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Je Reviens 


The essence 

T" k 1 0rt ah of t feniini ne /f^wlmxjk 

° best ■ eie 3 ancG 

PARFUMS 

WORTH 






No. 27,609 


Thursday July 13 1978 **i5 P 


'aa* 

& 


for building products, heat exchange, 
fluid power.generai engineering, 
rip fasteners, refined and ’ A ' 

wrought metals. f/jW 

IMIUmited, Birmingham, England V l 


^C OHTtNEMTAI. SELLING P RICg, AUSTRIA Sch 15; BELGIUM Fr Zfr DENMARK Kr 3 Jr FRANCE Fr 3.0; GERMANY PM 2.0; ITALY L SOD; NETHERLANDS FI 2-fl.- NORWAY Kr 3.5: PORTUGAL fee 20i S^IW SWEDEN Hr 3.25; SWITZERLAND Fr 2.0; EWE t5p 



NEWS SUMMARY 


GENERAL 


BUSINESS 


Spanish 

ieaths 
‘near 
to 300 ’ 


Equities 

surge; 

gilts 

subdued 


Callaghan hints at 

° to probe 

5 % as unions press Brazil 

affair 

working week cut — — 

C-F LLOYD’S OF LONDON' is 


Report urges 
higher taxes 
for casinos 


BY JOHN MOORE 


BY MICHAEL THOMPSOKf-NOEL 


BY CHRISTIAN TYLER AND PAULINE CLARK 


LLOYD’S OF LONDON is to HIGHER rates of casino taxation its Cashcade lotteries as well as 
mount a top-level inquiry into and a £100m national lottery for its casinos, said it welcom- d :ln* 
the conduct of one oF its publicly- “good causes," are among far- proposal for a national lottery 
quoted insurance brokers, Brent- reaching proposals in the final and expected to be (in- from 
- - -- " — ■ — r — franchise 


nail Beard. 


report of the Royal Commission runner 


. LV 9 EQUITIES 

.. ~ new rise, enco 

i death toll of nearly 300 was ? bIe economi c 
■redicted as more people died ‘“f *‘j ss,on * 
-‘.. 'i Lhe wake of the Spanish reflectin S th « 
olday camp disaster. • The 
..'‘parish Government said that at 
:ast 120 survivors were certain 
ummmj, \i_j die in addition to the official 480 ~ 

1 'C-eath ton of 170. 

i. A tanker lorry carrying gas 470ra J 

’V toughed into the camp site at n JB 

- : _ an Carlos de la Rapida on fl V 1 

.-./ednesday. It exploded and 118 460 ff"la M ~ 
...people, mainly German and K M 

.. rench tourists, died outright. " | 

"•...-.As Spaniards began burying If 1 

. ; ,ie dead, there were bitter local I VK1 
...roiests from people who said 440 — 

- tey had feared such a disaster B 

>r several years. Pages 2 and 8 I Tin 


reflertin- ' t hZ JXEZa Shorter working week. syndicate headed by Mr. aucen a situation that is 

reflecting the subdued gilts *utirier worning weejw. Frederick Sasse and the Brazilian contn >l a" d scandalous." 

fzg s ■ ■ The Prime Minister hinted at the incomes policy talks faces a men s union— one of the Iradi- re in Suran ce group lnstituto de Mushrooming lotteries 


the conference of the National hectic timetable when he tional stalwarts of the Labour R e3seEU eros do Brasil. produced "wholesale disregard 

Union of Railwaymen in returns from the Bonn summit Party— to incorporate an allusion ? for the law. commercial cxploita- 

Llandudno that he is thinking of The day after Tuesday’s TUC to a 5 per cent pay limit ahead 11 is likely 4 531 ine I J n TT < r y tlon to a totally unacceptable 


unrealistic.” 

"We estimate that flOQiti 


for the law. commercial cxploita- ® arn ® d i n .forciun _ currency in 
try tinn tn tAi.iiv London casinos during 111, i .■t.il 


l- win cuuaiucr iuc wiijic a gateb he juiaiiuuutiu vtnv uacii r n 

1 0 r ! e : VjJjf week today, and in the form of aback by the figure, their stand- f? 55 * syndicate and a Mr. Dennis 
7 an assessment of the economic ing ovation did not show it. Harrison of Florida. 

Sr that h situation, it could be published Also hinting at Government Mr. Harrison was introduced 


L-aiu toe Think Tank, proposes a ».»». 

isse syndicate and a Mr. Dennis seneral casino bell £_ H duty o£ recognises that these 
amson of Florida. up t0 7S per cont on b staJcC s. to rotations will hat.- 

Mr. Harrison was introduced be recovered through an eight- 


F.T. Industrial 
Ordmary - ! 
Index I 1978 


l.i U .pr .v ...... 77 npr uu asacT*BUJCU» ui iuc uuuumik lii£ uv«uuu uiu uui auun il. up lu i.u pci mu on MAM'S, IU 

rinf ihat it situation, it could be published Also hinting at Government Mr. Harrison was introduced be recovered through an cight- 

could dron to just ove^7 Der cent f i H jer . ne5Ct F ? da * or early hopes for an agreed pay target to the Sawe syndicate through fold increase in casino gaming 
before cHmhiS^Sn P following week. rather than an imposed one. Mr. Breninall Beard in spring. 1975 licence duty, 

ueiure ciunoing again- Yesterday's upset to this time- CaJiaehan said tiie reaction of He was subsequently authorised A special 3 per cent casino 


I'CCOIll- 
l,i !ie 


barter attacks 
»oviet trials 


43 (jl I I lH i ex | |i978 B Tor the TUG general council to 

feb mar apr may Jtw JUL. I consider when it meets Mr. 

I Lallaghan and other members of 
the Cabinet on Tuesday. The TUC 
market. The FT 30-Share index is ignoring the Government's pay 


A W r* r firv. ,' T, Yesterday’s upset to this time- CaUaghan said the reaction of He was subsequently autnonsea A special 3 per cent casino 

. ^ araft of tbe White Haper is tab j e W hen a policy paper unionists in a free society could to accept non-marine business in levy should apply to casinos 
believed to have been prepared on shorter hours prepared by not be guaranteed. “But I the U.S. on behalf of the syndi- with annual stakes of more than 
ror the TUC general council to believe that if we carry on with cate. The business was liOra. 

consider when it meets Mr. Labour News Pace 9 Hto present co-operation and channelled to Sasse through The expected effect on pro- 

T °r EdltoriL Comment Page 18 understanding, this country has BrenUialj Beard. ^ v > „ jected 1977 casino pre-tax 


Details'. Page 8 
Editorial Comment. Page 13 
Lex. Buck Page 


■tlOra. caref«i-y considered l»y iho 

The expected effect on pro- Government before inipIviiKiit.i- 
jected 1977 casino pre-tax tion.” 


a good future." But it later transpired that Mr. profits would be a drop for UK The Central Council of Phvsic.il 

: Mr. Callaghan emphasised Harrison and his company Den- casinos from £50.Sm ,to £1-L9m. Recreation said that the proponed 

° ~ If mm TTnn ntni* »*i t Zi»“C I Tt tlm If* h T nn J h, a _ ji ■ t _ « ■ , • ■ .. ■ 


•resident Carter described 6 - P 0411 ^ 40 -f? 3 * 3, its !^f et Ih« hicb *? 3ay i ?f 1 ert l? the TUC economic department y^e'restrainras a key to main- Har Underwriters, in which London casinos’ promts would national lottery was ill-defined 

3 viet treatment of Mr. Aoatolv highest smce j nne 13> me , eta ?S', b V t ^ S™" was attacked by members of the and irnpro Ji n -, y slaadardB I Brentnall Beard held 20 per cent, fall from £42.1m to £L0.2m. and would probably d<. more 

ijest vigorously that too hard a TUC economics committee for . ni j; ’ " 


■ bcharansky, accused of working • GILTS were unimpressed by line ti 

»r the CIA, as “an attack on tbe banking statistics. ' The j 0 b-cr 

■ ^1 being who beueves Government Securities index curtin 

1 freedom. Mr. Carter was r n n ,« f fi0 qa weeb 

-.leaking on UN’s News at Ten fel1 °’ 13 t0 69 - 9S - ; . ■ vn ^- 


GILTS were unimuressed hv r St r S0 ^ usly l 5 at t0 ^ hard *w a TUC econorajcs com,mttee for ^^E \V^n inflaUon was at failed to gain the required Gambling shares were harm than 

- hanlrfn" • k has rt been taken against the being too similar to the Govern- ?g nlrSnt he ask^d for a lO oer *W*roval under the Lloyd’s tri- immediately bit bv the proposals. It claime 

• hanking statistics. The job^reating possibilities of ment line and not firm enough w/,? bunal mechanism. Shares of Ladbroke Group product of 

vernment Securities index cuttine th^ standard wnrkine « ss-h™,.. ,„ 00 i,Tt cent wage limit. With infiat ion n_ rrisnn nrndiired c« . ”, .. ~ 


1 freedom.” 34r7 Carter was ““ SST* Standard in demanding a 3 

leaking on UN's News at Ten t0 ® 9 - 98 - week. was sent back fi 

■3 the eve of the Bonn summit • STERLING closed 10 points believed^ to^ have^TroSosed %££ ‘SuT the neneral «e wia me ranwa>Tnen uiai ne 

GeSev/ SALT ta,ks resumed !|? * Privately that there coJld be a s^pe ' w^ acrepte^ by abom ^ ^ nt to d “K y i Uni « 1976. 

Geneva. SL8860. Its trade-weighted 5 per cent. earnings target, with seven of the 10 members present r ? s p°” ab,Il D' to get 

The State prosecutor has index improved to 62.0 (61.9). another 2 per cent for dealing Mr. David Basn ~ “ ' “ “ " 

inianded a sentence of eight The dollar’s trade-weighted with pay anomalies. But its man and general • 
jarsiQ a labour camp and three devaluation narrowed to 7.7 advisers may urge that it would General and Mun: 

■ars internal exile for Mr. /-o wj be a mistake to divide the Union, was proi 

-lexander Ginzburg, the other , ” nonn *’ in this way. protesL 

ssident on trial. Back Page * GOU) rose SI to SI8GI. The Mr. Callaghan, who now — most Mr. Callaghar 


. and would probably do more 
were harm than good 
>sals. it claimed the report was the 
roup, product of “the yr.iNpmg hand 


before December 1975 to mid- 1 removing £8.25m from its Stock view. 


when Sasse cancelled Den-Tjjaricet value, 
underwriting authority. r ora . r- isi] 


i' D0n VtSI diVide ™°"; ™ s ■ Jromtarat ” «■ ™"Ii, on M the .weeping reorgnnlsaUoil of horie- year to April 30. the two uroLip. 

oow-otost Pr r L Callaghan chose the «-.*■ h : *« _»» SfUSSS STSSLAU 0 rL l0 "^ ieS had " etted a ™ ,nd 


• GOLD rose SI to $18G|. The Mr. Callaghan, who now— most Mr. Callaghan chose the 

_ _ New York Comex .July settle- unusually— is taking charge of annual meeting of the railway . __ „ luc luruwuuu or 

l-way crash men t was SI86.50 ($I85.70>. : 1 : include misrepresentation and racing Autho ° ri 

coach overturned on a motor- » WA LL STREET dosed 3.64 a . • • ‘ 1 ^LegS , action is in progress SncSoS? e^ 11 

■ ivershaln. Kent and plumed W ^er at 824.93. *, F A OTPPIVIPnf 111 firillPlfllP betofeTe poo 

j seriously.’ A lleet of P ambu- Aid for worked J ■ “*■ - ii | Meanwhile the 'syndicate has | per^en^provi 

^Hbo^SoapiS. mjure ° co-operatives ______ • x 0 ll 7C * fh c e n P o!Sei° s Thii inw^at^ 

H >55 ^marriage • COW BANK leoodiea . a H!08.r lH IT8U.6 IRIKS ?os“'nS .Sf°uS”i “dleate at Litu?™o 5 0f and 

t iureh of Eo S “fd g^ieral r kSe'oVA’e ES3 £ 

K i rejected— by a majority ^reg. The Government con- - BY REGINALD DALE , GENE\ A. July 1-. those names wbo have a stan- nay-outs waul?' b 

'•owd^eopV^o^remar^ in ? ^hairaan" WORLD’S leading indus- attending the Bonn summit although not many are ^in^^hTve^een^ked far ^ Aspe ^ s bbl 

miTh. The decision, by 213 gf. JSratiS Deve?opmem trial nations were tonight the UB.. the UK, West Germany, expected to do so before the £»oS P ei ^ 5h S u tt be 

ft. to 206. rejects a recoin- 7™ R»-e S ' P increasingly confident of reach- France. Italy. Canada and Japan summit. a totaJ of aroun{1 £W ’ U0D for the tighter 

endation by the. synod’s own ^ . ing agreement in principle on a —will have agreed on the mam Mr. Robert Strauss, the U.S. th iT , s ,! Blt;nn nf Ti ov d’s arni v, bandils 

arnagv Commi.ssion. • BUfornieriy British Lev land^ nU mber of major reforms to the elements of a progress report, special trade representative. -."Jr™". oMheavndirate has n, T h t , J M ‘ . .. 

could increase .production by 20 international trading system m made it clear today that be was l” ^IL “i Total Wimbllnj 

V*mv arruqpd per cwt if QDOfflciaI wallwmts time for this weekend’s seven- us co mmi tments on energy s* HI dissatisfied with the th!rLct innSI were £7.ibn. of v 

.rrny aGGUSBU „ nd absenteeism were ended, natinn pmnnmip mnimit in Gann. . , .. . .laDanf-sp tariff-cuttinp nffer. Di\e>. one of the most influential actually lost. 1 


Continued on Back Page 


Agreement in principle 
near in trade talks 


on these risks, wmen now run at xote monopoly and recommends £9m each. 

fn b clude S1 Ssre?reSaUon h and fhe .^ formation of a British Horse- The commission believes that 
S.ni,Lin?.!re p 1 d « c,ng Autbor, ty to assume present casino duty levels ri.i 

LmS? aetton is in Dro-ress ? ors ®. race B J ett - v ^y Board not relate to the scale or gam- 

beSSndVsSlS 8 “Sr ° WD a!I BntJSh Se^r^et'nrofi, 0 / 

court^ ,; earW 0 nSt C vear bef0re lh6 h Footba f 11 pbbl h ® ttin E dut Y present duties can be partially 
Meanwhile the 'syndicate has be cut ! rom ^Pf r c ? nt t0 „ 37 avoided by legal devices known 
heen settling all tho cSms on per cent L. P^dnig about £7m to Customs and Excise and the 
noifnYni S Thi c IS IKS. t0 ^PP 01 ^ under a statu- Gaming Board. 

toT footbjifl board. “Makings reasonable assumr- 

*iJS 5S nf avndielte at T- P [ ofits j of p ? ols ®Pera«»« tlon about the amount of worbitw 

tuSSs, 2? til inrt nf^ 1,2 L? Little woods and^ Vernons would cash mol capilall a easino m-ods. 


GENEVA, July 12. 


dard underwriting share in- the 


e3 ^ *' .. . armed bandits 

At the instigation of Lloyds, machines. 


Aspects of bmgo are criticised, capital employed, in London 
There should be new regulations casinos with a net profit »<f 
for the tighter control of one- £l0JIm. 


jackpot “in the provinces the return 
goes up from the 197fi rale of 


and absenteeism were ended nati0 n economic summit in Bonn. 

ie Rev. Ian Paisley accused the according to Mr. Michael The main participants in the *Li n J*? 

nm- nr mii-inn Hi«hnnr;Rt Tr.Hurarfips thft 'chairman. Pace 6 , Government as central to secur- 


made il cKTwOTJ’K sfahea ,n MB nT P ! 

still dissatisfied with the ^ en t ® ke " were £7 - lbn - of wbicb £S73m was cent., the net profit in this c se 

Japanese tariff-cutting offer. , Dixey. one of the most influential I actualJ y lost. Last year, total be ing £4 7m ’’ 


making dishonest ^des fte^hairman Page B To ^ 0 ftTunS ol "multilateral the en^d of the’week mo« of the 

n conceal their Disruption averted. Page 9 trade talks went into a senes of “Sjjff* “2? Round’s mxjor political decisions 


ipanese tanff-cutting offer. . aciuau > tost. Last year, total being £4.7m.” 

He predicted, however, that by. * of gffilff SiJ'SS — 

“S! ® f .SS JKft.JI'SLwiS! n !«W Uoyd’s said: pared, with expenditure^of £3.1bn £ s ° York 


eking talks with Mr. Roy to F^nre from ihi • 2 7. ^ customs v^,7tiom “ ; 

ison, Ulster s>ecretary. . Tjj e cause of dissension ^ “ ‘ Difficulties still persist over 

"ilmen disagree or of ^ gStSf". S d .he“m u ^ e SS 

reo of the UK’s fewest oil SSSTttBK 53!?.“ 1 «, MS |2S £ ■ffi.'ft 


gambling interests include 


roe of the UK’s largest oil pected to improve, according to ZFmna ofthemabi Issues at stake in «“es unaer aiaciiwwn uere. dui 

aw a ? a & V » r ™ ^ s 


oris when they gave evidenM shelved. Page 6 Community officials were not, arrangements by the end of the “rSl/Ts. has also now accepted 

• 3 p C °me?ilnd< of E aeddent nre^ • CONSTRUCTION work will however, hiling out further year. in principle the EEC's proposal 

ing methods of acmdent pre- lail off ra p ld i y ne3tt year, the Japanese concessions in the The other industrialised that countries should in future 

non at sea. Page 8 National Council of Building course of the nifit countries and the developing b t0 take setectjye sa fe_ 

. ... Material Producers said. Page 6 The hope Is that by tomorrow nations would be invited t0 Be able to taxe «iecnv« sate- 

Ipan-Chma linK Unemployment in the industry morning the seven nations subscribe to the progress report Contmuea on Back Page 

ssffl ^ taue s n hcr w .SSS5JS - — T 


. ConlomhpT fetUT OUUtB, EiU V1TUUIUCUI 

iniv to riiscS technical ex^ Secretary, told Parliament. Page 


l "y C to a sk* about weaporf pu? • WORLD BANK will issue share deal approved 

ses and the Japanese are ex- $375m. worth of yen denominated 

ting to meet officials respon- bonds. This is 50 per cent more BY ERIC SHORT 

le for aircraft and missile than the- largest . previous yen - . _ _ , ^ __ 

ducti’on Page 4 denominated issue by any THE BOARD of Barclays Bank holders for cash by means of a against the motion. The pension 

borrower but the Japanese was yesterday given an over- rights issue to ensure ■ that funds' association recommended 
,: p flv Government Page 34 whelming vote of confidence for present equity holdings were not its members to take this course 

■caijr > • ■ its propose £92.6m takeover of proportionately diluted. of action and Mr. Maurice said 

alher forecasters In COMPANIES 016 Divestment Trust Corpora- The opposition has come Provident— with 

motion. Alberta, were put tion. - At the extraordinary mainly from the large financial 4 75.000 * hares, would also be 

. . . . _ rn C APTfirnc CTTPF.RrnnnS , H 3 ■ m V1_Z: 1 ahotainin' - '. Th«» VfitPC Pact wprp 


lono* 

so. 


‘iefly. . - 


Government Page 34 


alher forecasters in COMPANIES 
m on Ion. Alberta, were put 


of action during a summer 9 CARTIERS SUPERFOODS’ genera}, meeting called to institutions. The National Asso- abstainin'’. The votes cast were 

pm when their building was share offer was oversubscribed approve th e proposal, there were ciation of Pension Funds in a on *y . ... a ^ er cent °* G 105 ^ 

ick by lightning. i® 5 H mes *,? Ttr: “ ct ^£8 £1 ™ in from 12.88m votes in favour and 2.68m recent report condemned Bar- permissible. 

48,000 applicants. Page 28 against, a ratio of nearly five to clay’s proposal as being wrong Mr. Maurice raid afterwards 

SCUniS ShOUld Staj op *n«M non Wort ni)P in nrinf>inif> and Hiie ctanna wac that his main UUTPDSP. WHS tO 


scums 9 ADAM OPEL, the West one. . . In principle and this stance was that nis ‘oam purpose was to 

ing public holidays, says uie German subsidiary of General Under the proposed takeover, reiterated at the meeting by Air. record opposition to the prin- 

nding Commision on »use Motors, reported net profit of Barclays is issuing shares worth Michael Maurice, deputy general ciple, thereby warning other 

l Galleries, rage » DM g m 78g m ) last year, aboiit. £92.6m to secure the in- manager of the National Pro- boards that similar action would 

vo man left paralysed when a page 33 vestment trust and then turn this vident Institution, a leading he strongly contested. 


against, a ratio of nearly five to clay’s proposal as being wrong Mr. Maurice raid afterwards 
West one. . . in principle and this stance was that his main purpose was to 


driven by her former A tmtfrn ation at PAPER. 255116 £S5m 1Q 63511 by seUin s mutual life assurance company. The bid has been accepted by 
band crashed was awarded • JJ ' n s _ ou _ had ffie trust to the Post Office Staff But in general the institutions 77 per cent of Investment Trust 

1000 damages in the High “LV®*? * r 5 ^ = Superannuation Fund. appear to have confined their shareholders and having 

rt ihV«L!i n ^r nf thit vear Opponents of this move have disapproval to abstaining on the secured approval for its action, 

. hllrirpn „ nri ~ r eve years p.JS “ Q £ y ‘ contended that Barclays should vote and not jeopardising Barclays offer, has now gone 

,r 6 « Id 6n “ nd fl e Jl -IS m ® ^ , have, gone to the present share- Barclays position by voting unconditional. 


died io a fire at their ^ FURNESS WITHY has not . 
nburgh home. needed to apply For its shipping m 

ersriicy services sealed off loans to be rescheduled under 
Roval Sea forth container the Government’s new plan, 
iiinai. Merseyside, when a which permits shipowners to 
ndcr leaked a toxic form of suspend capital repayments on. & 
noma. It was dispersed under- British-built ships for up to ^ 
„ three years. Page 28 and Lex -J 

— " I 

HEF PRICE CHANGES YESTERDAY 

icB “ p Sir othera1 “ SSSJ5f_r S il ~ 

ind Ca ' Wolstenholme Bronze 220 + 10 

lia TV A 82 + 7 Siebens (UK) ........ 358 + JJ 1 

tiiaro M3 + S Anglo American Coal 620 + 30 

■k f V and C l 118 + 5 Bougainville 125 + 5 g 

is ‘ 209 + 6 Conzinc Riotlnto ... |46 + 6 

rt - n Vj" V 402 + 10 DC Beers Dfd. 3S» + 6 B 

ntrysidc Props. ".'.'! 46+3 E Band Gold Urnm. 403 + 31 . 
rtaulds 122 + 4 . Woof ST 1 7 _ 

H - ■ — Ventersp ost ........... 232 + 6 

FALLS 

British Dredging ... 31 ” r 2 

Coral Leisure 9a " If 

Custom agic i* “ 

Norton and Wright ... 1£> “ 

Sainsbu'ry (J-) 200 - 5 

Guthrie 330 - 


CONTENTS OF TODAY’S ISSUE 


’ 119 + 12 

n Feed 48 + 6 

h iW. G.) 70 + 10 

;p 573 + S 

J *. 2G0 + 6 

377+5 

sons Bourne End. 7S + 6 
•and Paint 79 + 4 . 

• meton 5o« + *4 


European news 2 

American news 3 

. Overseas news 4 

. Wortd trade news 4 

Home news— general 6,8 

— labour 9 

—Parliament ... 9 


The successes of Govt. 

' aid for machine tools ... 18 
Economic Viewpoint: Bonn 
Summit Of ignoramuses 27 
Business and the Courts: 
Trading with Comecon 16 


Technical page 14 

Marketing Scene 15 

Arts page 17 

Leader page .... 18 

UK Companies „._.„28-30 

Mining 30 


FEATURES 

British insurance and 
world priee*eattliig ...... 31 

,ATCO economic outlook 

casts a shadow 32 

Eurocurrency margins: The- 
cost of lending ............ 33 


lntL Companies and Euro- 
markets 32-34 

Money and Exchanges 34 

World Markets 36 

Farming. n v materials ... 37 

UK stock markets 38 


German economy: Jobs, 
exports and .investment 2 
Curbing the baby boom In 

.China 4 

FT SURVEY 

Sudan - 19-26 


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’ AppataiiBams 35 

Anahttmonu odvts. UC3 

■“taea Oppts. 36 

Cnuworl u 

ecmamlc Indicators 35 

■Mernttfnineitt Galdu U 


European Opto. 

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Lilian 

U* — — 

Lombard 

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Racing . — 


Saleroom 

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Todays Evcnu 

TV and Radio - 

Unit Trusts _.C. 

Weather 

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ANNUAL STATEMENTS 

C.P.P. -i.-. x 

L'Afrlqne Oohleatalo 31 

■=»«■ “«**» (Htfgs) » 

liallPHaBmi jjf 

Robert Jenkins 28 

ilfcipgton Bros. „ 30 

qa*ij S. Sothb ...... 28 

Tccalemit 28 


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Financial Times Thursday July. 13 1975 



NEWS 



Giscard seeks action on 
S. oil and Japan trade 



BY ROBERT MAUTHNER 

PRESIDENT Giscard d'Eslain" 
said today that the two most 
important preconditions for 
recovery of the world economy 
wre a substantial reduction qF 

U S. nil imports and the 
Japanese payments surplus. 

. in a long interview with the 
Fari* paper. Le Monde, on ne.vt 
week's Bonn summit of the lead- 
ins industrialised nations, the 
Frenrh President said that 
unlej.i agreement was reached 
on ihese two essential points, 
any niher economic action which 
micht be envisaged would be to 
vain. 

The reduction of the U.S. oil 
dcfieM w;ij more important for 
economic growth in Europe than 
any expansionary measures 
which might be taken by the 
various governments. 

ST. Giscard d'Eslamg was 
i'i|tially insistent in his demands 
fur a substantial Japanese con- 
tribution in a recovery of the 
international economy. It was not 
normal, he said, that the second 
largest economy in the world 
should run a persistent and 
increasing trade surplus. 

At the Bonn summit!, the 
European participants should 
demand a quantified undertaking 
from Japan on the reduction of 
irs trade surplus. It would be 
up to the Japanese Government 
if* deride what steps should be 
Taken to achieve this reduction. 
Japan should also be asked m 
increase substantially its official 
aid to developing countries. 


M. Giscard dTstaing proposed 
that the Bonn summit should be 
followed by other meetings — he 
did not specify at whar level— 
to monitor any areeraents which 
might be reached, in particular 
the steps taken by the U.S. to 
reduce its oil deficit and by 
Japan to cut its payments 
surplus. 

.Asked whether France's Euro- 
pean partners had agreed with 
such a procedure at the recent 
Euronean summit in Bremen, 
the French President said the 


FRENCH RESERVES row by 
FFr 4.86 bn (£58lm> in June 
to FFr 116.12bn (£13.9bn). 

largely on account of the half- 
yearly gold stock revaluation, 
the Economics Ministry said, 
Reuter reports from Paris. 
French gold holdings were 
malufd at FFr 26,449 per 
kilo .gramme, against 
FFr 24,938 in the previous 
half-year. This took gold 
stocks up la FFr 83.64bn from 
the May level of FFr 78.86bn. 


matter had not come up in any 
formal way on that occasion. Bpt 
in private conversations with i his 
European colleagues he bad 
coined the impression that they 
shared the French views on the 
nioahuri.-'j to be taken by the 
U.S. 3nd Japan. 


PARIS, July 12. 

A striking feature of his 
remarks was that, although he 
said that the aim should be to 
increase the annual growth rate 
of the industrialised world by l 
to 1.5 per cent, he asserted that 
a series of expansionary 
measures by individual countries 
were not the real answer to the 
world's economic problems. 

What was much more im- 
portant was that the basic con- 
ditions should be created which 
would allow growth in the 
future. 

Turning to the Bremen agree- 
ment on the creation of .a 

European currency zone. Presi- 
dent Giscard admitted that the 
scheme had not been 
enthusiastically received by the 
UK. It was difficult to forecast 
Britain's final decision, particu- 
larly in view of the forthcoming 
general election. 

He expressed the hope that 
the UK would join the scheme; 
but if it did not the other 
countries would have to envisage 
going ahead with the plan, while 
making the necessary institu- 
tional arrangements to allow 
others to join them later. 

Asked what contribution 
Britain's membership had made 
to the European Community. 
President Giscard said it was 
clear that faster progress would 
have been made if it had been 
restricted to the original Six 
members. In that case, however, 
the Common Market would not 
have represented Europe. 


Italian parties likely to discuss 
new economic plan this month 


BY DOMINICK j. COYLE 

A NEW three-year economic 
dev •.•lop meat plan for Italy, 
largely the product oF the 
Treasury Minister. Si£. Filippo 
Maria Pandolfi. is expected to be 
discussed wilh the main political 
parties supporting the minority 
Christian Democrat Government 
Inter this month, and iu be 
unveiled in some detail in 
September. 

The September deadline has 
now been disclosed by Sip. Giulto 
An-lreolti. the Prime Minister, in 
part at least to counteract the 
dissatisfaction recorded by the 
country's throe bis trade union 
confederations after a meeting 
with Sig. Andreotti and his 
senior economics ministers 
earlier this week. 

The unions Insist that the 
Government's proposals — on 
industrial and agricultural 
investment, special short-term 
j*'h creating projects, controls 
over the escalating enlarged 
public sector deficit Tor 1979 and 
new measures against rax evasion 
are “much loo vague." 


They are speculating about a 
series i>f strikes over the next 
few months in order to underline 
their concern. However, a 
general stoppage has been ruled 
oul for rhe moment, largely 
because it would almost certainly 
bring down the present fragile 
Government. 

The timing of any Government 
proposals on new investment, 
especially in the depressed 
southern region, is important, 
since some trade union leadeb 
have indicated that they might 
be prepared to trade off such 
job-creating investments against 
large direct wage increases in a 
series of national labour con- 
tracts due to expire later this 
year and early in 1979. 

But trade union demands are 
nnt the only consideration. Italy 
has already opened informal 
negotiations with the Inter- 
national Monetary Fund for a 
new stand-by facility of $lbn. 
A technical mission from the 
European Economic Community 
is also in Rome this week review- 
ing progress under an earlier 
1974 funding agreement with 


ROME, July 12. 

Italy, a second EEC loan due to 
expire in 1981. but also explor- 
ing the prospects for a new 
Community facility, possibly of 
the order of $1.5bn. 

Both the IMF and the EEC 
are putting emphasis on the need 
for Italy to coi ain its public 
sector deficit next year, and 
measures to try and achieve this 
are expected to be unveiled in 
the so-called Pandolfi three-year 
programme. 

Equally, the IMF in particular 
is seeking an upper limit to any 
increase in real wages next year. 
The repo:‘.ed limit being 3 per 
cent, against an average 7 per 
cent in real terms over the past 
two years. 

What is emerging gradually 
from these talks with the IMF 
and the EEC is that no substan- 
tial agreement with Italy appears 
likely before September at the 
earliest, and in any event the 
country has no immediate need 
of fresh international borrow- 
ing. given the preseot strong 
position of the convertible 
reserves. 


New increase 
expected 
in gold supply 

By John Wicks 

ZURICH. July 1*2. 

A FURTHER increase in gold 
supply is likely this year, 
according to a survey published 
by Credit Suisse In Zurich. 
Mined production in the western 
world i> seen as rising by some 
-I per cent over the year to 
l ,0t)u tonnes. This includes an 
increase in .South African out- 
pm b.v 3 per cent to some 720 
lonncs. 

Sales hy Communist countries 
are expected In eo up by about 
per com to 410 tons, a result 
nf rioing Soviet mined prodtic- 
tmn and continuing foreign ex- 
change requirements. 

Estimated net sales by the 
IMF and national monetary 
juniorities could he nf a further 
’27ii lunncs. Credit Suisse indi- 
c.Ut’s- that some nf this gold 
cmid cumc from Portugal, 
which divested itself of some 20 
mnnrs nf paid stacks in the 
hr>i iwn months or this year, and 
from official Indian auctions. 


Schmidt’s visit to Berlin 
angers East Germany 


Br LESLIE COUTT 

EAST GERMANY has protested 
to West Germany against Chan- 
cellor Schmidt’s plan to 
accompany President Carter 
when he visits West Berlin on 
Saturday. 

This is the first time that East 
Germany has protested in 
advance nf :i visit to West Berlin 
by the West German leader to- 
gether with a foreign statesman. 
During the Queen's visit to West 
Berlin In M iy the East Germans 
protested against Herr Schmidt's 
, appearance with the Queen. 

In Bonn, a spokesman said 
West Germany had vigorously 
rejected the protest which was 
lodged by the deputy chief nf the 
East Gerni m permanent repre- 
sentation in Bonn. The East 
Germans >«y the presence of 
llerr Schmidt as well as Herr 
j H.ms-Dietrk-li Genscher. West 
i Germany's Foreign Minister, will 
I b.» in direct contradiction to the 
i four-power agreement on Berlin. 


BERLIN, July 12. 

The West German spokesman 
replied that East Germany has 
no say in who accompanies 
President Carter to West Berlin 
as East Germany is nnt a signa- 
tory to the 1971 four-power 
Berlin accord. 

East Germany's latest move 
against the West German pre- 
sence in West Berlin comes after 
criticism by Mr. Piotr Abras- 
simov, Soviet Ambassador in 
East Germany, who attacked 
West German leaders for visit- 
ing West Berlin to demonstrate 
that the city was allegedly part 
of the Federal Republic of Ger- 
many. This Mr. Abrassiraov 
said in an interview contradicts 
the four-power agreement. 

Officials of the western allies 
believe the East German move 
against Chancellor Schmidt has 
been taken in concert with tbe 
Soviet Union and may reflect tbe 
worsening relations between 
Moscow and Washington. *- 


New move 
to form 
Icelandic 
Government 

By William Dullforce 

STOCKHOLM, July 12. 
MR. KRISTIAN ELDJARN, 
the President of Iceland, has 

asked the Social-Democrat 
leader Mr. Benedikt Groondal 
to try to form a new Govern- 
ment, with the Independence 

(Conservative-Liberal} Party 
and the Marxist People's 
Alliance. Sueh. a coalition 
would keep Iceland hi NATO 
and almost certainly allow the 
U.S. to maintain the Keflavlfc 
air' base. 

The President’s request to 
Mr. Groendal comes 16 days 
after the General Election, in 
which the ruling coalition of 
the Independence and Pro- 
gressive parties had its 
majority in the 60 -member 
Althing (Parliament) reduced 
from 42 to 32. The Social 
Democrats returned with 14 
seats, a gain of nine. 

Tbe talks between the 
Social Democrats and People’s 
Alliance on the formation of 
a minority government broke 
down last week. The Social 
Democrats prefer to make np 
a majority coalition hy includ- 
ing tbe Independents rather 
than the Progressives, who 
would bave been favoured by 
the People’s Alliance. 

if Mr. Groendal is to suc- 
ceed in forming a three-party 
cabinet, the People's Alliance 
will have to abandon its 
demand for Iceland's with- 
drawal from NATO and be 
prepared to -compromise oxer 
continued U.S. use of ihe 
Keflavfk afr base. Both the 
Independents and the Social 
Democrats are pro-NATO. 

Iceland’s foreign policy Is 
being overshadowed, however, 
by Hs economic crisis with 
inflation running at an animal 
rate of between 40 and 45 per 
cent and disaster facing tbe 
vital fishing Industry. 

A Government with a broad 
majority will he in a stronger 
position to take tbe unpopular 
measures needed to deal with 
tbe situation. The Social 
Democrats, Independents and 
People’s Alliance together 
control 4R of the 60 scats in 
the new Althing. 

Inflation 
rate halved 
in Sweden 

By William Dullforce 

STOCKHOLM. July 12. 
SWEDEN HAS succeeded In. 
halving the rate of inflation: 
during the first half of 1978. 
With industry’s order books 
continuing to grow as export 
demand picks np, Mr. Goesta 
Bob man, the Economy 
Minister, believes domestic 
consumption ean be cautiously 
re-stimulated in the autumn. 

• Daring the first six months 
prices in general rose by 4.4 
. per cent compared with 8 J 
per cent during the first half 
of 1977, according to the latest 
report from die Price and 
Cartel Board. The rate of 
increase in retail prices 
dropped from 13.2 to 3.5 per 
cent with food prices, which 
rose by only 3.6 per cent In 
the first hair, following a 
similar trend. 

The slowing down in the 
Inflation rate is particularly 
important for wage develop- 
menL Under the current 
national agreement the unions 
can claim farther wage 
increases if prices rise by 7.25 
per cent between February 
and the end or the year. It 
now seems unlikely that this 
Limit will he reached. 

This year’s moderate pay 
rises have contributed to a 
slump in private consumption 
which, it now appears, may 
exceed the 1 per cent decline 
forecast In the state budget. 

Mr. Boh man commented that 
some stimulus to the home 
market could be considered 
after the summer holidays hut 
he underlined that resources 
still had to be concentrated on 
Improving - the export 
industry's performance. 

The Swedish economy was 
on Its way up again hut time 
was needed to solve ihe long- 
term payment-; balance and 
industrial problems, the 
minister .said. 


SPANISH HOLIDAY CAMP DISASTER 




Warnings given by local residents 


BY JIMMY BURNS IN MADRID AND DAVID GARDNER IN SAN CARLOS DE LA R A PITA 




liV* u 
\> *' 


AS THE death toil mounted fol- 
lowing Tuesday's devastating gas 
explosion in southern Spain, local 
inhabitants complained that they 
have been warning the authori- 
ties for over two years about 
the hazards posed by lorries 
carying inflammable fuel through 
the area. 

At least 170 people were killed 
in the explosion and over 120 
were seriously injured. A sig- 
nificant cumber of these were 
last night not expected to sur- 
vive. 

In a comm unique issued in 
San Carlos de la Rapita, hours 
after the blast, local representa- 
tives stated: “We bad warned 
against the possibility that a ter- 
rible accident would one day 
occur as a result of the free 
transit through this area given 
to such lorries.” 

The lorry belonging to the 
private transport company 
Cisternas Reunidas was being 
driven down a secondary road 
between Barcelona and the large 
petrochemical refinery at 


Puertollano, south of Madrid. 

A spokesman for Campsa, the 
state controlled petro-chemical 
company said yesterday that re- 
presentatives of a number of 
transport companies including 
Cisternas met less than three 
weeks ago to discuss the problem 
of transporting dangerous gas. 
It was concluded at the meeting 
that in future efforts should be 
made to re-direct lorries, so that 
they would take motorways 
rather than minor roads. 

Spain is believed to be one of 
the few countries in Europe that 
still transports most of her 
natural and liquid gas by road, 
rather than by rail or under- 
ground. 

There are believed to be three 
main reasons, however, making 
it difficult for the transport com- 
panies to re-direct lorries In 
Spain. In the present climate of 
-economic recession, transport 
companies are reluctant to pay 
what they believe to be excessive 
toll charges on the motorways. 
Secondly, they believe that even 


if they were prepared to pay 
such charges transport on motor- 
ways would not necessarily be 
more efficient, given the under- 
developed state of Spain's road 
system, compared to say Italy 
and England for example. More- 
over the motorways that do exist 
in Spain do not necessarily 
circumvent towns and cities, 
therefore avoiding the local 
populations. 

Despite these difficulties the 
government itself has already 
recognised that there is a press- 
ing need to reorganise Spain's 
transport system, particularly oF 
natural and liquid gas. A section 
was devoted to this very point 
in the 10 year energy plan 
approved in May. Tbe section 
concludes that there is an 
urgent need for investment to 
substitute “obsolete” methods of 
transport, including cistern 
lorries. 

Blame for the current disaster, 
however, is still being sought 
nearer to San Carlos. Although 


accepting full responsibility fo 
the accident, Cisternas ha 
stressed that the lorry la quei 
tion had passed internation* 
safety regulations as laid dorm 
in the Accord Europeen Relati 
Au Transport Internationa 
dc Merchandises Uangereua; 
(ADR) signed in Geneva oi 
November 30. 1957. 

Another fact tbat has emerge 
yesterday is that the camp 
ing site affected by the accidea 
was only allowed to house unde 
300 people. Vet when the acoi 
dent took place there were ova 
S00 people staying in iL Thi 
Spanish National Tourist Offls 
in London, however, denied tha 
the site was overcrowded. 

Parliamentary deputies am 
senior Government officials havi 
visisted the site since tbe new 
of the accident became knows 

Towns people of San Carlo 
de la Rapita said this was thi 
third In a series of Incident 
in the area since 1975, but tin 
first to have such horrific con 
sequences. 


Moving chemicals— a maze of rules 


BY KEVIN DONE. CHEMICALS CORRESPONDENT 


THE MOVEMENT of dangerous 
substances such as chemicals, 
petroleum and liquefied gases 
around the world is covered by 
a chaos of codes and regulations 
that have grown up piecemeal 
over a Dumber of years. 

Spain, in common with nearly 
all the countries of Western 
Europe, has ratified tbe most Im- 
portant code governing the 
transport of dangerous goods by 
road, commonly known as the 
“ADR” (Accord Europeen rela- 
tif au transport international des 
marchaodises dangereuses par 
Route). 

Tbis agreement was first 
signed in 1957. The aim was to 
allow dangerous goods to be 
transported freely across Euro- 
pean frontiers provided that 
packaging. labelling and trans- 
port equipment complied with 
standards Bet out in the code. 

The technical conditions estab- 
lished in the agreement follow 
closely the provisions which for 
a long time have governed the 
international transport of dan- 
gerous goods by rail. 

Many countries around the 
world are working out extra sets 
of domestic regulations to try to 
improve the existing legislation, 
which is often at best haphazard 
in the way it includes some sub- 
stances but omits others. Spain 
is subject to the ADR but has 
little seDarate domestic legisla- 
tion. But the tanker which 
caused the tragedy at the Los 
Alfraques camping ground had 
recently been inspected by tbe 
Spanish authorities and 
apparently came up to the stan- 
dards set by the ADR regula- 
tions. 

The chemical industry has for 
a long time made safety a major 
concern and in most cases care- 
fully-designed loading, unload- 
ing and transportation pro- 
cedures have been worked out, 
often with the use of specially 
engineered equipment But the 
amoum of dangerous substances 
moved around the world, by road, 
sea and air. bas been growing 
steadily in recent years and a 


number of recent events have 
raised grave questions about the 
adequacy of transportation 
safety. 

Apart from the latest deviat- 
ing accident in Spain involving 
road transport two other 
disasters in tbe U.S. in February 
involving rail tankers claimed 
tbe lives of 21 people. These 
accidents were caused by rail 
tankers carrying liquid petro- 
leum gas in the accident at 
Waverly, Tennessee, and by a 
chlorine tanker at Youngstown, 
Florida, 

A maze of regulations is 
presently being worked out by 
national governments, the Euro- 
pean Commission and other 
International authorities govern- 
ing standards for containers and 


repeated in Britain. He has 
called for a full report from 
the Health and Safety Executive 
on the relevance of the 
accident to the UK. “It is too 
soon to draw any conclusion, but 
it is essential to ensure that 
such an accident could not 
happen here," he said. Imperial 
Chemical Industries, which last 
year transported 4m tonnes of 
bulk chemicals, said yesterday 
that a tragedy on the scale of 
the Spanish disaster would be 
unlikely in the UK. 

“ British chemical tankers are. 
extremely sophisticated with 
separate compartments, valves 
and other safety mechanisms. 
Drivers are highly trained and 
tankers carry marking to notify 
emergency services of the type 


Homan error is still a threat in the transport of 
dangerous goods bnt safety equipment is becoming 
more sophisticated and regulation* stricter. 


vehicles and especially their 
labelling and marking. But the 
chemical industry Is aware that 
any apparent deterioration of 
safety standards and the rising 
public concern about the move- 
ment of hazardous cargoes could 
have enormous implications. At 
the very least restrictions can 
only grow and there could be 
calls for certain substances to be 
banned from commercial trans- 
port altogether. 

In the U.S. there has already 
been a series of Congressional 
and federal agency hearings and 
the US. Senate Committee on 
Science, Commerce and Trans- 
portation has called for a report 
on the Department of Transpor- 
tation's management of 
hazardous materials. 

In the UK, Mr. William 
Rodgers, the Transport Sec- 
retary bas ordered an immediate 
inquiry to try to ensure that an 
accident on the scale of the 
tragedy in Spain could not be 


of chemicals being carried,” a 
spokesman said. 

According to the Chemical 
Industries Association there has 
only been one fatality from a 
road tanker accident concerning 
chemicals in the UK this cen- 
tury. when a woman suffered 
from fatal burns* from a leaking 
sulphuric acid tanker. There 
are about 4,000 chemical tan- 
kers on the roads of Britain, 
but only about 500 of these 
cany liquids under pressure. A 
greater hazard is probably rep- 
resented by ihe 12,000 petrol 
tankers in tbe UK. which are 
more easily accepted by the 
public as a necessary hazard of 
modem life. 

About lm tonnes of propylene,' 
tbe chemical carried by the 
Spanish road tanker, are pro- 
duced annually in the UK but 
only about 5 to 10 per cent is 
moved by road, the rest going by 
pipeline or raiL 

The chemical industry in the 


UK bas participated closely wit] 
the Government and agencie 
such as the Health and Safet; 
Executive in recent years U 
improve transport procedure 
The agreed tanker markini 
system gives emergency service 
arriving at the scene of an acci 
dent immediate information ot 
the type of chemical bein; 
carried and tbe best way o 
dealing with leaks or fires, r 
system of Tremcards. eael 
relating to one substance, give 
more detailed information ti 
emergency services. .■ 

But the potential for disaster: 
is still present despite all thi 
precautions and regulations, am 
most especially the huuiai 
element iri all these systems cat 
prove to be tbe fatal weak link 
The Health and Safety E.vecu 
tive is expected to issue a draF 
consultation document later thi' 
year or early next year that wji 
eventually lead to legislatioi 
and to make mandatory all thi 
voluntary codes on transpor 
procedures and the standard o: 
equipment labelling ant 
training. 

But the daagor remains 
particularly from pressurised 
containers. When the liquid 
petroleum gases butane and 
propane are processed and 
transported they are subjected 
to immense pressure. This turns 
tbe gas Into a liquid, which 
occupies a little less than 4/1000 
of its original volume as a gas. 
To achieve this it is subject to 
a pressure equal to about 30- 
times that of - earth's- 
atmosphere. 

About 270 gallons of gas is 
reduced to about one gallon of 
liquid so the concentrated force 
of the energy is obvious. Tf this 
gas escapes and ignites it can 
cause a lethally dangerous 
phenomenon known as a Boiling. 
Liquid Expanding Vapour 
Exp ipsion. This is in effect an; 
enormous expanding fireball of! 
exploding gas. Such explosions' 
occur Tarely, but when they to, 
they can destroy whole process.; 
plants or devastate large parts; 
of a town or urban area. 


k \ 


!\r 


Attempt to ease Basque tension 


BY JIMMY BURNS 

SPAIN'S Interior Minister, Sr. 
Rodolfo Martin Villa, today met 
police officials and local Basque 
representatives in Bilbao and 
San Sebastian in an attempt to 
defuse what has become one of 
the worst outbreaks of political 
violence in the Basque country 
since before tbe death of Franco. 

Tbe Government is believed to 
be considering a request by the 
| Basque general council that riot 
police should keep a low profile 
when further demonstrations 
take place tomorrow. 

The demonstrations have been 
(called in protest at tbe death of 
[a 19-yea r-old student, killed 
when he and other demon- 
strators marched on a police 
barracks in San Sebastian yes- 
terday. 

San Sebastian was today 
virtually cut off to the outside 


world for the second consecutive 
day. with all main roads leading 
into it blocked by barricades. 
Clashes between youths and riot 
police firing rubber bullets and 
tear gas continued throughout 
the day. 

Earlier this morning six 
bombs exploded cutting off" the 
main railway line between San 
Sebastian and the French border. 
The explosions appear to bave 
been the latest work of ETA, 
tbe Basque terrorist organisation. 

In Pamplona the atmosphere 
was still reported to be tense 
today after the official cancel- 
lation of .the traditional festival 
of San Fermin. Rioting erupted 
at the weekend after riot police 
stormed the town's main bullring 
and opened fire with live ammu- 
nition. 

The Maoist -oriented CSUT 


MADRID, July 12. 

union, today defied a Govern- 
ment ban and instructed its 
members to occupy a number of 
private estates in Andalusia, 
southern Spain. 

Although tbe occupations were 
essentially *' symbolic ” and 
were expected to last for less 
than 24 hours, they are a sign of 
the growing political militancy 
of agricultural labour in an area 
that has the worst unemployment 
in the country. 

It is the second time this year 
that occupations have been 
organised by the CSUT, which 
claims a membership of 30,000 
workers in the agrarian sector, 
with particular streogtb in areas 
around Cadiz and Malaga. These 
are both parts of Andalusia 
with unemployment between 14 
and 16 per cent nearly double 
the national average. 


Turks woo the 
non-aligned 

NEW DELHI, July 12. 

MR. GUNDUZ OK CUN. Turkey’s. Tv 
Foreign Minister, said today that \ 
his country wanted to develop its 
relations with non-aligned 
nations and would be seeking 
guest status within the non- 
aligned movement 
Mr. Ockun, who is on a four- 
day visit to India, linked his 
country's move to associate with 
tbe non-aligned grouping with 
efforts to strengthen detente in 
the Middle East and Asia- c- 
He told a news conference that \ 
he did not believe Turkey’s 
membership of tbe North 

Atlantic Treaty Organisation and 
the Central Treaty Org^ 0 ' 53 ^ 011 
was inconsistent with a desire for 
closer contact with the non- 
aligned movement Romania and 
Portugal already had guest 
status, he said. 




The growing importance of foreign manufacturing operations is causing controversy, reports GUY HAWITN in Frankfort. 

Dilemma for Germany: will investment abroad cost jobs and exports? | s 


WHILE MANY politicians, 
t'cunninisls and bankers argue 
lh.U there is no alternative in 
Unuting exchange rates, few will 
deny ihat they have failed in 
their original poltical purpose— 
l hat was In reduce heavily the 
inactive irade surpluses of 
countries Mich as West Germany 
and Japan and In bring the 
deficit countries much nearer to 
balance. 

Indeed, there scents tn be n 
strung cjsc for argumq that, in 
times of l trialing exchange rates, 
re valuations, cither upwards or 
downwards, have the reverse 
effect of that intended. West 
Germany's ability to export, for 
instance, appeared to be not one 
ullit impaired by the hefty 
increase in the Deutschmark’s 
value against the currencies of its 
leadine competitor nations. 

Although the Federal 
Republic's political, economic 
and industrial leaders showed 

great anxiety about the effect the 
upward movement of the D-Mark 
«<>uld have un exports, overseas 
sale* and profits for the majority 
of the country's export-orientated 
companies showed well within 
the constraints of world economic 
conditions. 

However, in the past 12 months 
industrialists heavily involved in 
the export markets have been 


increasingly complaining that 
profit margins on overseas sales 
.ire being heavily squeezed and 
the blame has been firmly laid 
on the upwards course of the 
Deutschmark whidi has suffered 
a revaluation against the dollar 
of about 45 per cent since 197:1. 

One thing is certain, and thnt 
is that West German fore tun 
investment overseas has in the 
past couple of years shown a 
very rapid growth rate, it has 
reached such proportions that 
many people, including the 
august circles nf the Bundesbank, 
are seriously wondering if 
Germany i.» in the process of 
exporting its export base. 

Capital investment overseas 
last year showed a net growth 
n f DM 5J»n, which brings West 
German direct investment over- 
seas to an official DM 52bn 
(abnut S25.3bn at current 
exchange rates*. In contrast, 
inflows of foreign capital from 
other countries in 19u totalled 
DM 3.7lm which brought the 
total foreign investment in West 
Germany to DM 49bn. according 
to official records. 

While this shows, on the 
surface at least, that the 
Federal Republic's investment 
overseas substantially outstrips 
foreign investment " in West 


Germany, things are not quite as 
they seem. Official records of 
German overseas investment 
were first started in 1952, while 
the records uf foreign invest- 
ment in the federal republic was 
not inaugurated until 1961- 

Observers here point out tbat 
the rale of foreign investment 
prior to 1961 was very high. The 
value of the Dollar and the 
Pound were riding high, while 
that of the Deutscheraark was 
comparatively low. Therefore, 
there is a strong case for arguing 
tbat figures for foreign invest- 
ment here are greatly under- 
stated. 

This does not alter the fact 
that for the past three years 
German companies have con- 
sistently Invested more capital in 
foreign participations and 
affiliates abroad than foreign 
companies have in West 
Germany. Figures for the years 
from 1975 to 1977 put the outflow 
of German cash overseas at 
DM 15.4 bn and the inflow oF 
foreign investment at DM9J3bn. 

The trend Is thought likely to 
continue in the immediate future 
despite the fact the balance or 
payments figures show that 
during the first quarter of 1978 
new foreign investments in the 


Federal Republic reached their 

highest level in more than three 
years. At Dflft.lbn. they were 
not far short of the DML'ibn 
Invested by German industry 
overseas. 

German industrialists, say 
many experts, are. finding over- 
seas production ’’ increasingly 
attractive as a means of maintain- 
ing their companies' competitive- 
ness in the face of the steady 
increase in the Deutsche mark’s 
value and heavy domestic labour 
costs. -Indeed, a recent survey of 
hourly labour costs published by 
the federal statistical office here 
showed that German costs were 
virtually the highest in tbe world, 
and were significantly more 
expensive than in the U.S. 

As evidence for their argument 
they cite greatly increased over- 
seas investment programmes of 
tbe leading chemicals companies 
and such events as Volkswagen's 
decision to produce a version of 
its Golf model in the U.S. Indeed, 
even BASF, which hitherto had 
always emphasised its intention 
to maintain West Germany as 
the focal point of its investment 
programmes this year announced 
that like its chemicals industry 
rivals, Bayer and HoechsL it was 
going to channel the (ion’s share 
of its investment overseas. 

There are, however, a number 


□r West German analysts who 
argue that although overseas 
investment always contains the 
inherent danger that the export 
base will be exported there are 
as yet few signs that this is likely 
to be the case. So far. they 
claim, a large proportion of cur- 
rent overseas projects would 
actually enhance exports. 

Strangely enough, they also 
cite the cases of the chemicals 
companies and Volkswagen as 
evidence for the legitimacy of 
their arguments. North America. 
Canada and the United States, 
has been a major focal point of 
German corporate overseas 
investment, they say, and 
chemicals concerns and Volks- 
wagen clearly illustrate this. 

While the chemicals concerns 
have constructed or are In the 
process of constructing plants in 
North America to manufacture 
products which could conceivably 
he produced in West Germany, 
the plants are unlikely to have 
any major effect on German 
exports as .the German penetra- 
tion of the U.S. market is rela- 
tively small. In the case of 
Volkswagen, say the proponents 
of this argument, the U.S. manu- 
facturing operation has actually 
boosted exports, in that V.W. 


had lost a vast proportion of its 
original share of the U.S. market 
and the U.S. production of its 
models will not only help it re- 
establish itself but, as a large 
number of the components are 
made in the Federal Republic, 
real exports will increase. 

A leading Frankfurt banker 
said: “There is always an 
inherent danger that capital 
investment overseas will replace 
exports. But one has to ask tbe 
question whether those exports 
would not have been lost in any 
event My feeling is that the 
exports would have been lost any 
■way and that at least the com- 
panies are, through foreign 
investment able to replace lost 
exports with repatriated profits. 
That surely is positive. 

“But I am not at ail sure that 
the current wave of investment 
overseas is replacing exports. 
Much of it is channelled towards 
areas, sueh as the United States, 
where we have a relatively small 
share of the market — places 
whore our exports are surpris- 
ingly low. The chemical com- 
panies’ recent acquisitions should 
enable German products to enter 
rather tightly controlled markets, 
for instance." 

. He went on: “If Germany was 
investing heavily in manufactur- 


ing facilities within the Common 
Market, however, it would be an 
entirely different kettle of fish. 
Then we really would be shipping 
our export base overseas. That 
does not, as yet, seem to be .tbe 
ease." 

The official statistics tend to 
bear this argument out. Tn 1983 
West Germany's investment in 
the European Economic Com- 
munity accounted for 21.9 per 
cent of its total overseas capital 
investment by 1970 this percen- 
tage has risen to 34.4 per cent, 
however despite enlargement of 
the Community the proportion of 
investment in the EEC has 
remained relatively constant In 
1977 it accounted for 34 H per 
cent of the total. 

Investment in the United 
States, however, has continued 
apace and has risen from 6.3 per 
cent of the total in 1963 to 
l977’Sil2.9 per cent. At the same 
time the oroportion of capital 
investment placed in France has 
declined from 10.1 in 1970 to 9.8 
ner cent, that in Belgium and 
Luxembourg from 11.6 per cent 
to 9.9 per cent, while Switzer- 
land's share has dropped from 
1963’s 13-2 per cent to 9.1 'per 
cent At the same time, Spain's 
share of the total, primarily as 
a result of government import 
restrictions it seams, has risen 


from 3.9 per cent to 7.3 per cent. 

Another banker pointed out 
that West German sales abroad 
had heen hit more by low levels 
of world demand than by 
a lack of competitiveness. This, 
he said, bad hit profits far more 
than the rise in the value of rhe 
D-Mark, which he admitted was 
not helpful to earnings at a tune 
when prices were under pressure- 

But he added: " Lack nf 
labour rather than the price 
it remains one of Germany's big- 
gest problems. Companies such 
as BMW are reporting major 
recruitment problems despite the 
relatively high rate of unemploy- 
-ment. This is undoubtedly a 
factor affecting overseas invest- 
ment 

“ Certainly, Germany as a 
highly industrialised country is 
finding it difficult to compete in 
certain traditional sectors wri* 
as textile and steel. But invest- 
ments abroad will have to get 
much bigger before one can talk 
about the country exporting its 
export base. You have to remem- 
ber that for the size of o* ir 
economy we are comparatively 
under-invested overseas. There 
Is still plenty of slack to be 
taken Up.” ■ 

Fivintmi. Tim lx. dunum dam c««* S*®: 
data ana nfflMm. U.S. htmcnnkm $lUfciW 
lair freittlll Slbfi.OO u,r malli prr n«W- 
Second clin omuk (mid *t Now Y«*. 





¥ i*» 




Ffhancfel Times tfrorsaiy July IS '1978 


AMERICAN NEWS 



s iden Capital gains tax accord 
nearer in key committee 


eofrit 


BY DAVID BUCHAN 

TE HOUSE Ways and Means 
mmillcc chairman and the 
{ministration appear to be 
>ving towards a compromise 
capital gains taxes as the 
ly means of getting Congres- 
inal action oq President 
' riers tax reform package. 

Mr. A1 Oilman, the chairman 
the Committee, said yester- 
5* that it would take nip the 
called .Tones proposal which 
»ld cut the maximum capital 
•. 'ns tax rate from 49 per cent 
35. despite the President's 
' *Iier threat to veto any tax 
?kage. including even his own 
• • Jhn plan, which would lower 
Jital gains rates. 

\t the same time, the 
?asury Secretary. Mr. Michael 
mieothal, hinted yesterday 
t the Administration would 
reject the Jones plan out of 
. nd. The Carter Administra- 
n would take a close look at 
at Congress -produces to see if 
:ould offer support, he said. 

.lr. Carter now seems to con- 
tie the futility of trying to 
'vent Congress from lowering 


the capital gains tax rate. Mr. 
UUman said yesterday that be 
expected his committee, or at 
least the Democratic majority on 
it, to rally around the proposals 
put forward by Representative 
James Jones. Apart from the 
35 per cent capital gains tax ceil- 
ing. these call in ' total for a 
S15bn rax cut for middle-income 
families and small businesses. 

The size of this package repre- 
sents a further scaling-down of 
Mr. Carter's original hope to pro- 
vide the stimulus of a $25bn tax 
cut to the U.S. economy. The 
Administration has done some of 
the revision itself, as it became 
clearer this year that federal tax 
cuts of this order might provoke 
inflation which, with unemploy- 
ment continuing to fall, has 
emerged as its main worry. 

So the Administration itself 
has reduced its tax cut request 
to S20bn — to take effect in 
January. 1979 — instead of three 
months earlier as originally pro- 
posed. As the size of possible 
tax cut packages shrinks, it is 
becoming increasingly doubtful 
as to whether any of them would 


WASHINGTON. July 12 

be enough to offset the massive 
rises in social security taxes, 
passed by Congress last year 
and due to take effect next year. 

Mr. Ullman announced bis 
decision to proceed on the Jones 
proposals yesterday, after Mr. 
Blumemihal had told him that the 
Administration bad no compro- 
mise of its own to offer the com- 
mittee. From the point of view 
of the Administration, which has 
been fighting Congressional 
attempts to tamper with the capi- 
tal gains provisions of the Tax 
Reform Acts of 1969 and 1976. 
it is still better than a rival 
Republican scheme from Repre- 
sentative William Steiger. 

This would bring the maxi- 
mum rate on capital gains, such 
as the sale of shares and other 
assets, down to 25 per cent. At 
present, the tax is usually levied 
on half of any capital gains, so 
that the current effective rate is 
seldom more than 25 per cent. 
Nevertheless. Mr. Elumenthal has 
said that most of the benefits 
from the Steiger plan would go 
to the 3.000 Americans who make 
more than Sim a year. 


China official on Caribbean tour 


U KENG P1AO, a Chinese 
e-Premier, arrives in Trinidad 
ay at the start of a Caribbean 
r apparently aimed at coun- 
in g growing Soviet and Cuban 
:uence in the area. 

Jr. Keng. who leads a 23- 
mber delegation, is believed 
he the highest ranking 
nese Government official to 


visit the Caribbean. He is the 
Politburo member in charge of 
foreign relations. Apart from 
Trinidad, where he. will be re- 
turning Peking visits by the 
Prime Minister, Dr. Eric 
Williams, in 1974 and 1975, .Mr. 
Keng and his team are scheduled 
to visit Jamaica and Guyana, two 
countries where Soviet and 


Bolivia poll fraud charge 


NERAL Juan Pereda Asbun 
; -today close to victory in a 
ivian presidential election 
ided by widespread charges 
“lectoral fraud. 

/ith just over half the votes 
nted from the poll on Sunday, 
.National Electoral Court 
1 that Gen. Pereda — a con- 
alive who was backed by the 
■tary government — had 4S.9 
rent of them. 

nlcss a candidate received 50 
vein of the total vote, the 
♦idem will be chosen by the 
Conqres? which -was also 
ted on Sunday -in the first 
onal election in BoMvia for 
ears. 

ic main opposition candidate, 
icr president Heman Siles 
:o. accused government 


LA PAZ, July 12. 

officials of perpetrating a gigan- 
tic fraud. 

The allegations of fraud were 
supported by a team of nine 
international observers, repre- 
senting human rights groups. 
“The election was as crooked as 
a piece of barbed wire,” said 
Lord Avebury from Britain, 
representing the Catholic Insti- 
tute for International Relations. 

He said that, in the Trinidad 
area or Ebeni province, where 
he watched the voting, nearly all 
the villages had more registered 
voters than inhabitants, often 
an exact multiple of ‘300. \ 

Lord Avebury, and -Mr. Robert 
Goldman, from the Washington 
Oflice on Latin America, saitfthe 
conduct of the elections cfpld 
affect future British and U.S, -aid 
to Bolivia. Reuter 


The unsecret 
of 

our? ^success 


l 

US 


I ufk s 






Friend I v end efficient service in a dynamic economy is 
the winning combination that assured our growth into a 
ciiy bank of Japan. And now we're developing into an 
international financial complex. 

Perhaps more than any other Japanese bank, Saitama 
oliers its customers the full benefits of its vigor and 
v,- jon The vigor that has made /t.one or Japan's fastest, 
growing maior banks. And the vision of a bank that 

never forgets people are people. 

The Jtiptinese hank that helps you grow 

SAITAMA BANK 

HEAD OFFICE: TOKIWA. URAWA. SAITAMA PREF..JAPAH 

* ,c - '"• l tgr , r sl 



—swam— W riad »■** 


PORT OF SPAIN, July 12. 
Cuban influence have been 
greatest in recent years. 

Cuba's role in the non-aligned 
movement twice came under 
attack from China this week, 
first from the Peking Review and 
yesterday from the New China 
News Agency, which criticised its 
involvement in Africa. China 
has been developing friendly ties 
in the region over the past few 
years and last year opened a new 
embassy in Barbados. 

The First Secretary at the 
Barbados Embassy, Mr. Yang 
ta-Chun, said in a recent inter- 
view that this year China hoped 
“ to establish and develop 
relations with more and more 
Latin American and Caribbean 
countries. 

In the last five years the 
Soviet Union's deepening 
interest in the Caribbean has 
been shown by a number of 
bilateral agreements with 
Jamaica and Guyana, in areas 
such as fishing and trade and 
exchanges of senior delegations. 

Mr. Yang, who accused the 
Soviet Union of sabotage under 
the guise of friendly- relations, 
said that China was not worried 
about what the U.S. or the 
USSR might think of its 
attempts to increase its influence 
in the region. “It’s just a 
struggle, not a threat What the 
two superpowers think of it is 
there business,” he said. 

China admits that it cannot 
compete bn the aid front 
China ts a developing socialist 
country \and our capacity for 
aid is qujte limited,’’ Mr. Yang 
said. A small aid package has 
nevertheless been offered to 
Barbados. \ 

Mr. Keng 'will be met by 
Dr. Cuthbert Joseph, the Educa- 
tion and Culture Minister, when 
he .arrives here today to what 
is expected to be a boisterous 
welcome from the large local 
Chinese community. 

Reuter 


Senate votes 
more money 
for weapons 
spending 

By Ou r Ow n Correspondent 
WASHINGTON, July 12. 
THE SENATE yesterday 
joined the Honse of Repre- 
sentatives in giving President 
Carief more money to procure 
and develop weapons next 
year than he had asked for. 

Last night it gave final 
approval .to a $36bn procure- 
ment and development pack- 
age — about one-third of the 
1979 total defence budget. 
This was $585m more than the 
Administration had requested, 
although it was still SLSbn 

less than the sum which the 
lower chamber approved in 
May. 

The Senate action seems to 
show that the defence budget 
is still largely immune from 
the political rhetoric about 
cutting taxes, which has 
increased in volume in the last 
month or so. 

It also appear? to reflect 
a combination of Senatorial 
concern about the Soviet 
Union during the contro- 
versial trials of dissidents, 
and of the traditional desire 
to provide Congressional con- 
stituencies with valuable 
weapons contracts. 

The Senate approved nearly 
$L9bn for a fifth nuclear air- 
craft carrier, which would 
bring the total carrier force 
up to 13. 

Interpretation of this action 
changed somewhat when, late 
last night at the end of the 
debate. Senators endorsed an 
amendment by Senator John 
Culver to the effect that tbe 
U.S. should. In future, con- 
centrate on smaller ships 
equipped “with more surviv- 
al e, more numerous and less 
costly weapons.” and that 
further proposals to Congrpss 
for big carriers should be 
accompanied by “ an alter- 
native programme for smaller 
ships.” 


U.S. COMPANY NEWS 


International Paper earnings 
higher; Good first half for NCR; 
Further setback for Xerox in 
anti-trust case — Page 32. 


PRESIDENT CARTER PREPARES FOR THE BONN SUMMIT 

A defensive and persuasive attitude 


BY JUREK MARTIN. U-S. EDITOR. (N WASHINGTON 


FOR JIMMY CARTER, the Bonn 
economic summit is not taking 
place at the most felicitous 
moment. While it may be going 
too far to s*y .that he will be 
without clothes in his discussions 
with the six other heads of state, 
his finery will hardly be in the 
pink of condition. 

As a result, an element of 
defensiveness — and even resent- 
meat — has begun to creep into 
official assessments of the likely 
course of the Bonn session. This 
has been accompanied by Sotfo 
Voce cautions not to expect too 
much out of Bonn because, so 
the current argument runs, sum- 
mits axe really fora for consulta- 
tion and exchanges of views, not 
for making cast-iron decisions or 
policies. 

The President's apparent weak- 
ness is only too evident on 
several of the major items on the 
summit agenda. He is still with- 
out an energy Bill after 15 
months of trying, and now finds 
Congress threatening to strip him 
of executive powers to control 
imports. Although, on tbe growth 
side, the U.S. economy has done 
well over the last year, inflation 
is rising, in contrast to every 
other summit participant except 
Canada. The worst dollar traumas 
of late last year may have sub- 
sided, but the U.S. currency is 
still hardly robust, with the 
result that the European Com- 
munity at Bremen sought to 
insulate itself to a degree from 
the effects of continuing mone- 
tary instability. The U.S. trade 
deficit is running well above the 
record 1977 levels. The multi- 
national trade talks have run 
into an agricultural stumbling 
block of considerable dimensions 
which even Mr. Robert Strauss, 
tbe TLS. negotiator, has so far 
failed -to surmount. And a mean- 
spirited Congress seems intent 
on decimating the foreign aid 
programme and. if it gets half a 
chance, legislating for further 
protectionism. 

It is this catalogue which seems 
to have persuaded those outside 
the country that President Car- 
ter's lack of economic leadership 
is fair game. Tbe German criti- 
cisms have been persistent, if a 


little more muted of late. But 
official Washington was genuinely 
surprised and offended when Mr. 

Kiichi MJyazawa. head of the 

Japanese economic planning 
agency, last weekend waded into 
Mr. Carter and the conduct of 
the U.S. economic policy without, 
in. tbe U.S. view, acknowledging 
Japanese responsibilities for 
international stability, a point 
which Washington has consis- 
tently been impressing on Tokyo 
for much of tbe last year. 

It is against this background of 
lowered expectations and con- 
siderable cynicism that the pre- 
sident is going to Bonn. And yet, 
the administration does believe 
it has some serious points to 
make which will not fall on deaf 
foreign ears, and which may 


hesitate, it is said, to remind bis 
audience of the consequences of 
forcing on the world another U.S. 
recession. 

The U.S. deficit; Mr. Carter will 
patiently explain, for the 
umpteenth time, that the Con- 
gressional process is lengthy but 
that — as Senator Robert Byrd, 
the Democratic majority leader, 
forecast in Europe over the lust 
ten days — he will have four-fifths 
of an energy Bill by the autumn 
and will fight to protect his 
authority to take additional steps 
if the crude oil equalisation tax 
fails to materialise. He will also 
point out that, over the last year, 
the growth in U.S. oil imports has 
been much less rapid than the 
advance in gross national pro- 
duct, demonstrating that de facto 


Mr. Carter may find him self giving a few lectures 
on the realities of U.S. politics. Why, the cry is 
often heard, blame the President when Congress 
should be criticised ? 


make the summit exercise more 
worthwhile than it appears at 
present. What the U.S. wants 
from the summit are: 

A commitment on growth: U.S. 
officials do not hesitate to point 
out that West Germany, Japan 
and Switzerland between them 
are likely to run current accounts 
surpluses of about S20bn this 
year, and this is as much a cause 
of international instability as the 
U.S. deficit. Germany and Japan 
abysmally failed to meet the 
growth targets they set them- 
selves in London last year (which 
the U.S. did not). But the U.S.- 
does not want to repeat its mis- 
take made last year of raising 
expectations too high by making 
public specific growth targets. It 
wants a commitment from the 
two nations. The signs are that, 
as part of an inevitable trade-off, 
it can get it. The President will 
also plead for more time for bis 
voluntary anti-inflationary poli- 
cies, buttressed by the Fed's 
tight money approach, to be 
allowed to work. He will not 


conservation may be havinc an 
effect. He will point in evidence 
which suggests that U.S. exports 
are beginning to lake off. He 
will maintain that a convergence 
of international growth rates can 
only help the U.S. deficit. 

On monetary slaiihity: There 
is some scepticism inside the 
U.S. Treasury that the new 
European monetary regime, as 
outlined at Bremen last week, 
will lead to a further lack of 
confidence in the dollar, though 
the last three trading days have 
produced no hard evidence to 
support this. There is also some 
doubt that the Bremen package, 
when finally hammered out, can 
be particularly effective, given 
British and Italian reluctance to 
take part and different rates of 
inflation among the potential 
participants in the scheme. But. 
these aside, the U.S. does not 
appear to have formed a hard 
and fast opinion on the merits 
of the scheme beyond the under- 
lying factor that, at least in 
principle, the U.S. believes in 


greater European monetary 
union. 

Trade and protectionism: The 
U.S. will make once again the 
basic point thar. if tbe EEC were 
to open its markets to U.S. agri- 
cultural produce, that would be 
a major com ri bin ion to reducing; 
the U.S. deficit, it will side with 
Germany to the extent that 
pressures are exerted on Britain 
and France In eschew protec- 
tionism. and on Japan io open 
further its domestic markets. But 
Mr. Carter wilt be seeking to find 
a way of spurring the trade 
negotiators towards a satisfactory 
conclusion in Geneva. He will 
undoubtedly argue ibai Cungress. 
in its present mood, will never 
ratify a new trade agreement 
which does not give U.S. farmers 
a fair opportunity to sell over- 
seas. 

Perhaps above all. President 
Carter may find himself giving 
a few lectures on the realities 
of U.S. politics, and the balame 
nr power between executive and 
legislature therein, to his fellow 
leaders. It is no accident that 
Mr. Carter's closest international 
friend is Mr. James Callaghan, 
the British Prime Minister, 
largely because »hc laiier is 
essentially a political animal. 
Tbe feeling in Washington is 
that Messrs. Schmidt. Uiscard. 
Fukuda ei nt. accustomed to 
different forms of parlia- 
mentary democracy, lack the 
same appreciation. Why. the 
cry is often beard here, blame 
the President when Congress 
should be criticised? 

Mr. Carter is learning, pain- 
fully at times, to make deals 
with Congress. The U.S. hopes 
That Bonn will show a similar 
give-and-take attitude — or. as 
Mr. Jody Powell, the presiden- 
tial press secretary put it. “ for 
this summit to be successful, all 
the nations involved will have 
to demonstrate a voiiimilmcni 
to various aspects of economic 
co-operation, including, but nut 
limited to. energy.” 

Mr. Carter might wish that the 
Soviet Union would be so 
co-operative. 


nui m turn limed 

n-’Sll 900 y on the British Registrar of Companies. 

Head Office; Berkeley Square House 

erkeley Square, London W1X 6LT, Uqited 
>5.000, 000-9}% Sterling Foreign Currency Notes 
due December 1, 1984 , 

uaranteed by Compagnie F^caise des Petries 

he General Meeting of h T °^JL° sterling Foreign 
L.000 Total Oil Marine Iarnited Sterhn 0 ro s 

> Paris et des Pavs Bas, 33 Throgmorton Street, 
•indon EC2N 2BA, to nominate the noteholders 

‘preseutaUves. . . 

he following individuals have been nominated, 
r. Jean-Philippe Delcroix, 64, avenue du General 

Leclerc, 7S230 Le Pecq. rnarinmasne 

t. Lucien Pommier, 19, rue Charlemagn , 

r Pierre Verily, 100, avenue Jean-Baptiste Clement, 
92100. Boul ogne-Rillancour t. 

XHB . BOARD OF DIRECTORS 


Canadian 

election 

speculation 

increases 

By Victor Mackie 

OTTAWA, July 12. 
MR. PIERRE TRUDEAU, the 
Canadian Prime Minister, is pro- 
posing to the provincial premiers 
that the first ministers' confer- 
ence on the constitution should 
be moved forward to mid- 
September instead of being held 
at the end of that month. This 
move has increased speculation 
that the Liberals are gearing up 
for an autumn election. 

The party has launched a pub- 
lic opinion survey across Canada 
to test the political climate be- 
fore the Prime Minister makes 
up, his mind in mid-August 
whether to have an election in 
the autumn or to wait anti] next 
year. 

The cost of the noil is reported 
|lo be $100,000. The results are 
to be submitted to the Prime 
Minister early next month on 
his return from the Common- 
wealth Games in Edmonton, 
Alberta. He will confer with his 
closest political advisers at that 
time to bear arguments for and 
against waiting until 1979 for the 
election. 

The Prime Ministers office to- 
day released the texts of letters 
to the 10 premiers. Mr. Trudeau 
proposed that they should meet 
in Ottawa in mid-September. He 
hoped the premiers would be 
ready then for in-depth discus- 
sions on federal proposals for 
constitutional change plus any 
alternatives to those proposals. 

The Prime Minister would 
-like the conference to be open to 
[full television coverage. Most of 
the premiers complain that 
Ottawa has not consulted them 
enough before bringing in its 
Bill for constitutional change. 
They say Mr. Trudeau is in too 
much of a hurry. But Quebec 
has said it will attend a' first 
ministers’ meeting on. tbe issue. 

The cost of living rose by 92 
per cent in the year ended June 
1978, Statistics Canada reported 
to the Government today. 

The all items consumer price 
index (1971 equals 100) 
advanced by 0.9 per cent from 
173.6 in May to 175.1 in June. 
Higher food prices which ‘were 
up 2 per cent in June were again 
largely responsible for the rise. 
The index for all items excluding 
food increased by 0.4 per cent 
with higher home owners 5> Ip 
costs, accounting for more than 
a half of the rise. 


Hewlett-Packard computer advances deliver results. 



“At Associated Automation we doubled production 
of mercury wetted relay capsules when we installed a 
Hewlett-Packard desk-top computer with an HP-B*systeml 


Associated Automation. A company with a 
hard-won reputation as a world leader in the 
production of advanced electrical relays. No other U.K. 
company has the expertise required for the total 
manufacture of Mercury Wetted Contact Relays - 
the relays in a keyphone. 

But grading the capsules presented a problem. 
Defining the variation on each without sensitive 
equipment was a slow, manual job. 

A highly specialised rig was needed. Only 
Hewlett-Packard could supply the capability of the 
HP-9825 desk-top computer, plus modular instrumen- 
tation via the HP-1B system. 

Operators were quickly trained to use test 
programs capable of rapidly grading every capsule. 
Now, the rate of production has doubled. 

’Hewlett -Packard's implementation ol the I^EStandard 488-1 975 
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Financial Times Thursday. July 13 1978 


OVERSEAS NEWS 


orders 


ceasefire 


Australian uranium talks 
deadlocked over royalties 


BY OUR OWN CORRESPONDENT IN CANBERRA AND PAUL CHEE5ER1GHT IN LONDON 


WOULD I K \l>! MA'S 


HOPES Of a rapid start to the panies had hoped to start work uranium might not be m ct Wlth 
development of the bis uranium in the current dry season, whteh out a rapid start to the deveiop- 
| deposits in the Norlherft Terri- lasts to November. This would ment of new mines. 

| tory of Australia started to slip have allowed the project to come in March, Mr, Doug Anthony 
| away yesterday when Govern- on stream in 1981. Negotiations the Deputy Prime ^ 1D . j 
j mem negotiators reached, a on sales contracts for the first referring to contracts signeu 
[deadlock with the Northern year’s production are already before 1972, said that the P°s* 
j Land Council on ihc level of taking place. tion could become tritwal oj 

] royalties to he paid by the mines The Government and the 1981-82. _ . Australian ura 
to the local Aboriginal popu- Northern Land Council are due ln limbo between 1 i 

ti»n. m meet again next month, but and 1977. 

The Northern Land Council is failure to agree then will result The level of the roP 1 *? “j® 

ia-sSSPi^sa? of an "" 

Aboriginals. If has been A delay in reaching an aecom- d* swab l et 5 ?m1s 

arguing for a royalty rate of 18 modation of interests between gj 

ocr cent, having scaled down its the Goverment and the J™ lueenay, Mr. Bernaro 
Semand rrom ao original 36 n«r Aborininal interests could retard ^^uminanager ftgMj 
L «nt the development of Ranger and waiisend, told the uranium 

. . . . mean no production from the Institute in London ^at 

sloo tciDDorariTv iK oDcrailons * T *l e Government, on the other mine UDt jj 1952. expected the current negotiations 

in° Mauritanian territory as a ! “ffereri 4 per cent— Development of the mine can- “to be concluded quite soon, 
-csture of goodwill and'out of *bat js to say 1-5 per cent on top ot la ^ e pi ace until terms have But the resistance of 

gesture m goouwiii ana oui 01 | of o, e 23 per cent to which the been aar< T ed with the Northern Aboriginals to the Government 

Aboriginals are entitled under Land Council. Indeed, the proposals reflects a growing 
Northern Land Rights lesisla- royalty negotiations are one of recognition oE their political 
ti° n - the last pieces in the jigsaw of power, fostered by the recruit- 

Ncgotiations have centred on regulations and conditions for ment as negotiator for the 
. the royalty to be paid from the uranium mining which the Aus- Northern Lands Council of Mr. 
.Ranger uranium project, a joint tralian Government has for the Stephen Zom, an American who 

venture involving Peko-Wnllseod, last year been trying to fit has represented Indian minorities 

EZ Industries and the Common- together. in the U.S. 

wealth Government. But the it has been moving as fast as Australia holds about 20 P er 

level established is likeiy to set jt felt politically possible in the cent of the world's known 
a pattern for other projects. face of vociferous but frag- uranium reserves but has only 
Ranger is scheduled to be the rnented opposition. partly. one producing mine, Marj Kath- 

first Northern Territory project because oF a fear that national leen, which is part of the Rio 

ID st3rl construction and the com- contractual obligations to supply TinLo-Zinc group. 


THE P0LISAR10 Front, which 
has been fighting against 
Morocco and Mauritania for 
two years to establish an 
independent Western Sahara 
state, today ordered its 
guerrillas in Mauritania to 
observe a ceasefire. 

The decision came (wo days 
artcr a bloodless coup which 
ousted President Mokiar Ould | lati»n 
Daddah from power in Mauri- 
tania. His Government was 
replaced by a military com- 

miuce. 

The Polisarlo Front said: 

" After ihe recent events in 
Mauritania, instructions have 
been given to ihc Sahrawi 
Popular Liberation Army to 


desire not lo increase 
tension." The Front's state- 
mem was signed by Bachir 
Mu.dapha Saved, (hr move- 
ment's deputy serretary- 
erncral. 

Mr. Muslaphu Saved said: 
“We have offered the new 
authorities in Mauritania a 
chance lo review (he criminal 
policy of the deposed Head of 
Slalr because this is the only 
way in which a real revival will 
be ai-hic«ed in Mauritania.” 
Reuter 

Our Foreign Staff writes: 
Colonel Mustapha Ould Moham- 
med Satck. who led Monday's 
coup, said that he and his 
officer colleagues had seized i 
power because the country was 
on the verge of bankruptcy. In 
an interview broadcast from 
the capital. Nouakchott, he 
said that his administration 
would co-opera I e with Morocco 
in seeking a solution to the 
Saharan problem. 


Queensland strike cripples mines 


Tension 
eases 
in Beirut 


By fhsan Hijazi 


BEIRUT. July 12. 
TF.NS10N eased in Beirut to- 
day and fighting lessened after 
Lebanese police look control 
of the main bridge connecting 
the mainly Christian eastern 
sector of Beirut vJUi the north 
of the country. 

The bridge was opened for 
the first time since the out- 
break of fighting between 
Syrians of the Arab peace- 
keeping force and right-wing 
Christian militias nearly two 
weeks a.-y». The take-over coin- 
cided with the return here of 
Mr. Kamel a 1- Assad, Speaker 
of the Lebanese Parliament, 
from Damascus where Le had 
crisis discussions with the 
Syrian leadership. 

The central area, which had 
seen heavy fighting earlier, was 
still deserted however. The 
head offices or local and foreign 
hanks in Riad Soili Square 
remained closed. 


A FIVE- WEEK strike has pany's package of extra wages had. offered employees a produc- 
crippled operations at four of and benefits. The union, how- tioo bonus of AS30 t$34) a week 
Australia's major coking coal e, ver - not stated specific wage ib addition to other benefits 
. c tv, D fnnntrf'c demands. Utah’s coal exports dropped b> 

mines, forcing the country s The f ede ral Government, which nearly 500.000 tonnes last year to 
largest coal producer to halt ail {$ losing nearly Sim daily in 16m tonnes, the first drop since 
exports. taxes and revenues, has asked exports from the rich central 

The strike bv the combined Australian trade union Queensland coalfields began. The 

minin'- unions in Queensland is ,eader Mr * Bob Hawke - to seek fall was due to the depressed 
mimn unions in yueensiano is w res0lve the dispute. state of the world’s steel indus- 

the worst that the Utah Develop- \ Utah spokesman said the try. 

ment Company a subsidiary of 24-hour work day was the only Utah, the single biggest coal 
General Llectric of the U.S.— has wa y the firm CO uld contemplate supplier to Japanese steel mills, 
toccd m its l. years of operation. pa yi ng its 2.000 miners extra last- year saw .'its Japanese 
Coal stockpiles at two ports ran wages, especially under Govern- exports drop from T2.8m tonnes 
out two weeks ago. ment guidelines requiring wage to 11m tonnes. Exports to Europe 

About 15 per cent of the miners increases to be indexed in line rose from 3.5m tonnes to 4.7m 
now work on continuous shifts, with inflation. tonnes. Utah’s export capacity 

but Ulah wants to double this “ Our offer is final and non- will rise a further 4.3m tonnes 
lo. include workers in the coal negotiable.'' he said, pointing out annually by 19S0 when its fifth 
preparation plants and train- that the average wage of a miner mine, Norwich Park, begins pro 
loading operations. The workers was AS 19.000 (S- 1,755) annually ductinn. 
are not satisfied with the com- for a 42-hour week. He said Utah AP-DJ 


Burma pact 
on refugees 
in Bangladesh 


By Our Own Correspondent 
RANGOON, July 12. 
THE BURMESE GOVERNMENT 
has agreed to accept back " law- 
ful residents of Burma" now 
sheltered In Bangladesh camps 
after fleeing across the border 
from western Burma in recent 
months. The agreement was 
contained in an accord reached 
between delegations from Burma 
and Bangladesh after three days 
nf talks in Dacca from July 7 
lo 9 


India plans to double 
growth of production 


BY 1C K. SHARMA 


NEW DELIJI, July 12. 


PLANS TO DOUBLE growth in of the weight in the index* of 
India's industrial production to industrial production^ • 

7 per cent during fiscal 197S-79 The new strategy involves sub- 
over the dismal 3.5 per cent rise stantlai imports of items that are 
achieved last year have been hindering production in some 
drawn Up. Mr. George Fernandes, sectors, including generation sets 
Ministry of Industry, today said and balancing equipment It is 
the new target “is feasible " and hoped that targets already set for 
was based on consultations with crucial industries like power, 
other economic ministers. coaL steel, fertilisers and non- 

As part of the exercise, detailed ferrous metals will be achieved. 


The accord gave n«» indication I analysis of demand, capacity and Higher targets have been set 
Several hunks have opened iof the number of lawful resi-loulput levels has been made for fpr industries like paper, cement 
temporary odlcrs In the safer j denis of Burma " new in Bangla- 1 more than 150 industries which commercial vehicles, wagons and 
wot Beirut district. Ideshcamps 1 together account for 90 per cent textiles. 


China’s open door to refugees from Vietnam 


BY OUR OWN CORRESPONDENT 


CANTON, July 12. 


CHINA would accept Chinese 
refugees from Vietnam as long 
as Vietnam continued to 
persecute them, according to a 
senior official in Canton. 

Mrs. Chen Chlng Tao, deputy 
director of the Office of Over- 
seas Chinese Affairs here, 
said last night lhat more than 
150,000 Chinese residents had 
tied Vietnam since March, 

rlniminK that harassment and 
extortion by Vietnamese offi- 
cials had made their lives 
in tni era hie. 

Asked whether China was 
prepared tn give refuge to the 
entire Um Chinese citizens 
living in Vietnam. Mrs. Chen 
said: *MVe will receive as many 
as they expel.** China pre- 
ferred overseas Chinese to stay 
In their adopted countries and 
live In peace, she said, but if 
they were victimised and 


wished to return to their home- 
land, China’s doors woold be 
open. 

Canton is a major resettle- 
ment centre for refugees from 
Vietnam. About 30,000 have 
been brought here after cross- 
ing the border into other pro- 
vinces in South China. Most 
of them are heing settled at 
existing state run farms or at 
collectives specially established 
in recently developed areas nf 
Kwangtung province. 

Those with special skills 
would be given Jobs appro- 
priate to their former occupa- 
tions. said Mrs. Chen. Where 
possible they would be located 
in the regions where their 
families originated, hut this 
would depend on the amount 
of land available lo support 
them. 

China's expenditure on re- 


settling the 150,000 refugees 
from Vietnam had now reached 
about 1,700 yuan (about £520) 
a person, said Mrs. Chen. 

This outlay would be met 
from funds no longer being 
sent to Vietnam for the aid 
projects which China cancelled 
last month. Aid specialists 
returning to China have 
reported that Vietnam was mis- 
using grants meant for the 
development projects. They 
said they had been frustrated 
in their attempts to complete 
projects because equipment,- 
materials and funds had been 
diverted to other purposes. 

Reuter reports from Peking: 
China today accused Vietnam 
of dreaming or becoming the 
overlord of Mouth-East Asia. 
A commentary in ie People's 
Daily, the Communist Party 
newspaper, said that Vietnam 


was acting as junior partner 
in a drive by the Soviet Union 
for world domination. 

It said the border conflict 
between Vietnam and Cam- 
bodia. the expulsion or Chlntse 
nationals from Vietnam, and 
Vietnamese attempts to disrupt 
relations between Peking and 
the countries of South-East 
Asia were part of the overall 
plot. “In (his plot, (he Soviet 
superpower, with its own 
hecemonistic aims, provides 
cover and support for the 
Vietnamese authorities’ 
regional hegemon ism," it said. 

The New China News Agency 
reported from Hanoi last night 
that talks to allow two Chinese 
ships Into Vietnamese ports to 
evacuate Chinese refugees had 
reached an impasse due lo ihc 
“unreasonable attitude" of the 
Vietnamese authorities. 


PEKING’S POPULATION POLICIES 


Curbing the baby boom 


BY JOHN HOFFMANN IN PEKING 


CHINA, already markedly sue- strive to bring population. growth couples who produce more than no published national census 
ce»>rul in controlling population down to the 1 per cent level. two children. since . 1954 but Government 

growth, is lo intensify its family Great strides had been made Men are allowed to marry at officials tend to refer to “China's 
planning programmes. in family planning, he claimed. 20 and women at IS according SOOm people.” 

The Chinese population pie- Bllt P c °P le should not forget its to the constitution. But Foreign demographers set a 

sinned to he about 900m. is now importance. _ _ J he . “ vised " higher figure. Various indicators. 


cuiiii-cl lb hi* ihnui 9l>Om is now *-**«.*. . . . Digaer DfUfe. inaicaiuia, 

off, Win- at in annual rale of Family planning advice and marriage ages have been 23 and they say, show there are now 

16 nor* cent accordin' 1 to recent publicity should continue and -O. This advice _ is reinforced between 850m and 950m Chinese. 

UN* estimates Fhina has oub- population control should be a by comprehensive education some demographers suggest that 

r 0n _ part of economic planning in all programmes which urge restraint despite the success of family 

need rcqions. he said. The State in the young, planning campaigns, China may 

Council would convene a national Chinese newsoaoers last year be in for another invnlunt.irv 


lishcd nn overall statistics to 

firm (his lHit it has announced - , . . , . „ t . . . . 

that it« objective is lo limit Council would convene a national Chinese newspapers last year he m for another invnluntary 
nrfyii'th "bv ihc vear 2000 to l per conference next year to recog- published articles warning young baby boom. About r»ne-third of 

p ’ • _ “ . r nl.-n ^.-inleTtnrfmo inHiuTfllinlc unrl « k «L. I h tKo vinmi InfiAn Ir L^i «i 



age 

a China of 
itabie. 

not 
of the 

.... ... , - - - support its people. 

Contraception is wiaely pro- children — *so as not to take Everybody, the authorities claim. 


and in Szechuan Province. mo i e d. Thu most common form women away from ihe workforce has adequate food, clothing and 


Cities is, sterilisation— for too long — are reinforced in housing, and food production is 
cent of couples in some areas by regulations which rising at a faster rate than 


"rowth dropped last year from 46 pt?r cem or C0U pies m some areas oy reguiauons which rising at a faster rate than 
1.23 per tent m 0.S» per cent. shanghai, for instance, have reduce food rations and other ponuiatinn. 

In rural areas however the chosen this method though benefits for ihlrd and subseauent The doomsdav iheorv of a 

rate is generally much higher, male -dm Nation is relatively children. pnnulat.ion explosion docs not 

And population expansion is uncommon, in normal area?. The success oF Chinas birth interest China and it’ has 

encouraged in some areas intra uterine devices ilUDsi are control programme is a triumph insisted that each COuntrv should 
inhabited by minority races favoured.. Abortion is freely of pragmatic policy Over iradi- set its own ponularinn 'policies 
whose numbers declined under available m cases nf -accidental" tional Chinese beliefs that hie in line with its development 
oppressive regimes in the past exception and the Pill is also families were best and that ma£ nends 

Vice Premier Lt Hsicn Nien u«ed. The bigccsi influences on children were superior to In China’s case the nniicies are 

"famuv'nlanni 1 ^ T --h. J ainll, * 5 .. h3V <? The exact effect on ha^d on one simnl- practicalHv: 

State Counul s ,3 i.' . ^arriase principle China s total population can only large families tak* too m-jriv 

group that the country should and official disapproval of bc^ guessed aL There has been women away from the workforce. 


Agreement 
to build 
smaller 
Airbus 


By Michael Donne, 
Aerospace Correspondent 


THE FRENCH and West German 
Governments yesterday 3»ve for 
oiai approval to the decision of 
Airbus Industrie, the European 
aircraft manufacturing group, to 
launch the smaller, 200-seat El-10 
version of the A-300 Airbus. 

The £-10 go-ahead was 
announced late last week by Air 
bus Industrie, with orders and 
options from three major Euro- 
pean airlines— Lufthansa, Swiss- 
air and Iberia of Spain. 

Other airlines are studying the 
aircraft, .including Atr Inter of 
France and Alitalia of Italy, In 
the U.S. a “tentative option” for 
25 B-10s has been signed by 
Eastern Air Lines, which earlier 
this summer signed a contract to 
buy up to 23 of the bigger 250- 
seat A-300 Airbuses. 

While the French and West 
German Government approvals 
for. the launching of. the B-10 1 
have- been regarded as -a 
formality, they are. essential to 
enable Airbus Industrie to dis- 
cuss with the European banks, 
both State and privately-owned, 
the question of financing' .the 
development of the aircraft, 
which is expected to .cost up to 
about 1200m. 

The B-10 is designed to By over 
short to medium ranges, carry- 
ing up to about 200 passengers. 
It is regarded in tie airline 
industry as a major competitor 
for the proposed Boeing 767 twin- 
engined 200-seat jeL 
The aircraft wifi be built by 
Airbus Industries, which in- 
cludes Aerospatiale of France 
and Deutsche Airbus of West 
Germany fin turn including 
Messerschinidt and VFW- 
Fokker), with assistance from 
Fokker-VFW of Holland and 
CASA of Spain. 

The UK as yet is not a partner 
on the B-10, although it builds 
the wings for the bigger A-300 
B-2 and'B-4 airbuses. The UK 
Government has yet to make up 
its mind whether or not to join 
with Western Europe in develop- 
ing a new short- to-raedfum range 
jet for the future, or to take up 
an offer from Boeing of the U.S. 
on collaboration on the proposed 
757 short-ranee jet airliner. 

A UK decision had been hoped 
for by now. but it seems likely 
(liar it may be delayed for a week 
or two — although some conclu- 
sion is expected before the 
Parliamentary summer recess 
fl) Airbus Industrie, the Euro- 
pean consortium which builds 
the Airbus, says the French 
domestic airline. Air Inter, has 
ordered one additional A300B-2, 
bringing its total fleet of the 
wide-bodied, twin-jet A300 to six. 
The aircraft will be delivered m 
February, 1980. reports Reuter 
from Paris; . 

With this,' new order. Airbus 
Industrie's order book breaks 
through the 100 mark for firm 
orders for the earlier versions of 
the Airbus. 

Fifty-three are already in ser- 
vice with 16 airlines. Airbus has 
firm orders for 47 additional air- 
craft and options on 39 others. 


Japan planning emergency^ 
imports valued at $4bn 


BY ROBERT WOOD 


' TOKYO, July 12. 



Government im 


ipiementi 
the lont 


THE JAPANESE Government storage in surplus oil tankers, an the 
plans at least S4bn worth of additional S194m worth of other measures for the loin 
emergency imports in the fiscal civilian aircraft. o9 ships pre- term. . 

year whiJh ends March 31 next viously owned by foreign sub- Most are b*mg purchased 1 bj 
year, a Cabinet-level task force sidianes of Japanese companies private or semi-prlvat* 
on balance of payments problems worth $647ro. and S70m worth of orgnnisatmns _with encourage 
indicated today. medical machinery. ment or financial help from ths 


The imports include . $Ubn • Officials acknowledged it might £ ov ^ m t e j£ t tonn3ge of for€lgfl 


definitely planned,, 82-2bn Fop: he impossible for some of the JLiiatalildEiS ordm nceived C 
which preparations are almost aircraft to be delivered before ? iSSIS ^SeS? 1 last month f«n 
complete, and S600ra still, under the fiscal year ends. But they ^panoae yante last month fell 

consideration. said they hoped that additional dramatically, A was announce 

The nation bought SI bn worth emergency imports could be pur- today- . - 

nf emergency imports last year, chased to bring the total within "he Japanese snip exporters 

but still ran a current account the fiscal year well above S4bn. Association blamed in erased 

surplus of SI4bn. Mr. Toshiu Komoto, Minister of competition by nations such u 

The emergency imports already international Trade and In- South Korea andYugoslavia and 
committed include S6S5m worth dustry. has suggested emergency the F eas . u sba f?„ appreciation 
of civilian aircraft. 545 ul worth imports worth SlObn. against the dollar, making 

of aircraft for leasing abroad, The object of the plan is Japanese exports more expeu- 
5120m worth of uranium ore. either, to accelerate imports sivp. . 

SHm worth of helicopters, S30ra Japan would eventually have to Although the numoer of ships 
worth of semi-processed iron ore buy in the future or encourage ordered tn June rose to 13 com- 
and S14m worth of nickel and imports which . are . marginally pared with 11 in May. the total 
chromium. • ' economic (such as ships -and ton “*S* v, ' as Cl * t oy nearly half 

Soon to be finalised imports planes for leasing -abroad), so to 79,i4S gross tons from 153.357 
include Slbn worth of enriched as to reduce the current account In the preraus month, the asso- 
uraniiim, $430m worth of oil for surplus in the short term, while watton said. 



Arms mission to visit China 


BY COLINA MacDOUGALL 


JAPANESE ARMS manufac- is expecting contacts fromin 1975, it brought; a shoppin 


hirers are to send a mission to China's- Seventh- Ministry of list of weapons which inciu 

rhina in Sentember the Machine Building, which tanks missiles -and military 

enma in aeptemoer. tne handles aircraft and missile aircraft - • . 

Japanese news agency Kyodo pro duction. No deals were made because 

has reported. ‘‘ China began sounding out 0 f the^Go^Timent's polky 

While the groups task will be Japan on weapons imports forbidding weapons exports and 

mainly to discuss technical three years ago, defence t j, e restrictions applied by 

exchanges, the Chinese are industry sources were quoted as “COCQAT (the coordinating com- 
thought likely to inquire' about saying. When a Chinese machine m jttee for exports to Communist 
weapons purchases. The mission industry mission visited Japan ar ^aB). 



Trade talks with India 


■ However the Chinese con- 
tinued individual contacts with 
Japanese makers. These contacts 
suggested that the Chinese 
wanted anti-tank missiles and 
tanks, jet fighters plus their 


BY K. K. SHARMA NEW DELHI. July 12 

A NINE-MEMBER delegation secretariat says that prospects equipment such as engines, gun- 
headed by Mr. Pravincbandra of increased trade flow are goad ne ^ y control devices, air-to-air 
Gandhi. president of the since China has shown interest an °. air-to-ground missiles and 
Federation of Indian Chambers in fertilisers, blast furnaces, ractio equipment 
of Commerce and Industry dredgers, computers, electronic They were also seeking air 
(FICCIj will visit China from equipment, automatic control command control devices such 
August 7 to 16. It will hold equipment and hand tools, as ground radar, telecommuni- 
discussions with Chinese FICCI says that a long-term cations equipment, other airport 
economic and trade organ is a- strategy is needed since facilities - and anti-submarine 
tions in Peking - “China's economic manoeuvres patrol planes. 

Although three Indian groups in international markets are While Japan cannot freely 
took part in the Canton fairs well known. More recently, its export arms. Kyodc reported 
in (he past two years, this is desire 10 import iron ore from that observers had pointed out 
the first high-powered Indian . India is seen by Sinologists as that it would be able lo supply 
business team to visit China a move to bargain with better China with precision machinery 

although a more select group strencth with Australia, which for aircraft manufacture. Japan 

representing the engineering is China's main supplier.’* could also provide know-how in 
industry has just returned from The note adds: “This demands fields such as factory system*..*/..' 
a tour of that country. • continuous monitoring of China's management and compntersf ^,- 

At present two way trade import plan and its trade They also suggested that Chiba;; V 

between India and China is less diplomacy which India can could buy parts from . third > 

than RIOra (about £600,000). In hardly ignore if it does not want countries and have them:- 
a background note the FICCI to he taken by surprise.” . assembled in Japan.-. 

- ' ■ .l A .9. 


Latin American potential 


BY OUR FOREIGN STAFF 


Credit rating 
agreement by 
shipbuilders 


Br David White 

• PARIS. July. 12. 
LEADING Western shipbuilding 
countries meeting at OECD head- 
quarters here have stuck by their 
gentlemen’s agreement on mini- 
mum export credit rates, despite 
West German and Finnish pres- 
sure to ease them. 

The agreement currently 
stipulates a minimum interest 
rate of 8 per cent over seven 
ears, on up to 70 per cent of a 
essel’s value. 

West German, shipbuilders, in 
particular, feel that the ruling 
is compounding their problems 
jiving them less advantageous 
credit conditions than other bor- 
rowers on the domestic German 
market. 

However, delegates at a two- 
day meeting of the OECD’s 
special working party on_ ship- 
building ruled out the possibility 
of any easing in conditions. In 
principle the "intention is grad- 
ually to tighten credit terms as 
part of a joint effort to relieve 
cut-throat competition between 
Western European:and Japanese 
shipbuilders. 

Figures prepared by the OECD 
group show that Japan and the 
Association of Western European 
Shipbuilders are continuing to 
take a roughly equal share of 
orders. 

The Japanese were at pains to 
explain the extent of their efforts 
to curb output and returned to 
their attack on European ship- 
yards for doing less to adapt to 
the present crisis. 


IF BRITAIN cares to look fur- The authors say that “ the full 
ther than its year-end balance.of development of Latin America's 
payments with Latin America political -.and trading .potential 
and commits itself to betas an and - the ending • of political 
active partner in .1 democratic oppression in Latin America a rq 
development process in the intimately linked, and the two 
region, it could gain substantial must go. hand in hand, 
trade benefits and improve its The- Latin America Bureau was' 
political relations wLth the Third established last year with the 
World. help of the voluntary devetopv 

This is slated in an article ment agencies and church 
by Hugh O'Shnughnessy and bodies. 

Juan Rada in the publication, 

Britain and Latin America, the f Britain and Latin America, an 
first annual review oT British- .Annual Review of British Latin- 
Latin American Relations, pub- .4 rnerican Relations 1978. Latin 
lished by the Latin America America Bureau. FO Boe 134, 
Bureau. London NW1 4JY. £1.95.) 


row 




withFrance_:^| 
halts plant ^ ^ 




By Simon Henderson ■ 

/ '. 'ISLAMABAD. July 

Arguments over the supple 



Australian quota threat 


BY KENNETH RANDALL 


CANBERRA, July 12. 


THE AUSTRALIAN Government be deferred until the results of 
is considering a plan to use the Multilateral Trade Negotia- 
import quotas for passenger tions are known. It will affect 
motor vehicles in an attempt to the level of quotas for the last, 
force an opening in the Euro- half of this calendar year, 
peon beef market. Government estimates put the 

The Department of Special size or the Australian ■ ear 
Trade Representations has sug- market in 1978 at 440.000 units: 
nested .in a submission to The Industry and Commerce 
Cabinet the use of quotas for Department "has recommended- 
leverage purposes in negotia- that passenger vehicle- import 
tions with the EEC. - But a deci- quotas should be set at 88,000 
sion on the recommendation will units. - 


truck "assembly plant belonging 
to the French company Saviem. 
No progress has been made on 
the factory site in the Islamabad 
industrial area since the original 
contract worth $275m was signed 
In November last year. 

The Pakistan. Government is 
refusing to go ahead with the 
project while France tries to 
change the contract .for a nuclear 
reprocessing plant signed in 1974 
into a so-called-: co-processing 
plant which would not produce 
plutonium as a byproduct. 
Pakistan is .determined to go 
ahead with the original repro- 
cessing contract even (bough tt 
will also mean that the U.S. 
would cut off all aid. except food. 
As .part .of the French persua- 
sion^ most expatriate technicians 
are reported- to have been with- 
drawn from the project site at 
Chasma - on the River Indus 
where the shell of the reprocess- 
ing plant has already been 
constructed. 


Petrochemical goal for Brazil 


BY DIANA SMITH 


RIO DE JANEIRO, July 12. 




- 3 v -. 


ITC ruling on 


methvl alcohol 


The U.S. International Trade 
Commission (ITC) has ruled 
unanimously that imports of 
methyl alcohol from Canada are 
Injuring domestic producers. 

The ITC decision means that 
the Treasury Department.wiU be 
required to continue an investiga- 
tion under ihe aoii-dutrfping act 
and rule later whether the 
imports, worth aboni Sl4m. have 
been sold in the U.S. market at 
unfairly low prices. 


Saudis halve rates 

THE JEDDAH pon authority has 
offered importers a 50 per cent 
cut in discharge races for 
remediate cargo unloading, 
reports Reuter from Jeddah. 

A harbour management state- 
ment said the measure was 
intended lo encourage a quick 
flow of goods out of the pori. 
Under the incentive. Importers 
will pay 7.5 rlyals (82.171 for 
ach unloaded ton compared 
with the regular charge of RI5 
IS4.34). 


THE GIANT S2bn Caraacari polyester) and sulphates. Mitsubishi Chemicals and Nisshv 

petro-chemical complex in- Hoecbst, through Foster Grant, Iwai hold one third. CCC 
augurated recently in Bahia holds a third of the styrene unii, (Colloidal Carbon) in which 
State. North East Brazil, is a Du PonL a share of the isocya- Philips Petroleum holds 40 per 
major step towards two official nate unit, the International cent and, Fisiba (synthetic 
goals: self-sufficiency in pelro- Finance Corporation (World fibres) in which Italy's Techint, 
chemicals, and installation of Bank) a share of the oxythene Mitsubishi and Dow Chemicals 
heavy industry in the hitherto unit, Staatsmijnen of Holland a all hold shares, 
impoverished, under-developed share of the caprolactam unit. The population of Camacari 
North East. Nissho-Iwai of Japan a third of was 30.000 in 1970: It is now 

The complex is a substantial the polyaiden unit, Dynamit- 50,000 and expected ■ tn reach 
achievement with Petroquisa Nobel (Fredericb Flick group of 250,000 by 1980. The advent, and 
(Petrobras petrochemicals, a Germany) a third of the DMT building of the complex have led 
State-run enterprise), drawing on unit and Sumitomo and a sub- to a property boom and con- 

ihe Japanese concept of fully* si diary of Rhone-Poulenc a third coraitant rise in rents from S3 
integrated industries. In order to oF the polythene unit. to S100 a month To ensure 

benefit from advanced foreign ICI . holds one third of the incoming transport of raw 
technology without losing Brazi- polypropylene unit Other down- materials, an outgoing transport 
nan control (a new concept for stream units already operating hi of the complex's products, an 
Brazil) three party shareholdings the area (with imported raw entice road network has' had to 
are involved: one-third Petra- materials) wijf now. be linked up be built. : and: the port of Aram 
quua. one-third foreign groups with the Camacari ' complex: completely modernised and 
and one-third Brazilian private these include Ciquine, in which expanded, 
groups. ■ - 

The complex Tiinges on the 
Oman unit— the raw materials 
centre run by Pctroquisa’s North 
East petrochemical comnanv 
(Copenc) 

This unit will crack 1.6ni 
tonnes a year or tar or gas .oil Brazilian private and' Stale-riin Brazil will sell a wide range of 
and process 500,000 tonnes of trading companies and' 1 East-:R 00t ^ fi including soya meal and 
natural gas, producing 388.000 German State trading enterprises oU - 0,11011 ***& other textiles, 
tonnes of ethane and 618.000 havenawSSeTa letter ofiK fruit 3' ui « s - industrial sanitary 
tonnes of ethane by-products ^ now f 8 ® 00 a ,ecter 0 \ lnlent ware and motor parts. 

/propane, butadiene, benzene. ajDI j°S f* two-way exchanges East Gemiaflv, which is to 
toluene, ortfaoxylene, paraxylene, *1 — «imi over the next open a $200m credit line to the 

and butane-xylene mixes). ye ars - Bank of Brazil to finance pur- 

The ten downstream units now Annual exchanges of just over chases of cranes and other port 
inaugurated will produce styrene, S400m In future represent more equipment (items that are verv 
nitrogenous fertilisers, isocya- than double the present rate of favourably received in Brazil and 
nates, caprolactam (the base Brazilian-East German trade. In other South American countries) 
material for nyJon-6'», oxythene, 1977. this totalled S174.4m (with will also export sophisticated 
polyaiden. polypropylene, poly- Brazilian exports oT 8121.4m and optical and hospital equipment, 
then*. DMT (dimethyltereph- imports from the GDR of S53m). printinc, packaging and textile 
tbalate — the base material for Under the new agreement, machinery and sulphur. 


East German agreement 


BY OUR OWN CORRESPONDENT . 






Financial Times Thursday -July 13 197S 


1,e % 

$4h, 


I. 


ii 


THIS IS AIL WE HAVE TO 

_ SHOW FOR OUR 
50 YEARS IN BRITAIN. 




Chiu 




sr 

'^v y. .-u- 




mm. 






Lancia Beta (HFE) High Performance Estate. 1600,2000cc. 
Prices*: £5^76.70,£S 3 709.60. 








P^kStan ro» 
!iii i raid 

U iiv nl'illf I 






Z * “iip 






Lancia Gamma Gran Turismo. 25Q0cc. 

Dma«. Oft 1 Off CT* 



•o'j 








>^Lancia Gamma Berlina.25O0cc. 
Price: £7435.83* 


‘■■V • /A.. 







R5S\ v... ' !■' ■ S" 


-./j -u- x . •- 




itUVABOS 


> A - 

^ '401 


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LtEnciaBeta S&6on.l300,1600,2000cc;2000ES. 
Prices*: £3,457.35, £4, 015.44,£4,284.54,£4,680.00. 


Ii Lancia Beta Coupe.l300,1600,2000cc. 
r \]{0 Prices*: £3,948.75, £4,594.59, £5, 028. 66 


S* 










A A • >V. • •"■.*! 'v. 








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.;v s * 47rrasps 






Lancia Beta Spydet 2000cc. 
Price*: £5,384.34. 


ppsa^ Lancia Beta Monte Carlo.2000cc. 

K*W Price: £5,927.22* 

WKM"" 50 yearsago Lancia built a few exclusive cars for a handful of 
Jpjf exclusive people. . 

Today, half, a century later, we make a whole range of cars, 
still in the; same tradition of fine engineering. And their cost is now 
well withinthe range of the average motorist. 

. It’s also a lot easier to find a Lancia these days, since we’ve 

built up a network of 120 dealers, covering 

the country. I m.V| ki 

Why not ring the number below to find 1 mma 
out how dose to Italy you really are. The nOTSf Italian far. 

l^nciafEngland) Limited, AIperton I Middlesex.Telephone:01-9985355(24-hoursalesEnquiiy service). 


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-a 




Financial Times Thursday July 13 197S 



Big rise 


in price 
of petrol 
to be 


By Ray Dafter, Energy 
Correspondent 


Walk-outs ‘cost BL I Ministry 


20% of production’ 


*Y RAY PERHAN. SCOTTISH CORRESPONDENT 


MR. MICHAEL EDWARDES, three weeks ago that produc- motor industry Is to have a 
chairman of BL (formerly tivity had fallen to 54 per cent of future— and that must have a 
British Leyland), said yesterday targets. Absenteeism, is under* question mark hanging over It at 
that the group could increase stood to have reached 25 per cent the moment— ^then in the whole 
production by 20 per cent im- in some areas. industry we have got to eliminate 

mediately if unofficial walk-outs The company and unions hope dlsrnpUon of unofficial 
and absenteeism ended. .1..1 _ ..Ke....i. n — strides. 


He was addressing snop uvuy ueai, iwira «.»«*« =_ .“r-" rl ,. v.r. «« 

stewards at the Leyland Bathgate operation this week and might ^ Jf tn^Sfnu/havinE 
truck and tractor plant, LotlSan, give the 5.500 hourly-paid Sfi 

after a meeting there of the BL employees up to 15 per cent wuacut sirnes thm.the mansay 
advisory board, which covers all more, will increase output whot of the industry in 

companies in the group. Mr. Edwardes toid unions that Britain is in the balance now 

Mr. Edwardes has recently the company intended to con- unless we can get to the position 
been considering the commercial tinue investment at Bathgate in where our customers trust our 
vehicles side of BL. which, spite of its disappointment at deliveries.” 
although less troubled than the recent performance. Ahout £20m Mr. Jimmy Swan, convener at 
car operation, has been causing had been spent reorganising the plant, said that stewards had 
concern- plan t during the past IS months. been impressed by Mr. Edwarde's 

Bathgate, for example, which BL vehicles could produce at forthright attitude and accepted 
was described by Mr. Edwardes high quality, but consistent pro- that output would have to be 
as one of the most efficient duction was necessary for over- increased. The new agreement 
plants in the group “ when it is seas markets. would increase productivity and 

working" has been plagued by Mr. Edwardes said later: “We new procedural arrangements to 
disputes and complacency. will go on investing but 1 made curb absenteeism were under 

The Management complained the point that if the British discussion. 


that a self-financing pm due- — 

shop tivity deal, which came into smk - e weapon is Jegfb 


03 L COMPANIES are shelving 
I lie idea of a big petrol price 
rise later this year. 

The industry's latest move to 
reduce the Impact of the fore- 
men price-cutting war is 
taking longer to implement 
than many oil marketers had 
hoped. Thus companies con- 
cede that their hopes of raising 
prices by 7p or 8p a gallon by 
the end or the jear are unlikely 
to he realised.' 

Companies are reducing 
(ti.-coums to dealers In particu- 
larly competitive areas. The 
discounts, which cost oil com- 
panies an estimated 1100m. a 
year, enable dealers to offer 
cut-price petrol. 

Last month Esso Petroleum, 
one or (he market leaders with 
some e.nnn dealers, reduced its 
support to many of its retailers, 
with the result that prices at 
many garages have risen by lp 
or 2p a gallon. 

Esso was hanking on other 
cnmpaRies' to follow suit hut 
their response was ranch 
slower than expected. Conse- 
uurp.tiy Esso has lost a liufe of 
its market share to companies 
still supporting dealers. 


Imnroveraent 


However, there are signs 
that companies are following 
Esso's lead, at least in some 
areas. Shell, for instance, pro- 
liilns discounts to 1,600 of its 
bV-'tfO dealers. It is understood 
(hat 1.500 of the assisted 
dealers have raised prices by 
an average of lp a gallop or 
more, or arc doing so. British 
Petroleum has also been reduc- 
ing discounts where local 
competition allows. 

The market for petrol has 
improved well beyond the 
industry's expectation this 
year. During the January to 
Hlay period, companies sold 
between 6J>m and 7m tonnes of 
petrol, more than 6 per cent 
aho\e sales in the correspond- 
ing live months of last year 
and the highest rise since 1973. 
Most companies had been 
expecting the market to grow 
he ahout 3 per cent this year. 

Companies have also been 
helped hy the recent firmness 
of the pound against dollar. 
As crude oil is traded in 
dollars it Is estimated in the 
ei! industry that a 2 cents drop 
in the value of the pound 
reduces the annual profit on 
petrol sold in the UK by about 
£6j5m. 

But in spite of these favour- 
able signs, companies foresee 
little chance of raising prices 
hy much more than lp to 2p a 
gallon this year. With plenty 
uf oil products avaifahle on the 
European market, the petrol 
sector remains highly competi- 
tive. 


‘ignored 
EEC 
offer’ on 
EleniV 


BY PAUL TAYLOR 


Fast-breeder ‘fix’ could help 
recycling of plutonium fuel 


BY DAVID F1SHLOCK, SCIENCE EDITOR 


during this 


THE CIVEX process, an Anglo- banned its use in the U.S.. water reactors 
U.S. “technological fix” for although it is being tried out century. 

mntina fact breeder reactor fuel experimentally in three nuclear Recycling of plutonium fuel 
making fast-breeder reactor tuet sUUons in West Gerraany . was likely only in a handful of 

so deadly that there could be Dr Marsha[ , saJd t h af /, e was countries with advanced nuclear 
no risk of anyone using it to 53^^ th,*t technically the programmes — and they were 
make nuclear weapons could be civex process— first announced precisely the countries most 
adapted to plutonium fuels for early this year — could be used likely to instal fast-breeder 


use in present-day light-water to retain recycled plutonium in reactors. The arrival of the last 

C* Ia«nAAjvcn!Hln •• f Arm Kilt 


an 


an “inaccessible" form. But reactor, therefore, would over- 

nr Witter Marshall denutv he not lU * k there * as any ^ ke ,^ opportunity to use Over 
Dr. Walter Marshall, deputy practical possib uu y bf this being for Jight-water reactor fuel. 

chairman of the UK Atomic jj 0ne _ For those reasons, said Dr. 

Energy Authority and co- This was because of the vast Marshall if the Civex process — 
inventor of the Civex process, stockpile of unpreprocessed spent being studied by the 40- nation 
told the annual meeting of the nuclear fuel already existing in International Nuclear Fuel Cycle 
Uranium Institute in London the world today, with no pros- Evaluation — were adopted, it 
yesterday that he had worked pect of a rapid reduction. There -would be for fast-reactor fuel, 
out ways of applying it to re- was no possibility of recycling Where plutonium fuel was 
cycled plutonium fuel. anything but “old" plutonium, being recycled it would be done 

Recycled plutonium fuel is a in which radiation already had under careful institutional and 
particular bite noire of the U.S. decayed well below the highly conventional methods of Safe- 
Government, which effectively dangerous levels, through light- guarding. 


Philips price policy queried 


ASPECTS of the Department of 
Trade’s handling of the Eleni V 
tanker pollution incident were 
strongly criticised yesterday by 
local authorities in their 
evidence to a Commons Select 
Committee. 

In his evidence to the com- 
mittee Cvlr. Ian Coutts. leader 
of Norfolk County Council, 
accused the Government of 
ignoring an offer by the 
Common Market to set up an 
emergency plan to deal with oil 
pollution. 

Mr. Coutts said that be had 
been told of the plan by an 
assistant to the EEC Transport 
Commissioner when he was on 
a recent visit to Brussels. 


Research snags 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


THE Office of Fair Trading has panies which seem to be trying which their goods can be sold in 
written to the household appli- to get around the Act. the shops. A judgment in 1971 

ance division of Philips Philips Electrical said last suggested that this prohibition 
Industries asking for more week that it intended re- extends to minimum advertised 
information about its new introducing recommended retail prices as well as retail prices, 
pricing policy. Apparently it is prices along with new minimum The Office of Fair Trading said 
concerned that the minimum advertised prices. Retailers would vesterday that it was determined 
advertised prices, which the be free to advertise price reduc- to take action against any 
division is trying to introduce, tions of a further 2.5 per cent breaches of the AcL As well as 
may be an infringement of the but would be discouraged from examining the Philips case, it is 
Resale Prices Act making bigger price cuts. looking ut possible breaches of 

The letter represents the Under the Resale Prices Act the legislation in other sectors, 
beginning of a drive by the it is unlawful for manufacturers including the photographic 
office to clamp down on com- to lay down minimum prices at trade. 


U.S. valve 


deal move 


by Serck 


By Kenneth Goading, 
Industrial Correspondent 


SERCK iS the first of (he Euro- 
pean industrial valve makers to 
ni.ivi* into the U.S.. and not in a 
him! I way. If a £25ni deal with 
.\: Ian lie Richfield goes through 
i'\i«CLti*d Serck will become 
number three in the world 
h-:ic:io in n> particular field. 

It i? lint surprising that the 
i«.j« ihi; companies. Crane and 
i. a . micron, both independent con- 
c-rn-. are U.S. organisations. For 
lite American market is the big- 
av-t in the world, buying more 
titan - - S2i>n of industrial valves 
each year. 

Tw-.t years ago Ihe British com- 
pany started to investigate 
.seriously the production pros- 
pects in the U.S. and now it is 
in bii> from Atlantic Richfield 
ih« facilities and products of 
lh>- Aluyco division of the 
W ilunrih Company. 

For ns cash. Serck will acquire 
ihe AJoyi-o plant in Linden. New 
Jersey: a stainless steel foundry 
at Elizabeth. New Jersey (said 
to he unc of the better foun- 
dries of ik type in the States); 
ami an nflice. distribution centre 
and small modification factory 
all on the same site at Valley 
Force, Pennsylvania. 


Building upturn end forecast 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


THE MODEST revival In con- starts will reach 285,000 against buoyant outlook in the private 
struction work in the UK will 267,000 in the previous 12 industrial and commercial sectors 
tail off rapidly next year, accord- months. At the same time, total to continue throughout the 
ing to the National Council of completions should total 305,000, remainder of tills year and into 
Building Material Producers, a margina: increase on the 1977 1979. Repair, maintenance and 
The council, which chose the figure of 303,000. improvement work has proved 

publication of its latest fore- Thereafter, it anticipates a to be the real growth point for 
casts yesterday as an oppor- decline In starts and completions the industry, it says, with a 7.5 
tunity to criticise Labour Party u* both public and private per cent increase in work this 
proposals for nationalising sectors. year likely to be followed by 

parts of the building materials The Council of Building further, though much smaller, 
industry, believes that the Material Producers expects the increases in 1979 and 1980. 
improvement in work levels 


The local authorities told a 
sub-committee of the Select 
Co mm ittee on Science and Tech- 
nology investigating the incident 
that they were “ extremely 
critical " of the Department’s 
apparent indecision over key 
questions in the affair, and the 
delay this caused. 

Research had concentrated on 
crude o>L and not enough re- 
search had been conducted on 
the qualities and pollution 
effects of heavy fuel oiL The 
Department's contingency plans 
for tanker disasters were 
“ inadequate." . 

The assault on the Department 
was led by Mr. Coutts. who said 
that even on the evening of the 
disaster the Department was 
unable to decide what to do with 
the wrecked bow section of the 
tanker, despite the fact that a 
tug had a line aboard. 

Because of this indecision, he 
said, the tanker hull spent three 
weeks being towed, or blowo up 
and down the East Anglian coast 
spilling its oil cargo, before the 
Department decided to explode 
it. 

Mr. Coutts and other council 
representatives said they had no 
criticism of the Department’s 
handling of the incident once 
decisions had been made, but 
suggested that the need to check 
important decisions with officials 
in London had delayed effective 
action and indirectly caused 
greater pollution. 

Mr. Ken Ward, chief executive 
of Great Yarmouth Borough 
Council, told the MPs that the 
Department was handling com- 
pensation claims on local authori- 
ties' behalf, but had refused to 
underwrite these claims. 

He said the local authorities 
had spent about £700.000 between 
them on the clean-up operation, 
and this money had had to be 
found from the rates. 

Mr. Chalier. pollution officer 
oE Suffolk County Council, told 
the committee that it was not 
until three days after the disaster 
that a Government research 
laboratory was able to tell them 
wbat sort of oil had been spilt 
and bow it should be treated. By 
this time the local authorities 
had obtained the information 
from the ship's owners. 


Double boost 
for workers’ 
co-operatives 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


THE DEVELOPMENT of will be nearer £5.000 than the 
workers’ co-operatives in Britain £25.000 ceiling, 
received a double boost yester- Sir Arthur said yesterday that 
day the overdrafts and loans, made 

The Co-operative Bank launched for between three and seven 
a special financial assistance years, would be available -on 
scheme for worker-owned ven- terms “generally better than 
tures and the Government those usual for business 
confirmed that Lord Oram is to ventures because the bank 
be the first chairman of the believes that the risk will be 
Co-operative Development tempered by the high personal 

Ag e ncy. commitment of the individuals 

This marks a shift of opinion involved." 
among political parties and A special study is to be made 
other interests toward co-opera- by the bank of bow cooperatives 
tives. Both initiatives are function at Mondrag on in the 
intended to make It easier for Basque area of Spain, where a 
such enterprises to raise the central banking and management 
finance and to gain the. expert consultancy organisation pro- 
financial and managerial advice vides funds and expertise for 
that they have often lacked in new enterprises in which 
the past workers involved invest up to 

The Co-operative Bank's £L000 each. Government funds 
scheme has been launched on the are also involved, 
personal initiative of its chair- The scheme was welcomed 
man. Sir Arthur Sugden, and is yesterday by Mr. Alan 'Williams, 
its first major attempt to help Minister of State for Industry, as 
worker co-operatives, although it a “real step forward” and the 
has provided some favourable bank is expected to work closely 
overdraft facilities in recent with the Co-operative Develop- 
months. merit Agency which Mr. 

It is to lend up to £25,000 to williams' Department is setting 
a workers* co-operative, pro- U p. 
vided an equivalent amount is Yesterdav the first chairman 
invested by the workers them- 0 f the agency was officially 
selves. named as Lord Oram. He is a 

The bank will want evidence Life Peer who, as Mr. Albert 
that aiL or almost all, the Oram, was a Labour MP for 28 
workers in the enterprise have years till 1974. 
taken, a shareholding of at least He will work three days a 
£500 each, although it would week as the agency's chairman 
prefer as much as £1,000. at an annual salary of £7,200. His 

Since most new co-operatives appointment lasts for three 
are thought to start with about years. Board members of the 
eight to 20 people, the bank agency are to be announced soon, 
envisages that most of its loans It starts work in September. 


UK ‘not at bottoi 
of growth league’ 


BY DAVID FREUD 


STATISTICAL DATA on the . higher interest rates, which it 
economy are consistently biased says will shift the UK from 
to understate the true rate of super-normal to normal growth, 
growth, according to the City with fairly encouraging im plica- 
stockbrokers Hoare GovetL tions for inflation, balance of 
When the level of growth in Payments and level of interest 
the last 10 years is reassessed, ra 4® s - - .. 

to UK h £L? Z ASTS tot to 

2f to world's fastest ^owth one^r"^ 

economies, but equally we do previous v5r • & “ 

Sf 0t tSe d IeS^ V oI 1970-76 the initial 

“SUP" f mdustnal,sed estimates of growth would, if 
“Ki, ____ ftn . « fw. , taken together, have amounted 
TTt?’« a .Jfr 1x3 a total espa nsi0T i of 1L2 per 
empioyee basis the UK s per- cent ^ while latest estimates 

], s tht? imply advance oi “ore than 

better than that, for instance, icR ner cent 
of the U.S." p 

According to the firm's thesis 


the UK is experiencing excep- 
tionally fast growth, at an 
annual rate of 6 to 7 per cent 

This high rate of growth 

explains both the deterioration THE 


Redundancies 
cut to 85 


Carbon fibres increase 


BY SUE CAMERON 


and automotive indus- 


this year will not last. 

According to the council’s 
forecasting panel, the constant 
price value of the Industry's 
total new work during 1978 will 
rise by 3 per cent. When repair, 

maintenance and improvement COURTAULDS is to increase space 
work is taken Into account, the the annual capacity of its car- tries, 
workload is expected to rise by bon fibres plant at Coventry The fibres, which are cnarac- 
4 5 per cent. from J00 to 250 tonnes a year. terised by their strength, rigidity 

But the material producers / rhe company said yesterday and lightness, are used— with 
-, v that because of Che pros- 11131 work ba(3 aIre ady begun on other composite components— 
nerte oV a short-fived revlrafte ** new Plant which is ejected in the making of aircraft frames 
?ho^my.tor^«i,,“ «™-n ««< «ar. and heliwler rvUr bla<ta. to r 

:' nrt motion out nut nest vear The expansion was a response example. 

to riS by only tP abOUt L5 y per J° continuing high growth rates Courtaulds said that the world 
° "per cent when repair m the world market for carbon market for carbon fibres was 
anS U ° m ai nt e n ance work ^ls fiftres ' Capacity at Courtaulds* now increasing at a rate of more 
? i “ aintenance work 15 Coventry plant was increased than 40 per cent a year and this 
. u , . .. from 50 to 100 tonnes a year 15 level was expected to continue 

In 1980, however, the council m00 ths ago. well into the 1980s. 

expects overall output to show Courtaulds already claims to The new plant will not pro- 
no growth at aJL be among the largest world pro- vide a significant number of 

In 1978 itself, the material pro- ducers of carbon fibres which extra jobs at Courtaulds* 
ducers believe that total bousing are used primarily in the aero- Coventry site. 


Multiple 

sclerosis 

research 


A SUBSTANTIALLY increased 
programme of investment in 
multiple sclerosis research has 
been announced by the Multiple 
Sclerosis Society. 

The society, marking its 25th 
anniversary with a £500,000 
appeal, is extending its grants 
programme to the sponsorship 
of research fellowships and 
“career development award” 
posts and the establishment of 
more research facilities. 

It is establishing three post- 
doctoral research training fel- 
iowsliips at a cost of £25,000 each 
over three years. The first has 
been awarded to Dr. Alan 
Turner, working in the Depart- 
ment of Neuro-chemistry in the 
Institute of Neurology, Queen 
Square, London. Others are to 
be established in immunology 
and virology. 

Funds are to be allocated for 
the establishment of an experi- 
mental pharmacology depart- 
ment and a national tissue bank 
for MS materiaL 


National Cash Register 
of the trade .balance this year company in Dundee, is to make 
and what has happened to S3 employees redundant between 
interest rates: October this year and March 

It adds that, the relatively 1979, fewer than originally 
minor impact on the trade expected, 
account, coming at a time when Mr. Richard MacDonald, man- 
domestic demand was so strong, aging director of the Dundee 
implies that the underlying company, said yesterday that 
position must be very satis- the maximum possible effort had 
factory. been made to minimise the loss 

The firm welcomes the recent of microprocessing work and 
economic package and the efforts had proved successful. 


Former 

Leyland 

executive 

denies 

forgery 


J • 

r 

vs- 




A FORMER British Leyland 
executive and his wife yester- 
day denied obtaining £15.000 
from the Daily Mail by using 
forged documents which pur- 
ported to be copies of letters to 
British Leyland. 

Mr. Graham Barton, 34. and bis 
wife Fatma, 32, both of Hounslow, 

Middlesex, pleaded not guilty 

between them to a total of live 
charges at the Old Bailey. 

The documents concerned 
were allegedly forged copies of 
a letter purporting to be from 
Lord Ryder, a former chairman 
of the National Enterprise 
Board, to Mr. Alex Park. L-hicf 
executive of British Leyland. 
and dated October 15, 1975. and 
a letter purporting to be from 
the Bank of England to tbi< 
Treasury Manager or British 
Leyland and dated January 14. 
1976. 

The couple denied forging the 
Lord Ryder document and utter- 
ing it knowing it to be forced 
and with intent to defraud 
between October 1, 1976 and 
April 30, last year. 

Mr. Graham Barton alone 
denied forging the Bunk of 
England document and uttering 
it. between the same dates. 

Both husband and wife pleaded 
not guilty to dishonestly obtain- 
ing £15.000 from Mr. Stewart 
Gustav Stephen by falsely repre- 
senting the -documents were 
genuine copies of letters in Die 
possession, of British Leyland. 




fk: 


V 


r : ‘ 


Investigation 


Mr. Henry Pownall, prosecut- 
ing, told -the jury: “The allega- 
tions, in a nutshell, are that both 
these defendants forged one 
letter and Mr. Barton forged a 
second and by pretending that 
both were genuine copies of real 
letters obtained £15,000 from the 
Daily Mail." 

Mr. Pownall -said in the 
summer of 1975 there was a 
reconstruction pending at British 
Leyland. 

As a result Barton, a financial 
executive with the company, was 
chosen to conduct an investiga- 
tion and prepare reports on 
various payments made by 
certain divisions of British Ley* 
land. 

"Apparently, during his in» 
ves ligations, be thought he had 
come across a state of affairs 
which in his- view was undesir- 
able" 

Mr. Barton bad thought he 
might be able to obtain consider- 
able financial reward by selling 
a story to. a newspaper. To get 
it he- resorted to ' forging two 
letters. 

Sir. Barton showed the docu- 
ments to Mr. Nicholas Guitard. 

freelance journalist, who on 
his qwn initiative approached 
the Daily MaiL 

After they had made such 
inquiries as they could, the Daily 
Mail decided to publish. On 
May 17, last year, they told Mr. 
Guitard they would pay £15.000. 
The story appeared on May 19. 

The trial was adjourned until 
today. 


r-. ■ 


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h 

M 

• ■ 

U: ' 




iT./ 

c t 

r. 


fr £ V. 






P- 


Ruisdael landscape bought in 


SOTHEBY’S held its major sum- £28,000 for a set of four pictures English and foreign silver 
mer sale of Old Masters yester- of the elements by Jan Brueghel realised £70,755. The day's top 
day. The morning session pro- and the £26,000 from the lot, at £2,700, was paid by the 
duced a total of £1,178,750. A Alexander Gallery for a pair of Spanish dealer Duran for a 
disappointment was the failure bridges by Giuseppe Zocchi. large George IV circular salver 
of the most important picture, a A pair fo lightweight, 20-bore, by John Craddock. Also s old 

at £2,700 was a pair of George IV 


landscape by Jacob van Ruisdael 
to find a buyer. It was bought 
in at £68,000. 

Bred Gallery of London paid 
£62,000, plus the 10 per cent 
buyer’s premium, for a moun- 
tain landscape by Joos de 
Momper. A river landscape by 


SALEROOM 


BY ANTONY THORNCROFT 


two-handled wine coolers and a 
Butch, vasMhaped, partly-fluted 
castor by Reynier de Haau. The 
Hague, 1756. 

The start of the fourth and 
final session devoted to the sale 
of books from the Evelyn Library 


Tan Rn.oohol tha ~ VI UUUM JJUUI UJC lawcijll wnui.' 

realised £60.000 and a still fife « d elock ejector guns by Boss, today saw a further 

of Bowers in a °lass beaker bv ma de in 1948, made £12.000 in a Pf a *}ded to the previous 
Ambrosius Bosschaert 6 tee sale of modern sporting guns and ’f6 4 8,871 Y esterd tay: s sale 


vintage firearms at Christie's volumes T to Z saw Maggs, the 


NEWS ANALYSIS— AVON COSMETICS 


y °Du?t£ another 1 London 'dealer yesterday. They were bought dBaI . er iP?y £4500 for A 

gave £35.000 for a winter tend- anonymously in a sale which 

scape with a monastery by tee totalleii fl30 * ,W9 - ' a Florentlne ' by 

master of the winter landscapes Also among tee sporting guns, * oiL „f 

Noc i 

Sj 8 £ * Ge - F ‘- eI 

The other top prices were the by B. £. Chaplin, was sold for ** ^ 

£72rei H earliest work of importance in 

^ comparative morphology. Thyssen 


Perk up a 
trip with 
our Swedish 
model. 


^1 vos .itflia day 
(plus very competitive 
mricjgcr.itcs). 

Drive vourself' or be 
driven, in outrageous 
luxury. 



A vote of confidence in Britain 


paid 


A private German purchaser was the first to recognise a '■ raiss- 
£6-800 for a little-used pair ing link” — teat man was proh- 


of 12-bore, sidelock ejector guns ablv a close relative of certain 
by John Wilkes, 1937. lower animals. 


OBITUARY 


BY PAUL TAYLOR 


THE DECISION this week by 
Avon Cosmetics, the U.S. direct- 
selling cosmetics multinational, 
to spend £18m on the first stage 
of a modernisation and expan- 
sion programme in the UK was 
no surprise. The announcement 
of plans to invest about £18m on 
a second stage was, however, 
completely unexpected. 

Avon has traditionally avoided 
publicity. The Press conference 
called to announce the expansion 
programme was tee first held by 
the UK subsidiary since the com- 
pany moved into Britain in 1959. 

Its UK production plant at 
Northampton which employs 
about 900 people woo tec com- 
pany's first step into a European 
market where it had a turnover 
last year of £165m. It is, there- 
fore, an appropriate place to 
begin modernisation. 

The decision to concentrate 
European expansion plans in the 
UK is seen as an important vote 
of confidence by the American 


Board in the Northampton Fac- 
tory's performance and in Mr. 
Brian Crosby.* UK manager of 
Avon Cosmetics. 

In terras of jobs, the first phase 
of the expansion programme is 
unlikely to have any effect. The 
employment implications remain 
unclear too if tee American 
Board approves Mr. Crosby's 
second phase which involves up. 
dating warehousing facilities on 
the site. 

More efficient materials handl- 
ing could even reduce manning 
requirements and disturb the 
company’s hitherto good in- 
dustrial relations record. 

However, tee hefty, aod prob- 
ably self-financed investment in 
Northampton represents a com- 
mitment by Avon to the UK. 
which is one or its fastest grow- 
ing markets, and guarantees a 
continuing slice of the European 
export market for the UK sub- 
sidiary. 

Last year, the company had a 
UK turnover of £33ra and this 


is expected to increase by about 
20 per cent this year. Mr. Crosby 
describes the company's per- 
formance as “better than the 
cosmetics market as a -whole.” 

Internationally last year, Avon 
bad a turnover of more than 
SI.6hn f£8S0m). an increase of 
S2I4m over 1976. Almost 

60 per cent of sales last year 
were in the U.S. Pre-tax profits 
last year were up by about 542m 
(£22. 5m) to $38lm (£203m). 
Avon boasts sales to 65m custo- 
mers in 24 countries. 

The UK performance is 
probably almost entirety due to 
tee direct-selling technique used 
by tee company, which claims 
70,000 active representatives in 
Britain alone, and is based on 
a series of short sales drives. It 
follows from this that Mr. Crosby 
can say with confidence that 
there is no intention of moving 
into the shop retail trade. 

He also says that in spite of a 
hint in the annual report that it 
is becoming more difficult to 


recruit sales representatives, 
this is not a problem in Britain. 

Although the new investment 
in plant at Northampton will 
double production capacity and 
turn the factory into the most 
modern cosmetics plant in 
Europe the company does not 
intend to alter drastically the 
pattern of its European opera- 
tions. 

At present, Northampton 
exports 30 pe r cent of its pro- 
duction, mostly to Sweden, 
France. Belgium and Holland. 
This figure is expected to remain 
tbe same. 

However, Avon has recently 
completed a rationalisation of its 
European manufacturing, closing 
down an old and inefficient plant 
at Llancourt in France and con- 
centrating mainland production 
in Italy and Germany. 

Tbe main rival to the U.K_ for 
tee expansion investment was 
Ireland. In spite of an offer 
from tbe Irish Government said 
to more than match the UK 


Government's investment grant of 
£1.87501, the decision to opt for 
Britain seems to have beep based 
largely on the fear of a shortage 
Of skilled labour. 

Avon Cosmetics already has a 
plant manufacturing costume 
jewellery, soap and brushes in 
Ireland and, as if by way of a 
consolation prize, Avon recently 
announced a £8m investment in 
this factory. 

While tee first stage of the 
UK investment programme- 
building a new factory to bouse 
100 ft long production tines— has 
been approved by tee American 
Board, the second stage will 
depend on tee company's per- 
formance over the next two 
years. 

Mr. Crosby Is obviously con- 
fident that, barring major dis- 
ruption and in particular 
industrial troubles, the company 
will perform to expectations and 
be will be able to persuade the 
American Board to finance the 
next stage of expansion. 


Rothermere dies at 80 


LORD ROTHERMERE, chair- 
man of the Daily Mail and 
General Trust and president of 
Associated Newspapers, died 
yesterday aged 80. 

He had been proprietor of 
the Daily Mail and the Daily 
Sketch group since the 1930s 
when he took over from his 
father, tbe first Lord Rother- 
mere. The Daily Mail was 
created by his nude. Lord 
North cliff e, the. founding genius 
of British mass-circulation daily 
newspapers. 

Lord Rothermere Imposed a 
high Tory policy on his news- 
papers which he controlled with 
detailed interest in the style Of 
the old Press Barons. 


He was elected a Conservative 
MP for the Isle of Thanet in 
1919 at the age of 21, campaign- 
ing strongly against excessive 
Government spending, and in 
1932 as Edward Harmsworth, 
was appointed chairman of 


Associated -Newspapers. He 
succeeded to his father's title 
in 1940. 

In 1934, when he was 36 he 
was elected chairman of the 
Newspaper Proprietors* Associa- 
tion. He retained that position 
for 27 years and became one of 
the most important figures in 
Fleet Street. 

During the 1960s he presided 
over a series of Fleet StTeet 
mergers which resulted in tbe 
closure of tee News Chronicle 
and Star and tee Sunday 
Dispatch. 

Lord Rothermere married 
three times. First to Margaret 
Hunam. Then after this marriage 
was dissolved, be married Lady 
Anne O’Neill in 1945. In 1966 
he married Mrs. Mary O first rom. 
then 35 and the mother of six 
boys. 

Lord Rothermere is succeeded 
in the title by bis son Mr. Verc 
Harmsworth. the present chair- 
man of Associated Newspapers. 







fMMM 






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He/?esrc>Fm£ woflc 

WfLC HAVE ENERGY S WHEN WE EUNCXSF 



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CANCTMGT SM7VH TO 


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INCUR COMPANY 

wE've MORetMf&emhfr 

IS: 7Z? THtN/C ABOUT 7NAN 
SAV/MS ENERGY 







v;‘-;7' : ?:'. '■£» 7, 

*tlltfl|l : ^¥: r :iv:.:4ll II 


1 ^ 
•T^ ' K * 


There's always a reason why people put 
off doing something about saving energy. It's 
easy to see why 

Oil's practically flowing out of our ears. 
The country's built on coal.There's plenty of 
gas in the pipeline. And we've got all the 
electricity we need at the flick of a switch. 

So where's the problem; isn't it a lot of ■ 
fuss about nothing? 

Unfortunately, no. Our economy is 
largely based on fossil fuels. like it or not our 
North Sea oil and gas won't last for ever. 

And there are limits to the rate atwhichwe 
can increase production of coal and nuclear 
energy We haven't got the time neededfor 
scientists to develop new sources on alarge 
enough scale. 

Our energy demands growevery year. 
And, as world consumption increases, so will 



f 


m 


the cost Over the next twentyyears the real 
price of energy is expected to double. 

We simply can't go on taking energy for 
granted.Nor can we wait until we're forced 
into doing something.That would mean 
chaos. 

Clearly we have to change our habits 
andstartusingenergymore efficiently 

We must make a start today by fin ding 
ways of making the same things with less 
energy In the long run we've got to develop 
new manufacturing processes and products 
that consume less. 

This is why the Department of Energy 
has expandeditsEnergySurveyScheme.To 


help you cut out waste and establish a system 
for managing energy in your company 

And the Department of Industry has 
introduced the new Energy Conservation 
Scheme. 

This scheme provides grants for the 
insulation of premises, the installation of more 
efficient boiler plant, combined heat and 
power systems, and supporting consultancy 
work Almost every branch of industry, trade 
and commerce is eligible. 

Both schemes will not only prepare you 
for the future; they will start to ^ 

save you money now. 

Make ityour business \ 

to find out about them. | 

DoittodayCall01-2113925.| I 

Putting it off until \ \ \ 0 

tomorrowis really no excuse. ^ 9 


ISSUED BY DEPARTMENT 01 : ENERGY. 












s 


Financial Times Thursday July 13 1978 


Prospects 
good 
for oil 
profits 

By Ray Daftcr, 

Energy Correspondent 

PRINCIPAL OIL companies’ pro- 
fitability is expected to improve 
over coming months, according 
to a report on the international 
oil industry. 

Vickers da Costa, stockbrokers, 
report that the fall in overall pro- 
fits of the biggest oil companies 
over the last year appeass to 
have ended. Comparison with the 
fourth quarter of last year sug- 
gested that profitability was 
increasing. 

Since the results for the first 
three months of this year became 
available, there bad been small 
signs that the demand for oil pro- 
ducts was increasing in the main 
countries of the Organisation for 
Economic Co-operation and 
Development. 

if that trend continues, the 
report says, the fall in oil pro- 
duction from members of xbe 
Organisation of Petroleum 
Exporting Countries might end. 
Crude oil prices might rise. 

However, the absence of a 
mid-year OPEC price rise had 
given relief to "hard-pressed*' oil 
refining and marketing. The 
benefits should show increasingly 
in profits this year if demand 
continued to grow. 

On the other hand, the stand- 
still in crude oil prices did not 
help producers of expensive 
crude, such os those in the North 
Sea. Those operators could not 
adjust prices to take account of 
inflation and the weaker dollar. 

Vickers da Costa expect those 
conditions to last until the end 
of this year. Meanwhile, revenues 
of North Sea producers will be 
about 4 to 5 per cent below last 
year's peak levels. 


HOME NEWS 



Air freight 
service starts 

PELICAN AIK TRANSPORT, an 
all-cargo operator, has begun 
sen' ices using Manchester inters 
national airport as its base. Tt 
is the first cargo carrier to be 
based in the north. 

The inaugural flight by Boeing 
707 left with general cargo for 
Zambia, returning with a con- 
signment of grapes from Cyprus. 
The aircraft has been named 
Manchester Lass and a spokes- 
man said yesterday it was 
expected it would be joined by 
a second 707 in September. 


Oil companies split 
on accidents at sea 


BY LYNTON MdAIN, industrial staff 


of 


THREE OF Britain's biggest oil manager of Esso Petroleum reducing the frequency 
companies disagreed yesterday marine operations, told the trade incidents in the fleet 
over fundamental aspects of otl and Industry sub-committee of Ships' masters were disciplined 
tanker operations in evidence to the expenditure committee that if they made a significant 
MPs investigating ways of it operated a formal, lald-down deviation from the plan, whether 
preventing accidents at sea. structure for monitoring all or not it resulted In an incident 
Witnesses from Shell, BP and voyages by the company tanker There was disagreement over 
Esso disagreed over training, the fleet. training. Esso said that qualified 

need for collision avoidance Every voyage was pre-planned engineers on tankers did test 
systems, the use of steering in detail from start to finish, drills for connecting emergency 
simulators, the impact of drink, Each stage of the voyage was steering gear,- 
the need for stand-by tugs and monitored from the shore, as the BP told the MPs that it would 
route planning for supertankers, events were taking place, by a be impossible to say whether or 
All three companies did agree ^ enior navigating officer. not crews could be regarded as 

that route selection was con- It was his duty to report “ adequately trained ” if they had 

strained by international ship- immediately any failure to stick not physically connected the 
ping lane regulations. to the pre-arranged plan, to the emergency system. 

But Captain Alec Dickson, a master of the ship, and to Esso Earlier, the British Ship 
director and head of operations management ashore. Research Association had told 

services at Shell international the committee of the need for a 

Marine, and Mr. George King, Procedures ship-board simulator. This could 

managing director of BP Tanker IT . „ . forecast events from steering and 

Company, said their captains The system had been intro- engine data, 

were under no company con- duced for every ocean-going and Esso said this " must be a great 
stra in ts on route selection. coastal vessel operated by Esso, help," but Captain Dickson of 

Shell and BP captains had ‘Regardless of its flag. Shell said that the company 

complete freedom to choose how No incidents had occurred when approached the subject with a 

close they sailed to coasts. the procedures had been in full ** considerable degree of nervous- 

Esso took a totally different operation and Esso said they bad ness," Tests had shown conflicting 
approach. Mr. Sidney Jackson, beep a “major contributor" to results. 


Museums ‘should open 
on public holidays’ 

BT CHRISTOPHER DUNN 

A CALL for museums to stay want to work the unsocial hours, periods. The collections in these 
open during public holidays has “Steady pressure of staff museums are the property of the 
bees made by the Standing Com- associations has gradually re- public, and the_musenms have a 
mission on Museums and Gal- duced museums’ opening hours duty to make them accessible.” 
1 cries, an independent watchdog until by the Christmas holidays The Commission which receives 
body of 14 members appointed in 1976, they were closed for five about £40,000 from the Civil 
by the Prime Minister. consecutive days and on New service Department annually. 

But museum staff should be Year’s Day." also suggests that all national 

rewarded for working during Daring the May holiday, Kew museums could be given trustee 
holidays, the commission adds in Gardens, the Tower of London status like the six major trustee 
its tenth report since it was set and Hampton Court were shut. museom s In London, 
up In 1930. as well as London’s art galleries, , . . 

Before 1969, opening hours because Civil Service Union { jJSlJ 1 * 
were operated by staff working members wanted to enjoy the Sd 

voluntary overtime. This should holiday too. ^ ae ^ : ^ usc m aQ “ 

be possible again, provided the “We deplore' the closing of the Tower Armouries, 
staff can choose whether they national museums during holiday Men and Matter; rage is 

Free banking for school leavers 

IN A FURTHER step to attract big clearing banks, by offering direct debits and statements for 
young customers, the Trustee special facilities. the first 12 months from the 

Savings Banks are introducing a Under the school leavers opening of the account 
new free banking facility for scheme, the banks are offering Subject to the discretion of 
school leavers. This follows last pupils who will be seeking branch managers, applications 
month’s move by the savings employment this summer a will also be considered for £50 
banks to tap the student market cheque account with no charges, cheque guarantee cards once the 
already strongly courted by the for cheques, standing orders, customer reaches the age of 18. 


ROYAL COMMISSION INVESTIGATES BRITAIN'S GAMBLING HABITS 

Report calls for £100m. national 
lottery for deserving causes 


BY MICHAEL THOMPSON-NOEL 


Drop 


A NATIONAL lottery for good individuals and organisations.- 
causes, stricter control of rapidly The Commission is LiJf'Kjf 
expanding society and local when renewing tte eun« 
authority lotteries, and an authority and sodeiy lottery 
increase in duties from casino craze. It says it ,mJS 22£ 
gaming, art proposed in the final to estimatethen^DDitipro^eds 
report of the Royal Commission from society lotteries, atidunsa e 
STSmblSI. piStished yester, to extrapolate, because of mss- 
foy. ing returns. 

The Commission says that, in "However, the nationaltotal Gross gaming profit 
spite of the good work achieved for 1976-77 must haw srariy (revenue) _ 
hv public lotteries, the situation exceeded 

if has unearthed is “scandalous ” estimate of «0m for 1975. Other income 
“There is wholesale disregard “tt migbt bave been anything ifKWTie 
of tiie law (which is inadequate between and tow income 

and confused). commercial excluding the ^^^uthOrtS Expenses: 

. Property costs 

£3 Wage* 


Estimated profit and loss account for the casino 1 
■ industry, year ended in 1976, £ million- 


London 

0/ 

Provinces 

% 

131 JS 

Total 

/O 

3744) 

505J 

= .. 




64.2 

242 

. 88.4 

<!.*) 

CM) 

(2 J) 

IS . 

0.9 

is 



private and 

lotteries. 

/Cfc “We believe that a substantial Bad*debts 

part of this total included lot- Directors remuneration 
, teries that were bemg run Gaming duties 

unlawfully, because the societies Head office charges 
I&ci promoting them failed to. make Depredation 


were incomplete or inaccurate 
— in some cases, deliberately. 

“The number of societies run- 
uing lotteries unlawfully may 
well have been about half of 
those registered, that is about 
50.000.” 

Among recommendations for 
tightening up the conduct of 
lotteries is that . societies and 
local authorities should be pro- 


642 

1004) ' 

247 

1008 

IIS 

1004) 

2.7 

42 

08 

52 

3.5 

35 

182 

28.4 

Ii4 

502 

305 

344 

18 

5.9 

os 

2 JO 

4_J 

4.8 

OS 

04) 

0.4 

M 

0.9 

IjQ 

4.5 

7.1 

14) 

41 

S5 

62 

- Z8 

43 

1.4 

5.7 

4.2 

4.7 

14) 

IS 

.04 

25 

1.6 

15 

7,0 

10.9 

47 

194) 

11J 

13.2 


Total expenses 

405 

63.1 

214) 

8S.T 

625 

704) 

Profit before tax 

23J 

365- 

' 2.9 

11.9 

26.6 

300 

SB 55 

— 

" — 

■■■ ,mm 


' 

Gross gamine profit 







(revenue) as % 
of drop 

17.2 


18*4 


175 


Net profit as % of 
drop 

65 



22 

mmmmm 

55 



LORD ROTHSCHILD 
chairman of the Royal 
Commission, on Gambling; 


BOND DRAWING 


beogradska banka 

Kuwaiti Dinars 5,000,000 
9% Guaranteed Notes due 1981 

Kuwait Foreign Trading Contracting & Investment Co., (S.AX), Kuwait (Fiscal Agent and Principal 
Paying Agent) announce that Notes for the principal amount of KD 1,250.000 have been drawn by lot in a 
manner deemed by Kuwait Foreign Trading Contracting & Investment Co, (S-AJ(.) 10 be appropriate and 
fair for the redemption instalment due 1 5th August, 1 978. 

The number of the Notes so drawn are as follows : — 


9 

95 

216 

322 

422 

522 

621 

714 

730 

909 

11 

102 

219 

326 

430 

526 

623 

716 

736 

910 

16 

113 

220 

329 

435 

528 

629 

719 

797 

915 

17 

116 

223 

330 

436 

529 

637 

720 

798 

917 

26 

117 

226 

338 

442 

532 

640 

.722 

812 

921 

30 

121 

230 

348 

444 

534 

644 

725 

817 

923 

32 

129 

235 

361 

448 

536 

846 

731 

820 

924 

33 

132 

252 

362 

449 

544 

643 

736 

325 

826 

36 

133 

255 

366 

454 

546 

659 

7 39 

827 

930 

38 

138 

256 

367 

461 

547 

663 

742 

835 

931 

41 

145 

258 

368 

46Z 

554 

669 

744 

841 

935 

43 

152 

263 

369 

487 

555 

671 

748 

843 

938 

45 

153 

264 

370 

469 

560 

673 

754 

851 

944 

52 

154 

270 

380 

470 

568 

675 

75G 

856 

950 

56 

156 

287 

3S7 

471 

570 

677 

768 

806 

952 

60 

159 

2BB 

389 

472 

581 

678 

762 

868 

957 

61 

1*53 

295 

391 

485 

583 

673 

764 

S74 

958 

73 

167 

296 

393 

467 

584 

681 

767 

877 

959 

74. 

16S 

247 

401 

490 

593 

692 

768 

878 

972 

75 

180 

301 

404 

497 

599 

696 

774 

384 

977 

85 

187 

302 

409 

499 

609 

697 

775 

389 

978 

87 

183 

305 

412 

600 

611 

698 

761 

390 

983 

90 

193 

307 

413 

505 

614 

702 

• 7S5 

895 

■983 

93 

203 

310 

418 

607 

618 

703 . 

7S8 

900 

997 

S4 

205 

319 

419 

51 S 

620 

70S 

789 

901 

999 


On 15th August. 1978 there will become due and payable on each Note drawn for redemption, the 
principal amount thereof, together with accrued interest to that date auhe offices of : — 

Manufacturers Hanover 
Limited, 

S Princes Street, 

London EC2P2EN. 


Kredietbank S.A. 
Luxembourg 00 iso, 
37 rue Notre- Dame, 
P.O.Box nos. 
LUXEMBOURG. 


Kuwait Foreign Trad ing 
Contracting & Investment 
Co. (S.A.K.). Af-Mulla 
Buildings, Khaled Bin 
Af-Woteed Street, 

P.O. Box 5665 —Salat, 

KUWAIT CITY, 

Kuwait. 

Interest will cease to accrue on the Notes called for redemption on or after 15th August, 1978 and 
Notes so prese nt ad for payment m ust h ave attached all coupons maturing after that date. 

KD 3.750,000 principal amount of Notes remain outstanding after 15th August, 1978. 

Al-Mulla Buildings, Khaled Bin Al-Walead Street, 

P.O. Box 5665 -Safat. Kuwait City, Kuwait. 1 3 th July, 1978 


LEGAL NOTICES 


COMPANY 

NOTICES 


N.V. PHILIPS' 

GLOCI LAMPCN FABR lEKEN 
ostabltoiiM at Eindhoven. The Netherlands 


NICHII CO. LTD. 


THE CHASE MANHATTAN BANK 

N.a. announce that me rear end c“h 

dividend oi Yen a .SO nor snare has 

Been paid 10 shantfioMera on tna 

books a! the above Cemoanv as at 

February 28tn. 197S. winch has been 
convened to U.S. dollars and amounts 
10 U4.sai.a8 gross ner EOR. 

Further to notice of Feni-uarr XWJ. 
1978. The Chase Manhattan Bank N.A. 
«s Deoositarv Inlorma EDA homers 

that thev may n resent Coupon No. a 

lor payment lorthifhh at The Chase 

Manhattan Bank NA. WootWic 
House. Coleman Street, London. 
EC2P 2HD. or at Chase Manhattan 
Bank Luvembsuee. 5 -A.- 47. Boulevard 

Royal, Luxembourg, subject to deauc- 

tlen o> Japanese Withholding Tax hi 

anvi at the aoprooriate rates- Details 

oi taw deduction can M obtained tram 
Hid Paying Agents. 

THE CHASE MANHATTAN BANK NA 
LONDON. 

4s Depositary. 

July. 1978. 


CLUBS 


EVE. 109. Regent street- >u 0SS7. A la 

carta or All-in Menu. Three toectocmar 

Floor Shows. 10-J5. I2.es and l.as and 

music ot Johnny Maw fc eiv m rih A Friends. 


CARCOVLC. 60 Dean Street. London. W.l. 

ne J£J s KW^S.. floorsh ® w 

THE GREAT BRITISH STRIP 
. S*?*»»*l Midnight and I J.m. 

Mon.-Frl. Closed Saturdays, o I *437 84gs. 


MICHELLE'S cabaret Club. Superb load. 

6. ©mono yard. 5 .W.l. 9J0 23i«?3 
Dancing Partners. 


U.S.S1 tXLOOD.ODO A'i*o Convertible 
Debenture* J 968/ 1 985. conrcrticie into 
ordinary shares oi N.v. GemeenKhapoeiiiK 

Beall van Aindeelcn Pm I Ids' Gloeilimpeo- 

rabrlvfccii. 

With regard to tne Drove tans in Article 
11 of the Trust Deed tnc undersigned 

herewith announces tnat its report con- 

cerning Its activities during the year 1977 
h i avaftable for debenture holders at jes 
office. Keizersgracht S5B. Amsterdam. A 
translation Into Uic English lingtniie can 
be obtained. Inter alia, at the olbce of 
N. M. Rothschild & Sons Limned 
New Court 
St. Swithtn’s Lane 
LONDON EC4P aou 
England. 

71,0 n.vTneberlandsch 
ADMINISTRATIE-EN TRUST KANTOOR 
Amsterdam. 

13th July 1978 


SOCIETE O’ELECTRICTTE (SOOEO 
Social* anonvme In TtauUMUon 

Hegiswneo Once-’ 

103. Grand' Rue - Laxmnoooru. _ 

Companies R egister Num ber 9 3471- 

NOTICE IS HEREBY GIVEN that 
Ggnval Meeting Of Shareholders win Be 
held on Friday. 2Bm July 197B at 11 ajn. 
St Hotel Kons. 24 Place dc ta Gar*. 
LmemMin- 

AGENDA 

Resort of The " College " of LtaudaUre 
on the srogreu of Um KeuMatloii. 

In accordance with Article XU of the 
Company's By-Laws. ShareMkJer* wishing 
to attend this Meeting mutt, it their 
shares ar: In Dearer form, deooslt such 
shares at feast five clear daw before the 
date Of thr Meeting, i.e. m> 22no July 
1978 at the latest, at one of the banks 
named hereunder 
in umdan; 

Ha mine Betas Ltd,, 
a. Blihoosgate. E.c.2. 

Bart lays Bank International Ltd,, 
fi .. Upper Thames Street. £CA 
Midland Bank Lid.. Overseas Branch. 
BO Gracecluirch Street. E.CJ3. 

J. Henry Schrader Wagg A Co. Ltd.. 
120, Chcaoslde. E-C2- 

Proxies must be deposited a: the 
RHtitcrM Oftcc by Z4th July 1978 at the 


PUBLIC NOTICES 


BIRMINGHAM COUNCIL BILLS 
The £7m ninety-one dav Bills were 
Issued today with maturity on the 12th 
October. 1978. Applications totalled 
iST&m. The minimum price accepted 

was *97.95';- The average rate of dis- 
count was 9.4058%. The total Sills 
outstanding is £Z0tn. 


LOCAL AUTHORITY BILLS 
CouncIL— Central Regional council 

£2.000.000 Bills Issue date 12/7/78 
maturing 11(10/78 at 9 ? K%. Applica- 
tions totalled £t 2.000.000 and there ore 
£5.000,000 bills Outstanding. 


METROPOLITAN BOROUGH OF 
TAM LSI DC 

VARIABLE RATE REDEEMABLE 
^ _ STOCK 1983 

The Council of the Metropolitan 
Borough or Tamestde announce Put the 
half-yearly payment of Interest due on 
l2Ut January. 1979. on the above Stock 
will be at the rote of £5.50 (leu Income 
taxi per £.100 of stack. 

13th July. 197B. 


SOU HULL METROPOLITAN BOROUGH 

£t .500.000 Bills due on 6th September. 

197B. were ottered on 1 3th July. 1978. 
and were allorted at a rate M S’uli. 
Applications totalled £11.000.000. This 
Issue will bring the total of Bills outstand- 
ing to Mm. 


EXHIBITIONS 


RING* AND RATTLESNAKES. Exhibition 
of rings and , rattlesnakes. New U.S. 
J ewel s- Goldsmith Hall. Faster Lane. 
LeHVMrt. E.C2. 5-28th July. Man-Ffl. 

10-5. Ado. Free. 


SCULPTURE IN TIME at Aaprev. Exhibi- 
tion ol Audemart Ptauct Skeleton 
watches. 4-1 S July Mpn.-Frl. 9.30 a.m.- 
5.30 p.m. Sahirdays 9 JO ajn.-vOO P.m. 
ASOrey A Co.. 165-169 New BojW 

Street, London. W.l. Tcf. 01-493 6767, 


NO. 900078 of 1978 

In the HIGH COURT OP JUSTICE 
Chancery Division Companies Court. In 
the Natter erf AYLESFORD CONTINUOUS 
STATIONERY LIMITED Bod in tfii 
Matter of The Companies Act UM8. 

NOTICE IS HEREBY GIVEN', that I 
Petition for the Winding up of the above- 
named. Company by the High Court of 
Justice was on the 29th day of June 1978. 
presented to the said Court by STANDARD 
CHECK BOOK CO. LIMITED, 
whose registered office Is situate at 
Station Road. Mtoomer Norton. Nr. 
Bath, Avon, and that the saM Petition 
m directed to be beard before dw Court 
alttlnB at dm Royal Courts of Justice. 
Strand. London. WCSA 2LL on the Mat 
day oT July 1978, and any creditor or 
contributory of the said Company 
desirous to snpwnr or oppose the making 
of an Order on the said Petition may 
appear at the time of faesrtne. In person 
or by his counsel, for that purpose: and 
a copy of me Petition win be tarnished 
by the nnderslSMd to any creditor or 
contributory of the said Company re- 
attirum such copy on munoept of the 
regulated chare* for the same. 
CAMPBELL HOOPER ft 
AUSTIN WRIGHT. 

18 Jennrn Street, 

London, swiy 6LT. 

Ref: DE Tel: 01-734 743L EM. 
Solicitors for the Petitioner, 

NOTE.— Any person who intends re 
appear on the bearing of the said Petition 
must scree on or send by post to. the 
above-named notice in writing of his 
intention so to do. The notice nms* mate 
ibe name and address of the person, or. 
If a firm the name sod address of the 
Orm and must be signed by tile person 
or*8nn, or his or their soUctior iff anyt 
and must bo served, or. if posted, must 
be sent by post in snfficienr time to 
reach the above-named not Inter *«« 
four o'clock in the afternoon of the 28tn 
day of July 1978. 


No. 0BH4 of 19W 

In the HIGH COURT OP JUSTICE 
Chancery Dtvlsioa Companies Cou rt, in 
the Manor or POYCOMBE looted 
and In the Matter of The Companies 

Notice is hereby given, that a 
Petition for the Winding up of the above- 
named Company by the High Cam of 
Justice was on the 3rd day of July 
1918, presented to the said Court by 
THE COMMISSIONERS OP CUSTOMS 
AND EXCISE of King's Beam Boose. 
35KL Mark Lane. London EC3R the. 
and that the sold Petition Is directed 
to be heard before the Conn sitting at 
the Royal Courts of Justice. Strand. 
London WCSA 3LL. on the 9th day of 
October 1973. and any creditor or contri- 
butory of the said Company desirous to 
support or oppose the mating of an 
Order an the said Petition may appear 
at the time of tteanne m person or by 
□is Counsel far that purpose: and a copy 
of the Petition wtil be funtished by the 
undersleued to any creditor or contribu- 
tory of the said Company roaotring such 
copy on payment of the regulated chaise 
for the same. 

G. P. GLQAK. 

Kina's Beam House. 

39-41. Merit Latte. 

London EC3R THE. 

Solicitor to the Petitioners. 

NOTE.— Any person who /mends’ to 
appear on the hearing of the aid Petition 
must serve on. or send by poet to. the 
above-named notice to writing Of his 
intention so to do. Ibc notice must sum 
the name and address of ihe person, or, 
it a firm the name and address of the 
firm and must be sinned by the person 
or firm. Or his or their solicitor ftf any) 
and must be served, or. if posted, must 
be sent by poet In sufficient time to 
reach the above-named not later than 
four o'clocft In the afternoon of the 
6th day of October I97&. 


faiblted from employing “external a t casinos where the drop exceeds which would assume many of the 
lottery managers," such as £iom annually. Casino tax funuons of the Horserace 
Ladbroke Lottery Management receipts would have risen front Betting Board and in time 
and Littlewoods Nationwide Lot- ffijjm in 1977 to an estimated own all British racecourses, 
teries. although they should be £54,4m had this been imple* Football pool betting duty 
allowed to employ lottery con- men ted — £39. 9m coming from should be reduced from 40 per 
sultants before the launch of a casino gamblers, the other £9 m cent to 37j»r cent 
lottery. from casinos. , A £500,000 limit m today* 

The Commission believes that Casino taxation needs a total money should be Imposed on 
external lottery managers have overhaul because it is inequit- maximum pools prizes. Profits 
too much control and influence able that the system does not of .the. two largest pools opera- 
over what lotteries are mounted relate present duty levels to the tors should be limited to 2.5 per 
for. scale of gaming, the level ot cent of money staked. 

It urges that In all public gross income, nor to a casino’s Three per cent of stakes, 
lotteries expenses should be not net profits. around fTm a year, should be 

more fhav» 15 per cent of turn- It is incongruous that a casino used to help football under the 

over. gambler pays so Uttle In tax aospiees of a Football Board, 

Following a major national and the present duty yield is which would abrorb the work of 
survey, the Commission supports very low absolutely and in the Football Grounds Improve- 
a “National Lottery for Good relation to money spent in ment Trust. 

Causes." casin os compared with other This means that approximately 

It says 78 per cent of 1,604 forms of gambling. £5m of new money would be 

respondents said they were likely The Commission says the intro-' channelled into soccer, 
exploitation to a totally unaccept- to enter a national lottery. A duction of a casino general The report criticises the poor 
able degree, gross lack of security small percentage said that such betting duty would lead to some value punters generally get 
and. we strongly suspect a good a lottery might make them give reduction in the amount of when winning . gam es of prize 
deal of plain dishonesty.” less to charity. money staked — perhaps as much bingo and recommends that in 

But the Commission favours a “It seems inconceivable that as 25 percent °° single game of cash bingo 

national lotteryfor good causes, general taxation will, in the fore- The impact on casino profits is should the individuals ag a re- 

administered by a Board of seeable future, be able to bear even more dramatically pro- Sate prne exceed £L0OO. 
nponle “with independence of tk e eos t ®f a U desirable objects, nounced after allowing for the A special unit should be set 
snirit and imagination coupled 33 distinct fro® those which are projected 3 per cent additional °P under the Soclal Science Re- 
sp -t* 1 disHnrfion and essential ... a national lottery ] eT y applied to casinos with a search Council to study gamb. 

for *°°d causes is therefore a JE of more fchSnOm. The Ung and its Psychology. The 
public standing. rare opportunity, indirectly if e g^ t j s farther to reduce total JJn* 4 sl J££ ld ** 6upported by tbe 

The Board would deade how not directly, to imnrove the UK casino profits from £25-3m H ° me ,25. c *'„ , K „ 
to allocate proceeds, whidkin q aa lity of life in Britain."' . . to £i4.9ni and to reduce the I* 1 wafi 

the first year, would total f 10 ®™- ^ Dat j ona j lottery would profits of the big London casinos o£ 

tt£ e p^ iK; Sod'aS ftgft ■* and oth f *«'>> “ a0am - . Sv£ MA fiflbWS 

(the re^t quotes “sport, the and Driorities The of its pro- tobacco in the same year. £8bn 

arts, other deserving causes"), change and it will -be for postal 7-5 per penttaxon punters, on alcohol and £L3bn, on enter- 

saws “SSSs 

ho^raciSs andalimU to profits ^e ™Snum pS?stamd[ ba j” f?” 1 ”} yr . ere . f8b n - Tfae . , re . ,e °" e 

of the two biggest football pools £5004)00. subject to provision for totSnrtorofi? tor2l iStoofio ^ ™a£l^w^Zpro^- 

comp allies (Littlewoods and periodic adjustment. This is the iSS n 

Vernons):- are recommended, in same as its recommended maxi- 1S JI {5 II, P J2^S?'LmiSoIs i nos in Cent> 0 1 

addition to a statutory Football- mum pay-out on the footbaU J* ,2?^ nSS? rtfaWioS £8S0m 1976 ' 

Board to administer £7m. worth pools. ^ SrSt About M per cent of the adult 

of aid to professional and The Commission makes ^^.^ e rM^ 0 n n «« ?— at population, or 39m, gamble, 38- 

amateur soccer; an end to all recommendations in the casino £JJw«n to j-si.om t *r per cent, regularly, 

spot-the-ball competitions, and a sector. To raise, money from “L-a- 1077 About 35 per cent of adults 

major tidying up of the rules pun tore, every casmo sboitid be - ™ Say enter the. pools each week, or 

governing licensed bingo and aUoweA to pla«» an impost on ror Lo^^casmos ne£ ^ y wc ^. g per ^ 

jackpot machines. chips sold to the punter at a ^ tuTttwWes Ja ft? -on horses or dogs at least 

JJSBbSS 3HSS 

an estimated £5854)10, runs 10 art( ^ the number of samin a business may not recur. We have Bwwrt ^tatimvTv 

581 pages, advances 304 reeom- Sb^Bhould continue, futfe this factor Intp account in £7%)™^ 

mendations and probably recow ^ ^0^ raised ^ our proposals.” wjros. 

amounts to the most rigorous ^ on chips, tax rates On horseraeisg, the C on i ml s- 

rarvey of a nations gamwmg should be raised by a factor of slon concludes that most book- 
habits, laws and spending ever p jg h^ with the possible ex cep- makers do not make excessive 
undertaken. tion of the smaller London profits; and rejects the notion of 

The Commission received casinos, where the factor coaid a Tote monopoly in betting. 

L75m words of formal evidence be six. , It recommends the formation 

from more than 150 sources., pins There should also be a new of ' a British Horse racing 
informal help from another 150 3 per cent levy on the cash drop Authority, preferably voluntarily, 


Lead and 
health study 
backed 

THE GOVERNMENT is to 
finance research into whether 
lead in food and drink signifi- 
cantly affects the way young 
children behave. 

Mr. Denis Howell, Minister for 
the Environment, said yesterday 
that his department was to spend 
up to £150,000 this year on three 
studies 

Researchers studying whether 
lead in food and drink makes 
children hyperactive will 
examine children living near 

a lead smelter lu Tower 
Hamlets, London, and in Birming- 
ham. 


Healey hopes for more 
facts from Treasury 

MR. DENIS HEALEY, the Chan- phasises the importance of baefc- 
cellar, hopes the Treasury will ground informal o'n In interpret- 
be able to release more informa- Ing official forecasts, 
tion on its background thinking Treasury's - forecasts, 

in the future. believe, have a marginally better 

In the July edition of the record for accuracy, than, their 
Treasury’s Economic Progress closest rivals.. ••• . 

Report. Mr Healey said that good « But ^ m £«| n of e in>r in 

the statistical data on. which 
part of the democratic process, forecasts rely and the uncertain- 
“Indeed. it can be vital to the ties about the theories used to 
success of policy — as we have so interpret them make forecasts an 
vividly seen in the nation's fight inadequate guide to policy, 
to bring down the rate of infla- « £t £5 particularly . important 
noa - that the public should be aware 

The article,- to marie the 100th of the theoretical assumptions 
issue of the monthly report, em- on which forecasts are based." 


Looking 
at industry 
in 


ART GALLERIES 


ACHIM MOCLUER GALLERY, 6. Gittt- 
W r 5 tr#et. oti BW Street. W.l. T«L 
*ML 7 61 1 . . Selection ot 15 palntingi bv 
KADINSKV and 20th CENTURY 
MASTERS. ModigltanL Ltur. Braque. 
Mondrian. Crnu. Mlro. Klee. Plouaa a.o. 
Hi rough July. 


BLOND FINE ART LTD.. 33. Sacfcvllle 
Stanrt. W.l. 01-437 1J30. Sentard 
Meinnsfcy — fatatlngc. Gaudies. Until 
Jnly. Weekdays 10-6 P-M, 


15th 

10.1 o.m. 


Sals. 


BROWSE A DARBY, 19. Cork Street. W.l. 

fomen Observed. 
Sat. 1 0.00-1 UO. 


MW- 


CHANDRE^ GALLERY, 5-6 Cork St- W.l. 
01-734 4626. Exhibiting Paintings by 

S REGORY FINK. MeoT-Fri. ToSjCL 
«4. 10-1. 


DM ELL GALLERIES. Fine Brttbh and 
Frtnth MODERN DRAWINGS. >nd 
Madera SrltlUi MARITIME PICTURES. 
40. Albcnwr/e Street. Piccadilly. W.l. 



Daily Mail guilty of conte 


FIVE SCOTTISH law lords ruled arrest, but the time at which rights which he can invoke and 
yesterday that contempt of court an accused person was committed which a court is under a duty 
in Scotland begins from the for trial. to enforce, 

moment a person is arrested or Yesterday, however. Lord “Apart from these statutory 
a warrant is issued, and not as Emslie, Scotland's Lord Justice rights a- person arrested may uot 
had been previously held, from General, said the newspaper was lawfully be interrogated lest he 
the time a crime is suspected and guilty of contempt and described incriminate hinwarif, and it 
police investigations begin. tbe article as “ clear an example would be strange indeed if an 
The judgment follows a legal as could be found” of “trial by arrested' person should be 
dispute last month over an newspaper.” guarded by the court against 

article published tn tbe Daily The paper and Mr. Peter interrogation which if permitted 
Mail newspaper on January 19 Clowes, tts northern editor, were could elicit prejudicial if not lo- 
on double killer Mr. Archibald admonished. criminating evidence, but were 

HalL The full 22-page judgment was not to enjoy any protection at 

The article appeared at a time uot read out in the High Court the hand of the court itself 
when Mr. Hall bad been detained in Edinburgh yesterday, but was against conduct on the part of 
by police but had uot then been made available later. In it, the others likely to prejudice the 
charged with murder. Mr. Hall five judges analysed the existing fairness and Impartiality of any 
later pleaded guilty - to ,-the contempt law, 1 which was last trial he may be called upon' to 
murders of Mr. Walter Scott- defined by the late Lord Clyde stand.” 

Elliot, a former MP and Mr. in a similar case in 1959- The judges accepted the un- 

David Wright, and was jailed They said that in that case reserved and unqualified apology 
for life. Che court arrived at the correct Mr. Kenneth Cameron* QC. for 

At a hearing before five judges decision — but added that they the Daily Mail.- bad made, to the 
in Edinburgh last month lawyers “disapproved" of the suggestion court, and accepted there was no 
for Mr. Hall argued that the made in that judgment that con- deliberate intention to interfere 
Daily Mail article was in con- tempt coultf run from the time wfth the administration of 
tempt of court and prejudiced at which a crime was suspected justice, 
the prospect of a fair trial. and police investigations had They add that the article 
The newspaper argued that tbe begun. could, not have prejudiced a 

time when contempt of court The judges say that from the trial ■— because In the event no 

could begin was not the time of moment of ar rest a person has trial took place. 


By Oiir. Industrial Editor 
A £30,000 -research project into 
the probleuis that industry will 
fa& in 1 tfie.-I990s.i8 being started 
the , National ' Economic 
Development office. - 
It, Is expected to be completed 
twit bln about eight months, when 
r ft wall be" considered with other 
work "being done by the Govern- 
ment: ; on- long-term industrial 
issues: '-'j • " 

The. project, which wQI involve 
arademic'dbD sultants conducting 
a review . of the. outcome of cur- 
rent research, is called the 
“ 3990s project” 

It complements - the Office’s 
shorter-term work in servicing 
monthly National Economic 
Development Council meetings 
and working on tbe Govern- 
ments industrial strategy which 
js intended to look ahead over 
a three to five-year period. 

The project is being run by 
Mr. David Stout, the Ofiicels 
economic^ director. The Office 
believes the research is neces- 
sary in order, to try to remove 
some of the uncertainty lhat 
inhibits industrial planning. 

Six areas are to be covered by 
the research; They include tech- 
nological change, availability 
find supply, of labour, social 
framework and its impact on 
attitudes to work and leisure, and 
[probable developments in the 
h Commos Market 



sriliaaer, Install 


J J Ventilation Limited 
13 Dowry Square. Bristol BS8 4SL 
. Td. Bristol 291295 - 
















Fffianci3i Tunes Thursday July 1 31.078 


i0 N Tory bid 
for VAT 
relief 
rejected 


I’ARUWIKM and politics 


LABOUR NEWS 


Claims over building 
industry disputed 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


Tories 
take 
to wide 


TUC asked to set 
wages guidelines 


BY CHRISTIAN TYLER, LABOUR EDITOR 


vvu THE TUC itself should set down This is likely to attract the 2m Congress ''ill he asked to 

wage bargaining guidelines for votes of the Transport and recognise the sacrifice* of 
R* Rupert Cornwell Lobby Staff the coming year, given that there General Workers’ Union. workers of the mutually agreed 

1 ^ * “r will k e no formal deal with the Behind the UMWU's motion is Phases One and Two. hut also 

Government on Phase Four, the u,e f ear ih a t Phase Four will 10 recognise that real living 
General and Municipal Workers’ standards will recover this year 


* rPlPOT Pf| XJNEMPLOYMENT IN the con- to publicise the party’s development and extension of nny AA M 

1/ vU smicnon industry is now below nationalisation proposals and the direct labour organisations. CCI I 

-00.000 for the first tl$ae in three fact that they would initially “ It is an absolute lie that the u 
’• By Ivor Owen ° r four years, Mr. Peter Shore, cost £2.75bn, with subsequent party opposite and the 

7 »r vwen, I'artumcntary staff Environment Secretary, told the annual costs of 1300m. He also employers. through Iheir By Rupert Cornwell, Lobby Staff 

‘idea the relief from VAT In available to his department for out o£ five rejected any But from the Conservative like^anv^rlthPr Un Un?on has decicied P W k discriminate against its public * 

espect of bad debts provided in ^ na 1 tion a^5ation of thc industry^ front bench. Mr. Hugh Rossi, J^££ y be consunJJted tto The unionist night published sector members, whose wages The opTreUon o^respnnsible 

he Finance BUI— confined by tb l ha d failm to 187.000. In reply. Mr. Shore described Conservative spokesman on ^ atamJ1 w hep Mrs. Thatcher the text of its resolution for the are directly or indirectly set by voluntary collective bargaining 

• lause 10 to cases where the deb- ,, n t H poster . a * 2?SA.t£ t il£!3 ,5h and her party take to the wide September TUC Congress. the Government. is best achieved by the G.ivcrn- 

; nr company is in liquidation-— S jf®? 1 * h e ™ nde “ Uou s ^fvertii sing about Heffe: rhai d originally mtroduofi screen, counesy of Saatcbi and It is certain to be seen by some Bargaining priorities should ment refraining from direct 

sailed in the Commons last uiebt w? SaatehL and Messrs Peari and unions as a covert form of wages be set through the TUC and interference in negotiations nr 

Mr n nh r* > rf v- 8 Ha Labour Government was cussed by the NEC but which had spoken of step by step j) paJL restraint and will set the scene without direct Government inter* the use of indirect sanctions 

■ Bobert .? he i? on ’ F “ ancial de . ar!s \. committed to the are certainly not in the pro- public ownership of the con- Office and the for this year's debate on wages vent ion. the GMWU says. and. .instead, concern rating on 

tothe Treasury, main- nation a lisa non of the construe- gramme oftius Government.’ section industry- 5*^*1 and Saatch. advertE and the economy, -These priorities should in- developing an overall ecnnom.c 

ained that the widening of the tion industry. Mr. Robert MeCrindle (C.. Mr. Rossi called for an under- ev “ - - ■ - " - 

lause to give relief for debts Mr. Shore, however, went to Brentwood and Ongar) taking from Mr. Shore that 3* k l ew To r vh™a i « 

vhere a receiver had been great lengths to play this down, wondered what part Mr. Shore such a proposal would never television which have 

ippointed to tb e debtor company He emphasised that the proposal had played in Cabinet discussions become the policy of a Govern* dv Kp en 

>r where the debtor had entered for setting up a National Build- on the subject, bearing in mind ment of which he was a member. irrLjL Labour *nmnl»in ii™t 


Central 


Saatehl and Saatchi adverlis- I and the economy. 


September TUC Congress. the Government. is best achieved by the Guvcrn- 

It is certain to be seen by some Bargaining priorities should ment refraining from direct 
unions as a covert form of wages be set through the TUC and interference in negotiations nr 

( restraint and will set the scene without direct Government inter* the use of indirect sanctions 
for this year's debate on wages vention. the GMWU says. and. ^instead, concent rating on 


Ongar) wKk taT S. Sh£e“ “Sit USTm^tSTSSSS 
■Shore such__a proposal would never ■S^^S^ES 


id the economy, “These priorities should in- developing an overall economic 

dude the creation of a new policy that is agreed with the 
Priorities meaningful low’ pay target, relc- trade union movement.” the 

xnuiiuca vant t0 . €ac h industrial situation, resolution says. 

The National Union of Mine- the establishment nf sensible Clearly designed to suit all 


.□ to a composition or an arrange- ing Corporation had been en- that be was a Socialist com- Mr.. Shore retorted: “We 
nent with creditors would be dorsed by the Labour Party milted to public ownership. never use. the word never.” 
difficult to administer and pro- conference and was still being But the Secretary of Stale told Earlier, the Secretary of State 


Mr ?hn» rpTnrtwf- “ Wb to make Labour complain ihat I workers will be putting up a wages structures based on a con- tastes and unite the unions on 
nar.. anore reionea. • we it* rivals are sellin? UipthwIvk I much toucher resolution reiect- solidateri rale, and the neso- a moduruln nlaifnrm the resnhi- 


tts rivals are selling themselves much tougher resolution reject- solidated rale, and the nego- a moderate platform, the resol u- 

like soap powidcr. ing Government interference in tiated reduction of the s landard tion has good chances or 

That charge will soon be wage bargaining and opposing working week to 35 hours and succeeding in the shadow nf a 

folly proven now that detailed the extension of the social coo- the reduction of overtime work- possible General Election only 


Smh ,y eo iD t V ° IVe H an p fiSr* % “ t 3 H? naI bim fais consideration toned down a suggestion from thTWensl^f the roriX^n- the T^uciiVn of overtime wor£ pnsriblc ‘cen^raV Elec 

.ugh cost to the Revenue. executive. But it had not been was to improve efficiency m the Mr. Peter Hordern (C. Horsham hi>,n tract into a further Dhase inn” weokc after r n n>.w<i: 

N He also wanted of the rfaneer, ad °Pt®«* “ official parly policy, industry and to maintain and Crawley) that he should JSTi tract mto a lurtner pnase. mg. weeks arior Congress. 

n ne aiso warned of the dangers nrn . bn , n i n ,l,„t u-,„u , iMridat* tn aiinu, imriinrHc tr. a seriw of conservative com- 


.f collusion “ ^ He ‘Ustnissed as “absurd pro- employment at as high a level legislate .to allow landlords to « In The reeu to P^ri 

J . ’ , , j ^ paganda” the campaign now as possible. “We shall always offer accommodation for short nSn *loi fi^fi 

.But the Munster acknowledged being waged by CABIN, which be prepared to consider periods up to one year without “„ lT r rt ’ t Bu ho 

he force of the argument represents building employers, measures that promote those restrictive powers of tenure for Mr rj ,n__ h __ 

.leploved by five firms of leading with posters throughout the particular ends.” he added. the tenant. SSnSfeMl B5S-*HS!? ne *“ 


ccountants in a joint letter to country denouncing Labour's From the Labour benches, Mr. Shore said that the 
he Financial Times last week, plans to nationalise the industry. Mr. Eric Heifer (Lab.. Walton) advantages of such a scheme 


the General Election date. 

A standard 60-second spot. 


Press operators 
return to work 


-- . . . — — uaLivuAUiQW U 1 C iuuuou.». *“»• 1 ijau., ww auuu / auiaumgcn ui suwu 4 OUICU 1 C • \ntirr i Via ITj. ■ -- ~ | 

-.hat the restrictive nature of the The Tory attack was sparked maintained that the Labour would not outweigh the obvious «l5 IU ff P - eo ?ri 

; lause could have the effect of off by Mr. Michael Neubert Party bad never called for disadvantages to the tenant. T -V fne , y 

. eaaing more creditors to pursue (Romford) who asked what dis- nationalisation of the industry. • In the Lords. Lord Strabolgf resta “" 

... heir debtors into liquidation. cussions Mr. Shore proposed to The policy statement proposed a told the house that the Govern- In Rriiain's i iH!!, BY PHILIP BASSETT LABOUR STAFF 

• ; While he thought the fears have with representatives of the measure of public ownership by ment had no plans at present to iavsTr a H vph kpm.n.. ^„ 

. xpressed might have been buiIdin g and construction indus- the establishment of a National nationalise any part of the 5nsi £20-886 acem-din* in WIDESPREAD disruption of BL The striker, which caused S50 
xaggerated, the Financial Secre- 117 regarding nationalisation. Building Corporation and the brewing industry. __ d Dean S 10 Cars ’ Production, threatened by lay-offs at Swindon and 50 more 

arv announced that be Dronosed ^ r - Shore said that he and « in^taw efriko hv nan nro« chnn ,t ct-^i w.n— ni.. n « 

0 ‘ask Customs and Excise to ^ Reginald Freeson, Minister ¥T7 - . ^ 

V2S& eneas of ,he clau * wL?™r,fav,r «r r n e; Water plans promised iSSssSSsS 

■ru.- u , . . , presentatives of the industry on r to the cinema screen to sell its 

P r2 ™ ready to take Ju i y 28. THE GOVERNMENT will pro- degree of national Parliamentary , or 

,e«Lw.“^2 SM.' n adLa?ilrth”toildSg'S 1 d%o“ duc ’ PraPoab _e.rly in tt, nm back iata the 2Sdh« a foLa^bm Sc" 

.. session of Parliament to reform system. fM.OOO if nm.inriinn M dc 


Dockers 
urge joint 
strike 
committee 


Pearl and Dean. 
The venture 


wuo Uiicutcucu Ujr IMJ-OUh at OWJIIUUU ana UIUIC B | , - 

.a 10-day strike by 640 press shop at the Pressed Steel Fisher plant By ° ur Labour 5ta,t 

p 1 opera 101 *,®! ^5 Pressed Steel at Cowley, followed attempts by THE NATIONAL Amalgamated 


majority to return to work. body panels from those which devise tactics for □ possilile 
At Cbrysler’s Lin wood plant can be used. prolonged national stoppage if 


Mr. Peter Rees, a Conservative struction industry and I there- 
pokesman on Treasury affairs, fore see no reason why this item 


session or Parliament to reform . t0 £90.000 if production costs ,u - Sc J ot,and ’ . Sl “™“ ine operaiors agreeo yesier- either of Lm 

Britain's water sunolv svstem Mr ' HoweiI attacked the Tones ^ d d pr 011011 msls rejected a motion calling for an day 10 do the job Tor a three- nocks is shut 

I" their reonuintion of local “ md '‘ dftL aU^oul strike by the plants 9,500 mdnth trial periid. The advisory The unioa 


stewards The operators agreed yesier- either of London's two Upper 


uggested that this undertaking should feature on the agenda,” Mr. Denis Howell, Environment government, the health service 
eflected the unease felt by the he added. Minister of State, said in the and the water services. “ They 

Government over the possible Mr. Neubert said be had Commons yesterday. were catastrophic — an absolute 

fleets of the restrictive terms of assumed that the Secretary of He told MPs that he wanted to disaster for the country,” be 
he clause. State would be only too eager get some efficiency and some declared. 

He urged the House to support 

n amendment moved by Mr. tt-i* , m 1 • > 

vould have permitted relief from Peart agrees to sex equality 

/AT in respect of bad debts in * •/ . 

rases where insolvency could be m __ - • _ # — 

*mployed under the ordinary tax in MPs 5 pensions Bill 


Students’ 
unions 
Bill fails 


all-out strike by the plants 9,500 month trial period. The advisory The union has a I read v been 

employees, in support of 550 service will put a mediator into given a mandate bv iis 

paintsbop workers on strike for the plant to help both sides members lo call a strike in the 

two weeks. “ make progress." The company event of closure, although ihe 

About 4,000 workers have been has agreed to take on extra response of the dockers as a 

laid off and production of 5,000 manning if necessary. whole will be governed by the 

cars lost. Mr. Terry Wnodhouse. strike reaction of the Transport and 

Mr. Gavin Laird, Scottish leader, said: “The membership General Workers Union, the 

executive member of the Amal- have expressed their wishes, but biggest union m the docks, 
gamated Union of Engineering the strike has not been a Mr. William Rodgers. Trans- 
/AT in respect of bad debts in . M. •/ B#ll 1 1(1113 Workers, said that the strike success.” port Secretary, if studying ihc 

rases where insolvency could be m - • _ m ^ • could not be allowed to continue. Industrial action over the Port of London Authority’s 

iroved by default — a formula •Zww lm fm 11^ J 19-all A TORY backbench move to end He would contact other unions dismissal of a Ley land electrical “ modified ” proposal in shut the 

•mployed under the ordinary tax III 1^^ ||r^||%|( l||V || III automatic membership of student to arrange any meetings to try engineer for the alleged theft of Royal Group of Docks. 

ules. ItJ-L VJ umons was defeated by a to resolve the dispute. car batteries from BLs Coventry A meeting of dockers at the 

Mr Rees areued that for manv majority of 148 (227-79) in the Mr. Bruce Millan. Secretary of plant was ruled out yesterday Royals decided yesLerday to 

ears the Inland Revenue had THE GOVERNMENT has agreed continuous and where security of when it is becoming increasingly A”, ® r 2' lll( , rillI1 , r State for Scotland, welcomed Mr by members of the white-collar join a na,io " a l one-day strike 

nanaccd to operate bad debt to former Social Services Secre- employment was generally difficult for an MP to earn very ^ A ^L ntert 2 n o-9i ^ airds initiative and said that section of the engineering already railed by the unofficial 

-elief on this hafis and he saw tarv Mrs Barbara Castle's appeal granted. The British Parliament much outside, the situation for Macclesfield > bad proposed a Bill he would be willing to meet workers union. national dock shop stewards 

r, reason whv Customs and for sex equality in MPs’ was the " meanest treated Parlia- such, a member who loses his 10 , make membership of student either or both Linwood parties Mr. Michael Edwardes. BL committee. The date of that has 

Excise could not do the same ^proved pensSns. ment in the world.” seat-perhaps in middle life with “ 10 “ voluntary if it would help to reach a settle- chairman, denied yesterday that |U U to be decided. 

.xcise coma not ao tne rame unpro ' « v . second He added: “I do not think it a young family-is a very serious At Read. n S University, he said. ment. he had issued an ultimatum to SUPPORT 

. Mr. John Paitioe (Lib, North When peers aeoatea tne benefitg ^ of ^ one indeed and one which this organisations supported by the The operators at the Pressed workers at the Bathgate truck Shop stewards are canvassing 

- °™' all) recalled that when °L,f Parliament that we have lo make Bill does very little, if anything, students’ union included one to Steel plant agreed to accepL by and tractor plant, near Edin- support for the oneway stoppage 

AT was introduced. the ^jsions mil yesieraay thls ldnd of plea t0 get ^ ^ nd to remedy.” promote. horaosexuaUty, one for a majority of seven votes, a burgh, lo boost productivity or m all the registered .ports and 

.si Conservative Government «art. Leader ot ue g. f pension .'* Lord Boyd-Carpenter called P 1 ?^ W3r met with toy peace formula put forward by face massive redundancies. have already been given back- 

isisted that relief from bad 5“® Lord. Boyd-Carpenler (C) said for some form of resettlement sobers, a niystenous “Get Away the Advisory. Conciliation and But the plant could enjoy a ing by union officials at some nf 

cbts was impossible. *?““ at * „_ r „ that ttfe remuneration for MPs arrangement when MPs lost their f™ 171 AH Society ” and a bee- 


i^hc^m^nd 1 belfeved °tha?any Sfttee d S«e ^ 0,1111110115 com ' national ^dards. The Bill was given a second n ^nd°hooey M fo"/ 1 ome 

^d^art said this, would * ^ ^ SldSK SS XfiL'ZJSt 

.fnlUntn HntS'hu ocj entitled widowers of MPs. with \ and ratepaper wbo gets stung 

mendmen 1 u.i. defeated by-S4 suffic j’ ent qualifying service, to a ritlDlirfl fllinfT for the bill.” 

iri?nr,tv*V7 *' 4< * Govenuneilt pcqsion at 65. or before, if they iVlOVC iO 6DSUlC Til I II His measiim would add the 

iajuni.> oi. ^ re Wo jjj to a jiving. subscription, at present paid 

Liberal MPs abstained when Lord Strathcona and Mount Anmnnnv i*nfnrnc direct to the union, onto the 

n Opposition amendment de- Royal, for the Opposition said: III 1,11 II I l3d.ll V ICllilUa student’s own maintenance 

gned to raise the VAT “We will hasten the Bill on Its ** grant. “Students are crying out 

e-reyistratiun level for existing passage, with, perhaps a tiny ABOUT ONE-THIRD of regi- default in the delivery of annual fp r an end to the abuse of pub; 

•aders from ihe £8,500, provided tinge of envy at what it does for s tered companies are believed to returns to the Registrar, and Jlc moll ?- v com f nitte d in the if 

i the Bill, tn £9.500 was defeated MPs in the Commons and how p e in default of requirements for 300.000 in respect of the delivery lhe ^ want proper account- 

y 255 voles to 24S a Govern- little it does for members here." the filing of annual returns to of accounts. ability and genuine democratic 

lent majority of seven.- Lord Ayleslone (Lab.) called th e Registrar, Mr. Clinton Davis. A new reminder system was contn oi. ne said. 

for improved pensions for MPs Trade Under-Secretary told the now being introduced as a result ^PP 05, . ng .“rj* , h T: — c - --- ----- — . ------ 1W u «ahu«al on unions vov 

T T1 . j *, with over ten years’ service who Commons last night of the implementation of the -‘V; Lh«^! day agreed to allow individual by the trade unions involved. terdav demanded ureent talks 

Ulster debts retired before 1964. It would not In a Commons written answer. 1976 Companies Act which ““j"” 1 a S eS an r !^H d aI Srt Sf Steel U ?- io " s t0 de< w °? } he Leaders of . the confederation “JJ 1 ,y M ” A nlhonv Vedgwood 

J be costly as only 70 former Mr. Davis said that of the would bring the penalties for a f. an ® asenHal part of corporation’s proponls for indue- are concerned not only over the B ‘^ n EnerEv Se L relarv nn the 

■UBI.IC DF.BTS in Northern members and 45 widow’s were 730,000 .companies currently default more forcibly to the 5t ^f. 1 i t ' lt ^automatic mpmhpr f” 31 democracy m the industry, pay proposals but that the con- threat to UK industrial strategy 

reland for gas, electricity, involved. registered in Great Britain, about attention of the companies and ^ '“L 01 1 wou??be nn^eSrfre Afler ^ tw(Hiay meeting sultativc machinery, including for Nor , h Spa oJ , afld gaj fro ^ 

nuncil house rents and rates Lord Houghton of Sowerby 260,000 were believed to be in directors concerned. fnr P 'i)!p marv dmoIp pmolovpd between the corporation and the proposals for divisional, works. ^ EEC 

- •...mount t«. over £2Sm. Mr. Don (Lab), said it was time to realise ?/*£ ,55St« P ^3d JESi TOC s ! eel . Committee on the and possibly even departmental ^The Transport and General 

* 'il 1 ; oncannon. Northern Ireland that Parliamentary service w-as # , w„l h ri tannine 1 *’ 1 proposals, known as the ’steel participation through joint com- Workers - (Jnion and the Aj*o- 

*-- J * T ^ ,,, "linistcr of State, said in a very different from service in the TllPSI Tfl fVlVt y The P vast proportion of spend- c °ntract, a further meeting was mittees will not give workers real clatio n 0 f Si4entiflc. Technical 

t > .{ .ominous written reply." public sector where careers were ; mumping pied ffsiysi power - 

' , ; THE GOVERNMENT is asfcing bad obtained, price undertakings hlj’aajd, 5 ’ meet the corporation. . North Sm oil .Sd p«S. ».d 

the Common Market Commission ? fl behalf of e UK against The corporation has offered to I J fl I OT1 ^PPk’C rcporlsindicatedthatihcEuro- 

to take further action against Zf 0TXs f ™™ M S „ w S en ^pain. . , , trade an extra seat on its main 'JIHUII pCan Commission ivas taking 

jiimninn ohinhmni in Britain a *"® asking the Commission Ami aqI TildTifc board to the mam steel union, , *1 j* siens to undermine BnUbh indus- 

diunpmg of chipboard in Britain, to examine urgently what further L,ll6IIIlC3l DiHIllS the Iron and Steel Trades Con- nilllQjngr irf-Tl strniec- S there 

Mr. Michael Bleacher, Trade action can be taken against r , federation, in return for pay U S ^ h _ tg\VU said ih-it the Cniii- 


and disruption.* 


Move to ensure filing 
of company returns 


Unions will decide 
on democracy plan 


BY OUR LABOUR STAFF 


Urgent 
North Sea 
talks 

demanded 


STEEL UNION leaders and the poration chairman, is keen to By Our Labour Staff 


- * LiuiMirr ml oLrtic, so* 

{ commons written reply. 

;|»i!ii!* : ' ~ 

' ’ fiKih 


Under-Secretary, said in a dumped imports from other cfilt piriprif lirppH bargaining by the TUC steel 

Commons written reply last sources, including Belgium. But oiaiwiutui U1 b l ' u committee rather than the indi- 

night anti-dumping action is no longer r;oVERNMENT was yester- vidual steel unions and for new 

He said the EEC Commission permitted within the EEC itselF.” dav Dre ssed lor staViments on consultative machinery. 

safety at chemical complexes to Six seats on the board have 



“My secretary is blind. 
Elbe lost without hen” 


Sandy takes;.down her boss’s dictation 
accurately, then types it out from her braille 
shorthand. Good speeds, good page layout 
Sandy says there's nothing special about 
that- and she's right. The faetthat she's blind 
makes very little difference to her efficiency. 

Sandy got her job on ability. And her 
ability won her promotion to personal secretary 
in an important Post Office department Thats 
the point The RNIB trained Sandy at its 
Commercial College, and any firm that 
employs a qualified blind person will, benefit 
from the'demanding and professional training 
thatweatthe RNIB provide. ...... 

if you happen to be an employee think it 
over We’ll be pleased to hearfrom you. 

Over and above that the RN IB needs 
your help, through legacies and donations, to 
enable us to train others like Sandy. 


f- ! * pillS 1 
** 


WB 


lr : 


ROYAL NATIONAL INSTITUTE 
FOR THE BLIND 

23t GREAT POFITLANO STREEt LONDON WIN 6AA 

Under mu Finance Act 19751 bequests to charges up to a toU! of 
. ClOtyxX) are exempt from Capital ■fansfartec. 

RaSfstaBd in aecordanwwtttiib* National AssstBnee ah we. 


Are you a Stock Exchange Investor ? 
Does your interest lie in the Far East 
mm or Europe? is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
mam speculator? 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest... 
Wherever you are... 

Bing London, Birmingham . 
Liverpool or Manchester 

flk246 8026 

IH for the 

f FT INDEX 

^ and 

Business News Summary 


contract, a lurtner inwuu K was *»«■ uut give worker* i«u c i a .i Qn s..i e ntiflc Technical 

^?LP?!S power - .IS Maai E c.ri;? n s.aff« T ?he T™ 

1 unions representing workers m 

then meet the corporation. . North sea oil and gas. said 

The corporation has offered to I jniOll reports indicated that iho Euro- 

trade an extra seat on its main 3CCA5 pC3 n Commission ivas taking 

board to the main steel union, 1 *| j; steps to undermine British indus- 

the Iron and Steel Trades Con- OliUulIlg lri.nl strategy there, 

federation, in return for pay o The TGWU sailJ th:iI thc com- 

bargaining by the TUC steel indlicfrv rofnrm mission seemed intent tin 

committee rather than the indi- IHUuMry 16101111 abolishing any Government enn- 

vjdual steel unions and for new trol of , anding P o] ic y Tor oil. 

consultative machinery. By Our Labour Staff This would have a disastrous 

safety at chemical complexes to Six seats on the board have effect on refinery jobs and the 

ensure that an explosion like the already been promised to the THE TRANSPORT and General “downstream” development of 
Spanish camp site disaster could unions, with two marked down Workers’ Union yesterday culled the UK petrochemicals industry, 
not happen in Britain. f° r the Iron and Steel Trades for a fundamental reorganisation it would increase North Sea 

Sir Bernard Braine (C.. Essex Confederation. of the way the construction gas prices for industrial and 

S.E.) asked Mr. Peter Shore. The blastfumacemen, the industry operates. domestic users by diverting jobs 

Environment Secretary, in the transport workers and the Its proposals, for wider public to other countries, and destroy 

Commons for a .statement on the General and Municipal Workers ownership of the industry, major the role oF the British Gas Cnr- 
Canvey Island petro-chemical Union will have one seat each, changes in employment, winter poration as gas buyer, 
complex which is in his con- and 12 craft unions will have work, safely and management. Mr. John Miller. TGWU 
stituenc.'. one seat between them. are incorporated in a new union national secretary for the nil 

Mr. Shore said he could not The confederation have document A Case to Answer. and chemical industries, said that 

make a statement before the already replied to the offer of Employers are criticised for the intentions of the Commission 

summer recess. • _ an extra seat in return for the failing to change “Dickensian clearly posed a _ serious threat 

Mr. Gordon Wilson (SNP pay and consultation conces- methods of working.” The union’s lo job security in the oil. aas. 
Dundee E ) has tabled a question sions by refusing to negotiate principle target is to end job petrochemical and engineering 
for Scottish Secretary, Mr. Bruce wages with the other steel unions insecurity and put construction industries and to the developing 
Millan, about the Mossmorran at national level. employment on a regular fooling, tripartite discussions for the oil 


petro-cheoucal project in Fife. I Sir Charles Villiers, Steel Cor- basic to most other industries. I industry between the unions, 
employers and the Gove rnment. 

‘Old Lady’ a winner on points ^ r“pS° r 

THE OPENING skirmish in the to take sLx. recovered to be out ways are shared and the huge ° f r 

107th Open Championship on the in level par 36, started back double greens cause much wail* ,, p 

much-reviled but world-renowned home with a birdie three at the ing and watching before the f" iw^shins 

Old Course at SL Andrews has lGih, then crashed with a six at players turn comes to putt te , « r^vnccnl 

shown Ihe -Old Lady" to be the 172-yd Oar three 11th. . . These are not the conditions ,n ¥L„ NOrt ? UD S n C | a ‘‘" d anrhnr 


terday for converting two ships 
into North Sea fire vessels. 

The supply and anchor 


a , Wi ? Der nprf«rtf° in ?’ despile In 01(1 clubhouse some time that 1 felt would favour Weis* handling vessel Shetland Shore 
almost as Perfect a day as one ago were Tour players at three kopF, physically the most com- [L t0 lengthened bv 'Mft to 
could w»h torjeota*. and . under par 69 - Tom Weistopf n.,ndin s golfer In the world. ? “ mnd'SfSES .nVl renera® 


course quite beautifully prepared an d Ray Floyd of the U.S.. Jack 
by a hardworking, staff. 

Many great players were stiff 
out jousting in the sharp evening 


sunlight, and a slightly freshen- 
ing breeze from the east But’ 
at the latest moment of writing, 
the tail, spare Japanese golfer 
Isao . Aoki was leading at four 
under par 68, and had been for . 
many hours. ] 


GOLF 

BY BEN WRIGHT 


fu l lu t ,, ne accommodate pumps and genera* 

Eell “ w had th 4 tors. The Norwegian-owned pipe 
f e c L al “*s mercy. He was out carr jer Tender Commander is te 
“ - 31 . Wlth five birdies, * e modified for charter to a 

a 11 ? anoth . er ; British company. 

Alas, he hit his first bad shot 

at Ihe 15th hole and, as has wr , j 

iSSSTi^^SSLlS^ West London 
^ p ‘tt s U om m p ^h„ B by-pass plan 


_ °f S 1056, rnunr^isl sU D C !t 0f Ba qTf Ste nrnmfnf P ? ill ii c i I5U1, taWnfi a six at the half-mile stretch of new road to 

their firsr rounds p € te r Butler. The prominent U.S. lounng menacing 17th— the 461-vard bypass Hayes and Southall in 

from the Bo>aJ^Autmnobne Club, professionals Mark Hayes and hole— and, back in two over par West London is being proposed 
Epsom— a {-not Ryder Cup 5^ . 9f eil ^ 12W a ™, onR a 3S. a potentially superb round by the Greater London Council, 

player— ~W3S toee under par: stable group at 70 At •! came became ordinary. The proposed road would start 

and the jr>o .a .two voter par the Britkh hoperuis Brian Or the first 36 players, only 11 at the M4 iri the south, pass 
comorised Jacx wieklaus. Howard Barnes. Neil Coles. Sam made par at the 461 vd hole between Haves and Southall 
Clark and Ulsterman David Tbrran^ and Ntok Faldo Th/spJardmaie" noWing of b>^L e S n mg H b > oUi town Unties: 

Jones- „ Among those at 72 were Peter the big par five, the 567 yd 14th. and. end at the White Harr 

Defending champion Tom Thomson, Bob Charles, Peter with a driver, three-wood and junction on Ruislin Road It 

SSvSEv 55 he^f, 

first hole in we Swilcan Bum patience. Several of the fair- a stroke there. p in 1988. couW slart 


of J V l ? ra , lia ' an ^ after the one sacrificed at the A SCHEME for a three-and-a- 


15th, taking 



10 


ss-mtst 


THE JOBS COLUMN 


Shut-and-open case • Replacement replacer 


BY MICHAEL DIXON 

THE NOTE PAPER was a dis- 
creet shade nf cream. “ Collo- 
quially known as ‘The Gang of 
Four’ our economics depart- 
ment is currently operating as 
a gang o l two," the letter said, 
" our secretary having gone off 
on honeymoon with the head of 
the department. Only the latter 
win he coming back — to us, that 
is.’“ 

Ah! The law of diminishing 
returns, I thought; then read on. 

••This turn of events leaves 
us at While. Weld looking for 
someone who. besides having 
the usual secretarial skills, 
would like tn spend about half 
their time developing a talent 
for economies or statistical work 
including, for preference. learn- 
ing tn help to operate the com- 
puter." 

Perchance a likely oppor- 
tunity. I thought, for one of the 
lively young women who read 
the .lobs Column. Then it hit 
me: White. Weld. 

Had I not that very April 
ntriminsr read in the FT that the 
U.S. investment bank of White. 
Wold had been taken over, not 
by a sang of anything, but by 
the Thundering Herd of Wall 
Street itself. Merrill Lynch, 
Pierce, Fenner and Smith ? 

T checked, and sure enough. 
I hod. Sn I telephoned Peter 
Wann. author of the letter. 
Sounding somewhat shocked, he 
confessed that when he wrote it. 


he had m>t been aware of so 
much 35 the drumming of 
distant hoof-beats. But now, in 
the inevitable uncertainty of 
the change of ownership, he 
thought -that the secretary cum 
putative economist’s job had 
better be put into cold storage. 

It was duly put there and. in 
the press of other events, for- 
gotten. 

Then the other day up popped 
Peter Warm again, this tune on 
a sheet of crisp white notepaper, 
headed Paine Webber Mitchell 
Hutchins International. It 
seems that be and colleagues 
from White, Weld have moved 
northward across the City to 
join -the London branch of this 
other U.S. investment bank and 
brokerage house to set up an 
economics department. 

So the aforesaid search 
recommences, he says. 

“The basic requirements are 
intelligence, curiosity, and 
eagerness to learn. Prior know- 
ledge of economics is not essen- 
tial! but interest is. And a 
mathematical background is not 
necessary, though a fair 
tolerance Tor numbers is needed 
to preserve sanity. 

“If we find the right person, 
we are quite prepared to train 
from scratch on the economics 
and statistical side; though 
candidates with prior know- 
ledge of these fields should not 
be deterred from applying." 


Mr. Wann does not specify a 
starting salary- But my estimate 
would be around £4,000 for 
someone with the skills for only 
the secretarial half of the job. 
and ranging upwards depending 
on the extent of existing 
capability in statistics and 

economics. 

He hopes that anyone 
attracted by the opening will 
contact him by telephone at 
Paine Webber (16 Coleman 
Street, London EC2R 5 AH — tel. 
01-606 7125) or at his home (tel. 
Downland 52821). And so do 1, 
because this seems the sort of 
story which deserves a happy 
ending. 

New system 

OVER the past two years the 
Bowater-Scott group has been 
drawing up and starting to 
implement a plan for a series 
of uniform accounting systems, 
with the emphasis on manage- 
ment information. 

The aim is to replace the 
existing accounting practices, 
which Tm told are feeling the 
strain of age, with a fresh 
system guaranteed to cope with 
any likely burden falling on it 
in the next five years, if not 10. 

The point chosen for the start 
of the changes was tbe accounts 
payable section. But with the 
work there still to be completed 
the accountant brought in to 
lead the replacement pro- 


gramme' has gone to work in 
a more general financial post 
elsewhere. So- Bowater-Scott is 
seeking a replacement repiacer 
—alias an accounting develop- 
ment manager to work 

initially in central London, 
though moving, to East Grin- 
stead some time later. 

Responsible to David Kay. 
the manager, for finance and 
administration, the incoming 
man or woman will have the 
support of a brace of systems 
accountants. 

Since the atm is to develop 
tiie group's systems to match 
the best In modern practice, 
candidates will obviously need 
to appreciate what this is and 
must therefore be abJ? to 
demonstrate a wide knowledge 
of accounting and computer 
procedures.- While necessary, 
however, this is not sufficient. 

Since the recruit will be 
working through senior 
managers in the group, and 
also responsible for getting 
more than 100 accounting staff 
to accept the new practices and 
make them work properly, 
ability to communicate clearly 
and persuasively with lesser 
and even non-boffins will be of 
the essence. 

The group feels that the 
chosen candidate will almost 
certainly have an accountancy 
qualification, plus some sound 
experience of tbe development 
of systems of a similar kind. 


perhaps gained as a manage- 
ment consultant The likely 
age range is 28-35. Starting 
is put at a negotiable £8.500, 
and the perks include a car. 

Applications may be obtained 
by writing to Simone Slade, 
personnel officer, Bowater- 
Scott Corporation, Bowater 
House, Knightsb ridge, London 
S.W.I. 

Pay mystery 

WHEN Keyser Ullman's sur- 
vey of construction companies’ 
acStounts showed that top 
executives’ salaries rose, not 
with turnover, "but with num- 
bers of people employed. I 
suggested that the reason 
might be an increasingly 
bureaucratic attitude among the 
heads of big business concerns. 

This “ surprised " Antony 
Carr, managing director of 
Stephens and Carter, who has 
written to say that the reason 
was really that top-level pay 
should “ bear reference to the 
profitability of the enterprise, 
not the turnover. 

“Margins vary from business 
to business and therefore you 
can have a high, turnover com- 
pany on a 5 per cent margin 
being only as profitable as a 
company half its size (in terms 
of sales) running at a 10 per 
cent margin." he adds. 

“The reason why numbers 


employed can be a critical item 
is that usually value-added 
varies in relation to the numbers 
employed, not the turnover.” 

With this new information, 
however, arrives another survey 
by Keyser U liman — this time of 
the accounts of companies in 
engineering and metals, oil and 
chemicals, plus industrial hold- 
ing groups — which makes one 
wonder whether top managers’ 
pay can generally be related to 
anything. 

While the latest survey shows 
a tendency for pay to rise with 
size both of employment and 
turnover* salaries, in the best- 
paying smaller companies by 
both criteria are a good deal 
higher than In numerous con- 
siderably bigger concerns. 

Moreover, Tony Verntra- 
Haxcourt of Keyser’s says ' he 
tested to see if the pay levels 
could be associated with profit- 
ability, but there were too many 
inconsistencies to support the 
hypothesis of any direct connec- 
tion. So we are back in the 
dark. I'm afraid, although that 
is preferable to being falsely 
enlightened. 

The best lesson for ambitious 
managers would seem to be that, 
in the pursuit of high salaries, 
company turnover and employ- 
ment are liable to be misleading 
signposts. What counts is 
simply generosity of habit 


GROUP 

FINANCIAL 

DIRECTOR 

Cray Electronic* Ltd., an expanding publicly quoted 
engineering group operating through eight 
autonomous divisions situated in the southern half 
of the United Kingdom and employing MOO, wishes 
to appoint a group Financial Director. 

Reporting to the group chief executive, he/she will 
be responsible for all group financial functions 
including statutory and management accounting, 
cash control and financial analysis and planning. 

Applicants should be in the age range 30/40 years, 
with several yean in-depth experience in an 
industrial— p refe ra My engln ee ri ng— environment . 

A competitive salary is offered, with good fringe 
benefits including the provision of a car and reloca- 
ton expenses. 

Written applications, In confidence, to:— . 

D. E. Kimber, 

CRAY ELECTRONICS LIMITED. 

Mumby Road. Gosport, Hants POJ2 1AF 


EUROBOND DEALER 

To Initiate oparawiE Hi floating rats note* and CD’s. Highly negotiable 
and competitive salary. 

LOANS ADMINISTRATION and CREDIT ANALYSTS 

Excellent prospect for candid axes with experience. German an advantage. 
Salary £6.000. 

FOREIGN EXCHANGE SPOT and DEPOSIT DEALERS 

Wirt) * yean experience for Gey Banka. Salary highly competitive. 

L.J.C. BANKING APPOINTMENTS 01-283 9958 


/f 


Young Financial Controller 




Leading International Bank 

Our client is the City-based Merchant Banking 
arm of a major international bank. 

Following a restructuring and the injection of 
new commercial banking ventures, it has been 
decided to recruit, as Financial Controller, a 
recently qualified ACA, in the mid 20's. 

As an integral member of Management you 
will be responsible for establishing sensitive 
financial and management reporting methods, 
business planning and budgetary control (using 


c.£8,000 + large benefits 

computer models) , evaluating newenterprises, 
and forgeneral financial adviceon such matters 
asfunding methods and corporate taxplanning. 

Ideally, you will have qualified with a London- 
based practice and have had at least one year’s 
post-qualification experience, some in a service 
industry environment 

The terms are very attractive, including a sub- 
stantial mortgage subsidy and non-contributory 
pension. There are possibilities for a move into 
more general banking in thef oreseea blef uture. 


Please contact Peter Wilson, F.CA., in strict confidence, at Management Appointments 
Limited, Albemarle House, 1 Albemarle Street, London W.l.Tel: 01-499 4879 

Management Appointments Limited^/ 


Financial Analyst 


Aged under 27 
Hertfordshire, c. £7,000 

Our client is the UK subsidiary (t/o 100 million) require a young qualified chartered accountant of 
one of the largest US manufacturers of fine graduate calibre. They offer an effective exposure 
chemicals. To strengthen their compact financial to sophisticated techniques in a manufacturing 
planning and problem-solving team they now environment. The fringe benefits are exce/fent. 

Mrs. Indira Brown, Ref: 19092} FT. 

Male or female candidates should telephone in confidence for a Personal History Form to: 
LONDON: 01-734 6852, Sutherland House, 5{6 Argyll Street, W1E 6EZ. 


Executive Selection Consultants 

BIRMINGHAM, CARDIFF, GLASGOW; LEEDS, LONDON, MANCHESTER, NEWCASTLE and SHEFFIELD. 


European Internal 
Audit Manager 


c.£!4,OOOp.a. 

Digital Equipment are the world's 
leading designers and manufacturers of 
mini-computers, a company with a 
growing turnover in the UK exceeding 
£50 million, a UK payroll of over 1,200 
people and a worldwide staff of over 
40.000. 

We are a progressive .fast moving 
company whose growth in 7 5 North 
European countries has been enhanced by 
the professionalism of the financial 
management team at our North European 
Headquarters in Reading, Berkshire. 

Continuing expansion creates the need 
to further strengthen that team by 
appointing an experienced Chartered 
Accountant as our European Internal 
Audit Manager. 

Travelling throughout the UK and 
Europe the successful man or woman 
will continue the development of our 
internal audit function, presenting audit 


Berkshire 


findings to various levels of management • 
and drawing up practical and effective 
recommendations for detailed business 
discussion and implementation. 

The position demands at least six years 
in-depth audit and accountancy experience 
— probably gained at management level 
in a major international firm of account- 
ants ora multinational industrial company. 
A working knowledge of French or German 
will be distinctly advantageous. 

Obviously, within such a successful 
and expanding organisation, your career 
potential is excellent. Your salary will be 
negotiable around £1 4,000 p.a. and the 
full range of fringe benefits includes 
relocation assistance where appropriate. 

Please write giving full personal and 
career details, quoting ref. 408, to:- 
Tim Pedder. Digital Equipment Company 
Limited, 2 Cheapside.Reading, Berks. 


Illlllllllllll SUBBED I BIBIII 



Earls court and Olympia Limited 


Director of Operations 

We are an integrated group of Companies at the centre of the 
Exhibition Industry and seek a director to take charge of the 
operation of our halls. 

Knowledge of the industry, although an advantage, is not 
essential, but the position will only be offered to someone who is 
already proven at a senior level in a related held. Necessary skills 
lie in tlie areas of planning, scheduling, man management, 
operational service to clients and project management of a 
substantial modernisation programme. 

Salary is negotiable from £10,000 p.a ; a company car is 
provided together with the usual benefits afforded by a 
progressive company. 

Apply in confidence with brief career details to J. S. Blacky 
Director of Personnel, Earls Court &. Olympia Limited, 
Olympia, Kensington, London W14SUX. 


\bUNG 

Fund Manager 

(FAR EAST) 

The Chieftain Unit Trust group was established in 
September 1976. Our four trusts, investing in both 
overseas and UK markets, have already attracted funds 
worth over £9 million— an exceptional rate of growth 
by the standards of the industry 

We are now looking for a young (probably mid- 
20s) Fund Manager, with experience in Far Eastern 
markets and in the Japanese sector in particular, to play 
a significant role in the next phase of our programme 
of expansion. The successful applicant will work in the 
stimulating and congenial atmosphere of a small but 
rapidly growing company based in the City 

Salary is negotiable. Please write with C.V to 
Mrs. C Carter, Chieftain Trust Managers Ltd., 
Chieftain House, 11 New Street, London EC2M 4TP. 



CHIEFTAIN 

T RU ST MAN AG ER 5 LI MITED 




SOUTH YORKSHIRE 
PASSENGER TRANSPORT EXECUTIVE 

CHIEF FINANCIAL 
OFFICER 

SAURY RANGE £10J3fr£l 1.929 

This new pose arises from a review of the Executive 
organisation following the retirement of the Director 
of Finance. 

The appointee w ill head the financial team of this major 
public passenger transport organisation and will be 
accountable directly to the Executive for ail aspects of 
the financial responsibilities of the organisation, with 
particular regard to the financial obligations of the 
Executive, in accordance with the Transport Act 1963 
and the financial policies of the Passenger Transport 
Authority. 

The ideal applicant will hold a recognised accountancy 
qualification and have had considerable commercial 
and/or Loaf Government experience at * senior 
management level and it is unlikely, therefore, that 
anyone below the age of 35 years will qualify. 

The post is superannuate and is subject to the con- 
ditions of service of the Joint Negotiating Committee 
for Non-Manual Employees of Passenger Transport 
Executives. 

Applications, quoting reference FT and stating full 
personal and career derails should be submitted to the 
Director of Industrial Relations. South Yorkshire P.T.E., 
Exchange Street. Sheffield, S2 5SZ ( Tel. 78688. Ext. 311) 
by 28th July. 1978. Further details are available oh 
request. 

& ■ 




Financial 

Controller 


(ACAorACMA) 


Halstead, Essex 


Part of Coming Glass Works, a large US multi-national corporation, we are the European. 
Medical Division involved in the development, manufacture and marketing of cl in ical 
instruments and diagnostic systems. • • _ 

Following a recent promotion we wish to appoint an experienced Financial Controller, 
responsible for the accounts in the UK, France, Germany and Hungary of Coming 
Medical Europe. .... 

Reporting di rectlv to the G eneral Manager, and with a staff of approximately ng, your 
department responsibilities will include accounting, data process arid O&M functions, and 
will deal with management reports, plant accounting, forecasting, fcmJget setting, export 
documentation and financial analysis of new business and acquisition opportunities. 
Candidates, men or women, should be qualified accountants aged between sS-40 with 
experience of communications with senior management. . 

The ability to speak French or German would be advantageous as would a Working - - 
knowledge of US accounting met hods and currency transaction practices.' 

An attractive salary and benefits package, including a car, will be offered in addition to 
unique opportunities for advancement with, our parent companies m the UK, Europe 
and the USA. 

Forfarther details and an application 
form, please contact Brian Murray, 

Personnel Manager, Corning Medical, X 

Coming Limited, Northern Road, w 

Chilton Industrial Estate, Sudbury, " 

Suffolk CO10 6 XD. Tel; Sudbury CQQf 

(07873)76481. TSr 






Director 



circa £15000 


The Oriel Foods Group has substantial interests in food retailing, 
processinganddistributioninlheUXDunagl977amajor/estrectur- 
ing was completed which released substantialfimds forreinvestment. 
At the same time profits doubled and turnover was maintained at 
JOSOfel 

The Director - Corporate Finance will report directly to the Grief 
Executive and will advise the Board on a strategy for the effective 
utilisation of corporate financial resources and will be personally 
responsible for the implementation of agreed plans. 

Intellectual and cTeati vefinancial skills of the highest order are called - 
for plus the ability to ope rate effective ly in a fast moving, decentralise d 
and highly professional environment Be/she wifi probably be a 
qualified accountant and must have demonstrated success in a similar 
role including personal involvement in negotiations on acquisitions. 

Terms are for discussion around £15,000 bid: are unlikely to be a 
restraining factor. 

There are excellent prospects for personal and career development 
with, the Group which is a subsidiary otllCA Corporation. 


0 


For further information please contact John Newnfiam, 
Director-Group Personnel, Oriel Foods Limited, 87 Great 
North Road, Hatfield, Herts. Telephone: Hatfield 6991L 









■' ci >?*, 

-4^-Sc ew' 


cc 



Department 


Treasury Analyst 

Sales Financing and Credit Departments 
require Treasury Analyst with an intelligent 
and imaginative approach to the 
development of operational systems 
Including computer systems and programs 
to ensure the effective utilization of the . 
diverse talents of the 34 specialized staff 
which services the world-wide distribution 
sales organisation. 

University degree in business admini- 
stration. 3-4 years' experience in finance 
export house of international bank; 
documentation section. . 

Banking Analyst 

A banking department presently operating 
with 12 employees requires a Banking 
Analyst to develop and instal computerized 
cash handling and cash forecasting 
procedures. An enquiring intelligence with 
a keen analytical ability is necessary to 
institute effective control of funds 
generated from this multi-national 
distribution sales organisation. The future 
for this Analyst in our organization Is 
unlimited and will only be dependant upon 
his/her ability to achieve a more senior 
position. 


University degree in busi ness admini- 
stration. 3-4 years' in international cash 
handling in a major bank and 2 years' in 
systems computerization. 

Sales Finance and 
Documentation Specialists 

Candidates should be well educated with a 
knowledge of export procedures, export 
credit control, documentaiyletters of credit 
export documentation and negotiable 
instruments. This responsible position 
involves maintaining and controlling Export 
Dealer Accounts, shipping documentation 
and credit facilities for shipments from 
various world-wide sources to our major 
export markets. 

Benefits include good salaries, and 
conditions of employment are excellent 
and Employees enjoy staff discounts on 
Company products. 1976 vacation will be 
honoured. 

Please send your curriculum vitae, 
complete with salary history to: 

Mr M Drew, 

Manager, Personnel Administration, 
Chrysler International SA, 

17 Old Court Place, London WB4PQ. 


w 


CHRYSLER 

INTERNATIONAL S.A. 


Financial Controller 

West Midlands — from £7,500-}- Profit Share & Car 

A major distributor of capital equipment requires a Financial Controller. 

Reporting to the Commercial Director, the Financial Controller will be 
responsible for the complete financial and management accounting 
function-. 

Candidates, who should be between 26 and 35 years of age, must have:- 

□ A recognised accountancy qualification. 

□ Extensive management experience. 

□ Systems knowledge gained in companies, using computer based 

systems. - - f.- 

□ Experience of costing systems.and procedures gained in an industrial., 

environment. ■. 

Initial salary for this career appointment is negotiable from t7500 and a 
company car will be provided. Other benefits include attractive profit 
sharing and pension schemes and assistance with relocation expenses, 
it required. . \ 

Applications from candidates of either sex giving brief personal details 
and career history and quoting reference F.T./208/F should be submitted 
in confidence to;- ' 


Turquand, Youngs & Layton-Bennett, 
Management Consultants, 

It Doughty Street, London, WC1N 2PL 



COMMERCIAL DIRECTOR 

HIGH TECHNOLOGY CONSUMER ELECTRONICS SYSTEMS 

Greater London £15-£20,000+ benefits 

An unparalleled opportunity to establish a new division from scratch, in 
clearly defined market areas, with a current substantial growth rate. 


Our Client: A major multinational with a wide 
spread of activities. The most important of 
which are in electronics and associated tech- 
nology. A new venture, currently being 
established, will aggressively develop the 
business areas of consumer electronics and 
associated commercial systems. A market share 
in this field approaching £200M within three 
years is anticipated. 

Your Role: The viral control of all commercial 
aspects of the new company which will embrace 
• product planning • market research • market- 
ing • technical liaison • sales. In essence, you 
will have total commercial responsibility for the 
division with an important interface with techni- 
cal management, and the ultimate success of 
the venture will inevitably reflect your total 
involvement. 


Our Ideal Candidate: A well educated and 
proven commercial /marketing manager with an 
understanding of high technology and a de- 
monstrable track record in commercial systems. 
The division's most important product range. 
We seek an entrepreneurial and determined 
character with the ability to create an entire 
business given the appropriate resources. The 
work will be multinational in scope, although 
based in the UK., and high personal qualities, 
particularly in diplomacy are needed. Preferred 
Age: 35-45. __ _ 

Remuneration: A generous package, of which 
salary will not be a limiting factor. 

ACT NOWf Please telephone for further in- 
formation to the Group’s adviser. Richard N. 
Goode on 01-388 2051 or 01-388 2055 (24 hr. 

Ansaphone). ' Ref; 243 


E Reed Executive 

The Specialists in Executive and Management Selection 


Chief Accountant 


Yorkshire 


to £9,000 + car + benefits 


Sants must be Chartered Accountants in their earV 30 s with an Industrial and 
commercial background. They should also have expatence of developing effective 
SmoutSfeed systems and of controlling staff. Definite Mure career prospects 
e“t within the Company and within the Group. Relocation expenses would be 

available in appropriate circumstances. 

Telephone 0532 459 78 1 (24 hr. service) Quoting Ref: 3299/FT . . Reed Executive 
Selection Limited, 24 - 26 Lends Lane, Leeds, LSI BLB. 

77ie above vacancy Is open to both mala and female candidates. . 


IMPERIAL COLLEGE 

(UNIVERSITY OF LONDON) 

uctureshipin mineral 
ECONOMICS 

of T^cturer ■" Uie Department of 
Mtnenl 50 ®" “K, Engineering (Raval 
Mwvf « «/«=») starting In THe 
.g*;.. ’S7S-79. Mineral 
cconomlcj ws been ^ major subject tor 
^nOursKJOMta and postgraduates at 
tltb rears, and the 

a ppolfMd candidate w.u be ca peered 
to w n . »l»u subject 

as «ll es .£¥ ™!!!L °“ l personal re- 
search , I, I 1 ®*£* K SC W,1|C * ol exploiting 
mtnergl The leaching require- 
ment Involves Jnnlltalion haste 

manayerti accounting and economics 
J l w r *^.,nr. r i ?? Ma911 situations. 
AtfanWincnB could be nude lor 
the sppO'MM candidate to preure 
material during .he summer. 

Tbe_WMl applicant will be In 
po iestjo n of MBA or eaulvalem. be 
between 2S ami so, an g nave it 
I” 51 ,n , Bn appropriate iub- 

,Mt * l 2 au, try or in teach- 

1*10 » gpiraDie but not essential. 
Opoortunkjes may exist for cSrauliIno 
worlK. salary win be in the lecturer 
scale £3.6W— -£,,3oa + Laso Lon- 
don allowance according u qualifica- 
tions. age and experience. 

Enquiries to. 

professor R. H, Pryor. 

Department of Mineral Resources 

Rarai School 0 f Mines, 

Imperial Co! hue. 

London SW7 2AZ. 


ACCOUNTANT 

BERMUDA • 

Ref: No. 36731 
Major Insurance Group 
requires a qualified 
CHARTERED ACCOUNTANT 
for their Bermuda office. 
Excellent conditions of 
service. 

Age group approximately 
27/35 years. 

Salary S1S.000 p.a. 
Please telephone m 
confi dence : — 

EILEEN MILLER 
I.P.S. Group 
(Employment Consultants) 
01-481 Sill 


EXPERIENCED 
LIFE INSPECTORS 

UNIT LINKED 

C £!k5S0 + COMMISSION -I- CAR 

ugentlr required tor E. Midlands. 
. Yorkshire and Uvarpooi. 

Preferred age 25-40. Good working 
knowledge of equity linked contracts. 
2-3 rears experience calling on orokers 
and a clean driving licence. 

. P,e *“ "'■“S hr*t Instance to 
M. LEONARD. Managing Dimetor. 
Ha I lam Hughes Recruitment. Phoonbc 
House. Cross Street. Manchester. 

■ Alt ^ e nquiri es will he treated In 
st rictest confidence. 


Corporate Finance 

Prominent International Merchant Bank 
seeks a Lawyer 

Our Client a distinguished and expanding International Merchant Bank, is 
currently looking to appoint an executive with legal experience to its highly 
professional Corporate Finance department. 

The position will involve responsibility for the negotiation and documen- 
tation of the department's activities which include acquisitions and inter- 
national investments,togetherwithE.C.G.D.financing,cross-borderleasing, 
and capital issues on behalf of the bank and its customers. Additionally ; the 
appointed individual will be required to assist in the development of new 
business and some travel will be involved. 

The successful candidate, probably late 20's or early 30's, is likely to be a 
lawyer with broadly- based experience of mergers and joint ventures, bond 
.issues and international tax and leasing acquired from within a firm of city 
solicitors ora merchant bank. 

This represents an attractive and progressive career opportunity with a 
highly regarded and developing City institution. 

Contact Norman Philpot in confidence 

on 01-248 3812 


NPA Recruitment Services Ltd 

60 Cheapside • London EC 2 Telephone: 01 - 24-8 3812 / 3 / 4/5 


Institutional Equity Salesman. 
Gilt-Edged Specialist 


Qualified 

Accountants 

London • Cardiff* Croydon - Exeter - Leeds 
Leicester - Liverpool * Manchester 
Potters Bar- Wolverhampton 

The Housing Corporation promotes and finances 
housing associations. Annually we are providing over ■ 
£350m m loans and grants to associations. 

We need .qualified end experienced accountants 
who will be engaged in the financial appraisal 
and monitoring of the performance of housing 
associations. Those appointed will also provide 
financial consultancy services to associations, prepare 
regional investment forecasts and administer grant 
procedures. 

Th esu ccessfu I appficants will work largely on tfjeir own 
initiative and wfll have sound investigatory experience. 
Excellent conditions include an index linked superan- 
nuation schema transferable within the public sector 
and relocation expenses may be payable. Starting 
salaries win be .£6,100-£6,580 (under review). In 
London there is in addition £435 London Weighting 
and in Croydon and Potters Bar £285. 

Write, indicating where you wish to work. Whh full 
details of yourself and your career to: Gordon Strang 
l net: aj ) Management Servicesjhe Housing Corpor- 
ation, '143 Tottenham Court Road, London WlP DBN. 

The Housing Corporation 


Investment Analyst 

and 

Investment Manager 

A leading investment management group 
requires an investment analyst to specialise 
in engineering and building shares. Some 
experience in these areas is required together 
with an ability to liaise closely with the 
portfolio managers. 

An investment manager is also required to 
assist in the management of international 
portfolios. Experience of overseas stock 
markets, particularly the Far East, is needed 
for this position. 

Salaries for these positions are negotiable. 
Please send c.v. and details of current salary 
to: 

Box No. ED. 4692 e/o Extel Recruitment 
Pemberton House 
East Harding Street, London E.C.4 

The names of any companies to whom the 
application should not be forwarded should 
be printed clearly on the back of the envelope . 


Recent expansion of our 
Institutional and Gilt-Edged 
Departments has created the 
above three vacancies in our 
City office. Pidgeon de Smitt is 
committed to the development 
of these areas and there are 
excellent prospects for die 
right applicants. 

Candidates must be 
enthusiastic and professional 
men or women with a record 
of success in one of these 
specialist fields. We have set 


no limits on age or formal 
qualifications as we believe 
that position and responsibility 
will be determined by 
experience and the contribution 
each individual can make 
within the firm. Salaries will 
be negotiable and competitive. 

Please send a full 
curriculum vitae to 
R. S. Russell, Senior Partner 
at the address below; 


uMentim, of tbs Stock Exchange 
Salisbury House, London Wall, London EC2M 5RT 


PERSONAL TAX ADVISER 

INTERNATIONAL GROUP 

Central London c.£10.000+bonus/benefits 

There has been a positive change in recant Tears in the character of the business of 
our client — one of the UJK.'s major industrial groups. This is particularly reflected in 
the growth of its overseas activities which now account for more than 50% of the totql 
t/o of £ 1,000m. 

The taxation function makes a valuable contribution to profits through sound 
planning and advice to management, and the Group wishqs to appoint an adviser on 
personal taxation. The post wil] provide the opportunity to develop wider skills, but 
proven ability in this field is essential. 

Candidates will probably be in their late 20's or 30‘s and should have gained 
relevant experience in industry, public practice or the Revenue. This appointment will 
naturally entail contact with senior management and there are excellent promotion 
prospects within the Group. 

For detailed information, and a personal history farm, contact 
Ronald Vaughan ACMA or Nigel V. Smith ACA quoting ref. 2196. 

ConTiiercial/mi^WMr 
Douglas Llambias Associates Ltd. 

A: =f -3‘ .it- it Ma^Tomml Rrcn_-jr. T.-r! , .».l!9 l 
410 Suun Lr=don WCaiONF T'! 

I?],?!.*- f..* n* Outflow 
H, Ccm‘..b?l^e l Ert : nh m.m KH3 VAA. I. ■- U31-i25 T.M-i 





E.B. SAVORY MELLN 

& CO. 

PRIVATE CLIENTS’ DEPARTMENT 

Excellent prospects exist for an experienced 
Partners Assistant, with the certainty of 
being required to assume a considerable 
degree of responsibility £° r Portfolio 
Management. 

Candidates must be well-educated, have the 
requisite first-hand experience, and will 
probably be aged 24-2S. 

Applications in writing only, including 
curriculum vitae, to 

N. Pearson 

E. B. SAVORY MlLUy 
20 Moorgate, London EC2R 6AQ 


Jonathan Wren • Banking Appointments 

^■jj The personnel consultant dealing exclusively with the banking profession 


Senior Executive -Eurobonds £ High 

Eurobond Settlements Dealer to £5,000 

Trainee Corporate Finance (MBA or 

Equivalent) • £6,000 

Trainee Lending -Graduate Clearing Banker . .£5,000 

Credit Analyst to £8,000 

Senior Loan Administration * to £7,000 

Financial Accountant (ACA) . £7,000 

Auditor-newly-qualified c. £6,000 

Pensions Administrator .’....£ Negotiable 

Foreign Exchange Broker (with French and 
German) £10,000 

Local Authority- Interbank Brokers £ Negotiable 

Foreign Exchange Positions Clerk (20H-) £3,500 

Contact: Richard J. Meredith or David K. Grove 


170 Bishopsgate London EG2M 4t5t 01-623 1266/7/8/9 





Financial Times Thursday July 13 1978 



for a major retail organisation in the provinces employing over 
5 3 000 people with sales approaching £200 hl. 

Responsibility is for the whole range of employer/employee 
attitudes and relationships, leading a process of rapid change 
whose outcome is crucial to the company’s commercial success. 

To develop and project positive IR thinking throughout the 
company; to think through and plan manpower needs from 
recruitment to retirement; to provide a considerate staffing and 
employment service - these are but three of the key areas. 

Candidates must be seasoned personnel professionals, creators 
as well as practitioners, with both the stature and the 
experience required at this level. 

Salary indicator £20,000 with matching benefits. 

Please send relevant details — in confidence — to 
D. A. Ravenscroft ref. B.25462. 


This appoinonmi is opat la rma and amen. 


United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland USA. 


Intemational Management Consultants 
474 Royal Exchange Manchester M2 7EJ 


Divisional Manager- 
Western Europe 


High-Qudity CmmmierProdiicts 


The challenge, scope and responsibility of this appointment call for 
exceptional talent and specific experience in directing the marketing 
of quality consumer products in Europe. The company is a world 
major, producing and marketing a variety of famous brand-names. 
The Divisional Manager will control, motivate and monitor the 
performance of experienced area managers in key locations covering 
all countries of Western Europe, excluding the UK and Eire. He 
will be responsible for sales forecasts and marketing budgets within 
his overall accountability for the sales performance of existing and 
new brands marketed through the distribution network. 

Fluent French essential, other languages desirable. Success could 
lead to wider responsibility in the medium term. Candidates, aged 
35 to 45, must have successful general management or senior 
marketing management experience of quality consumer products 
in European markets. They must have managed a sales force on the 
Continent. 


Starting salary negotiable around $40»000 p.a. equivalent, possibly 
higher; car and usual benefits; location, Brussels or possibly the 
Hague; re-location assistance. 

Please send brief career and other relevant details including salary 
- in confidence - to S. W. J. Simpson ref. B.38272. 


United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.SA 


International Management Consultants 
17 Stratton Street London W1X 6DB 



Reed Executive 


The Specialists in Executive and Management Selection 


Financial Controller 


Berks 


Director Designate 


c £10,000 + car 


This prominent forwarding agent, already servicing some of the UK’s largest 
exporters, is about to embark on a major expansion programme. Us top manage- 
ment is being strengthened, with particular emphasis on strong financial support. A 
top calibre Qualified Accountant Is required to be responsible to the Managing 
Director for all accounting, financial, legal and company secretarial matters. You 
will need to know the money market, be able to develop improved computerised 
remote batch systems and have that keenly tuned commercial mind so necessary 
in this demanding but interesting business. Excellent Board prospects within 1 2 
months. 

Telephone 01-836 1 707 (24 hr, service) quoting Ref: 0466/FT. Reed Executive 
Selection Limited, 55-56 St Martin’s Lane, London WC2N 4EA 


The above vacancy Is open to both male and female candidates. 


London Birmingham Manchester Le*ds 


A Senior 

Accountant 


Berkshire 


The task calls for chartered or certified accountants ideally in 
their mid or late 30’s, who have gained broad accounting 
experience in medium or large manufacturing companies and 
are commercially orientated. Salary is negotiable from 
£12,500 plus car, pension jand BUPA. 

The company concerned is a major British public group ^ 
Whose worldwide turnover is well in excess of £500m. It is 
divisionalised and the appointed candidate will participate in 
policy formulation and execution; there are excellent 
prospects of advancement within the function or into general 
management. 

Please write-in confidence - to J. M. Ward ref. B.41343. 


TZw, oftfpipnxiwi is irtxat to gen and tzamau 


United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.SA. 


International Management Consultants 
17 Stratton Street London W1X 6DB 


Banking 

Consultants 


A leading international computer consultancy is expanding its 
Finance Division which already employs well over fifty 
professional staff. Banking Consultants work in conjunction 
with systems specialists to advise clients at home and abroad 
and help to specify, sell and implement a wide variety of 
banking and other financial systems. 

Candida tes should have specialist banking or systems 
experience. 

Salaries will depend on qualifications and experience but will 
be negotiable up to £12,000. Pension scheme. London base 
with some overseas travel. 


Please send brief details -in confidence- to David Bennell 
ief. B.43549. 


Tkuappoinmaaisopavtacnandtzama. 


United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.SA. 


International Management Consultants 
17 Stratton Street London WlX 6DB 


IH Reed Executive 


The Specialists in Executive and Management Selection 


General Manager 

M.D. Designate 

Northants/Bucks/Oxon Borders c £1 2,500 + car 


This well established manufacturing company is unique in its international trade of 
high class soaps and other fine toiletry products; it has two Royal Warrants, is a 
private company and consequently not controlled or influenced by any large 
combine, and is completely self supporting in Its manufacturing, designing, pack-. 
aging and marketing etc. A General Manager, aged about 35, is to be appointed to 
control the production from the U.K. and Australian factories and sales and distri- 
bution to over 60 countries. Leadership, business acumen and a proven track 
record are the essentia! ingredients for this senior position where the successful 
candidate could become Managing Director in due course. 

Telephone 01-836 1 707 (24 hr. service ) quoting Ref: 0205/FT. Reed Executive 
Selection Limited, 55-56 St Martin's Lane, London WC2N4EA 


The above vacancy is open to both male aid female candidates. 


London Birmtngnam Manchester Leeds 


Bankers Trust International seek 
International Securities Dealers 


MMOAL DIRECTOR DESIGNATE 


£7/8,000 


Middlesex 


As part of the overall development of our international capital market 
trading aaiviiics we have vacancies lor the following self-motivated and 
professional individuals: 


ASSISTANT FLOATING RATE NOTE DEALER 


ASSISTANT FIXED INTEREST RATE BOND DEALER 

Both these positions cany a large degree of responsibility and commen- 
surate scope for career development. An opportunity also exists lor eventual 
overseas assignment. Your basic qualifications and abilities will be matched by 
a generous compensation package including home loan mortgage, personal loan 
and bonus schemes. . 

In the first instance please write, enclosing a full C.V. to; 

Mr. J.?. Dun lord. Personnel Outcep Bankers Trust International Limited, 

56-00 Nek' Broad Street, London EC2M UU. Tel: 01-5SS 7131. 


Our client is a n es tablished manufacturer of specialist capital equipment for 
the packaging industry with turnover around £3 milli on, part of a private group. 
This new appointment arises directly from rapid pv pa rising and further 
planned growth, particularly in exports. 

The successful candidate will assume full responsibility for ail aspects 
of company financial matters; in addition he/she will control data processing 
and personnel activities. 

Candidates must be well qualified, self-motivating and be able to accept the 
high level of responsibility required. The ability to develop financial and 
managerial controls and information compatible with the company’s growth is 
most important 

This position will ideally suit a* person with sound financial management 
experience, preferably in capital goods manufacturing, and probably in the age 
range 30-45. Promotion to full Directorship can be anticipated within 
6-12 months. 

Send full details of career to date, in full confidence and quoting reference 
MF 8308 to: 


BANKERS TRUST INTERNATIONAL LIMITED 


nai BB ■■■ bb Handley- Walker Co.LttL, 

Handley-Walker esss® 6 - 

» Tel: 021 643 64Z2. 


Offices in London, Birmingham & Overseas. 


Assistant 

Financial 

Controller 


Surrey 


£10-12,000 


Fora holding company formed to co- 
ordinate and monitor. the activities of 
a number of major manufacturing 
companies which have recently been 
merged into one group. Turnover is 
approaching. £1bn. and profits are 
over £50m. 


This is a new appoiniment to assist the 
financial controller by overseeing the 
work of the financial and management 
accountants, participating in the prepar- 
ation of corporate plans, advising on 
inflation accounting and employee reports 
and carrying out special studies. 


Suitable candidates, of either sex, will 
probably be in their mid-30's, and must be 
CA, CCA or CMA with experience at a 
senior level in the finance function of a 
substantial group in commerce or industry, 
preferably contracting. 

The group is expanding from a sound bass 
and the position promises to be stimulating 
and rewarding. 


Write in confidence, quoting reference 
3352/ L, to M. J. H. Coney. 

Peat, Marwick, Mitchell & Co., 

I Executive Selection Division, 

I 165 Queen Victoria Street, 
Blackfriars, London EC4V3PD. 


CHIEF SUB EDITOR (FINANCE) 
CEEFAX 


The CEEFAX financial service Is designed tq provide 
a constantly -updated report' pn"jrf>e; worfd of" 
business and finance. It' is 'not aimed' '4c the pro- 
fessional dealer so much as tfye-jrurel bank ; manager 
or solicitor with funds to . invest,, at 'the. trade 
unionist- appointed - to a- P-ansjoji. Funds committee, 
and at the intelligent “investor. The work will 
involve operating an electronic keyboard and in- 
putting financial news and information, received 
from the BBC's own sources and- from the financial 
agencies, directly into a computer for immediate 
broadcasting. 

The two financial staff operating this service are. 
first and foremost, sound financial journalists, but 
with the common touch that enables them to 
explain complicated financial stories within the 
brief CEEFAX " page ”. They should be full of ideas 
for expanding a completely new form of broadcast 
journalism. They work closely with the BBC's main 
Finance Unit at Breadcasting House, and candidates 
may be asked to take a voice-test for radio work. 
An undemanding of the strengths and weaknesses 
of the CEEFAX format would be an advantage. 

Hours: Monday to Friday, but with shifts covering 
8 a.m. to 10 p.m. Based at Broadcasting House. 
Salary: £5,970 pj. (may be higher if qualifications 
exceptional) x £255 to £7,500 p.a. 

Telephone or write immediately for an application 
form (enclosing addressed envelope and quoting 
reference number 78.G.2383/FT ) to Appointments 
Department. BBC. London W1A 1AA. Telephone 
01-580 4468 Ext. 4619. 


OIL ANALYST 


ROWE RUDD & CO. LIMITED 


Rowe Rudd is seeking an oil analystto augment its 
existing coverage of the international oil and energy 
industries. The ideal candidate wifi be well 
experienced in the oil sector, either through work In a 
financial institution or in the industry itself, and 
should be capable of lucid presentation of ideas both 
verbally and in written form. We offer a work 
environment which, while demanding, provides 
considerable scope forthe individual to shape the 
development and presentation of his/her research 
product The remuneration package is attractive, and 
could involve a five figure salary depending on the 
candidate’s experience. 


Applications in strict confidence to 
G. P. Kelly Esq. 

Rowe Rudd & Co. Limited 
63 London Wall 
London EC2M 5UQ 
Telephone 628 9666 . 


CHIEF 


ACCOUNTANT 


. Between jobs 


Age 

28-35 


£1,000/£1,250 

per month 


A.CA. or equivalent required at Waterloo 
office as Chief Accountant for light engineer- 
ing quoted company in post-turnround situ- 
ation. Must have clear record of success, top 
management potential, earned more than 
£8,500 per annum, and be immediately 
available. 


Six months’ assignment, with -possibility of 
permanency. 

Apply: 

BUBNHELD ASSOCIATED LIMITED 
2nd Floor, Mercury House - 
117 Waterloo Road, London SE1. 


safe* 


M 








■151 


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...... . TV, 

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i 

'•If. 


Financial Times Thursday July 13 1978 





Financial Controller 

£9,000+ car 


This is an attracts# opportunity for a young, commercially minded Accountant to 
make a very real contribution to the development of a well-known and successful 
enterprise. Atcost both manufacture and construct a range of standard and one-off 
buildings based on concrete and steel frames. The Group has four factories, employs 
650 people and current turnover is approaching £15M. Control of the company has 
recently been acquired by the executive directors who have ambitious plans for the 
further development of the Group, 

The Financial Controller will be responsible for the total financial function - nom 
forecasts, budgets, institutional contacts, and cash management to board reporting, 
financial control and the operation of an advanced management services/O P* 
installation. 


■The ideal person will be aged 28-40. a qualified A.C.M.A. (as a minimum), with 
first-class experience of both financial and management accounting using computer 
techniques over a wide range of business problems. He/she will have a positive 
outgoing personality and enjoy the commercial pressures of developing a business. 

The initial remuneration wilt be a package of salary plus bonus amounting to £9,000 
plus a company car. It is envisaged that a board appointment will follow in due course 
and at that stage them will bean opportunity to acquire a significant shareholding. 


Location : Tunbridge Wells. 

Please contact as soon as possible : 


Philip Plumbley 


Plumblay/Endicott &.As*oeiates Limited, 
Management Selection Consultants, 

Premier House, 1 50 Southampton Row, 
London, WC1 B 5AL. Tel : 01 -278 31 1 7 


'* ‘****£ivE| 


NewYork ; c.$32,500 


A major British Group with di- 
versified interests, wishes to appoint 
an ambitious young Accountant to 
manage and co-ordinate the account- 
ing function and provide a financial 
control- service at its New York 
odicc.* A particular responsibility will 
tic to supervise the accounting aspects 
of a computerised order processing 
system which is shortly to be intro- 
duced. 

Applicants should be aged 50-55 
and be qualified Chartered or Certified 
Accountants. Sound professional ex- 
perience is essential and this should 
iticluwle computerised systems, man- 
agement accounting with ‘B’ control 


cash forecasting, and man management. 

A three year contract will be 
offered with a salary around $jz,joo 
per annum and an attractive benefits 
package. The position will offer 
excellent future career prospects with- 
in the Group, either overseas or in the 
U.K. 

Write with full details of experience 
to Position Number AGY 6874 
Austin Knight Limited, London WiA 
IDS. 

Applications are forwarded to the 
client concerned, therefore companies 
in. which you are nut interested 
should be listed in a covering letter to 
the Position Number Supervisor. 


QvkI advertising 



\ 


[ 


a. .2 

ri 

■’ r 


Portfolio Manager 




*• Si 

: W’ « 


Cnmhill Insurance is a medium sized composite company with a 
1977 premium income of £84m. and present funds under 
management of around £130m. The company is a member of the 
broadly based Thomas Tilling Group. 

The Investment Department wishes to recruit a Portfolio Manager 
in join its small team reporting, directly to the Investment Fund 
Manager. Funds under management are growing substantially 
and the position offers excellent career prospects. 

Whilst the main responsibility will be for the company's U.K. fixed 
interest securities, applicants should either have, or wish to gain 
experience of other markets. Knowledge of Investment Trusts 
would be especially welcome. 

Candidates should have five years’ investment experience. A degree 
nr equivalent professional qualification is desirable but not 
essential. 

A competitive salary will be offered and fringe benefits include 
low cost mortgage facilities and a company car. 

Applications in writing giving details of age, qualifications, 
experience and current salary should be addressed to: 

Mrs. J. Rubin, Personnel Manager, Comhiil Insurance Co. Ltd., 

32 Cornhill, London EC3V 3U. 





Cornhill 

Insurance Group 


c o 


ODIT I ES 




‘ ‘ v 


A CAREER IN C 0 RK 5 RAIE RANKING 

Marketing Officer- 
Commodities 


We are seeking a Banker to join our vrell-establistiEd Cktomodlty Finance 
Group within the Corporate Bank based in London. 

Ideally you have credit appraisal experience and -well developed 

marketing skills, possibly gained in another bant or shaflar financial organic ' 
atlon. An. accounting or business degree background would be an advantage. 
Most importantly, you should he strongly self-nioiavat^wiiiing to use imuattre 
and rapid in learning new techniques. For this particular post tfefe ideal candidate 
will have a working knowledge of the London Commodity Markets. We are also 


ring rrrr» TnnnnH junyoii«u ur am* — w .. — 

This is a senior post and we are offering an appropriate salaiy and benefits 
which will bo negotiable. Career prospects are excellent, 
and there vrill be scope to advance into abroader manage- 
ment role indnecourse. The llkriyage range ofappheants, 
male or female, is expected to be 34-40. 

Please write in the first instance, giving full 
details of your career to date to; Tarry Jones, 
Assistant Vice President, Chemical Bank^ Chemical 
Bank House, 180 Strand, London WC2. 



CtewcAiJliK 




13 


Conlroler 
Audit Services 


Central London Base 

Up to £14,000 
+ Benefits 


The objective ts to establish, develop and 
run a small centra! audit department in a 
prominent and complex organisation. 

All aspects of review are involved — 
operational, financial and management 
— initially with the emphasis on the 
controls and security of dispersed and 
sophisticated computer systems 
The audit function will have reporting 
freedom to the highest authorities. 


A Chartered Accountant, aged between. 
30 and 40, is sought who has experience 
of auditing computer based systems. 
Applications, which will be treated in 
strict confidence, should contain relevant 
details of career and salary progression, 
age, education and qualifications. 

Please write to A.C. Crompton quot- 
ing reference 719/FT on both envel- 
ope and letter. 



Haskins 



Management Consultants 


, 128 Queen Victoria Street; London EC4P 4JX . 


Managing Director 

Insurance Broking 


A well known and successful firm of Lloyd's Brokers 
is seeking a Managing Director 10 consolidate and 
expand the company’s business. 

The person appointed should be between 35 and 45, 
have a strong marketing flair, the ability to enthuse 
and motivate staff and an excellent understanding of 
. modern business administration. 

Candidates are likely to have been in insurance 
broking for most of their career, preferably in not 
more than three companies,., with considerable 
experience of general insurance. A knowledge of 
broking operations in Europe or North America 
would also be an asset. They are now probably a 
director of a leading firm of brokers with the 
ambition to manage their own company. 

The negotiable remuneration will be commensurate 
with the applicant's experience and sufficiently 
attractive to motivate such a person, including 
excellent fringe benefits and the opportunity for 
further advancement in the main group. 

Replies in confidence, quoting reference A/I DIO, to:— 
David Sheppard 





DAVIO SHEPPARD & PARTNERS LTD. 

Management Consultants 
21 Cleveland Place 
St James's, London SW1Y6RL 




MmlmntBmik 

Senior 




Credit Analyst 


>>>■ 


HAWKER SIDDELEY 
POWER TRANSFORMERS LTD 


CHIEF 

ACCOUNTANT 



Hawker Siddeley Power Transformers Limited. 
London E.I7. is a leading manufacturer of power 
transformers in the United Kingdom. A senior 
vacancy has arisen for a qualified Chancered 
Accountant or equivalent with at least five years’ 
commercial or industrial experience. 

The person appointed will report to the 
Finance Director and wifi take responsibility for 
the preparation of monthly and annual << financial 
accounts, the day-to-day Control of the financial 
and cost accounting function and have the ability 
to direct and motivate staff under his/her control. 

The salary offered and conditions of employ- 
ment are commensurate with the responsibility of 
this post in a progressive and well-established 
company. 


Please apply in writing, giving full career details to: 
Mr. K Myles, Personnel Manager, 

Hawker Siddeley Power Transformers Ltd., 

Ful bourne Road,. Walthamstow, 

LONDON E17 4EF 


Precious Metals Analyst 


ti roautrtd by a commission house which lx expanding its 
research department. Applicants prohably In ftieir late 20 s 
should have an economics decree and experience tn gold and 
silver. Solan* Is iwratixble. up 10 E3.W0, but could exceed iliu 
(or someone omsumdiag. 


Eurobond Research 


An InternillonaJ investment bank «n*h to recruit s recently 
qualified economics or maths gradual*, with drive and Imagina- 
tion. to develop research tnto the Eurobond Market. Salary: 
ctyw but more lor someone ouunandinc. 


enquiries are treated In the strictest confidence. 


Telephone or write ts Sunken Sherbourne. J. Farqutuurswi Lid., 
7. Gresham Street London. E.CJZ. Tcieahana: in -247 UBL 


JFL 


RECRUITMENT CONSULTANTS 



ASSISTANT TREASURER 


A substantial and progressive City based Group, (ship 
broking, ship owning and insurance broking), requires 
an Assistant Treasurer, experienced in handling large 
cash movements and dealing with British and foreign banks. 
Age Is flexible bat an understanding of banking and foreign 
exchange procedures and regulations is essential. Salary 
is negotiable around £6,000. Usual large company benefits; 
apply. 

Applications in confidence, quoting reference 6259 to: 

D. G. Muggeridge. 

MERVYN HUGHES GROUP. 

2/3 Ctusltor Street, London EC4 1NE. 

Tel: 01-404 5801 


Hill Samuel & Co. Limited are seeking 
the early appointment of a Senior 
Credit Analyst to join a small team 
with responsibility for specific 
geographical areas. 

Applications are invited from 
candidates, preferably graduates in 
their mid 20 s, with relevant experience 
in a Clearing Bank, Accepting .House 
or major American Bank. Our 
requirement, is for a resourceful banker 
capable of being fully involved in all 
aspects of business ofthe Bank's 
existing borrowing customers. He lor 
she) will be expected to make an all 
round contribution to the discussions 
leading to the Bank's lending 
decisions. We are unlikely to appoint 
an analyst not having the demonstrable 


ability and potential to aspire to tin* 
levels of more senior Lending 

^Management positions. 

Salary will be negotiable depending oil 
experience and qualifications. 
Excellent company benefits include :i 
non-contributory pension scheme aiul 
free life assurance, subsidised 
luncheon and house purchases' ’home. 
Candidates should apply in writing 
with brief dot ails of their personal 
history , qualifications and experience 
to:- 

P. G. S. Cnulson. ^ 

Hill Samuel & C’o. Limited. 

100 Wood Street . 

London EC2P 2A-J. 


PI 

ra 

[1 

H 




VS 


Group Economist 


John Laing seeks a Group Economist for the Corporate Planning Department. This 
is a challenging post requiring the abilityto make a real contribution lo ihef urther 
development of the Group and advise top management on the implication of 
economic changes. The successful applicant will be a member ot a small warn 
involved in economic appraisal, policy planning, project evaluation and market 
research and may also become involved in consulting projects abroad. 


The activities of the Group cover all types of construction and th9 manufacture of 
building products both In the UK and abroad. 


We are looking for someone probably late 20's orearIy30'swhhagoDd degree in 
economics. The applicant should have some years' practical experience, be 
articulate and presentable and have the confidence and capacity to co-opera le 
successfully with senior operational management. 


Competence in report writing for businessmen is essential. We are looking lor 
someone prepared to become involved in a wide range of tasks and exercise 
imagination raiherthan produce mechanistic market forecasts. 


This appointment carries an attractive salary plus conditions of service that 
characterise a leading and forward thinking company in the construction industry. 


Please apply with brief details to: 



M. Fowler, 

Personnel Manager, 

Group Personnel Services, 
John Laing and Son Limited, 
Page Street, Mill Hill. 
London, NW72ER. 


Group Accounting 

Salary to £7,500 + bonus 


Central London 


BICC is the largest organisation in the 
world with complete facilities for re- 
search. manufacture and contracting in 
the transmission of electric energy for 
power and telecommunications, it also 
has significant world-wide interests in 
civil, mechanical and electrical engin- 
eering. 


Suitable candidates will be qualified 
accountanls with experience of the 
consolidation ol accounts for an inter- 
national yioup of companies. 


Following a reorganisation ofthe Group 
Head Office Finance Function, a qualified 
accountant is required to join a section 
of the ChieF Accountant's Department 
which is primarily responsible for the 
organisation, operation and improvement 
of the group consolidation, preparation 
of group published accounts and for 
monitoring and advising' group com- 
panies on such matters as compliance 
with Accounting Standards. 


Conditions of servire are consistent with 
those of 3 major international group and 
include performance related bonus 
additional to basic salary and 24 days 
holiday. Assistance with re-location 
expenses is available. 

Applicants aie invited to write giving 
brief details of age, qualifications and 
experience to: — 


Mr. C. Garnett, 
Personnel Manager, 
BICC Ltd., 

21 Bloomsbury Street, 
London WC1B3QN. 



Oil Concession Negotiator 


We have a position for a person with oil industry 
knowledge and Portuguese or Spanish language 
skills to live in West African country for 2 to 3 years. 
Duties emphasize negotiating oil and gas concessions. 
We will provide some training. Salary commensurate 
with experience. Several trips per year from Africa 
base to Europe and U.S A. 

Send resume tn 

ARGOSY CORP-. P.0. BOX 14440, 
OKLAHOMA CITY, OKLAHOMA 73114, U.S.A: 


EXECUTIVES 

Over £10.000 


ffyou are inthe job market 
now we a reltere lo help. 
Our clients don’t wait lor that 
magic advertisemenl lo 

appear - with theaid of 
experienced counselling and 
the use of our promotional 
services they get there first 


ECONOMICS CORRESPONDENT 

The Investors Chronicle, Britain's leading financial weekly, 
is looking for a young journalist to write on economic and 
political topics. 

Command of economic theory is essential. Practical experi- 
ence would also be an advantage, particularly in government 
or trade union research, or in finance or industry. Ability 
to write clearly and simply is more important than formal’ 
journalistic experience. 

'Apply to the editor. Investors Chronicle. Greyitolce Place, 
Fetter Lane, London, EC4A 1ND. 


Invest in your own future. 

Percy COUTTS &Co" 

01-839 2271 


■ 140 Grand Buildings-Trafalgar 
E Square, London WC2. 

H Notan agency but Europe's 

■ most experienced job search 

^ organisation. 


APPOINTMENTS 

WANTED 


FINANCIAL MANAGER 
GENEVA BASED 
CHARTERED ACCOUNTANT 
with 12 jnwn exptrionee throughout 
Europe, available an part-time buu m 
participate in muugament of Can- 
(inrnial tublidiarirt of UK. <emp*niat. 
Write Box A .641 3 „ Financial Tlm<*. 
10. Canaan Street, EC4F 40 Y. 


Investment 

Management 


A leading investment management firm in Edin- 
burgh has an outstanding -opportunity in its Far 
East department for someone with initiative and 
ability. 


The ideal candidate will be a graduate and/nr 
accountant with about two years’ experience in 
the securities industry and may or may not have 
had previous experience of the Far East. 

The successful applicant will receive an attractive 
remuneration of salary and profit-sharing bonus 
depending on qualifications and ability. 

Apply to Janies Laurenson 
IVORY & SIME LTD. 

1 Charlotte Square, Edinburgh EH2 4DZ 
Telephone: 031-225 1357 


A £?jHS 2 p , uhllc company Id look- 

no lor two top calibre p*r»"» iq 
!f uw h *** a successful 
round. SI nr* Joining this .ndustry 
£*2* similar advertisement in 1975. I 
SR,.-™* , j" ««»» Ol £2.500 per 
monim Could you b* (hat same person 
lookinp tor a similar □□partunitv’ IF 
ana you are In (he London area 
4 ^r=a b i B i WBe J. - 5 “ 1 5. PlMW wriie 
Bo« A.R414. Financial Times, 
Cannon Siren. EC4P ftar. 


10 . 


ANNOUNCEMENTS 


M na.4? H WKir^ H K!£T°i^ Formerly w»h 
**«*'«*» Ltd., ha* no* 
iprmco _nis own romoanv JOHN 
CHIVERTON ASSOCIATES LTD., a 
K T ”"1fl..* lia - recruitment eorsultmev 

mSSSnE* b,b Bankln “ >na Cin 


Accountancy/ 

Bookkeeping 

Salaries £2,000-18.000+ 

JuM nii?. write or rail !« cc.C ol ouf 

Free Lists 

r.l .jr.ii.Lir-, -v . jli.-I - |. ; [ -.?• ] 

Commer ce ft Industry (Ur. -’/mus] 

L»l KFiU 1 .' i-i.-C’O-it.i.'L'O 

psrt-qmiifiod.'Experifficed 

Tho Profession v 11 ' 0 .-r. 1 . 

U-t F* iCv i.;. .''aj-i *•>■'! 

Fa.' h.jj ii v.vw A, i n> . _-if 

Ar«ir ,*•• -V , j*. ; ,■» t f 

Tel: 01-A?S 3833 


y - 





14 


'^andal^imes'Thm'Sday 'Jdly'* 13:1378 




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Someone could do with a bit of 
refurbishing by Bovis 


Refurbishing is about fitness for purpose} and that's 
something} let’s face it, which some buildings just aren't 
born with. But generally it becomes necessary because 
ideas about purpose have changed. And it's not only 
Vicrorian office buildings that need cot: version. Take the 
theatre: ideas here have changed a lot too. 

Thar’s why the Theatre Royal at Nottin gham was 
such a challenge to Bovis. Wing space, scenery dock, and 
dressing rooms all had to be replaced completely. The 
“gods” had to be given a less vertiginous rake. There 
was a need for a complete ventilation system (it's been 
squeezed into the gaps above the ceilings), a new 
orchestra pit and a new stage lift. 

None of it was made any easier by the caves which 
threaded the sandstone subsoil, or by the need to fit the 
whole job in between one panto season and the next. In 
practice this meant that work on stage one had to h^gin 
while shows were still going on, and roof preps had to be . 
positioned to take account of the choreography of 
“Oklahoma”. 


theatrical production and still to fit into the old theatre 
envelope”, is one consultant’s comment. Bux, if we may 
quote one of the others, “Bovis are doing jolly well”. 


Rtygit C omtn ictio n T-imiyrfj 

Bovis House, Northolt Road, Harrow, Middx, HA2 OFF.. 

Td: 01-422 3488 Telex: 922810 

Please send me details of your services 

Name 


Company 


Address 


Bovis 


? .^-r Tel: 

Ftfty year w of 

m. professional btuUmf: 
1928-1978 

fvK WT4 . 


‘It has been difficult to allow for modem methods in 


:II 


v From the report on the Balance Sheet for the 
year ending December 31, 1977, the following 


figures (in thousand million lire] are noted: 


Balsncs 

•heat 

197B 

CAPITAL 10 13.0) 

CAPITALIZATION ISSUE 7 

LEGAL AND EXTRAORDINARY RESERVES 1 3 (5.5) 

NET PROFIT 112 (32) 

TOTAL BILLING 505 (1762) 

ORDER PORTFOLIO 1397 (2462) 

NUMBER OF EMPLOYEES 1624 (1568) 


HALIM PI ANTI /s a company specializing In plant 
engineering: the design and construction of 


engineering: the design and construction of 
Indue trial components and systems consisting of 
two or more Integrated units, each of which . 
requires the services of specialists in a given 
technology. 


PLANTS COMPLETED OR UNDER COMPLETION 

IN 1977: 


ITA LIMP] ANTI has been stepping up its 
cooperation with the companies belonging to 
the IP hFinsider-Finmeccanica CROUP with 
special regard to marketing, production planning, 
research and technological development in order 
to provide a complete range pi plant services 

from engineering to construction. Including 
assistance to the client for the start up end 
operation of the new plants as. well as the training 
and qualifying of newly-engaged personnel. 

Its services also Include assistance in . resolving 
financial, commercial, purchasing and 
organizational problems. 


Iron and Steel: 

steel complex at Bandar Abbas (Iran), having a 
production capacity of 3 million tons of steel per 
year. This is a complete project which extends 
from the ship loaders to the dispatching facilities 
of hot and cold rolled products and includes 
a sea water desalting plant, a pelletizing plant, 
an electric furnace steel plant and continuous 
casting, hot and cold rolling mills, infrastructures, 
housing facilities and services for technicians 
and contractors’ personnel, for a total weight of 
machinery, equipment and materials of about 
400,000 tons; 


ITAUMP1ANTI plays an active role in many 
industrial sectors: iron and steel, non-ferrous 
metals, ecological projects, cement factories, 
desalination, energy, food products, shipyards.- 
car Industry, mine engineering, regional 
industrial planning. 


IT ALIM PI ANTI has further extended its 
organization abroad and. besides the branch 
offices In Buenos Aires (Argentina), Tehran 
(Iran). Mexico and Kinshasa (Zaire) and 
’the itaflmpianti-owned companies 
zuch as Italimpianti do Brasil (Rio de Janeiro 
and Sao Paulo) and liallmplanU-Deutschfand 
(Dusseldorf. West Germany), can now number 
the following joint ventures: Iran International 
Engineering Co. (/ R/TEC ) in Iran, Teen icon- 
Impiantl e Tecnologie Congiunte with U.S.S.R., 
and Egitalec-Egyptian Italian Engineering & 
Construction in Egypt. 


one blast furnace with a hearth diameter of 
10 5 m, raw material storage yards, two stackers/ 
reclaimers for Piombino steelworks (Italy): one 
700,000 t/y BOF plant for Nlkex (Hungary): 
stacking and reclaiming machines for: C.V.R.D. 
(Brazil), N.I.S.I.C. at Ahwaz (Iran) and Ensidesa 
(Spain); rebuilding of No. 1 and No. 2 coke oven 
batteries. Italsider-BagnoU fftafyj; ship loader for 
Minerapao Rio do Norte (Brazil): 

walking beam furnaces: one 50 t/h for Cogne 
steelworks, one -160 t/h for Dalmine steelworks, 
one 110 t/h for Acclaierie di Piombino, one 
100 t/h for Ferriere Nord of Osoppo, one 160 t/h 
rotary hearth furnace for Dalmine steelworks and 
a pusher-type reheating furnace for /taisider- 1 
Taranto (Italy); eight 20 t soaking pits for 
Fabricaciones Militares Argentines; 
two soaking pits for Arbed (Luxemburg); five 
car type furnaces and two soaking pits for 
Autopromimport (U.S.S.R.). 

Other sectors: 

extension to Livorno Cementir cement factory; 
completion of Taranto desalting plant, energy 
production plant and blower station for blast 
furnace. Piombino steelworks, four waste water 
treatment plants, and one wastedneinerating 
plant (Italy); Cordoba nuclear power plant 
(Argentina). 


SJE'fSo J 97 T rep ° rt ma V be obtained from: Relazlonl Pubbliche 
I*. EE?” 1 * r pA - ‘ piazza P'ccapietra. 9 - 16121 GENOVA (Italia) 
tel. 59981 - telex: 27238 - 27262 - 27282 - '28390 Italimp 



EDITED BY ARTHUR BENNETT AMD TED SCHOEIfflS 



CLEANSING 


Simply the best 

and constructio n s ite compressors 


Washes the 


G COMPUTERS 


Speeds the ordering 


laboratory 

glassware 



•*- A SIMPLE to load and operate I RedcSch. Tel: Reddtdi 25522 1 

FIRST "fool-proof” push-button office computer by simply placing laboratory glassware, and instru- • 

ordering system for the retail it on a cradle unit, plugging ra, -ment washer is just available " 

pharmacist in Britain will and dialling a specially allocated from Arnold R. Horwellr 2. water is . projected wlih high 
shortly be introduced by Uni- telephone number. Grangeway, Kilbum High Road, velocity on to surfaces to be 

Chem, the pharmaceuticaf'whole-. A 200-line order would take. London-NW6 2BP (01-32S 1551>. cleaned. This, action, combined 
sale organisation. less than two minutes to trans-. a compact bench top or plinth with fresh— not recycled— water. 

Code-named “ Prosper,” the mit and complete. Orders can be mounting machine, it accoramo- rinses, adjustable wash tempera- 

service is based - on a small- transmitted whenever convenient fl a t es “open” glassware and ture, the provision of up to two 
terminal — the size of a pocket to the retailer-— in or out of shop instruments which may be loaded distilled water rinses, and a 
calculator — which can he linked hours, as desired. in simple baskets, while built-in drier, is claimed to pro- 

through the telephone to Uni- Apart from cutting telephone narrower-neck vessels, flasks, vide efficient cleaning at a 
Chent's main computer located bills and reducing paperwork. Lotties, etc., are supported competitive price. ■ 
at its Harden, Surrey, head the system will increase stock upright on racks with spigots. Either- push button or punched 
office. ' turn. A pump and a patented spray card programme selection, is 

'•The small hand terminal will As part of its two-year develop- and turntable system (the Jet available for the F57D 

eventually be the accepted meat period UnlChem— which is' system) is said to ensure that Newamattc. 
method - by which most indepen- an £5Qm a year group— set up a ••• - 

dent pharmacists will order their network of trials to test the 

daily stock requirements, the system under stringent day-to- bDnrrGCINfi m MATERIALS " 

developers say, taking the place day conditions. The results have 9 PKUGLMIMta W W1M I E.KIAM 

of the old-fashioned pencil-pad- justified the company's heavy __ ■ 


• MATERIALS 


Ufc me uiu-tonuiuucu ptuuriiau- juouuvu — -j- . . 

and-lengthy-telephone ” sessions, financial investment in the new MrArnTUTlP 
The pharmacist or his assistant system, and proved conclusively X JlvJLvL J 
would need simply to walk that the system matches up with v * 


around the shop fixtures and tap the advantage claimed for it. the HT TIHflTC 

into the terminal specific product developers assert. U1 Ui/CDdUl vfl LlUvIl >3 

code numbers of the items they UniCbem is using Unilever am AGREEMENT between T I 

wish to order, together with the Micro Systems terminals, of TWIN processor - 1210 from Meisec ^ Swero Haxnbrn 
required quantity. When the which it has bought several Circuitape of Aylesbury will F . Systems Manchester gives 
order is ready to be transmitted hundred. provide an economic method of former ci “iMny ? LSc 

the small terminal unit is UnlChem operates from Crown prototype printed circuit board AmmScSS 

“ into “ hMd MVW 5 

Micro in a racing car S3SS3E gE?5 

SCICON is to install a micro- Monitoring applies to suspen- resist-coated boards, leaving the 3 Col »ti„ ct to n 0 r the snccial 


Cuts cost 
of floors 


SCICON is to install a micro- Monitoring applies to suspen- resist-coatea Doaras. leaving uie construction of the special 
computer on board the Arrows slon displacements on each photoresist on tbe conductor lattice at the Tl company’s 

racing team's Formula One car; wheel, forward and braking areas to act as a final protection. Broad well works m the West 

the first time a computer Is to accelerations, lateral accelera- The unit may be used for a Midlands begins with the stan- 

be used on a racing car to tions on cornering, road speed, variety of other processes- such <j an i Metsec bottom chord and. 

monitor performance and make measurement of time, and as chemical clean, immersion by slightly changing the geometry 
information immediately avail- chassis roll relative to the strip, etc. Three easily changed 0 p t ^ e WC b f rora previous 
able in the pits. horizontal. thermostats arc supplied. pattern, it can now be bent on 

Until now, racing teams have These ooints will be observed The processing tanks, con- Metsec’s bar bending machine 
had to rely on the experience of du tins the ?racUce taw Store stmeted of 9.5 mm. polypropylene, Thetop chort is specially 
their drivers to tell them how **™* fl*Pi racbce I laps betore each have a solution capacity- of JSd end show have boon 

MK-SC^ w HSrS STSaHfcS SS-S-SH; 

of the essential parts of the car ^ «£" 5 tii ?,-5 thermostat mounted externally flange ofacom on site Thcam 

and oresent instant information detailed breakdown of me cars f^nir wall Silicon- *™ r composite 1 ocani 

S asa-.-w 5 h&Sr^ " S s ~ 

during practice and thus improve spot. From this information, pit riwuiirane 33 .New Street: 1 , 

ris nprformance. staff should be able accurately mqr u<:n TI Metsec, Oldbury. 


can make adjustments to tne car «*» if required . . 

during practice and thus improve spot- From this information, pit eScuitape. 33 .New Street, ne Sl 

its nerformance. staff should be able accurately A yiSiy, Bucks. 0296 &451I. 

The task of making a computer to determine what adjustments ^Vari 

work on board a racing car is needs to be made to the car Ural 

not an easy one. The difficulties to Improve Its performance on 

are caused by extremes oE the particular circuit. I, rtf -QTlfl - 

acceleration, vibration, tempera- Scientific Control Systems X Adi Altll W ■< 

ture and electrical interference, (Scicon), Sandevson House. 49 

and severe limitations on space Berners Street London W1P A/xmoYinnilC 1 

and weight. 4AQ. 01-580 5599. LUliLlU UUIIJ^ Ol 


More from TI Metsec, Oldbury. 
Warley. West Midlands B69 4HE 
(021 552 1541).. 


METALWORKING 


Data is easily derived mixing 


Shaping of 
sheet 


WHESSMAT1C 60. for measuring throughput against temperature, HIGH SPEED mixing equipment FERELIGH, Essex, sheet metal 

and displaying t>. ave ra ge J- t If JESS io^e^sfS SSL 

perature of liquid products flow- “If™ .** P rovislon Ior jn the UK {Q - mcorporate a numerically controlled machines 


recording the data. 



mg through pipelines, is being The ^hessoe unit provides a balanced pendnlum-tFpe action 1° ‘(s existing range of plant, 

marketed by Whessoe Systems simple method of obtaining an to give smooth performance, believed to be Europe s most 

and ControlSw accurate and permanent record of This has been achieved by adopt- advanced for the profiling or cut 

Average temperature of liquid average temperature and the ing a design principle using a an ^ 

products is an important part of information can be fed directly low centre of gravity which, in L l L!v 

the data required for stock inven- to a comDuter. if desired. U hasi.addiuon to ; - greater stability, 

tory requirements at oil storage a temperature transducer, flow facilitates loading. =. **tn ^°^{®Pnient •JjroB.rami me ; 

depots, terminals and refineries, input pulser and processor dis- The .new machine has a 

Often the method deployed in play unit. . • capacity of 37kg combining flexi- J?"? 8 S? *5 

obtaining this information is Accurate to ± 0.1 degrees C bility with precision mixing to ^ np a cn ^ou^ ' 

cumbersome and inaccurate as it employs the use of CMOS logic Precise requirements, thus en- 2JJL 

readings are usually taken components mounted on printed wiring high quality and con- 

manually, logged individually circuit boards and is passed sistency oF dough and other ^{Zor\ 

and later averaged. Temperature -intrinsically safe by BASEEFA. ingredients. In addition to a This nrirfftinn brfnsq Ferelinh's 

compensated flow meters, on the Whessoe. 40. Broadwav, London second timer, it is equipped with , n mpr! ,i v . ro mrnlled nfant 

other hand, wll correct volume SW1H 0BR. 01-930 3201. a watt/hour meter which calcu-. ? n JS,5ient a total of £700 000 

Lontrols a printer P „ ssiM i s. is ,,‘p.s/riy h ™ “ss 

PUT ON the market by Intel is The microcircuit responds to fdyantageous when the machine obtained: 3 

rbe S295, a dedicated micro- a number of control codes to *s in use for long periods. Fereligh. 12 TiwerfieM Road, 

processor chip able to control allow up to three horizontal tabs The unit uses the company’s Shoeburvness. 03708 5022. 

printers such as the LRC 7000. It to be set multiple line feeds to recently -introduced stainless 

provides all the necessary control be executed, 10 or 12 characters/' 8ice l mixing bowl, which is 

signals for the printer and inch to be selected, double width removable so that processing can a PACKAGING 
accepts inputs from serial (110 characters to be produced and the be raarte virtually continuous. w "*^ **■•** 

to 4800 baud) or parallel lines, paper to be advanced. Further details from Morton ^ j .j 

A buffer on the chip can hold Tr . , Machine Company. Atlantic ^OQ|C.T|ipi 

40 characters, and when it is full Used in a microprocessor Works, Wishaw, Lanarkshire LUC 

Printing commences, as will aiso s -«tem. the new circuit allows ML20AD. 06983 73201. 
happen when a carriage return characters to be printed straight 

signal is received. The full 64 from 013111 ineraor y- XiUd 

character subset of ASCII Is More from the company at 4 TT(V 1 DEVELOPED hv the narkaHne 

ksk“* in a 7 x 7 dot sgsfflSraJs?- cowies -- Heat loss 


\v- , . 


Seals the 
lids 


matrix. 


Oxford (0865 771431). 


GEC support Intel 


reduced 


WHATEVER THE outcome of micros from the Intel range. SSSiSL 0 ^ io C f" tly * intr ^ u « d head'm^or ‘fiorthp^achteo 
the reported negotiations GEC, though one of several i?"' temperature “AVJ® ° n r f 1 I 1 !?*?'" 6 


DEVELOPED, by the packaging 
systems group of 3M UK is a 
machine .that will' seat the fids 
of detachable-lid tins almost 
regardless of the shape and 
without rotating them. 

Available with single or double 


me reported negooauiras «JC,^ tuuugo one of several r,„7 n i,'" CT *'■■"**** makes' I1<U> of two rolls of lane 

between GEC of Britain and the distributors, is doing much more J r °P p ^ osp V- ate P^'ess by Twin- “« So«m5om- tarn 1 * 

Fairchild Corporation, GEC than one would normally expect th ®.. fi , bn S ^hinet manufac- « ^ speed aperauons, tape is 

Seraicondnctors is coUaborating from a company in such a role n accordin S » in the Datonfantecnmin-tin 

more closely than ever with and is producing a Coral 66 com- | upp . ,ler P>Tene Chemical p “ thP "ti^TiinpTr 

Intel— makers of the original piler for the new machine. Services produce a i aet annual J™- 

microprocessor— and has just This means that it is opening ? aVl “6 between £2fiOO and £3.000 

announced its support for the up a large potential in the UK * n Twinlocks metal pre-treat- c Since 

latest product from that stables, defence market and in other p l an t- , , FutnnfL ff 5 ,, .i 1 :® 1 * i*l 0 f2 te ’ s ° od 

the Intel 8086. areas where the Government’s Most of tbis 13 dUe 10 a2l f™ eBt J S Iu r ain Jotned. 

This is a micro with power to support of the Coral real-time 016 reduction of heat loss, not or tpc tap 5. L , e 

process instructions equivalent language carries weight. on I y t0e spray itself- but also allows minimum tape widths lo 

to that of many minicomputers, GEC Semiconductors East ^ r °m the baths which operate at be used and since large roils can 
but able to use instruction sets Lane, Wembtev Middx HAS on *y 10 ^ well below be accommodated, long runs can 

already written for less powerful 7PP. 01-904 9303 conventional iron phosphating be carried out between, tape 

temperatures. To ensure changes. An audible run-out 
_ ____ 1M adequate activity, of the warning can be included. 

® UDHTING chemicals the cleaner/coater Normal size range acceptable 

-solution has, been formulated to is up to nine inches square, or in 
1^1 n lira** if* c-i 4- 4««L A perform well at .the lower diameter, and six inches high, 

J? Jill qJT^SL- GOT HI Of* temperatures. ' although these dimensions can be 

^ To. keep solutions at strength extended with simple -mddjficn- 

a rt .niAly —4. _ a single liquid addition is all tiems. 

Illlll |i ST 51 fx that is required, controlled The T9^ will handle up to 25 

LJtwi a, accurately by Pyrene’s Autobond tlns/min, the T10 up lo 40 and 

PUT ON the market by Thorn design life of 10 years will last cc * a relatively inexpensive the tins can.be fed from and 
Lighting is a completelv elec- tiie life of the choke. It will automatic dosing unit. returned to a conveyor auto- 

tronic starting device for 5 ft extend tube life, claims n o ?! 





ssi 1 ^s, in i a r n e d du s rin S t ln p rme ?<i»iS er ' Bucka su MJ *!ss , ' B " h '"' 

_ em i He r. 

!LS! !?S n “r insl ** a of nearly two A further advantage of the _ M r/>YD/i 

seconds for other starters. device is that it cannot make Q ELECTRONICS • . 

Called Vivatron 5, the unit is repeated attempts to light a ‘ m .. . " 

a direct replacement for standard faulty lamp. Jf, after the mains CflffitO ftfliv 1 

two-pin, glow-starter switches in has been switched on and off for JLrlfcJlLof utl LllC II I 

existing 65-watt fittings. The a second time the lamp still daes ° 

company is aiming at a UK not strike, it is in need of MAKING USE of hybrid micro- linearity (0.01 per cent at maxi- 

market of about 34m existing replacement. circuit - tefchnology and laser mum gain), high flpmmon mode 

5 ft switch-start fittings. More from Thorn House, trimtuiBg. Burr-Brown has pro- rejection and low gain error. 

The unit strikes every time, Upper St. Martin’s Lane. London duced a complete high perform- More from 17 Exchange Road, 

CTVt. tVin 1T.J until n UlTr^TT Ql ?T\ *}dAA\ VftT. lB. t 


gam 


says the company, and with a WC2H 9ED (01-836 2444). 


© HANDLING 

Floating grain elevators 


ance instrumentation amplifier Watford WD1 7EB, Herts i0923 
which can be controlled In gain 33837). 
by a four bit digital inpuL 
Known as Uie 3606 the unit 
can be pre-set to any of n IN BRIEF 
binary weighted gains from one . . . . 

a. Hnito . ..j i, • A. triaishnfipd pnntrni pirmit 



1 BT-finskter group 


NOW BEING buHt by Promet says it has appraised the two suited^fW^appUcatiSS %™v- w^I^^tiffouclfsiitch^' the 

‘TliSSSf » .s^jsuis 0 -sss 

floating grain handling units stowed and towage conditions. In 1 , L Norbato,. Arkwright Road, Bead- 

which are destined for service at essence, the transhipment The 3606 allows wide dynamic ino. Berkshire (0734 8644111 
Koh Sichang Island. Thailand, stations are approved - for range analogue signals, to bo • fntg] 4 Between -Towns Road, 
They arc based on two flat- operating In weather conditions handled while maintaining a Cowley’ Oxford (0S65 7714311 
bottomed pontoons 72 metres up to Beaufort Scale 7, together high system resolution. For ex- h as announced Its toP-of-the- 
Jong and 18 metres wide with a with a wind speed of 45 mpb. ample, when used with- a leu bit range single Chiu processor has 
draught of 2.5 metres. The “as stowed.” condition is A lo D converter In a a floating been upgraded to -run at 11 MHz 

Each pontoon will be fitted approved for Beaufort Scale 12 point system the 1024 gain range ln&ead of 6 MHz; 
with a deckhouse, two 36 metres conditions, together with a wind of the unit together with the- • Fowercube OLS 10 is a 175 
high grain elevator structures speed of 140 mph. subject to all same range of the converted pro- watt multiple output switching 
with conveying equipment and the grain conveying equipment duces a total, resolution of over power supply for micro processor 
four pedestal cranes. being empty and secured. 1m. \ systems, available from Walmore 

The Advisory and Projects . The units will be used to un- Offering an input impedance Semiconductors - 11 ' Betterton 
Section nf the Hull Structures load captoca grain from barges of 10^000 megohms, the amplifier Street, London " WC2 (01-SW 
Department of Lloyd's Register and load it into bulk carriers. also Has ! very good gain non- 1228). 




-.'•I-:, ' 
'■!- 


.Vi 






Financial Times' Thursday- July 13 1978 


The Marketing Scene 


Wimpy finds its second wind 


EDITED BY MICHAEL THOMRsW3i’|B 


The rise and rise of Ski 


K * T «UlS 

UK cost 

4 I 

■ lours 


MuTALWOSM! 

iU! M| limit 


t •- f i: . 

itt ■ 


1 • ; s 

L * ■ 1 


BY ANTONY THORN CROFT 

THE QUICKEST way to the 
U.S. of A is by underground to 
Netting Hill Gate where Wimpy 
has opened the first of its new- 
style fast food outlets. Instead 
of the rather faded, jaded look 
of many Wimpy bars, Notting 
Hill is all bustle and glamour. 
The staff, in cheerful red uni- 
forms, prepare your order before 
your very eyes and you can 
either take your container out- 
side to eat or slide into one of 
the newly designed and 
spaciously sited seats. There are 
hanging plants, split levels, and 
a picture window, a look created 
by the leading retail designers, 
r itch and Co., and any similarity 
to arch rivals McDonalds, the 
U.S. hamburger chain which has 
enlivened the UK fast food 
market in the last two years, is 
entirely blatant. 

Wimpy combed the world for 
now ideas and collected many of 
the best from the U.S. The most 
important are probably the new 
machines which provide a fresh 
method oF production, broiling 
instead of on the griddle, to 
ensure a more consistent burger. 
But for the customer the greatest 
changes arc on the surface— the 
choice nf whether to eat in nr 
out. the hostess to cope with 
family croups and to find spaces, 
the view ;it the counter where 
you can see the kitchen at work, 
ana the price of the meal. The 
reforms are seared to cieater 
turnover and thus the hamburger 
is cheaper. 

In the past 24 years nver 600 
Wimpys have sprung up all over 
the UK and as many again over- 
seas but Notting Hill is easily the 
most important. For the whole 
future development of the com- 
pany is built around its antici- 
pated success. Just over a year 
ago Wimpy International, a 
subsidiary of Lyons and the 
pioneer in fast food franchising, 
was sold to United Biscuits for 
£Tm. At first glance the price 
was a bargain since Wintpy was 
producing profits of £L5m a year. 
But in the previous three years 
volume sales of Wimpys" had 
fallen by 25 per cent and the 
arrival of McDonalds was not 


rJ . ; 



Ashteu Astmoal 


Ian Petrie oF Wimpy International: be wants Wimpy back in the 
High Street where the action is. 


making prospects any brighter. 

United Biscuits’ involvement 
was not a complete departure for 
the company. Its D. S. Crawford 
subsidiary had held the franchise 
of 20 Wimpy bars in Scotland for 
15 years. Ian Petrie, managing 
director of Crawfords, moved 
over to take control of Wimpy 
International and for the last 
12 months it has been all change. 
Everything has. . been under 
scrutiny, down to the very 
fundamentals of franchising, the 
system whereby Wimpy Inter- 
national co-operates * with 
energetic entrepreneurs, helping 
them to find sites for new 
Wimpys, assisting them with 
loans, and then deriving its 
profit by supplying them with 
the basic product, the burger in 
nil its forms, as well as ice cream 
and other lines. 

Wimpy International actually 
owns the Notting Hill Gate bar 
and expects to operate directly 
more outlets in a variety of 
locations. But the franchising 
principle remains: tbe company- 
managed bars are to be the flag- 
ships, demonstrating to Wimpy 


franchisees that the new 
approach means bigger profits. 

Bat innovation has its price. 
In the past it cost little more 
than £30.000 .to establish a 
Wimpy bar. and of that invest- 
ment the equipment could be 
acquired for around £6.000. The 
Wimpy bars -of the future will 
involve an outlay of £150,000. of 
which £75,000 will go on -new 
machinery. But the other side of 
tbe coin is even more impressive: 
a good Wimpy bar today has an 
annual turnover of £150.000. 
Petrie expects the rearranged 
Wimpy to approach £500.000 in 
sales. 

But he realises this will be 
impossible on most of the current 
sites. As part of the executive 
re-organisation at Wimpy Inter- 
national, Petrie has appointed a 
company outlets manager who is 
looking at the current spread of 
Wimpy and working towards a 
new pattern. At the moment the 
company is concentrated in the 
south of England and many of 
the sites have been bypassed by 
changes In urban development. 
Petrie wants Wimpy to be back 


In tbe High Street where the 
action Is. 

There are far reaching impli- 
cations to this approach. Some 
Wimpys could well disappear 
unless they are in particularly 
profitable sites. The concentra- 
tion on High Street localities 
will involve a much greater 
investment from tbe franchisees 
which could mean more com- 
panies, or wealthier individuals, 
taking on sites at the expense of 
tbe smaller entrepreneur. 

Wimpy International realises 
it must lead its franchisees into 
these changes and has been 
energetic in keeping them 
informed and excited. It has 
also budgeted £750.000 a year in 
cash and cheap loans for 

franchisees to show that it is 
determined to invest with them 
in a more profitable future. 

There will be Wimpy Inter- 
national-owned bars on chosen, 
representative, sites, but the 
hope is that the new manage- 
ment will so stimulate the 

franchisees, many of whom are 
living off past successes, that 


they will enjoy a fresh lease of 
activity. 

Wimpy International has to 
take its franchisees with it in the 
reforms but obviously wants to 
improve its own profits along 
with those of the franchisees. At 
the moment it makes around 9 
per cent against the 15 per cent 
plus returns earned on average 
by the operators of the Wimpy 
bars. The aim is to link its own 
profit more directly tD its work 
for the franchisees. 

For example, In the last year 
or so there has been a substan- 
tial increase in the advertising 
budget— to over £500,000 from 
£80,000— and this has probably 
contributed to the 10 per cent 
rise in sales this year as against 
1977. Wimpy International 
wants to raise the advertising 
budget to 3 per cent of revenue, 
and to collect the cash directly 
from tbe franchisees. In other 
words, instead of a flat 9 per 
cent income it is looking for a 
fixed return for services pro- 
vided. be they administrative, 
training, or advertising. At the 
same time the charge for the 
ham burgers and other products 
would be reduced. 

Ian Petrie, and Wimpy Inter- 
national, believe that the poten- 
tial in fast food catering in this 
country bas hardly been tapped. 
They want to ensure that 
Wimpy becomes the Marks and 
Spencer of the business. Some 
of the reforms will make the 
Wimpy bar similar to 
McDonalds, especially the flexi- 
bility in eating, but this does 
not worry Petrie He believes 
that Wimpy, the British pion- 
eer, will by 1980 once again be 
the leader. The very success of 
tbe early Wimpys created com- 
placency, but that has now van- 
ished. 

Petrie predicts that Wimpy, 
with its new organisation, higher 
advertising budget, better 
future sites and more committed 
and larger franchisees, can 
double its sales. His brief was 
to have Wimpy International 
profitable in a competitive situa- 
tion by I9S0. The next few weeks 
should show whether the new 
approach is the right approach. 


BY MICHAEL THOMPSON-NOEL 

TATE AND LYLE sugar and 
Anchor butter and Heinz Baked 
Beans and Soups you could have 
guessed. But if you knew that 
Eden Vale’s Ski Real _ Fruit 
Yogurt was one of the UK’s top 
ten grocery volume lines On the 
basis of units through the till 
then you have Indeed earned a 
year’s subscription to The Grocer. 

In the late 1920s Express 

Dairies— which owns Eden Vale, 

turns over more than £350m a 
year and is itself part of Grand 
Met — was advertising plain 
“ yogbourt ” as a natural laxative 
as well as a food and selling it in 
3d bottles and ten-ounce cartons 
at l/6d. 

Nothing much happened to 
yogurt until the early 1960s, but 
tben Eden Vale capitalised on tbe 
original Swiss recipe which called 
for the addition of real fruit, 
launched its Ski brand and pro- 
ceeded to re-write the market. 
Currently. Ski claims a 44 per 
cent share of real fruit yogurt 
sales in a sector which has grown 
from 30m pots worth around 
£L5m In 1965 to a 1978 projection 
of nearly 500m pots worth an 
expected £52m, and that's a lot of 
yogurt. 

Ski’s case history is a classic 
marketing success; it is also a 
perfect illustration of the sort of 
work — highly conscientious, 
aggressively sales-oriented — that 
has taken the agency involved, 
D’Arcy-MacManus and Masius. to 
the No. 1 slot in the billings list, 
or at anyrate an approximate tie 
with J. Walter Thompson. 

Ski has been the brand leader 
ever since its launch in 1963, 
retaining its grip despite fierce 
competition from Unigate's Prize 
brand, which has built itself to 
around 25 per cent, and despite 
repeated though nnsuccessful 
attempts by companies like 
Unilever to muscle in — the other 
30 per cent or so of sales, ex-Ski 
and Prize, is held by own label 
and minority brands. 

“To have stayed No. 1 since 


entering the market is no mean 
performance,” says the company 
with composure, “and has been 
achieved through a deliberate 
policy of innovation and market 
development strongly linked to an 
advertising and promotional 
strategy which has provided the 
stimulus for both market and 
brand growth." 

That is true. The British 
really are into yogurt The pro- 
duct has a claimed household 
penetration of 45 per cent Total 
per capita consumption is 
around 60 ounces a year — per 
yogurt household the figure 
moves' to something like 20 lbs. 
Average volume growth has been 
around 5 to 10 per cent since 

1967, despite the tribulations in 
other grocery sectors, and there 
are no signs of levelling off. 
According to Eden Vale, no mar- 
ket in the world has yet achieved 
yogurt saturation. Even in 
France, where they eat five or 
six times as much of it as we. 
per capita consumption is still 
rising. 

On the other hand, yogurt is 
a very tough market to pene- 
trate. According to Eden Vale’s 
Christopher Nelson, yogurt has 
proved a “ fair old graveyard 
both for companies and brands." 
partly because manufacturers’ 
margins are pencil thin, partly 
because retailers don't really 
need to offer more than two 
brands and partly because 
extremely efficient distribution is 
a must. For reasons like these, 
a market share of at least 15 
to 20 per cent is regarded as 
necessary If anyone is to make 
a go of yogurt, and you do not 
buy 20 per cent of a £52m mar- 
ket on tbe cheap. 

Eden Vale says numerous 
factors contributed to the suc- 
cess of Ski. It was first in with 
the right product with the right 
name. It says it has always 
refused to lower standards of 
production — other yogurt 
markets, such as the Australian. 


are said to have prospered a: a 
slower rate because of stacker 
attention to quality. And it 
reckons Marius's positioning of 
the brand (“natural." “fresh." 
“the full of fitness food for all 
the family "i was perfectly un 
target from the start, __ 

Heavy expenditure on 7 V 
advertising for Ski is reckoned 
one of the prime factors respon- 
sible for the enormous volume 
growth of the whole real fruit 
yogurt market — since 1970. 
market volume has increased by 
139 per vent Troiii 209m pni$ to 
approaching 500m pots despite a 
corresponding rise of 300 per 
cent in price. 

This year. Eiien Yak* is in- 
creasing its TV budget quite con- 
siderably (the campaign start vd 
This week). It is raising the 
spend from last years E4SO.OOO tn 
£750.000 — part I v because there 
are no big newcomers that have 
in be dealt with and pardy 
berairse volume grnulli i.-. dnir.g 
so well. “ We douded the tune 
was right fora substantial degree 
of long-term investment in the 
brand.” says Mr. Nelson. 

Eden Vale says its heavy TV 
support has been complemented 
by a careful balance of price 
promotion, free mail-ins and 
premium offers — the latter off.,--- 
ing well-researched value for 
money. The recent ntfer of a 
£2.50 Ski apron for 99 p generated 
1.000 letters a day and the com- 
pany expects a final redemption 
nf around 2 per cent. 

The cumpany also claim 1 ; a 
good track record in product 
innovation, including new pack 
sizes i Ski was the first to 
recognise “family” needs by 
introducing pre-metric 12- and 
19-ounce packs followed by ihe 
450c economy pack). Currentlj. 
11 flavours are sold in the loi’g 
size, including the newest 
success. Rhubarb Ski if jou 
please, which is in fact quite 
nice and lias taken a claimed fi 
per cent nf the market since its 
launch in January. 


AGB gets Index link 


Move to marge 


BY ANTONY THORNCROFT 

AFTER MORE than 12 months of 
research and an investment of 
£000.000. AGB. the largest market 
research company In the UK. is 
set to launch its latest project- 
index. which probes inio hour 
.. least on every purchase In. excess 
of £3. 

In . September. Index goes 
n-jtinnal. with 17 clients already 
committed to spending £6.000 
minimum for each report, and 
another four likely to sign up 
shortly. For their investment they 
receive information. monthly or 
/yich quarter. from one nf -the 


largest continuous panels ever 
assembled in research: 11.500 
individual:; will be recording all 
their expenditures over. £-’«. 
Originally AGB thought that 
Index would be most u&ful to 
the financial rector— bank-i: •build- 
ing societies and insurance com- 
panies — but retailers and the 
travel trade are just as interested 
in discovering what sectors of 
the cpriimunity have the cash and 
how they spend 'it. 

The .information could well 
change companies' uURude.s to the 
old marketing class categories, 


Make your conference business 
a pleasure. 

\Vhv choose a humdrum city? 

Bristol has everything. And it's no f 1 stance by 
motorwav or H igh Speed Train. It's at ine hub ot Lhc 
M4. M5 and Mb. London is just 1h hours away. 

"in the Cily itself, there are firsi-class modem, 
hotels and conference centres. . 

After work, you’ve a marvellous choice ol 
entertainments. Theatres. Cinemas. Restaurants. 

Sights. 

And only minutes away. there s the 
incomparable beamy o f the West Coun try. 

r "~" For complete details of conference facilities, please) 
write to Publicity & Promotions Officer, Colston House, \ 
Colston Street. Bristol BS 1 5AQ, or ring (0272) 2bCbl, 

I Ext. 300. 

I Name — — — “ 

I Company — — — — 1 


such as ABCl's, and help them 
to segment potential customers 
much more accurately. Patterns 
will emerge tracing connections 
between heavy users of credit 
cards and, say. takers of holidays 
overseas. Profiles of users of par- 
ticular financial services and 
retail chains will be discernible. 

Already Access and Barclay- 
card. Trustees Savings Bank and 
Nationwide Building Society have 
signed up. Within a couple of 
years AGB expects a revenue of ] 
£lm-plus a. year from Index. 

O Scottish and Newcastle 
Breweries has appointed Doyle 
Dane Bern bach to handle New- 
castle Brown Ale and Newcastle 
Exhibition bitter. In March the 
agency was given Younger's 
Scotch Bitter and the latest move 
brings the agency's billing with 
S and NB to £850,000. 

• Boase Massimi Pollitt Univas 
Partnership is to run campaigns 
for the Training Services 
Division of the Manpower Ser- 
vices Commission. The Central 
Office of Information appoint- 
ment, worth about £1.5m in a 
year, came after presentations 
from - Lintas (holder of tbe 
account since April, 1973). 
D'Arcy-MacManus and Masius 
and the new agency. 

• For . health reasons Rob 
Greene is being replaced as 
executive creative director of 
D’Arcy-MacManus and Masius by 
Richard Barker. Greene stays 
on the Board of the agency. 


NOW THAT the taste of mar- < 
garine has improved to the point i 
where it is no longer the vital 
basis of advertising that it used , 
to be, and now that butter sub- , 
sidies are apparently being t 
phased out, margarine can ex- . 
pect continued growth at the j 
expense of butter, and at a ] 
faster rate, says Mintel. the mar- t 
ket research company, in its— 
latest report It expects mar- 
garine to show a growth of 
rather more than 1 per cent per 
year from its current 46 per cent 
volume share of yellow fats. 

At the same time the decline 
in total yellow fats may continue 
at the slightly lower rate of 0.5 
per cent per annum, though the 
forecasts naturally depend on 
the EEC's ability -to control ex- 
cess butter production and on 
interference with market forces. 

Best estimates of overall retail 
market size for in-home consump- 
tion, says Mintel, indicate a total 
yellow fats market last year of 
f490m — £322m for butter and 
£16Sm for margarine. 

If the butter subsidy really 
does disappear, margarine will 
benefit because the price dif- 
ferential will increase and butter 
consumption will contract Two 
other factors may help: first 
there is a growing view that mar- 
garine is healthier than butter. 
Second, yellow fats’ prices have 
increased faster than all foods 
jand encouraged down-trading to 
margarine. 

Mintel lists the top margarine 
brands as Van den Bergh’s Stork 
and Stork SB (combined rsp last 
year: (£75m). I Kraft £26m). the! 


Co-op’s soft margarine f£26m) 
and Blue Band (£24mL 
Van den Bergh is the easy 
market leader with 50 per cent of 
volume, says Mintel: “Much of 
Van den Bergh's market domin- 
ance must he related to the 
immensely strong consumer 
lovaity built up by years of con- 
sistent, if dull, advertising." 


HOW REAL FRUIT YOGURT REACHED £50m. 

t Ski 

Year Volume +/— Value + /— advertising 

pots m % £m % £ 

1967/68 108 — 7 — 175.100 


1968/69 204 +89J) 10 +42^ 145,400 


1969/70 206 + 0.9 12 +20.0 423.400 

1970/71 209 + \A 14 4-14.0 227,400 

1971/72 304 +45 ! 0 17 +21 JH 25 1 D00_ 

1972/73 405 +33.0 23. +35.0 268.000_ 

1973/74 400 - L2 24 + 4J 321.500 

1974/7S 4 30 + 73 32 + 33.0 393,700_ 

1975/76 415 - 3.4 40 + 25.0 388,600 

1976/77 430 + 3.6 45 +12 3 4 51,800 

1977/78* 485 + 123 52 +15 3 750,000 

* Estimate. 


Mcrkct 

expenditu: 

O' 



Position. 

Address. 



t 


FT 137 


T 



requests the pleasure of your Company 




ilip 


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oy Telephone 

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Tackling the American 
market? 

Then you should advertise in 
The Wall Street Journal. 

One of Europe's leading 
industrial development 
authorities tells why. 

IDA Ireland A 

’ HU5IR^OEVBA’ieffUflMMITY 

“The IDA is the Government agency responsible for 
promoting industrial investment in the Republic of 
Ireland. 

Since 1960 we have attracted over 700 industrial 
projects', now in production, with an investment of over 
,$I J2 billion. These projects have come from the U.S., 
Britain, Germany, Japan, Netherlands, France and other 
countries. 

In 1977 new North American investment planned for 
Ireland was at a record level - 40 new- projects with an 
investment of $600 million in total. The major reason for 
. this is tbe favourable climate for profit making in 
Ireland. In 1976 for example, U.S. industries in Ireland 
earned an average return on investment of 29.5%, more 
than twice the average for U-S. affiliates in the EEC as a. 
whole. 

In recent years, we hone used The Wall Street Journal to advertise 
the opportunities for making tax fret profits in Ireland. The Wall 
Street Journal has the status, prestige and readership to bring oar 
message to our target audience of top corporate decision makers and 
has contributed to the success of our programme worldwide”. 

The Wall Street Journal. 

The all-American business daily. 

Represented byDJIMS. In London, call Ray Sharp at 353-1847; 
In Frankfurt, call Joachim Nnnvar (611) 74-57-40. Other 
DJIMS offices in major business centres around the world. 


The colour campaig 
that hits home 
365 days a year 

Incredible as it may sound, a relatively small-space 
campaign in the columns of Yellow Pages offers advertisers 
a weekly audience of 11 million* very serious, very willing 
consumers. 

This is because the people who turn to Yellow Pages 
have already made up their minds to buy. 

And they refer to their local Yellow Pages directory 
simply to determine the availability of the product or 
service they happen to be interested in, its exact locality 
and the purchasing facilities offered. 

Sofas you can see, there’s much to be gained from 
making your own company’s or client’s presence felt in 
Yellow Pages as part of your media mix. 

Furthermore, a campaign in Yellow Pages, doesn’t 
just last for the duration of your mainstream campaign. 

Your name is there, right where and when the 
consumer needs it, in the home, 365 days a year 

And with no fewer than 64 Yellow Pages directories 
covering the country, there’s no question of it not being 
cost-efficient 

To find but more about Yellow Pages ring Val 
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After all can you really afford **'" ""I 

not to have your own colour cam- la. ’fellow I 
paign hitting home 365 days a year? PG00S 8 


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The Vital Link 







16 


Financial Times .Tfcuxsday, ’July, IS; 


LOMBARD 


The big success 
in Washington 


BY JUREK MARTIN 


BY COMMON ’ consensus, Mr. more on when, and not if. infla- 
Kobert Strauss has been perhaps i£2 u 2L “ ott * r UA 

the biggest single snccess in wiU be necessary' to have 
Jimmy Carters Washington. recourse to controls, guidelines 
Fixer, organiser, flatterer, arm <j r some other form of wage and 
twister, special trade represents- price policies. Officially the 
tive and chief inflation fighter, admmistofoa adamantly rejects 

the Strauss band has _ been omm- JSwerfri voices’ inutile Govern* 
present and remarkably effective ment (including Mr. G. William 
— as his deflection of the worst Miller at the Fed and Mr. Barry 
American protectionist pressures Bosworth at the Council qf Wage 
has demonstrated. and Stability) who no 

„ . „ _ ., longer shy away from mention 

He has, of course, always had 0 j ^ Wfln j ** recession w 
bis detractors, those who have 
complained that he is all style t> -J 4 - 
and no substance, has no power isuaget axe 
of conceptual thinking, and is far 
too close to certain vested in- There is also visibly 
forests for comfort according to strengthening isolationist and 

morality. But he has managed and mana g e ment of the textile 
to overcome the doubters by ms steel industries have 

charm, hie proven ability to demanded that their activities be 
delegate technical matters to able removed from the Tokyo Round 
subordinates, and by his trade negotiations, . and dealt 

SSSSSSm 

lS^?r'ovedpr^t.Sl^ Tbe 
ieui a eiu.c, international sugar agreement is 

being held up in the hope of pro- 
TU 0 LI ama Tiding extra income for 

J.U.V UidlUC American beet growers. 


„ . . Consumed by a post-California 

However, there is now a cloud, (^.cutting and lower spending 
rtJll no larger than the proverbial f ervour> congress seems intent 
man s hand, which suggests that 00 w j e jding the budget axe with 
Robert Strauss may be in for a a V engeaxice on items with the 
fall. There are two main reasons j eaS £ domestic constituency — 
for this still muted opinion: the f ore ig n aid. for example, and 
first is that if the Carter Admmi- anything which , is construed as 
stration fails to lick inflation unnecessarily helping overseas 
with its voluntary approach then interests 
Strauss, the principal public ! _ . . . 

architect of that policy, will be This has been accompanied by 
saddled with the blame: the a «*tain edgiinn discernible in 
second is that no matter what he public officials. Even Mr. Miller, 
manages to negotiate in Geneva tto prince of sure-footed cool 
by way of a multinational trade since he took over at the Fed in 
agreement Congress will turn it March, lost his composure in 
down next year. Congress recently in an exchange 

„ , , . .. with Henry Reuss who, as all 

Over the past couple of months, -Washington knows, is nothing if 
Strauss has fairly bombarded the not a gen t]eman. Mr. Reuss was 
country with announcements that S j mp iy questioning a certain 
this and that company or md us- aspect of tbe Fed’s authority: but 
try have agreed to hold the line ^ t00< is touehy subject 
on prices Most of the achieve- these daySi aS pnMmt Carter’s 

SSL persistent complaints against the 

rather than practical significance* lamcinHira'Q v^tnin? tpndenci^s 
but they have consciously sought H™ 5 5 vetomg ^noencies 
tn create an anti-inflationary ‘ ^ ■ 

climate of an infectious nature. Nobody is better equipped to 
To be sure, he has always care- handle both the mood and the 
fuljv warned that the battle issues than Robert Strauss. But 
would be long and hard— or as nobody, not even the special 
he put it in more typical trade representatives, is safe 
language recently, the score was when, - to use baseball parlance, 
still “inflation 100— Strauss nil" they get to first base and the 
—hut the thrust of his message arms are already being quietly 
is generally upbeat. Increasingly cocked to throw out the sharpest 
however the public debate is political brain in Washington. 


Worrying case for traders with 





,!* 


•4 


& - he protected obtain, an expoit'Ticence which 

the e^e of the” 1974~" Polish wort hi' ttJnSeMwcaaTtoown Trade part of the^usinS g^agaSt^^^prwent was required for allowing the 

suear ' contracts, handed down « 9- Czondkow Ltd « Roltinpex of all Comma .cniM jHtttt ttn ******** riSS in CzarrOtow v goods to pass the customs. 


IV 


THE LAW LORDS’ decision in they have uncovered- Their last State - Monopoly of Foreign SS h0WeTCr ’ 


trade— and require 

recovering losses amounting to structural reinforcement of This doctrine makes it pos- p™"*' ZTcSIkSm. ” trading’ partners in the West, imply any obligation or 

Comecon to insulate l “ ® • 


some £40m. They suffered these- many standard and routinely s j^i e m 


BUSINESS AND THE COURTS 

BY! A- H. HERMANN, Legal Correspondent 


tile sugar contracts should be exporter met his obligation even 


, - narticuiar field of as the Polish Minister of Trade r^nty to maintain the export 

losses when the Polish Govern- used commodity contracts. domestic price levels from m me p commodity was well aware when he tried jinnee in force until such time, 

ment decided not to honour On the first question, con- price movements on the world sugar o to .persuade his colleagues that it W as enough to get At The 

contracts after a disappointing cerning the relationship be- • 

sugar-beet harvest and a sub- fween the Polish government 

stafltial rise in the world price * 3“^ “Sj 

• company with exclusive rights 
for sugar. to import and export sugar. 

The judgment was also the there was da awe-inspiring 
last word on whether Polish unanimity of arbitrators and 


honoured- 
The second question, concern- 
ing the contract clause which 
made the seller liable for any 
failure to obtain export licences, 
is of an even -wider importance 


if he lost it before the shipment, 
was due. 

Lord Salmon’s dissenting- 1 
opinion will make better sense ' 
to most businessmen. He said- 


la&l worn uu wuemer ruusu ul wuiaawvB _ . is m sw even wiuei iiupou#uw of the Stan dard 

State trading companies earn judges. The- arbitrators, Mr. . . t contracts, it is quite nn think- as its answer will affect also ntTarf terms called for th* 

majenra clause, their Goveifr ^ Mis, and . ducts and markets, or simply by organisation ^ ^ 22??2S!r JSm* ^export licence, 



obligation 


licences is met when these are 


strssyTSiSS-A " -s'rs & smjkts =^ r " 

thri mnrninmf It Tire- and “nmfits" made on imports The western party to this from the force mojeurc even u commercial sense. Buth- '- 


obtained and later vtithdrawii, the government that it was pre- and “profits” made on imports The western party VU8 riom t^jorre wrnjen e e maRe commercial sense. Blithe, 
or cannot be obtained because duded trm'tdm on the ex- are then charged or credited to gamble » well defined «d Op was overruled. - ^ “ 


of a general export ban. 2 M S* SSFS? SJTSE raiS Romo locuto. couso ^ But' 


— o » port pan as government idlu- uie duiu: uuugn. xuu ***- — — - , , . _ cairt 

However, the last word which vention” nndeT the " force of piice formation, together to pay up if the T J iai ^ t |l“ maioriw of ?he anyone with contracts contain 

their Lordships have in any dis- majeure” claase in the standard with the detailed central plan- against them. The Comecon No. Tn aj ty 


their Lords nips nave m any dis- Tmjeure” clause m the standard wim me aez&uea centra; -- -- - , ^ f ce majeure exports 

pute brought before them, does rules of the Refined Sugar ning of the economy, make it party Sett* Sd import licensing ck uneiaK’.- 

sometimes become the first word- Association. This unanimity will unavoidable that ail major for- authorised the deal In the first him but Lora Justi h - 

in a process aiming at phnwgiTigr surprise many on both sides of eign trade deals have to be instance, 


s or eien trace cears nave to uc uuumic, ^ — . — — . , ntT . 

the law by legislation or at file' East-West frobtier. Not awroved at the highest level government which will .reap tfon to obtain “«port hc^ce for 'imrtociby trap contained 

by special governmental com- any benefit from such deal It meant that the exporter should in mej:n - 


filling up the pitfalls which only is the Doctrine of the 


Clouds oyer bright prospects 
of French Derby winner 


ALTHOUGH the French Derby little doubt that we would not furlongs. Incidentally, in 16 
winner. Acamas — almost see A camas at. Ascot in nine races spanning three seasons 
certainly the best three-year-old days. Sanedtki has never tackled this 

over li miles in Europe at At present Gay Bonnaventure trip although she has run several 
present— is a fully intended! intends Acamas to. be on the times over five furlongs. 

runner for Ascot’s King George- same plane carrying Trillion, A y P ar ago ghirley He_^ 

VT and Queen Elizabeth’s Montcontour and Rex Magna to sprung something of a surprise 
md Stakes there appear to Heathrow two days before the ^j ien lifting the 12 runner I : — 

- - " big race. fcjins Stakes at 10 to Z az 

No one present at Royal Ascot will be interesting to see if any 
on the final afternoon of the of those in today’s turnout can 
four-day meeting could have show anything appro at 

failed to be anything less than Classics potential this afternoon, 
struck by -the ease with which The one who might well fall into 
Solinus brushed amde his King that category judged on his sole 
Stand Stakes opponents, and I previous effort is Lyp hard’s Wish 
be two possible snags concerning see no reason why the Comedy a yearling purchased for 
his participation. Star colt should not prove FFrs 180,000, who did all that 

First the once great racing equally effective in today's was asked of him on his debut 
empire of Marcel Boussac is renewal of the William Hill Jeremy Hindley introduces a 
rapidly being wound up (with a sponsored July Cup. well-thought-of bay 'in Show of 

close -interest in proceedings Solinus, whose only previous Hands here and he could be the 
being taken by the French tax effort this season resulted in a one to give Lyp hard s Wish most 
authorities) and it follows that game success (when he looked Jo ?bow of Hands is a colt 
there is a possibility of an short of peak fitness) over Ballad by Royal Pjerogabve out of the 

Grey Sovereign mare, Lmdylee 


RACING 

BY DOMINIC WIGAN 


immediate “unqualified" sale to Rock - in ' Leopardst own's 
one of the major Kentucky studs. Ballyogan Stakes, could well find 
And second, it seems far from the much-travelled Sanedtki his 
inconceivable that «ven if Acamas toughest rival here. 

5 s . P ac £®d .5° *ud Th e four-year-old French filly, 
immediately the Pans^based art- w j, 0 has undertaken this cross- 
dealer, Mr. Darnel Wildenstem channel venture alongside fellow 
might well step in and buy the j u | y Cup challengers Loving Jim 
Mill Reef colt who. at present, is ^ ^ 1 * 3 . .made he r 

marginally preferred to Crow m three appearances over , a 
the betting on the King Georgfe mile m I may weU .be. seen to 
If that in fact occurred, I have better advantage ovfer.. this, six 


NEWMARKET 
2.00— Seamark 
JL30 — Blalistock 

3.05— Solinus*** 

.3^5— SL Jills 

4.05— Lyphard’s Wish** 
4.40 — Spithead Review 
SJ.0 — Hunter’s Isle* 


TV/Ratiio 


t Indicates programme in black 
and white 

BBC 1 

6.10-7.55 am Open University 
(Uhf only). 10^5 Golf: The Open 
from St. Andrews. 1.05 pm On 
The .Move. U0 Mister Men. 145 
News. 2.00 Closedown. 2JL5 Golf. 
■1.18 Regional News for England 
(except London/ -1.20 Play School. 
-1.-10 LafT-a-Lj-mpics. 5J)5 We're 
Uoinn Places. 5.35 The Wombles. 


At Glawr. LOO ul News and 
Weather far Wales. 

Scotland — 9.55 sum. Paddington. 
1000 Jackanory. 10A5 Help! 1035- 
1055 The Islanders. 5-55-6.20 pjn. 
Reporting Scotland. LOO ajn. News 
and Weather for Scotland. 

Northern Ireland — 3.00 p.m. 
Racing from Rown RoyaL 4.18- 
1JL45 By-Election Special from 4J0 Northern Ireland News. 5^5- 
Penistooe and Manchester (JSO Scene Around Six. LOO un- 
Moss Side. 

1.00 a.m. Regional News. 


6.50 Holiday Report 
7.00 Dr. Who. 

7.25 Top of the Pops. 
8.05 Wildlife on One. 

8 AO Citizen Smith. 
0.00 News. 

0.25 The Songwriters. 
1020 L Claudius. 

IL15 Revolution. 


- Taylor in “The Train- Headlines, am Women Only. Cine 
, < Rnhhprs. n ■ Qnb - M5 The FUntstones. 5JI 

o-i, * roads, un Report West. SJ2 

? Week. wales. 445 s arrival. XUO RlsUg Damp 

10.00 News. lUO By-Election. 

1030 What About The Workers, htv cymru/w*i«»— as htv General 

11.00 Time for Business Special. 

ir tv,_ Cnoni.i Newyoaioo x Dyad. Min uawr. 

HAS ay Election Special. . hjs-hjs wstibetiina. uo422 y nydd. 
12JL5 am. Close: One of Shake* htv West— a s htv General Sendee 
spe are’s sonnets read by except: unaJO pm Report west Head 

Sir John Gielgud. “**- 

. AD IRA Regions ay London SCOTTISH 

New and Weather for Northern eaeept at **e following t3mes:~ ^ an. 

AiNvjUA Who's Talking. U5 pm News and Road. 

ZOO Women Only. 4J0 

of Admusre. SJ5 Cartoon. 
US pm Anglia News, 2J» Women Only, am Crossroads. UP Scotland Today. 


Ireland. 


F.T. CROSSWORD PUZZLE No. 3,717 


5.46 News. All Regions as BBC-1 except at England— 6JH-6.SO pm. Look MJO am canoons. . i#j« ABoet ILK Report. 

5.55 Nationwide /London and the following times:— East (Norwich); Look North ^ad**® Party. u-» Look wjo's Tauon^, Maud 

South-East only). Wales-5^5-6.20 p-m. Wales To- (Leeds. Manchester. Newcastle); STwvy T« ^SSSSSt^rK 

620 Nationwide. day. 7.00-7J25 Heddiw. 1115-1145 Midlands Today (Bi rm i ngham ); 545 Bygoaes. w» About AnjOJa. 635 na n lmT caJL*UJ» psyiua. 1L» By- 

[Points West (Bristol); South To- Arena. U3» Lifestyle. 1U5 What About lciw priim spedaL 
day (Southampton); Spotlight “w workers, izis am Tbe Lhriiw word. SOUTHERN 

{South West (Plymouth). ATV ipjo am Arthur, umo Afloat, nas 

nnr 10.28 am MUSIC at Harewood. 1IJB Andy's Party. U3B Look Who’s Talklng. 

UJjv Z The London Nobody Knows. U30 Stars uo pm Southern News, zao Women 

_ __ . .. on Ice. 1U5 Adventures of Paisley, only. 430 Dynotnutt the Das Wonder. 

640-7.55 aj m. Open University, ijd pm ATV Newsies*. 3-50 Qutoc 00 the 4 45 The Lost Wxnds. SJS Smbtd Junior. 
11.00 Play School. Draw. 430 solo One. 4 j 45 Three for the 530 Crossroads. 6M Day by Day. bAS 

4J&Q pjn. Golf: The Open from 2S a ^r , --* : ^ 0 Gartcttin ® Todj»y. UJO university Challenge. MJO Danger 
St. Andrews. 

7.30 News on 2. 

7.40 Gardeners’ World. 

8.05 Top Gear. 



ACROSS 

1 Shot when going to be shot 

(5. 3) 

3 Relish having pet to drink (6) 
9 Gave girl loan of daffodil 
<4. 4) 

10 Co round the bend at Mono- 
poly (ti) 

11 Not becoming grand iE I 
changed (5, 3 ) 


4 Collapse of family when made 
to conform (4, 2, 4) 

6 Abandonment of faith in a 
job as youth leader (8) 

7 Desert gin in bunker (4, 4) 

8 Blighter coming to untimely 
end (8l 

13 Cream of the jest is to settle 
debt with steamship company 
(3-3, 4) 


12 Way Territorials returned to 15 Bookish boss takes notes (8) 
United States in relative post- 16 Swing from boxer creating 
lion (8) . stacks of fodder (8) 

14 Mops up far into night with 17 Suggestive amendment made 
no discreditable history (5, 5) to lender (8) 

18 Organisation of labour by 19 Complaint a maths formula 
business combine (5, 5) might bring (6) 

22 Mother’s willing to provide 20 Travel solicitor escaped (3, 3) 

fruit (61 21 Dive tike a brick (8) 

23 One ball from Willis needs 


pullinq to obtain unfair 
advantage (1, 4, 3) 

24 Ken and Roy are confused 
about the islands (6) 

25 Keep back by means of part 
of ship (Si 

25 Crafts return thanks to layers 
/6) 

27 Month before worker on tbe 
Queen Elizabeth hit the bottle 
(S) 


SOLUTION TO PUZZLE 
NO. 3,716 


DOWN 

1. Prince offers Bound incentive 
( 6 ) 

2 Duplicate fly (3, 3) 

3 L nose-sleeved garment dis- 
played at party by student 
fellow (6) 



a a 
E3 
s m 
mmm 

a n 

335 

a e 

SEJ9 


By-Elections. 

BORDER 

10.20 am Stappy. UM Afloat. 1L05 
Andy's Party. UJO Loots Who's TaJMius. 
1120 pm Bolder Nevru. 4JB Code R, 


UJO 

paradise. U-30 By-Election 
1245 am Sontbern News Extra. 


Special. 


8-30 BC: The Archaeology of the 545 The Groat Yorkshire Show. 

Bible Lands. Lookaronnd Thnrsday. JUW Ctbbsrine. 

9.00 Midweek Cinema: X’Annee 1ZJS ■" 

Sainte’ starring Jean Cabin, CHANNEL 

_ ~ ~ 111 pm Channel News. UO Little 

Boose on she Prairie. 545 The Pllotstones. 
AM Channel News. AJJ) a Chance to 
Meet. . - - US Cartoon Ouc. 10-28 
Channel Xate News. UJ2 The Open Air. 
UjM The Andy Williams Show. UJO 
M'LordB Ladles and Gentlemen. 1Z2S am 
Actualities ct Projections. 

GRAMPIAN 

First Thins. 


Jean -Claude Briaiy, Dani- 
elle Darrieux. 

10 JO Late News on 2. 

10.40 Golf. 

11.30 Tribute to Joe Davis. 

LONDON 

A Present from 


TYNE TEES 

9-25 am Hie Good Word. North East 
News. 10-20 The Secret laves of Walter 
Kitty. MAS Afloat. 1W0 Andy's Parly. 
XUS Look Who’s TaBdos- UO pm North 
East News. 2M women Only. 4JB 
Thursday Matinee: 14 Young Guna of 
Texas,” starring James Mitcham and Han 
Ladd. 6-00 Northern Life. 1U» Double 
Tod. UJO am Epilogue. 


9.30 


the 


ULSTER 

1DJ0 an Cartoon Time. HUB Afloat. 
m» Andy's Party. UJO Look Who's 
Talking. UO pm Ulster News Head- 
line*. U2 Cartoon Time. 408 
Ulster News. 4J0 cine Club. 


p» 4 t 4 55 Paine .405 an Firm Thing. 1\2B- Cartoon 4.45 The Gene Machine. 505 The Advent 

fftSi Sf? .”L* ,SIlcjr ; Time. MjB AfloaL _ U-B The New rones of Black Beauty. 6 X 0 Ulster 


10JS0 The Undersea Adventures of Alchemists. m» Look Who’s TaDdng. UB Crossroads. 600 The Mary Tyler 
Captain Nemo. 10J10 Birds of a UO pm Grampian News. «JO The Little ifwer 5bow. 7.00 Cart two Time, zzxo 
Feather. 10^5 Pygmies Of the Hon “ on inel PnWe. SOS Audubon— Gardcntns Today. UJO News at Bedtime. 

Rain Forest. itiscStoon Ttoe. Sg^2SfS^.‘t!^3Sf'“ u S , S WESTWARD 

1—00 Little Blue. 12,10 pjn. step- Reflections.' 1220 Grampian Late Bead- JQJO Bra Umamed World. HUB Afloat, 
pins Stones- 12JH» Doctor! IDO lima. JUS Andy's Pany. UJO Look Who’s 

News, plus FT inte L20 Help! ' GRANADA ^“uo^S WZKSKUSS. 

UO Crown Court- 2.00 After Noon.’ mja am Be turn to the Plane t ot the 4.20 The Hmsem the Prairie. 5JJ 

2^5 Racing from Newmarket Apta. UXO Tb* — Loti Islands. The Fllmstones. 6.00 Westward Diary. 

3-50 The Sullivans. t4i0 Children’s m Weswrard Laie News. DUO The 

ri) m n nf j a hK/iH* TIda [S YOQt Right. flJD Littifi OXWJD Air, II. PP AJWJy WillLaiM Sbov« 

Film Matinee Bod Abbott, Lou House on the Prairie. 5J0 Whai's New. LUO M Lords. LaSsi andcSuemen. 
Costello in “Hold That Gbost! MS ^rosnoads. _6X0 Granada Reports. '12.2S am Faith | or Life. 


5.45 News. 

fiAO Thames at 8. 

848 Cartoon Time. 

0-50 Crossroads. 

7.15 Leave it- to Charlie. 

7A5 The 


6JQ .What's On Special. 14X3 on She. 
1140 What the Paorra Say. mu By- 
E lection SpedaL 1245 am A Llttic Night 
Music. . 

HTV 

1020 am Geared for Licences. UL4B Afloat. 


YORKSHIRE 

JO - 2 D am Power Without Glory. 1140 
Star Maidens. 1U5 Friends of Man. 
UO pm calendar News. 440 Taran. 5.15 
The Great Yorfcbhiro Show. 6 J» Calendar 
lEmley Moor and Belmont editions). 


T’hp MM-WPPlr Pflm" Tn)m *»mb am e.earea lor Licences. UL 

wL.1™ h,™'. .UJB Andy's Party. UJO Cricket. UB pm ILK The Adventurer. DJO By-Elec Uon 

wayne, Ann Margret, Rod 'Report west HeadiMes. us Rape ' 


Report Wales SpedaL 


’RADIO I ■» 247m UJO pm Bournemouth Slnfonletta. part 1: Archers, 7J20 OwckDOlut- 745 The Royal 

/Si stereophonic broadcast Baidu. Handel. Beethoven <S>. UO News. Tournament. 830 Ray GosUne with tbe 

T Hmlhnn Wave LOs Bournemouth Smtoulctra, part 3: BBC Sound Archives. 8-45 Nation to 

*V VJialdi. Haydn iSj. UO Opera Donhb- Nation. 9 JO KaKtldoacope. LM Weather. 

7 -K Dave Lee ant. part 1 : «• Erwartimn ’• by Sdioenbera. HUB The World TODilthi: . News. lOJO 

Paul (Si. 2 JB Words 245 Oucra Double-Bin Any Answerer UJM A Book at Bedtime. 


5.00 am As Radio 2. 

g” 1 * gatei. rw (Si. 2 JB Words. 2JS Opera Double-Bin Any Answerer UJM a Book at Bedtime. 

Newsbeat. 2.00 pm nan 2: Rinebeanl’s Castle " by Bartok UJ5 The Financial World Tonight UJO 

J | B * en includ- iSi. 3J5 TudrwriQ wind Qidotet (Si. 405 Today In Parliament. 12JB News. 1240- 

®°«- M* TtHAwea wind CtoDteL. am inshore Forecast 
« li' , j0h “ ^ lS, ‘ P»rt 2 iS i. SJ 0 French Music /S). JS^S nnn 

IZM-ZBJ mi Ad Radio 2. Homeward Bound. UU News. Jt40 DDL K3Q10 London 

VHF Radio 1 and 2— 5.00 am With Radio Homeward Bound (continued 1 !. #-39 Life. 206m fl&d 94J9 VHF 

Jfctodlng LK pm Good Listening. Unes; ’ nie wider World. 7JB ChwaJ a»d 5.00 am As Radio 1 630 Rush Hour. 

S*"-. *5* IUuUa L am Orchestral Gonewt. P»ri 1: VangM OM London Live. 12JB pm Cafl to 

with Radio 2. Williams. Find tS>. 840 PickwRJJan including LOO London News Deals. 2 JB 

a r\m ^ , - An _ . . -- Christianity. 845 Concert, part 2: MBher 206 Showcase. 4J3 Home Run. 640 Look. 

RADIO 2 tiSOOm and VHF (Sj. OJO Bulgaria. 938 The Bach Family g t 0 p i Listen. 7J0 Black Londoners. ILM 

5.00 am News Summary. 532 Richard f, si - A *»“* « 1 Sn ^^ r ^P^ in! V 1 l l^ Soul 78. l&S Late Night London- 12 X 0 

Vmwmh with Thp Rari, SIumv it: I UJM Drama Now at.. 11X5 News. flJ9- ^ Radio 2. guri QtKStion Time 

HUtt 545 Panse ^r Tbo^L 7 JZ ^ Srimberf Song. from House M cSmxn^ lkaS 

Terry Wogaq (Si inriurikiy »w Baring Rad hi 3 VHF Only— 6XO*7X0 • »i 5^ As Radio 2. 

Bulletin, sxs Pause lor ThoughL in b7 7 jo pm Open University. T , _ , .. 

coif-Tho open ^aSmuSSE mjb rs a London Broadcasting 

’ Yat ^ K .. (S>. ta ««daK ax* and KAUHJ 4 261m and 973 VHF 

4S*n, 330m, 28Sm and VHF SJM am Morotny Music. 6.00 AM with 
ffii Open Bonn (JX) k, Bneflng, 040 Farming Bob- Holnns aod Douglas Cameron. 10X0 

News. Brian Bayes Show. 1X0 pro LBC Reports. 


12X2 

walk. 


n nek- v«- rjo ana news Heaaunes, s-» tester- wmss uwci j v-uock wuu 

IRJ.S D »■ Pwlhunent- ** News. 9JH These LBCReports_. _8X0. Aftef Eightw«h_Ian 


Sports Desk. OX? Folk- 


inal.wi: M c XT « W r uni i m icm. 74JU news. 1 JB A UMti ■*» - . . - . 

tSSSS roS. Vou Have Loved IS). ioxo News. 10X5 9X0 Nigbttoe with Kellh 

From' Our Own Correspondent- UJO Chalkley. _ 1X0 am Night Extra with Alan 
Dally Service. 1045 Morning Story. UJO King. 

News. UX5 Down Your Way. 11X5 

Matthew Imredneea Tim ut UMiUrtT'S' Chapter and Verse. 12X0 News. 12X2 pm V^apiUU rtHOld 
Eleeri™ and Yoa 80,1 Yonr *- Many a SUp. 1248 I94tt and 95.8 VHF 

Newsroom. 2X0-2-02 am News Summary lath er., LQ Q_The_ World At One. UO too am Graham Dene’s Breakfast Show 

__ "****“ aammary. Tb, Archers. 1X5 Women's Hour indufl- (S>. 9X0 Midwel Asuel (S), 12.00 MBco 

RADIO 3 Stereo* VHF $?*. S” 1, ^ 1^“®“ wtUl a 11 * 11 iS) - 3xo pmRoger s«at isi. 

*1,7 1 ® .. .. Mother. U» Newt. 340 Questions to 7X0 Lord-Caorse Brown's Capital Com- 

_?S W1, 7JB Prime Minister. X3S WDdUfe- 0X0 merttary (Sj. TJfl London Today ts>. 
c. S 'b if?, r, * ws « Jack De Mania Precisely. 7 JO Adrian Love's Open Line fSL 9X0 

Jan 8 , £ eds ' s 5® 5tory Tl mo. 5X0 PM ReTOrtS- Nldry Home's Ycmr'Mother Wouldn't Like 

Sepfrh/fL - V5V 1?*“ 548 Serendipity: 5J55 Weather, it 1 S 1 . UXO Tony Myatt's Lata Show (S). 

Sj® til® Grron uo News. 630 Brain. of 2X0 n Duncan Johnson's Night Plight 
Man CSj. 1U5 Haydn and Beethoven <5>. Britain 1078. 7X0 News.- 7JS The ®. 


ENTERTAINMENT GL 


OPERA & BALLET 


GOUSCUM. CredHt cards 01-240 SZae. 
Resemtioro di-sa* 3761 . Until Sat. 
NUREYEV FESTIVAL __ 
Wttfi DUTCH NATIONAL. BA1XCT 
Eros. 7 JO. Mat. Sat. at 2.50. Four 
Schumann PteceUFaunfc&bout a Dork 
House. Norero* wUI dance at even per- 


COVtrn GARDEN. CC. 2*0 1086. 

(Gardeiictrvge credit cards »38 6803). 

THE ROYAL OPERA 

Yonfotit. Sat. t, Tue. nesrt at 7.00. Notwia 
13 4 IS July Lairirgen replaces Craig, 
18 July -Vcasy nertaciN Bumbry. Larligen 
replaces Craig). Tomor. at 7.10 PELJLEAS 
ET MELISANDE. _ 

THE ROYAL BALLET 

Mon. neat at 7.30. Four Schumann Pieces, 
The Firebird. The Concert wed. next at 
7.30 Anestesia 6 S AetpM' seats avail. 
for all peris, irgm 10 am on day of pert. 

GLYN DEBOURNE FESTIVAL OPERA UntH 
Aug. 7 with the Locdon PhHharmtMlc 
Orchestra. Tonight Sat.. Mon. & Wed. 
next at 5.30. Cost Ian tutte. Tomor.. Sun. 
A Tue. nett at 6 . 1 S. La Bofteme. Possible 
returns only. Box Office Glyndeboure. 
Lewes. E. Sussex *0273 B12411). 

N B. Hie curtain tor Oral will rise at 
5. 30 sharp. There Is no possibility of ad- 
mittance for late comers. 

SADLER’S WELLS THEATRE. Roseberv 
Are.. EC1. 837 1672. UntH July Jtt- 
Eves. 7.30. Mats. SaL 2.30. 
NIKOLAI'S DANCE THEATRE 
Tonight: Triple Duet from Grotto. Styx. 
Triad. Tomor.. SaL mat and Wed. next 
Tnole Duet from Grotto. Gallery. Suite 
from Sanctum. Sat. eve. and Tue. next: 
Gulgnol. Stick Figures. Suite tram 
Sanctum. Mon. next: Temples. Gulgnol. 
Triad. " Sheer wizardry . . an experi- 

ence not to bo missed. E. News. 
'•Utterly utterly beautiful . ■ ." OVladl 
Guardian. July 31 -Aug. 26 MARCEL 
MARCEAU. 

THEATRES 

ADEL PHI THEATRE. CC. 01-638 7611. 
Evgs. 7.30. Mats.. Thurs. 3.0. SaL' 4*0. 
IRENE IRENE IRENE 

THE BEST MUSICAL 

Of 1976, 1977 and 19781 
IRENE IRENE IRENE 

"LONDON'S BEST NIGHT OUT." 

CREDIT CARD^OCHCIINGS 836 7611. 

ALBERY. 836 3878. Credit-card Megs- 
836 t97>t-3 from 8.30 am. Party Rates. 
Mon- Toes- Wed- and Frt. 7*45 pm 
Thurs and SaL 4. So and B.oo. 

“A THOUSAND TIMES WELCOME IS 
LIONEL BART’S 

OLIVER! 

MIRACULOUS MUttCAL.” Hit. Times, 
with ROY HUOO and JOAN TURNER. 
"CONSIDER .YOURSELF LUCKY TO BE 
AOLE TO SEE IT AGAIN, Dly. Mirror. 

ALDWYCH. 836 6404. Info. 836 5332. 
Fully air conditioned. 

ROYAL SHAKESPEARE COMPANY 
Ton'L Tomor. 7.30. SaL 2 X 0 A 7.30— 
Strindberg's 

THE DANCE OF DEATH 
" emerges as a wonderful piece of work.” 
The Times. With: CORIOLANUS (next 
pert. 20 July)- RSC also at THE WARE- 

HOUSE (see under W) and at the WccadHty 
Theatre In Peter Nlchol's PRIVATES ON 
PARADE. 



AMBASSADORS. 01-B3G 1171. 

Nightly at 8 . 00 . .Matinees Tubs. 24,5 
Saturday 5 and 8 . 

PATRICK CARGILL and TONY ANHOLT 
In SLEUTH 

The World Famous ThrHIer 
by ANTHONY SHAFFER 
"Seeing the plav again Is in fact an 

otter and total lov.” Punch. Seat prices 

£ 2.00 to £4.0. Dinner and Tog-price 
seat £7.50. 

p#pM| 


fpilig 

CAMBRIDGE. 836 6056. Mon. to Thurs. 

. B.OO. Friday. Saturday 545 and 8.30. 
IP) TOMB) 

ExcWng Black African Musical 
• “Packed vrith variety.'" Dly hMrror. 
Seat JSlcmr E 2 .oo-ES.So 

THIRD GREAT YEAR. 

Dinner and top-price seat £0.75 me. 


COMEDY. . . 01-930 2578. 

ALEC Mccowews 

ST. MARK'S GOSPEL 
"An unparalleled tour de farce." S. Tms. 
Last 4 : profs. Eves. 8 . 00 . Sun. 4 JO. 

Seats £1-25, £2,25. £2X0. £3.00. Late- 
comers not admitted. 


DRURY LANE. 01-836 81 OB. Every 
night S. Mtthrre W Ml ard Sat 3.00. 

- - A CHORUS UNE 

A rare, devasfatlno- Icvocs. astonishing 
stunner. '■ Sunday Times. 

DUCHESS. 636 8243. MM to Thurs. 
Evenings S.On Fri . Sat. 6-1-5 Md 9.00. 
OH! CALCUTTA! 

'Tlw muiitv is stunning." Deny Tel, 
8 th sensational Year. 

DUKE OF YORK’S. 01-836 5122. 

Evenings 8 4)0. Mat, - Wed. Set. 3.00. 
Limited SeajO" mu« md August 26. 
JOHN GIELGUD 

In Julian M-rhoN'l 

HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
■TlftiHantlv witty ... no on* should 
nfisj It." Harold Hebswi fDrama). Inst*"* 
credit r>rd marvatmni. rfinner end 
Too price Seats £7-06 

FORTUNE. 836 72M. Eva. B.P 6 . Thurs. 3. 
S»L 5.00 and 8.00 

Muriel p*v»nw u MISC MARPLE m . 
AGATHA CHBISTie'S ■ 

MURDER AT THE VICARAGE 

Third Great Year. 


THEATRES 


HA\MAMtD._9M MK. “d*Sx ft- °° 


Wed. 2 jo., ia tT 4 J O uwd 8 . 00 . 
hSlRRY ANDR&W5^ 

EL ® pSSS 
,nd ' 2 EI Mft? DL ,n 

* Play Uv RONALDHAJtiWQOD 
Directed by CASP£R_WREDE 
••An adotirublc Plav. *^1* ^S25 

celved. properly wortted out, irgbiy w 
fimnalv written — rtdUy 


A new , 


GARRiriC THEATRE. CC. Ol-fSS 4601. 
•Evj. nn, h*-,;. w~*, .5.o. 5.vv njfl. 
TIMOTNV wf«Ti MW* JONES. 
MICHAPL WITTWEN 
In pMTN'S 

tve nt»*vmMiNri 
Pt»1M I ANT— A TAtfT AN EXCEL, 
PNTLV SriTVO PW^tWJCTin*I. , » n T*i 
“AN lNvyMAireTM * 4 Y »WM y/W" 
r-rfn. "NOT TO BE M IS*FD “ T7m~t. 


C*nv(E TH«=AT“ r . 01-457 1547. 

V*n« 9 ’ 4 W«t. 3.D. e*t. Fa. B 4fl. 
PAUL "'“"mN, III' IS MrVCNZtE. 
RENi'AMrv WHHTUriW In 
ALAN A v -‘'R^»K»N"t Com«t» 

TEN TIMES TABLE 

tm* mvd t*<» fie hamnipw. lauohtrr- 
r"%er In O. Tel. "An Irresic. 

wleroWe ownhw.” Sunday Ttroro. 


cpypvwieH th* atbs. *so 

KH 7.XO Mat. S at. 2 J» "Ktattlmv 
Hmnhmn's Mfri p ratO Ce ." Tlinet. HEN OLE 


unohron's Mh W rnrec e 1 . " Tlm^. HHfM 
WAKES. "A real find." Guardian. 


KING'S ROAD THEATRE- ^52 7488. 

moil » Thur. 9.0. Fri.. Sat , .3Q. 9~>o. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SES 1T| 

LONDON PALLADIUM. CC. 01^37 7373. 
NOW UNTIL AUGUST IS; 

Man:. Tubs.. Thurs. and Fri. at 8 . - 

TWO 

SUNDAY AT 5.0 

Book now on hot line 437 20S&. 

LYRIC THEATRE. £1-437 3686. BW. U. 
Mat. Thurs. 30- SjjLM— ^ 

with EHsabcth Archer & Trevor GritBtha 
bv Eduardo de Filippo 

"TOTAL 1 Wl uSpH.^E^News.-AN 

years." Sunday Times. 

MAYFAIR. 629 3036. Eve*. 8 . SaL 5-30 
and 6.30. Wed. Mat. at 3. - 
WELSH NATIONAL THEATRE CO v 
DYLAN THOMAS’S 

UNDER MILK WOOD 

MERMAID. 01-248 7656 (Rett. 248 
2835). LUNCHTIMES Juiv 17-28 T1.05 

£S?1 ss um;. MY shai&speare Jrtv « 

only 9X0 am-mldnlghL CHRISTIANS 
AWAKE. A Celebration of tbe 300th 
Anniversary ol the Pilgrims Progress. 

NATIONAL THEATRE. _ J 928 ZUZ 

Olivier «op<m stage): Today 2.4S (rod- 
pr. mat) and 7.30 MacBeth. Tomor. 7.30 
The Cherry Orchard. 

LYTTELTON (proscenium stage): ToiTt and 
Tomor. 7.45 Plunder by. Ben Travn^ 
COTTesloe (small, audlcgriotnc Tdn’t and 
Tomor. 8 Aroertaao Benin by David 

Mamfexeellent cheap seatt all 3 U’**jra 3 
day of pert. Car park- Restaurant 928 
2033. Credit card bkgs- 928 3052. 

OLD VIC. 928 7616 

PROSPECT AT THE OLD VIC 
• . .junc-SepL Season 

'Eileen Atkins as 
, SAINT JOAN 

"a groat performance The Time* 
Today. Fri.. 7.30 

Eileen Atkins. Brenda Brace. . 
Michael Denison. D«m<* Jacobi Jn 

THE LADY'S NOT FOR BURN NG 
"fresh und buoyant.” Dally Telegraoh. 
Sat. 2.30 end 7.30 
• . TWELFTH NIGHT 
an outstanding revival. The Time* 
Returns July 21. 

OPEN AIR. Regent's Park. Tel. 486 2431 . 
A MIDSUMMER NIGHT’S. DREAM. 
Eras. 745. Mats. Wed. Thur. & Sat 2-30 
with RULA LENSKA. JAN TALBOT. 
ELIZABETH ESTEN5EN. DAVID WESTON 
Shaw’s MAN OF DESTINY 

Lunchtime Tomorrow at 1.15. 

PALACE. CC, . 01-437 6634. 

Mon .-Thurs. 8.0. Fri. and Sat 6 A 840 
JESUS CHRIST SUPERSTAR 
by Um Rice and Andrew Lloyd Webber. 


PICCADILLY. 437 4506. Credttcard bkua. 
836 7S71-3 8-30 am-B.30 pm. 

Eras. 7 JO. Sat. 4.30 and 8 . Wed. mats.. 3 

Royal Shakespeare Company m 

THE OUTRAGEOUS ADULT COM 6 DY 
bv Peter Nichols 

PRIVATES ON PARADE 
“Rtoroartng triumph.” S, Exorevc. 
BEST COMEDY OP THE YEAR 

Ev. Std. Award and SWET Award 
FULLY AIR-CONDITIONED 

PRINCE EDWARD. CC. (formerly Casino). 
01-437 6877. Performances. This Week. 
Eves. 8.0. Mat. Thor. 3-0- Sat. S.36. SJO 
NOTE CHANGE OF SAT. PERFS. 

From JULY 22 SatS- 5.0 and B.40, 
From AUG. 5 Sats. 34) and 840. 

" and From SEPT. 2 Sats. 3.0 and 84). 
everA 

by Tim Wee and Andrew Lloyd Webber. 

PRINCE OF WALES. CC- 01-930 8601. 
Evas. 8.0 Saturday 5.30 and 8.45. 
THE HILARIOUS 

BROADWAY COMEDY MUSICAL 

1 LOVE MY WIFE 

Starring ROBIN. ASK WITH 
- Directed by GENE SAKS 

CREDIT CARD BOOKINGS 930 0848. 

QUEEN'S THEATRE. CC. 01-734 1156. 

Evgs. 8 . 0 . Wed. 3.0. Sat. S-O. 8.30. 
ANTHONY OUAYLE 

FAITH BROOK. MICHAEL ALDRIDGE 
and RACHEL KCMPSON ■ 

In Alan Bennett's 

THE OLD COUNTRY 

Play and Players London Critics Award 
• BEST PLAY OF THE • YEAR 
DIRECTED "by CLIFFORD IMLtilAME 

IlgagsM 

REGENT. CC. . Oxford □rcos Tube. 

01 -B77 9862-3 ; 

THE GREAT AMERICAN 

-BACKSTAGE MUSICAL. 

Prevs. from 3rd Aug. Box Office open. 

ROYAL COURT. 01-730 1745. Air ooods- 
Evenings . 8 .- Sat-' 6 JO. 

FLYING -BLIND . 

. BUI Morrison's. ''Savage laree," F. Time*. 
"AUDACIOUS COMEDY.”- TlniM " 

ROYALTY. . credit -cards. 01-405 8004. 
Monday-Thnrsdiv Evening* H.OO. Friday 

5 JO- and 845. Saturdays 3.00 rnd 4-00. 
London critics rate BILLY DANIELS to 
BUBBLING. BROWN SUGAR i 
■ . -Best Musical In 1377 ■ 

BookUiBS- accepted. ' Malgr jeredtt- cottis. 
Special reduced rates for matinees (for 
. limited nerlod only). - >. 

SAVOY THEATRE. . 01.836. 686 B. 

.TOM COSTI In . • • 

'■ WHOSE LIFE IS IT JMYWAY7 

With -JANE ASHER 

-A- PLAYM^URGE YOU 

Evgs.' m B.O. Fri. *nd. 5aL 6.46 and a. as. 

SHAFTESBURY. - * CC._ . '01-^36 6595: 
Shaftesbury Awe. WC 2 fHIoh Holborn end) 
From Tomorrow for a - special Summer 
Stasoo A New Production, of - 
GODSPELL 

. Soate tram £l-£5- - . • 

Best nvnilablc seats at £2.50 *s hour 
before show from the Bod Office. . 
Mon- -Thor. 8.15 Frt. & Sat. 5.30 A 8.30 

STRAND, 01-836 2660. ■ lyeflli*! 8.00 
Mat. Tfitirs. 3.00. Sat. SJSO and- 8 JO. 
NO SEX PLEASE— r - 
.wriw BRITISH 

THE WORLD’S GREATEST 

LAUGHT9R MAKER . ' • • ' 

GOOD SEATS f400-£1.0q, _ '• ■ , 

ST. MARTIN'S. CC, 836 1443. Em»- 8.00 
MaMee Tues. 2 45- Saturdays 3 -and 8 
AGATHA CHRISTIE’S •. 

THE MOUSETRAP . £ 

WORLD’S LONGEST- EVER RUN * 

26th YEAR. " 


THEATRES 


VAUDEVILLE. . 836 Mttffi E*V *.ML / 
Mat. Tuaa. 2A5- Sat. 6 and «. •“ 

Ddtjh SHEftlOAN. DulCle GRAY 
A MURDER « ANNOUNCED J- 
THE 'NEWEST WttODUMNIT. . 
by AGATHA CHRISTIE _ . 

“Re-enter Auatha wW» anather wtw - 
dunnrt Mt. Auatha CJiQstle u -rtNIdop tin 
west End «* *wd" *«i another .of .bar . 
fleodlsbly - Hwemoos mmier myaterWa." • 
nitrNmr. *!«*» N w- , • •; 

AHT-CONOmONSD THEATRE, . 


STRATFORD JOHNS 
'. SHEILA HANCOCK 
ANNIE 

EwHm 7.30. Mats. Wed. and Sat. UL 


WAREHOUSE. Donrnar . 


Cewent 


Theatre. 

1 . 836 6808. ROYAL SHAKES- - 
■ COMPANY.- Taart 0.00 Prter. 
VV SAVAGE AMUSEMENT. ■* An 


PEARE: 

Flimrerv^v _ _ — 

exceptional Playwrltlnp debut.** F-_ Time*. 
All coats £1 .BO Adv. 

Student stamttnr £ 1 . 00 . 


bkaa. AUwvch 


WESTMINSTER. „ 01-834 02«J. ; 

SENTENCED TO LIFE 
“MUGGER) DGE*s trenchant hammir. 
THORNHILL'S dramatic art” D. Tel. 
■Tnte*«e»y human, carmo tirama. * Y.Ysat. 
“Trerrendou* import." NoW. “I waa 
tiiarutr moved." J. C. norno. 

EHK 7A3. Mats. Wed. 3.30. Sat. 4JO. 
^ . MUST END. JULY 22. , 


WHITEHALL. 01-930 6592-7765. 

Eros. 3.50. Frt. and Sat, 6.45 and 9.00. 
Part Raymond presents the Sensariooat 
Sex Revue of the Century 
DEEP THROAT 
6 th GREAT MONTH 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice NlBhtJr B.O and 10 . 00 . 
Sundays fl-oo and 8 . 0 . 

PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THl 
MODERN ERA 

“Takes to unmetedented limits what Is 
permHalMe an oar suse." Eva. News. 
3rd GREAT YEAR 


WYNQHAM’S. 01-836 2038. Credit Card 
Bkgs. 636 1001-3 from a. 30 am Mon.. 
Thor, a.00 Frt. and Sat. 5-15 and 8.30. 
“ENORMOUSLY RICH 
. very FUNNY.-' Evenino News. 

?. 

'’Supreme comply on aox and r«lpum. n 

“MAKES^fOU I 8 ake‘ WITH 
LAUGHTER." Guardian. 


4 Nall 


ir 


YOUNG VIC 926 63G3. Ben Jonson's * 
BARTHOLOMEW 

FAIR - 

Evbs. 74IS. “A rtoroariofl production " 
S. Hmes. Youno vOc Festival nntil Mt 23i- 
Phone *o* Office -tor leaflet. 


CINEMAS 


ABC 1 Bl Jt SHAFTESBURY AV. 836 8881 - 
Sen. Paw. ALL SEATS BK 8 LE- 
1 . 2001 A SPACE ODYSSEY 'Ul 70mm 
him. Smjj 2X5. 7.55. Lite show. 

27 ‘SATURDAY NIGHT FEVER Of), Wf-. 
& Sun. Z-OO. S.15. 8.1 S. Lam show Fri. 
AiSAt.la.IS. 


CAMDEN PLAZA loop. Camden Town 
Tubei. -485 2443. TawanlY 

alxomsANFAN fAA) (By titertmrtor 
nr PADRE PADRONE) 4.45. 6X0. 9.00. 


CLASSIC T. 2 . 3, 4. Oxford Streot toon. 
Tottenham Court Rd. Tube» 636 0310. 


if of A.procs. j nilidron^ai^griM. ; -■ 


if Bruce Lee GAME OF DEATH 007 
Prog-s. 2 . 00 . 4.15. 6730. BAS. Late show 
11 pan. 

Zl wait Disney's HERBIE GOES TO 
MONTE CARLO IU): Proas. 1 JO. 34ft 
5JS. 8-05. Late a»ow 10750 om, THE. 
GODFATHER PART II fJO. ■ 

3: Alan Bates. John Hurt THE SHOUT 
CAAl. Proas- 2.30. 4 7J5. 6 AO. ILO, . 

4 * ^Lebanon *?": . why? tAi. 'Arable 
Dialogue — English Subtiles. Proui 1 os. 
2.80. 5.30. 8.10. Late show lb JO pm. 


.. Curzon Street. W 1 . 499 3737 .- 
Alr Conditioned Oomtorr1, ; pERM 


CURZON 

UZALA"(UT"in _ 7b ^mSf " finollafi sub-' 

iuxSTa. om "brfiXniA 

" A MASTERPIECE.” Times..'? MASTER 
AnwirrJTfrtK:." qurkfiv 7Tinfif. VERY 


„M. c rrrtJK," ftjneBYjnnw. "very 

BEAUTIFUL." The' GoaTOlan. ''HAUNT- 
ING . ADVENTURE.” Sunday Express. 
• MASTERPIECE." Evening Nom Film 
dally at 2.00 (not Sun.) 5.00 and 8 . 00 . 


LEICESTER SQUARE THEATRE 030 8252} 
Richard Biirton. Roger Moore. Richard 
Harris. Hardy itruow in 
THE WILD GEESE (A« m 
Sen. progs.. WM. 1 - 00 . 4.30. 8 . 10 . Sun- 
3750. 7 45 - Late shows Wed*. Thu rs. Fri* 
* Sets 71.45 pan. Seels ma* be booWd 
In advance lor B.IO prog Moo.-Frl. A All 
prog* Sat A Son. brtl. late night shows. 


ace 


ODEON LEICESTER SQUARE. ‘jMflOmj 
REVENGE OF THE PINK PANTHER fAJ 
Royal World Charity Premiere Tmrtoht ai 
7470 pm. All Seats Sold. Public Perform- 
ances -from to-morrow. Sen. progs. Dl». 
Doors OoetL . nwnlns show 11.01) *"> 
CNot Sun.) 1st srg. 1-45. 2 nd. PiR. 4.30. 
eve. prog. 7A5. Late tHght show Moo.- 
Sat... Doors ooen 1 1- 1S P"»- *i» _s«t» 
bkMe- emcopt iiwntf w anow * Men 
late night mow. at the sox ome* or bv 
Post. . . . 


ODEON HAYMARKET. igso 2718-2771), 
Jane Fonda. Vanessa Redgrave In « 
Fred Zlnnemaiut Biro; 

JULIA (Al 

Sep J progs. .Wy. 2-30 rNot Sun j 8.45. 
BAS. _FeatWR;_Dly. . 2,46 . INot^SUnl-- 


6 . 00 . 9.00^ AU seats bkble 


ODEON MARBLE ARCH. W72. (723- 


2011.2). CLOSE ENCOUNTERS OF THE 
ND ^ - 


THIRD K1 
open. 1.05. A.ifl 
Sat. Doors oo*n 
bkble. 


Sen. progs. Ofv. Dows 
7 . OS. Late show Fri. & 
11 jIS pro. All seats- 


PRINCE CHARLES, Lglc. So. 437 8181, 
: "MEL BROOKS ' ■ 

HIGH ANXIETY fA- 
Stp. peri*. Dly. (Hie. Slin .1 2.45, 6.13. 
0 . 00 . Lte. Show Fri. & Sat.. 11.46. 
Seats BkMe. LK'd. Bar. 


CLASSIFIED - 
ADVERTISEMENT 
RATES ' 


TALK OF THE TOWN. CC 734 5051. 


B; 00 . Dining. _D« 5 cTiw «aro opwn 7.157 


.1.30 Sopor Revue 
RAZZLE DAZXU - 
and at n pm. 

LOS RE ALES DEC PARAGUAY- 


730 2554. 


THEATRE UPSTAIRS. . 

-Evemnas 7.30 om 


Par 
(bid 
£ • 


Stnbte' 

cobm*- 

CTTL 
• £ 


Progeny 


4.50 

2.06 

4.50 


UJO 

&00 

«.« 


OTOortnmtiM, CorDoradoo 
Loaos. Production 
Cmwdty. Boabcssog - 
PorflalerWanlcd . 12 S 


KM, 


Con tracts 4c Tenders, 
Permosl. Gsrdeuibg 


4X9 

2-7S 


ia.« • 

16.06- 

7.M. - 

Prenanut posHIom avatluMe 
CMmimum ste « eeluni cm} 
(UJO per Unyto colnmn cm extra) 

For further Oevjilt trritd m.’ 

. Classified Ativertiseineat 
Manager, ' : 

Financial Times, 
20,-Casmm Street, EC£P4BT r 











Financial Times Thursday July 13 1978 

!ecord Review 


Mixed Doubles 

by .ANTONY THORNCROFT 


[Cheltenham Festival 


I Chichester Festival Theatre 


me Girls: Rolling Stones- 

• CUN 39108 

. Treat for the Troops: Boom- 
. own Rats: Envy 3 

Bob Dylan: CBS 

Soil 67 

\rkness on the edge of town: 
Bruce Springsteen: CBS 86061 

It is one of the oddities of the 
Jk world that when a new 

• ent surfaces the biggest com- 
.. ment is to attach it to some 

polished artist. A few years 
: \ o Bruce Springsteen was 
•;ged the second Dylan, and 
over-promoted that he dis- 
‘ peared in a storm of disbelief. 
1 * ire recently the Boomtown 
ts, out of Ireland and out of 
i “ new wave,” have been 
. .-ognised as the sons of the 
illing Stones — chronologically 
ite possible in some cases. 
. -w albums from all four 
! . trees allow second thoughts. 

- '..The similarities between the 
*’.■ .omtown Rats and the Rolling 

)nes are mainly in visual 
pact. The Rats lead singer 
Geldof dominates the stage, 

.. d the group, as magnetically 

Mick Jagger, and has the 
ne endearing disdain, the 
- "^rjsne mastery of the sophi- 
r^cated put-down. But the 
Vi rvength of the Stones is that 
’V?_jV*y are just as effectively 
initiating on record as in 
: hc£n;:r icert, perhaps more so as age 
ars down the edge. 

- rbe opening bars of Miss You, 

■ i first track of Some Girls. 

'^• mediately sweeps you into the 

- - >nes experience. Hardly any- 
•’ . ng has changed in over a 

• ^ade— 1 the relaxed guitar, the 

• ^assuring bass line, the use 

- saxophone and electric piano 
'spice the melody, and Jagger 

• his best urban drawl. The 
. ■ :e is confident, the appeal 

. ' tant. The Rolling Stones have 

" '.-ays succeeded with slow, 
ies-soaked. songs: in the faster 
. : mbers like Liar, they sound, 
••-.'.not commonplace, at least con- 
ltionaL But with lyrics that 
''er the dream worlds of ready 
men, exciting places, and easy 
« . - -ney they remain the image 
the age. Perhaps there is an 

- ment of self parody, of old 
■frioned super-star decadence: 

ne Girls would probably 
obelise all the worst excesses 
Ihe rock establishment to the 
dere of Sniffin' Glue, but in 
20 year history of the music 
• : inds a level, a level near the 
It is the best from the 
ling Stones for ages, 
-witching from the cool 
■■ nes to the hot Rats is like 
ving from the first class 

sstival Hall 


lounge to the boiler room. . The 
Stones might once have had 
such energy, but I doubt it. 
Gedolfs voice is not unlike 
Jagger’s while his lyrics and 
his band are a decade on. The 
Boomtown Rats was always one 
of the more intelligent of the 
punk hands, and with a Tonic 
for the Troops they have almost 
kicked over the -ladder which 
took them to the top. There 
are melodic indulgences in Like 
clockwork which would not have 
ashamed 10 cc, while I never 
Loved Eva Braun carries Bowie- 
like declamations. When the 
simple Boomtown Rats sound 
comes across, as in She's so 
modem, there is an instant kick 
in the stomach, an ear's view of 
a street fight in Horton or a 
teenage party which has sud- 
denly taken off. The lyrics are 
rather bit and miss,. a search 
for significance which Is un- 
necessary — who cares if the Rats 
took “A" level English — but 



Mick Jagger 


with their musicianship, and 
Geldof, the band, shows signs of 
a long life. 

The new Dylan album, coming 
so soon after his triumphant 
return to Europe, Is a bit of a 
problem. The. cosmic view has 
shrunk to some very personal 
perspectives which - are almost 
morbid : perhaps there is little 
difference between the mid-life 
crisis and the doubts of 
adolescence. One difference for 
Bob Dylan is that the songs can 
be wrapped up in lavish vocal 
backings and the best band at 
any price. It is a pity that the 
lyrics are not included in ihe 
record for this is probably a 
verbal treat — the melodies are 
more subtle, the arrangements 
more complex, than we are used 
to, and it will probably please 
the older Dylan supporters more 
than the new converts. 

Even so it is a fine album. 
Dylan incorporates soul in much 
the same way that he used 
country music for his own ends 
and his strange genius raises 
even routine songs like Baby 
Stop Cruing. Dylan as the lonely 
d ! scarded voice in the dark as in 
Where are you tonight ? is an 
unlikely development from the 
cynical travelling man of the 
early albums, but then be has 
always moved more nimbly than 
his apologists and he has usually 
been proved right. 

After all the ballyhoo Brace 
Springsteen seems to have 
settled down fairly well. 
Darkness on the edge of town 
is another batch of urban 
cameos, almost Jackson Browne 
like in its rolling piano chords 
and restless energy. It is the 
kind of thing that the 
Americans do so well, main- 
stream rock which gets nowhere 
very much but provides a 
pleasant journey. While Dylan 
is content to follow his own 
musical fancy Springsteen is un- 
certain whether he is a rock 
singer or a recording artist and 
for ail the appealing guitar and 
saxophone solos this new 
album never becomes quite as 
serious as it takes itself. 

A better dose from the same 
bottle is Stranger in Town, a 
fine album from Bob Seger 
which is much more the con- 
temporary U.S. in music, while 
as a fusion of soul and rock 
Etta James, currently in London, 
has a m ! nor masterpiece with 
Deep in the Night, songs which 
will reduce the woman's move- 
ment to apoplexy. Finally a 
thank you to Shusba for finally 
Tusing the musical traditions of 
the ancient orient and the 
modem Occident in her album 
From East to West. 


English String 
Music 

by RONALD CRICHTON 


The Aspern Papers 


The Cheltenham programme 
this year has Kent opera giving 
two performances at the Every- 
man Theatre, a series of Eadyn- 
Schubert recitals by the Chllin- 
girian Quartet each of which 
includes a British work and more 
Schubert from BrendeL For* the 
first two days the main feature 
was string music, sonorous and 
brilliant in the Town Hall, a 
resonant place where many a 
i British work for larger forces 
bas risked drowning at the 
moment of . baptism in a 
swimming-bath of sound, but 
excellent for string orchestras. 
The players were the Academy of 
SL Martin-ln-the-Fields, either 
conducted by Neville Marriner or 
directed by Iona Brown as leader 
and. In Schubert's A major 
Rondo, as soloist. 

Friday evening brought Ber- 
keley's Antiphon back to its 
birthplace in a reading just as 
gravely distinguished but less 
shyly reticent than the one 
heard at the composer's 75th 
I birthday celebrations in London. 
There was a new work, called 
Music for Strings, commissioned 
from that indefatigable supplier. 
Richard Rodney Bennett. The 
title, though it has probably been 
used by others as well, belongs 
to Bliss. Yet, at least in the last 
two of bis four movements. Ben- 
nett justifies his appropriation. 
The second half of the work 
impressed not only for expectedly 
fluent and effective writing but 
for a degree of commitment and 
a persona] way with a not 
markedly original idiom going 
beyond wbat this prolific and 
professional composer sometimes 
supplies. The first two movements 
made a slighter impression, but 
further hearings may prove this 
view to be wrong. 

Saturday's concert included 
works for mixed orchestra (the 
in every sense rare Overture to 
Rossini's II turco m Italia, 
Mozart's Bassoon Concerto with 
Graham Sheen as soloist and 
Schubert’s Third Symphony) but 
the focus remained on string 
music In the form of Nicholas 
Maw's Life Studies. This work 


proved a stimulating experience 
even though, most regrettably, 
they omitted the important 
second study — one of those added 
since the work was first given at 
this same festival in 1973 so 
that was not the promised “first 
complete performance.” 

Maw divides 16 solo strings 
Into two symmetrical groups with 
a single double bass as anchor- 
man in the middle, binding so to 
speak the two groups and more 
than once assumin': a solo func- 
tion. ‘ The writing, mainly but 
not entirely antipbonal is full 
of contrast — Maw declares a link 
with the virtuose studies for 
violin or piano by Paganini, 
Chopm, Liszt and Debussy. Like 
his predecessors, he explores 
moods and states of feeling (and. 
one sometimes feels, types of 
human behaviour) as well as 
technique and texture. 

There is plenty of contrast 
Study No. 4, a piece of glassy 
calm, leads into a long, sardoni- 
cally humorous pizzicato bass 
solo which, with pattering com- 
ments from the other strings, 
forms the substance of No. 5. 
Another quiet piece recalls the 
Irish girl Cathleen’s lyrical music 
in The Rising of the Moon. The 
final study. No. 8. has big ges- 
tures thrown like challenges from 
side to side until the two groups 
are reconciled on a throbbing 
unison - D. The pieces don't have 
to be played complete or in 
invariable sequence: the com- 
poser gives as many as 13 pos- 
sible combinations, and he bas 
arranged five for string orches- 
tra. with more than one voice 
to a part. 

Life Studies, bard to play but 
not to listen to (however aggres- 
sive the sound, the sense and 
direction of the music are clear) 
should be a gift to string 
ensembles on the top level Mr. 
Marriner, wbose apology for 
omitting one piece was not on 
the level of gracefulness one 
would expect nevertheless drew 
such assured playing from the 
Academy that he now owes 
composer and public a truly j 
complete performance. j 


Michael Redgrave's dramatisa- 
tion of Henry James's tale pre- 
serves the Jamesian feeling eery 
well the emotions concealed 
behind a facade of polite 
behaviour and neutral speech, 
the climax presented in terms of 
every day courtesy. The climax is 
not the point at which Miss Bor- 
dereau. the old lady from New 
Orleans with an interesting past, 
steals out in her nightgown to 
find Henry Jarvis in the act of 
opening her' secret trunk to look 
at the correspondence she 
exchanged with the American 
poet, Geoffrey Aspern, though 
this is indeed the high point of 
Cathleen Nesbitts' bewitching 

performance. The climax comes 
later, when Miss Bordereau is 
dead, and her niece Tina, vir- 
tually offering Jarvis the papers 
in exchange for marriage, is met 
with the dry hyper-Jamesian 
reply: “It wouldn’t do.' - 

It is a good, a moving climax, 
but in this slow production it 
takes a lot of working up to. 
The plot is full of subtlety but 
ibe acting on the whole is not. 
This is where Jill Bennett scores 
in the part of Tina.- Tina has 
lived most of her adnlt life in 
retirement with her old Aunt 
in a clapped-out palazzo in 
Venice. She knows nothing of 
society, certainly nothing of the 
kind of dubious behaviour Jarvis 
Imposes on her with his tissue 


of deceits, all directed at his 
single purposes of gening hold 
of these papers for his forth- 
coming biography. She is hardly 
able to hold a coherent conversa- 
tion, still less to understand that 
Jarvis's friendship has anything 
in it, other than friendship. Miss 
Bennett, in a mousy straight 
haired wig. keeps her tempera- 
ture down wonderfully, so when 
she has the chance to move into 
her pathetically inadequate 
attempts to engage Jarvis’s 
emotions, the effect is 
devastating. 

Her Aunt knows from the 
start why Jarvis has come to 
VeDice to see her and why he 
has taken rooms in her palazzo. 
Miss Nesbitt, her face chalk- 
white under ber black mantilla, 
may have the outward look of a 
corpse but her eyes burn with 
mischief. “You all want to see 
me.” she teases. “ I want to 
watch you." She has seen an 
opportunity to trade her papers 
for her niece's future: it is too 
bad that tbe sight of Jarvis 
yielding to the temptation put 
in his way by his shifty man- 
servant should prove fatal to ber 
before her plan is realised. Miss 
Nesbitt’s performance, almost all 
from a wheelchair, is the liveliest 
of the evening. 

As Henry Jan' is, Kenneth 
Haigb puts on a smooth mask of 
propriety; perhaps Miss Bor- 


dereau is right when she says 
that all publishers are dis- 
honest, for he goes about his 
lies with all the polish of an 
American gentleman, if there 
was such a thing in those days. 
To my mind he submerges bis 
personality too deeply, for he 
comes out as a rather dull man 
who sometimes seems as slow on 
the up-take as Tina is. Since most 

of his important scenes are 
played with her. the pace or the 
production which is directed by 

David William is fairly sluggish, 

save when Miss Nesbitt is pushed 
on stage to buck it up. 

The Sal a in Miss Bordereau's 
palazzo needs only a handsome 
Venetian wall at the back and 
this Finlay James has provided, 
with a staircase thrown in to 
enable Jarvis to make his point 

convincingly about hie weak 
heart. Jarvis’s man. Pasquale 
(Keith Drinkcl). lurks on these 
stairs like a character from 
Verdi; he is not the man I 
would chose for a servant, but 
be is more active than Eve 
Shickle's Assunta (who needs 
to correct her Italian pronun- 
ciation). She seems almost as 
senile as her mistress. 

Not until the end of tbe play 
is the fale of ibe Aspern papers 
disclosed. 1 will not disclose it 
hen?. It is the basis of the 
whole play. 

B. A. YOUNG 


St. Bartholomew-the-Great 


SPNM Concert 

by NICHOLAS KENYON 


John McCabe by DAVID ^MURRAY 

ohn McCabe did not actually ward, in three compactly dove- boldly romaotic. Though Dutoit 
duct the Royal Philharmonic tailed movements; and the reduced Ins orchestral forces 
..." Tnp hP lPfr That tn the material-' from which it is drastically, the piano (a Bdsen- 
• Tuesday he left that to the generaicd _ the s ] ow movement dorfer) seemed suppressed: 

able Charles Dutoit; but he one> of Haydn’s last quartets McCabe found do brilliance in 
rinated the first half of the t Qp. ^76 No. 6) and chordal the finger-passages, and ex- 

gramme in no uncertain fragments from Nielsen’s Op. 45 panded his scale only for an 

ns (The second half Suite for piano— is thoughtfully unexpectedly grand cadenza— 
v ueht Dvorak's 'Z World” assimilated to the point where new tome: perhaps tus own-ro 
ught Dvoraks New ^woria , 0 rigin al identities are shed, the Allegro. In the hall, it 
aphony.) As soon as he bad _ ' ... „„„ sounded tbe work oF a very 

sn his bows after the pre- . e ar sument is none the less inteUigent music-box, despite the 

re of his Third Svmphoby, cur0U8 ‘ J h . e encouragement of Du to it's sturdy 

reanneaJed as sblofit' In movement is athletic and trans- accompan iment: I wished I had 

iSraSL? “con. ^ n]jy m5tod 

between-the-wars Scandinavian 

Tr. McCabe’s new Symphony music. The slow movement offers Kwrck-rA frvr 

;ubtit!ed “ Hommages/'^with elusive polyphony with hushed, /\WdlU IUl 

Morris West 


fUUUIllTM 1 tuujiMvoi. W| " - • — tiu-’in. puuj/HVii; -| A * * » 

.ight-jawed candour. He is faintly beady string textures; the . 

omposer who cannot resist, anal fugue rises to an insistent MniTI? Wp^t 

nnre probably does not want reiteration of the opening i»i vi i io » 

resist, non-stop citation. In mo tives— a figure of alternating ^ author Morris West bas 
natter of minutes one lost no ies is shrilly dwelt upon— and international 

nt of the other composers then backs away, minatory low been awarded the International 
i flash up through the score. brass and twittering strings Dag Hammarskjoeld Prize, the 
.dimes in the cut of a flattened by a mecnanical per- Grand Collar of Merit. It was 
ase. more often in some un- rassiQn onslaught (Nielsen awarded to him at a public 
nS n: McCab? again?). Purposeful, undoubtedly, ceremony at the Hotel Negresco 
laHT^do not* propose to but s o far opaque to me. in Nice, on Saturday, June 24. 

■pile a list,” and I shall fol- in the K.491 Concerto McCabe Previous recipients include 
bis example; but I confess cut quite a different ’figure. His John F. Kennedy, Leonard Bera- 
: at first hearing, all those p i aylll g was cool, self-effacing, stein, Christian Barnard, George 
Uncertainly tiwSyraphony almost uninflected— by compari- Simenon, Neil Armstrong, Her- 
■ies its own argument for- son every woodwind solo sounded bert von Karajan. 


| Premieres in profusion at the 
SL Bartholomew's Festival : 
three on Monday night, four 
yesterday lunchtime — is some- 
one trying to create a new entry 
for the Guinness Book of 
Records? Last night’s concert by 
the Society for the Promotion 
oF New Music not surprisingly 
added another three new works, 
but provided a framework of 
reliable quality by placing music 
by Harrison Birtwistle at the 
beginning, middle and end of 
the concert. (Just to add variety, 
however, Birtwistle’s name was 
spelt in three different ways in 
the programme book.) 

The new music found . it 
difficult to compete with the per- 
feet control and precisely 
imagined writing in Birtwistle's 
Monody for Corpus Chrirfi and 
his Cantata: his vivid, pointed 
word-setting and atmospheric 
lines for solo soprano were put 
across with all the authority we 
expect from Jane Manning. 

In tbe most substantial of the 
new pieces. Noche Oscura, ai 
setting of St John of the Cross 
by John Hopkins, I doubted if 
the composer had calculated with 
enough clarity the interaction 
between his six instrumentalists 
and the soprano: too much in 
this intricate and interesting 
score remained imperceptible. 


ICA Theatre 


Though the gradual movement 
from lower to higher pitches was 
audible and attractive, this was 
not accompanied by any trans- 
formation of the material such 
as might have conveyed the con- 
tent of St. John's poem. Its 
growing sense of ecstatic union 
with God was unexpressed : the 
listener remained .firmly earth- 
bound. 

Less ambitious were two in- 
strumental pieces. The title of 
Edward Lambert’s Fantasy a 3 
promised Renaissance-style coun- 
terpoint. but there was more of 
the medieval hocket in, its 
desiccated repeated notes -.and 
jerky rhythmic figures. The guitar 
solo. Blame not my lutte. 'by 
Harold Allen, also had Renais- 
sance connotations, though it did 
not appear to be based on ibe 
16th-century song of that name. 
It was a lyrical, unpretentious 
exploration of well-contrasted 
material which benefited im- 
mensely from a taut, lively per- 
formance by Timothy Walker. 
In the other performances, by 
the Individually excellent Park 
Lane Music Players under 
Lionel Friend, there was sus- 
picion that rehearsal had been 
short: the account of the 
Hopkins, which was the only erne 
1 followed with the score, was 
at times unworthily approximate.! 







Round House 


Kenneth Haigh, Cathleen Nesbitt and Jill Bennett 


LiX-narrf Burt 


Cruel Garden by CLEMENT CRISP 


There is a moment in Cruel 
Garden when Christopher Bruce, 
masked and decked out in 
wedding-dress and veil, grieves 
over the body of a dead child. 
That the child is also a clown, 
that Bruce is supposed to be 
‘Frederico Garcia Lorca, are 
incidental irritations entirely 
forgettable in the presence of 
this extraordinary artist. Im- 
mobile. Bruce manages to be 
the very essence of grief; through 
tbe barrier of mask and dress, 
the intensity of his presence 
communicates directly with us 
And Cruel Garden becomes 
required viewing thereby. 

1 was more than disenchanted 
with the piece at its creation two 
years ago by Ballet Rambert. 


Somewhat revised and tightened 
by editing since then, it opened 
tbe company season on Tuesday. 
It will never win my confidence 
as anything more than a wilful 
extravaganza relying more upon 
grotesque maquillage than any 
depth of perception to make its 
effects. It has a brilliant bull- 
ring setting by Ralph Koltai. a 
most efficient collage score by 
Carlos Miranda, and evident 
dedication from all its cast. At 
its best — in an early bullfight 
scene, and the final sequence :n 
which Lorca (Bruce) meets his 
death — it roars into life because 
oF the physical bravado nr Bruce 
and Yair Vardi as the bull. 

Elsewhere supposedly Spanish 
quaimness. and a rechauffe of 


surrealist images, plus members 
of Ballet Rambert being deter- 
minedly Iberian and naughty In 
a cafe and looking merely tame, 
lower the emotional temperature. 
But Bruce, by his presence, gives 
the piece logic and a heart, he 
manages to be both heroic and 
vulnerable, and at the last the 
inevitability with which he faces 
his death, after moments of 
fierce panic, is reason enough 
for seeing this beautiful inter- 
pretation. 

As a word oF warning 1 must 
advise tbe public that prior to 
the performance, music is played 
with deafening and offensive 
loudness in tbe auditorium; and 
the seats at the Round House 
remain the nearest thing I know 
to the Iron Maid of Nuremberg. 


>en Space 


Another Tuesday 

by MICHAEL COVENEY 


Jubilee Minstrels 

by MICHAEL COVENEY 


. O. Sloan’s Three Black and 
ee White Refined Jubilee 
strels. to give the full title, is 
>II V celebration of the songs 
music that grew on the 
thorn plantations into the 
. adway music ball of the 
' >s it is no more than that, 
jiie Mr. Sloan’s irritating bis- 
cal commentary between high 
cs that attempts to place the 
aomenon in a social and cul- 
il perspective. 

olhing is done with the 
erial itself to support the 
ed eyebrows at tbe coon song 
■ isrry and Mr. Ziegfeld;s hiring 
5ert Williams as a crinolined 
:er to sing “Nobody," year m 
year out. at tbe end of his 
Nor do the characters of 
performers themselves really 

- rgc as anything more than 
: “uarised agents of some fine 

.nic. Sentimental ballads like 
' r ‘ jutiful Dreamer and 
,.-istrel Boy” (placed arbi- 
- •' ly in the context of the Civil 
■) are ably delivered. But 
• impress as songs merely, 
as part of the argument pro- 
nded around them by our 
al host 

udicuce participation is 
ted for the Cake Walk, 
red to a rather galumphing 
io Interpretation of Scott 
in's “ Maple Leaf Rag and 
c is some sprightly fun with 
Sloan as the irrepressible 
us Rastas Jackson Brown, a 
dified darkle with a top hat 
. a cane chorus. As well as 

- , Sloan. Robbi Covertbtt makes 
' mpression as a talented and 

vidual artist, but the rest is 
he sort of mundane, ordinary 
f that would pass relatively 
oticed on the Edinbugh 
, S e - 



Three blind blacks assemble in 
front of a graffiti-laden white 
wall to open shop for the day. 
They offer sweepstake tickets, 
oranges, cigarettes and (to .these 
ears) a virtually incomprehen- 
sible stream of West Indian 
chatter about domestic crises 
and the old days with Michael X 
in England. 1 am not even sure 
where Mnstapha Mature has’ 
placed his lunchtime play (New 
York? Trinidad?) but he obvi- 
ously sets out to work through 
an image of black beggary to 
assert his usual message of 
cynical optimism. 

The beggars — two men, one 
woman— are organised at their 
posts by a black colleague who 
serves little purpose beyond 
setting them off against each 
otheT. Mr. Mature's splendid 
faculty with West Indian idiom 
and deflationary, critical humour 


is mauled in a clumsy production 
by Charlie Hanson which renders 
■an actor invisible when he sits 
down and Inaudible when be 
speaks up. Poor sight tines and 
rubbery acoustics no doubt have 
something to do with this. 

The 1C A. nonetheless, is one 
of the most pleasant venues to 
visit at lunchtime these days due 
to the airy lightness ' of the 
galleries and corridors and the 
excellence of the new restaurant 
under the management of Justiu 
de Blanc. At reasonable prices, 
you can take your pick from 
stuffed peppers, lasagne, interest- 
ing salads and delectable sweets. 

The actors from the Black 
Theatre Cooperative — Malcolm 
Frederick. Yvonne Agard, Carl 
Andrews and Mark Heath- 
should be reminded, that fine 
intentions do not always result 
in good theatre,. 


£lm GLC aid likely 
for Royal Opera House 


Leevant Bvn 


LenISIoait 


The Greater London Council is 
likely to contribute up' to £lm 
towards the Royal Opera House, 
said Mr. Horace Cutler, leader of 
the council yesterday." 

The money will go towards 
providing much-needed modern 
dressing rooms and other back- 
stage facilities. 

The council’s ..contribution 
would be spread over five years 
on the basis of £1 from the GLC 
for every £4 raised by the Royal 
Opera House. 

Mr. Cutler said; “The Royal 
Opera House, with its interna- 
tional reputation for the best in 
opera and ballet, is sadly lacking 
is modern backstage amenities. 

“It is nonsense that world-class 
performers should have to re- 
hearse in dinghy baUg miles 


from the theatre— and put up 
with poor dressing rooms, 
inadequate wardrobe space and 
positively Dickensian washing, 
toilet and canteen facilities. 

“London is proud of the Royal 
Opera House and. its tremendous 
ctilmral contribution. It is only 
right that the Gic should make 
a grant on behalf of Londoners. 
The Opera House improvements 
would fit in well with the GLCs 
own aims fo r Coveu t Garden and 
our general worts to bring life 
and quality back to the inner 
city” 

A report on -the GLC's contri- 
bution to the Royal Opera House 
development :project will be 
presented at committee meetings 
pn July 17- ' • 


How do Chester Barrie 
manage it at the price? 

When you buy Chester Barrie you buy a 
virtually hand tailored garment. 70% of the time 
spent in manufacture is in hand work. Firstly , the 
cutting itself: no adequate substitute has yet been 
found foe the skilled exercise of hand and eye. 
Then pressing, stitching and pressing again and 
again, to ensure an umniscakeable lasting elegance 
that bas 'made Chester Barrie synonymous with 
style on an international level. But Chester Barrie 
suits and jackets still cost considerably.less than the 
equivalent garment made to measure in the same 
fine materials* This is only possible through the 
unusually wide range of fittings, established over 
the years at Chester Barrie. Which means that 
customers have a good chance of stepping into a 
perfect fit without overmuch to-ing and fro-ing. 

CHESTER BARRIE: AVAILABLE AT AUSTIN REED, 
GIEVES & HAWKES, HARRODS AND FINE MEN’S 
SHOPS THROUGHOUT THE COUNTRY. _ 




CHESTER BARRIE, WESTON ROAD, CREWE. CHESHIRE CW I IB A. 



18 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Fhantimo, London PS4. Telex: 886341/2, 883807 
Telephone: 01-248 8000 


Thursday July 13 1978 


Getting back 



THE FIRM statement which the 
Prime Minister made yesterday 
in his speech to the National 
Union of Railwayman was that 
the Government wished the 
average increase in earnings 
during the next pay round to be 
very much less than that in the 
round just ending. Precisely 
how large even this will turn 
out to have been is still a mat- 
ter of guesswork. The Govern- 
ment made the tactical mistake 
at the outset of stating its tar- 
get in terms of average earnings 
rather than of basic wage rates: 
it was therefore this higher 
figure which was picked on by 
negotiators and which tended in 
many cases to be treated as a 
minimum basis for negotiation 
rather than an overall average. 

It has been argued that a 
large percentage of the major 
claims which have so far been 
settled have fallen within the 
official guidelines — an overall 
increase in earnings of no more 
than 10 per cent, together with 
anything that can be offset by 
genuine increases in produc- 
tivity. In the first place, how- 
ever. it is quite impossible— and 
will remain impossible for some 
time to come — to say which 
productivity agreements are 
genuine and which are merely a 
polite way of circumventing the 
guidelines. In the second place, 
a much smaller proportion of 
the workforce than usual had 
settled at the latest date to be 
reported, so that there is pro- 
bably an abnormally large 
amount of back-payments still 
In the pipeline. 

1977-78 outcome 

Iu the third place, the 
increase in average earnings 
during the first three quarters 
of the wage year which ends 
this month has amounted, even 
on official figures, to just on 14 
per cent. This has to be set 
against the 10 per cent 
originally set as an overall 
target for the year as a whole 
and the 13-14 per cent which 
has been tacitly acknowledged 
for some time past as the most 
likely eventual outcome. It 
seems highly likely, in short, 
that the outcome for 1977-78 
will be well above the revised 
as well as the original figure. 
The only reservation that can 
easily be made is that the 
newer index of earnings, which 
covers a wider range of employ- 
ment, including jobs in which 
earnings are likely to have 


risen less rapidly than in 
manufacturing production, can- 
not yet be seasonally adjusted 
and may conceivably show a 
more favourable result when 
the results for July are event- 
ually published. 

In any case, it is clear that 
next year's average increase 
will have to be very much less 
if the rate of inflation is not 
again to rise steeply. It is a fair 
bet— though not one all 
observers would take — that the 
annual rate of increase in the 
retail price index will remain at 
about its present level of 8 per 
cent until the end of 1978: the 
latest wholesale price indices 
published earlier this week 
have themselves made this 
more plausible. But any sharp 
increase in wages after the end 
of July will not only depress 
the balance of payments by 
making exports less competitive 
but will work even more 
quickly on the exchange rate 
and the cost of imports. 


Differentials 


An average rise in earnings 
well below the 10 per cent 
target of last year is therefore 
necessary*. But the 5 per cent 
which Mr. Callaghan mentioned 
yesterday was apparently only 
intended to be illustrative and 
took no account, in any case, of 
the sum which will have to 
be allowed for the overdue 
rectification of anomalies and 
restoration of differentials 
Whether or not some such 
figure as this is actually sped 
Red in the coming White Paper 
on pay policy is somethin 
which has still to be decided in 
the fight of discussions with the 
TUC and the CBI — as is the 
other vexed question of shorten 
ing the working week without 
a corresponding reduction 
pay. There will be- those who 
argue that any figure is better 
than none and that the Gov 
eminent was forced by the 
pressure of events into setting 
a target last time though it had 
not originally intended to do so. 
There will • be those, on the 
other hand, who argue that the 
need to 'rectify anomalies and 
differentials is now so great — 
especially in the light of the 
special arrangements that have 
already been agreed — that any 
figure is likely to be treated as 
a basic minimum. It is difficull 
to launch an incomes policy. It 
will prove more difficult still to 
get away from it. 


Open mind on 



THE REPORT oF the Rothschild 
commission on gambling is not 
an easy one to digest at a single 
silling. Nor could one expect it 
to be given the ramifications 
of the subject, the conflicting 
issues it raises, the variety of 
forms of gambling which are 
now permitted in Britain, and 
the complex web of legislation 
which governs its conduct The 
commission's recommendations 
— there arc over 300 of them — 
will nor please everyone. But its 
report has the merit of being 
infused by a consistent philo- 
sophy and so is coherent as well 
as comprehensive. 


Manual 


The commission’s stance can 
be described as broadly liber- 
rarian rather than paternalistic. 
It believes that individual 
liberty should be interfered 
with only as far as it Is neces- 
sary to discourage excess and 
prevent the incursion of crime. 
It does not believe that people 
should be unduly protected 
from their own instincts or idio- 
syncrasies. On the other hand, 
the desire to gamble should not 
be unduly stimulated by exces- 
sive advertising or by pestering, 
and gamblers should be made 
aware of what they may be 
letting themselves in for. This 
last principle led the commis- 
sion to produce its own 32-page 
guide to odds in most forms of 
organised gambling from prize 
bingo to punto banco. 

This middle-of-the-road atti- 
tude has determined the com- 
mission's approach to what is 
probably its most important 
recommendation for a national 
lottery to be run by a govern- 
ment-appointed board which 
would distribute the proceeds 
to sports, arts and worthy 
causes. To the commission the 
issues are practical, not moral. 

In the commission's view, such 
a lottery would help to fill the 
gap created by the disappear- 
ance, in a society where the 
accumulation of private wealth 
has become more difficult, of 
private support for worthy 
causes on a large scale. It doubts 
that a national lot tec would 
reduce the scope for the smaller 
lotteries, held by voluntary 


organisations and societies 
(which it wants to see put under 
greater control i. And it assumes 
that future governments would 
not dare to cast covetous eyes 
over this new revenue source — 
an assumption that many might 
question given the history of 
the land and roads funds and 
obviously the temptation for 
Ministers to reduce (or fail to 
raise) the Exchequer's contribu 
tions to organisations benefiting 
from the national lottery. 

Subject to this reservation, the 
proposal has much to commend 
it For experience suggests that 
governments are never likely 
to find it propitious to provide 
the scale of finance that is 
required by, say, the arts or an 
arts purchase fund. If a national 
lottery were really to be a way 
of by-passing the normal pro- 
cedures of resource allocation, 
then it deserves support on 
these grounds alone. 

Some of the other changes 
the commission suggests seem 
more questionable. It takes ex 
ception to the local authority 
and other lotteries which have 
sprung into existence in the 
past year and also to prize com- 
petitions— such as newspaper 
“ spot-the-hali ” competitions— 
which are conducted for private 
gain and for which an entry fee 
is charged. It wants the latter 
banned and local authorities 
and others prohibited from 
using specialist profit-making 
lottery organisers. 

Priced out 

On the question of taxation, 
the. commission's approach is 
more - sensible. Controls on 
gambling restrict competition 
and so taxation must be related 
to the operators' profits as well 
as cost and administrative con- 
siderations. The off-course bet- 
ting duty, it believes, is danger- 
ously high and could encourage 
the re-emcrgence of an illegal 
betting market while the tax on 
casinos is too low and should be 
raised. It should not,, however, 
be raised to the point where 
casinos, perhaps the only 
gambling institutions which 
have a substantial international 
custom, become internationally 
uncompetitive. 


SUCCESS FOR AID SCHEME 


Financial Times Thursday July 13 1978 f 

by KENNETH GOODin, 




lubricatin' 


the wheels 


T HE Govenunent’s machine, investment and .extreme vnlner- 
tool industry aid scheme,- ability to the cycle -of demand. 
which got away to a hesi* It also badly'' deeded new pro- 
tant start, turned out to be a .ducts. V ^ 
roaring success after all, or so ' Yet the aid .scheme got off to 
we are told by the Department a poor stain: after it was 
of Industry. All the £3Gm launched in August 1975- AppU- 
a l located will be used up and it cations Were slow to arrive, 
will help to generate total This was partly due to the state 
investment of £200m by the of this industry at the time, 
manufacturers. The recession had begun to bite 

Taking the broad view, the and, perhaps more important. 
Department insists the scheme liquidity was- poor, 
will put the industry in a much Another important considers* 
better shape to play its part in tion was the industry’s mistrust 
the Government’s Industrial 0 f the Government’s motives. As 
strategy programme. In simple Mr. Bill Vaughan, president of 
terms that means it should cut ^ Machine Tool Trades Asso- 
Imports and stimulate exports Nation, says: “We look very 
of machine tools In years to carefully and with some sus- 
eome. picion at anything offered by the 

However, claims made by Government, any government, 
government departments have ^nd w hen the aid scheme was 
not always been able to stand j aun ched many people were 
up to close examination. So it W orried about the possibility of 
Is wise to take a more detailed • backdoor nationalisation ' of 
look at this particular aid industry." 

scheme and do so through the Bcith ^ giverSf Depart- -'“-"IL 
eyes of some of the companies menl of industry, and the group ’ 11 
which have - benefited from it. rece j vers ^ a d much to learn in 
A minute part of the £30m, t f, 0 se early days. There were 
some £4,400 to be exact, has bj tter complaints about the 


THE 

OBJECTIVES 

FOR 

THE 

MACHINE 

TOOLS 

INDUSTRY 


Sonrce; NED0 



Three ambitions objectives for 1980-82 have been proposed by the Machine Tools EDO. They a ' 

per cent of production; <b) to maintain the industry's--, s hare of the UK market; (c) to raise productivity to tie 

average. for UK manufacturing. 

Britain’s biggest machine tool tools— against severe compete sales director, says that poten- th SS°fLi 

roup.” it is still large by the tion from the developing tial overseas Customers have livin D memory or themdaOT 

industry’s standards; countries — while importing been attracted because they are Its heavy duty “a«unes.^borir 

Dr. Adolph FrankeL Stavely’s those incorporating higher tech- being offered an entirely new “JJ I™* jj®. - *®- 

managing director, makes no nology. concipt and not just a develop- range of heavy 

secret of the fact that he wants The value per tonne of exports ment of an existing machine. 

explains why It hi 
to buck the trend. ' 
Brian Bailey,; Butler 


aetfonn “Several times we said to our- machine toaTdiSton^How- £4,100 a tonne’ troduction ofthe new machine, managing director, says that tt 

is typical of many smaller selves: *j s it really worth all the aid scheme persuaded Ironically, the machine- tool which will sell for around company brought forward - [ 
British engineering companies, this trouble?' ” Sf ‘group 'ttere sK be aid scheme will initially en- S.000. would have taken expansion plans and spent thor 

As time went by it became some moderate change of our courage imports of machine much longer. “It was of tre- because aid scheme cash.wi 


tt was set up as a design cora- 


clear that ** scheme distribution of resources," he tools with higher added vaiue. mendous assistance and pro- available. The extra.money wa ; 

ot engineers, rive y ars ago it neec jed simplifying. This was rec^is. Some cash which might Companies will be seeking vided the boost which got the on more new machines m 


ground 


_ ,. . tries closely associated with 

offers - computer-controlled Mne Is including cutting- 
machinery for painting forming j k More effort was 
iosts around 


some acceleration of projects The Department " estimates 
we had in mind.” that, of the £2 00m expenditure 

Stavely will be investing at to be generated, some fiOlm 


EMM ngmeta) ^“ S “"" U “ U »“« lnt ° P“ bIWi “S the' me'ofSnT. yeirTor* the will be~ in respect „f new 

Some time **0 ttmeomp.n.v - VMre =* in a “ 11 wi ” a " d mUCh of 11115 


Gaps in the 
range 


was prodded bvlts auditors info mourned I i^the be § ettin S government Slants of machinery 

applications mounted. In the __ naM _ f9m , nHt almost ‘'machine t 


The aid scheme a Item pied 


much modernisation scheme now cos 
jnq £985.000. The grant will t 
one of £391.000. 

Butler will add 25 to 30 pc. 
cent to its capacity in Volun 
terms as a result. 

It will be two to three year 
before all the expenditure «i 


will be in the ^ 00 l0 s j em the growing num- couraged by the aid scheme 1 


drawing up plans for a formal moQt h. December last year. 


management structure. a there was a rushl of 17 g a ppii Ca . 
management information systpm tions 


and better production control. 
Consultants were called in and 
an application was made to the 
Department of Industry for a 
grant towards the £8.800 costs 
involved. 

Mr: Bob Harris, one of the 
founder directors, savs the 


Not willing to 
fill forms 


In all 437 applications were 


roughly £2ra, split almost “machine tool’ category. . h er of gaps appearing in the reflected clearly in the ~ XJJ 

equally between the machine But tile aid scheme was also range of machine tools offered machine tool industry's pei 

tool aid scheme and the one for specifically designed to- encour- by ’ UK manufacturers, gaps fornrance, particularly os tSer 

the ferrous foundry industry, age new product development, alwavs filled by imported were so many last-minnt 

“So we get £2m over the next It offered grants towards .the machinery. applications. In any case, nei 

three to four years and in that cost of developing a new For example. Penton Tools of product development taka 
time will spend in excess of machine tool from the design High Wvcoinbe has been offered time. 

£20m of our own money," Dr. stage to the marketplace.: fTS.000 'towards a. £405.000 ex- The Department must raonito 

Frankel points out. “The grants One company which - benefited pansion programme. The com- the situation, mainly tn mak 
provide marginal lubrication.” from this aspect was Jabb Stick pany makes high-quality, one- sure that the companies an 

One important result of thi6 and Sons, part of the Wickman off moulds for a wide variety of spending the State cash in tb* 

industry aid scheme grant en- submitted. Not bad when one “ lubrication,’’ from the point of group and ultimately owned by customers in the plastics indus- way they indicated in the£ 

abled BSetfnrm to go much recalls the industry consists r.f view of the UK’s balance-of- John Brown. Stirk, one. of the try. This is an 3rea of the applications. But this monitor 

further with the new manage- about 180 manufacturing com- trade, is that It enabled Stavely few companies able to meet the ntetal working industry which inn system should enable tin 

ment control system, particu- panies. Some 69 applications t0 get j nt0 t he market place heavy machine tool needs of the has seen a decline is invest- Government at the end of tt* 
larly with the purchase of a were withdrawn or rejected. ear ij er than expected with a railway industry, has been ment and capacity and which day to analyse the impact of the 

mini-pomputer to help on the The Department ^insists most heavy ram borer, a machine offered an incentive of £167;000 has become vulnerable to scheme on the balance of trade, 

production side. were withdraw n.;', .Perhaps, uset j j n heavy mechanical engin- toviferds project costs of £694, 0Q0. foreign competition. In any event, current Invest 

The new structure enabled unlike Metform,- some of the Bering, nuclear work, boilep for the .'design, development The Startiite Engineering menr-by the U.K. machine too' 
management to get a much companies were* not willing to making, shipbuilding and. so on. (including prototype?)- and Group of .Gillingham is now industry .is at .the highest lenSZZ— 

tighter hold on its operations carry on with ahe .form, filling. Stavely 's Lapointe division is launching of a large computer- manufacturing in Britain a since 1970, which must be gwx 

and save ir the confidence to The rejections.' when they were the so i e UK manufacturer of controlled machine. It will meel machine previouslv imported, news for an industry which mi 

evoand. It will now spend necessary, often arose from this type of machine, which a specific need in the machining thanks in part to the £68.000 under-in vested for much of tl* 

£100 000 on new machinery and some confusion about whether se n s for about £500,000. and or components for the railway eran t it received towards a past decade. 

£60.000 on new huildines. 'And. a • company really was in the now one of the world’s few pro- industry, oil -and gas industries £367,000 Investment pro- And the good news for tin 

of course, it has anplied for zn machine tool industry. ducers of the machined and for large aircraft com- gramme. - The group is one of Government is that an industn 

industry ’ aid scheme grant The group which will pro- Britain's performance in world ponents.’ y V . ' Europe's leading makers of which was originally suspicious 

towards tho cost. .This is still bably collect more in grants machine tool markets does not Stirk developed the machine bandsawing and allied, about the scheme became a 
bemg considered. than any other from the scheme look all that bad if you take a because it'cottfd see a gap in machines. ■ 1 Whole-hearted convert and did 

The machine tool industry was is Stavely Industries which. has superficial glance at the the world market where the As these and other examples not want it to end. As Hr. 
a particularly suitable case for been offered £732.000 towards statistics. But the worrying UK had; a chance to break in show, this was certainly not an Bailey of Butler Machine Tool 

aid scheme treatment. Those projects costing more than £4m factor is that the UK is not against mamly- W est German aid scheme devised to protect commented: “ We all complain ^ 

companies involved are easily at its Asquith. Drummond, strong iu many of the newer competition. - .Inquiries from employment through the slip- at times about what the Govern- 

identified as it is a homogeneous Kearns-Richard and Lapointe types of machines which are Canada, -Australia and Eastern port of failing or struggling ment has been up to. But tb* 

industry. It needed pulling out machine tool plants. Although becoming more and more Europe- have come in after the companies. Butler Machine Tool aid scheme has been a very 

of Its steady slide which had Stavely has slimmed down dra- important. There is a danger new -product received some Company, part of the B. Elliott good thing. It has certainly - 

involved a fall in share of world matically from those days In. the that Britain could become a publicity In the technical press, group, had been working at full helped to keep a lot of people 

trade, lack of profitability, low 1960s when it called Itself supplier of standard machine Mr." Kenneth Duffield, Stirk’s capacity for six years, right in work.” 


MEN AND MATTERS 


Why Dalton turns 
in his grave 


Yet another shower of brickbats 
has descended on Whitehall 
and Westminster about atti- 
tudes to our national art 
heritage by politicians and 
officials. “ Disastrous decisions ” 
and “appalling muddle" were 
just two of the expressions used 
yesterday by Lord Rosse, in his 
farewell remarks after 22 years 
as chairman of the Standing 
Committee on Museums and 
Galleries. 

One of the examples Rosse 
gave was of the Burrell Collec- 
tion in Glasgow: rats were 
eating the pictures because 
there was nowhere to house 
them properly, and despite 
letters he wrote to three suc- 
cessive Chancellors of the 
Exchequer, nothing was done 
for years. Work has just begun 
on a building now expected to 
cost £12.3m. But the Govern- 
ment’s contribution has only 
been made possible by denying 
funds for other cultural institu- 
tions in Scotland. " The biggest 
scandal in the museum world.” 
said Rosse briskly. 

On . the Land Fund, which 
Hugh Dalton set up in 1946 to 
help preserve Britain’s cultural 
heritage, Rosse was equally 
severe. He said he had known 
Dalton and felt he must ' be 
turning in his grave at the 
manner in which the Fund had 
been treated- The Government 
surrounded its contributions for 
saving works of art from export 
with a " a ghastly secrecy " and 
rtiere was now such a muddle 
that nobody knew what to 
advise. 

I asked Rosse about the sec- 
tion in the standing commit- 
tee’s latest report, released yes- 
terday. criticising the perform- 
ance of Whitehall’s Property 
Services Agency in maintain- 
ing national museums. The re- 
port cites the case of the Tate 
Gallery extension, where the 
wrong air conditioning was in- 
stalled and had to be ripped out 
and replaced at a cost of 



“Surely the October one will 
be a big enough gamble for 
most of usV’ 


£500,000. It also complains of 
having to “ grapple with a net- 
work of PSA agencies,” and 
contrasts this with the “ admir- 
able service " given to museums 
free to deal with outside archi- 
tects and contractors. Rosse 

said he was constantly making 
representations about the PSA. 
(a government spokesman later 
told me that a review of the 
way the agency is run. has now 
been started.) 

Before leaving the Standing 
Committee’s spacious offices in 
Carlton Gardens, just a gentle 
stroll across the from 
Westminster. I asked Rosse 
about proposals for encourag- 
ing commerce and industry to 
give more to the aits. He be- 
lieves that donations should be 
" unequivocally treated as a 
legitimate business expense.” 
Was he thinking of the U.S. 
system ? “ Yes, hut more 

strictly controlled, in the U-S. 
it has been too open to abuse.” 


paign for Real Bread seems in his game, which has been 
the offing. The demand for stirring commercial success. The 
French-style bread op the one company which Oilman formed 
hand, and for wholemeal on the with his friends — and whose 
other, is rising; but Britain's profits are to go to socialist 
overall bread consumption is schools and journals — has had 
falling, as Spillers never tired to make a fresh batch for the 
of reminding us to explain their UB. market . The game is soon 
£28m bakery losses. to be -available in seven different 

After a year’s experiment a- languages, while a delegation 
tion, the secret of malting crusty of British MPs who were 
French bread— but with British recently in New York each took 
flour and in British ovens — is a set home, 
claimed to be discovered. Dr. The problems, however, arise 
Norman Chamberlain, at the over Its distribution. The game’s 
Flour Milling and Baking largest distributor, Brentano's 
Research Station in Cborley- Bookstores, is at odds with its 
wood, Herts, will shortly be employees. They are trying to 
issuing a report on how to turn unionise some of Brentano's 
out loaves a Parisian might suburban stores and have been 
relish. ** The crust must be on strike for seven months. They 
sharp enough to cut your want Oilman to remove Class 
mouth,” says Chamberlain. Struggle from their employers’ 
“The inside must be soft and stores to show solidarity. But 
with a real bready taste.” the creator of the game, which 
But when I asked a spokes- popularises such ideas as the 
man at the research station folly of feeling sorry for 
whether the search for ways of capitalists, asks why only he 
making real bread reflected should be asked to withdraw his 
public discontent with the goods. He says that his bus 
wrapped and sliced factory cannot afford it 
product - found' in every supers _ 

market, the answer was a rather . 


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Freshly baked 

The Campaign for Heal Ale 
having scored so many palpable 
hits on the big brewers, a Cam- problems have also arisen over 


head a department at Maryland An Andorran riddle from my 
University led to a major colleague B. R. Ackenhouse: 
political controversy. That con- Q- .Why does It take three 
troversy continues, with Oilman Andorrans to drive a screw into 
now threatening to take legal a ceiling? A. One to hold the 
steps if a final decision on his screwdriver, and two to turn 
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a week. 

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^ ^^'^^ : Tlffies'^ure UF 1978' 

FINANCIAL TIMES SURVEY 

Thursday July 13 1978 




Twofold 


i§^ search 
for 


unity 



> 


By James Buxton 


SUDAN IS an appropriate host 
for this weekend's summit meet- 
°t the Organisation of 
African Unity. It is the largest 
country in Africa and among the 
most linguistically and geo- 
graphically diverse; it is also, to 

• use a grossly overworked phrase, 
a bridge between the Arab and 

• Moslem North and the non-Arab 

• and non-Moslem South. 

Other countries straddle that 
/ . crucial religious and cultural 
divide of Africa, but Sudan 
stands out among them because 
of the strong Arab identity of 
the northern part of the country 
and because in 1972 President 
Jaafar Mohammed Niraairi ended 
the 17-year civil war between 
North and South with an agree- 
ment giving the South regional 
- autonomy. 

President Nimairi, a politic- 
ally nimble, sincere but fairly 
un-charismatic man. saw the 
ending of the civil war as only 
one part of the process of 
nation-building in Sudan, which 
he believes his regime's recent 
reconciliation with the main 
opposition groups is bringing 
nearer to completion. He also 
saw the settlement as giving 
Sudan a full African as well as 
an Arab identity — a process 
which could have its culmina- 
tion in his forthcoming year as 
chairman of the OAU. 

In practice the nine years of 
President Nimairi's rule have 
seen a contest between the 
competing demands of the 
African and Arab worlds, and, 
internally, of the forces of 
radicalism and conservatism. 
The initial stages of the May 
Revolution of 1969. as the 
Government styles the blood- 


Sudan’s experience in achieving political reconciliation internally 
should stand it in good stead during President Nimairi’s forthcoming year as 
chairman of the Organisation of African Unity. At home it is making determined efforts 

to develop its immense agricultural potential. 



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less military coup which 
brought the (then) Colonel 
Nimairi to power, laid the 
foundations .of a major social 
change designed to shift power 
away from the traditional rul- 
ing groups and to enable more 
rapid economic development 
Under the influence of Com- 
munists and Arab Nationalists 
a mass party — the Sudan 
Socialist Union — was conceived, 
and almost for the first time 
some Cabinet posts went to men 
of technocratic background. At 
the same time Sudan moved 
closer to its radical Arab neigh- 
bours, Nasser’s Egypt and 
Gaddaffi's Libya. 

But in 1970 Nimairi rejected 
the idea of union with those 
countries and concentrated on 
achieving better relations with 
Sudan's ' African neighbours, 
especially Ethiopia, so that by 
early 1972 he had been able 
to end the civil war. And 
although the Government 
crushed the Ansar — descen- 
dants of the followers of the 
Mahdi who defeated General 
Gordon in 1885— in a massacre 
at Abba Island on the Nile 
in 1970, the full-blooded 
radicalism of Nimairi's rule 
ended fairly soon, helped on its 
way by the ultimately abortive 
Communist coup of 1971 
From then on the regime 
concentrated on tryins to effect 
change through the existing 
system and set Us face increas- 
ingly towards development on 
capitalist lines with a mixed 
economy. The emphasis in 
foreign policy ' switched to 
attracting aid and investment 
from the oil-rich Arab States, 
which alone, it was felt, tould 
provide the bulk of the'eapitid 


to develop . Sudan's long- 
recognised but relatively 
untapped agricultural potential. 
Gradually the concept of Sudan 
as the granary of the Arab 
world was formulated, and 
after the 1973-74 oil price 
explosion aid began to pour 
in fast 

But the regime's pragmatism 
stopped well short of sharing 
power with the political parties 
which had dominated the 
country during the days ot 
parliamentary government be- 
fore President Nimairi’s 
coming to power. The 
parties on the Right formed 
themselves into the National 
Front, loosely affiliated at times 
with the outlawed Communists. 
It was the National Front which 
tried to overthrow the regime 
in a coup attempt in September 
1975 and mounted a far more 
violent effort in July 1976 with 
Libyan and. to a lesser extent, 
Ethiopian backing. It only nar- 
rowly failed and several hun- 
dred people died in the fighting. 

The July 1976 coup attempt 
demonstrated the force and 
determination of President 
Nimalrrs enemies, but also 
indicated - the underlying 
strength of the regime. There 
was no popular uprising and 
the army stayed loyal. Clearly 
there could never be another 
coup like it and the Govern- 
ment was at first determined to 
press on with its policies, 
though it took no chances. About 
100 Sudanese were executed and 
repressive measures in force 
since the 1975 coup attempt 
were stepped up, with several 
thousand people imprisoned. 

But the need for hoth internal 
and external vigilance was a 


BASIC STATISTICS 

TBADE (1976) 

Area 967,491 square miles 

Imports 

$S341m 

Population (1976) 

16.1m 

Exports 

S$193m 

GNP 

S£1.49bn 

Imports from UK 

£ 92.0 m 

TRADE (1977} 

Exports to UK 

£ 14.2 m 

Imports from UK 

£86-8m 

Currency: Sudanese pound 

Exports to UK 

£13 Jim 

£1=S£0.747 



serious strain on the Govern- 
ment at a time when economic 
problems were increasing, and 
both sides became aware of the 
futility of continued confronta- 
tion. The first feelers towards 
reconciliation were put out as 
early as January, 1977. and the 
basic terms were agreed at a 
meeting between President 
Nimairi and the overall leader 
of the National Front, a former 
Prime Minister, Mr. Sadiq el 
Mabdi. at a secret meeting in 
Port Sudan in July. 

The detailed story of the 
reconciliation js told in another 
article in this survey. It has 
already had remarkable results 
with the release by now of all 
political prisoners in the 
country and a surge of free 
expression. In elections held in 
February this year the 
electorate In the southern region 
brought about a total change of 
government, while in polling for 
the national People’s Assembly 
people previously affiliated to 
the old political parties were 
allovjed to stand, nominally 
under SSU colours, and did 
remarkably well. 

But the process is not com- 
plete. Partly because the Gov- 
ernment has not yet repealed 


legislation regarded by the 
opposition as highly repressive, 
guerrillas and political refugees 
in camps in Ethiopia and Libya 
have so far refused to return, as 
has the second leader of the 
National Front. Mr. Sher(f el 
Hindi, despite his having 
reached a separate agreement 
with the Government 

For all the benefits that the 
reconciliation has brought, the 
immediate political scene is 
highly fluid. It remains to be 
seen how the Government’s 
concept of the former opposition 
groups functioning within the 
one-party system actually works 
out, and while President 
Nimairi's manoeuvring has done 
something to weaken the 
cohesion of the former com- 
ponents of the National Front he 
must still be on his guard 
against dissent among groups— 
for example, in the core of the 
SSU and the armed forces — 
which dislike the course the May 
revolution has now taken. 

An added complication is the 
fact that the Government is 
having to take stern economic 
measures, including devaluing 
the Sudanese pound by an effec- 
tive 20 per cent and cutting back 
on spending, before the less 


financially astute sections of the 
population have been able to 
enjoy the rewards of the 
development drive. 

But perhaps the most import- 
ant question is whether the 
reconciliation, while advancing 
national unity, has brought Mr. 
Nimairi's regime full circle, so 
threatening to stultify the pro- 
cess of social change the May 
Revolution was intended to un- 
leash. As other articles in this 
Survey explain, long-engrained 
attitudes to work and technical 
innovation have hampered 
economic development, and if 
attitudes are to change the 
nature of Sudanese society must 
adapt first. 

The development drive has 
enhanced Sudan's importance in 
the world, but also emphasised 
its economic dependence on the 
oil-rich Arab States. They have 
been fairly generous writh pro- 
ject aid; through their reluct- 
ance to provide balance of pay- 
ments support they have effec- 
tively steered Sudan towards 
reaching an initial agreement 
with the IMF on curbing Its 
growth rate and correcting its 
payments deficit; and they also 
constitute a serious brake on 
Sudan's development by drain- 
ing away some of its best 
management talent and man- 
power to their own economies. 

Economic dependence on the 
Arabian ail States has inevitably 
linked Sudan tightly to the con- 
servative bloc in the Arab 
world. Sudan has particularly 
close relations with Egypt, with 
which it signed a defence 
agreement after the 1976 coup 
and has made moves in the 
direction of unification of the 
two countries. Mr. Nimairi was 


a strong supporter of President 
Sadat's peace .initiative and 
recently made two long 
journeys round the .Arab world 
in an. attempt to reconcile Egypt 
and the rejectioivisis and to con- 
vene an Arab summit meeting. 
So far the dream of enhancing 
Sudan's stature by playing host 
to both an African and an .Arab 
summit within the same year 
has eluded him. 

But Sudan's most pressing 
concern is its relations with its 
immediate neighbours in Africa, 
where it depends heavily on its 
own diplomatic resources. Sudan 
adopted a militant stance 
towards both Libya and Ethiopia 
in the wake of the 1976 enup 
attempt, and early in 1977 Mr. 
Nimairi openly declared his 
support for the independence 
of Eritrea — having long tried 
to mediate between the 
Eritreans and the Addis Ababa 
government. 

However, external vigilance 
proved a major strain, and the 
terms of the reconciliation 
required Sudan's taking a more 
neutral stand in foreign policy. 
After mediation by Sierra 
Leone last December, ties with 
Ethiopia -began to improve and 
around the same time Libya and 
Sudan re-established diplomatic 
relations. The Soviet Ambassa- 
dor. who was withdrawn in mid- 
1977 after Sudan expelled the 
last 90 Soviet military personnel, 
returned this spring, and earlier 
this year Sudan and Libya 
co-operated in an attempt to 
reconcile the opposing forces in 
their neighbour Chad. 

But as Dr. Francis Deng, the 
Minister of State for Foreign 
Affairs, told the Financial Times 


President Jaafar 
Mohammed Nimairi 
uf Sudan 

last month. “ Wo cannot always 
predict wlut uur nmghhnurs 
will do." The relationship wall 
Libya was .sun red by the flare-up 
or fighting, involving French 
forces, in Chad during May, an>! 
links with Ethiopia were im- 
perilled by the increased Soviet 
and Cuban luvulvcnicni ilicrc 
and the fear uf an Ethiopian 
offensive in Eritrea. 

Sudan cannot he doom-ia Led 
from Libya's nintbi ins quarrel 
with Egypt, and is inevitably 
concerned at the inten-ifyiii^ 
Soviet presence in the Horn «if 
Africa, while the recent Left- 
wing coup in Aden and ih** 
assassination of the cunscrvatim 
Head of State in North Yemen 
have greatly increased its alarm. 
The re-equipment «*f its armed 
forces with U.S.. French, and 
British equipment ipaid fur by 
Saudi Arabia I is iHvnntinv 
increasingly significant, and 
reflects Sudan's stronger links 
with the Western countries. 

Sudan therefore becomes 
chairman of the OAU at a time 
when big power intervention in 
Africa— probably tlie key issue 
now facing that continent — is 
having a crucial impact in at 
least three of its immediate 
neighbours— Ethiopia. Chad and 
Zaire. Its own alignment is 
conservative and broadly pru- 
Weslem. But Mr. Nimairi and 
his Government believe that 
African problems can best he 
solved without foreign interven- 
tion; ami there is nothing “anti- 
colonialist" about the Soviet 
Union; and that the reconcilia- 
tions it has achieved within 
Sudan by dialogue could profit- 
ably be emulated, through til* 
OAU. in solving other African 
problems. 







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SUDAN IS experiencing the 
fastest economic growth in its 
history. In the past four years 
the capital, Khartoum, and the 
neighbouring towns at the con- 
fluence of the White and Blue 
Niles, Omdurman and Khartoum 
North, have been losing their 
traditional soporific image and 
are beginning to bustle with the 
first traces of * prosperity. 

A few tall buildings are 
starting to break the skylit}®* 
while In the hotels and clubs the 
talk is of the enormous develop- 
ment projects being carried out 
at isolated sites in Sudan s 
immense hinterland. 

Yet this is a country going 
through a very serious economic 
crisis. It has a big balance of 
payments deficit, a high inflation 
rate and a mounting backlog of 
unpaid debt so serious that it is 
finding it hard to obtain vital 
imports such as fuel and pesn- 
cides. The main cause of the 
crisis is the determined effort 
by President Jaafar Mohammea 
Nimairi’s Government to break 
out of a vicious cycle of low 
growth and to realise Sudan s 
potential. The fact that Sudan 
isT now finding it hard to obtain 
credit, despite having ample 
project aid, raises serums ques- 
tions' about how the less 
developed cosi-rfes of the world 
can ever become rich. 

Though Sudan had some de- 
velopment successes in toe 
years after independence in 
1956 its traditional exports, ol 
which cotton has always made 
more than half, were not able 
to earn enough to keep pace 
with the country’s population 
growth, running at more than 
2 i per cent a year. Govern- 
ment expenditure and energy 
were devoted in large part to 
trying to end the civil war m 
the South, and meanwhile this 
huge country's tenuous com- 
. El imin ations system — the rail- 
way from the interior to the 
coast and the river transport 
system— steadily ran down for 
shortage of spare parts, poor 
management and labour prob- 
lems. , 

The Nimairi Government 
could only start serious 
economic development after 
the end of the civil war in 19«2, 
while it did not opt firmly for 
a mixed economy.. until after 
the 1971 Communist coup— and 
not before it had nationalised 
large sections of the economy. 
From then onwards Sudan has 
been able to attract growing 
quantities of aid, especially 
since the 1973-74 oil price rise 
which so enriched the Arab oil- 
producing States. 


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CABLES: NATIONALISE 
TELEX NO. 424 


Between Sudan and the s 
Arabian oil States was formu- i 
lated the concept of investing c 
in Sudan to make it a major i 
food producer for the region 1 
(it was, and still is. a major l 
food importer). Spurred by l 
the dream of Sudan as the i 
breadbasket of the Arab world, i 
Sudan's borrowing of ail kinds 1 
rose from $252m in 1971 to ! 
about $1.5bn today. 1 

The intention was to improve i 
the transport system, especially 
in the eastern part oE the 
country, while at the same time 
starting a number of productive 
projects both in agriculture and 
industry. It was always 
accepted tbat any development 
strategy based on heavy 

borrowing abroad and at home 
would produce balance of 

payments problems, but Sudan 
went ahead in the belief that 
short-term support would be 
forthcoming. 

Whereas imports and exports 
had previously been well- 

balanced, suddenly imports and 
Invisible payments began rising 
far above exports fnot helped 
by problems until tbc past year 
in selling cotton) and Sudan's 
current account went into 
deficit on a large scale. Both 
in the financial year 1974-75 and 
1975-76 (the financial year runs 
from July to June) this was 
partly offset by direct balance 
of payments support from Saudi 
Arabia, Kuwait and Abu Dhabi, 
but in 1976-77 and thereafter 
there has been virtually no 
programme aid. 

The balance of payments 
appears ■ to have shown some 
improvement in 1976-77 and 
during the first nine months of 
1977-78 financial year, but 
although exports showed a 
definite improvement in the. 
first of those years and 
although there has been a rising 
trend in remittances by 
Sudanese working abroad 
(shown under services receipts) 
the balance of payments figures 
have come to understate the 
true position. More and more 
goods and services are not 
immediately paid for, and loan 
service payments not met, so 
these do not show up on the 
balance of payments. 

Instead Sudan has a growing 
accumulation of unpaid debt 
Last August the public sector's 
share alone Is believed to have 
amounted to 8491m, consisting 
of $230m for loan instalments 
and interest due, 855m for 
overdraft facilities abroad by 
the Bank of Sudan (the central 
_| bank) and a further 8206m for 


suppliers’ credit, purchases i 
approved, etc. It is generally i 
believed that the current figure i 
totals between $600m and : 
8700m, and this may be a , 
conservative estimate. It seems ; 
likely that increasing difficulty 
in obtaining supplies has led to 
a slowdown of imports. 

The balance of payments 
figures understate the real 
situation in two other important 
respects. First, most externally 
financed development does not 
show up in the balance of pay- 
ments because the money is 
simply transferred from aid 
donor to contractor or supplier 
without coming into Sudan. 
Secondly, since 1974 Sudan has 
operated a system of so-called 
nil value imports. Theoretically 
this is part of a series of incen- 
tives to encourage the many 
thousands of Sudanese working 
abroad (mainly in Saudi Arabia, 
Libya and the Gulf States) to 
remit their earnings. 

Where an expatriate Sudanese 
is involved normally prohibited 
goods such as luxuries can be 
imported to Sudan provided 
foreign exchange outside the 
country is used. In practice 
this system has been used to 
mobilise funds in the external 
bank accounts held by many 
resident Sudanese and a busy 
trade is conducted bringing in 
goods o nnil value licences, sell- 
ing them at a high profit, and 
usually exporting the proceeds 
by means of the currency black 
market. 

Trade under the nil value 
system is extremely hard to 
value but the existence of the 
system goes a long way (with 
project aid) to explain the gap 
of Sfl30m between the 1977 
import figures recorded by the 
Bank of Sudan in the balance of 
payments figures (S£246m) and 
the figure based on customs 
returns of S£376.5m. The system 
is one of the main causes of 
the superficial prosperity of 
Sudan and of the fortunes made 
by many merchants, and it 
enables Sudan to import 
- luxuries that it could not other- 
i wise afford, while the Govem- 
i ment gets welcome customs 
• revenue. 

1 The system is also infla- 
i tionary, because of the high 
t mark-up involved and the 
r shortage, as a result of the 
' failure of the Government’s own 
E commodity import system, of 
1 many non-luxury goods. The 
t Bank of Sudan is denied access 
! to much foreign exchange that 
under a different system might 
5 have been available to pay for 
| spare parts and fuel more badly 
1 needed than luxuries. The 


system puts more pressure on " 
the economy and leads to more 
imports of necessities — notably 
fuel— which must be paid for 
out of the Bank of Sudan’s ] 
foreign exchange resources. ^ 
Meanwhile development 
spending, mounting from a < 
mere S£25m in 1971/72 to about < 
S£250m In 1977/78, has had an 
inflationary effect and led 
indirectly to more pressure on 
the balance of payments, though 
it has produced a growth rate of ! 
more than 4 per cent for the . 
last three years. It has been 
inflationary partly because of 1 
the physical bottlenecks and the 
pressure on the supply of cer- 
tain commodities such as 

cement, and partly because to 
match external funds with local 
counterpart finance the Govern- 
ment has had to borrow from . 
the Bank of Sudan, since it has 
not had a sufficient surplus after 
recurrent spending items have 
been met. Its total borrowings 
from this source now amount to 
nearly S£400m. Any develop- 
ment spending in Sudan leads, 
to further imports of essential' 
supplies in addition' to items 
met by aid donors. 

Inflation was reckoned to be 
running at an annual rate of 
between 16 and 17 per cent for 
Sudanese wage and salary 
earners at *he end of the third 
quarter of last year (the latest 
figures available) 'while for 
expatriates the figure was 23 
per cent Discontent at prices 
culminated In a series of strikes 
by public employees last March, 
and the Government had to 
pledge to implement its wage 
reclassification scheme which 
meant pay rises averaging 15 
per cent on July 1. 

Meanwhile the balance of pay- 
ments situation has become so 
bad that Sudan has found it in- 
creasingly hard to pay for essen- 
tial imports. Iraq, its main sup- 
plier of crude oil, has at times 
: witheld supplies to enforce pay- 
ment, while Kuwait, which sup- 

■ plies petroleum products not 

■ made at the Port Sudan refinery, 

: has also been tough. Sudan has 

had to barter cotton for oil with 

■ Egypt to keep the refinery going, 
i Meanwhile it had difficulty 
! assembling foreign exchange to 
‘ pay for pesticides and insecti- 
i cides essential for next season's 
t export crops. 

s The Government persistently 
i argued that it would be 
t politically difficult to slow down 
t the pace of development at thus 
r stage when the sacrifice by 
r many Sudanese to the cause of 
! development- in terms of the 


OFFICIAL DEBT 

(Dec. 31, 1977, S£m) 
L International 
Organisations . 

2. U.S. and Western 
European Countries 

3 . Arab Countries 

4 . East European 
Countries 


Source: Bank of Sudan. 


high cost of living had been so 
great and tiie rewards of de- 
velopment ( at least in the 
official economy) had yet to 
flow on any scale. 


Project 


The Government also felt 
that the countries that have pro- 
vided -project aid should have 
considered the implications of 
doing so In macroeconomic 
terms and been prepared to 
supplement project aid w*th 
programme balance of payments 
aid. But over the last few 
months the Sudanese Govern- 
ment has come to accept that 
the oil (revenue surplus states 
would not provide balance of 
payments support until Sudan 
decided to put Its own house 
in order by cutting spending 
and imposing tighter financial 
control. 

Their support was Jinked, it 
appeared, to Sudan's acceptance 
of a reform programme agreed 
with the International Monetary 
Fund in return for balance of 
payments support facilities. The 
Sudanese Government for dong 
failed to agree with the IMF’s 
proposed conditions, mainly 
because it did not want to de- 
value the Sudanese pound. It 
argued that devaluation would 
automatically make imports 
more expensive, thus further 
raising the cost of living, wifcile 
having little effect in stimu- 
lating exports. 

However, since Mr. Nimairi 
took over the Finance Ministry 
himself for a few months from 
last September he appears to 
have become fully aware of the 
economic situation and faced 
up to the need to take un- 
popular measures to deal with 
it From the beginning of this 
year Sudan started discreetly 
implementing a “ stabilisation ” 
programme, which is privately 
referred to in some Govern- 
ment quarters as an austerity 
plan. 

It started with the enforce- 


ment of an Act that gives the 
Ministry of Finance far tighter 
control than it has had before 
over government payments, so 
that individual ministries now 
have to refer fo the Finance 
Ministry even to make pay- 
ments authorised in their bud- 

gets. . 

The Government began 
cutting recurrent spending — in a 
fairly brutal way by simply not 
paying the wages of .some of its 
staff, for example — and has suc- 
ceeded in reducing the rate of 
increase of the money supply to 
around 23 per cent from 44 per 
cent in 1976-77. The stabilisa- 
tion programme was spelled out 
by Mr. Osman Hashem. the Fin- 
ance Minister, in his budget in 
May. when he stressed that it 
was intended to concentrate on 
b reaking bottlenecks arid raising 
production from existing 
schemes and plants. 

Among its more controversial 
items is the decision to peg de- 
velopment spending at 
S£202.8m. compared with about 
S£250m last year. 

On June 9, Sudan 
announced that it was devdJuing 
the Sudanese pound. The official 
rate was adjusted from $2.89 to 
the Sudanese pound to $2.50, a 
, devaluation of about 13 per cent. 

' but the official rate only applies 
i to cotton sales. The rate for 

I most transactions which benefits 

from a - foreign exchange 
, premium / subsidy system 
dropped from $2.50 to $2, a 

5 devaluation of 20 per cent. This 
. is still considerably above both 
" the black market rate and the 

rate offered officially to expatri- 
ate Sudanese, and Sudan still 
j retains its multi-tier exchange 
. rate system. 

. But the devaluation appar- 
a ently impressed the IMF, with 
which Sudan reached an agree- 
ment at about the same time. 
Sudan is to make a first credit 
tranche drawing of 20m SDRs 
and obtain an IMF trust fund 
t loan of 30m SDRs. An IMF team 
l is to visit Khartoum in October 
and according to sources in 
I Washington the way looks 

* clearer to agreement on a 
standby credit of $J 30m. 

? The agreement with the IMF 
“ should pave, the way for getting 
s balance of payments support 

* from Saudi Arabia and possibly 
l " Kuwait (at one point Saudi 

Arabia was said to be prepared 
s to provide *700m>. Senior Gov- 
^ eminent officials have made 
n clear that when the short-term 

6 situation has stabilised and 
g Sudan has impressed outsiders 
ul that it is taking matters in hand 

it will seek a formal reschedul- 
Bt ing of some of its debts on 
« loans. 

d But Sudan's economic prob- 
y lems are by no means over. 
it Devaluation raises the price of 
« essential imports such as fuel 
g and food and can only be made 
-g to have the desired effect on 
ty the balance of payments if it 
is accompanied by stringent 
control of the money supply. 
d The Government through its 
l” stabilisation programme, is try- 
K ing to achieve this but it will 
^ not be helped by the wage and 
le salary reclassification operation 
u ' which amounts to an average 
pay rise of 15 per cent and is 
ri expected to cost the Govern- 
ry ment about £S40m (out of a 

01 total recurrent budget of 
to £S597.5m). 

I( ® One - can trace quite easily 
id ‘process by which the 
n- Sudanese economic situation has 
th deteriorated. But the Govern- 
Is ment’s growing awareness of the 
ly problems associated with its 
” economic strategy and the fact 
ly that it is slowly but surely 
D ‘ tackling them are becoming 
Cy more obvious too. 

_ James Buxton 




THE GUM ARABIC COMPANY LIMITED 


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Financial Times Thursday July 13 1978 

SUDAN m 



• * ? I 

MM 


1 system 
to relax 


system practice of filling a large ciliation between the National critical opinion is no longer 
s cl pcQtly to be in the number of the plaees in the Front and the regime took likely to lead to government 
. urse - refinen,ent - Although top organs of the SSU by presi- place in January 1977 (a meet' reaction. Moreover, many of the 
ine main government and party dential appointment emphasised jug in London arrange d by two Individuals newly released from 
institutions will remain in the top-heavy aspect of the Sudanese resident outside prison or newly returned home 
being, the manner in which organisation and inhibited any Sudan), these were the issues have bases of authority outside 
~"f*® institutions operate is genuine con test-reither of ideas on which the National- Front of the regime, resting on 
lK rpt. y t0 « hai, 8 e ' . for governmental’ adoption or of demanded change. previous political . organisation 

The refinement is the latest individuals for leadership On July 8 1977 Sadiq or on social position. Such 

phase of a longer process of positions. al-Mahdi, the overall leader of people are unlikely to be cowed 

change and development — a pro- The change - now envisaged the' National Front, flew to Port into tame acceptance of govern- 
cess which has been in opera- would involve placing greater Sudan for a meeting with Presi- ment policy, 
tion ever since the present emphasis on representation, dent Nimairi. The meeting As a result of the new confi- 
institutions were first intro- making the SSU an open forum resulted in an eight-point agree* dence whieh people- feel in 
duced. The party and govern- where governmental policies ment detailing the changes in expressing critical opinions, and 
meat structure was laid down could be genuinely debated, the political system to which in reflection of the Govern 
in the years between President contested and determined by President Nimeiri would agree meet’s new approach, a more 
Nimairi’s coining to power in majority vote, and where the in return for the dissolution of genuine debate than before 
1969 and 1972, under the influ- leadership of the party (there- the National Front. The takes place within the People’s 
ence of the political groups fore ultimately ibe national existence of any such agree* Assembly. Members have 
predominant at that time, leadership) would emerge by ment was denied at the time recently expressed some harsh 
Changes in the nature of the free election (albeit widely suspected), but opinions on government policy, 

political forces supporting and On several occasions in has been revealed to the writer especially in the economic 
confronting the regime, and recent years there were indica- by Sadiq al-Mahdi in a recent sphere. 

consequent changes in the tions that the President was interview. As the agreement The more liberal atmosphere 
ruling bodies, has resulted in a prepared to see the creation of sets out the framework for has also affected the Press, 
continuing tendency to reform a more open political system, change. encompassing . the Newspapers have opened their 
the basic structure. It is unlikely, however, that so objectives which the National columns to articles which 

The groups which played the far-going a change as' that now Front leaders are stii! pursuing, evaluate, rather than simply 
leading role in devising the envisaged could have come to the eight points are worth stat* justify, the policies pursued, 
instiutional structure (between the point of fruition without a ing- Press freedom is of course still 

1969 and 1972) were the Mu’aiya new factor on the political • AH political prisoners shall incomplete. The editor of the 
Ibrahim section of the Com- scene — the possibility of draw- be freed, and a general National Front's exile news- 
munist Party — which had ing the opposition National amnesty declared for those paper has not as yet been 
broken with the main party on Front into acceptance of the charged with - offences con- granted permission to publish 
the issue of support for the new regime. To understand the n «ted with political activities, his paper in Sudan. Neverthe- 
regime — and the broad and un- nature of the change now being • All actions taken against less a move towards liberalisa- 
organised grouping of Arab discussed, therefore, it is individuals involved in the tion has been made. 

Nationalists. The two groupings important to examine the political struggle < confiscation 

saw the institutions they were demands which the National r 'f . property, dismissal from 

creating as instruments for Front have made in return for c,v ** service position, etc.) shall Jl/VIUClICt 

fundamental social and the abandonment of their bewoked. pennies Assemblv elec. 

economic change. The Sudanese struggle. • itructure and operation ™ ^ eDP pUruw prov?ded 

Socialist Union was to Following the failure of the ° ]th e a vie J a t0 0 pering W lts further evidence of change 

be the dynamic institution at maj^ coup attempt in July bodies to election at evenMevel wilhin the political system, 
the centre of the whole system. 1976> the Natlon ai Front and oemittin" B ove™ent Although all candidates still 
seeking to shift the balance of (grouping together elements of policies to be "freelv debated had t0 be supporled by the 
wealth and power in the country the Umma. Democratic Unionist ^ d Tcided bv maiiritv vote SSU - none «* uld identify 
away from the traditional ‘'big and Muslim Brother parties) • The consUtuUon shan ^ himself with a party label other 

famines” who for s 0 long had was led tQ itt • « S o as to eSurl greate? *** ^ of the ssu * “*** 

used their social influence to ctrntp „.- A nn i;- T ngn »r „ . a to ensure greater constituencies saw a rantMt 


One of the leading; Groups in the trade and indostry of the Sudan 

*“■ THE 

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(established 1921) 

REGISTERED OFFICE: P.O. BOX 1, KHARTOUM 
BRANCH OFFICE: P.O. BOX 1, PORT SUDAN 
BRANCH OFFICE: P.O.BOX 317, WAD MEDANI 


Telex: No. 285 
Answerback: 

“ BITTAR KM M 




Cables: 

BOXARABI 


TRADE MARK 


used their social influence to stTate gy a policy paper drawn protection of individual constituencies saw a contest 
maintain a grip on economic up within th(? National From JibertiS between candidates whose dif- 

resources. While the SSU would after> j u | y 1976 sta(ed that « Greater emphasis shall be fering P° litical Persuasions 

bo a mass party rather than a whj]e the resirae a whoIe . to neSism in Sudan’s ^Public knowledge, 
rarirp nam- narticular emnhasis * : tu 'ivuuauam lu ouuaut. •Bv r iri*»ni*p f n r thi«. ma ha 


cadre part?;, particular emphasis was characterised .by total i- ? 0 rei°n~Doiicv Evidence for this can be 

would be placed on drawing into tarianism . it did nev ertheress q Laws restricting personal fou ° d in the composiUon of the 
the party elements which had ss snme positive aspects . Iibert = p ! fh 5f n . ew Assembly. Of the 225 


Evidence for this can be 


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tne party elements wmen iuu possess snme positive aspects . Iiberties (primarily the State T\ ^emmy. ur tne 220 
shown themselves to be com- TheSe M ls could constitut e security Art) shall be revoked e ect ? d members about 30 were 
mued to substantive change. the b is for reconciHation. J {ft* ££ § >2*S3n *5 

- . • provided the system could be t ure shall be reviewed so as to , any , , iab “ al 

Influence democratised They constitute remove the negative aspects of ^ the^Lwrftic^Stet 

By the end of 1972 the JESS. %£ SSTS^i JSSES 

Mup'a w“5 Ibrahim section of JSS™ " SuiSn " SSJSl io th^eld w ' th t ? e Mus,im B«ther, aod 
the Communist Parly and the ™,tem . P • Wo .Wtud. to ab ™‘ 10 " er 5 associated either 

presidential fern, of ^ S ^ ,, 

overriding UMMtJMt. SSSS^nSU 7of ta ^““Lto™ BiSTSSS ^ 

l , .,^r UP weV f rr , eonce 1 Sd Southern 3 Sudan? the eeonomie g. M -of Ote Imam »1-Hadi ^ ^ 

with bringing about develop- ^ictmiirafdivflopmen^withS The agreement was accepted 2 

ZZoZl'c'' S.JS.ra' ^.3? ■ meeting of the National | 

economic strut lure man wun strencthen the Islamic Front executive held on July )h . 3: 

;r S SSU C Sne h d‘ t cS“”o Se-2ofS5!-.Jw: M R lhTT This then was jh. j 

t T hp nniitja im bit^the rejection of multi-party liberal framework of change wh.ch the cveri not be ^ ▲ 

5 p< ? Z .nrJ L ihe democracy were all regarded as National Front leaders de- Government believes that pre- : : 

nf Jhc positive. . These then are “?nded. and which President vious party In^ceis not •) 

populatiin which professed as P ects upon w J ieh ? ansensus acceptea ’ crucial, .and that those who' are f 

fovaltv to the regime P Radical exl ® 1 ? s “ dan ® raaj ° r now working within the system 

element! would be given no poliUcal. forces, with the singe p rn ]>] pni ( 2 have revoked their past U 

prSand in practice many but significant excepUon of the riODieillS partisanship. The very .act of I 

of the traditionally influential Communist Parly. *Pbe process of implementing working within the current i 

families of the rural areas The acceptance of the the agreement has created institutions, it is contended, i 

found places within SSU bodies, regional autonomy arrange-, problems. The National Front creates a mentality in which f 

While this conception of the ment for the Southern Sudan leadership itself became split an pre^ous party allegiance -J 
SSU no doubt made it possible is perhaps the most important the issue of implementation, becomes irrelevant ^ 

for more Sudanese than before item in the consensus. As the Sadiq al-Mahdi was prepared U) In . spite ... of ,. tire . Progress f 

to participate in the political Communist Parly also accepts return to Sudan and work from M? w '? rds , hberalKaaon, the ' : 

svsieni. the emphasis was still (and indeed first proposed) the within the system, immediately National front leaders remain *. 

on parlicipalion rather than structure of autonomy, the the release of political prisoners dissatisfied— mainly because no f 

representation. The SSU was South is now no longer an issue was under way and the amnesty substantial change has' yet 

still a “ top-heavy " orgaoisa- in national Sudanese politics . announced. He believed that ™ ater ?f 1 l ? ed in “ ie sphere. 

tion— authority and initiative The policy paper went on to pressure could best he exerted They believe that the process is 4 
came from the leadership discuss the negative aspects of from within. .A faction of the peId V p “ y ««nents }' 

rather (han from the member- the regime. These were that the Front led by Sherif Hussein within the regime hostile to the j 
ship. A large part of the SSU was a narrowly based al-Hindi, insisted, however, on trend of events. Although 
activity of SSU branches instrument of government staying outside and continuing prospective dissolution of the 
revolved around demonstrations policy, permitting no genuine to oppose the regime until a Front was announced In the j 
nf support for government freedom of discussion or com- formal agreement bad been agreement of April. 12, there- j 
policy; the lower bodies of the petition for leadership; that signed and jnost of the basic tbe does . 1 s 1 tiH ®»st ; 

SSU saw little genuine and personal liberties were severely ebanges implemented. While Sherif aJ-Hindi will not be 
open "debate on government restricted: and that legislation they did not oppose Sadiq's returning to Sudan until more 

poliev; and while there were made it possible for arbitrary return, conceiving it as the progress is made. While the s 

occasions when initiatives taken action to be taken against opening of negotiations between Government has prepared for 

in the lower bodies led to individuals on 'supposed thfc Government and the Front, National Front supporters £ 
chances in government policy, grounds of security. When the they became increasingly bitter housed in camps outside of ^ 

such cases were few. The first contacts aimed at recoH- towards Sadiq as the lack of Sudan to return and obtain ^ 

. . .progress towards ■ implementa- employment in _ agricultural 

_ • ‘- tion became apparent. communes, Sherif al-Hindi * 

— 1,1 “ 'fhat both wings of the Front appears to be discoimaging the i. 

Still, accepted the framework repatriation. Significantly, £ 
nrmO i laid down in Port Sudan is, how- Sadiq al-Mahdi and Sherif al- f 

VI I n A III fill Xr i, r , ll^ ever, clear from subsequent Hindi have reconciled their .own 

ilUfJMIl UIL OLLUO developments. At the beginning major differences and now y 

ww of April Sadiq al-Mahdi appear to be agreed on the * 

AAIIJI n JL &IV I IRAITm addressed the central committee priorities for bringing about 

(llllVIrANY LI ml ILU of SSU, calling for nine change. it 

** basic changes in policy and It is unlikely that the process 1 

, , „ , organisation. The changes towards creating a more open 3 

1. Sole exporter of Oilseeds from auaan. : related to the prints agreed in political system ’ will be 3 

, nt crrmindnuts Port Sudan. On April last Sherif impeded. It seems dear that f 

2. One of the largest exporters of groundnuts gigned an agreement President Nimairi is convinced M 

in the world. with government representatives 11,31 be ean strengthen the 

which outlined the changes system as a whole and his own 4 

Groundnuts comprise: which the government would position by . broadening the * 

Sudanese groundnut kernels FA-Q- -. make and the guarantees it basis uf support. There is g 

duurt»i«c o • . , „„ (in Hnut’ would eiyp in return for the evidence, moreover, that sub- ft 

— Sudanese hand-picked selected O ro dissolution of the National stantiai sections of the army li 

kernels 70/S0, free of admixture ana. Front Again, this fitted within leadership are encouraging the 

qflatoxin Produced bv an advanced - the framework laid out in Port development. ft 

aiiaiuxin. iriv u v . . e « • Sudan. The ultimate political ques- 

colour electronic sorting macnines Wbat progress has been made hon which remains unanswered y 

the ouj’pose of higher quality and then towards creating a more > s whether the development of • 

* ■ «■ A.rmirfc nf HPS liberal and open political the political system in the « 

increasing exports ■ ■ system? direction now envisaged will s 

Sudanese H.P.S. groundnuts msiieu Political life in Sudan has create a framework within | 

1S/22. become more relaxed. The which the wider socio-economic * 

1 .a, n „ ni - ao Hc in release of political prisoners problems of Sudan can be ti 

3 It is the largest exporter of sesamesee - ajjjngsty began to take solved. Some may question £ 

w'nriH • white and white/red sesameseeas. ^ j u i y 2977, and the whether a liberal consensus 35 

tiie woua, wnue a process seems now to be system can bring about the big g 

4 An exuorter of castorseeds. virtually completed. A large changes of attitude and £ 

number of previous ‘exile approach which may be ^ 

nun* II 011 OCCnC opponents of the regime have required. Failure to cope with ft 

s K BAN 1111 uLlUu returned to Sudan. A number tbc problems facing the 

UUUni* v of orominprif rpriirn^ec are now country would encourage W. 


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the pui’pose of higher quaUty and 
increasing exports of H.P.S. 
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An exporter of castorseeds. 

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P.O. Box 167 Khartoum (Sudan) 

Telex No. 312-613 X A/B “OILSEED” 

Cable Address: “ OILSEED ” . 


of prominent returnees are now country would encourage * 
working within the regimes support for those elements 
institutions. which remain outside the j- 

These developments have reconciliation. f. 

naturally encouraged people to tj Timothv Nihlnrt Z 
be more open in the expression ^ kiiuutny IMUIOCK L 

Of their view^; there isarealisa* Lecturer in Politics * 

tion that the expression of University 0 / Reading 


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Financial Times Thursday July 13 1978 

SUDAN IV 


Oil discoveries 


l 


still unproven 


ABOUT TWO months ago the 
hard-pressed Sudanese public 
received what appeared to be 
the best news for years. News- 
papers in the Gulf and Beirut 
reported that an enormous oil- 
field bad been discovered in 
Sudan. Soon, they said. Sudan 
would be one of the biggest oil 
exporters in the world. One 
paper went so far as to say that 
Sudan would be able to produce 
at the rate of 15m barrels- per 
day — S-im barrels per day more 
than Saudi Arabia’s capacity. 

- The reports lent a new dimen- 
sion to Sudan’s oft-proclaimed 
potential.'* In addition to its 
agricultural wealth it was, it 
seemed, a country in which one 
could discover in just a few 
months after driUing only two 
wells about as mud) oil as Saudi 
Arabia has found in more than 
four decades. 

Oil is an emotional subject in 
the Middle Ef&st among those 
few Arab countries that have 
not yet discovered any. Indeed 
such is the distorting effect of 
the oil boom on the economies 
of Arab countries that the non- 
oil producing states often feel 
that only a major discovery will 
give them a real chance to 
develop their economies. 

Against this background the 
Sudanese Government, in the 
quoted statements of President 
Niraairi and other senior offi- 
cials, has handled the oil dis- 
covery issue responsibly and 
done little to raise hopes higher 


than the known facts merit Oil 
has been found in Sudan, as Mr. 
Nimairi said in a broadcast on 
June 12. But so far it is not 
known if it exists in commercial 
quantities. 

Chevron has been exploring 
for oil in Sudan for several 
years. In co-operation with 
Texaco it drilled three offshore 
wells in the Red Sea in 1975-76, 
encountering natural gas in two 
oE them, the third being dry. 
The companies considered the 
size of the gas deposits not 
large enough to justify produc- 
tion. and relinquished their 
concessions. 


Concession 


Meanwhile, Chevron, as sole 
operating company, was investi- 
gating a vast concession area, 
about the size of California, 
stretching across the south-west 
of the country encompassing 
much of the White Nile and 
Bahr el Ghazal basins and the 
notorious Sudd swamps. Having, 
outlined a large sedimentary 
basin, the first well (named 
Baraka) was drilled late last 
year • about, 50km south of 
Mugiad in ' South Kordof&n 
province, The hole was dry, 
though encouraging stratigraphy 
was encountered. 

The rig was then moved to a 
location about 250 km away, 
north of Bentiu in Upper Nile 
province (in the Southern 


region); where the Unity No. 1 
well was sunk to a depth of 
14,483 feet Oil shows were dis- 
covered which . Chevron 
described as “very encourag- 
ing." Some weeks later, after 
laboratory analysis, the Energy 
Minister. Mr. Sfamoun Abu Zaid. 
said: “ The results of the labora- 
tory analysis proved • high 
quality specifications promising 
excellent crude oil/’ There was 
no mention of oil being in com- 
mercial quantities, however. 

After casing' the Unity No. 1 
well the rig is to be moved 130 
km south to Baang, where 
another well is to be drilled. 
Meanwhile a second rig is drill- 
ing a well about 100 km south 
east of Mugiad. The programme 
is expected to have cost -about 
$60m by the end of this year. 

The drilling programme is 
taking place in some of the most 
desolate and remote terrain in 
Africa. The supply base at 
Mugiad is about 1,400 km as the 
crow flies from Port Sudan, and 
drilling is being carried out in 
areas that are waterlogged or 
flooded (and deserted by their 
nomadic population) for seven 
months of the year. Chevron 
has built about 20 airstrips,. dug 
countless water wells and con- 
structed hundreds of kilometres 
of graded road. Some of the 
drilling equipment has to be 
moved within the area by heli- 
copter after arriving by rail- 
and/or barge. 

Chevron is financing the 


exploration hut has a payback 
schedule on its investment if oil 
is found and would thereafter 
share the profits with the 
Government— -the Government 
will take between TO aqd 75 per 
cent, depending on the size of 
output, and the company the 
remainder. The rewards could 
be high but oil would have to 
be found in substantial quanti- 
ties to justify the coat of pro- 
ducing it and transporting it to 
the Red Sea. Bechtel; the U.S. 
company, has already made a 
preliminary study of the route 
for a pipeline. ' 

If sufficiently large oil 
reserves are proven such as to 
make production viable and 
development begins, then 
Sudan should be able to borrow 
relatively easily to solve its 
short-term payments problems. 
When oH eventually flows 
Sudan's economy could take a 
different shape, but it should 
be remembered that revenues 
would be shared among a 
relatively large population with 
great development needs. 
President Nimairi has said that 
oil, a wasting asset, should be 
considered supplementary to 
Sudan’s lasting natural 
resources — its land, people, 
water and agriculture. 41 It must 
be used as a tool to develop 
these resources, not as a reason 
to abandon them,” he said on 
May 24. 

JLB. 


A good season 


for cotton 


EVER SINCE the first Euro- 
peans dreamed of irrigation of 
foe Gezira, the Sudan has 
seemed pregnant with the 
greatest agricultural promise 
in Africa. Long and painful 
gestation continues to this day, 
a torment alike to the country’s 
citizens and its friends. 

The history of that torment is 
principally one of cotton— of 
how unexpected difficulty in 
tbe production of long, silky 
Egyptian-type cotton was not 
convincingly overcome until 
demand for such fibre was just 
being inhibited by man-made 
substitutes, and of how the 
vagaries of the market have 
since frustrated progress at 
almost every turn. To one who 
in the past has frequently been 
critical of Sudanese marketing 
tactics it is therefore a particu- 
larly pleasant duty to record 
period of well-deserved 
success. 

British patents for Terylene,. 
the first polyester fibre, were 
issued in the early 1950s. At 
that time Sudanese long-staple 
cottons were emerging increas- 
ingly as competitors to those 
of tbe Egyptian Delta- A total 
of 310,000 bales was produced 
in 1951-52 (when Egypt pro- 
duced nearly 2m), and as much 
as 1.171m in 1961-62 (Egypt 
1.812m). Secure markets had 
been established iu Western 
Europe, India and Japan, and 
new interest, then without 
political implication, was 
developing in the Eastern 
bloc. 

The success of the Gezira 
scheme was evident for ail to 
see. The largest single farm- 
ing enterprise in the world was 
expanding Still further; with 
cotton as its principal cash 
crop. The three-fold sharing 
its proceeds among the 
tenant farmers, the Govern- 
ment and the managing body, 
the Gezira Board, worked 
apparently to the satisfaction 
of all. Ancillary producing 
schemes were begun elsewhere, 
and numerous lesser schemes, 
the private estates, came Into 
being. 

Although interna] marketing 
of. the Gezira and other ancil- 
lary crops was at that stage 
achieved by public auction, 
export sales were entrusted to 
private, and largely expatriate, 
merchanting community. This 
was centred on Khartoum but 
owed much to its connections 
with the European traders. 


Public Corporation, upon whose 
behalf they negotiated con- 
tracts. 

Although its advent must 
have given deep political satis- 
faction. tbe corporation’s com- 
mercial performance was for 
some years a disappointment. 
The success of Egypt— whose 
cottons were, it must be con- 
ceded. intrinsically somewhat 
superior— exposed with depress- 
ing regularity the extent of 
Khartoum’s isolation from the 
market 

AU too often attempts to with- 
hold supplies in anticipation of 
a price • increase proved ill- 
advised, all too often the volume 
of exports could be maintained 
only by dint of bi-lateral trans- 
actions with the Eastern bloc. 
Such transactions gravely 
restricted the selection of goods 
that could be bought with the 
proceeds, a disadvantage often 
lamentably apparent in the 
quality of capital equipment 
bought for an economy sorely 
in need of the best. 

It was during this period that 
Western bloc traders urged on 
Khartoum the desirability of 
producing ordinary American- 


type or upland cjotton in pre- cotton respond good-naturedly 
fere nee to long-staple. From to remedial measures. There 
Russia, anxious to maintain the was thus some disinclination 
'allegiance of what had become among experienced growers to 
virtually a client State, came accept the more rigid discip- 
contrary advice. Among the lines demanded by these new- 
earliest evidence of President comers. 

Nemelri's disillusionment with The marketing of Sudanese 
Russian motives was tbe long-staple cotton now proved 
Sudan’s rejection of that advice. an arduous task. In most 
The excellent acala strains of seasons Egypt and its lesser 
upland cotton which have for competitor Peru committed 
many years been the principal their entire output, and 
varieties of California had for Khartoum occupied the igno- 
some years been grown with minious position of “residual 
some success in the lesser supplier ” of the world's needs, 
irrigation schemes. These The 1972-73 season witnessed 
strains were adopted for all the unprecedented boom which 
new land brought under irriga- carried prices of cotton, as of 
lion, despite some misgivings most other commodities, to un- 
among farmers. Properly cul- imagined heights. But Khar- 
tivated, they will yield so toiim. pursuing the mirage of 
heavily that the abundance of still greater recompense for the 
fibre will compensate for the lean years, carried much of its 
generally lower level of price stock into the ensuing slump, 
commanded by an upland as There followed two more 
opposed to a long-staple variety, season’s of struggle, during 
But they are less forgiving which acreages under cotton 
ofneglect Once set back by even in the Gezira Itself were 
failure to observe the re com- cut back, both to release land 
mended sequence of water and for food and to prevent aceu- 
fertiliser application they will mulation of long-staples; 
not, as will' the long-staple This was perhaps the nadir of 
CONTINUED ON NEXT PAGE 


It' 




. • 

} ■» i * 


l,.'* 


Inevitable 


Once the Sudan achieved 
independence, it was perhaps 
inevitable that the private 
exporting system should attract 
criticism, particularly when 
selling prices were thought 
nadequate. As long-staple 
cotton came under greater pres- 
sure from the man-made fibres, 
the intensity of such criticism 
increased. Nationalisation of 
the private producing estates 
was followed in 1970 by 
nationalisation of the entire 
marketing system, with just 
four separate Government- 
sponsored companies operating 
under the aegis of the Cotton 


. *. - 
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Sons & Company 
Limited 

in the Sudan since 1908 


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PORT SUDAN 
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Telephones: 4308/9/1 0 
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P.O. BOX 326 
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Telex: 284 and 414 

Also at MASSAWA, ASSAB and DJIBOUTI- • 

Cables, all offices: CONTOLOS 

EUROPE AGENTS : IONIOS SHIPPING & TRADING 
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19 Karneadou Street Athens 139, Greece 
Telephones : 742-930 & 742-944 
Telex: 961 OA/B CONT GR 
Cables: CONTOLOS ATHENS 


>. ‘i, 



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%. V- ® ^ 




Financial Times Thursday July 13 1973 


SUDAN V 


Land resources 
in abundance 


QAD BRUSH strokes on the 
. Mure of agricultural develop- 
f - ot reflect the way Sudanese 
, their country. They have 
.. time accustomed to hearing 
. 1. *erlatives in descriptions of 
.1. .“ expanse of their land and 
'• its potential: largest in 
-‘iea, qinth largest in the 

• rid, abundant unused land, 

waters of the Nile. So it is 
surprising to find that pro- 
ts for exploiting Sudan's 
vai resources tend to follow 

* - same descriptive pattern. An 
•icultural project which can- 

be ranked for size among 
• ‘ ; world's top ten tends not 
merit mention. And some- 
ics it is assumed that big 
:.uidlines mean . the automatic 
piemen tation of a project. 
>3ut vast tracts of rich land 
not yield automatic harvests. 
■- : : : ier countries with compar- 
•■.:e endowments of land and 
‘ -■ vter have in the past become 
> idles of civilisations. Natural 
: Jnty is not enough. Indeed. 

• terms of per capita GDP, and 
:■<■ terms of economic and social 

■ restructure, - Sudan ranks 
-,..jong the world's poorest 
lntries. 

Although today agriculture 

• min ales the Sudanese 
jnomy, accounting for some 40 

• .r cent of GDP and contribut- 

• j over 95 per cent of the total 
' export revenues. Sudan has 

deep agricultural tradition, 
the past, until well into the 
h century, the major life- 
staining activity of the 
rious communities making up 
danese society has been pas- 
■al nomadism with an associa- 
! scratch cultivation. " There 
s a classic subsistence econ- 
iv, and the society has never 
:n noted cither for strongly 
reloped economic motivation 
for entrepreneurial flair. Of 
irse, the enormous distances 
»olved and the remoteness of 
dan from large markets have 
tether played a part in in- 
liting economic growth. 

The early years of the 20th 
•.ntury saw the birth of plans 
••• harness the waters of the 

• ie .for regular sustained irri- 
. - don and for the development 
. a cash economy. The.eomple- 

• n of the Sennar dam on the 
ie Nile in 1924 permitted the 

. igation of the flat lands 
ween the Blue and White 
cs south of Khartoum known 


otton 


OS. 

tpaflV 

ce * 9 ° S 


as the Gezira. The Gezira 
scheme had been very carefully 
planned over the course of a 
number of years. In addition to 
the building of the Sennar dam 
and the construction of the 
associated .irrigation channel 
network, the project involved a 
complex interrelated series of 
plans for new land tenure 
systems. management and 
husbandry, agricultural exten- 
sion services, financing, market- 
ing and the social welfare of the 
thousands of families settled in 
the Gezira. 

Cropping patterns have varied 
over the years , but broadly 
it can be said that one-third of 
each plot was to be planted with 
cotton, one-third with' food and 
fodder crops and one-third left 
fallow. The Government would 
buy the cotton, and the plot- 
holder was free to dispose of his 
other produce to suit himself. 

The scheme was successful 
and revolutionary in that it 
transformed the basis Of 
Sudanese agriculture. By the 
end of the 1960s it was esti- 
mated that in one way or 
another, in addition to involving 
employment fas tenants, mem- 
bers of tenants’ families, 
labourers and general 
employees) for about 600,000 
people, the scheme with its 
extensions was contributing 30 
per cent to GDP, and providing 
35 per cent of export earnings. 



Model 


The Gezira scheme was 
important, too. in that it pro- 
vided the model for future agri- 
cultural projects, especially 
irrigated projects. It was 
proudly described as the largest 
farm under one management in 
the world. It was politically 
acceptable in that it was 
obviously neither plantation nor 
collective. Above all, it worked. 

So it was only reasonable that, 
when the prospect appeared of 
Arab money being made avail- 
able to supply the hitherto 
missing capita! input, Gezira 
would form a model. The 
Rahad project, a marrying p|. 
Sudanese basic resources , with 
Arab money and Western tech- 
nology. is a logical extension of 
the Gezira experience. 

Formally inaugurated by 
President Nimairi on December 
o, 1977, with the Koranic quota- 


NT1NUED FROM PREVIOUS PAGE 


r danese experience. Cotton 
" .lgested all available storage 
-t At a time when its quality 
' ■ came under general criti- 
m. The wonderful ginning 
ilities (by which fibre is 
• ached from seed) had, it was 
ely asserted, been shamefully 
glected. Fine. trash that was 
irave impediment to spinning 
s in consequence accompany- 
: the fibre into the bale, 
irse still, basic insect-control 
asures were overlooked in the 
ds, and Sudanese cotton 
-■"mired an unenviable reputa- 
n for adhering to spinning 
"\chinery. 

Within the course of two or 
“Vee brief seasons much of this 
uble has been overcome, and 
artoum has taken full 
vantage of temporary changes 
; the market It has been 
ped, one must admit, by the 
fatly reduced competition 
m Egypt The horrifying in- 
■ase in that country’s popula- 
! n, and the rise in its domestic 
id prices, have put great 
| ,’ssure upon its limited land 
' ources. Its production of 
ton has therefore fallen 
isticaily. Output in Peru has 
ewise been disappointing. 


owmgs 


Cotton in the Sudan is 
:nted during August: picking 
gins the following January, 
itinuing for some weeks, 
mically. the first sharp reduc- 
n in long-staple sowings, in 
75-70, coincided with a 
scrable growing season and 
normally low yields. Long- 
.ples became a lessening 
rden, but Khartoum wisely 
;tricted sowings even further 
1976-77, devoting almost as 
ich acreage to upland cottons, 
.ich were selling with little 
Hculty. 

World prices for all cottons 
;e sharply that winter, with 
? result that marketing posed 
v difficulties. Much of the 
ig-staple crop* was bought 
iculatively by ’ the inter- 
tfcraal trade. It was to prove 
unrewarding exercise. 

From March to October 1977 
irid cotton values fell by 
post 40 per cent Economic 
certainties and a glut of man- 
ide fibre were depressing off- 
;e for cotton yams, particu- 
'ly in the finer types. Egypt 
rvested an exceptionally 
tall crop, but the trade hold- 
's of Sudanese staple styles. 
‘ netheless proved difficult to 


market For the first time the 
Sudan planted more upland 
cotton than long-staple, even 
allowing the former into the 
Gezira itself. 

It was inconceivable that this 
much larger prospective upland 
crop would quickly find buyers. 
However, Khartoum began 
forward sales (in advance of, 
the harvest) of such cotton as 
early as January and made 
steady progress. The com- 
mencement of sales in the long- 
staples was delayed until May 
so that the volume and quality 
of the crop could be assessed 
with some accuracy. 

World prices had recovered 
slightly since the previous 
November, but were still by no 
means high, and the interna- 
tional trade’s earlier purchases 
of old crop were still weighing 
heavily on the world market 
With a delicacy worthy of Egypt 
itself, the Sudan ascertained 
that many Eastern bloc buyers 
were in need of cotton as sub- 
stitute for Egyptian, and would 
pay, in convertible currency, 
about 12 per cent more than 
they did last season. The initial 
selling prices were set at just 
that level, and the enthusiastic 
entry of Eastern buyers into 
the market, enticed Western 
traders to add impressively to 
their holdings. 

Within a few days Khartoum 
had sold over 330,000 bales of 
staple cottons, divided almost 
equally between East and West 
Since the balance of the crop 
will be mainly of the very 
popular lower grades, its 
disposal should present few 
difficulties. As all but 128.000 
bales of the upland cotton have 
already found buyers, the cur- 
rent situation could scarcely be 
bettered. 

Moreover, the Sudanese 
domestic textile industry is at 
last expanding rapidly. Its 
consumption of cotton will 
probably reach 100.000 bales of 
upland styles and 40,000 of long- 
staples in the current season, 
and will continue to rise. Expen- 
diture on textile imports will 
thus decline sharply. Oil may 
indeed now offer the principal 
hope of quick emergence from 
the country’s daunting finance* 
difficulties. It is no less hea l!®°' 
ing to observe that far . 
adding to those P™ 6 ™* 
coiton is unquestionably at last 
lightening the burden. 

John Garner 

Editor, Cotton Outlook 


tion “ And the land comes was for the middle years of the 
alive,” the first stage of the- 20th. 

Rahad agricultural project Irrigated agriculture forms 
makes available 300,000 feddans only part of the overall 
(126,000 hat of hitherto uncul- Sudanese rural economy. And 
tivated land. Initially planned to Government schemes are 
cost 8125m when conceived in matched by private endeavours. 

1972, the cost of the scheme so Just as cotton is the principal 
far is $346m. of which $93m is product from irrigated lands, so 
Arab money, S62m an IDA soft are the other important cash 
loan. Slim U.S. AID, with the .and' food crops, groundnuts, 

Sudanese Government providing gum arabic, sesame, sorghum 
the balance as the local currency and millet the mainstays of 
element. rain-fed agriculture. 

Described as “the second The main Sudanese Govern- 
biggest farm in Sudan.” Rahad mec-t agency for promoting rain 
couid become an important fed agricultural development is 
additional foreign exchange the Mechanised Farming Cor- 
ear ner. especially from its poration, set up in 1968 after 
medium staple AcaJa cotton, some prodding by the World 
This is an innovation: hitherto Bank to act as an institution 
Sudanese cotton exports have through which Bank lending 
been largely of long staple couid be deployed. The MFC set 
varieties. National policy now up a number of state farms, 
as to change to the medium beginning in 1969. These farms 
staple types, which have a bad a dual function: first, they 
readier market internationally W ere to be well managed, 
th™ U ™ e ° f u tb u, ea f e with v/hich economically viable units them- Street market in Khartoum. 

tbe J be blended Wlth maD ' selves, and second they were to 

e nores. - be models for private sector _ . .. 

There is no reason why the emulation. The MFC offers Further. apparent ease of There is major Saudi 
first stage of the Rahad scheme loans to prospective fanners for ^sultsfor the hrst . cro P means Arabian involvement in the 
should not achieve the overall land clearance and the purchase 11131 '*5? process - 1 ? continued Damazin scheme, where Prince 
objectives expected, nor the 0 f machinery, on condition that 500 of 

second stage, a further 500,000 it have a say in the manage- rotatlon or fert,ll se r *- the late King, is the largest in- 

feddans (210.000 ha) ultimately merrt 0 f new farms being Very, soon there is increased y esl ° r a pr °.iert which aims 
be implemented. But the imple- established. * wind erosion and increased 10 develop up to 8-1 000 fed- 

mentation of Stage 1 suggests Th e World Bank acting dryness in the soil as the roots dan f f0 . r ilTest °ck and arable 
that such projects cannot be through the MFC, h^s so far of essential stabilising plants ° n 

hurried and that they demand sponsored 600,000 feddans are destroyed. Instead of sowing *° me 600 f 0Ut J JJ -r : 
top quality management (252 000 hectares) of mechan- the seeds for next year's crop. J? um : Dalgety Agricultural 
For understandable— if not j sed ’ aCTicuIture in rain-fed farmers are sowing the seeds Development International is 

altogether prudent — reasons, it a -jo.. eurrent «.!* veflr for the next decade's creep of t0 manage the first phase of the 
was thought desirable to glean development plan rails for the desertification. The problem Is P™J«t, wblch be2an earJ - v 0115 

« - “ ed ;r u* y 

Ftrahied °to .JfT™ olanSd ™^od S . Threat auction corrective action. CllCheS 

™r t h° ~ ““ JS?$ Su ^“o 

first growing season, but in fact Suda " w4ier ? J 11 ."? ls sufficient ‘JJ’sudan^"!! round n uT nro wiUl0u * 1116 distorting perspec- 

only 116.000 were planted. The ls ,hat 11 ■' much ^^ Sn ?,? h ' *i! U SSS5 of M ideas which have 

reasons for the shortfall are the less expensive than irrigation, duction. Although Sudm slUl bec0JDf , almost dicll4s The 

epitome of Sudan's current I?!!? P a!i?.nRnMt Ke nana sugar scheme, “the 

economic problems: cement was Virt||0S durers. Sudanese production worId ' s lar ee“t sugar planta- 
in short supply, so essential SfSe Sud. met? to o? the ^ " wil1 be ^ n Production 

buildings could riot be finished Apart from obvious considera- f T ,a 0 __ ti - nal fpU next year, but there does not 

on time, fuel oil and spare parts tions of added value and return ^jrh e ..orrectine of this seein t0 be any way for il 10 
were in short supply 60 that on investment, a comparison of j if seU its sugar production at a 

essential vehicles could not the relative virtues of ™? ri J* nl , n P L n i«! price which will begin to give 

move. investment in irrigated or rain- p a "J S »■> economic remir oo the 

Then, at harvest time, suffi- “ a fincu»tural development n fi»-few yeus are to bo im ’" ,ed >. n the project. 

cient additional labour could schemes is far more complicated raallSPd Other sugar projects, large in 

not be found in time and much Uian the bare figures might ' concept, have not yet begun to 

of the crop was harvested too suggest. Not all agricultural develop- contribute to foreign exchange 

late. It waiaiso found at harvest Indeed, some of the nient schemes in Sudan are earnings 
time that the insecticides used consequences of a too rapid Government sponsored.- Among As to Sudan becoming the 

to combat p«ts~had not been introduction of mechanised international private sector granary of the Arab world” 

completely effective The result farming are becoming so schemes are the Seleit beef and within a few years, and thus 

was a disappointin'* even a poor alarming that the World Bank mutton producing scheme and becoming an insurance of food 

harvest 4nd in the words of is making a condition of further the enormous Damazeun dry supplies in the event of an 
one of the en«tineers working loans a much lighter control of fanning project The Seleit agro- economic confrontation with 
on the project the haste to get husbandry. The trouble with industrial project is a $45m the industrialised nations, full 
dramatic results in the first year mechanised farming is that it 14.000 feddan operation located - realisation of this extremely 
has cost progress in the second 5661113 so ea5 y- Ploughing, some 20 km from Khartoum. It ambitions plan will require far 
year. * harrowing, weeding, harvesting is owned by three Sudanese more management expertise 

" by traditional methods was slow families, with 07 per cent of the arid advanced technology rhan 

Yet vast acres winch nave an{ j i a ^ 0 rious. But at least trees equity, the International Fin- so far seem to have been de- 

never yielded canno-t be and ground-holding under- ance Corporation and Guinness ployed. That Sudan has great 

expected to bloom profusely growth were not disturbed, and Peat International, which is agricultural potential .is un- 
ovemight Provided that the shallow ploughing meant that manager of the project. Cattle deniable. The time scale for 
management of Rahad, and the w ]nfl erosion was never a and sheep will be bought by the optimisation of this poten- 
Govemment, take a long view, serious problem. But put a agents in the countryside from tial should be measured in 
and do not seek the bubble man on a powerful modern local drovers and herdsmen, decades, if not in generations, 
reputation of instant Tesults, tractor and he can do the work fattened in feedlots, slaughtered rather than years. 

Rahad can be expected to be as which previoasly took days or in the project’s own abattoir, TUT j 

much a model for the first years weeks in hours, knocking down chilled and airfreighted to JOlin lOWDSena 

o£ the 2lst century as Gezira trees and bushes as he goes. Saudi Arabia. Editor, Near East Business 




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24 



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Financial Times Thursday July 13 1978 


SUDAN VI 





SUDAN HAS decided not to ing the efficiency and capacity Several lessons are being ment drive. The State bureau- possible ^ o° r ounZ 

start any major new develop- of the "railways,- which still offer learnt from the development cracy. boosted by U)e nationa l vsa- and among n co * cultural development vrith*^ 

meat projects for the next year a potentially .more economical experience of tne last six years, bon of many companies in the Sudan has D en cn oise^ >vjAl - s „rf nT , * 

or two and will instead concen- method of transport in Africa The first is the need for more early days of President N imam s both insiae 

trate on completing existing than roads.. The petroleum pro- concerted planning and better regime, now numbers about country 


and outside the view to making Sudan a major 
for concentrating exporter to the rest of the Arab 



payments back into equilibrium to have to. be shut down for a finMce has' been arailable or 'between the th ^ iI1 development world, as well at with aid 

and to ensure that investors are time for major repairs. rather than that the project department and another. “ . th ^ ds Ih6v Honors.- ■ 

not discouraged by the short or M d had a place in any overall plan Management attitudes have been of S“?r im* ^authority la intended to 

P^aesbo'th Cogent '£ KTS S h,“ aXnseTveV °j “‘f W^fee^Sl*' 

outsiders with a pause during p^foMaV of which in many cases finance has thing from the pay cheques Jn?? 

which they can assess what has J .!» been mailable - such as a upwkr 

been achieved so far and con- 1*1 I?" 1 '!—!-? number of cement projei 

obstructed 


. to implement development pro- productive) will be under its 

also ™ n her V ^^eme7r nroieeS’ 7 up " ards : jects where there is something direct control * others (mainly 

. thp nprt nrinriiie* in because oi bad management " u ® ber ® ce e P ’ J . ■ Thus it can take month* ? v “ l0 i) U iici on. But the emphasia infrastructure) . will be under 

Little has been done to huprove £ r P ro ?f ct ? "g* Jill has caused understandable the Government But all pro- 

development should be. > unexplained reasons the oreticaily^been ac< cordet H the in the south and jects approved by the authority 


After the initial euphoria, in 


river transport 


the wake of the 1973-74 oil price ESSES 11 Jith development, projects 

rise, about the concept of Sudan e< L, W ,‘S competed with each ot 


As it is. in the rush for highest 


have Chevron 


priority — such 
Oil exploration 


concept of Sudan of "the c °n»P«ed with each other for grarnme—actually to developed, potential. 


west, especially as each has its will enjoy privilege s—e.g., tax 

p own great, if less easily exemptions, concessions on 

as the breadbasket of the Arab sue" scarce resources Tn whose' alio- concessions, such as priority on developed, potential. 

world, attention has lately *** tfiSSlSS'SZl on cation there has been no. clearly the railways. that they have Tj f pU« tite 

'aSrSSSrSrss 5?; s& ~tsss..s£~ j; 

caused "“in 300.000 feddans°are now becom- aid donors; by pouring project ^ hic 3 “ e ™ 0 “ e mofc °?han halfa ajjjji wouW “atte‘“ borrowing and counter- 

ufelconie realism. The bread* ing araUaHe for cultivation and fluance into the co untry t hy J e " ,j e 1 “ s .“ t .nine become “ . part Bnancc-lt could be respons- 


EZTZSXni', h.» ratsTd the eecond phase of the project hace ailowed development to 
expectations too high and given e «“ d “* 11 b >' * P :". CM4 >* a gallop'ng 

an impression that far more further 500.000 feddans 


without pondering the 


bogged down in _ - 

p tape and obstruction, 
conse- the public sector 


going, become tempting investors to ignore the SSST 

a welter of red feet that Sudan is one of the i&J&SL !**, 


nl»;. rr «rf B y guaranteeing investment it 

poorest and least developed sboulfl be more effective in 


com- countries in Africa, it would be 


was happening in Sudan than . Tbcre bas been some prd.ress pan^s'nat.onaH^d ^ pS T P^nf^thT'peidulum^dOW ‘jjf ^ nt '« 

was actually the case— the dis- m mechanised farming although : K , iff 5 dent Nimairi came to power swung the other way, leading to JSJS 

tinction between a project being the problems of erosion and ^^SproorTatepro^tS^S are h am pered *y havin S ^ W despair and doubt. Certainly toSiSSbftteftJS 

considered and being lmple- desertificauon are alarming w ““J people according to their the 1977-83 plan, envisaging the S 

me a fed or completed became Two livestock schemes are i h «? h t h e Gowroment which educational qualifications — a spending of some £S2.6bn over ^“^“ a , sgbt y conJllctl °S 

blurred, to say the least But getting underway— and in sugar too Gonnim * n J- " hopeless condition if one the six-year period, looks “xJSf atifj ?’- mi ,m 

the critical and rather negative production two factories of the *?*^5** whai p 0] s should °° wa nts tough but un intellectual unlikely to be fulfilled in its ? 

look at Sudan's development State Sugar Corporation at Sen- aneaa - men to work in a government entirety. ^ a 

Only recently h» foundry or in t be BATA shoe of rup.d growth 


development State Sugar Corporation at Sen- 

programme has also tended to nar and Hagar al Asalaya are Only recently has the f ou ndry or in tbe BATA shoe Resumption of rapid growth ”™SS!S 
obscure the extent of what has coming into operation, while Ministry of Planning acquired factory, recently handed back depends on two main things. fs n * Sf* 1 Sudani- 

two glaring 


^-wiiiiiih ujAeiauuu. — - — * uuui », uanusu uauv ucpcuin a mu luaiu Lumgd. rirtn nn Jpvftlnnmonl i C„j Dn 

already been achieved. the Kenana Sugar Company, the power to oversee the whofe to the private sector. The pay Tbe first is whether sufficient thus fSng ^* 1 " 


in 1071 - 7 ° when the whose troubles have been much development effort and so far situation should improve follow- progress is made in dealing with 

' u„ M „ u-ivv, documented elsewhere, should it does not have the staff to feg the introduction of the outstanding problems during 5? ' 


operation next enable it to Fulfil its role of wage reclassification scheme on the two-year ^breathing spael „„3?,? v <,,? rQ i! Iem ^ at 
e are many other sorting out overlapping projects j uly i. (which in turn depends heavily * 


development drive began with 
the ending of the civil war in p^rua^ There 

a hoi, t S °Sf25 m ^ 00 ° 6e\e\ooTnenx projected schemes but they and allocating resources But gQod raanagcrneTjt can on Sudan's success or failure in In^rrah^ 

SUvvearslater in 1977 78 P ^me have yet to solve the problems properly. In both the projects , lv roduce results and attracting balance of payments ^ over wbo is^ to be ^ 
f » f na *"*■* snd “ obilisi " s X— 5 “ d r' ese n 0w ibcuisftlvcs 

us*c invAfi^Pd finance. smaner private sector veuiures easlIy tsa , n able and in many the Arab Authority for Agricui- r n . . n n . ma _ 

was miested. nfanaged by Sudanese the case s easily motivated. tural Investment and Develop- **1 „ Itvo tian E 

credits uu, SS«S a Disappointing 

in 1971 and ?312m Industrial development has SSSSESS^ T be S0 "t*i q T Y ’ ? 0l ! eb ^ r S£S^iiS5Ln S MW' up staff and start to com- 

it reached nearly mostly been disappointing. p “- . the current development plan a remarkable institution hoth as mi i on proj e C tM V en though 

mid-1974. $778m in Little has been achieved in If the problem of creating an gives considerable emphasis to an example of inter-Arab „„„ 


mid.1973 and at least S1.13bn Improving thr generally ill- administrative stnteture to over- social infrastructure. Another cooperation and as an outside a i most relSy t0 bf i mp le m enicd 

' ' ' built during see development in Sudan is primary objective of the plan body with supranational powers nr . vid _ f1 ... ai ]. h i, 

t nrsur hotn« tsptlsri u far rfADnnr i c tn rfictriKiilu thn hanaRte nf r-hn-roorl with the rffitralfininont pi U * «•*! U . 


J.B. 




for education 


airmp Sudan attracted ne^arly the 1960s. There has been now being tackled, a far deeper is to distribute the benefits of charged with the development 

S300rn in aid and loans f-eivins uneven progress in textiles, problem of manpower resources development as equitably as of a country which has only -a 

the lie to reports that the with the private sector achieving remains, ft comes in three 
country has stopped attracting some successes. In the public Jbms. First, education has 
nrojcct aid) sector one of the main achieve- hitherto placed too much 

Disposing of the money has ments. the building of six emphasis on arts subjects and 
been P constrained by the weaving sheds in different parts not enough on either technical 
inevitable problems of absorp- of the country, now nearly or managerial subjects. As a 
tire capacity and Sudan has not complete, is undermined by the result many Sudanese are highly 
followed any single plan. But very slow progress in building educated and make excellent 

in addition to rehabilitating and the spinning • mill at Haj analysts of problems in 

laying the foundations for de- Abdullah in the Gezira from academic sense but are less good 
velopment in the devastated which they should draw their at providing the drive and the 
Southern region. Sudan has pur- yarn. An integrated spinning, management ability to solve 
sued a number of major weaving and finishing mill at ‘hem. 

objectives. Hassa-Heissa, built by the A second facet of the 

One has been to improve the Chinese, has been in production manpower problem • is the 

transport infrastructure, con- for some time now. brain drain to Saudi Arabia, • 

centrating initially on the Despite the serious shortage Libya and the Gulf States, which ■■ 

eastern and central part of the of cement from which the has accelerated in tbe past four “ WELL IN our country.” said ing Its internal and external Studies at the University of 

country. country has suffered for the years, helped by the lure of Alice, stiH panting a little, efficiency. Khartoum and the preparation 

Sudan has aimed at reaching past few years, and despite a higher salaries and the prospect “you’d generally get to some- For the first time, for of- literacy materials in the main 

self-sufficiency in food, great deal of talk, no new of assembling enough capital to where else if you ran very fast example, unit costs, albeit southern Vernacular languages 
especially in the production ot cement plants are yet under buy a good house in the capital for a long time, as we’ve been approximate, became available by the Summer Institute of 

wheat. It has ambitions to construction and work is only area for the eventual return doing.” for serious planning purposes. Linguistics will no -doubt 

become an exporter of sugar, now beginning on trying to home. Inevitably it is the more .. A _» rt f t „ a nd the educational planners improve performance in this 
and to reduce dependence on raise production from tbe able and more ambitious who said ^ Q ‘‘Now here now in a position to guide field. - 

imported textile products by countrys two existing plants, go abroad, leaving Ministries VO u see i t takes al! ILeni „nin« t»e politicians rather than the The expansion of postgraduate 

developing its own textile in the next two years Sudan an d State corporations bereft of y ^ doto keen the other way round. studies, hacked as it is by 

industry using Sudanese cotton, intends to concentrate on clear- administrative talent and men ^1° Tfvni ,2ntr n ™ Few could have guessed that enlightened administration. 

It has also tried to increase the mg up the loose eDds left over prepared to make' decisions, f P >, 0 L' *,}L y ° U want !° sel the Doliticaliv desirable self-help social demand and -financial 

output of traditional export from the past years of develop depleting the ranks of Sudanese ^e as ^ice asC T.Lri" .bSSta » S's Sis commitment, both iiternal and 

crops such as cotton, sesame ment. It intends to make a professionals such as doctors at Jeast as fast as «“ t! 0 nrc built, often involved the external, should not prove too 

“12 ““' ¥itoca n ^ iar , tivae l etern, .' ned e ? ort 10 improve and engineers, and soaking up Any sympathetic Alice visit- Government in higher recurrent' difficult. Nor should the gearing 
work on aiitnese objectives the railways. It wants to raise Sudan's relatively few skilled mg the Sudan will recognise expenditure than their own of higher education policy to 

is underway, tnougn tne success production from existing plant labourers such as plasterers, that in the field of education schools. Even fewer could have manpower requirements if these 

achieved nas Deen uneven on and agricultural schemes and plumbers and mechanics. everyone is indeed running realised that unit recurrent are seen on a regional, rather 

tne intra structure side, while concentrate on completing those The third facet of the man- twice as fast as that. Over Im expenditure for training a than a national basis. Over-pro- 

the mam road network to the in progress, so that it can begin power problem is that tradi- primary school places have been public health inspector at the duction of graduates Is unlikely 

coast should oe completed by to get large foreign exchange tional attitudes in the Sudanese created sinc^ Independence. School of Hygiene was 1) times to be a problem while the brain 

tne middle of next year, little earnings and savings from its establishment have yet to be while almost 3.000 schools were the cost of a student at the drain continues. 

progress has been made in rais- investment much altered by the develop- added to the system during the Faculty of Medicine or that a There Are five universities at 

seven years of the last national student at the Forest Rangers present, with the prestigious 



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CABLES: KOLDAIR KHARTOUM. 


plan. A pioneering university College was costing more than Khartoum University still the 
was opened a year ago in the four University of Khartoum mafn goal of the pupil entering 
formerly strife-torn southern students. Should a secretary at primary school. Jnba University 
part of the country, and a new the Institute of Secretarial in the south has already been 
one in the Gezira is to admit Studies be twice as expensive described, perhaps prematurely, 
its first students in September, as an agriculturalist at Shambat as the first real African Univer- 
The familiar dilemma of Agricultural Institute? The sity providing barefoot 
quality or quantity certainly amount spent on educational academics who will play a vital 
exists, but tbe rate -at which administration also raised role in development The plans 
Sudanese university graduates, eyebrows, if not a blush, at the for the eihbryonic Gezira 
polytechnic students, skilled Ministry headquarters on Nile University, located in an area 
labour and even school leavers Aveoue ^ has underlined the which has traditionally served as 
are snapped up on the hungry urgent need for effective a laboratory, for development 
labour markets' of the Middle decentralisation. experiments elsewhere, augur 

East suggests the problem is well for its long-term contribu- 

perhaps not as acute as else- I tioh to rural Sudan, 

where. , L The other- two universities; 

with a stated P mnh«i« nn The achievement of universal botft modelled on Egyptian insti- 
educa tional nrovisinT whi«»h Primary enrolment, set as a tutions, tlie Omdurman Islamic 
wEroetaie SuSn?s dwSli target for 1980 by African University and the Khartoum 
ment needs noSSSf ministers of education at their Branch of Cairo University, 

current "policy has five major ctmference “ I961 - not be “^P^cfraJIy crhiciscd on 


imipd U tn presupposes, however. , that the important functions. The former 

financial cake is sliced offers a balance to the pre- 
primary enrolment through the differently, possibly leaving the dominantly westernising bias in 
imaginative utilisation of not higher levels of education higher education, while the 
only new schools but also two- hungry. ‘Given the development latter- meets an 'important social 
shift schools, alternate year 0 f j u h a an d Gezira universities, demand for further education 
intake, one-teacher schools, expansion in existing higher otherwise unavailable: Both 
traditional Koranic and sub- education institutions and have shielded the University of 
grade schools and basic rural p 0S gjh[e new ventures such as -a Khartoum .from what would 
education centres. It is also Petroleum Institute in Port have undoubtedly been Irresist- 
noped to eradicate illiteracy by Sudan and an Institute for Arid iftle and regrettable pressures 
the same date. The other main Zone - Studies in Northern to expand more than it has. ’• 
objectives are expansion of Darfur, there must remain Technical education is seen 
technical and teacher education, doubt about the ability of the by most ordinary Sudanese as 
the expansion of postgraduate ambitious proposals for primary- the last resort after failure i 
studies and the gearing of education to attract the academic '.education, which!, 
higher education policy to requisite Government funds. determines entry into the jobs 

national manpower require- Following a UNESCO-backed boasting higher salaries and 
ments. pilot project, a literacy greater status. The shortfall ip 

While the successes mentioned campaign was launched in 1973 the production of sub-profea- 
earlier are real and should give and a National Council for siohals, technicians and skilled 
cause for satisfaction, it is an Adult Literacy established. The labour may prove to be the 
awareness of the problems resets, however, were poor and Achilles heel of the current six* 
which preys on most minds t* 1 ? rate of illiteracy eradication year national plan. 

During the last few years, in did noL fact increase. In a The expansion of technical 
particular in preparation lor country of striking linguistic schools is not- feasible because 
the ILO Strategy Keport, the diversity the problems of of teacher shortages. Practically 
Education Sector Review and Uterac y are complex. . The all the graduates of the formerly 
tbe formulation of the national compleilon of *■ national UNDP-supported, Higher Tech* 
six-year plan, much work has l ang . , f age . by the meal Teachers: Training Insti- 

been done in examining the Inslltute oL African and Asian lute, the .poor relations of .then- 

education system and measur- continued on next PAGE " 

"- . i 4 . 


an unrealistic goal for 1990. It occasions, - nevertheless serve 


\V 






" i 


V 









Financial Times Thursday July 13 1978 ~ 


SUDAN YII 


<s The South finds a 
S basis for unity 


amp 

ion 


HE SOUTHERN region of 

: udan must be — in one sense 

,-nong the most democratic 

• olitical entities in Africa. The 
lections held early this year for 

. le Peoples Regional Assembly 
; t Juba not only ended in the 
: efeat and replacement of many 
T tJbe sitting members; they 
. ‘Iso led directly to the forma- 
on of an executive which 
iherited only one minister 
■ora its predecessor and which 
drawn almost entirely, British 
^ishlon. from the legislature. 
The new President of the 
igher Executive Council is 
.tr. Joseph Lagu, the former 

• fader of the Anya-Nya guerrilla 
■ rganisation which fought the 
7-year civil war. He replaced 
ir. Abel Alier, one of Sudan’s 
: iC3-presidents, who had led the 
mthem region since the Addis 
.baba agreement in 1972. Mr. 
'•agu’s government comiHg to 
ower in a surge of popular 
eel iog. has promised a far more 
igorous approach to developing 
; rie south than its predecessor 
nd has made it clear that it 
'ill fight much harder for the 
remands of the south with the 

Khartoum Government 
'It has been said that any 
outhem government that had 
' q face- reasonably free elections 

• her the first six years of 
.egional autonomy would have 
een defeated. Hopes and 
spirations after the civil war 
ie re so high, while the possi- 
jlity of any regional govern- 
ment fulfilling them have been 
o low.. The South, an area of 
bout 250.000 square miles but 
/ith a relatively small popula- 
inn of about 3m, is one of the 
wildest and most remote places 
n the world. It. is luxuriant 
nd humid, in contrast to 
Jqrthern Sudan: it consists of 

large ironstone plateau sur- 
oundins the basins of the 
Vhite Nile, its tributaries and 
/ith the enormous Sudd swamps 
cinq in the middle. During 
he rainy season, which makes 
p about half the year, many 
arts of the South are quite 
inaccessible. 

Ixnloitatipn 

Before the British -came to 
‘.udan at the end.- of the 
ineteenth century the South 
■as a victim of slave raids and 
nmmercial exploitation. The 
British policy in the South 
radually brought peace but 
ad the effect' of limiting 
ronomic development and dis- 
auraging integration with the 
Tonh. Then, in 1955. began the 
aoradic but increasingly intense 
ghting that not only brought 
jnst development to a standstill 
ut led to the collapse of what 
ttle infrastructure the South 
ad. Roads disappeared under 
ropical growth, railway lines 
nd bridges were sabotaged, the 
duration system came close to 
ollapse (though the Anya-Nya 
?t up schools in the areas it 
ontrolled) and the machinery 
f government outside the main 
>wns disintegrated. Isolated 
undreds of miles from any 
oastline, the South had almost 
othing to build on when the 
■aT ended. 

The two worst hindrances to 
fr. Abel Alier's Government’s 
ttempt to rebuild the South 
■ere the manpower and the 
-ansport problems. Lack of 
ducation and the drift of many 
■jutheniers into exile or to the 
lorth made it difficult to staff 
ie administration — even now, 
?wer than half the posts 
riginally created in some 
ministries are filled. Because of 
ie lack of roads, vehicles and 
iel. as well as the weaknesses 
f the railway and river trans- 
ort systems, the Government 
■as unable to function effec- 
■velv outside a few main 
rntres and along the few 
xisfing roads. That prevented 
collecting more than a very 
mall proportion W the taxes 
ue to it- increasing its 
naneia! dependence on the 
iorth. The lack of an adequate 
oad system discouraged 
armers from growing surplus 
nod since they could not 


market it, so there were food threat to it could drastically 
shortages. weaken his own position. 

Many of the South's prob- 


i Z Zr XTt But neither growing realism 

JJ 1 *® *5 f J ct that nor relative stability were 

It is at the extremity of a very enough k Mr ^ Aljer - S 

J"* and very poor country. Government in power. By draw- 


transport system 


mg most of his Government 


..V , . . . UlUJL 

northern Sudan is so bad, and th MK „ aar Mr . Lagu 

should avoid at least initially 
uch strain with the develop- ^ j ael? 0 j cohegfon that charac- 
ment drive, that the South is terised his predecessor’s regime. 

at *^ e * nd , °L Xhe In some ways it is logical that 
queue— -it can take at least six the maQ wbo f 0Ug ht the civil 
months for goods to reach Juba war should nowr govern ^ 
from Port Sudan. In a country south inside a united SudajJt 
that has suffered increasingly an a pp ropr i ate interim 

serious fuel shortages, even m period ^ Lagu undoubtedly 
the capital itself, it is no has greater support in the South 
wonder that very httle fuel than his predecessor, but he has 
reaches the South. The central aj &0 US ed the six years since the 
Government has financial prob- ending of the civil war to estab- 
lems of its own so the South jj S h good contacts with prorai- 
has rarely obtained anything nent northern politicians. Be- 
like its full budgetary alloca- f ore becoming President of the 
tion, which should amount to Executive he was army coxnxnan- 
more than S£ 50m (recurrent der in Juba, 
and development spending com- _ . 

H * 6 It remains to be seen whether 


bined ) a year, while the central 


Government naturally controls ? Government with mainly 
foreign exchange There are ‘"experienced ministers can 
lfnlSg sSSns the ? v ™ m « Unities that so 

South that the Government’s ^rdened the 
sluggishness in transferring ?“ som . e ways the situation is 
funds is not only due to 1 ™P*‘° v ‘n& Sap P''^ 

financial problems and bureau- ^ 

cratic constraints west Ken l ra “ ^ con ' 

crauc constraints. sidered which will speed up 

Difficult! PC transit from Mombasa, the 

L/ua tui ticj south’s nearest seaport, and 

Apart from 'the pi^ysicai diffi- avoid risky transit through 
cuJties of adama^stering the Uganda. But if disbursements 
South the regional government's are still only a small percentage 
effectiveness has been rircuzn- of the development allocation, 
scribed by the lack of definition some of the region’s enormous 
of some of its powers on rela- potential is being realised. Some 
(son to those of the central 7,000 acres have been planted 
Government and by the over- with coffee, while tea and 
tapping judnsdoefnons of the forestry projects are getting 
officials of the Sudan Socialist underway. There are several 
Union and of 'the Peoples Local experimental agricultural pro- 
Govennmeni system in the towns jects and the new Minister of 
and villages, add of which have Agriculture, Mr. Benj amin BoL, 
led to muddle and lack of is working on a programme 
co-ordination. Mr. Aker’s Gov- for _ introducing large-scale 
eminent was frustrated' fcy the mechanised farming for produc- 

difficulty it had 4n influencing Uon of cot J 0tt * & round °^> 
Khartoum, and since it was etc. at severed 

m-ainAv from the *° catlons in the region, with the 

SSL" WJP" *• w " la “ d M 

and vociferous body became 0 or *‘ 

disillusioned and oriticad. -The But the biggest project under- 
resulting depression of Hie w®y * n south is the construe- 
adsxnndstration was undenstafld- fhe Jonglei Canal. This 

“able; less forgivable, periOs. ^ 

was the wWeay acknowledged ^ w;u 

C ^ r t Tu,^ > f ^ S > SiS to reduce 

ttfooSuM ^ ra /“ ration 

S Stoa ™tSflvaUabl? for Doth 
naiaoiMl and tnternatwmal aid Sudan ^ ^gypt Now it is 

agenctes, couild claim many actually going ahead, under a 
achdevements. More than lm part nership of the two 
refugees who had fled to neigh- countries. A giant bucket-wheel 
boiim ng cooiatries during the excavator should now be starting 
cavil war were resettled. Of the wor k di gging the 350 km canal 
25,000 ex-Anya-Nya many were fro m the Sobat river, near 
absorbed into flhe army, police Malakal, to Bor, south of 
and civil administration, and Jonglei. From the south's point 
Chough some later bad to be laid of view an important aspect of 
off for tack of funds this was the Jonglei project is that it will 
at -least a creditable attempt at create a direct waterway from 
salving a tricky problem. A north to south and that straight 
slant was made in setting up roads can be built along its 
^rmuM agricultural schemes and banks, 
restoring food production, A _ . 

programme for hudAdiing main IflCXOGIlSlVC 
and feeder roads got underway. . . ^ . . 

The education system was The digging of the actual 
revived the last year the Uoiveiv is being carried out by a 

sityof Juba, sperificidJy attuned French company and could 

to the needs of development and Py ove relatively inexpensive 
of training administrators, was for 

opened^Ajid at long last a «*?«* S£16m— berause the exca- 

ShS of potential revenue- wm autortgt fte • job 
uujicuci .IT. £ “ ..rirt, now completed in Pakistan and 
ammg firamed taTe eHectively 

formgn Md besaii to get oS tbe ^ oB _ ^ machinCi 

groomi. But perbatB a key of moving 9i0 oo tons ot 

achievement was gradually to earth a day> bas been labor- 
incuiicate some sense of realism iously reassembled near Malakal 
about what the South could after an epic journey by sea, 
reasonably achieve after the rosd> rail and barge from 
initial over-optimism. Pakistan. Not the least of the 

The first six years of the- many problems it could face is 
Addis Ababa agreement have the difficulty of finding and 
been years of relative tranquility, supplying the 30 tons of diesel 
in the South, if one allows lot ft wilt consume each day. 
the intermittent tribal conflicts Official estimates put the total 
inevitable in so diverse and cost of the canal itself at about 
backward an area. Two major S£90m, the bulk of the money 
incidents in 1975 and 1976 arose going not on the ditch hut on 
from problems with absorbing th e structures— sluices and 

the ex-Anya-Nya into the armed locks — a t eacb en d. When corn- 
forces, but the coup attempt at 
Juba in February last year was - , ^ 

probably more an offshoot of the I ’ ^ 

political struggle in northern ?. i — \ / | 1 1 f 

Sudan-^the southern settlement - 1 /II IJ 

is probably President Nimairi’s 
greatest achievement and any 


plete — ^theoretically in about 
four years’ time— a quarter of 
the White Nile's flow at Bor 
will be diverted through the 
canal, adding 4-7bn cubic metres 
of water to the two Niles' 
present usable capacity of about 
74bn cu.m, of which Sudan is 
entitled to 18.5bn and Egypt 
55.5hn. Both countries are near- 
ing the limits of their entitle- 
ment. 

The Sudanese have been 
understandably hurt by some of 
the international criticism of 
the project, since one of the 
main arguments raised against 
it, that it will drastically alter 
the rainfall pattern of this part 
of Africa, seems to be based on 
a fundamental misunderstand- 
ing of climatology. But any 
manipulation of the environ- 
ment is bound to have some 
effect on the ecosystem of the 
region — and in recognition of 
this fact the Sudanese are 
organising studies whose results 
they hope to present at a con- 
ference in Khartoum next year. 

Nor does anyone deny that 
'the Jonglei project will greatly 
alter the life of the Dinka. Nuer 
and Sbilluk people who now 
graze their cattle in the area, 
and while the canal may 
increase the amount of grazing 
land available at tbe southern 
end of the canal flooding couM 
decrease it at the northern end. 

Disease control in itself would 
greatly improve cattle yields in 
the area, irrespective of the 
amount of dry grazing land 
available. Livestock develop- 
ment has been under study, and 
now arable development and 
fisheries are being assessed, as 
well as the effect of the canal 1 
on wildlife. At this stage it is i 
too early to say what form 
development of the Jonglei area 
will take, but there are some 
pointers towards an Integrated 
rural development programme 
for each of the groups of people 
in the area. 

The Jonglei project could 
pose political problems both 
within the region and between 
north and south. If the oil 
already discovered on the fringe 
of the southern region proves 
to be in commercial quantities, 
that could also become a diffi- 
cult issue, even -though this 
eventuality is covered by the 
1972 agreement. The Addis 
Ababa agreement is working 
better than many people ex- 
pected but it is far from institu- 
tionalised, and Mr. Lagu can be 
expected to take an aggressive 
approach to aspects of the 
relationship with the central 
Government that he considers 
to act severely to the disadvan- 
tage of the South. 

Southern politicians have 
frequently sounded the alarm 
about the degree of Sudan's 
involvement in the Arab world, 
its moves in the direction of 
unification with Egypt, the re- 
conciliation with the more con- 
servative groups, steps towards 
greater Islamicisation and other 
developments that reflect 
Sudan's dilemma of being 
between the Arab and African 
worlds. But the fact that all 
northern political groups are 
agreed on retention of the 
Addis Ababa agreement, and the 
fact that the southern opposi- 
tion group in exile, the United 
National Sudanese Liberation 
Front, last week officially dis- 
solved itself in Nairobi are 
encouraging factors. The 
wounds of the past could not 
have been expected to heal 
quickly. But the North- 
South problem can be seen, as 
Dr. Francis Deng, the Minister 
of State for Foreign Affairs, has 
propounded, as a matter of 
identification, and every en- 
couragement should drawn 
from the fact that Southerners 
see themselves unquestionably 
as Sudanese. That is a good 
basis for unity based on cultural 
diversity. 

J.B. 



Education 


Keep regularly informed of events in Sudan by 
reading Sudanow, the monthly English language 
magazine published by Sudan's Ministry of Culture 
and Information, Khartoum. The magazine covers, 
politics, business, development social affairs and 
the arts- It also contains a useful briefing section 
for business visitors. 

Please enter a subscription to SUDANOW for one year 1 


CONTINUED FROM PREVIOUS PAGE 

academic colleagues, have used nun 
their skills where they are most rati 
appreciated, mainly in the job. 
development of neighbouring ove: 
countries. troi 


Address. 


Country. Zip code 


United Kingdom airspeeded £12. Other ^countries aimaH 
£20. Surface post £12. Mail with remittance to Brenda 
Coleman and Associates, pob 2, Bromsgrove. Worcs, Unitea 
Kingdom B61 ONR. 

'An excellent monthly news magazine 

- Middle East Annual Review — 


The vocational training 
centres, under the Department 
of Labour, supply a small 
amount of skilled labour, but 
it is significant that until 
recently their total budget 
represented only half that of a 
university faculty. Once again 
these people have been migrat- 
ing to economies elsewhere in 
the Arab world which recognise 
their Importance. 

At the tertiary level technical 
education is offered at 
specialised institutes which 
award diplomas. Most come 
under the aegis of Khartoum 
Polytechnic and many are 
linked to ministries or technical 
bodies. Considerable expansion 
is envisaged. One of the main 
constraints on technical educa- 
tion, however,, is the fossilised 
Government salary structure, 
which is still based on the 


number of years of education 
rather than the function of the 
job. It has been the root cause 
over the last decade of student 
troubles which have led to 
lengthening of courses, with the 
most recent demands being that 
the Polytechnic should upgrade 
its courses to degree level. 

On the positive side the 
country can look forward to even 
greater education successes in 
the coming years than those 
already achieved. In general 
education it will simply require 
sustained political commitment 
and adequate finance to bring 
to fruition the sensible plans 
aimed at ironing out regional 
and sexnal inequalities in educa- 
tional provision. 

The Sisyphean task of promot- 
ing technical and vocational 
education however remains and 
has disturbing implications both 
for short-term economic growth 
and the long-term development 
of the country. 

Teiry Sandell 

British Council, Khartoum 


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(Textiles, Building Materials, Chemicals, Drugs and Foodstuffs) 

Distributor of Consumable Goods 

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dealing in all above Economic Activities 

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- 4 - Accounting, Electronic and Household Equipment 

Head Office: Khartoum — P.O. Box: 97. Tel.: 73731. Telex: 331. 

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26 





THE SEZIRA SCHEME 





It is probably the world’s largest single fairlri 
under one Management, the gross area 
2.3 million acres. It is a unique sodo-econo§|l: 
model of State ownership and private eritif- 
prise, intensively cropped not only for ttfe 
benefit of the Gezira tenant and the Sudan it 
large, but also as a potential food-basket fopa 
hungry and densely populated world. 



520.000 acres come annually under extra- 
long staple cotton, 355,000 acres under 
sorghum, 465,000 ■ acres under whd^t, 

266.000 acres under ground-nuts, 24,00)0 
acres under vegetables ,68,000 acres under 


legumes and 10,000 acres under rice/. 


Atrial Spraying 


Future plans include soya beans, sun flower, wide-scale animal production > 

and oil mills. 

M 


Address: Ji 

Sudan Gezira Board, 
Gezira Province, Barakat, 
Democratic Republic of 
the Sudan \ 






Senna r Dam 






mm 




And we look at the Middle 
East practically every day. Its * 
politics, personalities, business,’ 
trade and industries. 

The result is the widest, 
most informed coverage of the 
Middle East you’re likely to find in 
any English-language newspaper. 


Besidesthe latest news, the 
Financial Times also reports on 
various Middle East countries 
and areas of interestthrough 
regularSurveys. 

Recent FT Middle East 
Surveys have been reprinted in 
book form (copies are available 
from our London office). 


The list of those appearing in 
the FT during the next six months 
shows our interest continues 
unabated. 

• So if keeping up to date with 
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you, keep up to date with the 
Financial Times. 


Middle East Surveys appearing in the Financial Times Juft-December 1978 


Arab Ban kins 
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4 "ASSISTANT OVERSEAS MANAGER. MIDDLE EAST. 


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Telephone 01-248 8000. 


Vi 





: ' „ I' ' 


A RECENT cartoon ini the^ 
Khartoum daily Ai Ayamf 
turedz^wo men discussing tire 
prospects* for oil. he* say 
thar.’S&cfiri., will produce* ' 5 W~ 
bairelsNrf oil a day,** says' one. . 
-“Fine^Jjsays the. other, VbiftT 

wfieoefaris wc going to ’gei~tb$'- 

- v ‘ •• 

- „ • V:- -‘ c : ‘ 

j .T^as -aeatiy sums Up One of 
§tidan *9 major problems: the 
'and. essential back-up 
V which most: ' underlie 
development ’plans. - 
infrastructure is 
i£i-rfzi|ya?i ^active area* for in* 
•vesti&Sj^apd' must be funded 
grants.' It therefore 
5^^^ i 12g,behind in the rush 
projects. Butin 
Sudan has become 
; aware of ' its infra- 
inadequacies, and 
aM^Sge h' trying* to do some- 
them. 


|/^oa& iire.a priority, claiming 
^eaily. haif the funds allocated 
■to/^insport. and communica- 
tions. -. .At present there are 
pi&S^.SOOkzn of paved road in 
4 ti|e ^throughout the country, 
^owpsj'are .mostly linked by 
traces across the savannah or 
& ese^' ' hard on vehicles and 
o£t&n. impassable in the rainy 


-At independence in 1956 
there were no paved roads ex- 
cept within Khartoum and some 
bf the bigger towns. The first, 
t nrrvir road, linking Khartoum 
with Wad Medani. capital of the 
cotton-rich Gezira Province, was 
completed in the early 1970s. 

This road forms the first leg 
of the major artery, 1,200 km 
long, which will link Khartoum 
with the country’s only seaport. 
Port Sudan. Due for comple- 
tion next June— a year behind 
schedule — its roundabout route 
will serve the Gezira and the 
agricultural schemes further 
east 

A southwards extension of 
this road, linking- Wad Medani 
and Sennar' on the Blue Nile 
with Kosti on the White Nile 
was begun in 1975 by the Roads 
and Bridges Corporation with 
British financial .and technical • 
assistance, and' is due for _com- 
pietion next year . ' The Cor- 
poration has just completed a 
road linking Kadugli, capital of 
Southern Kordofan, with the 
railway 187 km to the north at 
Dubeiba. Three more roads 
totalling 760 km, two centrally 
situated and one in the west 
will be started before 1982. 

This still leaves most of the 
country, especially the South. • 
unserviced by any kind of road 
network. A number of major 
road projects are under study v 
or seeking finance, including 582 
km highway from Juba to 
Lodwar, in Kenya, which will 
give southern Sudan- much- 
needed access to Kenyan ports. 

But finance does not always 
come easily. Road building in 
Sudan is expensive tor the 
relatively low standard required. 
Imported materials, difficult 
access and foreign contractors 
fees bring tbe cost to around 
$400,000 a kilometre. The Roads 





■jfl‘ .• •• 






tel lx 


As. the , , 1 o pg-awatted solution .. .. , 
to ‘Sudanis fuel supply problems , 
thq,.. 8Q*f. km Khartoum-Port 
Sudan pipeline has not. yet had ■ 
any noticeable effect Its history , 
of te<*n|pal hitches during con- • . 
stractio^has continued since it 
came -31oj£: 3art January, f •• 


• W- "’r 

The Binder siphon which kxxrri&.'&ete 


from the Blue Nile under t^QrnSier ffi 
river to supply the vast:bnew: 


been erratic, and it 
dose , .down 
Ig^forh. repairs. 
B^upply faces- more 
jebhnieal snags. There 
te : Portage of hard 
pay-, for crude oil, 
this has mainly 
on easy term 
„ .... _phi' ’^iencUy' Arab 
when - the 

i^jJepneiis- work&g, .there is 
offen'hofflmg to ptft in it The 
refinery At Port- Sudan, which 
processes; 20.0(H) barrels a day, 
has closed' down three times 
this year because there 1 ' was no 
crude oik' - 


Fuel - :-consfraSn&-.‘ * put . . a 
premium/ on ^'lyrdro^electric 


<rpjv,v w a iviwmcLic. lire ■ i j.- ,-v* - . premium . on nyuTO-eiecuic 

and Bridges Coropration reckons way to some extent A- Japanese cargo handlmg, training _ and power stations' Jfrh means of 
it can do it for half that, but it loan of $24m was .sfened.- hist maintenance. Port Sudan s electrici^ suppg-.^ut. silting 
J * .1 ... rohnianr Thi* ic «APn ^ a handhne caoacitv of 3m tons a 


does not have tbe resources to February . This is ;Seep j ^as : a handling capacity of 3m tons a pxQbldn^;C«id' ; l;^me^ -gentle 

take on more than one contract craclifatory gestme, ^ ^ J> e “ cre p ed ^ t 0 * 1 -make it a 

o* „ be used mainly to- rdiabihtate extra cargo will be taken 


take on more than one contract conclifatozy gesture, -A& Jt- Vill year, rpay be increased and 
at a time Even where the cost be ^ed mainly To - rdmbiHtate extra cargo will be taken 
per bliometere can be cut down tbe Hitachi locomotives bought through the old port of Suakw,, 53 | 
n eh vod m the mid-1960sof which nearly now being redeveloped- ■■ - 
? .te tanCTs_ ipyplTed tofr< , D atleis »re out. of action Though unloading has been'M 

Keep e^iraaKure nagn. . due, &idan Railways says, to a speeded up. a cargo problentfSjSgj 


There are i* J M 
^^S'^jjjqesent. at 
Rpseire^^botih con- 


As roads demand a larger 


I slice of the cake, prospects are 


design fault 


nest. ■■ of tbe country 
ly^calised-fuel — 


the century, when the main line ioc0 motives. It is however transported JnlahtL ^ 15. MW of 

from Khartorim to Wadi Haifa tied t0 expertise and m ean that air transport,-tho^h Rpseires M MW . 

was bull* by Ktebener's -army, equipment, which S? not cheap. c °stiy. has become increasingly V S 1 ri f ! e 1:0 S° ^ 

Rxteosions to Port Sudan and Althoueh it accounts for onlv important. The volume of. ^th the .installation of four 
westward to .Bl Obeid were all 5 pe r of ^ nationwide freight .loaded and.Tinro^ed'^t ^^® geugrating ^sfets. ; In -, the 


.-n-rt , 
K; • 


completed by 1925. and the passeri g er and 


resnainder in. the 19606. 


Sudan- rw has 5,000 krnof ^Sn^ I ^ 0 the 3 south^^b^e^t^y^ and^&^^berc^- ***£3^? itjs;e^ential 

sin^e track, namw^auge Hhe. railways are non-existent and *as.^ 


eoods traffic. Khartoum airport hsisTiSen from ®*°<1 season power output from ■murnr,. 
i, of vital iT T 5$m k£ in 1970 to S^y 9m kg by dn>«tations ^ drops by J U> 
‘ south ' where last :iy»u* and ' -ti^t^iHnber of- about a ^rd^so it 'is\essential , ^ ^ , 


Only two years ago, toe railways ^<15 impassable during the doahlfetf m-the^ame: period. 

still carried 70 per cent of all long rainy season. The^River TMs^Ms pat a tremendous gnd’& peaJ^draiaii(i_is. 125 MW, 
the coemtry's -traffic, in people Transport Corporation- effeo stfain\oi* faeflti^ a£ Kbartoum^ ^q^ygv^pie gr^ AO ijwra 
and goods. But the percentage tively the only 'transporter on and ihe. 16 provincial airports, capadgy._^5iy -. ^s^doyq_ at 
is steadly falling. .People are the rivers, runs about 90. per many flfVhlch .egmot take alx^ . peaK bot^ means a cut-gff, a 
increasingly transporting goods cent of its operations in the ^ ft i 1 ?? e L_J i;an 

by truck, even at a cost that can South. Friend*® IV7s used Dy .Sadan^^^S^ia^-.: :^rtng ^ 

be five times that of the rail- One of the major problems ^ ' ^ J^ 7 '* 

ways. • besetting the Corporation Is the washouts and lack 

One reason is that Sudan rail- imbalance between upstream ^ ^“Ipment to oper#: at 
ways operate at only 60 per iod downstream traffic. Tugs ....... dls ~ lb !~ 0 “| I ^ tw 5 >rk - 

cent of their thoeretical capa- and barges head south as fully- _ izjj.’ ■ ; - A *heme?costini $2®m alms 

city. Lack of spare parts, wash- loaded . as possible with sugar, S|TateffiC ,; ’ :i; ’•»' • to ra^f-a5ft- ?^et the 

outs, breakdowns on the -line salt, cereals, cement, fuel and p.- ■ . ^cotmtr^ae^tneity depi^nds 

and industrial disputes mean machinery. Upstream traffic de- A $77m scheme, financed by for the ne|£ yeaxs..-4n(l 
that six out of ten waggons, mand is estimated as 45,000- tons the WSrid Bank, the EEC, the ^ongwvtenr^daui fcok td the 
and up to seven out of ten a year- • • Saudi fond and the "Sudanese end of ^itbciigbiabaiyri Bnt:-etec*. . 

locomotives can be but of action The fleet, whose equipment is Civil Aviation. Department, aims tricity ofiBmda - still coipplain 
at any one time. Much of this baitiy run down, operates way at major improvement for four that/as longWthe lights work. 


•ftV; 

- 


•'i J 3 -,-j 

& , 


comes down to lack of funds under capacity, even upstream, strate^e airports, Port Sudan, eleb^ilty;^** tor. ggsnted. 
and management talent Sndan for practical reasqns- In. the dry Juba, Wan and.'.MalakaL Five^ "Wit^the^Cd fw^quick and 
Railways currently has a hard- season, parts of the river allow other ‘provincial airports areto -efficifijjt- ^amtact aewsa- the 
currency debt of $14m. Loans a draft pf just over a metre, have r&eir- runways asphaHed. couutty^and^a^oad, ’ telecom- 
for capital equipment have not- which means sacrificing nearly Tbe resting of Khartoum Air-- mnnlratibns- vare ' - ezpasdizig 
included - provision for expen- half the potential load. The only port estimated, to cost $7(ta, ^ rapidly '- TBe'^rteHite at 

sive spare parts and main ten- solution to this is river clear-, hasnot yet secured fimheebnd IJmm^Haraz,^rtir 
ance. . ance, a far-off and expensive looks as though it may- have Operates* dir^ telephone * ahd 

Over the last ten years Sudan objective. The Jonglel Canal, to wait ln.the meantime a*new’ tei^'-HiSs’^ i mth* t&fe I re^. ’of 
Railways, on Government in- with a depth. of Jour metrw, will prefabricated terminal*' . Africa^ zai^gr And ihe' ^tLS- 
structions, has constructed at least allow easy movement gether with workshops ' and ^QMi^ Jn- i^L ' station 
500km of branch line to feed between Bor and MalakaL . . _ freMit-stores. Is - being -built* 


'pm- 

|C:. 

wr 

:VSi : 


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FEVANOALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


500km of branch line to feed between Bor and MalakaL . . - freight-stores. Is- being ;fauiir - \jn **■'***?■”' 

new agricultural or industrial Whether shipped internally the existing airport ‘ • " - ■ hels 'wM^^^-be^iucreaSed 

projects. The materials for this by road, rail or river, the bulk Improvement of the'airbdrtivm'twb A hation- 

have come out of maintenance of the country’s imports and should help Sudan Airways, wide 
stock in order to save money, exports go through Port Sudan, which operates the dimrestic -^aKiieT,^ 


Stocks are now severely 
pleted and sections of line t 
need replacing have to wait 


'51 --i 

% 

;A '* • 


gestion at the port, and a $40m .to ' . jegpaad ^ Ug , ^yery , 


Two new loans may ease the scheme Is under way to improve domestic fleet, pro ba^^^di^v, 












ie 





U K? 




*- *«• V 





.. ■ Financial Times Thursday July 13 1978 


ECONOMIC VIEWPOINT 


A 



THE TITLE of this article is not 
intended to be insulting. It is in- 
tended to emphasise that the 
main obstacle to achieving re- 
sults at the summit is not just 
the normal clash of national in- 
terests. Instead it is an intel- 
lectual one. Never since the 
Great Depression of the 1930s 
has there been snch a conflict of 
diagnosis and views about botb 
the world economy and the eeon- 
oihies of .particular countries. ‘ 

• ; It is often asserted that the 
problems at con ferences- such as 
the coming summit are “basic- 
ally political.” This means, if it 
m.eans anything, that the real 
difficulty is that' of persuading 
governments to act or of govern- 
ments in carrying their domestic 
electorate with them. The prob- 
lem this time, however, is that it 
is far from certain what govern- 
ments should do even if they 
could be persuaded to do it. 
Moreover the intellectual differ- 
ences are no longer between 
Keynesians rand monetarists, or 
supporters of intervention ver- 
sus the adherents of free mar- 
kets. Within each camp there is 
now a bewildering variety of 
assessments. 

In these circumstances, know- 
ledge of what Chancellor 
Schmidt said to President Gis- 
card d'Estaing in deepest 
privacy or of Mr. Callaghan’s 
real motives, or the horse trad- 
ing that would interest Presi- 
dent Carter, is not all that im- 
portant The corridor merchants 
or those -who specialise in bar- 
room realism can no longer en- 
lighten us very much. 

The central issue at the sum- 
mit is illustrated by the chart 
The Jong and remarkably steady 
expansion of the main indus- 
trial countries represented in 
the Organisation for Economic 
Co-operation and Development 


(OECD) suffered a check at the 
time of the oil crisis of 1973. 
After the subsequent recession 
the industrial world never got 
back to the old trend line. On 
a purely, mechanistic view, 
OECD output would be nearly 
half a trillion dollars p.a. higher 
than It is now if the old trend 
had been maintained. 

The simple-minded response 
is to regard the whole giant 
“ loss ” as being due to deficient 
world demand, and urge that 
the Germans and the Japanese 
take the lead in stimulating 
their economies, with others 
following locomotive-fashion. 
The U.S. and British view 
seems to be that the greater 
the total world stimulus the 
better. 

Loss of output 

But suppose, however, that 
there has been a permanent 
displacement of the trend. An 
equally plausible interpretation 
of the chart is that there has- 
been a once-for-all loss of 
OECD output and that in addi- 
tion the growth of productive 
capacity — i.e. the slope of the 
line itself— is permanently 
lower. 

There are many signs sug- 
gesting that if there is any de- 
ficient demand in the world at 
all. it is very much less than 
the British Treasury or U.S. 
Council of Economic Advisers 
would suppose. The OECD rate 
of inflation has — like the 
British — fallen to 7 or 8 per 
cent but shows no sign of fall- 
ing further and could well in- 
crease again. Even unemploy- 
ment has been falling slightly 
for the OECD world as a whole. 
There is not here much of the 
" deflation ” against which 
British Ministers so incessantly 
warn. 


of ignoramuses 




Let us suppose that the Carter- 
Callaghan advice were taken 
and that a large concerted in- 
crease in national budget 
deficits, with sufficient extra 
monetary expansion to finance 
it. were agreed at Bonn this 
weekend. The old style mone- 
tarist would concede that this 
would increase output and em- 
ployment for a temporary 
period, even though the even- 
tual result would just be more 
inflation. 

Eut in a w'orld where people 
are highly inflation-conscious, 
and react quickly and ration- 
ally to events, even the short- 
term results may' be perverse. 
Professor Patrick Minford, a 
former editor of the National 
Institute Review, has made a 
tentative attempt to quantify 
some of these effects.* If the 
extra budget deficit were ex- 
pected to last, and had not been 
completely anticipated in ad- 
vance. output would fall — not 
rise; but interest rates, as well 
as the inflation rate, would in- 
deed increase. 

In his model the first year 
slump would be followed by a 
second year boom and then a 
series of oscillations, after 
which we would be back where 
we started, but with a per- 
manently higher rate of infla- 
tion. The perverse initial 
effects are basically due to 
wealth effects. The reduction 
in the value of financial assets 
brought about by a faster than 
anticipated inflation, and higher 
interest rates, dwarfs the im- 
pact of the extra budgetary 
spending. 

British experience in the past 
couple of years supports the 
revisionists. Alan Budd and 
Terry Burns remind us in the 
London Business School June 
Economic Outlook of the dire 
prophecies of woe we heard in 



the course of the negotiations 
with the IMF, which were sup- 
posed to result from any 
attempt to make a major cut In 
the UK borrowing requirement. 
Hr. Healey for instance said on 
October 21, 1976, that a fobn 
cut in the budget deficit would 
reduce output by 5 per cent 
and add lm to the unemployed. 

In fact the deficit was cut. not 
entirely intentionally, by £4.5bn 
between the third quarter of 
1976 and the middle of 1977 and 
monetary growth was held in 
check. Yet so far from any of 
the predicted dire effects, pro- 
duction has been rising since 
the middle of 1977, while un- 
employment stopped rising and 
began a gradual fall. One can 
argue endlessly about time lags 
and other influences. The de- 
bate is not concluded. But we 
should surely think many times 
before risking another round of 
so-called world re-inflation, 
when there is at least a chance 
that it will retard rather than 
promote real expansion, as well 
as boost prices. 

The cannier expansionists, 
such as the authors of the last 
Bank for International Settle- 


ments' annual report, try to 
meet these dilemmas by advo- 
cating increased budget deficits 
without any change in money 
supply targets. But as Chancel- 
lor Schmidt has pointed out, 
such a policy could easily lead 
to higher interest rates and thus 
further depress long-term 
growth. In any case, such a di- 
vergence of monetary and fiscal 
policy could only be a tempo- 
rary expedient; ultimately the 
two would have to be brought 
into line. 

These thoughts lead up to the 
ultimate heresy of wondering 
whether a convincing declara- 
tion that other countries would 
reduce their rate of inflation to 
the German one — and adjust fin- 
ancial policies accordingly — 
might not do far more to under- 
pin world recovery than the 
kind of growth package which, 
the British and Americans 
would prefer. 

These reflections have a 
direct bearing on the British 
attitude to the proposed EEC 
currency union. For they 
suggest that the best thing of 
all would be for Britain to 
join full-heartedly without any 


of the watering down now being 
demanded. A very good second 
best would be to continue the 
independent float of the pound. 
The worst course of all is that 
to which many in London seem 
inclined; that is to try to make 
monetary union into a Bretton 
Woods system of temporarily 
pegged exchange rates, in which 
we would be continually put- 
ting pressure ori'the Germans 
to lend us money and to inflate 
at British rates. 

The way to gain from EEC 
monetary union would be to 
announce a three-year timetable, 
at the end of which sterling 
would be tied permanently to 
the German mark and UK 
monetary and fiscal targets 
adopted which would make this 
possible. We would benefit, of 
course, only if people believed 
the announcement. In that case 
there would be far more 
certainty about the rate of 
Inflation and that rate would 
be expected to be lower. On top 
of this there would be the 
advantages of what would 
approximate to a single currency 
over a large part of Europe, in 
which there would eventually 
be a unified money and capital 
market as well. 

A credible commitment in 
this direction would do more 
to promote economic recovery 
in this country and in Europe 
than the most ambitious summit 
agreements about paper growth 
targets. A genuine monetary 
union would also shelve for a 
long time the whole incomes 
policy argument. With the de- 
valuation option removed, wage 
bargainers would have to settle 
for what the international 
market would stand, and there 
would be no need for the 
Government to reinforce the 
obvious. 

Unfortunately many keen 


“ European ’* supporters of 
monetary union fail to see 
that in default of a genuine 
commitment of this kind, an 
independent floating rate is by 
far the best discouragement to 
domestic inflationary policies, 
and infinitely better than a 
watered-down monetary union. 
When the mere fear of an ex- 
cessive monetary expansion 
leads to an immediate drop in 
the sterling rale, and no 
stimulus for output, the 
domestic forces for virtue are 
quite strong. For instance, the 
main reason why the UK 
Government introduced its June 
package of credit and fiscal re- 
straints in a pre-election period 
was the then-prevailing weak- 
ness of sterling and fear that it 
would go down lower. 


Parity 


If, on the other hand, the UK 
joined an EEC monetary union, 
with the present intellectual 
attitudes of piiliey-makers — 
both political and official — 
intact, we wouirl have the worst 
of all worlds. British Govern- 
ments would ho deprived of the 
very healthy constraint which 
comes from the ever-present 
knowledge that sterling might 
sink tnniurruw. On the other 
hand there would he no confi- 
dence whatever in the financial 
or labour mark-.-!.- jhat the parity 
with European currencies would 
stick in the long term. 

A British government enter- 
ing a currency “ snake ” would 
regard itself as free to leave 
and enter again at another 
parity. The British insistence 
on “ resource transfers” from 
Germany and on “ mutual 
adjustments " by creditor and 
debtor countries, means that 
the UK wuuid pn back to a 
policy of “ reluctant parity 


adjustment" Domestic policy 
would still necessitate period:* 
devaluations; but these would 
be delayed so long as there was 
a hope of other European 
countries either financing our 
inflation-induced deficits, or 
being forced to inflate their own 
currencies instead. 

Thus, so far from being ,d.ver. 
more certainty, business would 
only experience even more go- 
stop than in the past, ihe 
British political, business and 
union establishments all fail v> 
appreciate the tnuneLiry rents 
of payment deficits. Deprived 
of the obvious exchange-ram 
regulator for the balance' in- 
payments, they would demand 
more export support, imper'.- 
sarins and creeping protection 
of all kinds. Instead uf cement- 
ing the EEC. the monetary 
union would fragment it 

The above paracr.iphs sinipiy 
put into s-li-ihi.ly •:V:jr« , r 
language the official British 4 >m* 
ditioiTS. So lone :i< :hc-=e 
honest 1’ -held intell-ctne! atti- 
tudes remain, it v.\»uHl be a c::-- 
take for the UK to .ten: a 
monetary union o" wr the hard- 
core FISC count!' e* in h.-.\c 
By fur i lie li"si na!:r> m pre.-cn! 
c: mini -tail ce -t w.n'ri he •<* main- 
tain an independent sent 
flcrting j;i.J v. i'di 
Fremru fare ::i !!::• 
union. If and v hen i 
that i lie French tv 
null a niotni.iry 
policy designed :<» 
to the Iiia:k Wild ;i>< 
escape, then L*ri ! i - >. 
makers ni.i» ;:t it:n» '::-t >i 
the lesson. Blit to • tin. s.i*u: 
British mem >ietMi.< i um'iii 
mu iv harm than .•»».; :n 
auuvrned. 


’mw !K* 
r: ry 

nr * per 

-c 

ke-cit i r 


i.O 

M.'S 


Sa-niue: ISr^tess 


■tTli'S.-ril. 

i ii. e. • . / ■ 


Letters to the Editor 


Angel bonds for Broadway risk 


From Mr. E. de Bono. 

Sir, — Everyone see.ras agreed 
that there is no shortage of funds 
for entrepreneurs and no 
shortage or channels for getting 
the money to them. But — for 
very sensible reasons — the 
money does not usually get to 
the people who need it most for 
innovation. The reason is that 
at any particular moment true 
innovation is always uneconomic 
because by definition a truly 
novel idea cannot be adequately 
assessed in the framework of 
older ideas. Being intelligent 
people, bankers and others be- 
have intelligently and so the 
dilemma arises; innovation and 
opportunity development are 
essential if we are to develop the, 1 
added value products that arp 
going to compete with the labour 
intensive ones from the .Far 
East. 

We need to look at different 
sorts of risk to solve the dilem- 
ma. Insurance risk: Lhe cost of 
the occasional failure is spread 
among ail those who consider 
themselves at risk — through no 
fault of their own. The Export 
Credits Guarantee Department 
scheme is an obvious example, 
though it might be improved with 
a two-tier system. Banks' risk; 
all bank borrowers are. by defi- 
nition. 100 per cent credit worthy 
and that is why commercial 
banks can afford to lend as low 
as a 4 per cent spread over the 
London Interbank offered rale. 
The customers they lend to can 
always be made 100 per cent 
credit worthy by the banks’ wil- 
lingness to reschedule debts. 
Venture risk; this is wfiat ven- 
ture capital groups, merchant 
banks, government organisations 
and High Street banks regard 
as the funding for entrepreneurs. 
There has to be a reasonable 
chance of success.. — say 70 per 
cent — which is subsequently re- 
duced by the necessity to charge 
interest rates high enough to 
compensate for the risk. Security 
is often required as well. Broad- 
way risk: four out of five ven- 


tures are certain to fail, but the 
fifth (like a Broadway play) will 
be successful enough to repay 
the costs of the failures. Every 
venture outfit pays lip service to 
this concept, but is then, careful 
to avoid it in practice. 

True entrepreneurial innova- 
tion requires Broadway risk 
(note this is totally different 
from scatter-gun risk) but this 
is made impossible by th&struc- 
-ture of tbd system. ..Taxation 
removes the sp&t a culat .rewards 
that are njfeessary for Broadway 
risk. Committee decisions re- 
move the personal flair that is 
needed to allocate funds. 

In /order to overcome' this 
impasse I would dearly like 
ttf-set up an Angel Corporation 
.(Trora the theatrical term), which 
-would be funded by an issue 
of bonds. These angel bonds 
would only pay 4 per cent — but 
the yield would be tax exempt 
If this tax exempt status, so 
much used in the U.S.. were 
too revolutionary we might pre- 
tax the yield at a flat 50 per 
cent no matter what the income 
level of the investor might be. 
This would offer a politically 
acceptable wav of reducing top 
tax rates. It would also mobilise 
rather than just re-distribute 
capital since high rate tax payers 
would be encouraged to realise 
unproductive assets in order to 
invest for income. 

The other side of the sugges- 
tion is that innovation ventures 
would enjoy a ten year tax 
holiday. 

Finally the Broadway funds 
made available in this way 
would not be distributed by com- 
mittee but by individual buc- 
caneers whose performance 
would be judged not on overall 
profitability but on a Broadway 
profile of many failures but some 
spectacular successes. Otherwise 
we would soon be back with 
ordinary bankers risk or venture 
risk. 

Edward de Bono 

Centre for the Study of Thinking 

11 Warkworth Street, 

Cambridge. 


work at their studies for half tive product, whether it be a TV 
those hours. If a middle ; aged set or a University degree, is 
man or woman can achieve whether the customer, having 
degree standard by correspon- bought one of the products, will 
dence course and night school continue to buy more. My ex- 
wben also performing a full- perienee is that firms, both large 
time job then I cannot be con- and small, which have employed 
vinced that a younger person sandwich graduates have found 
need work particularly hard to that they have a great deal to 
cover that same ground with give to the company, and the 
the privilege of full-time study, companies concerned are then 
I am a kindly motorist who anxious for further graduates, 
gives lifts to hitch-hiking under- Of the current “ crop ” of 


graduates as they pour home graduates from the degree for 
on Thursday /Friday and dribble which I have responsibility in 
back to college- un Monday/ this University, all except those 


Tuesdayl ’ " ? ' ” with some particular persona! 

o not want to overstate my problems, have been snapped up 

case, but based upon my by industry, most of them at 

•experience in industry and ray salaries very considerably higher 
-observation of the sixth-form than they could have got in — 
students I know, attendance at ^7 — - the University teaching 
university is a limited indica- ?I 0 L es f l0t ?‘ 
tlon of management potential G - Dockyer. 
and a doubtful ' mark of Management Centre, ; 

adequate motivation. Contrari- University of Bradford, 
wise, the lack of a degree is not tiicnmona. Rood, Bradford. Yorks, 
necessarily a reflection upon a 
person's thinking or managerial 
capacity. Firms which do not 
accept this are certainly over- 
looking a reservoir of talent and 
their policies may sometimes be 


VAT and bad 
debts 


Sources of talent 


From Mr. J. Walker 

Sir, — My previous letter 
merely comprised a few random 
thoughts from an untutored 
mind but I cannot let the reac- 
tion go-by— -particularly that of 
Mr. Todd (July 7). Mr. Todd 
lists all the assumptions about 
graduates in business for which, 
in a long and varied manage- 
ment career, 1 have found no 
evidence. Broadly speaking, be 
advances the assumption that 
graduates probably have logical 
and incisive minds and that non- 
eradualcs almost certainly do 
not. 

I have managed graduates; I 
have worked alongside graduates 
and lectured to graduates. Out- 
side working hours many of my 
friends are graduates and I have 
served on all sorts of committees 
with graduates. At work a few 
are excellent, few totally incom- 
petent— but these are the 
exceptions. The bulk are as 
m addled-thinking and indecisive 
as anyone else— although they 
talk better (albeit for longer 
periods). Their most common 
disadvantage is a posed 
amateurism which is unsurpris- 
ing since the usual message from 
university is that work is not 
lhe most important thing in .the 
world. Z applaud that civilised 
viewpoint but I must be par- 
doned for looking for rather 
more commitment in my 
managers. 

A further disadvantage for the 
graduate is his/her lack of prac- 
tical experience. It may seem 
obvious but it is worth repeating 


that there is a real problem Jn 
learning the mundane but Im- 
portant elements of management 
—using a secretary effectively, 
clearing an in-tray, finding in- 
formation within the company, 
arranging priorities, managing 
your diary, getting the best out 
of staff. These basic and neces- 
sary skills can be taken for 
granted in the bright young per- 
son with five years’ clerical 
administrative and supervisory 
experience. 

It is quite true that most of 
tomorrow’s top managers will be 
drawn from graduates. I used 
to be a staff manager with one 
of tiie country's biggest com- 
panies which, each year' - re- 
cruited numbers of graduates. 
They were immediately placed 
into junior management posi- 
tions, moved around to find their 
most suitable niche and, if they 
showed ability, they were rapidly 
promoted and “developed. 

This had two effects. On the 
one hand a graduate of ability 
must progress to the limit or 
his ability— to which I have no 
objection. The other conse- 
quence was that, by artificially 
crowding the junior manage- 
ment rung of the promotion 
ladder, it was made almost 
impossible for a supervisor-no 
matter how able— to move into 

management. This was my joint 
and this is where the waste of 
talent comes in. 


jeni tunics j**. . 

Young people work^ror Mia 
responsible 


rKpo „ s . DU = jobs for *™ hour, 
a day. five days a week, 4b weeks 
a vear (less statutory holidays). 
I ‘doubt many undergraduates 


promoting the wrong people. „ A , 

After all. British Steef Corpora- atowgfaff Director 

tion and British Leyland are Lrcaif and Guarantee Insurance 
bulging at the seams with C£ ”NPa»l/- 
educated junior and senior Sir, — Messrs. Homan; Mackey, 

■m anag ement! There are un- She well, Turton and Watt (July 
questionable social benefits 6) rightiy criticise Clause 10 of 
.which stem from a university the Finance Bill which excludes 
education and I have a trader from relief of VAT for 
encouraged both my children to a bad, debt loss unless the debtor 
seize those benefits. It does not company is 7n a formal category 
follow, in my view, that they of liquidation. This results in the 
should also be given preferen- exclusion of relief where a 
tial treatment over their receiver for debenture holders 
intellectual equals when even- has been appointed and certain 
tually they begin a career. other situations such as mora 
J. R. Walker, torium arrangements. 

Kingsicood House, 1 fully agree with your corres- 

47-51 Sidcup Hill, pon dents that unless the Finance 

Sidcup, Kent. Bill is amended, then creditors 

may be influenced to liquidate 
- ’ debtor companies for the pur- 

I nmnrrnw s TOT! pose of ensuring their entitle- 

xuuiuxiun a lu P ment to relief. Whether creditors 

mnwofTorr will be Prepared to do so for an 

malla.C3C.Id amount equivalent to 8 per cent 

K I Arbiter of their debt3 is “other matter 
From Professor K Lockyer. but ^ sitliation which ^ elear 

. Sir, — Mr. Walker (July 5) in is tij at tbe Finance Bill should 
hs most .thoughtful letter 1m- be amen d ei i t0 enable hm 
plies, I think, that experience is customs and Excise to use their 
the most appropriate training for judgment and discretion for 
managerial positions. I have in- o^er classes of “ insolvency.” 
deed a great deal of sympathy Certainly no case has been made 
with much of what he sa ys. I f or uncompromising draft of 
am sure that the casual study of Finance BUL 
history or economics is not a ir.rr v j 

,r ‘ ininE f " flebLwaf S r inlp'Sb 

S to decade, however, ? 95 ?- too, had some dlfficoJtj 
there has been a considerable 
growth in managerial training n.tSSSS a 
undergraduate level specifically 

designed to improve the standard P rovide J. * 

of managerial performance of J®®* 1 * 011 of insolvency whieh 
U.K. companies. Of- course no covered seven distinct but 
degree in “management" can obvious situations, as for 

produce a manager, any more E***? 11116 ; 811 m 

than a degree in “physics" pro- bankruptcy, a court order for 
duces a physicist or a degree in w, nding up and the appointment 
“English" produces a writer “*.* ft 1 - debenture 

There are, however, a large num- holders. Additionally, at our sole 
her of ideas, techniques and con- discretion, we were prepared to 
cepts which can - t?e usefully 3 a claim where 

taught within places of further circumstances of the debtor 
education. The ability to read dJd not fall within these 

and understand financial state- definitions provided the debtor 

meats, for example, or an intro- W3S not entitled or obliged to 
duction to the problems of stock refuse payment of the debt 
control, industrial relations, mar- uodor any * aw or regulation 
keting and so -on, can prove use- toe force of law. 

ful and save . a considerable There Is a further grievance 
amount of time. Many of today’s about the proposed “Value 
managers have learned (if they Added Tax (Bad Debt Relief) 
ever have learned!) how to read Regulations 1978,” It concerns 
a balance sheet by a process of the situation where the debtor 
osmosis; such an ability can be owes money, including VAT to 
quite readily taught. th? supplier and the same sup- 

It is the experience of manage- piier, under a different contract 
meat which can only come about owes money to the debtor. The 
through the actual workplace, regulations, in such instances, 
and here I would agree entirely provide for full priority “set-off” 
with Mr. Walker that experience in favour of the VAT debt 
is of the utmost importance. The Surely the drafters of the regu- 
beiter undergraduate courses in lations could have introduced 
management are undoubtedly the pro-rata or average principle! 
the “sandwich” type where prac- Another potential case of prefer- 
tical experience goes hand in ential treatment which, I sug- 
hand with academic study. It gest, must be defeated by (be 
may be thought that I am argu- commercial community. • 
ins with my own particular in- V. J. Fowler, 
terests in mind. This, of course. Colonial House. 
is true. The only test of an effec- Mincing Lane, ECS. 


Today’s Events 


GENERAL 

Index of industrial production 
(May. provisional) 

By-elections in Labour-held 
seats at Penistone and Moss Side. 

Mr. Cyrus Vance, U.S. Secre- 
tary of State, and Mr. Andrei 
Gromyko. Soviet Foreign Minister, 
end two-day talks Ln‘ Geneva on 
strategic arms limitation. 

Mr. Frederick Mulley, Defence 
Secretary, ends two-day informal 
talks at Ditchley Park, Oxford- 
shire, with M. Yvon Eourges and 
Dr. Hans Apel, his French and 
German counterparts. 

TUC Steel Industries Commit- 
tee .expect to discuss BSC plans 
to end steelmaking at its Glen- 
garnock. Strathclyde, works. 

White Pish Authority annual 
report 

City of London lunch to cele- 
brate Diamond Jubilee of English- 
Speaking Union, Mansion House, 
E.C.4. 


Sir Peter Vanneck. Lord Mayor 
of London, presides ct dinner to 
Her Majesty's Judges. Mansion 
House, E.C.4. 

First British International Tele- 
vision Festival opens, British 
Academy of Film and Television 
Arts. 195, Piccadilly, W.l luntiJ 
July 21). 

Royal Tournament opens, Earls 
Court <unti] July 30). 

Kent Agricultural Snow begins. 
Dotting .Showground, Maidstone 
(until July 15). 

PARLIAMENTARY BUSINESS 

House of Commons: Finance 
Bill,, completion of remaining 
stages. 

House of Lords: Wales Bill, 
third reading. Motions to approve 
European Communities (Defini- 
tion of lYeaties) (Joint European 
Torus) Order 197S; and European 
Communities (Privileges .of the 
Joint European Torus) Order 
1978. 


Select Committee: Rare rela- 
tions and Immigration. Subject: 
Effects of EEC membership nn 
race relations and immigration. 
Witnesses; Mr. David Lane, chair- 
man. and officials from tiie Com- 
mission for Racial Equality i4 
p.m. Room G). . 

COMPANY RESULTS 
Final dividends: British Builcl- 
.ing and Engineering Appliances; 
C.H. Industrials; Daejan Holdings: 
Diamond Stylus: Distillers: 

Mitchell Somers; S>m<ind*i Engin- 
eering: United Gas Industries 
Interim dividends: Imperial 

Group; Watson and Philip. 
COMPANY MEETINGS 
Atkins Bros., Hinckley, 12. 
Debenfaams, Wigmore Hall. W.. 12. 
Harabros Investment Trust. 41, 
Bishopsgate, E.C.. 11. Locker 

(Thomas), Warrington. 11. View 
Forth Investment Trust. Edin- 
burgh, 10.15. W.G.J., Wifmslow. 
12 . 


OPERA 

Royal Oi'cr:: pr due non of 
Nt-rrua. Cownt Cutucn. u’C-!.. 
7 riii. 

Glyndcbmirne l-V-:.;.iI t-n.-ra 
perform Co.-'i j.m tune, Lcv’cs. 
East Si: -vc 3.0» inn. 

MUSIC 

Pli<])uri:iuiiiy Oiciiev r.i. ■.•en- 
due! or Andrew l):r. <r. soi.*,Ms 
0»bj Erd cl;- 1 1 liol.M ard 
W; liiisch t cello 1 . 1:1 ; *riu 
of Ber!n>7 lOierture. Pc '.trice .1 .d 
Benedict): Sirau-* < D-in ■: 

wild Beethoven (Symphony No 3 
— Eroica), Royal Festival 11 j!!, 
S.E.l, S pm. 

Anne de Burk ih.irpsi.-h-wd: 
plays music by Coupern. Frc-vo- 
baldi. Froborger. and D" An-.* labor t, 
U'igmore Hall, W.l. 7.30 pm. 
SPORT 

Cricket: Warwickshire v. New 
Zealand. Edgba.lon Golf: Open 
championship. St. Andrews. Show 
jumping: International meeting, 
Hickstead. West Sussex. 





Moody Mar 

we get aproUem 
yon get an eppsor 

Says Lyndon Humphries ©f R8®esBstK GweM 



r 


Life in industrial Wales has never been h soft touch. I tbreeds men 
like Lyndon Humphries who can take it as it comes, ihc rough 
with the smooth - and spit out the gritry bits. How this special 

character can help British industry is a matter of record 

FOR MORE 7HAN40 YEARS THERE WAS NEVER A 
MAJOR INDUSTRIAL DISPUTE AT THE EBBW VALE 
STEELWORKS! 

Lyndon Humphries and his fellows are proud of this record. 
Although the irony of finding themselves out of work, as the steel 
industry shrinks, doesnot escape them. They axe typical of the 
total ferae of experienced workers with different skills, resolutely 
resident in Blaenau Gwent. 

What an opportunity for new industries to re-locate to 
this well favoured region - with one of the best 
workforces in Europe waiting to welcome them. 

Blaenau Gwent is the nearest special development area to 
London and the Midlands. In addition to its skilled, stable 
workforce- sites and even fully serviced factories are 
immediately available, 

FINANCIAL INDUCEMENTS ARE GENEROUS- 

. For a manufacturing industry^ advance factories can be rent 
free for up to five years, a 221b grant is available for new plants 
machinery and buildings. For service industries, ren t free 
accommodation is available forup to seven years, plus a giant of 
jQ 300 for each job created plus a further grant for employees 
moving with their jobs into the area. Concessionary loons can be 
negotiated towards the balance ofthe cost of a project. This 
amounts to the best financial package available to industrialists in 
Great Britain. 

__ So this is the opportunity that is waiting for new industrial 
development in Blaenau Gwent -a perfect location for work- 
dosetothe M4 and M5 motorways. A perfect place 16 live- 
sumunded by some ofthe finesr unspoilt countryside in Britain, 
on this edge of a national park. Send the coupon below to 
Roger Lead beter. Chief Executive of Blaenau Gwent, who will be 
pleaded to contact you and discussy our special arrangements. 

BLAENAU GWENT 

opportunity looking 
7irv~ for Industry- 

1/ Roger Leadbeter. Chief Executive, Borough o 
Blaenau Gwent, Municipal Offices, QvicCen 
Ebbw Vale, Gwent. NP3 6XJJ Teh Efabw Vale 303401 
1 a** 5 interested In moving to Blaenau G wcdl 

!bme Position 


Hinuph'in i« >.■> 

mitt iiis mala csU/bhiL-.ii one <j tin it »/ ;t uni kmos :i 
E uropean industry! Thac arcaboid2,tHJOoftkcm - from 
theEbbzc Yale Steel Itvrl Lt a: uil.ri-k sou' to tcork for} os in 
the special dcrelopmail ana ofjDLieiiau Cu.mil. 


;hof 

itre. 


I 

\ J 








5 " 



Financial Times Tliursday'My 13 15TS 


aybeck ahead 37% to record £6.41m 


A SECOND-HALF £J.2m rise to 
£3.ii."im in taxable nrnfila a l 
Raybeck, ladies' and men's wear 
manufacturer, boosted rhe full 
April -H, HITS, year's figure by 
;I7 per cent 10 a peak £6.4 1 m. This 
ip compared with I4.H7m for the 
previous oil weeks which excluded 
an extraordinary profit or £I.4Km. 
after lav. arising Trom the sale of 
premises in Oxford Street. London. 

At the inferm? sta^e directors 
said result for the full - ve:,r 
should be excellent. 

Sales f*T the year were ahead 
b> 20 per cent from £ij3.12m lo 
£73.«Sm and directors say that, m 
the eurenl year, shies are signifi- 
cantly higher than the same period 
last year. The directors look Tor- 
ward wiLh confidence to another 
success- Tu! yea r in 1P7S-79. 

After tax. on the ED IP basis, 
i.f ja.!dm iC1.23mJ. stated earn- 
in"s arc .*».«» ip iiiJMp) per U*p 
i-liare and the dividend is stepped 
un tu S.SiMp «n.ni24pi. cost ins 
>• i -»:» m ilt.ftirml. with a final of 
2:>512ti. based on a 33 per cent 
ACT charge. 

Al<o proposed is a scrip issue on 
the basis of one WJ percent cumu- 
lative preference share of £1 Tor 
every 10 ordinary shares. And the 
authorised share capital is to be 
increased lo £9m. 

A valuation of the company's 
freehold and leasehold properties, 
apart from the Bon Marche (Wood 
Croon i properties acquired in 
January HITS, on April 2«. together 
with the valuation, on November 
IP. 1977. or the Bon Marche 
properties, showed an open 
market value of £12.S2m, a net 
surplus over book values of some 
£-i.7$m. 

o comment 

Roosted by boih retailing and 
n ami fact urinq interests. Ruv 
heck's profits are 37 per cent 
hiulier for the y.-ar. The second- 
hair jump of 4$ per cent com- 
pares l.ivnurabiy with Hepworth's 
liiM-Iuir profits increase of 36 per 
eem Tor i muchly similar period. 
<.uiL-e juain the Lord John mens- 
u ear chain has led the way, with 
newly acquired John Sfi'phen.s 
inmributih” £110.000 to hill-year 
profits. The West End of London 
is still an important retail strong-' 
hr>id for Raybeck. so the drop in 
tin- number of tourists must have 
had sORic eiTect. However this 
was cushinoned hy outlets else- 
where in the country and Group 
sale- - — a fifth higher — included a 
small ch -men t of volume growth. 
Although trading remains com- 
petitive. the outlook for Raybeck 
«» good, especially if consumer 
spending continues to rise. The 
■•hares, at SSp. are on a p/e of 
$.7 while the yield is a solid 6 per 
cent. 


1SDEX TO COMPANY HIGHLIGHTS 


Company 
Allied Colloids 


Page Col. 


29 


1 


Company Page Co J. 

Jacksons Bourne End 29 4 


Assoc. Leisure 

28 

5 

Jenkins (Robt.) 

19 

2 

Berec 

28 

8 

MacKinnon 

28 

6 

Bonser Engrg. 

29 

3 

Mean Bros. 

28 

S 

Boulton St Paul 

18 

2 

Moorgate Inv. 

29 

2 

British Dredging 

30 

7 

Raidant Metal 

29 

I 

Bulmers 

28 

1 

Raybeck 

28 

I 

Christie Tyler 

28 

2 

Rotaprint 

28 

4 

Countryside Props. 

29 

1 

Smith (David S.) 

29 

1 

E.RJ. Hldgj. 

28 

4 

Tecalemit 

29 

3 


would be more than offset by 
losses on forward Metal Exchange 
purchase contracts and operation 
Josses at Tyseley Metals. 

Turnover for the year was 
lower at £ 17.38m (£21.9SmL The 
loss was before tax relief ot 
£26,434 (£180,135) and an extra- 
ordinary loss of £19L915 (£420,694 
profit). 


DIVIDENDS ANNOUNCED 

Current 
payment 

Allied Colloids 1 12 

Assoc. Leisure 1-72 

Bonser Eng. 0.« 

H. P. B ulmcr 3.3S!i 

Christie-Tyler 3.2 

Countryside Props. ...inL 1.01+ 

E.R.F. 2ndint. 0.77 

Moorsate Inv. 2.32 

W. E. Norton 0.34 

Raybeck 

Rotaprint 2-IjJ' 1 

S. W.Wood 2.78 

Dividends shown pence per share 

* Equivalent after allowing . 

increased by rights and/or acquisition issues. T Based on o3 per cent 
tax charge, S For 15 months. - Gross throughouL 


Date 

Corre- 

Total 

Total 

of sponding 

for 

last 

payment 

div. 

year 

year 

Oct. 7 

1* 

1.69 

1.52* 


1.5 

3.02 

2.7 

Sept. 1 

0.42 

— 

1.44 




10 

454 

__ 

2.7 

4.S 

4 J 

Sept. 12 

0.16 

. — 

1.49J 


1.18* 

2.42* 

2. IS* , 

Aug. 30 

2.06 

3 .52 

3.06 

SepL 19 

0-31 

0.69 

0.61 

Oct. 23 

2.11 

3.36 

3-01 


2.46 

4.44 

4.06 

Sent. 7 

2-29 

4.3 

3.81 

net except where otherwise stated. 

for scrip 

issue. 

tOn 

capital 


Furness Withy 


28 


5 Wood (S. W.) 


28 


ERF 
rises to 
£3.28m 


Boulton 


A DOWNTURN in second half 
earnings .Tom £4.1 lm to £3.49m 
lefi taxable profit of Boulton und 
Paul down from £6.7Sra to £6.24m 
in the March 3L. 1978 year. 

Turnover of the British Electric 
Traction Company subsidiary in- 
creased in the year from £65.8 1 m 
to £77 All in. After tax of £2.3m 
(£3.4m ) and minority interests of 
£22.000 (£43,000) the attributable 
profit was up from £3 34m to 
£3 .42m. 

Earnings per ordinary and “A” 
non-voting ordinary shares are 
shoun at 13.4p tl3.1p) while the 
dividend is trimmed from 7.6p to 

74 P- 

The company's interests me Jude 
structural engineering and wood- 
working. 


although the heralded consumer 

boom has not yet arrived. 

He says margins continued to 
be under pressure for much of 
the year. Following the 
rc-orgaoisation at Bath during 
the year Arkaiut traded 
successfully. 

Turnover of the furniture and 
upholstery maker rose from 
£40.15m to 148.52m and the result 
is subject to tax of £0.95m 
compared with £l.l9m. 

Earnings per lOp share are 
shown at 8.7p (14.2p) and the 
final dividend is up from 2. 69 352 p 
net to 3.19666P — based on a 33 
per cent ACT charge — for a 
maximum permitted total of 
4.79668p (4.295o2p). 

S. W. Wood 
in 


Tyler 


IN LINE with the interim 
forecast, profit of Christie-Tyler 
recovered strongly in the second 
half to £1.7m compared with 
1 1.73m previously, leaving pre-tax 
profit for the April 30. 197$ year 
down from £2.55m to £l.Slm. 

Mr. G. M. "Williams , the 
chairman, says that current 
trading conditions are much 
better than the depressed level 
at the same time last year, 


AS EXPECTED, the S. W. Wood 
Group made un operating profit — 
£172.693 agaiast £1. lot— for the 
year to March 31. 1978. but after 
further Metal Exchange losses of 
£241. 9S6 compared with £1.43m, a 
pre-tax deficit of £69.293 was in- 
curred. In the previous year the 
loss was £328.749. 

Loss per 20p share is given as 
0.7n (2.6p) but a final dividend of 
2.7R38p raises the total from 
3.80HR«p to 4.29330. Mr. S. W. Wood 
and Mr. E. M. Falco have waived 
entitlement to the dividend in 
respect of their personal holdings 
amounting to 3.449.420 shares. 

The first half produced a loss of 
£204.000 acainst profits of £158.000 
and the directors anticipated that 
while profit would result from 
normal trading activities, this 


Mmer stronger in second half 


A RISE in taxable earnings in the Stated earnings per share fell of a relatively cool summer and 
second n;ilf from £ltlS,000 to to 23.29p f35.G9p) and a jrross higher excise duty but there was 
II r.2m at H. P. Bulmer Holdings, final dividend of 3.3334p lifts Ihe volume rrolthof about 3 per 
":i. not enough to make up the total to 10p (4.S406p> as forecast cent in the second half Growth 
ground lost in the first six months in December. accelerated to 11 ner cent in Mav 

and profit Tor the year to April The tax charge, with deferred the first month the current 
28. H»7S. finished £1.01m lower tax treated in line with ED19. £ar, but Die bad weatbe? siSSe 
at £2>am. Turnover showed amounted to £398.000 (£267,000) J hen has flattened demand SSt 
jnioroi vment from £12.91 m to and the net balance emerged once a-Mn But Jreha^develon 
£J6 liiim but there was a sudden down at £2.46m (£3.0m). ° nee But orchard deielop- 

dmvn turn in cider sales volume 


Satw 

lSTT-JS 

own 

S6fW0 

ISift.77 

tono 

32.9M 

liiu-rvst 

7m 


EscrpUonal credit . 

S<>0 

*215 

Pr-*iir sharing .... 

1UD 

— 

Pre-tax prom 

2.853 

3^6 

Tax 


2B7 

Not oroSr 


.T.3W 

Auributablet 

2 373 

3.GH8 

* DvblL t After 

«s t ra ordinary 

Items. 


tiurinv [he period. 

The directors say that, as a 
result of the lower volume, the 
company's capital spending hudset 
was substantially reduced by 
deferring about E3m of investment 
originally planned for the year. 

In ihe evvnr capital expenditure 
for 1977-78 totalled some £3m, 
and in thy current year it is 
expected to be about £4m. 

C.ider sales in the first two 
monihs of ] 978 -79 show a modest 
volume increase compared with 
ihe same period of last year and A slight increase in sales volume 
the directors hope that this in the second half enabled 
iinpriucmcm will continue for the Bulmer to post a marginally 
iv>i ««r t!u- period Borrowings better than expected profit before 
are expected ’o increase by about exceptional items Demand had 
i'!m tin*; year and will remain been very disappointing in the 
■ ell w uhin i I k- groun's substantial usually strong first half, when 


me. 

The company was formed in 
July, 1977 to acquire all the issue 
capital of H. P. Bulmer Ltd. 

e comment 


,'r* lU.-'hi'- f i.'ili'i.-s. Ihev arid. 


volume fell )4 ner iv»n* because 


merit expenses, which jumped 
significantly in 1977-78 because 
orchards were still recovering 
from the previous year’s drought, 
will fall in the current year there- 
by assisting profit growth. 

Bulmers has a 60 per cent share 
of the UK cider market but, as 
cider consumption Is only about 
3 per cent of the combined beer 
and table wine consumption there, 
appears room for substantial 
growth. This, coupled with the 
profits now being achieved in 
Australia and a growing North 
American presence gives the com- 
pany plenty of scope for growth. 
The EDI!) basis p/e is 5.2 and the 
yield is 8.2 per cent making the 
shares, which closed yesterday at 
122p. attractive relative lo other 
companies of the beer, wines and 
sector 


PROFITS BEFORE tax up from 
£1.7m to £3 .28m are reported by 
E. R. F. Hol din gs for the year 
ended April 1, 1978, following the 
sharp rise to £1.56m against 
£628,000 in the first half-year. 

The year's profit improvement 
is the result of increased vehicles 
and parts sales, the directors say, 
and confirms the trend reported 
at midway. The level of trading 
and associated profitability is being 
maintained during the first 
quarter of the current year. 

Turnover increased from £38.42 ru 
to £56.31 m. Profit is struck after 
loan interest of £138£11 [ £178.332) 
but before tax of £176,077 against 
£436,416. 

Earnings per 25o share are 
shown at 45.52o (lQ.OBp) and 
41.S5p (17.35p) fully diluted. A 
second interim dividend of 0.*<p 
Is declared making a total, equal 
to 2.42p, the maximum permitted. 

If no new dividend restraint is 
introduced, a final dividend of 
0.33p will be paid making a total 
of. 2.75p compared with the pre- 
vious year’s equivalent S.lS4**p. If 
the standard rate of tax is reduced. 
net dividend payments i’- ill be 
higher,. the directors report. 

They are also proposing a scrip 
issue of one 10 per cent preference 
share for every eight ordinary 
held. 

• comment 

ERF has maintained the trend 
established in the first half and 
both sales and profit in 1977-78 
show substantial Increases over 
the previous year’s figures. 
Market share has been increased. 
and three-month registration 
figures suggest it is at the 
expense of Volvo. Most of the 
extra penetration occurred in the 
first half with production steady 
at 60 vehicles a week throughout 
the second half. Strikes and 
threatened strikes at suppliers’ 
plants meant that the produci mix 
was not as planned in the second 
half and there were some stock 
problems as a result But this 
did not have a major Impact on 
results. The industry, generally, 
is now fully recovered from the 
1974-75 slump which means that 
ERF’s future profit and revenue 
growth will be slower. As the 
rate of growth of the total market 
slows there could be a resurgence 
of the “ price war ’’ that hit 
margins in 1973 and 1976. But 
ERFs immediate prosnects are 
good and the company has lifted 
production, in two steps from 
60 units a week at the beeinning 
of the current year to 70 units 
a week. The shares jumped 12p 
to U9p on the strength of the 
results and. at that level, have a 
n'o of 2.6 and a yield, assuming 
hnth rhe second interim and the 
final dividend is paid of 3-5 per 
cent. 

SACCONE & SPEED 
RETAIL 

Arthur Cooper (Wine Mer- 
chant). which oncrates ove*- 300 
off-licences in England and Wales, 
has changed its name to Saccone 
and Speed Retail. 

This is the result of organisa- 
tional changes within Saccone 
and Sneed, the parent company, 
and will in no way affect the 
oneration of the shops trading in 
the name Arthur Cooper (Wine 
Merchant). 


Associated Leisure up 
57% to peak £3.5m 

W INCREASE of 57 per cent to and the operation of leisure 
record pre-tax profits of £3.49m is centres, amusement parks and 
announced by Associated Leisure hotels. 

for the year ended March 12, 1978. . . «. 

First-half profits had shown a 37 w COmmsflL 


per cent rise from £L23m to 
£1.69m.- 

Id October, the directors were 
confident that the year’s outcome 
would be satisfactory. They now 
say the year’s advance largely 
reflects the performance of the 
amusement machine division which 
benefited from volume growth 
and close control of costs. 



52' 

weeks 


197S 

1977 


£000 

foon 

Turnover 

21. MS 

16.596 

Profit before tax 

3.OT3 

2^13 

Taxation 

912 

824 

Pre-acacilsitmn adjustments 

M 

— 

Net balance 

2.399 

1.2*4 

Extraordinary dt-bfl ........ 

*7 

tI52 

Dividends 

TOO 

704 

Rctalnj.-d 

1.733 

S42 

t Credit 




Earnings per share are shown at 
9.95p (5.36p) and a final dividend 
of 1.71S55p is recommended 
making a maximum permitted 
total of 3.0185op compared with 
2.70236p previously. 

The group’s principal activities 
are the making, distributing and 
renting of amusement machines 


Amusement machines are 
volume sensitive business and 
with .Associated Leisure showing 
a 6 per cent Increase in new 
machine sitings — about 4 per cent 
in the first half— profits have 
jumped by 51 per cent, excluding 
new acquisitions. Margins have 
been further boosted by lower 
servicing cost'* reflecting more 
efficient form of machinery. The 
success of the video games and 
pool are sustaining growth in the 
current year. But Associated 
needs to keep up a regular supply 
of new products because they arc 
often pick to go out of fashion. 
For the longer term tbc recom- 
mendation of the Commission on 
Gambling would seem to be 
fairly favourable to the company 
particularly if the limit per club 
is lifted. Moreover the diversi- 
fication programme should 
cushion the cyclical trends that 
have dotted the profits record of 
late. At 60 jp the shares are on 
a p/e of 6 while the yield is a 
reasonable 73 per cent 


Mears Bros. £ 1.5 loss 
at halfway-no 


REJF’LECTLNG Josses in all the 
group’s operations except plant 
and equipment distribution. Mears 
Bros. Holdings fell from a 
£300.000 pre-tax profit into a 
£1,496.000 loss in the six months 
to March 31. 197S on sales down 
£l,42m at IlSS9m. 

Recent experience has resulted 
in substantially increased reliance 
for finance on the group’s UK 
bankers, says Sir George Middle- 
ton, the chairman. In the last 
balance sheet group borrowings 
had reached £3.2m sunorted by 
shareholders funds nf £3.5m. 

Given normal conditions for th«* 
rest of the year a second hall 
trading profit has been budgeted 
Tor although there is no prosport 
nf recouping all the loses of the 
first six months. In addition it 
will be necessary to make pro- 
vision at year-end for the costs 
of re-nreanisation which could be 
around £609.000 he fore tax relief, 
Mr Middleton adds. 

Measures now being taken are 
expected to contribute signifi- 
cantly to improved cash flow and 
to a return to overall profitability 
in the future. 

After a tax credit of £645.000 
(charge £156.000) the net deficit 
emereed at £851.000 (£144.000 
profit) for a loss per 25p share of 
I2.16P (earnings 2.06pl. There is 
no interim dvidend. Last year a 
total of l.TRp net was paid and the 
loss was £26,000. 

The most significant setback in 
the half-year occurred in the com- 
pany’s UK construction activity 
where Josses on two civil 
engineering contracts amounted 


to £1.12m. of which £0.6Sra repre- 
sents full provision for antiepated 
losses on completion. 

The overseas construction 
operation has been closed after 
showing a deficit of £154,000 and 
the directors are to dispose of the 
high pressure water jetting 
business where the loss reached 
£344,000. 


soars at 
mid-term 

IN TRADING conditions which 
have allowed profit to be earned 
more evenly throughout the year, 
Mackinnon or Scotland, knitwear 
manufacturer, lifted taxable earn- 
ings for the half-year to April 30. 
1978, from £54,609 to £222.349: 
Sales were £0.39m better at £2.55m. 

After tax of £116,782 (£28,700) 
and preference dividend of £7.5S0 
(£5.438) available earnings came 
out at £97,987 (£20,561) for earn- 
ings per 25p share of 4.08p lO.S6p). 
Last year a net dividend of 1.65p 
was paid from a record profit of 
£421.523- 

The available earnings this time 
were after allowing for interest 
and preference dividend due to 
Scottish Development Agency on 
funds introduced by ■the agency on 
March 15 this year. 



Cartiers success: 
attracts £186m 


The offer for sale for Cartiers 
Superfoods, the supermarket dis- 
count group, has been oversub- 
scribed bv one hundred and five 
times. This compares with recent 
issues such as Eurothemi Inter- 
national which was oversub- 
scribed S3 times. Saga Holidays 
12 times and Hunting Petroleum 
Services 3i times. 

The Cartiers issue attracted 
applications for 33!)m shares at 
33p each— a total of £186m from 
48,000 individual applicants. The 
number of shares on offer 
amounted to 3.21m. about 25 per 
cent of the Mtal equity. 

The basis of allotment will be 


decided today. However, tJie com- 
pany has already intimated that 
■smaller shareholders will get some 
form of preferential treatment. 

The i*>ue is thought to hare 
attracted a large ot applications 
from Carders’ customers— around 
20.000 prospectuses were distri- 
buted in Kent, where the com- 
pany is based. Prospectuses were 
made available in all of Cartiers 
supermarkets. 

At the offer price, the market 
capitalisation of the company is 
£7.1m. For the current year the 
profits forecast is £L25zn, against 
£04i3m last time. 

* See Lex 


W. E, Norton advances- 
ri ghts to raise £0.5m 

W E Norton (Holdings), the finished goods in anticipation of 
machine tools merchant, is raising future requirements) but the 
£537 000 by a one-for-five rights group has a good record in 
issue at 3->p. judging the market The machine 

At the same time the company tools sector is still sluggish but 
reports pre-tax profits for the Norton scores with quick 
.-ear to March 31 up from £4304)56 deliveries, two-thirds of which are 
to £647 547 on sales £2.7m ahead supplied from abroad. The group 
at £10.045,470. Tax takes X31.2SK secs great potential m selling 
(£14,822) foreign machines which British 

Proceeds from the rights issue manufacturers are unable to 
wilt finance further expansion and provide. At 46p the shares stand 
reduce short term borrowings, on an ex-rights yield at o.66 per 
The Board has also proposed a ccnL 
scrip issue oE 11 for 10 and rn m am 
promises to raise the total divi- (.RtLLUlN 
dend in the current year by 140 Creiion Holdings announces 
per cent. that applications were received for 

In the market 5.011.825 12 per cent convertible 

Norton s shares slipped ip to close cumulative participating pre- 

at n Tj*R7n ner furred redeemable shares at lOp 

A final dn idend of 0.34—6 ' P (92 77 per cent) offered by way of 
share (0.30C79P) is proposed for JJgJl ceaiJ °“ ereu y *** u 

t ^Vfo a - ^ , I J US ^o n R ^inf k %we?Lr Applications in respect of 
of 0.68o34p {0.613aS p ).^Hov\eve pscMS 5^0^ were received for a 
it is intended to recommend 5 914 ogs shares 

dividends for the yrar Shareholders who applied for 

March ol. nWitaara excess shares will receive allot- 

capital totalling l.fijp per ordinary XTienls as follows: up to 830 shares 
5hare - . . , applied for— allotment in full; in 

The directors hove irrevocably eKCess 0 f gso shares?allotment oE 
undertaken to accept the offer in 053 shares, 
respect of 440.7S6 new ordinary 

$&£ fSfJSL ■ DOWNING SCRIP 

The issue is underwritten by G. H. Downing is proposing a 
Laurie. Milbank and Company. scrip issue on the basis of one- 
The profit before tax includes for-one. 
pre-tax profits of Irving White for 
the period February 17 lo March 
31, 1978. amounting to 147&43. . 

This company was acquired in Karpp rolpc 
February this year, and Is making LPCI LL oRivo 
its anticipated contribution to j| 

group earnings. Norton says that aflO DrOIllS 
trading Tor the group as a whole # r 

during the first three months of ir?ir|r/)VP 
rhe current year is appreciably in 

advance of the same period last Mr. Lawrence Orchard, chairman 
year. and chief executive or the Berec 

Stated earnings per share after Group (formerly Ever Ready) told 
exceptional items are 7.75 d f5.4p) shareholders at the annual meeting 
or 3.Sp i2.6Sp) on a full tax that in the first three months of 
charge. the current year third party sales 

. world-wide showed an increase in 

• comment financial terras of some 17 per cent 

W. E. Norton’s rights issue comes compared with the previous year 
at a time when the share price has and profits before tax had also 
risen three times in just over a improved. 

year. The proceeds will roughly He reported a continuing 
halve the overdraft and cut net improvement in exports, 
borrowings to about 50 per cent New projects— and there were 
of shareholders’ funds Meanwhile several— would not necessarily 
taxable profits are up 44 per cent make any meaningful contribution 
on safes 37 per cent ahead and to profits either this year or next, 
with White expected to contribute In the short terra, they could even 
£300.000 this time, profits in the be a drag on profits, but viewed in 
current year could top £7m. the longer term should make a 
Norton's stocks are traditionally very real contribution to pros- 
high (about 80 per cent are perity,” he said. 


Furness Withy can meet 
all commitments 






emit 

Limited 



of 
mover. 


E3 Solid achievement overlive year period when; 

0 TURNOVER INCREASED BY99% 

0 PROFITS AFTER TAX INCREASED BY 367% 

0 EARNINGS PER STOCK UNIT INCREASED BY263% 


SUMMARY OF RESULTS 


Year ended 31 March 1978 

1977 



£OOOs 

£000s 


• TURNOVER 

32,998 

26,432 

-UP 25% 

• PROFIT BEFORE TAX 

3,703 

2,825 

-UP 21% 

©PROFIT AFTER TAX 

1,705 

1,325 

-UP 29% 

• DIVIDENDS (recommended) 

506 

-UP 70% 

” (paid) 


297 


• EARNINGS per stock unit 

18.5p 

143p 

-UP 29% 


FLUID TRANSFER AND FILTRATION ■ LUBRICATION SYSTEMS 
GARAGE EQUIPMENT- COMBUSTION ENGINEERING 

Copies of the Report and Accounts containing the full Statement by Mr Nigel Bennett, Chairman, maybe 
obtained from the Secretary.TECALEMIT LTD -Old Court - Cox Green - Maidenhead - Berkshire - SL6 3AQ 


Furness Withy has not had to 
apply for its shipping loans to be 
re-scheduled under the Govern- 
ment's new plan which permits 
shipowners to suspend, capital 
repayments on British-built ships 
for up to three years. 

Mr. James Steel, the chairman, 
told shareholders at the annual 
meeting that “although we still 
have substantial balances out- 
standing against British-built 
ships, we have been able to con- 
trol liquidity so as to meet all 
commitments.*’ He added that 
cash flow projections indicate that 
the company will be able to 
continue on tbis path. 

On the other hand profits in 
197S will he substantially lower 
than in 1977, Mr. Steel said. The 
cause lies in expected lower profits 
from sales of ships and a 
reduced contribution from 
associates. 

He claimed that trading profits 
in the main group were holding 
up well so far. 

The company is now preparing 
fnr the possibility that the present 
shipping slump will last ” until 
the middie of the next decade” 
and is actively developing its non- 
shipping business which already 
accounts for 20 per cent of group 
profit. 

In a guarded allusion to divi- 
dend restraint and the company’s 
policy on the level of dividend 
payments, Mr. Steel held out some 
hope that this year’s dividend will 
not he affected try the expected 
dowmtum ip profits. The company 
policy Is to pay a dividend which 
reflects long-term growth rather 
than short-term fluctuations of 
shippinc fortunes, he sard. 

However, he also pointed out 
that with the influence of OPEC 
countries, the shift in employment 
in the U.S. towards service indus- 
tries and the explosion of manu- 
facturing in the Pacific Basin, the 


pattern of world trade will never 
bp quite the same as it was. even 
after the shipping slunm has 
improved. 

See Lex 

Queries over 
offshore fund 
advertising 

The Department of Trade is now 
looking into a possible loophole 
in the ban on the advertising of 
unauthorised unit trusts. 

The Department has come 
under pressure to clarrfy the 
situation after last weekend’s 
advertising by Arbuthnot Secu- 
rities, fund management arm of 
the merchant bank Arbuthnot 
Latham, of its new Jersey-based 
Government Securities Trust. 
Other unit trust groups with 
Jersey-based gilt-edged funds are 
extremely anxious to know 
whether Arbuthnot has fallen 
foul of the Department's ban on 
the advertising of unauthorised 
trusts, or whether the precedent 
so established can be followed. 

Arbuthnot itself says that its 
intention to advertise was com- 
municated to both the Bank ol 
England and the Department ol 
Trade, and that officials of neither 
institution objected. Arbuthnot 
says that, because the advertise- 
ment was made within the two 
week initial offer period for the 
trust, because there was no 
request that money be sent on 
the advertisement, and because it 
was made eminently clear that 
UK residents might apply for the 
income shares only, it was within 
its right to publish. 

The response has. according to 
managing director Mr. Michael 
Barrett, been "fantastic.” 


Tenneco Inc. 


HOUSTON, TEXAS 



1978 
is our 32nd 
consecutive 
year of cash 
dividend 
payments 


The 1978 third quarter dividend of 
50$ per share on the Common Stock 
will be paid September 12 to stock- 
holders of record on August 11 . More 
than 233.000 stockholders will share in 
our earnings. 

M.H. COVEY, Secretary 


Natural Gas Pipelines • Oil ■ Automotive Parts 
Shipbuilding - Construction & Farm Equipment * Chemicals 
Packaging - Agriculture & Land Management 



oberf Jenkins 

(Holdings) Limited 

(The Group primarily undertakes the design, 
manufacture and installation of process plant.) 

ANNUAL RESULTS 


Year to 31 March 

1978 

1977 


£000 

£000 

Revenue 

14,610 

14,716 

Profit before taxation 

1,342 

1,312 

Profit after taxation 

638 

593 

Earnings per share 

60.6p 

59.0p 

Dividends per share— gross 

29.7p 

27.0p 

—net 

19.6p 

17.5p 


Points from the statement by the 
Chairman, Mr. A. Robert Jenkins, CBE, JP 

9 Another record year for Group despite con- 
tinuing difficult trading conditions. 

9 Dividend increased by the maximum per- 
mitted. 

9 Current year has started reasonably well in 
the circumstances. 

The Company's shares are traded on The Over-the-counter 

Market Details ot this market together with copies of the full 

Report and Accounts are available from the Secretary. Robert 

Jenkins (Holdings) Limited. Rotherham. Yorkshire, S61 1LT, . 
Telephone 070&64201. 


David S. Smith 

Printing and Packaging 



Salient points on 1977178 by Mr. David S. Smith, Chairman 

© Trading conditions were somewhat more difficult 
but once again our results were in line with expec- 
tations. with, i ncreased volu me compensating for reduced 
Income from short term deposits. 

9 Plans to reconstruct the Group to enable surplus 
funds to be paid to shareholders have been announced 
and we consider these proposals fn the best interests of 
both employees and shareholders. 

9 After only two months it would be imprudent to 
forecast our results but we have a strbng order book and 
I look to the future with confidence. 


Year ended 30th April 
Pretax profit 
Taxation 

Earnings per share 
Dividend per share 
Profit retained 


1978 

£1,305,647 

£684,226 

11J5p 

2.662p 

£477,358 


1977 

£1,317,306 

£653,992 

72.3p 

2.4035P 

£533,240 


Copies ot the full Report and Accounts can be obtained from 
The Secretary. David S. Smith (Holdings) Limited. PO Box 20, 
&20 John's Mews, John Street, London WG1N2PX . 



L . 


iS-. 




to 


■IS ' 

N ; : 





- 1 > •- 




W- 





BOARD MEETINGS 


•• * * jf Mn, 






■ ^ assa ^ s ^ Times Thursday July 13 1978 

Colloids falls 
in secoB 

SECOND HALF pre-tax profits 
of Allied Colloids Group, *£ 
tnal chemicals manufacturer foil 

tifJSSf** &om a peak 

Directors say that profits were 
adversely affected not only by the 
value of sterling but also from 
an erosion of margins, principally 
from increased casts which could 
pot be recouped by higher selling 
prices. 

int ^ rim stage directors 
said that profits for the full year 

JE* 1 *®J»e in line with 

those for 1376/77. 

While the longer term prospects 
ror the group continue to he en- 
couraging. the results For the cur- 
rent year will depend, directors 
say. in addition to the perform- 
of sterling, on the group's 
ability, by an increase in sales 
volume, to absorb costs which 
continue to rise. 

They add that it is too earlv, 

navm? regard to the state of 
world markets, to forecast what 
results will be for the current 
year, but say that group sales 
tor the first quarter were more 
than 25 per cent ahead of the 
same period last year. 

Sales for the year were up bv 
17 per cent, from f 19.45m to 
£22 -87m; 72 per cent was to over- 
seas customers. £lfi.54m (n3.77m! 
and £6. 32m f£5.6Sm> in the UK.' 

Earnings per lOp share are 
shown as 5.464p (5.G5flp) and the 
dividend is effectively raised from 
1.51 667p to I 694P net with a final 
payment of 1.117p. 

1377-73 
rww 

nn c*s 

6.TM 
16 !U4 
4.53V 
:.S45 
UTS 
f-17 
12fl 
2.2W 
241 
■in 
1.579 


29 


Rotaprint 
declines 
to £0.3m 


£29,723 (£27,330) and was sub- WITH THE recovery indicated by 

jeet to a tax charge, including the first-half increase from 

imputed tax credits, of £100,387 £64,000 to £111,000 evaporating 

Tifc tahoHinc cninoanJc-s have notified (£87.832). Available profit under increased pressure on sell- 

mSV'uSS emerged as £189,392 (£151431) ing prices in the second six 

Held tor the wuws^of ^oslSnns and SU-380 (£8,868) was retained, months, pre-tax profit of 

dividends. Official indications are noi Net asset value per share as at Rotaprint fell from £411,000 to 
available whether dividends concerned May 31 was 104.9D (82.3P) 
are interims or finals and die sub-divisions F ' 

shown below arc based main!* an last 
year's timetable. 

TODAY 

linen ms: —General Funds Investment 
Treat, Imperial Group. Waison and Phlhp. 

Finals; — Brihsh Building and Ensineerliis 
Appliances. C. H. Industrials, Darjan. 

Diamond Stylus. Distillers, Fereuson 
industrial. Howden. M lichen Somers. 

Symoods Ene net-ring. TrafTord Carpets, 

United Gas Industries. 

FUTURE DATES 

Interims:— ****%• t» o*j Last year there was a £40.000 

lS'faod Lomond invest" Tffl SS 20 AFTER CHARGING £53.700 com- extraordinary debit from non- 
nwS»;- ^ “ ‘ D pared with £55,400 for new recurring start-up costs at a new 

ib-io; «j. and j.> ..... tAoit. j product development, taxable factory. 

^ u) . ? Ti P rofit of Bonser Engineering fell Earnings per 20p share aio 

siwntwrc July flM,90 S in ^ given at 6.56p (6.54p). and the 

I'A'saiv — j Wr , 0 May 31. i9, 8, lulf year. Turnover final gross dividend of 2.745SP 

♦ .rinM. inm ham BMm. to £5-S6m. (2.4585p) takes the total from 

Although Mr. R. L. Greensmitb. ^oOSttp to 4.44303P gross, 
chairman, believes that on 


Bonser Eng. 
halved 
at midway 


£315,000 in the April 1, 1978 year. 

However, directors are 
guardedly optimistic about the 
future. 

Turnover for the year rose from 
£1 0.86m to £12.87m. and the result 
was after. Interest of £176,000 
(same). There is a £27,000 tax 
credit compared with a £72,000 

charge. - 


the 


any eaSer ’tmuuromEla rearmVte rnargtea/'iie'outlook tos amPdupliraUni equipment. * 

K^^STSJEhS tor U» follower in hnldv. 

Near £0.16m 
by Jacksons 
Bourne End 

After showing recovery from a 


T u rnove r 

UK 

Overseas 

Profit before tax 

Tax 

UK payable 
Deferred 

Overseas payable 

Available 

Tntvrim dividend 

Proposed final 

Leaving: . . . 


iSTT-n 

ffWl 
1? 445 
5 liTTt 
15 766 
«.*» 
Cf.74 
2.02Q 
409 
157i 


to rise and there are no -price 
rises in the pipeline. Hence the 
company's push for volume sales 
— 17 per cent last year. Backed up 
by the recently enlarged research 
and development facilities, AC is 
selling in new areas of industry 
where advanced chemical pro- 
cesses can be used to cut costs. 
Fn far this year volume is around 
25 per cent higher. -At 71Jp the 
shares are on a p/e of 12.6 while 
the yield is 3.7 per cent 


2W 

419 

1.754 


Moorgate Inv. 
earns and 
pays more 


The first-half result is subject 
to tax of £54^00 (£109.600) and 
after a steady interim dividend of 
0.42p net per 20p share costing 
£25.200. retained profit was £25.200 
f £75,900). Last. year a 1.0223p net 
final was paid on record taxable 
profits of £490,063. 

The chairman says Bonser lift 

P^tax ofWjSSoTo' • "refit 

of *72.000 at halfway. Jacksons 

P«??2k UK f^dir Er7ndefX"^r 0t .. m A^ 

mrvwi„..«ii immc a« r>hn u >aii etc.. ended the >ear to April 1, 

1978. with a surplus of £lo7,000 


comment 


' '« K-Cf 


Price restraint and overcapacity 
in the specialist chemical market 
has trapped Allied Colloids for the 
present. This is dearly nutting a 
strain on margins, which have 
dropped by almost six points to 
19.8 per cent for the year. 3nd 
profits are almost a tenth lower. 
Ba Addition, with around 73 Der 
cent of production going overseas, 


produced losses at ChDwell 

to‘.rd« intXPtof ” f Q6 -™ 

special ductile iron signifies a ,ast ume ‘ 

return to profit by the year end. Trading prospects must 
The costly rationalisation of necessarily depend to a large 

Bristol Pneumatic Is to be com- extent on the conditions in the 

pleted on schedule during the industry served by the company, 

current year with resultant profit the directors comment However, 

Gross revenue of Moorgate In- for 1979. in view of the improved position, 

vestment Company ' rose from During the first half the com- there is a return to the dividend 

£285.354 to £339,383 and taxable pany began the planned reorgan- list with a payment of 2p per 25p 

Tevenue finishe d the May 31, 1978. Nation of Hercules Hydraulic by share. The last dividend was a 

year ahead at £289.779 compared dividing off the customised Bonser final of 1.7965p net paid from a 
with £239.063 last time. products into the newly formed depressed profit of £38.794 in 

Earnings per 25p share are Nash Handling Equipment 1975-76. 

shown as 4.064p (3.245p) and the Demand for Bonser lift trucks After tax of £79 000 (credit 
dividend is increased from &055p is being maintained at an im- xnjjoo) the net balance for 
t® .2*2??, costing £178.012 proved leveL In short the board 1977 -78 ume out at £78.000 (loss 

(£142.303), with a final of 2J32p. foresees a growing market for the £X5 000) This time there was an 

Pre-tax figure was struck after major earner with all-round extraordinary debit of £133 000 

administration expenses of improvement in the rest of the (credit £18,000) which represented 


£19,881 (£18,941) and . interest group. 



Props, upsurge: 
well placed for development 


the costs associated with reducing 
capacity at the board rain, offset 
to some extent by the surplus on 
the sale of properties. 


Bank of Greece 
■ ' \ I’-S. S300.0(.)( ).0(.)(j 

" ■ : . - ' ; ; . ' len \ear Loan : ' " 

. a '- ’ - . ; , . ’ - - ■ - v - . • ;/ iDanaged. by'/ 

. ' * Bankers Trust Internationa] Uinited 

• .,*■ : - v ■ ■ ^ : : :• ; 

/ - i ' " . • - • Bayerische Landesbank Girozejntral e 

; * .l ' • /v:' - ^Gompagnic Finandere de La Deutsche Bank AG 
- d 'V-? •- : - ' v - - * : National: AXfestiiaijister-' 'Baak Grmp • • - 

dePaiiC^;; S 





3ank-;u 






: " •' .G ,<V:> -* ■>' -J 


provided by 

Bankers Trust Company Barclays Bank International Limited 
Bayerische Landesbank International SA Compagnie Finandere de la Deutsche Bank AG 
National Westminster Bank Group BanqueNationale de Paris 
Lloyds Bank International Limited Societe Generale 
The Tokai Bank, Limited Canadianlmperial Bank of Commerce 
The Bank of Nova Scotia Canadian Imperial Bank of Commerce (International) S A 
Gulf International Bank B.S.G. Irving Trust Company 
Mitsubishi Bank (Europe) SA Orion Bank limited 
Republic National Bank of New York/Trade Development Bank, London Branch 

Tokai Bank Nederland N.V 

Agent 

Bankers Trust Company 


June 1978 


THE DIRECTORS of Countryside chairman says in his annual 
Properties report an upsurge in report. 

pre-tax profits to £213.000 for the There has been a steadying in 
six months to March 31. 197S the cost of some basic chemicals 
compared with £43,000 for the and metals, but the cost of 
same period to December 31. 1376. electricity and water of which the 
Profit for the 15 months to metal- finishing division is a large 
September 30. 1377 recovered to user, continues to rise, Mr. Collis 
£243.090, against £00.000 for the says. 

previous year and a loss of £1.3m Dwellers, the home furnishings 
for the 1974-75 year. subsidiary. is maintaining 

In their report on the 1976-77 satisfactory progress and investi- 
period directors said they gations are being made with a 
expected a further significant view to future expansion. ... 
increase in profitability for the For the year ended February 
current year. 2S. I97S, pre-tax profits rose from 

Turnover for the half-year more £153^S1 to £187.328 on turnover 
than doubled from £2. 74m to of £721,274 (£596.712). The 

£5.S3m and directors say that dividend is 1.9p ( 1.73p I-. 
first -half profit margins reflected While the group made no direct 
the substantial proportion of exports.. some 25 per cent of its 
turnover derived from sites which, turnover goes indirectly _ in 
because of changed circumstances exports, by virtue of it forming 
since their acquisition, could be part, of products exported by the 
developed only at reduced group’s customers. Meeting, 69 
margins. FSirficid Road, Bow, E, August 

Sites now being 'developed or 4 at 12. 30 pjtn. 
held for future development are- 
expected to show improving 


rise 
at Robert 
Jenkins 

With turnover slightly lower at 


. * profit margins, they add. 

'/•Pa The majority of Countryside 
\k houses programmed for 
completion before the financial 
year-esd have been forward sold 
“• ? ■-. , i and the directors expect that 
second-half results will show 
further improvement in profit- 
ability. — 

The interim dividend _is nt.Glm compared with £14.72m 
increased from 0.1625p to 1.005p previously, taxable profit of 
net per 5p share, absorbing Robert Jenkins (Holdings) 
£34.000 (£10,000) and is based on advanced from £L31m to £l-34m 
, a 33 per cent ACT charge — the the March SI, 1978, year. 

' ta *U’?OTVilE 016 15 - m0Dtil After tax of £Q.7m (£0.72m) net 
(fS omn -nd profit came out at £0.64ni 
Tax took xli'iKHJ (£a,(HMij ana .Mcn^v Famines per £1 share 
£162,000 ,134.000, reUuneO. to 

Liquidity continues to improve 60.6p. 
and there are now considerable The final dividend of 13.002p 
- unused clearing bank facilities, so ne t takes the total from 175p to 
the group is well placed to expand i9,0p. 

operations as suitable opportuni- Directors say all companies in 
lies occur. the group had a good year and 

Steps have been taken to extend made a contribution to the 
.Countryside’s geographical spread profits. The group's export effort 
or operations within the London j s slowly bearing fruit, and cur- 
commuter area. A new' subsidiary, remiy some 30 per cent of the 
Countryside Build (Southern), engineering company's orders on 
has been set up to concentrate on hard are for export 
developments to the south and Robert Jenkins and Co. has coin- 


west of London. pleted its major capital expendi- 

Directors say that demand for j^u-e programme and the new 
new commercial accommodation p^t layout 

ic crnwill? Ill S0m& areas aJld the mtoroHnn lacr anh 




the 

new ciwiiiKiuai plant anu layout was in full 

is growing in some areas and the operation last autumn, they say.. 
group is moving from its recent Throughout the year the group 
policy of restricted commercial hag been mainly in credit at the 
development activity to serious h-mk, and the board is confident 
consideration of new projects. that it me et all its financing 

needs in the foreseeable future, 
possibly without the need to make 
use of the available overdraft 
facilities. 

Ail the companies within the 
group are seeking an increase in 
turnover and profit, but trading 
The first three months show a conditions are still difficult, and 
sHitisfnctorv start to the current competition in all markets is very 
-year at Radiant Metal Finishing keen indeed. At this stage, it 
Company, Mr. G. W. Collis, the would be Imprudent to forecast 


Radiant Metal 
starts well 


very much change on the results 
obtained last year. 

Tecalemit 
expects 
more growth 

The current year at Tecalemft 
has begun satisfactorily and sub- 
ject to the usual -provisos, another 
year of growth can be expected, 
says Mj-. Nigel Bennett, chairman, 
in Ms annual statement 
As reported on June 28. pre-tax 
profits for the March 31, 1978 year 
expanded by 31 per cent to 
record £3-7m (£2.83) and the com 
pany plans to boost its dividend 
total from 3.22p to 5.47p net per 
share if statutory limitation ends, 
as expected, on July 31, the pro- 
posed final is 3.6482p. but will be 
amended, if necessary, at the 
AGM. 

Exports from the UK Increased 
by 23.7. per cent to £4.5m with the 
group’s garage equipment division 
accounting for the main part of 
this rise. 

Balance sheet shows total assets 
at £15.79m (£13.38m) and net cur- 
rent assets at £8.43m (£7.07mt 
Auditors say that the valuation 
of stories does not include fixed 
production overheads and conse 
cruently Is not in accordance with 
SSAP 9. They add that if these 
overheads had been included 
pre-tax profits would have been 
increased by JEOJQm (£0.1 5m) and 

the stock valuation by £ L 22 m 
(£0.9m). 

Britannic Assurance Company 
holds 7.25 per cent of the issued 
ordinary capital. 

Meeting. Winchester House. EC 
on August 4, at noon. 

BUENOS AIRES 
TRAMWAYS 

The liquidator of City of Buenos 
Ayres Tramways Company (1904), 
is now holding sufficient funds to 
enable him to make a further 
distribution in the liquidation of 
the company on July 31. This 
distribution, the 11th, will be at 
the rate of UJ.7p per share. 

SHAW CARPETS 

The directors of Shaw Carpets 
states that as ACT has now been 
determined at 33 per cent, the 
proposed dividend wiH now be 
2.5138p. 

- The results, announced on July 
7 showed a dividend of 2.5p 
from pre-tax profits of £699,000 
against a £229,000 deficit previ 
ously. 




it David S. Smith to pay more 


DIVIDENDS TOTALLING 4.75p of shares in the subsidiary in. totalling £67.500 to the four 
compared with last year’s 2.GGp excess of the book value of assets directors. In the April 30. 1978 
foul are in store for holders of acquired is shown up from year total management emoln- 
S S Smith (Holdings) follow- £210.083 to £969,067. . “rats for the four were £«m 

Mg The proposed reconstruction „ ^ proposals are passed at ^SitiST ^ " 

designed to return some 30p per ^ August 4 meeting and no also rise, 

share. . . more than 10 per cent of share- ^ David S Smith 

Documents outlining the pro- holders dissent, the meeting wiB (Holdings) which will emerge 
posals show that the directors be adjourned until August 18 } rom ft? reconstruction wifi 
intend paying a 2p interim diyi- u -he n the resolution to wind up ea c h director £1.000 per year, with 
dend in March next, with a -.roP W 1U be voted on. If this Is passed, an additional^ £1,000 ^to the 
final to follow. directors expect that on or about chairman. Last year the fees of 

On the future they say it would September 8 the issue of non- four totalled *£1,575. 
be imprudent to attempt to fore- re nounceab!e share certificates in One of the directors, Mr. H. A. 
cast results for the full year as ft e new company will begin and Smith — who is also the company 
only two monlhs have elapsed- ft e liquidator will commence secretary — was appointed to the 
The economic conditions combined ma ja n g payments to holders. • Board on September SO last 
with the uncertainties of a general f>( fte estimated reconstruction The trading subsidiary -will 
election are causing considerable expenses of £71,000 the existing enter into new five-year service 
difficulties in planning, they sa> r ; company will pay £30,000 and the agreements with the directors 
However, the order book is new company the remainder. following reconstruction, and the 
strong and they look to the future Directors point out that the cash increased salaries will be subject 
with confidence. , resources of the group built up - to rainnal review. ■ 

They add that following the as its cash flow exceeded; ■nic Interests of the directors 
rash distribution to shareholders requirements over the past M ami their families— including 
the group's income from short years. In recent years 

term deposits wiU be substantially ’restricted its ability todBW S 

SS'Si ™ iS I132,6S3 tMn°aS d y S SeS“ 

from £2.79m to £l£5m. The cost by shareholders, pay ^ 




EverReady Co. (Holdings) has changed 
its name to Berec Group Limited. 

Whilst ‘Ever Ready* is the best selling 
dry battery intheU-K, overseas we arebetter 
known for ‘Berec^ the Group’s leading 
international brand. In fact, world-wide we 
sellmore ‘Berec’ than ‘EverReady’ batteries. 

Now ‘Berec’has been chosen as the new 
name for an international holding company 
which inherits a 1977/78 turnover of nearly 
£200 million. Almost twchthirds of 
our sales are to customers overseas, . 
including over £50 million of 
exports from the U.K. 

By any name Europe’s , 
leading diyhatterymanufacturer 
is richly qualified in resources, 
experience and flair to advance 


the technology of portable power 
systems, to open new markets and to 
expand turnover, exports and profitability. 

With the name ‘Berec? we look forward 
to an even more promising future. 

If you would like to know more about 
this successful British company please 
write for a copy of our current Report and 
Accounts. 



I Please send me a copy of your 1977/78 Report and 
Accounts 

| To: The Company Secretary, 

■ Berec Group Limited. Berec House, 1255 High Road, 
J Whetstone, London N20 0EJ- 


Name. 


Address 



FTl 


n 

i 

i 

i 

i 

i 

i 

i 

i 



limited 


Formerly Ever Ready Company (Holdings) Limiter) 






Financial -Tiroes Thursday July- t3 1978 



BIDS AND DEALS 


Cable agrees 
price 


Fairclough £3zin 
purchase 


‘Not ideal 
partner’ says 
Wood & Sons 


BY ANDREW TAYLOR 

BICC, the largest UK cable 
manufacturer, hsug won agreement 
on the S53m (£2S.lm) price tag it 
put, earlier this year, on Its 20.1 
per cent stake in General Cable 
Corporation of the U.S. 

General Cable is to raise the 
cash to buy BICC'-s interest 
through the issue of $53m Junior 
convertible preference stock 
which it is hoped will be offered 
to the public— subject to share- 
holders’ approval — within the 
ncM three months or so. 

The U.S. group says it will 
retain its S per cent holding in 
BICC ns a lnne term investment. 

General Cable is expected to 
put the deal to its shareholders 
sometime in September but 
ultimate success will depend 
largely on the state of the stock 
market in the U.S. — with the 
aeroement subject to the success- 
ful underwriting and issue of 
preference shares. 

The stock wiff be issued at par 
with a maximum coupon of 91 
n**r c^nt. The con>-r-rsinn price will 
he at 813.50. which is the price 
per shr>re rh.it General Cables is 
p.v'ng Pff'C for its stake. 

Tin* «)• al i.- cnniliimnnl upon 
General Cab 1 *'** ‘■hare price nnr 
hnTn.; J.’.ss Ulan 7.X ncr rent nf 
HS.50 during the 10 da’\« prior 
io the r'fc-irehnlHors meeting to 
;i on rove the .■"*h"me. 

In Anri I RKT give n^nernl 
t"."'hle — under the term* of an 
pcrecm'-nt negotiated in lf<70 — n 0 
d">"s to "p^n' ii* pr-cc tic after 
which F-ICC would have 120 divs 
nr.icc io seek an alternative pur- 
c - tv*«cr. 

Tljo nri^o of T^lm comnnres 
w)‘b the r ?s FfCC paid for Ms 
st it*" in 1070— when it was envis- 
aged that the two gronns would 
act ns pirtncrs in achieving a 
•_weatcr /hire of the t'S. OnMp 
mirket. Since then the American 
company his reduced its interests 
in cnbi C Q •••hilc BtCC has been dis- 
turbed a ho ut a lack of consulta- 
tion bet iv ?cn the groups. 

Because of the complex nature 
of the 1070 agreomenr ir has boen 
a highlv com pi in ted procedure 
for BTCC to unwind itself from 
its U.S. investment. Should the 
current deal fail, rhcrc is an 
rou-iHv detailed timetable f hat the 


British company will have to 
follow jf it is to find an alter- 
native purchaser. 

BICC has said that it will use 
the cash realised from the deal 
either for its existing business 
or aquisitions overseas— notably 
in the U.5. 

RiT STEPS UP 
GODFREY DAVIS 
STAKE 

Ttotbschifd Investment Trust, 
which helped make possible a bid 
for London Sumatra earlier this 
year, has increased its stake in 
Godfrey Davis the car rental com- 
pany. to 9.4 per cent 

A spokesman for RIT said 
yesterday that GodFrey Davis was 
a different kind or investment 
from London Sumatra and would 
not form the basis for a bid. 
FIT’S stake is Intended to be a 
long term portfolio investment in 
a well managed service company, 
he said. 

In its last published balance 
sheet. RIT had more than 5 per 
cent of 12 listed, companies. 
Three or those have been the 
subject of take-over bids and in 
two cases, RIT was on the bidding 
side. 

PULLMAN DEAL 

Through its subsidiary. Car leys 
Fashion. R_ and- J. Pullman has 
acquired the capital of Gerber 
Bros.. C and V Fur Fashions and 
Howard Furnishing, with effect 
from May l, 197S. Tor £3S7.000 cash. 

Profit of the Gerber croup r nr 
the year 1977 was £54.000 ore-tax. 
Nor at April 50 t97R come 

to £333 nnn after f73.75l deferred 
tax liabilities. The arrets cur- 
rent! v include approximately 
j2U3.ono cash. 

CORNERCROFT PRFF. 

Armstrong- Equipment’s offer 
for the ordinary shares of 
CiirnercToft having become 
unconditional. Armstrong is now 
making an offer of 35p in cash 
for each £4.55 per cent cumulative 
preference share. 


The Board and its advisers 
County Bank consider the offer is 
fair and reasonable and 
unanimously recommend its 
acceptance. The ' directors have 
already accepted on behalf of their 
9.4 pier cent ordinary shares. 

70p OFPER FOR 
W. G. FRITH 

W. G. Frith, after almost 40 
years as a public, albeit a close 
company, is poised to return to 
private ownership' 'with three 
members ' of the Frith family 
making a 70p a share bid valuing 
the company at around £368.000. 

. The trio. Mr. Robert, Mr. Dennis 
and Mr. Ian Frith already control 
W J2 per cent of the company in- 
cluding their own joint holdings 
of 37 per cent, held through the 
privately owned Frith Foils. 

The offer has the backing of 
Mr. Spencer H. May. chairman and 
independent- director of IG. W. 
Frith and the company’s indepen- 
dent advisers James Finlay 
Corporation. 

dose Brothers has advised the 
three men who -'have launched 
their bid for W. G. Frith- 
aluminium converters — through 
their Frith Foils company. 

AGB BACKING 
FOR HULTON 

AGB Publication, a wholly- 
owned subsidiary of AGB Re- 
search, has subscribed £90.000 
cosh for 85 ncr cent of the capital 
of Hulton Technical Press which 
has recently acquired the trade 
journals formerly published by 
Hulton Publications, involving a 
total outlay of £560.000. 

AGB has agreed to provide HTP 
with £150,000 or long-term finance 
(bearing interest at 9 per cent) 
and such further working capital, 
not eKpccled to exceed I150.0P0. 
as may be required to operate the 
business. 

The three executive directors 
of HTP. Mr. J. C. McBride 
(managing). Mr. A. B. C. Rodgers, 
and Mr. H. S. Wat yon will con- 
tinue with the company and 
together retain the remaining 15 
per cent minority holding. 


By Christine Moir 

The detailed statement from the 

■ 2£E up t0 daie " ffiS-t tf sy 

^sss&£^x Si 

Mr. Owen Davies, chairman of and Co., recommend acceptance. M In it ^ directors admit that 
Fairclough, said yesterday that In his letter to shareholders. Au*. financial considerations the 

the p 1 * *-*-* paraiiprl a tnhn t.lnslpv rhairmsn Of r*M«nshlA but 

num 

new projects overseas— rwwuu »« oouuh •* *>* «a*- nany in Becoming * ^u?.u.a^ ui 

Africa and the Middle East— necessary to ensure Newman Industries outweigh the 

where Watson's structural steel future Diybrough $ products out- financial considerations." 

experience would be valuable. sell all others to Alnwick s depot - — 

He said that the two companies houses, 
had co-operated on projects for 
a number of years and had been 
particularly associated with the 


construction of specialised multi- 
storey car parks. 

Fairclough is to pay £3m ip cosh 
—to be raised by ihe placing of 
new shares — with the balance 
satisfied by the issue of 591,500 
ordinary shares to the vendors. 

Last year VYatson. which is 


Customagic 

continues 

battle 


The directors, who own 39 per 
cent of the equity, say they do 
not intend to accept the offer 
(worth 60p in 10 per cent 
preference shares with a cash 
alternative) but they do not 
openly recommend other share- 
holders to reject it. 

They emphasise instead that 
thev feel that Grindley of Stoke 
ithe pottery company with which 
Newman wonts to merge Wood) 
“is far from the idea trading 

u-sK-.— a, p- * he ; cramic 

tax profits of £709,000 on sales of ySS the indeMndeni direc- They note that Gnndley has 
£13.1m. Net tangible assets at the St they were not only recently returned to profit 

end of the year were £3.46ra. Sutoe MooloraV loan stock and say that this appears 

Fairclough announced yesterday an d P intend to retain _ their smallpart tobc ^ e . 

iftatSSrs mmsses ssrafST-ws®: - Sts'? 

public listing. Tbe directors also say that. 

. rrTFlTf 1 A tt s iHR In addition, Customagic’s Newman is “not a suitable 

munuftit ajud advisers. Grind lay Brandt’s say parent" for Wood because of 

Highgate and Job Group, the they have written to Charterhouse Newman's history of buying and 

wbale oil trader and protein Japhet. which acts for Mooloya, selling companies, 
processor is to withdraw from the asking 'why the cash alternative Is The document also contains the 
production of animal and fish not being extended for a further news that Wood intends to in- 
protein feeding meals at the i4 days, In view of the fact that crease its dividend from last year’s 
Liverpool ■ factory of Howard the Takeover Panel required t otal of lp gross to 2.5p, thereby 
Baker (Proteins). Moolaya to revise its offer increasing the net cost of divi- 

The trading ■ activities of both upwards by lp. dends from £26,500 as shown in 

Howard Baker (Ulster* and Last D |ght Charterhouse said last year’s account* to £67.000. 

Howard "Baker (London i will not that they were surprised at this The total salary paid to the six 
be affected by this change in statement since they believed the directors last year amounted to 
policy. Panel had ruled that the revision £90 000. 

was not a new offer and so no Yesterday’s document revealed 
' ' extension was necessary. They that four of the directors. Mr. 

ASSOCIATES DEAL also say they believed Grind lay A. P. F. Wood. Mr. HL M. Wood. 
T v-n-« and Brandis bad already accepted this Mr. L. Ball and Mr E. Yorke. 

J. Henry Schroder rievy have serV jce agreements entitling 

Co. on July 10 bought o.OOO hem tfl 3 er cent 0 f trading 

Bowater at 185p on behalf of profits (after interest) when pro- 
associates. MARTONAIR firs exceed £40.000. 

Martonair International the The i document, does inoi jeonum 
ALNWICK BWV. pneumatic control equipment a profit forecast though the < luw 

ovy tm u,„ irrrpert to niireha-^ tors do say that orders are 

Grand Metropolitan’s subsidiary Erid^n the eaptS of AustiS currently 27) per cent above them 

Drybrough and Co., h is sent .out B h for £725.600 to be satisfied levels 12 months ago, and that if 
the formal documem n its . f jssuc of ^30 770 ordinary gas prices are pegged the dtiC-r®' 
£435.000 bid for Alnwick Brewery sha * and £25.000 cash. The new pancy between first-half pro fits 
t shares of Martonair have been last year and the second half win 

past "five 8 P has ranaS P laced with city ^stitutions. be less severe, 

between £19.000 and £2.000. But Net assets of Beech at end-1977 
tbe net assets of £2 16. Out) in the were £494.000 and net pre-tax 


A revaluation of properties has 
disclosed a surplus over book 


net pre-iax - £473055 

last balance sheet include £1 h$. 000 profit fnr the year to that date vame 
of freehold properties ' t'S valued was £101,000. Beech is a manu- 
by the directors at e-timaied facturer of a range of glandless 
market values in December pneumatics control valves. 


| To: Hie Registrar. Pilkington Brothers Ltd.. 

I Prescot Road. St Helens. Merseyside WA10 5TT | 


Please send me a copy of the 1978 
Pilkingion .Annual Report. 


Name 


Address. 


Financial Highlights 1978 


Sales to outside customers 
Total Group profit before 
luxation i including licensing 
income of i‘32.Sm) 

Group profit al ter taxation 
Dividends 

Profit retained in business 
Earnings per share 
Dividends per share (net) 


1978 

1977 

£m 

£m 

469.5 

590.1 

71.7 

62.7 

35.4 

33.2 

7.2 

6.5 

26.9 

240 

54.9p 

51.3p 

JI.5p 

I0.4p 


The activities of the Pilkington Group 
are based on glass: for buildings, transport, 
defence, insulation, communications, 
reinforcements, pharmaceuticals, 
spectacles, tableware. 

Our 58 subsidiary and 17 associate 
companies manufacture and process glass in 
24 countries and sell to more than 100. 

If you would like to find out more about 
us. including how we fared in 1977/78, please 
complete and return the coupon for a copy 
of our accounts. 


SHARE STAKES 

Powell Duffrvu: W. G. Andrews, 
director, has exercised option 
rights in respect of 5.01. shares 
at 5Sp. increasing holding to 
6,117 shares. _ 

Os lev Printing Group: The ITC 
pension Trust jointly with the 
ITC Pension Investments hold 

420.000 shares (55 per cent). 
B.S.G.: B.S.G. International no 

longer has a declarable interest 
in “W” Ribbons Holdings ordi- 
nary shares (previously 29.9 per 
cent). The shares sold have been 
placed bv Smith Keen- Gutier 
with institutional ^ients 
Allied Retailers: H. FlOtoeK 
director, has disposed of 308.436 
9? per cent preference shares 
beneficial and 13,500 as trustee, 
L. P. Fisher, director. . has dis- 
posed of 34,000 preference shares 

^jSepC^ C. J. Benson, director, 
sold 16.662 shares at 120p on 

J^y 10- „ . , .. 

General Accident Ffre and Life 
Assurance Corporation: Kuwait 
Investment Office has increased its 
holding by 30.000 shares to 

12.425.000 shares (7.5 per cent). 
Sun Life Assurance Society: 

Kuwait Investment Office has in- 
creased its interest to 5,075,000 
shares (8.81 per centl by purchase 
of 75.000 shares. 

Spiders: M and G Investment 
Management hold 5.4 per cent of 


mining news 


Uranium mines 
cost battle 


BY PAUL CHBESER1GHT 

IF US uranium producers are to likely to bo realised. Costs ha 
receive an adequate return on been increasing In Canada a 
caultal from new ventures, the the assessment has emerged 
Sfy alternative to price in- «w Uranium Institute symposs 
creases is an improvement m the that uranium prices have flatten 
technology of ore processins. out und could even dedi 
This warning was given yes ter- between now and the mid-lDSO 
day by Mr. H. E. Jnmes and Mr. Price projections are of V 1 
H A . Sltnotwen of the extraction Interest to the potential Aimrau 
metallurgy division of the Sooth industry and 
African Atomic Energy Donrd in Western !»nn(ng £^poratlon,. t 
a paper presented to an inter- oj'^Jj s *i,iS!^ rr e ^ eM 

national symposium organised by in Western Australia, 
the Uranium Institute in London. Wr. James and Mr. Simons 
The need for a change «n noted that the discovery 0 f o 
tJhrmincv is Darticuiarlv acute calcrete deposit had general 
SKBk? of P K« widespread iruere^r for teehnk 

-s.OTEafi "j* ■ « 

sizas shirks 

U.S. industry, mining grades were ^causeme ore Domes are like 

rate"of recovery^xvas sU^in^ The jnJpa^stJtem^nt ‘SSblSh^T' 

to continue for the next three now available, stated that mini) 

- u's "dJcHned f from 87 ?!* ^Th^ statSeS*envisages thr 

in the U.S. dcchncd frorn 0^*4 nrodnetian- Dhas^s after f 

P* r ™ n \ ™ e ln Ul 1 Q 1 i^ treatment plaSt comes on strea 

to about O.liJ per cent in 19ib, t u e prif j _r {004 

nf S 0 4 k ^r !£nt The first phase, lasting 10 yea 
trast U 1 ® ST? d f ° f . involves annual production 

the Pancontinental-Ce tty Oil tonnes of uranium oxl 

Jabiluka deposit in Australia. an<J j 01 g tonnes of ranadfv 
Looking to the possibilities of pentoxide with a concentration . 
economies of scale in the US, high-grade ore averaging 053 p 
Mr. James and Mr Simonson uranium oxide, 
predicted greater ccntralisatron ore arade in tho WC01 

of facilities. Larger plants would phase of about 12 years would 
be required to treat a greater lower at 0.09 per cent wi 

variety of sandstone ores on a toll uranium production of 982 tonn 
basis. a year and vanadium output 

.Similarly. Denison Mines and 39S tonnes a year 
Rio Algom. the Canadian . . . .. . 

producers at Elliot Uke whose V* e could last fi- 

futures have been made more ani “ * " a “ y ears but is depende 
secure by the signing of long-term 5 n , grades foui 

contracts with Ontario Hydro, « uri . n ® the early phases 
have a great incentive to m ™ne. 

further improve ore-processing • In Brussels, the Europe: 
techniques. Commission announced that 

“ The need for the incorporation further 5ra European units ■ 
of improved techniques in the account (£3.3m) had been all 
new plants to be constructed, win cated for uranium prospectii 
become imperative if capital costs within the EEC. This brings ti 
escalate hv more than 10 per total of funds made available fi 
cent per annum and if the world this purpose to 11m units • 
market price fails to Increase (in account. 

real terms) during the next Exploration projects in Belgiur 
decade.” slated Mr. James and Germany. Ireland. 'Italy and ti 
Mr. Simnnsea. lie will benefit from this late 

In fact, both these factors look ailocatiop. 

Bamboo Creek gem searcl 

Australia's Bamboo Creek Gold “a good example is perhaps you 
Mines plans an extensive diamond company's shares which recent I 
drilling programme on what it ran to 50 cents on - rumour 
describes as encouraging diamond centred around its Nullagine di: 
prospects in tbo Pilbara region of mond prospect." The shares ar 
Western Australia, reports Do? around 35p in London. 
Lipsrnmhe from Per III. This was 
announced at yesterday's extra- 
ordinary general meeting, which 
authorised the company's non- 
renounceabie rights issue of three- 
for-two at 25 cents per share. 

Apart from the Nullagine pros 


ROUND-UP 

Thor Exploration of Vancouve 
plans further drilling- of it 
Duddrfdge Lake uranium prnspec 


peet in the Pilbara, Bamboo to the south or Key Lake i 
Creek has applied for two tem- northern Saskatchewan. The con 
porary reserves for diamonds in pany aims to treble its presetr 
the West Kimberley gold field, drill-indicated ore reserves 0 
scene of the most intensive peg- SOQ.OOO tons averaging 2 lb 
Bin* activity in several years, with uranium oxide per ton. Negotb 
more than 1,000 claims taken up titms are under way with 1 
in the past month. European-based company for thi 

At Nullagine, in partnership join* financing of the project 
with Otter Exploration (2.5 per Thor is also planning a right 
centl. Spargos Exploration C.’5 issue to provide funds for its U 
per cent) and Samantha Mines uranium projects in Saskatchewai 
(25 per cent). Bamboo Creek is and one silver property in Idaho, 
searching for the source of rhe Steel Alberta, jointly owned bj 
alluvial diamonds known to occur Alberta Energy and Alberta Gm 
in the territory gravels In the Trunk Line, has agreed to acquin 
ancient beds of tbe Nullagine a major iron ore deposit i£ 
River at Brooks HiU. Montana. Estimated reserves oi 

Data from a detailed low level the open-pit proposition are oi 
aeromagneMe survey of approxi- 160m tons of which 80ra tons arc 


6,000 shares at 103p on July 7. 

Clarke Nickolls and Coombs: 
J. Mathieson. director, has dis- 
posed of 35.000 shares held jointly 
with G. Mathieson. 


OIL & GAS NEWS 


or ™ "JIIm -vTrc. t ' ™ately 2.300 square kilometres proven reserves, with an average 

n w i has encouraged the group. U con- iron content of 28 per cent, 

D. Jackson, wife of director, .sold | sid „ 5 the survey bas suc p cessfu ||y Shareho]ders ^ Canada’s 

achieved its objectives In that Dickenson MMes and Robin Lake 
several magnetic anomalies were jm-a* #774 Der cent OB . net j by 
located in positions such that if Sck“ ns £,n) tave vrted to 

SSfSHSnSS: b&niStaS th? companl^ into 

““fHhP b |5f,Srirf a H Sr Dickenson Mines. The two gold 
mnndi ° f ^ NuIlagule d,a ' producers at Red Lake. North- 

A technical assessment has S 

concluded that ten selected mag- P P d * 

netic anomalies may be Indicative !>dn,e m,ne - 
if kimberlite pipes, with the The Anglo American Corpora- 
|| • I diamond iferous Brooks Hill eon- tion group's Hudson Bay Mining 

ury WCil in sidered highest priority for foliow- and Smelting of Toronto, has ex- 

■' 1 lip drilling. tended to August 8 its offer to 

“ It is stressed that rock masses purchase for C$4 per share all the 
other than kimberlites uuld be outstanding shares of Whitehorse 
the source of these magnetic Copper Mines it does not own. 

anomalies. Hence the consortium's 

next phase of exploration will be MINING BRIEFS 
an extensive drilling programme,” conzinc riotinto mauivsia— S ri 
the report says. TlmaO Dredge production far June 146) 

However, the Bamboo Creek La '¥^L, aa returns- usj 

directors are critical of UHjiuul- tonni?# ^ pmdocwi n» tom»» pude 
bed snare price rises Created by tin >ss per cxw Sn_i indniUns 10 tonncB 
diamond prospecting explorafidn: low grade nwcemrares. 


well i 
Baltimore 
Canyon 


SHELL OIL has abandoned Its 
first wildcat well in the Baltimore 
Canyon area of the Atlantic 
Ocean following negative drilling 
results. 

The well was drilled on block 
632 about 73 miles off. Atlantic 
City. New Jersey, and reached 
target depth of 14,000 feet on 
July 5. 

Mr. H. L. Ferris, vice-president 
of Exploration and Production, 
said *' the drilling results were, 
obviously disappointing but more 
wells must be drilled before the 
potential of the Baltimore 
Canyon area is known." 

The drilling rig Western Pace- 
setter n will now be moved to 
block 273 where Shell and 18 
other participating companies will 
drill a 16.000-ft well 
The Shell block 832 operation 
is the second dry well in the 
Baltimore Canyon area following 
that of Continental OIL 

* * * 

A unit of Mobil 03 is to explore 
for oil and gas In Columbia and 

expects to commence drilling in 
the second half of 1979. 

The work will come under a 

new association contract for 
development of hydrocarbons 
signed in Bogota by Mobil Oil de 
Columbia and Empress National 
rfe Petroieos. the Columbian state 
owned petroleum company. 

Mobil will assume all explora- 
tion costs and risks, while in the 
event of commercial development. 
Empress will be entitled to 
acquire a 50 per cent share in the 
venture. 

Tho contract covers an area In 
the Guajlra peninsula and the 
adjacent offshore Continental 
Sheif, encompassing about 15m 
acres. 

■* + * 

Esso Production Malaysia is to 
drill 12 more wells before the end 
of the year in its contract area off 
Trengganu on the northeastern 
coast of Malaysia, according to a 
joint statement with Petronas. the 
Malaysian state-owned on com- 
pany. Drilling costs will range 
from M$3m to MSTm. 

Since August, 1977, when Esso 
began exploration drilling in its 
peninsula Malaysia contract area. 
12 wells have been ' drilled 
between 7.000 and 10,000 feel 
deep. 


British Dredging 
accounts qualified 

AUDITORS, Deloitte, Haskins and Dredging group, certain fixed 
Sells, qualify Che accounts of assets, including a further sis 
British Dredging Company for ships, having a written-down value 
1977 saying that they have been at December si, 1977, of £L4m. 
prepared on a going concern basis, Auditors say that in the absence 
the validity of which ^ dependent of the approval of these proposals, 
upon the fulfilment of proposals the going concern basis would be 
for the future reorganisation of invalid and consideration would 
tbe group. have to be given to tbe conse- 

Accounts have been modified to 22®* J* "2S“ i ° n ° r 

include the revaluation of certain a £™i_j- n ft r 

fixed assets, the validity. of which -JJg, hi ft* • JSZV?t£ 
is dependent upon: the approval has teen ma . de . by l ? e 

of members, the holders ofOie 81 

per cent debenture stock 19S5/90, ?h„5fc ta twnin 

and the holders of the 8 per cent f nc b ^ t ; m it 
convertible unsecured loan stock h f S? / 3 

1993/98: the formal consents of Sy fhey ?re UMble^at thifSmc 

£2^82390 at December 31, 197L S™ iv i 5 e,ther adequale or 

Scerail k U«SSs f ° r ^ tranSfCr , A* «» educed 

of certain i/ceores. lt5 defieit for lfl77 frora £1 07m 

The directors believe that the to £0.31m after exceptional credits 
group has sufficient working of £0.47m (£0.42m debits). After 
capital for the immediate future, ail charges there is a net loss of 
providing these approvals are £0j36m, compared with £098m 
obtained to the proposed reorgani- “ I believe we must be sanguine." 
sation of Its dredging interests— says Mr. Bryan Clark, the chair- 
Ready Mixed Concrete, which man, in his annual statement with 
already owns 27.3 per cent of the-accounts. 

British Dredging, is to pay £2Jlru He says the aggregates division 
for a Half share in the group's should be firmly on the road to 
dredging fleet KMC will acquire recovery assuming the re organ rsa- 
30 per cent of the capital of tion involving rmc receives the 
British Dredging (Sand and necessary approvals, and the 
Gravel), which subsidiary will group's construction, engineering 
then acquire 10 dredging vessels and dry dock divisions should 
and other assets from British make contributions in 197?, 
Dredging; tbe net value of these although their development is to 
is estimated ut £4.42 m. some extent • dependent on a 

Following this, British Dredging genera) upturn in business. 

(Sand and Gravel) will acquire Meeting, Cardiff, August 4, at 
fro m companies in the British, noon. 







v ' T ■ ^ r 



Financial Times Thursday July 13 1978 

British insurance is being accused of failing to provide the right kind 
ot cover at a reasonable price. ERIC SHORT reports 

Refusing to do battle in the 
world price-cutting war 


** * ll 


^.^SURANCE companies are 
■fail ms lo meet the needs of 
British industry. This accusa- 
tion is being made not by Left 
wing politicians seeking to 
justify nationalisation of in- 
surance,' but by the insurance 
. ^ industry's best customers— the 
• industrial companies them- 
selves. 

The insurance managers of 
British Leyiand, Guest Keen and 
Mettlefolds, Rank Xerox and 

- Glaxo have publicly com- 

- plained that British insurance 
.■om parties will not provide them 
itfith the right type of insurance 
at a reasonable price. In con- 
sequence, they are increasingly 

. being forced to seek the 
-.required cover from overeas 
insurers, primarily U.S. com- 
panies. Indeed. Mr. Michael 
. Kaiers of GKN went as far as to 
refer to London as being “ the 

- geriatric ward of world insur- 
’ a nee.” 

In the wake of these criticisms 
the British insurance industry 
has presented its usual unruffled 
phlegmatic face, and official 
statements in reply to the 
. attacks have been placid 
. , almost to the point of smugness. 
But in spite of this argument 
that ail is well the question of 
.- whether British insurance is 
refusing to meet the needs of 
the 1980s needs to be asked. 

The first factor affecting the 
industry is the world-wide over- 
capacity problem. With new 
insurance operations springing 
up all over the- world, overseas 
insurance companies are now 
challenging UK companies in 
their own backyard. Liability 
cover is being sold at below cost 
as insurers, seeking to attract 
big blocks of premiums, cut 
their rates in the hope of win- 
ning a larger slice of the avail- 
able business. 

British insurers have seen 
this happen before and expect 
Vito see it again, and they claim 
•“•that they are not going to be 
panicked into a rate cutting war 
simply to keep existing business. 
They say this would be a recipe 
for disaster, and they feel con- 
fident that what business is 
going away from the London 
market will return in due 
;i course. Meanwhile they are 
! prepared to ride out the storm. 

This line of reasoning is valid. 


for to remain viable in a free ance company is responsible for social inflation — and in the 
market, an insurance industry liability above this amount, high risk areas such as .auto- 
must operate under conditions This practice is known as de- 
of underwriting profitability, ductibles and insurers in 
and UK insurance has been general do not like it 
struggling to break even on its UK 


mobile manufacturing, it is now 
difficult to get cover because 
of the high premiums. 

The view of the insurance 


underwriting b^ulTo 75 

£? if S e ?1J CIU under such conditions, unpredictability of court awards, 

uiac u is sun making Josses When the limit is fixed at a then a cautious view has to be 

£SL5* the cover hein B ****** **** 

sought is in reality catastrophe raies - 


charged tor tntiurai.ee ,a too s „ ugh , js r , tutrDp)l c rates. This means either 

insurance. This is a soecialist cover or high premiums. It 
atta ck s^nBritishcomnani m was 1ype of insurance transacted by claims that British Leyiand 
a bfg a"S m™ !W:illi!it companies. General could have got product liability 
DriSs of th7 pnmnniite in«mr lnsurers find that this practice as part of an overall package, 

of seeking high deductibles but not as a one-off risk. British 
results in an unbalanced 


ance companies did not move as 
a result of the disclosure that 


the UK insurance industry was portfoli ° of business with a this claim, but admitted that tJ 

?ecli^T^“« of different s P read from * a * CPmpany inSUred ° VerSeaS at 

comp* SSoneleaSS "^ ded t0 underwrite in the 
ance analvst felt that the attack normaI way. The insurance 
«F SISnIfh com Panies admit that there is 

hi j!,2 h c an clern ent of truth in the argu- breed of insurance manager 
meat that Utoy are not adjlSrt- with a large company is much 


Leyiand- would not comment on 
this claim, but admitted that the 

a 

the cheaper price. 

This probably sums up the 
crux of the problem. The new 


on underwriting, but he felt 


they are not adjust 

Kv . thot ing their attitudes to the de- more aggressive in buying 

HSJ velopment of risk management insurance for his employer. He 


insurance companies were put- 
ting profitability before con 
sumerism. 


is often under pressure to keep 
that costs down from finance direc- 
the tors who often regard insurance 


prepared to pay. The UK insur- 
ance industry, it would appear, 
is not yet willing to operate in 
this new aggressive environ- 
ment 

Advantages 

But the fact remains that at 


and self-insurance. They still 
hold the view, however, 
companies should insure 
whole risk with only a small as a necessary evil that drains 
C£ i ]f_] nC |i r r| T |/^p non-repayable limit to cut out cash resources. Thus the insur- 

utn - iii5Ul duke the small uneconomical claims, ance manager knows what he 

But there are other major The other feature is the in- wan . ts ^ ro j a insurance corn- 
features affecting insurance on surance of product liability, the 311(1 P nce be is 

which the industry remains cause of the complaint by Mr. 
silent. There is a growing Terry Sharpe of British Ley- 
practice among major com- land. This has now become a 
panies to adopt a certain nightmare facing many manu- 
measure of self-insurance. This facturing businesses, with the 
can be done either through the risk of being sued by a member 
use of captive insurance, which of the public for injury caused 
involves a company setting up by a faulty product. And in this 

its own insurance operation, or era of consumer protection, a ^ 

by the buyer of insurance governments are likely to Present insurance can be bought 

carrying a high level of the tighten up further the legisla- cheaper 

risk itself. This move arises tion relating to a manufacturer ° f «™!i n 

from the growing application product liability. 5? 8 nn i 

of risk management and risk Industry has been look- J.lJ ie t s h( , d ° ."nil 
control by companies. ins to tte insnraoce comptmies ^SSt. Statute in thT"lS 

The theory of risk manage- f? r * ,ead ln providing product Dr j ma -j] v t0 servr i ce individual 

ment is complex, but basically ™ver. but this has not smj ^ compaJiy business . m 

it means that large companies forthcomlng. Tbe UK ln- addition LTK lnsurers have 

operating over a wide area can surance industry, with the U.S. tenc j e d to oDerate with 
carry much of the liability for experience foremost in its mind, prein j ums charged to small 
lire, accident and other risks seems detennined to- avoid tak- compan j es being subsidised by 
at a cheaper cost than insuring *"6 over thls nightmare from those charged to larger 
these risks. On average, insur- the manufacturers, or at least concerns an{ j w jth the profitable 
ance companies only pay out in ensuring that the pnce for j n( j us trial fire account side 
claims about two-thirds of what accepting such policies will not subsidising other accounts, 
they receive in premiums. And resuIt ,n losses. Insurance brokers, have, in 

because of the high level of The rising cost of court general kept very quiet on this 
premiums it often' makes awards for motor accidents controversy. And with good 
economic sense for companies shows just how open-ended is reason. Not only have they a 
to insure for the big disaster the cost to insurers of liability foot in both camps, but they 
only. So companies in insur- insurance. In the U.S., court have been the prime movers in 
ing a risk accept the first £x awards for damage have risen bringing about a competitive 
of the liability and the insur- steadily — a feature known as market on a world-wide basis. 




The Saudi British Bank 


Established 1978 


• .. • ?n- 

* * , 

r -J.if 


Jeddah-Riyadh-Alkhobar-Dammam 

CO So* 10*1 PU Box INtf7 PPBoxJS, Uluhnn Airport 

A commercial bunk owned 60% by the Saud i pubiie 
and 40% by The British Bank of the Middle East, 
a member of The Hongkong Bank Group. 

Head Office: PO Box 109, Jeddah. Telex 401051 SJ. 




81 


1 K 


This announcement appears as a matter of record only. 


W 

V- 


Oxford Pendaflex Corporation 

Guaranteed by 

# ESSELTE 

AKTIEBOLAG 

U.S. $65,000,000 

Seven Year Floating Rate Loan 
in connection with the acquisition of 

Dymo Industries, Inc. 


Hambros Bank Limited 


managed by 

Skandinaviska Enskilda Banken 

provided by 


Algemene Bank Nederland N.V. Chemical Bank Compagnie Financierc de la Dculsche Bank AG 

Credit Lyonnais Hambros Bank Limited PK banken 

The Royal Bank of Canada Skandinaviska Enskilda Banken Svenska Handeisbankcn 


Agent Bank 

Hambros Bank Limited 


June, 1978 J 




■3»a Ft 


* 








A 






■V \ T ~ •" 


'.SIS 


S 






* 


■X 


IV 





Take a ride on success. 
It’s a continuing story. 


I lu* onlv meaningful compliment I hat matters to us is 
continued pa>>engcr support and patronage. In ;he last 
5 years we have average*.! an annual passenger growth ot 30 
as compared lo ■ ' -achieved hv the airline mdusirv. 

A tountold iiu T ea>e m passengers : f T lz f : £ 

in 5 vears on our net u orL ot (>0 cii ie> in ^7 Ky** 


4 contmem 


Pakistan International 


Id A is grateful for your pat ronage. ( I re. it peopletof )y widi. 





a si 


Financial Times Thursday July T3 1978^*^ 


I N TER NAT 10NAL FINANC 


COMPANY NEWS 


AMERICAN NEWS 


Earnings moving higher 
at International Paper 


BY DAY1D LA5CELLES 


NEW YORK. July 12. 


Record 
quarter 
for Owens 
Illinois 


Further setback for Xerox 
as jury reverses verdicts 


Caterpilla^' ; 


makes fjl 
sharp gair 


BY OUk OWN CORRESPONDENT 


NEW YORK, July 12- 


INTERNATIONAL PAPER, the 
largest U.S. paper company, 
today reported improved figures 
for the second quarter of lfiTS. 
thanks mainly to the strength of 
demand for all its major product 
groups. 

Sales were S1.05bn, up 11 per 
cent on the SMAm in the same 
period last year. Earnings were 
?69.3m (S59.1m) equivalent tn 
$1.46 per share (51.26). 


Mr. J. Stanford Smith, chair- 
man and chief executive officer. 


said that the strength of cus- 
tomers’ orders registered in the 
first quarter continued into the 
second. Wood products opera- 
tions reached record levels due to 
the rise in housing starts, and the 
company's North American news- 
print operations ran at full 
capacity. 

in packaging products, ship- 
ments reached record levels, but 
earnings continued lo be affec- 
ted by low overall prices, wblcb 
are still below last year’s levels. 

Mr. Smith also pointed to the 


encouraging reduction in world 
pulp inventories, which was 
adding strength to the pulp mar- 
ket. Stocks had fallen by l-3m 
tons from last year's peak of 
2.9in tons, he said. 

The company noted that results 
for the quarter included foreign 
currency translation losses of 
82.4m. compared to .Sl.tim last 
year. During the quarter. IP 
"redeemed a Swiss Franc bond 
issue ahead of time to reduce 
ils exposure to foreign exchange 
fluctuations. 


Good first half for NCR 


TOLEDO, July 12. 
SALES and earnings for 
Owens-Illinois, the containers 
group, were a record in the 
second quarter and the highest 
for any quarter in the com- 
pany’s history, Mr. Edwin D. 
Dodd, chairman and chief 
executive, said today. 

He declined to give specific 
results but said net income was 
“ comfortably " ahead of the 
932.7m, or 91.12 a share earned 
in the corresponding quarter 
last year. 

Sales lopped the previous 
high set Jo the 1977 third 
quarter of S726.ini. A year ago, 
second quarter sales were 

SBST.Sm. 


NCR CORPORATION announced 
net earnings from continuing 
operations for the second 
quarter of SI.41 a share against 
SI previously. Total net from 
continuing operations Increased 
io 939.9m from S27.Sin. Opera- 
tions nf units since discontinued 
produced income of S7.8m or 
28 cents a share compared with 
56.1m or 20 cents previously. 


In the latest quarter there 
was a gain on the sale oF the 
Appleton Paper division oF 
8110.5m or $3.78 a share. 

Net income totalled §15S.2m 
or $s.46 a share compared with 
£33,9m nr SI .20. Revenue of 
S679.7m compared with S627.8m. 

Net earnings from continuing 
operations for the first six 
months . jumped to $56.Sm or 


EUROBONDS 

Dollar issue by Penney 


BY MARY CAMPBELL 

IN OTHERWISE quiet market 
conditions, a rare example of a 
straight dollar bond by a U.S. 
company was announced yester- 
day. It is SlOOm Tor J. C. 
Penney for five years (bullet). 
Managed hy First Boston 
t Europe), it offers an indicated 
coupon of S‘. per cent and an 
indicated offering price of par. 

•T. C. Penney, one of the lar- 
gest general merchandise re- 
tailors. is rated double-A by 


Standard and Poors and sinqle-A 
hy Moody's on its U.S. debt. 

Also announced yesterday was 
a now floating rate note Issue. 
S35m For six years For Banquc 
Exlerieure d'Alaeric. The issue, 
also managed "by First Boston 
(Europe), offers a margin over 
LIBOR of three-quarters nf a 
point with a minimum rale of 
82 ner cent. 

The REA issue has h**en under- 
wri iten hy the managers. 


$2.03 from 838.2m or S1.4Q in 
the comparable period. Opera- 
tions of units since discontinued 
produced net income of S13.8in 
or 4S cents, against Sll.Sm or 
40 cents. 

In the latest six months, gain 
nn sale of assets was S110.5m 
or S3.78 a share. 

Net income of SlSl.lm or $6.29 
compared with S50m or $1.80. 
Revenue oF $1.24bn compared 
with $1.14hn. 

Incoming equipment orders in 
the second quarter were out- 
standing, reporting substantial 
gains over last year's compar- 
able period in. the U.S. and all 
principal markets abroad. All 
major product lines contributed 
to the gain. 

Mr. William 5. Anderson, the 
chairman, said the data process- 
ing industry continues to experi- 
ence strong demand for its 
products and services and that 
NCR is benefiting from the 
impact of major new products 
and the continuing expansion of 
ils marketing organisation. 
AP-D.1 


Harris Bankcorp 


Final net income of Harris 
Bankcorp for the second 
quarter was 57 ,7m, or Sl.U a 
share, after securities gains of 
$1,000. In 1977, second quarter 
income was 57.2m. or $L12 a 
share, after securities losses or 
$112,000, AP-DJ reports from 
Chicago. Half-year income was 
$13 Jm or SL98 a share, against 
$ 13.5m or $2.12 a share, after 
a securities loss of 51m. against 
overall gains in 1977 of $8,000. 


IN A further setback for Xerox, 
the jury In the marathon anti- 
trust case pursued by SCM has 
reversed two earlier verdicts and 
greatly increased the copier 
maker’s apparent liability for 
damages. 

After returning a series of 
verdicts on Monday which 
indicated that Xerox had main- 
tained an illegal monopoly of 
the plain paper eopier market 
but did not wholly supoort the 
claim by SCM. a manufacturer 
of office equipment, that had 
been illegally excluded from the 
market by Xerox, the jury yes- 
terday effectively reversed, the 
second of these verdicts. 

After being told by the Judge 
that the two verdicts seemed to 
be contradictory, the jury recon- 
sidered and decided that SCM 


had, after all, been illegally 
excluded from the market. This 
reversal means that one of SCM's 
principal complaints has been 
upheld, namely that when it 
tried to enter the plain paper 
copier market in the 196Q's, it 
was refused access to the neces- 
sary technology by Xerox which 
had bought up most of the 
relevant patents in order to block 
competition. 

Xerox continued to refuse com- 
ment on the case, but SCM stated 
afterwards, “ we are pleased that 
the Jury's verdict sustained our 
basic claim that Xerox violated 
the monopoly and anti-trust 
Jaws.’* 

However, the verdicts, of which 
there are nearly 50 affecting 
detailed aspects of the case, have 
not all gone SCM’s way. The 


plaintiff’s biggest setback was the 
finding that it was not ready to 
enter the plain paper copter 
market in 1064. as It claims it 
was. This means that SCM will 
be unable to claim damages from 
that date. But the jury did find 
that it was damaged in 19b9. 

The jury has now been excused 
until July 19 when hearings on 
damages are to begin. When 
these verdicts are returned, the 
Judge will assess the exact 
extent of liability- and damages. 
According lo lawyers observing 
the case, the changed verdicts 
could raise SCM’s damages lo 
some $225m. which could in turn 
be tripled as provided by U.S. 
anti-trust laws. SCM’s initial 
claim was for damages of S1.52bn 
based on business it alleged it 
had lost since 1964. 


NEW YORK. Jul; 
CATERPILLAR TRACTOl 
world’s biggest munufaeiu 
earthmoving equipment, h 
a record second quarter 
net earnings totalling ?I 
or $1.74 a share, against SI 
or S1.36 Tor the corrcspi 
period of 1877. Sales 
$l.S4bn against S1.45bn. 

The major machine tool 
Cincinnati MHacron had ea 
per share for the first half 
current fiscal year of $1-9 
pared with S1.21. while the 
board and glassware 
facturer Federal Paper 
mode $1.43 against $1.33 t 
same period. Light a 
manufacturer Beech .Viren 
per share earnings of S2.3 
pared with $1-67 for the fir 
months. 

Agencies 


AVCO AFTER THE REORGANISATION 


Economic outlook casts a shadow 


BY STEWART FLEMING IN NEW YORK 


Tenneco dividend 


TENNECO, the oiL chemicals 
and packaging combine, will 
return to its former practice 
of reviewing dividend policy 
In the fourth quarter Instead 
of the third quarter, Reuter 
reports from Houston. The 
possibility of a dividend 
increase will therefore be 
discussed at the October board 
meeting. Meanwhile, Tenneco 
now declares an unchanged 
regular dividend of 50 cents a 
share for the (bird q warier. 


U.S. QUARTERLIES 


AKZONA 


DOW JONES 


GANNETT CORP. 


Second Quarter 


Revenue 

Net profits .... 
N>t n?r share. 

Six Months 

Revenue 

Net profits .... 
Net per share. 


1171 

s 

2116m 

I.Sm 

0.39 


1177 

S 

209.6m 


Second Quarter 

1178 

s 

1177 

5 

Revenue 

3SS.2m 

SO.Om 

Net profits 

11.1 in 

9.8m 


Socond Quarter 


1178 

S 

172.3m 


1177 

S 

140.4m 


Socond quarter ' 1978 
s 

Revenue 1.6bn 

Net profits 78.3m 

Net ppr share... 1.02 

Six Months 

Revenue 3.1 bn 

Net profits 133.2m 

Net per share... 1.74 


43S.lm 

12.0m 

0.97 


CBS INC. 


Net per chare -. 0.72 

15.6m she Mooihs^. 

9.1m Revenue^. 167 .Oin 

0.73 Net profits 20.3m 

- Net per share... L32 


Six Months 

153.0m Revenue 320.7m 

lS.Bni Net profits 37.7m 

1-20 Net per share... 1.41 


2.Sbn 

US.6m 

1.55 


WHIRLPOOL CORP. 


Second Quarter 


Revenue 

Net profils .— 
Net n«r share. 

Six Months 

Revenue 

Net profils • .. 
Not per share. 


1*77 

665.5m 
54.9m i 


FIRST NAT. BOSTON 


! GT. WESTERN FIN. 


Second Quarter 


Second Quarter 


1.95 Net Rrufils 15 4m 

Net per share...- 1.25 

1.3bn Six Month* 

87.9m Net profits 29.7m 

3.1! Net per share... 2.42 


9.9m Net profits 22.1 in 

0-S1 Nci n-'r share... 1.48 

Six Months 

19.3m Net profits 43.0m 

1.59 Net per share... 2.8S 


Second Quarter 11T) 

S 

Revenue 619.1m 

Net profils 34.4m 

Not o or share... . 0.95 

Six Mouths 

Revenue l.lbn 

Net profits 59.6m 

Net per share .. -..1.65 


1177 

s 

507.6m 

27.7m 

0.76 


94822m 
52.5m 
- 1.45 


FOUR YEARS ago Avco Cor- 
poration. which is to supply 
engines for the new British aero- 
space HS-146 feeder-liner jet, was 
in deep trouble. What in retro- 
spect proved to be a wild 
diversification spree during the 
conglomerate mania oF the late 
1980s had saddled Avco with 
operating and financial problems 
which bad investors in the com- 
pany’s stock in despair. 

Today the company is once 
again paying its shareholders 
dividends — they were stopped in 
1970 and resumed at the begin- 
ning of this year— and, since 
1974 when it reported a S27.4m 
lass, its profits have soared. 

In the fiscal year to November. 
1977. . the company earned 
8116.6m. equal to $4227 a share 
fully diluted, on sales revenues 
of Sl.Sbn. This year analysts are 
forecasting a sharp rise in earn- 
ings to 34.90 per share. 

The company’s ■ problems in 
the first half of the decade had 
Us roots in a spending spree 
which took an already diversified 
company with interests ranging 
from farm equipment and aero- 
space (particularly aircraft 
engines) to consumer finance, 
into an even broader spread of 
operations. 

In 1967 Avco moved into 
accident health and life insur- 
ance with the acquisition -of PauJ.- 


Revere Corporation, a Massa- 
chussetts-based company. It 
also got <- caught- up in the 
property development field, 
Californian housing real estate 
in particular, through Avco 
Community Developers, and 
even film production with the 
purchase of Mr. Joseph E. 
Levine ’5 Embassy Pictures. 

The spending spree saddled it 
with long-term debt — 8596m In 
the 1974 accounts compared with 
shareholders equity of S453m — 
which proved a heavy burden as 
the economy went into recession 
in 1974. The credit crunch and 
stock market collapse at that 
time also made its mark on the 
company's operations, particu- 
larly its financial businesses, 
consumer finance and insurance. 
Moreover, these cyclical prob- 
lems coincided with a weaken- 
ing of its aerospace businesses. 

The result was that most of 
Avco’s main lines of businesses 
went into decline together. The 
company found itself faring 
heavy losses and a need to re- 
structure its operations. 

In 1973 it stopped producing 
films and took a S4Sm loss on 
its cartridge television business. 
It also sold off its broadcasting 
operations, one of the more 
profitable elements in the group, 
and disposed of parts of its real 
estate assets at knock-down 
prices rather than bear*, the 


financing costs. The investments 
of the insurance companies — 
which in the 1977 balance sheet 
totalled S654in — had -to be re- 
structured to place greater 
emphasis on high yielding bonds 


AVCO’S SALES AND REVENUES 


Revenues Net earnings 


1977 1974 1977 1976 

Financial 

services 931J 727.5 50.4 20.5 


Avco owns one of the 
consumer finance compat 
the U.S. with close to 950 
around the country— has 
the company double the 
of this division. Profits 
life and casualty insuranc 
ness have also more 
doubled in the same peril 1 
At the same time the rr 
growth of the aerosparc 
has been reflected in tht 
ings of its Avco Lycominiflj"; 
sion which produce aircral** 1 


Products 

and 

research 6033 5453 47.9 37.4 


Motion 

pictures 

and 

land m.7 72J 


2J 1.7 9 11-1* 
lj 1T6A 913 


Total 13 13 TT6.fi 913 

* Loss 

Products and research includes air- 
craft products, commercial and ULS. 
Government, with sales totalling 
S3.3bn in 1977, and earnings of 
$3X9m. 


rather than low yielding equities 
held Tor capital appreciation. 

As the economic recovery 
gathered pace after IS75, the 
changes which had been made 
began to pay dividends. Thu 
hoom- in consumer- spending— 


sion which produce aircral** 
helicopter cngLnes for sue,,. , 
panics as Textron's Bel-*' 1 
copter business as well a. 
of the major small a. 
manufacturers such as 
Cessna and Beech aircr: 

The recovery of the com . 
profits has been reflected . 
share price which fell as 
82 in 1974 and this yes 
doubled from just over 
524 currently putting . 
shares on a prospective ea 
multiple nf around five t ;; 

Investors' caution abut.,- 
company's prospects undou ; 
reflect fears that furth-...- 
creases in interest rates -., 
coincide with a weaken i.-;- 
demand for consumer fi,,. 
There is also concern lh ... . 
casually insurance ini.. : - 

which has been enjoying 

improvement in under* 

results and profits could s 

cyclical decline again, t — 


^ j' 


THIS ANNQUfVCtMfcWr JW-7V <ViA{ 7 tR OF RECORD ONLY 


11118 announcement appears as a matter of record only 



NATIONAL IRANIAN GAS COMPANY 

[SHERKAT MELLI GAS IRAN] 



U.S. $300,000,000 
MEDIUM TERM CREDIT FACILITY 


THE 

REPUBLIC OF 
THE IVORY COAST 


hi 


GUARANTEED BY 


THE IMPERIAL GOVERNMENT OF IRAN 


U.S. $60,000,000 

MEDIUM TERM CREDIT FACILITY 


MANAGED BY 


CHASE MANHATTAN LIMITED 

LLOYDS BANK INTERNATIONAL LIMITED 
NATIONAL WESTMINSTER BANK LIMITED 
ALGEMENE BANK NEDERLAND NV 
BANK MELLI IRAN 

8ANQUE EUROPEENNE DE CREDIT [BEC] 
CANADIAN IMPERIAL BANK OF COMMERCE 
I3J INTERNATIONAL LIMITED 
THE SANWA BANK LIMITED 
THE SUMITOMO BANK LIMITED 


Managed by 


CREDIT COMMERCIAL DE FRANCE 


CHASE MANHATTAN LIMITED 


ca-maneged by 


BANQUE INTERNATIONALE POUR 
L’AFRIQUE OCODENTALE B.I.A.O. 
MIDLAND BANK LIGHTED 
STANDARD CHARTERED MERCHANT 
BANK LIMITED 


CANADIAN IMPERIAL BANK OF 
COMMERCE 

NIPPON EUROPEAN BANK S.A. 
UNION BANK OF SWITZERLAND 




funds provided by 




CO-MANAGED BY 


THE FUJI BANK, LIMITED 

BANQUE DE LASQCIETE FINANCIERE EUROPEENNE 
NMKB FINANCE CY. (CURACAO] N.V. 
THETDKAI BANK, LTD 


-FUNDS PROVIDED BY 


THE CHASE MANHATTAN BANK. N.A. 
NATIONAL WESTMINSTER BANK GROUP 
ALGEMENE BANK NEDERLAND NV 
BANQUE EUROPEENNE DE CREDIT [BEC] 

THE INDUSTRIAL BANK QF JAPAN, UMiTEO 
THE FUJI BANK. LIMITED 
THETOKAI BANK, LTD 

THE HOKKAIDO TAKUSHOKU BANK, LIMITED 
THE MITSUBISHI BANK. LIMITED 
THE MITSUI TRUST AND BANKING 
COMPANY UM1TED 
THE SAITAMA BANK, LTD- 
CREOiTO IT AUANO 
NEOERLANOSE CREDIETBANK NV 
THE BANK OF YOKOHAMA UMITEO 
CREDIT DU NORD 


LLOYDS BANK INTERNATIONAL UMITEO 
THE SUMITOMO BANK UMITEO 
BANK MELLI IRAN 

CANADIAN IMPERIAL BANK OF COMMERCE- 
THE SANWA BANK UMITEO 
NMKB FINANCE CY. [CURACAO] N.V. 

5QCIETE FINANCIERE EUROPEENNE FINANCE 
COMPANYN.V. 

THE MITSUI BANK, UMITEO 
THE NIPPON CREDIT BANK. LTD 
BANQUE NATIONALS DE PARIS 
BANQUE EUROPEENNE OETOKYO 
CREDIT SUISSE 

THE NIPPON TRUST AND BANKING CO.. LTD. 
BANQUE COMMERCIALS POUR L'EURQPE 
DU NQRD [EUROBANK] 


THE CHASE MANHATTAN BANK. NA 
BANQUE INTERNATIONALE POUR L'AFRIQUE 
OCC1DENTALE B.I.A.O. 

NIPPON EUROPEAN BANKSA. 

UNION BANK OF SWITZERLAND 
EUROPEAN AMERICAN BANKING CORPORATION 
SAUDI INTERNATIONAL BANK 

AL-QW. AL-oAUOi AL-AUtMf LIMITED 

CREDIT CHIMIQUE 
UBAF BANK UMITEO 
BANCO DO BRASIL S A. 

BANQUE INTERCONTINENTAL^ ARABE, PARIS 
BANQUE RIVAUD 

THE MITSUBISHI TRUST AND BANKING 
CORPORATION 

THE MITSUI TRUST AND BANKING 
COMPANY LIMITED 
THE TAIYO KOBE BANK UMITEO 
UBAF ARAB AMERICAN BANK 
VEREINS-UND WESTBANK INTERNATIONALE SA 


CREDIT COMMERCIAL DE FRANCE 
CANADIAN IMPERIAL BANK OF COMMERCE 
MIDLAND BANK UMITEO 
STANDARD CHARTERED BANK LIMITED 
THE BANK OF NOVA SCOTIA 
CHANNa ISLANDS LIMITED 
THE YASUDA TRUST AND BANKING 
COMPANY LIMITED 
BANQUE FRANCAISE OE CREDIT 
INTERNATIONAL LTD. 

SANK MORGAN LABOUCHERE N.V. 

BANQUE INTERNATIONALE A LUXEMBOURG SA 
1NVESTIT10NS-UN0 HANQaSHBANK AG 
LONDON BRANCH 
THE MITSUI BANK LTD 
NEOERLANOSCHE MIDDEN ST ANDSBANK NV 
THE SUMITOMO TRUSTAND BANKING 
COMPANY, UMITED 

UNION MED1TERRANEENNE DEBANQUES 


'i 


T‘,.1 . 


’ 1 „ • ; . 


THE CHASE MANHATTAN BANK, NA 


THE CHASE MANHATTAN BANK, N.A. 


39 th JUNE, IB VB 


fith June 1378 


i 







Financial Times Thursday July 13 1978 



33 


' aicfj, Profits down 
ni ^f &arply from last 
" Ulr S)fc year’s peak levels 


financial and company news 


Volvo Car 
losses 


-V-\ . 




sn 



BY GUY HAWTIN 

4DAM OPEL, the West German 
subsidiary of General Motors 
qday reported that sales last year 
'or the first time exceeded 
)M 9bn (S4.4bn). This year 
lomestic registrations came’ uo 
Uper cent Xor the first half vear 
ind exports are ahead by 3.8* per 
'rent. 

As was expected, profits for 
.977 were well below the pre- 
vious year's extraordinarily hivh 
evel— the net fell back front 
DM 795m in 1976 to DM 339 5m 
3ut the group’s executive Board 
— which is noted more for under- 
tatement rather: than exaggera- 
jon — described- the 1977 returns 
ts "overall good results." 

Some surprise has been 
•xpressed at the steepness of 
he Adam Opel profit decline— 
ifter all Opel has long been 
mown in Detroit as “the money 
machine.” However, analysts 
joint out that ■ the 1976 perfor- 
nance was exceptional even for 
be Opel management 
It is also argued here that it 
s very difficult to assess the con- 
’s gross profit Like most 
Vest German, companies that 
ihow- a -high rate of return. 
)pel, it must be assumed, takes 
■dvanlage of "all possibilities” 
o keep the tax man's slice wiih- 
□ reasonable bounds. 

Last year turnover went up 
iy 4.1 per cent to DM 9.17bn 
,$4.46bn) with the group openi- 
ng virtually flat-ouL Produc- 
ion totalled 9*25,167 vehicles — 
-.000 up on the 1976 figure 
Franchised dealers delivered 
aore than 500.000 vehicles to 
lomestic customers for the first 
ime last year, while the group's 


FRANKFURT. July 12. 

Tf« W registrations in the domes- 
market totalled 401.459 
unris compared with the pre- 
vious year's 466.276 units. Mar- 
ono share - however, fell from 
-"- per cent to 19.2 per cent. 

_ foil both in numbers 

a * a proportion of tolal 
Qf.j a - BS - The >' declined from 
*5. .994 in 1976 to 422^82 units 
last year. 

Indeed. export performance 

rediiKArf® ° f - 0,15 factors that 

reauced earnings. The group's 
fiH« aee ^ ent said ttat currency 
X^atmns h a d adversely 
A.. ea . rni,:ies from overseas 
v.*I s ' , 111 e same time, profits 
also been hit by higher 
i~.„ es ~ on income, profits and 
SST” — 10(1 hy increased 

tj, 1 ? 16 r J ana SPn]ent pointed out 
mV concern’s current 

„f,. 5,311 investment programme 
will nnt be affected by the drop 
in profits. 

firing the first six months 
? r “e cun-ent year. Opel’s sales 
in the domestic market have con- 
tinued to rise. .Domestic vehicle 
reg^trations amounted to more, 
I.. a P units compared! 

with _<s,000. The S.1 per cent 
increase took place at a time 
when total market registrations 
were up by only 3.1 per cent, 
the srouo nuts its car market 
share at 20.2 per cent — a per-i 
centage point higher than at the I 
half way mark in 1976. 

Exports deliveries this year 
increased hy 3.8 per cent to 
229.000 units. At the same time 
higher market shares were re- 
ported in most European 
countries 


Rights by Deutsche Bank 

BY OUR OWN CORRESPONDENT FRANKFURT. July 12. 


DEUTSCHE BANK, the largest 
ommercial bank in West Ger- 
many, is raising DM 320m 
3156m) by way of a rights issue. 

Terms are one for 12 at DM 200 
er share, and the proceeds 
mount to just under 6 per cent 
f the bank's stock market 
apitalisation. The offer rep re- 
nts a discount of a third on 
might's dosing price of 
M 304.4. 

= According to the bank’s execu- 
te Board, which received the 
tpervisory Board's go-ahead for 
ie rights issue yesterday, the 
fer will involve the creation of 
5m new DM 50 shares. They 
ill carry dividend rights for the 
sole of the I97S business year. 


Today’s statement pointed out 
that the rights issue will require 
□o increase in authorised capital 
as a DM 200m nominal increase 
was approved by shareholders at 
the 1977 annual meeting. Some 
DM 60m nominal of this was 
taken up with the capital increase 
of October last year and the 
coming DM 80m nominal issue 
will still leave some DM 60m 
nominal to be taken up. 

The capital raising will bring 
the bank's nominal capital up to 
DM 1.04bn. This spread among 
some 200.000 shareholders. 

The hank, whose operations 
extend through 45 countries, had 
a balance sheet total of 
DM 7S.6bn at the end of 1977. 


worse than 
expected 

By Charles Batchelor 

AMSTERDAM, July 12. 
VOLVO CAR, the Dutch sub- 
sidiary of Che Swedish car 
maker, made a higher loss in 
1977 than was foressen when a 
rescue package of nearly 
F! 200m (S90m) was announced 
in January. The company pro- 
duced only 544100 cars a 1 Its 
plant in Born, in south-east 
Holland, nearly 20,000 less 
than was at first expected. 

Volvo Car made its worst- 
ever loss of FI 125.5m in 1977 
—compared with a loss of 
FI 119.5m which formed the 
basis of the rescue operation 
staged by the Dutch Govern- 
ment and the parent company, 
Volvo. This loss was almost 
equal to (be accumulated 
losses of the preceding three 
years, which totalled FJ 131m. 
This means that tbe Dutch 
stale's Interest-free loan of 
FI 98.3m wilt he increased by 
several million guilders. 

Tbe sharp worsening of the 
company's result — losses had 
been declining between 1974-76 
— was dne to sales difficulties 
with its three models, the 
Volvo 46. 66 and 343. The. 
newly-developed 343 also faced 
production problems. 

Volvo car's sales fell to 
FI 723m (S327m) from FI S32m 
in 1976. The workforce was 
400 lower at 5,900. Tbe com- 
pany, which since January has 
been owned 55 per cent by 
AB Volvo and 45 per cent by 
the Dutch slate, did not intend 
(o publish accounts for 1977 
but details leaked out to the 
Dutch Press. Tbe company’s 
results will in future be con- 
solidated in those of Volvo. 

The company had its most 
difficult year in 1977, Volvo 
car said. However, a good level 
of sales is now being achieved 
in the main European markets 
and the company is confident 
for the future. 

The form of the Volvo Car 
rescue operation has been 
criticised In Parliament, with 
some WPs saying that Holland 
could have got more in return 
for I** pan in tbe operation, 
including a share in the parent 
conmany. Holland is still 
studying ihe imnlications of 
I he nlanned sate of 40 ner cent 
of the Swedish company to 
Norway. 

However. Ihe Dutch unions 
said earlier this week Ihat they 
were satisfied with the t«*rms 
of the agreement, which 
guarantees that Volvo will not 
develop or produce another 
car in the 343 class outside 
Holland 


EUROCURRENCY MARGINS 


Counting the cost of lending 


FOR OVER a year now, the 
margin of profit made by banks 
on their international lending 
bas been under pressure. The 
average spread on loans to coun- 
tries has fallen in that period 
from 12 per cent to less than 
1 per cent over the cost of funds 
in the interbank market In the 
case of some borrowers, notably 
French State enterprises, this 
spread has now fallen to § per 
cent. 

It is a borrowers’ market, bred 
of sluggish loan demand In tbe 
industrial economies. It was 
only recently that the New York 
banks began to sense rising loan 
business back in the U.S. They 
have already cut back noticeably 
on their Eurocurrency loans. But 
European and Japanese banks 
have continued to push hard for 
international business. They 
have been building up their in- 
ternational operations and the 
asset growth to match them. 

At what spread does the 
profit in the lending business 
become inadequate? This is a 
question which is so important, 
and at the same time so 
irrelevant, that many bankers 
only answer it with a chuckle. 
It is Irrelevant because loans are 
a commodity whose price is in 
.the grip of market forces. Banks 
'feel they must take the rough 
with the smooth — lose now. 
keep their clients, and profit 
later. It is irrelevant because a 
loan is only one part of a "total 
relationship." Yet the question 
is important because in the end 
— one way or another — its 
answer is inescapable. 

1 Public discussion of spreads 
very seldom stoops as low as the 
underlying figures. The greater 
part of such talk is aimed at 
having a small psychological 
impact on the market As 


spreads falL hankers continue to 
say tbat they are losing interest 
in- the game — and continue to 
play it Some stick their necks 
out saying "one per cent and 
no lower." and endure a brief 
period of subsequent ridicule. 
Others talk hopefully of "signs 
that market resistance is 
developing.” 

Occasionally a banker will 
state flatly that spreads no longer 
provide adequate - compensation 
For risk, but if he has not done 
tbe underlying sums he is 
unusual. 

The interest on a loan should 
equal the cost to the bank of 
the funds, plus the rather higher 
cost of the capital element in 
the loan, plus the cost of the 
loan risk, plus the cost of the 
manpower needed to arrange 
and monitor the loan, minus the 
front-end fee (annualised over 
the tifd of the loan). Each of 
the elements in this basic equa- 
tion provides food for lengthy 
argument. 

Starting point 

0 the COST OF FUNDS. The 
London Interbank Offered Rate 
(LIBOR) must be tbe starting 
point here because it is the mar- 
ginal- cost of funds for the 
banking business. If the inter- 
bank - market is reasonably 
efficient, LIBOR should partly 
reflect the aocoss of some banks 
to cheaper money (be it from 
the Gulf or from customers in 
California). Banks are able to 
iower the cost of their funds 
through maturity transforma- 
tion (borrowing and lending in 
different timescales). But this 
is a game on its own. providing 
losses for some and rewards for 
others. It should play no part 


BY NICHOLAS COLCHESTER 

in loan pricing. Since LIBOR 
is an offered rate— the top end 
of a spread— tbe average mar- 
ginal cost of funds to banks will 
be at least 1/16 per cent lower. 

• THE COST OF CAPITAL. 
Central bank eyebrows tend to 
rise if tbe ratio of a bank’s 
earning assets to capita) goes 
much above 20 to one. There 
are plenty of banks operating 
at much higher ratios but It Is 
probably fair to assume that 
between 4 and 5 per cent of 
any loan must be funded out 
of capital. The return on this 
capital element must, for a U.S. 
bank, be at least 12 per cent 
after tax If its share price Is 
to stay with the paefe. At current 
tax rates for U.S. banks, this 
implies a pre-tax return of a 
minimum of 16 per cent. Most 
bankers would demand consider- 
ably more — and this has a big 
impact on the acceptable spread 
on loans. 

• THE COST OF RISK. Bank 
of America, which likes to estab- 
lish exactly what profit or loss 
each loan is generating, has an 
elaborate system for apportion- 
ing the cost of risk to each. The 
risk-cost for any borrower is 
worked out from a set or tables. 
The total of such charges in 
anv year will dictate the loan- 
loss provisions in the year-end 
accounts. The tables are con- 
tinuously revised in light of the 
actual losses experienced. Bank 
of America’s tables remain its 
own secret. But Henry Wallich, 
of the U.S. Federal Reserve, 
suggested in May that the recent 
losses on foreign loans had 
averaged one-third oF I per cent 
of the total. This suggests an 
approximate risk-cost for inter- 
national lending. 

• THE COST OF MANPOWER. 
This is difficult to quantify — not 


least because salaried staff are a 
fixed, not variable, charge. Bank 
of America resorts to another set 
of tables based on experience. Its 
executives suggest that the 
average cost of making a loan is 
about 0.05 per cent of the total. 

Pill-sweetener 

• THE FRONT END FEE. This 
is the traditional pill-sweetener 
in the lending business, but as 
the loan market has swung 
further in favour of the 
borrower, the front-end fee has 
come down with spreads- The 
current average is about i per 
cent which, spread over the life 
of an eight-year loan, represents 
an extra 0.1 per cent of spread 
The picture is complicated by the 
fact tbat this fee is traditionally 
divided unequally between tbe 
lead banks and other members 
of the loan syndicate. But with 
the decline in spreads, it has 
become increasingly difficult to 
practice such disenmi nation. Tbe 
tendency these days is for all big 
participants to be regarded as 
co-managers. 

Filled out with these assump- 
tions. and with the current six- 
month LIBOR rate of 9 per cent, 
the equation of costs and 
revenues suggests that current 
spreads ore right in the area 
where resistance should logically 
build up. To get a thin 16 per 
cent pre-tax return on capital on 
an average overseas loan, a 
typical U.S. bank needs a loan 
spread of 0.55 per cent. Tf the 
required return is raised to 20 
per cent, the necessary spread 
rises to 0.75 per cent. 

On the other hand, if tbn 
eaming-asset/capital ratio is 
stretched out to a continental 


35 to 1 the spread needed for a 
16 per cent return drops to 0.4 
per cent. These variations show 
how widely the acceptable spread 

moves with changes in the 

capital element of a loan. The 
calculation ignores ibe currency 
and tax risks faced by European 
banks. 

Logically, today’s spreads 
should be at the sticking point, 
but how logical can an inter- 
national banker he? A slippery 
argument leads him downwards 
into trouble. First there is the 
notion of 14 account profitability 
it is alright to make a loss on a 
loan provided a net profit results 
from ail the other fees and 
deposits won from tbe borrower. 
The next fall-back position is 
that an account should provide 
a profit over time: the account 
may be a loser now, but it is 
worth keeping for the future. 

Two other considerations urge 
the banker down this path. “A 
successful bank must show an 
expanding balance sheet,” and 
“no self-respecung banker can 
refuse to make loans at what is 
clearly the going rate." 

If those arguments have the 
upper hand — and many bankers 
suspect that they do — the 
equation of risk and reward 
remains little more than a 
curiosity. One of two events is 
then required to halt the slide 
in spreads. The painless solution 
is that industrial loan demand 
in the West picks up and the 
bankers drift happily into 
greener pastures. Tbe alterna- 
tive is some rude shock — the 
failure of a bank or the default 
of a borrower. It is with depress- 
ing frequency nowadays that 
international bankers confide 
that " what . we need is another 
Herstatt " to bring the lean times 
to an end. 


Challenge for Pakhoed 

BY OUR OWN CORRESPONDENT AMSTERDAM. July 12. 


AN INDEPENDENT Dutch 
pressure group is challenging the 
1977 accounts of the storage, 
transport and property concern, 
Pakhoed Holding. The challenge 
comes from the Foundation for 
the Investigation of Business 
Information (SOBI). and a pre- 
liminary hearing will be held 
before the business chamber of 
the Amsterdam district court 
tomorrow. 

SOBI said that Pakhoed has 
overvalued its 15 per cent hold- 
ing in the Dutch shipping group 
Van Orameren by FI 22m (SlOrai. 
Pakhoed bas also incorrectly 
counted a tax credit of FI 13m 
towards shareholders’ equity, it 
claimed. 

SOBi also called for more 


THI5ANNOUNCB/BVTAPF€ARB AS AfMTTEROF RS3CWO CMY 





ABDULMOHSEN ABDULAZIZ AL-BABTAIN 

COMPANY 


KUWAIT DINARS 14.000.000 
TERM CREDIT FACILITY 


JOINT LEAD - MANAGED BY 

THE NATIONAL BANK OF KUWAIT S.A.K. CHASE MANHATTAN UMITED 

CD-MANAGED BY 

ALGEMENE BANK NEDERLAND N.V. AMERICAN EXPRESS MIDDLE EAST 

THE COMMERCIAL BANK OF KUWAIT S. A.K. DEVELOPMENT COMPANY SLA.L 

THE COMMERCIAL |NTERNAT 10NAL INVESTMENT CO. S.A.K. 


THE CHASE MANHATTAN BANK, N-A. 
AMERICAN EXPRESS INTERNATIONAL 
BANKING CORPORATION 
KUWAIT INTERNATIONAL INVESTMENT 
CO. SAK. 

NATIONAL BANK OF ABU DHABI 
SECURITY PACIFIC BANK 


FUNDS PROVE® BY 

THE NATIONAL BANK OF KUWAIT SAK. 
ALGEMENE BANK NEDERLAND N.V. 
THECOMMERCIAL BANK OF KUWAIT SAK. 
BANK OF AMERICA NT S.SA 
BANK OF MONTREAL 
SOCIETE GENERALE 
UNION DE BANQUES ARABES ET 
FRANCAISES - U.B.A.F, 


AGENT 


THE CHASE MANHATTAN BANK, N.A. 


30th JUNE. 1 STS 


information on the conditions 
applying to loans generally. It 
said the accounts should list 
separately the results of 
Pakhoed’s crude oil storage 
business since this is of funda- 
mental importance for the com- 
pany’s continued existence. 

It also asked for the inclusion 
of liabilities for the oil terminal 
on the Maasvlukte near Rotter- 
dam in the accounts. 

Pakhoed reported a sharp 
decline in net profit in 1977 to 
F! 3.9m (Sl.Srai from FI .4Sra. 
Sales fell by FI 44m to FI 413m. 
Properly sales accounted for 
about half of the profit figure. 
SOBI is a pressure group set up 
in 1976 

MEDIUM-TERM 

CREDITS 

Three loans 
for Brazil 

By Mary Campbell 
TWO major Brazilian loans have 
been signed so far this week, 
while a third is due for signing 
today. They are $175m for 
Itaipu Binacional, S130m for 
Miners cao Rio de Norte, and. due 
for signing today, $l50m for the 
Sao Paulo energy company 
CESP. 

Although originally announced 
only three to four months ago. 
the loans all carry high margins 
relative to current levels. This 
means that demand tended to be 
high among banks but the 
Brazilians, who can now get 
cheaper money, have not 
increased the size of any of them 
from the originally scheduled 
levels. 

Details of the Itaipu loan, 
managed by Citicorp Interna- 
tional. Cie' Financiftre de la 
Deutsche Bank, and Morgan 
Guaranty, include a margin over 
inter-bank rates of 1| per cent on 
a SlQGm 10-year tranche and' a 
margin of 2 per cent on a S75m 
12-year tranche. Tbe loan is 
guaranteed by Brazil. 

The Rio Norte loan is a 10-year 
project financing for the develop- 
ment of the Trom betas Mines in 
the Amazon. Managed by Orion, 
Irving Trust and Royal Bank of 
Canada is paying a margin of 11 
for 10 years. 

The CESP loan, managed by 
Morgan Guaranty, is paying 11 
per cent for 5100m over 10 years 
and 1J per cent for $50m over 12 
years. 


Bank denies 
Verwa link 

ZURICH, July 12. 

NEDERLANDSCHE Midden- 
standbank (Schweiz) AG said it 
is in no way financially involved 
with the West German Verwa- 
Bank and has no liabilities to it. 

It said in a statement follow- 
ing yesterday’s news of financial 
problems at tbe German bank, 
that the partnership in Verwa- 
Bank it manages in its own name 
was only assumed on a trustee 
basis on bebalf of a customer. 

It was announced yesterday 
that Germany's banking super- 
visory agency in Berlin had 
ordered Verwa’s temporary 
closure. 

Agencies 


Rheinmetall optimistic 

BY OUR OWN CORRESPONDENT FRANKFURT. July 12. 


RHEINMETALL BERLIN, which 
saw net profits slide from 
DM 9.1m to DM 5.5m last year 
but expects improved business 
in 1978, has decided to restruc- 
ture a large part of its machinery 
activities in the face of a heavy 
drop in mechanical engineering 
orders. 

Six of its subsidiaries in the 
unmoulded technology sector 
are to be brought together this 
year under one roof, the aim 
being to create a tightly 
structured unit as part of a 
strengthened mechanical en- 
gineering division. 

A glace at the 1977 balance 
sheet gives an indication of the 


difficulties that the defence con- 
tracting and mechanical 
engineering concern is facing. 
Orders at the end of 1977 stood 
at DM 1.39bn — well up on tbe 
DM 947m at the end of 1976. 

However, bookings for the 
group's defence technology pro- 
ducts accounted for DM lJ7bn 
of the total order book. This 
compares with DM 790m at the 
end of 1976. 

The group's external turnover 
in 1977 totalled DM 734m 
(5359m » against the previous 
year’s DM 711m. Of this, how- 
ever, the defence technology 
sector contributed sales of 
DM 475m compared with 1976’s 
DM 445m. 


This announcement appears as a matter of record enfy. 


June 7973 




Selection T rust Limited 
US$40,000,000 

Floating Rate 8 year Loan Facility 

arranged by 

Morgan Grenfell & Co. Limited 


provided by 

Canadian Imperial Bank of Commerce 
Lloyds Bank International Limited 
Midland Bank Limited 

Morgan Guaranty Trust Company of New York 
National Westminster Bank Group 
Morgan Grenfell & Co. Limited . 

Agent Bank: 

Morgan Grenfell & Co. Limited 


A 




These certificates have beat p la c ed, this announcement appears as a matter of record only 


JULY 1978 



U.S.g 25,000,000 

The Industrial Bank of Japan, Limited 

London 

Floating Rate Certificates of Deposit 

Managed by 

IBJ International Limited 

Agent Bank 

Credit Suisse White Weld limited 


i 






INTL. FINANCIAL AND COMPANY NEWS 


Sumitomo 

Bank 

merger 

opposed 


World Bank record issue 
of yen-denominated bonds 


BY ROBERT WOOD 


TOKYO, July 12. 


the Tokyo market. Y50bn last 

Deuciiiber. 

The new issue will carry a 
coupon of 6.5 per cent for a 
term of 15 years. It will be 
offered at par, on July *28. 


BY MICHAEL TINGAY 


By Our Financial Staff 
THE MERGER of Sumitomo 
Bank and Kansai Sogo Bank is to 
go ahead if Kansai Sogo 
employees withdraw their oppo- 
sition w the plan. Sumitomo has 
announced, it was reported last 
week that merger talks between 
the two banks had been taking 
place. 

Sumitomo is the third largest 
of the Japanese City banks, while 
Kansai Sogo is a medium-sized 
mutual savings bank, based in 

Osaka. 

The merger— unusual in being 
hetween different kinds of banks, 
and the first involving a City 
hank since 196S — would create 
the second largest bank in Japan 
in terms of deposits after Dai- 
li.-hi Kaogyo Bank. The com- 
bined deposits of the two hanks 
would be YS.3 trillion (million 
million) equivalent to some 
SJAhn. against Dai-Ichi Kangyo's 
YJMIm. 

Kansai Sogo Bank said that 
it decided at its Board meeting 
late last month to seek a merger 
with Sumitomo by April 1. next 
year, blit thal its labour union 
raised opposition to the move, (t 
is trying to persuade the union 
to support the plan. 

Kansai sees the merger with 
Sumitomo — its largest share- 
holder — as a way of meeting the 
impact of the business slump in 
.la pan. 

.Vergers and business tie-ups 
between banking institutions 
have been encouraged by the 
Ministry of Finance. 

Mitsui Sugar 
capital cut 

TOKYO. July 12. 

SHARES IN Mitsui Sugar Com- 
pany arc to be suspended for a 
wee); from July 25 an the Tokyo 
and Osaka stock exchanges, fol- 
lowing the company's decision to 
reduce its capital by 60 per ccnL 

Mitsui Sugar said that it has 
decided to reduce its capital to 
Yl.&Jhn, from Ihe present 
Y:’..3lm. as the result of a busi- 
ness slump. 

The step has been decided to 
prevent possible sharp fluctua- 
tions in the share price. Trading 
is expected to resume from 
August 1 after the capital roduc- 
t •• • * n is completed. 

Reuter 

Chikuma Shobo 

Chikuma Shohu, a major pub- 
lishing company in Japan, has 
applied io Tokyo District Courl 
for protection under the Japanese 
corporate rehabilitation law. 
according to Kyodo News Agency. 

Debts are estimated at about 
Y5.3hn. reports AP-DJ From 
Tokyo. 

Chikuma Shulm is the second 
leading Japanese publishing firm 
to gu bankrupt in less than four 
years. Sanseidn collapsed in 
November. 1974, with debts of 
ahout Y5.3bn. 

Japanese bond holdings 

Sonic 215 Japanese companies 
held bonds worth Y33.40 trillion 
(million million t. or $164bn. as 
interments of surplus funds at 
L-nd-March. or I7.S per cent more 
than a year earlier, arcurding to 
a survey by the financial daily, 

Nihon Keizai. 

Bonds worth Y1.71 trillion were 

held in Gen-Saki Trading — a mar- , • 

kel r«.p short- term trading in i controls over costs and improved 
bonds under repurchase con- 1 efficiencies achieved from capital 
tracK. This represents an in - 1 expenditure. However, they 
crease of 32.9 per cent, Reuter 


THE World Bank is to issue generally continued to fall bank have recently said that they 
yen-denominated bonds here recently, demand for long-term would avoid U.S. dollar lending 
worth Y75bn (S375m)— 50 per bonds denominated in yen has this year because of hi?h interest 
cent more than the largest pre- turned sluggish. Many investors rates in the American niarkeL 
viotjs issue of yen-denominated have begun to expect a signifi- The yen ranked fourth as a 
bonds by any borrower except cant economic upturn by the end World Bank lending currency at 

for the Japanese Government, of the year, which would push the end of March this year, with 
The previous record was set by up interest rates, and foreigners the equivalent of $2.3bn_oul- 
the Bank’s last borrowing in have become less anxious to buy standing, compared with SS.Sbn 

yen bonds as the yen has in Deutsche Marks, $5.2bn in 
approached 200 to the dollar. U.S. dollars, and $2.7bo in Swiss 
This spring, as the yen was cross- francs. The bank also lends in 
ing the 230 rate, foreigners nearly a dozen other currencies, 
accounted for as much as 60 per Nomura Securities. Japans 
cent of the purchases of yen- largest brokerage house, is lead 
The interest rate Is 0.2 per denominated bonds. manager for the issue. Japans 

cent to OJi per cent higher than The World Bank will use the other three top securities dealers 
comparable bond issues in the monev from this issue for on- arc co-managers, and -S other 
April-Jnne quarter. Although leading in yen, so it faces little companies are participating m 
short-terra interest rates have exchange risk. Officials of the the underwriting syndicate. 

Gain at Chase National Egypt 


CAIRO. July 12. 


CHASE NATIONAL Bank of with total loans increasing from than 25 per cent to almost 40 per 
Egypt. the joint venture E£14.1m to E£34.Qm. cent. Despite the rise in loans, 

hetween Chase Manhattan and Chase National Bank was the foreign bankers are still can- 
the National Bank of Egypt, first of the foreign and joint scious of the absence of good 
raised its operating profits by veoture banks to open in Egypt lending opportunities. They cite 
over 90 per cent in 1977 to after President Sadat began his the absence so far of muiti- 
E£2.Sm iS3.9m). after allowing “open door” economic policy. It national companies in Egypt and 
for Egypt's 1976 banking year and all the other foreign banks the small scale of the private 
having "covered 15 months. ’ with operations in Egypt have so sector as the principle reasons 
^ _ far been making substantial fortius. 

The declared profits compare profits though Chase National is Chase National now employs 
10 bv far the bigqest monev maker, more than 200 people in its four 

1976. Total . assets rose sub- Eubank, which is probably the branches (two in Cairo, one in 
stantially ^urrag the period next in line. does not declare its Port Said and one recently 
the balante sheet portion show- profitg since it j s a foreign opened in Alexandria), 
ing Eflib-«ra (^b5.<m» in i» , braocb aS opposei j f 0 an Egyptian It has established itself as one 
compared with E£7S.9m n 1976 estab , isbed * ompan} , of tbe synJbolfi of th e “open door 

° f Thc mosl striking aspect of the policy. Although Cairo now* 
iusi.am against 1977 fi g Ureg f0r chase National appears overbanked, the sector is 

Deposits rose from E£5S.2m in is the improvement in the pro- expected to continue making sub- 
1976 to E£S7J2m last year. The portion of loans to deposits. The stantial pro fits for the immediate 
loan-deposit ratio rose sharply — loan-deposit ratio rose from less future- 

Singapore eases offshore bank rules 


BY H. F. LEE 


SINGAPORE. July 12. 


DOMESTIC BANKING in Singa- face an additional problem in the of SSI each at SS1.50 per share 
pore has been given a more availability of local funds, lack- was more than 27 times oversub- 
competitive framework by a ing a deposit base, and having scribed, ’ underwriters Jardine 
Monetary Authority of Singapore to look to the inter-bank market Fleming Singapore said- 
decision to relax restrictions on for borrowings A j ap j inp Flnwiintr cn man 

offshore banks’ lending to Singa- The only limit now imposed ft the offer w^Jich otriS 
pore residents. on their lending to Singapore BD^tfons 

There arc. however, no signs residents is that the total amount tota jNn„ j 37 jg m sbar Jl valued 
that offshore banks are pushing loaned by an offshore bank must at SsSl 77m ^utS-^foom 
to take advantage of the new not exceed SSSOm (U.S.S13ni). 31 neuter reports, 

freedom, which took effect at the Previously, offshore banks in UOF js a subsidiary of the 

beginning of the month, and took Singapore could offer credit United Overseas Bank, which 

many bankers by surprise. facilities in Singapore currency currently holds 93 per cent of 

The movement of the offshore to local residents only after they UOF’s SS19.46m paid-up capital, 

banks to increase their lending had extended a terra loan of two U0F made a ^.g.^ pro fi t of 
in this field is expected to he years or more, the amount of s$569m in 1977 compared wiLh 

slow hecause their expertise lies which was in excess of SSlm. sS516m in 1976 

in other activities— dealing in The limit of S$30ra, which is 
foreign currencies and in Asian believed to be double the In its prospectus last month 

dollar market operations. They previous maximum, may be UOF said it will continue to 

are thought likely to take a extended in “ deserving cases." achieve satisfactory growth and 
cautionary line over venturing * * • * added that the 10 per cent gross 

more deeply into the domestic United Overseas Finance’s dividend paid last year will be 
market— particula rly since they (UOF) public offer of 5m shares maintained this year. *’ 

Fibre Containers profit up 38% midway 


BY JAMES FORTH 

FIBRE CONTAINERS. the 
Sydney-based packaging group, 
lifted profit by 3S per cent from 
AS59S.OOO to A$1.24m tUSSI.43m) 
in the six months to April 30 on 
sales up 6 per cent from A$26m 
to AS27.6m (USS3l.72ml. 

The directors attributed the 
improvement to internal 
economies from rationalisation. 


SYDNEY, July 12. 

already own. Reuter reports from In May Tooth purchased the 
Melbourne. combined 87.25 per cent stakes of 

Thc Courage Board agreed Courage, an Imperial Group sub- 
with the independent advice of sidiary, and Amatil. totalling 
Hill Samuel Australia that the 30.26ra of the 35.09m 50 cent par 
bid price for the loss-making Courage shares in issue for 32 
brewer is fair and reasonable. cents a share. 


Listing for General Oriental shares 


reports from Tokyn. 

The 10 largest holders of bonds 


BY ANTHONY ROWLEY 

warned that caution should be HONG KONG Stock 


HONG KONG, July 12. 
Pierson Heldring previously 

exercised with' regard to any*pr£ Exchange and the Kowloon Stock had Asian branches in Japan and 

dictions for the next six months Exchange have granted listings. Indonesia and in most major 

vii-i-e To v oi a Motor Company. ! as business in general still lacked subject to allotment, for all the money centres. 

Mitsubishi Corporaion. Nippon confidence with no sign of a lift shares which Sir James Gold- * + -*■ 

- 1 in demand. smith s quoted investment * * * 

The directors have held the vehicle here. General Oriental, state Investment House (Hong 
interim dividend at 4 cents a Plans to issue in connection Kong}, a joint merchant banking 

of Argyic venture between Hong Kong and 
and Philippine interests, was offi- 
ihree scrip issue. An annual related transactions. A total of cially opened here to-day, AP-DJ 
rate of S cents a share was fore- 93m shares is involved in the reports from Hon? Kong. 
cast by the board on the acquisition of Argyte and 86.000 Mr. Gregona Liearos. Gover- 
increased capital. The tobacco, shares in Sir James Paris-based nor 0 f t bc Central Bank oF the 
packaging, food and pastoral investment vehicle. Generate Philippines, and Mr. Michael 
group. Amatil. in which British- Occidentale. Sandberg, chairman of the Hong 

American Tobacco has a large * * * Kong and Shanghai Banking 

stake, owns 6S per cent of Fibre Pierson Heldring and Pierson, Corporation, performed the open- 
Containers. a leading Dutch merchant hank. j n g ceremony of the new com- 

* * * today officially inaugurated its paoy, jointly owned by State In- 

Courage Breweries of Australia newly opened Hong Kong office, vestment House in the Phitip- 
has recommended the proposed The local branch, which began pines and tbe Hang Kong Bank- 
36 cents a share cash bid operating in April, is managed ing group, 
by Tooth and Co. for the shares by Mr. A. A. Best, writes Ron The joint venture will engage 
in Courage Breweries it does not Richardson from Hong Kong. in investment banking. 


Steel Corporation. Hitachi. Mit- 
subishi Heavy Industries. Matsu-. - .. - , . 

-hi ta Electric Industrial Com- interim dividend at 4 cents a plans to issue tn 
pnny. Toyota Motor Sales Com- share, payable on capital with its acquisition 
panv. Sumitomo Corporation, j increased last year by a one-for- Securities (Holdings) 
Marubeni Cnrpnration. and ~ i_ 

Nissan Mol or Company. 

Indian dividends 

Onrpurale dividends in Indi3 in 
1977 wore 6.9 per cent lower 
Hi. in in J97S. according to the 
Economic Times newspaper. An 
anal) sis by the business daily's 
research bureau or 242 large 
ami medium sized companies 
showed that dividends fell to 
Its 1.771m in 1977 from Rs 1.9hn 
in Reuter repo r is from New 
Delhi. 


STRAIGHTS 

Bid 

oner 

M -hi .\u -trali.i <Uh; 

97! 

op 

,'.VEV An- n 1 : 

(»'. 

f>51 

tii iralm *ino IW- 

P"1 

9~ 

‘.uMr jluii >1 f P. ‘*»|i.- -t-j 

QT 

971 

t..ir.,l.i\s hank »‘pi IW;' 

Wi 

».■} 

lw„,i.-r n'p..- i9>r 

97 

ATI 

i .III N 1 1 . n l-.i- ji > **-'P< I 9SK 

9i: 

D35 

• r> -in Njinin.il — • pc IPW 


Bfl 

D-nmarJ' - ' 



F«'S •’p.' iw: 

9ii 

99* 

V'. P p |K IM? 


Wi 

i spi lti!'. 

Un 

an: 

r«i 9;U- 

95 

Wi 

J n,-.«..n «'pi: IWI 

r<*»i 

9T 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Bid Offer 


THE PHILIPPINE 

INVESTMENT COMP ANTS. A. 

Net Asset Value as of 
June 3fllh, 197S 
U.SJS10.65 

I.isi-.1 Mix.-momirc Stork Exchange 
Aiwni: 

R*nau>- rV-nArjln <111 Luxembourg 
Im ■-stnieni Rankers 
Manila rariflc Smirnn-s S.A. 


Spc 19M Nov. . 

Or. Lakes Pap-.r -Inc 
HanKTsk-y 9}p«.- W9J . ... 
Hydro Quebec Ope 1902 ... 

Id Slpc 1357 

ISE canadj Mpc ISrW ... 
Macmillan Blc<-ikl 9 pc 199 J 
>tas«y Fcrsuson 9}pc -91 

Viclk’im Slot 1SSS 

Midland J»l. Fin. -S' PC ‘S2 
National Coal Bd. Soc 19S7 
National Wsimnstr. 9nr 'M 
Nall. Wsunn«r. 9pe "Sfl 'B* 

Newfoundland One 1W9 

Nordic lnv Bank Siw 13SS 
Norjjes Kom. Bk. 3! pc 1992 

XorotOc S*dc IS** 

Norsk Hydro Sloe .. 

Oslo 8nc 19SS 

Puns AuTonomi*s sac 1991 
Prov. Quebec Sue W5 
Prov. SasKaicbu-n. Sloe '«> 
Bin'll riilorrurlona! 9ve 19S7 

RHM Soc 19K 

Knli-i'tlnn Trust Stoc I3S9 .. 
Shell hid. Fin. Silk IW. . 
Skand Enskilda 9pc 199! . 
SKF Sue 19S7 . 

Swmlen iKdnmi Slpe I9S7 
UntirU Blscuils Sue 19S3 ... 
Volvo Spc .Uan-ft . . . 


Bid 

OtTor 

99} 

100 

97} 

y 

too* 

101 

93 

952 

9il 

9>i} 

1"-1 

105} 

94} 

95 

95* 

991 

ItWJ 

101} 

«i 

05 


93! 

1 on 

inn: 

iu»t 

100! 


W» 

9€ 

09* 


95: 

£MJ 

95} 

m: 

fi'l 

99} 

10D1 

974 

9S 

97} 

» 

971 

0^1 

K- 

94; 

91 

91] 

901 

Oli 

«j. 


T.' 

97 : 

91: 

71: 

94i 

9:. 

!I7| 

U'i 

Sl'.f 

W 


NOTES 

Australia Tipe 19*4 

Bell Canada Ttnc 19ST . .. 
Pr. Columbia Hyd. 7;pc 'S3 
Can Pac Sloe 19W 
Uow Chemical Spe l3Sii ... 

ECS Tlpe IK 

ECS Sipe I9S9 

EEC “IPO I9« 

EEC r:pc ... 

En» Guiieli Slpc 13^4 

Coiave.rken ;Ji«. Iftft 

Kockums Spc IKY. 

Michnlin S : p. t?;r 
Momrcal frban *;pe "|9S1 
New T.runswii k Sp.: 19^ 
No* Bruns Prnv s;o.- 'iCJ 
New Zealand ^ipc i«w 
Nordic Inr. Kk. T^p, 15^ 
Norsk Hydro .Ipe IWj ... 
Xoni-ay 7 -ij.: 

nmarlo Hydro «ipe lOS;".'. 

Sneer 198S 

s Of Scot Eloe. Sloe 19S1 
S«-rden 'K'dont' 7 ?pc 19*-* 
SK.-dirh Suio Co 7Jpe IS 
T Im.-x 9loc 19-4 
T-nucco 7 lac 19SV Mar ... 
Volkswagen 7JpC 1987 


fty 

971 

9^1 

ss 

93; 

95} 

9t 

9i> 

94! 

Sill 

fl!i{ 

9?; 

!HU 

99' 

9»t 

“St 

■M} 

911 

99} 

«S 

945 

K- 

#11 

#4 


Weekly net asset value 
on July 10, 1978 

lc- a Tokyo Pacific Holdings N.V. 

U.S. $61.06 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S 544.49 

Listed on the Amsterdam Stock Exchange 

Information'. Pi»son.Heidiing iPieisanN.V.. H«nqracht 21 Ams'erdam 


VONTOBEL EUROBOND INDICES 





14J.76= 

1«J% 



PRICE INDEX 

1 1.7.78 

4.7-79 

AVERAGE YIELD 

11.7.78 

4.7.78 

DM BorMjv 

104.91 

1 06.2B 

DM Bondi 

6.491 

6.512 

H7L Bondi & NoM 

103.74 

104.90 

MFL Bonds & Noik 

7.559 

7.462 

U.S. ' Stn. Send* 

98.77 

9S.63 

UJ. S StM. Bondi 

8 952 

S.952 

Cj<*. -D ollar Bondi 

99.90 

99.SJ 

Cm. -Dollar Bondi 

9.318 

9.333 


STERLING RONDS 

Allied 3rcwcri>*< 10«pc '90 9?: 

Cm orp lOpc 19Pi 9! 

rvtiimulds 9?oc 19S8 »S} 

PCS S'-pr 94} 

EIR 9?OC 19« 

E1B S.IK' 1M7 92} 

Finance for ind. 9toc 1957 BP; 

Finance for Imf. 18uc IB38 W 

Finns lOinc 1987 

Girsrrrnrr lfoc 1SSR 91 

lOpc 10SS . 9ti 

Ran'nlP'C 19 -p<- ISSfi Ssj 

S-jan io : .pc 19« 901 

ToraiaU9iiwi9S4 S91 

DM BONDS 

Islan Dec. Bank 5 !dc 19SS 

RVPE 9:nr ISSN 97 

Canada 4Ipc 19<1 974 

P.-B Xnrxki' Id. US', .'.p.; U0 99! 

nrr.is.rhe B.iH. 4inc 13SJ ... 971 

FCS .i'pc !!M0 in; 

FIB 3! PC 1920 Di; 

Elf Aouita Inc 5! Be 19SS ... 94> 

Furatom 5*nt I9S7 9JJ 

Finland Slpc WSo 9KJ 

Foramarks 3Tnc 1090 97 

Mnsirn 6be I9S1 9S 

Vnn.vm 3:pe 954 

Sornfl' 4:pc IF®! 97 r 

Noniwy 4.‘cc 1KJ 9«i 

PT7 Unnkrn 3'crc 19S» lie 

Quebec vpe 1930 ...... #61 


OITer 

945 
9*i{ 
31! 
9* 
99 1 
9.1 » 

94! 

Sfi 

!*4I 

»«: 

91 

97! 

991 

99‘ 

97 } 

991 

98 

94 

WJ 

9.7 

94 

109 } 

ot : 

93* 

w 

99} 

#2} 

94 ! 


»} 
!W 
SO! 
95} 
97 
9.1> 
91 S 
91 
97; 
K 
#■■:• 
S9I 
91} 
9n; 


9s: 

97 ! 

ina‘ 

ftv 

3t? 

94 } 

91 ! 

nrj 

#7! 

inn} 

9'! 

P." 1 

k: 

#r* 


FLOATING RATE NOTES 

Rjuiaruukt-I 3;pc 19M ... . 

Spam Kpc 19-5 .. 

Trondh.-im j'.tw. 198s 

TV fi Power Co. 19 $? ... 

Venezuela Hoc 19SS 

World Bank 3!pc t»0 

Rank of Tokyo 19S4 SJpc ... 
RFCE IK4 3! pc 

BMP I9?3 SI )f. pc 

ROE Worm* 1993 flpc 

CCF 1993 8|pc 


CCMF 19 S 4 SU 16 PC 

Crednan«a|i 1 SSJ 8 }pc 

DQ Bank 1 WC #pc 

G 7 .B 1991 Slifrpc . 

Inti. Westmlnslcr 19 ^* 8 pc 

LlnTrifi 1983 RniiOC 

LTCB 1983 Spc 

Midland Int. FS 'S 7 SUSP'-' 

Midland Im. Fm. Sorv. '91 
Nat. Wi-mmloslr. ' 9 d 9 & 16 PC 

niffl 1993 7 !dc 

SNCF I 9 SS Sine .. 

SCaod. and Cltrrrt. 'S 4 Stt K 

Source: While Weld SeeurtllPS. 

CONVERTIBLES 

American Eipress 4 } pc '87 gl} 

,WiIand Spc 1388 93 ! 

Babcock ft Wilcox SJpc "97 
Roflrrlce Foods 4 Inc 199 ? .. 

Beatrice Foods 4 lor 1992 ... 

B^-cchant Slpe 1892 

Borden Spc 1993 

Broadway Hale 45 pc 1987 .. 

Carnation 4 pe 1997 


*r. 

93} 

93: 

9i;j 

Dfl! 

97* 

99i 

991 

1005 

99J 

SSI 

99* 

#9} 

99* 

99* 

99 

nw* 

P95 

99} 

99* 

1011! 

00! 

9»i 


iW 

905 

97 * 

97} 

9W 

991 

#9* 

1001 

981 

991 

99 : 

93! 

toni 

100a 

99! 

1008 

100 

99: 

W} 

98 ! 

IW! 

99! 

99i 


Dari 4 Jdc 19S7 $jt 

Eisiman Karlal: 4',pr 1.0^ 53 

Economic Labs 4,'pc 1HS7 73 

Firestone ape 1BSS Sfl 

Ford ipc 19s? P5 

ri-neral EIccinc Rpc 19S7 «W 

CiUcilc 4Jpc 11S7 75J 

C.mld 3p c 1997 Ilj 

Calf and Wesiem 5pc }9S4 

Karris spc 1992 1 <ji 

Kooi vucii Siu; 15S8 a; 

ICf fijpc 19T! _... ygj 

JNA Spc 1537 0i i 

locbcape SJpc 1992 jl3‘ 

ITT 4,'pc 1097 77* 

Jusco 6 dc 1902- 719j 

Kamal-oi 7 1 pc 1350 I4t 

J Ray MeDcrmoit 4! pc '37 
Matsuihiia S.pc I OSD ... . i*?} 

Mitsui 7] pc 1980 IM 

J. P. Morgan 45p«r 1937 ... 931 

Nabisco r.|pc 19* .... tonj 

Owens Illinois 4! pe 19S7 ... ill 
J. C. Penney 41 PD 191.7 ... — J 

Revlon 4J DC 1997 

Reynolds Metals 5nc 13S3 .. 

Sand ilk s‘oc 1955 .... . ins* 

Sperry Rand 4inc 1987 91} 

Arulbb 4} pc 1997 .«t; 

Tcs.icn 4;pc 1938 


Source: Kidder. Peabody Securities. 


W 

9.» 

1119 

97 

199 

w: 

99i 

77 

79! 

liv 

su 

#4} 

7PJ 

Sli 

So* 

fill 

77 

llfi} 

S7 

1S4 

PTj 

90! 

or 

11s 

79 

l-'O? 

142 

u; 

1S4 

132 

97 

105 

112 * 


S4 

Till 

M 

93 

79 


the pound spot 


Currency, Money and Gold Markets 


Dollar nervous 
ahead of summit 


The U& dollar Initially showed points. On Bank of England 
a firmer tendency in yesterday’s figures, the pounds trade- 
foreign exchange market fn weighted index improved to 62J) 
generally nervous trading. How- from 61 A having Stood at 
ever it eased later in the day as at noon and m early dealings, 
business fell away. Turnover was FRANKFURT— The dollar was 
thin ahead of the weekend fixed at DM 2.0573 compared with 
economic summit in Bonn. There dM 2.0466 on Tuesday and showed 
may have been some encourage- an improvement from earlier 
raent gained from a statement levels. There seemed to he very 
made by Mr. Taken Fukuda, the little in the way of concrete 
Japanese Prime Minister, that factors pointing towards the 
Japan would strive for greater dollar’s slight improvement with 
dollar stability at the forthcoming little activity ahead of the week- 
beven-nation conference. The end. In later trading, the 1JJS. 
market was somewhat anxious currency tended to ease slightly 
and seemed to be looking for a t DM 2.0562 near the close, down 
some positive stance from the U-5. from its high for the day of 
and this uncertainty tended to DM 2.0590. Against 22 other Cur- 
deter most people from taking rcncies, the mark’s trade weighted 
positions. revaluation index eased to 145.7 

Using Morgan Guaranty figures from 146.0, up 9J. per cent from 
at noon in .Yew York, the dollar’s the end of 1976 and up 0.9 per 

cent from the end of 1977. 

The Belgian franc continued to 
improve, dosing at DM 6353 per 
100 Belgian francs, while the 
Danish kroner was also firmer at 
DM 36.64 per DKr 100, up from 
Tuesday’s level of DM 8657 uer 
DKr 100. . 

PARIS— The dollar closed below 
its best levels for the day at 
FFr 4.4060 having touched 
FFr 4.4760 at one point. Condi- 
tions were dull with little to 
influence trading. The franc 
showed littie change against most 
other currencies although sterling 
rase to FFr S.4170 against 
FFr 8.SS35 on Tuesday. 

ZURICH— Trading was slack 
and the dollar eased in quiet trad- 
ing with little interest heing 
shown ahead of the Bonn summit. 

trade weighted average deprecia- J? i , d ; r r^. n )i n ^ c.Jpv 1 * swnolnS 
tion narrowed slightly to T.i per SwFr 1.81o4 from SwEYLpW and 
cent from 7.S per cent. DM 2.0a38i against DM 2.0568. 

Against the West German mark. There did not appear to be any 
the dollar improved to DM2.0565 Central Bank intervention in this 
from DM2.0490, while the Swiss early trading session, 
franc also lost in dollar terms to AMSTERDAM— The dollar was 

SwFrl.8192 J against SwFrl.S127i slightly firmer at the fixing at 
previously. FJ 2.2185 from FI 22080 on Tues- 

Tfaere was a fairlv good demand day. and continued to improve in 
for sterling in the light of a later trading to F! 23215. 
generally favourable economic MILAN— -After the offiriai fixing 
outlook. The market was also of L849.45 the dollar eased slightly 
affected by the possibility of a during the afternoon to LS48JI0. 
new oil find in the North Sea TOKYO— In moderately active 
although there appeared to be trading, the dollar improved to 
strong attempts to play downmv Y202.975 from Y201.475 at Tues- 
alleged discovery. day’s close. Most of the dollar’s 

Sterling opened at S1.8S45-1.8855 strength arose from a report stat- 
in terms of the dollar and eased ing that Japan's half-yearly 
on initial dollar strength to imports to the end of June had 
S1.S765-LS775. However, positions shown an increase of S.I per cent 
were reversed during the after- over the previous year. Trading in 
noon and the pound touched a the spot market amounted to 
best love! of S1.8S60-1.SS70 before $473m and combined forward and 
dosing slightly off the top at swap trading accounted for 
8L8850-1.8S60. a rise of just 10 S617m. 



Jutyl 3 


G\S. $ 
Cuwuliin g| 
Guilder 
Jtalgiab Fr. 
Dauiih Kr. 
D-Mark 
Port. Esc. 
Spaa. Fa. 
Un 

Snagn. Kr 
Prem.Ji Fr. 
dtrcdinfaKr.l 
Yes I 
Austria Sdil 
Su-lu Fr. 


B*T 5 | 

ntnj 

% 


Day'# 

Spnort 


7l4*IJ7fiS-1.887B 


8IclZ.108M.1176 2.1 18M.UW 
4.1S-4.194 J-1B-4.19 

Si- 60.7S61.15 61.00-61.10 

8~ l0.E3-10.69a UU8-10.BS 

t 3.8Si^as 

18 8B.SMfi^a 86.96-86.56 
B 145.95- 148.30 14B4B-146.10 
111- 1^38-1.602 1^-1.6004 

7 < 10.14-10.26 UL1W- ID. 19b 
91a 8.37^-8.435 8.41i4.4&J 

7 ! BSS^JS 9&7i4.f*i 

al s < 378-288 8625-3844 

4'; | 27.85-98.00 27.904».M 

1 • 3.41-3.44 3.4Si4.43} 


Clow 


Belgian rate Is for convcrOUlc traces. 
Financial franc 6i.KKl.10. 


FORWARD AGAINST £ 


Due nvwth 


i. Ith: 


J pa. umviiHinlbsj % fi.n^ 

• i 


8.51 11.4S-lJSc.nnT 

S.11 

5.01 


, _ . is? 

I.BHift'. jtm 1 B.ll 
7 5 e. iwi i €.21 
8&.7&'.i>m i 8.24 

j— 2.84 

,77o-hTfl pi pm 7.B0 


0.57-0.47 
0.8ft4L50r.t<iH' 

2S4-1 4 * v.p™ , 

90-20 c. pm 4.81 
l*-5i ure di» — 2-Si 

3-2 pf pm I 7-7S ji .g-o -g pi pmj s.sa 
35-135 c. Jta [ — H.BS- U&-4D&c.<iu i-ll.aj 
IB-70 1-. dia 1—2.46 |P*r-W imIU ' 

-i Ji lire tils j— 0.94 Wj-fc} lli« Ufa 
Fur JO urc din,— 1. 18 sJ-Sjwvtlii 
!}•(. u. pm 1.07 :i *8-212 «^pm 
2;-; ore pm I 1.79 S-Scrcpiu 
2.55-2.80 v. pm | 8.44 ;/.7S-7.7flf,pin' 

15-6 £tr> pm I 4J9 :45,35t:n>piii 
3-2 c.pin I 8.75 fla* 74* c.pni 


-lit 
I-0.E8 
1.43 
1.88 
9.08 
5.72 
a. is 


Six-moMh toward dallar S.TB.2.5K pat 
IZ^ncuilh S.IO-S.OOc pm. 


THE DOLLAR-SPOT FORWARD AGAINST $ 


Jofer 12 


Day’s 

spread 


% 


Close 


Canad’a** 
Guilder 
Belgian Fr 
Danish Kr 
D-Mark 

Port. E* 
Lira 

Nrwgn. Kr 
VToncl) Kr 
Swedish Kr 
Yen 

Austria Sch 
Swiss Fr 


7 mw jIM? 

njMui 

5MBSJUB 

2JU3W.BS88 

M.4MSBJ0 

SJfnOSMBS 

4jt5Sr4^740 

454004J490 

2S3J&203JO 

USSS-UOM 


19.05 W* 
&ZU7-&2U7 
3ZJ7-32JV 
5. U 2 K.W5 

2JK79-2.05BO 

4S.4T-4S.ST ' 

S4S.W-8tt.lfl 

A4BMJMS 

«jm»4^74D 

AJWMJttO 

2DMM03JO 

MjpaowoaD 

1 AIW-L 8200 


One month 

ML 

Thrac rasnths 

PA 

DJHcpm par 

-0.11 

Par-aQ2c pin 

Wh 

O.6I-0A3C pm 

3J7 

1.95-l.Mc pm 

M 

7-6cpm 

Z1S 

26149c (un 

ih 

».7fc-0.71pr pm 

dJO 

2J545Mpn 

ATI 


2.80-3^01 Ircdls -3L4S LflMJPIrcdls -3.N 
9^7-8 47e di* -U2 USUSc dls —HE 
0.fS4J5ypm sm 2JS2.75y.pin 53 
1.954.92c pn hJtt 3L1O-3.04C pin 53 


- u.S. ccfau per Canadian 8. 


CURRENCY RATES 

Special Enropean 

ihw i 2 Draw lan Unit of 

Rights Account 

Sterling WWf 

U.S. dollar V249D IJ5394 

Canadian dollar UWtt 14 BS 

Austrian schilUns ... UJM 1UT75 

Belgian front' R JtP SP. 529I 

Danish krone 5.9927B T 4QR 

Deutsche Mark. .. — 236325 iSTIQO _ 

Guilder Z 764IO 2.78229 

French franc SSTUS 5.6007 

Lira 0058.42 MOM 

Yen 252550 254*88 

Norwegian krone ... 6.71868 6.77095 

Peseta 96.6490 9TJ2221 

Swedish krona 548876 5.69754 

Swiss franc - 226X39 7 . 2815 2 


CURRENCY MOVEMENTS 


July 12 

Bank at Nina 
EngLuad GuranLr 
Index ebanses*; 

SterlWB 

6102 

-0.0 

U.S. dolUr 

<6.69 

- T.T 

Canadian dollar 

M.fl3 

—12.8 

Austrian schllUng 

200.02 

+28.5 

Bebdan franc — 

12045 

+11.7 

Danish krone 

U444 

+ 5.2 

Deutsche Mark 

140.78 

+35.7 

Swiss franc .... — . 

2*5.67 

+ 78.7 


119.94 

+17.6 

French franc — 

99 M 

- 3.5 




Yen — 

145.40 

+43A 


Based on trada wetglscd chaoses (root - 
Vrashmston agreement. December. 1972 
(Bank of. England lndcx=lQJii. 


OTHER MARKETS 


July 12 


Areontina Peso ; 1.495-1.500 

kustrali* Dollar 1-6596-1.6455] 

Finland Maakka....; 7.9250-7.9400 

Brarli CrutHit' ? 3356-34. 36 ' 

Greece Drachma.-.' 68.094-69.774 
Hone Kook DoIlar.iS. 75008.7750 

lean Bial _ 130-236 ^ 

Kuwait Dinar i KD) 0.511-0.621 
Luserobonrp Franc; 61.00-61.10 
Mahvsia IWIar.....l 4.4440^.4590 
Ne<* Zealand iVliar 23Z45-1320K 
Saudi Arabia I Liya I. 6.47-6.57 | 
StORapnrv llrttlar...! 4,54754^623| 
South. 1 Uncan Kani1| 1.6265-1.6427 


* | ’ I £ 

| | >iiiei Rain 

793.42.?93.64jAuetrt*.. ! 27!i-20 U ~ 

0. 8724-08735) Be iRto in 61621? 

4.2 140-4.216017™ marie '• 10.45-10.60 

17.69-18^2 ^Prance. I 8.50^.45 

36.11-57.00- UennanV- 3.80 590 

4.6540-4.653®fMl.v.. , 1570-1600 

68^5-72.13 (Japan - 1 380-390 

0-2710-0.2763lNetber<anit _...' 4.054.20 

3Z.37-32.39 IX>irw»v : 10.05 10.20 

2.3550-2.35651 Portugal i 79-93 

0.96434>^666jS(win. : 1.435-1.465 

3.43-3.48 iSaiUerianil i 3.35-3.45 

2. 3076-2. 3085iL'ntted S late*. ; 1.85-1. BB la | 

0.862 5-0.87 15 Vueoalavw. 34-36 


Rate given tar Argentina is free rate. 


EXCHANGE CROSS-RATES 


July 12 

Pound ateriins 

C.S. Dollar 

DeutvheUarV 

Japanese Yen 

French Franc 

5*i»s Franc 

Dutch Gnilderl Italian Lira 

Canada Dollar 

IMcimii Fraua 

Fi^iibi bteriinti 

C’..S. ttaltar 

1. 

0.550 

1.886 

1. 

5.880 ' 
2.058 

383.5 

205.4 

' 0,420 
4.466 

5.433 

1.820 

4.185 
3.82 0 

1600. 

846.6 

2.116 

1.1*2 

61.05 

315.33 

Ueut.-cbc Mars 
JfttanneYeu 1 .000 

0.258 

2.608 

0.486 

4.917 

1. 

10.12 

98.84 

1000. 

2.170 

21.96 

0.885 

83)50 

1.079 

10.91 

412.4 

4172. 

0.645 

5.516' 

16.73 

159.2 

french franc 10 
win Frartr 

2.ZB8 

0.291 

8.239 

0.349 

4.608 

1.150 

•455.8 

111.7 

10 . 

2.453 

4.077 

1. . 

4.970 

1.219 

1900. 

466.1 

2 . 612 
0.616 

72.51 

17.79 

L'ulcb Uull-lrr 

Italian Lira LOO' 

0.238 

0.625 

0.4S1 

1.178 

0.9 27 
2.425 

91.64 

239.7 

2.012 

6-263 

. . 0.820 
. Z.145 J 

1. 

2.616 

582.3 

10U0. 

0.S05 

1 . 32 a 

' 14.59 

30.16 

Onuniun Dollar 
•et-lan Franc IOO 

0.475 

1.638 

' 0.891 i 1.834 

3X88 T 6.365 

181.3 

628.2 

3.980 ’ 
13.79 

1.623 

5.622 

1.978 

6.855 

756.3 

2631. 

l. 

3.465 

20.86 . 
10U. 


EURO-CURRENCY INTEREST RATES 51 


July 1C : 

Sterling 

Cauadian 

Dolifti 

Ujt. Dollar 

Dutch Guilder 

Franc 

IV . Germiui 
Mark 

French Franc 

Italian Lira 

\M*n S 

Japsne-e Yen 


13-15 

71,-St, 

71,-8 

4lj 4Jg 

13,.17 8 

518 3'2 

8 >< Sfe . 

2333 

— 

• - 


11 13 

71, • », 

7; B ai H 

4l 8 4l8 

13*.lt 8 

31b 51; 

8 >* 8t 2 

10 11 

77 fl 8 

■ lfe l -*n i 

M.ntb 

1N« III, 

71; -7'g 

71-71* 

41, 41; 

lfe-lis 

3s* 

yfe9fe 

IQfe life "• 

7,t> 7 ri 

J ffe lie I 


life-ills 

Sc. m 

bi, btj 

4* a 4?g 

Ife 15* 

31; -C &8 

9,“ 9;; 

12fe-13fe 

6 fe bfe 

2 >« 2 m j 


lUa 12i, 



i* 

1 

33* -370 


lalj-14fe 

Stfl-Si 

! 3l;-3fe j 

>||«- rear 

12U l*S» 

a:.!-*.* 


53,-6 

2 fe-2'« 

378 4 

• • lillfe 

14-15 

yia-91* 

J 3;-„--4,l 


The following nominal rates were named for London dollar certificates of dep osiL One month S.O0-S.1O per cent; three months S.W-S.40 per amt: sue months 
S.70-S-8Q per cent: sear 825-9-Od per cco*. •' 

Long-term Eurodollar deposits: itro years SSi6-9?n per cent: three years 9bK-97u per cent; four years 9f-9l per cent: fiva yean SSu-auic per ceru. * Rates 
are nominal closing races. 

Short-term rates are call for sterling. U.S. dollars and Canadian dollars: twiwJays’ notice for guilders and Sw<*a francs. Aslan rates an dosing rates In Singapore. 


INTERNATIONAL MONEY MARKET 

Belgium discount rate unchanged 

Belgium’s discount and lombard from 3.75 per cent in Brussels, PARIS— Day-to-day .unds rose 
rates were unchanged at 51 per while deposit rates for the Belgian to 7J per cent from 7i per cent, 
rent following the Banque franc f commercial) were un- but other rates were unchanged 
Nationale de Belgique board meet- changed at 3J-5J per cent for one- or -slightly easier. One-month 
ing yesterday. month; 6-8$ per cent for three- money was unchanged at 7J-7 

A possible change in the rates month; and 7}-7J per cent for 12- per cent, while three-month fe 
had been suggested earlier this month. The six-month rate rose V* per cent to 7ft.7{i per cent; 
week following the move by the i per cent to 61-68 Per cent. and six-month eased i per cent 
central bank to increase short- AMSTERDAM — Call money was to 8 $-8} per cent. The 12-month 
terra Treasury certificates by i quoted at 4-H per cent, compared rate was unchanged at 8J-9 per 
per cent on Monday, and a rise with 4-4} per cent on Tuesday, cent. 

in ihe rate of four month bond- One-month funds eased to 4J-4* NEW YORK — Treasury bill rates 

fund paper to 6J per cent from per cent from 4J-5 per cent, three- were mixed in fairly quiet trad- 
per cent on Tuesday. month to 45-5 per cent from 5-55 ing, with 13-week bills at 750 

These moves were generally per cent, and six-month to 52-55 per cent, compared with 7.19 per 
seen as a defence of the Belgian per ce nt fro m 5J-6 per cent. cent on Tuesday, and 26-week 
franc within the European cur- FRANKFURT — Short-term rates bills 'in changed at 7.51 per cent 
rcncy snake, where the currency were steady, with call money un- One-year bills were 7 SO per 
has recently been at its floor in changed at 3.55 per cent, and one- cent, compared with 7.82 per 
terras of the D-mark. Pressure month unchanged at 3.65 per cent, cent previously. Federal funds 
continued to ease a little yester- Longer periods were slightly showed little change at 7# per 
day however, with the Belgian firmer however, with three-month cent. Certificates of deposit were 
currency quoted at BFr 15.753 per at_ 3.75 per cent compared with also unchanged, with one-month 
D-mark, compared with an inter- 3.<0 per cent previously, and six- at 7.S2 per cent; two-month at 
vemion point of BFr 15.765. month at 4 per cent, against 385 8.00 per cent; and three-month at 

Cali money eased lo 3 per cent per cent. S.14 per cenL 

UK MONEY MARKET 

Exceptionally large help 

Bank of England Miiumnm Discount bouses paid up to 9} ing Kate Of 10 per cent, making 
Lending Rate 10 per cent per cent for secured call money, the total amount of assistance 
(since June 8, 1978) but after the help rates eased to exceptionally large. 

Day-to-day credit remained in 7-S* per cent at the dose. Condi- D . , ... * 

.short supply in the London money Lions in the interbank market Ban ^ s , brought forward run- 
market yesterday, although with were similar, with rates touching “ ovra there v Jf as J* fah-ly 

the amount of help given, the lOMOi per cent, before easing to !f.r? e . ae * of Treasury 

authorities must hope to have 7-8 per cent in the afternoon, and bills to finance, the authorities 
relieved the situation at last, dosing at 9-10 per cent held a sizeabJe number of matur- 

Shortages have been fairly acute The Bank of England bought a in S authority bins, and the 
in the early part of this week, moderate amount of Treasury mar . a ]*o h0 “_ *°. “ e 

particularly outside tbe discount bills from the houses and a small pre 710115 official advances, 

house sector. Yesterday’s help number of local authority bills. On the other hand substantial 
totalled exceptionally large, which Total bill purchases were large, Government disbursements out* 
was generally regarded as more and some of these were for resale weighed revenue payments to the 
than enough to take out the short- to thc market at a future date. Exchequer, end the market was 
age, and banks arc expected to The authorities also lent a very also helped by the official inter- 
carry forward surplus balances, large amount overnight to seven vention in the foreign exchange 
for the first time this week. or eight houses at Minimum Lend- market on Monday. 

LONDON MONEY RATES 


July 12 
ISIS 

Aerlmr 
Cert ificate 
01 deposits 

lfltOtMDk 

Local 

Authority 

deporira 

Local Anth. 
oeqntlaijie 
hisnda 

Ftnance 

Bcniw 

Deposits 

Company 

Deposits 

Disenoot 

market 

deposit 

Treasure 

BUM* 

BUgible 
HhIt 
B ills 4 

FlnsTrvie 

BUls4* 

Uremighu 

- ilar* notice.. 
1 .lav* m 

1 'lay* notice.. 
One month.... 
I'»9 months... 
three muuth'. 
-ix month-...- 
Sine month',' 

One .tea- 

l»» VCHT 

3 

101*40* 

10,*- 10 

10 -^.-9;?, 

lUfe-10 
101*- ll* 
lo 4-lOfe 

7-10fe 

lOfe 10T* 
1C fe- 10 ig 
lOfe 104 
10-lOfe 
1- .i -lOSs 
10 *4 1030 

ic t4 1015 

9T a -10 

10-10 is 

STg-lOfe 

9-5*-0Tg 

lOfe-lCl* 

1OI4-1OJ0 

1073-11 

lOfe-10 

993-910 

9S0.9if 
lOfe 93* 
lOfe-10 

10 la- 103* 
1010.101s 
lOfe-lOfe 

10 ta- loss 

lOfe-103* 

103*41 

103*41 

lOfe 

lOfe 

lOfe 

740 

saTsfe 

9fe 

93,-81= 

V*-9fe 

9i*-9* 

9«-930 

9«40* 

97fl.9}* 

9ig 

970-10 

lOfe 

101* 

1030 

10»* 


GOLD 

Stronger 

tendency 

Gold rose SI an ounce in the 
London bullion market yesterday 
to close at $1861-187. Trading was 
generally thin and after openine 
at S185K861; the metal was fixed 
during the morning at $185.70 and 
improved on a little buying 
interest to $U&30 at the afternoon 
fixing. 

_ In Paris the 12 J kilo gold bar 
was fixed at FFr26,900 per kilo 
($187.11 per ounce! in the 
afternoon compared with 
FFr 26,920 ($187-36) in the 

morning and FFr26,900 (S1SS.12) 
on Tuesday afternoon. 

In Frankfurt the 121 kilo bar 
was fixed at DM12,310 per kilo 
$1S6 per ounce) against DAI 12,215 
($185.67) previously.' 


July 12 • July 


Gold .Bullion (ft fine ( 

Mincej _ ! ' • 

Close. !*T86i-187 ;si35li.!8S 

Opening ,S1B6*-I88i S186-1S&1* 

Horning firing ISUB.7U |S 1 86. SB 

(£88.757) '. il'98. 157) 

Afternoon' fixing.. ...SWtLoQ <5185.50 

I(£s8.9iz) jicaa.sui 

GoW Coins- 

dmneetlfiilly 

K rug errand M92i-194i ;S 190}- 132? 

icwn-mu 

Jiew Soveretjpii..— 'S564-574 IS65-57 

>i£2Si-a0fi !|i28l-«U> 
Old Sovrolgna. — >S4);-5Gi8 
[ita-ai) loam 

Gobi Coins I - I 

laiematkKuilly j 

Krugerrand ; S131*-1934 S1MM8U 

Xew SOTtteifin*:....;‘8&5A-664 .M6-67 

:j£28*-29e> -£S9, Jt!i) 

Old Suveieigiw ISC44-5C} S63i-55i 

(iCN-Ml ‘L'Wc-SlJjl 

520 Easln iS376i-2?9 iS277.279i 

$10&g[ra ;St«-l85 SUM1G 

Sb haglo. f 100- 1» Jj 100- 105 


Lanl authority and finance houses seven days' no dec. others seven days’ fixed. Longer-term local authority mortcaBe 
rate nonilnallv three years IIS-Ill oer cenc tour years 12-12* per cent; fire pears 12*-Mi jar cent, o Bank bill rates m table 
arc buying rate tar on me oaoer. Bu» iiUt rates tor tour-Bxmtb bank bills B U »-9 U » per ccnL' . four-mantb trade bills 101 per 
cent. 

Approximate selling fates for one-month Treasury biUs 9'. *-9} per. cent: two-month «-»a2 per cenn and tbrac-moorb 
9j|n,-91 per cent. .tppraxUngK selUng rate tor one-month bank bills 9 l»w- 9* per coal: and two-month 93-9u M per cent; awl 
inrce-tnomn s; per cent. Ono-month trade bills io* per cent: two- month is* per cent: and »t™ three- month 10} per cent. ’ 
Finance Haute Bose Rate* f published by the Finance Houses Assodatiooi: 10 per emit tram July 1. I97H. Qcarbra Bank 
Deposit Rates I tor small sums ar seven days' tinned i «-7 per coaL ctoariag Bank Bue Rate* Tor- leading 10 per ren t 
Treasury Bills: Average tender rates of discount 8JT769 per ceaLr 


MONET RATES 

NEW YORK 

Prime Bate 9 

Fed Funds - 7JUTS 

Treasury Bills flU-wecki 7J0 

Treasory. Bills <2S-week) .... w . 731 

GERMANY 

Discount Rata — 3 

Oeeralsbt 335 

One moots 3JS 

Three months -1 3.75 

Six months _■ ■■ , 

FRANCE 

Diseonoi Rato 94 

Qv enrich! ..... 74 

One moors 7,«J7J 

Three months 74» . 

Stx mantha B3OTS 

jAPAN 

Discount Rate'. 34 

Call (MwondUloasll «... CJSS ■ 

GUIs Piac nnnt Rau>. 4475 










Guinness (Park 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PR OFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Royal) chairmanll stockbrokers 


Mr S. E. Darmon, previously 
ce-chairman, has been 
) pointed chairman of aUthiir 

UWNESSSONANDCOnSRK 

in succession to Lord 
JJj®, who has retired from the 

★ 

Mr. Stanley Thomson, finance 
rector of the ford Motor Com- 
[5£. has joined the 

^viio«^<u^ ELOPMENT 

Jack Hubbard. managing 
. r * c '°J . of MEDWAY 

VCKS since 1973, has been 
• 'pointed chairman and chief 

• , ecutive. He succeeds Mr. C. H. 
■hrens, who is chairman and 
lef executive of Field Sons and 

• .i. (also a Reed Group company) 

' ' i • io remains a director of RMS. ‘ 
* 

'• Df- W. H. Darlington, who has 
en managing director of 
'UTHERT AND PITT for 15 
ars. will relinquish that office 
September 30, on reaching 
■rmal retirement age. He will 
-.ure from the board at the 
nual meeting on November. 27. 
Y r. Alan CheeUuun has been 
" ^poinied to the board from 
, pt ember Z and will take up the 
, ice of managing director on 
. :tober 2. 

* 

‘ CENTRAL AND SHEERWOOD 
. IOUP. Mr. Bernard Boss has 
en appointed group financial 
nt roller and a director of the 
/ hitefriars Press and' Standard 
. .-talogue Information Services. 
.. ; also becomes secretary of the 
\ hitefriars Press and Associated 
illding Industries. Mr. Hugh 
, ■ idkln is made sales director of 

e Whiterriars Press in succes- 
.in of Mr. Derrick Dottridge. Mr. 
Jte Gill Ls appointed director of 
-whitefriars Press. Mr. Dottridge 
tires as director of the Standard 
talogue Company and as sales 
■ector of the Whitefriars Press. 

; remains a consultative direc- 
of the latter company on a 
rt-time basis. Mr. Malcolm Moss 
ires as director and secretary 
the Standard Catalogue Com- 
ny, and as secretary of the 
hitefriars Press and Associated 
ilding Industries. Mr.-. Peler 
Jleywater is appointed works 
■ector of the Whitefriars Press. 
★ 

Hr. Frank Galbraith, who has 
en appointed divisional head 
marketing at the NORTHERN 
ELAND DEVELOPMENT 

iENCY, joined the Agency from 
41 ever, with whom he spent 19 
irs in senior management 
sitions with an associate coni- 

— iy in the UK. Africa and, for 

■ last seven years, in the Far 
ft. Mr, Gordon Rebbeck has 


Distributive Industry Training 
Board. 

* 

RALPH M. PARSONS COMPANY, 
London subsidiary of the 
Pasadena-based Ralph M. Parsons 
Company, has announced the 
appointment of Mr. Andrew V. 
«*Muck as director of operations. 
His .predecessor, Mr. Charles F. 
Bottitta, moves to Australia to 
become manager of the Sydney 

office. Mr. John M. Russell, now 
director of finance and adminis- 
tration at the London office, was 
previously pre-contracts director. 
* 

Mr. Alan L. Shearer has been 
appointed managing director of 
CHARCON PRODUCTS, the con- 
struction products subsidiary of 
the Charterhouse Group. 

* 

Mr. John Bullock has been 
appointed to the main board of 
GO WRINGS. As group director 
of public affair s he will be based 
in Reading. Mr. Bullock was 
formerly director of public affairs 
for Chrysler United Kingdom and , 
director of public relations for 
Chrysler International SA* . 

* 

BIRMID QUALCAST' .(FOUND- 
RIES ) announces that Mr. J. 
Mansion has joined - the- full 
management board of Burma! 
Castings as production engineer- 
ing manager. This company- was 
previously known as the Birming- 
ham Al umini um Casting (2903) 
Company. 

* 

Mr. Roger Woolley, managing 
director of DBG Flexible Packag- 
ing for three years, is giving up 
that post to assume wider execu- 
tive responsibilities within the 
DICKINSON ROBINSON .GROUP. 
He is to be replaced by Mr. David 
Richards, currently sales anrl 
marketing director of the com- 
pany. Mr. Woolley will become 
responsible for DRG Flexible 
Packaging. DRG Packaging- Bags. 
DRG Plastics. DRG Techy in 
Belgium and. the group's packag- 
ing development centre 'af Man- 
gotsfield, Bristol. He is currently 
co-ordinating director for these 
companies. 

* 

Mr. P. D. Moore has been 
appointed financial -director of 
RJ P. MARTIN EXCHANGE. 
R. P. Martin Deposits, and 
R P. Martin Sterling: 

* 

EDMUND SON ELECTRICAL. 

S art of the Charterhouse Group, 
as appointed Mr. John Beechey 
as industrial sales director. Mr. 
Gordon Mackenzie has been 
made Scottish regional director. 

★ 

Mr. David Hunt has been 
appointed regional sales director, 


■sonnel and industrial relations. LOP TYRE DIVISION. He was pre- 
-bre joining the -Agency, he viously trade sales manager for- 
rked in Manchester with the the Midlands. 


UK ECONOMIC INDICATORS 

CONOMIC ACTIVITY— Indices of industrial production, mann-- 
teturmg output, engineering orders; retail sales volume -(1070== 
DO); retail sales value (1971=100); .registered tiOTmploymertt 
excluding school leavers) and unfilled vacancies (000s). -All. 
■asonally adjusted. ■ „„ 

lnd). Mrg. Eng. Retail Retail Unero- ■ 
'* prod, output order vol. ' value ployed' Vacs. 


UTPUT — By market sector: consumer goods, investment goods, 
Termediate goods (materials and fuels); 1 engineering output, 
?tal manufacture, textiles, leather and clothing (1970=100); 
•using starts (000s. monthly average). . „ „ 

Consumer Invst. Intmd. Eng. Metal Textile Housg. 

mnfg. etc. starts* 


goods goods outpnt 


Strops, hk' 

qtr. 115.1 
i qir. 117.0 
- 1X8.0 

■ ufluiws 


ITERNAL TRADE— Indices of export and import volume 
975=100); visible balance; current balance; oil balance; terms 
trade (1975 = 100); exchange reserves. 

Export Import Visible Current Oil Terms Resv. 
volu me volume balance balance balance trade USSbn 1 

!(r 115.7 109.1 -947 - 493 - 800 99.0 10.5 

qtr. 118.0 109.8 - 794 -365 - 745 100.3 14.9 

qir 124.1 106.4 + 54 +357 -602 101.0 13-4 

qtr. 117.9 102.6 + 45 +486 -657 . 102.4 20.39 

re? 120.3 1TC3 - 574 -305 -646 105.1 20-63 

11Z2 124.6 -338 -248 -236 105 .5 28.87 

127.4 111.3 + 43 +132 -202 104.8 20-7 

ch 121.4 HO -279 -189 “208 104* 20.32 

\l 126.1 103 J) +223 + 343 -115 HMD 1<.W 

120.1 112.5 -169 - 49 -109 105D 16D6 

a lt w 

VANC1AL — Money supply Ml and sterling M3, bank advances 
sterling to the private sector (three months’ growth at annual, 
e); domestic credit expansion <£m); building societies net 

low; HP, new credit: all seasonally adjusted. Minimum 
idins rate (end period). 

Bank 

Ml • M3 advances DCE RS HP MLR 

cj oj % £m inflow lending % 

*‘ r 7 !. 3 _ s.8 SD - 74 492 LOOS 105 

nir 24.8 14.9 5D +769 L290 1D47 8 

Vr 28.0 10-4 20.3 +365 L084 1,149 7 

{};; 25.1 12.6 83 +698 1,565 1489 ? 

E 25.1 244 17D +W1J . i,M9 1JW g 

23.2 174 13.4 258 388 429 gi 

26.8 25.5 18.0 963 353 418 g 

, h 281 24JS 17.5 598 308 413 6* 

j 191 24.7 134 L437 335 463 7 

J m 15.6 18.8 L09G 212 471 9 

IFL4TION — Indices of earnings (Jan. 1976=100), basic, 
lerials and fuels, wholesale prices 

70=100)* retail prices and food prices (1974—1001, FT 
imodity ’index (July 1952=100); trade , weighted value of 
rlmg (Dec. 1971-100)* 

hfff RPI" Foods* comdty. Strig. 

tr uve 341 5 248.0 174.1 184.7 276.4 

^ ms 347 7 SSx 18L9 1914 250.0 6J-6 

Jf- JIfif 34(i's 2B7.7 184.7 1&24 239J 6JD 

S' H9.9 mi fnk 187-4 198-3 234D0 WD 


326.7 2 TOD JJ0.6 197.3 

324D 277.1 189^ 1964 

324D 2794! 190D 197*3 

Sk 280.6 UU mj 

337.4 282.7 194.6 20L6 

Mil 284 S 195.7 20W 

342D .286-2 

* Not seasonally adjusted. 


238.61 

226.41 

224D6 

238.61 

23SD4 

250.67 

242^7 


A medium sized London firm would welcome a 
limited number of Members with a sound invest- 
ment business. 

We have a broadly based business covering 
institutional, professional and private clients, 
together with considerable industrial contacts and 
pleasant and stimulating working conditions. 

Those interested in discussions are invited to 
write to the Senior Partner at Box G.2251, 
Financial Times, 10, Cannon Street, EC4P 4BY, 
or to Messrs. Markbys, Solicitors, Moor House, 
London Wall, London EC2Y 5HE fref. KDD), who 
will treat any reply in confidence. 


“ SNAP - snx ” 

SNAP-STIX — a range of self-adhesive letters, numbers, signs 
of various types, combined into and presented as a complete 
sign-making system suitable for a large variety of exterior 
add interior applications. Established in Australia. U.S.A., 
Canada. Far East and. Middle East Range attractively 
presented and competitively priced and sold through DIY 
centres, hardware, stationery and departmental stores. 

We seek financial and energetic sole Importer/Distributor for 
U.K. with well-established connections. 

Please direct your enquiry providing full details to: — 

The Managing Director, Styrox (Aust) Pty Ltd., 
Vllliers Place, Dee Why West 2099, New South 
Wales, Australia. Telex AA 21084/STYROX, 
Answer Back — VAMCO. 


BUSINESS/PARTNERSHIP 

WANTED 

2 Businessmen seek an established business in London area with 
annual net profit of £15,000 upwards. Preference for small 
manufacturing operation with one or two associated retail outlets 
in confectionery or food trade. Would, however, consider any 
viable proposition or active partnerships. 

Write Box G.2250, 

Financial Times, 10, Cannon Street, EC4P 4BY. 


PERSONALISED TOUR COMPANY 

Young rapidly-expanding Company at the luxury end of the private 
tour market needs injection of capital to continue Its expansion 
and to diversify into the business executive market. Funds required 
would be approximately £35,000 by mix of loan and share capital 
with Board directorship. 

Principals only please write to : — 

The Advertiser, at 5 Balfour Place, London W.l, 


EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 


FOREIGN BANKS 

SEEKING QUALIFIED 

BUSINESS BORROWERS 


Brokers protected. Local representatives 
wanted. Write Swiss- American Combine, 
P.O. Box 6S0 Panama 1, Panama. 


PRIVATE EXPANDING 
COMMERCIAL PROPERTY COMPANY 

Assets £11 million — Short-teTm borrowings £7 million. 
Properties include 750.000 sq. ft. of prime industrial space let 
to top British Companies. 100.000 sq. ft. of prime retail and 
office space let to Local Authorities. Government Agencies 
and first-class retailers. Net Rental Income over £L million 
per annum with private housebuilding subsidiary making 
££ million profit per annum before tax. 

NEEDS LONG-TERM FINANCE 
at a very competitive rate to repay existing short-term 
borrowings. Small equity stake may be considered. 

Principals only write Box G.2257, Financial Times, 

10, Cannon Street, EC4P 4BY. 


GAN YOU IMPLEMENT OVERSEAS EXPANSION? 

We would consider any reasonable form of pan or full-time 
co-operation with small teams or individuals who can provide 
practical assistance in expanding businesses internationally. We 
invest in an increasing number of small companies with potential 
for expansion beyond their domestic market via agencies, joint 
ventures, or ficencees. Hence our ongoing requirement in various 
industries for marketing implementors with a proven track record 
of having set up business schemes internationally but who can do 
it without the big company organisational back up. 

Please write to us in confidence about your experience in any 
particular countries and industries: 

The Chairman, CAPITAL PARTNERS INTERNATIONAL, 
Westland House, 17c Curzon Street. W1Y 7FE. 


THE SMALLER 


Hi 


n 


Forfurtherinfonnation contact: 
K.Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Ffastings, 

— . E Sussex. 

Tel: 0424-430824 


MANUFACTURING CO. 

- -SURREY AREA 

REQUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 

Ac- present rub-contracting £100:000 
of preuwork per annum. Surrey- 
bared --firm preferred. Please rend 
deni Is' of capacity available, a. g. 
preuei. etc. 

Write Box Q.2121. Financial Timet, 
10, Cannon Street, EC4P 4BY. 


INVESTMENT CAPITAL 
REQUIRED 

By small but dynamic design 
orientated commercial group 
poised to form an extremely 

S rofi table & successful company. 

Ill consider either non-active invest- 
ment or active plus financial parti- 
cipation in this new operation for the 
right person. 

Cash requirement of £50,000 

Prlnd peril only Write Bax G.2244, 
Financial Timet. 

10. Cannon Street. E CAP 4BY. 


PRODUCTS FOR EXPORT 

Do you have a product you would like to Export? Or do you have problems 
with Exporting yourself ? We have established markets in Africa. Middle East 
and Gulf and can introduce your products m our customers: where we purchase 
and pay in London. 

Interested manufacturers prepared to grant 
exclusive " Sales Agreement* ” contact:— 

VANDENWAL LTD., 

18 RLACKWAU. TRADING ESTATE, LANRiCK ROAD, LONDON Eld 0JP. 
01-515 11*2 TELEX 89Y47V 


CAR REFINISH 
PAINT 

Leading UK car refinlsh paint ) hour* 
synthetic for safe. Perfect condition. 
Wide variety of car manufacturers' 
colours. Export only, £1.25 per I litre 
C.i-f- for bulk orders only. 
PHONE 0S1 523 4022 TELEX 627608 


NEW PRODUCT 
MARKETING 

Suoceufol expert marketing and distri- 
bution Company enjoying excellent 
negotiations with National Multiples, 
Departmental Stores. Wholesalers and 
major Mail Order Houses. U looking 
for suitable lines to market and distri- 
bute on behalf of other companies. 
This advertisement should particularly 
appeal to inventors or manufacturers 
who lack marketing expertise. All 
enquiries treated in strictest confidence. 

Ring 0934/84/2801 

Write Box G.2243, Financial Times, 
10. Cannon Street. EC4P 4BY. 


INVESTMENT HOLDING 
COMPANY WITH 

UNREALISED LOSSES 

for Capital Gains Tax purposes 
in rhe range of £100.000 to 
£1.000.000 required urgently by 
a successful company for its 
own use. Assets to which un- 
realised losses applies should 
be quickly realisable, e.g. 
quoted shares or shares in 
company about to go into 
liquidation. Write Box GJ242, 
Financial Times. 10. Cannon 
Street. EC4P 4BY. 


BUSINESSES FOR SALE 


HOUSE BUILDING COMPANY 

FOR SALE 

Private . House Building Company having wholly- 
owned investment property subsidiary. Operates in 
West Yorkshire and has land bank of 70 plots. 

Owners would sell as a group or on the basis that 
they buy back the subsidiary. The Company has an 
interesting tax loss situation. 

Approximate asking price £200,000 for the group 
with the Property Company valued at £70,000. 

For further details apply: — 

- Tansley Witt & Co., Chartered Accountants, 
Tower House, Merrion Way, Leeds LS2 SHU. 


FAMILY ROAD TRANSPORT 
COMPANY 

FOB SALE AS GOING CONCERN 
London based. Sale due to retirement. 13 vehicles 
(artics. and 4-wheelers). Premises not available. 

TURNOVER APPROX. £225,000 

Write Box G235G, Financial Times, 

10, Carman Street , E C4P 4BY. 


BUSINESSES WANTED 


SOUTH YORKSHIRE 

.. OLD ESTABLISHED 

GARAGE BUSINESS 

PROMINENT FREEHOLD 
MODERN PROPERTY 
Showrooms, Display Forecourt, 
Workshops, Body Shop, Stores, 
Ample Parking. 

Leading New Car Franchise. 

" Turnover Exceeds £750.000. 
Opportunities for Expansion. 
Excellent Profit Record. 

• FOR SALE FREEHOLD 
. AS A GOING CONCERN 

Details from Sole Agents : — 

. T. SAXTON & CO, 

Chartered Surveyors. 

53, Queen Street, 
Sheffield SI 1UG 
Tel: (0742) 77635 



EXPANDING -W. GERMAN 

MACHINE makers 
FOR SALE 

1977 Turnover. 14 million DM 
making -Automatic Assembly 
Equipment. 140 experienced 
personnel. Well-equipped factory 
approximately 69,000 -sq. ft. 

. SahuiKfaf Prinetpah please 
Write Sox C.2249. Financial Timm, 
10, Cannon Street, EC4P 48Y. 


ELECTRONICS 

INSTRUMENTS 

A rapidly expanding business 
engaged In the manufacture of 
electrical instruments and elec- 
tronic equipment is offered for 
sale. Situated in the West of 
Scotland there are two com- 
panies with established products 
and markets. Profits at present 
around £25,000 per annum are 
expected to increase ift the 
current year. 

Partkalars from ; — 

CJ. BUYERS LIMITED, 

11 Colvilles Place, East Kilbride, 
Scotland. 

Tel: East Kilbride 46619. 


Old Established 

MASTIC ASPHALT CONTRACTORS 

widi turnover of £45D,DD0 plus in 
South Lancashire. Comp* rent contin- 
uing management and naff. Healthy 
order book together with plant, equip- 
ment. vehicles, fixtures and fittings and 
goodwill. £37.500 plus S.A.V. at 
approx. £14,000. Promises available 

on less*. 

Write Sox G-2246. Financial Time*. 
10. Cannon Street, EC4P 4BY. 


BUILDING PANEL 
MANUFACTURING COMPANY 
FOR SALE 

Due to public company owner 
rationalising. 

Substantial tax tosses possibly available. 
Located Cimbs/Norfollc border 
Realistic valuation. Principals only. 
Write Box GJ247, Financial Times. 
10. Cannon Street. EC4 P 4BT. 


OFFICE STAFF 
EMPLOYMENT AGENCY 
’ FOR SALE 

IN PLEASANT MIDLANDS 
TOWN. 

Established 15 yea re. 

Write Box GJUSB, Financial Time a, 
10, Cannon Street, £C4P 4SY. 


ENGLISH LANGUAGE 
SCHOOL WANTED 

Investors wi*h to acquire school already specialising in. or 
capable of adaption to, the teaching of English to foreign 
students. Any U.K. location will be considered, but annual 
tuition fee income should be not less than £75,000. 

Principals or their professional advisors should reply in 
confidence to Box G.225S. Financial Times, 

10, Cannon Street, EC4P 4BY. 


CLOTHING FACTORY 
REQUIRED 

Substantial company wishes to acquire a manufac- 
turing unit. (11,000 to 25,000 sq. ft.) located outside 
London with an existing work-force and second-line 
management. 

Please write to: 

^CITROEN WELLS & CO. (Ref. E), 

Devonshire House, 1 Devonshire Street, 

London WIN 2DR. 


ACQUISITIONS 

WANTED 

Small privits group of companies 
wiihea to purcha* j n whole or part 
another private company with die 
aim of helpi B B » expand the growth 
of the compsnr through many Inter- 
national and U-K. contacts and by 
providing the w '*ritmg capital required. 
A wide range at companies considered. 

FUND5 AVAILABLE: 

£50.000 -£) MILLION 
Write la confidence 
Box G.273S, Financial Timet, 

JO, Cd" nD " Strrot, EC4P 4BY. 


EXPANDING north-west 
property development 
GROUP 

would be interested | q acquiring a 
number of Wwwe campaniat 

engaged in or tuogMud with residen- 
tial developm*"*- North or Midlands 
area preferred- Krinapab only. 

Write Bo* 6.2219, Financial; Times. 
10. Cannon Street. EC4F 4BY. 


ELECTRONIC S 
COMPANY 

£! mi|lk» turnover and strong assets 
wishes to expand by acquiring a com- 
pany in the electronics or engineering 
field. Cash available £50.000.£500,00D. 
Fart acquisition considered. 

Wrlw in confidence. 

Box G.22J9, Financial Times, 

10. Cannon Street, EC4P 4BY. 


PLANT AND 
MACHINERY 


GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Buy wisely from the BNuifastiunea 
with fuff after safe a service 

CLARKE GROUP 
01-986 8231 
•Telex 897784 


Finance 
for Glowing 
Companies 

It you area shareholder in an established and 
growing compam' and vou. or your com pa m; 
require between £ 30,000 and .(1.000,000 fur am- 
puipose, ring David XX'ilis, Charterhouse Development 
. Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over fort}’ years. \\ care prepared to 
invest in both quoted and unquoted companies 
currently making over £50.000 per annum 
xW pre tax profits. 

m CHARTERHOUSE 

Charterhouse iX-velopmcnt. 1 ’P.ticrnosUT Row. St. l'.uils, 
London HC iM 7DH. Telephone ul-2+S .V> * ». 


FLOATEE SWIM AIDS 

We seek sole Importer/Distributor for the United 
Kingdom to market a range of swimming aids 
through departmental and chain stores, super- 
markets and sporting goods and toy wholesalers and 
retailers. 

Floatie Swim Aids developed, tested and proven are 
made to highest quality standards and are uncon- 
ditionally guaranteed. 

Please direct your enquiry providing full details to: 
The Managing Director, Styrox (Aust) Pty Ltd.. 
Villiers Place. Dec Why West 21)99. New' South 
Wales, Australia. Telex': AA 21084/STYROX 
Answer Back — VAMCO 


We Ve farmed mere 
companies than 
any other company 


So next time 
you need one, 
phone Patricia Parry 
on 01-253 3030 


the best of companies 

jokpjUMirier min.'OR'KXrua: 
London m.ct 

ISJJXHt- W. iW JU.-J7UT5I LcIDJB 


INVESTMENT COMPANY WITH A WIDE-RANGING PORTFOLIO 

is interested in acquiring companies which have potential, but 
which need a cash injection. 

The company is also interested in promoting entrepreneurs who 
have ideas but who are without capital. 

Up to £200,000 is available for any one acquisition. 

Write Box G.2248. Financial Times. 10, Cannon Street. EC4P 4BY. 


Fully Recognised 

Advertising Agency 

with sound track record, good manage- 
ment and financial resources, seeks to 
acquire other Advertising Agencies and 
Consultancies in order to expand its 
operations and develop new areas of 
business. Location is not important. 
We are wilting to consider all proposi- 
tions from principals wanting seriously 
to discuss possible acquisition. 
Please write in confidence to ourselves 
in the first instance. Particulars will 
only be forwarded to our client after 
vendor's approval. 

D. J. WESTON. ESQ.. 
MESSRS. WOOLLEY & WESTON. 
Broadway Clumbers. 5t. Peter's Street. 
5t. Albans. Herefordshire AL1 3LN 


PRESTIGE CARS WANTED 
TO Alt COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 

Are you obtaining the best price for 
your low.miieage presnge motor-car l 
We urgently require Rolls-Royce. 
Mercedes. Daimler, jaguar. Vindcn 
Plat. BMW, Porsche, Ferrari, Maserati, 
Lamborghini, Jensen Convertible. 

Rover, Triumph and Volvo cars. 
Open 7 days a week. 
Collection anywhere In U.K. Cash or 
Bankers' draft available. Telephone us 
for a firm price or our buyer will call. 

ROMAN OF WOKING LTD. 
Brookwood (04867) 4567 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy, save up to 40 p.c. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-641 2365 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £73 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRE5S CO. REGISTRATIONS LTD. 
30. Gey Road. ECI 
0!-62fl 54J4/5/736I. 9936 


20% PAID 

ON SECURED AND 

25% PAID 

ON UNSECURED LOANS 

required by up and coming young 
property speculator. 

Write Buz G.223T, Financial Times, 
10. Cannon Street, E C4P 4BY. 


£ 250,000 

AVAILABLE 

by prlvjrc inci-sinr ta acquire nuionry 
holding id U.K. babed company. 
Inicn-Mi-d parries please r*-ply lo Box 
G.223U. financial Times, in. Cannon 
Sir iti EiMP JItV. 


ACTIVE CONSULTANT — 
CHARTERED ACCOUNTANT 

With international financial esporme, 
former chairman of public company — 
over 15 years senior partner in 
successful accountancy practice, is now 
Interested in returning to professional 
practice and would welcome discussions 
with firms of growth minded accoun- 
tants. Replies in confidence. 

Write Boa G.2253, Financial Times. 

10. Cannon Street, EC4P 46V. 


MOTOR SPARES 
for 

EXPORT 

Cars — Commercials — Agricultural 
SHIPPED WORLDWIDE 
Quotes given on request. 
CENTAOENE (OVERSEAS) LIMITED 
27A Comberton Hill Kidderminster 
Worcestershire DYI0 1QN 
Telephone (0562) 66677 and 67766 
Telex: 338036 Centos G 


Printing Company 

(LONDON) 

FOR SALE 

T/O £50.000 

Write Box GJ24S. 

Financial Times. 

10, Cannon Street. EC4P 4BY. 


OUR SURFACE COATINGS 
ARE SIMPLY SUPERIOR 

For roof renin, floor and wall 
protection or durable decoration 
there's nothing to match our unique 
range of liquid plastic coatings. 

PLASTICS AND RESINS LTD. 

Cleveland Road, Wolverhampton 
WV2 1BU. 'Phones 09C2 53115 


ISLE OF MAN 

OFFSHORE TAX SAFEGUARD 

Grose tlie opportunities in a low ta* 
area. We specialise in the formation 
ol companies including nominee 
appointment. secretarial servi.-es. 
General agency work, telex and general 
consi Itancy Including commercial 

„ .. _ , PU terrier) (5. 

'JO"! l>. A’ Brown. BROWN 
BROTHER5 LIMITED, Victory Hrnijc. 
Prospect Hi". Dougli. 

Tcf. 0624 25661. Telex B2841. 


SECRET RECORDING 
BRIEFCASE 

FOR CONFERENCES, SECURITY, 
MEETING PURPOSES. 

Best leather, two sections for papers, 
hidden micro-recording unit provides 
four hours tape. Invisible exterior 
janur controls. Amazing device. 
Corruet; 

R U. TRADING CO,, 55 Park Lane, 
London W.l. T c l s 07-493 0102 


AIRCRAFT 
FOR SALE 


SPITFIRE 


For Sale: 

British Spitfire Mark IX. One 

erf the rarest World War II 
vintage airplanes. Flies each 
week. Mint condition. 
*150,000.00. Principals only. 
Telephone: 203-744-7496, or 
write: Robert Phiipotf, 45 Oak 
RidgoRd., Bethel, CT, 

08801, USA. 


ZAIRE 

U5. -Owned Petrochemical 
Manufacturer 

wjjhtl to contact buiinenm an /cor- 
poration visiting Zaire or with 
representation there to undertake 
assignment on commission basis. 
Write Bex G.22S4, Financial Times, 
10, Cannon Street, EC4P 4 BY. 


TAX-EFFICIENT 
INVESTMENT ADVICE 

Most accountants ete. advise on income 
producing investments, but what use IS 
even a 15% yield » the taxman eon- 
h teates 98-a? L20D.00D at 15% 

only leaves £9.500 alter tax. £500.000 
only £10.500 It need nol be SO. If 
your investments arc arranges wltn 
tax-saving In mind. Advice tent re 
ana implemented by rovir own 
accountant. 

Basingstoke 62630 evenings 


















Knaaeial ^xnes-ThwsSs^, July. . 


a? 


WORLD STOCK MARKETS 


!;1^ 1 


Earnings news gives Wall St. mild boost 


Indices 




INVESTMENT DOLLAR 
PREMIUM 

S2.B0 lo £1— l(Wi% (103?%) 
Effective S1.8855— 51i"n (52fo> 
A FIRMER dollar and some 
encouraging second-quarter earn- 
ings reports helped lo give ihe 
Wall Sired ntot:k market a further 
mild boost .veslerday in another 
active trade, although late prolit- 
laking trimmed tlie gain. 

The Dow Jones Industrial Aver, 
aen finished a n\t 3.64 higher at 
S2J.!*“. a Her touching 813. IS. while 
i he NYSE All Common Index was 
finally l!i cents firmer at S.VI.Ofl. 
after $34.13. and -a ins outscored 
losses by 883 to 525 at the close. 
Trading volume amounted to 
26. Wm shares, compared with 
Tuesday’s total of 27.48 m. 

In Washington .President Jimmy 
Carter told a group of foreign 
jouranilsis that he does not fore- 
see a recession occurring nor ** any 
Turihor deterioration in hie 
economic summit meeting in 
Bonn this weekend to act to head 
off the possibility of a recession. 

Earlier yesterday Charles 
Schultze. chairman of the Presi- 
dent’s Council of Economic 
Adviser i. stated that a ’* signifi- 
cant " tax cut will be required 
next year in order Tor the economy 
in maintain long. term potential. 
He also ealed inflation the nation’s 
most !.crinus problem, bui said he 
sees price rises moderating in the 
second half oT the year. 

In Europe, the dollar firmed 
against most major currencies for 
i he second consecutive day. 
L’ndrr Secretary of .Stale Richard 


Cooper told a joint economic sub- 
committee in Washington that 
President Carter “will make clear 
our support " for a newly revised 
monetary system at the Bonn 
summit, which begins on Sunday. 

Another plus for the stock 
market was a report by the Con- 
ference Board that ’ consumer 
confidence improved in June for 
the first time in five months. 

NCR climbed l* to $33i after 
reporting sharply higher second- 
quarter earnings, while Owens- 
Illinois. on forecast improved 
second quarter results, picked up 
J TO $211. 

RCA reported higher second- 
quarter net profits and added « 
at $26;. Walgreen Drugs, on 
raisins Its dividend and 

announcing unproved third- 

quarter earnings, advanced 2; to 
$271. 

Reporting a second quarter 
earning* gain, Georgia-Pacific rose 
! tn $261. International Paper J 
to WO,’ .TUd Abbott Laboratories 
1 to S34J, all three having 
announced second-quarter earn- 
ings improvements. 

Smithline advanced 2’ to S3?; 
bu other Drug issues, which have 
ben strong of late, turned easier. 
Warner Lamber reacted 1 to $281, 
Johnson and Johnson 1‘ to $81} 
and Squibb 11 to $3n. 

Texaco, the volume leader, 
added at $25 on volume of 
021.00 shares — a 382.000 share 
block changed hands at SV-t*. On 
dseTuay 

Tuesday, specula tion about a pos- 
sible oil discovery in the aBItimore 
Canyon centred on Texaco. 


British ePtroleum, which has 
declined to coiryneot on Press 
reports or 3n oil find off the Shet- 
land Islands, gained i more to 
516;. 

Pet rose 2J to S34J — 1C Indus- 
tries said it will proceed with an 
offer to buy Pet at 533 a share 
a fter Pet and Hardee’s Food 
Svstem dropped Ihcir merger plan. 
Hardee’s lost 2i lo S14J and IC J 
to $231 

THE AMERICAN SB Market Value 
Index advanced 0.68 further to 
148.16 on volume of 3.47m shares 
13.34m). 


vious day. Mark Foreign Loans 
were also weaker. 


Nippon Yusen Kalsba rose Y6 Unnp Kon? 
) Y241. as did Toa Neuryo to AW 6 


NEW YORK-mwjosss 

7 " 1 t ~ t * t - 1 

j Jiily 1 July j Jaly [ July j July f July - ; ~r - . ~ ~~ 

12 I It 10 ! 7 ! 6 1 t> H'K , ‘ 1 ' Hl *" I 




Paris 


Germany 

Stock prices retreated further 
in nervous trading, leaving the 
Commerzbank index another 4.2 

down at 790-2.’ 

Brokers said that a continued 
weakening of prices on the 
domestic bond market was un- 
settling equities. 

Siemens receded DM 2 in Elec- 
tricals, while among Motors, BMW 
fell DM 5.50 and Daimler Benz 
DM 2. Deutsche Bank declined 
DM 2.40 after announcing a pro- 
posed capital increase. 

Among isolated firm spots. 
Metallgeselischaft advanced 

DM 4.70 and VEBA put on DM 1. 

Public Authority Bonds moved 
as much as 40 pfennigs lower 
owing to their current yield dis- 
count compared with Mortgage 
Bonds, and the Regulating 
Authorities made purchases of 
stock totalling a net DM 62.6m 
compared with DM 38J>m the pre- 


The recent Uptrend persisted, 
with unit trusts prominent buyers 
in the market. 

Brokers were unable to give 
any specific reason for the in- 
vestor confidence, especially as 

the franc had weaekened in rela- 
tion to the dollar during the 
morning. 

Oils and Steels- tended lower, 
while Rubbers and Publishing 
issues were irregular, but gains 
predominated in all other sectors. 

Sillc. BCT, Pengeot-Cltroen, 
Paribas, Mlchelin, Pechlney, Per* 
rier. CFO A, Leroy-Somer, CM 
Industries, Generate des Bans. 
Pernod-Rteard . and PUK were 
among stocks to make good pro- 
gress, but Cie da Nord. Viniprix, 
Kleber. Arjomari, Usinor. BP. 
Carrefour and Moulinex lost 
grouml. 


In contrast Green Cross. 1 l.uau. whj j e turnover on the four stock nw"- “-"j ’ j ! 1 iwffi I t9/li uiSltfS) 1 

“ c a e jo^r e " a * uM3ism ™“— ; *■« ** »»: "i **! ’w j 53 

wjys*”*" 1 T ° }0£ * JI °“ r Jarttne Matheson lost 30 com; -I '-j -i - 

IO W to and 5 wire Pacific 2a , ! ! 1 j 1 ’ j 


„ . cents to IIKS9J0, while Hong 

Canada Kong Bank and Hong Kong Land 

. , shed 20 cents apiece to HKS19.30 

Nearly ail sectors made further . HKS10.40 respectively, 

headway yesterday tn heavy trad- Ht , f . hison Whampoa declined 13 


* Bute nf Index chue«t from August 24 


headway yesteraay- in iwq v™- Hutchison Whampoa declined lo 
ing. the Toronto Composite Index . t0 hk$ 6.50 and Wheelock 

LraMIuM « —r *». HKS3 f 3 - _ 


lod.dtr.. firfdS 


Juik> 25 ! fYiwr *go i|ipivix.i 

S.68 _ ! a!&5 


Sim*#* (.'nmjiilAt'n 
j High j- Lnw 


on higher second-quarter earn- 15 cents to HKS9.40 and New :Indurt rW 186.50,106.96168-281 104.76} 
ings and Canadian Cablesystems World 5 cents to HK$2.30. but ; | ! 1 1 

“A“ added I a t CSI6S on im- China Light put on 10 cents to ic«n|Mitaf jb. 24; 85.M, M.M[ 
proved nine-months net profits. HKS26.S0. ■ ! 1 


1044)? 110.98 ! 

i i <P,« 


3S.52 ■ 184.64 ! i.5Z 
|6^I ;itl»lffJl-fJO/9;3o 


94.5? 54JJ2] 100J2 ) B6-90 ) 1Z5.W ! 4.« 


ilUU6j) I!/Pi52 


Tokyo 


Rembrandt Jewelry gained 
C31.35 to CS3} the company plans 
to buy its shares at CS5.75 each. 


Johannesburg 


Market was again quite active, 
although shares faOed to estab- 
lish a clear trend.' Volume reached 
330m shares (320m>, while the 
Nikkei-Dow Jones Average slipped 
1.06 more to 5,627.26 hut the 
Tokyo 5E index hardened 0.20 to 
424.33. 

Stocks related to Government 
spending on public works. Ship- 
pings, Petroleums and Foods 
were bought selectively, but 


Australia 


Markets were predominantly 
firmer in active trading. 


Gold shares improved in a Ind. <fir. rWd % 
moderate business, benefiting r— Vit . w<t “ 
from higher Bullion prices and _ 

favourable gold quarterlies. u,- o.«. Bond 


June 21 j Yearegn («p|WM.> 
5.07 i 4.4B 

9.11 i 10.14 “ 


favourable gold quarterlies. i«o R Oov. BondyieW i 

- jT ner 1T.Y.S.E, ALL COM3IOK 


BHP rose 6 cents more to a in line with producers. Elsewhere, 
fresh 197S high of AS7.60. making Dc Beers advanced 15 cents to 


Rites and Falls 

■ July 12] July 1 1 : Jufv la 


a three-day advance of 34 cents, K6.S5. Platinum issues were a few July j July | Jni.v . July _ 
on continuing speculation over its cents harder, while Coppers 12 ) it • to 7 HIrIi 


Iwueti tiuilevi...-.; 1.875 j t.880 I 1.893 


Bass-Strait exploration. 


scored gains ranging between 5 jJ „ ^ 65 V 

-3ft mnlc hot Achnrlnc 64.09 63.3ff M.Wjl ».#♦ 


Pharmaceuticals and some Elec- 
tricals declined. 


Western Mining advanced 7 and 20 cents, but Asbestos stocks i 
cents to AS1.62 following its pre- were unchanged to a fraction 
liminary statement on the lower. i 


Jtiaes — ! 

F'atlr 

rm-linoK^I ! 

\t* II ut I ii. ! 

SlIH 


NEW YORK 

■full Jnfr 
M..4. 12 ■ 11 


.M-l-li I jiIi*. ... 

l-Mn- -,;ni i >li .. 

A.-lnn J .ill 1 , vi 

.1 ir I 'li. lull- . . 

Al.-nii V Ikiii min in 

.Ih.rt 

Allr-j. I.ii.l I in ■ . . 
Alk'iiluny Fiiui-r 
.Vlhr. I (. In 'iiucal.. 
Allu.l .. , 

A III- I'lmllinT- . 

\'l \N 

Xm.-n-ln 


I'l.l-lUll" I a Ini', .... 55'* 

l Pi- I nr 'n't !• 'll* I 48i* 

I. nun- 87 •» 

.\iiJ ... . 25 Is 

i.'nmiiZHInlMi 31'- 
( iiminui- Km; 1 1 io 57 if 

i. urli-r Wnsbl... 1658 


.Iwt. Virluto-.. 
\?mr. Uraml*.... 

Auii-r ]in-iil<nsl . 

Amor, mu 

\»«t. ri-*iMiuiii l 
Amoi. l>m, Tel.. 
Anivr. Kin - . 
Aii'lT. Kmul—. ... 
,\i"i‘r.H»inr IV>»|i 
\iuor. Mo.lli.nl....! 
AltllT. ..I 

Aui.t. S«|. 1 1*.... 
A hut. Mamlanl,. 
Amor. Ni ro- . .. 
An hi. Td. * I vl.' 

A Mill Ok ' 

AMF 1 

\ M I' 

Aiiii'ox 

A liolmr II'-.Uiiii;. 
A ul n 'ili'l' Hilt'li.. 
Ahum. Slivl 1 

A.t..\ 

A Oil 


Unit* 

Hurl I n-iu-l no-..' 

lJocro ‘ 

Uol MnlllC 

[♦clrmw 

Uoul-i-h Inior.. , 
llcf n -It 6*1 K»n. 
DMui.iiiilSlimiirl. 

lfio(Ji[if(f>(io 

Ui^nn Euiui|.' 

Uisnor i" all ).. .. 
Ik->vwl aii-pn 

I fun- '.lieinlini.. 



Unt»or 

l>il|ioni 

ItfllW lll'liolllf: 

Km K'O Pla'ha** ■ 

Ka-t Alriino- .. .. 
Ka.-lnnu K>*lak.. 
Knl»u 


J.itim, Maiiollli 1 ... 

J. >liiiai<ii Ja-tiason 
■1 nlniMin l -hit r> >1 . 
l'il'Mrinulsu,'tiir'R 

K. Mur i '««v 

KtMi Alum i in'ii i 

Kaiser In.lifeines 

Knitoi Sieol 

Km.v 

Kcnn*i4U 

Ken RrCSe* 

KiiMo ttalloi 

KiniKerty t'lirk.' 

K'*(i[«?n 

Knul 

K rii^ or , -' n 

faOHtfo« ny Tnmr.. 
I«vi slniis. ■ 

Ltl>bvO»-.Ki.<iil... 


A-*"- 

A-liimi.i t«n 

All.lin titi.-M . .. 
till" ll8»* I'P'... 
HV 

(K4I I'l.'.lll" !«.. 
li*u *i*» t.'isi 
iMffk Almlli*. .. 
hHiik.'i- n. a.\ . 

llmls'i Oil 

I'pilri lrnii'ii'.i. 
Ikjmirv F-»l... . 
Uh..|»iiIJii'I> oiimii 
ill'll .V H-'Wi-ii.. .. 

jlv*l|.l(*. 

fk'HL'IH'l !.•'»». ■!*' 

Hi-ili ii'lii iu Mk-i. 
I'M— k A Uii'koi . 
H« vi US 


K. la . Jl f.i ' 

Kl I'a^l Nil. Li»r, 

Ultra 

Kl Ultra 'll Wool 111'. 

hiiwri'Alrii'mlit 
hlillmrl 

K.7I.I 

fl|"OlllHpl | 

IvniMrk 

Hllivl 

Kx*'MI 

( mlletnl'l i.'aiurni 

e'atl. |lo|<l . .-| I III-*, 

KtlrlMIIO ‘i'll*.. .. 


Sfc. 

27 

541, 

9U 

25ia 

54', 

Hh\i 1 an 

film lorti- 

t'l'iiiiiii I’i.ii m . . 

197* 
26*4 
30 i A 

20 'a 

26i 4 

30 

22S 

22* 





353b 

r.M.c 

23’; 

23 n 

Zbw 


I-.I'I 

47 U 

4pi, 

451, 

4Si s 

t-l.lHIII-M Ml-U.... 

20T 8 

20' i 

24^ 

24j, 

ti'AlvIi*. 

36,a 

ibj 

36, a 

36l« 

t ran kiln Mini. .. 

9'4 

9I« 

19ta 

191, 

Krvi*|.>rl MuiiHai 

27 

25 -a 

381, 

38 U 

r riii-iiniii 

28*4 

29 

3ia 

3-/* 

1»'|IIL' 

IDiO 

10»j 


| HiHill'...,, 

27),: 

I'-' 'l.lvll 

2B.', 

K.''U "miii'l '. . 

28 ->k 

1'irtiiitl lilt 

13 m 

I i +*-»»• ( .. . . 

14. w, 

Hi i- i.*i My<T- 

37 f; 

I'm. IVi. Mt|t . 

16>« 

I>I«'(HI 111*.*.. 

33i? 

ItiiHi'.n i.-k .. . . 

14 -a 

l>ii* im- Km- 

18 

Hu|,.» n 11 ali-li. .. 

6; ; 

l»ni "iigl.'" Nil.n. 

39 10 

>>,(<, .. . 

7 Hi 

1 nni|J«-H r*"n|* . 

34 

1 mia .iK" I’rti'l In- 

17Ir 

l .1110 1 l;,n'ii'l(.l.. 

U 

( Mil- hull 

« 

CI 

1 H I l. l A ■•VIl'lAl 

lltr 

». nrli-i Huh ii \ . 

l/'l 

i .ili-ri'i'inr 1 raid- 

5B'o 

* J'- 

54 

1. 1'Vlll'+l |'ll . 

40T., 

1 ■*nl ml A ?Al . . 

16. a 

1 .'Mm ui* i,i.. 

20 

i • — im l«#*raff 

39'i 

< III ,- M.,iiIui,|iii 

30’, 

1 '<•'tm.nl Ilk. \\ 

39 

1 lii'.'l.r^li l - *ui.i. 

24' . 

• ip ''i sJi-ni., 

JH* 

1 In- -1_-. Hn.l ul . . 

53 

1 "'I'll 

to. .1 

1 Ull ■Slllil 

4 i. 

» mi*. "\| i Ink'll >ii . 1 

30 k, 

1 "i -ir- 

23 

t Jill * S-M In' . . 

*». U 

i in Int i'*i i,iji . 

15)*. 

• ■-ii ... 

4 1 

• l,Hlr I'll 

20^ 

• 'Hill* A Ik lll’l 11 

1H| 

i • liHi.'-ra ini- . . 

2 ir : - 

l "liiuil'la I'ul. . 

21 


»«-\.K I 

I'KllllOU ' 

in'ii. A nor. Im.. 

ii.A.T. 1 

ill'll, i *l>IO 

i Ion. li\ ii*iiiii'...! 
llOU. Klal'lllo-. . . 


I •>" ,l»l»( ■■■••1 \lii- 
I •■■lll'l,' Ill'll l.ll". 
I "lliltl-ll.'ll la, 

I in' i, "f I. K-'tw It. 

I ni' ■, 'ill Oil l.'oi . 

■ *.111111. -tii'fiii I-, 
I ' Ili|ti1nl ■.'li'ln 

1 tin Lllo In-.. 


■:i. K.(> -in \.A 
■ -ii* ul kill . lit-. 


I *11! ■ 1 1 a III SI lari' 

• ■•III Ill-Ill Hi 1 III . 

* >nt iiii'niHi -||.|i- 
i "HI i.il IIhIh 

i r I lulu- .... 


lien. K«*i, 

32>4 

' 33 

nil Mill-.. .. 

31 

j 30'-, 

■ •dicin' 'Ini nr-.. 

601 S 

6OI3 

liell. l*l"«. 1 ll>...! 

lBifl 

i I8i 3 

in'ii. 

89 •)« 

, 39*9 

iii'ii. 1 vl. hleiH ... 

29 's 

1 2d.; 

1 ■•••!. Ivre. 

25rt 

23^, 




6 

rtu.-iiic. 

26 1 2 

26 

'•dll 'Ul 

36 

, 36’+ 

inllctli- 

28/0 

28’; 

1, 'll JJ, +....J 

22*i 

22 4 

(l'*alVl , lll rtl«- 1 

i*m 

16’i 


30 

29 m 

linuv W. K. . 

26 

26.., 

'll. Vl IMII IVI',*' 

6'= 

6 is 

till. 111 I : 

26 

25 in 

■ i l|*l lit'Jl'l ■ 

12:.-. 

. 13 'A 

■ ••III A M I'M dll.! 

13ifi 

14 

'"HI "il 

23 U 

23', 

1 1 K 1 It'll 1 1 X - -| 1 

61 

(iO's 

IlniiiiH '1 ilium...! 

o2 'a 

32. rt 

Hu iii+'lili'«i.'i ... ! 

16'# 

16-i 

He'll C"T|HI.... ! 

56s 4 

56iM 

Hi'iii.' II. .( 

41A, 

41 1, 

1 l.-iii.ii'i ii 

23. i 

25> k 

1 1,-u ■■■ 1‘ni'kHiii... 

82lfl 

82*: 

tl'ill'lnv lull*. 

17 

17 s 


341^ 

. 34^, 

tli.lli., ill'll 

57 

57 


11SC 

11 

lll':|U.**ni. Al'ICI 

32'a 

31.0 

H'.II'C* *n VmI . f«n> 

2 WJm 

24t- 

Hunt .I'll, \il Inn 

10 :a 

10* 

■ IiiIImii iK.I .. 

15<.i 

10 ' 0 

I*'. . 1 ii'lii'l rli.'».. 

23S-, 

261.1 

I.V » 

41* 

411? 

lll^i'IM'll lin ll.l ... 

56i« 

56i.' 

1 Ii Im Ml— 1 

335m 

3410 


14. a 

i&lM 

1 11.11 

2583.7 . 

259.12 

lull, 

2d'. 

23J, 

Im i. U<m 

3sn 

33*. 

lull. 11 ui \ ( hem 

36)* • 

561, 

Inn. tin'll, 

21'4 

2 H t 

1 Illtl 

151; 

1058 


40 if. 

40 

111. 

34', 

35 i, 

Ini. Ill— llll.i J 

11'- , 

His 

I in. T.*._ A '1 el. - 

30i, f 

30. a 

I'ii. ■'in 

1 . 

l 

!■•«« Uwrt. ! 

35*.’ ■ 

35*, 

M.' 

11'= i 

11S0 

■lim Hmii’r 1 

29'* , 

28 'a 


tVrkin Kl liter • 

; 

1 Cbn 

| ItwliH. 1 »'-*ro.... 
I , IiiIjii1<>I|Jim Kle. 

| I'hlllp Murrn 

I I'ltillqn IHm>. 

ru-ltu-v 

I'rluoV Ik ■»»>.... 

I 

I'Ipmcv bui AUK 


EUROPEAN OPTIONS EXCHANGE 



j i ii i 



, \..i. i«.i 

V.a. 



Kevlon — ■! 

KevnnUls Molalr.i 
Iteynoltls R. J. 

KUji'son Morrell.- 

Kii-kwofi iaier...i 
Ruhm A H «l*8 — I 


(Vrr* worth 

Wyiy — 

xsim....,.,- 

Zapata 

ZrVJittr Ratio... 


i July 

July 

i. 12 

It 


4 . 3T 8 

5312 t 54 
161; I 16U 
i4s* : 1*N 


Rr-ntl Dnlch • 

lets ^ 

1(119- Loss , 

kyilcr d.mcni ... j 
Salcuar Suvk. 
?£. J-v Mineral*. 


CANADA 


St. Ueeir Paper... 
Santa re Ind...... 


Liintetiir<xip | 

Lilly thiy* J 

l.illim IlKlII-t I 

I«*;bli«v1 Airor III 

lain- Star lialiu.l 

Ian" Isian-I Lul.j 

Laoui-MiHH Ltnrt..| 

l.iu rt-a" .. j 

Luofcy S’lntw ! 

L*ke VuiiRtl'niiJ 

1 

Mhov II. H 

Mlu. Harmter....; 

Ma|pn 

Marat In hi (Ml 

Marine Midland.) 
■Msf-bifll KieM 
>I*V Ik.'l'l. .li'it.- 
AlCA 

M"lioiiiiiiii 

.til'IllilllM-' [l"Ut 

Mi;(ir»« Hill 

Mr rev 

Metvk 

Met nii L\ uoh... 

(Uni HeiuMcuui. 

Mi. M 

MinuAlmi'AMlK 

Mi *11. li'fp 



M.ityau J.V 

M-itnroin... ; 

WairjaliV (l|a.....j 

ArIHm9*..« 

Amoi i lionunii .. 
Aaiimini Can I 


Santa re Ind- ' 

Sam Invert. I 

xtnn Ind* I 

Jvhiitz Brotring.- 
SohluniberKer .—I 

■jCM — J 

•5 tart Paper...... J 

Snilll Mik ! 

Souddcr Duo. Cap 


AtricrtM -Hsper 131* ; 

.Vgniro Kapie. 6 

A lean Alu mini am 3Q'( 
.Ucttna Sted— . . J 20 
Ar faft-tOf. ............ 431? ! 

ttanlc of Munirvai 221a . 
Bank 5 ova -vnlia 20 1 a 
Basic Hefniircok. 4.80 1 
Bell Telephone... 57>2 i 
Bcor Valley Ind — 5lJt ; 


Sea Container. 

S«aunini._ 

hearinu.O.i 

txarn KiaHiUok.... 

tKUCU 

Shell Oli.._ 

•jlieii lmi-isiii... 

Sum»l 

Slemsle Curt' — 1 
oli ii pi Idly Pat.... 

Slnirer — 1 

^uiim K'iue 

Mllll«l 

itnil h>bian , 

■Hiimi honiCal.Kd 

-outbem l a ) 

Mlin.Nat lie- ; 

-ffulfiern Pacific • 
UoutiiernHallvai , 


BP Canada. 

UnjvruL 

Bnuoi.. „___j - 

i. ncarv Poaer..; 
Lamtlrra Alines...) 
Canaria Cement. j- 


Lao* da MT Lan.| 
Lao. Imp BK.Coml 
v!ana>ia Indurt—; 
Can. fXdfic ) 


Urn tV-tHc InvJ 
Can. Super Oil...' 
CMrilTU; O'Kpelr.; 
Ca»lat- Af>t>eHr+.i 


NhI. Ul-Mllerr 

Nat -ei non liiil.; 

Nsiuiruii Sire 

Anlrana- 

'ill 


>rj mill' lni| , 

A i » Kneiaiiu K:. 


southland .. J 

Vn ’( Ban- barer.. | 

Sperry Hutch 

i perry Han't....... 

3MUlb «... 

rcnniaol (fiaail-.l 
sid.tiilCaluutnia! 
Std. Ull IralauH. 

Sfl.Ull Ohio. 

StanB Chemteab., 

nieilina Dniji..... 

Sl«idet*ker 

sun Co 

Sumisuand 

nvntec 

lecfantcoli*- 

Fekli.oiia 

lele.ir»o 

tele* 




27 1 27 

26 I 25>t 
173t 17‘? 

411- 414fl 

36 371fi 

273, 27 U 

39A* i 396a 
48*e 48 

3 Us 30ls 

401? 401? 

16 ■« 15i* 

61M 61U 

42 424« 

44'* 44cfl 

31 3He 

12s® 12 

421* 42 

9068 98J* 

51- 5U 

3Ub 31 ( a 


Ctneltain .....! 

Commas 1 

im-. Ittitour-t... 
Uoa-iiinnr G«-, — | 
Co-eka Kewnireoi 

Co-tam 

Uaao 'Derei.. — ...! 

Ueuiaon Miner.. 

Oom Mines 

Lkime PBirowmiil 

Dominion Bndpe 

Doratar I 

DupcjQi... 
Pauan'ae^vkeiJ 
Ford Motor Can | 


Gmstar 

(riant VelVkniie 
liulf CHI Canada.. 
Hawker Sid .Can. 

HolHnger 

Home Oil 'A* — 
Hudato Bay Mnc 
Hudson Hay..— ,.| 


» Kii-Ihici Ki. 
.%«"■ Kir" imp t leu 
N latfMla Mohawk 
Ai.iKHie ''hale.... 
>.l. Imluslilos.. 
\nlbilkA M«»*4PI»»' 
North Niil.liis... 
Mini. Male- Har 
Nlh««-1 Airim*- 

bulloirj 

NuninMaiou.. . ’ 
■ k> nteiilMi I’ein" | 
• 'amt Mm her... 

I I'liln hall-i-il 

cm 


limit** Slil|a>... 
I it* oils Corning ~ 
IIVICIM lllIKHs.. .. 
P*. ill Ii**.. 
1*80111 ■ Lii<liiin-j . 
Pan I’wr. k Llil.. 
Pan Ami Wor* tir 
nuM-l Hannlllu.' 
I'mi.-iv im.i .. 

I ’oil. H«. i. I,. ... 

iVmiT J - C. * 

I'eniirol 1 

l’nip>o> lima 
I^opm lias ... . 
IVl-ki 


leeitn Pnirmeunr 



lesastsuil 1 

iexa> Kasiem... 
Irsa» InsT'ni 

I eras <.i|i A O'as... 

lexas I'tiHiwT...' 

I line* Ilia. i 

time* Mlnv* .-...) 

tinikeo 

Tmne i 

TraiiBrnialra. | 

I'raiBCo — 

Irans l.nitm ■ 

1'ntn-nav llilr'n.; 
1 rans AVurk 1 Virj 

r csv el era 

Tn C'-ontineutai 


Hudson Bay..—..i 
HuitsunOil i Ga» 
l.A.C 

I mis'! j 


I tu portal Oil | 

I ilia - ..........I 


r.it.w 

Jtali Centura- Fnx 

■ 

t AKCU 

IU I- 

cuurtra ’ 

l-ni.ever N V ; 

Conn* Bancorp — 
L oiuQ CartHile.... 
Univ'D Cuiumeree 
Luton (in Caul.. ‘ 
Union Pacific 


I o.ta I ! 

Inlaon Aw. Du*.' 
lui'p, v Ripe Uno, 
K slier Hesoimr*; 
Laurr Fin. Corii.. 
LoUlair Coru. 'b'J 
M.-miii'n Bloertr.| 
VLa-Mty Fon:usrm; 
Mcintyie. — \ 

yinr-re CVrpl) 

MoorilalnSUieR.-: 

Nurmi. la Miues,..l 

Xocmn tnervy ../ 
Alhu. Tel&oni ...'. 
Auinao Chi ± G«j 
0*kkw*l PHri'm. 
FeciiUsCepperM.J 


! Cula i "id 

I I'mnniHc Kiev. . 

I l'l*f, lu-hrstnes.. 

1 lllCIO IlMtl'-h- .1 

I'lin !»r\e Mwt 1 

l-llllllKII 

I'm vs 

Viulkvr tlM- . . 
Ki|iiil American. 
Kara boon... _.... 
MCA 

Kopu' I ir»il re 

Knorts IntL -A" J 


Cmroyai... I 

I- oiled Brand*.... 
C S uanravp ...^. I 

LS CiyieuDi ■ 

LSSh>«...- I 

La aieei j 

ii» lidiisevir'j 
L IT mt us tries- — ] 
tlijpuia Kle t *....' 1 

lVilpnm 

Warner -iVlliuin.. 
"uruer-Laiuuert. 
K'liie-.llsn'mein 

ttei-Fsi*.' 

iCeidu Ben- < ip) 
M e-l on I N . .1 m»i 
(Vesioi n I- min... 
TVr-un-h-v tie.; 


tie-van. 

(\ eyei luieuiei ....' 

Wlili I|>.a4 ; 

WliUvCVui. Init...' 
William L> . 
[ (ViwuUaiQ fleet.., 


CtaciWo Cetmloiimi 
Pan. Can. Cel 'mi 
mm.. 

Peoples- L’ept S... 
PlwvCaoJk Ur/... 
Ptw-er Ueve<i.*t'n it 
Poser Con ensu'd 
Prat - -I 

yoehra Slur* eon I 

hanjferihl 

Ke»1 Sbaa- 

Kw.' AlKom. [ 

KuysJ Bk.ot Can J 
Koval Trust. .......I 

weptre K'-outcet 

aeacram.- 

obeli Canada. 

ibemu U. Mines 

iieUtu- U. Um .' 

Simpson 

■lee' ch Lana. la.. i 
'•leeplinck Inm... 
teiuici' Canaila... 
I'up iuli> JVmi.UK. 

I ran -Lin Ci|i-Lu| 
(ran- M unfit C/p«' 
Iruev 

I. Ilk'll fj*. ■ 

(Ul. Ml lies > 

• Waiker Hira/h... ; 

Cud -ii ran- .1 
iVesiun Liet | 


t Bid. t Amen « t n dw . 

I New stock 


BASE LENDING RATES 

ARX. Bank 10 % ■ Hill Samuel -,.§10 % 

.Allied Irish Banks Ltd. 10 % c. Hoare * Co tlO % 


.Allied Jrish Banks Ltd. 10 % 
American Express Bfc. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco di* Bilbao 10 % 

Bank ol Credit «; Cmce. 10 % 

Bank of Cyprus 10 % 

Bank uf N.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Enrique du Rhone 10J% 

Barclays Bank 10 % 

Barnett Christie Ltd-— 11% 
Brcmar Holdings Ltd. II % 
BriL Bank of Slid. East 10 % 

; Brown Shipley 10 % 

Canada Perm't. Trust 10 % 
Capital C & C Fin. Ltd- 20 % 

Cayzer Ltd. 10 % 

Cedar Holdings 10A% 

l Charterhouse Japbet— 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits... 10 % 
Co-operative Bank ...*10 % 
Corinthian Securities... 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 


Julian S. Hodge 21 % 

Hongkong Sc Shanghai 10 % 

industrial Bk. of Scot. 10 % 

Keyser Ullmann. 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 

Midland Bank 10 % 

i Samuel Montagu 10 % 

i Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P.-S. Refson & Co. ... 10 % 

Ross mins ter Ltd 10 % 

Royal Bk. Canada Trust 10 % 
Schiesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. H % 

Shenley Trust II % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whites way Laidlaw ... 101% 

Williams & Glyn’3 10 % 

Yorkshire Bank 10 % 


English Transcant. ... 11 % 
First Nat. Fin. Corpn. 12 % 


I Members of the Accepting Houses 
Committee. 


First Nat. Secs, Ltd.'... 12 % “ if* s <k1HlslUi 7<; - : - mmxb deWB1ts 

I Antony Gibbs 10 % . . . , _ Bnnn 

rrpvhoimri Kiimnlv in o’ 1 ,-day «n su™ of £10.000 

L*rc>nouna guaranty... in % and up ^,qoo n:; 

Grmdlays Bunk tlO % and over jai.ooo 7j';. 


Grmdlays Bunk tlO % and over £2i.0» 7i*%. 

Guinness Mahon 10 % i Call deposits over *3.000 TSr 

[ Hambros Bank 10 % 5 neraund deoesfas Ti’i. 


Yeelirrie uranium operation. 

Uraniums generally strengthened. BlTUSSClS 
Pa neon linen ta/ adding 30 cents to 
AS 14- 30. Peko-Wallsend 8 cents to Bourse pr 


MONTREAL 


July I July July i Jujy 


AS14.30. Peko-Wallsend 8 cents to Bourse prices were firmer- Ivmimmi I lva'.ift !9iIoil im.si; 188.78 134.00 ifliffl 

AS5.62, E2 Industries 5 cents to inclined in lively trading. 1-— ■' — : — ; — - 

AS2JS5 and Kathleen Investments News that the Belgian Central TORONTO C»mi|ic*nu; 1141.9 115S.9 j iibo.4| 1 19&.6 ma.a ilb/6) 

9 cents to AS255. Bank has decided against raising ■ 1’ ; 

Renison moved ahead 40 cents its key lending rates, discount and JOHAflNESBiJJtiy 228 T K7 8 I 227.2 H4J 228^ ilC.7) 

to AS9.90 in response to the Lombard, may have helped the liniu.-irtai '■ M.b 246.8 1 745.5 745.8 246.8 (lull 

hicher Straits tin price. market higher, brokers com- — — — - — 

Elsewhere in Minings, Mount mented. , . 1973 [‘July 1 V 

Isa climbed 10 cents to AS2J20. i n Non-ferrous Metals. Hoboken 12 ! vbn» h«rU ; i*«v i 12 ! vb 

while similar pains occurred In added 30 at BFr 2.4S0. while Oils 1 ~~r—- — 

MEH r ' AS2J20. and Utah AS4.10. had Petrofina up 40 at BFr 3,780 Austral) toLlB 4975b Ml-?* , 441.19 Spam (Jl inuKilO: 
Hamereiey were S cents higher at and Canpetrofina 52 higher at „ , . B -=-« !.« ill Sweden « 381.77 371 

AS2^0 and Bougainville Copper BFr 600. Steels were mixed. Arbed Bel S inm *’’ 84 . > i 


185.12- 182.801 I8l.57i IS0J6 185.08 (fW?) 
na.ift 191.081 190.51; 188.78 134.00 iflisi 


(Ini* I 

ImluMrbil 


22B.T 227.8 I 227.2 S24J1 
246.6 246.8 1 748.5 245.5 


228.7 ilC-7) 

246.8 (1L'7i 


U.s.Tre»-4«« LfiUCl t94U I +04U 
'lfSTrem»»lX7&»- t79r a . 179T# 
U.S. 90 day bUl*J 7.18% 1 7.17% 


162.90 
170.62 loO/li 


183.0 (20.4) 
194.9 (biS. 


July I P«* ■ 1578 i 1978 

12 • vknn HIkH i I#™ 


July I Vrv- I 1978 I Wib 
12 { vtrait 1 High l*.«' 


(J) UKJKilOjAJ IW.78i B.Jr-3 

i I (9/tf) lilijJi 


*•^4 95.61 10U6 ! 90.43 Sweden l^ 58 1.77 378.64 ! STT.* 325.i< 
: i6/5) ' 133/bi - ' l-'Wl 1 '*1' 


6 cents up at AS1.34. rising 20 to BFr 2.37". but T w»m.nr ki~) 954?2 , bs .«7 BB.Isl WM Switeerl dtfyStt.* 991.7 : dJ6.a>;>(9.0 

Among Banks, BNS Wales Cockerill losing 4 to BFr 467. . ; ,am i 46-Z| < J 

gained S cents more to A8&22 and • France itti 70.8 70.4 , 7U | 47.R ^ .. 

Amsterdam • «,( mr'.&ngS 


to A42.45, but A\Z eased 3 cents 
, to AS3.02. ' Irregular movements occurred Holland it*i 

Among Industrials. Container in slack trading conditions, 
put on 5 cents to AS225. while Dutch Internationals • were Bong Kong 
Costain Australia moved ahead 10 mainly a shade easier, Unilever , i'*> 

cents to AS1.60. losing FI 0.50. Italy ia.> 


Indices and base dates (all base valium 
rn except NYSE All Common — .w , ?i / j ?1 i 


SP,"''"" ”i tffijlurli 20 Tran *P° n - <«‘ Sydney AU Ord. 
In 62.00 62JB 64.24 1 b&.4d 

„„'424A3 484.13 ISSS'sKm WEDNESDAY’S ACTIVE STOCKS 

■ i ilOrfi i (4; 10) Chanee 


I cents to AS1.60. 


Japan I'» 424.53 4Z4.13 : 4-J1.7l ’ 364.04 
^ I i (10(7) i <4;10) 

Singapore 1 352.07 35* S4 ; SabjL j 262.0 
«** no/7) I ii/sj 


r**i Copenhagen Exxon ... , 
Rauncp 1MI Pet 


MOTES : Overseas prints ttunvn !>-)me aan/or scrip issue, r Per aba re. I Vrancs i ■■■ Texaco o»i mo 

^tdurtr ? premimn. Relidan drvlderxls p Crass dlv. *4. n Assumed dividend urm Scott Paper' ols'ow 

are alter wnhboldinti lax seno and/or rluMs tssue. * After local «*■ fxtmi Wum 

♦ DM50 (lenmxL unless oiberanse stated, taxes. m% tax tree, n Francs: incladlna bE S LV“^_ ^ 

vleWs bawd on net dividends Plus tax. Uwlac di*. oNnm. o Share split. iDiv S . E > ‘ Pans__ Bourse 1B8L 

« P!as.5M rtenom. unless mbenrlK slated, amt yield exclude special payment, i inm* ‘jc* Codinierzbaiift tWc_ liffl (fli Amster- 

feKMflfl rtennrn. unless otherwise Hated, cated rtiv. u Unofficial traduut. » Mltwriiv dam. lodusinu 1978. •SriKau Seng 

+ FrsSPB den not. and Bearer sb a res holders only u Merer pendins. * Asked Bank.1l-,<H. ‘IIP MUanS/L'n. ini Tokyo SW™ "J •• •• " 

onlesv otherwise stated. 9 Y. n SO dewim. • Rid. * Traded, t Seller. .-Assumed Nrw.SE ■>'7 /faS - ibJktrxlts TUnes I9HS. Briart Pi-lroJeum .. >ia.0M 

unless otbenrise srared. S’ Price at rune xr ex rfizfiu xd Ex dividend xc (Tt te> Closed. <d> Madrid SE xB/E/77. UAL . - ••■* *■ 
rt susoensHra. a Flnnns. hSdtillinxs scrip issoft. xa Ex aJL a rmerim since in Slock holra Industrial 1/1/38. (J) Swiss Antcr. Td. anil Tel. I79..90 
' Cents d iMWienn after penrtine rjuhis increased. Bank Corp i «t Unavailable. *- — — - « 


Stocks Closlns on 
traded priu: day 


GERMANY ♦ 


TOKYO 1 


AUSTRALIA 


Price +nri Div.i 
Dm. —iS 


AKU_ „.i 77.&+0.2 | - 

I Allianz Veralcb ..; 475 at 31^ 

a MTV 340.5d— 5.5 |28-0t! 

BASF. 1Z9.6*:— U.7 ,18.76 

Haver... 163 « — O.B ! 18.76 

Bayer- Hypo. j 2B7 !-l 138.17 

Ba>-er-Verelii-b5*.; 3 19 1—0-5 1 18 

i ilvilni.Neil.wrf 105 i. m : — 

Lkmiiiier/l'aiib ' 1*29.5- — 1.5 *26.66 

Com liumml 76 —0.8 — 

I taimler Eleue. '301 .5 W —2 28-12 

UepiKsa 254 ' — L.l, 17 

Iteinoe- 156*1—1 14 

UeuL-'lie Haul. ...I 3u2n— 2.4 2B.12 

DntMliier Bank a40.4 -O.l 548.12 

□.iTkertiotf Zemi. 19 1.5 O.o I 9.6tt 
liiii^boffuuiJi; ^02 —1 j 12 


July i2 : 

I A«nhi (il*«i ! 


,' "Prices I or Div. iUi. 

I Yen j - % % 


7T~~ "ft# I -FSi V n»i" Vid. 

|t_ July 12 Kranw - \ % % 



tlapBji Jjhn-it ; 1 5:2.8 — 1 . 14.04 


Harpener 

tl’jevhst — 

Hoc** -I 

H-jrien 


2t6*l — 1 slSuri' 
15:6.7 —0.4 iB./hj 
44.6 -O.l 4 
155.3) — 0.2 , 9.36) 


Kart unil nalz 1 145 ; + U.5'14.04| 

Kanuud ! 315 —0.5 25.44. 


Kanlbol. I 

kiu'bner UMi'A)., 

KBU | 

Krupp 1 

L*nde. 


325.5- 1 1 18.7 J 

90.2 +0.6 — I 

179 -1.5 '16.761 
94D' • -1 

265.5 - 2.5 : 25 I 


Lovrenbrxu 1.41Q. 25 ; 

Luftbanai ... ...... -i 103.5, +0.4 , 9.56' 


•VLV.N 

Mann e» maun _... 

Meiall^es 

Muucbener Kuck 

Aecheinmnn.. 

I’iniwu DM ICO 
Khetu Wert.BIcc. 

'■enienn ! 


in ZiKiei.: J 250 -1 26.5t' 

lli.yvsen A At I 1 j 6.4 — 0.6 l/.t&l 


8*M* I J?5d— 1 

\Kb.( I 125.6 + 1 

' cwiui 1Ve>l Bkj 287 — 1 

Vuih» w * K en„ ! 221.5+0 


265.5 -2.5 : 25 ' 4.9 

1.41Q— 20 I 8.9 

103.5, + 0.4 , 9.56' 4.3 
2u 1.5 — 1 ; 12 3.0 
158.3,-0.9 1/.18 3.4 

234.7 + 4.7 | 10 I jLSt 

565 ■ 18 , 1.6 

140.8 -0.2 - ; - 

lo7 —0.2 2b 1 b.7 
265 « — 1.8 '28. IZ* 5.5 
284 -2 lb I 2.B 

250 - 1 26.5b' b.3 

1+6,4 — 0.6 l/.lbl 7.4 
l?5d— 1 : 14 : 4.0 

125.6 + 1 | 12 : 4.9 

287 —1 18 15.1 

221.5 + 0 2. 25 | 5.7 


Knrmi Elect Pw 

,L230 

• + 20 : 

10 

4.1 

Konmtwi 

349 

1+4 

IB 

2-b 

kuWa. 

280 

;-i 

15 

8.7 

KrnlivC’eimnilc .. 

4.110 


35 

0.4 

Uol>ufttiila Ind.. 

740 

■ — 9 • 

20 

1.4 

Uliiuihi-hi Hunk. 

279 

- 

10 

1.8 

Mili,i ifiisJii Henv.i 

127 

— 1 ,’ 

12 

4.7 

Mitmbirtn Ci.Mp. 

429 

: + l 1 

13 

1.5 


524 


14 

2.2 

Mtri,iiko-lii 

601 

2 

20 

1.7 

\i|i[aiu L'enw.... 

1.500 

I— 30 , 

15 

0.5 

\lpflUD ^tllDfaU. 

714 

1 + 3 i 

12 

O.B 

Alamn Sti'liira... 

791 

1 1 

lu 

1.0 

Hiuneer.. 

1,780 

l-r 10 

48 

1.3 

2*uiyit Electric... 

259 

1 . 

12 

2.5 

^ekisin i'reuili... 

916 

•xl ; 

30 

l.b 

chu-eii*. 

1.190 


20 

0.8 


1.670 

-20 1 

40 

1.2 

Imrtui Murine-... 

239 

'+2 . 

11 

2.5 

*rtke>ui Cliemtcti 

407 

— 1 ! 

.15 

i.b 


1.6 

lejjiu 

120 -3 

10 4.2 

— 

Inkiu Mnrmc 

494 +4 

11 1.1 

— 

Ink in Elias l*i ill 

,1.14J ;+io 

d 3.5 

b.7 

ll.lkVll +HU\" .. .. 

3*0 .-3 

12 1.8 

5.3 

r«+v.. aiiildiun . 

142 ! 

10 5.6 


AC M IL (in cent! ! 

Acn>a> Aiinralirt. I 

AIHeA.Mne. rntg. lual*. Sl< 
Ampul Kx),k>ratioo.._,-....j 

Antpii Petti^eum 

A-eoc. Mineral-. 

.(««. Pulp Pa|ier Si I 

v*hv. Cun. lailurtrte*. 

\iirt.FoiiiiitaXion invert. ...I 

.1..V.J ! 

Auilimi-ri ' 

Au«t. Hit Jt ljhl» ...' 

UhiIiUsi C'tcek Gnbl J 

Wnr Meui Inti .! 

iVnL'pillivilir Ci'li)«i I 

Hramhiee tndi'rtrie- 

rtroken Him Pruv+ieirtn ....; 

bH Srxjr>» 

Cartton United HrewerV-.J 

('. J. Coin — [ 

C+H (Sij 

i'< vwtvum Cement 

tuns. Cii in i tie Ma A ust ] 

Container iS l 

Luti/UH- Hlutuilo - 

L'v«lain AintnUia. 

Dunlop ItuhhcriSl) 

KBC-OK - - 

blder-aniiil> — 

bJ.. Jnrhj^)jie» ........... 

lien. hnpeitj’TniM 

Hamerslov 

Hooker.- . 

ICI Ausinlia 


Bcrjjen Hank 93 i + 1 , 9 9,7 

65.0 ‘ 


+ 6.25: 7 1 10.1 



Turnover: Cr.l3S.4m. Volume: T-Jm. 
Source: Bio do Janeiro SE. 


Inter-Comt— - -I 

Jeanloji- ln«fii-Lrte>— —...I 


JOHANNESBURG 

July 12 Rand +or 

. MINES 

Ando American Corpn. ... 5.73 +0 

charter Consolidated 3.60 

East Driefontetn WOO +0. 

UlsburK 1.00 -+0. 

Harmony s.70 +n. 

Kinross ....... 8.55 +0. 


Source rijkiro Secunoe*. Tokyo 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


\l» „»<l ib/.iVi 

Uzn rl'l.20i ' 

A ' item BrtkiKi.iCu! 

IMbV iF:.L0> f 

A inr.it* rik iKi.Ho, 

Uijeukon 

BokaWeri'miKaoj 
duhrm ToUoxxW 
KlaenerV (F.J0).J 


ivnu * ,\ .VUiearen 
buif i^onlT-riKlUJl 
tJ i-cBmcai l& i b’aT,f 
He)ocK«m7' Jffi..' 
Huuuo veus ( FUSOtJ 
Hint let O.fPl.lOuj.! 
Ik-L-M. (FI.UM)....| 
luu MuUenlflJj... 


IUL tUUUCU*^*..- 

Xaarde u (FJ.1U/.. J 

V.i N'AllnH , PllilJ 


.VaiJS-edliuwFIlU., 
NedCtWl BtoFl J0J 

-VcdMWki«(FL5a 

VeolFLXJi:. 

Van Ommeren 

PakboeU iKi.30). 
Philips CFI. Ipt... 
Hj&ficbVeriFLB® 
Kobecn |FI30)_. 
Uoiinco lPU W)... 
Korrato (PU 30i... 
Bu.ValDulcWF1.iC 

nlaveulmrp 

nievinCicv tPlJ£> 
fotynPac. HMs.f! 
tnilcrei 

1’IUinuKes. Iili*;1 .1 

We*t)an'dii..Hiiiii>! 


105.5 rS3l 3 . 4 

28.6 — 0. 1 I — — 

366.0'.., : 23Jij 6.4 

81.8A +0J. 3u | 6.1 
76.4. + 0.5 ) 23jJ 3.9 
94^ -0.5 | 26 5.3 
119.7,+ OJS B2J 6.9 
70. 0 —1.2 ! 26 I 7.4 

274 ! ....' 2/.*J 2.1 

153.0| +0.S j 57.$| 5.6 

6b. 5. 94.81 3.0 

35. 1‘ — 0.6 ! 20 5.9 
101-8*+ 1.0 i 14 3-3 
32.5—0.3 - | - 

26.7. + 0.6 12 1 4.6 

163.21-0.1 3 I 6.2 

47.; —O.l 19 B.o 

34.2. 12.0 3.7 

99.5+0.3 46 | 4.9 
52^-u.2 21 ' 7.9 


Jouea iUavid}.. u ....~ | 

lletala Kxpkjraijon I 

Mill BnMiusa. [- 

Urn bmporium 

Sean 

AicOotae IntenutKinal ; 

Nnrift Bn*enH , itlnu> OJcJ 

Oakbriilue..— 

Ull bwircll- | 

i.rftet Expiorariun < 

Pmoeer Concrete.... J 

KeekltiA Colmnn J 

U. C. Sleigh | 

anulblaml Miniaz 

bpanun bxpK'nuioo..- ' 

lr«h (Si 

Wali*nHi_ ; 

"Went .Miniot: iWeent*;. 
(Vnolnnitli 


K usten hunt Platinum ... 

SL Helena 

Sonib Vaal 

Gold Fields SA 

Union Corporal Ion ....... 

De Beers Deferred 

Blyvovruitnciu 

East Rand Ply. 

Free Stale Geduld ...— 

President Brand" 

President Steyn 

Sui/ootcln .......... 

Wrikom. *...7. — 

West Drieronteiu 

Western Holdings ... 

Western Deep 


INDUSTRIALS 

AE 

Anglo- Amer. Industrial > 

Barlow Rand 

CNA Investments 

Carrie Finance ... 

De Beers Industrial . .. 
Edgars Consolidated Inv. 

Edgars Stores - 

Ever Heady SA 

KcderaJe VoIKshe leggings 
Grcaicrmans Stores ... 
Guardian Assurance iSAi 
HuK-ttS 


52^-u.2 21 i 7.9 
197!4{ 4-0.4 i 58 I 6.5 
154.8:+ o.B | 36 . 4.6 

140.5 1 8 6.7 

56.0 -1.9 | - 

26.1 1 — 0.2 ' 17 6.5 

80.1 J — — 

172.5 —0.3 A88t 7.4 

132.51+0.3 I - - 

1142.8 : «9.3| 3.8 

138,6-0,5 3B./0; 8.1 


McCarthy Hod way 

0.M 

+D.W 

NcdBank 

2.W) 


OK Bazaars - 

7.l» 


Pneaue^ Muling 

lilt) 

—0.05 

Pretoria Cement 


+0.1I5 

Protea Holdimw ....; 

lx: 

+SJ.03 

Rand Mines Properties ... 

T2.3D 


Rembrandt Groan 

T3JD 

+0.K 


Sage Bowings 

SAPP1 

C. G. Smith Sugar t4J& 

SA Breweries - 1.43 

Tiger Oats and Natl. Mis* io.a> 


138.6-0.5 •aa./Si 8.1 
237.8, +u.3 20 8.U 
131.8 + 1.6 47,4.2 


132.5 u.b 

122.7.-0.5 At. ■ 6.9 
40.8td +0.1 SDJK 1.2 
401.0—0.3 33 ! 4.0 


Securities Raod U-S.S0.70. 
(Discount of 39.1%) 


i SPAIN » 


July 11 

Por Deni 



Audeu-Dtukeu— . 

H*rm’«ertV_ • 

IMn-keHouk., I 

KrtrtA^an Co ! 

FtmuttbuikfflL..—, 

H VfEflener.... ; 

P'M*. l*a ptr I 

Bandeiafauk \ 

U-K'tb'n ELiKritn 

-toni Katwi ; 

uilefabnk .... .| 

FnvaUrtnl i 

Fiwui-bank 

Soph. Beraiadien. 
in pert ca J 


134 , : 11 | B.B 

434 : _! IS I 3.5 

I22V — ' 12 j 9.8 

162iu; 1 12 7.3 

1283, h- 4 j 13 ,0.2 

370 |.^ • 12 5.2 

79 [ J - - . 

1233*- 1 12 8.9 

263 L I 12. 4.1 

195 1+2 | 18 6.2 

7812— La ! — I — 

129 ) - 8.3 


1384 ;—U j 11 J B. l MILAN 


4071s 1 + 2i a j 1Z ’2.9 


! viio* I + ui 
July 12 l k t - 


































• 




Z?. nancia * Times Th °rsday July 13 1978 


FARMING AND RAW MATERIALS 


37 




Mackerel 

replacing 

herring 


jhii runs ARE eating more 
mackerel and Scottish heSSe 
catches are dwindling to an 3f- 
th"e the Department of 
Agricultural Fisheries for Scot- 
land disclosed yesterday. 

Last year 54,000 tons 


con- 

just 


nnrSfIni W ? re !?“*?(! at'seittilh 
poris-^nearly double the 1976 

figure. Of this total, 2&.000 
ionites went f or human 

■ iSSBT’ ron,pare d with 
i-.uuo tonnes in 1976. 

w ■' , rt . The fisures were revealed in 
-'"Nd annual fisheries report of 
,e Scottish agriculture depart- 
ment published yesterday. 

The value of the total mackerel 
cairn was £4.3tn, compared with 
n.7m in 1976. 

The report attributed the rise 
to the contraction of other flsb- 
mg opportunities — particularly 
Ah erring — for Scottish fishermen. 

«Aa* 1 7 ear " s herring catch, at 
38,000 tonnes, was the lowest 
recorded this century. The 
decline was caused by the 
.closure in February 1977 of all 
Sea herring fisheries and 
• j Testrictions on herring fishing in 
the Irish Sea west coast grounds. 

Despite the decline in the 
. volume of the herring catch, its 
. value went up by nearly £2m to 
• more than £llm, reflecting the 
high prices now being fetched. 

Last week it was announced 
that all herring fishing off Scot- 
land’s west coast is to be banned 
except for the Clyde. 

The report said the year was 
‘ in many ways a very difficult 
and frustrating one" for the 
industry. But the white fish sec- 
tor had a “relatively pros- 
perous ” season with the value 
-.of its catch increasing by nearly 
40 per cent to a record £85m 

Nearly all the boats in the 
herring fleet were capable of 
switching to other fish. “This 
flexibility helps to offset the prob- 
lems created by the reduction of 
herring fishing opportunities, 
said the report. 


Coffee market tumbles as 
Colombia lowers prices 


BT JOHN EDWARDS. COMMODITIES EDITOR 


STO dSTO Sfw'VrE 

terminal markets 


It is almost impossible to tell 

. -- — - Although this year’s exactly what prices are being 

>— nin.,,i, ■ yesterday Brazilian coffee crop is safely charged in view of the plethora 

ftSn •2“ 0UI,eed i K! at harv «ted. the market would be of ’special deals’' offering 

J0W ,f3f ° amount that very vulnerable since consumers varying discounts on the 
1° bave been bolding off buying, officially quoted prices offered to 
C “ tnrt . : B t nk ' u see what will happen consumer 

thus enabling them to cut their and are reported to be holding But many traders consider 

only light stocks. 


asking prices. 

Later on, after the London 
market dosed, it was learnt that 
Colombia was also cutting its 
minimum export prices to try to 
revive sales of its heavy, surplus 
stocks. 

On the London futures market 
the September position lost 
£49.5 to £1,283.5 a tonne— back 
to the lows reached at the end 
of March before the market was 
boosted by Brazilian frost fears. 

This means that the market 
has already written off the 
possibility of a frost hitting the 
vital Brazilian crop, despite the 
fact that it is still the prime risk 
period. 

In 1975 the frost struck during 
the third week of July, and some 
weather experts are said to be 



that coffee is now cheap, 
especially in the distant months 
at around £1,000 a tonne. This 
has encouraged some trade buy- 
ing at the lower levels by 
merchants who have not for- 
gotten the frost, entirely, like 
the speculators. 

However the market was 
sceptical of a hint by Camillo 
Calazans, president of the 
Brazilian Coffee Institute, that 
Brazil might consider import- 
ing coffee again for the 
domestic processing industry. 

Sr. Calazans claimed that 
imports from Madagascar and 
El Salvador in 1976 had proved 
a profitable operation, but no 
mention was made of purchases 
made at very high prices last 
year. 

Of more interest was the news 
from Londrina that weather in 


claiming that the meteorological 

pattern this year is not dis- As a result South American 
similar to an early cold spell producers have been engaged -in the coffee growing areas remains 
followed by warmer weather a competitive battle to try to fine with minimum tesmpera- 
prior to the frost . obtain any business going, tures about 12 deg. C. Unsettled 

Traders are not predicting Colombia, as the world’s second conditions were forecast, but 
that there will be a frost How- biggest producer, has been hard the cold front moving up the 
ever, they are pointing out that hit by a build-up of surplus south appears to be confined to 
the danger has not by any means stocks. the coastal area so far. 


MORE THAILAND 
RICE FOR EXPORT 

- .THE THAI Commerce Ministry 

- has released more rice for export 
io help farmers get higher prices 
for their paddy, Nam Poonvathu. 
commerce minister, said. 

He said 40.000 tonnes of high 
grade rice had been approved 
for export on a commercial basis 
before end-August, and broken 
grades totalling 50,000 tonnes 
would be allocated for export on 
a private basis by end-October. 

Meanwhile, the Agriculture 

Ministry said this year’s second 

crop yielded a bumper harvest 

of 1.5m tonnes. 

The bumper crop was 
. attributed to a new strain of 
rice called **kor khor" which 
requires less water for its 
crowLb. ... 


EEC clears last of excess sugar 

BY CHRISTOPHER PARKES 

THE COMMON MARKET Com- enough, officials explained. c and f. 

mission yesterday cleared the At yesterday's raws tender the • This year's Barbados sugar 
remnants of its sugar surplus export subsidies requested by crop, originally forecast to be the 
from the 1977 beet crop. The traders wer too high, the Com- biggest for the past six years, has 
market management committee mission said. The raws market turned out to be one of the worst 
in Brussels approved the export would be re-examined in Sep- Reuter reports from Bridgetown, 
of 25,000 tonnes of whites and tember and if there were enough Output was less than 100.000 
fixed the maximum export sub- available for export the tenders tonnes. The local sugar pro- 
sidy at 26.493 units of account might be restarted. ducers' association blamed the 

per 100 kilos. F. 0. Licht. the independent ]* e * °* ®* es an< * 

About 3m tonnes of sugar .have sugar market observer, has harvest hold-ups caused by wage 
now been disposed of at these reduced his estimate of world negotiations 
weekly tenders over the past 12 final sugar stocks at the end of 
months, a spokesman said. At the current season, 
the first tender of the campaign He said yesterday that stocks 
last August export licences were would be 30.98m tonnes com- 
jssued for almost 55,000 tonnes pared with his February fore- 
of whites and the highest subsidy cast — the first — of 

approved by the committee was tonnes. 

23.8 ua per 100 kilos. He has raised bis estimate of 


Stockpile 
tin Bill 
delayed 

By Our Commodities Staff 

CONGRESSIONAL clearance of 
the U.s. contribution of 5,000 

tons of tin to the International 
Tin Council's buffer stock was 
further delayed yesterday. A 
committee scheduled to prepare 
the move 'for approval by 
Congress cancelled its meeting 
planned for today. 

The hold-up helped slow the 
early decline in tin prices on 
the London Metal Exchange 
which was sparked off by a 
SM25. a picul cut in the Penang 
price overnight 
However, tbe slide resumed 
in the afternoon when U.S. 
traders showed little interest in 
tin. Throe months standard tin 

closed £8.50 lower at £6546.50 
a tonne. Cash metal fell £10 to 
£6,615 a tonne. 

Tbe cash lead price rose £4.50 
a tonne yesterday to £315.75 and 
three months lead advanced £4 
to £323.75 mainly under the 
influence of consumer demand 
and reports of covering by some 
producers buying nearby metal. 
• In New York National Zine 
Co. said it was to raise its prime 
western zinc price by 1.5 cents 
a pound to 30.50 cents, starting 
next month.' This follows a 
similar move by Asarco earlier 
tbis month to restore the price 
increase rescinded previously. 


GRAIN MARKETS 


Hold-ups hit wheat talks 


A NEGOTIATING conference 
on a new international wheat 
agreement is not likely to be 
held until late this year at 
the earliest. Australian Deputy 
Prime ‘ Minister Douglas 
Anthony said herfc 

Be said an EEC demand for 
an agreement on coarse grains 
to run parallel to a pact on 
wheat was unlikely to be 
accepted. 

A proposed negotiating con- 
ference scheduled for 
September is likely to be 
replaced by further meetings 


of the Interim committee of 
the UN conference for an 
arrangement to replace the 
1971 International Wheat 
Agreement, Mr. Anthony 
added. 

There Is an inevitable link 
between ’ multilateral trade 
talks being conducted by the 
GAIT and the grain negotia- 
tions^ he pointed out. 

• An official announcement 
on the future coarse of file 
wheat pact talks was un- 
expectedly held up last night 


GENEVA, July 12. 

when a planned Press con- 
ference was postponed. 

U has been expected that it 
would formally be announced 
that the negotiating conference 
would be delayed until later In 
tbe year, and ilie September 
date used for further interim 
discussions. 

It is understood that 
although some points hair 
been cleared up. little progress 
has been made on the main 
issues for discussion — the 
-price levels and the size and 
financing arrangements for the 
proposed reserve stocks. 


Exports ‘averted barley slump’ 


BY JOHN CHEARINGTON, AGRICULTURE CORRESPONDENT 


Sea water 


for crops 

3L308m ALMONDS, figs and grapes can- 
not tolerate irrigation by sea 

There will be no tender next tSmiSSS anTtemSfs? thrive and tapnrJe 

week and the new campaign s tonnes to 86.65m to Dues, and on j. 

export procedures begin on July increased his production forecast These are the findings reported 
26. While licences will be issued from 91 - 9m tunnes t0 92 - 62m by Soviet scientists who are try- 
and subsidies agreed, no exports On tbe London terminal ing to find out whether salt water 
of new season sugar will be market yesterday the daily price from the Caspian Sea could be 
allowed to leave the EEC until for raws was hoisted up £2 a used for wide-scale irrigation. 
mid-September. tonne to £89. The whites price. The experiment has been run- 

The committee also announced however, was cut £2 a tonne to ning for a year. Various crops 
yesterday that the weekly tenders £95 following the sale by a have been irrigated with ordinary 
for the export of raw sugar were Belgian company of a cargo of sea water, with fresh water or 
to be suspended. The amounts whites to Syria at the disappoint- with various dilutions of sea 
available for export were notibig ing price of 8202.75 a tonne diluted sea water. 


U.S. commodity 

•T 

market 

review planned 

WASHINGTON. July 12. 

THE COMMODITY Futures Trad- 
ing Commission is to prepare pro- 
cedural reviews of tbe terms of 
four commodity futures contracts 
over the next nine months, it was 
announced here. 

Commissioners at tbe weekly 
CFTC meeting approved a lull 
economic review of the New York 
Coffee and Sugar Exchange’s 
coffee “C” contract, and partial 
reviews: of the New York Mer- 
cantile Exchanges round white 
potatoes contract, tbe frozen pork 
bellies contract of tbe Chicago 
Mercantile Exchange, and tbe 
cocoa contract on tbe New York 
Cocoa Exchange. 

The Commission noted it does 
not imply these contracts are 
unsound but that perodic reviews 
of contract terms will be con- 
ducted to ensure that they con- 
tinue to be economically useful. 

Several commissioners ex- 
pressed concern that U.S. mar- 
kets were not remaining competi- 
tive with their foreign counter- 
parts. The Commission will study 
whether U.S. regulations are aug- 
menting this shift to foreign 
exchanges or if market factors 
are responsible. 

Reuter ' 


THE HEAVY barley harvest of 
1977 could have caused a slump 
in prices, bur this was averted 
by exports of more than 2m 
tonnes, which earned the UK 
about £l25m, Mr. Edward 
Bishop. Secretary of State at the 
Ministry of Agriculture, said at 
the annual lunch of the Home- 
Grown Cereals Authority yester- 
day. 

Market prospects for this year, 
he continued, looked fairly 
favourable. World market prices 
were higher mainly because of 
the actions of the U.S. Govern- 
ment in maintaining cereal 
prices. 

He emphasised the benefits of 
stable world prices and he hoped 
that the current talks at the In- 
ternational Wheat Council and 
other bodies would lead to real 
stability. 

Earlier. Sir George Huckle. 
chairman of the authority, said 
he hoped that the levy on sales 
of grain which financed the 
authority could be raised for the 
year 1979-80 to about 3p a tonne. 


a rise of 50 per cent 
He also claimed that the new 
description of feed wheat, now 
** SFW.* 1 should replace the “ de- 
nature ble quality " description 

M. Pierre Mehsignerie, 
French Agriculture Minister, 
said cereal production in 
France this year should rise 
10 per cent Reuter reports. 

Overall French farm produc- 
tion should grow 3 per cent 
the Minister said. 


in the future, as the new stan- 
dard had the agreement of all 
sides in tbe industry. 

“The prospects for the 1978 
United Kingdom harvest look 
good.” Mr. Bishop said. 
“Experience has taught us the 
risks involved in making crop 
forecasts before the harvest is 
in, but 1 know that our tech- 
nical advisers are expecting 
another excellent harvest pro- 
vided the weather is favourable 


from now on.’’ 

Winter plan tine went well, 
and the winter com crops were 
lookin'* healthy, he added. But 
the severe weather in many 
pans of the country delayed 
plantings yf spring eerea',>. 
Grass and fodder crops were 
also laic, but first cuts of silage 
h- d been completed am! 
an hough yields wer.* heluu 
average, quality was satis- 
factory. 

• The H GCA re purled in its 
weekly survey that provided the 
weather hold out West Germany 
might expect a remrd crop nf 
grain this year. Out put is fore- 
cast io exceed last year’s 21. 8m 
tonnes and may be even higher 
than the record 22.65ni tonnes 
harvested in 1974. 

The area down to corrals this 
season rose to 5.35m hectare.-, 
from 5.34m last year. "Yield 
prospects have been improved 
this year due to the fairly good 
weather during the past few 
months,” the authority said. 


Doubts over U.S. maize crop 


BY OUR COMMODITIES EDITOR 


THE FORECAST of a 4 per cent 
cut in the US maize (corn) crop 
this year to 6.15bn bushels was 
viewed as slightly bearish by 
London grain traders yesterday. 

But dealers pointed out that 
the forecast was based on the 
acreage plantings estimate 
issued last week, which many 
traders considered over- 
optimistic. 

At tbe same time it was noted 
that although the crop is gener- 
ally looking good at present, 
there was still a long time to go, 
including the crucial “tasselling 
time,” and the dangers of frost 
damage were greater because of 
the late plantings. 

The difference could be 
crucial to market sentiment. 


The US' Department of Agri- 
culture based its crop forecast 
on an average yield of 90.1 
bushels to the acre, compared 
with 91 bushels in last year’s 
record crop. 

But il this yield is not 
obtained, and the acreage 
planted is lower than initially 
forecast, the total crop could 
fall below tbe psychologically 
important figure of 6bn bushels. 

Below that level it is thought 
doubts might well creep in 
about the adequacy of supplies, 
especially if reports of China 
and the Soviet Union stepping 
up their imports prove to be 
true. 

Above 6bn bushels these 
doubts tend to be forgotten. 


although there is general 
optimism that rising livestock 
numbers will -boost US domestic 
consumption this year. 

There are fewer doubts about 
the wheal crop forecast by the 
USDA predicting that total 
wheat production will fall by 
11 per cent to LSObn bushels 
following a decline in the acreage 
planted and harvested. Of this 
winter wheat accounted for 
1.2Sbn bushels, spring wheat 
405.5m and durum wheat is 
sharply higher at 119.4m bushels. 

Other crop forecasts are barley 
410.4m bushels: oats 635.5m, and 
rye 28.5m bushels. 

Meanwhile the U.S. Agriculture 
Department said there were 
542.02m bushels of feed grain 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


TIN 


pound sire attic nod and some proflt-takins 
look the price down io 1*27 before a close 
COPPER— -Higher on balance on I be on the Ke»1> of £728. Turnover. I 6JM 
London Metal Exchange alibouzh the uimM. 

J<?M li-i-eN were not 

E~I i on fresh buy Inc. helped at the E* 8, ~ r^f uS'c ' SeatUm’”- 

*iart by the lower pound. In the alter- 7*. *>- M.. JS.Hy’kfr Standard 

CUB X7tt5-J. ■, three months ±728 5. 2S. ;v.\' 


a.m. i4- <ii 

Mi-la* j — 


|*.UI. 

Un*>fti*-*M 


COFFEE 


» mSmalncd. P^rwalrt AnjaWnafr^ MeUI Tradln* SS,l^!t*6640.60-«7.8 66ia20-10 

SSfiJSrS' the 6335 95 - I0 1 055060 - 18 - 6 

W >™'d. In [he alter- Sotos' Suuidanl 

ooon comet we, ll.Ue ebansed bur the Si WlrrtZS. “ 

COPPER; "■ n ‘- 1+ P*** t+w 28.5. 30. Afternoon; Wlrebare. three 

I UITi. ihI — Lnoffi.-iiM — months £728. 29.S. 30. =9-5. 28. 28. 27.5. 


_.L_ 

. X . A* ! 

Wire bars 

.'■-h 710-.5 -i-B.5! 

<ni.uUi*-..' 730-.5 J-8£ 
'•‘IU'iu'ui 710.5 ;+B.5| 
kathodes 1 

■Vli i 705.5-6 *7 

t m«nth*.. 726-.B '-8 
MMi'ni'iir 706 :+7 
I’.S. Hint. J — ■ .... 


707.5-8.5+3.2 
728-. 5 '-,-3 


705-4 4 2 


2S. Kerb: Wlrebare. three months £727.6. 

27.5. 28. 2S 5. 29. ftew xork 

TIN— Uttlc changed. Forward metal 


6650 1 — 35 ! - 

I 1 

663545' — 35 i 6610 20 —10 
6575- 80 —10 I 0546-48 8.5 

664 6 -—36 1 — 

1P1716 1—26; - 


440. 100-120 lbs K.O to «-8. 120-180 Ibe PRICE CHANGES 

35 0 to 41.0. . 

- „ lh . , MEAT COMMISSION— Average fustocb Prices per tonne* unless otherwise 

RobusTai declined ateadlly In an itrire im<*rr£V ***** 31 represemndve markets on stated, 

morning session. Drexel Burnham Xjun- “.-Sbwl.wnl.r CB-CarUe 72.00p oer fcfiJ.w. 

bert reported. Good trade support was «t t+OM'- UK— Sheep iu.9p per 

evident through out die day on a. scale- *“*2™ * rtee of fcs.esr.d.c.w. i+OJi. CB— Pigs «3.2p per 

down basis, but this djd not prevent 31 837 ccn u a fclll> bu * er - kg.I.w. 1+0.2.. England and Wa! SC- 


RUBBER 

STEADIER 


- I 


the marker trading at new lows shn-e 
ApriL At the dose values were op 
10 £50 lower on the day. Dealers re- 

marked on a noticeable narTowiiur of 

differentials, suggesting that forward 


started at £0.330 after a fall In (he East three months £6.57& 75. Kerb: Standard, 
overnight and rose to £8,580 on buying in three mamba £83*a. *9. 78. Afternoon: 
• thin market, influenced by reports of a Standard, three months £6.960, 38. 60. 
delay in GSA sales. But lack of UJS. SO. 53. 50. Kerb: Standard, three months 
interest ' coopted with nervous and 28J4S. 40. SO. 55. 50. 


— - — , — ■ prices represented reasonable levels when 

Morning: Standard, cash £6.640, 3s. translated into physical terms. 


723.5-4 +1 .75 merchant setting depressed the price to a LEAD— Steady on fresh buying aod 

— • ctoso on the Herb of X&.B4S. Turnover, some consumer demand, helped by the - 

■66.5-68 1.030 tonne*. .... 


I.G. index Limited 01-351 3466. Three months Copper 725}*731t 
29 Lam out Road, London SW10 OHS 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


PLANT AND MACHINERY 


FOR SALE 
Shot Blast Cabinet 

21 ft. wide, 18ft. high, 39/Llong with waffle 
floor, concentrator, shot reclaimer, wet dust 
collector and 10 cu. ft. blast generator. 

Price to be negotiated. 

Further details and arrangements to view 
from J. E. Green. 


ROBEY OF LINCOLN LTD.. 
P.O. Bo« * Lincoln LN5 8HB 
Telephone Uncoil 1 21231 


COMPANY NOTICE 


KINGDOM OF DENMARK 

7i% 1972/1987 FF 100,000,000 Bonds 

Notice h l-crcb/ £iv«. to Bondholders of the jboveLosn tta. 
the amount redeemable on September 1. 1978. i.e. FF 6.000,000 was 
bought in the market. 

Amount outstanding: FF 82,000.000. 

Luxembourg. July 13, 1978. FISCAL AGENT 

KREDIETBANK 
SA. Luxembourgeoise 


art galleries 


MARBLE Carvings YQMA 5AS8UHSH- 


4ALL QALLERtSS. TIM Mai L SWI. 
of Women Artists llfith AnnB?l EuhWfc 
tlon. OjHy »*. J 
l n.m. July 21st. Atfm. !w 


Until 


RICHARD GREEN 6UUn.<D -Bond 

HR mSH^ 5 MARITIME - ART. Rjlnt'nta- 

wsuresieurs a* 111 prinu. pally 10-0-6.0. 
SEim-iuo. Until July 21. 


W. H. HAW*** 

Sw 70 !^ §S?»rfoN '-Sr cmW 

Fri. at 3.30-5-30. 


unwinding of straddles which resulted in '*l4rn>bsr.. 
the sailing of zinc and ibe baring of smwww— 
lead, a technical shortage of oeartw J*ou»ry — 
metal narrowed the contango and there J™ 1 *.-.— 
was some covering thought to be on 
behalf of producer interests. Forward 
metal rose from £320 to £323.5 before 
profit-taking and tbe Influence of ibe Sales: 3.340 

copper market caused a reaction to £321 . , , , . 

and a dose on the Kerb of £822.5. Turn- 'CO Indicator prices for July 11 I VS. 

over, 5£50 tonnes. corns per pound): Colombian Mild 

— — Arab leas 186.00 i samel: unwashed 


COFFER 

. Vceimlay'r- 
j CHv-t- ; 4 - 01 



|£ i+r i,*oue; 


Juiy ..... 

-*e}<tember .. 
Novemoer... 
January....- 

1560 1570 -50 J; 
1288 1285-43.5 
1835 l+a5— 45.6; 
1190 1 195 —54.01 
1140 1145— 55.D 
1 1 US- 1115 —5D.2S! 

1 1560-lltt 
1515 1276 
J250 1«S 
IhOS 1 66 
1150 1160 


Jure.. | 

1 1085 1095 —26.5 1097-1085 


X**.l . 1 'ieviuuk 
ILtLS 1 v tore 

Veat'rnav*’, huxiueap 
i-iiv* j <t--nr 

Au* ' 54.20-64.90 

Styx .... 54.90-66 
Crt- Dei bB. 70-58.SH 
Jau-Mr. 5B.B5-58./U 
Apr-Jnt- 60.60-60,70 
Jiy-sejji ^ 2 Jio-s 2.66 
Oct- Dei p 4.2M4.S0 
Jao-Mai pB.0D.b6, 20 
A|*r-Jnr -7.70-67.911 

j ! 

i 68.70-64.10' 66.80-64.90 
64.96^44)41 66^0-66.06 
66 . f 0-66J20( 67.85 56.00 
\ 66.16-66.20; 63.70-68.10 
60. 10-80 . 161 6l.6Mrf.10 
6U6- 62.001 hS.80-h2.6d 
86.76-65.flHJ 66.iM2.B0 
86.60-65.60 6e.7D-6e.05 
l! c7.2U-B7.50' 99.46- 67 JO 

Sales: 435 i!91) 

lots nf IS tonnes and 


Cattle number* up 18.0 per cent, average 

price 72.B0P 1+0.261. 5heep UP 11.0 per 

vent, average iMJti I +L4>, Pig down 

s.i per rent, average C3Jp (+0-2). XeiaJi . . 

Scot land- — Cal He up S6S per rent, average Atommium [£680 £680 

71. 0D i -0.44*. Sheep up 45.0 per cent. Free mark*) |na>;8lJM0-M- *1020-50 


July 12 
1870 


nr . Month 
— I ago 


,'5152.625 


proauce: oranges— 5. African: SoW. ....... .Troy oz-^18S.62>-t 1 

4.00-5.00; Brazilian: 2 JO -MS. J** 4 ““ 

... . — -Italian: lW'tiDs new crop 4.20- * Montis* - . . 

&6. 56-05. 60 6o.7D-6e.05 4 JO: Spania: Trays 1.40-L60. large bores -!^-h6D ; X2j5W 


.£315.751+4.5 I La 10.26 
. £383.761+4 '£320.25 


Jri can: 27/72 X444J0: Jaffa: 40s I 1-88 

• «7j lots of. 5 tonnes. ~ Apples— French: Golden Delicious 1 1 1 



LEAD 


Cash 

J month, J 

’vanfm'ntl 

UA -SpotJ 


a-m. 
Ofb eta 1 


i + or l.. *2- >+ or Arabicas 160.00 samet; other mild 

— j L/Mfflt-ia I — - 


j VoBteniay. -f- or ( nu-mtre 
Cloe 1 — 1 Done 


Winter Pcannato 7J0. Starldng DeUcIoos wJ TT.iT Kh6iK J ?h rs 870 

UHJ. Golden Dellctous 8^0.70: Shii J Bfi WlMLi 

Chilean. Granny Smith 7.00-7JB: New B " 6 iSaSS 

Zealand: Siuimr. Pippins. IO 9.20, ITS S“T3a™^! fSStl 


Arabicas 146.67 1 1 4S 00>: Bob urea 130SO 
\ 133.00*. Daily average 1JSX1 i 14050). 


9.2D. Granny Smith S.80: Italian: Rome 


-ilpert. 
Jill 7, 


onne- I 

7+ 18 J— 0.20 '19. 10- 18. 40 


ARA8ICA CONTRACT— tin order buyer. October MsJO-18.5 1 19^60 18.80 


I .* | , *,. Augu.t 1II7+18J-O20 1 19 10-11 

*17 u 1 r! * 1* *.11 : . a e ARABICA CONTRACT— 1 in order buyer. o.-Litvr 1 IisXh.ua , is sn u 

Mztc tl hmiBeBi. Aug. 159.0364.80. Ott pkWJr .... 1 1 Lit 17 0 +0 IO 16 60 

Z?d 5 ‘Ti 12 ■+* 342.8043.00. Dec. 334.00-37.00. Ffetj. 118.00- I t |VH R fn iM 1 - 

® I 7 »'« ■ — <-W* April 115.00-30.00, June. 112.00-30,00, IwRnflo'S' - 

— J 31-33 Alle . tin. 00-30. 06_ Salus: Nil. 7.P! 1 . 


Morning: Cash. £017, IS. 28.5, three 
JKUBlis £324. 23-5. 24.5. 25. 25.5. Kerb: 
Three months OS4S. Afternoon.- Three 
months £322. 23.5. 34. 25. 24. Kerb: 
Bjreo months *322. 21J. 21. SU. 22, 


Aug. 110.00-30.00. Sales: Nil. 


June 1 113. 1 *42.0' + 0.05 — 

Au«toi |I]U9HS — 0.2s 1 — _ 

Sales: 39 not Jets of 100 tonnes. 


Zinc I 

Beauty per pound 0.15. Golden Delirious ‘ L J£ Z J? n 

017. Jonathans 0.1W.20. Pears- PTOrfucer * l £560-600 

Victorian: 40-lb Josephines 12.50. Whiter Oils { I 

Nells 10.00; Spanish: Per pound Umonera Coconut (Phil) * 

0-25-0.211. Peaches— Spanish: Trays 2. SO- Groundnut. 

2.20: Italian; 1! trays 140-0.00; Rrencb: Linseed Crude ivj.L££46 

1 .00-2.20. Nectarines — ■ Spanisbr 1.50-4.00. Pum Malayan. 1*590 

Grapes— Per pound Cyprus: Cardinal 0.35. 

Sultana 0.60; Spanish: Cardinal 0X5. 

Pis ms— Spanish: 5 kilos Gavlota 2.40-3.00. 8**da 

Santa Rosa L80-3.08, Burbanks 2.20-2J0; Copra Phillip 

Italian: Florentias 20-lb 3.BO-3A0. Ayricsts bordbean iU.S.i._.i 

Cnanleh- • Vllntc • SJL.1 nn J ‘ 1 


l867fi/» |+15 S650 

J26BU ( L73B 

X3B3 

:S390 


—Spanish: 5 kilns 2SW.00. 
Jamaican: Per pound 0.15. Aveca 


880.54 


GRAINS 

- LONDON FUTURES CGAFTAJ— ' The . „ 

^nHC^Lest grsmid after forward metal market opened ISp higher on wheat and ' r *'J ««* r ' K^5'‘Fu e nc*i4'34s AOMJO; s’Afrtm- &rsiua 

hud JkU In the range of tSU and 025.5. barley. Wheal saw fairly thin trade but fK' a maj£ oSSbJZ-SES/ Baney SEC 

pare was some support from chart) st good boyuw mt«nj*t was seen: also some ff”®!" 1 --- «, prt<Ss W3S Krenrti: P^r 3 kilos s!oo!chwriS2_ Home Putore..... £88 

buy^a but later Uu* onwhaUng of abort covering jrtuch inertased values to , . Waahingtoo- 0 90. Onions— Israeli: Maiat 

.M^dS o^ d Kcrt Brio’Ste — &SL,2LJ*L3!Z: ^nn P »S25 340: Spanish: SJUL4t. Maltese: 3^0. _ breach An. J Am£lQ3». 

Of 0215. Turnover, 4.725 tomes. to ctose 55-63 

reported. 


— 5 5440 

—8 IS2B2 


ZINC 


CUl„ 

JmoattH- 
ts meet 


a.m. 

Oftknal 


!* <*1 


3I4.5-.75+2.IS 


p.m. jt+or 
l : nofli>-t*i • — 


rose in ^SSiai vcU MUmI T rt™.^ WES B K- ! j® 

higher on Uie day. Aril SSTvS^Tm ^ » £*&”&*** 

S?akSd naal UtwiatiOM trere ^eTow Cueroscy: 2.00-2.40: .Jeney: 2.00. Carms No-aHaidWlntetJ ; 


WHEAT 


n ofnie at thL' day. C CMmiknw' reoorted “ Fr *- ,ne h : Names 26-lb bows £90. Beat- Ensltjh Mllhngtk8B1.50 

BARLEY pmms c- caan tikow reported. r0Bl _ CTpras: L30i Hel.ni^-Spajilsb: Core* s-hipment....i* I.7H5! L1.749 


+ D.55 CBZ.Z 
+ 0.4 £104 
-0.5 '£95.5 
™.Z.Elb5 


r 

312-3 


PB4.5-.76+2.12) 322.-25.5;— 2 
— 314.75 1+1.75 . — 

Prm-TVertl | 29.3 1_ I _.... 

Cwm per pound. tOo previous 
offlriat dose, z sm per picul. 

Moating: Cash £315. three months £225. 


M'nth 

uKtoO 

! - i 

moae' 

j — 

eept. 

84.10 

.‘4 0J5; 

79J0 


+ 0.66 

Niw. 

B6.70 

l-t-0.75 

82.00 


+ 085 

Jan. 

89.50 

'+0.75; 

84.70 


+ 0.66 

Mar. 

92.15 

J+0-76 

87.25 


+0.66 

May 

94.75 

1+0.751 

89-80 

l + 0. 55 



Yellow 8/188 3.30-4.08: Canary: Ogen doos PMuroacpc. 21.728.5'— 12 lci.tfil.6 

2.40-2.50; Israeli: Yellow 8/14s 3 J0-4.W. Coffee Future 

Water-Melons — Spanish: 2.70; Israeli: 2-56. M-pt 1G1.285A— A|.5'tI.B9fi 


8a.S5-84.hD 
bl.ap-tll.Os 
98. ID-98. IB 
101.2O4I1.Sj 


English produce: Pibu m Per SMb 'V lndoa_..! 

„ 1X8-1.41. Lettuce— Per 12 0.50. Cos DX0. - **• 

aportohne Webbs 0£0. Rhubarb— Per pound, out- JWf 

SO. 50-88.43 89.20-tB.00 door 0.08. Cucumber*— Per tray 12/24* Wogitopa b4> bIIp...| 8N3p 
8j.eS-Bj.r0j a1.li)-S».16 1.00-1.30. Moaferoam*— Per pound 0.50- 


+ 0.4 :72.25l- 
—0^557.76;* 
+2 1199.5 

283.. 


aZhO-a2.4^ c5.79-ai.40 0.55. Apple*— Per pound Br-am ley’s B.ll- “ Nominal, t New crop, i unnuoied. 
UU| jEjlDD.iJ^US OJB. Tomatoes— Per 12-Ib EngUelj 1^5- * AUZOSL mJune'AngnsL tiJuly-Scoi. 
lBLQ£wi2.'zBnoa.Q0-ui J5 2.00. Green*— Per crate. Kent LOO, pJuly-Au*. gSetx. y August-Sept. *Per 

KB.W-CiSJ5|lltt-M5.W Cabbage m. Calory— Per Of as ZM-1M. ton- 
10e.himfl5ll - S trawbe rries— Per Hb 0.154.19. Coull- 

58.4049.4&. Sales: IN Tots. ~ ~ Sales; UP BM9i lots of SO tonnes. pJJSr 

HGCA — Locatiofl ex-farm spot prices. Tof* a 5 c *. ^-refinery price for 8.00-0.10. Cberrias— Per pound Black OJO. 

< .Hertford 95.10. Feed barley granulated haN» white sugar waa I28L85 White 0^5. Gotseberrte— Per pound BJ5- 


M. SLS, 25, 25J, 25, 2S.2S. 25. Kfrt: Mari*" 

552 2K 

SILVER ^ 

ffltoer was fixed L25p an ounce higher —Borders wts 78.39. (samel, a lopne for home trade and 

«pot delivery m Uie Londcp bullion The UK monetary coefficient for the (047.00) r&r export-' 

fflajwt yesterday at SfllJop. UA cent reek beginning July 1? u expected to International Swar Agmmont: U.S. j -*n.« /j 
eourealnoB of tbo Bring levels were: remain unchanged. cents per pound Mb and stowed Caribbean 

WM.529J& np O-Se: threednomh 53flffc. imported— W heat: CWns No. 1 121 W? pricefi ,0 ?. 3 a '% “ i J D * Uy i45 

up, 0..« and De r com Jnh? and Ann or n* nn— Ipday avera>.e 6^4 (09). 


0.29. CeitTBctics — Per pound 0.20. fcet- 
ruoi— Per 28-Jb 2JW. Carrots— Per 35-Ib 


INDICES 


Bf - 1 WOOL FUTURES 

Winter unowned. Anstraban wheat nn- LONDON— The marker was about 
quoted. EEC Feed unquoted. tmchanced lit a qtnei sesston, Bacbe 

Maize; U ^/French Juhr'Ang. 98.75, reported. 

St pL -100.00 iransbinment East Coast. < Pence per kilo) 

S. African While Aug. 60.00. Liverpool/ 


tilLVRR 

per 


spot 
* months, 
mootluw 





28 1.35p 1+1.23 


ULB. 

doe 


fro* 


282p 1+2 


Glasgow. 

Livcrp&oL'GUissow. .GreaayWonll 

288. 6p r [+ 1.4- 289i25p 1+2.2 Raricy: Unqaolcd. 

'•WBtlUw 2973i, +1.86 - j OAILT IMPORT LEVIES: Effective for j„it* 

^«wba.l313.6p 1+1.5: ' — I July 13 In order current levy pin* an g — fijn'54ta 

t-HE— Turnover 74 fi4S» lots of 10.080 Uroem^-'p 44 - 1 ^ 48 - 0 

mw- Three months 2SUJ. 5.7. S.5. H.2. fe<7-HW» 


xbicc momns zssa. o-«. a.o. as... i nnn _. q. rs* uarcu z»i.u-au^, 

J**: Three months 38.S, 9J. 9.4. 91 248.0-52J 

Afieramm* *m.»w i.. am mb u iss.ifi, rest nils ». Dnnim whs at — 138.27, ua ftdoji 

nil. nil, (K33 I133.T9. 8.66, 0.66. 0.08): Ju'T-- 


COCOA 


.0-53.6 

8.0-53J> 


+ *»i 


puainer* 

IXmr 


-G-5I 


■41.0 


Malaysian tin 
prospects good 

KUALA LUMPUR, July 12. 
PROSPECTS FOR discovering 
new Malaysian tin deposits 
appear good, the Department of 
Mines said in a Tin Industry 
Research and Development Board 
publication. 

Geological indications sug- 
gested that lode deposits might 


Afternoon; Three months 30. 88.B, p.8. 

87. Kerb: Three months SSL ^ ’ »»»*»» 1 

Barioy — 65 DO, real nils (S4.58. rest nltsl. . 

Oats— 7S2L rest nils (77.41. res nUsi: Sales: 5 t oil ' lots of 15.069 bL 

JfiW to ^ ^ b be^nd in the rental mo^n' 

an*); MBfct-M.76. wno: ranges of peninsular Malaysia 

gray grafi r. g qi md Du ma reported: r«t aOiriW; nUsi: Grata cnabma ocl 334.5 . ;«•«* »lm«4J. m: Dec. and the hilly areas of Pahase 
pCretentAj'i-l +w I Bm mew r * l ~> ’ nils <81_.. rest nils). Flour 333.7. 85SA t*i March 357JI. an( j Trensapanu it Raid. " 

COCOA r c*0i« I — Done Loviro: wheat or used wheat and ore 357A S57.WS7 5 - 15: Msy 3815. 3C.0. an “ . ■ LTen «* a S«nu U SaiQ. 

Hour— 138.41 t i37.eD; on (10BP-137M 362^362.0, 4: JrirMTj, 357^387^. There were also indications of 
(136.771. !L?*£^?7fi.2reV 5: Dec. tin deposits in marine sediments 

37L2,37-..,Sr.>SrS_-l*. Totrisalca-SS. in ^ offshore area5 of ^ 


Noj Cootr’t 

JOW -] 77 18.0-20 I-1DJ6 1767.0-16.0 

1728.D-23.0 *-12.6.1758.0-27.0 

«C '1706.0-07.0 r + IO.& 1727.0-05.0 

*wcb-_._iTWiJI-94J j+17.6'1705.0-1689 

May-™ 1) STB. 0-60. D 1+28 Jll6«l.0-71 J 

JuiT 1850.0-70.0 I +27.0 1 IBM. 0-50.0 

— rlgSJ-5RJ +27.7 61 


FINANCIAL TIMES 

■jufTl2fj^r UlUABlh BfioTYau w 


259.22 j 159.44 ! 

B46.15 

Z48.89 

(Base: July L 19S3=iooi 

REUTER’S 

juiy uc Juty 11 u»nlb agej 

y«r*ic 

1454.711448.0 [ 

1508.8 I 

1526.4 

n=lM) 

ibm: September is,- is 


DOW JONES 


Jones 

July 
12 | 


Uontii 

ao 

KlK> 

dpOt^a. 
Tuba res 

353^3 

541.461 

358.81 

342.86, 

356.91 

340.35: 

377.63 

353.58 


WOODY'S 


Moonj'a 


July Mpqlh 

11 4lJO 

Yttf 

| -pie LVjmimTll»133iBll.^i»fc3.i 

89 1.6 


COTTON 


MEAT/ VEGETABLES Straits 05 Malacca ' 

smith field (peace per pa . im 4— -r- The publication said the dis- . 

LIVERPOOL COTTON-Spot and sWd- Scotch killed sides 54.0 to 5S.6. Ulster COvery of deep alluvial deposits seed* Prices U Alp'S side iffi5«Si 

- ss^rsi ± th ? i ove * sss: 

• tomes, W. F. TanwsaB reported. Minor 70.0. foreanarters S5J u» 37.0. stretches Of the Langat River, gmajj g.ai ja u, cJ’Sir^ ^2’ 

. reulenlshBlMM BTOVidcd ibi* mlr pdilmw Iinh- Plnslish small Un In nn Bsvp hnrrn thst mnw itamusmit Z w - a — £W " K " *“™- ■* 


F, . S ’tr S *^ p,y 9*«L demand 


Soles; 2,7 m (L640) lam of 10 umnes, ... 

ImmHaaa 1 comb OramwatloB (UA replenishments provided Uie only eridence "Lamb: gnsbsh Em«U "sto to sa.o, gave hope that more deep-seated Modrim wio^I'so^B^i u’Smm' 

?fLJ5 nDd ir D,l,ty P 11 ” July n - WB aoi dlaposd to meatma 56.0 to “-“'heavy 55.9 I0 M . 0i deoosits existed in SentW Skbmed dorf* ftoV Sm 

WJI <Ma.sn. mules tor prices Juiv 12: Burehase freely although Interest waa Imported tmea N Z PL 54.O 10 54.5. NZ 0Uler XL* jSSi ri™. 

?«■= U4L33I: 32-day shown in north ana south American PH 53.0 to so. geological structures. ftSim) aut S' 

WWM* 138 03A2T). varietlea. Pariri English, under too n» 37.0 to Reuter RedTfliwSW «■«£*% gg 11 *’ 


E MMM® 

Bonn talks 
lift gold 
and silver 

NEW YORK. July 12. 
COPPER was unchanKi'd in in higlu-r in 
very ijtilrt iradme domuiaipd Uy loi-als. 
Bach*.* reports. Silver nun sold tiu.->h*-d 
nominally hlRbcr dtu- 10 conn ni abuut 
the dollar and lb.' stops m suupon 11 10 
bo dcredud al I ho Ikinn siminui. CuiL'v 
low or on irailt' s*.-llln»: iltii- \u vlolouibinn 
once reduction. Cocoa v» uhoui a- w 
dcrelopmcnu from producing areas seems 
to bi- a l rail Inc afl.lir. ivilh buyi-rs and 
sellers basically withdrawn. Sugar clwd 
lo new lows as trade and Cominissmii 
House scliirut coniinuL* io press nn th- 
market. 

Cocoa— July 14131 <!44 Jii>. Sept. l.t'J S3 
U39.451. Dor. 136..-<0. Man-h 153. 78. May 
131.35. July 128.40. S-.pl. 127.33. Dec. 
125.75. Sal'.-s. *as. 

Coffee — C " Coni rart : July 146 3d 
(149.44). Si'UI. 171 75-132 IW '1-'*»M» Pve. 
122.30-123.8U. March 117 30. May 114.30- 
11530. July llo.00-114ria. Sept. 111. 74- 
112.00. Dm. 110.00. Sales 47-1 luts. 

Copper— July UI.DU isaati-i. .\uc. dl.-IO 

'Same*. S*.*pl. S2.00. Dec. ff:.s0. Jan. 

64.40. Mareb 65.50 May 66.50. July 67 3d. 
Sept. BSi.aO, Dec. 69.90. Jan. TO.I11 March 

71.40. aiay 72.40. Sales: 2. SOP Inis. 

Cotton— Oct. 39.sn.39 93 1 39.72 ■ D. c. 

61.72-61. SO ISL53*. March Ct.2u+.:“1. Mjy 
64.20-64.25. July Oj.lS^M.J.L Ud. 64-iin bid. 
Dec. 04.23 bid. Sales; 3.030 haks. 

‘Gold— July lK6..'jft « IS3.7U 1. A UR. 1*7.20 
- ISO. 60). Sept. lnD.Wl. Oct. ISii.m. Di-c. 

193.18. Kcb. 196.20. April 199.30. June 

202.30. Auk. 205.70, on. 206.90. Doc. 212.1*1. 
Fob. 213.30. April 21S.30. Sales. .l.SOli Inis. 

tLard — Chicago loose 22.3U. NY pn.tw 
steam 24. DO traded <24215 iraded*. 

tMabe— July i2:si>. 5c pi. ;ii>i- 

240 ( 244J i, Dec. 243-2451. March 333-2321. 
May 2567. July 266. 

SPIatlnum— July 241.00 (24d.5d<. O-i 

247. 00-249.00 < 245.70'. Jali. 231 011 232..W. 

April 235.20-253.4U. July 23S.sn-239.utl. Met. 
262.50-202.70. Jan. 266 30-260 3fl. Sales: 
IJ61 lOIE. 

"Silver— July 327.50 ( 526.30 <. .MIR. oJfl.lO 
l52b.90i, Svpl, 5.T..9O1 Dec. 545. Ml. Jail. 
549.60. March 557.50. May 3CB.3U. Juiv 

375.30. Sept. 5V4.20. Dec. 397 T11. Jan. 
602.20, March 611.40. May 62U.NI. Sales- 
12.000 lots. Handy and Harman spot 
bullion: 327.M ia23J^)>. 

Soyabeans— July 6S3-GS4 i4S7,'. .Vue. 

673*074 1 6701). SoDI. 040, ,\ov. OlS'-HlK:. 
Jan. 0241. Starch 62BJ-630. May 01 
July 6341. 

(ISoyabeaa Meal — July 172.80-1 74.00 
1 175221). AUg. 173.40-173.30 <174.20*. Se-nl. 
172.70-172^0, 0«. 179.60-HBJ50. Dec. 107.2(1- 

167.40. Jan. 167.00. March 100.UU. May 
170.00, July 171.D0-in.5U. 

Soyaboan Oil— July 25.70-25J!‘ <23 Tst. 
Aug. 24JS-34JS0 f 24.95 1 . Sept. 24 OX i*. 93. ■ 
Oct. 23-20-23.] 3. Dec. 22.50-22.05. Jan. 22.’.tv 
^.25. March 22.20-22.13. May 22 10-22 nil, 
July 21.90-21.93. 

Sugar— No. II: Snpi. fi.47-1149 '6.4". 
Ott. 6.60-6.01 16.6O1. Jan. i.on-7.i5 March 
.26-7.20 . May 7.47-7.49. July 7 IL— 7 lA. 
St? pi. 7.54-7.55. Oil. 7.95-7.97. Salts: 
3.350 1015. 

TIb— a6U.DO-574.00 uont. 1 363.00077 Mil > 
—Wheat- July 316-3151 iXMl*. Sept. 
330-315$ 13251 1. Dec. XIBi-Slol, March -S*-,- 
Uay 324. July 215. 

WINNIPEG. July 11. fTRye— July |NN 
bid 1101.201. Gel. 100.50 1 160.30 bid*. Nov. 
93.80 asked, Doc. 99.00 bid. May I00.WI- 
a*hed- . , _ ‘ 

ttOatf— July 72.60 Did 172.20V On. 72 20 _ 
bid l *2.40 1 . Dec. 72.20 bid. March 73 20 
bid. Mar 72.60 nom. 

(jBaricy— July 74.28 i)4jii hid< uii. 
73.30 ( 74J0<, Dec. 73.50 asked. Man-h 
74J0 asked, May 7S.00 nom. 

SFIaroecd— July 533^0 bid i237.jtli, . 
Ocl. 238.50 (23S.30 bid** -N«’- 237.10 asked. . 
Dm. 236.60 asked. May 24L3D bid. 

rnWhcat— SCWTIS 13.5 per cent prole in . 
conicdl elf SI. Lairreuco 162.39 < 162.7; 1. 

AU cents per pound i.-s-u-archoUM? - 
unless otherwise sluiid. • «s p*r tru> ■ 
ounce— 100 ounce loss. Chiraga loose . 
Sa per 100 lbs— Dept, of ab. prires pre- 
nous day. Prime steam lob. NY bulk 
i&nk ears. I Cents per 5e fl> bushel ex- 
u-archouse. 5.0W bushel loo 4S s p> r 

iroy nonce for 5iJ or nnlts of 99.9 per • 
cent partly delivered NY. " C*rnts per 
troy ounce cx-trarehonsc. !l New •• B - 
contract in Is 1 sbori ton for bulk lois . 
of 100 short tans delivered f.o.b cunt 
Chicago, ToLdo. St. Louis and Allon. ' 
•* Cents per 69 lb bushel in store. ’ 
r,- Cents per 24 lb bushel, r? Cents per 
4s lb bushel ex -u a rehouse, hi Cents per 
36 lb bushel i-x- warehouse, 1,000 bushel 
lois. 25 SC per tonne. 


. 1 . 


S'** 


Financial Times Thursday July 13 1978 



Equities continue to progress despite uncertain Gilts 

30-share index rises 6.0 more to four-week high of 473.3 


FINANCIAL TIMES STOCK INDICES 


'July , July , July I July 


Gui-emnronl Ste. .1 69.98] 70.11; 70.2& 69.7 1| W.«9. 69.02] 67.73 

Pitted Inters 71.77| 71,82} 71.69) 71.27 71.2ft' 70.98j 66.24 


Industrial OnUaarv.— *73.3! 457.31 463.51 4Sfl.«[ 4811! 4B2.0; 449.9 

Gold Minrv 180.1- 159-Sj 158.3- 157^[ 1S9.5[ 161.2! UB.2 

Urrt. D,t. Yield j 5.58! B.66| 5.6&j 5.82| 0*5.- 6.84] 5.33 


Account Dealing Dates 
Option 

‘First Dcdara- Last Account 
Dealings lions Dealings Day 
Jun. 26 July 6 July 7 July 18 
JufvlQ Julv 2ft July 21 Aug. 1 
July 24 Aug. 3 Aug. 4 Aug. 15 

* 11 New time " dealings, may take place 
From 4 Jo i.m. two business days earlier. 

Leading equities embarked on 
a new upturn yesterday, although 
trade suffered a general reduction 
■ as institutional operators became 
more selective in lheir approach. 
The morning session was notice- 
ably quiet, a partial reflection of 

a subdued Gilt-edged market 
which appeared to be wrestling 
with the overnight banking 
statistics. These suggested that 
the authorities had regained 
control of money supply growth 
following last month’s financial 
package, but the market was not 
impressed and seemed content to 
await the June tpde returns, due 
tomorrow. 

Favourable trading news pro- 
vided added incentive to equity 
buyer.* who again found stock in 
short supply. Afternoon reports 
that the Government would be 
asking far less than 10 per cent 
pay rises when Phase Three ends 
this month and the promise of 
yet a further Tall in the rate of 
inflation when the retail price 
indices are announced on Friday 
helped sentiment in the late trade. 
. Several constituents or the F.T. 
Industrial Ordinary share index 
maintained their upward momen- 
tum. including British Petroleum 
which, responding to renewed 
U.S. enthusiasm about prospects 
;for its oil discovery off the Shet- 
land*, reached a peak for the 
year of S9fip before settling a net 
10 higher at S&4p. Dunlop also 
turned in :i good performance, 
trading briskly on investment 
support up to 82p for a gain of 7. 
The index advanced 6 points 
further to 473.3, its highest level 
since June 1-7 and a rise so far 
on the week or nearly IS points. 

Grey areas were few but the 
Rovol Commission on Gambling 
attar-king certain sectors such as 
local lotteries coupled with the 
reenmmendation of a casino bet- 
tin? levy unsettled the sector, 

I .art broke fell IB fn 170 and Coral 
Leisure gave up 12 at 93p. 

Satisfactory eligible liabilities' 
from the clearing hanks failed to 
influence British Funds and, in 
the ahsence of any follow-through 
demand, quotations slipped from 
the previous evening's late levels. 
The longs were additionally 
affected by a disposition to re- 
serve funds for the final call on 
the lap, due tomorrow, although 
the stock. Exchequer 12 per cent, 
will be dealt in fully-paid form 
as from today. The easier ten- 
dency continued in the alter 
hours' trade, bringing net losses 


of At the shorter end of the 
market, marginal improvements 
were recorded with buyers pos- 
sibly hoping for a slight reduc- 
tion soon in interest rates. Among; 
recently-issued Fixed Interest 
stocks. Boots 6J per cent Con- 
vertible bonds 1993 made its debut 
at S97t against the issue price of 
$100. 

A withdrawal of buyers of in- 
vestment currency coincided with 
arbitrage offerings released by 
business in bqth Hong Kong and 

South African shares The com- 
bination lowered the premium to 
lOS per cent before a partial re- 
covery to IQ8J per cent for a net 

fail of li points. Yesterday’s SE 

conversion factor was 0.6539 
( 06537 ). 

Activity in BP positions 
featured dealings in London 
Traded Options yesterday. The 
price of the underlying equity 
rose 22 to SSfip at one stage and 
helped to being about a brisk 
option trade: some 69 contracts 
were done and all the 750 series 
rose around 25p. while the 
October S50 added 23p. The overall 
total of BBS contracts was well 
down on the previous day’s 925. 

Following the previous day's 
disappointing debut. Hunting 
Petroleum Services encountered 
buyers around the issue price of 
Sop and firmed 3 to S9p. 


in sympathy,' Leyland added 4 to 
79p. Elsewhere, buyers come in 


for Pochins which responded with 
a rise of 7 to 140p. In contrast, 
the pre-tax loss and dividend 
omission left Mears Brothers 3 
down at l?p, after 16p and. still 
unsettled by the trading loss and 
deal with Ready Mixed Concrete, 
British Dredging shed 2 more to 
31p for a loss or 10 since the 
announcement. Fuireiough Con- 
struct ion held steady at Tip after 
the announcement of the £3.5m 
acquisition of Robert Watson. 

ICI made steady progress 3rtd 
closed 5 higher at 377p. Standing 
5 easier awaiting the annua] re- 
sults. Allied Colloids rallied oo 
the aonooncement and .closed only 
If lower on balance at TIjp. 
Modest demand in a market short 


and Plessey. 97p, both firmed 3. 
while the £2tn Japanese scanner 
order helped sentiment in EMI, 
‘2 better at,137p. 

Firm Engineerings were led into 
higher ground by John Brown 
which rose a further 10 to a peak 
of 402p following good- investment 
demand, GKN moved up fi to 
2Ht)p and Haw her, 2l4p, and Tubes, 
3iMp. rose 4 -apiece. Elsewhere. 
Spirax-Sarco added 4 at 162p as 
did Expanded Metal, to 6Sp. 
Suspended earlier this week at BOp 
following news of a bid approach. 
W. G. Frith returned at 7Dp to 
match the terms of a cash bid 
from a number of its directors. 
W. IS. Norton eased a fraction to 
46p despite the announcement of 
a dividend-boosting rights issue. 
Crown House cheapened a shade 


Tate and Lyle contrasted with a 
fall o[ 4 to 17Qp. 


Banks up again 


The major clearning Banks con- 
tinued firmly with sentiment 
buoyed by a broker's circular. 
Llo.vds. scheduled 10 start the in- 
terim dividend season on July 21. 
gained a further 4 to 272p, while 
Midland and Nat West were simi- 
larly dearer at 332 p and 272p 
respectively. Barclays closed un- 
altered at Slop awaiting the out- 
come of the Investment Trust 
Corporation takeover resolution. 
Elsewhere. Bonk or Ireland 
hardened 5 more to 3£3p in a thin 
market. Hambros rallied 3 more 
to l72p among merchant banks 
awaiting the outcome of the loan 
talks with the Norwegian Guaran- 
tee Institute. 



NOV DEC JAN FEB MAR APR MAY JUN JUL 


of stock left Wolstenholme Bronze 
10 to the good at 220p and. 
similarly. Farm Feed put on 6 to 
4Sp. 

Encouraged by a broker’s cir- 
cular, small demand in a thin 
market lifted Anglia TV A 7 to 
S2p. 


Royals featured Composite In- 
surances with a rise of 7 to 362p 
in response to Press commeni. 
Guardian Royal Exchange firmed 
4 to 21 dp. and Commercial Union 
2 to 149 p. Elsewhere, improve- 
ments of 5 and 7 respectively 
were seen in Sedgwick Forbes, 
412p and Hambro Life, 327p. 

Annual results in line with most 
expectations left H. P. Bulmer 2 
firmer at l22p. 

Building descriptions held 
steady to firm in a quiet trade. 
Countryside Properties added a 
couple of pence prior to the 
announcement of the interim re- 
sults and improved a penny more 
after it to close 3 up at 46. 
Donald Hlacpbersoa firmed a 
penny more to 70p in continued 
response to the interim profits; 


Stores firm 

Optimism about the level of 
consumer spending encouraged 
leading Stores to make further 
progress. Marks and Spencer put 
on 3 more to 153p and Gussies A 
rose 4 to 2S4p. Elsewhere. 
Ray beck edged forward 2 to 86p 
following the results and 
proposed preference and ordinary 
share capitalisation issues. Time 
Products moved up 4 more to 
ITSp on dividend considerations, 
while Wallis put on 5 to 95p. 
Ratners, however, cheapened a 
penny more to 6Sp on further 
consideration of the disappointing 
results and Customagic dipped 3 
to 17p now that Mooloya has 
gained control; the latter moved 
up 4 to 64p. 

Electrical leaders staged a 
modest improvement, GEC, 271p, 


to 60ip; the price In yesterday's 
issue was incorrect. 

Shares with gambling and allied 
interest came under selling pres- 
sure following the Royal Commis- 
sion’s recommendations. Despite 
several attempted rallies Lad- 
broke closed around the day's 
lowest with a fall of 16 at 170p. 
while Coral fell 12 to 95p. Norton 
and Wright, suppliers of lottery- 
tickets, gave up 15 to 160p. 

Occasional support was again 
forthcoming .for Hotels. Trust 
Houses Forte firmed 2 more to 
223p and City closed a similar 
amount . dearer at 124p. Fresh 
demand in a restricted market 
left Myddleton 10 higher at 250p. 
Foods look on a mixed appear- 
ance. Buying interest revived in 
Robertson, which gained 5 to 130p, 
but Associated Fisheries came on 
offer at 41p, down 2. Among 
Supermarkets, Wm. Low firmed 
9 to H7p in a market none too 
well supplied with stock, while 
gains of 2 were marked against 
Wm. Morrison, 80 p, Hillards. 224p, 
and Linfood, 143p. Sainsbory, 
however, came back 5 to 200p — 
after recent -firmness. Cadbury 
Schweppes firmed If to 34p t but 


Pilfcmgton good 

Miscellaneous Industrial leaders 
made good progress for the third 
consecutive day and prices con- 
tinued to improve after the official 
close. In the wake of the chair- 
man's -encouraging annual review, 
Pilkington rose 14 more to 557p. 
Beecham, 663p, and Glaxo, 573 p, 
gained 3 apiece, while Boots came 
in for some late support and 
closed 6 better at 2D9p. Reckitt 
and Colman added 4 more to 4S3p 
to the accompaniment of vague 
suggestions that the company may 
soon change its domicile. George 
Ewer hardened a penny to 37 Ip on 
the disclosure that Dee Computer 
had sold its entire £4m sharehold- 
ing to Vivier Investments. 

Motors provided several out- 
standing movements, with Dunlop 
moving- ahead in the leaders on 
some good investment buying to 
close 7 higher at S2p. ERF 
responded to the good results and 
proposed capitalisation issue in 
Preference shares to Ordinary 
holders by rising 12 to Il&p. while 
Fodens put on 2 to 63p in 
sympathy. Buyers were still show- 
ing interest in Garages and 
Distributors, but activity was on a 
reduced scale. Lex Service firmed 
2£ more to Sit and Hunger 1* to 
50 i. Alexanders hardened a shade 
further to 20p. 

Recently firm on North Sea oil 
hopes. Associated Newspapers and 
Daily Mall A both eased 4 to 16Sp 
and 30Sp respectively. Elsewhere, 
continued small demand prompted 
a rise of 5 to llSp in A. and C. 
Black and, following the annual 
results. Jacksons Bourne End 
added 6 to 73p. 

In Properties, Cbesteriicld stood 
out with an improvement of 10 
to 30Sp and Property Security 
Investment firmed fl to 150p. Late 
demand lifted Land Investors H 
to 38 ip. and, awaiting today's 
annual results. Raejan hardened 
a penny to a 1078 peak of 95p. Of 
the leaders. Land Securities 
firmed 2 to 214p and Slock Con- 
version 6 to 240p. 


and Furness Withy. 4 cheaper, at 
224 p, reflected the slightly easier 
trend in Shippings. 

Buying interest in Textiles was 
on a selective basis. Courtaulds 
continued firmly, rising 4 more 
to 122p, while Nottingham Manu- 
facturing closed similarly dearer 
at l22p. The sharp increase in 
the half-yearly profits prompted 
a «ain of 2 to 3SIp in HacWnnon 
Of Scotland. Tobaccos held 
quietly steady. . . . . 

Guthrie sustained a fresh bout 
of profit-taking after the recent 

speculative advance and reacted 

15 more to 350p. Elsewhere in 
Rubbers, prices were inclined a 
shade easier. 


Eunmo.Y'MflEu1l)i a l 
P. V ltd in metlPt)— — 


159.5) 158.3,' 157 JJj 199.5[ 161.2! U8.2 

5,66! 5.69, 5.821 Oft5. : 6.84| 5.33 

17.16 17.27 17.64) 17.74; 17.7zj 15.84 


Dealing* imrfcctf.M H J 4,870! 4.67z| 4.83* 4,248f 4.195; 4.578) 4.935 


tiqaity turnover £m —j 
Eftpiffr tarExifr*fntnf.J 


- ■ 87.41; 80.19' 71.27| 60.9l| 57.81| 67.90 
__ I Ig.Sflfij IB.544i 15.3 52) 12.940 11.94ft 18,813 


10 ud 47DJ. It am 46S.S. Noon 483.7. 1 put 4tLi 
2 mn 471-1. 3 pm 471.8. 

Latest Index W-M* 8028. 

* Based on 32 per cent cttpenilan lax. 1 Ntlr? £1. 

Basis too Cove. Sen. iS'io.'M. Fixed Ini. 1925. md. Ord. L7.36. Gold 
Hines 11/9/53. SE Activity July Dec. ISC. 


HIGHS AND LOWS 


S.E- ACTIVITY 


[SinwCttinpllatlon I 


Golds edge up 


B.P. active 


Awaiting confirmation of the 
major oil discovery off the Shet- 
lands. British Petroleum en- 
countered another hectic session, 
and Touched S98p before closing 
lOp up on balance at SS4p. Shell 
progressed steadily and hardened 
5 to 575p, while Ultramar im- 
proved 4 to 2fi0p. Siebens (UK) 
found late support and rose 16 
to 358 p. 

'Small gains predominated in 
Trusts. General Funds improving 
4 to I62p and Sterling Trust 3 to 
ITSp. Among Financials, NMC 
gained 3 to 20p in response to the 
increased dividend and profits. 
Authority Investments were 
favoured at 4flp, up 4. along with 
Dawnay Day. 2) better at 46p. 

P and O. down a penny at S4p. 


The 31 rally in the bullion price 
to $186.G25 per ounce coupled 
with general satisfaction with the 
quarterly profits of the Gold 
Fields group producers prompted 
a continuing modest demand for 
South African Golds. The Gold 
Mines index added 0.6 more at 
160.1 for its third successive rise. 

Among those producers to 
register considerable profit 
increases in the June quarter 
Kloof Gold were 11 firmer at a 
1978 high of 544p and Venters post 
6 better at 232p. 

Rises in . the heavyweights 
ranged to J as in West Drfefontefn 
JE21S. and Western Holdings, £19}; 
East Rand Gold and Uranium 
attracted persistent Cape interest 
and advanced 11 mare to a year's 
high of 403p. 

South African Financials all! 
gained ground with De Beers 
outstanding and finally 6 higher, 
at 3S5p in response to a U.S. I 
demand in the late trade. Capej 
buvinq lifted "Auicoal” SO to a j 
1978 high of 62 Op, I 

Platinums responded to the $20 
increase in the producer price to j 
S240 charged by Impala with 
minor gains. 

Australians moved ahead 
strongly in the wake of a further 
improvement in overnight Sydney 
and Melbourne markets. 

The easier investment currency 
premium restricted rises some- 
what but trading was reported 
as brisk. The upturn in metal 

S rices aided sentiment in SUM 
hidings, 7 higher at 204p. Con- 
jdnc Kiotinto. 6 firmer at a year's 
peak of 246p and Bougainville, 
which closed 5 to the good at 
125p. 


OotvSccMot, 78.58 

; urn 

Plied 81.37 

j |9/b 

lad_ Ord ' 497.8 

) (Bit) 
Gold lilac*. I 168.8 
I iS/3) 


law 

High 

law 

68.7a 

127.4 

49.18 

(6/6) 

(9/1/38) 

(3/1/75) 

7a73 

150.4 

60.53 

16 /ffi 

<28/11/17) 

(3>l/75) 

433.4 

548.2 

49.4 

(2 !S1 

(14/9/771 

(26, -61*01 

130.3 

442.3 

43.6 

(b'l) 


(29/10(71) 


July 1 July 
12 1 21 


— DaUv 
Oi^l-l^dJ^^s^- 


tipecuhtftve...' 

Total* 

tMtov .tr'ract'l 


140X1 170.8 
148 JO 1R8.0 
27^ 87.0 

97.2 106.5 


Indue liwl|,,.l 
dpcculatWb.. I 


159.8 ' 106.2 
150.4 103.7 
54.6 I 38.7 
101.1 I 102.9 


OPTIONS 


DEALING DATES English Property, British Land. 

First Last Last For Queens Moat Houses, Pleasorama, 

Deal- Deal- Declare- Settle- T. Bor ih wick. British Petroleum,, 

ings lags tion meat Wcslon-Evans, National Carbon is- 

July 4 July 17 Sep. 28 Oct. 10 ing, Barra tt Developments, Lad- 

July IS Joly 31 Oct. 12 Oct. 24 broke and Lonrho. Berkeley 

Aug. 1 Ang. 14 Oct. 26 Nov. 7 Hambro Property were dealt in 

For rote indications see end of for the put, while double options 

Share Information Service were arranged in Queens Moat- 
Money was given for the call Houses* Pleasurama, Ladbroke 
of Bunn ah OU, Avenue Close, Warrants and Coral Leisure. 


NEW HIGHS AND LOWS FOR 1978 


77m tottonina securities ooahjd In the 
Share information Service vetterday 
attained new Hishs and Lons tor 1978. 


NEW HIGHS (132) 


TRUSTS (421 
OILS til 

OVERSEAS TRADERS (3) 
TEAS lit 
MINIS IE) 


FOREIGN BONDS (1) 
BANKS (2) 

BEERS (21 
BUILDINGS (101 
CHEMICALS (SI 
CINEMAS (1) 
DRAPERY A STORES (12) 
ELECTRICALS (Pi 
ENGINEERING IS) 
FOODS (31 
HOTE LS 1 21 
INDUSTRIALS (TSI 
MOTORS (1) 
NEWSPAPERS (1) 
PROPERTY (21 
SHOES 111 
SOUTH AFRICANS (21 
TEXTILES (21 




NEW LOWS (13) 


BRITfStf FUNDS (2) 

Treu. Var. 1981 Tran. Var. 1982 

BUILDINGS <11 

Mean Bros. 

ELECTRICALS <11 
Ward 4 Goidstone. 

_ ENGINEERING (2) 

Bristol Channel Socnecr Clark 

_ FOODS (11 
AMOC. FHherfea _ 

INDUSTRIALS (SI 

Coral Leisure Norton & Wright 

Fwtfenwn (B.J Whiteler (8. S. S W.i 

Moss <RobK| 

SHOES <11 

Strong & Fisher 


ACTIVE STOCKS 


RISES AND FALLS 
YESTERDAY r 


BHUsh Funds 15 

Cnrpns.. Doni. and 

Foreign Bends 3 

Industrials - 364 

Financial and Prop. 155 

Oils i2 

Plantations 4 

Mines 55 

Recent issues ......... S 


Down Same 

si a i 


1 « 
201 154 


77 2» 

3 W 

a 17 


24 47 

13 19 


Stock tion 

IQ £i 

BP £1 

Coral Leisure ... I Op 

Guthrie £1 

Ladbroke lOp 

NatWest £1 

BATS Defd 25p 

Dunlop 50p 

European Ferries 25p 

GKN £1 

P. & 0. DeW. ... £1 
Shell Transport.. 25p - 
GEC 25p 


No. 

Denomina- of 
tion marks 

.... £i 16 

.... £1 14 

... lOp 12 

.... £1 10 

.... lOp 10 

n s . 

.... 25p -7. 

.... 50p 7 

ies 25p . '7 

:... D .* 7 

... £1 7 

L.. 25p - 7 


GEC 25p 6 

Grand Met fiOp 6 

HK & Shanghai Bk.-: 6HK2.50 6 


Closing 
price (p) 

377 
SS4 
95 
350 
170 
272 
260 . 
SS 
126 
260 
S* 

5 to 
271 
106S 
333 


Change 
on day 
+ 5 
H- 10 
— 12 
-15 
“16 
1+ 4 


1978 1978 

high low 


375 211 

215 162 


298 250 

296 227 


- 90 71 

129* .99 


2S6 24S 

118 84 


5S6 484 

278 233 


TOTAL 


LONDON TRADED OPTIONS 

Juiy U-I“l*r J finnan 

lUx'rcl-e Cloving! I Udringi _ ' CIi^idhI 

Option ; priiw niter 1 Vol. ) •■ffor ; ' ol. I oFTcr j Vol. | 


FT-AGTUARIES SHARE INDICES 


' Clining' 

I offer : Vol. 


Equity 


COMPAGNIE FRANCAISE 
DES PETROLES 


Improved Results in 1977 


Group net income for 1977 was F. 260 million 
vs. F. 166 million in 1976. This result does not 
include income from the Frigg gas field in the 
North S«?a, which started production at the end 
of 1977. It does, however, include the increased 
income from orher production areas recently 
acquired or which began operating in Indonesia, 
North America and Algeria. Hie result also reflects 


refining and marketing losses in Western Europo, 
where price increases lagged far behind cost 
increases. It should be noted that refining and 
marketing have remained profitable in the United 
States, as in most African countries and Australia, 
and rhar as a result of reorganization of the tanker 
fleet sector, the impact of tanker shipping costs 
on the consolidated results has been reduced. 


1 977 Consolidated Results 


Sales [net of taxes) — , 

Shareholders’ equity (afterincome allocation) . 

Net capital inupgtmontg 

Cash flow — 

Net income (including minority interests) 


minion 

francs 

.53,440 

. 8.312 

. 3,724 

. 2,873 

260 


Operating Statistics 


Crude oil resources 

Refinery runs 

Sales of finished products.* 
Quantities transported 


Net Unit Dividend of CFP Share. 


Development Prospects: 
Production Start-Up of New Resources 


Prospects Fortin? neir future depend upon the situation 
ol European refining and nurV-eimg, where losses Into 
alfatcd ihc amount ot Funds Allucnrea lor exploration. 
De eiujaqenienls ni.iy also be n<?ceisjry in th« Europnan 
rctimng .md nvnlvnng sociors. However, a lew positive 
far Mrs are on ihe Fiactun lor ftte Group. New that develop- 
BM worV for (Ho Frigg g.is field in (ho North Sen is com- 
plilc4 nnd '.hat ihc BeLepai and Handil fields in Indonesia 
aii! opuracing at hilt c.ip jciiy, inconre from (hese IMW 
prod-jclion .ircas should bn on tlur nuo and, at the wma 
time, incpsiniunt cost should drop. In 1977, sgll-frruincmg 
cowrud 70"« ol inv«(iriunrs js against only 50?« in 1376. 
Thui, candi lions should improve progressively, allowing 


the Group iq pursue its primaryrole as producer of oiT. At the 
same lime, it muse consolidate and expand its worldwide 
mart or lor natural gas. uranium, and coal, while continuing 
research into new sources ot energy: sclar, geochcrmal, arc. 
In addirion. omertise acquired in (he various sectors of the 
oil industry, and Knowhow accumulated in tha domain of 
Denization dl complexes, aia being effectively applied in 
The area of industrial cooperation. Two important industrial 
CiMperjiion jsrsemenu were signed In 1377, one with the 
Abu Dhabi Emirate and one with India. Several protect; ara 
being negotiated with governments ot Una Middle East, 
Al/jca and South America. 


The brochure "CJJ*. and the TOTAL Group in 7977 " is available on request in French and in English au 


CompagnTe Francalse des ^etroles. Secretariat General, 
5, rue Michel Ange, 75781 Paris Cedex 1 6, France. 


HP. 

HK 

BP 1 

HP ! 

Com, Uaton', 
L'nm. (Jnmu 
Cults, finlrt 
Cnna. Ci oli l 
CnurtAuM- 
Courtaulds 
CourtHiilris 
Oumuldf * 
GKC 
GBC 
GEL' 

GBC 

(rmuri Met. 
Orarul 31ft. 
(inuut 31 cL. 
H.'l 
itr 

ICI 

ICI 

[And Sec?. 

Lnit.f get.*, 

IaU '1 bees. 
Mart* £ sip. 
3Urka & Sfij 
3lKrb* i Sp. 
Shell 
bhell 
SIihCI 
T.nai* 


164 i 10 
1*7 . - 


- . ' 895p 


These indices are the joint compilation, of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


79 5 

55 2 

17 ■ - 

7 , 45 

29 - 

14 ! 11 

2512 . — 

17 . - 

10 i — 
6 . — 
55 , - 

38 ! - 

.2512 12 

14 22 

12 >£ ! — 
7 J 6 
312 . - 

54 — 

26 ! 3 

12 I 9 
5i« ! - 


EQUITY GROUPS 


_ , w Toes. Mon. Fri. TtaB*. Year 

Wed., July 12, 1978 ■. ^ ^ ^ 


GROUPS & SUBJECTIONS ^ Gtwg ^ ”■ 

Earuuies DW. PFE ' _ % . , _ . 

gSU'iSyg? SS m£* 'ST ““ 

stoeJB per section Corn, at 34%) Corp. i 

TbSK TMS« 


39 - 

19iz 42 


8 2 

37 - 

19 — 

7 (j 20 


90 — 

46 — 

18ii 26 


RECENT ISSUES 


EQUITIES 



FIXED INTEREST STOCKS 


Hi If It hi MW i 

-=- E» Z=t\ TTT - ,"; 1 Sr^-k 


r ~ Hijjir | L,.ir ! 


• ■ | K.P. i28i7 

• ■ ; F.I\ f - 

‘J98 iE50 |3Br9 

£99A\ r.r . ! - 

5100 Ml I — 

I i F.P. I 7(8 

! 1(10 I — ! 

loop I K.P. 1 16)8 I 
xiau I F.r. ■ — 
rtl H7.ft F.P 28i7 

II i£25 ;<J5-8 
1 • ; y.r. -22/7 

* * : F.P. 12 17 

* ■ | K.P. _ 

.109 ; y.r. .21/7 » 

991,, f.K. I 
E9di,'illQ 00/ IQ 1 
t39 UlO 121/7 
tsaictao •; i.« . 
K98i(iE25 I 19(9| 


** I Hip j \iiu*l la*Tli«r 05, Hrrt — — 89p 

94 «S. 32 I Allied Pref 92 

ol > Vi lonrnrl 1 - .s lini. nfti SO;* 

99U: 95lfllBirni1njihitn Yar Rate 85^65 — 

*«*=' ivnv. BUk. 1993 3?71a 

•2 ttUVifci.uii \e% i niir. iTf«t. 1379 — "23 LOp^. jj 
*:!«»« ! ilOialluift .VMlia Water 7% Red. T*re(. 1933 -....jE103* 

W»|. ■ luip ifciTiwisx'ai Ins-UfllwrlOKKialSsiidCumPrePlOiip 

W/Sfllhdinbun-h (City oft la r. !/«/«■ Isfti.- j BBSs 

SHI* 97Vhr-e* Water 7% RwL fret. WBi 981* 

25l«| 231s'Pair*ieif Hatu. TVti I 24 

6841 .: 97p .IUHvMinff.105 PW- —I W r 

105*1. lOHep; Miller iP.tlH Pref «..|101ipl 

« 1 64 .More O'Ferrall 10% Sntl Cuui. Trof. —I 94 ; 

JUTn- JOy* iRuilitwIlnw 11% Prei, ; 109 jl 

100: 99SalsJcfmn Var. IfiaielW. 1963 ; 99^- 

91,1 tt aoutheuil-tiri-oea 12^ Utal. liftfi I Si,. 

V.K' j 9 -South, Tynenule HIJ Ke>l. l'jo 6 9ij]. 

J*>I 9 47»a I'vneJt Wwr 12% »f-l. IsfcA 483 t v 

S 6 l*| M Weit Kent Water 12$ I w*h. 1*IW [ 24l s l 



I4.S i o.l 7.9: 4.6 
■ 2 .Ml 3.Ci 8.4,15 .9 
4.65, 3.0' 7.91 6.5 
<(2.0 i a.a: a.7' 7.6 


10 335.67 333.61 324% 32213 

— 77.71 76J5S 7633 75.97 

48.65 232,46 230J3 224.88 223.86 

53ft 1M30 HB.a 115.49 204.92 


218.15 -Oi 318 4.66 3X.46 218 J3 21629 21225 21123 

10128 +0JI 17.42 J ,6.87 6.99 10052 10030 97.43 97 (S 

31625 —0.4 Ul57 6.75 7.41 317.46 3141* 30*40 30*16 


99 ) ALL-SHAKE INDEX (673.1 | 216.67 } +0.7 ) — [ 555 | — I 21526 | 213.19 I 25*91 1 207.83 | 18*92 


u RIGHTS 99 OFFERS 


Infill'! 5__ 
Pncc - 4 




PRICE INDICES 


FIXE D IN TEREST 
YIELDS 

Br. Govt Av. Grass Red 



Wed. Day’s xd ad], xd add 

British Government July ' duuse To-day 1978 
12 . % to date 


LEADERS AND LAGGARDS 


Tire fall owing table shows the pertantasn cbaitwif which have taken place iince December X, 1977, In the ■ principal 
equity sections of Ibe FT Acuiarlet Status lodln*. >* also csmalni the Cold Mines Index. 


Cold Mines fT — 

Hewn papers and Puhtl*lili»9 - — - 

Mining Finance - — • 

Overseas Traders 

Eitqiiwertos Contraaors 

Toys and Carnes - • 

Chemicals .. 

Mrcnanlral engineering — 

Tahaccos 

OITice Equipment - — 

Investment Trusty - 

Oils .. . 

Motors and Distributors — . 

Wines and Spirits 

Packaging and Paper — • 

Tea l lies - 

• jptt.it CuotU ertmp - - •••• 

• on>um.r CsKig? (Durable) Croup ........ . 

EtectneaH . - 

:kw snst" tnn, x - - 

Electronic*. ftpd'O and TV 

<*tfUT tTruo(« 

Itiluatriol UrollB 



AH Share InUuc ........ 

tncorance Brokers 

Metal and Metal Forming Z.Z....... 

Contract lag and Construction 

Building Materials ... . 

Cuns. Uoods tNoti-Dur.i Croup 

Pharmaceutical Products 

Food Mantrfacturtng 

Breweries . . 

Entertainment and Catering .. — 

F**4 Retailing 

Household Goods 

Insurance (Life) 

Property 

S®" 54 

Merchant Saules 

fttnk* 

Financial Croup .. 

Discount House* 

Intoranee (Composite) 

Hire Purchase . 

Shipping 

: PtTct nta*e chaaws bast-d do Tuesday, Juiy ii, 


+ 

+ OJD 

..... - ws 

- 0.35 

....... - 0A5 

- 1.05 

— LU 

- zxa 

- — 3JQ 

- XS8 

- 3.K 
.... - 44S 

— - 4.74 

- 5411 

- 545 

- S.U 

- 622 

..... - 6.M 

— - vjq 

- 11.01 

- 1148 

- 13.W 

. 1875, indices. 


— ; 26pnt} 26f>tn'\YZ 

— . ili olj Brtiitfi.-ti.l PiT.v^tu*- 

18t9 Sd I ,Bntl>lj 'thr Pnrliift* 

18)8' »fJtt|5l8pni;Bn«)l«o Tmti Ung 

— j 4<tpn> *p«T>!Parti»tnu)b Jotv... 

— Jptnl 2pm KI-wh-b-Hniiner 

18/8-104 \ 93 H-rttrnllK 

— ) 1* I 10 iHealam Situs A Cuatfitw., 

4/8' 17pm 1 l|int'Hmt>‘n. 

38 T4?4imrSdpnnilHyro*o ( |. i G.» 

A.ftl 161 I 1*4 jU>u*t> interms. 

— I Loots' Ufmt 

28/7 118 1 102 iShetchloy 

28/8; 2*pm' I7|tm SfetuiLi/r Group 

25/8; JS-Vm’ 15pm: Uit. A. VV 

25/8 2&)<n.i lipmiSwurnv aervuv** 

86.8 24pn.‘ I2|<nt im. \. M-V Z .... 

— 27 1 3H 'SuIrlITtt* Xprxkmap 


2G|>iii! . 
4la. + i 


.i S7tg 
4|tinl 
J Jlgp in) 
3|mii 
96 

• M ! 

. 16 inn i- 

401*1 
146 [mi - 

: uH 

J 17|inii- 

.1 l&tfflK- 

.! 12 |>m. 

12 pin! 
.. 27 I 



1M.69 +0.10 

113 £8 -020 
12818 -853 

124.86 -019 



85 882 

3182 30.99 

11.72 11.69 


3LS 1LS9 
1125 1*22 
-3234 1128 


1173 
12.72 32.68 

12.99 1306 


WetL July 12 

Tue*. 

Mon. 

JuItt 

FrWur 

Jill IT 

Thun. 

Julv 

Wed. 

July 

Tub*, 

J hId 

Mon. 

Inin 

Index. Yield 
Sth % 

11 • 

nf‘ 

7; 

• U |J 

0 • 

8 

91 Ulj 

ft 

■ my 

S 


KeiminaaMon date usually last nay tor dealing free oi stamp duty, a Kigureif 
btrsofl nn praspoeniB eMimate- p Assumed Oivltlend and yield, a Forecast dividend! 
cover based an previous year's ea minus, r Dividend and yield 6 mm on praspecrus 
or mhei nfflcUl estimates nr 19(5. o Gross r Fieuns asiutmefl. t cover (imvr* 
lor conversion ol shares not now rankmK for dividend dr ran King only for restricied 
(tiKMe/wii. « Placing once ro public, pi Pence mile** achertetw* tmiicateti. a (ssiiert 
b* tender. S Oflered in holders of Ordinary chores as a " rtuhli •• ** issued 
bv wqf of capHallaatlon. tt Minimum tender nrlce. 55 Reintroduced, sj Tasucd 


15 { 20-yr. Red. Deb & Loans (15) I se.6s I tis.oel 58.78 1 86.7a I B6.78 1 56.84 1 ss.B4 1 56.37 ! B7.16 1 


16 Investment Trust Prefs. (15) siioo 13.72 61.59 si.wj si. 64 bi.m si . 62 sijjs si.ob| 

17 CoraL and IndL Prefs. (201 70.13 i3£i 70.13 70.20 1 70.14 70.14 70.24 70.62 70.4a. 


way ? captiausaittm. Mi Minimum tender nnee. 5 « 1 Rnintrodnced. M Tasucd t Redemption yield. Highs and lew* rocord, has® dams and values md aractiUicnt change* ara pahlUwtl In Satnrdar 
.‘2 r n n _ D ^ "J ^ " or rafcMver P^rroducBcm. H teiued Issues. A new list of the eawtftwent* Is available from tha Publisher* the Financial Times, Bracken ' Hottso. Cannon SSrooL 
lo former PnserotuM holders. K Anotmenr letters tor fully-paid). • Provisional London. EC4P 5BY. price X3n. bv nost 22 a 

or partly-MUd allotment letters, jfc With warrants. — — L.. , . ■ - - .. .. — — — 


V.-.r, s 




















































































39 






' VVs ? 0R Ij- 


xni --c 


KS 


N DICES 


j^nancial Times Thursday July 13 1978 

insurance, property, 

’ BONDS 


Abbe* Capital 

Abbe* 1 otobjc 

Abbor In*. Ttt. Fd . 
Abbey Gen. Tst 


AHcjr Lift AssimnceTn ru . _ _ • ^ Ahb(*opitoi — 

Praperty Fd.. _ 148 A ■ ' Set i — Portfolio Capital __ttL 9 ~ MsnaeedFtoai_)MB5 15131 _ Allied Hamb 

!«**£?= fitf * :r Z Graham LifcE Soc . LtdT d “ ,inc *■ H*ubroH»a.H. 

Sggwt lbh?Ftod~; ufi 2 ^-g —'2 Prince ot Wale, ra, RmoMh. qsqq 767833 »7 ZeaIai,d Ins> ®°- fUJL) lid. * Qi- MS TB ilor l 

2® 0B 2r Un< *~— 1214 1Z7 B — G.L. Cash Fund |gu JOLK I NaiUond House. Sooiheod SSI ZJS 0702S29S5 Balanced Fnini* 

ProLselStT* WT — S-S-SB&F™*— bw.0 112-3 4-Til _ ■ K^.^'n y .FVnn.lte2_5 146.9) ) _ 


AUTHORISED UNIT TRUSTS 

Abbey Unit Tst, Mgr*. Ltd. 60 . Gartnim Pond Managers f (aXg) Perpetual Unit Trust Mngmt* (a) 1 

72-SD. GatdMW RA. Aylesbury. 0288590 H » M»ivAM-ECm»p 014833531 an wort ■» HwibT nnT hiin^ * 019 12 6868 


OFFSHORE AND 
OVERSEAS FUNDS 


1619 _ 

SOU __ 

238.0 _ 

1Z7.E _ 

1BM _ 


Allied Hambro Group* (a) (g) 
Ham bro Hap. Huttun, Brenwoofl, Essex. 
01-588 2831 or Brentwood 10277) 211*59 


£e» Senility. “ is* 7 
Frita Man wed 1737 

SSfiSfesrigS 

VMaa. Fd Ser -t" 152* 
VEquity Fd. Ser. * ., 542 
VCpnv.FAScr. 4 _.. 1 S 4 
pUoocyPd 5er.4_. 1094 

Prices at July 4 . VatuaUw 


05* gSiFUwU^ 1U1 lift <3 +1 j 3 ~ Small Co 1 , Fd. 

GU.lnli.Fmrf 073 irt ftl -i?| Technology F 

C.L, Ppty. Fund [967 10 LB| +05| _ E gra lnc. Fd. 

Growth ft See. Life Ass. Soc. Ltd.* rSSStE: 
Weir Bank. Brajhon-Tfaannss. Berks. 062B3US4 Gill Ed ted Fd. _ 
Flexible Finance „] QJM ■ | 1 _ Con -l>epo«itFd. 

i4ndSnkl«AecJuA4 S1W u7.J ““I “ Norwich Uni 


20.3 _ 

IB5J0 __ 

1552 _ 

238.0 .... _ 

239.4 ...... _ 

36.0 _ 

217.3 _ 


GU. Gilt Fond ___ 
CT. ) n tl- I hm^ 

C.L. Ppty. Fund 


34 ll +0L7] — 
33.S+LD — 
95^+0 — . 


• 163.0) „... — 



Fnccs AUlily 4 . ValuaUon normail^Tneeday. G -*S.S u P«'P«i.£l C7SM j 
Albany Life Assurance Co Ltd. GurtiM 2 * 5 r al Exchange. 
31. Old BnrUnjKta St WL ' mjww-? 

V&juity F<LAte__ (17A9 01-437590 iwmi-. "■«“> . 


*_) BAW ...-.J _ ’-on. iiepogit Fd — |9b J 1#U( [ _ Immor Fowl* 

tduA4 aW U7.4 - Norwieh Union Insnrance Gnmp* ESiS wi| ^5 

Li_| £73M _ PO Box 4. Norwich NR13NG. 080321800 .VU.Bq.lnc p7j ‘ aoSj \ 


EJawUnt.Aee.__ 

suapsut 


Lw. ‘ **•* 

0U«7H«! g 0 ^ Exghaage. E.C3. 01-2837107 Properly FttiSZZ 

01-43759(3 Property Bonds J176.9- 7M7j J _ Flwd Int Fund __ 


sad - 


EdaUr— 

Prupcrty 

Mans 

Mann 

Ocerseaa 
GiUEdred 
American Arc, 

PmFJJl«p.rjp 

PWJFXDegAct 
Pen. Prop. Cap. _ 


wntyjanj-dAcm. 

Ssissasa 

GtiLMon ReaAcc. 

JnU.HtLFnFdAce 

RHKfesdi! ». 

AMEV life Assoraace Ltd.* 

^J^.AImalUL.IWWe. Relgarnwnn. 

AWVMamued |UU 138.31 _ _ Pen. Man. Cap. 

AMEV Mtfi. B' 1103 1767 _.... — Pen. Mm. Arc. 

AMEV Money Pd, „ USD 110.6 _ Pen. Gill Ede. Cap.. 

AMEV Equity Fd.._ I07A 11L7.».. _ Pw.QftEdR. Ait. 

AMEV FImwI [ at. M3 «2 _ Pen.BE.Cap. 

AJffiJProp. Fd 972 102.4 _ Pen.B-S.Acc. 

AMEVM^Pen.pd- 96.7 101.9 _ Pen. BlAJ. cap. 

AMEV MgtLPen/B' 974 102f __ Pen.D-AJ.Ac 

FUartpian |36R 102 .S|__. _ Hearts of 

Arrow Life Assurance u-n.TnisMkm 

3Q.UsbridReRMd.WJ2. 01-7499111 Heart* or Dale 

iS;2 - I - 


Hambro life Assurance Limited y 

7 OldparkUane, London, 371 01-4800031 

PVlcdUlt. Tir rp . * 



Mnnafted Frnrf — BU 2211 +0J _ 

Equity Fund 333.6 357.4 -t 0.7 _ 

Property Fund 12 U 1355 _ 

Fixed Int Fund __ 151* - 159.3 -02 — 

Depojil Fund 1H5.9 112.4 +0J — 

•Nor. UnRJuna 15. 20fcl _ 

Phoenix Assurance Co. Ltd. 
4-MCintWmiamSt_EC4P4HR. 01-8289870 
Wealth Ass OIL* 117.41 +0JJ — 

Ebtpfcfe^ztu 774 aj - 


34J(-(Lli 4JB 
*£« __1 5JH 
m3+oj| 4J5. 

w® “‘UlSSg&Ep SIS sS 

ln^ Wocie g- 13.76 .14.79 b |3 

intLExcWPtPd.^ M.9 924 -02 6B0 

rt HaU.W-CA«.)_gj ss3-c3 iS 
S3 ^ IS Cftta {Antony) UuitTtt. Mgs. Ltd. 

9 M ! 533 2S,B»infleldSt,EC24(7NU 01-568 -il 11 

355 +03 457 (sjAJilncoBie- (4L2 44 s t 

til ti a I!! ^ H SS c° ww 

273] +03| 453 . Deallnfi^Tuej. It Wed, 44. Bloomsbury Sq. WC1A2RA 01-623 

r nim it d ahni w Praitical July 12. — 11558 165.4) +5.71 

7531 4-021 R35 G * W *! ACCOM. L’aus Jz20J 233,3^+8.1 

Si r“j ft7t 77. London Wall. EX\2. .01-8885890 

^ H 7*2 sT»Wr.Jtn>«30 — ri3X0 14SJI - TtS? Provincial Life Inv. Co, lid.* 


Picoadlllv Unit T. Metb. Ltd.¥ (aXbi ATfanthlM,t Secorjties (CX) Limited 
3^ Piccadilly Unit X. Mgrs. lid.* <aXb) p.aBor284.St. Helirr. Jersey 0534T2177 

D 7 ? Wartcta Hrf,S9a London Wall ET2 mm! Cap. Tst I J enter'-. JJJ 60 120 * | 417 

s 4 * Extra Income .. g9.1 3U| +OJJ 9.75 Sen dentine dde Juljr 18. 

IS SESSLKSff—^S-? eiss-rsl \% Ktarf SJaU-Tn-iOn . |J 0 _ . izfa — I 100 


Eng & Shaxm Hgrs. 


43.1a +02 4« Next sub. July MX. 

57 j *02 454 Australian Selection Fond NV 
*43 +03 356 Market Opportunities, efo Irish Young ft 



S +0J) 356 Market Opportunities, efo Irish Young ft 
+ 0 S 3.54 ChrthwwfeS?. Kent Si Sydney* . 

„ JJM LSSi Shares...; I SL-S1« ] I — 

+0-1 1U Net Asset Value July 8 

jtd.* (y¥c) Bank of America International SJL 
A 0 1-623 88B3 39 Boulevard Royal. Luxembourg GJJ. 


w- 


2nd. G«t Sea. To. 

FirdSleriinc JIB 35 Uj 

FiM IntL I1K.58 386.; 


Kleicworl: Benson Limited 


EbY. PhXq£. __J7U am 

Prop. Equity & Life Ass. Co.* 

11R, Crawford Stnwl, WIB2AS. mA 

H. Silk Prop. Bd J 182.4 1 

Dp. Equity B4. 7LS 

Flex Money Bd 143A 


laiamdauai Fnads 

lotcrnauonal .—£&& 

Pacific Fund W.9 

Secs. Of America — [53 A 

USA. Exempt* |«J 

SpenaUat Baft 
Smaller Co.'s 1U— W.9 
2nd Sadr. Co's Pd.. M3 

Recovery Sit, B4.7 

SleCHin-ftCdW.— 6-0. 
Overseas Eftnunfis. 57A 
Expt. Smlr. Co's _t«70 J 


75 B ST>Wr.Jin»430 [uftfl 34SH I Lto Provincial Life Inv. CO, 13d.* 

DpuArctnn. Unit J 16 5.9 17«3{ _Z[ JJ 3 229.B«liPpsgate,E.C3. 01247 8533 

' "“deaiim; day July 1*. Prof 1 He Units B37 : 89JI-03J 3.05 

2J& Grtar&o* Ca Lid. Bighiaeotnc fuo^ liuj +o3| 758 

£8 *2££ aS’SS? 'r™o.r«x^> M ? g ra .uiy i.Hbx.) 


20. Fenchurrh fit, i:C3 

44. Bloomsbery Sq. WC1A2RA 01-623 SSS3 30 nouieram Royal. Luxembourg 037. Fun uvea Lax. F, I.VJ9 - 

Practical Jnlv 12 11558 165.41 +5 71 426 Wldmsest Income. [STS1MM IBM I 7.88 Guernsey Inc — 64 2 680 ... 

ASK-mOsinlmj m3| +Rl| 426 »■ Nen sub- Bay July S. «*«■«.. 19* M.9 ... 

Provincial Life Inv. Co, Ltd.* ^ L “. dn - * s - America Wd. kbioilkuwl ISS? 

D . nt-a+ 4 KM 4MtPnoen\ ieioriaSc,EC-t 01-830S3I3 KB Japan Fund. — SUS3633 

^B«hopspUe,E.«. . 01-S478M AkmanderFumL-Bl^Jl _ J-ftiUl - KB. ltfi.Cuib.Fd. SI'S1L77 . 

S3ffiS=g& rniUI 7ln ■ "■> + *•“ iBSIESff- BB 1 Js 

PradL Porildio Moot. LtLV I.HMO ..A ■ 

Holborn Bar*,EClN2NH 01-405 Q 22 S “loSTS 7.77 Libyds Bk. (C.U U IV Mg**. 

Predemiai pan j3Ui+05[ 4® Barclays Unicorn lat (Ch. Is.) Ltd. ^Boxiai.SLHei^' Jemy o 

Qidlter Management Co. Ltd.* i,ChariagCn«.8t.HeUer.j ra y. . B»w« Lh ’ dlT ^2“g^ K 4 d a ia jS^ItT 



S 016064C3 PrudL Portfolio Mngra. Ltd.* iaHbKc) 
1-S Holbom Bart, EC1N2NK 01-405 Q22S 

am PrmleaUal p2SO 1325) +05] 4/S 

ftnllter Management Co. Ltd.* 


20. Fenchurrh St, IU3 01-89 8BCB 

Eunovesi Lux. F, U7V +21 3 27 

Guernsey Inc MZ 680 ..— 4 08 

I Jo. Arcntn. 79 3 833 4.00 

KB Far East Fd — SUSIZ24ri +059 L63 

KBIolLKUnd SI' fill-33 203 

KB Japan FbntL - SUS3403 059 

K-B.lfR.Cu.1h.Fd. SUS1177 . . _ *.» 

Sipan B+rnnata SLS486 +0JB U5 

-lidilandsiDMi BBS 19«I-0 j 3 BL99 
•Kit act as London paying wnu only. 


osMrsn 
, — l im 


150 The StL Exch an ge. E£2N 1HP. 01-6004377 Orerjeaslncomo >.|M^ 403x4 .---i 1201 

is aseseff-tt 1^3=1 ^ 

Quad ran t Iac< m c-|l22Jt 125.9 e 4 — J R27 •sobject to fee atrfwithhoi^og ties ' 7 Rue du Rhone. P.O. Bat 17P. 191 1 Genera H 


“ Property Growth Assnr. Co. Ltd.* h Noblest. EI2V7JA. 


.. , , ■ 7244 +07] 4J2S * — Meet to fee and trithhoWuig taxes /iuipou nnooe. r.u. no* ii». isiioenera u 

° “ Anderson Unit Trust Managers Ltd. cActsm Oaitu — frta 763! +04 125 Beliance Unit Mgro. Ltd.* Barclays Unlearn Int. (LOi Han) Ltd. H^iSj-gaSS-lSSS 5S3 — 1 i2 

01-488D8S7 i58P*ncbinxhSt.ECaMaAA 638 BB81 Guardian Royal E*. Uhlt Mgro. Ltd. Reliance Han- Tonbridge Wdlx. St 08822*271 171iouaaSt,DousU».Lo5L 00244550 IncotPC.lSnaUi JUq ] 048 

*--| “ AnderaooU.T. 1485 52^| — 4 4.48 B07al&Kbanse.SC3F3DN. 01U2880U OpportnnltTFd~_te6.7 71^ _. J 559 Unicorn Ausl Ext. .153.7 57 jM j J*g M St G Group 

AnstNMher Unit Mgrnt. CO. Ltd. (ag>OoanUriU7y..[985 935) +051 454 sdS^rTlta^ltS!:* $0 654 SS. gJ^ 0 ' H £ W 7hrc+ Qa**, Towrr Hill EOR 8BQ. 01 -SB 4388 


01-633 em. Henderson Ad min atratlon* faKcHg) 


Leon Home, Croydon. CBS 1LU 

Property FVtnd ' 

Frop+nyFundiA' 

Agricultural Fund 




I Do. IntL Inrome f 

Do. L of Man T9. l> 


7*d — J *g MAG Group 
- — Thtw Towr 


3 Agn cultural Fund 

— Agnc. Fund tAi 

— Abbey Nat. Fund. 
+tui — | _ Hearts of Oak Ben ef i t Society Abbey xat.Fd.tAi 

15- 17. Tavistock Place, WC1H9SH 01-3875030 iSSSS Fd^Tl 
01-7499111 Hean* of Oak — (365 38.6) ':! 

8771 — I _ Hill Samuel Life Ascot. Ltd.* - SKS «*i 


Fro Med. Fd. Eq~JST9 — NLA Twr^ Addiac 

■Pen-Mgd-FU— F.L_pi52 1165] +L9] — P^S^^sSmA 

Barclays Life Ass nr. Co. Ltd. Managed Uni”.^. 

252 BMnford RdL, R7. 01-5345544 JtaEifSltSSr 

B*rcl»>-bond» [J23-9 1305) +!^_ K^ n ^** C 

ga Sira r ?”7,iTs£- 

Mo^rP^Acc.^ 1007 IMiOj — PofcFx<tluLA«Z 

pn. lolu ^ fOA 102.6). — j __ Detw.PTOp.Cap_ 

•Current umt value July 12. Pens. Prop. A«L_ 

Beehive Life Aasnr. Co. Ltd.* Imperial life 


NLATwr^AddiacorabeRtLCruy. 01-8884355 MouS-FundCAT 


* Property Units _ 
Property SeriM A 
Managed U nit*.. . 
Managed Series A- 


Money Series . 

Fimdlat. Ser. 

Fob. Managed Cap_ 
Pos-Managod Acc 
RnCteciQ 


1BL4 +0.7 — 

985 +0.6 — 

1Z75 +05 — 

102.7 +05 — 

975 +05 — 


139.7 . 

1U2 ■ - 

121.9 

121.9 - 

183.8 - 

J43LS . 

Growth Peeatoea * Ammltlea Ud. 


Ar man al Fund. 

GJi-almd Fluid 

GUt-Edged Fd. (Aj 
♦Retire Annuity 
■4 Inured. Aanty 


Arbothnot Securities Ltd. (*He) nc y^t. 

37. Queen St. London EGtRXBV 01-238 Cap, t awth l ac. — Iga 
Extra Income Fd_ [1047 ‘ 1525) +DJ2J 1129 Cap. GrtrettAcc^jqj 

High Inc. Fund 90.9 44.0 +05 938- I ut B4 M *Aweta— fe7 

wAraum-Unttai — 55.0 595+05 958 mgk laeame Funds 

i St,N. WdrwLUts. 55 0 59 5 +05 958' Hixb Income i.B03 

Preference Fund B.9 . 25.8* ... 12.94 oBot Extra lac. _lH5 

r Accmn. Units)— — 575 405s 22.94 gedar Funds 

Capilal Fund 195 28 Jb — w^ndil ftrm pa + 

ttmunodity Fund _60.7 «J 5S ofl*Nat-Be* J27.4 

lArr rrm UniLsI 873 33.7 553 

(10%Wdrw[.UJ 53.1 575 553 

FinAPropJ-d. 17.1 164 3AJ 


Tower Hill FOR 8BQ. 0M 


s£S3^1 


7 as a-C. 
9M JS-S- 


Ridgefield Inj-UT. pan 104. Orf „i 2.72 BlAopsgale Cammodity Ser. Ltd. 

3J5I BiOfiefichi Income. PL0 97 lM J 20.71 p.p. Box+2. Doogla*l.o M. 0824-23911 

BothsehHd Asset Management (g) ARMAC»juaeS..-M'sm* BW — j — 


N. C Equity Fund^ [1*8.7 
N.C. EaoJtmTs.lM5 
N.C Income Fund- 147.8 
N JC. InU. Fd. rtntl 90 0 
N.C. IntL Fd. lAce.1 W 0 
N.C. SmUr CVS Fd 1543 


All wilier Ac. UtaJ 
UAliWeMhnrCapJ 
Wlnv. Fd. ll te-TT- i 
Pension Fd. UU. 

Conv. Pens. pu. , 

Cnv. Pns. Cap. UtJ 

14 an. Pens. Fri .. . 


M :-\ - 


Man. Peas. Cap. VL 
Prop- Pens. Fd __ 
PropJBns.Cap.Uts. 
Bd« Soc. p£L Uc. 
Bldg. Soc Cap. CO 


Giants Pend 

< Atrum. UniUI — 

Growtii Fund 

(Accum. Unitsi 

Smaller cn 'a Fd 

Eastern fclntLFd.. 
fOTkW’drwLUtaO — 

Fornign Fd 

N. Amer. A Inc. FA 


Archway Unit TsL Mgs. Ltd.* (aXc) 
317. High Holborn. WCIV 7NL 01-831633% 

Archway Fund 1794 845*4 | 6.42 

Prices at July 6. Next suh. dar July U. 


EqultyUnua 

Units. 




Prop. uoralJKxec 

BaL BdJExecfUnlt. 
Deposit Bond. 
Equity Ancum. _ 
Pro per t y Acynm. 


2nd Deposit 

tad GUi 

2nd Eq. Pens/ Arc.. 
ZndPrp JrnWAcc. .. 
2nd Hg(L Pens/ Age 


.— — Pns.CXnd.Ca 

— Pas. GXeed. Ae_ 

— Pens. Equity Can 

— Pens. Equity Ace 

— Pns.FxtLlnt.Cap 

___ — Pus.Kxd.latAcC— 

• — -V+- — — — r»* ■■» . «K.uf ..._ — Pens. Prop. Cap __ 

•Cnrront unit value July 12. Pm. Prop. Ac? 

Beehive Life Aasnr. Co. Ltd.* Imperial Life Ass. Ca of Canada - Aeet,mnc«. fv> TiA 1 UnkomBo. 2 S 2 Bomfoxi 

7L Lombard St, EC3. 014231288 Imperial House. GuildiOrd. 7125B Llfe A** 11 ™! 0 ® Co. Ltd. tn-ri» Rvi 

rn. -on . , n „ *" I-+ -■ 8KMSiic=aa % 3 - l - 

Canada Life Assurance Co. Unit uS«d portfolio Frjw^ceah 

20 nigh SL Potters Bar. HmU nh, srim Managed Fund — J945 mu . rvt ir... .wim. err a 

sxsKsyjy?; gE): He|= 

^ Ba “ raoce Irish Life Assurance Co. Ltd. Prudential Penstons Limited* 

^I^Vn.?I , ’ WM S5lZ HAS0NB . ^^P 28878 11. Finsbury square. Ed m-8C8BXS Holborn Bars. EC1N 2NH. 01-4059322 T »L— 

Equity Ueiu 0706 - l+OM - Bine Cbp. July 7_ 1690 Ml I 450 Eqult. Fd. June 21. (£2459 2S3S I _ 

— Manegeo Fund __ 2200 ZnjW !ZJ — Fxd. InL JunOZl pA72 UOg „ J — iJMSvJjJ"* 

“ - Prop. F . June 21_^SJ8 26^—1 - gS’T^^SSZEu 

- a»| id - BeUance Mutual - 

King & Shaxsou Ltd.. T imhridge WeHa, Kent. 082222271 Do.Aceum.__— (7XA 

— BB.Cotiihin.ECa. . 01-8335433 ^Prop-Bda. ( i».» 1 1 — Wariuc Brathms A 

= ' Hotttschlld Asset Management 

— Govt. Sec. Bd. __ fSao mfB( ( — SL Swlthms Lan^ Umdoo. EC4. 01^84398 strattanTM: W6J 

r Langham Life Assurance Co, Lid. * l,CPr ° I> 1 117 - 5 ^ — l “ DaAecum -j5^^ 

— Langbun Ha. H(AubRKdtIii;NW«. oi-aoaasu Boyal Insurance Group - ■ . _ 

Z Lansbm -A'Plan ..1698 6751 — 1 — New Hall Place. livexpooL 0522374422 Blrit^agwe PTOgTC 

= *13= m l*- 1 - sss-sashu 

^S C ^i^S° nKU ' 199 9 — 

Capital Life Aunnnee* WukiC:& “ 


-05 ZJ7 
-05 2Z7 
*02 2.74 

+03 2J4 

_ 15 

"33 35 

+05 LOB 


" N.C. SmUr Cqjx Fd[2545 264JZJ | 454 

259 BothsehHd & Lowndes MgmL (il 
H5 SLSwithinaLano.Ldn.EC4.- 01-4284356 
New CX. Exempt— 10250 132.01 | 354 


Pnee on Jane In. Next dealing July 27. 


?ift ? In I ? S Originally issued at *S!0 and •■£1.00. 
2575 -os 6.79 Bridge Management Ltd. 

995 —05 L76 P.O. Box SOU Grand Carman. Cayman Ik 

.K J-J6 vhaihi June 30 — | Y15569 J I — 

1642J 4-54 c. P.O. Box 560. Hope Kong^ * 

BgmL (3) NipponFd2nlylS_BfElI2» UlH j OJ 

Ex-Stock Split 

132.01 Britannia Tst. Mngrot. (CD Ltd. 

ealing July IL 30 Bath SL.SL Seller, Jersey. 0534731! 


Samuel Montagu Ldn. Agta. 

1 14. Old BruodSL. E CtL 01-SBB0484 

Apollo Fd. June 30. MF47JS 5158. 3 66 

Japfnct JimrOO UUQin lS3 .... LM 

II iGrp June 28 SISKS H5» . — LJU 

117 Jersey Juno 28 £5 07 5.541 0.75 

liTJrsyOaJuneSI. £12.13 12 7^ — 


« +03 4.90 Rowan UnU Trust Mngt lXOJUa) . r ^ „ , 

“M vS CTtyGateHae.FbsbarySa.EC2. 01-8081008 ^ ° 1.M ?' A ~ . _ , , 

I American July 8 167 J 70S! 6 97 Jeroej- Energy Tsl Ee 2 jSJ iso 10a Boulevard Royal, Luxe 

$53 IS 1660 ITSanr: Sas C^l iT^SI^ 5AS 2J^ r::: too NAV July 7 1 SUSIE 

U* n*«~,+7.V High Yld July 7 — 523 55 V . — I 853 High Int.SUg.Tsi_ \£D 97 LOfl ,_..J 1L00 

ft MgraT W rArnuo. Dnllsl. — — 74.0 77 91 . — [ UO tt c n.iT.. fi, |H-|| 1 . .. ] »-■ Nefit Tl l L 

' 01-8288811 785 -K-3 |-«J UnriSsSt pTwi? *S4« | - Bank of Bermuda Bldgx. H 

242J)} +0.71 955 tAccauLUultal WA 3000) -05) 3.98 ]oUfiehInLTd.._|ilS4.97 lEf ._...] 90 NAVJunv30 |£5S5 

- 05 J 3.25 Soyal Tat. Can. Fd. Mgts. Ltd. "^lue July 7 . fce» dcallnBJulF 17. 

5x3453 477 64 . Jennyn street S.W5. 01-8=982= Brown Shipley Tst, Co. U«wy) Ltd. Phoenix International 


j 0 J 7 Murray, Johnstone (Inv. Adviser! 

■ 183. Hupefit.. Glasgow, C2. ■ 04I-S21 5322 

Ltd. -Hope SI Fd. _| SLSJ651 I I — 

0334 13114 *Muira»Fuad_---.l 5I'S1*71 J — J — 
>X\V June 30, 


»^FlnsbarTSq,.EC=. Ol-SM 1008 lntnipd bM3 «LI I LQQ , .- , . . • 

nh > 8 1675 789 „_.| 097 Jene\- Energy Tsl S 47 vS il a pi 10a Boulevard Royal. Luxembourg. 

illy 11_ 166.0 ITSS 425 CnhS-STBCSlB £258 279 I H 1U NAV July 7 1 SUS10.99 | 1 — 

fly’— — 8^ High I nt.SUg.Tsi — \10 97 LOG) ,_,.J 12JM 

lls)> — >— 74,0 77.91 1 A. 03 it c DaUbf DnundiiMnl rj. T ^C L 

P 2^1 tS-N In 122 UnhrsL STst Ri'JSJl S*4T ^_.| — Bank of Bermuda Bldgx, HanUhim, Brmda. 

Ita) J00.0I-05I 3.98 injjjigh InLTd lsrsi.97 14ll ._...! 40 WAV June 30 (£555 — l I _ 

Value July 7. Next deaRnS Idly 17. 


300 Negit S.A. 


HI — Barclays Unicom Ltd. (a)(g)*(c) 
rv, tJniconi BO- 2 = Romford Rd.E7. 0L5MSSM 

“**■ uo ‘ Unicorn America— B33 36JA+051 IN 

01-3478833 d^Sl/E- 76.0 =3 +0jz L79 CbJHtfn jneMXrt-1295 3L2ril+aj) 409 0 *,- x Pmer Gnmn 

— Do. Ausl Inc 59.9 6473 +05 1.79 Infcgl * fnWg) Sff f e * PTOSper Group 

lMJfl _.... — Do. Capital 66.0 TlS +05 445 TT 7rnTr V,. . Trrn «, 4. Crest SL Bolens. London EC3P 3EP 

122J&-05 — Do. Exempt T8L — 108J) 22^3 +<U kM u Ediobargh EH2 4NX 

— Do.KxtralD«m>« _ Z7B MO 838 IntM.lav.FUnd [86.9 937nt +03) 6 M Dealings to: 0LS54 8880 or 031-238 7351 

~ - D^gtn an^ 685 ^ K*T FmdManagexa Ltd. (aMg) Save ft Prosper Secnrities Ltd.* 

.•T~*snefe:Bb y» aasa£fee& a ;,^ ==i? 

—j — ■ Prices at Juno NTNoxt snb!day July SL irl — ^ ^ 

Z Do. Recovery^ [42 S «.9( +051 5.78 

1 — Do. Trustee Fond- 111 J 120^4+05 52J 

Do.Wldwide Tsl — 49 Jl £3.o3 —02 Z22 

BTstlnJ-dlnc 62.6 655) — - 5J§ n» > i + m 4 t , vr-* WWhRenim - MSB 70 71. I 


+oi 477 64. Jermyn Street &W5. 


Negit Ltd. 

Bonk of Bermuda Bldgx, Handltnn. Bnnda. 
NAV June 30 K5-55 — | 4 _ 


+o3 488 Capital Fd lg.9 71.71 J 333 P.O.Box 983. SLHclirr. Jersey. 053474777. PO Fo* ... M. Prter Pm 

+03 755 Income Fd. _[7DJ 746) „...[ 755 Sterling Bond Fd _/OOJ4 10.17? _... | 1HW Inlor Dollar Fund..|Si24 

+05 529 Prices at Jane 30. Next dealmg July 14. Bnttofieid Manamrent Co. lid. 


1— -I - xaSiXit IS SS&Si&VrdZlnZ «+^^SS^d 

Do-WTdwicte Tst _(495 aw -02 zzt KkdBwort Benson Unit Managers* mgh lansv Funds 

<«aa=>i £3=3 E. ss-sf£:“+ „^^fiaS22==ISS 

M.LratiwhaUSL.KCA 0L5B82W) 


575J44L2] 


14, Butterfield Management Col Ltd. 

P.O. Box US. Hamilton. Bermuda. 

Buttress Equity 1234 Z44| J 1.94 

Buttress Income — |L97 t04) 1 5 85 

Prices at May IS. Next sub. day Job' IV. 
Capital International SJL 
37 cue Notre-Dame. Laxembourg. 

- u Capllal InL Fund__| SU 51738 j — 4 — 

4.02 Charterhouse JapheC 

2.94 1, Paterootfer Row. EC4. 01 -548 HBOS 

Adlropa |D IDIJ# BM I 5.4S 

738 Adlvert>a — DMSOM ■ 52^-020) 551 

Fonrlflk - I'Mgjt 3UH-05ffl 5BS 


PO Fox 77. SL Peter Pact. Gucrnsej". 
Inlor-DolIar>-und_|Si29 2.48| f A 


229 in'll 5-S Emperor Fund. Bl'n.91 

4M+04 837 Hispxno Rl’SJIH 


undo. Quest Fund HngmnL (Jersey! Ltd. 

2.44) -—-I 2.94 HO. Boa 194 . Sl H eller. Jersey. 0534 57442- 
A -id. stte.Fxd Ini I tl ( I - 

X day Jab IV. ym-4 IntL Sees... >| ItM | I — 

A- Vucsl IntL Bd. -J SV SI 1 ... t — 

Prices at July 5. Next dealing July 15. 

— -I “ Richmond Life Ass. Ltd. 

48. Albot Street. Douglas. LO.iL 06M330I4- 
01-5488809 ixiThe Sllrer Trurt-fU&a 10941+0 81 — 

M-ftJ JS BlrhmcKid Bond 07.1174 8 2B« Orf -0 4 ) lO.B 

02tn 553 Do ‘.'Inlinum Bd. 120 7 127.11+051 — 

■OJfl) Do Gold Bd __.|lD3.6 ltflll +0 - 


-—I 5.63 Do. Em. 07, IE Bd." 


2nd Med. PcnxJAfc 
2nd DepFens/AcC. 

2nd GUt friul Aw- 
LSBSIF^. 

LftESXF.2 (Z7JP 29. 

Currant value July _ 

Cadtal Life Assurance* dp. Ac cum . . . . . 

Confston House. Chapel AabWYou 000838SU Do^ot^ZZT 

Key Invert. Fd. 1 168.98 1-0231 — Fixed InRisI 

Parcm.-ikerInr.KiL. I 101.117 [—0.961 — Do. Accum. 

Charterhouse Magna Gp.* SSiSSSzZZ: 

18. Chequers Sq. Uxbridge DB8 1NE jam' Managed Initial 

ChrUiseEnenw WA 39.U Do. Accum. 

Ctetbse. Money 294 310 _.... — Property Imdal — I 

Chrthne. Managed. 3ft» <a& — Du. Accu m. — J 

Cbrlhac. Equity 34D 363 — Legri St General (t 

Magna Bid. Soc. 133.6 „.. — Exempt Cash IniL 

Magna Managed— 1506 _ DaAceum. 

rih. txr — +_1 »«. a iu Exempt Eqty.Inlt— 


SL Swlttaim Lana, London. EC4. 01-8364398 Stratton TA LU6JS 273M ^._J 4.46 tjTt ITtrit TvJirf me —— ZLZXw * A m r 

N.C. Prop. piT< 125 lQ( __( _ Da Accum. 5*3 2153 „Z1 446 L ft C Unit TTU8C M a na g emen t Ltd.* ^ircpe 

„ , _ __ . Next yuSTday JotTm Urn Stock Bchange, ECZN 1HP. 01-388 2800 

Royal Insurance Group m i r . i„ t . a ,+ m iACiae.Fd, p34t mM ; I < 775 P ^ T ' ' 

New Hall Place. UserpooL 0512374432 BlsfcOpagate FTOgreBldre MgnL Co.* LNClad AGenFd.flfc.9 99Jfi HZ) 222 

Royal ShWdFd—.pSM ML3J I — ».BWwpsgmo.EJCR 0145881080 L*WSOU Sees. Ltd. *ta)(e) 

Save ft Froqier Group* . z»^ Zl| i'S 

4, GLSLHelenV, Imdu, EC3P3EP. 01-854 8808 BVwleinL July 11—074.0 US^ __J 2A1 

uxu +nq (Accum.] July U PL92.C 2043) I 2A 

jSji n _ Next sab. day -July 25. 


e ,. Clive Investments (Jersey) Ltd. . 

46,91 +0.1B] 554 P.O. Box 320. SL Heller. Jtraey. 053437m 

4431 I Cllv*GUlFd.<CJ.1.no.l3 1034) +083) 15 DO 
»«il 3rd 3-2 euro cut Fa. cJar.i. { 10 . 09 . loi^+ojij mw 
lit Cernhia Ins. (Guernsey) lid. 


2 . 8 B BothsehHd Asset Management (C.L) 


I «*n tuvruuipa.itj. 

oS CbraGUtFa-CJay. 


. 838 -0J 
75.9 +0.< 
77.0S +0J 


P.CUtax 58, SL Julians Cl Guernsey. 0*81 0051 
O.C.EqFT June 30. 1522 5551...-. 2.94 

O.CJnr^d.Julya-lUZt 1623 751 

1553 325 

14351 431 

Z7j44| 073 

dealing July 16- 
dcnllng July 2L 



City of Westminster Assnr. Co. Ltd. Do^!cmmu^l==Z 
Ringstoad Houa^ 8 Wbitotuvse Bund. Exempt Fixed Iatt. 

Croydon CR05J A. 01-884,9884. Do-Accj™.—. 

6 , 9 41 Exempt Mngd. 

TJKI7 — — ■ DO. Accum.—, 

JJ) Exempt Prop. Inft 

77 7 ~ — DO. AccUPV — 

I27j ” - Legal ft Genera 
173 sf Z lt ’^ ee ^ laarUS , 

Pen.BInirf.Cxp ’ " ’ ~ " 

Pen. Money Csp—te.7 f » S -H - Life Assnr. Co. 

Pens- Money ACC — ’ 

Pena. Equity Cap— 

Pen*. Equity Arc. _l 
FUnd ciirrmUy 
Perform Unilo— . 

City of Westminster Assnr. See. lid. 

Telephone 01-884 86H Lloyds Lffe Assurance 

BSffi'8aa=:88 , _ H?3rj - 

Commercial Union Group oplsptop- J rfy8„ 

SL Helen's, l.lTndcxuhafLECa. 01-2837=00 [&H' < JoIy6 

VrAnAellt Jnly8_| K.n l j — o&Mm+Ja»yH“ 

Do. Annuity ute-— | 17.75 ! 1 — ^LSDepLJ^O^i 

Confederarien Life Inmnnee Co. London Indemni 


. PaAoccBL. ns jSj +05 — »epoaJ^roi5^t^VBJ ^1M5) 1 — po.Aefc. t- 

§) - = .. sa/U&i sssps; 

sss^LzK. 5 as== 

Legri ft General (Ml fidfijuT Enterprise House, Portsmouth. 070537733 

lfflLS — Equity Jane 27 1 2259 — — — ' - 

ins? _ Equity 2 July 11 Q95 2385 +5J — Britanmi 

its t ' Equity 3 July 1! 119,6 125.9 +3 2 — 3 Loudon S 

rxa * _ Flx+f ljit. July 1J 1375 344J +28 — LoodnuEC 

'iSS ™ — Fixed Int-3 JoJy 11_ M7J 1355 +27 — 

m — __ IdlUl J ob'll 1558 MU -0.7 — 

Sj H — KftSGUtJnJy 11_ 1420 MAS +15 — 

_ KtSc-Juiyll 1205 126.0 +03 — X 9 ?” 8 ”-.- 1 * 

iSj _ Kn Ed. Fix. July 15 . 1518 138J +2J — 

4fl?j ■ _ Managed July 11_ 1449 152.6 +23 — 

Legal ft GenenfPropL FL Hgrs. Ltd m:z laitoj I 

11, Qoeen Vlcaarta St. EC4N4TP 01J489878 Prop erty Jnty U _)l553 1833) +0^ — SISSm® 

- 

Life Assnr. Co. of Frinqlnih 

30-12 New Bond SL.WI70RQ. OMBS83K 

LACOP Units *,|9S7 , M36(-^ri — 

Lloyds Bk. Unit Tit. Mngrs. IXd. Prop.ven.CapR— 

Tl.LfimtwxriSt^ECS. 01-8231288 gSy&?SSiLB" 

Exempt 2— fiSU 1IBA 


_ : — Bridge Fund Hanagcrs*(8Xc) 

+23 — King Willi am SL.EC0t OAR OMmgl 

+0-2 — American ft Gen-g.t24S 26J3 145 

--- — Income* *U ' 542 680 

-«-3 — Capital Inc. t S6.4 388 +0.9 357 

— Do Aefct 402 . 428 +0.9 357 

Excmutt 137U Tflft r n Kjm 

IntenstL Infct 178 1&5 +02 341 18, Cmayngefinad, Bristol. 027232241 

.. VoJKcclt - JA7, -68A-88I SB SemestagerTrnstMi 

. Dealing -Tae*. > 1W^- fThma. «enn July tAraum. Unite! pLB 763-53 — 140. South Street. Dorking. 

070537733 UmW. ' Next sub. day Aug. 10. . ftm.Ekemnt m ft 

+ 5 ji “ Britannia Trust Management (s) (g) I * —*” Adnrtah t ra tion Ltd. 

- 3 Loudon Wall BundS^dTwrft a.D^sSL.LmrfcnWIMWP. «■«»« 

Itt z sstzris iSBts - ' gi S34I JS 

“M — Capital Acc. 52-2 562^01 w Ltoyds Bk. UnU Ihfc Mngrs. lid.* <a) 

= ss&g 1 — Sf tei ^ is 

t?t w rjomestlc S7J 40.7 +05 457 

t£-5 “* Exempt H47 1208 750 

+2-? — Extra Income 393 425 932 

t2^ ~ Far East 72J 243 -02 255 

“ Financial Secs 628 67.6s +02 47* 


777 Sector Funds P-O- Bus 157. SL Peter Port, Guernsey 

Commodity TOD . -05| 3.97 IntnLMan.Fd. (1640 1785] | — ’ 

idssssi pS'ji s+ e. [ 7 ? 7 77 . 0 J 1 +n^{ 2S7 Group 

-1 LM Higb-Hiniama Funds w^ 5 N “S!^ 1 M, *?S I Royal Trust (Cl) Fd. 1 

££ Select InteruaL Z745J-02) 221 .J-"*. — 1 — P.O.BoxlD4RoyrfTri.Hsfc. 

Select income — pan 555J +05j 7A9 Deotscher Invest m ent-Tnist R_T Inti Fd JSTS9JS? 

qjq Semite Security Ltd.* ^ P^aBKBjeb^wo^Fu^furt. Ktimt^JFd.p^ 

^ eoftlto^ 4 ^ £5*«lS^8SS»enWtov.‘'Fd. Save ft Prosper Inten 

vT 5 ScoLEx.Gth*o [2482 259.91+149! 208 P-O- Bor N3712. Nassau. B ahama* fit n+lirr 

^ toLSYld.tr^5 TO3 +5J 738 NAV July 4 |RSUS 2523) ...._| - r. ”*-*- 1 ”?'” 

Priros at Jub liNcxt sub. day July 28 Emson ft Dudley TsLMgtJreyXtd. 


3 Scotbits Secnrities Ltd.* 

-?1 2-32 SeeChUa Q8_7 41 j 

3 ^ pi JKvyL sax* ft Prosper InteronUousl • .* 

M3 Sa“S3T-j - 

tSm ***** at ^ rob. day J3y 28 Emson ft Dndley MJIgUlsy Jid. d£ ^u^^7 741 

tn Schlesinger Trnst Mngrs. Ltd. (a) P-O- Box 73, St- Hdier. Jersey- 05S4205W InternaLGr.'S 721 7M„ _ ■ 

- i-.s-u.w-u>-*-.. £°^. T — — 3 " JSSSSSfe-jy* "Mzz =' 

22.61 +05j 291 LnrooaBd Holdings N.V. Sepro—t . 1455 J 5 . 4 H _____ 

• ^9 Hand e lakade 24 Willemstad. Curacao . Sterfiag-deniwiinated Fuvk 


4151 1 388 

53.S +031 736 
984+0^ 4.42 
59.91 +1491 208 
73.4) +5 J 738 
3 - day July 28 


Royal Trnst (Cl) Fd. Bfgt. Ltd. 

P.O. Box 1D4 Royul T«L Hse, Jersey. 0S34 27(41 

R.T IntT. Fd )SrS9J5 . 97« _...J 300 

R.T. lull iJsy.l Fd.p* 94 >...1 321 

Prices at Jddc lift Next *"»«[ July 14 


Gold * General — 

Grow th 

Inc. ft Growth 

InCT Growth 

InxexLTxLShares— 


01-8231288 

S 452 
. 452 
US 
293 
6-20 



S'i 2 an lAUdon Agent*: InleL 15 Cfcririepher.SL, EG. Channel CaplUdO- 

M.SUiJ 95 ? ■ Chmu,elI*l M ds(.-.|«43.8 


2-Si NAV per share July 7 SUS2055 . 

H - F. ft CL Mgrnt Ltd. Inv. Advisers 

385 l-2.LanreBcePooQtncy H1H.EC4BOBA. 

4.44 01-623 (6B0 

458 CenLFd.JuIy5 J SDS539 I -...J — 

~ irto Fidelity Mgrnt ft Res. (BtbD Ltd. 

+0-2 253 P.O. Bat 870, Wnmilum Bermuda. 

j?-?* FldclityAm.Ass._l SUS2558 I+U5II — 

I-M Fidelity InL Fund _ SPS2129 -TJ — 

5-» Fidelity Pat Fd SOS5437 „_.l — 


| +2.71 258 
+13 553 


A miyrowMi ■— 

+20 — la rsesLT stShara 

+U — NaL High Inc — 

TnV New Issue 

— North Americaa 


~ | Properly Shares _C 


01-2837500 

| ~-j — 

1 1 — ^L5DtpLJufr6>.|i 


Oversea* 4 __ 

Scottish Widows' Gronp J^^mge SB 

POBuxSOt Edinburgh EHJ65BIT. 0EWS3 8000 Energy- P24 3451+01) . 

SjniP^^ajL-. gor* m.9J — | — The Brittsh life Office Ud.f (a) 

bv!caahjnly7 
ExOtAecJulyS 


+05] 351 uoyte* Lite Unfit M. Mngrs. Ltd. 
-rs TSOOGWelirmw Bd. Aylesbuiy- 0206800 
I 05 s» Bonity Aee*u._3sM 1*46) +55} 407 
^3 lg M ft G Group* (yXcXD 

+H 52 Three Quays, TbwwHiH, BC3R6BQ. 0M28 4S88 
+HJ to? - 

432- 

+05 55* 

+OI 254 


857 J. Henry Schroder Wagg ft Co Ltd.* jg.<yi_^wridFd : _[ suska* 


1 ~ Reliance Hsfc. Tunbridge Wells, KL08B2 22271 

r 3 “ . 1? ; ! IPM 5 ^ 

— 4 — • ^SpS^jaTTli^ext deaSx JnS^llL^ 11 

00 . Chancery Lane, WC2A1HE. 61-300282 lB-zo.TbaPUrbary. RfBu ll n i acg ii. Solar Ufe Assurance limited _ _ . _ _ 

TOaSac^ f ^Dd 186ji'”*j uuiiSfz:^! 53+oS ” ltwuny Place UmdonECJNaTT. 0L3O29S 

wwFutS^zilIwi ln:d - Milica - s^spm^ts-eai 


~ — The London ft Manchester Ass. Gp.* soixr _ 

— — The Leas. Foile*tone.Keat . . 030357233 
— n-n-3 1 me . - I - solar Loxh S 


PsnaL Pun. MugdL— 

StsGgdKugcLPn.. 

Group Mucd. Pen. 

Fixed lutPea. 

Equity Pension 
Property Pension 

CernhUl Insurance Co. Ltd. ■' j 

32,Corabin.KCJ3. . 0t«85O0 lnv.TnutFand 1 1 

Csp.Feh.Junel5-.p2l5. — | — Property Fund J • 

pmdi, = ^s^r mK3>an _. 

Credit ft Commerce Insnrance . - p eT ^p eB siou~«__Bz6.4 

12D. Regent St_ Loudon W1R5FE. ■ 0X^87081 ^ay fMpraiiri' }«5 

CftCUxCd- Fd 1322 9 1S20( 1 — 

Crown Life Assurance Co. Ltd.* Fanniyffl ^** — 1795 

CTOwu Life Hse-Woldng; GUM 1XW048W 3033 g*gS 5ST^^ r j&g 

““*** IM3fc QAM E* 






01-240304 

1873s 234 Waterloo Hst, Dost 8L, SL Hrfier, Jersey. 

129.8 234 0534 27581 

6.9g SeriesAflntnLI — | £3.74 | — J 

286J 6.98 Series BiPKificL- 0.93 I „. .] 

U4* +35 382 Series D c35E&3| D73W |+03*J 

^ First Viking Commodity Trusts 


Fidelity Mgmt Research (Jersey) Ltd. ^ParEnstfjmd— 


rommnd-— ._ 1107 12651 — 

SL Fixed*** 111 0.7 117.11 1 1187 

Prices oa *Julv 10. **Jaly 12 ***Jhiy A 
tWecfcbr Dealings 

Schlesinger International Mngt Ltd. 

4L La Mode SL,SLHelicr. Jersey. OSM 73588. 
fiAl t. [79 M -1 883 

SAO.I SOJM In 5.86 

Gill Fd Z25 22.7) -83 1251 

IntL Fd. Jersey 105 _ JUM +1 334 

IntnLFdXxmbrv.— £10-71 IL 271+0.06 — 


Solar IntL S. r 
Solar Uani^edP 


Solar FxriJnLP 
Solar Cash PM 
Solar InU PI 


naa( +03) — 

San tiUMro Fund yj. - 

SuuABlance House. Eoreham. 04C1B4J4J 

finsasaa^atw 1 * Mas - 

San Alliance Linked Life Ins. Ltd. 



4051 458 
331 

= ss 

934 


MaBR'd Fund Acc. 
Mouc'd Fd-lncm. 
Man.CdFUlnU,- 
Equity Fd. Arc— 
Equity Fd. lues 
Equity Fd. inlt 
Property Fd. Acc. 
Property Fd. luma. 
Property FU. In tt- 
Iuv.Trt.Pd.Acc.. 

I nr. Tst. Pd. In cm. 
lBy.T5LFd.lnlt... 

Fixed luL Pd. Acc 
FXd.lntFd.lncm. 
InlerT. FA ACT 
ItiLtriL FA Idcui. 
Money PA Acc. 


1035 +05 4.97 SS5SgiW.wV^* toll _ 

M5J +° J — jSSfSbA- S5 593-05 — 

“ ^lces on -July J2 —July e. —July 7. ■ 

1003 +05 — Merchant Investors Assurance 
?5Z-r +S-® 12S. Hieh StrteL Crovdon- 0U88BW71 


Bsssar 


MM “ B 5 SST"i* 


l” 


T. ■ Stm Life of Canada (CJKO Ltd. 

, 23,<C0ckapurSt. SW1Y5BH * 01-030 SOT) 

E sa»»d n ■13 = 

— Target life Assurance Co. Ltd. 


i H — 1 - Canada LHe Unit Tst Mngra. Ltd.* 
tfe r ~’ Ltd. ■ -71 High 8L, Potters Bar, Hart*. P.Bar5U22 

W088U41 IIS ^ 

547 ^ | — Do- I dc. Aecmn 460( +0^ 751 

524 — BL9i — Capel (James) Mngt Ltd.* 

i«5 Iba = lt»0WBnadSe,EC2NlBtt 058888018 

KiuiL- £g ..=J B SI3 & 

[ ■ ffi m sam P 71 ^ 8 ob 5l Next d ea l in g July 1ft 
.1 — ] - CazUol Unit Fd. Mgn. Ltd.* (aXc) 

MObarn Haase. Nowc*xU8-upoa-Tyae snies St Gecrcr'* Way. Stereo 

_ ra - ^feesEdSi tss SSSS?ssSi 

ftj. Vftj vrHro—piMv ^*•^1 TV •*! •mw AUtjUUTtCi llP|HlT|ff 


‘Next rtb. day July ; 

Schroder life Group 
Enterprise House. Purtamouth. 


4.44 0884 4882 Ldn. AgU.'Dnnbsr 1 
3 96 l53.PaUltan.LoodonSW175JH. 


bar ft Co, UA. 
5JH. 01-0307857 
37.71 1 2J8 


9 -0.9 — 
-05 — 
+15 — 
+05 — 



2543] _.J 3 96 53.PuUMsO.LandouSW175JH. 01-0307857 

186.9) -..J 558 Ftt.VikCJU.lW.— Bl 37.7] 1 238 

fund* only Ptt.VkDM.Op.Txt .. [75.0 8SM — J 1B0 

Scottish SvdMHe Fnd. Hgrs. Ltd.* jH P m ^ SJL j. Hmiy Schnder Wagg ft Co. Ltd. 

2SSL Andrews Sq. Edinbursh 031-9560101 ST. rue Notre-Dwne, Luxembourg 

locmne Unite 1«5 527] J 551 Firming July 3 1 SUS5552 I — 4 — 

Accum - Un T ^ — I “ Free World Fuad Ltd. 

De- ^. dW Wcdncsday - Butterflrtd BMfr. Bamilum. Bermuda. 

Sefaag-Unit Tst. Managers Ltd.* (a) navjuuoSO 1 $dsib3J6 | — 4 — 

pobox su.Bcktbry. HS&.E.GA. 01-2385000 G.T. Management Ltd 

fssssssLgs is 

Security Sdecthm lid- tt'K%si)i iiM 256 M»»s«iFuiKi._-ISDSLmi »w| ,.„J _ 

IS-lftLiueotn-Slmi Fields, WC2 01-831 80380 ASchorGUt Kd5e~ 1C '966ft -OM 13.15 -- . ^ . . 

UnriGthTstAcC— P45 25.7] | 230 Anchor InL 5DS457 «S 256 Stager ft Wtdim dg Ldn. Agents • 

UnviGthTrtlnc — )2U» 22«uJ J 230 Anchor In. Jxy Tn. Z&J 281 ~... 251 20. Cannon Si, EC-L 01-24800«8 

Stewart Unit Td- Managers Ltd. (a) ZA w Qtt&EfVbjVKl & 

43, Charlotte Sq^Ediuborgh. 031-228 fflm G-T.AriaFA_ JHK94? « 150 ^ ' 1 1 


tBtewsrt American Puud 

Standard Units tU.7 

Accum. Units — 68.6 
Withdrawal Unite -boj 


Standard 0340 lftS — I 

Accum- Units fl5S5. 166^ __] 

Dealing 1F7L -Wed. 

. Sun Alliance Fund Mngt. Ltd. 
6A6 Euu Alliance Hse^Borsham. 0403 

48 mM 


I G.T. Asia SterUng—ij 


5US4932 
MOO 323 A 1 
K94T M 


J. Henry Schrader Wagg ft Co. Ltd. 

01-9884000- 
251. 

1“ 275 

530 

034 


P.O. Bax 328, HmuUtuu 5. Bermuda 
256 Managed Fund pUSUW lWI) — 4 _ 

Singer ft Friedlander Ldn. Agents -- 

—.. 2.71 20. Cannon St- EC-L 01-2489648' 

— - 8-n Dekafouds |D)CS6I 27501 -8JJH' 659 

Tokyo Ttt. July 3—. | JUS37.00 ) . — j 168 


i |O.T. Bond Fund 
1 L42 Jg.T. Dollar FA_ 


»■« G.T. Dollar Fd 1 SUS7.D7 | ...J 070 

— G-T-PacificFd .( SUS14R3 |-0J9| 105 

Gartmoxe Invest. Ltd. Ldn. Agts. 

434 ZSLJCBiyAxe.Umdcn.EC3L 01-2833531 


£15 1654^ ^5 Stronghold Management Limited 

yus^cim -052 s.Tt _ n . -u- 


070 P.O. Box 315, SL Heller. Jeracy. 0534-71480 

105 Commodity TTOtt -l«J7 9753) | — 

Snrinvest (Jersey) Ltd. (x) 


L (For Easll UA „ 
10 Harcourt HA H, 


IS- Tar * et Tst Ltd.* (aKg) 


1303 Hntchison Hse. 10 Hareonr 
^ HK&Pac.U.Trt_3feinjl| iS 

td. japan Fd. BU51HB 161 

040364141 N. American TSt. HTBlJke 116 

-35) 4» InA^O^Pood— ICa4B8 1US 
-di^ 355 Gartmorr Inrastmmrt Mult UA 

.7* FaBoxSlDoaglaftlSt^ 


^ TSB Unit Trust Managers (Ci) Ltd. 


Bagatelle Rd, SL Saviour. Jersey. 


SZZ^zzpki- ys,zj ts. 

941 Gartmore IntL CriE]663 3.00 Prices on July id Next sub. day July lft 

3.74 Bamhro Pacific Fond Mgnd. Ltd. ■ Tokyo Pacific Holdings N.V. . 

6 03 =no - Cron w tgb t Centre. Hong Kong Inttmte Management Ca N.V, Curacao. 


iSs+Sa 7M - SES*! ™-- 


bm.Pd.luou. 

Crown Bit. Inr.'A’. 

Cnisader Insurance Co. lid. 1 'j 

Vincula House. Tower H.EC3. 0WSB8031 - ‘ 

Gtn. Prop. July 4 _)76.9 80A( —4 — NKL Pcnsiens Ud- 

Eagle Star fnsar/MIdland Ass. . 

l.ThreadneedleSUBCZ (n-MBlSM TJelcx Kq. 5£rSi. JtllZJI S3 

‘ EoglefMi A Units — (523 S4J|+«31 634 Noiex MCTicy 

Equity & Law life Ass. Soc. Lt d.* n c -i«t cm Jnc cS®i m3 

Sd*Dm^iirFA'"”lw? Sat?l4 — p»r Now Crort rnpotr aro 

GjtdD ^ owt FA — pfct, xSgrCli _ BMtaehUd Aarot Manage* 


COMFAGNIE FRANCAISE 
DE rAFRIOEE OCCIDEATALE 

the Chairmanship of Mr. Jacques MuLLIER. . 

The Meeting adopted the accounts for the yearended 
3lst December 1977 which show a net profit of 
Frs 52.453.747.75 including an exceptional profit o£ 
TVs 15 074.S54.02. Without this item_ the profit for 


g ZT Man. Pond Inc 

Ita. Fund Acc 

_ Prop. FtLInc.. 

_ Rnp.Fd.-4ec. 

■ Prop. Fd. lav.. 

Fixed lot Fd. 

- DepLFAAce-luc 
9Q 5+APlaa Ac. Pea _ 
• BttJ^anCapJen— 
rr<J — • • • BttJf anHait. Arc 





CTtPoaAcc. 

GUtPaoCap.. 

TnmsSntenuttlenal Life Ins. Ca. Ltd. 

SBrama Bldgs. EC41NV. 01A0984B7 

TolIpInrest,FA+_ 


Dealings: 0296 SB41 Gartmore InU. GrthJ663 7S M — \ 3.00 

_ 39.9] __J 3.74 Bamhro Pacific Fund Mgnd. Ltd. • 

MUhurn House. N ew rari la-gpoo-Tyne SU8S SLGeorcr’aWay.Sbreeoafta. 043858101 Target F Tn ai tri aJ — |59.ft M-S+O^ 436 mo, Caunmubt Centra. Hone Kt«g 

Cariiol 1693 71M+ZA] 430 Growth Units J50A 533J 1 433 Target Equity gftV, 39.73 ftp S I _ 

Do- Accam, Unite _!*lo S53+Z.9J coo Mayflowsr Management C». Ltd. 

DaHUhVtold_ r -.I05 4431+^2 *27 14J18&esli*oiSt,K3V'ZAU. 068088009 

D0 - Ae Sttmg^ed«JSy +0 J 827 fiss t£ 

Charities Official Invest. Ed# ' Fund BfaiageroLML 

77 London Wall, ECKNlDft 01-5881815 y n e^.hm» ,tr ?P w |( - 01-6004565 

BSf — I } Mere. Geu-Jnty M-P9.9 39L« 458 

■wto^foiily av^ble to SSiaea. ML7« ~ 2.^ 

CWrlra-se Japbct* ~ & Tmgrt Tst. Mgrs. (Scotland) (aXb) bSS ^mRSSwTiM' 

otdiasseo Aeem-Uls.JuwflC^3 2665 436 lB.AlhoICroa«mt,Edln.3. OS1-32B88ZU2 

»0 +0.41 ur Midland Bank Groan Torse* Amer-EagleaM 295rf +0.11 US ^ f 

’ 25^3 734 V*** ^ afa S5g Ltd.* (a) ■ 2gs52gs^£B5 ^ 

^ Trades Union Unit Tst Managers* 

JIM Mm S sssssESh ■ . «. =ra? 


Ssi - a sssaae=BH ssi-i = 

in.? + 0.2 3 oo Bambros (Guernsey) Ltd./ 

Si +05 33 flambT ® Fnnd "*«• (cjj tta. 

S.0 +05 JAB P-O- BoxBfl, Goemiey 04B5C8SZ1 

347 +05 330 C-LFnnd ——[140.4 14951 3.70 

165.7 431 IPtnLBond SUSh«59 108361 850 

3L4 851 lot Equity... SU SPO -g 1153 238 

loan 1130 InL Svxs. 'A' JufflnaJZ . 1M 850 

205! Jnn 451 1st! Srss. ‘B* SUSft.89 15^ ...Jj 250 

tlMwIt f.Uhi Price* on July ll Not dealing Juty 13. . 

Benderstm Baring Pond Mgre. Ltd.. 



995) — I - 
I Trident Life Assurance Co. lid.* v 
SmnUde House. Qoueeafer 06S2385G 


151.1 ' — 

395 +0J i- 
B2J +06 — 
1445 —0.4 — 
■127/ — 0/ — 
3295 +05 — 
106.9 +0.9 — 


gqyty/AiacrKtui '_ K5_ 
^ ^Pnud- ^S 

Hnw??r~— I ian. 

tetanaUanol U0.9 


awwtbChp 1225 3293 -03 

Growth Act 126.0 MSA -0.4 

Pena, lfngd. Cap._ U5.9 IMA — 

Pen*. Mngd. Acc. _ 116* 1235 — 

Peu*,«d5Jep,Cap_ 1023 USA ~ 

Pen*-Sd3^A«~ 106.6 , 112.9 — 

P^jWCSp..— Z33J0 159.7 — 

PanuFtyTA co_ 1175 . — 

ft*Boad 955 375 — 

TWtGiBond P7 2 — 

-Cash voice lor ODD premium. 


375) — | - 


I Tyndall Assarance/Peuionsf 


ffiK Jsrj.as ssBcsf-s- 

Auu *» Sfe ■ i| 

JcMesenting the capital at 31st December 1977, payable as ^uoW6_ . 127.7 
from 30th June 1978 against presentahu^ jSSuTOi as SSS^jgl” 

The Meeting appointed Mr. Jacques SSSaSSfc 

ass^sijg'SSi ■ssr!& B ts/s^- 4 £ 5 , 5 f 52 : sjss®a « 

^ tus. MLS 5 S, 

we* ft 

of tels WniOTer was generated in Africa and 38.4% witlun 

Euro £ consolidated prod, excludes Nigens atnonnts to ^=E‘ Hi 

Frs. 139,820,000. n _ -a+pj that the results m - 

In his report the Chairman ®“ 0 r “*‘ T rL mDare Guaranteed ■« m. Bae Hau* 

obtained for this year n J° th l J a 2 ,_ 5 ^ oondiI jg jSod of 197 7 - 5 ,^*® laCTiraiM * ^ **** 

favourably with those of the corrosponamg pe 1073 'nwteaftFauwrtmm.KML 

M« rSSd that at the Board Meeting of «« ^ to 4 B - 


TOOTJunni„ 

Chieftain Trnat Msnagrcs Ltd-WaXg) Sis ^05 y§ Tr3UKatIantic 8 

UNe wS-SGfCP SS ^3 S 

iBnttn Bnarw. TSLtZTA 29^ ] 435 U I Uft 

Confederation Ptmds Mgt. IftL* (a) ms iSJ IT i.% 

50 Chancery L*ae.WCXAlHK 053*30383 Do!Aeann.«— M9J fSbA 5.96 

Growth Fund. |B8 4X3) \ 4 J* «Prict* tt Jmm *. Serf demling Jrfy 3L. 

Cosmopolitan Fond Managers. iBfinster Fond Managers Ltd. 

3n Font Street, London SWIZ^ET. 0MW8BK.^^^j«!!L ,,A,tte8t,BO<EaBH ’ 

CoanxjpoIn.GtliJa.p75 193) ___J 486 y^r jutyJ— ^-g4A S6A4 J 654 Van.Gwtt.July 11- 

Crexeent Growth— (275 ' 29^ +05) 452 2?*%51 SB * ,! * ,S 2??“®- 01 ‘ 8 ? 0 ’^- 

CrefclJrtfcnwrl. — 585 623 -02 R7S MLAPni te — . ._Hl5 . «2( 456 

gm-High.Dfct—gj S3 8.9s Mntnal Unit Tnnt Ma na gers* ftXg) 

PUcretientry Unit Fnnd Manamas H 31 1 m 1 ^ IldaU Manag< 

25Blamfloldfit,E£aj7At, BHRMB JSS6SS5«fcsj 2zltS| ftH 
XHxc Income p600 3395] 335 K ttenil Ud Qwnnwrial 

S. F. Winchester Fund Mngt ltd. 


t Ltd. ■ Tokyo Pacific Holdings X.V. ■ 
ng InUmis Management Cm N.V, Curacao. 

— j — NAV per shore Juty 10 SOSSIJtt. 

Tokyo Pacific Bldgs. (Seaboard) N.V. * 

ML ' lullunn Management Col N.V, Curacao. 
0481-26521 - NAV per Store July 10 SUS44A8L 

— U? Tyndall Gronp 

230 P-O. Bex 1258 HazoUtma 5, Benando. Z-STBO 

830 Oversea* July 5 gL'SLU 12M 600 

..Jl 230 (Aecmn. Unjjfci BUSLC 5^1 — 

JnlrJUL . S-Way InL JuneSS. PTSU15 2J5) — - 

0534 37S3 1/2 

t0 ° 

2290 — 

87.1 EDO 

87.8 _ 

202.8 7 JO 

287.8 — 

1085 .._ 1109 

ISM ..._. - 


J* Transatlantic and Gen. Sen. Co.* 
91-98 New London BA Cbctmxlord 0243 51851 


BiK-SaBcnid) ft Co. .(Guernsey) Ltd. 

8 LeFebvx* St, Peter Pert Gacrasey. Ci 
'? 8 S« l GuornauyTtt — [1503 16L0| +0.7) 333 ■ 

‘i,- BIB Samuel Overseas Fund S-A. \Te8myH«wi«.i>ougfitttotocf5iau.6eMwiii. 
tfe-T 37, Rue Notro-Dame. Loxambonn! * Managed Juno 22 1129A 1364) J — 

24351651 International iSS In^”SlnS Ud. UWL Vngmnt (CJ.) Ltd. 

14, Mnlcarter Street, St Seller. Jersey. 

H ?'5 JX-T. Managers (Jersey) Ltd. United States Tst. IntL Adv. Ca 

~ &26 rP Bor 194, Royal TIL Haft, JeraeyffiM 27441 14. Rue Aldringer. Luxembourg. 

JZ 727 J Brier Erfrnt Tst- (1740 lata! I — ■ U-S. Ttt. Inv. Pnd I SU 48 1+4-06) 0.95 

3 723 A* at June 30. Next aub. dor July 3L Net asset July LL 

U 4» Jarthne Fleming ft Ca Ltd. . s. G. W&rimrg ft Ca lid. 

_Flnor. Cmunn^ Cmrt^ aa=e KouC ao.GrattamSttoLSsL OlJUOdStt 


az 


JanlineEtta.TR.-. SBKm« „_J 230 

JardinePptuFA*— 5BX3533 -!■■■ 3M 

Jwdme|EjL- ttJSI ftro — . UO 

Janiine Flem.lnL_ 5HK1CL55 — 

lull Padflc Sees. _)5BE2iJ — 

NAV June 3a *Eqafval«it SUS7S37. 
Next sub. July 14. 

Beyselex MngL, Jersey Ltd. - 
pp Bos Oft SLHeller, Jersey.. (Eng. OI-WBWTO 


July 3L . Net asset July 1L 

■ . ■ S. G. Waritnrg ft Ca lid. 

** 2 S sn SO. Gresham Street. EC=L 01-0004555 

”r tot Cnr-BAJulyll SUS9.6Z +a(J2l - 

— " KnlW.InLJutyll-. 5US17.70 *05] — 

— if* GrSjFAJune30_ SUS7.01 — 

“ MereEbdFdJulyS- fUSJUr Ud) | - 

s ^® 7 '. ' Warburg Invest. Mngt Jrsy. lid. 

.Jty-n 053173741 


1^1 -HI Tyndall Managers Ltd* 


Ft mylftx— 
Bundselex 

0=7232541 


027232241 1 °ldJewrr.EC2 


01-6062187 
186af 521 

203) __4 426 


+3.« 836 
+6,C — 
+3A 436 
+50 — 

+23 736 


Mu recalled that awe ----- 70 500,000 

grass ss%a 


41-4J MaddO* fit. Irfn.WlR.9IA 0U4S94623 

Snuged B69 202.1] 1 — 

5MfH = 

nupeny |972 102.4) — J — 

Guaranteed sen Ink. BUM Rales' table. 
Welfare Insurance Ca lid.* 

TbcLeat. Folkestone, Kent. 020357333 

Moraronkm-FA-I UJ23 J 1 — 

Pbr other bunts, pi ease rater to Tan London Ic 
Manchester Croup. 

Windsor Lite Assnr. Ca lid. 

Rfynl Albert Hsu. Sh eet St. Windsor 88144 

Ltfefiw.PU^. — H85 7231 — 

PvtareAsidjSitfli mim __ 

FtteuruAssAGthtt). 4308 — 

RfLAesiPer*. £2534 — 

Flex-Lnr, Growth _pflj.4 5883 — 


Uubursb 031*5559151 
15L0j+2tt 624 

_ Great Winchester- [175 lA6rf | syi 35^3 + ^ 8 I imctib.uiui»i^|«» aojam **.u — 

ZZ — ■ Ct-Wlnch-er Vsuafl92 2a? !Z3 426 SK^iTidW^lBroA 1 I'ti teLEarn. Julyl2_ M70 . ot.j +8.6 555 

_ _ _ _ _ _ . _ CAmrm. UntlsL—. 0490 5552] 1 351 (Accum. Unite} Z74E 2883+9.4 — - 

— Emson ft Pndley Tat. Mngmnt- lid - Mattel Prtndaent Inv. Mttgra. Lid* wt J°iyi 2 - 98 6 ioj. 6 *z5 732 

e: «a*=BSa=ffMss 

Bqnity ft Ira 1&. Tr. SL* (aXbKc)ft) Natlwsl Werinanstei*(^ ».«««. -u _ 

01-4994823 Aamratam Ed, High Wycombe. 049431377 I8L CbeapsWe, BCW «ga 01-608 806ft Plnaadal Prtty M3 3661+05 558 

-05] — Equity A Law [662 Mi) +05) 453 Caretal CAeflnW— K.9 7011-05^ 412 DclAkuu. 18.9 3)5+0 — 

+3J — r.T7»* TTr^+ nr«* Vm SSsine— — 562 705 -O 732 High Inc. Priority J6L2 6531+53 606 

IJj z Framlington Unit Mgt lid (SO Financial— —K4 364S +Oll 541 

-13 — 6-7, Ireland Y*ni,EC4B SDH. OLMSSTl OrowthlB»- 926s -riUj W 

+ “ Z B & jgJH HS ^ ^ T!5B Unit Trusts (y) 

. .. ifWfi- HJStaJ ZH 7 ^ UntyeraSi Fd-ftD_-)te3 - 644 -53 223 21, ChaubyWar. Andover, Hants. 0254(0188 

1 Hat Growth Fd. W63 j 33 2.42 NEL TfBBt Managers Ltd.* (aKg) Dealings to 02C4 8M&3 _■ 

0MB94823 DO-Afcrom. JlRUI S53] Z^ M2 Mmim c«rt.D9*ttlg.Sutny. - BOH EH 

^ = Ftiends* Provdt Unit It. Mgra.*- S^sSSrKi gSSfl g Sj *02 23 

IS3 — PtehamEuADUrtteg. PMWBffiB j _ , *221 +PJj , 830 (hi Do. Aecmn &L3 655 +05 658 

JJj __ MndiFm DIL.I8U 041+4101 in - Rf Nb 9. Rxiitpw 1H ,Tt»B Scottish - fe.4 87.7 >0.1 235 

ggS&STilZlgl Sii^l tS . »?&>**&* ft) Do- Accum ».0l-05l 205 

1 G T Unit Managers lid* Harwich Ud*» lamrance Group (b) ulster Bank* (a) 

f 0148881 PO. Box 4. Norwich. NRiaNQ, 0W32W Waring Street, Ballast. 023235231 

ujfctasOT GronpTtt-fA— ^444' 36z3]+0.71 5.82 (b) Ulster Growth ^-P75 390) +05) 530 

m =\ 1« Tnat jtn^u lid. (aKfiJW Uait Trout Account ft- Men L lid. 


Keyad»Europe_ 039 4' 

Japan Gth.PuBA^_ SUSDJ7 ? 

Keyselex Japan £1438 15 

Cent Assets Copt £13444 



World Wide Growth Management* • 

Ida. Boulevard Royal, Luxembourg, 
worldwide Gib Fd) SUS15.4S 1*017) — 


NOTES 


+4.4] 5.41 hairfed' 
+5« 541 j Include all 


Prices do not Include } premium, ereepi where indicated 4. and are in pence unless otherwise 
i aOi c et ed , Yields 96 (shown to last colunmi allow lor all buytoc expenses, a Offered prices 
include an expense*, h To-day's prices, c Yield bused on otter price, d Estinurted g To-day's 
(yen lug price, h Dirtributfitefiee « UJt taics. p Periodic premium insurance plana. 1 Single- 


M -Xa U2 | opening piiefc. h Dittribmion&ec tf UJt tort p Periodic prei 
[premia imsinmcc. x Offreed pneo includes all expenses 
M +031 538 IS OStTKl prise iariudea all expenses if bought tbroueb max 


mium insurance plans, s Sragle- 
i except agent's commlxskm. 
iSgers. 1 Prerious day's price. 
Gnernfley gross. 3 Stupes deA 
vision. 


G.T. Unit Managers lid.* 


Waring Street, Belfast. 023238231 

(b) Ulster Growth P75 393)+0JJ 530 

Unit Trogt Account ft- Mgrnt. lid. 


0L8Z34851 
] 441 

— A» 

431 


CL ft A. Trnst (a) (g) 

S. R aleigh HA, grwgwx ut 


SZ 755 MgHIgbBbUwra.WaVTEB 01^8*41 

506 340 S3 Growth W. Bu aa« u«wn«« sl l ] S WUtlamft.EC4R8AR 0ME34851 

574 “ 090 IK Priam Hse. Pttad— [248.0 ZM dtt ] 441 

J73 ZZ 420 r^g?t rl C- _ I" t Sol Ini III Wlelor Orth. Fnd — [29 v 3L3] A» 

— Ug D 0 - Accum. B*S . 1 431 

— 738 ,Aeanu.Bnlt* r -m2 _ «5I+53| 544 Wzeler Growth Fnnd 

^ BHe “ ~ ^ 0E)W King WUliam SLEC4R9AR 01-6234851 

(OM/UBMOU BlPouafto St, Manrtia ite » 081-28BHBS Income Uiritt E9.7 313] I 431 

3423 S 435 pelican Calls M3 SJ& Acam. Unite PU 36^ ZZ] 431 


CLIVE INIESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-2S3 1101 
Index Guide as at 4th July, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 12S.05 

Clive Fixed Interest Income 114.14 


CORAL INDEX: Close 470477 


INSURANCE BASE RATES 

t Property Growth 10i % 

i Vanbrugh Guaranteed 9.25% 

t Address shown under Insnrance and Property Bond Table, 





EDITORIAL OFFICES 

Amsterdam- P.O. Box 1296. Amsterdam^.' 

Telex 12171 Tel 240 555 
Rinnin chain. George House. George Road. 

Tek-i 33M50 Tel. 021-154 0022 
Bonn: FYcSahaus Ilf MM Heussnilee 2-10. 

Telex 8068542 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel. 512-9037 
Cairo: P.O. Box SOW. 

- Tel: GSSSlO 

Dublin: 8 Fitzwitllam Square. 

Telex 5414 TeL 78S32I 
Edinburgh. 37 George Street. 

Telex: 72484 Tel: U31-22S 4120 
Frankfurt- !m Sachecnlagcr 13. 

Telex. 418263 Tri 555730 
Johannesburg: P.O. Box 2123 
Telex 8-0257 Tel: S38-751S 
l-iabon: Praca 4a Alegrta 58-lD. Lisbon Z. 

TotaC 12S33 TeL- 3G2 SOS 
Madrid: Esprooceda 32. Madrid 3. 

Tel: 441 8772 


ADVERTISEMENT OFFICES 

Birmingham; Oeorse House. Geo* ®e Road 
Telex 338090 Tel: 021-454-0922 
Edinburgh. 37 George Street 
T<kx 72481 Tel: 031-220 4139 
Frankfurt- Im Sachwnlwer IX 
Telex 16263 Tel: 5540K 
Leeds- Permanent House. The Headnnr. 
Tel. CM2 4S490P _ 


SUBSCRIPTIONS 



Telex J 27104 TeL- 241 «gn 
Waahuigioa.- Sad Floor. 1SSS E. Streak 
N.R_ ffMhington D.C. 20004 
Telex 440225 TeL 12021 9*7 8078 


Manchester- Queen's House. Queen Street. 

Telex 666819 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza N.Y. 10019 
Telex 423025 TeL (212) 489 8300 
Paris: 30 Rue du Sen tier. 75002. 

Telex 220044 Tel: 2368001 
Tokyo: Kjufcan Building. 1-8-10 Uchlksnda, 
tmifoda-fcu. Teiex J 27184 TeL- 295 4050 


Copies pMJlsdito from newsagents and benluullc worldwide or on regular subscription from 
Sub&eriptlon Department. Financial Times, London ■“ 












































































































































































































Times Thursday My 33 399$ 

TNBWl'KIAIS— CootiDued 


41 


?rt« - 




flkwtiflSp , I 
| Bv (Nonnao) W 
jhy3 Wh arf £i_jj 
HfpworthCnDc. 

Hemtt0.)5p_ 

mssm 

KSSf?3 

Hollis B tojl _ 

^mu*uLsg& 

Hoover A" __Ijn 305 
Hamon5p7IZMi* 

HreUns^Hajp - 
Howard Tencral 

Humiar;Ajso c .| 
HnalieiChM 


hnp.Crtrt.Gasa 

BSS3t 

-— Qty 2 
Janes l)ob 

a ssk__ 

g Sfew 

,76*2 Johnson dm*. 
1375 Johnson Why. L 
Joardan fXU 0 p_ 

KalinPMotiiQp, 

Kennedy SnuOp 
Kershaw tAJ 5 p_, 
Sfeeo*Zemda_ 
LCJ.HMsZT 

LK InrT T fnyc 
m LltCIntlOp" 

, 53 Lawtex 

[128 Lgari Irak 

99 LeattehaUS __ 

LeBastRJt. 

. . LebofffbtelMp 
.44" LetasOima_r 
033 Leigh Ints.5p_ 
(102 Leisure Car. lOp 
1235 Lep Group 10 n_ 
Leincy Prods. 5p 

LetnsetlQp 

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Lindsay t Was 

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tonTn_^, 
lafcUmnaLj 
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M.Y. Dart. lOp-H 
lUraateLdalta. 
88 HVrthyPlLap. 
fiff . Uactu 
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JftCfeeivL , A_ 
Maepberamfl).) 



10 Mentmore5p 

38 Metal Box £l 

77 MetalCloaaes— 

140 SfcteZ 
49 ttL Cotta. Trvu' 
GOO irwnto5pc8HL] 
1 71? Monument Hm_ 

H BSC 
S BBS*' 



lU.rJSecs.. 
tan(B.&U_ 
NaLCrfa'iusli 

For Northern r 
R60 iNortmAWrU^ 

*, bssss 

Oce Finance Cv„ 
Office A Bert — 

0 (rex 20 p 

Ovenstonel3jc_ 
PJLA. (HoMinesI J 
Parker KnrtTA'J 
Pants & Whites- 

Sffi’ifc: 
iVsttum 
BCA; 

Ss 




fl49 PowelJDnIf.50p. 
17 Press (Wm.)5p__ 
Prestige Group _ 
Pritchard Sw.5p 

PJlGrottglOp 

S» 

Raodalli.__ 
Rank Oram. 
ReddttCrt^SOp- 
HedfearnOaBS- 
Reed Exec. Sp- 
aced IntLO, — . 
RdjonPBWS— 
Renown Inc Y50 
RenwJfkGronp_ 
Restmor. 
Rcnnore 
RUey(E.J.)lQp- 

Hockware 

Hopper H l rig s. 
JXXA-. 

HttapriL 
IfrwsnA 

(Rnyal Worcs 

|RnsselUA.)Mp_ 


Sale 

Sanflwret 
Sangei* Grpu— . 


Swteros — _ — 
Scot- Heritable - 
Seof.AUn.lnst- 
i Sears Hid# 
Seamcocj 

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N-V, 1 

wamaop 
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i(5.1‘A_ 

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SolicLaw3Dp 

i Sonne 

SrthebyP.B — 
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DoJV&a>r.La. 

SJaJlcxlDt 

StagFhnntore— 
Stcetlw 

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StoudiOl 
Sumer (F) 

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jtSccdbhlldchKSO! 

tewire pacific 00 c 


htTUnesViLSp. 
httnUBtelar. 
98 

£211tfTransiUB. 

63 Transport Dev. 
mnwoodGp.5p 
ItanerANew.DJ 

Rimer Curt 5p) 
DKOlntL— 
UnKombthufs— 
psiflexlflp 
DpUnw.-. 

(£20*2 UnVN.V.Ft.li_. 
53 Uld. Camera Ipp 
49 United Gas Indt. 
[141? U. Guarantee 5 jl 

111? Uwcfmme 

32 Valor-— 

Views l?P 

Vaten" 

•WML 

WadePWfclOfu 
Walter^. 
WattstoliSp 


M HM MJMPWrfwt 

EHft= 


gatoa B ^ MW-l 
- WnaaRAn^J- 

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: DO lOpcCnv.— 
ffUliams J.i — 

WHUiGeorte'— 
__ BUsniftltouHfrj 
36> 2 WfamlnhSIJp- 
34 Witter (TI»*D«i- 
19 Wood ft Softs 5p^ 
24 WoodiAittamSp 

83 Wood Hail 

Wz Settee^ — 


61 


+ l 2 


+1 


3 


1-2 


wM, k« 

see Engi 


insurance 


te 471 


2.1 9J 

H 

3.Z 10.3 3'. .. 

4j| 7.4f 4J 2|g 

£1291 
J46i 178 
ft 250 
5.5 262 
2,« 70jlLf 335 

26j;178 

7.0)120 
7.C 150 

ft 178 

. -.ifc 215 

43i — 204 
5 J 67 
8.7 260 
74 292 
10 J 132 
6.8132 
53 173 
*146 
15A 425 

W.4 

_ 107 

6 .Q 606 
*108 

B|n5 

aw- 

m 
♦ 

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a 

5.9 30 
58 272 
5.4 53 


4.00 

m 

TL82 

d0.92 

In 

212 


U 601 




HT 8 

PfEtSgfi Lob I 
11 J 120 
' 7jbI:55 


PROPEKTY— Continued 


'Sock 


BowinefC.T.)— 
Srmnil[Bii 05 „ 
EritanBic^>__ __ 
CootdnedAa.S!_ 04% 
SenaLCiMn ’ *“ 
igleStar — _ 

WftGct. Isv'.OpJ 
f EosiaUK9WjTU 
Equity ft LawSp. 

Gen. Accident .- 
Guardian Royal. 

' HanhroLife 

Heath iCKtZip,. 

Hogs Robinson .. 

BienfAlIOp. 
legal ftGen.fp- 
Les.iGdwu lup 
. Um.fttlM.5p_ 

MaajiewWr.r 1 
SEnttaM^il.,., 
l&raaiCteijJOfiJ 

Peart 5p 

ttn . 
PMtent u A B — 

Da “B". 

{Prudential 5?_ 

|Rrfu«5p 

iHoysL 


Sun Affiance £1_ 

Sun life 5p 

TaisboUar. EDR 
Trade Indemnity 
e TrarelmSloO- 
Wiffis Faber 


JSV. TRUSTS— Conimued FINANCE, LAND— Continued 


Price I _ 


+3 


+1 


+6 

-16 


-t -2 


53! i* fc.a 


24J 53 11.7 


a* lw 


13 Ji 222 
97 6 ?* 

63) 83 


MOTORS, AIRCRAFT TRADES 

Motors and Cycles . 


23 



— J 


245 

46 

+5" 

Q34c 


7^ 

11 




- 


93 

01*4 

-*l 

U5L6 

Q12%, 


8.4 

63 


20 BJ.50ol . . . . 

185 Gealrks. Units- 

37 LotosCarlflp 

5% ReiiantKtr.Sp-. 

.6312 Rath-RweeTfin-J 
f762 (VofroKtSO 

Commercial Vehicles 

! tERJ\(TDdg5.) 

1 Fotens(50pi 

I PeaklnverinlOp 

'2 PtalMK 

i IToric Trailer Wp. 


I Steek 

la ryPTOpa ty— 

iMfTmrojieaniflp. 

2 Jerarnt invest — 
Jjnalniest . ... . 
Lind Secs. 50n_ 
i Dfc5^tChr.'53- 
> Do.fWSBtR5. 
j DiUPU'mtr.'as 
Law Land »p— 
Lend Lease afc_ 
Lon Proi-Shp lOp 

LjTUon^te^P 

MOV ; 

Marier Estates— 

Wrlnemev 10 p_ 

McKay Sees. 2Qp : 
1 MidhwVWlLlOp— 

.'iounlviewSp — 
MucWowlAftJ.i 
NotoiL.-— . — 

Peachey 

Prop.aldg.tlnv. 
Prop.Part'diip— 
ProjiftHev.‘A'_ 
Prop. Sec lm-SOp- 
Raglan Prop.jp. 

H^alian 

Regkmal PTOp— 

Da A' 

Rush ft Tnaptiis 

Smntel Props 

Sart.Ifetrop.30p : 
SefondOtyJOp- 
QoughEsts ' 

) Jpp l(E «COIiV.‘3 0 : 

SinckCoaversn.. I 

170 Sanle^iBllnv ; 

Swire Properties 
Tiwro Centre— 

1 Town ft Cay 10p_ 

Trafia’dPari : 

U.K. Property — 
Lid. Real Prop— 
Warner Estate— i 
WarafonJlDv.lCp-. : 
Wet3bUctsi5j> — 
Wmi aster P.2H? 
Winston Ests. — 


Price — 


+ or 

Div 

— 

Net 

..... 

hi. 6 

— 

n 

421 2 

fhC.67 

+2 

bJi 

41 


41 

t?6^% 

4? 

Q10% 

+1 

10 

— 

Q2a% 

{CJl 

*7 

T3.00 

*? 

t27B 

♦1 

tL7 



42 

770 


tL4i 


132 

th?-2? 


?U 


12.00 

+1 

b.» 


L76 


5.1b 

+8 

tLBU 

4 1 

E 

+1 

*tT2.\ 

-I 

1194 

+1 

♦L73 

42 

227 

46 

yio% 

b2.0 

43 

395 

-Vi 

ai* 

ft 

0.01 

t3.65 


033 


517 


t266 

+3 

6.95 

bd0.48 


L27 


A 


CtT 

LO 

B 73|185 
L4 26 «.l 
38 2621 
0.6 
J4J 

n.c 

3.5 1468 
3.0 16.7 
13 435 
7J OL9. 
2J 22.4 
21337 

34.0 

7 & 

68 
33 26.7 

6.6 47Z9 
3.5 

3.4 365 
24 22.7 
27 34.6 
19 


AtJ I**-*' 

t 367 
2/ 48.7 
7.7 108 
2.9 225 
_ £63 - 
24) U 501 

4.0 7 

2159.0 

Tiao 

fiats 

3J315 
38 322 
48138 

1-5| 58 119 


119 

63 

(+12 

42 

2.42 

ItI 

- 9 


gf 

2.9 

SI 


rh3.9 

33 

56 

— 

d234 

53 


SHIPBUILDERS, REPAIRERS 


Cwnponents 



17 


+1 

+ 3 " 


Ifl 


.1318 
5-2*59 
141 

R 7 

, 17 US 

"H 

}i 95 

Vs n 

*134 
112.8 93 
88 W 2 
4-9 « 

A 26 
— 131 
[ftXSl 44 
83 45 
55 « 
B1 
5i>a 

ids 

Vif 

9 *u» 
3.6114.4 *128 
0.9(19-6 (9.9) 148 
IS 93127 £235 
n£9J - 
3.7| 58 73 
, 48 91 
r|13J5 21 
- 223 

68 4i 53 
3.4 5.9 
5 .0 5.7 
57 4.7 
, 38 75 5jfll£ 

I1L4I * 


(Abbey Panels — | 
(Aiflow Stream.- 


46 
63 

55 

108 ASSOcI 
52 Anto&xtfiv . 

56 Blnaaei Bros— 

,2IWi Brows Bros. 10p_ 
IG4 DmaCorp — — I 

% 

Sh HntcStnithlOp. 
Jjf arftntHkfelOp- 
1240 Lst»2nd&£l— 
31^ Supra Group lOp. 

95 ItajerStfe 

55 ffilsmt Breeden. 

86 WbodbeadQ.i — 

87 ' Zenith’ A' 50p- 


6264 

4.91 

f204 

t5.48: 

hl36 

3.67 

0.06 

Wl 

285 
0.25 , 
h083 
t&22 
0.58 
3.99 
3.08 
3.80 
4.4 


SHIPPING 


81 


BriL&Com.50ti. 
CbimODBro&Sap. 
FisherUl 

Pnroess Withy tl 

3uatin«GihsL£L 
Jacobs (J.Li Sip- 
LmLOSeas FTOs- 
LrieShippine — 
MacLineis JOp.. 
Mersey DL Units 
iCHard Dorks £L 
Ocean Trtiisport 
P. ft 0. Drift Q_ 
Reardon Sm.50p 

Do’A’Wp 

Rimnman(Wj— 


3.91 


4.0 


416.' 


78 


,14 1 


Bod 

fBn»tfflte(3)pj 

jaTianerlnr 

■can 50p. 

aPlnt—™. 

Caiedcmia im,t_ 

, Caledonian Ta_ 

Da "IT 

Qunlstu and lies. 
ryati llaimc icpj 
CBiL&PweiEa- 
CariUlftNat— 

Da'll' 

Cartfma! Ofd 

Cariiol Inr 

Cedar lnv 

Chanllilnc £l. 

Da Cop- 

Charter Trust 

CtoftCnmioc.. 
PaCap.HH — 

, diy*ror.Inr_. 

_jafO\icrni 

£3«erhoose50p. 
□ifionbwiop^ 
(Me^lelnr. 

Colonial See- Vi. 
Ctubnent'] ft bn) 

, .. CfinUnesnCniw;., 
116 &es’nttapai50pJ 


Price 1 _ 

154 
96 
76 
66 
23S 

S ’ 2 

so 

85 
300 
112 
125 
122 
110 
115 
66 
140 
555 
5T 


Garages and Distributors 


3 « 


21 U:?I 


95 


Adaamfibbw— J 
Atetandaw5p_ 
4l ' 


... Borelnre.. 
[Dnttoo Fazshaw. 


gen^s 20p 

(HenmKkGnL- 
‘ i DalOneCnv— 


ig egg rrieeGrpi.l 

iftlyon — I 
riesterlOp-| 
tHetaon David: 
lPenninfiMtr.il 

k(Eft«» 

B iWi!. 

K£= 

mSfcWp. 

nJBc. 


.—.(435 


+% 


+iy< 


3$ 98 5.9 
24.4 
25 9.9 7.7 
24 93 7J 
37 7.7 4.0 
42 S3 5.9 
23 6.9 98 
22 a6 72 
” 

461 67 

II b 

8.1 0.7) 
4.6 ft 
65153 
14 55 
, 56 77 

m u 


SHOES AND LEATHER 


hZ69 
165 , 
4082 


m 


16l 2 fADebonelflpf— 

54 Booth Ontn'D 

56 Footwear Invs._ 
93 GanarScothUir 
30 BeARam.Sn84iJ 
64 IfitUmsaOp 
47 S Shoes— 

36 Lambert H 
38 NewWdft 

40 OflverfGl'A' 

463 4 PittardGrp. 

33 Stead fcS&*A'- 
54 Strnujrft Filter - 

41 StyloShoes , 

1»4 TtanerWftEMpJ 

66% Ward White 

24 [WearraR^i 


5J| 451 01 


(221 1 


SOUTH AFRICANS 


If 2 

1145 


AbercomRUO— 
Anglo Am In. Rl 

An&7yslnd.50e 

EdwortslOe 

Cold Fids P.^c 
GrTmns'A’SOe— 

HnletfsCpaRl 

OE Bazaars 50e_ 

PrinraselOcU— . 

Sh Dutton 'ARtei 

SA Brews. !0e— 

Ti^rOalsKl — 
Urnsee 


-2 

+7 


TEXTILES 


NEWSPAPERS, PUBLISHERS 


+1 


+1 


v\ 


^2 :.d.-dTJ.T-. 


(-2 


1-1 


-1 


-5 


U190 

7.26 

b!29| 

125 

t25 

05 

d240 

7528 

6267 1 

327 ' 

dlZ 

3.81 

15.41 

d243 

1725 

3.86 

232 , 

b825 

215 

L87^ 


1+2 


+2 


KL55 


0.99 

432 


.ms! 

'°n 

el&| 

1230 


078 , 

Sf 81 

0541 


d4.4 

11401 

I 

tt23| 

280 

Ml 65 1 
0.90- 

fifl 


Wx, 


■afes 


% 


9.9 ... 

52 6J 
75 24 

53 78 

6.7 78 
[112 14.0 
13.0 « 

4.4 223 
33 52 
14 
3i 
£3.6] 

4.' 

52 43 
10 6 8.7 

7.7 93 
4i 15 

9.7 10.9 

8.8 ft | 
6.6 &0 
7.1 111 
4.9 15H 
22 332 

5.7 4.7 
43193 

it 

5.4 6.6 

28 8.6 
63 5.7 

7.8 9.9 
9.7( t 


e 9 j-to 


9.5 <52i 
95 i77l 
83 73 


25 
5.4 
51 6.4 
73 9.6 


« 

Ml 83 
03 4 
83 ft 
£114 - 
93 53 

4.4 ft 

8.0 73 

9.7 55 

9.4 120 
45 95 BW . 

3.0 ft L30 

8.8 l0b60 

3J121BB 


blssotNew 

Uss.BootP.20p. 
EPMHIdgs'AC 
(Be nn Brothers 
Hack£A.ftCj_ 

(aistoJPnst 

ICollIiu William— 

1-2 

tahjha-.vMp^ ' 
j£aid. Allied ‘A 71 

(Gordon ft Gold]. 

Home Counties- 


Marshall Gavl 

News Inl~ — 

Pbbvjo Longman J 183 |-1 


JUtd. Newspapers 

ftenPnh.5p 


I 3 O 6 

ZS >2 (WehsLers 


Wilson Bros 2Dp. 


—*z- 


d245 

-AM, 

_(td335l 

197 

33.98 

134 

140 


ts 


52j 73 
55j 7.1 


kStfOTrtSrJL- 
(chapman BaLSOpJ 
“jeturdi— 

, D'son lOp 

(Calter Guard — 




PAPER, PRINTING 
ADVERTISING. 

Assoc. Paper — 

DaS^Conv.. 

Aolt&Wlhorg— 



Eaa Lanes Ifr- 

Eocalvrttns 

FferryncklOp — 

Finba Holdings. 

Gees Gross lDp. 
HamsonftSon*. 
IPG 10 Os 
brow! Gn 
L. &P. Baa 
UcConiii«lale£l- 
Mriodv Mills— - 
Jfifbft Allen 50p 
MoraXyFefr.lOp 

ofi«P.Mill20p 

Oxley Print 


Smith iDridJ»P. Wfytti 
Smurfn Ueflsn). 201 j 
Transparent Pft 67a 
Ttidact Cronp-— 68 

Waee Group atp-I 
Waddington (JlJ 
WaroxuRhsHri 



PROPERTY 


MJ| 
ai9 1 
.4686 


AITd London IDp 
Alltattlamdon- 
ABdgBBtedSara. 
Apex. Props IOjl 
A tjius Sws.5p— 

Bank * Coot lOp. 
Beufflootl Props 
Beartf ICH.' lOp— 
Belhrayffldgs- 

BotdevHa®** 0 - 

BiitoniPerey) 

adtAnanisp— 

BntishUnd-— 

. Do 12pcCflr.3002J 
BrialDuEsfete-^' 
Cap. & Counties „ 
Do. Warrants- 
.anUngGrmp^ 
lCamngiaDlw.S( 
(CotrovincialSOp 

•a# 

Ckm » Se c s ' 

Charrhb’ryErt— 

, aiy offices-— 
darie SicWlfc. 



ClrtyftDlsL . 
DatatmiUWfS-, 

1 Dares Estates 
Doninguw]^- 
Eng-ProoMp— 
DogupcC^r.— 

<S4L2$eQK— 

Ests&Gea . 
ErtsProplnw— 

ffife 

GLPortlawJSOp. 

Gran l R. 1 top— 

CreeneoaiSp--. 
Hawung son A — 

HaslaMiwife— 
ffXUod. 


JW 5 I M I® 


d336 


ha 


+h 


M3.81 

td4.0 

t287 

322 

618 

6.81 


HP 

17 


Izte" 16( 


+20 


-I 


+1 


+1 

*o : 


16 25373 
12 5.024.9| 
U 3.4 373 


22 


U 



I93| 

193 
29M3) 
5.HZ5.1 


14 5191 
4.7124 
4.6 ft 
92 ft 
83(2125 
nn 

134j 

16(523 
7^172 

afes 

73lfc2l 


75 

73 

30 

& 

ft 

17 

57 

ft 

84 

, 39 
331 
£Sttl 
37 

, U5 

1134 

74. 

35 

37i 2 

114 

99 

13 

55 

64 

56 
34 
32 
40 

53 

65 
21 

48 

64 

49 

45 

98 

42 

65 
128 

50 
82 
15>2 

Vh 

93 

51 
-91 

43 
25 
63 
47 
40 
39 
34 

99 
73 

ft 

47 

48 

31 
34 

58 
31 
62 

54 

S 

46 

59 


"S 

53 

64 

20 

28 

I 

3^2 

% 

& 

■8 

99 

98 

55 

I 

85 

79 

s* 

I? 

27 
26 

28 
42 

a 

55 

42 

21 

73 

29 

46 

"S 

a 

1 

12 

18 

25 

20 

84 

50 

20 

ZTij 

1W« 

40 

26 

1 

46 

f 

31 


BealesOJSOp-. 
Beckman AlOp. 

Blackwood Mot 

Bond St Fab. 

Bright Qolin)— , 

Wi 

Brit Mohair. 

BdswL'(nb.2DpJ 


(Coata P a tous — 1 

DoTODeb8V7 

tTOwibefllJ — 
IDawsonlnll — 

B 'A' 

jfDavkfl — I 

(DtlUCpI 

srOohni 

E¥gM 

IffiddfeuSp— .[ 


— -|242 


+i 2 


Grp5p— 

Hozn&ay 

nrgnrthlL20p. 

Da'A'SOp 

Ingram rE)l(^_ 

Jerome lEldgsi. 

> CTS — 

rri ghMuta 

LCTBXSp 

lister. 


\*h 


+1 


fBg&fcz 

'MneJaunonScotf 


rSKSd 


IMUerC 


□mis 


fraridnad' 
PiddeslW.iftCo.j 
Da'A'NVWp- 

Fasho 

HeedlWm.1. _ 
RebanreEml^. 
BjehsrdslDp 

SXE.T.2Dp 

Scott BobertsoiL. 

SekmteLlOp- 

Suw Carpets Bp, 

Shiloh Spinners. 

SidlawlndsJPp. 
Sinter 

Snail ft IMmas. 

Sn-ViswoLOUl. 

DaPrir.L1200- 

ineCTlGeoA— 

, Idard'A’ — 

tetrood Riley It'd- 

gS^ l Y50H , 

toa&rd Carpets 1 
hWorrifieWp— 

TVto-Tex2Dp 

]T«fc.nneW.a)pJ 
(YoogM. 


5 


-1 


s2 its 
12 66 121 
0.6 t 9.4 

h'ih 

4D103 2.4 

t, U M 

iz 95 9J 




2.6 4.4 011 
12 85(43} 

, ^ - 
lOi 4 2 3 5 
m3 4J 3.5 
23 5.0114 

liSill 

aa 0.9 85 

^3 

IK 93 5.4 

70i SiS 

a u 

15(117 85 
3.«J 8ii 4.9 
53 35 73 
23 93 5.9 

Sllfl 9A 


19 10.7 f.7 
3.C 10.6 53 
92 4.0 35 
25 8.« (52) 
ft 6.0 ft 

£3 7Jll5 

15 9.810.6 
48 5.9 42 
, , 16 10.4 85 

+1 


Soaimra 

Ctnnniuslnv 

3®> Pohae!lnc.ii50pi 
| 3 ^ Da ICjo 1 10p_„ 
56 Debenture Oirp. 

Dst^Ta inc.n 
Do. lip 95p .._ 
Qomin iwi ft Geo. 
Drayton Corn’d. 

Da Cans 

Da Fir Eastern 

Do. Premier 

Dualtesl Inc.SOp 

Do. Capital £1 

, _ Dundee A Lon 
86 U afintniTEtUmTiJ 
— Edin. Inv.Df.IL? 
1 (Heeira Im Ta__ 

.tft'Jcn 

j-ftlnterruitl.. 
bs. ft N V Trust_ 
tent ft Sew. lm _ 


Estate Duliei 

F.ftC.Emwnist 
Family Inv.Tkt— 

I 7bh First Scot .Am._ 
too RweimkOrt 

37 FU.GJ.T.tROJai 
354 Fuadi 01*51 lac. . 
49 Do- Cap — 

J 982 2 G.T.Japan 

020 Geaftt'ooun'rL 
73 Gen-Omsoidtd., 
(125 General Funds— 
97 DaCom.lop— 
88 Gealnrasten— 

721, Gen. Scottish , 

72«a GeaStTiktrs.l? 2 a 
1 84 aawSrhidaS 
71 deeftn-on lov._ 
68 Da-B" 

Qobelm 

GoveO Europe 

temge Trust 

GtNorth'olnT— 
Greenfnarlnr_ 

Gresham Inv 

. Gronpliroeslors., 

6 Wz Gtarntenlnv.TsCj 

78- Hembnn 

26 Barms Iov.JOp 
Bill 1 Philip) „ 
Hume Bids. “A”, 
68 Do.“BT- 
$ 8*2 leofondiSj, 

(700 Do.tfi. 

4A Industrial ft Gea. 

j_ 65»a ltd email Inv 

' [107 Inr. in Success —I 
r62>j Investors' Cm.— 
— Inrcsnnt.Tfl.Crp.- 
larrfineJap m.— 
70*2 JKilnteS«.HKJ5- 
103 Jersey EiLPtlp 

228 JetseyGen.il 

41*2 JoiR'oldices 

44 Jove Inv. Ine.l0p 

4 Do.Cbtfi^i 

(125 K«3towlnv.50pJ 
75 Lake View IrZIl 

38 Lane, ft Lon. Inr. 

( 87b Ijw D ebenture- 
[m^ LnardStltReslp 

Ledalm.lncJOp 

DaCap.5p 

LeVallooHlm- 
LonA .«xte PHSpl 
m. AUantie ■ 
LnaAusUnvSAl 

l£khl k raHyroocLJ 

[Loafttennnx — 
(Lon.fcliv.10p— 
ILoaftl/aond— 
iLoaftMontrose 
(Lon.fi; Pro? — 
[L«l Prudential 




fjl I 4 lo 
tsiaiiL 


TOBACCOS 


ffi 

380 

81 

S 2 


iBATImk. 


ai. . ... 

55 Sensei Ha. 18 b J 59 


DaDeftL. 
bnnhiUtAUOpk 


-2 (tl3.Ul 

B.72 
,5t66 

zzW 


- 10 


f3 3 6i 5.4 
- — 45 
53 3.9 7.0 
25111 56 
9.4 55 « 
19 72 7.4 


TRUSTS, FINANCE, LAND 

Investment Trusts 


52 

141 

111 

102 

228 

124 

187 

62*2 

ft. 

104*2 

50 

137 

44 

77 

42 

147 

131' 

74 

100 

62 

103 

ff 

$ 

61 

SUHs 

S136 

26 

9 

41 

77*2 

12 

105 

UO 


, 49 

% 

8 

8 

IS* 

84 

43 

"B 

IS 

^06 

m 

49 

69 

W 

48 

T 

140 

471 


Aberdeen Trtst 

Aiisalm.. 

AllianKlRv^— 
AfiiUte' ttntf— 
AititodlaftSOp 
Do. Capital SOjx. 

tokrotelv.lv— 

Da Cap— 

UKsKricanltatf. 

UaeriewTiiL'B' 


■IntDiT.— 


22 

6 


(140 



[uiamn BaR. ll^L 
I Atlantic Assets - 
MtlosElecl . 
'AusL ft let /50pi. 

(Bankm'Ins. 

(BeryTrost 

mishopssriePropL. 
(BlshopsiaieTst- 
fecrlffftSta.Iita 
Breal Fuad Crif 
Braannr.QSU 
premwl^ 

&ft^.ftGen- 
[British Assess — 
[Bro.Brm.Sees.3p. 
.BriLIwltGea- 
Invest — — 


SO 


2.35 

139 


15.05 

109 


T4_L2 

101 

-1 

3.00 

226 

-1 

7.10 

036 


S30 

184 

-2 

0.42 

53*a 


4ft 

60 

41 

— 

St 


135 

“T 

+>2 

3D 

32 

157 

41 


44 

66 

— 


42 



346 

225x1 


Qlltt 

14.04 

& 


Oft 

040 

62 


190 

103 

44 

».7 

571a 


2ft5 

69 


t£LB7 

7*4 

-*4 


.073 


ff 625 

60 

-L 

L5 




25 


1,5 

74* 



41 


165 

77 

-*z 

R220 

11 


tfl.6 

105 


34 

166 

-1 

435 


7.1 20.7 ( 
55 2551 
5.71-.. 
45 32.8 
45 30.7 
10(105 135) 
03 

uni? no 


44 316 
10(11313.0 

55 265 
118 1Z7 

46 Ml 
49 265 
12 690 
05 532 

45 302 
40 36.4 
68218 
19 765 

55 2712 
3.8 35.7 
4.1 42 
4.4 22.8 
95| ft 

6.1 240 
43J335 
63155 
5.0 272 
44 345 


64 
, 34 

£ 6 J Z Lon. 

] 48 Lowiandlnr 

(178 IlftGDuallvJDp 
90 Da(%xlOp — 

. 79 DabdQnllKHp 

164» Do.Crm.4p 

20 Man.AW5t^ 

40 MeUntmlnv 

33 Mercantile I w_ 
62 Herc h a nl aTirt— 

41 HndsbveEt — 

59 Moot Boston lOp 
25 Da Writs. £ 1 — 

42 Booh^ro ED- 
78 Uoarptelnv,. ... 
8-1 HoonrideTnut- 

60-3 KegitSA.5USl, 
17 Tt NewTteptlnc- 

70 Do.Cep.fi 

, 11 DaNewWnts.. 

31': N.Y.ftGartjBjre. 

61 1 SB 8 Invert 

7B>z NUl Atlantic Sec 
79*2 NtimAaetrean. 
95*2 NortteenSees— 
51 Oil ft Assoc. In v_ 

47 Outwicfi Inr. 

99 Portland Inv — 
6 E Prog. Ses. Inv. 50p( 
23*2 ProvmeWQtles 

|lM Raeburn 

37 Reabrooklnv. — 
22 Rights ft Isa. Cap 
148 Eirerftlfert — 
123 River Plate Dtf., 
£466 Robeco(&.)F!dO 
467 DaSahSr’sFlS 
, £36\ HdfncoNVrea 
1225 DaSnhSh'snsJ 
RouBteyTrort— 
Botedmondlne. 

EnthsdildlaSDpJ 
SafeeuanJZiril? 
St Andrew W.-, 
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4?: Scot ft Coot Imr_ 
tol SartOtaiA'- 
(fit Scot. East. Inv, — 

34 Scot. Kerope»n_ 

82': Scottish Inv 

Q4 Scot. Mart, ft Trt. 

119 Scot. National— 

. 80 Scot Northern J 

55w Scot. Ontario 

58 Scot Utd. Inv— 
72'r ScoLffestaTr— 
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65 Sec.&eatNthn.. 

60 Do. 1 'B n _ 

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(300 SetetBrtlB.jnSS. 

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■|i 3 o sSniS: 

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80 Tedmoloar 

131': Mean 

71 T«,Ijnetf.Iae- 
95 ^: G 

120 

94 rnwidelttr— _ 
53 Updownlnr 

M 6 >: f^^Sees.- 

18 HUjCmritala 

801- I'SMiOcsp.-. 
163 I'AtGeastdTa. 
500 WJhgfttoJL. 

74 idnwRepjgms, 

5912 T-CM-ftlhvKki 
076 *™9Blw.aT 

(17J ftinte riioHww 

b 9 i- Witanlav 

65 Do.^ff 1 

(148 Vemaalnv 

i.riteft Lancs— 
VortsreenlOp_[ 
VounjCtoUitta 


m 

m 

74 

202 

70 

83 

n? 2 

S3 

80 

245 

29405 

115 

198 

77 

26 

45 

64>> 

224 

145 
195 
130 
147 

44*2 

193 

63*2 

216 

63 

130 

228 

U4 

77 
91 

78 

76 
108 
136 
208 

79 

5 1 * 

90 
97 

168 

■47 

36 

63 
158 

146 
85 

162 

12C 

105 

89 

115 

IOOI 2 

96 

91 

70 

116*2 

67*2 

77 
104 

87 

61*2 

64 

97 
34 

153 

78 
77 

Sf* 

775 

76 

ft 


173, 

110 

18 

41 

S? 

102 

109 

56 

58 

124*2 

70 
27 

12S 

38 

35 

171 

141 
£62*2 
625 

SE* 

479 

9b 

53 

72 

190 

71 
121 

sh 

m 

105*2 

116 

250*2 

103*2 

72rc 

80 

if 

297 

85 

190*2 

425 

133 

77 
112 
155 

59 
105 
178 

97 

£* 

23 

102 

71 

OlO 

75 

138 

169 

78 
63*2 

142 
105 
137 
114 

58 

132 

20 

98 
187 
820 

96 

76*2 

310 

198d 

92 

89 

169 

30 


+15 

+*2 

+i 

+2 

+3 


-1 


-1 


+1 


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+1 


■m 2 


+2 


+h 


+2 


+1 


+1 

+1 

+2 

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JJ 

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+15 

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+iyo. 
+2 fl " 
+1 


Ur 

Net 

a 

8.43 

tL60 

35 

20 

360 

4.0 

£9 

3.85 

72.5 

vjis.o 

tU5 

L82 


t4.07 

35 

3.8 

fL67 

81 

640 

3.5 

t332 

0.8 

3.1 

t)240 

13.43 

7.75 

4.5 

4.7 
0.9 

6.7 
4.12 

Vi 

675 

5.0 

155 

3.8 
26 

2.45 

677 

5.61 

h9.90 

hL82 


0^5 

3.85 

285 

3.77 


17 


350 


dL5 


3.82 

♦4.75 

Qllc 

154 


0.40 

b292 

27 

285 

3.45 

210 

153 

4.05 

280 

'135 

70 


DJ2 

8.13 

625 


265 

418 

558 

3.6 

415 

t260 

12 

2D 

td.50 

15 

a* 

+3.45 
336 
h205 
hi 60 
220 

t5A7 

20 

6.10 

Q25c 

8.46 

15 

33 

1919 

1278 

153 

1235 

26 

h4.75 

188 

*55 , 

®F» 

5D 

hl3 

439 

3 A 
+4.06 
385 
1125 
44 
0.94 

3. 

.75 

1061 

14.6 

23 

.07 

759 


gl5 

365 


[Or 

10 

10 

1^ 

12 

TU 

11 

10 

1.1 

l.f 

14 

11 

10 


FM 
Gr s 

511322] 
5.7 246, 

5.0 241] 

4.4 22C] 

5.4 2271 
26 48.0, 

73 2281 

1.0 303, 
4.9 26.7 
4.9 312] 

64 273 
51 266 
5 8 24 0 
107 ft| 

5.7 246 
96 15.6: 


6.123.2 
7.1| 20.6 
6.W2L7 


3.L 


5.0 262 
S.&292 
4.6(30.1 

6.5|ai 


96l' 


453 


96 


5.W242 
9.l(l93 

52125.4 Wv 
4.9266 72 “ 
3.1 44.1 £6k 
53B6.9|2ii^ 


19S 

Ega Lew 


30 

34 

11 

52 

186 

20 

120 

80 

23 

m 

30 

59 

127 

74 

74 

U2*a 

20 

350 

14 

33 

224 

£73*a 

*a 

9 

£49*„ 

£10*21 

28 

57 

87 


17 
25 

s 

(147 

lb 

BO 

44 

18 

& 

73 

104 

38 

1 : 

067 

£45a 

10 

90 

"# 

V 4 

£27^ 

(900 

24 

36*j 

63 


Stock 

(Grim3hwe23p_ 
Eamhro Trust— 


Hawfer.S.SL_ 
[kl bv-TrUj 1 . il| 
ItTOtaeatCo.- 

KairoakS'- 

KaeklLlSslwill?. 
Rwahuiw— -- 
LaowitHld' itkpc 
LoTuEuroGrtL- 
Lon.iterct.3ni— 
M- LG. Hid AS ap. 
M 2 /?d:eln«. Kp_ 
Marrm tR.?i5p. 
MasjUrtftR-lty 
NiLC.lm.ir.ro | 
Nippon Fd. Sic. iM 

fSranbelOn — 
Park Place lav— 
ftaymlSiiSofl-i 
Pretahl-S FKS0_| 
SLGeorcelOp— 
Scot ft Mere. \V. 
5^1 £4*ipc Ann— 
StttthEros., — - 
StimPaaKEOe 
Seer Pin. SFIIW. 

, Trees. IfitTstlp. 
(Ksta. Select ! 
WestorErtglK 
[Yule Cano 10p_ 


Price 

22 

27 
- 10 

SI 

186 

IS 

315 

72 

22 

£*= 

28 

90 

120 

69 

49 

31 

228 

£73** 

lll 2 

102 

£50 

60 

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f 2 


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I - | Nri Or GFs P.^ 


+iy 

+ 2 ' 


1164 


Lite 

V 

165 
0.3 
05 
tl.25 
3.46 

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+2 3.98 


+2 


43^ 9 2] 3.9 


51 

14.0J 111 


237 
57 
6 

13|1L4|10.4 

if* 


35 


n 


1.9(13 0 
4.41 
15 


3.W 4«H 69 


93 


4.71 

10) 6^232 
17| 4.S198 
85j — 
12.4J 64 


i 

116 

3.9 


106 




8. 

402 


6 VJ 

U-7^ 


5.81- 


x 

111 

10.4 


OILS 


152 


55 2S6 
13 84.9 
45 322 
6* 2L1 

3.0 ft 
63 223 

5.0 292 
4.9 311 

10.0 ft 

Hi!? 

35 385 
25 4B.1 

4.4 32.8 Kj?6 

3.4 44.5 W 
7.0 110 

10. H 143 


19 , 
£26*8 

WB» 


10 766 
6 □ 23. & 
6 8 2L2 


(586 

69 

1444 

186 

276 

161 




5.8 225 
5.7 261 
L71I7J 
3.6 37J 
26 465 




12 65 3L2 

13 4.0 26.0 
42323 
5.6 24.4 


i 




u 

u 

u 

LI 

LO 

H 

LI 

LI 

11 

11 

LI 

LO 

52 

10 

LO 

1« 

10 

10 

£2 

LO 

LO 

LO 


LOjlO^ 


141 


12 

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LI 

10 

13 

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11 

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11 

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12 

LO 

LO 

1.0 

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LOf 

Lffl 

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& 

LI 

0 

1.0 

LI 

12 

15 

bll 

10 

10 

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LO 

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35(419 


270 
113 
146 
73 

49 
390 

a mm 


45169 

4.0 38.0 
51285 
5.9 25 2 
3 
6 

72 

L2 — 
12 

5.028.2 

5.2 253 
29 47.9 

3.0 463 

3.8 381 
0.81»9 

3.9 241 

54168 
64 23,0 
H81L8 


II 4 I 25 


525 
, 90 
445 
30 
19 
78 
49 

(S 

235 

225 

54 

S 

215 

60 

72 


61 

71206 
4.7 210 
0.7 1373 
4.7 323| 

4.6 33.4 

aUJ 

43 345 

4.6 3021 
53 262 
46 3L9 
64 22.9| 
64 215 


II 

62 

305 

49 

47 


168 


62 ft 
66 22 ' 
4.7 26.4 
62 28.9 
4.6 317 
23153.4 


7.0 ft 
75 19.8 
0.71522 
131 110 


i U7J 
251 
32.9 
34.9 
262 

321 

303 

228 

18.0 

305 

323 

193 

20.9 

19.0 

198 


iKlltfl 


42(332 


U 
13 

10105(145 


7J). 


127 


45 28.7 
7.7183 
53 272 

4.4 34.7 

24 47.0 

7618.0 

4.7 33.9 

5524.0 

3.7 371 
43 352 
35 39.4 
4.9 306 
43336 
32 492 

3.4 481 

SfP 

T" 

96153 
32 4L5i 
45 314 
9.7 1831 

TaKt 

45319! 
3.7 «3i 
41 ft 
76 186| 
124] 13,0! 

9ihl7: 
£7.9 
101 222 | 
OJ 
45 320 

25 451 


63 

30 

£2W, 

450 

144 

26 

36 

190 

atm 

u 


66 

(720 

65 

42 

[750 

49 

21 

X12?*, 

350 

114 

?I 

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% 


m ms 
AVs 1 

1*4 ' 


77 


AtiockaJp 

(Brit Borneo lOn. 
Bnt.Petrcrm.0 
Do.ff’vPf.EI— 

B&nrab£I 

, npee»LiLS!1«- 
h*,TPS0iSei£:_ 

B lurylOp 

rtertallap— 
•r.PfirtJdsB.J 
cfitrlil — 
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tMearourSOc— 
KA 


.£» t 

*455 

I4&4 

57 

226 

130 

(152 

120 

86 


LASMO- , 

LVSMOHM9EI«J. 
Lissjuj^' :oo 


HiraetMebLiOc. 
CHlS«ilWp — , 
Premier Cons. 5p] 

RaneerOil 

.RevnoMsDu. Ic. 
(Kyi Dutch FL2L 
Sceptre Re?: — 
Shell Trans. Reg. 

Dor.Pf.fi 

,3CD+4“sCmL 
ceatrol.— — 

ramar 

L^TpcCm.£l_ 
(Weea Nat tocts- 
! naPfdCW 10 c— I 
WouctardeASOe.- 


90 

158 

884 

65 

66 

£56*; 

BOO 

62 

22*j 

£24? 

375 

122 

241; 

& 

24 

224 

16*; 

£22*4 

1>« 

l^ E 

590 

575 

57 


182 

260 

l«rri 

IBS 

■B 


+10 


-’s 

+5 


+1 


6.74 

22.10 

5.65) 

163 

QlUfr 

100 

♦oT 

Q14*f 


2.11 


Q3375*j 

15.7 

4.9% 


E32 


7%l 

Q1514C 


51 

SlDfl 


3.11 


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8.« 




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6 5(15.2 


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15.9 


elSA — 


64^ 


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3.0( 1.4' 


53] 

«, . 
14.K - 


60 

578 


1317 

ft 


5.9 


187 - 
11 16 . 
- 87 
7.0 

43 


OVERSEAS TRADERS 


1224 

60 

% 

45 

\M : 

95 

£49 

(550 

21 

9 

57 

40*; 

[220 

68 

170 

165 

27 

IS 

,g 

*E 

41 


AfnranLakes— 

AusLApir.50c_ 

Bensfcrd.SftW.i. 

BortnTl fifes '50? 

Boustead titter— 

FlnUvCas.iSta. 

GUIft'Dtzffos 

GtVUm.no 

H'ris-nsQv.a- 

BpIbnniJiS.) — 

lEdirapeil 

Jacks Wa 

Jamaica Sugar- 

Lcmrho 

UildreU Colts— 
Nigerian Sec. 0. 
Ocean Wlsns. 20p. 
Pat-aro.Zoeh.Ukq 

Do.‘A'N*Vlfi_7 

5angeriJ£l I0p. 
Sena Sugar 50p_ 
ASimelrarbr JtW 
Steel Bros. — _ 

lorer Ferns. 20p. 

Do.SpcCor.Vl. 
U. City Merc. It)p. 
DalOpcLnl^r 


270 

113 

146 

47 

49 

357 

138 

£65*2 

50 or 

84 

408 

27 

12 

59 

41*2 

245 

93 

183 

ISO 


111 

215 

56 

£93 

65 

65 


+3 


-2 


Rm 13( 4.61 4.3] 
62 
L50 
05.0 
h4.36 
012*0 
62178 
426 
*15.0 
Z0.66 


K3.52 

!35c 


635 

3.4 

13.2 

188 

m 

14.43 

B— 

hl75 

65 

3.10 

thffrel 

13.4 


19.0J 2.0} 17 
111 1.9(481 

65) 


1.1 20.1 

ft 4.bl . 

* 6 
3.2 4 ffl 83 


I II 

23] 16.8 

1712.4 
ft 8.4 
19 4.7 
75 64 
75 65 

1 3 a 

33 L4I 

4.4 4.& 
2.7 8.« 

18.0 f87| 
110 17 
3L2|I2.8| 


191 4 
97 


7.6 

10.0 

43 

(33) 

(581 

ft 

8.4 

32 

3.1 

5.1 

K6 

73 

i52r 

19 


RUBBERS AND SISALS 


61 

I 17 

■90 

P 

U80 


m | 
High Low] 

75 
65 
11*2 
31 


135 

84 

83 

54 

81 1 
82 


245 

395 

123 

29 


245 

(ft 

249. 

176 


PS 

Be 

65 

56*2 

41*2 

29 

69 

36 
30*2 
55* 

37 


1280 

104 

20*2 

|212 

222 

130 

370 

22 

281 


I • Stock * 

Anglo- Indones’n 

BenamC-oos lDp— 

Bud (Ain cat 

BradwaOIOp 

Castlefield 1 Cto 

CHmwnese Itte— 

Coes. Plants ItJp 

Grand Centra) 

GnthrieEl 

3srriaeJSr.Efl.iflp- 
Highlands M50c — 
Kuala Kepong 131. 
UKulimVOOc 

Ldn. Sumatra lOp- 

MalakoGMJl 

Mnar River JOp, — 
Rutahm ffidgs. tflp 

SnngaKnanlCp— 


Price 


Kt. 

Net 

95 


2.75 

101 

-1 

3ft 

16 



62 


17 

2 to 


s!8 

46*2 


hL38 

46 

-1 

h^J.O 

101, 

35D‘ 

-is 


113 

-6 

414.0 

228 

-1 


82 

59*z 

162 

-1 

+1 

-1 

44.0 

80 

41 

bOLSc 

51 

-1 

M43 

81 


nut 

72 

-X 

hL5 


Ira 

rrrjCrt 

47! 45 
13] 52 


1W 42 

iltt 


T 7 I qq kaloUuro an star bote of act dtetrlbaUn: bnrketed flnana 
itt 7 q (tadleair II per cut or 


Uoleii alberwhr iwilnted. rHm and art dividends are la 

pence ond denominative* ore SSp. EdlaaM pricofnmiaff 

L 7 rnUoo Cod roveri ore booed on latest aaanal report* oodacconlo. 
4 j and. where pecalble. ore updated 


15 
-0.8 
U 3.7 
L9 43 
33 L3 
10 4.1 
L9 33 


TEAS 

India and Bangladesh 


jAg&mDooarsfJ — 
Assam Frontier £L 

Assnn[ms.£l 

Empire Plants 10p_ 

JotaiU 

UrogtcrorwU 

[McLeod Russel £1 - 
Koran Q 


SmgtoHldgs.lOp_ 
Jtoren Plants- — 
(138 fWilliamsontl 


245 

305 

120 

29 

345 

365 

225 
370 

25 

226 . 
176 


. 70 
ue& 

(♦ 10 . 0 a 

03.5 

♦FL72| 

14.67 

93 



Sri Lanka 

210' (IS (Ltmaraa 1 198 I+J5| 53 l L5J 42 

Africa 

1610 1390 telantyren 

185 p30 (RoofUtates 


610 

180 


150.0 

[13.0 


I IJmS 



MINES 

CENTRAL RAND 

»nDeepR1 — 

RaDdPrp.RI. 
liontte Est RZ. 
estRaudRI 

EASTERN RAND 



93 

33 

403 

152 

391 

s- 

"g 


445 288 
£ltr- s 764 
96 711; 

332 214 
778 589 
226 163 
153 92- 

£14*2 BW 
544 408 

606 432 
527 £9 
286 206 
04*2 Ql 
239 1 23 
£22*2 £16% 
241 152 
836 589 
238. 163 


57*2 

18 

735 

RtacheafiOc— : — 

EasiDagMRI 

ELR&O. R03O ___ 

75 

29 

403 

+* a 

+11 

rtjso? 

15 

12 

76 

Giwrtvld30r 

93 

ft 

tQl9f 

U 

271 

35 

SlnrossRl 

Leslie 65c 

380 

43 

Sf 

U 

17 

52 

37 


ft 

-*? 

IIMc 

L0 

31 

517 

[32 


47' 
732 ■ 
46*2 

+5 

~ l 2 

Q25c 

1v86c 

0.4 

17 


7.4 

13.0 

53 

4.2 

591 

[3L8 


73 


myrow 25 
(ffiiaels 


FAR WEST RAND 

Q63c 
Ql70c 


DeeBcraai RO20_ 
DoomTairtanRl—, 

EastDrieRJ 

EIajitiaand(3i2Cc J 
ElsbargRl — — 
HartebeestP! — 

Hoof Gold Hi 

UbapunRl 

Sjutbral50c 

SriHonleinSOc 

Vaa] Reefs 50c — 
H’eniCTOTsiRl — - 

V.DrteEl 

Western Areas HI _ 
TfetfernDeepB2_ 
Zand pan R1 


316 

960 

89*2 

276 

724 

224 

102 

02*4 

544 

512 

488 

284 

Sf" 

232 

£21** 

157 

■ hip 

212 


-3 

+1 

+1 

-3 

-3 

-2 

+1 

a 

-5 

+3 

+1 

a 

+12 

+2 


Q50c 

tV78c 


u 


OJJS. 


4.T29.0 
45S.0' 
1 51 273 
33 30.7 
5.2 ft a 
7122.1 
53 26.9 

07 ■■ 

1.7 7L1| 
113 693 
153 S8 
33 42.01 

3.8 M3 

63 213 
6JHL9I 


Finance, Land, etc. 


_ J 2349 

Anmm '&t.j^pl 31 , 


'isssr! 

DmvDn^. 

rtPotetwrila- 

Edin.lmJT. 13 up 

□0ni3Iaug!£. 

Lauds ift, 

(FtedDceftlnLlOp: 

|FtUns lures!-. 


16 

m 

143 

-S3 

£22*4 

274 

$ 

V 

Sj 

A 

S»2 


-1 




+i * 


20.0 


tLO 


d0.99 

L72 

112 

d0.49 

494 

■LO 


4.7114.4 


27 

6.2 

1L7 

3.0 

6.6 

9.5 


213 




6i 

.118 

•ft 


17 3 
3.6j 

ft , 
8.11 
IB. 4! 
7.9 


95 

£17*5 

121 

413 

134 

789 

897 

199 

302 

aw» 


75 

m*2 
59 . 

279 
66. 

750 
582 
703 
344 

190 (WeitanSOc 

£13*s p,’HoidiEgs 50c 


free State Der. 50c 

FAGednldSOc 

FASaaiplaastU- 


Prei Brand Me — 
(Prei Stem 50c — 
St Helena Rl 
Unite) 


80 

V 

*& 

510 

712 

880 

286 

283 

£19*4 



Qllc 

i^Oc 

+v. 

— 


Q55r 

-2'i 

Qfcc 

+1 

+Qi3Pp 

-7 


+? 


+2 



44 

+*t 

t«5c 

l«aoc 


L4j 8 2\ 
2.7 83: 

47 88; 
03 4.1 
2.6 ; 
9.9 L7 
23 73 

L9 7.4 
13 8.4 


FINANCE 


620 

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k^pw Mlnmp , R3 

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Ang.Arn.Coal50c_ 
AsjdDAmer 10c.—, 
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(Hand Loudon 15e_ 

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Union Ccnnt&Sc. 
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SECURITIES CO..LTD. 

London Branch: Vb:*.#'. s-m •*.*.. C3 f.'inf :rig 
, L.? , 'a. LO 0 "*' 1 * EC.-*! “£5 7 LV. m'1 jI A.'3 


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High Low 


MINES— Continued 

CENTRAL AFRICAN 

1-1 ft 


210 

24 

80 

175 

90 

41 

lb*j 


15 
132 
125 
820 
246 

72 

140 

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220 

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16 
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Roan Coos. 

ranganyikaaOp „ 
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AUSTRALIAN 


a4*«F50 


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400 

60 

300 

145 

lfl 

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165 

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510 

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230 

61 

61 

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Klh.haUurli 

fcokbridcoSAl 

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PanroMlOSc 

PannjjMiEv.V> . 
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WpctaJdimacMc. 

WhunCreektti:— . 


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Ben*)! Tin 

BerjuntaiSMl 

Gcetror. 

Gold 6 Base Cjp_ 

Gopens Con. 

lioncutu; 

Idris lto 

JanDr IPji 

KonmntlnitSMOM 

BlUnehall. 

iHilD'DmlcircSia 

(APahans 

(Penekalen lup 

JKafincSMl 

iSairtPiran 

South Crolty ll)p ... 
South KinlaSUOJVt 

ISthn Malian nil. 

Suneri Bes SMI .. 

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100 | 70 |He»iiiaROM.-._| 88 (42 |tQ30c| L9| t 

MISCELLANEOUS 

+ 1 * 2 ! 


35 

9 

220 

245 

164 

30 

[750 

43 

(120 


Bannin - 

Burma Mines 17*jp. 
Cans. March 10c— 

Northpalc CSl 

RTL 

S3biiulods.Cn- 

raraExptaSl 

rruidjldmeralilOp. 
Vukon Cons. CJl— . 


54 

14 

255 

405 

224 

64 

900 

43 

166 


-20 

42 

+25 


95 


1.33 

Q7e 


25] 

28 


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6.4 


47 

20 


NOTES 


I nn hall-yenr!* flgnm. P/Ii am 


nm dUterenrc U eslcnlatcd an “nil" 
<ttt£rl butim. Own are baaed on *n«riniin' rtbUMiaa. 
[Yldita ora baaed on nlddtr pricea. are sreaa. adlnud 10 ACT of 

S per rent, and ollaw for valor of declared distrltattona and 
ftb. Secnrldo* milk dr nominal toma ather than rterUni ara 
' ind naive o! the Iwatnml dollar pvendna. 


SleHlnp denomlnnted eeeurittes which ioclndw Diiliatiuaut 
dollar premium. 

Tap" Stock. 

Htflha and Lows rarkod Unza hare beds adjusted to aB»w 
for riflhts issues for cash. 

Interim since increased or resumed. 

Interim since reduced, passed or deferred, 
pt Tax-free to a cm -residents on application. 

Pleura or report awaited, 
tt Unlisted security. 

Pneo at time of jraapension. 

Indicated dividend alter pendtiiK scrip and'orrichUlaenm 
carer relates to previous dlndcodJ or torccasta. 

Merser bid nr reorcantaation In propreaa. 

Not comparable. 

Same Interim: reduced final end/or reduced aendace' 
indicated. 

Forecast dividend: cover on earn in rs updated hr latent 
interim fl element. 

Cover allows for conversion of shares not now ranldnc br 
dividends or rankine only for reHnrtcd dividend. 

Cover does net allow for shnres which may also rank for 
dmdend at a future dote. Nn F:E ratio usually provided. 
Exeludine a final dividend declaration. 

Regional price. 

No par value 

a Tas free, b Figures based on prospectus or other official 
rsLimaie. c Ceoia. d Dividend rate paid or payable on part 
of capital; coster based on d\\idend on full capital, 
e Redemption yield. I Flat yield, ft Assumed dividend and 
ivield. h Assumed dividend and yield after scrip issue. 
\i Payment from capita) sourers. k Kenya, m latenm tucker 
than previous total- ■ Rights issue pending a Earnings 
baaed on preliminary figures, s Dividend and yield exclude a 
special payment, t Indicated dividend: cover relates to 
previous dividend. PIE ratio based on latest annual 
earnings, a Forecast dividend: cover baaed on previous years 
earnings, v Tax free up to 3Dp In the E. w Yield allows for 
ncy clause, y Dividend and ylald based on merger tar 


i Dividend and yield Include a special payment. Cover does not 
apply to special payment. A Net dividend and yield, a. 
Preference dividend passed or deferred. C Canadian. E Issue 
price. F Dividend and yield based On prospectus or other 
official estimates lor 187MO. G Assumed dividend and yield 
after pending scrip uitdjor rights Issue. H Dividend and yield 
based on prospectus or other official estimates for 
I0T8-TS. S Figures based on prospectus or other oirietaT 
estimates lor 19TB. M Dividend and yield based on prospectus 
or other official eriuziatrm lor 197B. N Dividend and yield 
based op prospectus or other official estimates for 1 BTO, r 
Figures based an prospectus or other official estimates for 
1978- 7f). a Gross. T Figures assumed. Z Dividend total 10 
dale. 14 Yield based on assumption Treasury Bill Rate stay* 
unchanged until maturity ot stock. 

Abbreviations: ri ex dividend; K ex scrip issue; rex rights: a ex 
oil: d ex capital distribution. 


- Recent Issues M and “ Rights ” Page 38 


This service is available to every Company dealt la on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


■ 24 


44 


21 


267 


26 



47S 


37 

-1 

61 


17tj 


50 




140 


73 


150 


260 


56 

+1 

180 


20 


45 



Sindail iWnglJ 103, 


IRISH 


REGIONAL MARKETS 

The Mlowi ug is a selection of London quotations of shares 
previously listed only in reponal markets. Prices of Irish 
issues, most of which are not officially listed la Loudon, 
arc ns quoted on the Irish exchange 

• Jin . — . , Sbefl.ffflrshmt. 52 

Albanylnr.ZOp 
Ash Spinninp ... 

Bert am 

Bdg'wir. EsLaOp 
Clover Croft— . 

CmigftR ose£i 

DvfoiuR- A. i A. 

Ellts&McHdy- 

Evered .... 

Fife Forge 

Finlay Pk|t.5p..j 

GraigShipal-: 

Hicsons Brew... 

I.OJ 1 Stm. fl..., 

Kell Uos. 1 £>P 
Nthn. Goldsiuith 
PearcctC.fi »• 

Feel Mills 

Sheffield Brick 


Couv. 9*o ”80/82 
Alliance Gas— 

Arnott 

Carroll 

Cloadalkin 

Concrete Prude. 
Hciten (Uldgs. 

Ins. Corp 

Irish Ropes 

Jacob 

Sunbeam j 

T M.fj .. 


I' mdarc.. 


£907ii 

70 

337 

96 

100 

330 

40 

148 

130 

62 

3S 

173 

90 


4*1 


42 


OPTIONS 

3-month Call Rates 


Industrials 
A. Brew— 


Beeeham 
Boots Drug ... 


DIAMOND AND PLATINUM 


£42 

90 

412 

a* 

98 


| 

54 

70 


oOt. 


De Beers DL at— « 
Do.4DpvFI.R5_ 
LjdenburplEjc^- 
Bill: Ptal inr 


£4P« 

4U 

9600c 

111 

. 88 

+2 


11 

385 

+b 

Q52-5c 

33 

£11 




64 

+2 

}t}2.7r 

10 

83 

41 

IflS'zc 

L*H 


lO.fl 


I IJen. Electric. 

Glaxo 

Grand Mel—. 

G.U.S.-A' 

Guardian .— 

G.KJU 

Hawker Sldd 


:ft 

LC.I.„ 

1.C.C-. 

20 

6 

20 

Tube Invest - 

Unilever 

t'td. Drapery- 
Vickera 

Wool worths.-. 

Property _ 

Brit Laud 

Can. Counties. 

KKm. - 

lntrcuropean 

Land Sees. 

MEPC. 

. 11 
25 
. 35 
. 15 
. 16 
. 24 
6 
20 
12 

KCA 

Ladbroke 

Legal & Gen. » 
Les Service , - 
Lloyds Ban St-. 

-Lota" 

London Brick. 

Lonrho 

Lucas Inds..— 

Lyons (J.) 

"Maiufl" 

Mrks. & Spncr 
Midland Bonk 
NJ.I. . . 

3 

H 

7 

22 

4 

5 

5 

25 

10 

7 

lfl 

25 

17 

: u 
8 

. 15 

7 

Peachey 

Samuel Props.. 
T<nru&Ciiy_ 

Oils 

BnL Petrolenm- 
Burrouh OiL_„ 
rh arter hall _ 
Sholl 

11 
14 
17 
. 18 

Nat West. Bmto 
Do. Warrants 
P&ODfd 

Mcssey ........... 

22 

10 

8 

8 

9 

Flash Ore ‘A’. 

IS 

Ultramar— — 

70 

Reed IntnL 

12 

Bines 

18 

SpfHers 

WWI„. 

3 

22 

70 

4 

22 

Charter Con «..( 

Cons. Gold [ 

Rio T. Zinc 4 

J 2 

Trust Houses.. 

15 


-A selection of Options traded is given on the 
London Sloe* Exchange Report page 


30- 

35 

ft- 

5 


3U 

ft 

2* 

12' 

8 

9 

V* 


12 
1 36 













42 


BANK LEUMI IU.KJ LID. 

(kitM 

" yfT\ Heai 


...for all business 
with ISRAEL 


FINANCIALTIMES 


Head office and West End Branch 
4-7 Woodstock Street London 
W1A2AF Tel 01-629 1205 


Thursday July 13 1978 


Summit hopes hiuge 


on U.S. energy plan 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


COMMITMENTS by the U.S. 

Administration on energy policy 
are seen by the British Govern- 
ment as central to hopes of secur- 
ing West German and Japanese 
agreement to an economic pack- 
age at the seven-nation summit 
starting in Bonn on Sunday. 

The UK's aspirations for the 
meeting are centred on action 
by the stronger economies to 
boost their growth rates, to pro- 
mote energy conservation and. 
where relevant, to reduce their 
current account surpluses. 

Senior officials in London 
stress, however, that the willing- 
ness of the West German and 
Japanese Governments to agree 
to such a bargain will depend on 
whether President Carter can 
provide a positive response on 
energy. The exact German and 
Japanese positions are still 
regarded as unpredictable. 

The Whitehall view is that 
U.S. domestic oil prices are far 
too low on conservation grounds 
and represent the biggest sub- 
sidy anywhere in the world. 

This view could be used as a 
debating ploy at Bonn if the U.S. 
criticises UK aid to industry. 

The emphasis in Whitebait is 
on avoiding the creation of 


excessive expectations ahead of 
the summit, partly for tactical 
political reasons. It is stressed 
that no new initiatives are 
likely on currency stabilisation. 

Any growth package is seen as 
depending on a collective willing- 
ness to take action which 
countries might be unwilling to 
lake individually. 

But there will be no repeti- 
tion of earlier unsuccessful 
attempts to secure commitments 
to economic growth targets. The 
emphasis will be more on what 
extra action can be taken. 


Contribution 


It is argued in London that 
the UK has already made its 
own contribution, since the 
budgetary stimuli in the last 
year amount to 1{ per cent of 
Gross Domestic Product, whicb 
is more than in other industria- 
lised countries. 

Britain will essentially be 
looking to the stronger 
economies to take the lead. So 
the statement by Mr. Takeo 
Fukuda, Japanese Prime 
Minister, that Japan would be 
prepared to see a major reduc- 
tion in its current account sur- 


plus was welcomed in London 
yesterday. 

Mr. .Fukuda’s. comment about 
channelling aid funds to the 
developing world is expected to 
be reflected in a specific com- 
mitment at the summit on 
Japan's capital transfers over- 
seas. 

It is expected that the Franco- 
German plans for currency 
stabilisation may be discussed 
informally but no formal reaction 
from the U.S. is likely. 

It was pointed out in London 
yesterday that the traditional 
U.S. view has been to welcome 
any proposal whicb will promote 
European integration. 

Consequently, European cur- 
rency plans are not seen as a 
complicating factor in the 
summit 

• President Carter said in an 
ITN interview last nigbt be 
would urge the reduction of 
Tokyo’s trade surplus at the 
summit 

“One of the things we would 
like to see done is for both 
Japan and Germany to stimulate 
their economies so that the 
growth may be higher, and so 
that they might be better able 
to buy our own goods that we 
would like to sell,” he said. 


Carter denounces Soviet 
treatment of Shcharansky 


BY OUR FOREIGN STAFF 


ON THE eve of his departure 
for the Bonn Summit, President 
Carter has denounced the Soviet 
treatment of Mr. Anatoly 
Shcharansky, the Russian dissi- 
dent, as an “attack on evepr 
human being who believes in 
basic freedom." 

Speaking on lTN’s News at 
Ten, the President denied that 
Mr. Shcharansky was a spy for 
the U.S., and asserted that he was 
being tried for his human rights 
activities. 

Mr. Shcharansky has been 
accused by the Soviet authorities 
of working for the CIA and faces 
a possible death sentence for 
treason, despite a statement by 
the President last year that the 
dissident had no connections 
with the U.S. intelligence 
agencies. 


This was President Carter's 
strongest response so far to the 
Shcharansky trial. 

The U.S. would “let the 
Soviets know of our displeasure 
and also work towards the mini- 
misation of any punishment 
meted to to Mr. Shcharansky,” 
the President said. 

While certain courses of action 
were being considered, the U.S. 
could not determine the outcome 
of the trial or any punishment 
that might be allotted to Mr. 
Shcharansky.. 

Reginald Dale writes from 
Geneva: The U.S. and Soviet 
Union resumed negotiations for 
a new Strategic Arms Limita- 
tion agreement (SALT II) here, 
despite widespread feeling in 
Washington that the talks 


should have been postponed in 
protest at the trials of the 
Russian dissidents. 

Mr. Cyrus Vance, U.S- State 
Secretary, went ahead with a 
presentation of the latest U.S. 
position on SALT, without 
apparently raising the dissidents’ 
issue. U.S. officials confirmed 
that Washington was still 
against linking human rights to 
the SALT negotiations. 

Mr. Vance . is taking every 
opportunity to rub home Wash- 
ington’s displeasure at the trials, 
during the two days of talks. 

Immediately after completing 
his negotiations with Mr. Andrei 
Gromyko, Soviet foreign minis- 
ter, he is to meet the wife of 
Mr. Sharansky to demonstrate 
U.S. solidarity with the 
dissidents. 


Dissident accused of 6 agitation 9 


BY DAVID SATTER 


MOSCOW, July 12. 


A SOVIET State prosecutor 
today demanded eight years in a 
labour camp and three years 
internal exile for Mr. Alexander 
Ginzburg, the Soviet dissident, 
who is standing trial in Kaluga, 
south of Moscow, for “ anti-Soviet 
agitation.” 

At the same time, the Moscow 
court trying Mr. Anatoly 
Shcharansky. a Jewish dissident, 
met in secret this morning to 
consider signed testimony by 
Mr. Robert C. Toth, former 
Moscow Correspondent of Ihe 
Los Angeles Times, who has been 
accused of passing Defence 
secrets gathered by Mr. 
Shcharansky 10 the West. 


Mr. Ginzburg's wife, Arina, 
continued to be barred from the 
courtroom in Kaluga following 
ber denunciation of a, prosecution 
witness' testimony as “lies from 
beginning to end." 

But a court official reported 
that the Prosecutor demanded an 
especially severe prison regime 
for Mr. Ginzburg because “he 
tried to spread false informa don 
about the Soviet Union to foreign 
news organisations." 

A Soviet court is not obliged 
to follow a Prosecutor's recom- 
mendation after a conviction and 
so Mr. Ginzburg could sdli be 
sentenced to the maximum 
penalty' for a second conviction 


Continued from Page 1 

Callaghan hint 


30 per cenf Ibis year, you will be 
a darned sight better off than 
those who gel 5 per cent. But, 
if everyone gets 30 per cent 
you'll be a darned sight worse 
off" 

In a direct attack on the 
Conservatives. Mr. Callaghan 
said there were “all sorts of 
spurious nostrums and quack 
remedies" being displayed Tor 
bringing down inflation. There 
was a demand for cuts in taxes 
and increases in public expen- 
diture — but the Government 
could only cut taxes if it 
departed from its basic 
approaches and aims. 


“ We cannot possibly allow 
those who believe -in a market 
economy to take charge of the 
affairs of this country in a 
situation where they believe 
every Government grant, subsidy 
and increase in public expen- 
diture is harmful.” 

• In another important develop- 
ment yesterday, the General and 
Municipal Workers’ Union set 
the scene for sharp debate at the 
September TUC Congress — 
possibly the last before the elec- 
tion — by putting on the agenda 
a resolution that the TUC should 
set its own wage bargaining 
guidelines 


for “ anti-Soviet agitation " which 
is 10 years' imprisonment and 
five years exile. Mr. Ginzburg 
was convicted of anti-Soviet 
agitation in 1968 and received a 
five-year sentence. 

A Soviet official said that at 
the secret morning session of the 
trial of Mr. Shcharansky, the 
testimony of a foreign corres- 
pondent, earlier identified as 
Mr. Toth, was read out in the 
closed court session. 

Mr. Toth has been accused by 
the Soviet Union of haviDg been 
an intelligence agent working 
under journalistic cover and the 
court heard testimony by court- 
designated experts that informa- 
tion allegedly passed by Mr. 
Shcharansky to the West through 
Mr. Toth was "absolutely secret-" 

As far as is known, the only 
information that Mr. Shcharansky 
gathered for Mr. Toth that had 
any relation to defence installa- 
tions was a list of the places 
where Jews, refused exit visas 
because of knowledge of State 
secrets, had been working. 

Mr. Toth published an article 
in the Los Angeles Times on the 
location and character of these 
workplaces 

niks ” on the street outside 
the courtroom where Mr. 
Shcharansky was being tried, 
pointed out that a list of installa- 
tions where “Refuseniks” have 
worked was easily available from 
former “Refuseniks*’ who at 


Hint of Thatch 
rift with Heath 
over Bremen 


BY PHILIP RAWSTORNE 


one time had been refused visas 
unds 


Weather 


SUNNY, perhaps showers. 
London, S. England. 
Channel Is* S. Wales 
Sunny intervals. perhaps 
showers. Max. 21C (70F). 

E. Anglia. NX. England, 
Borders, Edinburgh, Dundee, 
Aberdeen 

Dry. sunny. Max. 20C (6SF). 
Midlands, N. Wales, N.W. 

central England, Lakes 
Dry, sunny periods. Max. 22C 
(WF). 


Isle of Man, S.W. Scotland, 
Glasgow. Highlands, N. Ireland 
Dry. sunny periods. Max. 20C 
<esn. 


Moray Firth, N. Scotland, 
Orkney, Shetland 
Dry. cloudy, some bright 
intervals. Max. 14C (S6F). 


Outlook: Mostly dry in South, 
sunny, intervals; rain in Scotland 
and later in E. 


BUSINESS CENTRES 


HOUDAY RESORTS 


Amstnlm. 

AlhilW 

BJtcvlonA 

Ki'inil 

RfUan 

Dricrade 

Kerim 

Blrnwbu. 

Bristol 

OruwL'ig 

Csrtirt • 

CHIopn*- 

ronnhann. 

Dublin 

Etunburab 

Frankfurt 

fimrva 

GlaMBtw 

Helsinki 


middayl 
*C *F| 
IB 


— Lisbon 
30 971 London 
34 7i Laxtrabrs- 


Madrid 

19 M| Maiwhstr. 
29 M Melbourne 
29 TTi Munich 
15 a9j Xi-u-LdUUc 
ix wiOsm 

20 US Faria 
I'k Pertb 

21 T0;.Pr«uc 
C 15 fill Rt-ylrmvlk 
s 1 ft ea Sfoufetmlw 
C vk el. Strasbru. 

Tfl 22 FT. Srdai 

nf- 


Y'dVf 

*C »F 
S 24 73 
C 17 D 
C 20 ® 
s ffl id 

S 18 66 

9 


K 22 
C 12 


49 


P 21 
r. 2ti 


34 
TO 
« 
13 ib 


9 A-i 
IS 64 


,K 21 70' Ttl Aviv 
5 ti 59, vicuna 
C lb »u Zuricb 


r 
s 
R 

c 

S 22 72 
V 14 37 
S 2-1 S2 
S 2T at 
X » 60 


Ajaccio 

Aiders 

Biarritz 

Blscfcwml 

Bordeaux 

Boulogne 

Casblaua. 

Curia 

Oubruvnifc 

Faro 

nurenw 

Funchal 

CIDraliar 

Guernsey 

innsbrncg 

Inverness 
re. or km 
C— Cioody. 


Y'day 
midday 
°C "F , 

S 24 73 UsTanbid 
S 29 S2 Jersey 
c 21 TO ms Pirns, 
S 20 US [Locarno 
l‘‘ 21 75 Luxor 
C 13 59 'Majorca 
C 20 SS ilalasa 
S as 91 JUalta 
S 39 S* {Naples 
5 M 77 pJlcc 
s 29 M joponn 

S 21 70 j Rhodes 
S 26 T9 Balrhun: 
Fc 16 si Tenerife 
S 22 72 Tunis 
CHS jVakbeia 
S IS (ft 'Venice 

F— Fair. R— Rain. 

• Z&— Tftunder. 


Vday 
midday 
•C »F 
31 SS 
17 63 

23 73 

24 73 
42 106 
28 79 

25 77 
S 31 91 
S 3 « 
S 24 73 
S 19 64 
S 32 00 

24 73 
IS 64 
54 tO 


F 
S 
S 

S 23 77 
S 3 79 
5 — Sunny- 


On secrets grounds and were now 
in Israel or the U.S- 
M>. Shcharansky, a founding 
member of the dissident group 
which tried to monitor Soviet 
observance of the Helsinki 
accords, has been charged with 
treason, in the form of espionage, 
punishable by death. He is also 
charged with anti-Soviet agita- 
tion punishable by up to seven 
years' imprisonment and five 
years’ exile. 


Continued from Page 1 


Trade talks 


guard measures against countries 
flooding their markets with 
cheap imports. 

Washington, however, is still 
resisting EEC demands that it 
should be possible to introduce 
such safeguards without lengthy 
prior consultation. 

On agriculture, the U.5. and 
the EEC made substantial pro- 
gress towardr. a common form of 
words in bilateral negotiations 
here this morning, rendering.it 
unlikely that the problem will 
have to be referred to the sum- 
mit for further guidance. 

Negotiations for a new inter- 
national wheat agreement ended 
inconclusively here today, but 
there was some hope of progress 
on the main problem issues. 


THE FRAGILITY of Mr. Edward 
Heath’s recent accord with Mrs. 
Margaret Thatcher was empha- 
sised last night , in differences 
over policy towards the Bremen 
proposals for a European 
monetary system. 

Mr. Heath, with an enthusiasm 
that contrasted markedly with 
Mrs. Thatcher's caution this 
week, greeted the Franco- 
German plan as the EEC's first 
important initiative for more 
than five years. 

In a speech in London to the 
Conservative Group for Europe, 
he called bn Mr. James 
Callaghan to ensure its success. 
Britain's interests demanded 
that the Prime Minister should 
resist opposition from the 
Labour Party and sabotage 


attempts by Treasury officials, 
dared. 


Mr. Heath declared. 

Mrs. Thatcher welcomed the 
scheme, but told the Commons 
on Monday that it was no substi- 
tute for running our own 
economy soundly. 

Mr. John Nott, Shadow spokes- 
man on trade, referred to a 
similar EEC scheme when Mr. 
Heath was in power. He told the 
Institute of Export in London: 
“ We have been down this road 
before — and so have other 
countries — and it failed.” 

He observed: “We must not 
let the ambitions of European 
federalists, however passionately 
held, lead us into an entangle- 
ment — into -a currency straight- 
jacket— which damages this 
country's capacity to sort out its 
own problems.” 

It was the duty of Ministers 
and the Treasury to think 
through the consequences to 
Britain of the proposals, he said. 

But Mr. Heath last night in- 
sisted that Mr. Callaghan should 
have joined France and West 


Germany in taking the initiative. 
“He was taken unawares . . . 
could only stand limply on the 
touchline.” he said. 

The Prime Minister had a tre- 
mendous responsibility to see 
that the scheme, which could 
greatly increase the EEC’s eco- 
nomic prosperity, was imple- 
mented. 

Mr. Callaghan had to convince 
his European partners that his 
Government was sincere in wish- 
ing to improve the present 
scheme and to bring it into opera- 
tion early next year. 

Mr. Heath described as 
“ diabolical " a Press briefing by 
Treasury officials on the Bremen 
proposals. It was “ directly 
contrary" to the Prime Minister’s 
Commons statement this week. 

u Such a briefing, showing 
officials ‘sceptical to the point of 
contempt ‘ for the scheme, can 
only undermine the Prime 
Minister’s own position and 
make his relations with his 
European colleagues infinitely 
more difficult” The Treasury's 
jibes about allowing the danger 
of enthusiastic amateurs to 
dream up schemes of monetary 
reform could only he a direct 
reflection on Mr. Callaghan 
himself. “Will he have the 

strength to prevent them 
sabotaging this scheme? Mr. 
Heath demanded- 

Europe was again on the 
move, he said, and our partners 
would go ahead without us if 
necessary. The Government 
would ruin Britain’s chances of 
securing the changes they wanted 
in the Bremen proposals if they 
sought to destroy the Common 
Agricultural Policy- 

The decision on the monetary 
scheme could not be left to 
the technocrats. 


Dispute at Grunwick 
ends after 23 months 


BY NICK GARNETT 


THE GRUNWICK dispute for- 
mally and finally ended yester- 
day. During the 23 months it 
lasted the dispute developed into 
an issue of law and order and 
spotlighted the weakness of 
unions in obtaining recognition 
in the face of an obdurate 
employer. 

Yesterday the council of the 
Advisory, Conciliation and 
Arbitration Service decided that 
it was unable to proceed any 
further with the two union 
recognition claims at the North 
London film processing 
company. 

Mr. Roy Grantham, the 
general secretary of the 
Association of Professional, 
Executive, Clerical and Com- 
puter Staff, the main, union 
involved conceded that the 
dispute had come to an end. 

There was nothing more the 
union could do, but provide 
advice on alternative employ- 
ment to about 50 strikers who 
are still receiving strike pay. 

Mr. George Ward, the com- 
pany's managing director 
jubilantly broadcast the news 
over the company's internal 
public address system. 

“ We are thrilled. At long 
last we should be left alone to 
carry on business without the 
harassment of the bureaucrat. 
The workers cheered when I toia 
them.” _ . . . 

The company admitted, how- 
ever, that union blacking had 
been a severe financial blow. “We 
have suffered for a long period 
and are very relieved. We intend 
being a very successful company 
again." said Mr. Ward. 


The arbitration service council 
said that it was unable directly 
to ascertain the opinions of all 
the workers — one of the prime 
requirements for the service 
following the series of legal 
judgments last year which were 
finally clarified by the House of 
Lords. 

Along with APEX, the Trans- 
port and General Workers’ Union 
had also submitted a recognition 
claim. 

The arbitration service said 
yesterday that the company had 
explained that any employee 
could have his or her trade 
unioD discuss matters with the 
company on his or her behalf. 

The company would not con- 
cede recognition, however, to a 
trade union nor otter to a union 
member an arrangement not 
available to other employees. 

The arbitration service con- 
cluded that further attempts to 
reach a voluntary settlement 
would be unsuccessful. 

The company then informed 
the service that it could not 
agree to provide the facilities 
necessary for a further survey 
of worker opinion. This finally 
persuaded the service that it 
could not proceed. 

• The arbitration service council 
yesterday decided that it would 
appeal against last month’s High 
Court judgment in whicb one of 
its recognition reports was 
declared void. 

The service had decided not to 
recommend recognition for the 
United Kingdom Association of 
Professional Engineers at APE- 
Allen. Bedford, in spite of strong 
support in the area which it 
wished to represent 


U.S. nuclear policy 
made more flexible 


BY DAVID F1SHLOCK, SCIENCE EDITOR 


A SIGNIFICANTLY more 
flexible version of the U.S. 
Government’s present policy 
for controlling nuclear pro- 
liferation has been put to 
nuclear industry chiefs and 
senior civil servants in London 
this week. 

' a senior State Department 
official. Dr. Joseph Nye, outlined 
measures which the U.S. 
Government would now accept 
as adequately safeguarding 


European projects for reproces- 


sing spent nuclear fuel and 
operating fast breeder reactors. 

These are likely to be accept- 
able and reassuring to many 
governments aggrieved by cur- 
rent U.S. policy. 

Dr. Nye said that his brief 
was conciliatory and designed 
to bring the U.S. closer to its 
allies', views. 

He told the annual meeting 
of the Uranium Institute yester- 
day that his government was 
" keenly sensitive to the energy 
security situations of other 
countries." 

The UJS. Administration had 
been severely criticised for 
the anti - proliferation policy 
announced by President Carter 
in April 1977, chiefly because it 
was insensitive to energy 


resource problems of countries 
lacking large uranium reserves. 

The U.S. Government whole- 
heartedly supported nuclear 
power based on light water 
reactors, while the U.S. would 
have 320,000 MW of nuclear 
electricity capacity by the end 
of the century — 15 per cent of 
U.S. primary energy snpply. 

His government also accepted 
the need to develop the com- 
mercial fast breeder reactor. 

But it was asking nations 
which found it necessary to press 
ahead now with the fast breeder 
reactor to “include the following 
factors in the decision-making 
process”: 


• To avoid trying to cut unit 
ost by “premature 


capital cost 
exports, and to restrict its use 
to situations where it showed 
“compelling advantages." 

• To design the fuel cycle to 
make “misuse” difficult and time- 
consuming, even though this 
might increase electricity costs. 

• To minimise movements of 
fissile materials, such as 
plutonium; 

• To organise multi-national 
.institutions to safeguard the 

plants against proliferation. 
Mining News Page 30 


CITY OF 

OnPORTUMFIVES 

0742 734068 


THE LEX COLUMN 


Stacking the odds 


against casinos 


The lush world of tb® Mayfair 
casinos will never be the same 
again. Even if the recommenda- 
tions of the Royal Commission 
on Gambling are not imple- 
mented, the Commission has 
really thrown the cat among the 
pigeons by focusing attention on 
what is almost certainly the 
country's most profitable busi- 
ness. Future governments are 
unlikely to ignore the recom- 
mended revenue raising possi- 
bilities and it is little wonder 
that, despite their recent weak- 
ness, the Coral share price 
slumped 12p to 95p and Lath 
broke’s shares fell 16p to I70p. 
The message is clear— the salad 
days for them are over. 

The Royal Commission 
reckons that the return on 
capital employed of the average 
casino is 172 per cent and for 
the London casinos alone, the 
figure is 432 per cent If this 
were not enough, the Royal 
Commission estimates that the 
ordinary punter in the betting 
shop pays proportionately 58 
times more tax than the aver- 
age casino gambler; one of the 
main purposes of the recommen- 
dations is to remove this 
anomaly. 

The Commission's attack on 
the casinos takes two forms. 
First it proposes that the exist- 
ing gaming licence duty should 
be increased eightfold. With 
luck, the casinos could recoup 
much of this by levying a maxi- 
mum 75 per cent “general 
betting " duty" on money 
exchanged for chips. The Com-, 
mission assumes that if it Is 
fully implemented this tax could 
lead to. a 25 per cent decline in 
the "drop" (money exchanged 
for chips). Last night some 
casino operators were suggesting 
that the fall in business could 
be more like 50-60 per cent at 
a time when gambling is already 
on a plateau. 

Second, and potentially more 
serious is the imposition of a 3 
per cent additional casino levy 
for all the big casinos with a 
drop of over JElOro. In practice, 
this would mean that instead of 
making pre-tax profits of £42.1nj 
last year the big London casinos 
would only have made £I0.1m. 
So it looks as if -the London 
casinos have znore to fear than 
the smaller provincial chains of 
companies like Pleasurama and 
Reo Stakis, and last night the 
industry was hysterically fore- 
casting that these moves herald 
the end of the Mayfair casinos 
and that gambling will be driven 
underground. 


Index rose 6.0 to 4733 


PRE-TAX PROFITS GROWTH 
LEAGUE 

Ten years — 1968-77 

% 

Increase 

L Coral Leisure 6,036 

2. Ladbroke Group - 5^73 

3. J. Smurfit 5,165 

4. Racal Electronics 3,567 

5. Mothercare 2.646 . 

6. Dixons Photo. 2.27S 

7. Dunbee-Combex 2,237 

8. -BTR 2,154 

9. Associated Dairies 2.080 

10- Hanson Trust 1,942 

- Source: Management Today. 


seldom. Its announcement 
yesterday of a 1 for 12 rights 
issue, following one of 1 for 15 
only eight months ago, suggests 
that it has now fallen into line 
with other German banks. They 
tend to inch their capital 
upwards as their balance sheets 
grow.. 

German banks must keep 
their loan portfolios at less than 
18 times their net worth. 
Between April 1977 and April 
1978 Deutsche Bank's balance 
sheet total has increased by one 
fifth with expansion, of its over- 
seas business an important- 
element in tins growth. This 
new issue will increase the 
bank’s net worth by 9.3 per 
cent from its year-end total of 
DM 3.45bn. 

The German stock indices are 
almost back to their high? 'at 
the start of the year and bank 
shares have been performing 
well of late. The new shares 
are being Issued at .DM 200 — a 
discount of one-third on the 
market price. As an unusual 
sweetner they will be entitled 
to thqfiiU dividend for 1978. At 
the issue price -the historic 
dividend yield is 7 per cent for 
German shareholders, enough 
to put the overall ex rights yield 
up from 4.6 to 4.8 per cent 
Foreigners, thanks to the 
German tax structure, get sub- 
stantially less. 


New issues 


Deutsche Bank 

Deutsche Bank has tradi- 
tionally increased its capital in 
big steps taken relatively 


Furness Withy 

The message from Furness 
Withy’s annual meeting is that 
profits will be substantially 
lower in the current year. Even 
so its performance may be 
relatively smooth compared with 
the setbacks likely at Ocean and 



6 % Guaranteed SinkmgFimdlJeLentnres Due 1981 



operation of the Sinking Fond, at the redemption price of 100% of the principal amooattbereaE, 
f ngwift gi-wnh- accrued interest thereon to said date! 


DEBENTURES 03? TLS. £LOOO EACH 


a*. 60 list ssas 3394 4248 -tsis sots eg? vot 

97 1183 2572 3581 4283 483* 0821 6528 THUS 

US 1224 2752 3609 4298 6028 6783 6530 1529 

233 1249 2769 3S12 4323 5047 3802 6643 7532 

382 1478 2762 3627 4342 3048 6860 6S4T 758S 

256 1605 2760 3637 4406 5068 5868 6686 7587 

262 1590 2766 3849 4413 6062 6873 6892 7590 

269 1663 2874 3SS8 4432 5131 8916 6750 7623 

287 1740 2932 3736 -4498 5142 3926 6826 7645 

317 1777 2933 3847 4E0* 5158 6927 6866 7666 

332 178B 2996 3881 4526 3210 3980 6838 7661 

424 2013 3068 3893 4629 6296 5983 7052 76G3 

431 2073 3091 3936 4531 5297 5986 7070 7570 

449 -2032 3199 3341 4337 5350 6004 TOTS 7699 

453 2113 3240. 39S4 -1557 3408 6027 7097 7734 
094 2153 3296 3*H> 4819 5416 6040 7098 7735 

690 2164 3265 3984 4649 543T 604T TIM TOg 

716 223X 3266 3987 4882 544? 8085 7205 7777 

777 3239 3268 4061 4667 B453 6095 

782 2290 3270 4073 4 716 8461 6340 

790 2293 3361 4080 4733 5471 6398 

813 232? 3376 4103 4747 5490 6408 

849 2352 337V 4134 4781 5617 6442 

881 2372 337S 4160 4865 9520 6464 

.884 2459 3383 4180 4 879 5 53 8 64HT 


8340 

8346 

8417 

8460 

8815 

8817 


« 


9358 10085 10399 11908 12339 13360 14315 
9307 10062 11039 11918 12342 13362 14518 
3373 10085 11044 U931 13367 13664 14546 
9438 10093 11051 11932 12390 13663 14664 
3446- 10115 11068 11941 12394 13686 14569 
9454 10152 1111? 11986 12398 13716 14836 
3476 30181 11164 12017 12464 13743 14837. 
9827 10258 3 11 85 12018 12683 13781 14841 


8787 


31005 3491 3390 4151 


6477 



3587 10279 11203 12033 
9898 10282 11225 12040 
3701 10291 11226 12096 
9703 10337 11235 12U6 
3730 10341 11244 1313 1 
9791 30421 31245 12. 
9778 10441 11246 

9793 10554 11231 

SS14 10555 11276 X» 
9825 - 



1 13789 14 
13796 15013 
Z3789 15027 
.. 13876 15049 
19 139BS 15050 
. 24 14005 

32845 14020 
12861 14038 
12866 14038 


11300 1 2177. 12SCS 1407B 
1X457 12328 12920 14083 


9856 10853 11466 12230 32351 14103 
3359 10866 11560 1223X 1313? 


9901 mass 11670 , 

9986 10873 11672 12876 13519 14063 
_ 10006 10874 11721 12290: 13529 14378 

9238 100Q 10835 11804 12301. 13633 34487 
9322 10044 1099? U86S 12303 13534 14804 


On August IS, 1978 the Debentures designated above Trill became doe and payable m such coin 
or currency of the United States of America as at the time «£ payment shall be legal tender for the 


thereof with all coupons appertaining thereto maturing after the redemption date, at die option of 
the holder either (a) at the corporate trust office of Morgan Guaranty Trust Company o£ 
New York, 15 Broad Street, New York, New York 100X5, or (b) a t the. main offices of Morgan 
Guaranty Trust Company of New York in London, Brussels, Paris or Fnmkftnr;. AmsJerdant-Hotfcep- 
dam Bank N.Y. in Amsterdam; Banco. Commercials Iteliana in Milan; or Bahque Internationale 
Luxembourg &A. In Lnxemhoum. Payments at the offices referral to in (b) above. will fee made by 
check drawn on n bank in New York City or by a transfer to a dollar account maintained bythe payee 
with a bank in New York Gty: ■ ' , , . . '• 

Coupons due August 15, 1973 should he detached from the Debentures and presented for payment 

rn ngnii l jnniweE. 

On and after August 15, 1978 interest shall cease to accrue on the Debentures selected fur 
redemption, 

HOHEYWELL INTERJOATIOJIAX* 
EJHAKCE COMPAOT S^. 

Byi MORGAN GUARANTY ^TBIIST COMPANY 
OPZfWTkaXvZhBbMi 

Dated; July 13, 1978 ~ - - ' 


NOTICE . • - 

The Mkwing Debentures previous? called for redemption have not a&y«l»enin»seiitedfe 
DEBENTURES OF TLS. WoOOO each 


1W 3399 3768 39X3 
1741 3Q25 3783 3964 


6325 7420 7438 
7204 7421 7485 


7539 1M37 10967 33421 1C3SL 
9974 10440 32840 14380 .. 


H 








P&O. Furness lagged well 
behind these two during the 
good times, with their heavy 
exposure to the West African 
and Middle East trades, and 
their much - larger investment 
in Overseas Containers. But the 
less glamorous Furness routes 
—like South America or tile 
North Atlantic-rare holding up 
much better in slump- conditions. 

In fact most of this year’s set- 
back will stem from higher 
finance costs, lower profits from 
ship sales and a drop in income 
from the associates. Any short- 
fall from Overseas Containers is 
not likely to be materiaL since 
au increased shareholding will 
give Furness a larger share of 
a smaller cake. But the marine 
drilling associate, which pro- 
duced nearly. £lm last year, is 
having a difficult time. 

Overall profits could fall from 
£20.7m < including £3.4m - from 
ship sales) to, .say, £14m or so. 
That would still leave the divi- 
dend very comfortably covered 
— which is more than can be 
said for. Oceau and, in par- 
ticular, P&O. But when it comes 
to dividend increases Furness 
will, have to weigh the presence 
of potential predators against 
the possibility which it now sees 
of the shipping slump extending 
to the middle of the 1980s. 


.1 r- 


slide 


Twice- now. Robert Fleming 
has dipped Its toe into -the water 
and almost got drowned. Well 
oyer £2o6m was put Up for the 
£2J85m Eure therm offer for sale 
jn May, and yesterday £186m 
was subscribed for the £i.T7m 
Cartiers Superfoods issue. In 
between,. however, Fleming got 
the Hunting Petroleum flota- 
tion just about right' 

Clearly there is a big and 
largely untapped demand for 
the slightly glamorous small 
growth company. Moreover 
there is a large volume o» 
punters’ money floating about, 
and yesterday stags were to be 
seen milling about outside the 
receiving bank before 10 am 
(when the lists opened) to make 
sure the issue was going well 
and was worth applying. for. In 
the new issue game, success 
breeds success, and in current 
conditions the margin, between 
failure and huge oversubscrip- 
tion is a fine one. , 

' Only a steady How of new 
issues could bring baric a degree 
of order and predictability. 
Meantime, the stags are left to 
rue the fact -that Ferranti has 
rejected, : the' possibility of an 
offer for sale. 


asfcer 


Siinpc 


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