre- 
'rtse date of the start of the 

Last year the mid-crop season 
-stoned -on June 17 hut the first 
" ren 11 -^ iocomorated the first two 
wenkq of the season at 1.173 

Neuter _ : __ 


CAPPER PASS. UK tin smelter, 
confirmed last night- that it was 
unable to meet, its contracted 
supply commitments because of 
an Industrial dispute.' 

The company; which is a sub- 
sidiary of the Rio Tiato Zinc 
group, 1 declared - force majeure 
on an its Qn'Sales "contracts with 
immediate effect* and warned 
that- it' was unlikely to be ab/e 
to restart 'regular deliveries for 
the next four weeks "due to the 
nature of our processes." 

It said ’the works bad -closed. 
It is .understood _ this 
happens there" are cansj'derabie 
difficulties in restarting the fur- 
naces. ... ..... 

Capper Pass is the sole UK tin 
smelting company, although 
Williams Harvey, which ' went 
into, liquidation some years ago, 
is reported to be still producing 
same tin. Nevertheless Capper 
Pass., based In .Hull, ^processes 
the bulk of .tin mined in Corn- 
wall as well as imported concen- 
trates, primarily -from -Bolivia. 

According to the World 
Bureau of eMtal Statistics. UK 
production of refined primary 
and secondary tin totalled more 
than 12.000 tonnes in 1976 and 
11.500 tonnes in the first 10 
months of last year. 

News of the force majeure 
helped steady tin prices in l.iie 
trading on the London Metal 
Exchange yesterday. The market 
had initially been depressed by 
the decline In copper prices and 
a bigger-ttaan-cspected rise in 
LME no warehouse stocks, up bv 
445 tonnes to a total of 2.2R0 

Capper Pass Is an important 
supplier of tin to the LME, with 
740 tonnes currently at Hull 

As a result, there is more 
likely in be pressure on the cash 
price. which yesterday lost £15 
to £6.700 a tonne, but moved to 
an fS5 premium over the three- 
mnnths quotation. 

Copper led a general decline 
in other base metals. A fall of 

5.000 tonnes Id stocks, reducing 
total holdings in LME ware- 
houses to 524.600 tonnes, was in 
line with market expectations 
and therefore had little impact on 
prices. But lack nf demand, and 

stop-loss selling as well as specu- 
lative profit-inking pushed cash 
wi rebars down by £14.75 to £735 1 
a tonne. 

Lead and zinc values both 
ended lower. Lead stocks rose 
by 1.125 tonnes to a total of 
58.100 tonnes, and zinc hy 600 
to 64.425 tonnes. 

Electrolytic Zinc America, a 
subsidiary of the Australian 
group, said it was raising its 
domestic- U.5. price by 2 cents 
to “1 cents a pound. This is in 
line with recent increases an- 
nounced by O.S. producers, but 
mnrires the move by National 
Zinc to rescind its price move 
to 31 cents because it claims 
other companies are not charg- 
ing the higher prices. 

LME silver holdings fell by 

50.000 to 17.600,000 minces. 

culling plan rejected 

. fhit by new 
rice disease 

. . . MANILA, June 12. 
•."i A NEW rice disease is threaten- 
"'‘.‘.OS the" Philippines’ rich rice- 
lands iiuthe Cagayan Valley, 250 
. ,-js ties north of here. 

>. ’'Infectious gall disease, which 
'..i$ believed to be of viral origin, 
• v«‘ transmitted by the brown 
pJsntbopper -to rice seedlings 
•-.-‘causing outgrowths which result 
. . '.'JP stunting, empty grains. 
-7 ■abnormal, branching and pro- 
7-L.‘--iiounced localised swelling on 
the leaf sheaths. 

Government farm management 
""*• technologists, r. and-- extension 
workers in the area have been 
. . alerted to the possibility of a 
•, -general outbreak. " Other rice 
_• growing areas of the country 
, " have, also been warned of the 



turned down formal pleas from 
the National Farmers’ Union, 
egg packers -and chick 
hatcheries to start killing sur- 
plus laying hens. A glut of eggs 
is threatening the market and 
the industry wants to limit its 
impact on prices by cutting 
supplies- at -the source.----- 
The authority, the industry's 
advisory organisation. had 
wame d three times since last 
November that expansion of lay. 
mg flocks was being over-done. 
Now it says introducing a hen 

culling scheme would be pre- 

It is willing to prepare a 
slaughter campaign “ should the 
situation deteriorate in the 
coming weeks," and has asked 
for preparatory talks with the 
Ministry of Agriculture and 
industry organisations. 

One leading hatchery owner 
said yesterday the British laying 
flock should he cut by five per 
cent. This would involve the 
slaughter of 2.5rn hens out of a 
national total of 50m. 

Mr. Denis Cummings, chief 

‘Bully’ Silkin attacked 


MR. JOHN SILKIN, the Minister 
of Agriculture, and Mr. ‘John 
Morris, the Secretary of .State .for 
Wales, have been denounced as 
“bullies” by a Conservative 
spokesman, over the issue of re- 
conciliation between the National 
Farmers' Union of England and 
-Wales -(NEUj . and -ihe .Fanners'. 
Union of Wales (FUW). 7 
The denunciation : came from 
Mr. NicTToTas' "Edwards, "the 
shadow- Secretary of State for 
Wales, during the Welsh- Con- 
servatives conference in/JJan- 
dudno at the weekend. . > • 

Mr. Edwards accused the two 
Ministers of "staggering insensi- 
tivity" by threatening effectively 
to force the two unions to sit 
around the same table for 
Ministry consultations. 

The NFU is. so far. continuing 
a boycott policy towards joint 
meetings with the FUW, which 
began as an NFU break-away 
body 22 years' ago. 

Mr. Silkin and Mr. Morris have 
warned they are not prepared to 
put up with separate consulta- 
tions indefinitely. 

executive of the Eggs Authority, 
thought the removal of 5O0.000 
surplus old hens would restore 
balance to the market. 

Officials at the NFU also 
favoured the lower estimate but 
said they were disappointed that 
the authority had not taken 
action. They warned that there 
was no benefit to anyone in a 
glut of eggs. 

Shop prices might come down, 
but over-supply could lead to 
delays in selling and the appear- 
ance of eggs two to three weeks 
old m the shops. 

Mr Cummings also warned that 
the introduction of hen culling 
now could hit the trade in meat 
for the soup and processed pro- 
ducts market. He suggested that 
food manufacturers might con- 
sider buying more old hens and 
accelerating the normal removal 
of this meat from the market. 

Surplus .layers were selling to 
the industry for 5p to Sp a 
pound compared with 12p a 
pound six months ago and I7p 
a year ago. Although stocks were 
high there was a case for 
freezing even more for future 


Surplus hens killed en masse 
would probably go to the ferti- 
liser or glue factories, earning 
farmers about lp a pound. 

Any decision on dealing with 
the egg surplus seems likely to 
depend on the behaviour of the 
market elsewhere in the EEC. 

COFFEE PRICES fell again on 
fbe London futures market 
yesterday as fears of serious 
Brazilian frost damage re- 
ceded. September delivery 
coffee ended the day £gu,5 
lower at fl.WRfi -a tonne after 
slipping to £1,670 at one stage. 

The Brazilian weather office 
lifted Its frosi warning for 

southern Brazil nn Sunday and 
forecast a period of milder 
weather. Minimum overnight 

temperatures | n the north 
Parana coffee areas were well 
above freezing at about ten 
degrees centigrade. 

But the danger has still not 
entirely passed. Heather office 
sources said fhere was another 
cold front over southern 
Argentina moiing rapidly 
towards Brazil, ii was not 
possible 10 say rf or when the 
cold air would reach the coffee 

The Sao Paulo Agriculture 
Federation meanwhile forecast 
that the stales 137B/7R coffee 
crop would be only 5.6m hags 
(60 kilos each). :Ui per cent 
below a recent Brazilian Coffee 
Institute estimate. 

Our Nairobi correspondent 
reports: Mr. -Hwai Kihaki. 
Kenya's finance and planning 
minister, said today that the 
Kenya coffee crop this year 
had been "a total disaster" 

limited flowering and the ton- 
nage produced would be about 
30 per cent down on ia>t year's 
production, a record 97.066 

But the rains had a very 
beneficial effect on other agri- 
cultural products, such as tea. 

Mr. Kibafci said: “ Toffee 
prices are likely to be dicey 
this year, but if they maintain 
an average of £1.500 a ton we 
won't be terribly miserable.'’ 

In 1377 the earnings of 
coffee producers doubled and 
those of tea producers tripled, 
compared with 1976. Produ- 
cers of sugar, milk and maize 
also had a good y ear but wheat 
pyreUmun and sisal were 


North Indian teas were a little 
cheaper at yesterday’s London 
auction, reflecting the usual end- 
of-season decline in quality. 
South Indian prices were steady 
and quality teas from Sri Lanka 
were in good demand. 

The market was generally 
quieter than in recent weeks 
with the average price for 
quality tea declining 4p to L36p 
a kilo and that of plain tea 2p 
to S0p. : Medium quality tea was 
unchanged on average at 125p a 

THE SATURATION lobbying of 
Common Market politicians by 
antipodean ministers continues 
this week with the start of yef 
another European tour by Mr. 
Brian Taihoys. right-hand man to 
Mr. Robert Muldoon. the New 
Zealand Prime Minister. 

Mr. Talboys. who follows on 
the heels of the hapless 
Australian negotiator Mr. Victor 
Garland, who was sent packing 
Iasi weekend by an unreceptive 
Community, hopes to ensure that 
whatever the Nine do while 
sorting out their problems over 
free trade in sheep within their 
own frontiers, they offer no 
threat to his country’s vital 
exports of lamb to Britain. 

He does not react well to any 
suggestion that now might not 
be a good time to restart nego- 
tiations. The cursory treatment 
afforded to Australian attempts 
to regain access to Europe for 
food exports does nnt deter him. 

, "The time to come and nego- 
'ciate is when the Council of 
'Ministers starts to talk." he 
said. The EEC Commission's 
latest proposals for Community 
regime governing marketing of 
lamb are due to be discussed by 
the Agriculture Ministers next 

Mr. Taihoys. a “ portmanteau " 
minister who is responsible for 
foreign affairs and for overseas 
trade and who acts as deputy 
premier. seems intent on 
developing the doubts about the 
proposed “common market" in 
lamb already present in the 
minds of EEC .Ministers. 

While accepting that free trade 
inside the EEC is “inevitable,” 
he does not suhscrihe to the 
notion that a fuJl-scale regu- 
lation is needed for a commodity 
which accounts for only 3 per 
cent of EEC meat consumption. 

He is mistrustful of those who 


have attempted to dispel his 
fears with claims that only a 
‘‘light” regulation is suggested— 
no intervention buying, not even 
a target price. 

That, he points out was how 
the Common Market's cumber- 
some and restrictive beef regime 

"I see the regulation as pro- 
posed in the light of what 
happened to beef. And that is 
why we are concerned. Once the 

AT A meeting yesterday 
afternoon Mr. John Silkin, 
the British Minister of Agri- 
culture. told Mr. Talboys that 
the UK was not seeking a 
common sheepmeat regime. 
But If it was decided that a 
regime was legally necessary 
the Commission's new propo- 
sals might form a suitable 
basis for negotiation, 

Mr. Silkin also assured Mr. 
Taihoys that New Zealand 
would retain its present access 
to the UK market 

regulation is there it will 

become a threat because it can 
be changed and amended by the 
Council of Ministers." 

The sheep industry is one of 
ihe mainstays of the New Zea- 
land economy. l»s exports last 
year of meat, wool, tallow. live- 
stock and the resl were worth 
£720m. accounting For almost 40 
per cent of the country’s exports, 
and equivalent to 10 per cent 
of the New Zealand gross 
national product. 

About £130ui of the income 
was earned on sales of Iamb and 
mutton to the EEC. which im- 
ports 70 per cent of New Zea- 
land's lamb exports and 10 per 
cent of its mutton exports. 

With so much at stake the 

New Zealanders are right to be 
fearful. Any common policy 
attempting to merge the high- 
price market in France with the 
low-price trade in Britain will 
lead to rapid and heavy increases 
in retail prices in Britain. 

Those who argue that French 
fanners’ insistence on top-whack 
market prices for what they 
‘ vnew as a luxury meat can be 
tempered hy subsidies or com- 
pensatory amounts are wrong, at 
best misguided. 

Mr. Talboys has already won 
the unconditional backing of the 
consumers' groups in Britain. 
Now he has to sway Mr. John 
Silkin. renowned at home more 
a< the consumers' champion than 
Minister of Agriculture and in- 
cidentally as something of a hero 
among New Zealand farmers. 

Mr. Silkin evidently has not 
yet made up his mind about 
tactics. His Ministry has already 
succeeded in putting off any sulv 
manual talks on muttun For the 
past three years, and with meat 
price inflation in Britain already 
running we)J above overall rates 
this year. He may be counted 
on not to agree to anything 
which may damage counter-infla- 
tion policies hefore the election. 

The New Zealand Minister also 
has a potentially fertile Furrow 
to plough in Europe. 

Since only Britain and France 
produce sheep on any scale, with 
Ireland a lowly third. Mr. Tal- 
boys might argue that some form 
of trilateral pact could be worked 
out and consecraied by the Coun- 
cil of Ministers in the name of 
the Treaty of Rome. 

Such a simple solution is 
unlikely, but Mr. Taihoys* 
fundamental argument that a 
regulation is unnecessary and 
could be costly to all concerned 
might find favour among the 
pfennig-pinching Germans. 

Wheat pact settlement ‘urgent 

THE SUCCESSFUL conclusion of 
negotiations for a new Inter- 
national Wheat Agreement is an 
urgent priority, according to a 
draft declaration to be con 
sidered at ibe World Food Coun- 
cil meeting starting her today. 

The drafi calls on the Govern- 
ments involved to ensure that a 
new agreement includes reserves 
adequate to provide food 
security and reasonable price 

About 25 Ministers are ex- 

pected to attend the meeting, 
including Mr. Bob Bergland, the 
U.S. Agriculture Secretary, and 
Mr. Paul Dalsager tbe Danish 
Agriculture Minister, represent- 
ing the EEC. 

In Rouen, France, a meeting 
of the EEC feed and cereals 
committee heard that the wheat 
agreement negotiations seemed 
likely to end successfully. Exist 
ing differences were by no means 
insoluble. Mr. Michael Johnston, 
trade policy co-ordinator of tbe 

MEXICO CITY. June 12. ' 

UK Grain and Feed Trade Asso- 
ciation, said. 

He told the meeting the 
immediate task was to see 
whether prospects were good 
enough to call a plenary meet- 
ing of the International Wheat 
Council in September. ; 

Mr. Johnston said he saw no 
reason why present mechanisms 
used hy some countries to build 
stocks and stabilise the market 
could not be continued under 
the new agreement. 


• , 

RACE IVffFTAT € - • weculattve UqmWatfon. - iSliort covwtnis eloped and this trend was fui 
unaij lULilALO taw the price rally, tn £739 In U» boasted as new*- of a force mat 

RACE 14tfPTAT € - • weculattve UqnMatfon. - tShon covering eloped and this trend was further rnTflA Jn h f S' 

UrtjLi X c xs- O taw the price rally, w £739 In Um boasted as news' of a force majeure vULUA June-July 81.50 Glass 

- . - COPPER — Lost . ground on the London ?f» era “2?, rt*** ^ fresh selUnc ten deriaranon bv Capper Pass winch Tradtne was thin and the m artel ,hr *e unowned. 

Exchange. Forward (octal opened J* atj £734- on the late -herb. The further prompted a iw to fn,6M Pnor to * remained sloadv throughout an inactive Barley: Unquoted, 
eerier at reflecting the downturn warehouse »oc*s bad boon widely rinse „pn ^ihe late herb nf £8.670. The day. reports Gill end DufTus. MARK LANE— The 

■ on Cornex on Friday and then fell back mwcla! and had littk effect on market force majeure news also widened the as is usual for this 

: senUmetiL Turnover 79.000 tonnes. backwardation to around £100. Turnover .Y'emteirUyV + or Business ilillc interest to tradi 

— •jT7; P j — Sljr" — Amalgamated Metal Trading reported tonne*. CuCt'A | Close | — Done Burners or merchants. 

•TOPPER qV"- [T™ Unofficial — lhw “ rte monitoR cash wirebars _ 1 Milling wheat deUve 

. . .. , wncim | — mtomcjai — tra-fd a t £7S9 J. 39, . three - months 1759, j — «5iT ii, or. - p.m. — )t-H»r N''-oc"tnir , r June 105 0 " July 106. 

WpEKj „£*■, j+_“1 „£Sv. I*: 


60. Cathodes., three months £ 733 . 5 . £ 753 . 


a. m. 


p.m. |t+or 
Cnnfltewi, — 

Htg-h . Grade £ 


£ I £ 

3 nuntba. 

6620 40i—26 

662040 —25 



— 26 

■ [ 


6690 700 



3 moDLbs. 


f— 20 




. ! 

SfivilW K.. 


+ 11 

— | 

Kw York! 


July 81.50 Glasgow. South African Yellow rious In brackets. While: 26.31 team*). 

June-July 81.50 Glasgow sellers: Kenya Raw: 2175 i2l 63*. Pttce* per tonna unless otherwise 

grade ihree unwanted. Th* rales for raws are for basis 82 stated. 

Barley: Unquoted. otr cent. _ 

MARK LANE— The market was slow. _ j I 

as is usual Tor this time or year, with WOO! FI ITT IRES J one 12| +-or i Month 

Uillc interest to trade shown from con- rlUUL rDILiuO i«s — j src. 

Burners or merchants. Nominal values: LONG OH— The market was dull and ; { i 

Milling wheat delivered London area, feamrelrss. Bache Halsey Smart re- — — — — ; — — i 

June 105 on. July 106.00, new crop Sept, ported. I i 

Jane 12| -f-or i Month 
lib — ; igo 

cents per pound i — Daily price Jane B: 

The UK monetary coefficient for the 

opening of Comer which attracted heavy £9.630 and then falling to £0.590. At this “ • ' 1 5-day average 114.06 

stop-loss *' selling, chartist selling and levoL however, some good buying dev- Homing: Standard, cash £6.710. three average 126.51 • 137210 1 . 
.— r— -- — - — -f months *8.560, 95, 90. £6.600, fa,.»S0. 

'U.-JJI. maicaiar prices June u: unc i,ani!L-d 

22 - da5 ' HOcX-Exrann spec price* 

J.G. Index Limited 01-351 3465. Three Month Tin 65904 

.... 29 Lament Boad. London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. . The commodity futures market for the smaller investor. 

£6,610. High Grade, cash £6,730. Kerb: r’/lCETC 
- — " ■* Standard, throe months resso. 50. VUrrLC 

Three Month Tin 6590*645 Jmk taM Rabus,as «rtier long 

IS. J «Vn ' iV liquidation Prompted a decline, Dr«el 

dBI * lbn * mwl0a Um - ,a ' Burnham Lambert reports. Values 

wee* ro June 2. Ollier milling wheal: 
Eastern GW Sfl E. Midlands £99.10. N. 

An-<f rxtfiwi Vevten('.r«(-f- Ort 
GiracyW-'-nl I'luac ; — 1 





— 2.Q 1 - 

O , ■>.•)' er 


+ 1.5. 


hti-cniwr .. 






+ O.o 



+ 0.5; 








L-.---Olil.irt .. 



Sales: nil mill lorn of 1.500 ks. 

PRICE changes NZ to attack 

■““* dairy trade 

-i&is-s*'.' f™ ^1 f.r ! Monel, protectionism 

! ! By Dai Hayward 

j WELLINGTON; June 12. 

Mauds , A STRONG call for the inter- 

Aluminium. »•• | national dairy industry to fisiil 

Free markn tem> >1.020/3 j $S8a 000 -„ P :_ ll i, 11 _i 

iVuiwrcMh w.b»t**: 7 Hp L-te. 75 .Lc 99.75 agricultural protectionism and 

a mrmt.iw do. «io. e?s6.7s!-i4 i 'nB.73 excessive consumer prices will be 

Cn«h caifewfe e727.5 i — 16 >‘■'691 made by Mr. A. L. Friis, the 

> months do. .in. K479.7a— 15 lt/09.75 fhairm-in nf thn Nnw 7n aland 

Gold Troy or. 5181. 375-— 0 25..- 1V5 575 ^ a “ irra ^ n -^ ew Zealand 

Lead Cnsta.... £3oa.7Bi - 2 7i s. 29 5.25 Dairy Board, at the International 

A mouths C318.5 !-3.25jt304.25 Dairy Federation congress in 

b-Ti77h' f c, b'c Paris this month. 

F “ '" rl * ** ,t " *1:12 “i” Mr. Friis will ask for consider- 

, . ation of the Jong term hazards to 

platinum mw os.. £i35.o .ciao.s consumers of excessive agricui- 

Meuris [ 

Aluminium.... ...... J£B80 ;fc'6BO 

LEAD — Lower In quiet iradinc. For ■ meandered in a light range throughout 

Values UK £97.00. Fend barley: S. East EUzixdL 35S.0. ml: May 36i,S, 381.9, nil: July Tin Owh *.6,700 j — IS 'slb.375 dairy markets. 

lUghout S. WfW 34.10, Ete Stern JS3.10. E. Mid 3M.0. 365 0. 3M.n. 5; Oct OTT O. 36S.P. ' ,i,r.ntn~.. — 416,615 — ca Il Jtl- 

His call is likely to be made 


FLOATING RATE NOTES 1980 $US 25,000,000 

The interest rate applicable to the above loan In respect of 
six months’ period of 185 days commencing. 9th June 1978 has 
been fixed at 

8.75% ... 

so that accordingly the interest payable in respect of such 
period (calculated on the basis of a year of 360 days for the 
actual number of days elapsed) will be made on 11th December 
at SUS 44.8652 per coupon. 

The Fiscal Agent 

Basque de Paris et des Pays-Bas 
pour le Grand-Duche de Luxembourg 


Skilled technical analysis of market trends helps to ^ ■ 

ensure the best trad ing decisions. Our weekly reports gggl 
contain over 70 NEW charts with full technical analysis 
covering U.S. markets and all London futures. Both VauJotk 

Metals and Soft Commodity reports (£55 and £72pa) 
arepublished after UJS. markets Friday close. J-JgraSSh 

Send fbrdefails and FREE trral to: ' ... 


^tS/49 FISH ST HILL EC3R 6BYTd:Of-2S3 229B Tetec 887954 . 

Have you ever wondered * . .. 

how sane pecfJe oantistaTti^ make money 61 fte 

r^it broker — skiifiil, weMoomd, ernplq*igthevay 
latest andjisistechriqucs-- and with an ada&fcbatfoa 

Send for our free hutdbtt&'Vftty Presort CommoitiBsT' 
or tefephone&mon Bto&esn on01-2*J2 2142to anange 
to coroe and meet us* 

Prescot Commodities Ltd 

6 Bloomsbury.Square’WClA 2LP. 

Please sard me your free handfcraok. 

ertng, however, and ihc price picked 
np to £238 in the mom ins rints before 
pasing back. Jn the afternoon to close 
at EH7.5 on the Lace kerb. Turnover 
2,535 unites. 

erin*, however, and the Price picked ^YW,eniifv\i ~ UK forward prices: August, feed wheal Improvemem in rops business Iasi week. PnMucer* I a 656-600 j t -550-609 Commissioner. 

np to £218 in the mom Irw riots before iw 4- nr K - 2 -* RS t 82 - 30 - barley 2.934 and an Increase in QUOlailons in an ^ . 

basing hack. Jn ihe aftenioon io dose COFFfiK . _ __ f T_ tonnes £7«.:n. <&*pl. reed wheat K, 3J93 aitempi m hnnR Them nearer lo replace- J?" . (Ph . n . 61(1 

at £3l7Ji on the lace kerb. Turnover £ wr ronne , «* n “ ^ ^ barley l.OM tonnes tnem cosis. order books for lopmakers i;rounilnu \. ' JS52 Pvnrill 

2,535 wnites. \ 1 la fl !. WM are noi full enough io ensure acUvlty -,!T? ^yiirU' 

— 1-777 1777 Tfi R TAic nn B EC LEVIES— in units tf account a very far ahead. The markei is firm. 

■+ or p.m- j+tnr | i2Z|'iZZ2 JSit'iaSS ,,>nn? - eiTc.-rive loday. in order currenr though hener prices are oblained only e m Malayan...... B58oA -5.0 >590 oVnAr^l 

tXAD OfflrW - CoofiiciAl - "J*™* •• / ?S3'J?23 '3?^ f **** Au». and Sept. PramKmw. wHb difficujiy. . C A DO II 

■ -- ' >'.'V«*tnner.-[ Ibi:U lo^+-7Z.b I 10^5- 16 lb ***•*. nn'ViDu^ In bparlr»bfq r Am( . nil _ 1 |C^ v “ 

£ | £ £ : £ JKnunry ) 1558-1 56D -66sll 1 1570 1S4S wheal ST.T*. nil, n||. rji irras mi nil IkMT* k •T' / A TOf TTC ) CyprUS SpHT 

J09.r5-.75 1 SOB. 5 9 *-2.75 **** ^ flSS fjBD "fi 5 0 I lSftS ^ ° urum n»l nU. nff MEAT/ VEGETABLES fSS?' --5V SftS exports th£ V 

- K S 5la - 25 - 75 r S ' 26 jX i i44q'i 469 lan'b IJIo tf - "I 1 - nl ‘ n "- SMITHNELD .Prices in pence a pound) *■*«■»■■■■ fZ82ir +0-5 «SB P ^ 

aMt' 309.75^.25 - j Jul * IWMB-IU 1«D ml. mb. Bariey-82.78. ml. ml, nil .74.50. -Beef: Scoiilsh IriUed sides 54.0 to 5T.0: , I , .Ji.i, i- 

tf.g.^por . — ! 31-33 I L_ — 1 nil. ml. 1.11'. Oats--J8.63. nil. nil.- nil Eire hlndauariers TO.n io 74.0. fore- Groins I I P3reu Wliil h 

Sales: :.S65 i4.9r.0i lots of 5 tonnes. isame-. Maiae (ether than hybrid for Quarters 33.0 io S5.0. Veal: English f 3 r« linrlev BKU r ! : year, according 

Morning: Cash £300, £309.5, three jeo Indicator prices lor Jo no 9 iU.S. snoBing V— 7C 19. nil, nil. r»J (“6.99. 8.33, 70.0 lo 76 0: Dnicb hlndj and cods SS.O H-em- Kuiurea._Jj>82.a 0.& ;i - 79.B5 Cvorus Potato 

raouhs £316-5, 17, J7.5, 18i 38.5. 18,73. 19. corns per pound): Columbian Ml'd O-™- n,, ‘ Buckwheat— AH nil. Millet— to 92.0. Lamb: Enclish small new Mhi«- I w:*k ,hirm 

Mro: Three months £319. 18. 17.5. A/tcp Arabicas 197.00 ■ 198. Mi; unwashed 82.94. ml. ml nil isaiuei. Crain Sorghum season M.O io 640 nn-ilium 50.0 io 66 0. Fr ncli No. i AmtelOH — Q5'«;I06.5 tvjtn sniprti 

m>on: Three months 1316.5. Kerb: Three ArafUcas JSS.flfl ' (same.: other mild —S3 97. nil ml. nil Hornet. Fluor: Wheat imported frozen; NZ PL 51.5 io 52 0. PAf Wheat ! ' i end. the ofllci 

month* £318, 18.5. 17J. Arabicas 173.67 t!74.67i; Eobostas 15S.50 «r wfcea * ftjm— 134.75 UXI.Sl*. 50.5 to 51.0. Pork: English, less than No- l lied Spmu: £96.26 —0.5 l£94.B the prndUOe — r 

X I H t i -a ilnfWlv lower mrinc To the 'IM.OO): Daily average 166.09 H67.34». Rye-127.46 ■L.4.CT1. IMlb 35 0 Io 43.0. 100-120ib 36.0 io 42.0. NuUHirl WliueH ; ; HmnPS wsc a 

SU ti b rr^ lng .^ nSS^SSS. D?«ei "“Snta SOYABEAN MEAL ^ ’S’Si f««iock tw^pVnS;; -*-hh smaller pt 

ttrouni on the pre-market ta touch £522 Lambert reports. prm* at nieitmumc markets in the luturv,j>ejit..„„. 1 1,635.6; — 1.5 u'l.BSB Arab count r 

before 1 recovering modestly to dose ai Prices un order, buyer, seller, business) The markei opened 70p down refiecilnR week to June 10. GB— Cuttle U9.S4p a vt.iteei-uuire. | (iprni3nv. 

£326 on - the late kerb. Turnover 1,673 -June 19S.00-97.50. 203.00-M.50: flu*. Overnlghi . nucaffo levels, reports SNW bb.I.w. <-1u3.i. UK-Slieep H7.£.p a kg. ■;V"T"7 ~80.5a.47i a Cnrino rrn 

loan®. ■ a J 84 . 00 -S 7 . 00 . uniraded: Oct. Coranio.Jme«. Values gradually drifted in .-sl d.c.w, GG-piga M..ip a ’-8 f «•!«... 71.43* 70.Sm- >PnnB fro 

: uniraded: Dec. HS3.50-66.00. uniraded: *hin volume on bam liquidation follomlng ks.l.w. i-3Ji. England and Wales— huWwr kilo 57.5|i — 1.2a 55:- PXpecleu to yi 

Cyprus potato 
exports lower 

4 month*,. 318.7S-9-26 -1,26 5UL2&-.75 -5.26 “i JilS'licS “!n'2 

siwt'lin'ni 309.75,— .26 — ' Jul y 144Q 1469-80.6 14«0 

U.g.Spgr . - ! 31-33 ? l 


Eire hindquarters 70.n io Tio, fore- Grains I [ p3n?u ft fin tonnes last 

quarters :i3.o io 35.o. veal: English f 3 r« Unrie.v WKc ! r ! r year, according to officials of the 

ro.o to 76o: Dutch hinds and ends RS.o KuturM.... £82.8 p- o.a ;a - 79.B5 Cyprus Potato Marketinc Board 

to 9a.O. Lamb: English small new Mttee I - . 

season M.o io 64 0 nn-iiiuin 5o.o io 66 0. Fr ncii No. i Am £iob — Q. 3 '«:io6.5 snipmenis nearing an 

Imported frozen; NZ PL 51.5 io 52 0. PM Wheat 1 , end, IrtP Officials said niOSt Of 

50.5 to 51.0. Pork: Enulirt. less ihan No. i !t«d Sprmi: C96.2B |— 0.5 l£94.B the produce — more lhan 100 00G 

ionib 35 0 la 43.0. !00-120ib 36,0 io 42.0. Xu 2 H»r i W linen : • ; , vs _ j,-;-- tn th ;, v 

l!U-1601b 35.0 to 40.0. bii^lub Millini; JuiOS +0.5 if 102 l Op OPS .V rf s ^OtHg tO the UK, 

meat commission— A verage fiiatock siupmeui.... it 1.740 !-i-4.o |i:i.975 wiih smaller quantities to certain 

print ai ni4v»i iiuiiif marheis m the r'uurv t 1 1,635.6; — 2.5 u'l.BSB Arab countries and East 


Spring crop exports are 
expected to yield about £C10m 
this year, compared with nearly 

Morates: cosh CIS. three months mice 1™* “2 ° ?»«■« M^T°cS3M.SSiQM-Avera*c r„«ock 

«4 2^ Kerh : Three mouths 025-3. cen^ a kSS ?hu^r AucuM « Pnrea at reprvsemauve markets 00 

25. -24. Altemoon: Cash UIS.5, three " ntS -_ a ^ fPU * cr - Juncl _- ‘>.-to*wr 14 8>-SS.l.0 June 12. GB— Cattle Tl.BBp a Hr.I.w. 

nwfltte £324 5, 6. Kerb: Three months I 

«2BS, 27 j, a. No. I, j' 

* C»te8 per pntma. * f»o orevtoos l 

official close, t SM per «euL f 

, lteicmfier .... l2S.0*ol.i — 1.7S 23.0-1 

No.t lYest'riav’B Previous Uurioeu Febmarv ;liJ.7W5.5— 1.4D — 

B.5.S . Ukwe eta** dnne April iU4.0J-5fi.O _ O.JS — 

— * Jure- ite.5 -28.0 - 0 25 — 

I Sales: S3 '86' lot* ot ISO I unties, 

Julv j 57.BO-5 a .OO 59.25-69.5' — r-lir i 

Auc ! 68 .EtsB. 90 . 60 . 00 - 00.10 — MUfAiV 

IS- per w,-ni. avi-rm-'e pric- jfi.ip i— 3.1*. ■ Nominal. : Unowned. uAneusi Marketing Board had 

Scotland— < aide do-.*n 35.5 pt-r t-eni. aver- m June-AueosL teJulv * June-July. restricted the acreage of potato 

use price TQ.wp >-o.s.. Sheep up 6.5 T p 9r iorL plantations this sorin" because 

per vent, aovra# r price IM.ip >*. + h inis jprinj. oecause 

Pis down 11.3 per cunt, avenue price cbimsrv ricu t Prospects Of putting large 

-S- SL. ’JSJrs*'? ? h uan ‘": ie ; or p 018 ’ 0 ” p* 

pne ».*3 at reprvsun/auvr ' market* in s , wr E nt ish market this year were 

June 12. GB— Cattle 71.66P a k&l.w. ?,- r0 ‘ £3 / 4 "' ,a ^ ec haddock £4 3* rather DOQr. 

• + I.9SI. UK — Sheep 153.9P a fcs.c-a.d.C.w. 1^- r ? vd L? t IL ^ ad „ d<K * O-W-fC#!. small 

1+5.21. GB— Piss a ks.Lw. i+2.4i. *“*)** C “9-i2.a0. large plaice «..Ji- _ 

Enaland and Walea-Catile down 20.6 per r , 4 "Wdrt™ rtaioe I3JH6.B0. hr^l small XTr/m/m IrsMrS 
«ni. averaae Price 1 +S.H 1 . Sheep 5ln i £ 3 , ?S , i I 3,S ® - ^ naM d< « 6sh '‘arse ■ 3 tilt. If icfifflG 

down 13.9 per ceni. avurase price 152.5o I medium ■ rS 00. lemon soles targe 

#+5.4*. Pies tiown J3.s per com. averaj ze Jffl w!unu £5.00, ssitJje J j Cs/L. nOQV*Or 

pneo SS.»p ' +2.S». Scotland— CaiUe up COTTON, Uverpool-Spat and shipment XA. /O ICaltl 

u i f j ■ ' wwru win, i *mcc — - — — i | | ty/- iKHIrDr 

SILVER J .°’ T 2-P' ,8 S-S3 S-JHS-Sj - Cnf.AR pneo SS.»p <v 2 .Si. ScoUand-CatUe UP COTTON, Uverpaol— Spot and shipment XX /O ULdlCl 

waijT Auc ! (i6.5j;B. 90 60.00-80. IB 1 — SliUAn 2 6 per cent, average pnee 71. OOp ( +1.47). sales in Liverpool amounted m V tonnes Urr. oritr’ir t c — i , , 

Sliver, was fixed 2 J!p an ounce lower ■ttv-sjep*' SB-85 ifi.90; 6fl.10-fifl.I5! 58 93 88.80 inunoN DAILY PRICE (raw sunari up ,-?■* £° r c '' n, ■ awrano price Only minor replcnishmem needi were i PRICE of , arm land in 

rr spot -delivery in the London bullion Oci-l’eej bO.7B-o.B0i ol 9^2.M| ol.8j-t0.4j mc.PO. a tonne ctf fbr June-July 132 ' lB plcs down 6 8 w ' r «“• under consideration, reports F. W. Tat- France increased 11 per cent 

{or spot' -delivery in the London bullion «Wel»wj Mj.TB . 0.80| el.9 r 2.OT| »l.B>t 0 . 4 i nm-## mK .no. a toane ctf for juneJuly 132 ' 7 ? I_18 '- JJg* down «■* W' r under consideration, reports F. W. T«- France increased 11 per cent 
auirk el yesterday al 2 S 6 . 0 p, L'.S. rent Jan- Mr. tl.W ol.Bh s2.9>t5.10i h jMel.B White sogir daily price was avcrtBe pnce lno change). ' tir “ u - , Mo ff ot lareresr centred on last year compared »’ifb a 13.5 

emhflUMte or the ExlM levels were: spot Apr-Jpe ta.flttS.-.v- ei.0s-b4. ft S.50 15.10 tod n i 10 () isai n e) . COVENT GARDEN .prices In SterfJns Souih American and Middle Eastern ^ cpnt jse jn lg7 g . 

aflo stsfi ss£& MM - ,u E? ” ^ Snnwi, if am 

and 12-momh 5Sfi.Dc. down 1.8c. The J«n-Mar!_ j, 67.50 t7.4ul £5.85-66^0 S33T INDICES ture in Paris. ; 

Opened at 2 M. 9 - 2 E 7 . 9 p i5253*327ci 
and closed at 2S5.3-2Sfi.3p ia241-526ci. 

! ~ 7 i i i 

SILTKR Bunion ■+ ori L.M.S. i+ nr 

per- CxulK j — I clow J — 

twyo*. pricing 

Sales : 2M fSEi lots nf is tonnes. „ lB0 po.-ws occurred in ihu mom- Laiuomian: 4.WM.50; Souib African: 

PhssJcal dosin* prices Mmyers. were : w l J* ( , , r ) f,mh»r SInr ^ rewrtwl N o^ vls 3 - <w - S5 - Umons-Iialian: I0»e 

»( 57.5p_i56.75>; July 57p t37.75>; Aug. SSLifL * weak NewYort onemn* but 12Ds ne “' 4.50-4.SB; Span. 5! Trays 

EiSw shnntteed wd Sri^had »*?■» '■ South Afncan- JS 19 S 
W?td wme iuil Winta bTiht d^e Lars ’-' hwc* S.CW-i.m. 

I’ll? A live Crapcfruli— Cyprus: 15 *s 2 . 30 - 3 . 00 : 20 k* 

iTKAlliJ c - CzaraiKOJ 3 — W. 00 : Souih African: 27.72 3 . 30 - 4 . 15 : 

Spot B80p -2.2' 2B5,65p —2.8 

iaMBthx.. 893-flp !-2.2 293.26pl-E.9 .. 

SmoDTba., 3jli|i i-3.65' — i «’ nI 

i month*..|i ,—3.11! — ! 

- - — . • - - -Tl*. 

LME— Turnover 211 fU6) lots Of 10.000 Anv. 
o*s. MorcLic : Three months 2W.5. W.3. j afl , 
M-L MJ. Kerbs: Three months 3W.2. jj^-. 
Afternoon : Three months 092.3, 2. 2.2. M 9V 
2.4. 2 A ifl. 2.7. J.S. 3^. 3.1. 3.2. 3.3. 

jYwUtflay’sj + oi- ]Xo«i eKtay’il + or t ™„ n ' 

-M'ntf: i-ro-e ( — 

C' CtarviXov 321W.OO: South African: 27.72 3.'3M. 15: 

'sneer , Jaffa- 20 ki: 4.00-4.30. Apples— French: 

JTeL y«f*p'»y * rrpvjna* Dunnes* Col don DullcWuv JO lb Ws 3.49-3.80. 72's 
Cmnm. v'H"« Clow? lkmo 3.60-3J0. Jumble hoyi's 0.15-0.17: Weal 

Conn. p Australian: Cranny Smith Tas- 

[ — — i— — manian: Crannj- Smith 9.30-DJQ: Italian: 

as.eo 1-0.95! 79.6 J 
87.60 I— 0A5I bi.20 
SO. 25 O.BO; 8p.OO 
02.00 f-O.rtll 67.50 
MS.40 O.fiai a .00 

C- per tonne ■ 


I imo 8 | June Month eijiTTeir 

8 ^6,55 249. 801 adSjl I 255.56 
(8 bm: inly T. 1SS2=100)”~ 


home Beauty per pound 0.17. GoldcP j j^igrjinr.' » 
Delicious 0.74 0.16: Jonaiha/u 40 lb 5. SO; I Jnn ia ! 

&ita- tw mintarirV -it tfi 3? Business done: Wheat— Sept. 8B.WMS.20, 
St.' SH ^ ^ ' ‘ ' Nov 8S-15-S7-™. Jan. B0.65-M.22. March 


DUNDEE JUTE— Quiet. Prices c and I >* 
OK for Septemher-Xnreniber shipment her 

Xov. 8S.15- 97.70. Jan. 90.65-M.23. March ! , f “l Si o3m'l B Oo - Crau"' Smilh 9.20: Danish: Per 

93.20-93.10. May 95.65-9S.55. Sales: 119 lots. !> [ 5 poond. Spaoarw 0-13-0.13. 

Barley— Sept ffl. 10 - 79 . W, Kov. 82 .Sfl 4 fi. 20 . Sales: 3 . 1 « < 2 - 5S2 l iota of 59 tonnes. English produce: PetaUi»-Per Sfi lb 
i a f'r 93 , ^ a vL^ jiardl nil * Tate and Lyle exicfincrr prt« for White-Red 2 . 80 - 3 . 30 . new crop per pound 

rum* ns i i«i Rranuiafed basis wblho sugar ma £ 342.40 B.0S. Lettucc-Pcr 12 O.SM. 60 . Cos UB 

IMPORTED— Wheat, gvtrs no. 1 15 * (same > a ionne for hDma trade and £ 161,00 Carrats— Per hac 1 . 40 - 1 - 60 . Onions— Per 

ner cem June 9 fi.-a Tilbury. U.S. Dart ,£i 82 .ooi fur r*P«rL 58 lb 2 . 00 - 2 . 40 . Rhubarb— Per pound, onl- 

ine ro The Ministry of .4gricul« 
lure in Paris. 

The average price for th-? 
i countn- was FFr16 S00 a hectare 
I — £2.000 at present exchange 
rates. The average price of land 

sold in England in April was 

£2.873 a hectare. 

French arable land went up 
10.5 per cent on average and 
{pasture sained 21.7 per cent.* 
The biggest rises were resistered 
in the south nf the country. 


NEW DELHI. June 12. ■ 

,. r -- _. . , — 58 lb 2.00*2.40. Rhubarb— Per pound, out- 

Bire Off!, BWC OM. .BWD £248 Tossa Konhon Sorms Ao. 2 4 p« cent June | M . mBt i on Bl Sugar Agree™*- ph ms Boor 0.05. Cucumbera-Per tray BWi 
BTBCB7, BTC £25S, BTD C43. Ca CIR» ?,nd July S3.50 . Ausust N.flO irarwhtpmcjii cs . mbib Vpl^n' ro Kd 1 50-1.90. Mushroomf-Per pound 0.40. 

oio MBI, Bit 1VW, mu X--M. Vdiwiw J. . far June 0: U.S, cenifi a nounrf rnh , n n l.awl.BU. Musnreum*— for pound 0.40- — . a, , j-....- « F ,. 

«od* noady. Quot arums c and f UK East Hoad sellera: l'.S. Rani Winter cjnfrW’flD Mrt-Dato T tt «»* °- 5B - A Poles— Per pound BrvmtfeJ^ 0.10- rjTT; T — I lure Iff Bajkv.f has 5Cf 7lp a In 

for uromul shipment 10 « 40 ms ffl.fll. ordinwy unquoted: West Ausust faq un- «S5? «. en ig« 7.43 (7M) '“ 7 ' 45 *' 0^®- Tomutuea-Per 12 lb Enplish 7.«L Uft-.!,.'. ** J «pejVlunii.;ire- | fortrfl i roor n anc j nrevnn 

71 tn £7.73. June £351. £7 TO. July-Sepi. quoted; EEC «'he4t unquoted. 15+iay a% *■ 2 .gn. GraeiM-Pcr crate. Kent 1.00-1.20. 9 8 ■ .g. | cncimi nwiii «ia pre\«n 

£3J6, £7.61. B twills: £27.01. £2722 and Hike: U.S. ■Trench June irta.M. July EEC LEVIES — Effect 1 w today for Cabhacc 1.50. Celery— Per 12.-1S 2 00.3.00. < 7T ; measures, SUCH as spraying; 

07.37 for the respective shipment periods. 103.50, Aupust mi.OO trarwhirnriem East denatured -’n® "on-aenarured gusar. in Asoaragua— Ppr bundle anproximatcly 2 lb - pie IMO.8,92 1.4* ana.Q S9BJ Uecticifics. have been Started. 

Vara and do lb very quiet- Coast sellers: South African While June- units of account w 100 Wk». v^u, 1,PO-1.40/ Strawberries— Pu i Jb 0.15-0.JS. ^n+omhe»~ii' Router 

Jnn»* 12 June 9 Uonrh pib.~: Y^tr s'O ■ .u r.u 2 

*■ - in the south nf the country. 

1 517.61 1523.01 14 1606.0 

fffase: Sworn bor'lg, | WESTERN INDIA 

___dow jones LOCUST THREAT 

Jrole. > j " ! ”S ,h l NEW DELHI. June 12. ■ 

;|r — ! Swarms of locusts have been 

si - h , ted io 1 somc . f , in 

MMra»~iflu3£=S»- - western-most ports of India, the. 

lAverig, iflia-aa-Msinoi PrW Trust of India reported. ' 

MOOOY’S I The joint director of apricul- : 

nrn;; — ; r — ' lure in Rajkot has set up a Incust 

Mcwiy'a J* r\'T'<\7 | control room and preventive- 

7 — L ; measures, such as spravine in-- 

Snm Idimmn fiOtt a ml . . l - * : l 1 L . __ V 


Financial Times Tuesday Jui* ' 

v - - o i w?:.- 

. iV.-o >!. 

1 .V 


Another big demand for Gilts— New short tap stock 

Equity leaders quietly firm with index up 5.3 at 472.2 

Account Dealing Dates 

*Firsl Declare- Last Aecounl 
Dealings (ions Dealings Day 
May 30 June. 8 Jun. 9 Jun. 20 
Jun. 12 Jon. 22 Jun. 23 Julv 4 
Jun. 26 July 6 July 7 July 18 

* ■■ New time ” dealings mar take place 
From 9.38 a.m. two UkHkhs days earlier. 

British Funds continued to 
dominate markets yesterday. Still 
enthused by the Government's 
recent tightening oT control* on 
credit, source.- in- 
vested strongly again in both long- 
and short-dated ts-'ites and this 
won exhausted the authorities' 
simply of the short lap. The 
-"..'50 pm announcement of a 
repl3cemenl stock. £90Om nf 
Exchequer 10 per vent. IMS!, at 
£94 i £13 paid payable on applica- 
tion J came as no surprise, bill 
quotations came back slightly to 
close i off the top at the short end 
nf the market and i at I he long 
end. Nevertheless, gains still 
ranged to a point and sometimes 
more which left the Government 
Securities index up 0.SI at T0.7P. 
T!te re was very little selling in 
i he late business, the reaction 
from the best mainly reflecting 
the cautious attitude being taken 
hv jobbers in view of the sizeable 
amount of investment funds lo he 
found for this week's two new 

Despite again being over- 
shadowed by the Funds, equity 
markets took a turn for the better 
as the new Account get under 
way. Scattered small selling of 
i he Industrial readers was more 
than matched bv the occasional 
institutional buying order and 
i ho FT .in- shy re index gradually 
rdged forward to clo-'e at the 
ff— •'*. highest with a gain of 5.3 at 
47*’ 2 

Thp day’s more noteworthy 
movements mainly resulted from 
week-emf press mention and con- 
l miiing bursts of bid speculation. 
Among the sectors. Discount 
issues were again good in 
sciiirwthv with the rise in Gill- 
nd^ed. Above a* - nniCo gains were 
reflected in the FT-Artuarins 
index for the subsection which 
reonrdert a rise of a 2 per cent to 
■•' 1 .12 com oared with an imnrove- 
menf of OS per cent to 215J29 in 
‘he All-share index. 

Corporations followed the main 
funds and closed vvi»h gains 
si retching to a point or so. while 
F ; ved lnterc sr s were featured bv 
•he ricbui of five new preference 
-■sues; all issued by way of 
<v nha lisa t ion io ordinary holders 
• bey v ere Automotive Products, 
(".live Discount, I. J. Drwhlrst. 
firren field .W Weils and Smith St. 
Auhyn. First-time dealings in 
Fairvicw Estates 13.R5 per cent 
•»<-l»niure. issued by way of rights 
io ordinary holders, began at £2 
premium and closed at £31 
premium, after a f:«ir business. 

A good two-way trade in invest- 
ment currency ended with buyers 
having the edge and the premium 
1 higher ai 113; per cent. Much 
of the demand was Tor the purpose 
of investment in both US. and 

1 long Kong securities. Among 
Foreign Bonds, Bulgarian issues 
attracted renewed attention afier 
Friday’s flurry on news that 
Bulgaria was seeking to aelLle its 
pre-war debts with the West. 
Following general rides of between 

2 and 3 points on that day. the 
-I ! per cent WOT and 1909 
improved a point more to £6. 
while some other bonds were 
similarly higher. 

The vo lumc n f business in 

Traded Options attain left much 
to be desired. Only a small in- 
terest was shown throughout and 
total contracts done were 272. as 
against la** Friday's total of 480. 
ICI were the most active, with 132 
deals with the new July 420 series 
again popular, recording «2 con- 
trectfr done. 

Further demand lifted Guru- 
therm 6 io idOp. but Thames Ply- 
wood made a relatively quier re- 
introduction- trading between 
extremes of 36p and 3Sp before 
settling at 36p compared with the 
placing price of 34p. 

while the Board's optimistic state- 
ment left Leyland Paint 11 to ihe 
youd at 711p. In erntrast. Magnet 
and Southerns encountered small 
selling and closed 10 lower at 
1 flOp. London Briek eased 2 to 
R8p. while Milbury were lowered 
6 to lOOn reflecting business late 
Albright and Wilson moved T 
higher to U7p on hopes that file 
offer from Tenneeo might forego 
a Monopolies Commission refer- 
ence until dealings were suspen- 
ded at l pm pending an announce- 
ment Respective improvements of 
3 and $ were recorded in ICI. 
392i>. and F Isons. n3Sp. but Pl>su 

Board's rejection of Armstrong 
Equipment’s offer helped Curner- 
eroft improve 3 late in 6SP, « h' le 
Flm'drive hardened 2 m 7Sp 
following rejection of Timmas 
Ti Bing’s bid. Simon Improved 3 
to 23Qp in reply to the chairman’s 
encouraging statemeni ai ,l,c 
annual meeting, while WG1 edged 
forward a penny to 106p reflecling 
the higher annum earnings. 
Further consideration ft the 
interim figures brought a gain or 
3 to ?0p in Camford. 

Awaiting Thursday's interim 
statement. Tate and I.>k* i,n ' 
proved 6 to i“4p Elsewhere m 

Banks better 

The pru.spect of improved profit 
m arcin'- following Friday's round 
or base lending rate increases 
and the higher charges 
announced by Lloyds, attracted 
buyers in the major clearing 
banks which closed at. or near, 
the day's best. Midland closed 
1U io i he good at 3fi0p and 
Lloyds finished 7 higher at 277p 
as did Barclays, at 332p. Nat West 
ended 5 harder at 270p. Discounts 
look last Friday's good gains a 
stage further with sentiment still 
buoyed by the renewed strength 
of gills. Union rose 13 to 325p 
and' Gilletf Bros, gained 8 to 218p. 
while ■ Jewel Toynbee improved 6 
to 65n. Guinness Peat Improved 
o to 253p. after 260p. in response 
tn Pres* continent but Hill Samuel 
cheapened a oenny to Rfip follow- 
ing the results. Hire Purchases 
made progress with UDT notable 
for a rise of 3 to 3Sp. 

Insurances closed with some 
useful gains. Royals put on 10 
to :;«3n General Accident 
improved 8 at 2tflp and Guardian 
Royal Exchange added G to 222p. 
Commereial Union nnd Eaclc Star 
both pin on 5 to 150p and 141p 
resnort ively. 

Although closing on a firm 
note. nrire movements in 
Breweries were usually restricted 
to a pennv or two. Gn'nnea. 
interim results due on Friday, 
hardened 3 to 172p. while Allied 
closed 2 better at S7n and Scot- 
tish and Newcastle a penny firmer 
at firtlp. 

Initially dull on the Price Com- 
mission's recommendation that 
the increase of 10 per cent in the 
rrice of cement should be 
deferred until early next vesr. 
Blue Circle recovered from ffiWp 
tn finish 5 higher on balance at 
243p. Elsewhere in Buildings. 
Ilcvwoftd Williams firmed 5 to a 
1078 peak nf 117p on small buy- 
ing in n thin market and simi- 
larly Brown and Jackson added 
2 at 10*. i. Francis Parker put on 
2 to 13p after newspaper mention. 


finished 2 lower at 72, following 
disappointment with the profits. 

In otherwise quiet Televisions, 
Ulster A rose 9 to a 1978 peak 
of 6S*p following Press comment. 

Late publication of the retail 
sales figure for May encouraged 
small after-hours’ buying of the 
Store leaders which settled at the 
best of the day. Elsewhere, 
Combined English, additionally 
helped by Press comment, closed 
4 to the good at 9 7p and Mother- 
care closed a similar amount 
dearer at IflOo. Press comment 
ahead of tomorrow's results 
promoted a fresh improvement of 
4 to 2flop in Allied Retailers, while 
Foster Bros, put on 5 to 117p in 
reply to the chairman's annual 

Occasional firm spots in Elec- 
tricals included Ever Ready, up 4 
at lain. GEG 6 higher at 266p, 
and Thom Electrical, similarly 
dearer at 330p. BICC closed a 
penny harder at ll3p. sentiment 
being little affected by news that 
the company along with three 
other concerns is to repay a total 
of £flm to the GPO for past tele- 
phone cable sales. Speculative 
demand lifted Parnell Electronics 
fi to 282 u and Forward Technology 
7 to !S3p. but renewed selling 
Ipft Pye Holdings 3 cheaper at 

An investment recommendation 
helned Hawker improve 4 to a 
1978 high of 22ftp among quietly 
firm Engineering leaders. Tiffins 
also put on 2 to 374p and GKN 
firmed 3 to 25«p. Elsewhere, the 

Foods, Press comment directed 
atteniion to Linfood. the ordinary 
rising 4 lo 144p and the 12 per 
cent convertible li points to 
£ 102 $. Gains of- 4 were seen in 
J. Sams bury, . lS3p xtl. and 
J- Lyons, 108p, while renewed 
speculative interest raised Baku- 
sen a peony to 18jp. Associated 
British Foods, however, closed a 
shade easier at 69p, after USp. 
after the preliminary figures’. 

Hotels and Caterers »'f r : fea- 
tured by activity In Trust Houses 
Forte, which closed 11 better at a 
197S peak of 219p on the Price 
Commission's decision to allow 
part of company's proposed 
interim price increases. Prince 
of Wales were firm at lfi3p. up 7. 
reflecting small buying in a re- 
stricted market. . 

Miscellaneous Industrial leaders 
encountered a modest demand 
which was sufficient to lift 
Beecham 10 to 643p and raise 
Turner and NewaU 3 to 17$p. 
Reed Internationa), a firm market 
last week following publicity given 
to brokers' favourable circulars, 
moved up 6 more to 132p xd. while 
Unilever closed a • like amount 
higher at 532p. Elsewhere. New 
Equipment rose a} to 20! p after 
further speculative support in a 
thin market. . Demand of a 
similar nature left Office and 
Electronic 3 better at 119p and 
Pauls and Whites 3 to th-? good 
at 127p. Lindsay and Williams 
saw support at 46p. tin 3. and 
Whhecroft were favoured at 2fifip. 
up G. In front of today’s pre- 
liminary results Johnson, Matt hr v 

put on 3 ai 433p. while Press 
mention prompted a rise of 3 to 
Wlp in Lawtcs. The Price Com- 
mission’s report on fool n ear dis- 
tribution helped Sears close up 
3 at 71 ip. Rockware finished « 
higher at 145, reflecting renewed 
speculative support. 

Pennine Motor provided a good 
late spot in Motors and- Distribu- 
tors. finishing 2? harder at 13ip 
Following news Lhai a large block 
of shares had changed hands- 
Heron Motor took the recent 
market re-ratins a stage further, 
the ordinary advancing 12 to ' I48p 
in a restricted market and the 10 
per cent convertible 30 points to 
1235. Appleyurd edged forward 
2 to 95p nn moves to rationalise 
the Leyland franchise situation 
in Aberdeen, while Reliant, re- 
si, lie due on June 2!!. hardened 
a penny to 12p. Buyers were also 
interested in Group Lotus. 3 up 
at 53 p, and Dowty, 5 higher at 
207 p. . , 

Initiallv 5 easier at 23ai>. Asso- 
ciated Book Publishers rehounded 
on late demand to dose 5 hieher 
on balance at 243p. Small buyine 
loft Renn Brothers 4 better at 
7lp. hut W. Sharpe reacted a 
to 193t> after recent firmness on 
the evoital reorganisation plans. 

Properties passed a quietly 
firm session with Land Securities, 
dull of late on trading news, 
recovering 4 n 205n xd and 

HEW. adding a cotmic of nense 
at 123 n. Berkciev Bambro firmed 
8 to I09p xd on the announcement 
thar its wholly-owned subsirliarv. 
Berkeiev Hambro IHong Kong) 
had disposed of its share stake in 
Swire Properties' Swire closed 4 
higher at 61 p. Properly and 
Reversionary A put on S to 300p 
In response to the results, while 
Great Portland Estates improved 
2 to 3<)0p awaiting today's pre- 
liminary statemeni. Apex were 
marked 3 higher t > 205p no small 
h living in a thin market, but 
Country and New Town shed 2 
to 23 Ip ahead of tomorrow's full- 
year figures. In like circumstances. 
Avenue Close eased a penny to 

Oils remained neglected and 
closed little changed. British 
Petroleum eased marginally io 
S56p and Shell finished unchanged 
on balance at naOp. after 334 p. 
Ultramar, however, firmed 4 to 
270p as did Tricenlrol to 186p. 
Recent speculative favourites 
Siebeos (UK), 350p, and Oil 
Exploration. 250p, managed 
modest improvements. while 
Attack added 2 more at 94p. 
Fol 'owing the deferred bid 
approach from Mr. Travis Ward. 
RCA International rose 3 to 27p 
on speculative demand. Elsewhere, 
a firmer trend in Sydney and 
Melbourne markets saw Magnet 
Metals firm 2 lo 24p. after 25p. 

Overseas Traders had an 
isolated dull feature in Ocean 
Wilsons which fell 7 to 88p in the 
late trade on disappointment with 
the preliminary figures. James 
Finlay, still reflecting trading 
news, rnr-e to 3Blp xd. while 
Boustcad. 3Sp and Australian 
Aerk-nliural. 102p. put on 3 and 
7 respectively. S. and W. Bcrisford 

improved 7 more lo a 1978 peak 
or 139p in anticipation of Thurs- 
day's interim results. 

Investment Trusts attracted"^ . 
better business and closed firmly. 
Caledonia Investments rose 4 to 
250p, while more modest gains’ 
were seen in Alliance Investment. 
LUIp. and Austratian and Inter-’ 
national. Kip. Investment Trust 
Corporation continued finnljv 
hardening 2 to 253p Tor a two-day 
rise of 8 on continuing specula- 
tion about the outcome or'thir 
recent bid approach. Notable' 
movements in Financials included 
London European. 2 up at 2&t>_ 
and Kwabu. 4 to the good at 23p. 

British and Commonwealth, 

which is expected to report pre- 
liminary figures soon, rose 4 .to a 
1978 peak of 303p in an otherwise 
neglected Shipping section. 

Textiles adopted no set pattern. 
Shaw Carpets closed 3i better at 
33p. but small offerings left- 
Richards Bros. 3 off at 20 o, and 
Parkland Textile “ A." 6 cheaper 
at 72p xd. 

Jokai Tea improved afresh and 
closed 13 to the good at 320p, 
while other Plantations were 
quietly firm. 

financial TIMES stock wdick 4 ^ 

■ il ^ ■ ’-“B.'i- JnnBM-Jnne -- < i . 

- j 6, -t - Vfr- '*-* 

69.681 89-20} '■ i iJ: 

.-.Geranunent -•*•-■[ 

Fj*«i Interest J 

loihutnKi Old In* O'—-} 

.Gold nine* i 

Ori. Uff. >'lpU- -! 

^mlQStVKlSfi'HM’v 1635 


7SW -71 M 

47S.a| 486.9! 469.3! 474-9} 

-80} ?e: 

.wl. :-7o.7a|' •wffi &jgffi r- fe j! 

d.9!- +77.%^74.l(^23Fx: Jfc 

- 8ia - 8 .jq a.iej Vi'-::- 

Idling. 4 f 7 ; 72.67{ 

Kqoity Mi mover £m...; .. , • - ■ 



Cftal lnt....| 81.47 

i t»ilt 

ItuL Or-J 

CMd Minn. 


in^wiiSa^s :i6gjr r*** 

3.6 | .'<p0dutatt«_f .-43.94-c'j|*b«iSfe' 

i , ! . T n bofc iosi - 


70.73 i 15U.4 } 50J53 
(b(6i Kaj/lU7|i <iil;7bj 

MJ.4 ! 349.2 * 49;4 

GtS> _j -l*fihTt ‘ t&Mrtn 

1S0.3 |. 042.8 I 43.6 

Western Mining rise 

L«NMu. — sJj-134 iwSi 

} xttyAv'mrt}'. •: ' 
t Gi^Bdvid.‘.4’170fS' riCfij-: 

‘ . Uhtn,Tr»ra„: X&TAc 

| -MUtaJ, ,43.9d ; ;jSb^ 

. , ^ jS; 

SHelds ex.-divldeni;.;: -bgt= ; - 5*' 

nines fcoupled :jvith ' a.,' 1 dbwttt riw^ ^C- *$. rc 1 
tional -copper. pric^~Ig& . Bio Jhfeahg 1 . 1 
tins! overall. 4 cheaper.at226p-: v - \ 

The Gold Mines index hardened ; Elsewhere, - •/ 'Caiiadjaff' ' ?&§& ::• * 

J to 1582. - - London htgfog ; .-lifted Aigfrfe ^--rr \~- 

declarations from the Gold Fields 
and Anglo American gold mines 
enabled prices to show'fraCtional.^copper.gac^IeEt .jKp^; 
gains " “ 

Australians Mere the only sec- : 
tion of mining markets to attract 
any sizeable demand. Favour- 
able Press comment inspired by 
the rich copper values recently 
encountered at the Benambra 
copper - zinc - silver prospect 
prompted a persistent heavy de- 
mand for Western Mining which 
advanced strongly to close a far- 
ther 10 better at a year’s hleh 
of 15 St>— an improvement of 3lp- 
over the past four trading days. 

Other Australian issues also 
sained ground influenced by the 
upsurge in Western Mining and 
the continuing strength of . over- 
night Sydney and Melbourne 

Among base-metal miners. 
North Broken Hill were actively 
traded and finally Jl firmer at a 
1978 high of 141p, while Conzlnr 
RinfinfO nut on 8 to 23$p and 
HIM Holdings 6 to a high of 216. 

Coal storks were equally firm. 
Thiess Holdings out nn 12 to 24f)o. 
Utah Mining Australia JO to 3S0p 
and Oakbridge 2 to a high of 

Uraniums were featured by 
Panconfinen*~t. a half-noint high- 
er at fIJl and K7. Industries. 20 
up at 235p. .Snerulafire issues to 
register substantial gains ' in- 
cluded Tasminex which rose S to 


The partners in the Rundle qU 
shale doonsit* also made head- 
way: fnilowing the meetings held 
nn Friday Central Pacific .Petro- 
leum climbed 30 to 720p and 
Southern Pacific Petroleum JO. to 

Tn contrast with Australians. 
South African Golds and Finan- 
rials were subdued reflecting the 
25 cents Fall in the bullion price, 
to 8181.375 per ounce. 

However modest *’ cheap " buy- 
ing in front of the dividend 


In the London-registered Fin an- United Developmenf 22~ to/TB&ji: •• .-y ;:■» 
eta Is Charter respooded.. to P^cCss and Sabtna to^a^n&W bJgJ^feS J* -Jit 
menHoa and Improved 4 to l4Sp the. year of -54p. * v- ’■'*'* ■ «<• 

■ — — 



’’C-_ • .. .- .7. ’ 1 ’ T '- <■-' . 

The following socurftio* Quoted in the __ LQAN& rjt fa >-** 

sture .infomwtioo Service vecteMsv |CFC 7'«*c A-Ob. •: - - • 

attained new H.gna and Lows lor 1S78. 1989-92.'. — , • ♦- 


* kbwl«l * 


NEW HIGHS {144} 

BANKS <41 

_ BBMOX • ' 
•don Boo MOO 




CINEMAS -f1> . 
FOODS (11- 
SHIPPING (3) . . 
TEXTILES 4>;- * - 

TRUSTS (17} 


TEAS (41 
MINES (12) 

Scaetttli TV A. 

1 Mowfem .y • r . 

- 'Orme OHots. - fFO" . usrW'X ' v 

CHEMICALS fa K ■ ■ r- ■ fi - 

• Pivco • ■ *•: A -X-v’ -*■„ . 

CINEMAS (1) ;V >V» 

■ • 

. Is 

. . _ . m 

mses Am fxtssy ifrk *>■ 


RriHfh Funds j~l Vi* 

Ctnms. - Oom. And 

Industrials i - . . :..l. 4fl2 Ttr 

pinucMT aod Prop.'L.. IS 

P1 Rotation U .. 4'-: J 

Mines .> — \ « vm?$S3&Z# 

Recent Istoes 



> - 


L.CC. GLoc *88-90 . • 


jy* rw'i&gZf. 



on day 
4- S 

. 4—1-- . 

-4 2 - 

- 2 ' :T 



Denomlna- of. 
tion marks 

icr £i . if 

BATs Did. 25p - -10 - 

Hovvden (A.) 'New” "lOp - * 9 -. 

BP £1 ' 8 

Shell Transport. - : . 25p-’ • *-' • S 

Tate & Lyle £L' * S . 

Western Mining... SA0.50 8 

Barclays Back... <£1 7 v 

GEC ,«* 25p . 7 .; 

Lloyds Bank -£1 . . 7"’ 

Sears Holdings ... 25p 7. 

Albright & WiiSon 25p - '6..* 

Grand Met’.'. 50p 6 

Lucas lnds. r ' .‘ XI ': ' 6 


:entrol> 2Sp 6 

t Pdcfe- at Suspension. 

price (p) 
- 2Sy 
856 , 
•-S50- • 

. 174 
, 332: 
277 .. 

• m,.= 

157t • 
” 317 

si's-* '-” ' 
** !5.« 

4- 6 





v- : 

.892* ^ .^'7S64*iQ t9?f 4 - 
586 : , : “ 

218 ; * 

+. s 
+' 7 

+ -i 
+ 2 

aid-. - mvhx- - 

lSS •«. ‘-i"TT r 0 

-358- .. 

278 :2S:p?'- 

117} 87J.5S-,;; “• j .- , 

318 240,2 .-*' .X l*. • 

186 .130 ^';+ st 

■ c- 


Group executive changes at 
National and Commercial 

RANKING GROUP ‘talcs that Sir 
Michael Uerrli*. ai picscnt nroup 
deputy chairman and chairman 
nr the Royal Bank of Scotland, 
•.rill become “roup chairman on 
I'ctober 1 when Sir James llbiir- 
Cnnynghame retire* from execu- 
tive responsibilities Sir James 
v be succeeded as chairman of 
Williams and Glyn's Bank by Sir 
George Kenjon. at present a 
dfpuiy chairman. Sir Michael is 
nj continue ?.* chairman of the 
Royal Bank Scotland and will 
heroine a deputy chairman of 
’■VillMms and Glyn’s. Sir James 
•••-ill remain a director of National 
and Uummcrcial Banking Group 
ami ihe i«o member banks. 

Mr. J. W. T. Cooper, deputy 
head of information at the 
.Ministry of Overseas Development, 
has been appointed director of the 
overseas Press and Radio Division 
INFORMATION front July 3. 
Before joining ODM in 190K, Mr. 
Cooper worked on the Times news- 
paper and was a regular broad- 
••3 iter on both the overseas and 
domestic service'- of ihe BBC. 

Sir George Kenyon 

Sir Miehacl Henries 

Mr. Angus M. Fraser, at present 
a Commissioner of Customs and 
Excise, is to be a deputy chairman 
July 1. He will succeed Mr. Jobn 
M. Woolf, who is retiring from 
the public service. Deputy chair- 
men of Customs and Excise are 
deputy secretary posts. 

meat, has been formed into a 
wholly owned subsidiary of the 
Greenham Group. Us Board con- 
sists of Mr. B. II. Cogswell ichair- 
man). Mr. T. M. S. Winfield (man- 
aging director). Mr. \. S. Potter 
and Mr. L IV. Boyd. 

Dr. FL J. Wllicvccn who is to 
resign ns managing director of 
TARY FUND on June 17. will be 
appointed as an advisor to the 
Board of managing directors oF 
BANK f Amro Bank) from January 
1. 1979. 


Mr. Gerald Draper, director of 
commercial operations at British 
Airways, has accepted an invita- 
tion from the Minister of State. 
Civil Service Department, to 
hoc o me chairman of the inde- 
mittee guides the COl. the Scot- 
tish Office, the Department of 
National Savings and the Civil 
Service Department an policies 
regarding the selection of adver- 
tising agencies lo handle govern- 
ment advertising campaigns, and 
on policies ensuring cost-effective- 
ness (ft all paid-for media activi- 

Mr. Draper succeeds Sir David 
Barren as chairman following the 
policy of appointing new chair- 
men about ever three years- 

Mr. D. IV. Biibfrode and Mr. 
M. K. Turner have been appointed 
additional directors of MARLER 

Sir Mark He nig has accepted 
reappointment :<s chairman of the 
limited period of one year from 
September 1. 


Bridon has appointed Mr. Philip 
Walker as (general manager of 
BRIDON WIRE. 9 subsidiary, from 
July 1, responsible to the manag- 
ing director, Mr. J. W. Naylor. 
Mr. Walker is at present managing 
director o£ Darlington Wire Mills. 

Mr. Cliff Ridyard has been 
elected president or ihe LONDON 
CLAlTON. Mr. E A_ C rami Is and 
Mr. S. A. Henderson are vice- 
presidents and Mr. H. H. Caldwell 
honorary treasurer. 

as deputy chief executive of 
Harveys of Bristol and John 
Harvey and Sons and has been 
succeeded by Mr. J. G. Sqnirrall, 
who is a director of those com- 
panies. Mr. J. J. Palmer has 
joined the Boards of the Harvey 
companies lo take over Mr. 
Squirrel Is duties as the UK mar- 
keting and sales director. 

Mr. Mike Knowles has been 
appointed managing director of 
OSMAN TEXTILES, a member of 
the Tootal Group. He was previ- 
ously with the Vantona Group. 

Mr. JL C 4. Javkaman has been 
appointed a director of .ALLIED 
BREWERIES and marketing 
director of the beer division of 
Allied Breweries (UK). Mr. P. N. 
Bonham-Carter. a director of the 
company, has taken up a new 
position as director of marketing, 
licensed ho USM in ^ 
division. Mr. .lackaman has 
rehnquisneu his responsibilities 

Mr. Nicholas Heroys has been 
appointed a director of McCOR- 


Mr. R. C. de Wfart Walker has 
resigned as a non-executive direc- 
CO. because of his overseas com- 


Mr. Philip f. Banks has 
been appointed managing direc- 
tor of A. T. KEARNEY. London. 
Recently elected a vice president 
of the parent U.S. company, ftlr. 
Banks is the first UJC. person 
to be appointed to that position. 
He succeeds Mr. Waller J. 
Scbroeder who has been made 
chairman of the UK company. 
Mr. Schroeder will return to the 
U.S. and take charge of Kearney's 
U.S. West Coast operations in 
the New Year. 

Mr. Arthur Walsh has been 
appointed managing director of 
subsidiary company c>( Hunt and 
Moscrop (Middlr-nni. 


■GREENHAM humidity con- 
trol. previously a division of 
Greenham Construction Equip- 


DEALING DATES of Balb and Portland. Burmah 

First Last Last For 0iL English Property. Western 
Deal- Dual- „ ^ »>«*»& *CA <«>‘rn»Uonal. 

ings ings lion ment 

Juu. 7 Jun. 20 


Barker and Dobson. Pen Hand, 
UDT. Britannia Arrow, William 

Juu ‘ i ^“”'29 Aug. si Sep. 14 Press, Spillers. Premier Con- 

Jun.20 July 4 Sep. 14 Sep. 28 solidatcd Oil, Lonrho and Talhex. 

July 14 July 18 Sep. 2S Qct. 12 A pul was done in Staflex Inter- 

e end 0 } national, while doubles were 

.Share ni/ormution Service arranged in Barker and Dobson 

. ■■■“‘•vk nerrure arranged in Barker and Dobson 

Money v%ds given Cor tb e can ant j staflex International. 




11 1*1.10 



l Nt-IU- L 

. n.-i j 

- * .~n, 


. •. I.-UII 
\ ,1 -fl** 


' 1-lnUS 




119 J 


: iso 

- 150 


1 855|. 



70 • 


1 89 

- 114 


* 1. 





; 51 



80 J 

10 : 


. 29 

- 58 



13'» , 






3 : 


1 9l Z 

14i s 



■ liuM 


. J 8 1 





L (ioH j 
k'lmrlliilhK ] 
L'nunmiltb | 


•1 K< ' 




■ in, ml V|n . 
■■run.) Mi>t. 
flrtoH Uri. 



ImihI ?e>aL 
LajiJ Si«. 
Lana S-cs...' 
Marks L Sf). 
* UrLa ,t . 11 ^ 
Murk* 1 l -|i. 

M»n ; 

flu'll ! 
























56 J 

8 1 2 

3'! ) 

u>2 ! 

26ij ! 

1 j 

25 I 

2 ,S f 

61 j 

16 I 


I _ 







281? ; 
. Zf»‘ 2 ■ 
. 14 1 

; fl 

. 94 , 


' 23'a 1 

* I3ia 

! 16 ' 

• 10 

’ 5J 4 


• 41 'i I 

; 20 ia ■ 

: 9 1 

( 32 ‘ 

16i = . 
8 1 
r 28 







22 ' 

16 : 
; tna I 
; 45 
1 32 
: 22 
1 16i s ■ 

• 14 j 
1 - 10 

’ 73 ; 

j 52 ; 

; sate 

• 35 

i 221; 

1 io” : 
. 18 ' 


2 . 265|. 








• !09|- 



- j Z05p 





51; • 


! 101; 




i 84 - 

| 550, 


' 52 • 


! - 



; 27 





I —nr 1 1 z E £ 

1'rn-r IS— 

15 iS | 

Hl;l, i y,*r 

! !*i 

] ? £ Z:+_ 2 r j “I j 5 S;’ £ 2 J 

75 . F.P. - <?• 19 BihimII (C.U.i. 

100 F.P. i -w7 • [~! . U2 Kunitfierm 

— i34 1 — . J x Sfi TUame* Pl.\«i-. 

90 -I 1 .-4.5 1 3.1 7.6 4 8 

160 +6 '* .*4 4/ 2.515.2 

' 36 • {(2.0 I 2.3 8.4: 7.9 


100 1 

K.P.I - 

f.l- i-j, 5 

F.P. - 
CIO .22(9 

rip. I — 

F.P. — 

(1C I. 


1 XU 



55 21028-7 
F.P. - 

Co U JO. 8 

■ F.P. ii»a 
: - 33 6 

t.V 30(6' 
F.P. 7 1 
F.P. - 
F.P. 26 6 
Cl- 19 
F.P. 16 6 

U» t . 






Co. inn 

- 1j 





ta.ADiH. J in Fin. V *ri4i'i<r c2 

lOOnAi »»«* •• <•■.■ Il l®* l uni. I’nl 

STfU Pr»«l^. 9% Pr**l . 

jljlUniul Li 4S) l!w.. I9ei 

lOGu -in 41 '■ * ’• .'M" I'm . 

3ijl .Clitr DwiiuhI 9i* Cum. Prrl 

9 'll, tte»liirvr il.J.t 9J% Cum. I’rcl 

10U.1 BJI»l"«ni*i (City .rfi Vnr. Kim* 1933 

CN Wnli-T IJ. I(«-I Plt-I. I'Jti 

CEpni Wrvu'iv Em-. 1 3.85?, Url. 

9 Uj, (jMouilelu ill I lens 10^ Cum. Pref 

iflkitonin'*' »' ipi. . nil il.j hi>i. l.-i-s 
■« ube-rt.v a L.«. Prf 

VIlfIFiltAi • Jl'v «. Min. I'rl 

:Prt<WU- ICtt %1’nin I’tvT. 

q . .quirk 'H. J. J.' 103, Prf 

-Wp ^inJlii !?t. Anhyu Cum. I'rrf 

sft Jits* It Is; Lux. lir-. lii.ln,* 

74i ivutri- W*nr 12^ K«*l. I*»i 

|0IJ|p W-v**? Fvl I w Piri 

9?9S, . 
lOOnl -21® 
. 97p -.. 
12 * I 

102p .... 

98|< .... 

. 97,. ... 

• ioo;:-. .... 

I0ii ... 

. £Jium . . 

99p . 

. 49 1« -r I 


971* P. - .. 

. 105 ' 

. 100 .... 

. 99 p ... 

99 -I 
. 10k +<M 



li:ll* ? 

iit'llllll. , 


1 UltVKifi + • « 

i.; ' *£ \ 



Hi«n | l /" 1 1 

! i-: ! 

Jb . 1 

2 SO 

*T. i; nrti«ii uwi Krul 

L'i24 : K.K 

^luw iSSpm CiiMNlwn lni|mi Unk. ....... 

■ 56 

70[i Nn 
Iti. 05 >'«' 




awn; 2Jlfi IMwin (Vrk Iiuls .7. 

Snm! 17i«i fimnd-miH 1 Mi mug 

.. ,'24^|.m — 13 
... . 2; 











•se a 




i ___ FninlL-u Rhi*,, 

19 7 iipni- iow" Hwwn 

Ja 6 HU I s 3 tt «r./»K u- ill t 

31(7 iipni- wjiru'H. •». Uni (Aif^jiu.leri 

«a-6 414 ; 46Hl« 

17 • 261*1 23k «'«>». 

113 l 
13)-m -*■ I 
93 -2 

12|im! +s 
407 * — 3 
24 ! 

Benunclaiion date usually Ia9 <lap lor draiinc iree m siamp duly. DFHUUVK 
tiav-n on utw-ucuud estimate. 9 ASKumcd dlvtikwl and riclU. u Foreisi* dividend- 
(.over iLisutt in, pro ions j car's e«rmnu< f DIvuiuMd and eu*ln bj»pd uti broSuevlus 
ut ofh'.-i oiliual r.M,matc) i or I9- S u lir "" i i-isnn-s .is-miiit ; 
lur ctuivursion m sh5, rv .j, ,, QI ranKmu fur dividend or raukms only for nlKHWl 
mvidutida. a Pia. iu, prio- io mMw- p* Fiiicu uru>-»H uibrnmoc iijticaiud. s lM«n) 
lay 'et-dor. i; 'lifi-rnd i 0 ' hoW^K nf Onlinani sharia sn a " newt ’* '» l-ow-vi 
by way of '-apiialivuiun. r jamhnum tenitcr pnee. H RcimroduceO- fU Issued 
id eormcrtnin with rrur;»nlsatWO * mfr C'?r or tafcp-m-pr (.if fitfrnrfucfnm. t~i la/wst 
to iortn*r Pr.-i-i-Hinv hulilm. ■ Alim n win k-ii-n lur lulty-oaKli. • Prywsiunai 
or partb-md aUeiaii-m inter*. A With warrants. 


These indices an the joint coo^Qitim ef the^^ Financial Times, Oe lBfltitnte ef Artmries^- 3 ,^ r: 

and the FRcnBy at Actnartes ; ^7£jfr=*-^ ' •: » 



stocks per section 





capital goods am. 

Building Materials (28) 

Contracting. Construction (281 

Electricals (15). 

Engineering Contractors (141^. 

Mechanical Engineering (7i l. 

Metals and Metal Forming (17) 


(DURABLE) (52) 

Lt Electronics, Radio TV (15) 

Household Goods (12) 

Motors and Distributors (25) 



Breweries (14). 

Wines and Spirits flJL 

Entertaioment, Catering (17) . 

Food Manufacturing (22) — 

Food Retailing (15). 

Newspapers, Publishing (13) 

Packaging and Paper(15) 

Stores (39) 

Tea tiles (25). 

Tobaccos (3). 

Toys and Games (6). 


Chemicals (19) 

Pharmaceutical Products! 7i 

Office Equipment (8)__ 

Shipping (10L 

Miscellaneous (55) _ 


Oils (5). 



Moil, June 12, 1278 



- . 9 , 

-i. . 



_• 8 - 




. r!.*> 


, J r 







- . 

















U 34%, 









+ 0.6 












































• + 0.6 


















+L 0 
















230. W 






179 JM 






































.B 8 J 6 
















• 196.48. 










29X67 ; 



























I 20 J 2 . 
























































+ 0.6 






















+ 0.0 







486.68 ) *— ttt-pSA? 1 4.06 1 745 i 4B7JBT W.nT«5D r«%r 



1631 i 

5.44 1 

8.04 1 

EE3 i 



■Yews*. ^ - a 

^ 2s a 

ill SsVf ^ 

Discount Rouses (10L 
Hire Purchase (5) 

insurance (Life) (10).. 

Insurance (Composite) (7). - 

Insurance Brokers (10) 

Merchant Banks (14) 

Property (31). 

Miscellaneous (7)_ 

hnesbnent Trusts (50) . 

Mining Finance (4).. 

Overseas TradersHB) . 

P9 | ALL8BARE INDE3tl673L-,. ] 













+4 2. 
+ 0.6 









3 08 


































324 J3 





















British Government 









ad adj. 

to date 


Under 5 years ... 



't— ? • 



5-15 year*. 



' 454 


Over 15 years - 

17? W 


. . 

555 ' 








All stocks., 





Bn. Govt Av.- Gross Red. 


Low . 


5 years.... 

15 years... 

25 years., ; 



5 years. J 

13 years 

25 year*.,,. 

High / 

5 years 

15 years. -J, 

23 years 




•• 12. 

■ 8.70 

12-08 ! 




■jmM- a«.; 

X? u 

ru 'f! ! 

^ ^ 'flit* 


ptimday. Jane 1^ Prkby f Thun. 

Junu i J,me 
6 » 

Irate* 1 Yfckl 

Nn^'. I -S . 

wed. ‘-Tim. | M»m_ (Fckhy 
4uii* i June | - June' j J ttri? 

* 1 6 ■* 6 . i -8 _ 

20-yr. Red. Deb & Loans (15) 
lnve»tment Trust Prefs. (15) 
Co mi. and Indl- Profs, (20) 

57.11 ltlZ-96 

5254} H.59 

71.37 J 12-99 




••••'• ! " ' *4ai, 




5741 1 57 . £4 ! 57.82 j ,67i27- 
52.23 , S2JZS *- 62.23T.58.Vl-; 



tRcdemptlro slew. High* end Imn record, base- detu ad vahw» and cbmihm 1 ' 

(awes- A new (fu of fhe caasdumtt (5 swauaMe^wn Jltc' PuWisfinri, (he h4,w ^- — ' 

Land on. EC4P «T. price 13n. by ha Hp. r-niancu Times. Srackwr 

I ^ 

£ i 7 


J w 


? '•. V; 

- ;-,-S- -fr:' .-i.r-.x- ' ’ “ 


f^amasa'Times: T&esday Jofle 13 1978 


‘ . "" „i ** 

iti-. - General Portfolio Life Ins. C. Ltd* NPI Pend on Management Ltd. 

OMttMtt M8*fthn)q»*wCLWaItltafo Cross. WX31071 4& Graces burr bSu EC3P3HH. 0rd23«00 

. a*.^- 

: gg= K. 

Bttwortjr F n i . *jj7JZ 

IS^fergi 3 : 

^ Convertible PuncH OOJ 
fMcoyFunrf....— 120.9^- 


s ]taqa.Bmt%-. 157J 

.WWp7Fd.S*r.* — 1262 
l mn.¥±Sa;.i^ m . BW, 
— -jW.Sw.-4.K9- 

■BJBD, Gatehouse Rd.. Aylesbuiy 

AhhcyCepUol K4 

Abbey Incumr .......p«.9 

Abbey irtv. Tst. Pd..E5.4 
Abbey Gen. Tsi ...._|45.1 



eyFd-S«r4_t2ttl‘ XM» _ 

Kt I nner ft- Valuation nanmhy Twaday, 

4B«ny. life Awamnee Co. Ltd, 

Managed Fund (Id.* 156 1| ... 

Price* lone 1. Next. dealing July 3. 

portteltoSp4u2Z|«L7 - _ 

prahain Ufe A*«. Soc.^LW. Nrw Zealand- Ins. Co. (UJKJ Ltd.* 

c^WAJea R4, K»wfl». oan WM5 jgajurod House, Southend SSI ZJS 0702(0803 
'— Kwi Key In v. Plan. [137. 5 -WLB .....J 

Small Co's Pd.. t&8.4 Mj-IM 

Allied Ham bra Group* laHgl 

Hambro H*e~ Hutton. Brentwood. 

01-58 3851 Or Brentwood (0277J 311450 

GJ* Cub Fuad 963 . 

, GL,EmUwFUJKl— 1055 

$X. Sit Real- 10t5. 

.GJ-.InU.Fund 1213 

Ci.Ppty.Pund — 961 


D«s.S«ta. tws-34a 


Extra Ine 

American Pd- 

Far East Fd.~— 
:ed Fd. 

Growth 4k See. Life Ass. Soc. Ud.* 

Weir Bank. Won-Thamea. Series. 0*38-34204 oSuoSSSJ^CZ 
Flddblc Finance -J iHH* ‘ 


G . ft & Super Fd & M * 

Guardian Bora) Exchange 







98.7-03 — 
0.4 -103 
1153 -62] — 

109.5 -fljj 

103.6 . 

1013 _.... 

Balanced Funds 

Allied 1 «-h..-.— {6S1 

BnLlnds. Fund [r 

Crtlu It Inc. ...._„. ..05 9 

31, OUtBnrUnnaB:st,w.i. . 
'FUAcw UtA 
Ini, Arc, 05.7 


;tav.Ace.._u. 160.4 
rPWLFdAce, n?J 

“ fe&I 


91-ffllWBl Royal Exchange. E.C3. 

-20 JJ 
1093 , 






19tH --. l - 

Property Bonds— [X7U 
Hambro Life Assurance limited V 
?(Md Park Lane, London, W1 
Pb^taLUcp USB 

— -gbpirtlr 


A)wm Hae- Alma Bd. Betgate. RairatoaOlOL 
A3CEV Managed—. 13f A 143.11 

AMEV Equity Fil— 1M5 .. 1154 
AMEyrtscdlnt- 19, « ; "oj ..._l 

AMEF Prop. Fd— 963 M2C 

yWexi p l an .jf7.t 
Agnyr U£e. ^asnnaca 
, BO. ; (abridge Roed.W.12. 
8eUOJd.Cp.17nt. . 192.9 

134^ ,—J — 

- CdLId^ 

American Ace . 


Pts.FJJDep-Ace. _ 

gw.FWB.Cia— ., 

Pen. Prop. Acc., 

Pec. Man. Cap 

Fen, Men Ace. 

Pen. Gilt Edg. Cap... 
Fen. Bg. Cap. 


— Pea. 


Norwich Union Inn ranee Grasp 
PO Box 4, Norwich NR13NG. - 060332200 

Managed Fund U03 gtS +1.44 

Equity Fund 3373 355. 

Property Fund 127.9 Wu . . 

Fixed lac. Fend 1527 

DeporitFasS^H S3 l»ft . 

Nor. Unit May 15— 2863 ] . 

01-4090031 Phoenix Awnrance Co. Ltd. 

4-5, KlngWUliais 5C.EC4PIHR. 01^209870 

WatftoAas fllZB llXW -Oil _ 

EbV. Ph. Aaa-„ 1 77.7 J ..Til — 

Eb’r.PhJSqJE. |75J 78.9( J - 

Prop. Equity A life An. Co.p 
119, Crawford Streat. WlH 2AS. 01-4800857 

R. Silk Prop. Bd I DU 

FlexSnaey BtC I j 1477 
P ro p er ty Growth Amur.- Co. Ltd.* 
Leon House, Croydon, CRfl 1LU 014 IB0000B 

Elect. & Ind Dei.1 

Allied Capital f 

Hambro Fund 
Hambro Ace. Fd—li 

High Yield Fd 1 

Hljfti Income ....„—. 0 
AH. Eq. Inc. — —--t 

iHenuehmsI Funds 
International K63 

Sees td America-- S6.0 
Paeillc Fund — _|4U 
Specialist Fuads 
SmaUtr Cn.'s Fd .-PS J 
2nd Srolr. Co's Fd .. OJ 

Recovery SiU. WD 

Met Min. StCdty.... «3 
Overseas Bsrnlngs- 21, - 
E»pl. Smlr. Co’s ._*|216.7 


=1 = 


m* 190 7 
h»9 1975 

1995 1044a 

- irns 108.2 

m [70 B 740 ... .J 

Anderson Unit Trust Managers Ltd. l^^‘un l Roval Es 

US Fenchiirch St. EC3H 8AA *239531 

Anderson U.T (OSS 52-4| ■» «A0 

Property Fond 

Property Fund IAj.. 

Agricultural Pu 
AgriC. FundjAJ- — 


Hearts of OaK Benam Atelefe 
15- 17, Tavistock Place, wnSfeMj W-3® 5000 
Hearts oi Oak „_p* 4 — 

Kin Hmnp l lila Aanu’. ZJd.* 

Abbey Nal 

Abbey NaLFd (A>. 

Equity Fund 

Equity Food (A) 

Money FU&d , 

Money Fund (A1 ! 

NLA Twr- AddiacombeRd, Cror-_ , fll-W84385 Actuary l^nd--. 

183 Hamford Bd, 1C.7. ' 
fetdtayboods* B233 

•Currant anft-valoe June-13. 

' Beehive Life Asssr. Co. lid-f ' 

71, Lombard St, TOL 014031288 

■ Bit Horae Jurnl^j .128-76 ] — .4 — 

r’awaAa Life Aanuwiee Co. . 

24 High SU Potters Har. Berta. P Jar 01122 

"«sai ffli \-i = 

Wj-jjQmnoa Asninnce Ltd.* 


. I, Olympic Wy^ Wembley HA90NB 
‘ ]£U.«9 

1 teoji 

I Equity Accum..^ PS 1 

BndPropertr 103-7 

r 5 


- (H 

TpH iiUl : - 17.9 


^fcJSSXF— — 38J . 

LkESXF.x- pas — 

Current value lime 12. 


Property series 

Managed Polls— UP 
SI -5848344 Managed Series A_ 17.9 • 

Managed Series C. 957 
Money Unlf 120.8 


Pus. Managed Cap- 14d7 
Pnx Managed Ac e_ 14U 

Pns.G'tmd Cap HH1 

Pns.Gtced.Ace— 1U3 

Fens. Equity Cap 977 

JtaUL Equity acc (U 

PnS-FrfJntCap _ 94.7" 

PnsJnJ.InLAcc — 959 
Foul Prop. Cap __ ®.l 

Fens. Prop. Acc [95.4 

Imperial Life An. Cfc < Cauda 
Imperial House, GnUdtord . ' V -71285 

Growth Fd June B_ 171.9 - : 7J3 +r-j — 

Feu. Fd June 9 667 7191 — 4 — 

Unit Linked 
llaxuuedFund KT 

Equity Fund (95.9 _ 

Irish Life Aattiranpe Ca-rlid. 

11 Finsbury Square. ECX ' “ 

♦Retire Annuity. 

er Ac. UU. | 
9 All Weather Gap. . 


Feosion Fd. Uts. 

Cuv. Pu Cap. UL) 


Man. Pirns. Cup. UL 

Prop. Feu Fd.— 
Prop JeosXap. UU. 

Bd^g-Soc-Pen- VL\ 









Pro^&mrth P»4w.6 Aurtflro UjL 

H 137.0 H 







Ansbacher Unit Mgmt. Co. Ltd. 

. Noble SL. EC2V7JA. 01-0236*78. pj—ier UT Admits 

Inc. Monthly Fund. [165.0 175.0( 4 8-90 Bruti>M48aML 

Axbnthnot Securities Ltd. (aMc) cap!&^*' Inc — 

37, Queen St London EC4R1BY. 01-235 raai Cam. Growth Ac c- 

Extzn Income Fd —0OU 


ProwlBClal Life Assuraace Co. 13d. 
222, Blsbopegate, E.C2. 01-2470533 

Pro v.MaiuwedFd. [1132 UJJ 

Prov. Cash Fd — U015 U0J ...... 

Gilt Fund H»_ .-W64 1232 

Propert y Fund — 14£.< MaJ 

Equity Fund W7.9 1DJ _... 

Fxdlatnrod. 1953 100.4J 


llf ^6 j1 

Prudential Peoaions Limited* 

Hoi bora Bars, BCLN 2NH. 01-4009222 

01-080253 EquiL Fd May 17__ 


Blue Chp. June 
Managed Fund 
Prop, Mod. June 1— 

Prop. Mod Gth. 

yfeg Me Shaxun Ltd. 

fl8,Co™hm.Eca ' : . 8HS38433 

. BondFd Exempt _ [105.91 MWSf TJ “ 
Next dealKut daw June *7: • 

Govt Sec. Bd _ 12i*V ■ — 

langhaw Life AssunoeK Cu Ltd. 

Fxd int May 17 v 

Prop. F. May 17. 

0692 22271 

I— J - 

Reliance Mntnal 

Tunbridge Wells, KeuL 
ReL Prop. Bds. 1 190.1 

Rothschild Asset Management 

St. Swlthlns Lane, London, EC4. 01-0304390 

N.C Prop. Mar. 31-0143 121 6WI 1 — 

Next Sub. Day June 30 

— - tangharnHi. Hom. br n o k Da Royal Insurance Group 

— i j M g ham ‘A 1 Plan. . I68J ,. _67-H:r-v.-| ,, - ■ . 

Capital Life Assurance? .-• 

.Coulstom House, Chapel Aah Wtoe 080228m 

BlSSESsr.l. «a [=1- 

CSarterhonse Xagnai Gf.f 
18, Chequers Sq, Uxbridge UB81NE - ■ 82181 
.Ojrthse Energy — IS-J . 

a^SSSiwZ-sc*, Mt 

MagnaHld. Soc. — IMS 

Magna Man ag e d^- 358-i i — — — ffi a 

dty'of Westminster Assnr, Co. lid. Exempt Fimd ml 1K6 

. weal npp- ruso— .ass 
Mxnmfed" Fund __D73J 

Laftgban'A 1 

Legal & General CUnJt AssqrJ Ltd. 
IQngn rood Souse. Knag oq d.^ff^^ 
Surras KT208EU. _ BandiMat|l33*» 

Cash Initial 03 

Do. Accunt .1— 96-9 

Equity -Initial IMA 

Do-Accmn- — 120.7 

Fixed Initial 116.9 

Do. Accum U&9 

Inti. Ini tlxL. 9M 

Do. Accum. . ... 9U 

Managed Initial 1172 

Do. Accum. 119-2 

Property Initial — 97.5 

DO-Accmn. 992 

Legal 6 Gaaml (Unit 
Exempt Cash ML -|96J 
Do. Accum 

001 2274422 

HL1) —4 - 


Hong F un d- X2fc7 

Gill Fund— 643 

. PULA Fund — , - ,. 11 6 82 

peuUngdCxp— l 
Pens. Mngd. Act. 


Pena. Moaay Act, 
PeBaJSquterCsit-2 1 
Fund currently dosed to MW 
tatun Units— -I- - fel - 

Exempt Plop. ML- ]9|3 

Do.Accom. : — 19/3 

Legal A General Prop. W. 
11. Quaea Victoria St, K04N 4TF 

New Hall Place, UvwrpooL 
Roys] Shield Fd— .[1333 

Save A Free per Group? 

4, GLSUfelen's, Lodd. EC3P SEP 01-054 M 
BaLInv.rd. 1127.9 139.J +03 — 

gMSferi | il:-o = 
fgBBtezzm = 

Prices on June OL 
t Weekly dealings. 

'T P atton s Uni ts. ■ . ■ 

^CSty of fetohfeiinr. Sec. Ud. ^ 

Tjjte^ou B14B4 SW ^ ». Olftoa SL. H52A . 

, ^ =4 -r. 

IV l^.^I'CatmnercW Union Group 'gjaWfewi-ag -JgS - 

SL HtoXIjIMjfiMf 1 » 7 ~ I Klfc2ESSfeTOT::Sfl.-. 

PSflSBSSl.; J7J6 1 ;d = 

"OenfederatieD Life Insurance Co. 

10.Ctoc myXaiie.W CaA IBS. 01-30 0382 

lFUnd._g71 1J 


Schroder Life Groupf 
Enterprise House, Portsmouth. 

Equity May 16 2272 

Equity 2 June 0 217J 2293 ...... 

Equity 3 June 0-— 110.9 

FtxMlnL June 8— JM3 140A 

Fixed Int June 8— 10.4 150.J 

lot UT JuneS.- — 10.4 1^.5 

K&SGllt June 0—1413 1443 __.. 

K&'SSc. June 8— 1X9.7 126.1 

Mngd Fix. JuneO— 1M3 073 

fig ManagedJuneS — JJJ.6 JSL1 ..._• 
Mfjnm'jQiie (5 — — 107.0 1 X7 -7 

. ... „ 8878 CSC U7i -™ 

faggsstr: S« ~ 

Nextsud dy July L t *, p35^3tenr0_. 1^ “02 

Ltffr Aasur- Co^ol PenwM* ,a , Bsfe&B_JuneB_- ima . ia3 — 
384BN«wBqndBt,W170Htt - .ffi Z 

LACOP Units— ——)906 IMOtgy— Jnnefl^ 254.9 247J 

raw* *t u»u B ® - 


g l l H 277 33 

Exempt . ' ■ .-f01 







Carl mo re Fund Managers ¥ laug) Perpetual Unit Trust Mngtttt-* 

01JB33S31 48 Hart St .Henley niTtiainei D49120MI 
3G2*|*01| 013 FpoiUSlCpGlh. - ..139 8 «7] I 3-5* 

|30 B 
159 7 

irirUneriesoTiu . 

British TsliAsc i. 

ar.p 3 . 

«fe uJu ' 

Income ^Md- — 
ins Asearifirj— 
lntLExempt™ “ 



I 7 
113 98 






-0 3 



14 94|*009| 

Piccadilly Unit T. Mgrs. LUL¥ (agbl 


69 H *€J 
664* +0.5 
38.4 +02 
353 +01 
763 +DJ 
UUs +1.0 
1268 +1.0 

5 01 

Gibbs (Antony! Unit Tst. Mgs. Lid. 


8 47 
3 22 

... _. 5 90 

36 51 +03) 1.27 -private Fund. 

Accumltr. Fund..— 
n . Tcchnotofij Fund 

01-5884111 KarEaslKd 

830 American Fund 

Practical Invest. Co. Ltd-V 0‘Kcl 

44, Bloomsbury Sq WC1A2RA 01-633 8SSO 






-4 4 


45 SB 












56 On 




-1 7 




3 90 


Axbnthnot Securities iCXi Limited 
P.O. Bo* 384. St- 
Cap. TsL [Jersey 

Next dealing JUU « — , 

East 6JnlLTsUCr_|lMD 135.01 --4 
Next sub June 22- 

ustrallstn Selection Fund NV 
et Oppurt unities, c.o Irish VeonB * 

King Me Sbaxson Mgra. " 

Crom *L Haller. J«WT. 

. Halier. Jersey 003472177 

i 3.00 Gilt FuikI U« rteyj..[9S^ 4 g" 25 

M r.l 12JS 

Gilt FundiJsitWJ-,;— _ 
Gilt Triist ILoM.1— 

Gilt Fnd Guernaej1£9.7l 
IntL GevL Secs. TsL . 

First Sterling I55J2* 

Pint Ml- 1 183.83 



Net Asset Value— 
iBank of America lotemational SJL 

Boulevard Royal- Luxembourg G.D. 


KJeiawnrt Benson limited 
20. Feuchuirh St.. KC3 

18-291 --.j - 

5-K Iwidlnvasi income" |51'S111BT mill ■•■■■) 

4J7 I prices at June B. Neal *ub. day l° De **■ 

7*.« +031 
68.3 +o3 

4L4[ +aa 


+0 7| 

•sS 4 ** 



89.9 +0.1 
43.1 ....v. 

6i.4b +a.a 
2261 +02] 

«6 Gcvett CJohnW 

77 London Wall. &f 1 

7 99 q-hidr Juno2~ |134 7 M2 0d ...I 

6U Do^ AKWnUnil^ ..httO 170? J 

TM D0 Are “N«rt dmllnc day June 16 

Glieveson Management Co. Ltd. HiciiVnnwne!.’- -"12118 118.7} +0.7f 73* I™’ Net asset value June 

58 Greahwusi. iX2P2i is 01-6W4433 pfmii, portfolio Mngrs. IALV (»K^H£i|Banqac Bruxelles Lambert 

Holborn Bon. EC1H 2NH 
Prudential J124J 




Practical June”.— J14J3 

AI.S8BSS5) Aecum UniW • ....... |2IL« 

143 od ...".| 2.02 Provincial Life Inv. Co. Ud.¥ Bnk. of Lndn. * S. America Ltd- kb Japan Fuad.... 
170 .....J 2J2 223. BtsbopEgale, EC2 01-^178133 Queen Victarln SL. ECA 01-9302313 KLB.lfs.Gwth.Fd. 

rralllirl'MU. — -pf*. ,529 TfS ?■§ Alexander Fund W-S726 _ l -.4 - SjjfjftSgfflfc 

EuriuvesL Lux. F. 
Guerutcy Inc.... 

Do. Accum. — . - 
KBFhrEsstFd — 

KB Inti Fund 

KB Japan Fund-... 


K 8 19.40] 















(Aectun. Ualtej-- — 

Grnchitr. JuneO 

Ln.ABrrt* Jy**" 






KB set as Loudon paying agent* ouly- 
Lloyds Bk. (C.LI U/T Mgra. 





P.O Box IBS, SL Heller. Jersey 0B3 * 2 !^ 
Lloyds TSL O'scas... 1555 58.4[ ......| ZJ0 

’ Next dealing date June 15. 

u i'i[ 55 *^r 2. Rue I*e lx Regoncc B 1000 Briisaela 

1K.QI+1.0I 440 Rem, Rmd LF-.-ILOSO L9071 .-..J 

im Quxlter Management Co. Ud.9 Barclays Unicorn Int (Ch. I5-) A™, 

The stk. Exchange. EC2N1HP L Charing Crow. SL HeJicr.Jrsy 053473741 . ... nt . -i K ___. «*_ 

intGen. Kd..|107J> no.4| . ...J 4.61 ororseastueome ...H85 5L01 | ftK Uoyda International MgmnL BJV. 

Il262 13 o 3.-.1 a°° L;ojdoUarTVMt~.EniN JIB —j 7 Rue du Rh«e. F.O^Box 17ft 1«1 Gcmvb XI . 

-sJhicet wife and wUhhSldfM “*» 



.196 Reliance Unit Mgrs. Ltd-V 

Guardian. Royal Ex. Unit 
Riwal Exchange. EOP3D.N. 

(xglGuardhlU Tst.. [B9.2 92.4) 

Henderson AdministrationV (aMcHgi Ridgefield Management Lid. 

premier UT Admin_ flRajleifih Roai Huflon. -bi+O Kennedy SUMancI 

it Income. . 

Lloyds Idl Growth . 
Llydslnt Ine — — 




High I nc. Fund — «L0 
aAicun. Uulixt.— HO 
S5% WdrwLUtn-T g0 
Preference Fund — 83 

(Accum- Uulm 37.7 

Cxpdal Fund 194 

Commodity Fund— 565 

lAcctun. Units) B3 

(10% WdrwLU.i— J9-5 
FbL&Prep.F<L 17.* 

Glxfus Fond 405 

(Accum. UollJl (46.9 

Growth Fund 21 

(Accum. Units » 39-J 

Smaller Co's Fd.—.. OA 
Eastern A lntl. Fd- 24.7 
IffliW'dreUIM.i.... 19.4 

Foreign Fd. 84.1 

KjSS. & InL FdJS.9 

132.7a -OLD 

273 - 

405 -C.fl 
205 +02) 
535 b 
lag .— , 

432 +01| 
49.9 +4Jl 
35.7 +03 
42.1 +D.3J 
295 b -0.1- 
265 +0 (J 
»C +051 




















High IbM*" 8 Fund i- + 

F^^c&stfru — g«i 
oil & Nat Res [27-7 



Dvcreeu Funds 
Antral ten 

Si!* 0 

G Group 

Quays, Tower HID EC3R OBQ. 01A0 4588 . 

Atlantic June 0 |5US2» — ■■ — .. 

AllSt. Ex. June7 — W.«J6 — .. 


(Accum Unite) 

Do- Grtr. Penile.— -gj-S 

1% WdfrflcldlSSlwi BJshopngafe CouuuMlly Ser.jLtiL^ noatagn Ldn. Agio. 

6.19 BothschUd Asset Management (g) ,, oeMr2OT1 - - — 

72 ». Gatehouse Rd, Aylesbury I r?^un—liiB»S .IqJ55 

+0 3 


2 as CANBHO"Junea,fa455 
IS COUNT- June*— J5-^2 .,o- 
^57 Originally issued at *$10 

iw> Bridge Management Ltd. 

Hf p.O. Box 503, Grand Cayiusn. Cayman Is- 

N'baabi June2.---I VIS 3 38 I 1 — 

GJ*.0. Box 580. HOW Kong , an 

jNlppouFd.June.^ri piit 16« —I «•« 

Britannia TsL MngmL (Cl) Ltd. 

Bath SL. SL Heller. Jersey. 05347311* 


European^. . — ■■ 



Nonb4»S-:::i- -ffin. 




N'c. tnrumc Fuiid.ilJSi 
N C. InU. PU. ilnc.itgg 
N.C. lull. Fd. lAcc h 955 
N.C. Pro Ur Coys Fd|l52.7 

L53 Rothschild & Lowndes Mgmt. (al 

458 St. SwilhLns Lane. Ldn-. EC*. D1 -8264356 

New CT. Exempl_...Jtl22 0 129.0| | 3.61 

179 Price on May 15. Next dealing June 15 

3 49 Rowan Unit Trust MngL Lld.9(a» 

:::::: lw 


114. Old Broad SL, EC2 
Apollo Fd. May 31 .. ISWTJjO May 31 gak,|* 



Murray, Johnstone (Inv. Adviser ) 

183. Hope SL, Glasgow. C2. 041-ai552l, 

•Hope St. PtL 1 | — -l — 

•Murray Fund 1 SUS10.68 I I — 


lv Mar 3L 

Rill Samuel Unit Tst. Mgrs.t (a) 
«B Beech St, EC2P 2LX 

(blBriUrtTrusl — (M93 

Archway Unit Tst. Mgs. Ltd.? (*Hc) 


June B- Next sub. day June 15 (g %l 

Barclays Unicorn Ltd. (aKgMc) tbi incomoTrust.— * 
Unicorn Ha 232 Romford HdJCT. __ 015345544 

Unicorn America — 
Do. Aust. Acc. 

Do.Anst.Inc 575 

Do. Capital 665 

Do. Exempt Trt-— M2 9 

Do . Extra Income - g.9 

Do. Financial 59-4 

Do.500_ nA 

Do. General — — 3X0 
Do. Growth ACC— « 7 
Do. Income Tst — — B45 
+Do. Frf. A’us. Trt. .. D372 

Prices at May 30 Next sub . d 

Do. Accum. — 1715 74 

29 2 


159 7*4 












97 M 











i~5k American June 8— [715 
Securities June 1 

High Yield June8- 
(Accum. Unite) 

Merlin Jons 

j Intel- Fd- 


828 — 
1492 .... 
231 — 



Neglt SJL 

10b BouVerard RoraL Luxembourg 
NAVJaneB J SU510.60 I+0J3I — 

54. Jennyn Street. S.w.l. 
Capital Fd IM.5 


Jersey Energy TxL .1383 
Unlvfi.STsfc Slg._~|£225 
High InlStlg.Hst — ISESem 
U5. DoUbt DenomMted Fds. — . , 

SSJKBteiSi flldw 

Value June L Next dealing June 12. 

Neglt Ltd. 

Sank of Bermuda Bldgs, H amilt on, Brmdm. 
NAVJuneZ |£55l — I 1 — . 

InteLV (aKg) 

15. Christopher Street.. E.C.2. 

Intel liw. Ftad — .1872 

838 Fond Managers Ltd. (aKg) 

Mlllc St- BCSV 8JE. 

Key Eneny ‘ 

Key Equity ft G«>- 

Jey^ncome Frond. 

Key Fixed M.™. 

K«v Small Ctt’iFd 

Klein wort Benson Unit Managers V 

30.FeachurdiSL,E.C2 01523 B0( 

lLB.tTbIlW.liie. -1849 9231 J 5.09 Income 

Prices at May 3L Next dealing June 15. 
Save & Prosper Group . 

01-2477243 4. Great SL Helena. Ixmdou EC3P 3EP 

9451 I 63S 88-73 Queen St. Edinburgh EH24NX 

™ r a-iH np to: 01-554 8830 or 031-228 7351 

Save 4 Prosper Securities LXd.¥ 
International Funds 



Baring Brothers & Go. Ltd.V (aKx) 

88. Lnadenhall SL. E.C1 
StnttouTsL |X70.0 

Univ. Growth 1685 

Increasing Income Fund 

High-Yield 152.7 

High Income Funds 

01-8238000 High Return J66 0 

5.09 Income. 1420 



4K.B. UnltFd-Ac.™ [106 0 11« J 5.« UJL Funds 

... 1LB. FcL Inv.Tsls. ... [552 595| .....J 447 |43.7 

01-5882830 i, gc C Unit Trust Management Ltd.? ovenew Fundsoi 
17721 J 4 21 ^ stock. Echanee. EC2N 1KP 01-588 2800 

■ - 1 agffilteHiBV “S3 :::::! ® 

Phoenix Internationa] 

PC Box 77. St Peter Port, Guernsey. 

168.5 7231 ... j 351 Brown Shipley TsL Co. aeroey)_LtfL Inter- Doll or Fund -IS2J9 258| I - 

ri-ra* tdJUjuueiV ^bisio* 

Satterfield Mlanagem ent Co. lid. f^DoiM-Fund-.l SUS8589 
P.0. Box 186. Hamilton. BermuiU. Sterling Fund 1 023.77 

w ^3:d W8 Richmond Life Ana. Ltd. 

Prices at May 8 Next sub. day June 13. 

Capital International SJL 

larr rue Notre- Dame. Luxembourg. 

Capital InL Fuad — J SUS17.61 |+H2fl - 
Charterhouse Japhet 







56.61+02] 758 [l Paternoster Row. EC 4. 

48. Athol Street. Douglaa LOAL 


g?gHSSP“:te m 

Do. Em P7/02 B<5 — |l7D5 179. 


a . ib 


I Adi* 



46.91+051 4.75 









N«pd sun. day June 2L uitl & GouFd : |96 0 99. 

Bisbopsgate Progressive Mgmt Co-» Lawson Sen- Ltd. VfaKe) 

8. Bishops gate, EC2. 


A^Ute r -*J^^I--5i50 Zfitf -• 

B'gatelnL MaySl—IISj U*M .... 

(Accum.) Uay 31 h.[19IS 20.91 .... 

‘iSilSih. day-June 13. -Juno 

Bridge Fund ManageruPfaXc) jAcSmUnitB).— 

King WlllUm SL.EC4R BAR 01-8234051 “High Yield 

American tcGtmJ.. 065 275J 

Incoma* — — • — E?-3 
Capital Inc.t Pfc-Q 3u| 

Sector Funds 

_ Commodity-.— P6.4 

01-5886280 63 George St. Edinburgh EH32JG. 031-2283011 Energy-..--- 1™3 

Fondak— — 

Fondif — 

Emperor Fund. 

Hlspano 1 

Clive Inveatments (Jersey) Ltd. 

P.0. Box 330. SL Heller. Jersey. O 33 ^ 5 ”?^- 

w-o»»«fc|a M ::d"” 

0CJnU ^fe- 

O.C ■Toromodily* — 
-Prtce on May 3. 

L2 S' 
325 ‘ 
458. . 


tRiiw. Materials— 
* Accum. Uni ts! — 

•Growth Fund 

•l Accum. Unttel— 

tfGUt and WhrranL 






53 8 




475 ...... 

6L4 +1.2 

67.5 +07] 



28.7 ..... 


635 Financial Sacs (73.0 

635 0igh-aHnlnmm Funds 
2 - 40 Select Internal — [2610 
Select Income .—152.9 



I Clive GUI Fd.(JsyJ.. 

Corn hill Ibi. (Guernsey) lid. 

P.O. Box 157. St Peter Port Guernsey 

late! Man. Fd. P68.0 183J1 — 4 

Delta Group 

p.O. Box 30 1Z Namau. B nham aa. 

Delta Inv. June &— [S1B3 L92( -4 

Dentscber Inveatzneet-Trust 
PoBtfech 2885 Biebergaseo 8-10 8000 Frankfort 
Concentre.- — |DHM.50 B-TJ) j — 

Rothschild Asset Management (CX) 
P O-Box 58. SL Julians CL Guernsey. 0481 28331 
OC.Eq 2Y. May 30—|K2 5R71 

OC.Sc,Fd. June 1 - M73 1K^ 

132.8 1«0.7 

52555 27.«M . „ 

-rTj™ on vm Next dealing June 11 
t Prices on Juno 7. Keil dealing June 3Z 

Royal Trust (CD Fd. MgL Ltd. 

P.a Box 184. Royal TsL Hae., Jereoy. 063427441 
AT. Inti. Fd. ...-_- gCS921 W — H? 
RT. InlT Jsj.lFd.j91 95m ——I 

Prices at May 13. Next dealing Jane 13. 






Dealing -Tubs. [WedTiThurs. Prices Jnne 6/7/B. 
Britannia Trust Management (a) (£) 

3 London Wall B u ildi n gs. LondonWaU. “ 
London EC2M SQL 01-638 047810479 

Assets [71 3 

Capital Acc— — 151-6 

om scotbits Securities Ltd.* 

£fg Scotbits g92 +031 

i w ■•(Accum Unite! - |67.6 726( fco^mKal— 1-I.p65 61- On] +0j| 

6^ Deal *Mon. Tu». tfWed. tThum Frt. 124U 2527rf .J 

Legal ft General Tyndall Fund* scoLEjtYMJ^ — P656 i7a3 .....J 

IS 18. Wtofe BristoL 027* 32»1 Price, at MayM. Next sub day Jum - pQ KTn2> Na3Cau< Bahamas. 

355 D ts. Apr fl ia gj# '""J i w Schlesinger Trust Mngrs. Ltd. («KJ jjAVJnuaS— PUS1A54 154J] I — 

J wwi a»»n * DWiey 'nonsUwXM. 

0,-4fl83B81 !£g5SS?=|g:i 

_ save ft Prosper International 

InL Rm ten funds —II 

Bteyfea IntercootinenUl Inv. Fd. 


Comm St tad 


Domestic — — 

Extra income— 

Far But—— — „ . 

Financial Secs £?•? 

Gold & General — .gLO 
Growth. l78.f 





Inveab TyShareg- gJ 

NaL High Inc — — Z 792 

New Issu e-. -.. M5 

North American — MA 
Profesadonal.— 5081 
Properly Shares — 132 

Shield *34 

Status Change— «5 
Univ Eoorcy— P 2 -* 

(Pen. Fund— 

■ —J I J UA.P»-T4U 

Uanaged Pen- FtL 





! In. PoLJ 
TamMll Insurance Co. Ltd. 





■■‘I rJ^t ft CmmercQ fewrnce ' • Pers.Pwrioor'~P»| 

1 1 ;8iBefentSl,LcsidBuWl»IHnB. 0t«70tl 

^ ^fcCHngdFd— P225 1328).^-) — SgjffiL WK&IZZ 1562 

*' >owa life Aaanrance Cm. UMJf ■ MrM f 4 

;fewn Ule Hwt, W(telnB,OU^^^W 04*25033 ~ 

Bfetttoh Widows’ Group 
PQ Box B03, Edinburgh EHX6SBU. O31-«OBOOO 
lBT«v5M«st— -UJW. 1KJ 

Iav.rir..S friee j— »2 IMi 

Inv- Cash June 0__ 976 _ lg-J 

Lwudan Indemnity ft GnL In*. Co- Ltd. §SteinM7-_»i , 

lM0,ThoFWbwy,Itoadln*3B»lL M^lPeo, Jmtet_-|262.7 26271 1 - 

MonfeManagar . — \al . £*51 1 — galar life Awnrance Limited 

Sflio'-lj - lo^asyptec. London RCJN8TT 01241 BK» 

The London ft Manchester 45? ^ 

The L^FbttwWm^ Runt. . 1^5^12 

= SSflzrzp* S ^ 

HB V -l=d= H M 

M ft G Groop¥ ^ SoUrlmbP I— :lifl3.4 !«.' 

Quays. Tower EIl_BCSR BBQ Ql** «« g„ abngmt. Ltd. 

Su n A Jlte aceHonae, Bo n ha m . 040364141 

— cap. Growth tad.; 
~ ' • ♦ Prop- Exempt FcL- 

■ 223JL 







1-dFd.ML— jJU 
rFd.Acc-_ — «5 
. j '.qnuy Fd, Xncai B.0 

/qnSjFltett.-— &8 

ifF<lInlt-_ gi. 

. _tr.Ttt.FH- Acc— . JM. 
-■* w. TflLFd. Incan--. !M 

5*ed IntPdLAee— L 

_ «|<M M Tnrm ,mj, 


■ , - « .n«rtFd.A« — - mwa- 

;r - < cdarLFd-lncm-r Jgy- 

* - ; oueJFtAcc ,— - VJ 

c ‘ s soueyFd- Inna— ^ g j 
- — * -jrt.Fd.lucm.— -- 9”. 

_ xlwn Bri_ Inv.‘A —(1595 

-S-J tai 

Borovery M-Bi’-ftl-f 

American Fd. B(L r 




55J +02 
605 +03 
B45x -1-0 
427n -03 
117.7 n -13 
422 +0.1 
22C +03 
68 On +0.6 
925e —1.7 
•4.9s +0.7 
785n +02 
663a +0.6 
50.9 +05 
385 -0.6 
853 +9.8 


32-7* -03 
524.7 +33 


, 48.1 +05 
321 -01 
34.1 ..7-4 

fa mine Administration Ltd. 

^ Duke St, London wiM VP. 

:IEi S3 SI 

504 Exempt BihjYld— 250 
m, - 458 Exempt MM- Ldm- M3 

404 Lloyds Bk. Unit Tst Mngrs. Ltd* (a) gSi?Di2!:.=W'3 












n^rirtrar'i DepL. Gortng-by-Sen, Inc. 10% Wdrsil 293 

WnrthLoe. West Sussex. 01-0S3J288 In taL Growth 505 

it- -- imdijili mi 535id +021 447 Inv. TsL Units— 25-4 

First (BalncdJ 49 8 53|« +o^ Market Leaders — W.8 


h> mi +06 630 Property Shares— go 

llOO 329 1 +03 630 Special SIL Tat..— 273 

Do. (AccumJ 

Second (CapO 

Tlurd (Income) 

Do. (Accum.) _ 
Fourth OBxlneJ-— 

322 ..... 

272* +0.1 
26. 6n +02 
322 ...... 

41.6k +02 

*155 3:1 

273* ...... 

320a +03 
300 +02 

27 8 

293 +03 


20.4n +02 







Dealing to: 

37 Broad SU SL Heller, Jersey 
U5. DoUardenamlnmad Fnwte 
Di rFxdtat-Jm»e 8. 19.17 9.73 

IntemaL Gr.*t »32 7 j 

Far Eastern*# — --g^27 4L 
North Americ*n*t.B28 4. 
Sepro-n 11304 IS., 




P.O E«c 73, SL Heller, Jersey. 083420»J ^snod. JuMl.Zb27.B 

E.DJ.C.T ILL 2 12161 1 2«> SLrixedJonel — 009-9 llfcW^.... 

p. ft C. Mgmt. Ltd. Inv. Advisero Prices on -June 5. -lane 7. “*Jui 

1-2. JAurenea Poonteojr Bill. EC4R ORA. 

0)«3 «80 

CenLFd-June7_— ,| SUS5.46 1+0231 — 

4.28 Fidelity Mgmt. ft Res. (Bdn.) Ud. 

4.61 p q go, im, Hamilton. Bennuda. 

l m ■ 

w Fidelity Wrid Fd— 1 5USI4.D 1+00 

Fidelity Mgmt- Research (Jersey I Ud. 

164’. - 
505 ’ 

. lL9f 
'June 8. 





+od = 

{Weekly Dealings. 

gehlesinger International MngLJUd. 
42 La Motto SL, SL Keller, Jersey. 

S.AJ2. » g 

10 23-M 403| 






3 ^ Lloyd’s Life . Unit Tst Mngrs. Ud. 
iS 7S80,G>teboi»e'Fd- Ayleebtuy. 0200fl04l UW.Chw.pride.E.Ci 
Equity Accum —^.(1575 165 A .—.4 4.04 

J. Henry Schroder Wagg & Co. Ltd.v I Walerloo_Hae, Don SU SL Heller, Jersey. 


M ft G GronpE, (yhcXri 
254 Throe Quays. To« Bll. ECSR 6WI m«8 «8 

Capital June 6._. 
(Accum.} — 

4 JQ 

fee also Steck^c^lX^ 


The British life Office Ltd-V (a) 

Reliance Hee.. Tunbridge WeIl».»-0BSK3Ern 

BLBritteh life 149.4 ^ -* 0 - 4 

BL Balanced* ®-9 g-fl \ 5S 

*** •Price* JinuTr Next dealing June 14. 

Brow n Shipley & Co. U49 
ltngro; Founders CL, EC2 

lAccum. Unltei 
Australasian ... 

(Arcnm. Unltei 


{Accum. Unite! 
Compound CrowthJ1863 
ComcruM Grm ™K-S 
Cowerslon Inc. — IM2 
Dividend— P170 

753 I 

BS Unite June 3 — jg* 9 

Do. (Acc.) June 6 

Oceanic Traala W 


Growth Accum. 
Growth Incmne 
High Income 

(Accum Dnitsi— 
_ European — — 
024008520 (Accum. Unite)— 
2320|+29) 4.72 Extra YldtL— 

287.91 +2*1 432 



603*f ■ — I 409 

Contois Life Unit Tst. Mngrs. Ltd.* 


(Accum. Unlul 3126 

Pbr Eastern g4.| 

(Accum ijnitei—,p95 
Fond of Inv. Tits— 1612 

(Aocum Units) WO 

General — — Km e 

(Accum. Units i 

High Income — PfO. 

(Accum Units). 

Japan income .. 

(Accum Unite). 

Magnum g5-7 

i Accum Unite) 2J6.4 

Midland---- 168.0 

i Accum. Unit*'— — jgB2 

E :d = 


lSa -0jJ 538 

ass .is 

M22 +2 
210.6 Bft 

una ■ 


. JW FdlS ^•Ju»te7.**JU«!^ , * jB " 8 
— MMchsat tawton Amranee 

■^3 — — ' 135, High Street, Croydon. 

Property .- — r 

Property Pena. 



Stuo AlUsaee Linked LUe bis. Lid. 

Sun Alliance "House, Horsham 04G3«4ia 

peposttFmxL- — ^[jy, ?S3^o.a Z 

SB High SL. Foams Bar. Herts. 

Can. Gen DldL B83 ‘ , 

Do. Gen. Accum — H63 «. 

Do. Inc. Dim (332 HI 

Do, Inc. Accum— — 

4J) Accum Unite ----.r 

Cspel (James) Mngt. Ltd. If 

100 Old Broad SL,EC2N2BQ 01^880010 

» :JRJ .RnJS 


Mutter, lOd- Pros.- 

Deposit Fens.. 


... ^rniider insiiisiiee'Cb. ltd. ■ - - ■ 

; : .'^raUHous*. Tower PLBC3._ 

1 . bL'ft .'p. June 6-- [703 7»3| ....-I . 

■; - -(SM dir jnsar/BBiBiid Am _ 


t ;* '■ teHfNJd. Unite —[52.0 53.91+051 sjs 

-■ :qfdty ft Law Life Aam Soc. IM 

8. ' w?a ■■ 

,340.9 . 


, . . — ilnteromF— t 



Vn Eqntty —— 

■intLVensgwl - — 

KEL Fenoirots Lid. -- 
Mttton Court Dotting. Surrey. 


M(H 33377 NdSjah tac CapE «J 
+02* - - 

Next SubTllay Hay 

■Wte New Osdit P i s»« *t r roe 

HauayedFuMl 1»93 U4.' 

ten Life of Canada (UJK.) Ltd. 

■01*6888171 2,3 t ^CoctqmrSc,SWlYBBH 01J80S400 

SSjaffifezi. BK- Ud = 
ifeJ. « ra = 

Tarter life Assarance Co. Ltd. 

= ■■StBfliSirBB! M ‘ ~ 

Price* oo June 7. Neat dealing June 8L 

Carllol Unit Fd. Mgrs. LtM (aKc) 

miK nm House. NewcastleAipoo-lVne 

gSte.«r:l8i ’US.d 


Chari bond June 7..I 1085 

Cbarifd. June 0 1«5J 

(Accum Uni tei —.0885 JOJI 

atf +3 



a 105 

3 : — NelHxd.1 

Prim PUL Inc. 1075 

Prop.Fd.Act_ — - 1305 

Prop- Td-Inv WB 

jail Fixed InL Fd. Inc 1062 122S 

- BMacteBf-.wga 

= .U$£SS3Er-^4 - 

— Gin Feu-Cap.' P235 


Dealing tFH. *Wed- . 

650 Son Alliance Fund MngL Ltd. 

kfo Su n Alliance Hse_ Horsham 040384141 

Juoei2-.l«« 5SSI ^63 3** Target TsL Mngrs. Ltd-f (aKg) 
Manulife Management Ltd. 32 Gresham sl,bc 2- Deaunssioasasou 

SL George * Way.Stojew 0438^01 ™ 

GiWlh Units— — 1513 5M0| J 4.25 Eouicy^..— 375 

___ , u„ Mayflower Management Co. Ud. TrgetExJitoi ww uAgt 

^531^:1 I* §i S; «.* 

■ Next dealing date June J4. Income J une g8L4 U2.W j Target Growth »3 50 « +{j.y 

Charities Official Invest. Fd* Gew^m June?-.-. fro* 7«| .. ..J 536 T^tatL — - . »A -Djj 

77 London Wan. EC2N iDB. 01 ^ Mercury FnndMutogers Ltd. ^ ?Sl?iw.Y— Zp7 -o.if 

Income May IB 0353 — 1 4 660 30. Gresham SL. ECZPM. 

Accum May 10 - [2565 — [ I . — Merc Gei.Junr7>. 183.7 

OUnaulh. Only available U> Reg. Chanties. Acc.UW.Jun+7 2385 

MercJnt June 7 .._ 643 
AccmAHs. Juitoi— >85, 

01348 3899 MeruEXLMa>-25_- OJ.1 
’ 295 Accum. Ute. Apr 37. (2555 

J® Midland Bank Group 
fqa Unit Trust Managers Ltd.V (a) 

Tntnslnternnrieeul LUe Ins. Co. Ltd. 
2 Breon Rldgx. EC41NV. ^ m^a»«7 

mSpoo. Fd. Cap. .^5 tgj — 

Mad/Pen-Fd. Acc. -P26.4 133JK -0.4{ — 

Trident LUe Assurance Co. Ltd-V 
gfeMs Baato ffl nnre s t e r 04S33B4X 

gt se__z =^ 

Charterhouse JaphetV 
2 Paternoster ROW. EC4. 
CJ.lnCeruKTl — , — . H4.4 

Accum Uolls 28.4 

C J. Income — ™ — 34.0 

CJ.Euro.Pte 263 

A ccum Unite — 30.4 

CJ.Fd.Inv.Tst J7-7 

Accum. Unite pi3 
Price June 7. 







Grindlays Bank Limited announce that 
their base rate for lending will change 
■ from 9% to 10% ■ 

■; with effect from 13 June 1978 

• 'He interest rates paid on call deposits will be 
> call deposits of £1,000 and over 1./ B 
. (call deposits of £300-£999 6 / 0 ) 

^ ' Rate of interest on feed deposits of over £10,000 

-will be quoted on request 


I imited 

n^23V^Sr— .+-«*■» ■*>***"• 

S btlU uld. SI 3RD. 
Commodity A Gen.. (M3 
Do. Accum — 

Chieftain Triist Managers Ltd-WaXg) Do. Accum re 4 

il NfvSl EC2M4TP. 01.2833832 Capital 

-gr g|tg| im Es^r~ 
HnKssSfWir 1 - 

Fund— 105.9 

ighYlotd I5S.4 

BSEdfSrti m 1 

Wr^y* . 1225 

In anurtnml , 103.7 

Fiscal- ■ h2S4 

Growth ■■ 

Pans. MagiL Cap. 
Fens. Maid. Acc. | 

U29 1 

105J | 

Kti&iSs-m \ 

TrdLBood 350 

rfiHt-CT Wmd 973 

•Cash value for £10® premium 

Confederation Funds MgL Lld-V (a) 

90 Chancery Lane, WC2A IHE 
Growth Fund [424 435( ..—4 4J7 

Cosmopolitan Fund Managers. 

3a Pont Street, London SWlXfljEJ- 01335 IBM. 

CosmopoliLGthJd.[lM W3| ,._.J *.75 ^B-gJ WJ| -OAj 

(aKg) Exempt May 31 1*-7 94.7] — 4 

TyndaU fti»««uM!e/PonrioMf 
la Outrage Rosd. BristoL 0272322,1 

3-Wbt June 9 

Equity June B 
Bond June 
Property Jiroe 8 — 
Dr p o sl tJimo B--— 
3-wsy Jan, May 1R- 
Oseu tav. June B— 
Mn-PnJ-W June 1_ 

Da^d^yJoDB L» 









l 2.t 

Do. Prop-JOy 2 1 

Vanbrugh life Assurance 

tlvC Maddox St, Ldn. W1RBLA- 



Fixed Intent Fd t 

Property Fd- 

CiuLVt md. 

1243 +031 

Vinbragh Pension* limited 

41^*3 Jlsddnr SL. ldn, W1R MA “-2* 480 

Ite |» lh ~ 

Property — iNM 


Gusnatced sew ‘Rm Ba» Rater Udfe 
Welfare Instumace Co. Ud.9 

The Less, Folkestone, EeaL 

riesaei^r to The London fc 

lfirn** 1 — l * r Groa P- 

Wlndsor Life Assor. Cfc-Ltd. 

1 High Strwst, Windsor. WtedsorWJ** 

Rol As*d. Fans- — £»Jf 

Flex, lav: Growth H-tUU 


P. Bur 51122 rAccuni\)DLtel_ 

(Accum Unltei [828 

455 Second Geu g67A 

i Accum Unite) EjS-J 

Special 0620 

(Accum Unltei — . pro a 

Specialised Funds 

ST- — JM4» 

Accum Urutei. — —gw.i 

583 +21 
591 +2B 
sa7 +o^ 

87.8 +03] 

68.C +0.91 

236 J +03 
523 -03 

52.9 -O.y 
89.7 +0.3 

1199 +o.g 






80.4 -a. 

1063a +0.1 
13BJ +03 
1605u +1.6 
1621 +26 
2203 +21 

274.4 +22 
178.9b -S3 

B73 -03] 
2766 +02| 
1715 -0.. 
215 7 -Q 31 

Income June 

(Accum. Hulls' 

General June? — >. 
jj8 (Accum Unite)— . 

X58 .Europe June 1 

X.79 i Accum. Unite! 


ire •PeniChsrFdAp25 
457 -Spec .Ex. June 7__ 





overy June7 



30 6 


lax feempt funds only 

1063a ...... EH 

1283 228 

189.6a 6.93 

ZS2.C 6.W 

io75 x*r 

325a 221 

iffl |S 

250 6 3 73 

1953] 4.97 

Schroder Life Gronp 
Enterprise Bouse. Portsmouth. 
InteraaOonxl Funds 

^ In 

0534 27981 

Series A Ocmi.)— g5J 

Series BiPnclflcj— J P- 6 * . 1 — [ 

Series D (AmAaM 0824a | .— I 

First Viking Commodity Trust* 

msssi&'vfo b&= 

FmVLtCmTm^e*7 Jl£ ^ 













Scottish EquitaWe Fnd. Bp9- UW 

NA V May 32 

.1 SUS179^ | 4 — 

FaLVtDW.Op.Tlt -1780 .83.04 

Fleming Japan Fond SA. 

37. rue Notre-Dwne, Luxembourg 
ring. Junefl • -1 ' SUS46J9 I ..—4 

791 28 SL Andrews sq- Edinburgh 0315568101 Ipree World Fond Ltd. 

T91 income Units J» 0 i Buttorfield Bldg- KamUton. Bermuda. 

536 Accum Units “ ; 7f 4 5.10 

336 Dealing day Wednesday. 

ail Sebag Unit TsL Managers Ltd.? .(a) 

232 po Box 511. Bckltoy. Hae.,E.CA 

H JBfmt ™ 

5.99 Security Selection Ltd- 

■ S 15-18. Lincoln's tan FJ«ida.WC2. 01-801 OrafrO 

V7 ° j. Henry Schroder Wagg & Co. Ltd. 
ISO. Che* pride. E.C2. 01-8084000 

ChagS JtineB.-.- 

— TrmJulRBT Jlsy 31 
Asian Fd. «4»r J5 

Darling Fnd. — - 

Japan Fd.. 





G.T. Management Ltd. 

Park H^lS FfMbmT^rcu*. London EC2. 

TW: OlSO 8132 TUL 888100 

| London Agents for: 

H fiSriSi'TSffir zm a** -- j im 

i-ib Stewart Unit Tst Managers LML.(a) 

so. Charlotte 5q- Edinburgh. 031-2363271 
6.7« tstawmt American Fund 
Standard Units 1672 

Anchor JLntts — 
Anchor Gilt Edge — 

Anchor InL Fd 
Anchor In. Jay. Tst. 
Berry Pac Ft— 



• m iuviuj* S-a 

is Withdrawal Unite p35 573) 

fS •Stewart British CSfritel Fund 
428 Standard-—- RS'f vS'S ~ m '.\ 


G.T. Asia FA-..-. 
G.T. Asia Sterling— 
G.T. Bond Fund — 

G.T. Dollar Fd. 


. Jnael 

Sentry Assunnce Interna Unnal Ltd. 
P.O. Box 338, HsmUtoo ^ B«Wa 
ftfftnftg iid ftad _ ^.foUSUW *■“ -■•■—I — . 

Singer ft FHedUmder Ldn. Agrafe 

20, Cannon St, EC4 


Tokyo Tst June 1 

L12 stronghold Management Limited 

P.O. Box 315. SL Heller. Jersey. 0»*-714a0 
ttmunodity Trust- 192.96 97251 1 — 



Gartmore Invest. Ltd. Ldn. Agfe- 
2. St-Haxy Axe, London, EC&. 01-2333531 

- — J “fer EasD ud. _ _ 


Gsrtmpre Fuad MagL CPta EbsH UA 

1303 Hutchtwm Eae, 10 Hi 

Sarin vest (Jersey ) Ltd (xJ 

Queens Hue. Don. Rd. SL Halier, Jsy. D»4T73«I 



28. C 


29. f 

fifei dealing 









323 +02J 
202 -03J 















HK A Pay. U. 1>L - 

Japan Fd. — « 

N. Amen cun TsL _. WH1» Ul 
IntL Bond Fuad— PUSMJ4 1#J 

BssssiffiEfef *SS=ri 

Hambro Pacific Fond Mgmt Ud. 

2110, Connaught Centre, Hong Kong 
Far East May 31 — WE tl tt lLfe . — 1 — 

Japan Fund ISUS6.B 732} -1 — 

Hambros (Gnerosey) Ltd.) 

Hambro Fond Mgrs. (CL) Ud. . .. - 

p o. Bex 88, Guernsey W8J MSU Tyndall Group 

CXFund ML£5 { 

Jap. Index TiL patow 1284j+0J0| — 

TSB Unit Triist Managers (CL) Ltd. u 
Bagatelle Rd- SL Saviour, Jersey. 093473106. . 

toil :d 1» 

Prices on June 7. Next sob. day Jane 14. 

Tokyo Pnclfie Holdings N.V. 

InUmis Management Co. N.V, Curacao. 

NAV per shore June 5. SUB5220. 

Tokyo Pacific Cfidgs. (Seaboard) N.V. 
InUmis Management Co. N.V., Curac aa 
NAV per share June 5. SUSSttLO*. 

infill. Bond IDSllW^Z 
lot Equity SU S U.8 

taL SvgL 'A' 5USL02 
tr. sjtr -n- tire 7 to 

p.O. Box I TfA FTirf" lltj *" 6 Benaoda, 2-2780 

OvincaD Juue7,_ 

II WSfifs = 

4.42 Target Tst. Mgrs. l Scotland) (agM 
4,0 'IB. Athol CreacenLEdln.1 031-2398Mia 


I frit. Svgs. 'B' SUd&S . Ltg ....J 
Prirai n J'ine 7. Next dealing June 14 

I Henderson Baring Fond Mgrs- Ltd. 

I New Si- SL BeUer, 

TOFSL June B — 


Extra Income Fd. _ l! 



P.O. Box N4723, Nassau, Bahamas 
Japan Fd. BUS) y-J _ - 

(Accum. Sharaaij — 

3.93 C0urt«p?dH«^. surer Uaiotl Unit TsL KanagersV 


Do. Accum 

IntemoliOiiuI J*».J 

Do. Accum 

HlglrVield pM 

Da Accum. .. - 
Equity Exompv.. 

Do. Accum. 

5J7 100, Wood Street. E CJZ. ot^BWll 

| J5 TUUTJunol 1503 53.* I 5J0 

3m Transatlantic and Gen. Secs. Co.9 

Chelmsford 0045 51051 

69.7x4 +03 
803 +83 
40.6x +03 
425 +03 
30.4 ...... 

321 +03 
55.0 *03 
626 +03 
53.6n +0.1 
573 fO.l 
.. 65.4 +03 

HU. 69.4 +02 

003.6 1093 

pt IBM „ 

prices at May 31. Next dealing June 30. 

Minster Fund Managers Ltd. 

Mitroer KM,. Arthur SL.E.CA. 01-6C3 1050 Marlboro Junefl __ 3J-3 

* 537 (Accum. U nits)-—., g-6 

3.48 Van.Gwth.JuM 8. -49.6 

4 Melville eras.. Edinburgh 2 001-236^31 MI A Unit Trust Mgemni. Ltd. vsn'Hv Juim8.:II7 727 

KMj jaw ssszzsp* -sfa*s Sfc B 

Blsentlonary Unit Fund Managers WJ tz 3 ....1 jyndall Managers Ltd-V 

E. F. Winchester fW MngL Ltd. National and Commercial „ (Accum.Unitej__.lm 4 


334 Pl-W New London Rd. 
632 Barbican June 8 — 1760 
632 (Accum- Unite)-—. UA5 
239 BarbExpt.Um’31— Mfl 

239 BuckmJuneu 806 

836 (Accum Units)— 993 

836 Colcmo June 9 1242 

S.« (Accum Units)-—. M9.9 
5.49 DumJd. June 7 — 529 

(Accum Unite) 56-9 

Glen. June 6 533 

(Accum Unite' 68.4 

Crescent Unit TsL Mgrs. Ltd. 

88 4aS 
84 *a 
























Pnces on June 7. Next dealing onto June 14. 
HHl-Samnel & Co. (Gnernseyl Lid. 

B LeFebwe SL, Peter Port Guernsey, CJ. 

Guernsey TsL [U93 159.7ri| +LU 356 

nir Samael Overseas Fond S.A. 

37, Rue Notre- Dame, Luxembourg 

[519.47 20251-0031 - 

International Pacific Inv. MngL Ltd. 
PO Box R237. 56, Fitt SL Sydney. AusL 
JacellTi Equity TsL. [5230 221] ...[ — 

JJS.T. Managers (Jersey) Ltd. 

PO Box 1B4, Royal TsL Hse- Jereey0534 27*41 

Jersey ExtrnL TK-.Jlfi8.0 , 173.01 1 - 

As at May SI. Next sub. day June 30 

Jerdlne FSeuing ft Co. Ltd. 

Mtfa Floor. Oonuanght Centre, Hoag Kong 
Jsrdluc EsteL TsL-.f “* ’ 

(C7 50 



Victory House, Douglas, lale or Man. 0624 1 
- 111 ' 4 - 

rlcan JuneB— 

(Accum sharosi-— 
Jersey Fd. June" — 
iNon-J. Ace. UU.)— 
Gilt Fund June 7 — 
(Accum Shares 1 — 





289 2 







Managed May 1B.„ 1129.0 

Utd- IatnL Mn grant (CL) Ud. 
14. Mulcaner Str^^Beaet.Jenv. 
u J-B. Fuad JSUStt.7* l*t« 1 

United States Tst. IntL Adv. Co. 

14. Rue Aid ringer. LuxeMbomg. 

U.S. Ta. tav. Fnd — ( SUS10.97 1-0221 


Net asset June a 
SL G. Warburg ft Co. Ltd. 



.1srd.lacS.--_ . 

Jandlna Fiem-Int 

NAV — 

CavRdJTd. June P..I 5VS9.64 

01-600 4S5S 

I ff MftMa.fKS 

SUS14 22 I Z-20 Ur-Eur. June7 [UJ5 10.471 — 4 — • 


Old Jewry. EC2 
Great Winchester- 
GLWInch'or O': 

SftSii as^!sis^ i ^r5 sasr-gg. 
2|4i ^ ^ i « ft— i«i— bs 

^ nits) — r -11512 »ui . — H23i 

Emwm fc DudteJ Trt. Swii a. !»r. M ngri^Lld.V SW« 

4.00 ^S.'citTjufeT-i.lMLO 

SHK9.7B "l .. 

» — •Equicsient SUS68 

Next sub. Jane 15. 

, , , Keyaelex IttngL, Jersey Ltd. 

Pi ■■■i s 


E3J9 431 
PJS377 H5J 

aim 1259 .._ 

03353 +0.0fi 

Bondselex . 

162 2 


20. Arlington SU S.W.L 
Emson Dudley Trt.. [645 
Eqnitag Secs. Ltd. (a) (g> 

41 Bishops gate, ECS 
Progressive \U2 7H.9n( +03[ 

Equity * Law Un- Tr. 3tt¥ (aHbVc) 

ImSmSmjbdwmk ^o2m8«ji H . ^ toj 

■"■iV ij^El ’b zia£ 



133 6 


117. Of 
104 S 

WJ| .—J 389 48.GraeechurchS :, -. i 5^P3™ 

ffimUmteT- rt — K9 ^50 .'—.'l 430 rAfeum'Unlte. 
NK0’se«s.TTO«i-^6 13L§ .....J 2.® ScoLlnc.June7 
Wf® 8 ® 51 (Accum Uniter- Mafl .....1 2i0 wall Group 

—Prices on M ay S. Nwt dealing June 28. capital Grouth . — ®L6 

•Prices on Mey 17. Next dealing May 3L r^Accum. «.*“■* 

National Westmtnsterfi(a) 











Keysclex tart. 

Keyscie* : Europe— 

; Japan Gth. Fund — 
Keysclex Japan — 
I CeaL Assets Cap.— 

Warburg Invest. MngL Jrsy. Ltd. . 

j Charing Cross. SL Heller. Jsy. Cl 0334 73741 
CCTUd-Mayg— Bg jgM ; 

waS? — 

ao.65 10.96|+0J2| — 

TMT June B. — — 
TMTUlJaueB — 

L 77 World Wide Growth Minagemenfe 
— 10a, Boulevard Royal. Laxembonrg. 

Worldwide Gth FdJ 5US1530 [+0-121 - 


554 IT) cea do not Ipelado S prendaxn, 'or all buying expense*. ■ (fflered prices’ 

5.04 indicated.. yidd SbmC m offir^ce. d EstimMed. t 

Extra 3 nc. Growth— 


Capital TO— i 
Income TO. 

InL Growth Fd. — UW-B 

Do. Accum- — P32 

Friends’ FrovdL Unit Tr. Mgrs-¥ — 

f+iimnEiuLDoridwt- 0W65035 Hrittar HlB 

Friends Prov. Ute— +2-H 
Do- Aecum — — — p4 J 

NEL Trust Managers Ltd.* (aKg) 

774 Do. Accum-- 
5 04 High Inc. Priority.. 

4M taleroattodal- — - 

£5 Special Site. 

5-g TSB Unit Trusts (y) 

232 2L Chantry Way, Andover. Hants. 

83 .4 




B7Jj -03 
892 -03 
001 +0.1 
465 +02 
173 +0.1 
213 +0.1 
67 7 -03 
349 . .. 
33.0 +0.1 

ft I 

premlmu insurance 
y Offered price ; 

? Net of tax eo 









03M 02188 


6.T. Unit Managers Ltd-V 



MUlon Court, feridng, Surrey. 


gee Rothseasilo Asses ^^wgaaent rb) Do. Accum— .. 

Dealings to 0284 63432-3 

fell (biTSBCemwal. — 1«.| 





16. Finsbury QrCUsEC2M7DD 
G.T. CapJae. 

Do Are — 

G.T. Inc. Fd.Un-.— 
G.T. U.S, AGen — 
[g.T. Japan t Gen— 
G.T. tatfL Fund — 

G.T. Four YiteFd — 
















56 As 


Norwich Union Xnsarance Group (b) BankV (a) 

P O. Box L NorwidOUtiSNCL ^ ““2220) W arin£ Street. BcHact 
vT?j ! u „ , ItaUWer Growth _..p7 2 

48.1 +02 
60.^ +02 

62.9a) +02 
65.6 +02 

89.1 +0J 
953 +03 







«m uroup un—”-- _ . 

330 Pearl Trust Manager* Ltd, (aXgKz) 

39.91 +0.U 531 

MS 252 High Holborn. ^TCiV-TEB 

»5SSffiSf— H'- 29. 

4.00 “ .ZIZ 3L4 a 

.SSSSSiTOn «.o sgi 

,JZ0 (Xeeum. Units' — H&3 4a 

Unit Trust Account & MgmL Ltd. 

mng William St- EC4R9AR 

4% Friars Hse. Fund— too 

+02 676 WJBlcrGrth-FDd....B93 
+02 523 £». Accum -..— n 
+03} 523 Wider Growth Fund 




G*:ft A. Trntt feXg) 

5. Rayleigh Rd- Brentwood 
G. BA ■■ ■ !»* 

Pelican Unit* Admin. Ltd. (g^x) k ug william St EC+R oar 

(0*77)227300 81 Fountain St. Maa^rotor 001-2385085 income Units .—.-.129.5 

34,4s( +021 4 M f*»n ran unite-— 89A| +0^1 5M Accum Unite — p42 


^:si s 

CLIVF investments limited 
1 Royal Exchange Ave., London EC3V 3LU. -Tj 1 " °h 2 Hl 101 ’ ’ 
Index Guide as at 7ih June, 19(8 (Base 100 at 14.L«() 

Clive Fixed interest Capital iToqi 

Clive Fixed Interest Income X1 -* L _, 

CORAL INDEX: Close 4TL47G 473478 N/T 


tProperty Growth •••; oc fl ro 

iVanbrugh Guaranieeo Tawe 1 * 

t Address shown under instance and Prnpcrtr Eond TaMc_ 




Financial Tiines Tuesday June 13 im 

' FOOD, OROCE3RpiS^€®ttt 




contact-B. D. Kay 


Circus House, Now England Road, 



High Um 

Price + or Ith. T Re 

{ — tiro* Vie 

BANKS & HP— Continued 

m j Slock j Price {*— f*| It'"! 6 ' 

V< ,-uMr/E nigh Ira 


.--i ~ 

Birmingham. Cardiff. Lands, 

London, Manchester. 

84 TrdaDd iljpcRl-83 
79 DoStocSm..- 
265 Japan me TO Ass... 

,70 DdSw%88 

145 Peru AssJpc 

75p SGIffipclflaO... 

84/1 .... 

8Q% -i i 




™ ffi psfs&fl i j a ( K wuwan 

{142 (Arerys I IM 

107 Bsbwekftw., J 130 

U/ 1W I -'■‘Z j, 

5fcBaltayiC.Hj — 5V 9' 

s m:r. 

Sdtt.VtfSAI 233 . iQ]4i« ft. ™ 523 T«P {?« jj Zl “f W71Z6 - UC 107 Bate****.,- 1 » i... . 5-25 

NaLl'ofiLiirn.. . 73 Jjm 4.6 a & 9 “ 49 42 r*an ’n.T 2g|2 _s, a 46 t 9% »V Bailee iC.EL) — 5V On 

Sat West V. 270 - 5 114 * 4.2 6.4 3* 77 62 ntftin. ... - ^ £77 *5 9 7 9.3 1D3 87 BsterftrMOft: 97 +1 T3-91 

'Vhnid»-rs r l 400 1165 - 4 4 — 107 91 Ijpnrtelrn.' -vp - *06 * "■* . e *e . 45 30 Hamf nrrfs 2 Dri _ • 40 L76- 

fctromhcSKEI 220 -10 lVlJ - -- KO 1 } SOTj XnrstHKrW . W 8 % _ 2 Jj^jg + * 62 42% BanmCoMfflp. 62 .... h 2 .l 6 

Smith SI Aub . 82* .501 •- « ; » '2 . tin 75 U « 58 38 58 +% 

94 iuragnaygipr 1 

U.S. S 3c DM prices exclude inv. 5 premiu 

SSn 39 S 9« £ li SX .OP 4 

takhvSLW. So 5 Sfet 32 M 57 g 48 R^mkll 10p U 

: 3 S5 ;? h V 1 ^?8 § wS-si m 

3.0 5.41 9.4 
3.2 fe-lj 5-7 

0.7 m* 

3.6 6-i 

ll til .« 

SB h 1 95 58 F BjK: a *% s 172 3-5 

Hi 2 41 ill 53 43 Bewfwd LOp — . 49 -f ■&* Hu- 

15 77 74 17*2 16 Bwaa ID J.j5p_ 17 8^ fHft 

2J 83 7.9 70% 59 BinmdQukttt. 62 ...... 4.46 Hi; 

&KLiaKU 8 i;t 


High Ira 


j )+ orj Rfc. I 

Stack f I - j f.row|nr|Crt 

ilWelbFarenSS _ £22%| _ r'Sl 40 
jtt intrust 2l[j_ ] 60 | 1 3 03 

Hire Purchase, etc. 

- (.■'! — 6 / P? lurteires ~ « n , 

- - 112 220 190 Scot Vi Iwl £l 220 110 *- 

_ 3.5 - 151 108 fwnlWw- ^ , tffif 1 3 

- \1M - 15 51, TterarSnUaVi 15, *‘2 £ 

23 1 Vi Waidlc'&sr 1 lup 22 >j ±-S \ 

2 Q 5 162 iVuiilBilwln» - 205 7K i. 

2 fl] 4! F 58 80 4.42 0.9 8 - 

69 74 HU 58 ffhao Pallet IQp 98 M 7 ^“ 

U 4i9 47 BlachrtHodte, She «-7 1% | 

58 74 35 Zl Bonser Eng.Wp_ ,31 +1 1-44 31 • 

7JUJ 17>z 15 Boulton Wmlflp, 17* 2 +U thl0| 2-1 | 

39 31 BniiamMOllOp: : 39 thL45 35 5. 

. rmr 1 » n? Bnithnitofl. B 2 ...... th3? « 4| 

17tj ]3>; ASA 

fed- 60W AMF5*«Co«p."87-. 
31 22 .\max$l.. 

52 21 li American ii press, 

331 2 11 Amer Medic. InL., 

16 J- 1*1; 
60V. cl I ... 

Li 4 SI 75 - 

15S %9p Ararcolnc. 

2914 IK B^ierlniiiL'.'ore SI. 
19i» 117, BarnesGrp SSi„. 

32*8 22 Bendix ComS5 

23b 13 Beth. Steel S3.. . . 
11^ 625p Bronm gFer.cISi. 
13i 2 B57p BnnuwKkCtnpaR, 
63^ 41T* BurroufSisCorp E 

48 301; CBSffiFO 

42U 2Bb CJ'.C.P- 

4SJg 32i CaterpiflarH 

27V 17% Chase WhticS 12.5. 
22 13>s CbesebrouebSl — 

11 765p ChrvslerOTZ. 

21V 13i 2 Citicorp SI 

12V 733p Clljlirc.SLS. - 

25 14J« Do Cm.Prf.BSi . 

18V 12V CdzateP.Sl 

47% 29 ColtlodiSI 

26 15'; Cent Illinois 510_ 

307c .... SI 40 
20 j +V Wc- 

23V-U. -i; 64c 

19 V d +% 90*. - 

3Z'?Hi -% 52.28 
19T*t -V SI 00 
lib .. . JOc 
12% -' B 70c 

63% +V SI. 00 
48 +V S2.40 
42 V +V S2.50 
47 *V SI 30 
26V -V S3 20 | 
ZlVxd *V 94c 
9&3p +4 S1.00 
20V *% SL06 

'*7Zm7r~x » I IW !«■»*» f | BBSS;# «. Kj| g = :i| 

Q1 f 0i - ^ CINEMAS THEATRES AND TV 37 n . » + 1 " doij fj 

IS£i9& I Pi. 23 io IS || S ] M li ..Andian-A^l 74 -} mis\h H 77 S * *1'^ 

j^eMemlhp 10 ..... J “3 5! J « rtl 5 rail &: g S a 1*9 

12% -V SL00 - 

25% 17‘ COnLOitSi 

ZB 20V Crown Zdl S5. . _ 
46 1 ; 20 1 ! Older- Hammer 55. 
32i, 22 Eaton Crp.S0.50— 
2b 17V Esnark— 

40 28i* Exxon 

12V 670p ruestcneTireR — 

18% 1IV First Chicago 

32V 20V FluorCorpSV- — 

41V 26% Ford Motor S2 

25V 16V GATS— 

44-V 29% C-w-ElecLS?:.— 

24i| 15V CilleOeS I 

46 28 HoneywellSIJB— 

14i 2 750 p Hutton EF. 

220% 171 I B M. Coro Si — 
52i« 34 IngersoURS: ... 
17% 73 5p 1 st Systems t Ton 51 
976p 705p 1 LMnteniaiionalk 
28 18 Kaiser AL Fr . _ 

32 20 Man! HaitUSSoG 

41 26V Jkff2amJPiUSI25 
17V 12 Norton Sawn Inc. SI. 
ia> 13V OwM-lB.Sa.l 2 S. _ 
21 14i f Quaker (tats L'SS5 
27 V 15 V Reliance S925. — 
271; 16V Rep NY Corp 55- 

171* ll ResnordSS 

22V 14V Rjchdsa-MrrllSIV 

57 bp 255p Saui'B.F >SL. 

287, 181, Shell Oil Si 

19V UV SingenSlOi 

36V 22V Sp«Tr Rand 5050 . 
33V 18V TRW Inc SIV. . - 

27V 18% Tenneeo 

161 131 Do. If. La St M* 

21% .... S2 
16 V +V SI 00 
47Vnl *>» S3.15 
25% -V 5132 
24 +% 5140 

2EP* -V SI 90 
45V d -IV SL40 
31V -V S2 25 
26 *V SLE4 
38% -V S3.20 
12V *% 51.10 
IJSltrt *V SI 00 
31 SI 20 

40% -V J S3 20 1 - 

975p 505p T«oroMSSU9 
122 16%reoo>S»25... 20?;* . S2.00 

40 221? Tune Inc... . . 35 \ SI 50 

13% B65p TransamericaSl 13% . 30c 

38% 21V UULTechSUba _ 37', jd S2.C0 

2«5 17% U^L Steel SI 23% . U.60 

17 lib Woal»onhrS3l;-_ 16 -V SI 40 

4E% 2fliS Xerox Corp SI ... *u SluO 

940p 385 d Xoma Inc lft. - 940p *W T}f 

13-4 10% Zapata Corp '.Sc _ 12% -V sMc 

IS.E- List Premium SOj-Sr based on 
1 Conversion factor 0.665a i0.6708i 

23% cl ... 52.30 
42V id -IV 52 20 
24% +% 51-50 

477(1(1 Sl-90 

14V m . . .. SO W 
2201; +1V 311 52 
50 <d -% 5300 
17% +% 25c 

953p -b ' We 
27% +V S1.&0 
31'j -% S2.0B 

40% 5120 

■ 16% tl)V 

10^ . . hSl.06 
21 ... 51 04 

27% -V 15r 
27' 4 rt ■ - 51.00 
16% *% S 8 c 
2 Id ... Wc 
543p *23 - 

28 -% hSIiO 
19-^m +V .60c 

sS T * -v im 

33 +V 51.80 
26-b -V S2 00 
152x2 -1 10 S 

912n *4 
20?; *V S2.D0 
35% -% SI 50 
13% 30c 

37yd -% SZC 0 
2 il 2 SI. 60 
16 -V SI 40 
45%id *l- SZOO 
940n *«1 7%c 
12 % -V s3flc 


+484 *]\ y 

b4 78 35 >01146 

WSES&f 2 i T 1 . w - 78 35 DRAPERY AND STOR^ 

Boddimaww 111 *2 h2.61 2.5 3 6153 ,j 7a unied Retail Wd! 265 1+4 |dt7.92] 2.?) | 
Border Brews... 72 ...3.50 * M ,?o ai 

BrxwoiMatUwwi 112 t3.°2 24 5.4119 ^ 

69 Sffl 2 

70 50 

*r 8 H h 


J :ITl 

BTOWO IBMUWWI 1U TJ “J £*l *1 «n 

Bucklet-sBrow. 50xd +4 1.79 4- ?„ in 

BuImenRP.: — 146 U 6 6 Z-f 5Sl w 

Eurtomood 153 

Ciiy Lon Dei 60 

n.trfcCUattlwwi. 136 

5.1 3.1 94 37 
16 61154 ^ 
3.3 5 8 7 9 1W 

> lansiABiimnn. .... n.Li i.t •• ,, 

DisiillersSOp — 178 +2 b34 31 5.6 8.7 & 

C,irdor.'Lil0p . 25 - - -- M - 2 }? - 

' jtaieh F jos. 3ip, 48 xd +1 2M *, 8.8 * A?. 

GreenaU Whitley 114 +3 t2 62 4 1 3.5 107 l-'i 

Greene Kmc — 267 *2 t 6 55 2 8 3 714.9 » 

Guinness... . 172 +3 7.02 2 6 62 

r.umne«... . 172 +3 7 02 ; ° " =1 

Ilighl'dDifl 2Cp. 139 +1 2 9 2 5 3 2193 

[nvera>rdon — lOlnJ +% 2 23 -> 3.4 ♦ {js 

Insh Pistijlers . . 150 -J 355 42 3 = 

Macallan. Glen. - 310 
MorlandCI. - - 475 
Sandeimn .... 63 


462 I 23 2.3 Z2.3 3| 
1245j Zy. 4.0 14 h « 
2 tl ❖ I >-6 4 t™ 
?n 7110.6 97 

Tomatiri . U 6 -1 3.00 Z 6 39144 96 

Vrax. 120 ..:. +4 02 2 4 5.1 12J M"i 

; Whitbread '.V 94 +1 3.97 m3 3 ^4 5 9 105 

Woh. Dudley... ZlOri +2 t5.74 3 0 4.2123^7 
YouniEraw .VaD p 177jid -1% 3.13 -t 2.7 ♦ 

3 ♦ .8 

AudiotrohicJAp-l 29 
gaker'E Sds I0p 28 
Beattie U'-.v. . 109 

28 ha057 6 .S 3.1 7.4 76 6 i 

L09 +2 232 4.« 3.2 103 , 2 a 
— 1 1 5.4 113 lfc5 i «<? 

‘Ton Sod 50p. '• 75 
lonUODEl*. . 92 
ien(A)20p— Z£5 

= arya. 

+4.98 6 .C 

33 ... no ifJ 145 140 LonetHAizup — *» I rr 

19% »t, 1.04 0.4 8.1 423 1041 , 88 CompAlE 93 . +% 9-62 33 5.9 

12 % 0.98 3.1 U.9 3.0 ■« 2 fa Con^ntriclOp- 39- +^» 34 9.4 

m ts n,M 1 ' A a MWftSH- a tftf 5 a g 

.19 lSlfc 

2 15 — LI — 5 P, 46 Crown Runse — . »% : + 

7204 15 9.1 192) cio9 £83 Cummins i 8 ®i— £10<f -1 OS}9u — 

eZ15 44 81 4.6 57 DanloGraerton. 67 — 2.15 6 - 

337 73 3.1 67 2 % 16 DamnUiLar.Sp. Z0%Ht -% L22 4 

4 3.24 3.7 53 7.8 26 12 DntftMeL’A’ifti 20 ...... h0.66 6 . ; 

113] 114 
1 &3 9 Ji 

. ■ l W . 1 ' 1 » H , t r i » 

067 4.*. 

Lob ■> 31 ' /111 ID utu uu ui ui*. vu~ — £ -r- 

s-i a V iiV-ii £ a - 81 

13 _ — — 229 34 18 Detaon-lOp 33 dlJ5 

lfll +1 t5 18 43 4.8 6.5 77 67% Delta Metal . 72 5JZ . -^irx ; 

203 .1 ulqiU o 32 Milt. ^ j ■ 9^ ^ « 


I.AnnltogeShnks. 66 +% 45 | -J- 

For A. P. Cement see Blue Circle 

BPBlndkSllta 226 -4 t6.43 1 4 

Bos»eridRe Brk. 31 133 1 

BaitoyBenlOp- 11 id055| i 

BamL+nrers. 50 .... +2.9 3 

Barfatt Dev. top. 102 -4 t8 06 r 


4 61 1 ® I 7 HI 4 Jo 
6 76 3 « 71 5.4 JS 

lhO.7 i bl,69 4.9 

4 103j « ,S 

iff swLHra 

203 +1 454 43 3.4 103 43 32 DennuJ.FUQp- « ..-- +^£2 1. 

zl . ... 4t0.46 - i — 153 150 Derttendaip — J52 -1 9.97 

87 +1 3.3 qZ3 9i t5.4> 137 114 Desootter- 128 552 

54« — 2V hi 32 50 3.7 5.8 35 30 Dwmletoe lOp . 34 +% d2.29 

139 -1 +218 6.7 2.4 66134 no Ductile Steels— 120 ...... +508 3. 

27 +2 190 12 10.* 11.4 73 % 61 Dnooct 7®a +% 4^9 2J 

166 4.82 2 6 4.4 13.1 164 126 Ed6roiHMg3i._ 158 . — 15^9 4. 

31 _ - - 4.8 no 89 EDlottiB.) U0 . — 3J 

28 I".. 2.16 4 103 * 86 75 Eag. Card doth - 84 +2.66 5. 

17 116 * HO * 107 87 Eva Industries— 88 4.8 * 

48 .. L83 # 5.3 $ 72 55 Expanded MetaL 67 3.68 I 

29 . hZOZ 1.4 106 103 124 U 6 Farmer(S.W.l — 121 d5.05 3. 

lS . +d3.7B 62 4.1 6.0 9 6 FI nsider lire 5W 9 ...... — — 

U 7 +5 285 3.7 3.7113 40 20 Firth iOdjlOp— 24 -1 W-03 0-, 

324 +2 5.94 4.6 2.E1L9 g 2 52 Fluldrireaip — 78 +2 +J352 \ 

U7 +5 Z85 1 37j 3'|ll3 40 
324 +2 15.94 I 4.6l Zfilll.9 §2 

tdOJr 1.8 jll -2 

+2-9 3.1 3.8 5.7 

t&06 25120 4.5 

7237 1.W10.0 811 26 

Deechwoed I0p.. 22% -% 1.83 2 0J12.3 6.4 

16 — u rii75 — I 7.1 — 

67 -2" 411 * 9.3 

11% h0-75 33j 9.8 

119 2 536 23 7.1 

U 98 *7 g 
23j 7.1 93 92 

20 Firth iGMj 1&P — 
52 Fluldrire30p — 
20 FcUkb Hfo n/y 5p 
55 Francislndj 

24 -1 t*.03 0.' 
7B +2 +t332 2 

25 -1 dl37 3.' 

3J2j 2.7] AJ:8L2. 
.371 3.oS 53. 43 . 

68 +1 1 3-37 t 4.ffl 7. 

S e»ESq S? 1+1 1+3.771 2 

Bcnlt-v 20p. — 16 -% t0.75 — 7.1 — 

BenfmrlM 10p.. 50 182 1 i U 

Be« Brof 20p — 65 dl 7 5-J 4 0 7.1 „ 

Piuckreji30|p... 75x0+2% 3.32 7.7 5.0 

Bto-OidaZl— 243 +5 9.34 3r f.B 7.6 ^ 

RlundeilFenn— 69 Z89 6.5 6.7 ^qc 

Eree-tonLune-. 94 .527 17 8.910.1 

Brit. Dreddne— . 37 +1 J03 — x — ?3 

Bn*n Jksn. 2fy 104 +2 LO 5 3} La 9.0 

BrtYwrilw- 61 .. J2.03 ZS| 5.010.4 ™ 

BoanUDdes.— 52 +1 1225 +ij 60 i0.4 

BuxrwtttH 176 td2L6 33 2-2 6.8 W 

33 7.7 58 g 

li li 67 jft 

in B.^10.1 1,5 


15JI 10V 
lbi, 10 < 
42% 301* 

IP* 825p 
• 21,1 14 
1< 955p 
37% 30V 
60 21 % 16% 
590p 315a 
24% 16% 


S ift 11*0 

S 7 ® St 

| If 

96 74n 50p 
237, IS 

B3 S; 

14 A 955p 

14A 955p 

IPg 880p 

S.E. List 

EkMontreal 5U 

Bk. No* a Scot.. 

Bell Canada £5. 

3o» Vail c>ii 

Brasi-anll . 

CanJmpBkSZ . 
Do. 4 pc Deb £10n ■ ■ 
Hawker Sid lianJI. 


Hudson's B?. R — 
Hud-E Oil G S2N— 

Imperial uilll — 

Into — — 

InLN'at 'TasSI — 

Pacific PeL SI 


nm Alcorn — . ... 
Royal Bk.Can.n._ 
Trans Can. Pipe — 
t Premium 50%*« 

15\l|-% S1P6 
15% -,t «Vc 
41% -'s J42 
22V -V 12V 
12 % +'t SLl? 

20‘lnJ SI 44 
i3\l 970 

m “ 

31 +V 
19 V 

5Wp +10 

W ',W 

« +% 51.14 
» +10 -MX- 
SZC -6 

J*'*.. n% 

. +V 864c 
a fV Mr 
j 80c 

Z37, ; 4 ' 


*:f & 

11% +V 105C 

(based on 52.0553 


2E0 +4 +7.43 3.1 4.W12.2 20 % 18 Gen 

274 -2 +7.43 3 1 4 1U9 n? 95% Glyr 

48 xt +2V 1.75 3J 900 675 Gm 

Sip- 86 

a ...... 5J 

19% -1 h0.97 
3D6 -% 8.20 


loa 53 
731 4J 

48 n +2V'l./5 3i 5if5.8i9M 675 GningestlOO — 825 — • 

3 S 11 ,.^ 4 0 2 - 1.0 - 48 36 toStomklOp- 44 ...... dhU9 32 

27 ...... 0.2 — LI — 84 64 Greens Ecou. — 64 -1 4.24 2 2 

20% +V |0.b7 7.9i 5.1 42 286 253 75b +3 1536 M 

Kr/ant Hides. OS +i +-i oy*u.; 

BuJTWtttH 176 td26 9 1 2.3 6.8 Hi 

«uriBnuIUfl£L 170 -iOWlO.15 3 5| 4.0) 4.9 ^ 

i Robej-'.VlOp.. 32 l+lt^LbS 4 1 7.8 * 

i.alnderi'JHiiOp- 23 I J1.3* -3 B.7 o2 ,, a 

192 12% 20.7 95 - 35 21% Habit Precision 8p OT dZO 

73 dLZ21 5.4 43 4 9 io 3 86 HadenCamer- g 7.80 

a dL80 0.7 13.0 16.0 no 81 HalIEng.50p— 1W -2 4.43 

62 +23 12 5.6125+23 167 HaUKatthew— 09 +3 7|| 

176 ._... d3.62 4.0 3.1 If 0 1« 115 HaUmSOp 340 +2 +5JS 

141 +1 4 77 Z9 5J 1D.4 u Vg Hampton! 13 I*0 j 

52 d3.92 23 114 62 J5 A Mblki! & .... Ij 

IT* -}2 r, m BnMt- z* +f *m 

I' irruo+jv 1 44 

larron.. ... 56 

Rnidlof.r 80 
1 ,'omhen‘jp !0p . 23i 

jwiainR. - .. 292 
'.oui\tlj>vde5p... 59 
i"M«ley Wdi ... 64 
'rouch'Di30p-. 89 
Crouch Group 71 
Doutlas Row M 9 a 
Owing G.H.iiL-p 212 

Scona iCp 66 

Ol!--ft&erard 82 
Frith... . — 86 

MPA Corefn . M 

13 ~ 

1.3* O./l 1Jfl 

I , Who 91 71 3.2] 6 8 

358 13 9.7iiIJJ }9? 

+1 Jh2.96 35 5 6 -77. l »g 

170 6 9^ * go 

346 12 4 65 85 

dl.19 19 4 6^117 
4.13 05 W 6. 

3.94 ?3 6 T 6 ?t?f 

81 hidl 

3-3 9.M 3.1 30 25 HuntldaKiop5p »2 — - +0-7 

^ mm 61% 55 LM.L--— s -- 1* 

3.94 75 h < 69 

tdZ74| 2 5 53 M3 1 ?? 

tnWni S.4 ?'l Jj 

.-..tlO.Sfl 7.4 51.J 

181 , -I, _ - - 11807 24 23 JMksnJtHBSp- 27 

141+1 4.24 U 7 $ 49i 2 fcntaACtttoD- 75 

238 nJ -1 t6.6 48 4J 5.7 68 59 Mnsoa* Filth- 66 

163 ri -4i; hZ35 7 1 11 " ” •'*- ” 



. tl0.58 ?-l 7.4 51 

. 13.96 25 94 4.7 

.5.03 U94W.7 1 ij 

.5.49 15 9.7 10.8 S? 

.0.5 3S 5.4 7 3 ff. 

n .... 


160 -4 

71 pones Croup Mp3 71 

107 . . 

76 -1 

MPA Corefn . w - u.s ’ => 4 T 1 . 

Fant tough Cons. 73 +1% Z49 34 52 8 - 

F«?h InlL I0p_. 26 -1 J]t- 

no-.VIOp. _. 24 dl .16 1-8 1-.* <5 

Fed Land ft Hid. 41 23 2.3 3.5 7.8 ,, n 

F knlaaiJohni ICp- ?l ' — — — — 75 

Francis Pkr lUp.l 15 

IrrauciMGILi 10p 

„.. d?.54 l.te 74 

French Kier-ZI |1 fZ- U5 * 8 . 6 | i \\ 

GalFJiK.'tBr.op..] 56 — J.07 2-| 65 ^ 

GltihsirdyAIDp 29 1.82 25 9.5,65 fS 

25 .... — - -J # 69 

48 — !•* 0 *5 — 0.9l — 3 R 

46 -t tdlOO 4.8 3.V 95 77 

8% — — — I — 20’ 

87 ‘ 1185 52 5.0112-5 191 

6 hOH 4.8 5JjtL4' 88 

70 h038 116 O.d 71u3 

74% +1%. t3.03 11 6.21L3 mi 
41+2 159 ♦61 + 170 

l - I ra" 2 I *-* 7^4 .mZ. 

-j * 69 57 Ley's Flm^ies. 64 K3 

93 rJ M 1 29 [unread— — s — 3b ...... 61S 

GitmslrdyAlOp 29 
WreionlMJ )I9p.. 41 
GlossopW ftj.„ 67 

1.82 25 9.5, 65 

+184 35 6.B 65 
3.7t» 25 8.8 6.B 


G'EM"noper2dp 74 -1 5.28 L4 10.8 132 34%+% 1195 31 M U *§ 

Helical Bar — 35 M«3 L2 „*I50 

ji 03 i-l 0 

h.3(j 3.71 8.10 Hi 


HiRh Ira 

300 186 
293 210 
£1?3 £90%l 
8.90 334 269 
5.84 959 187 150 | 

653 10.60 16? 155 
410 B.96 C20>; £13% 

6<6 1059 330 315 
885 1054 £17b% £137 
10.04 11.44 21 15 

_ 170 lbO 

_ 572 380 

315 255 
L'2V £21 V 


Alexanders D.£i. 
.UcemeneFI ICO 
Allen Haney £L 
.\ilied Irish — 
.Arbuthnot L £ 1 . 
Sink Amer 51555. 
Bit Ireland II .. 
Do 1 Ope Com . 
3k Lmimi l£l... 
Bk N.SW.SA2 — 
Bank Scotland £1 
Banters N.VJIO. 

|+ ori Dh I I 
Price | - | Net |Cir| 




h- J > : -'■■■ H'Jim 

iwiMnamBl-fftli K 

Ilondm A'IOn. 75 4.36 3.7 8.8 41 

ilendeneniJ.Hl'.'- 155*d -% 827 J 8.1 ♦ 

HrwdenSI lOp . 67 .. 1.29 J ^6 2.9 4.8 

Im 7pcCom .— £310 . . Qi% 1851123 — 

Hejwn VFr 5.ip_ 117 -5 — — — — 

I Legs & Hill __ 79 -1 1-3 55 P 6 4.0 

11 £3 ^ 73 Mangan Bronza- JB -1 ■ Mg - l-J 

t, H tc 170 134 MwtamdrtOP- IJS — ■ f-g 4.8 9.6 

4-2 4.9 7.5 92 84 HcK* tale Bros. 87 +4.95, 2.£ |7 66 

15% «L19 08 4:264' jfr 

19 -HI - - - - 48 30 

131; - - - — 44 35 

14 .... - — — — 81 54 

28(hd +4V 100 « 5.4 ♦ ^ 52 

25% +V 122 46 75 32 33 23 

13 +% — 

156 +2 220 
132 h3.88 

Hmerinclmm — 78 

Do Rex. • tc . - 72 

HcmaniFhul top 24 

mean... im 

ltsioikJahrisen 175 
b-i.Tin.K-r . . 119 
JE Meldings .ip. 72 
J CFG 28 

lams-.l l.. _ . 178 

79 -1 3 55 58 66 4.0 

78 208 4J 4.0 92 

72 .... 2 38 4.1 4.4 8 5 

24 .. +1 56 3.8 9.9 4.1 

114 -2 d9 93 0 7 11 J 17.2 
175 -2 p 14 3.R 5.3 65 

119 -1 t p 29 28 8 0 66 

Sicmhers lOp 

75 32 33 23 

2.1 ir .1 M 

3516.7 ® J? 

UtKflClmleBros. 87 — . +4.95, 2.6 8.7 

47 S3 « li 

Ifidlandlndc-Sp. 4Hz ttf.99 75 ' 

ves= £ =»■ | _ 

Moss Ena'* W .436. 72 95 

177 !!!!. d4D6 26 35 16.7 w . ._ _ _ T _ _ 

16i;.... d0.87 1.1 3.0 105 71 5a Newman Tonka... ML- +3i>4 2. 

29m +1% L5 ♦ 85 ♦ 4 Q% 28 Norton lW.E.t3jj 40>z +%' •'tS.W 5. 

148 nJ +1 L 68 ♦ 17 * 101 71 Osborn (Si 99 ++357 3. 

C 8 510 * ,?8, 176 152 P-nler-H»UnIej_ 174 E268 3 

30 2.25 0.811.4175 119 101 Porter Chad. 20p. 119 +3 f.27- 4.' 

125 5.15 5.1 62 5.7 72 58 PrauiFI 66 ...... 4J1 9 

142 3.07 6.5 3 3 5 5 81 70 Priest iBen) 79 +1- 1*28 

44 tlOl 3.8 b9 57 EB9i 2 £81% hwerliVPca-SB £SZ% +% QHV? 

82 -1 V.Z22 45 43 65 « 35 R.C.F. HetdlnKs.. 36 1272 1, 

80 -1 c232 4.5 4.4 63 iy, ni, RalneEnfc IOp 14 .....0.87 2 

a SSFfe-i 

If-t. 118 22 5.7 
li.51 19 i 97 
t?60 25 7 3 6.4 


SaimSiSnb. 1-1 hU3 b6| 27 83 
loneaKmLJOp.l 14 ) ._ 072 LB 10.0 B.5 

151 is 43 8.1 66 »J 54% 58»a +1% 3|4 Z«l|i 

h3 23 I 35 4.91 8.lji63 125 R nwm« Sun. El 163 ._.. 854 M W 

— — 23.6 80 
15 9.9] 10.21 89 
23R4 5.7 8 S 

58 Ralclifio Inda 70 171 

57 Ral chits iG.B.' 89 +1, L90 

75 fiecordRidG#g:-. 75 ...+. 45 

Marshalls' Id c 
Mears Eros — 
MeliilieD &R 
Me*o , 'MonLL 


8® . 

100 w 

ImJe Elect IOp 

10 % 

29 | 19 

112 ea 
1 W so 


41 l 29% IRnyro Croup 

40 30 

1 89 66 

162 (135 

Telex: Editorial 8S8341/3, SS3897. Advertisements: 885033. Telegrams: rmantimo. London PS4. 

Telephone: 014248 8800. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester, Tel: 240 8036 

37 % rm 

43 301 

55 J 40 

ris ft Arnold 


Amsterdam: P.O. Box 1286. Amaterdnm-C. 

Telex 12171 Tel: 240 555 
Birmingham: George Boose. George Road. 

Telex 333650 Tel: 021-454 0922 
Bonn: Prefshaus 11/104 Heussallee 2-10. 

Telex 8308542 Tel: 210039 
Brussels: 38 Rue Ducale. 

Telex 23283 Tel: 512-6037 
Cairo: P.O. Boa 204ft 
Tel: 833510 

Manchester Queens House. Queens Street. 
Telex 668813 Tel: 081-834 8381 

Dublin: B Fttzwllliam Square. 
Telex 5414 Td. 785321 

Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-228 4120 

Frankfurt: Im Sachsenlajier 13. 

Telex: 416383 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex M257 Tel: 838-7545 
Lisbon: Plraca da Aiegria 58-ID. Lisbon X 
Telex 12533 Tek 362 508 
Madrid: Espronceda 32. Madrid 3. 

Tel; 441 6772 

Moscow: Sadovo-Samotechnaya 12-24. Apt. 15- 
Telex 7900 Tel: 294 3748 
New York: 73 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Td: 012) 541 4825 
Paris: 38 Rue du Seutier. 75002. 

Telex 220044 Tel: 23ft57.43 
Rio d« Janeiro: Avenida Frea. Vargas 418-10. 

Tel: 253 4848 

Koine: Via della Mercede 55. 

Telex 81032 Tel: 678 3314 

Stockholm: c/o Swmska Dagbladet. Haalambsvagea ' 
Telex 17903 Tel: 50 60 68 
Tehran: P.O. Box 11-1879. 

Telex 212834 Tel: 882688 
Tokyo: 8th Floor. Nihoo Keizal Shimbun 
Building. 14M Olemachl. Chlycda-ku. 

Telex J 27104 Tel: 241 29» 

Washington: 2nd Floor. 1325 EL Street, 

N.W.. Washington D.C. 20004 
Telex 440225 Tel: ( 202 » 347 8878 

201; 141; 
190 Il41 


Farnel] EJ«-3Jp 
Fidelity Rad top 
Forward Tech. 50p 


Highland EL20p- 
Jooes Stroud 
ItodelnL . - 
Laurence Scott 

Lee Ref rig.. 
Newman Inds. 
Newmark Louis 
Norma nd Q 2Up- 
Prrtln EhneT 

Philips Fin. 

Philips Lo. Fltt. 
IX A" 

Hides. — 
il Electrics 

Sony CV» >^0 
Sonikl Piffsn 5p 
ele. Rentals 
urn Elect. 

,'rpc F.W. 10pr 
Jmicch IOp . 
ltd Scienbfie 
Ward 4 Gold.. 

Wcllco HldS-ap- 
n'esUn^hoim -I 
ThlfwonhEI.Sp 17 


£11% 1600 AKZI? £11% 

ltb 86 Albnght WilsM- 157+ ^-7 
295 253 Alginate !uds. 265 

97 84 AildP Fpct. ICp 87ul -1 

W 61 Ail'd I'oiloidwp. 77 +: 

79 60 AnchupThe-H — 72 

£37 £4W; Bayer .UJ DM SB £55 . 
246 122 Bld'-dea Neater. 250 .. 
-1B6 134 Brent Cbcne IOp 135 
25 19 FriLBciuGSlO?. 21 

61 45 Ent.TarFrd.Wp 5? ... 

14V 10% Burrell sp.... 10% 

41 27 Caries '.jpel IOp 31 d -] 

49 44 rajlin 47 

£95 £89 CiboffoTVolr. £93 . 
£99 £90ij DararJUW. £92% 
£981; £91 Do8V+iCmai«i £92 -1 
79 64 Cualiteflian...-. 67 hI -1 

75 59 CualesBn*. W -] 

74 57 Do "A 1 SI’.. - 63 +1 

20% 19 1 ; Ctifj'Horace-jp. 20% . 

60% 43% Crodalnl.lOp-.... 51% 

*31V 16 Civrulatojp— . 27% 

57 46 EreilonPiUH.*.. 46 -] 

34 36 Farm Feed 38ri -i 


Birmingham; George House. George Bead. 

Telex 338850 Tel : 021454 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-228 4139 
Frankfurt: In SachsenURcr 13- 
Telex 16263 Tel: 554887 
Leads: Permanent House. The HeadroT. 
Tel: 0632 454969 

Manchester: Queens House, Queens Street. 

Telex 666813 Tel: 05 1 -CM 9381 
Mw York: 75 Rockefeller Plata. N.Y. 10018 
Telex 423025 Tel: (212) 489 8300 
Pari*: 36 Rue du Sentler. 75002. 

Telex 220044 Tel: 238 8&01 
Tokyo. Kasahora Building. 1 - 6-10 Vchifcanda. 
Cluyoda-ku. Telex J 27X04 Tel; 295 4050 













IS 2 






130 — ■ 

31 _... 


156 — 

76 : 







43 _,..l t^u. 
27rt +%1^45 

111 63 

17 f 12 pnpJetot.5p_,. 
L31 93 iDnrapjpe. 

u.rm oipi 

is msztmmu 

128 +6.92 2 

117 - 6.00 * 

76 1 +4.08 1 

5Ca 3 7JA 3. 
Si+% &3 1 

2B -% 23 4 

127. +1 52 3 

S .'U ® i 


g “SS I 

93 . tt29 * 
22% £33 4 

76 2-45 4. 

88 ^...-uur 7, 
198 +H° l 

22 L2 ? 

10. 8%. Dwek&oupiop. 

31% 23 DytgjfJ.I 

63 54 pysoai/.iJj_ 

601; 49 fitt'A' 

18 12 B.C Cases 19n-^ 

109 80 Bastcn Prod. top.. 

275 220 IEIbarIiKte.5lln_ 

16% 1 12% LQbief. 
44i 2 39% j5a»l 



* 3.7 « 

4 5 7.9 3A 
4.3 4.9 63 
7j6 22 »J 


112 Alpine 5oftDlOo_ 134 ....:. [F65 « 7.4 10.0 

70 Ass. Biscuit 20n.. 83 !. ;■ 319 36 5.0 6-41 

53 Ass. BriLFds. 5p 69 -1 251 ft 47 * 

205 Ak. Dairies 228 -2 W.78 19.4 05 15.0 

71 43 Ass. Fisheries .— 49 '. '3ft 35 9.3 4.7 

37 28*3- AtanaCroupSji. 35% +0.98. 4i 4 2 7.9 

7fl 72 BanbiSittaO'Cl 74 „.... .-tdM 33 7 A 5.9 

15 11 Barter ft D.lCp._ 12 +% — — — 

66 Barr.AG.i 83 JZ.‘. h2.15 U 3.9 95 

« tornw JOII^ « tpR 34 H ^ 

276 |lJ6 IwirfalhlL) 


23 17 HlicttP'b'mlBpu. 

98 69 Ebon ABoWnns. 


84 ' 75 - Baft China day? 
163 123 BsperanaaUVp. 
124% 99 Eoxo Ferries— 

. C3. 34- E*adBHWasL.»p 
34 24% E r George top 

105 w &tai_: 

63 - 53 FaktalmLawsa. 

34 . 28 Feeder top 

151 ITT fianwW&l--; 

108 87 Feraann lod 

38 27 FertJ«naii20p_ 

38 25 - FWWrtAJU— 

51 37 FlSCasUelltou 

46% » FHraUtoa-—-. 
,56 48 FlereltoCftiC 

146 • 53 ■ Fogarty (£j 

17 ■ +l 2 - 
115 ...„ 


28 ...... 

-15-. • 

265 ■' 
asto -% i 



-sad +i V 
105 .. 1 
56% + 

“32 + fc , 

133 ...... 

29 t:. 

260 . * 

71 62" 

97 85 

480 410 
203 149 

French Thin- top 

1» s-sa- ii 


Copies obtainable Irora newwngento and boofcataUs worldwide or on regular subscription from. 
Subscription Departmeat, FinaocUi Times, London 

1 394 325 Fisotts£I -”7 "j 358 US5 

I Kit. 1 1 St. lUaldanjl t ! i l.'ln 1 Tfl.l. 1 I 

;h3 46 

20V 15V h'alsi ead'i • too 20V .. 

223 156 nrtn.Bdtli5dp. 20S . . 

634 376 itaecMUP. J519 -4 Qlb f i 
£123 £U2> 2 DnfiallRsLbJJL. £125 QtlNi. 

Ill 105 AliLSarttoBT-- 110 

223 180 \PV Slip 222 

116 104 Arrow- 1+2 

93 68 Dn. 'A 1 ... W 

225 -ViwesUiroup. — ?52 
159 AlCto.Hmnniufl, 159 
£116 DfcSpcConv. — £153 
ci; Allen (£■ ifalfuiir 63 
Allen W.G...-— » 
Ann]. Power-,. 138 
Ansloiwisk.— . 

Ass Rrilish ! 2 ".a». 
teoc Tndial .. 37 

.-Vuabidlli'p- 21 
Amur a HU- — .94 
115 l 92 Austin (Jaaesi— 107 

48 Batleys Ycrt HJp 53 +...'. M33L 1J 9.5 'M 

56% BetailOp 64 -1 ' Htl45 40 3.4 W 

182 Ribbf(J.)£l.._. 230' +1. 660 6.7 4 3 4.4 

155 Bishop's Storet^ 15S :....■ d£59 ft' 2.6 ft 

115 Do. "A" N/Vg. ^ 125 ■ 3259 ft 3.2 ft 

153 130 BhwbtrdCau.— 175 51 JS g-3 

83 53. 

190 160 

104 82 

64 46 

73 58 

610 515 

MW IX^V UWWIUUVWU.- J.J9 i73 rm I mm 

124- 104 mnL Sugar 50p_.j 130- JM75| dfl |5 3.4 

33 25 BriL Vemfg top" 30 ~Z. OS 

49% 43% Brooke Brad 44% -% +2 J 

58 48 Cadbury Sth'ps_ 511s +% 3^4 

t5J I zil 75j 9JI 74 

58 48 Cadbury Sch'psI 511s +% 3J4 

47 41 Carr's SUliQg 4&u _. +M3 

49 42 Clifford Baines. 49 L91 

40 33 Do. 'A-JiV 38 ' I-S 

116 73 Allen* 2>p 109 jri.' 5-E 

112 70 Do “A" dp UJ6' .+-4.32 

125 1341, Danish Bcn-A'Cl U4 — £■« 

107 82 tertwoodlJBiSp. 89 X* 

14% 9i 2 Edu'dj.Un.C.fip. 9% 

35 29 Enslawiy.Rijp 29 * W* 

78 66 FJLC — 67: -^.7; 

13 8V FUheMAi&r 11 0*4 

1 75 1 

.76 32 9. 
14 1.9 8 . 

kLuoeUapI 64 -1+1 « 

Zb 72 
W 37 
8.7 33 
5.9 55 

7.6 43 

% i 

88 4.9 

6.7 23 
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7.41 63 
^ J-2 

83 12.0 
U 19-0 . 

42 40 

24% 17 
86 68 





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460 +6 
20Z. +1- 

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A 3” 

60 ISO 
107 1 84 

54. 37 
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Granada -A'. 

32 19 

64. h 50 


28- 17. 

104 84 

61 " 51 
76 65 

61 43- 



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