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Holland and Sherry 


Showroom: 7/S Warwick St„LondoiflYIA 3AQ. 

Telephone; 01-437 04M 

No. 27,584 Wednesday June 14 1978 






up 2.4 

• TIN reached its Highest .-.'level 
' • " -Soviet police Jiare arrested ' Mr f® 5 * Deceznberim I the UVEE 
■ - ; ^F. ^Jay Crawford, an Alabama “* Uowi Agr the ^Josiue\ of the 
' ■_,■ bBsinessmMv " on smuggling ^PPer Pass smelter In. Tttull 
: , tbargef5 which could bring up to 
^ .ten years in -a labour, camp. The 
7 - ^ ¥S* Embassy said it had lodged 
a complaint.abottt the treatment 

- 0£ 3Ir. Crawford, an : Inter- 
national Harvester .Company 

' ' - “ representative, who "was hauled 
from ids ear at' traffic lights in 
,-i Moscow. 

-- . The -arrest came: hours, after 

. . : -r.'the official newspaper Izvestia. 

■ published spy charges against 
American woman diplomat. 

.hatred- from the country. last 
; ... /July. Last month , two Soviet 
. - .United Nations officials were. 

- detained in the. U-S. on spying 

• charges. - - . . ' . because of an industrial dispute. 

/ " Tc^« ksr "■ '•* " Standard grade cash dosed £110 

- Israel V troops . - np at £6,810 a tonne 

a: ^ ave Lebanon - # EQUITIES records 2.4 

A". Israeli tro^js-. withdrew .from S^ n on theFT ordinary. share 
Soiitherp ' Lebanon and. handed index to 474.6 in spite ef a con- 
' T over, control of the border zone tinning low. level of trade; Cold 
. : to the. local -Christian ■ militias. Mines put on 2.7 to I60i9. 

' But in .the north pf the country 
-. - *45 people, - Including Mr. Tony- • GnLTS fade «* M?th firmament 
JFranjieh, the in? son of former ^certain ahead of :ttie.;May 
" President . Sheiman -Pranjieh," trade figures, and the.‘-wyern- 
died, ui hitter fighting .between ment Securities index -Aclosed 
Falangist and -Right-wing forces. 0.01 down at 70.78. 

BaA' and Page 3 

Lordsdefeat on 

The . "Government suffered 

.• STERLING lost 40 points to 
5X.8340. its trade-weighted Index 
easing to 6L4 (6L5). TWyen 
dosed at Y216.75 agaSast; the 
a dollar after reaching, a ^record 

ICI gives warnin; 

in 18 -month dispute 


Imperial Chemical Industries told union leaders yesterday that it will have 
to start shutting down plants at its most important UK manufacturing site 
which is facing % * its most serious crisis since it started operations.” 

Plant closures at Wilton, Tees- the closure threat seriously, say spread to other downstream 
*!° e 7” , ICI ? biggest petro- the training courses would make plants which use ethylene as 
chemicals site — will start next no difference to the company's their .raw material, such as 
week because of an 18-month chronic shortage of artificers plastics, fibres, detergents and 
«P»te. which stems from high labour anti-freeze. 

ICI has written to $.000 weekly turnover. They claim that the ICI has invested more than 
staff employed at the site saying problem is rooted solely in Id’s £526ru ar the Wilton site which 
that the dispute makes im- inability to compete with other jt started developin'* after the 
possible the commissioning of companies On pay. second world war. ft is one of 

whic ’ 11 our ICI says that it has been losing the fastest growing petro- 
sumvai depends. artificers at an alarming rate. chemicals complexes to western 

ine company is engaged on its jp lus letter to weekly staff, Europe and represent a large 
biggest investment programme Mr. Brian Jenkins, personnel and part of ICFs investment in the 
on the site involving the con- Wilton site coordinating last 30 years, 
struction of plant worth £480ra. director, says: “ Ideally we need The dispute revolves largely 
If the dispute is not resolved 350 instrument artificers to run around the way pay policy has 
quickly, the effects of Wilton the existing plants and another eroded craft differentials in 
plant closures will be felt soon 50 to commission new plants. We related industries where there 
by a wide range of Id's cus- have only 230." are wide discrepancies in wages 

tomers including the chemicals. He says the men are leaving for the same type of worker, 
automotive, plastics processing, ici to work in the construction ICI says it saw the shortage 
construction and textiles Indus- industry in the UK and tbr developing early last year when 
fries. Middle East, on North Sea oil it approached the Amalgamated 

The shutting down of major operations and. to a lesser Union of Engineering Workers 
chemical plants is a complex extent, with other manufae- and the Electrical and Plumbing 
and sometimes difficult opera- turers at home and abroad. Trades-Union to resume conver- 
tion and re-commissioning can Over the years. ICI savs it has sicra training, a practice agreed 
be time-consuming. trained 1,500 people ’for this with the unions in 1951. ‘ The 

The company is faring a grave work. unions refused to co-operate until 

shortage of trained instrument Mr. Jenkins says that the first all artificers, fitters and electri- 
artificers, the men who look after closure next week will be one dans received more money. 
control room instrumentation, of the company's ethylene plants Further talks were held, hut 
The dispute is over a retraining at Wilton. This probably will union officials’ only concession 
programme, to which, the com- close on Monday. has been to allow training of two 

pany says, unions will not agree Ethylene plants are at the Continued on Back Page 
until demands are met for more heart of a petrochemicals com- ■ _ . . . * 

money. plex, When this 200,000-tonnes-a- ICI. strategy attacked 

Union officials, who are taking year plant closes the effect will Page 8 

IV- serious defeat in- the' Lords -last level 'in Tokyo. The - daflar’s 
.night -nn* Scottish.- - devolution deorp/nation rpmninprf’’ an- 

- \ over whether Scottish MPs at 4 n London and - % New 

. Westminster ^ should continue .to York the Comex Jnn^pgie- 
':;yvote -on fiiti ^ affecting England merit price- was- 
. , when: devolution hbcomeelaWj- $183.70. .. 3^/7% 

'-. vThe am&ndmeht.wxiuId holdup A urAtr ctrpft 
? a* third reading of a Bill on ‘Xosel d&i 

••-riEnglish matters for 14 days if . u,> , •* s r i . ,, 

ScQttfah MPs were decisive In #-U.S. Treasmy bill rptes were 
.•.; v seeunog its majority. The Tories threes. &6 IS per cent (6L626) 
•.-acted to get a debate on the and sixes. 7 321/ uer cent 
.. .^ssue,^ ^^prevemed earlier by. the per *** 

."--guillotine, when the . Scotland 1 - 'A* /• 

- -- Bill .returns to the Comptons. • GOVERNOR ef the Bank . of 

- - ' : - - England, Mr. Gcff&on Richardson 

- RUC inquiry speakingf at, a. foreign bankers’ 

-Hotailc ennn meeting - in Berne, has warned 

- ■***®*®®"H against," thfe risks of a rekindling 

-Mr. Mason, the Ulster Sec- of inflation, and urged a *‘ reason- 

. . retary. is expected to announce able 7 ^te of real growth. Back 
the format of a judicial in- Pa«e 

quiry into methods used by the • PRICE COMMISSION is to 
•" Royal Ulster Constabulary " at investigate .(he prices of car 
. Castlereagh interrogation -centre gfkre-^ parts, and- may make long- 
• in the next few. days; Amnesty ifcrm recommendations about 
i International reiterated- that- its prices. Back Page. The Office of 
iovestigators foorid that the RUC Fair Trading is thought to be 
..vm^treated people detained under rcoiisidering a .third attempt to 
■Tgehcy ’ legjriabEbh. . tfuring break ' the - cement companies' 
nl7L ; m v . common pricing agreement ip 

the Restrictive Practices Court 
IS Stolen r Yage 6 
_ !riuldrhrL"M;er? unable- to • ZAIRE, under pressure from 
Airbji ^Assocrated Esaminlpg principal Western creditors, in- 
" di's -Ordinary, level paper in eluding tbe lMF, World Bank and 
*" jjtogy -.yjasterday because the the EEC; has agreed to place its 
*' ■ ^ paper was stolen from public finances under outside 
i/,Lhxid0ji comprehensive supervision as a precondition to 
it ABndverslty ot London the negotiation of a $lbn aid 
jwete also taken but package. Back Page 

ware available in *. BARCLAYS BANK and Bar- 
. claycard customers will pay 

•- . JA'-a « * higher interest rates for their 

ITldY iTG©m • loans following . the announce- 

» haem jailed for corruption in ment that the personal loan rate 
leefion - -with British Steel and the credit card loan rates 
. .^porati cm. contracts, were freed are to b e increased. Page 5 
Sy tte Appcal Court.. Lord Justice * CHRYSLER shop stewards at 
"‘Offray-Lane said that Mr- Eric the Lis wood car plant have re- 
(fite» 69, ana Mr. Robertr Alfred jectcd management proposals to 
66,. were both desperately combat absenteeism and lateness 
.. = -• « - -■ ’ ■ which have 



The Government will put 
forward its pay proposals for 
□ext year after the round of 
trade union conferences has 
ended fa July. Mr. James 
Callaghan told the Commons 
yesterday: “ We Shall wait and 
listen to what the trade union 
conferences have to say.” 

No figures have yet been 
mentioned in the informal 
talks that have been going on 
between Ministers and union 
leaders. But Mr. Callaghan has 
indicated that be would tike 
to reach an understanding with 
the TUC that would keep wage 
settlements well below (his 
year’s 10 per cent level. 

Skirmishing with Mrs. 
Margaret Thatcher, the Con- 
servative leader. In ad vance of 
today's censure debate on Mr. 
Denis Healey, the Prime 

Minister reasserted the Govern- 
ment’s determination 1.0 carry 
through policies that would 
keep inflation down. 

“We intend to follow a 
sound financial policy on all 
these matters," Mr. Callaghan 

Liberals and Scottish 
1 Nation 1 1 st MPs meet today" to 
decide their tactics in tonight’s 
Commons vote on a Tory 
motion to cut the Chancellor’s 
salary by half. 

The Liberals are expected to 
abstain though Mr. David Steel 
may find, it difficult to persuade 
one or (wo of bis MPs into line. 
A full Labour muster, with 
Liberal abstentions, would give 
the Govenment a majority of 
four over the other Opposition 

Parliament. Page 8 




































Surcharge ‘will 
not hit prices’ 

aQi 'V-- 




. #. THORN group ias agreed with 

• v - -Japan Victor to sell 20,000 of 

, - ■ : .: its video tape recorders a year 

IhUdr^ivaceoiapajiied by atfiilts. pu the U.K. market Back Pagej 
travel ^ LEYLAND chair-; 

- - j>^^daYtrajn^fim-, m -an, Mr. Mirijael Edwardes has. 


levels. Back Page 
• OCCIDENTAL OIL ha$ made 
;rugby player- John a counter-bid for Husky Oil of 
BUHhgbin^. was. giveaa a nine* Calgary, against a bid by 
mcmth.'snSpended prisan.sentence -Canadian interests represented; 
at Newport .Crown . Cotfrt .for, by • the Canadian national oil' 
-inflicting; -grievous hi>di!y .harm company, Petro<Ianada. Page 26 
by breaMng ati opponent^ J ai ^'.Aeuniuirc 
during, a match. . UUnrAnlho 

Guardsman W bucked off his - • GEI INTERNATIONAL made 
horse while'. escorting the Queen. a- 3 per cent jump in pre-m 
and .President Ceaiieescu -of profit for the year to March 31 
‘Romania:' WorW Trade' News, on turnover , up 26 per cent to 
^UgPage \ . : . J.: : . .- ; •* £50.48m.i Page 23 



. (Pr&eh bt^peoce unless otherwise News IntnL . - 2J? J- f - 

^ Pearson (SO — SO + a-; 

PIDdagton ............ 4gi + J 

Property Partnerships 22a + J. . 
Reed IntnL \ 

Stylo Shoes + 5 * ' 


^bright nnd Wilson 172 + 25 
.i-Newfipapers. ... 16S + 7 
i. . Paper 631 •+ ;4i 

jey Hambro 4... U5 + 6 

- :pit A .-—.Ha + 4 

Ojufthbnry EsfcJ. ... 20S + 12 

■Goxnetcroit . . • 71- 4- 3 

- A ; 29S-.+. ;iff 

AV.-.--— 2W-+ ® 
less (A)h 276 +-4 

(Matthew)- l 

ifisywood Wliams ... + 5 ■ 

;2hvest. Trust Corp. -t-SE + 23 
.Johnson: Cleaners . ..." **. + 5 
•K 'Shoes- J1 -+ 4- 


Vickers - 

45| + ?! 

+ 5 

Anglo-American' Crp. 332 + W 
Anglo Utd. Devs. ... 203 + 17 

Charter Cons. 

-De Beers DftL , 

JHarinony — • 


Northgate >.: 

Sabina Inds. 

Heron. Motor ; 

Johnson Matthey 

150 + 7 
366 + S 
332 + 13 

Lindsay ar 1 ** Williams 49 . + 3 -Johnson Matthey — 
Lmflsay ana MeNe fH Group 

S»d^T:::::” 365.+ '5 • PrfiMtttwiqr 

16C - 8; 

Post Office pension 



• • \ . 

THE Post*?Office pension' fund is acquire a major portfolio of rather more than the net asset 
to take rover one of the leading shares without the problems of value of the trust instead , of 
investment - trust groups in a making a contested bid. cash, and thus to enjoy the bene- 

major. three-way deal which will The scheme WQrked out bv fits of a capital gains tax roH- 

pn^ide Barclays Baztit merchant bankers' Samuel 0V ?.L re ! 6 L, 1B „ mwit „ 

SrfS. ' 0 ' 50me 01 ne ' V SS'iffi "mrtlSftS ftps re ^ ed ™ ?««<* mrtlt 

-Snier. tie surprise deal an- OV o"d the kind of hattlj™hich f„ ar g^ STllilffiS 
nounced yesterday, Barclays will followed recent bids by the r ?«| B t0 d 

offer, its own shares, worth about National Coal Board and rail- W1U1 3 §ajn 01 Jp at d3 °P* 

f 2.6m at market value, to buy n Invesiment Trust Corporation 

e-investment Trust Corpora- iw*nc p-in, oa shares, which announced a bid 

tiOn, The offer values the trust » « t 1*. 2 approach at the end of last 

shares at nearly 295p each, with ijacx rage month, jumped by 23p to 27Sp. 

a'iash. alternative of 264p. The bid involves Barclays 

The T bank has already agreed ways pension funds for major offering S8 of its own ordinary 

that, if the bid gofes through, it trusts. stock units or £264 in cash for 

will -then . sell the investment i t a uows Barclays to raise a ever y ltW) the 1TC 25p shares, 

company to the Post Office staff large slice of new capital'- at a T be bank is also to offer lOOp in 

superannuation fund for £S5m substantially lower discount from casb for eaeh °f tke investment 
cash; which it will use to support the market price of its shares trust's 3.15 per cent cumulative 
further expansion of its own than would be possible In a preference shafes. 

-business. rights issue. The cash offer is being under- 

Themove is tbe latest in the At the same time, the bank will written by Cazenove and Pern her 

recent round of acquisitions of he able to raise its dividend by aD d Boyle at a price of 300p for 

investment trusts by big invest- a planned 20 per cent for the eaL ' h of ^ Barclays shares 
fng: Institutions. It offers the current year. Mr. Deryk Vander Weyer 

Post’ Office pension fund, which The deal also offers the share- vice-chairman of Barclays, said 
Is. reckoned to have £Im a day holders in the investment trust yesterday that the bank was not 
tp- Invest, the opportunity to the chance to take shares worth Continued, on Back Page 


MR. DENIS HEALEY, Chancellor steadilv since la*;t September 
of the Exchequer, denied yester- and private manufacturing in- 
day that increased National vestment rose 13 per cent in 
Insurance charges on employers volume last year, faster than in 
would have any significant effect mast competitor countries, 
on jobs, investment, or trade. Mr> Hea i ey ^zued that the 
Faced with a censure motion in effect on jobs of the National 
the Commons today after last Insurance surcharge would be 
week's announcement of an extra offset bv the extra tax reliefs 
per cent surcharge on em- which forced him to introduce 
ployers. Mr. Healey also claimed it 

that the move would scarcely There was n 0 disguising that 
affect prices at all this year, and the Government would be rejy- 
would raise them by only 5 per jng heavily on trade union 
cent by the end of next year. co-operation in the management 
Mr. Healey was speaking at the 0 f t h e economy after July 
annual conference of the S o far. Mr. Healey seemed 
National and Local .Government well-satisfied with such a policy. 
Officers Association, in Brighton, which, he suggested, had been 
He emphasised the need for tried and tested since 1 07° when 
shared responsibility with trade 

heal^ S v Sfter e the S e?d of ^PhSe sp . Ht the P° Iitical and industrial 

SfSSSr * 

,-u„ Confederation of British Indus- 

suppoAVSs S , be public ‘SeS'fe SS = “ s 

SSSrtS»5“te“ B ff - TS at >r M “ pJT3«lrS 

public expenditure spelt a loss tfmnfliwnu 1 • r,S t>, abo “ r 

of iobs for nublic emolovees 100 - 000 following the increase ip. 

Si»i^«iflT te -SSS35 i t ?Si P Natol ln - 

and immediate." surance surcharge. 

If the opposition had its way c * er3 ci ? t n also pointed 

on increasing VAT to pay for ? ut . . * recently as April 11 

the extra tax cuts it had forced i n ,, s t, bl i dset ‘W? 1, i be c , b u n ‘ 
him to accept in his latest ^ e!1 ° r had apparently turned his 
budget, “ prices would have risen b ^^ 0D 30 mwea>e ,n sur- 
ra ore this very month than in . .. Ir , 

one and a half years under the . that time Mr. Healey said: 
surcharge." ‘I have been asked to consider 

“Tbe surcharge in itself will. an increase in the National In- 
of course, reduce company surance surcharge. The share of 
liquidity in the short run. employer social security con- 
. “ Bui the latest Government tributions and payroll taxes in 
survey of the 200 largest com- total revenue is a good deal 
pinies shows that their liquidity lower in Britain than in most 
increased by well over £lbn in other countries of the European 
tbe six months before the Community. 

Budget, m spite of the 2 per "But I do not believe it would 
cent National Insurance sur- be right to increase it so soon 
charge which we introduced in after it has been introduced and 
April. •1977, to exactly the same at a time when unemployment 
dire warnings of disaster we are is our major problem- 
getting now." “It would increase industrial 

Since the surcharge was first costs at a time when it is esseo- 
started 15 months ago. inflation tiai to improve our competitive- 
bad fallen by more than half, ness and it would ultimately be 
while the barance of payments largely passed on in higher prices 
had been better by £700m. at a time when tbe fight against 
Unemployment had fallen inflation is at a crucial stage." 

$ slips 
the yen 


THE DOLLAR slumped to new 
low levels against the Japanese 
yen yesterday, but improved 
against other leading currencies 
in European exchange markets. 

The pressure followed heavy 
selling of ibe dollar on the Tok?ii 
exchange market, where at one 
point it dropped to Y21&2. The 
decline was reflected in London 
dealings where the dollar ended 
at Y216.75 against Y217.7 on the 
previous day. 

The fall took the U.S. currency 
below the previous low point 
reached early in April, and 
means that the yen has now risen 
by over 40 per cent from its 
Smithsonian parity of 308 to the 
dollar and by over 25 per cent 
in the past year. 

The dollar was helped in Euro- 
pean markets, however, by a 
statement in Zurich by Mr. G. 
William Milier. the chairman of 
the Federal Reserve Board. 

He affirmed tbe commitment of 
the U.S. to maintaining a sound 
and stable dollar, and argued 
that the exchange markets should 
take a nositive view uf tbe pros- 
pects of a declining trend in U.S. 
inflation and the current account 
deficit by the end of this year. 

Charles Smith writes from 
Tokyo: The rise in the yen is 
takeD to reflect continuing con- 
cern about the U.S. payments 
deficit and Japan's surplus. 

It has also occurred against a 
background of widespread 
speculation that the exchange 
rate could reach Yen 200 to the 
dollar in the not tco distant 
future, without seriously strain- 
ing Japan’s capacity to compete 
in world markets. 

The Mitsubishi Research 
Institute forecast Japan's visible 
trade surplus for the current 
fiscal year at S22.27bn (up on 
last year's level of S20.42bnl. 

This was linked to a projection 
of relatively small growth for 
the economy itself— by 5.2 per 
cent during the year, as against 
the Government target of 7 per 

• In \pw 




3l->r J 

Sl.033O.63ao i 


1 ni«jctb , 

0.&S.0.74 .li« ; 


3 iiniDlh» j 

].?2-].74 .li» 

II* month* I 

5.70-5.50 .U« 1 


Building society receipts drop 


1 /' 

BUILDING society receipts in than a third of the monthly net reflecting the- very high commit- 
May fell - to their lowest point inflow which was being achieved meats taken on during the first 
iqir more than a year as withr towards the end 0! 1977. The quarter of 1978 before lending 
drawals reached record levels. June total will be even lower, restrictions were imposed. 

•iiaii'B societies' experiences re- Yesterday’s figures show that Building societies also 
fleet Government figures pub- societies remain committed promised Co lend another £730m 
lished yesterday which -pointed t0 a mortgage lending pro- to borrowers in May, a figure 
to a sharp rise in consumer gramme, despite the rapid fall- which includes £113m for loans 
.-spending and esplain last week’s off in the inflow of new money, not connected with house pur- 
dedslon by the movement to aDd “f 4 *p ans we being sub- chase and not covered by Iend- 
'tricrease interest Tates for the stantfally financed from liquid ing restrictions. Before the 
first time is almost two vears. » , , . . . . . Government- called for a brake 

--jNorrvac fv, ' tha . Last weeks decision to raise on lending, total commitments 

. fro - k! the . ,L D ? interest rates should, however, were rising sharply and had 
iJHJSjf ^waation show that improve the level of net receipts reached £$0Tm hyMarch. 

SSL ta dHrt^? b lWaS firo ? n v J - UJy 0DWards - something Under the agreement to phase 
SSit wtuch is ev e“ important ont lending controls, introduced 

■-SS2?- ■ Si,bn m ™ e pre o ^ now the Government in because of Ministerial concern 

- allowing the temporary restrio- over rising house prices, societies 

^Withdrawals for the first time tions on mortgage lending to be will, in the third quarter, be 
[.topped £1 bn in a month, leaving phased out raising commitments for normal 

net receipts of only £212m. The Mortgage advances in May loans from the present monthly 
figure .was the lowest since totalled £7S4ra. tbe second average of around £6l0m tD 
.March 1977, and is little more highest monthly figure on record, £640m. 


Choose your bank 
by the company 
it keeps. 

.-European news 2 

rAatoriean news ..... 4 

Overseas news .......... 3 

World' trade news 4 

Home news-general ...... 5-fi 

< —labour 8 

V-' —Parliament ... 8 

Technical page 9 

Management page IX 

Arts page 19 

Leader page 20 

UK. Companies 22-25 

Mining 24 

Inti. Companies 2B-2S 

Euromarkets 7. 26-27 

Money and Exchanges 39 

World majeftets..: 34 

Farming, taw. materials ... 35 

UK. stock market 36 

Jfflero^rompnteiy: A threat 
. to jobs? 20 

Brazil; Headache after the 
\ miracle 21 

Restoring confidence in 
-auditing i 11 


Fishing equipment: 

Tackling the Orient 12 

French steel appeals for a 
second rescue 2 

Prospects at Philips: A host 
of' variables 27 

South African investment: 
Freedom- for institutions 28 

Energy for Industry 12-18 

Loral An thy.- finance 31-33 

116 +6 - 

AnMlnuntDls — 

. 36 

Letters - 


To-day's Evenu ... 



Bids. Sac. Rales ... 


Lex ,L..- — 


TV ana Radio ... 


60 + 6 



Lombanf „ — . N 


Unit Trusts 


EntcrtafanMiK Gatibt 


Ned ami Natters ... 


Wea«»r — 



£wopcan Opts 

‘ 34 

- 10 


FT-AettwHes Indices 





42S - r - 

Cantmlna — 


Stare infemnlon .„ 


Excfwq. Sift. UBC ... 


B'WJ'WII . 5 

J- Compton Sons ... 24 

F«w An Dcvpl ... 25 

(Mttttr Scotblalr ... 24 

Cap. Hdff. 24 

Orton Insurance — . . 25 

“Sse Lemllafl 34 

Fdr latest Share Index "phone 01-24 5 8026 

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deal with Sanwa Bank. 

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Financial Times Wednesday June 14 1978 


OECD Ministers 

lay ground for 
summit in Bonn 

Nine urged 
to act 

Free Democrats plan Hesse poll strategy 



BONN, June 13. 

over arms 


PARIS, June 13. 

TFTE FOREIGN and Finance 
Ministers of the 24-nation OECD 
will gather here tomorrow for 
their two-day annual meeting, 
which, it is hoped, will iay the 
groundwork for an agreement on 
a concerted growth strategy at 
the Western summit in Bonn 
next month. 

Though high officials from the 
member countries failed to 
agree at the end of last month 
on detailed proposals specifying 
the amount of stimulus to 
domestic demand required in 
six leading Western economies, 
the principle of differentiated 
action has been generally 

Thus, it is widely accepted 
that the stronger economies, 
such as West Germany and 
Japan, would have to give a 
bigger stimulus to their 
economies than the so-called 
“ convalescent “ countries, like 
the UK, France and Italy, in 
order to achieve the OECD’s new 
growth target of 4.5 per cent by 
the middle of next year. 

So far, the West Germans and 
Japanese have rejected any 
attempt to impose precise tar- 
gets on them and the Bonn 
Government, in particular, has 
given no indication if and when 
it is prepared to adopt expan- 
sionary measures. 

The general assumption here i« 
that the West Germans do not 
want to give anything away in 
advance of the Bonn summit, 
hut the OECD secretariat, 
nevertheless, believes that this 
week's ministerial meeting will 
bring some clarification of their 

The need for joint action by 
the Western economies has been 
underlined by the Secretariat’s 
latest pessimistic forecasts, 
which foresee that the area as a 
whole will grow by no more than 
3.5 per cent at the most in I9T8. 

The low growth rate will 
inevitably lead to a further 
increase in unemployment, which 
is expected to rise by 500,000 to 
17.5m. in the area this year. Nor, 
with very few exceptions, such 
as the UK, has any progress been 
made towards a better adjust- 
ment of the member countries' 
balances of payments. 

According to the Secretariat's 
latest predictions, the US. cur- 
rent account deficit is expected 
to grow by $6bn to $24bn in 
1978, a figure admittedly dis- 
puted by the US Administration, 
while Japan's surplus will rise 
from Sllbn in 1977 to S15bn this 
year, and West Germany’s from 
S3.5bn to S5bn. 

It is only in their fight against 
inflation that the industrialised 
countries have made any real 
headway, and the average rate 
for the area is expected this year 
to come down to between 7 and 
8 per cent. 

Not all the emphasis at the 
meeting will be on co-ordinated 
demand management policies, 
however. The Secretariat's ex- 
perts are convinced that, if the: 
concerted growth strategy is to 
work, governments must refrain 1 
from feather-bedding inefficient 
industries through subsidies and 
the artificial creation or protec- 
tion of jobs in uncompetitive 

West Germany is particularly 
keen that the Ministers should 
adopt an undertaking to apply 1 
the “positive adjustment | 
policies" proposed by the Secre-j 
tariaL as a quid pro quo for any I 
expansionary action it might 
take. But Britain is understood 
to be opposed to the whole idea, 
nor only because it is too vaguely 
formulated, but because it 
restricts the Government's free- 
dom to adopt measures to bold 
down unemployment and to help 
industries in trouble. 

By Richard Evans 

MUCH GREATER collaboration 
on the production of armaments 
among the countries of the 
European Community was urged 
by Mr. Geoffrey Rippon. leader 
of the Conservative group, here 
yesterday, in order to prevent 
Europe from becoming 
dominated technologically by the 
United States. 

He argued in favour of a 
report advocating a Community 
action programme for the 
development and production of 
conventional weapons, so that 
designs could be standardised 
over a wide range. 

This would give the benefit of 
large-scale production which the 
Americans and Russians already 
possessed, and would allow 
Europe to develop its own tech- 
nology. which was now in 
danger of being swamped. 

Viscount Etienne Davlgnon, 
Commissioner for Industrial 
Affairs, gave a non-committal 
response to demands for 
changes in the Community's 
defence policy, partly because 
of bis determination to avoid 
offending national susceptibili- 
ties. He stressed that separate 
states retained their sovereignty 
over national defence policies. 

The Parliament will vote today 
on the resolution calling on the 
Commission to submit a pro- 
gramme for the development of 
conventional armaments within 
the common industrial policy. 

Mr. Rippon argued that oppo- 
sition to a programme of greater 
collaboration would he a vote 
for the future serfdom of Europe, 
but a vote in favour would 
demonstrate an understanding 
that military and economic 
security went hand in hand, and 
that arms production was an im- 
portant means of fighting unem- 
ployment and increasing growth. 

At present, wealth reserves 
were being wasted on a colossal 
scale as the countries of the 
Community duplicated each 
other's efforts. 

BADLY-SHAKEN by recent elec- 
toral setbacks, the West German 
Free Democratic Party <FDP) is 
facing a provincial congress next 
weekend whose outcome will 
have important repercussions 

The FDP in Hesse is meeting 
to plan strategy for its campaign 
for the crucial stale election on 
October 8. If it adopts the wroag 
course it. is likely to be forced 
out of the state parliament in 
October, the position of the rut* 
leader. Herr Hans Dietrich 
Genscher. will he endangered, 
and the legislative process m the 

federal capital, Bonn, may grind 
to a halt 

Herr Genscher has brought 
massive pressure to bear on the 
Hesse party to come out firmly 
in favour oF continuing its coali- 
tion with the local Social Demo- 
crat Party (SPD). But some in- 
fluential party members are 
tempted by a coalition offer 
from the opposition Christian 
Democrats (CDU) and still 
others want to leave the whole 
matter open. 

Herr Genscher fears that any 
move against a renewed SPD- 
FDP alliance at this stage would 
estrange voters and reduce FDP 

support below the 5 per cent 

needed for representation in 
Parliament. At the last Hesse 
elections the FDP - gained only 
7.4 per cent, the SPD 43-2 per 
cent and the CDU 47.3 per cent 
The FDP has just been driven 
out of local parliaments In elec- 
tions In Lower Saxony and Ham- 
burg. It has interpreted its own 
failure there as due to an in- 
ability to put its own liberal 
message across clearly enough, 
combined with the rise oF new 
so-called “green parties M - of 
environmentalists which have 
stolen support away from the 
main political groups. 

Now there Is the real threat 
of another party urging eariy tax 
reform allying itself to environ- 
mentalists for the Hesse election: 
An FDP without a clear Identifi- 
cation in the eyes of the voters 
would be the main loser. 

If the FDP vanished from the 
Hesse parliament and the CDU 
cam e to power there, then life 
for the SPD-FDP coalition in 
Bonn under Chancellor Helmut 
Schmidt would become desper- 
ately hard. 

This is because with' a Hesse 
victory the CDU and Ms Bavarian 
ally, the Christian Social Union 

(CSU), would together have a 
two- thirds majority in the Bun- 
desrat, the federal upper house 
which groups representatives 
of the states. That would enable 
the CDU-CSU to block all 
Government- Initiated legislation 
if it wished. 

Even if the FDP eoraes out in 
favour of a further alliance with 
the SPD in Hesse, it wUl still 
have an uphill struggle to gain 
a clear profile before the elec- 
torate on Issues such as tax. 
environmental policy and the 
economy. Most observers feel its 
survival as a parliamentary force 
in Hesse will he touch and gu. 

Holland’s Agreement on new motorway to 


worse than 

connect Hamburg and W. Berlin 





BERLIN. Jane 13. 

Austria payments balance 
shows sharp improvement 

EEC is ‘getting 
to grips’ with 
farm problems 

By Charles Batchelor 

AMSTERDAM, June -13. 
In 1978 will be higher thau was 
originally forecast. Dir. Frans 
Andriessen, the Finance 
Minister, has report ed- The 
Government’s financing re- 
quirement will be FI l3.6bn 
(gfi.Ibn) — FI lbn more than 
forecast In the Budget pro- 
posals announced last Septem- 

This means the deficit will 
be even more than ibe 5* per 
cent of national income 
expected. The Government’s 
long-term target is to bring it 
down to 4 per cent 

Part of the difficulty is that 
the previous government, 
which drew np the 1978 
Budget, took account in its 
calculations of plans to reduce 
expenditure which have not 
yet been implemented. This 
has meant that the new Govern- 
ment has bad less room to 
introduce new policies within 
the limits set by the Budget 
The planned reductions were 
in the areas of personae] costs, 
social security provisions for 
civil servants and famfly 

EAST AND West Germany have 
agreed to the construction of a 
new autobahn link between West 
Berlin and West Germany, the 
first to be built since 1945. 

The road will connect West 
Berlin and Hamburg, and it is 
estimated will cost DMlbn. East 
Germany until now has taken the 
position that it does not need 
the road and that therefore the 
West Germans should pay for the 
entire project 

The decision to open up 
negotiations on the details of the 
motorway to West Berlin was 
taken at a meeting between East 
Germany's Communist Party 
leader and President Erich 
Honecker, and the West German 
Permanent Representative in 
East Berlin. Herr Gunter Gaus. 

' Although there are three auto- 

bahn links between West Berlin 
and West Germany and one 
secondary road, all date from 
before, the last war. the new 
autobahn would provide the 
quickest trip between West 
Berlin and West Germany’s 
largest city, Hamburg. 

Now the journey is a tortuous 
4i hours on a rutted East German 
transit road that snakes through 
villages and towns to the West 
German border. 

The shortest autobahn link 
between West Berlin and West 
Germany is the 110-mile stretch 
to Helmstedt Work is now near- 
ing completion on the renewal of 
Helmstedt-Bertin autobahn, which 
is costing West Germany 

DM4 DOm. 

Herr Gaus said after his meet- 
ing with the East German leader 
that both Herr Honecker and 

Chancellor Helmut. . .Schmidt 
would like to confer in person 
but that they first want the 
- climate " of their relations to 
improve. .... 

The three Western . allies in 
Berlin have raised objections to 
any visit by Chancellor, Schmidt 
to East Berlin, noting that it 
would marie a final acceptance by 
West Germany of East Berlin’s 
incorporation into East Germany. 

Reuter adds front Flensbttrg, 
West Germany: The last .stretch 
of north-south European -motor- 
way linking the Mediterranean 
and the Baltic was officially 
opened here today by Queen 
Margrethe of Denmark and West 
Germany’s President Walter 
Scheel. Motorists can now drive 
1,250 miles from Sicily to Apen- 
rade in Jutland on an unbroken 

loan move 

By jimmy Bums 

LISBON, jane 13. 

THE Assembly of the Republic, 
Portugal’s . Parliament, has 
given Its formal blessing to 
the Government’s latest 
attempts in- raise foreign loans 
on the Euromarket. 

The ' governmental alliance 
of Socialists and Christian 
Democrats (CDS) secured a 
majority vote last night far- a 
decree law which will allow 
Portugal to berrow »P to 
5500m between now and lbe 
mid of this year. Of this 
9150m has already been 
negotiated with a group 
. of - international . banks 
co-managed by Westdeutsche 
. T^wdfahawfc. . and ■ Commerz- 
bank. ... • 

Ships may be monitored from January 



VIENNA. June 13. 

THE AUSTRIAN balance of 
payments showed a striking 
improvement in January-April. 
with the deficit on current 
account falling by Sch 6.1bn 
(£217m> to Sch 7.3bn, compared 
to the same period last year. 

The so-called basic balance of 
payments was in balance, as 
against a Sch llJ.bri shortfall in 
the same period last year. 

Excluding the end-ofyear 
swap transactions between the 
Central Bank and the credit 
institutes. official foreign 
exchange reserves on a season- 

ally-adjusted basis were up by 
Scb 7.2hn. 

The improvement was due to 
a 13.5 per cent fall in the 
visible trade deficit to 
Sell IS.6bn. Surplus on ser- 
vices account was up by 
Sch 2.Sbn to Sch 10-lbn, 
with foreign exchange intake 
from tourism up by 14.7 per 
cent to Sch 17.7bn, and expendi- 
ture.? by Austrians abroad by 
7.6 per cent to Sch 7.2bn. 

Thus the net intake from 
tourism was up from Sch 8.7bn 
in January-April 1977 to 

Sch lOJbn .during the same 
period this year. 

Austrian bankers are increas- 
ingly unhappy about the restric- 
tions, on their credit operations 

Dr. Helmut Klauhs. director 
general and chairman of the 
Board of Genossenschaftliche 
Zentralbank. the central insti- 
tute of the Austrian farmers’ 
co-operative, said that the 7 per 
cent limit placed on expansion 
of foreign business this year 
has had an adverse impact not 
only on the bank# as such, but 
also on their contacts with the 
international banking ' com- 
munity. . 

The restrictions came into 
force at the end of January this 
year following an almost 40 per 
cent expansion in the growth of 
foreign assets held by Austrian 
banks in 1977. 

In the opinion of Dr Klauhs, 
however, the time has come to 
ease them and to increase the 
permissible growth rate in 
foreign assets to 20 per cent 
taking as before the expected 
repayments this year as a base. 

Greek-Soviet links grow 


ATHENS. June 13. 

Greek Foreign Minister, is to 
pay an official visit to the Soviet 
Union early in September. 

The visit, probably between 
September 2 and 6. will be the 
first by a Greek Foreign Minister 
since the Second World War and 
will climax a series of overtures 
made by the Soviet Union to 
Greece in recent months. 

While in Moscow. Mr. Rallis 
wili sign consular and cultural 
agreements. Under the consular 
agreement, a Greek consulate 
will be opened in Odessa and a 
Soviet one in Salonica. 

Mr. Rallis will have talks with 
bis Soviet counterpart, Mr. 
Andrei Gromyko, and high-rank- 

ing officials of the Soviet Foreign 
Ministry on bilateral matters, as 
well as international issues. Mr. 
Gromyko is expected to return 
the visit 

A government official to-day 
denied Greek Press reports 
which claimed Greece bad 
accepted a Soviet proposal to 
sign a friendship and co-opera- 
tion agreement based on the 
principles of the Helsinki de- 

He said a joint communique 
win be issued at the end of Mr. 
Rallis' visit which may also 
touch on political aspects regard- 
ing the policies of the two 
countries on various bilateral 
and international issues. 

By Our Own Correspondent 

THE RECENT Common Market 
agreement limiting agricultural 
| price rises to an average of 2 per 
cent was a clear sign that the 
Community was gptting to grips 
with the problem of market 
imbalance, according to Mr. 
Finn Olav Gundelach, Commis- 
sioner for Agriculture and 
| Fisheries. 

He told the European Parlia- 
ment here that at a difficult time 
for the economies of the Nine, 
when inflation was combined with 
recession, a clear signal had been 
sent to fanners that they were 
producing more than consumers 
conld buy. 

Such a small price rise clearly 
{indicated agriculture’s contribu- 
tion to anti-inflationary policy 
and in real terms agriculture 
prices would decrease this year 
nearly everywhere in the Com- 

Mr. Gundelach argued that in 
two respects the price fixing had 
marked a considerable step 
forward — the Community had 
pushed ahead with moderate 
farm price policy that offered a 
better chance of bringing mar- 
kets into balance; and it had 
also adopted a package of de- 
velopment measures for .the less. 
weil off regions. 

“We must now aim to con- 
solidate and to push ahead on 
both fronts,’’ he declared. 

Two things were clear from 
the negotiations. The search for 
an automatic system for the 
phasing out of monetary compen- 
satory amounts (MCAs) bad 
failed and the Community must 
try to confine decisions on green 
rate changes to the annuai price 

He argued that if this was not I 
done, the fixing of common prices { 
would be preempted by national I 
decisions as bad almost happened i 
this year. { 

The calculation of MCAs bad) 
also proved difficult this year 
principally in the pig meat j 
sector and the Commissioner' 
thought it would be necessary 
to reduce the level of price sup-; 
port in this category. 

Spending has been held back 
as much as possible so as not 
to undermine the Impact of 
the major programme of spend- 
ing cuts which the Govern- 
ment hopes to .announce later 
this week. Mr. Andriessen said 
in a note to Parliament The 
proposed cuts, which are 
expected to reduce spending by 
aronnd FI lObn over three 
years will take . eScct from 

The higher than expected 
deficit has prompted the 
Finance Minister to cut overall 
departmental spending by 
FI 200m ($90m). Both revenue 
and spending are bigher under 
the latest forecast bat spend- 
ing has risen more quickly. 
Spending is now estimated at 
FI 97.8bn and revenues at 
Fl 8L4bn. The Budget deficit 
of Fl 13.4hn produces a fund- 
ing requirement of Fl 13.6bn. 

COUNTRIES operating flags of 
convenience will be monitored 
from January 1 next year if this 
week's draft declaration from 
EEC Transport Ministers is 
implemented, as expected by 
November, Mr. Stanley Clinton 
Davis, Trade Under-Secretary, 
said in London yesterday. 

The provision for monitoring 
cargoes and flag carriers was in- 
cluded in tbe general statement 
from Brussels on action to 
counter the growing domination 
of world shipping by “ state trad- 
ing countries.” Britain bad called 
for specific action against the 
Eastern bloc, and the Soviet 
Union in particular. This was 
turned down after protests from 

Mr. Clinton Davis said he was 
moderately well satisfied with 
the outcome, which had gone 
further than the Government ex- 
pected. He regarded it as the 
first of a number of steps the 
EEC would take to counter the 
Soviet threat of under-cutting 
Western shippers' prices and ex- 
panding Soviet fleets. 

Sanctions to be considered by 
EEC Transport Ministers include 
the licensing of ship liner ser- 
vices, tax on freight rates, and 

cargo quotas based on volume 
and value of trade. 

Mr. Clinton Davis said that a 
decision on EEC ratification of 
the United Nations code on liner 
conferences would have, ta be 
taken at the November meeting 
of EEC Transport Ministers, 
Agreement could have been 
reached this week, but Britain 
still refused to agree' with the 
provisions of the code. Britain 

had disagreed with the code when 1 
it was first proposed in 197%. v 
Mr. Clinton Davis said EEC 
liner trade would have to be ex- 
cluded for the. code to -be' 
accepted in its present : form. 
Britain wanted a code which had 
little impact on trade between 
tbe members of the Community 
hut which would ■ assist the 
developing nations gain a greater 
share of world trade. 

The . remaining: amount -is 
expected to' he released as a 
jumbo loan by a consortium ; of 
leading TJ-S. banks ns a result 
of . recent talks in New York 
with Dr. Yitor Consfetndo, the 
./Portuguese ” Minister • of 

Finance, and . representatives 
nf ImiUm PartnnuHte' hanks. 

of leading Portuguese banks. 

The latest borrowing Is in 
addition to ihe OEClW*acked 
•„ multilateral farihly of $750tn 
-already' made available- «o. a 


result of the agreement 
the International 'MoqetaTy 

Fond : (IMF).- The aevrhfifr- 
rowing , will' be; ( used Joy. iw 
government to restrueturetheV 
country's short-term debt of \ 
$2.4bu, amf to finance Portn- 
gaTs balance of payments ' 

deficit of $L5bn. - 
• Lisbon's usually joytus 
annua] 'holiday in - comment ora - 
Hon of SL Anthony, was over- 
shadowed today by a 'solemn 
procession through the capital 
at the funeral of .an. l&year- 
old student killed in a demon- 
stration here last Saturday. 

Over 3,009 people walked -. 
silently with raised clenched 

Renault strike mediator 

A VERSAILLES Court is send- 
ing a mediator to the Renault 
factory at Flins this- afternoon, to 
examine ways of opening 
negotiations to resolve the dis- 
pute there, a spokesman for 
Renault said. 

The mediator has been 
instructed to look into the causes 
and development of the dispute 
at Flics and to suggest ways of 
bringing unions ahd manage- 
ment together. He must submit 
his report by Thursday. 

Over 200 workers are still 
occupying the press shops at 

PARIS, June. 13. 
Flins but the rest of tbe factory 
is working normally, the Renault 
spokesman said. . , .. 

At Renault’s Cleon plant, which 
resumed work yesterday after a 
nine-day occupation and shut- 
down, about 15 per cent of the 
workforce Is still on strike but 
again the rest of the factory was 
working normally, the. .Renault 
spokesman said.. - - 

The CGT and 'CFDT unions 
have called for strikes of at least 
two hours today in all 11 Renault 
factories in France. 


• Portuguese Prime Minister 
Mario Soares on a visit to Bonn 
said yesterday Ids country 
would open formal negotiations 
before the end ef thls year on 
adnOsion to the European Com- 
mon Market, Reuter reports 
from Bonn. 

China visit underlines role of Spanish King ^y da < Iikens 


MADRID, June 13- 

leave tomorrow on a five-day 
official visit to China, the first 
’ever by a Western monarch to 
the People's Republic. This is 
also the first time that a Spanish 
monarch has visited a Com- 
munist country. 

Spain established diplomatic 
relations with China in March, 
1973, three years prior to open- 
ing official ties with the Soviet 

Although there already exists 
this earlier contact with the 
Chinese, the choice uf Peking as 
tbe first Communist capital to 
be visited by King Juan Carlos 
is believed to be significant. His 
presence in Peking" is expected 
to underline the concern shared 
by Spain with other Western 
countries over the worldwide 
role of the Soviet Union. 

The Chinese for their part are 
expected to use the opportunity 
to support Spanish entry into 
the European Community and to 
emphasise their thesis that a 

strong Europe is essential to 
face up to growing Soviet 

In this respect they are said 
to be interested in Spain’s atti- 
tude towards joining NATO. 
The Spanish Government has 
supported the idea of NATO 
membership, but ‘within the 
armed forces the benefits of 
joining the Atlantic alliance are 
viewed more critically and 

The King will be accompanied 
hy Queen Sofia. But despite the 
official nature of the visit both 
sides have chosen to give it a 
political significance. The King 
will be accompanied also by Sr. 
Marcelino Oreja, the Foreign 
Minister, and a senior Under- 
secretary from the Commerce 

The political nature of the 
visit, which will take in stops in 
Iran on lbe way out and Iraq on 
the return Journey, serves to 
underline the significant role of 
the King in foreign affairs. 

Under General Franco, Spain 
had a very limited concept of 
foreign affairs, and foreign 
policy was essentially defensive 
in nature— designed to insulate 
Spain from the hostility of those 
who opposed the dictatorship. 
Within the course of two' yeans 
this has changed to a much more 
activist approach, attempting to 
break through -the diplomatic 
isolation of the dictatorship. 

It has never been publicly 
admitted, but it is thought that 
the King feels, be should play 
a very activist role as Spain’s 
chief ambassador abroad. For 
instance, it was said to have been 
in large part on his initiative 
that last September he made an 
extensive tour of South and 
Central America. This trip was 
subsequently considered to be an 
important symbolic gesture 
designed to eliminate the rather 
disdainful and paternalistic 
image of Spain that had built 
up there. 

In another instance, . -Spain 
tradlditionaDy has flatfered itself 
on its good relations with Arab 
countries. But it was the King 
who readily accepted invitations 
to visit Jordan^ Egypt and Sand! - 
Arabia lh an effort to promote 
Spanish business with tbe Middle 
East; :• • 

Peking to 
Nazi Germany 

"The /King has been equally 
active in - his .endorsement of 
Spain's membership of an en- 
larged EEC. France and Italy, 
the two countries likely to cause 
Spanish entry the mbst problems, 
were the: first EEC ^ member 
states he visited.' . . 

On all these state occasions the - 
King 'appears to impress vrith ; a 
firm and realistic appraisal of 
Spain ' in its; delicate transitional 
phase.- If he ip to be fanlted,- It.; 
is on his' rather wooden delivery." 

of prepared text speeches, but he 
makes up for this in his readily 
discernible- 1 pleasure in meeting: 
people. ' ; “ . 

- MOSCOW, Jmde-43. 

compared 1 China’s goals with 
those of Nazi . Germany 

The. parallel was drawn" by 
the Soviet. Communist Party 
newspaper . Pravda ' fn a com- 
mentary which ' said Peking 
Aimed fo conquer , the world. 

The commentary was pub- 
lished over, the name of L 
Alexandrov, believed to be a 
pseudonym used only for 
authoritative' statements fit 

Kremlin tt yninBg , .. . v 

' Unlike.* past Alexandra?* 
-articles, witic^v have, . con- 
centrated more, pn Sifio-Sovlet 
relations, there Was no pledge 
of Kremlin readiness to settle 
differences. - * 

' Instead, - the ■-.* commentary 
ended, with an assurance that 
Moscow would do everything 
-in Its power to preserve . and 
safeguard world peace. 

Renter - ' 

France’s lame-duck steel industry appeals for second rescue 


i 6 


is urgently seeking State aid less 
than IS months after the Govern- 
ment put together an emergency 
rescue package to enable it to 
renew its plant and scale down 
its workforce. 

When that rescue package was 
worked out, the industry had. just 
struggled through a year 
which saw its medium- and Long- 
term debt match turnover at 
FFr 31bn (about £3-7bn). The 
plan envisaged some FFr. S-8bn 
in investment in new plant by 
1980 and the elimination of some 
16,500 jobs by April 1979. 

A year later, and 10,000 jobs 
fewer, bringraa the workforce to 
143,000, the situation was worse* 
Turnover had struggled up to 
FFr. 33.5bn while debt had 
reached FFr. 3Sbn. 

With financial charges now 
crushing, the industry is seeking 
Government agreement to a new 
programme of fund-raising, 
coupled with a moratorium and 
reschedulin'; of debts. Around 
21.5 per cent of the debt is out- 
standing to the Government's 
Social and Economic Develop- 
ment Fund. FDES, while the 
banking sector is estimated to 
have claims of some FFr 28bn, 
the bulk of it divided between 

the two State-owned banks, BNP 
and Societe Generate. The pri- 
vate bank, Paribas, puts its own 
exposure at FFr 2bn. 

The only area which would 
remain untouched by a reschedul- 
ing of debts would be tbe money 
raised on tbe capital market via 
the industry’s financing arm. tbe 
GIS. Since the G1S would be 
called upon to raise new money 
from both institutional and small 
investors its integrity cannot be 

The Government, in the per- 
sons in particular of M. Rene 
Monory. Economic Affairs 
Minister, and M. Andre Giraud. 
Industry Minister, is taking its 
time over the steel dossier. 

The post-election Industrial 
strategy of the Government 
decrees that lame ducks can only 
qualify for help if they present 
coherent recovery programmes 
and can prove competent man- 
agement. It appears that Lhe 
Government is not satisfied about 
the level of certain management 
and is debating whether the 1977 
plan can be improved and 

The unions think that a new 
round of job-cutting is on the 
way. In fact, the 10.000 jobs so 
far lost have disappeared mainly 
through retiring workers at the 



Usinor 33m tonn es* 

Saalor 6.4m t onnerf 

Chie rs-Chatillon 1.16m to nnes 

Creusot-Loire 1.14m ton nes 

Cockerill (France) 897,0 00 

Soc. Met, de Normandie 665 .000 

Ugfne Adtn 616.000 



• Including lit rt ate in Solmar and 
Alpa. pro rota. 

t Including its rtofce In So Inter and 
Sal lac, pro rota. 

age of 56.4. some shifting around 
of labour and “ voluntary' depar- 
ture.” Only 3,000 redundancies 
have been declared, about 1.000 
of these being of Immigrant 
workers who were given 
FFr 10.000 to return home. 

The unions base their suspi- 
cions on remarks made by the 
former Director of the Treasury 
(and now of the IMF M. Jacques 
de Larosicre before the Senate. 
He mused aloud on the difficulty 
of shedding more than 20,000 
jobs a year in 1979 and 1980. 
If that were really in the Govern- 

ment’s mind it would imply a 
total loss by lggo of the Order 
of 35,000 jobs, rather thari the 
16.500 of the original proposal. 

These musings have not Found 
any ministerial echo and the 
industry has itself denied 'cate- 
gorically that any now steel plan 
is in prospect. About 2m. tonnes 
of capacity has been shut in the 
past 18 months, while the. FDES 
has shelled out FFr LSbn in 
loans to the leading companies 
Usinor and Sacilor. 

They needed it.. The 'Sacilor 
parent company reported an 
operating loss i n 1S77 of 
FFr 2.3bn against FFr l.l3bn 
before, and a loss before depre- 
ciation Tor the main . group 
operations (including its stakes 
Sollac and Solmerl of 
rrr i./oann. Usi nor. also includ- 
ing_its stake i n Solnier (owned 
50:50 by Usinor and Saciiori 
suffered a net lo«s of FFr 2bn, 
and was almo-i as bad the 
previous year. Both Sacilor and 
Lsinor will be decplv in the red 
in 1978- 

Although the financial position 
Of toe industry is very difficult, 
the position in rbe market shows 

some slight improvement, but 
production will remain well 
below capacity. Last year output 

reached 22.1m tonnes against a 
capacity of some 3Lm tonnes, in 
1976 plant capable of making 
33.7m tonnes of steel bad 
actually turned out 23.2m tonnes. 
The 1977 plan envisaged no in- 
crease in capacity overall, and, 
in fact, the tendency is for capa- 
city to shrink slightly. In any 
even, the industry cannot see 
production getting anywhere 
near the 32-33m tonnes level 
before the mid-1980s. 

In the first four months of the 
year production reached S.lm 
tonnes, around 3.5 per cent more 
than in January-April of last 
year after allowing for the effect 
of the scribes of April 1977. after 
prices have firmed somewhat in 
France, but are still below the 
level needed to make production 
profitable. The 5 per cent price 
rise arranged through the Euro- 
pean Coal and Steel Community 
in January in fact translated into 
a 15 per com increase in France. 
This was so because the rebates 
being given by French manufac- 
turers pushed their real prices 
to a level well below the base 
line taken for the Community 
price increase. 

The price rise in April added 
some 4 per cent to prices in 

France, while the increase to 

pftk-np of more than 3 .per cent, hody — while some of theimmedi- 

Export prices are better; Pressure could be taken: off 

the Steel Federation reckons, that defeningr repayment' of. the 

they : are - some 15-5S per cent-™ 1 ” 16 ? outstanding to., jthe 
bettor than the worst- levels of UovernmeBt : or - even consoli- 
1977; for destination o utside . the ■. - FDES ,- advances into 

EEC: But' it is beginning to fret ca pi tal- Tbe. .-French will also 
seriously • ' again - . because -. o£. continue to -press Brussels lor 
imports: ' average' monthly. ,in> - vigilance., against 

ports' last year were' some B42.0Q0 unpprta, for. the management of 
tonnes. In the first four months .W*®* 3 . an d for. general “market 
of this year they were 735,000 , or £ ai U5ation T ’' - v v 

tonnes and In April the .figure “ No divine decree lays down 
was 846,000 tonnes.' • ■ - that France should -produce. 30m 

The Industry ‘ saya that the' year -«• by 
recovery. .. progr amm e ■ - - Is a basic amount of, 6ay 

threatened by the remorseless By^buytog the 

drain of cash-flow Into servicing -tt: can develop 

rtchic it Mutt 5. -its - mechanical engineering 

M. Rene Monory . . . ta kin g 
his time over stecL 

debts. It needs the Goveromeut l^. ^^f^^ _ engineering 
to lean on the banks tb accept hest conditions, 

financial arrangements permit- T^ 1113 the_^ Prime- ^sinister, M. 
ting the. consolidation of dnbL -Raymond- ^ wrre. oomDiilmne of 

JRaymopd- Barre, complaining of 
the fashion for?, subsidising loss- 

come into force in July will 
probably put some 3 per cent on 
the prices of tbe products 
affected, though it will not touch 
minimum prices. 

The domestic market Is soggy. 
The electoral defeat of the Left 
might have raised the spirits of 
Industry, but it has done little 
to release its purse-strings. Few 
investment forecasts envisage a 

the loss-making basic Steel e £- ^ r? , t £? I „ a,e 

. I, sLn, «r«ain .«* tte. ft •&&&*« * 

industry will be_ called upon to * 

385 of 

through -the GIS fund-raising 

tv.r* , 

ICfK i 

1 ‘ 

4*' ir-: 

recovery proving ■ 
hesitant and uneven 



;v‘ . “lATEST lNpICATORS of’- Indus- volume nearly 3 Percent tower 
performance in S. .Africa .. Motor industry ^spokesmen 

. S .economic recovery, welf a^reflecff ofthe ' 

far ^ave *** 

come from the motor mdustxy. riv on jnlv 3 
showing real growth, over its The Seifea survey is based on 
H-,. severe -depress] on : pf.lasyrear. mamtoe ^-. retnnJS for. April and 
rTlIftnlMotw^sples in May were 38 per r —TiLe^ . one ; ^ tbe- most 
'H? 011 May, 1977, and the reliatde indicators -of economic 
^figures for the first five months— ^^5 ^ renSts thafc “the 

jw ■ ■ ■ 

TlFfiv The = metal < and engineering w SL-i ^rich continued 
pi U\ fctadnstries jflsn report,- a eon- out- 

" tinuing.pickup,” according to the -™ ^w tarake - included 
Steel and Engineering Industries and 
fhiy Federation tSeifsa), hut only in sener^ eagin een^, a*g> jj: 
. some 50 percent of the sectors, manufacture ..and 
' and then-. only margihaL -: The communication 

UsV* -rather , less uPrto-date . -figures industry. 

: i from . the ^ Department ' = of was. reported byjhe 
.v. Statistics pn overall- mamrfactur- equipment sector, . aniom 
h:;o ing output show, moreover, : th at component 
•->. there -was a real decline between .producers of electrical.. Cquip- 

. ‘ : -r:^'Fehruaiy!- and March,. leaving ment, 

‘ - *-■' ■■ • • 




■r ---. . 

. - - - s— ; 


■• z~£v 


?. , V a9, *3- 

“ r V*r^, 

***- jj. 
•''• -- *-* 

r ^ 

■■.* ■ •** 

■■ ,< s *'*ri4' 

V ** 

■ w 

• ^ ..... 


;j$$ f^4 


lV->* ’ V‘ 

Japanese authorities yesterday claimed they 
-poUirtioa disaster after stopping millions of gallons 
oU pouring into the-Padfic Ocean from 
cradied by an earthquake.. The 

Pacific coastline of Japan’s densely-populated nmtalsl^Vpi 

Honshu on Monday, Wiled 32 people and 

. the strongest to hit Japan in^lO ye^s. 

...■-. ,. «.. sfeows sohie df the damage? caused. ■ &/ ^ 

Kuwait will s 
press for 
OPEC oil 
price rise t 

By Ihsan Hijari ^ 

BEIRUT, June 13. “ 

KUWAIT will press for higher ir 
oU prices at next Saturday’s ^ 
meeting of the Ministerial ^ 
Council of the Organisation of n: 
- Petroleum Exporting Countries 4 , 
I OPEC), the country’s OH a 
Minister, Sheikh All Khalifa p 
al Sabah, has announced. u 

In an interview published 
here today in the English- 
language newsletter, the 
Middle East Reporter, he said 
the OPEC conference win * 
“ definitely discuss oil prices” * 
but he could not predict the * 
outcome. Sheikh Ali predicted 
that the current world-wide oil - 
glut will recede before the end 
of this year. 

The Minister-said there j6 a J 
good reason for an increase in l 
oil prices. “Our income has < 
deteriorated as a result of the 
fall in the dollar and the i 
recent strengthening has not . 
compensated us for past 
losses,” he said, and he ■ 
L doubted that the dollar will ' 
■ ever reach previous levels. 

“ As such I feel we are entitled 1 
to a compensation for the 
falling dollar,” the Minister 
pointed out. _ 

He said that Kuwait’s 
revenue from oil would have 
been 10-15 per cent higher if 
it were not for the drop in the 
dollar rate. Sheikh Ali pointed 
out that demand for oil on the 
world market is picking upr-” 
“though not as fast as we 
would love to see it.” He 
added: “The willingness of 
various countries to over- 
produce or to over-supply is 
diminishing and 1 sec an 
approach towards a balance In 
the near future” between | 
supply and demand. In reply 
to a question, he said that this 
could possibly- happen before 
the end of this year. 

China cultural 
figure dies 

. By Colina MacDougall 
KUO MOJO, President of the 
Chinese Academy of Scientists, 
who died yesterday at the age 
of 86. had been a leading 
figure on the Chinese caltnraJ 
scene for over 60 years, though 
since 1971 he had withdrawn 
from public life owing to age 
and illness- His last major 
political move was probably 
his much publicised *elf 
criticism” in April 1966. the 
; first evidence that the cultural 
revolution, then in Its very 
i. early stages, was destined to 
^ . affect even the highest party 
■ leadership- ' 



Heavy fighting during handover 

U-S. call 
on Israeli 


AS ISRAEL yesterday handed w 
over control of the border strip J 
in south Lebanon to Christen a 
militia under the command of a 
Major Saad Haddad, heavy fight- j 
ins broke out y^terday between 7 
rival Christian militias m the - 
town of Ebden about 80 miles c 
north-east of Beirut. Among, the ; 
40 killed was Mr Tony Franjxeb. t 
a deputy and son Gie /orsner t 
President Suleiman Franiieh, has t 
wife and two Children. 1 

A feeling of an impending * 
national crisis 1 prevailed as 
President Elias Sarkis 
summoned the Cab-met to an 
emergency meeting. The officials 
were earlier preoccupied with 
the progress of evacuating 
Israeli troops from southern 
Lebanon. . . 

The area which the Chnstjans 
will be patrolling on behalf of 
Israel is a strip six miles wide 
and 59 miles long stretching from 
the Mediterranean to Mount 
Hermon. Israel has made this 
Hob easier by providing the 
Christians with military supplies 
and building a network of roads 
between the three enclaves, 
centred on tbe west round Alma 
el-Chaab, in the centre around 
4it el-Chaab, and . in the east 
around Marjayoun. At the same 
time, the four main crossing 
points into Israel at Rosb Haikra 
on the coast, Dovev and Rmeiche 
in the centre enclave, and near 
Metulla in the east will stay 

The Right-wing militia to 

whom « vacuate d territory 
was handed over numbers 1,500 
men W ^ 0D1 are soldiers 

and office 1 ® who belon S ed T0 
old Lebanese army which dis- 
integrated during the civil war. 
The regulars — like Major Haddad 
—are still officially under the 
order of the Ministry of Defence, 
which bas instrj ctcd him to 
confine the troops to barracks at 
♦he towns of Marjayoun and 
nijja five and one miles from 
the Israeli border. All security 
duties are to be given to the UN 
troops pending the arrival of the 
Lebanese army. Yesterday, the 
Lebanese Government was 
reported to have prepared a 
brigade of '1,500 of its own forces 
to go to the border area to fill 
the security vacuum . 

Unifil and the Syrian-domi- 
nated Arab deterrent force are 
1 now facing a crisis if as is prob- 
E able Major Haddad is deter- 
! mined to stand by bis mission 
1 of patrolling the border as en- 
t ^sted to him by Israel. Tbe 
5 forces on the left — in Lebanon 
a and radical Palestinian groups— 
s n ave threatened to attack col- 
8 laborators with Israel. If Unifij 
i. d oes not assert itself it will 
a appear to be tacitly supporting 
3 Major Haddad, and this in turn 
it ultimately put strain on its re- 
ts lations with the Palestine Libera- 
a tion organisation fPLO), whose 
a leader 'Mr. Yasser Arafat has 
e a-rxeed to restrain his own forces. 
it So far ho has been successful 
y in keeping moderate forces, par- 
ticularly those of bis own orga- 
0 nisation Fatah, under control. 

h O 5 0;==^ ^ ^ H0MS» 



but at considerable cost to his 
own authority which is being 
rejected by the radical move- 

m As^ the inevitable tension 
builds up. the Syrians can only 
become increasingly nervous, for 
on the one hand they are being 
urged to advance as faj as the 
Litani River and thereby to re- 
duce the area from which Pales- 
tinians could launch attacks 

against Israel. On the other, the 
Litani represents the red Une 
beyond which Israel claims that 
anv Syrian advance would neces- 
sitate retaliation. Yet it is in 
this area of tension that a new 
and more severe crisis could 
develop— theoretically outside 

its control. At the same time, 
Israel has made it quite plain 
that it will not hesitate to come 

to the support of the Christian 
enclaves if they look threatened- ^ 
The clashes In the norm s 
betwen rival Christian a 

have few direct connections wnn a 
the issues of southern Lebanon, a 
although there have been reports 0 
of Christians In the north gp‘“g 
south to help Major Haddad. . 

Yesterday's fighting Jegan j 
when 800 members of the BJJ J 

wing Phalange Party mounted 

the attack on the town «jjr j 1 

tie morning and clashed wthfoU 3 

lowers of Mr. Franjieh. They ^ j 
cut off all the roads ana 1 
approches to the town before the 

a ^A Communique by the com- 
mand of the mainly Syrian Aran 
deterent force said that rein- 
forcements from the force were 

ntshed to the scene, that theyhad 

; reopened the roads and were 
1 entering Ehden. ■ , 

‘ Tension between the Phalange 
. Party, which is the largest para- 
military group on the 
. side and supporters or m. 

J Franjieh had been bufldmg up 
l since he broke away from tne 
I Right-wing coalition known as 
the “Lebanese Front and .his 
’ reconciliation with former Prime 
1 Minister Rashid Karanu. , a 

prominent Moslem leader, from 
t the Northern Town of Tripoli- 
i- Mr. Franjieb’s break with tive 
n Lebanese Front was over his 
v strong objection to the Phalange 
d Party trying to extend its in- 
e fluence to tbe Christian north, 
» especially the Franjieh home- 
n town of Zghorta and Ihe nearby 
le summer resort of Ehden. 


A STATE Department official 
said today it was hard to see how 
Middle East peace talks could go 
ahead until Israel made clear its 
attitude on witiidrawal from 
occupied territories. 

Mr Harold Saunders, Assistant 
Secretary of State, told a con- 
gressional hearing that the 
United States hoped negotiations 
between Israel and Egypt would 
be resumed after the U.S. 
received Israeli answers to its 
questions about the future of 
two occupied territories, the 
West Bank and Gaza. 

The Israeli Cabinet today 
deferred its decision on how to 
reply to the questions. The 

■ Cabinet will meet again later tbls 

Mr. Menahem Begin, the Israeli 
! Prime Minister, and his sup- 
porters are reluctant to commit 
1 Israel to withdraw from the two 

■ territories, both for security 
l reasons and because they regard 
. them as historically part of 
» Israel. 

1 United Nations Resolution 242, 
s which is endorsed by the U.S.. 
s calls on Israel to withdraw from 

2 occupied territories in exchange 
a for secure borders. 

a Asked if the U.S. would put 
forward its own proposals if the 
e Israeli Cabinet replied to the 
s U.S. questions did not present a- 
e good possibility of a resumption 
1- of peace talks, be said the U.S. 
1, would consult Israel and Egypt 
?- “and it is not inconceivable we 
y would put forward ideas of our 
own.” Reuter 

AUC » 

Syrian troops committed to policing role ‘for years’ 


of Israeli forces from southern 
Lebanon, the outbreak of fighting 
todav between Right-wing 
Christian forces north of Beirut 
and tbe suddent spate of warn- 
ings about the danger of another 
Middle East war, all serve to 
focus attention once more on me 
critical role played by the Syrian 

^From President Hafez Assad 
downward there is no doubt m 
Damascus that Syrian troops will 
remain in Lebanon for years 
rather than months to come. The 
Syrians now contribute more 

than 30,000 men. the bulk of the 
Arab deterrent force, and the 
feelin° is that this number will 
have to be stepped up before it 
begins to diminish. 

Senior Syrian officiais believe 
that it is inevitable that its 
troops have to move further 
south from their present posi- 
tions if effective control is io be 
achieved, thus paving the way 
for an eventual handover to 

Lebanese authority. To this c 
extent, a decision in principle 1 
has already been taken to 2 
“accompany” reconstituted ele- J 
ments of the nascent Lebanese., 
army down to the Litani River. 

Military experts in Damascus 
state that having moved to the 
Litani Rr* er ' ^ notional “red 
line” drawn by itae Israeli Gov- 
ernment, Syrian traps would be 
left in a very vulnerable position 
is they did not also occupy the 
hills a mile or so to the south. 
Mr Assad’s determination to con- 
trol Palestinian guerrilla activity 
bv denying them any significant 
area of Lebanon in which they 
can operate freely may be the 
factor which will allow the 
Western powers to convince 
Israel of the necessity, of the 
Syrian move. . , . 

The Syrian ideal would prob- 
ablv be for the United Nations 
troops to form a buffer zone 
about six miles deep from tiie 
international border,, and; for 
Lebanese^ and Syrian units to 

control the rest of the area up 
to the Litani. All this poses i 
major longer-term political and 1 
military problems for President < 
Assad- . ' 

' During a visit to an armoured 
brigade headquarters north of 1 
Damascus both these aspects 
rapidly became obvious: The pace 
and determination of the round- 
the-clock military training pro- 
gramme. coupled with daily 
political lectures for all troops, 
demonstrated the difficulties of 
the Syrian role in Lebanon 
when combined with the neces- 
sity of offering a credible mili- 
tary option in the overall Middle 
East conflict 

Flanked by artillery ranges 
and nestling between surround- 
; ing hills, the brigade— which, led 
the original Syrian push into 
• Lebanon — is both absorbing a 
i number of new recruits while 
■ re-training and re-equippm 0 
s longer-serving troops. Three 
r Soviet-made T-82 tanka roared 
j repeatedly down three parallel 

tracks, with two minutes 20 l 
seconds allowed to knock out six 1 
moving targets and the four-man 
crew having to change roles 1 
after each run. 

“Our shooting is very good, 
and we learned a lot in Lebanon, 
said the colonel in charge cf 
training. He iben turned to 
watch nearly 100 men pounding 
past the control bunker, their 
heads newly 6bom and their 
throats probably raw from ihe 
incessant rhythmic chanting of 
“Hafez, Hafez, Hafez.”. 

The Political Section in 
Damascus is charged-fbolh.- with 
the propaganda ..war .gainst 
Israel and the domestic explana- 
1 tions of such matters as why it 
. is necessary sometimes to KJU 
l Palestinians, of whose cause the 
1 regime is a devout supporter, 
L and why men need to serve in 
. Lebanon for long periods 
> separated from wives and fami- 
i lies. It also emphasises, at length 
i the virtues of the ruling Ba ath 
1 Party, in pan to try and bolster 

CAIRO, June 13. 

what is a seriously flagging 

Mr. Assad is a deeply cautious 
man who. having agonised _qver 
moving into Lebanon in 1976. is 
now almost totally committed to 
remaining there at least for the 
foreseeable future. Equally, he 
is committed to a “just” peace 
with Israel which means that he 
must be ready to send his armed 
forces into battle again at. from 
the Syrian point of view, a 
moment of his own choosing. 

This theme of “consistency” 
which he likes to promote is of 
course costly in militai? terms 
and perhaps eventually in politi- 
! cal terras. It is not a burden that 
: a nation of 7.75m people ana 
i total armed forces of. about 
, 227.000 can visualise bearing for- 
ever without serious effects on 
I economic growth and more 
s general well-being. Yet the effects 
■ of present Syrian policy mean 
1 that the armed forces are having 
1 to be increased in number and 
r the military budget is growing. 

Consider for a moment how much that effectiveness 

^^Puthim in the -wrong truck and chances are his real 

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You may well find that as a result of investing in a 
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Because your driver’s pay packet can be a direct 

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the viability- of Mercedes-Benz - ; ■ , f i \ 

trucks all the relevant information willbe onyour desk. 

Mercedes-Benz. The way 




Castro blames Brzezinski 

for ‘total lie’ over Zaire 



the Cuban leader, last night 
publicly denied Tor the first 
time that Cuban forces were 
involved in the Katanguo 
invasion of Zaire and said that 
U.S. charges to the contrary were 
based on “ lies manufactured by 
Dr. Zbigniew Brzezinski, Mr. 
Carter's National Security 

In an interview with U.S. 
correspondents in Havana, Dr. 

Castro said he had already 
explained privately at great 
length to the Carter Administra- 
tion that he had tried to stop 
the Katanga □ incursion into 
Shaba province. 

He conceded that, in the past, 
Cuba had worked with the 
Katangans who had participated 
in the final stage of the libera- 
tion of Angola in 1975. He 
added: “ Since early 1976 we 
have tried to avoid relations 
with the Katangese. We felt 
that after the war Angola needed 
peace to reconstruct itself. It 
needed to improve its relations 
with its neighbours.” 

The Cuban leader said that 
neither Angola nor Cuba had had 
any moral or legal problems with 

helping the Katangese in their 
fight against the Government of 
President Mobutu ... but both 
countries made a policy decision 
not to enter into relations with 
the Katangese or to co-operale 
with tln?ui. 

President Castro said that the 
Katangese had on numerous 
occasions requested help but it 
had not been given. Asked why 
ho had failed to stop the invasion 
as he said he tried to do. Dr. 
Castro said that President 
Agostinbo Neto, the Angolan 
leader, bad tried to bait the 
invasion but bad been ill in 
Moscow just before it took place. 

Dr. Castro was careful not to 
blame President Carter directly 
for what he described as “not a 
half-lie but a total absolute and 
complete lie" about recent Cuban 
involvement In Zaire. Rather he 
laid the blame at the door of Dr. 
Brzezinski saying that be had 
manufactured the accusation and 
deceived the President. There 
were people in Washington, Dr. 
Castro said, who wanted to create 
a “Tonkin Gulf’ for Africa. 

The interview adds one further 
layer of confusion to the 
question of Cuban involvement in 
Zaire. Officials are not clear why 

Dr. Castro, who has no love for 
the Mobutu regime, should be so 
keen to convince the world that 
he had nu pari in a plot that 
might have overthrown it There 
is speculation that he may be try- 
ing to drive a wedge into the 
Carter Administration by singling 
out Dr. Brzezinski for attack. 

The Administration is likely to 
be embarrassed by the fact that 
Dr. Castro produced a reply from 
Mr. Cyrus Vance, the Secretary of 
State, to a message to the White 
House sent via a senior U.S. 
diplomat in Havana that was dis- 
closed over the weekend. In this 
Dr. Castro said that he had had 
□o band in the Shaba affair. In 
his reply Mr. Vance thanked the 
Cuban leader for his message. 
He said that it was appreciated 
and that it had been noted. Dr. 
Castro said that in contrast, to 
what had been emaii3Un;* from 
Dr. Brzezinski the reply was 
“kind and friendly.” 

Dr. Castro said that he would 
be prepared to meet President 
Carter to discuss the subject if 
necessary and added that the 
President " is a decent and 
honourable man and I don't want 
to preclude the possibility that 
he has been misled." 

U.S. airlines may cut IATA ties 


NEW YORK. June 13. 

THE U.S. Civil Aeronautics 
Board f CAB > struck at the very 
heart of international airline 
fare and rate agreements yester- 
day by issuing a proposal to 
withdraw the United States from 
International Air Transport 
Association (IATA) agreements. 

The CAB indicated three weeks 
ago that it might end 32 years 
of U.S. participation in IATA. 
While acknowledging that the 
result might be greater Govern- 
ment involvement in the fixing 
of uiriine fares, the CAB has 
concluded that this would prob- 
ably be less anti-competitive than 
the status quo. 

During the past year the CAB 
has become the standard bearer 
of greater competition and 
cheaper air fares and has encour- 
aged the wave of discounts which 
have made cut-price air tickets 
available on almost all major 
U.S. domestic routes. In turning 
its attention to international air 
travel, the CAB has been 
impressed by the collapse of 
IATA fare agreements on north 

Atlantic services and the highly- 
competitive. lower fares which 
have resulted. 

The CAB has acknowledged the 
importance of its attempt to 
withdraw U.S. airlines from 
IATA by allowing 120 days for 
comments on its proposal rather 
than the 30 days normally 

In yesterday’s order the CAB 
argues that circumstances have 
changed radically since 1946 
when U.S. airlines were freed 
from the restraints of anti-trust 
laws and permitted to partici- 
pate in IATA. It was no longer 
safe to assume that U.S- carriers 
alone had the resources to engage 
in price competition. They had 
ceased to dominate international 
aviation “and the bargaining 
power of our allies is now much 
more equal to our own.” 

Multilateral rate-making 

through IATA was not the sole 
mechanism through which 
“friendly and mutually beneficial 
aviation relationships" could be 
secured, the CAB said. 

Discussing tbe risk of greater 
government involvement in fix- 
ing airline fares, Mr. Alfred 

Kahn, the CAB chairman, said 
last month that be was taking 
some comfort from the bilateral 
agreements which the' U.S. had 
reached with Britain and Holland 
The U.S. had been able in 
persuade other countries “in 
trust the fortunes of their air- 
lines to a freer play uf inter- 
national price competition,” ho 

One of the five CAB members 
dissented from yesterday’s pro- 
posal. Mr. Richard O'Melia. 
argued that a decision of such 
importance warranted formal 
hearings, adding tbat he could 
not agree with the CAB's ten 
tative findings that the IATA 
resolutions were no longer in the 
public interest. 

Meanwhile. U.S. and British 
aviation officials are to have 
further talks an the terms under 
which Boston coul d con tin je to 
be linked to London by two U.S. 
airline services. Under ihe 
Bermuda Two agreement only 
two U.S. cities were to he nonii 
nated for service to London In- 
two U.S. flag carriers and the 
CAB nominated Los Angeles and 
New York. 

Land fear not backed by survey 



General Accounting Office 
fGAO). the congressional watch- 
dog agency, to gain some idea 
or the extent of foreign owner- 
ship of U.S. land suggests that 
foreigners may not be investing 
in land as much as had been 

But the study covers only 25 
counties in five states and may 
have failed to come to grip’s 
with the issue. In some states, 
notably in the south-east, foreign 
purchases of land are causing 
concern principally because U.S. 
land is cheap by European and 
Japanese standards and buyers 
are thus able to outbid prospec- 
tive American purchasers. 

The issue is complicated by 

the fact that there are no state- 
wide or national land ownership 
records in the U.S. All land 
ownership details arc kepi at the 
county level and finding out who 
actually owns land is thus a 
lengthy and extensive business. 
Records of ownership do not 
always identify the ultimate 

Tbe accounting office's report 
was commissioned by Senator 
Herman Taimadge of Georgia, 
one of the states where there 
has been much concern about 
purchases of foreign land-buying 
by individuals and by institu- 
tions. The office’s check found 
that only three-tentbs of 1 per 
cent of the land in the 25 coun- 

ties was foreign-owned and that 
the majority of the owners were 
European, often German, French 
or Swedish. 

Only two stales. Imvj and 
Minnesota, require non-resident ; 
aliens to report the fact that they! 
have boucht land. Nine pruhrMi 
foreigners from owning land nr 
put sharp restrictions on the 
amount that they can own while 
five more put ceilings on total 
foreign-held acreage. 

One lawyer who deals with 
land in Kansas told investigators 
tbat foreigners were paying as 
much as S200 an acre more for 
land than local farmers. In 
Georgia other farmers were 
quoted as saying that land was 
priced beyond their reach. 

Carey announces 
running mate 

By Our Own Correspondent 

NEW YORK, June 13. 
SHRUGGING OFF the defection 
of his deputy. Lieutenant Cover- j 
nor Mary Anne Krupsak.) 
Governor Hugh Carey today! 
announced that his long time! 
friend Mr. Mario Cuomo would j 
be his running mate in New | 
York's gubernatorial election in ■ 
November. ! 

The Formal launch of the 
Governor's re-election campaign 
yesterday was spectacularly 
undermined by Miss Krupsak’s 
surprise announcement that Mr. 
Carey would have to do without 
her in November. Within hours, 
however, the Governor displayed 
the political skills which three 
years ago caused some to see 
him as a possible presidential 

While Miss Krupsak’s 
criticisms of him were still 
coursing along the newswires, 
Mr. Carey's supporters were 
organising a campaign of tele- 
phone calls to Mr. Cuomo urging 
him to fill the number two slot. 

USSR ‘may accept troop 
parity in Central Europe’ 


U.S. ARMS control negotiators 
expressed cautious optimism to- 
day about an apparent Soviet 
concession in the long-running 
talks in Vienna (MBFRi about a 
mutual reduction of troop 
strengths in Central Europe. 

According to reports here this 
morning, which could not be 
officially confirmed, the Soviet 
Union has agreed for the first 
time that NATO and the Warsaw 
Pact should agree to set equal 
ceiling on air and ground 
strengths in Central Europe fol- 
lowing the reduction of forces 
envisaged in the current talks. 

The West has always insisted 
that any MBFR agreement should 
include common ceilings, but 
until now the Soviet Union has 
proved unwilling to give way 

Last month the Western 
negotiators made a fresh offer, 
which continued to insist in 
parity hut alluwed the Warsaw 
Pact much greater leeway in 

deciding which troops to puil 

In wbat appears to be a reple- 
te this proposal, the Russians 
have proposed this week that 
both sides should adhere tu a 
ceiling of 700,000 ground forces 
and that the total ceiling for 
both air and ground personnel 
should be no more than 900,000. 

This apparent concession 
leaves many other problems still 
to be resolved, since apart from 
anything else there is no agree- 
ment on the number of troops 
actually now in place. The 
Russian claim tbat their forces 
are significantly fewer than 
Western estimates suggests still 
leaves room for endless argu- 
ment about respective levels. 

Nevertheless, there is some 
optimism here that the Russians 
may now have accepted, at Jcast 
In principle, the concept of parity 
and this could, therefore, be a 
significant advance. 

Fed replies 
to Congress 

on interest 

By Our Own Corresponded 

man of the Ujj. Federal 
Reserve Board, has reserved the 
right to begin paying interest 
on reserves deposited with the 
Fed by member banks hut has 
told Congress that he has no 
desire to usurp its power. 

His statement came in a 
carefully-worded reply to a 
letter from the chairmen of 
both the House and the Senate 
Banking Committees. They 
warned Mr. MUler that (he 
Fed would need congressional 
approval to pay interest on the 
reserves and that if it went 
ahead without such permission 
it would precipitate a major 
clash between the Central Bank 
and the Congress. 

Mr. Miller said that the 
Fed's right to pay interest was 
a legal matter and fainted that 
other members of both commit- 
tees might not agree ullh Ihe 
chairmen. But he conceded 
that if they did it would be 
unlikely for tbe Fed to pay 
interest in the face of congres- 
sional opposition. 

The Fed has been toying 
with tbe idea of paying interest 
on members’ deposits as one 
way of halting the steady 
decline In membership of the 
system. Since 1968 some 527 
banks have palled out of the 
system saying that they could 
not afford to tie up their re- 
serves in non-interest hearing 
accounts. last year 35 hanks 
with total assets of SH bn left 
tbe system. 

By the end of this month 
Mr. Miller is experiod to 
unveil a programme designed 
to stop (hr fall in membership. 
He said in his letter that the 
plan may include some reduc- 
tion in reserve requirements, 
the specific pricing u! services 
provided by Ihe Fed erupted 
with payment of Interest on 
reserves, and a possible re- 
uuest that Congress pass a law 
saving that all financial insti- 
unions must keep their re- 
serves with the Fed. 


by foreign 
banks urged 

-By David Lascelles 

NEW YOKK. June 1.1. 

PRESSURE is nfouuliiig ou the 
New York branches of foreign 
banks to insure the deposits 
they solicit Trum the public. 
A i present these brandies are 
exempt from federal lau which 
in most cases compels UJS. 
bauks and the subsidiaries of 
foreign banks to insure 
deposits with the Federal 
Deposit Insurance Corporation 
(FDIC). a Government agency. 

According to Miss Muriel 
Sieberl, the slate superinten- 
dent of hanks, there is growing 
concern about the speed with 
which some of these banks are 
acquiring deposits without in- 
suring them, and without Ihe 
public being aware of (his fact. 
She referred to one bank that 
was taking full-page advertise- 
ments and offering gifts as In- 
ducements to depositors, but 
she refused to name it. 

Speaking at a banking sym- 
posium yesterday. Miss Siebcrt 
said that her department had 
proposed legislation requiring 
branches of foreign banks to 
notify depositors that their 
money was not insured. This 
would be stop-gap legislation 
pending the passage of a 
federal Bill, known as the 
International Banking Act. 
which will require Ibese 
branches to insure deposits in 
stales which have compulsory ranee laws. 

New legislation would affect 
National Westminster Bank, 
for example, since it operates a 
single branch where deposits 
are not insured. In common 
with many banks in a similar 
pusilion, Nat West argues that 
insurance is unnecessary since 
the branch does not solicit 
deposits, and only accepts 
large deposits from corporate 
customers which exceed the 
$40,000 insurance cover limit. 
By contrast. Barclays, which 
owns a subsidiary here, Bar- 
clays or New’ York, already 
falls under the obligation to 

The timing of both the Bills 
is uncertain because opponents 
argue that (heir requirements 
could be discriminatory. 

European study. Page 26 

Occidental makes counter-offer 

for Husky Oil; Eaton buys into 
Cutler-Hammer; Bankers :ln 

European study. Page 26 ' 

Trudeau constitutional plan faces problems 


THE CANADIAN Prime Minis- 
ter. Mr Pierre-Elliott Trudeau, 
has scored an initial success with 
his proposals for far-reaching 
changes to the Canadian con- 
stitution: they have been 

welcomed by Mr. Joe Clarke, the 
leader of the Progressive Con- 
servative Opposition. 

But that does not portend an 
easy passage for the proposals 
once they are tabled in Septem- 
ber. after the Parliamentary 
recess in Ottawa, The issues 
raised are too controversial for 
that in all the parties. The pre- 
cise detail of Mr. Trudeau’s plan 
was not disclosed in a White 
Paper published on Monday, but 
it did say that the Trudeau 
Government wants to guarantee 
the right of both English and 
French Canadians lo have their 
children educated in their own 
language, and to associate the 
Canadian provinces more closely 
with the lawmaking process in 

The schooling proposal not 
only cuts across the plans of the 
Quebec Government to make 
French predominant there, if 
necessary at the expense of free- 
dom of choice: it will also arouse 
the suspicions of many Anglo/ 
Canadians, especially in tbe 

Nor will there be an easy 
passage for the proposal, as yet 
vague, to substitute a House of 
Federation, for tbe existing 
Senate, a body nominated by the 
federal Government and origin- 
ally inspired by the model of the 
British House of Lords. The 
White Paper is tantalisingly 
vague about this proposal apart 
from saying that the provinces 
would play a role in selecting 
the members of the new hnuse. 
The most far-reaching possibility 
tbat has heen discussed would 
make members of the House the 
representatives of the provincial 

.Whereas the language proposal 

is a response to the age-old 
problem of accommodating both 
French and English populations, 
the idea of a House of Federa- 
tion has come forward recently 
in reply to the complaints of 
many provinces that Ottawa 
treats them as step children. 

The most obvious instance is 
the rise of the Parti Quebecois 
in Quebec with Us separatist or 
near-separatist ambitions. But 
the emerging western provinces, 
too, feel tbat Canada has been 
run for too long in tbe interests 
—above nil— of Ontario. 

public opinion polls turned 
against his Libera) Party in 
April. In May that trend was 
reversed: the Liberals were 
back in the lead with 43 per 
cent against 39 per cent for the 
Tories. But the White Paper 
now makes it improbable that 
Mr. Triideau will, after all, call 
an election this year. 


Ceausescu likely to boost 



If Mr. Trudeau is sincere in 
bis intention to have these 
measures enacted in the present 
Parliament, as the first phase 
of a more thorough-going con- 
stitutional reform, it must follow 
that he b&5 no intention of dis- 
solving Parliament this year. 
There had been widespread 
speculation that be wanted to 
go to the country in the autumn, 
which was dispelled when the 

It has always been considered 
Mr. Trudeau's main electoral 
asset that bis name is "closely 
associated with the caa6e of 
national (meaning Anglo-French) 
unity in Canada. The White 
Paper fits that image very well. 
But its impact upon tbe voters 
at large remains to be assessed: 
shrewd observers consider that 
for much of English Canada the 
economy is an issue more imme- 
diate than constitutional reform. 
Tbe announcement in Ottawa 
yesterday that the unemployment 
ratio (seasonally adjusted) stuck 
at 8.6 per cent during May 
explains why. 

ROMANIAN trade officials are 
optimistic that the much delayed 
agreement for Romania to build 
the BAC One-Eleven -short-haul 
airliner will be finalised during 
President Ceausescu’s four-day 
visit to Britain, which began 

Although final details of the 
deal under which Romania will 
build S2 of the aircraft— in con- 
junction with British Aerospace 
—have not been finalised, it is 
likely that some form of protocol 
will be signed when Mr. Ceaus- 
escu visits the company to- 

Parallel deals with Rolls-Royce 
for the supply of engines and 
with other companies for various 
forms of aircraft equipment are 
also expected to be signed. 

Tbe British aerospace deal, 
worth some £200m and tbe largest 
of a number of deals currently 
under negotiation, provides an 
illustration of the Romanian 
policy of developing self reliance. 

Under the terms of the pre- 
liminary agreement, parts of the 
aircraft will be manufactured in 
both countries with a gradual 
expansion of Romania's techni- 
cal expertise until the country 
can take over full scale prr*duc- 
tion. probably in the early 1980s. 

About half the aircraft will be 

allocated to the fleet of -Tarom, 
the Romanian airline, and the 
rest will be exported mainly to 
other East European countries. 

This type of deal, blending the 
transfer of technical skills with 
a long-term trading relationship, 
is particularly attractive to 
Romania. The preference, indeed 
Romania's whole trade philo- 
sophy derives from its view of 
itself as a developing country 
with a need for capital invest- 
ment and technology. 

As for all developing coun- 
tries, such needs often pose a 

threat to independence through 

conditions imposed by supplL.. 
countries. Romania has tried to 
diminish this risk by encourag- 
ing co-production and Joint ven- 
tures, especially in third coun- 

As Romania* passes to a higher 
stage of development — President 
Ceausescu speaks of Romania 
becoming a “ medium developing 
country "—new threats arise 
from - a possible dependence on 
Imports of raw materials, such 
as iron ore, caking coal and. 
Increasingly, oil, as well as on 
its own continuing exports of 
manufactured. goods. 

To side-step, if not ultimately 

to avoid, ‘these problems 
Romania has reduced its trade 
dependence on Comecon ana the 
Soviet Union in particular. As 
'Romania has rshifted away from 
Comecon, so the West, including 
Britain of course, has benefited. 

Indeed the Romanians, ever 
sensitive to the possibility of 
exploitation, might argue tnat 
Britain has benefited rather too 
much. President Ceausescu vgU 
certainly be pressing Mr. 
Callaghan during talks to 
increase British purchases of 
Romanian goods. • 

British sales to Romania 
amounted to £80.4m last sear 
while Romanian exports to 
Britain totalled £52.4m. This 
represented an increase or under 
£3m for Romania over 1976, 
compared to a corresponding 
British increase of over £30m. 

In addition there .is the vexed 
problem for Romania of the EEC 
anti-dumping barriers. Romania, 
unlike its other Comecon part- 
ners, has an agreement with the 
EEC and it is expected that Mr 
Ceausescu will try to persuade 
Mr. Callaghan to secure a better 
deaL from the Community for 
Romanian imports. 

Romania patens it has been dis- 
criminated against— especially by 

Britain— on.- . 
including textiles, 

clothing. ' . " . 

The Romanians eagerly , point 
to the areas where British^'r^ 
could he expanded:' electronics 
chemicals, mining machine took,’ 
shipping perhaps' and teet^ln^gy 
certainly. Foreign trade officials 
carefully stressed :Iast week the' 
possibilities of Joint - steel 
projects in third countries; - 
In common with :Qthec. East 
European countries* Romania ’ 
favours counter-trade, ' ^ tarter 
and compensation arrangements. 
In talks with Romanian officials - • 
last " week it' waa iflear -that 
counter-trade above- sdj woal&be ' 
emphasised in the : forthcoming 
1980-85 plan guidelines, currently 
being drafted. . . ?>_: - . ' 

. For • Romania, : counter-trade 
means tbat it can in die short 
term relieve Its balaneeof -pays 
ments difficulties with the -West 
can penetrate Western markets 
on a long term basis and 
eliminate some of ihe uncertain- 
ties -in -projecting 
balances and financing ! require, 
ments. - ^ 

’ - An . additional' ^advahtage ‘ for. 
Bucharest is that the -demand for - 
constantly updated ' technology 
can actually •* be built' into 
counter-trade . deals. ■ . v .. . 

Renault in f 475m car plant 

agreement with Romania 


PARIS, June 13. 

RENAULT. THE French State- 
controlled motor company, has 
signed a deal worth about £475m 
for expansion of tbe Romanian 
motor industry, the second big 
contract of its kind to have come 
to France in a week. 

Renault's FFr 4bn deal in- 
volves doubling the capacity of 
a car plant at Pitesti, where the 
Romanians make Renault 
models under licence, and con- 
structing a factory for pick-up 
trucks. Both are due lo be com- 
pleted by 19S0. 

The contract conies only a 
few day saf ter tbe signing by 
Automobiles Citroen of a 
FFr 1 6bn (£200nt) contract for 
a plant at Zwickau in East Ger- 
many lo build front wheel drive 

Citroen wuq the East German 
deal against the competition 
from the UK manufacturers. 
GKN. G1\N had dropped out 
because of the East Germans' 
insistence on a buy-back clause 
in the contract. 

Renault’s contract, like Cit- 
roen's, including buying parts 

from the Eastern European oper- 
ation. It will expand its current 
purchases of gearboxes and other 
parts used in French-made 
Renault vans. 

Capacity at tbe Pitesti plant 
will be doubled from 75.000 
vehicles a year to 150,000. The 
Romanians will trim their output 
of the Dacea 1300, a local version 
of the R12, to 60,000 a year and 
start producing Renault’s new 
medium-size saloon, the R18, with 
an installed capacity of 90,000 
cars a year in 1980. 

About 94 per cent of tbe parts 
for the Dacea 1300 are loeaily 
produced in Romania. . 

At the same time, a new 
assembly plant will be built to 
produce 35.000 pick-up vehicles a 
year, initially with engines im- 
ported from Renault in France. 

Part of the Romanian pact in- 
volves assistance in marketing 
the vehicles produced, through 
Renault networks in areas such 
as Africa and Asia where . .the 
Romanian vehicles are . con- 
sidered well suited to. local condi- 
tions. . . .. 

Citroen also has an. agreement 

with the Romanians, signed 18 
months ago, under which it Is 
to co-operate in a FFr 2.5bn 
investment to produce a new ear 
for the Romanian market. 

Renault is meanwhile awaiting 
a long-delayed decision -by 
Algeria on a car plant, which 
was originally destined to pro- 
duce 100,000 vehicles a year and 
for which the French company 
is competing with Fiat of Italy. 
• Franco-Soviet trade grew by 
35 per cent in 1977 to FFr 13bo. 
according to the Franco-Soviet 
Chamber of Commerce, 

Despi te the sharp _ increase, 
however, the value of hew'con- 
tracts signed between French 
and Russian companies last year 
fell sharply to only- FTr .Hbn 
from FFr 7bn in 1976, reports 
AP-DJ from Paris. . „ . 

The Chamber of Commerce 
says it hopes to meet the year's 
target of FFr I0bp worth of new 

France had a - trade surplus 
with Russia last year of 
FFr 1.67bn. Exports to the 
USSR totalled FFr 7-35bn and 
imports amounted to FFr 5.68bn. 

Poles build Soviet 


POZNAN. June 13. 

THE POLISH construction com- 
pany Energopol is lo build a 
300-km section of a new pipeline 
in the Soviet Union which will 
link the Surgut oilfield in the 
east of the north Urals area i«» 
Polock in north-eastern Russia. 
The pipeline will be an extension 
of the “friendship'' pipeline 
.system bn i It in the 196fls. 

The contract is part of a 
Polish-Soviet inter-eovernmental 
agreement signed earlier this 
year. Details released today by 
Energopol show that work is to 
start hy the end of this year and 
it is expected thai the Polish 
sector will lake up to two and 
a-half years lo comolete Around 
1,500 men are expected to be 
employed on the project. 

One complication is that 40 
per cent of ihe route runs 
ihrouah marshland. This means 
that Eneraopol will need special 
soft around transport machines 
and "quipmeni for which thuv 
expect to be placing orders with 

Western companies within the 
next six months. 

This will be the third pipeline 
that Energopol has helped lo 
build in the Soviet Union. It has 
laid a 584-km . section of ihe 
Orenburg gas 'pipeline, which 
-runs from Ihe Orenburg gasflelds 
to the Soviet Union's western 
border, work on which will be 
completed In two years’ time. 
The other contract is the 442-km 
pipeline running west of Polock 
which will be ready by the 
middle of 1979. 

As much as 90 per cent of 
Energopol’s transport equipment 
and 100 per cent of its welding 
equipment comes from Western 
companies like Caterpillar. JCB, 
Kockums or the Gretcher 
Recources Corporation. 

The Surgut pipeline, as will 
the Orenburg and Polock pipe- 
lines. will be paid fnr with sup- 
plies of Soviet gas and oil. 
Projects of this kind which 
require immediate heavy expen- 
diture of hard currency and are 

effectively hard currency credits 
extended by Poland to the Soviet 
Union are seen ars a way of gain- 
ing much needed future supplies 
of Soviet raw materials. Biit 
they also provide^ experience 
which can be applied fit. .other- 
markets: - "•». . 

• Energopol, which Vera ploys 
20.000 workers and was set up 
in 1975 specifically for the Oren-J 
burg project is also active inside 
Poland, in East Germany and 
Austria. But Energopol execu- 
tives say that they want ' to 
concentrate on projects in the 
petrodollar countries in co-opera- 
tion with the large Western 

An example of such a contract 
is the IGaT 2 pipeline in Iran 
whore Energopol is co-operating 
with Spie Capag of France .and 
IRA Capag of Iran. ..Another 
recently signed contract is for 
the construction of a 140 km lone 
28 ins .diameter gas pipeline 
from Mosanski Brod to Sisak in 

South Korean attention on New Zealand 



SOUTH KOREA is making a 
major effort to win a bigger 
share of the New Zealand import 

The South Koreans are par- 
ticularly anxious to win orders 
for heavy machinery, telecom- 
munication carrier equipment, 
electronic equipment, iron and 
steel products, automobiles and 
building materials — areas in 
which they will be in direct 
competition with the UK, Japan 
and Australia. 

A large trade mission or more 
than 40 government officials and 
businessmen, led by the South 
Korean Minister of Commerce 
and Industry, Mr. Gak Kyu Choi, 
has had extensive discussions 
and negotiations in Wellington. 

Korean businessmen are par- 
ticularly interested in joint ven- 

tures. These could include off- 
shore fishing in New Zealand and 
food processing of New Zealand 
agricultural exports in Korea. 

The two countries are already 
involved in New Zealand's paper 
pulp industry with a new thermo- 
mechanical pulp mill,- which 
is due to begin production early 
next year. At a special business- 
men's meeting, representatives 
from both countries discussed 
the present economic situation 
and the outlook for their respec- 
tive countries. It was accepted 
that New Zealand's ability to 
buy from overseas countries 
depended heavily on its ability 
to export meal, dairy products 
and wool on a stable long-term 

At present. New Zealand has 
a favourable trade balance with 

Korea, but both countries are 
anxious to increase two-way 
trade. Some New Zealand meat 
exports are already processed in 
Korea for further marketing in 

New Zealand believes it will 
increase sales of timber, primary 
products and agricultural tech- 
nology to Korea- Tbe New Zea- 
land Government has supported 
the Korean initiative and has 
givra its blessing to the Korea- 
New Zealand Economic Co 
operation Committee which will 
act as a vehicle to get business- 
men together and promote 
mutual interests. It will ! also' 

help resolve ' problems including 

:and supply practices and 

financial - methods ' governing 
imports and exports between 
the two' countries. ' " r 

Greek airline credits 

ATHENS. June 13. 

to supply credits to cover 90 per 
cent of the cost of the two 
Airbus A-300 B4 airliners pur- 
chased by Olympic Airways last 

Mr. Nicholas Farmakides, 
chairman of Olympic Airways, 
said yesterday that the loan, 
from West German and French 
tanks, would be repaid over ten 
years at an average interest rate 
of 8.625 per cent. 

He said the two airliners 
would cost S56m and that the 
offer would be accepted unless 
more favourable credit terms 
were found. 

Another proposal being con- 
sidered by Olympic Airways was 
the lease of Ihe two Airbus air- 
liners for 15 years. This wou'd 
cost about $3m a year but the 
two aircraft would then revert 
Lo the manufacturer alter ihe 
15-year lease period. 


Aircraft leasing grows 

JAPAN’S FLAN to purchase 
foreign aircraft and lease them 
to lines in other . countries is 
developing, AP-DJ reports from 

Industry and Government 
sources in Tokyo say Philippine 
Airlines and Britisb Airways are 
negotiating with Japanese leas- 
ing companies to arrange financ- 
ing to acquire new U.S. aircraft 

Purchase of the aircraft by 
Japanese leasing companies 
would be financed by tbe Export- 
Import Bank of Japan. The com- 
panies then lease the aircraft to 
the airlines for periods of up to 
10 years, after which title would 
transfer to the airlines. 

Negotiations with British Air- 
ways and Philippines Airlines 
Indicate that Japanese leasing 
companies have been promoting 
the financing scheme aggres- 
sively. They have also been 
negotiating with Korean Airlines 
and Thai Airways International, 
and have held exploratory talks 

with China - Airlines and some 
So utii- American carters. 

The leasing plans offer air car- 
riers lower interest rates than 
are available through U.S.baoks, 
urith:. guarantees by the- US. 
Export-Import Bank. - '-J.. 

They . come at a time when UJS: 

aircraft; manufacturers. are com- 
plaining about difficulty compet- 
ing with foreign manufacturers 
because of poor financing terms 
available, in the UJ5. British Air- 
ways Is ' understood to be con- 
sidering the acquisition of-4>ne 
Boeing 747, another 7 &7 or. a 
-Boeing 727, and a Lockheed 
L-lOL The total value could be 
about $L20m. 

The leases, which may . include 
British Government repayment 
guarantees, would probably he 
for about 10. years, the maxi- 
mum permitted by Japan's. Es-Im 
Bank for this type of loan. 
Interest rates are expected, to be 
set in. the area of-S.25 per cent 
to 8.5" j>er. cent annually.' 

Japan EEC 
trade talks 

next week 

-i . 

JAPAN-' AND • V tfe/l „ — 

Economic • Community . will • hold 
two day sof, hi gh - le ve F talks . id 
Tokyo next week to discus^ trade 
problems; including. * .. Japan's 
huge cuiient '. account Mirplus 
according -.. to x the •. Japanese 
Foreign Ministry.. .: - ** ; • 

Sir -Roy Den maiv&e EEC Com- 
mission's Director-General for 
External;. Affairs, -will: represent 
the EEC at the -talks winch -start 
on Jane 22. Japanese': Deputy 
Foreign Minister, Mr; ffiromiebi 
Miymaki, will ' head . the 
Japanese delegation,/. • 

Reuter - - •- • . \ ' v ' * 

-. V--’ 

Car exports 

Japan's Toyota Bfqtor Company 
reported a big jump lasv month 
in Its exports to West Germany 
and a decline ;-rin- exports to 
Britain. Toyota .said -.the: May 
export total ’te" West Germany 
was 4,713 vehicles— up Sl8J per 
cent over May. 1977. Bint Toyota 
exports to Britain tell "52 per 
cent to 2,674 vehicles while the 
shipments tb Britain of another 
leader -, reporting today, the 
Niksan Motor Company^dedined 
26.8 per centrto 7,600. 

W*- ■ ; 

-vy- ' -- 

v;f! r: • . 



j r. ' 
7^5“ ,V 

r- < 

. ; 

- r.: ■* 

. •. 

Bir&zil plan fo reduce 

go7£Hnneni imports* -. 

""RIO DE JANEIRO - ; Jiine'"I3. 
BRAZIL PLANS to cut spending 
on goods imported by the Govern- 
ment for its use by -9220m from 
the $12bn budgettefl for-ihts 
year, to help balance, its trade 
account according to officials in 
the -Planning Mtnistry- 
The Government. 'is -also plan- 
ning a further <m of.SlgOn^in 
those; gqodsftmphite^ 
Gorejdmentrhuf fttr 
sectors, sucK-as peftble^ 

ferrous metals. . - c- y^/:- 

ad CuESwci. r.'. 

.The "cuts, which.wiH be 
over a- number . of .^eciorsj.isftya 

liVCV uuiuwei 1| = \ 

been approved, baffle 
DevelopraentGounctiXvDK/'^ 1 ? 
wiU -shortly be^resented te Pres^. 
dentGelsel. ' . . - 

; The measures stem from - an 
expected drop tfus.yesr UL-fffw 
material? exports'. ; 

S54bfc'frogi. close 
year, . restating from- dteugffly®. 
the south-f^ . , . ' -H -/:*■> 
At the same •time ■,theAWy«- 
ment is hoping for a 26-2$||JW. 
cent rise in exports 'Of 
tured and semi-processed; goons 
to around S6-lbn tut- yean 
The. latest figures from the 
Finance Ministry show; Brant 
had a 9334m trade, deficit in the 
firet four months of this year on 
exports of 93.70bn. and imports 
of $4.03bn, against - a. deficit of 
S79m in the same 197T period oir 
exports of 33.16hn and imports 
of KLS4bn: 


Increase in 
Finnish exports 

By Pur Owii .Cbrrefpohdent . 

FINNISH .. contractors \ signed 
over 30 new projects.- worth 
about 9L2bn in 1977, exceeding 
the total value of aU expert' pro; 
jecte during t he' p eriod 1960-76 
(expressed hr 1877 prices). . 

The. hlggq&t 'project was 
Kostamos^a STOpm; project In- 
volving the 'planning .and: con* 
strncthm of mining industry 
combine and a, towst for ldfiOv 
inhabitants^ Jxrt£& Soviet Upioc. 

In the acdaie' East' new pro- 
--were- signed, worth: about 
■ Finnish' contractors .are 
now - operating .in over .2® 
emi'n tries- 7 . :' ' ; • T - '• • ; v '; ; 

According, to ‘the results 'of a 
survey^ by-^the-'.. Associations of ' 
Gro'erai jCfintractoEs oE Finland, 
the yalue, o£ contracting exports 
was almost -'S3D0m In 1977. This 
represents airincrease of S5 per 
cant." oyer ' 1976*8 figure -of 

Contracting -exports have been 
concentrated . in the Soviet-Union. 
intheMidtBe-East and-inAfrica. 
Industrial' ' projects near . the 

Eteitish^tirtet- -border retire- 
sentBi- aimost half of Finnish 
contrat&ng- exports^ 1977. ■ 
worth a.ver-$100ijL ' r £he r other 
half cotairfed/otJarge- projects . 
in variona -fielde of construction 
teShe Btiddlfi 15ast,l¥l0pm) and' 
in Africa <$5{hp}, /.-■ 

- In S^udi-Arabia -Finnish. com- 
panies are involved 1 in land .pro-, 
jeets ! concerned " with : ; water 
supply tea. resWehtiar. areas; At 
present a SlSfhn .rfesideBtial pro- 
ject is.imder ■ way in .Iran. In 

Irttq, '■Ftans'hav* signed- a- SISOlh . 

contract ?Or:irailtUn*- a network 
of voca ti craaJ- scSooIe. TnNigCpa 
Finnish ctratiartoradaya ramed 

out mainly ^largfr.vteSidential 

- : :y- . 




v : .«••• • 

-wsaasKei- 1 \V . V -Jigl-si. 


Wetfhfesday Jtme T 4 : I 97 ST 

'•* s ». ' 

ahead for 


*-S V’ 


.V ' ; T^ By John Brennan, 
t-- ; " ..v.pjiopttrty- Correspondent- ’-•• 

- 1855 m, 15-year, road building 
i -.- TPgrainme .and ' a policy of rent 

.- piatinhig incentives to- draw 

p^.V wiusmai : , jobs ; back - Into the 
.'arpitai were announced by the 
/ ir eater London Council . yester- 


Miss • Shelagh -‘Roberts, ' leader 

, C( k f_the. council’s 'planning .and 
' VoTwmmAeations- policy commit- 
■-4- " ^g rsaid- that the ; new ioadr pro- 

- ",’- r i , famine-- was essential....: “ Prom 
"~V' i^'tvery quarter concerned -vath 

e gen era ting London's .economy 
expanding industry and 
-'-V ; o mm ere e > th e slew that is being 

T , . ; >'jged upon.usr is:.., London.. must 
-1 ' iave a better roads' system.” 

The plans. are hound to. spark 
i'-.V major- row. ‘at County Hall 
^•• r /ben. they are discussed at tp- 
iay7s policy committee meeting. 

• •••.-■ ?-.*t spokesman, fori the minority 
labour - group - oil :the GLC 
varned yesterday .that “The 
{■cries’ proposals for a deliberate 
witch of resources makes it 
‘"'Njlear that they are willing to 
- r acriSce public transport to the 
brtvate motorist They are pre- 
paring to press ahead with old 
. pad schemes at. the cost of 
Crippling. the capital's public 

Bankruptcy trustee 
named by creditors 


Plea by 
Lever on 

Financial Times Reporter 



CREDITORS OF Mr. - .William 
Stern, whose ' personal bank- 
ruptcy with, debts of more than 
£104m. was the biggest ever 
known in . Britain, yesteraay 
appointed a trusteed id. bank- 
ruptcy for the former property 


■EEC coal 


■I rfiv. 


The GJX road proposals involve 
‘ -- road expenditure being more 
. : --~'.Tian doubled in the next 15 years. 

: Hiss Roberts said: “Our proposals 
'x'.^re to improve London's strategic 
road network and to fill in some 
-r jf the yawning gaps that exist” 
^'Projected road soending will rise 
-:•? to £155m between 197S and 1983, 
v -ind to £280m and £420m in the 
succeeding five year periods. 

The controversial "motorway 
: .box " plans of the early 1970s 

•t". have not been revived, and Mira 
: -“'..Roberts confirms that the idea of 
’■ Tui inner London motorway net- 
'... work is “not acceptable both in 
social and financial terms and 
will not be built in London by 
this administration.” 

■-'ft? Instead, the GLC plana a corn 
- : prehensive scheme of road 
- improvements based on studies 
-■“to find wavs of easing congestion 
• .\in London's orbital traffic flow 
' .'and to resolve specific traffic 
‘ : bottlenecks in Inner _ West 
London, along .the A23. the A- 
' r 7 and the South Circular Road. TJie 
• ' GLC will also consider plans for 
r - a docklands southern relief route. 
‘■ ■■■ The roads programme nas 
-- received only a lukewarm wel- 
-come from the Movement for 
London Committee, which- repre- 
‘ ‘ sents the Confederation of British 
Industry, the motoriDg. organisa- 
V * tions and the leadmg road-freight 
' federations. ■ - 

Jt: : , E: Editorial : Omimeiit ; Page- 20 


. The trustee is . Mr. George 
Auger, of accoiintimts Stay Hay- 
ward. Mr. Stern, : 44,- whose 
property empire collapsed in 
1974 and who "was adjudged 
bankrupt on May. 30 this year 
with his own consent, did not 
attend the short meeting at the 
Law Courts in London, but 
waited in another room. 

A committee of inspection was 
also appointed by the creditors, 
who include a subsidiary pf the 
Crown Agents and -a Considerable 
number of banks. The committee 
consists of representatives of 
First Millbank Nominees, a 
Crown Agents subsidiary, gey- 
ser Ullmann and First National 
Bank of Chicago.-- ■ , 

The statement of affairs sub- 
mitted by Mr.- Stern, showed 
debts of £24m to the;. Crown 
Agents and of £20-5m to Keyser 
Ullmann. the merchant- hank 
which brought - proceedings 

resulting in a receiving '-or<mr 
being issued against Mr. Stern 
in- April. 

Mr. Geoffrey Gillvray, the 
Official Receiver, yesterday told 
the gathering of about 45 
creditors, 19 of whom had 
submitted official -plaltM, that 
the statement of affairs -had put 
the debts at £104.4m.' 

This figure included -unse cure a 

liabilities of £269.000, 
secured claims . of l *46,000, 
contingent labilities., (ma^jy 
under guarantees) of 
and preferential debts of £6,5w>. 
Assets were estimated at 

Mr. Gillvray said that ,-»r. 

Stern was a naturalised British 
subject with a Harvard law 
degree. He had six children and 
his London home was owned by 
a family trust. 

He was now working as a 
business consultant from 
premises at Prince Albert Court. 
Prince Consort. Road, London, 
earning about £20,000 a year 
and acting for a number of 

Mr. Gillvray added that Mr. 
Stern’s bankruptcy “ stems 
directly from guarantees he 
gave on bebalf of his com- 
panies.** His public examination 
in bankruptcy has been fixed for 
October 20. 

can merge 

By Kenneth Gooding 
FURTHER reorganisation of the 
brewing industry can go ahead 
as long as it involves only 
medium-sized and small com- 

That was the message from 
Mr. Roy Hattersley. Secretary 
for Prices and Consumer Protec- 
tion, when yesterday the gave 
permission for the agreed 
merger of Greenall Whitley and 
James Shipstone to proceed with- 
out a Monopolies Commission in- 

The brewers have been await- 
ing this decision with more than 
usual interest because last 
month after discussions with the 
industry. Mr. Hattersley told 
Parliament: “I have made clear 
to the industry my intention to 
examine any further proposals 
for mergers between firms in the 
Industry with particular care.” 

A CALL for the scale and nature 
of finance for International de- 
ficits to .be strengthened was 
made yesterday by Mr. Harold 
Lever. Chancellor of the Duchy 
of Lancaster. 

He told the annual luncheon 
of the London Chamber of Com- 
merce and Industry that this 
would give surplus an£ d eflcit 
countries alike the time they 
needed to make . structural 
changes without bringing on 
economic disruption. 

This move could be made at 
the Bonn summit next month, 
which should aim t0 
co-operation between countries 
for greater currency stability. 

" The summit must give a new 
impetus to the world’s econo- 
mies." . 

He accused great nations of 
acting like old-fashioned bankers 
vrith an inherited instinct to 
hoard gold- 

“They have failed to bring 
the reserves of the world to the 
service and support of toe 
S trading system from 
which these funds_ derive and 
which cannot t function properly 
without them.” 

Countries which were compe- 
titive anS successful should en- 
sure that additions to their re- 
serves did not end up as danger- 
ous misers' hoards, but that they 
were effectively deployed m the 
world’s trading system. 

THE Conservative Party has 
decided to oppose the Govern- 
ment's White Paper on industrial 
democracy which was published 

three weeks, ago. 

The decision has been taken in 
<?Dite of an initially favourable 
reception given to the proposals 
in the Commons by -tirs. Margaret 
Thatcher, the Conservative 

The change in attitude was 

announced yesterday by Mr. John 

Nott the Conservative'* spokes- 
man' on Department of Trade 
affairs at an Industrial Society 

conference . in London. 

He backed the views of many 
industrialists when he criticised 

the White Paper because its 

proposals are largely based on 
trade unions and because they 
involve some statutory enforce- 

m ® n jly examination of the White 
Paper leads me to the conclusion 
that it is extremely disappoint- 
inE This ^ not k ecaual? °f ^ 
sentiments it adopts, nor even 
because of its stated aspirations. 

the majority of which I certainly 
share myself. 

- It is because it represents a 
political compromise between two 
irreconcilable objectives, namely 
the determination to extend yet 
further the power and influence 
of organised labour and, at the 
same time, encourage greater 
involvement for all employees in 
the business of their companies. 

He objected to the notion of 
extending collective bargaining 
into company decision-making. 
«* The Government's plan is ready 
suggesting a further extension of 
union power at the expense of 

Statutory fallback proposals 
for consultation and boardroom 
representation contained ui the 
White Paper would become 
•• the minimum negotiating 
stance of the unions when 
companies tried to introduce 
voluntary arrangements. 

A Conservative Government 
would put forward proposals 
based on voluntary guidelines 

contained in a code of practice, 
be said. 

The proposals were spelt out 
by Conservative Party leaders a 
month ago and are based on 
shop floor participation of an 
employees with only voluntary 
experiments involving worker 
directors. There would also be 
changes in company law cover- 
ing the interests of employees- 
Profit sharing would be encour- 

-] nari 

Mr. Edmund Dell, Secretary 
for Trade, told the conference 
that he did not want to intro- 
duce any legislation which 
would be overturned by a later 

But he rejected ideas that 
there should be no legislation. 
“What is clear is that it would 
not be acceptable to make em- 
ployees' right to participation 
in decision making rely entirety 
on the enlightenment and 500°" 
will of their employers.’’ That 
was why the White Paper con- 
tained statutory fallback pro- 

£25m grants for energy saving 

Bulk whisky exports hint 


A HINT that the Government 
would not put a. total ban’ on the 
export of malt whisky in hulk 
from Scotland hut togtpgMWt 
for some kind of quota ^System 

Secretary, -at the Ministry :- -°f 
Agriculture. 1 
He was speakme after^two- 
day tour of the Scottish.whJsky 
industry which ended rvitfi^a 
meeting with representagyes of 
the Scottish TUC-.m Glg^p&jg 

There has been consistent 
pressure from Scottish interests, 
particularly from some trade 
unionists, for a ban on malt ship- 
ments which go mainly to Japan 
and Latin America. 

The claim is that this malt 
whisky goes to improve the taste 
and quality of some Japanese 
whiskies and that those, whiskies 
might provide competition for 
Scotch in world markets- in the 
.future. • V • • . • - L_ 

Barclays puts 
up loan 
interest rates 

By Michael Blanden 

CUSTOMERS of Barclays Bank 
and its credit card subsidiary, 
Barclay card, are to pay higher 
interest rates for their loans. 

In line with the general rise 
in Interest rates, Barclays 
announced yesterday that it was 
raising the cost of new personal 
loans from July 3 from the pr^ 
sent true interest rate of 14.93 
per cent to 16.65 per cent 

At the same time, Barelaycard 
raised the cost of credit for its 
nearly 4m cardholders from If 
per cent a month on outstanding 
balances to 1J per cent a month 
from July 19- „ 

The increase in the Barclay- 
card rate lifts the maximum 
effective interest rate to card- 
holders from 19.5 per cent a 
year to 23.1 per cent. But taking 
account of the free credit period 
available to holdere. the average 
interest rate paid is likely to 
i be closer to 14 per cent 


TO ENCOURAGE greater invest- 
ments ia energy saving, further 
worth £25m are being 
offered to manufacturing indus- 
try and commerce by the 

This latest measure is essen- 
tially short-term and is aimed at 
encouraging companies to re- 
nlace or modernise boiler plant, 
improve insulation and either 
improve or replace combined 
heat and power systems. 

Mr Eric Varley. the Industry 
Secretary, said yesterday that in 

manufacturing industry a£ne 

cost sayjnss of about. £o/0m..a 

year could be achieved through 
energy conservation measures. 

The £25m scheme will run 
initially for two years. The 
Department of Industry hopes to 
have all applications in by June, 
19S0, and investment schemes 
fully implemented by June, 1951. 

The new scheme will offer: 
a 25 per cent grants for replace- 
ment and modernisation of boiler 

a a 24* per cent grants for insula- 
tion oE premises, capital grants 
for the replacement and moderni- 
sation of combined heat and 
power systems. 

• 50 per cent grants for asso- 
ciated consultancy work. 

Together with other schemes 
announced over the last six 
months the Government is now 
offering about £400m in grants 
for various energy saving 

It also announced yesterday 
that the Department of Energy s 
Saving Loan Scheme would be 
wound up because only -a small 
number of inquiries had been 
received. The scheme, operating 
for 3i vears. gave loans totalling 
only £100,000. 

By John Uoyd 

EUROPEAN coal producers 
strongly criticised the Council 
of Ministers of the EEC yester- 
day for inaction over coal policy. 

the consultative committee or 
the European Coal and Steel 
Community called on the council 
to take urgent action on policies 
to assist " the European coal 
industry. It passed a resolution 
deploring its failure to do so. 

Last month the council failed 
to agree on a plan for coal sub- 
sidies aimed at making 
European - produced power 
station coal competitive with 
imports from non-EEC countries 
The committee's resolirtion. 
proposed by Sir Derek Ez ra ? 
chairman of the National Coal 
Board, the biggest coal producer 
in Europe, noted that the council 
had taken “ virtually no steps 
since December, 1974. to imple- 
ment ' its own coal policy 

It went on to express concern 
ever the council's failure to 
□gTee even in principle to the 
subsidv scheme " during a period 
of serious difficulty for the coal 
industries which are continuing 
to make every effort to improve 
productivity and reduce costs. 

Sir Derek added: “The pro- 
posals we want to see introduced 
include: promoting sales of com- 
munity coal to community power 
stations; construction of addi- 
tional coal-fired power stations: 
and financial aid for stocking 
coal and coke." . , .. 

The statement indicate the 
worry being felt by the UK and 
West Germany, the two major 
European coal producers, over 
markets for their coal, btocks 
of coke in West Germany are at 
record levels, while the coal 
board faces continued reduced 
demand in the steel industry and 
possibly static or even declining 
demand in the electricity 
generating industry. 

Tribal art sale brings in £607,840 

m.. . l MncniTme fif T fOOD 

CHRISTIES yesterday held its 
most Important sale of tribal 
art, bringing in £607B40. The 
tOD price was the £220.u00 paid 
by H the New York dealer Walter 
Randel for a 19th-century wood- 
carving of Chlbinda lliioga. 
Katele. a legendary 15th-century 
hero of" the Jokwe tribe of 
central Africa. 

The 16-ineb high figure was 
collected in Angola in the late 
19th century, and establishes a 
new auction record for an item 
of tribal art It had been ex- 
pected to go for nearer £50,000 
All prices carry a 10 per cent 

bU The S ^National' Museums of 

Canada, which spent a total of 
£67.554 at the auction, paid 
£21,000 for an lSth-centur> qilled 



headdress from the Great Lakes, 
probably of the Potawatomi 

Nukuoro wood figure from 
the Caroline Islands fetched 
£■10 000 to Heathcote, a New York 
dealer, aad two Fang wooden 
reliquary figures each realised 

The National Museums of 
Canada, again, bought a Naskapi 
painted skin-maos coat of about 
1770 for £14.000 while a Mbete 
wood reliquary figure sold for 

£13,000 and an 18th-century 
Maori canoe prow head for 

At Sotheby's auction at its new 
Rainbow saleroom in Torquay, 
the morning session brought in 
£142,478 for marine pamtings, 
with a top price of £7,000 for A 
naval hired vessel in three por 
■ - - ’■■■ John 

Troopship by Charles Seaforth. 

Other good prices in the morn" 
in* were the £4.000 from Edgar 
for 4 Crab and Lobster Shore 
by Edward Cooke, and the same 
sum for Shipping in a Squall off 
Tynemouth by John Carmichael. 

The by William Clark 
made £3,000. and a portrait of 
William Darling, father of Grace 
Darling and a partner Id her 
rescue operations in 1S35, made 

A record price of £1.350 was 
paid at Phillips for a Charles I 
oak joint stool of the type which 
was bringing half the price at 
auction a year ago. It was bought 
by Littlecoat. 

\'j . -. -i- 

25 % — 

modentiSatfon of boiler plant. 

Who is eligible? 

Virtually every sector of industry trade 

filiation of premises, -and commerce thioughout the IJK,iiicludmg 

and beating mSXlUfa ' ^ j; tl"IA ( 1011 - 

jmproved ventilatic® 

sericulture; the distributive trades; the con- 
struction industry; banking, insurance and 

for the replace- 


professional services, 

* Saving energy can save you money 

Now is the time to apply far these new 

50 % grants forassociatedconaultaiicy ^e^e^cSteScriSnditions to be met 


.1 - .. 

lb; Energy Conservation-Scheme Office, 


® Please send me Notes for the Guidance of Applicants.’ 



| Position in Company/Organisation 

| Company/Organisation 




Financial Times Wednesday June 14 19* 


Small increase 
in new work 
for architects 

Cement price pact 
may be challenged 






Retirement ag& 
debate needed, 
says Orme 

THE OFFICE of Fair Trading is ordinate pricing. Under the the cost of making cement — 1 - 

BY MICHAEL CASSELL. BUILDING CORRESPONDENT believed to be considering taking voluntary agreement, the com- energy— had sharply increased wfllBlMIlWwl i FINANCIAL TIMB REPORTER 

the cement companies to l!ie panies agree to charge the saiua in price over the period. T . . . . . . , 

RECOVERY in the level or com- RIBA says that a high pro- Restrictive Practice Court for thn prices for Portland cement. The Price Commission’s view jlqyd n demand Britain o^dEEEStS ”* 

missions won by private archi- portion of work, involved re- third time in an attempr m Restrictive Pra«*- changes in the cement BY JOHN LLOYD S^.fS mow towarSa comrnm 

lects continued into the first habiJittlian, with housing work break up the industry’s common Court concluded that the market would not. however, be AGREEMENT Ohl Britel. a con- for men and women, ^i}.. 

part of this year, says the Royal providing a substantial proper- pricing agreement To do this. JSSrictton? w Vat operating “?■£» ' solatl ™ W reopen group intended to Orae iSteTS 

Institute of British Architect. tion of the available business. it would have to show that the restrictions wure This the case. Having failed in its increase British penetration in 2^- 1 loIdtta^OwEr TUC " “° w «heeted the 

as^ayw S.Sr s ssMsa^jssraa "bbsess'i. «-!«.* *.« gfm «g 

derm" taking voluntary agreement, the com- energy — had sharply increased BTlfll llV/1 I FINANCIAL TIME REPORTER 

ni*s io the panies agree to charge the saiua in price over the period. JMA V ▼ 

Court forth*- prices for Portland cement. The Price commission’s view " A NATIONAL debate Is rceded with interest to the response to 

attempt m . . . u . on chances in the cement JOHN LLOYD on the demand that Britain our document- i 

ry’s common . ^ S j ri 5 l *u a » t h^ market would not. however, be a r'RFFMFMT ni\i Britel *» con shoul d move towards a .common Mr. McCrindle said that all 

To do ihi 6 bees Court concluded rhat : the eoougb jn j so | atian w rw)Den AVERMENT ON Bn tel. a con- retiring age for men and women, shades of opinion, including the 

mu)* that the restrictions were not gratia* the case Havin'* failed in its sullancy JESP& mte nded f 0 Mr. Stanley Orme. Minister for TUC, now reflected the need to 

XSan'ed against the publie interest. This “Su^Stt^ST^S Sttte «8 'ShSnS^SJVSSSt^ Sanity, told the Cam- U ttS^SflSdbte retirement 

& imurt lirsi meant that the companies were order discharged the OFT would *&e boommg world telecommum- mons yesterday. with the ultimate objective of 

pacTJlsnm [-«'■ ■>»* »y ;ho pact ' ,**■ For 

, ■ i _ . hart heen in nnemUon >incc onn j n— v,.^- u.. “ LW “ year oi ranis. rilffprpnt retiring ages — 65 for hnrt. man Bimnavi . 

197S rose lo £9S5m at current 

prices against £SoOm in the E73Sm . gainst JEd48m in the pre- The question has best* tn-o 1 ® nave 
previous quarter. ceding three months, a 13 per reopened In the light of this Ih ‘ t 

At constant prices. the cent in crease when expressed in week’s Price Commission rep«-;i JH* no - 

January-March total represented conslanl price terms. on Associated Portland Cement, that the Office had no, 

a rise of more than la per cent . . . . .. Britain's lareest cement c'm- P r,ma facle Widen, 

between the two quarters. The JET P an Y- Though the Commission material change id m 

per'rent when compared with the however. 7 per cent down on was at pains not to go beyond ln itij report, the V 

first nuLri^ or iff^ d Hu* first quarter of 1977 and ^ remit hy making any reco.ii- m i SS j on said that i! 

RIBA pmohasi^rf ihat in remained among the lowest mendations about the comm-n been major chanyes m 

suitP of the Sustained rise in new levels on record. Price agreement, it concluded cement market smc-.; 

reinnhsVions for the sif months RIBA says that the Improve- that the operation of the ttgre - size had continuously 

ending in March lf)7«. the value menl in Ihe profession's work- ®e»t- had led to serious dis- and what had be*-n 

of new work in l he first quarter load has helped improvement to ££} ons of prices and coats. market four vca£ 

was still worse than in all but levels. A small increase In staff The cement industry is one of become a buicrs m.«r 
one quarter!' period before mid- employed in private practices onI y a handful allowed to cu- Moreover, the 
1976 and “should not encourage was recorded in the first three 

a 'tried to have the 1SW1 order would^Vro^bVy" h«vi‘ to “show scheme are the Post Office. “iRogical” foHowing^ iutroduc- • A »»#» »» Mrar^Moal 
scharged. But the application th •* chanB ^ sinc e 1974 “ * and the two State-owned inter- Uon of equal opportunities legis- "ghts gr women 

is dismissed on the grounds permanent Sd not j^t a faefor national telecommunications laUon. **But eqaaluation^ creates ^Jf 0 Su nc il for CivU 

at the Office had not produced of u, e cyellca! natur ^ of Ae CQn . companies. Cable and Wirelna a i ot 0 f problems and ffifficaties- the Chnd Pov^rtv 

■ima facie evidence uf a struction business. and . International Aeradio. Bis- and these will have to be-fully .Jgt™! ““ “ e Ch,ld Fo ' erl3, 

jterial change 10 the market. .. _ cussions were initiated by the discussed. t,rou P* . . .. 

J ° , th « 0FT was able to persu- National Economic Development R e told Mr. Robert McCrindle, The campaign’s basts is the 

In its report, the Price com- ade the Court that the situation office, which published a report conservative MF for Brentwood draft EEC directive 'which “Will 

J . U ..t T hiTM had had mafpria V ultomri cmra , : ik. ...J (n* . „ .L.. .L. P f. I (A-, 

undue optimism.” 

months of 1978. 

Coal mining boost 
for Gullick Dobson 

Dollar premium fraud charge 

FINANCIAL TIMES REPORTER tldp formed from the existing 

A MAN who calls himself the Mr. D. Tudor Price, prose cut- Freedom Land, but Mr. Barnes consultancy divisions oF the two 

kina of Colooia because be owns ing. alleged ihat Mr. Birnes was changed it to Colonia. and teletommiinicattons wmp^es. 

islands in the South China Sea involved with u number of assumed the title of king of Both companies i®*** 

•iir John Colonia. their . separate laenuues. ana 

and its Future scope. - sion’s consultative, document 0 xhe Confederation of British 

It is widely expected that the “Equalising the Pension Age. Industry is to set-up a 16-man 
proposals in the paper will meet “We shall shortly be publish- panel— headed by ' Mr. . 'Alan 
with general approval and that ing a discussion document on Cooper, director of personnel 
final agreement on Britel will the elderly which takes account policy in the Imperial Group — 
follow in as little as a month. of the views expressed m these to advise, employers on race and 
The paper proposes an opera- publications. We Jook forward sex discrimination ma tiers. . , 

I to which he has given that name, people, including 

John Colonia. 


was accused at the Old Bailey Martin Wales, whom he was He was oFteo out of Britain « 

ye ?terday of being involved as supposed to have termed I “our tat Hr . ft* ^claimed I that he .J^^erienre i? wiS 

Extra £10m Government 
cash for urban projects 

took pan in 1975 in the original tensive experience in project td3U AVl UX Uatl [UUJCU3 
England. “ e of less, which still gets most of, its BY OUR BUILDING CORRESPONDENT 

At that lime he was alleged to ^[^mSahonT^ysleS 1 h. A FURTHER ElOm fc beSig made jects. To date, about 400 schemes 
have broached the scheme to a p?Sect mana^ent available under the TJOvemment’s have been approved, 

solicitor who was prepared to Trjir m 0 p 3 . urban aid programme.- t*Vw» Ppnartmmt nF tha Fn. 

ine UK mminc machinerv manu- system nas oeen aeuverea to m rector of bt. George’s urive. wttvnus soum Airman nnmn«, telecommunications systems is. A FURTHER tium » oemg maae leers, io aate, anoutAuu schemes 

taken Roaainston Cftlliery in Yorkshire Victoria, south-weal London shares. ™ or h .'na™d° to mSSowI aeailable ooder the Ghvemmeofs hove been approved, 

on a further li50 employees to and is capable of increasing out- denies conspiring between 19,5 solicitor who was prepared to we n . urban aid programme.- The Department of the £n- 

cope with hicher demand? put by times compared with and 1976 to obtain money dis- H«? dauned that Mr. Barnes help the project. But Mr. Barnes ^ propos ed consultancy The money, to help towns and vironmentf said yesterday that 

The Wigan-based company, conventional supports .though at honestly from authorised dealers bad used the title Princ -John had claimed he was innocent— ld h V, ve P a bias tawarS cities with special social needs. 0 f now made avaiUhie, 

part of rhe engineering croup greatly-increased capital cost in investment currency. de Mari vales because mat was and the jury would have to de- BritLsh equipment where it wai is part of the £26m. being alio- a bout £8m will go an capital 

Dobson Park Industries of Noi- The National Coal Board wUl The jury was told that be was the name [of one of •J* Jjj rh* W wSSin? e h°^ 2? P, K Mr ' available and competitive, but it cated for new projects being projects, £2m on running rests 

tingham. has recently acquired a be extending the system to a being tried separately from w an almost “ninWuwa Brian Wooding, who has been wou ( d not ^ inhibited from started ywur and is ta add!- capital projects and a further 

37-acre site in Wigan, adjoining number of faces, spending pos- others who have been accused of archipelago between ) i^tnam sentenced already in the case, recommending foreign equip- tion . to the £16m for schemes j£ m ^ noJeapital schemes 

its existing works, and this week albly £i0m-£30m on the new the scheme and they must return and the Philippines which he was telling the truth i?r not. meat where it is clearly superior, submitted by the seven inner city - _ . ^ ^ f nrniaMB 11?I|I _ K 

new test facilities were opened bigger supports over the next their verdicts purely on the acquired in 19«4. The group of The hearing was adjourned un- 0ne of major advantages partnerships. ’ . °L pr0 ^T g - , V, 

hy Mr. Alex Eadie. a Minister at few years as part of efforts to evidence against him. tiny islands had been known as ui to-day. of 3 r j tel is jt w jj| pr0V xde A large number of the projects nave oeen approved income 

the Department of Energy. increase productivity. ' information for the UK- fete- covered by urban -aid.iwill -be nursery eduratton units 1. com- 

The group as a whole had a Gullick Dobson, whose main communications manufacturers, run by voluntary organisations, ““w Jtnoieiaure 1 centres, care 

turnover in the first half of this competition comes from the UK -r* f /* i a B ^ * . * •: : It Is felt that they have-been and many will hehefit ethnic ‘“f bandi- 

year of £Mm — roughly half in group Dowty, and from a number U AAfl JlfA afi jC /^IIT weak in certain sectors of tte minorities^ • c^PPed and mentally ill. 

mining machinery — and last of German companies, is also JL Uv" vrJU.Ct9 V/UL-i/ RJ? y IJllvv TTftl * ' export market and that' they can There have been more than • . JLn nearly all cases grant will 

month announced 3 rights issue expecting big export sales of the * */ jl : benefit from better tailoring of LOOO applications from about 150 be -paid-for five years on the 

Of £5m aimed at financing a pro- new system. by eunor GOODMAN CONSUME AFFAIRS CORRESPONDENT their products to overseas needs: local authorities for aid . under, riibning costs of capital projects 

gramme of investment totalling Export sales of support systems by eunor Goodman, tuNsunai ArrAuo tuRiasruMUBN 1 • t&eurbanprogramme fb asslst and.forasfannar.peri6donnan- 

£10m over the next two years. currently account for only about THE FOOD price war. combined industry had hoped thai ihi» was when adjusted for inflation, . . > with capital and non-capital pro- capital schemes. ; 

,.. A substantial proportion nr 10 per cent, of turnover but this with depressed grocery sales, the beginning ' of a sustained showed a negative return on T «*.n5 _ _ .. ~ ~ 

this will be on the mining is partly due to strong demand by a g aia cul j 0t0 f00( j nianufac- recovery. sales of 0.01 per cent This was UDIODS pOWer ’ 

Food profits cut by price war 


recuiuiiieuuuiK 1 uiciku Hquijj- --- ~ — . — z*m on no-eaptLai acuemee. 

meat where it is clearly superior, submitted by the seven inner city - _ . nroieebs which 

One of the major advantages partnerships. . 525 s 

of Britel is that it will provide A large number of the projects *{EJ w f,tJ ne iSSf 

information for the UK-- fete- covered by urban ^aid^wiU be^ -jS i32S nSStl? L*« ™ 

communications manufacturers, run by voluntary orgaiflsations 

It is felt that they have been and many will hehefit «hmc bandl ‘ 

weak in certain sectors of the minorities^ ; - .-• capped and mentally ill. 

export market and that' they caii There have been more than . Jn nearly all cases grant will 

benefit from better tailoring of L000 applications from about 150 be -paid: for five years on the 
their products to overseas needs! local authorities for aid . under- running costs of capital projects 

the urban programme fo asslrt and for a similar period on nan- 
. ... ^ with capital and non-capital pro- capital schemes.' 

pre-tax profit margins 


Unions’ power 
will decline ; 
- forecast y’d' 

control on trade discounts. They 

Insurance Indus^yhad 
successful year in 1977 


THE INSURANCE teHnstry ln 

.K,. ouu g FUU 1, W anQ Ji30 per in ine inirn me mnusiry* n*.* saio. c ai j«P7Pri 

; r? V *n t? ^ Sl1 ^ r . a nt 1 advance important buyers of mining quarter of last year. desperately needed a period of sq 

" ,hi nk-?r, ri ,hl Ta K n _firSt tned eq H‘ prnen ‘- The latest figures are better slahillry to halt the steady • The council has set 

The niiv rnnf J.mnor. • ci Q The ^ dvance >" automatic than those for the early part of decline of receni years. He had special committee to stuc 
firxf Sl ,n PO p S * eni ’ ‘".‘"‘"S has come through a link 1975 but dampen any hopes of no faith that ihe present Gov- whole question of disc 

rnhlp! . mThhi-w V 1 ! 1 an elecu ' r,nic concern, a recovery. Net margins rose ernment policies could provide which is currently he ini 

enables a much bigg er section of Instem. to 4.12 per cent in the second the right economic climate. mined by tbe Monopolies 

^ quarter of last year and the He pointed out that the figures, mission. 


enables a much bigger section of Instem. 

Burberrys store for U.S. 


GREAT UNIVERSAL Stores is The new store will have a sale* 
to open us first Burberrys store area of 16.000 square feet and • 

in the US. in September sell both men Q and wSmSS BY JAMES »ONALD 

It wilt be situated in the heart clothes. rxr tpiwp i , , . 

nf New York's shopping area L IN FIVE years more people arc lu absolute ler 

between Madison and 5th Avenue A Church footwear shop will *aHed 0 n British roads than were the road safely 

and sell the same ran«e of also be included together with Wiled during the German bomb- "appalling.” 

weathercoats offered in London. ? Sc «tch House department sell- ing raids between 1939 and 1945. .. lf ig ., 0 lc were ki 

Burberry mackintoshes are tartans and knitwear. The said Mr. William Rodgers. dav ■ raj| 3cr jdents 

already sold in the U.S. through emphasis will be on the British Secretary of State for Transport. wou f d clpse down ou _ ril!w 
department stores but Great Iook - in London yesterday. Jf every nionth in mho Jei 

Universal Stores has been iook- In addition to the 70-year-old °P enm § f Roads to Safety British Airways crashed- wh 
ing for some lime for a suitable store in London's HaymaxkeL conference the ilimster tota ] Joss most- of 

site on which to open a store of Burberrys has shops in Paris and saJ( * ! hat Br,ta,ns r °ad safety WbU j fJ ,,\ ve M „ - 

■ f nu-n n^_.. 1 _ TW’flfn W3C F*AfTl flfi fi* 1 I V P 1 V CP fl H H 3 

^ i.imii «*iu» INC vitimtr ui u uc ui «r*cmi ucuua Ppocnrie prvin W KooIfbV uiuiluiucs in 

■union t policies could provide which is currently being exa- detected jn a survey of social '• ,,“,11 tries where-preminm rates 'fc'cre 

io right ernnumtr climate. mined by tbe Monopolies Com- factors that are likely to SSSSSl— iSzK -iJ^ulated AOd.^ ^held at' 
He pointed out that the figures, mission. influence the bawness and SSMCiS! '**• *^ : T ' 

□olitieal 'environment in -the taUJti ^ttrest rates and the raw. . 

future. • ■ . ' of inflation. ^ and the recovery of - The Department - bad - !less ' 

-Tti 1 £• a M - jpc a m The Henley Centre for Fore- share prices to 1973^ levels. . cauae itt 197? toiiitqfvepe-in the. 

Road safety plea by Minister ss? ss^.-sr- sa 

V J Change, is unique in Europe ^crease its- worldrwidfi business exercised ;its statutory jawiers 

Mr. James Morrell, director! 

said: “It provides an ‘early to, 1975 c to in 1978. There Was adsu a redne- 

ln absolute lenns. however, cuiarly. human instincts and our wanting’ system to alert com- y. • fooda the ^pumper of comjranles 

e road safeiv story was standards of behaviour." panies to social changes they “OW»Yer.' me _Liepartment -persuaded tp v take -.remedial 

appalling.” - Legislation was not possible hav ® t0 dea * Wlth - M - siders' that there were stdl action withGorroeourse to st^u- 

. a . ul 5 u .°.i hwrtam antM whinVrantimiPS In fniv knnwin«i-<Q ««« in.. ife77 

w 13 <0 JO peo;,lc iu,w jod enforcement would fal. short J^J^TSLSSS^l 


1 a roan was to pe reduced sigm- “People hate bureaucracy 
US fnn n ?,n le3 i S ! at j° n on ^ ot , h d r iv ' whether it is Government bureau! 
; , "ul? f A er and crocy, tn the education system or 

Warning on crcditrules 


' MOOD? 

£ 10 , 000 ? 

£ 14 , 000 ? 

Set your own target 

A sales career with Hill Samuel Lite gives you unlimited 
earnings potential. 

The contracts you would be offering are among the most 
attractive in the industry aru. "fly would receive a 
thorough initial and on-going triuinig to give you every 
opportunity to succeed. 

Opportunities now exist for 3 people at n new West 
End office. 

If you are aged between li- and ->1. are sale* orientated 
and have a proven record r»F success in your previous 
career, telephone Tony Boys on U 1-734 465* or write to 
him at Hill Samuel Unit Life Services Lid . 35 Soho 
Square, London W1V5DG. 


of ihe law. hut aho. and parti- be tackled.” 

record was comparatively good. . ' * 1 ' * - :• ,ier ® r L n ,* n * an . a ?a V l ng cracy, th the education system or *' T; ^ 

“In 1950 about 5.000 people Leaving aside the total of fatal without seat belts was justified. S0C iai services. SY MICHAEL BLAND EN ; - - 

were killed on the roads and 25 ther ? we J e80 ’^®° “ But whether it is practicable ‘This was also the case within n pctri pttvp Hrmrs «»»ri ro +1 , ■*. L- . u u 

years later the figure was just injlire<l on the depends not only on whether tbe the^ trade-union movement Union 

under 6.400. in spite of the fact cver> Jear - Government of the day thinks members are fed up with their , ° dl ‘ 

that traffic had increased 31 “We are dealing with an it is necessary, but on whether trade unions because of their ^ } ®f ore _ im P 0511,1 5 

times. Interoationa! comparisons unsolved probli-m. nae that there is a general awareness that bureaucracy and because they v e ' CQn ^?^T r ^ gpla ^ t ? > ^^‘ ?? is con- 

also show Britain in a favourable involves the law. 1 he enforcement the issues are acute and musl arc nut of touch with their TTT n , Sir 8 -‘ v ^ cerpedOiat coon tries wWch have 

light." or ihe law. but auo. and parti- be tackled.” members.” t0 

vidnal countries the - European .smrflar measures introduced m 

Federation-^ of Finance House oU bther EEc .rotffitries. 


• The group, which, represents- j’ 

A A o /f» A ~B ■» finance houses from 44 European- 

question of standards sa.*.S3K#®S 

tries and the - implications of flnance'hoiKes^xrtte EEC dircc- 

GY DAVID CHURCHILL membership of the' EEQjat their OT ? . on eregtjnktitutioDs. Other 

cr DAVID CHURCHILL annual ; conference in’ 'Bdhrne- fPe^s 'R»Prof- George Clay- 

mouth next week. -• ■ n irom Sheffield University, 

PUBLIC SECTOR accountanis local auih-ir'iicr for - their Up felt that in the public's tors are entirely dependent upon u j-i>, Thihia«i«. • j', L r ^d .Mr. Alfred Richter, joint 

meeting in Edinburgh today fur expenditure— m. -v inn. mg at mind they associaicd the audit- the Government. local or «T ami, -i I J c fi ajj ? rtaa Of the German associa- 

their annual conference arc -1:11 HMre •Ina il::io year, ing »if local authorities in the national, they have no more 01 LDB rrencc asBOclationj will tiop. 

seething over the unprecedenied A> ;n.-ji . •nhur.: /ore forced same way as companies were chance of being objectively in- — ; : ■ ’ ' • ; 

criticisms made last week by by ri.-.n'iing cn-i-. iJovern- audited. "We cannot retain dependent than the internal •• 

fellow accountants in the private inent e^pendmu.; cuts to push credibility for pronouncements if audit department of a large -*-** • . « n ' __ 

sector. uii rates, so allcjaiinny of waste we permit the cancer of the business. P|f*/vg/|l|lv iTII'rf' Qflvic^r 

The allegations of low account- and in efficiency grov . present system of audit for “Each district audit report '. ^ • 1? -■ * • • au YUV/JL 

ing standards in local authorities c u/ -v, -,|i r .«- l |, Iin . „ i„h i r , Public bodies to continue." made by a member of the Char- BY TERRY GARRETT-- - '• 

were made In a resolution rnnSnum'or,-! ; "n r h l , r}r inmve Under ibe 1972 Local Govern- tered Institute of Public Finance ' 

endorsed overwhelmingly by the ( p H nee»7unf,’iviii ’’ !.r ir.dal l,,ent Act the amounts of every apd Accountancy undermines the THE GRESHAM TRUST: bank was tryinB to establUh thp 

annual meeting of the Institute !iuthonfo-s U ”V ih--i‘ ih-'v^inav 0 ^© *- v P^ of ^ authority are reputation of the “audit report” merchant - b.ank^ has- been faets, b5 0 f the « d £l 

of Chartered Accountanls in ^ .l r- Sen 11 v 5“°^ w an ^lernat audit, when members » of the public are appointed by the : dirSrtors of was not availatdl 01 report. 

England and Wales, regarded as V ir jvi-r ^n,.r'- kn'IiS This may be carried out either not aware of the distinction be- puJL-ff: ® of . / w 

the profession's senior a ere uni- s/. rt ,...' T? 1 am # ? B l by ihe district auditor— a civil tween the audit report on local P“cad»ny -Tgust to advise them ^ tim the 

A question of standards 

Piccadilly Trust adviser 

understood that the 

ancy body. reccniiv ! i*. .-nitv 

The resolution called for all Adii^ 1 ;. 
practical steps to be taken - lo \ u 

..11 J .I,, oy IOC UlSiriCI auuiior — a Civil mccu me auun lepun on local , T: ' . tvT — . 

.^n ,-crvant apoointed . hy the authority accounts and the audit following news that Piccadilly nt scnrtan^fS^SLSl?.? 11 " 18 

.V - “l 1 a . n f , Environment Secretary-— or by report on company accounts." be has -been named in' a' • Stock; *?*???*? l ° 

Loca J an independent auditor mimi- Exdbatigo report on ehare “deaf JSSgf »««««»•« and 

V u • ‘ • ,I L l 35 noted hy the council and The chartered institute how- mgs. .' \ . .. .... aa ^ere. on Friday. 


: i.k >4 

r.«r l ji'J 10 « P ,C*’ ^ ' !r - Jerctu - V times to relevant documents similar work for public com- 

poser of the resolutiun did al l ho |.r:pp-. .1 cn^ : ,.-,*ountanl rptaiin'. the .nrrntmfo Thev nanies and other bodies.” 

BeiBDcraliD anil Popular Bemililic ol Algeria 1 S IHS' E bot "“" 



Socictc Nationale des Industries do la Cellulose (SONIC) 
informs international reuqiamus and firms interested in 
the Imcrnational |nv!>;>ii<in {■■ Tender which was 
launched at the beginning of February 1378 for the 
setung-up of a factory in Scdrata io produce celluiose 
and paper products Miat the date limit fur sending 
lenders, formerly fixed for Alav 30. 1978, has been 
postponed to June 30. 1978. 

Information from: — 

SONIC. 84 Rampe Ali Haddad. El-Mouradla. Algiers. 
Tel: 66JlH.OfrOL04 — Telex: 52^33 

pubUc sector ^accountanlT »cr<‘ ? Criticism 

th« r-h. h ^ ir ‘ u '.^ niMh '•■■tn. the council or brought to public It argues 

- Jr Tripps v.tiT prompted tn attention. degree «f op 

tered Institute of Public Finance take ihe is«;iie i.. the institute's 

e council or brought to public It argues that there is “a -"i 
tentian. degree of openness attaching to 

In the case of serious irrecu- local authority accounting and ju’vk 

law and practices ot local v. ; vUiuiiit} could result in council members The hostility apparent between fr-*? 

government accounting. !!■• altemi. :..•»! i , , ...v^ informa- nr officers bvinu subject to a sur- public and private sector : ' • 

.. ,”^ s restramed comments are tion on l/vlialf or i 0 ti.--iavcrs in charge requiring them to fund accountants should in time die 
11 j .1 maae l;,ot ” Publicly a London hnroii-^h mi j u ' s i how the money from their own down. Mr. Brian Maynard. 
and privately at the Edinburgh ...,jir,ci! Ii.mI , u0 ney. [pickets. immediate .past . Institute of 

conference over the nexi few T’i-' p-uiiion, linr | « , .*!i Cll |ties lie Local government electors Chartered Accountants president. 

e ? ' u . enr...:inii;p.*d him that may inspect the accounts, tried ai last week’s meeting to 

Such vitriolic public state- ihr standard nr -i.-. <:<i niiu-' and question the auditor, and make raise tbe debate above profos- 

meats by uotn side.-, are v:r- .iwnniiibiiiiy let llM icn io be .ihjecrions tn the accounts, sional criticism of public 

tually unknown in the acM-vd. Objectors can 30 to the courts accountants group, 

traditionally staid world nf "The dsstrji.-j .,ir,i,i .c mile if they feel tile auditor lias made Bui rumblings of discontent 

accountancy. ■ than u r or the a wrong decision. are likely to continue until local ' 

This flare-up nigh tight s the aetiulie.- yf .1 imi.ii,. j, I1(lv aSur t Mr. Cripps does not agree that authorities can persuade their 

row that has simmered For some of fnnnsl piihiic wh,|,.._, ,' li, •• jj e 1 is enough to guarantee critics that town halls are not 

years over how accounts ole are claims. accountability. “District audi- synonymous with waste. . 

!!■* alteim. 

Less restrained comments are uon on bvliair or i\ccs in charge 

likely to be made both publicly a I-n^d.-r. hi,n.u h ■..■'‘inJi how the m 
and privately at the Edinburgh ^ ,V.ckm" 

Dife j^ar that never ends 

i^fc^S t 0 ^fof soaie flbe'wan Iiw on. The disabled from ' 
Wadd Wats and from lesser campaigns, now all 
too easilyforgottenttbewiderws, the orphans and the 
children -for them their war lives on. every day and 
^^H^B.O'allday. -. 

iW l . Inmai^aise^ ofcourse, there is help from a 

pensma. Btd tbereis a limit towhat g ny Government 
. • ; Department pan do. • 

- This isf where Araiy Benevolciice steps in. With 
undcrstanduig. With 0 sense of Urgency . . . and with 
practicai T linarKial bdp. 

To- us Jt Is a privilege Jo help these brftve nwn -and 
wonrai, too*. Please wfil you help us to do more? We 
not let aur soldtecs dow n. . - . 

The Army Benevolent Fund § 

iprsoiaiost^ouias and the*r tRatiiies in distress 
• ■? ' Dept. FT, Dukeof Yor k’sHQvLondonS’^j 4SP 



s:\-v / 

- r -_^ L .y ^ v .. , j. -eft- i.- >. . *r _ . •■ V Tn -t.J- -■ . . ..... 

:v,. -., v '.v •.• 

) ^fTniani/ if v/ni r want sni 

™ ; x. for today’s busy..executive however 

thaMould mean handling several jobs at 
once. . • •' '• 

:. - Somethingyou can manage quite 
T. easily with the aid of an ingenious device 

‘I we call the Sony U-Matid : 

..•/, it’s a videocassette glayer/recorder 
v.J that's rather like a huma^ duplicating 
: ; ‘i machine. ■ :■'■■ ■ . 

' Because it enables you to make 

: , speeches^ demonstrate-new products, 
show advertising promotions and so on 
d - Ail, if need be, at the same time, 
onthe same day almost anywhere in the 


video camera onto a videocassette tape. 

Then, with the aid of a second 
U-Matic,you can print as many identical 
cassettes'as you like. Oraiduplicanng 

centre will do the job for you. 

When used with aTrmitron monitor, 

the Sony U-Matic is instantly switchable 

to play back both the American and Euro* 

P6an C Whiie1n S thls country, the tapes can 
be played back on an ordinary colour 

teleV1S And if you wantto stress a pointer 

examine anything in greater detail, the 

U-Matic has a Memory and Repeat control 
that lets you repeat the tape over and over 

again ' Or you can freeze the picture 
anywhere you like. And for a modest sum, 

To: Pieter Glas, Sony (UlQ Ltd Commercial & 
Industrial Division, Pyrene THouse, Sunbury Cross, 

Sunbuiy-onThamesUetSunbiJiyonThairies 89581 

Please tell me more aboutthe Sony U-Matic 
videocassette system. 

Company : — . . 

Address — r ^SONY 

you can do this from a distance of up to 
30 metres with a special U-matic remote 

control. . r r ' 

If you’d like more information, or 

better still a demonstration, send the 

coupon above. 

And it’ll confirm something you ve 

alWayS 4 n u°rTnost gifted members of staff 
are the very image of yourself. 

What your company needs 


Financial Times Wednesday JHne -X4 -J^ 


in raiser for Healey 


inflation will be held down to single figures this 
year were doggedly defended in thr 'Commons 
yesterday by the Prime Minister, when he engaged 
in a verbal sparring match with Mrs- Margaret 
Thatcher. Opposition leader. 

But Mr. Callaghan took a far more cautious 
and qualified view of the possible loud oE prices 
next year. He emphasised that this would depend 
on the increases decided in the next round of 
wage bargaining. 

There was a strong whiff of the hustings 
throughout the Commons exchanges, which 
turned into a curtain raiser for today's Conserva- 
tive censure motion on Mr. Denis Healey, 


Mrs. Thatcher claimed that the Chancellor’s 
latest economic measures put a tax oa expansion 
and production, and would make the United 
Kingdom more vulnerable to imports- 

According to Mrs. Thatcher, if the Prime 
Minister had no confidence in the decision of the 
Commons to cut income tax by lp. then he knew 
what he could do. It lay within his power to make 
arrangements to elect a new Parliament at any 

In a telling argument, she recalled that Mr. 
Healey had originally dismissed the Liberal 
suggestion for an increase in the national insurance 

contribution, on the grounds that it would threaten 
jobs, add to unemployment, put up industrial costs 
and would be passed on in higher prices. 

in view of this, she wondered why the Govern- 
ment had now changed Its mind and introduced 
the increase in order to raise the £5lHhn to meet 
the cost of the income lax cut. 

Mr. Callaghan, very much, in his elder states- 
man role, said lie well understood the anxieties of 
the Tories about the possibility of a forthcoming 
election. Nobody had said that inflation would 
continue Indefinitely into the future at single 
figures. What Mr. Roy Hattersley, the Prices 
Secretary, had said was that it will continue this 
year at single figure rates. 

M What happens next year will depend to a very 
large, extent on the level of wage settlements that 
will begin again in the autumn of this year,** Mr. 
Callaghan went on. w As regards next year’s 
income Increases. I propose to listen to what the 
trade union conferences, now taking place, have 
to say. They will come to an end In July. After 
that, the Government will have to put forward its 
own proposals. 

■* What is much more important than examin- 
ing the statistical entrails every day is tbat the 
Government has the will to carry through its 
policies to keep down inflation.” 

With loyal prompting from Labour back 

benchers, the Prime Minister said that the Govern- 
ment had considered a variety of ways of putting 
right the “recklessness" of the Opposition in 
making the tax cat. Having considered them ait, 
It was dear that inflation was the vital area on 
which to concentrate. This meant that VAT could 
not he increased, and that the only choice was to 
raise the national insurance surcharge. 

«We intend to follow a sound financial policy 
on all of these matters." Mr. Callaghan declared. 
Arguing that food prices had increased far less 
steeply in the past year, he said: “It is the 
Government’s policy and Intention to tTy to keep 
inflation down. We are succeeding at the moment 
and we hope to continue to do so." 

At this. Mr. Terence Higgins (C. Worthing), a 
former Treasury Minister, tartly told him that 
the national insurance Increase would put up food 
prices, whereas an increase in VAT would not 
have done so. 

Another Tory, Mr. William Clark ( Croydon S) 
- wanted to know why the amount raised by the 
Surcharge increase would be £1.5bn in a full year. 

In a final shot intended to keep the Opposition 
off balance over the date of the next election. Mr. 
Callaghan replied : “ There will be another Budget 
next April, and the matter can be reconsidered 



Linwood men 


gs abound . . . there’s 
whiff of Mood in the air 


‘Bulldozer 5 
jibe over 
Bill mo ve 

THE BIGGER they arc. the 
harder they fall, used to be the 
2d vice handed out to nervous 
underdogs in the prizefight busi- 
ness, and there will he some- 
thing of that pugilistic atmos- 
phere in the Commons today 
when the target of the Opposi- 
tion censure motion could hardly 
he bigger. No less than Denis 
Healey. Chancellor of the Ex- 
chequer and second only to Mr. 
Callachan himself in Labour's 
heavyweight division. 

If there is a whiff of anticipa- 
tion of blood around the place, 
ihat i> only to he expected. For 
the Liberals, outraged at the 
cavalier treatment nf Iheir care- 
fully reasoned Budget proposals, 
are not alone in dearly wishing 
in see him cel his come-up nance. 
Whether he does get it. of 
course, denpnds on several com- 
plicated variables in the Parlia- 
mentary arithmetic. But unlike 
a felled Goliath, we can be 
certain that Mr. Healey will be 
back in there fighting. 

Indeed, and inevitably, in view 
of Healey's burly, florid appear- 
ance, it is physical metaphors 
that abound to describe him. 
Formidable. dominating. in- 
destructible. are the politest 
adjectives to be heard. Terms 
then range downwards through 
thug, bully, to Irish navvy made 
good. Implicit in all of them is 
hi* comparative solitariness as a 
political figure. He 

, „ , _ , , . By Ivor Owen, Parliamentary Staff 

You feel he has to throttle in Labour Cabinets, he has held ^.i.cTrov Ministers hone to 
himself back— and. of course, but two jobs: Defence Secretary cam mineTsla -e of the 

watch what he says. "The right through the 19W-1970 BSJomoleted bv the 

honourable gentleman. I must Wilson years; and Chancellor of J^ek MrJcil 

say. is talking absolute the Exchequer ever since his R chief Secretary th the 

baUderriasli.'' is one recent party returned to office- It is 5™“-- C . fa a « ,*« to ^ 
Healey ism. delivered to a Tory doubtful that any other politician Sd,a d If necessarv 

T re usury spokesman, that sticks could have had the resilience 

in d» mind. A. Labour confer- ffi, ffi£KE£ JZ&ES. 

ences. n is a similar story. He **> -ouogets ana the arainino, ... !hp 

is not one in thrill the party devastating struggle over the sioerin* ^ 

workers, and. despite being IMF loan at the end of 19<b- 

Chancellor, was voted off the And for all the misadventure's 
National Executive three years en route, international confi- 

Bi 11 should meet 
three times next week instead 
of the normal twice. 

Tory back benchers accused 


ree years ra muie. iiueraauunai emu.- .. o( r t _.: n „ to “bulldoze” the 

the Left- dence. we are told, would suffer J 1 ® l ° ith ELcrf- 

grievously if he were to be throu S h with unnecessary 

the Commons 
should meet 



il r. Healey . . . target 
censure motion 

ago, at ih« height 

Wing tide. snevuuaij u -ue weic iu « h Thev'narticulM-lv nhierted 

A genuinely international out- forced out of No. 11. Downing V 0 h u nrnnnsal Siat « 22 
look also tends to set him apart Street, as a result, of tomgnt s ^“SnSlIatmn o7 the 

from Ubourt somewhat insular 1 ™ , ? b .f!r melting S the committee fixed 

mainstream. Tu hear him talking makes much the same point. I todav— abandoned with 

knowledgeably on TV ahout the really rather admire him [ ^„ eral t0 a g r ^Jent so as to avo d 
collapse of democracy in know he s presided oyer an awful 5e mSw eco nomic 

Czechoslovakia in the late mess most of the time, but I • * lUl “ e m ^ or economic 
1940s is a reminder of his seven blame Socialism, not Denis 
years as International Secretary Healey, for that morrow 

at Transport House before That remark, of course, speaks Mr Enoch Powell fUU, Down 
wincing Leeds South-East at a volumes about the Left’s reasons g, fed protests from- the 
by-election in 1952. Before that, for suspecting Healey: and also Onposition benches that a 
during the war. he had served why he was so genuinely, and Th,, r cdav sittine arranged at 
overseas, and learnt French, almost touchingly, delighted, that * h sh JL notice must inevitably 
German and Italian, and, earlier package nwn&r 13 last April ^ a*£S£ and incon 

still, at Ballioi, in the 30s, briefly won the approval of such harsh venienee for the 34 members of 
espoused Communism when Left-wing critics as Mrs. Audrey Jg? 1 * J2L iSJee memMrB * 

the movement's international Wise, as a good Labour Budget. An attempt * ^ m r> Nicholas 
prestige was at its zenith. The what happens next obviously Ridley (C, Cirencester and 
background, in many ways, is of depends on whether Mr. Cal- Tewkesbury) to amend the 
a Continental intellectual and Iaghan can pull off a win in the Government's proposal by pro- 
not a British Socialist. ejection almost certain to be viding for only one sitting^ of 

He enjoys the ever proUferat- held this autumn. If he can, the {he committee this week was 
round of international con- conventional wisdom is that defeated by 14 

rowel iincl otten "rud-dri* able of heine su j ,tlt ' 35 crude, of has been grateful for his abi 
admiration hm rarelv affection * a vast rjn ^ B of »ntere«s from to grasp swiftly and explain 
FoJ pi? his Jrt as an MP intei-natioosil strategy to photo- n ub »f a cumoltcatcd probl 

Bill proposes 
improved MPs’ 

... .. rag round of international con- conventional wisdom is inai defeated by 14 votes to 10, a 

nsnVres intellectual distinction as. cap- ferences: and many a reporter Healey will go to the Foreign Government majority of four, 

nsoires —»*«>* v.r .. • abi|jty office, the post he has long 

the coveted and for which he is so 
problem, well qualified. After two or 

thpreVr^ r"w graph, theatre and music. Healey evidently takes his more three years, the Prime Minister 

were -T^nkinsites Bcvanites or Parliament has never been his down-to-earth qualities with him will how out and a suitably 

^Unities ° f best setting. The most powerful abroad also One fastidious grateful Parliamentary Parly 

Bui the stuck phrases tend to weapon is a capacity for sledge- Italian Christ tan Democrat, who will reward Healey with the 

overlook the other sides of hammer abuse, delivered in a often used to find himself at the supreme prize. 

Healev. Everyone knows he disconcertingly matter-of-fact negotiating table, once gut in Opposition, he is un- 
likes a good meal, and that he is wa y. Healey’s reputation and recalled how admiration for Uie likely to be -the heir apparent. r 

fond of language that can be. to job see to it that he gets a Cha ncellor s P«‘Wess in Internal party pressure to go for IMPROVEMENTS in MPs' pen- 

put . it mildly blunt. Healey respectful hearing, but his « - blS *>™one from a younger genera- gions t0 bnag tliem ? a *\ lDe 5 tth 

stories abound, most of them Commons speeches rarely rise oarracK room turn ot pnrase. ll0n (the Chancellor is now 60) other public service schemes are 

centred cm the odd obscenity, above the workmanlike and The best tribute to his stature wilt be strong; and his lack of a proposed in a Government Bill 

But he is a particularly hard sometimes can be downright as a departmental Minister is real personal following among published yesterday. 


By Philip Rawstorns 

politician to fathom, of great plodding. 

the fact that in 10 years' service MPs may tell. 

Vandals should repair damage 

9 say 

Chilean engines 
debate refused 

The Parliamentary Pensions 
Bill provides options for MPs 
yith 25 years' service in the Com- 
mons to retire on full pension at 
the age of 62 and for early re- 
tirement on health grounds, with 
reckons ble service, enhanced in 
certain circumstances. 

Provisions are also made for 
improvements in the arrange- 
ments for widows and depenti- 

A TORY MP’S plea for an 
emergency debate over the 
Chilean aero-engine* still hold 

SCOTTISH TORIES backed by their victims as this would the kind of power that the at Rolis-Rovcc plant at East * nts - including short-term hnaa- 
ihe Scottish National Parly, introduce to them the awful- courts will welcome." he declared r, Q :„ D rial assistance for widows of 

yesterday urged that punish- ness of crime. For ihe Opposition Mr. K,lbr, <lc four >eai> after being 

ments in the form of community Mr. Harry twins, Scottish Alexander Fletcher C-. Edin- se ^ 1 fhere tor overhaul was 
service work should relate to Under-Secretary, said there was burgh N.i said: "We are seek- rejected by the Speaker, Mr. 

thp nature of the offence. a ’'misconception ' that the courts ing tu give some rights to the George Thomas, in the Commons 

Mr. Teddy Taylor iC.. Calb- had no say nr influence over court in deciding the nature of yesterday, 

carl) suggested it would be a the kind of v.ork to be made the community work to be done. 

"It is in the interest of social >Ir - Rob . c 5 t A dle - V fC Christ- 

MPs who die in service. 

The changes, recommended by 
the Top Salaries Review Body in 
1976 but delayed by the Govern- 
ment's pay policy, w'iil cost the 
Exchequer ahout £60.000 a year. 

MPs’ contributions to the 

useful form i.f service for van- available to an offender. . 

dais who bad destroyed a gar- The proposal would merely work departments that the courts church aod Lymmglon) said that pension .scheme, which is infla- 

den to make one. or to redec- confuse the position uf the should have the right to do this, the Governments “ international tion-proofed. will be increased 

orate a wait it they had defaced social worker m relation to the The Conservative proposal was banditry” would create doubt from 5 per cent to 6 per cent of 

one. courts. “The new clause is un- defeated without a vote. aoione our tradin'- partners and pensionable salary under the 

Mr. Donald Dewar (Lab.. Gars- necessary because the courts at Mr. Ewing prnposed on behalf nf h P r ovonrt«°ai risk • legislation, 

cadden) said that the Tory pro- present have powers to nroke 0 f the Government that only F . H 1 " 5 

posai, discussed on the report recommendations when an often- offenders liable for imprison- Mr. Adley argued that i? | /Zflm nan 

stage of the Community Service der comes be. ore them, he 01 p n t should the subject to com- Government had bowed to the dLJLOUui 

by Offenders t Scotland 1 Bill said. raunity service orders. threat of union force over the , , 

could lead to friction. Mr. Ewing also said that an “We are anxious to make it four Rolls-Royce Avon Jet SGC 11 I'll ICS 

It should be left to the social offender had to give his consent clear that the orders should not engines, blacked by union V ^' v -*** 

worker to say bow the com- to such an order being made be in preference to a fine but members at East Kilbride as a 

m unity service' was carried out. against iim. The Tory proposal should be used where imprison- protest against the Chilean 

and which particular task was would stop a lot of offenders ment 15 envisaged.” he said. regime. The Government, said nrmT Mr „*,*<>* 

appropriate. accepting such orders, albeit The proposal was approved the Tory MP, appeared to have iV K r ,nl j: dr f„ 

Mr. Nicholas Fairbaim <C., that the alternative might be without a vote and the Bill com- been concealing news of a coart 
Kinross and West Perthshire) imprisonment. pleted its Report Stage and was order that the Chileans’ property "J f. ^ L if ;‘ no °J 

said that offenders should meet “I don't believe that this Is given a third reading. should be returned. ; n66 ra compared withan^t sa°e 

SHOP STEWARDS at Chrysler’s duction of a new model in the recognised that Chiystart Plata 
Linwood car plant in Scotland early l9S0s which will be.esseit had to be relevant to chtutgia* 
have rejected a management tial to safeguarding Scottish commercial circumstances, and 
proposal to take a tougher attl- jobs. ; ; he .-had formally -agreed ta a 

lude towards lateness and absen- 6 Mr. Eric Variey, the Industry revised aet of ■ ' 

teeism. which have been blamed Secretary, confirmed in .a,. Com- Although I am . unable to 
fnr falling productivity. raons written reply yesterday reveal. the new plans In detail, as 

Output has fallen over the that Chrysler will not go ahead this would be against the eom- 
last three months from 89 per with ihe new small light car patios commercial, interests, r 
cent of the target in March to 68 originally scheduled for produc- can say thatthey show continuity 
per cent in the first two weeks .tion at Linwood Instead, the of WMrainljatftaM 
of this month. A senior exettu- company, will build- a new at all prysler's Sactories fa the 
live from the company's head- medium-sized car at Ryton, UK- heaaid- ■ 
quarters in Detroit is to visit Coventry- '"• No addl ^ 0 ^ t „^ >st t0 

Linwood next month to review Mr. Variey said he had always funds was involved. ; 

Unions at the plant have 
expressed concern about the 
failure to meet agreed targets, 
but at a meeting yesterday 
about 500 shop stewards decided 
against a management suggestion 
that warning procedures should 

moment, a worker .who ™ Amalgamated Union of Mr Hugh SranloiC president 
is nprsisti'nii v tate nr ahspnr Engineering Workers executive said he believed the “good com- 
receives a verbal wa rain® and yesterday reaffirmed that its mo use nse of our members will be 
unless he c-in comolete an^eiaht* Leyia n d toolroom members could of such a level that they will con- 
Swk oeriS of T£d , tie-klei not be S^nted separate negotiat- tinue to meet their commitments 
ia thb S ^followed uTwitl a in ^ n & hts despit * their threat to .to the union- in thtf knowledge 

Ul^. UI1S I* luuuvrea up Wlin a J „ninn Cihcnrlntmnc 1h«» rlonc ora halxt, 

written warning. Failure 

AUEW leaders resist 
toolmakers’ pressure 


the -morl.heh-ivimjr nnriod in 19 Birmingnam 10 stop paying tneir new .we graae siructu 
week’s^ but Si *£Srt« d£ subscriptions until AUEW leaders it is hoped will solve p 
agreed « r inhn SSf ™ P ress the,r case. Tor- separate .problems in Leyland 

jSSST negotiations to restore differ-, tones: by November, ! 

Technicians’ dispute 
hits Tyne Tees TV 


TYNE TEES Television has been Chrysler officially withdrew It 
unable to broadcasts ‘..any from the screens 
advertisements or localiy-trahs- . company said yesterday 

oa th at the dispute was about its 
milted programmes for over -.4 right t0 discipline ad. employee, 
hours because of a dispute with Qn Monday^ the 6 pm news 
technicians. ••• -magazine, Look Around, was not 

More than 100 technicians at broadcast and since then a range 
the company's Newcastle riSidios. of other programmes. Including 
walked out on Monday VPfter (news and childrens! programmes 
management warned that it was : and documentaries,; have been 
preparing to discipline one of affected. ivv : > V. 

them for refusing to transmit :a Nationally . n’efwbrked pro- 
Cbrysler car advert last week, gram raps have been broadcast as 

The advert, using Scotland's normal; Tfie loss of adverts over 
footballers and extolling the a 24-hour period .costs an inde- 
virtues uf Chryslers and Scottish pendent advqj-tising . company 
football, was due to go out on about £30.000 ne^ although some 
the night Scotland drew with of the lost adverts would nor'm- 
Iran and .24 hours before ally be broadcast at a- later date; 

Strike by 11 
may disrupt 

Michelin strike puts 
2,000 jobs at risk 

TWO THOUSAND jobs in the later that termination notices 
Michelin. tyre factory at Mailusk were being prepared and. would 
outside Belfast were jeopardised be sent to the 260 men today. 

Those laid off because bf the 
strike were called back to work 
yesterday. The company reported 

weeks ago after the sacking of “-‘‘.““fL."'?', 

a chnn el^uarri and fhp rnmain. Warned, that Ume5S the- Strike 

yesterday by a continuing strike 
by 250 tyre finishers. 

The men stopped work eight 

a shop steward and the remain- 
der of the 2,000 work force were 
laid off. 

The strikers met yesterday to 
consider the management warn 

could be 

ended, the factory 
farced to close. 

There was more bad news for 
Ulster industry with the an- 
nouncement that the Harland 

ins that they would be consid- and. Wolff shipyard had lost .the 
ored to have terminated their chance of an order to prodore' 
employment if they did not re- pa rt» for North Sea oil rigs, 
turn to work yesterday. But jj is understood that 'welders 
they voted overwhelmingly to jn the yard demanded Norib Sea 
continue the stoppage. pay rates for the job making it 

A spokesman for the men said impossible for the company to 
afterwards that they now re- compete at a competitive price, 
yarded themselves as having The -order is to go to a Dutch 
been dismissed. Michclm said yard. 

Mersey Dock staff cuts 


Powell ‘obsessed’ by 
coloured births-Ennals 

Commercial prospects 
for oil on mainland 

of such securities of £2S9in in 
the previous 12 months. Mr. 
Robert Sbeldon, Financial Secre- 
tary to the Treasury, said in a 
written answer last night. 

Identified purchases of EEC 
countries' securities during the 
12 months to the end of March 
1978 amounted to film compared 
with purchases of £7m in the 

MR. DAVID ENNALS. Social Wolverhampton. Birmingham. RESULTS OF exploration on ful assessment can be made," he 

Services Secretary, hit out in Bradford.-Huddorsfield, Leicester land in England indicate pros- said. 

the Commons yesterday at what and the boroughs which make up peels of finding nil and gas in Dr. Mahon said disappointing precedin' 1 ' ^12~months. 
was described by a Labour MP the loner London Education commercial quantities. Dr. Dick- results had been achieved from 

as Mr. Enoch Powell's '* ohses- area. snn Mahon. Energy Minister, told six exploration welts drilled -in YJS7 a a.__ 

tion about the births of coloured M r . Ennals said that infnrma- the Commons in a written the Celtic Sea off the Welsh and tt alCl 


tion of births by birthplace of answer. 

usurer. North Devon coasts. Furthersur- |« p i i j 

Mr. Ennal3 said: “ i think this the mother first became avail- He said the search was largely vey work and two stratigraphic F0U0I O&CKGO 

in the central boreholes recently drilled in an 


obsession has done great dam- able in 1969 and was published concentrated ... ... — . 

age to race relations, to com- annually by the Registrar- southern counties, the Midlands area further south in the Western A . ckivaiu raemoers 

munily relations, iu this conn- General. He proposed to put a afl d North West, and parts of Approaches had, however, been ai ^ e “ a t providing water rates 

try.” table of figures in the Official Yorkshire. ‘But further work, encouraging and gave grounds rebates for pensioners and low- 

Mr. Martin Flannery fLab, Record. including drilling, will have to be for optimism that oil and gas income f a m jh®s was given an 

Hillsborough) had said that Mr. Mr. Powell asked: “Do these carried out before any meaning- might be present there. 

Powell's obsession about births proportions of births — covering 
to coloured people was not nearly ten years— not give a very 

shared “by h v -- ' — - r - xs 

general or the 

people was uoi nearly ten years—not give a very rii ■ £ AMI • 1 

c ta eS “aV 7 ™ Sh w ard position still serious 

men. It was about time we went of _ New Commonweaiui or ethnic s ^' pb . ui ^ ers and W'olff " Manufacture of these engines the public. 

unopposed first readine in the 
Commons yesterday. 

Mr. Andrew Bennett (Lab., 
Stockport N.) said many people 
did not like the way water 
authorities were run particularly 
as they were not accountable lo 

about improving the lot of m-ipin'* ” v remains serious, despite plans will provide an indigenous Constituents had complained 

human beings instead of being Mr Ennals renliod- whar ?? r new diei S 1 - en B ines : wnrce of supply for encines that the North-West Water 

obsessed, said Mr. Flunnerv. ,h, H n . h,!, ^ Tr - Don Concannon. Minister of which would otherwise need to Authority took actions which 

Jlr Po»ol° III s'er l 5i" S Z ' Slate f ° r Northern Ireland, told be imported into the UK. and Bushed up its spendina. inelud 
Down si ho, asked for a Z,- heeS ?u-4Tn- o.,mZ th f Comm “" s ni2ll, ■ lhe ™ "'"I be export opnor- ins eivins its chairman's ear a 

nariJ™ Ltnrom ^hfrth^ ^moreers s. 1,1 f 8 ? a Mr. tunilies." parlicular number plale. 

Cc— .1— jn a ? r . J ® e h Rure or New Concannon said Harland and Mr. Goncannon said the project There was a toi of support for 

ana Pakistani Wolff had recently concluded a should eventually safeguard scrappins the system of water 

sreement with some 400 jobs in the engine authorities but his Bill merely 
lasbura-Xurn- works, hut the position of the tried lo relieve the wurst hard- 
‘ and market works remained serious. ship. 

horn in the New Commonwealth Co mm on wealth 

and FakKtan and total births in births of 22 per ccpl that il f£ eommerefal 'igreem 

Briti'h^ 1 iit‘ eil Hs in 5 COrl B l | less titan Ih© figure of one-third Masehincnfabrik-Auas 
brm.n ciiu.«. Ho Specified yuu have frequcotly referred 10." bura (MA.Xj to build , 

THE MERSEY dock labour force Those "accepting voluntary 
of 6,500 is to be reduced by more redundancy are likely . 'to ”be : 
than 300 men accepting voluntary employed by the Mersey Dock 
severance pay of up to £7.250. Company, which employs two? 

The National Dock Labour thirds of the local labour force. 
Board of employers and unions Other stevedoring firms do. not 
agreed in Liverpool yesterday on appear to have. been troubled by 
the reduction. It has lo be rati- any surplus:' ' 

fled at national level, where it is A special meeting of the local 
expected to be rubber-stamped dock labour- Board. Will be held 
because of the continuing high soon to discuss the mechanics of 
staff surplus on the Mersey Dock, the reduction. ' 

Hospitals face 
strike : by 

A' STRIKE 6y erectricians and 
plumbers will hit 11 London 
hospitals on Monday. ; 

The men are walking out of 
Barfs, king’s,' North wick Pirk, 
the Royal Free, St Thomas's, 
Guy's, Charing Cross, ' London. 
Hammersmith, University and 
Whittingtpn'over a pay claim. 

. A ban on overtime and refusal 
to-'operate standby duties will 
disorganise other hospitals. 

; The - men want the same pay 
ratesl as similar workers in the 
contracting industry. 

Tress closure goes ahead 

THE Tress engineering factory National Enterprise Board nearly 
at Newburn, Newcastle-upon- six months-, ago. The closiiye-j 
Tyne, is to close today in spite of announcement was made earlier 
a campaign to keep it the this moritn.during a strike by. ISC' 
300 workers. engineers:; Management said the- 

Tress was taken over by the plant was not viable. ' - 



By Our Belfast Correspondent 
THE Northern Ireland Electricity 
Service, .which is now owed £9m. 
warned yesterday- that it would 
shortly ; . begin to disconnect 
supplies ta about - 08,000 house- 
holders. " 

■ y Although 12,000 ... cdaMtmers 
iecebtly -agreed "to repay - their 
a)rears.-.My.- J oh n Ca ston,. chief, 
exectrt ive of ‘ th’e ^flES, said.^the 
,tiie had; come -to. “^et tough’* 
WiUr others who had -refused to 
come fa an arrange in enL 

Union attacks IGI 



withhold union subscriptions. that steps are being taken to 
resDond to the written warning Executive members reacted satisfy their legitimatfe demqnds." 
p e swi t fly to Monday's decision by -a . : Mr. Scanlon said negotiations 

10 The ^cnmoTnv 5 wanted to extend “ asa n,eetin fi of toolmakers^ in were continuing muthe''prdposed 

the ^oodlbSCvfnur ncrlod tn ll Birmingham to stop paying their new .five grade structure which 
me „ooci-oen.jv!Qur penoa to lz „, h .»rjr,tinn«, m iii Ainrur laadara ;* i. pay ■ 

car fac- 

*4^ *h«i w entials - toolmakers will be in the top 

K its The executive made it clear skilled workers’, grade, 
merus rather than there being its position is' the same now that the 

a general tightening up. ... as in last years Leyland toolroom “5 th^cSraSv Sn 

The improved performance of strike— it does not helleve in ^“KWis .ana toe will 
Linwood- at the beginning .of. the separate bargaining^ '-'rights . for- £ u iP -given, he said, 

year contributed to Chr>«ler's any group. Considerable progress has .al- 

first-quarter profit of £260,000, However, the executive is con- Tea “y been. made, 
following two years of disastrous Uniting with efforts to persuade If : a. large "number ofrtooT- 
iosscs. But the Linwood stewards the toolmakers that it is working makers support the plan to 
have made it clear to the work to protect their interests and withhold. subscriptions ' the 
force that the plant must con- appears to hope tbat the threat to AUEW will eventually be in. the 
tinue to operate profitably if it withhold subscriptions wilt , not unhappy ' position of having to 
is to be able to finance the intro- become a major issue. lapse them from membership. 

A DISPUTE, bver extra pay- 
ments "’"for -handling “new 
technology:” by U- electricians 
could affect many of Britain’s 
major , engineering industries, 
including car and machine tool 

The. electricians are. members 
Qf the-tElectrical. apd Plumbing 
TradesaTJhion and employed at 
the -Hutfderfflelff ^factory of 
Brobk. , Motors: • : The 'company, 
pari- qfXHawker Sfddeley, makes 
eleqa^c motors,’ ’ widely used ta 
tectones": m-'Brltaih ^n‘d ovep 
seas. . .... 

, The 11 men.-asked for extra 
money for -working : on : “new 
technology^ ''.machinery. . ' last 
October- but no' agreement- was 
reached , because tbe payments 
would have created problems 
with craftsmen in other unions 
notably the “Amaigamated 
Union of Engineering Workers 

The electricians came out on 
■strike in January. Other unions 
at- the" -company' have ; crossed 
their picket, -ltiies.. and ; it is 
alleged that-management Is now 
being allowed.''. to.- do -"the elec- 
tricians’ ;.work. ;V- . •. ' 

' ' The:erec&ici axis’ unfoii' execu- 
tive : has. now ' instructed its 
120.000. members ita' " black ” all 
new motors being delivered by 
Brooks ttroughout the conntry. ■ 

Machine toot_ cbmpanfes are 
said to be“;iilready zeeflhg the 
bite locally-" ■ 

^ - 





V*' rr .* .' ■■ 

V. 4 ^.. '-*• 

■ I 


correcv,.-* ' 

Workers Union has again any proposals for a cracker can Miy-espress my disgust at 
attacked Imperial Chemical In- (ethyrene plant) had . been. sub-. ^e Way lit .whfch ICl has ^ted- 
dustries’ Investment strategy in milted within the company; - :.They. ...gave.-.- gssuranees. % ..tnat 
the light of industry reports that However, Sir. Warburton' has ' their German tovestdte'at plans 
the company is considering written Ao Mr. Maurice Hodgsi^ ^itidizmt jeopardise jobk In the 
major additional capital expen- ICT chairman, calling on 1 him -UK-. and- evjftn sald the. prelects 
diture inWcst Germany. to issue a. categorical /denial would help Jobs here”.-. 

Mr. David Warburton, the t^at the rorapany has->ny-.^Ia^ - v .Th e .-iB^ n ^:.^ort& . appear, \nfoa Re- 
union’s national industrial for ethyiene -manufacture to have stemmed from inquiries "-V.,;./ 

officer, has specifically criticised Germany, " W^t COtttractorejhavO.made fp 

reports that 1C1 is planning to He said yesterday: 
build an ethylene plant at Wil* two years' 
helmshaven, its recently-acquired that there 
site in northern Germany. Europe and 

1CI has already announced mic tb-Vuild fc _ p .. 

jnve.'tmems totalling f200m for in the UK. if the reaort'we have. 1 i - ^ -fonn yErt :' ~hny - L 

ihe site to muke chlorine and in correct, it means that Briteto , S : *^iart--is-ainlike^tO-'be buil{-^o r 
related products. This is part nf largest, chemical firm, is to seTCi^./years^^t'/ieast. .TCI| h* 5 
a parallel investment strategy an e thy Iche. cracker In WilheJins-; sajd ^lrM!di , 'tKat : J)dbedy\£Q 
rnr the UK and th<! Continent at haven where they will use'Not^-. comp^y^lS -WrkfBg T lii*cri^ntt 
u present cost of £340m, Sea feedstocks,-- ^ . plaois-fer po rth^ .^^n y,^ 


f 1 "-* 



Guides the 


planes home 

• - RCA Avionics has a new light- 
. ; weight weather radar for high- 
performance: single-engine air- 
U- craft designed to fit inside the 
. .leading edge of the aircraft's 
. wing. . 

. The; system’s transmitter, re- 
ceiver and antenna have hecn 
■integrated into a single unit for 
. the mside-wing mount. The in- 

... dicator. which displays weather 
' conditions for the. pilot, fits com- 



pactiy into the cockpit instru- 
ment panel. The totai system 
weighs only la.5 lbs. 

Weather Scout I. and its com- 
panion Weather Scout II for light 
twin-engine or for single-engine 
aircraft using a wing-pod mount, 
are part of. a new family of 
weather radars for light aircraft. 

The new radar has a range of 
90 nautical miles, with inter- 
mediate steps of 12, 30 and 60 
miles, and scans weather condi- 
tions ahead of the aircraft in a 
90-degree sector. It has RCA’s 
X-Y scan which permits the use 
of alpha numerics to display 
range and ■ mode information 
without interfering with the 
weather information being dis- 
played.- „ 

RCA Avionics . Systems, SaOO 
Balboa Blvd., Van Nuys. Calif 
91409. U.S. 


Gives a first-class 

IT IS not simple t" provide a 
good finish for do-il-yourscir 
swimming pools. But in the 
opinion of the National Research 
Development Corporation, the 
kit produced for this market by 
Newbourne Mouldings overcomes 
the problems. 

It consists of a one-piccc 
moulding and the required 
water-treat mcm plant which is 
simply inserted into a prepared 
bole, the pool shell being manu- 
factured by vacuum-forming. 

In this process, a sheet of 
thermoplastic material is heau-d 

and forced inio ihc shape r.f a 
mould by evacuating ihe space 
between them. Ideal for making 
products from sheet when high 
strength and good appearance 
are mandatory, the process re- 
sults in a pool shell With no 
joinis nr seams, having integrally 
moulded steps at each corner 
with a hand grip running around 
Ihe perimeter. This £ives both 
safety and rigidity. 

Excavation has been kept tn 

a minimum not to blunt Iho 
enthusiasm nf Ihe D1Y clientele 
and the maximum size of the hole 

would not exceed 16 - 9 -< 3 feer, 
b^ 11 ? URni.nised b> rais- 
; n ;° the P™ 1 1!i ir,chC5 

above normal ground level and 
using soil reim.-.ed from the 

excavation for ‘J-nd.-copins. 

NRDC h&> pr<i'd*‘<l funds to 
heiu m the niuriiiinnn nf the 
moulds for wh,.i *.-u? of the 
bi-'-est vacuum forming* so far 
manufactured in Ihe UK. 

Details nt the processes used 
■»re available from Cascade Poids 
-.nri Leisure, lore.-rh Road. 

Sheer waier Ir.rlunr:::' Estate. 

Wokinc. Surrey Gl-l 5SL. 
04*62 69SS1- 

Sun heat for the pool 

Sand cleans machines 

t. THERE IS no danger of pro- be taken to the plant . for clean- . 
e.* ducts being : marked, as can mg and their subsequent return 
happen with sandblasting, or to customers- . 

; chemicals remaining on surfaces Cost will be governed by tne 
■ to harm future handlers, says time taken to clean objects at 
Factory Cleaners of -its special present, it works out a * ar0 “™* 
machinery laundry service. £45 per hour but. says : the cnni- 

• - Said to be the first hot pany. a relatively small numoer 

- fluidised sandbath service to be of products from ^ several 
used as an industrial cleaning customers could go together in 
process in the U.K., the method one immersion. . 

. was originally developed tor use.. More 

' in the product finishing indiis- company at 4 - The Croi (01-965 
. •. try. The process has now been den. London NW10 4NR 
developed for the cleaning and 6615). 
stripping of electric motors, • 

tools, cabling, electrical and ^IPVITI? 
electronic apparatus and various L/iv v 
; kinds of moulds, machinery and * 1 ' 

equipment SllPCIfil 

Basically. ' the principle m- ijpwxux 

volves a sandbath furnace filled j j . 

with fine foundry sand; an elec- -|W|»f|rt||pTC . 

: trio- fan pressurises a system of l/uuvw 
manifolds in the base of the BECAUSE OF the stringent 

- furnace with air. heated by nee ds of the pharmaceutical ana 

several burners; the hot air beats allied industries— especially w-itn 

- and fluidises the sand reaching regard to drugs, baby, foods, etc. 
a temperature of 500 degrees C. — where standards of product 

• The sand . is circulated and sa f e ty and cleanliness are para- 
heated through a gos burner and m0 unL Russell Fines has- maae 
a second burner in the exhaust a special version of its Finex — 
duct burns off any pollutants and vibratory sieving machine. 

> } . impurities. Electro-polished stainless steel 

"{L' ; = h- Sand in such a fluidised state j S used for all contact P a «* a °“- 

1 -Ht Pi allows a gentle transfer of heat in keeping with the overall sani- 

'■ to metal objects and gently tary design, the outp: .surfaces 
\ y A rtt removes paint, resins, epoxies, of the unit are also in easy-ciean 

■l' 111 Y grease, etc., from objects with- stainless steel. 
k u ‘-ii __ K ..«.inn *ho Faituroc retained in the new 

SOLAR HEATING industries in 
The UK are going through a 
period of consolidation and 
more gradual expansion, while in 
several European countries, 
there is a virtual explosion nr 
new installations, with the result 
that \JK companies are finding a 
ready market for solar panels 
outside Britain, according to 
Robinsons Developments. 

This company. which 
co lia bo rated with I Cl in the 
development of solar panels 
based on a special formulation 
of the la tier's polypropylene 
plastics material, has produced 
panels and systems designed 
specifically for relatively low 
temperature applications, such 
as swimming pool heating. 

With overseas orders account- 
ing for some 50 per cent 
business, the company has 
recently secured orders from 

Sweden and Switzerland Cor very 
ijr-’p systems Tor municipal 
puols. the Swedish orders— for 
i wii pools — being funded by the 
Swedish Building Research 
Council which has entrusted 
Linkopmg University with the 
task or establishing detailed 
performance data. . 

One of the installations, with 
some 300 5 >q metres of Suncell 
panels supplied by Robinson*, 
will he set up at Skelleflca in 
Non hern' Sweden, which is at 
about the same latitude as 
southern Iceland. Bui the long 
summer daylight lmurs will he 
significant in providing extended 
heating periods and ihe pam-ls 
are expected to save the equi- 
valent or 150 MW hours per 
year. . 

A comparable investiealion is 
being carried out by Robinsons 
in Ihe UK where 50 outdour 

pools of various i; : <:S. half with 

solar healin" ami half with no 
heating,' *“• compared 

closely i° imwKsraiurn per- 
formance over Hi* next few 
month?. • All itur healed pools 
have Suncell pane!-. 

The purpose of ih-* suriey is 
lo provide informal son from a 
statistically re pre«eni alive num- 
ber of solar heal p-uds across 
Britain and the results will be 
published as one .if tne papers 
to be presented :»t ^ technical 
meeting of th-.- L'F s-ction of 
the International Solar Eneigj 
Societv on solar h. -aline for 
swimming pool-. Thi» ^ »o he 
held at ihe Royal Institution in 
London on Ocrol..,-i 16. 

Further demil-- -f ihe Simo»U 
panels and ine ' msi> healing 
, ?v stems in which ih>-y are filled 
L -an he obtained iro.ii Robinsons 

■ Developments. Ru run son House, 
Winnall lndusiriai E-Ute. Wm- 

i Chester S023 91.11. 08K2 
; The Royal Institution i- at 

■ Albemarle Su-.-ct. 


Units go ; 
over the 

fruit, anti frozen fis»h from ine 
Canarv Islands to Britain, is 
being' effected in packaged 
refrigeration units — originally 
designed for road transport— 
which have been newly adapted 
for seagoing container duty by 
Transfriq. Cranbourne 
Gosport. Hants, POl2 1F.J lOiOli 

SS13H- . . 

Th' 1 company's standard 
DEL 90 serio-! transport refriger- 
ation unit is fitted with a 
ensine driven compressor whicn 
also has a standby electric nrnior 
drive for emergency use and for 
riuiet overnight running at the 
1 depot, but for the marine version 
the electric motor becomes the 
[ principal drive and it is ra led for 
plugging into the ship s electrical 
! s iip pi v system. The diesel engine 
( is then reserved fnr standby duty 
L and for use when moving the 
I container by road. 

This scit-cnmaineil refris ,?,,;j ' 
linn package l? mounted through 
a hole cut in the c-.mlainer franl 
bulkhead which j-- reced'd sr ' 
that the equipment docs nut 
extend beyond Hi? overall enn- 
amer frame, as required by IbO 
legislation. The condenser 
section is exterior to the box 
while the evaporator _ section 
protrudes into the rcfriS eraTC “ 


Because of the hazards of salt 
waier corrosion, spray. L 'lc.. 
exposed metal sun*acc<i have been 
finished with lviasine quality 
paint, corrosion-resistant steel 
condensing coils have heeo addi- 
tionally treated and the Joian> 

enclosed walLTprocf elect nc 

motors have been cxiernally pro- 
tected. Electrical wiring ano 
control com pone ms have been 
housed in separate, watertight 
com pa rune nis and Ihe wiring 
; looms also specially protected. 
Each of the cuirainers will 

■ hold about 500 caru.ns. or about 
[ 12 tonnes, of fish which is deep 

■ frozen to minus 20 degrees u 
- before loading, the temperature 
1 maintained throughout the 
» voyage, and the unit is fitted with 

automatic defrost using ihe 
s Transfrig hot gas reverse cycle 



Mouse finds 


DECREASIN' Il.Y b.-xl's'-- ir 
cry ib no - a- beinu m»r‘. , ‘.i-i’* ii 

various ways ;ind :5n> i 

Iccled in cumpub-r.- \ H-' 
machine speeds incro.i«‘. .r,-. 
me nix rise and ih>- -i 
higher ellicu-iu-v mar- ■; =’ 

felt, the pr: i ci icc t.- bmino 


The Swis- '-‘n 

Zellweger lister tE'"L:?o .iz 
G W.’ Thorn i <«n and P'»u? 
Eden Plnce, Giteadlc. 

1AU. Tel. 061 -tg-li 
developed a simple .mo me 
:;ive system of iimrum 
spinning machin-s nf :::! V 1 
What iMlh'd 

travels jinn, ihc no- 1 ■ ‘ t 
vcgi-ims an> ■ -> •* 

encmini'T r 

ira torse <•( th*-ia |1 :i 
should th.* 'ravoil- >‘t.ll 
functioning !>'•• o,-u-- -i. 

■ ih*- slm-page •> ' 1 1 1 

? lhi> stores ihe lofore.jii' »• 
* gives details of end* of*. < 


Fuse will not blow 

BELAYS. .»d m« .lU.^ *S£» ft™ 

instatung suen equipnieni wuuiu. nmres -w • = th 

- not be economical unless it were says the company, log f _ l j lfi 
.. being used continuously and the other acces ® 0 ”^ nSormance 
. installation of the unit at one inub^ 
of the company’s premises in whether on Itqum or 
Clapham. South London, allows type applications « 

- for the collection of products to More on 01-930 992^. 

&, £&. 



f The r\F 
I Worlds w-ii 
J largest range 
/ of Electric 4 
I Submersible, #’ 
I Pumps 1 

I Technical Manual ffotn ft 


ColwickNotiingtram NGfl 2AN 
TeJaplionE 0602-241321 . 

, Tain 37316 

RELAYS. termmal leads. The refer- lh . ugc t» 

electronic m du . • • Wllh en ,. e temperature .it which the Mmv> 'h.* i 

P ,ft r loc M, wi?re o^ntios resistance suddenb sboois UP is , iv „, dcLnl- of end 
'f,- L nni exceed 33 V 120 degrees O. The continuous fivi- 

rurrems aroood -00 ouA. torrrnl* in the nr-tocuon oomh- ,t„. O'-' 

q O n V r f r l 'ri ffp r i n- PTC resis- tion remains below 100 niA. un nicnialion. 

wr-fnsas. 'which «- • ‘*™.L“ l l£: °* ’^.rl2?aUn= M HANDLINS 

hi-’h resistance when exposed to 
overloads or overtempe rain res 

that no damage can he done. 

On termination of the mult 
condition it is no lunger neces- 

dition the normal operating 
condition is automatically 

The new overload protector 
P93P0-F51 is already being used 
In protect remote control relays 

■diatelv ready 

in slide project 

chs. Such equip- 

meni is parlu: 

ulurlv prone to 

olectrical 3nd :» 

i ihe same time 

n ho inserted 

thermal overlna 

cl5 and can thu ■> 


dual prritee- 

Siemens. Posi 

fach ioa. Ti-sonn 

live 1 olemont measures 7 nun K Munich l, 
7 mm with a maximum thick- Germany. 


lesser load 

A LIGHT duly 
conveyor winch h..* 
designed 10 c«tp<:- wiih ! 
up to 15 b-.-> i" oaii. 
bi-en ini reduced ^ 

Birmingham New Ro.i-i. 
West Midlands. DY4 Ull 

i g • ( ! ! ■ r 

p,... i 

i n.'.^.T i 

• SECURITY oEcJlVn.'S ^ 

company *_ Ho/ > 
_ « b.indle* -i-.- kg'* le.- 

Alarm for small users mis 

durable ijualiiiv-' • 

SS 8 S^ V KS -UK,’”* sr « &££• 

b “Mirrr U ft ^ " 

15 kg> le 

I ■ • ;lx 
III-? •gni' 
■ |u;ililic- 
;:iul .no 
nri- 'h-' 

iiiinrw. *: ; . T - 

link h"-li 
• J-,. The iv ; 

> riibusi 

ii? lu.-.-'-r 

6 r-er. 

■ 1|\ 1 1 l^Hta I 1 1 1 H 1 I ! 

i( -h-* mi u!; r 
,r pi-i-reeU'Ti. 

where a " ! :' V 
is c-Tivi-rri - e 
r, dn%>.n 

; j* f iJTi'i r *\ i ’• 
I r.iisl'j-drr: 

At this swtmmiDS P° o1 * near ' 
ins completion at a house in 
Hitching Suncell Oasis sun 
heat collectors are being 
installed to provide free heat- 
ing lo the water in Ihe pool, 
which will, be particularly 
acceptable Mr t!ie present 
somewhat chill ing weather 

. emus q. )rv >-i 

\ neighbours in the average block 0297 3-033. 

• ..g. ; : y — ■ -• • 

~ y’.' ! *■ Z: 'Z.f --. -ii 

• •• v;; ‘ 

; - -.M 

electrical wire &cabSe? 




| Thousands of types and sizesin stockfor immediate 

IHHNilflSk LONDON 01-561 St18 ABERDEENWV32355/2 

- 1 -the world's largest manufacturer MANCHESTER 061-872- 497 5 

LjgasdSEsfJ ^sbs^sewjss& _ 

i.ispi:ii> E 
■vise b; 

An illustration of our achievements in 
energy engineering and project managem 


, .r.r '• 



* - r* - J fl 1 1 ' • 


■ h environmcnial control and include steam raising 

Out ability to provide a wide rt age otnigu equipment for power, process and manne 


Our ability to proviuc * ** -**- — - 

quaiity products and services for the 
JSSJ is recognised by major companies and 

governments, and our S™" 

backed by the international resources of the 

F “wito“m<Smmnnngem^OTnurewj 

have established cxten^'^capabihhe^m^^^l^ 

project management, researen 




en \ ironniwuta. vmim — - 

equipment for power, process and manne 
annlications ; nuclear components, heat 
exchangers, pressure vessels, cooling towers and 
incinerators for municipal and industrial waste 

d ' Sp> The world" s largest works-assembled 

waste-heat boiler was produced by us and shipped 
ahead of time: the world's highest design pressure 
for anv bi-drum natural circulation 
works-assembled boiler for a chemical plan it in 
Ban-ladevh is outs. Six oat of seven LNG vLiquid 
Matural Gas) earners have boilers of Foster 
Wheeler dsagn- The QE2 has three of our 

massive BSD units. . . 

Wc havea*world wide sales team directed 
from LondonXonlact our Sal« Director J^you 
have a project involving energy engineering- 
can probably help, even to the extent of taking it 
overcompleteiy. Ask anyway, as there s a lot more 
we can tell you about ourselves. 

KEF-**- p ower s enera, * on ,o limited 


Oft SW C. our Doddyls no clown. Hes long realised that when hes 65 he’U wanL more than laurels to rest on 

He'H want a nomtal that he should nd. a large part of his pension 

atop company -^tnnrJLife. the famous British. Edinburgh based oH.ce that has special, sed ,n the bus,,,-- .■« J 

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see vour insurance tuk-T&x soon. ^ Jt Jj 'ff 

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The largest mutual life assurance company in the European Community. 


.^JJjandal -*S5m$s tWectoeSday; Jooe 


NO APOLOGY is needed for a easier the fit now is. Some banks 
second column c-»neerned with at least look pretty relaxed, 
rho Sank of Enslaod's ingenious However, even jf the figures 
Co .set o'inirn! on the banks, the were not distorted at all— and 
squeeze with a friendly embrace, they certainly were — the take-off 
for this mechanism is still in the gilts market itself is an 
•.videl*. in ^understood: but an enormous help. The sum is 
apology is perhaps due to simple enough, in a normal 
a ie.^r-ls. ((noted here vesterday regime, excessive bank lending 
js J„ example uf City euphoria tends to inilate the money supply 
oi. in«- present monetary unless there 15 enough official 
i.-.imeriy. Ever since the Budget fundins to offset it. Under a 
have fairlv consistently «-o r»e l regime, excessive monetary 
mu an o]niimslic view of the growth is heavily penalised, so 
In* To re us. su it is not that it-* growth can be taken as 
inconsistent lo be optimistic more nr less toed. The amount 
v.hi-n u' ivfurn to Square One. of bank lending permitted then 
i»nr iii a > not agree, but its a depends rjiiite directly on the 
point »il view. success of funding. The more 

money the Government extracts 

' L,f through sales of securities, the 

h,, *Sr-h f T l nnvT ^tru^elirf" more the banks can replace by 

nTflMhl- h, meet the new new lendin? ‘ Therefore a gilts 

nrODLinlj’ lu llieet ine new . .panne crti 1 1 mnFA onr.H natire 

ES. fe-i'SiV «« STStiS s? n L°°z:™^ e n V°' h ''“°"‘ s 

nf Inl-resl . bearing liabilities. u °^ rn < J uppose for 

and to impose nn discourage- “ J U K SI 

in-nt on w.mld-be borrowers. £ monKnl ^ -J/ 16 hanks du 
vide soreads an- very much m have some problems »ltim 
lac spirit of ihe squeeze. Dis- *!>?..! “E? 1 ? la,d ?own_ f or 

ini.-niiedi.itum can be fun. 


Indeed, if 

them. This, it is popularly sup- 
posed. will lead to a really tight 
credit squeeze, with stony-faced 
managers up and down the coun- 
try refusing loans. But to 

a - ’• • vo “ consider the w h ora -i Shopkeepers? Then one 
v b " \ combination of hank can imag j ne a growth nf trade 
margins, bull market, and a Ion? 
tar for the pension funds on 

credit, so that it is the priority 
industrial borrower who asks for 
the loan. Personal borrowers" 
Within quite substantial limits. 

terms which art* like a happy 
dream the whole-package if a 

h. t t if an um.-r.ven an ted City - „ .. . 

benefit. The discount bouses lne ,n0 ^ ^du-wortby can bnr- 
mav. of a-uurse. have taken a bit *» houl WratMtoii against 
or':-, book. loss, but they can 3 “ bal ? *’* Net-full of credit 
lnr,j- f.irwjird 10 the profitable cards ‘ £ really not so quick 
docent of Duke s Hill, as and , eas >‘. as * sounds to limit 
interest rales come down step lending in a regime in which 

i. - *ien. Sine.- this is the out- credit is kept relatively cheap. 
Cl, mo .if what was called an Much easier lo sell investments 
■*\ chall-to-cveball confrontation, from bank portfolios, or per- 
il is a bit like pelting your suade depositors of the superior 
tioiiiK's with ro.soc. Beastly attractions of local authority 

foreigners in the exchange deposits, 
market may he caught in bear 
,<r|ueo'.es. hut m-t the Bank's 
frii.»nd> m the City. 


Il.iwev-.-r. apari from what may 
be ealb-*d the unearned income 

The conclusion which suggests 
itself tu me at least is that the 

:.-->eet r.r the torn- what is the " n P' 3S,,, °" nf . , the , c0 ™ 1 , wi ' ! 
effect nn the ec.nomv ? There « solve ! he er,s,s ,f J and ° nl >‘ lf 
has been much talk uf the pro*- . cn «* *'"*■* d * ct P t,ve as 
rtire on tn« banks to cut down | be measure ' s bemfi used 

iheir i'.-nrfmj: but tin? statement t( ? c . ul ’ e . ' tbe apparent ex- 
.* in fact hijfhtv misleading un- P ° slon bf the money supply was 
?e,g 11 is surrounded bv a post- a11 3 l,,3tler n f uninvested ins.ti- 
tiie ri.resf uf if.-- and huts. tutmnal money, it will now 

Some of the reservations are > a uish. If the apparent explosion 
i-.< «bi with the distortions in the m lending was largely got up oy 
figures. If von have been hold- the ban ^ ,n .. preparation, for the 
mg a deep breath while you are ,l w,, 1 \ va . nish t0 °- Eu i 

in c-a.>u red fur a corset — lending tnere really. 4 s a- -surge of 

money to the discount market ,oa ? demand »r a. drop m the 
and borrowing it back, building savings ratio, th£'?(Srtfcl'ftig£ -Has 
un yivir leasing subsidiaries mere *> cleared the statistical 
ahead of d«r.iund. and indulging ground Tor the next crisis, to 
in all the Aih»r 'iltle tricks which one about the read - economy and 
are eas' to suspect and hard to ’he halnnce of payments. The 
jinr... — then it may be a positive one real pruhlem which may 
relief id let that breath out have been solved is the build-up 
again. All this contrived lending of corporate funds: that money 
.-•:>n be renheed in due course will be hied off through narional 
'«-iih genuine and profitable lend- insurance contributions, with no 
me. In other words, the more joy for anyone. But then in- 
!'.« fig 1 ir hs were distorted before d us try does not enjoy the able 
tin* corset was imposed, the advocacy of the Bank of England. 

Some best 

IT IS THREE YEARS since we long than petunias unless you imprudent gardeners 
have had such an amenable 
season for moving the summer 
bedding plants. Most of 

and marigolds 

The *,TO. happens, especially^ In a AM « ^ * ‘Kny. 

_ b . i„ mta ond umntri-nnw alma) 

petunias anu marigoios a sunny window-box. ulue rorgei-me-i’iot 15 wnnd<*r. pan -null — - . - - - -• 

especially, prefer a dry snnny 0?e useful poinL Hal parted r^^'S'ed^e^ahna" IL'Snw ‘S.'Sfu- nsual°.^. S these ^d2 n “ MnE “ **** 

r a%on on^he, are established in 3 dam ‘ > shaded line ' ,1Wtt 

Since 1975. they have beeu bit t b a t their beddme plants never 
by hot dry weather from the bush out and am fl E ow p ^ l0St ead, 
fortnight before and after they wben too small. The’ excellent 
ought to go oul Occasional rain newish peas . d n r e e frequent 

and clouds for the next week or So dr a e rp st0 cks 

so will see them well established gSugbt as ready-made plants. If 
and growing away smoothly you ° cut out ^ ^“ e f p w no wer- 
beFore it hots up again. hudSi you w01 f he p i ant 

If you still want a Few quick to spread and set on with the 
and bright bedding plants for job. In a dry June especially. 

f-Lirx nrlnor n nr! nrfrJ nomnre eon. -1 . _ . ~ ,w ’ ^ ‘ . 1 t* 



simple to handle tbat^anybody d0 some gardeners grow 

an make se " 

The many 

can make sense oftfaem. things so much better than 

bright South African * |lv 

, with ma others? UsuaUy because they 

^the'beUeflor a Tate soVS^ have not aUowed their phnts to 

mid-Mav or even mid-June if you he checked in their smooth 
can keen them moving smoothly, progress. If. you 80 out .and buy 
1 am especially fond of the bright the tallest stock iir the brightest 
orange wsinia which .soon boxes, J you are falling, into. *' 

— . - . - * gu .. c , c =k— . catches up at this Ume of year trap. Lower plants, more widely 

“c r ed *f ®S? n fwISi?*?; lhe >' wm otherwise try to bolt quaner of an inch deep and space Never fear, there is still time, and flowers at a height of about spaced are -the best boy When, 

sider the Lonvenient Nemesio. it seed when too small and gi ve him out after a fortnight above Sown now; nemesias will make it a foot The taller big yellow- you plant them out, put water 

XSw*SSKir SriSTLSS? $VSl& ■K.H'Sa ^ -Hi. -™?> «*.. 5;Vii^5: Which ta otilisoldao every 

annual -except the 

ihat n tVy r have y “Almost SSfiSZ of* nett spring^ "bedd^n " J P l«^ ^ Umeol year" For new~gar- winner, as rich a blue as lobelia escholt&i. is not the easiest thing Nasturtium which, runs to leaf 

ated ’ the lilac-bluVs wWtesTd aU cutting toe bilf for wall- deos. needin i height and colour and a quarter the double: it is to transplant and should be when t<» well-fed. Bedtog plants 

oaler ninks for which I used to flowers Sweet Wi(ii-».w -nid the quicklv, these biennials, toe hardy, easily pricked out and. reserved for outdoor sowings on in Britain, are almost always 

ESy them You 2an now have resT SeS aK'Jli. for the Cantefbury Bell, tall silver happy in dry weather Nastur- site: In June, you are best ?£™ d ' ^ 

“sunset hues" as never before deep royal blue forget-me-not. as thistle, grey-leaved i-erbascutn. trams are another good starter advised only to start off those the weather and your timing, but 

but “ a height of aSJurnine eas? as crissf^mf seedpacket are a blessing. ^ from an early June sowing.^ If annuals which can be moved 

\Yhat if you have missed the you want to follow up a first -from box to pot and pot to bed, a little cunning will leave. their 

iddinc-out “bus" completely? round of bedding- plants in your-so i should avoid anything with mark even here. 

inches they are not too awkward and yet less often sold as a 
to place. Though they last less mature plant in toe autumn to bedding-out 

Willie Carson’s mounts give him 
an edge on Pat 

PAT EDDERY and Willie middle distance filly in the mak- 
Curson. who are locked in the ing when she nearJv sue- ceded 
closest battle for the jockeys’ in beating toe Queen’s Alma in 
championship since Carson u competitive little handicap over 
pipped Tony Murray in 1972. a mile at York, 
lake in both Newbury and Any improvement r«n that run- 
Beverley today. Each has some ning should see Procella capable 

nf conceding 10 lb in Pat 

" Eddery's mount the once-rao?d 

Martingale, a half-sister by 
RACING Luthier to that high-cla*s race- 

nnviiiM horse and sire. Mount Hagen. 

Whatever toeir fat*- with 

Martingale in the Grandstand ^ , 

Sweepstakes, trainer Peter Crier filly, did enough at tjood- 



2.0 — Deed J Do 

2.30 — Tsunanco 

3.00— i Robolin 

3.30 — Bolide 

4.00 — Dred Scott 

4.30 — Salamis* M “ 

7.10 — Buffoon 

7.35 — Town Lady** 
8.05 — Procella* 

8.35 — Unnnington 

Walwyn and Eddery should have wood on her only previous run 
likely looking mounts with the at least one winner at the York- to suggest that she can follow 
balance apparently in favour of shire course's evening meeting, up in the feature, the 
Carson. Town Lady, a chestnut Town Hilary Needier Trophy. 

The popular little Scotsman. 

who goes to scale at 7 st 10 lb 
compared with Eddery’s 8 st 2 lb, 
could have three or four win- 
ners. Salamis. Bolide and 
Procella are likely to form the 
backbone of his success. 

Sir Michael Sobell's so Far 
unsuccessful Salamis. among the 
ruoners for the Twyford Stakes. 

U.S.-British airliners 
‘a golden opportunity’ 


.strikes me as the best bet of the 

not filly by S^"(SS e 0M , Sf Mitefi hr British toe wort Tor British 

trio. She is s wellmsde “best- BRITISH AIRWAYS, has.aialn «£ 

Bandarilla w'bohasalreadv pro- Aerospace to go ahead mth a aircraft and aero-engine com- 

joint venture with Boeing to panies than would he 

result from any co-opera tm 
European project, the memoran 

wheh sixth to Seraphima in the 
:e Nell Gwynn Stakes. 

less to do this afternoon S^^J a ^L!S!S i i 

badlv at Newmarket this spring civi] airliners. 

The call came in a memoran- ^ i mmediate ] y 

(i c-riti on airports for the. 1990s. Lord 
With less lo do this afternoon Iu” ul T l n“f n ^ iI t 1 r , i l nn<^i < fnr m S 757 Porvhester, chairman of the 
and the probability of good to mpdtomran«»e^et would J.uen a south-east economic planning 
fast ground in her favour. British counoil - said > e5terda - v m 1 

Salamis might get off the mark # 4 ®°:??° f Brlltib letter to Mr. Edmund Deli 

'at attractive odds. 1 take her to a'r transport. . Trade Secretary, 

win at the chief expense of Nest- Rolls-Royce would provide the without an immediate start 
ing. another locally trained filly engines for such a project and on the long lead items for new 
who ran well at that Craven British Airways said yesterday airports, traffic could .well 
meeting. that the supply of engines alone exceed airport capacity within 

Procella. one of two William ^uld provide jobs fnr lOOOO . 12 years, he said. 

Hastings-Bass trained fillies engineers. It could also earn Lord Porchester was comment 
partnered bv the ex-champion at f4.000m in foreign currency. mg on the Government White 
Beverley, struck me as a useful In total, a British Aerospace Paper on airport policy. 

Poor roads cost £480m a year 


POOR ROADS cost Britain Road Research Laboratory Id have remained steady at between . 
£4S0m a year in accidents. Mr. 1976. £550m and £650m since 1969. 

Stuart Mustow, West Midlands Each accidenj jeost society an -They reached a peak-oE £680® in 

average of £4,890 and. if the 1973 . to 3974. and are not 

county surveyor, said at the “alley results were expected to rise much above 

Institute of Municipal Engineers' est ended to cover the whole of £550m up to 3982. 
annual conference irf Bourne- Britain, the total cost - of Ttfr. Mustow said there was no 
mouth yesterday. accidents partially . caused by clear relatioaship between road- 

More than one in four'P 001- roads would, be dearly maintenance ; spending and 
accidents had road condition as £500m. accidents, but he gave a warning' 

a contributory factor. It was.Lhei Accidents on British -.roads about the need Tor caution in 
sole cause of 2-5 per cent of increased last year to 348,186, cutting spending plans, 
accidents in a survey of toe compared with 339,073 the Aut horities should not take tgo- 
Thames valley conducted by the previous year, and 324,950 in restrictive a view of maiaten- 
Government's Transport and 1975. Road maintenance costs ance-in order to save money. - 




CC — These thenres accent certain credit 
cards &v telephone or at the .box once.' 


COLISEUM. Credit cards 01-240 5258. 
Resetvations 01-836 5161. 

Ton'L. Tomor. & Frl. 7 JO Les Slyptilrfes. 
Greening iikw prodn.). SctiohencUe. 
Sat. 5 & 7. SO. Mon.. Tuc. 7.50 Con- 
servatoire. Giselle. 96 balcony seals 
atawayi available -from 10 a.m. day or 
serf. -• • 

COVENT GARDEN. CC 240 1066. 
tGaraencnarae credit cards 836 6908* 
Tomor. at 7 JO: Rlooiiito . [Kraus 
replaces Ovorsky}. Fri. 7.30: Falstalh 
Sat. at '7.30: Manama Butterfly. Mon. 
next at 7.30: Luisa Miller. 6S AmoM* 
seats avail, for all pens, from io a-m. 

on day of pert. Note: Person alfTei. 
Ukgs. for July Ballet opens July 1 and 
not June 1. 

V indicates, programme in 
black and while. 

BBC 1 

fi.4rt-7.. r /. , j am Open University. 
For Schools. Colleges. li».45 
Yi.u -md Me. 11.00 For Schools, 
Cr-llevcs. 1-in-pm Bagpuss. 1.45 
’-.ev.s. 2.01 Fnr Schools. Colleges. 
2.3S Tennis: The John Player 

Tournament. 3.53 Regional' News 
for England I except London#;} 
3.55 Ploy School. 4.20 Boss" Cal. ' 
4.49 'Nwsround Weekly. 5.10 
Roobarti. 5.15 Regional News. 

5.20 News. 

5JS0 World Cup Grandstand: 

Italy v Wesr Germany. 

7.35 The Likely Lads. 

UJU Feature Film: “The Hell- 

starring John 12.59 Help! 1.00 Sounds of Britain. Amaaius ivarld of jlreafein. 3J0 

140 Crown Court. 2.00 After • , - c, “ ns - *■* Whais N*!wr SpcciaL S.IQ 


10J5 News Noon. 2J5 General Hospital. 3 JO 

10.15 The Spinners. The Rolf Harris Show . 3^0 The 

HL50 World Cup Grandstand Electric Theatre Show. 4.20 
including coverage of Michael Bentine’s Potty Time. 
Poland v Argentina. 4-45 The Secret Pony. 

1.20-1.25 a.m. Weather '"Region a [ 5.15 News. 

Crauadj Ncu-s. 



1 r 1 






















imi r 













1 Snve reign 3 once- worth half a 
cr*iwn apiece i7. 3. 4i 
10 Senilty race in loch I5l 
.11 Ups.'i hy liatsman's bonus «9i 

8 Old-established supplier of 
bows with many branches 
(3. 4) 

9 Still . getting radio inter- 
ference (B> 

J2 Actur playing pan of swear- 15 lastrument taken by husband 
ing soldier we hear (7j to party with family (9i 

i:» Turner at Lords may be top 17 Dog for the communist bone 
(7> specialist f3. 6i 

14 The best 100 shecti; of paper is Conductor by choice weut for 
*5’ a ride l9> 

Hi Back sale man strictly to keep 19 Appear like a puffer to suffer 
r, u J '!?../ ’ . w * -i-.- .._j from condensation <5, 2) 

21 Back in a jiffy (6) 

1 H Undertake io have TV under 

20 Sro^hiw hw, objection Tor 23 In'o™ 3 ' 10 ' 1 “se'ess in: clsss 

luft f5i '°f 

22 Ah«.rh Kec’s son some other 24 "HI 51 " 1 * 5““" ,y c "J! essly 

wa v t 7 , taking on employees (5j,. 

23 Rambling hov embraces Travelled— but not on..foot-r 

de>crl-.T t7) ’ round cowboys’ day- out' (.5) 

Get better confession of in- 

ability from beggar (91 
25 Flood for doctor to acknow- 
ledge i5i 

29 Assorted oneself profes- 
siunally when hard up (li. 3, 5» 

No. 3,691 ' ’ .- 


2 Siudcni of The Man Within 

3 Gonfin..- in bed in sinre (3. 21 

4 Unauthorised hooks could 
make Lora happy ift) 

.» W-.'lco, n,. Voles in plant *5) - 

6 Time trend was directed in- 

nerds djina^,. i9i 

7 Month added to projecting 

fitii'je io t 


All Regions as BBC 1 except at 
the following limes: — 

. Wales— 4.40-5.10 pm Bilidowxar. 
5-10-5.20 Wales Today. X.15 ato 
News and Weather for Wales. 

. Scotland— 5.15-5.20 pm Scottish 
News. 2.15 am News and Weather 
for Scotland. 

'Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.15-5.20 
Northern Ireland News. 1.15 am 

1Z50 p.m. Uvpari West Ucadllues. IZ-5» 
R-.-porr Wales HcadlfnL-s. ZJM Hausepartr 
3.2D Survival. 4.4S Th._- Beachcoruburs. 5.15 
BctiT Boop. 5JH Crossroads. bJOB Repor) 
5.30 World Cup: Austria v Hoi- Wc*i. t.l5 Rcpon Wales. L38 We Pack 
i^nd in a l 3n >’ Pncc. 7-30 The Bionic 


7.45 Coronation Suvet. 

JftJS World Cup; Brazil r Peru, scni^ Smpi /W " I °* - A * HTV c<!T,m] 

70:45. News. 

11:15 The Sweeney. 

12.15 am Close: Music by Rodrigo, 
painting by Velasquez. 

All /BA Regions as London 
except at toe following times: 

12J0A2J5 p.m. Pcnau-duu 
Ncivyridlan V DrdJ. 520 Mirl-Maurr. 4JO- 
4.45 Un Tro. 6-0M^5 Y Dydd. 

HTV Wen— As HTV General Service 
i-scvpi : 12.5O-L06 p.m. Report West Hcod- 
Ilnes. JO Report West. 



UJD p.m. News and Road Report.. ZOO 
v...., , Women Only. 3 JO Glad Day. 4.45 

News and Weather for Northern j** ** welcome^' lZif Laie 0 '^ uS 

Ireland. " ” 

BBC 2 

5S* “- 15 ^ GUM SireeiS of San 


6.40-7^5 am Open University. 
rl02I5 Gharbar. 

11.0ft Play School. 

■ 3J5 Tennis: The John Player 
■ Tournament. 

4.55 Open University 

7.00 News on 2 headlines. 

7.05 Bioscope Days. 

. 7.25 Newsday. 

8.05 Landscapes of England. 
JL30 CaU My Bluff. 

9.00 News. 

9.23 Brensham People. 

10.15 “ The Out-of-Towners " 


WJSO p.m. ricw&lesk. 320 ilr. and Mrs. 1Z50 p.m. Sou; hem News. UO Crown 
3.S0 The Sullivans. 4.45 ATV Today, roar'. 2.80 Housepany. 3J0 Boncy 4 j 45 
11~15 Rafferty- na» hy Day. 12.15 a.m. Southern News 



+12J0 p.m. Border Nn\ ZOO House- TVNE TEES 

party. 3J0 Survival. 4.45 l.ook.i round W-d- ^js a .m. The Good Word, followed bp 

nosdap. 11Z1S a.m. Bon)..r News Sum- N.>nh R.isi News Headlliw-i. 12 JO p.m. 
mar J’- North Ei. -1 News and Lookaround. ZOO 

#-* r , a ki>n-r Women Only. 328 Siars on ler. 4-45 

LHAlNNfc L Northern Li/e. 1115 a- nr. Epliouue. 

IJg p.m. Chanoe/ Lmirfinme Nows ohd 
What's on Where. 328 Kneiids of Han. 
4.45 V'ailey of Uic Dinosaurs. 6 JO Channel 
News. 1128 Channel Late News. 1Z30 a.m. 
, . News and Weather in freoeh. followed by 

starring Jack Lemmon and Endoguc. 

Sandy Dennis. (- D iMD , . 

11.50 Late News on 2. GRAMPIAN 

12.00-12.15 am Music at Night . 

BBC 2 Wales only — 7 


UJO p.m. Lunchtime. 320 Survival 
Special. 4JE Ulster News Headlines. A45 
Lets Look at Ulster. 5.05 Reports. 1Z1S 
a.m. Bed lime. 

123 un. First Thirv;. 12.50 p.m. Gram- 


■ — 7.05-725 pm ^ r CadJ ' rlefi 'i4i?hi^ U, Dlftccti^ : ? 12 ^ 7 WeSvani** rHws^ulladlinlul.^Sjj 

4A5 S Gramplan T^y.^kSSIteS iZ« wes°,u 

LONDON ftHb lor Life a -“- 

9-30 am Schools Programmes. 

12.00 Here Comes Mum fie. 

12.10 pm Daisy, Daisy. 12JS0 News 



1220 Grampian Late NI&M 


tiKANAUA 1250 p.m. Calendar News. 320 Echo 

UJO p.m. This is Your Right. 320 The of iho Wild. 4.45 Calendar. 


tsj Stereophonic broadcast 
5-00 a.m. As Radio 2. 7.02 Dare Lee 

247m >■05 Your Midweek Choice, part 2 tSi. 050 song from Canterbury CatnedraL 4.15 
N»ws. 9.05 This Week s Campon-rS : The Roof of Woles. AM PM Hejwris. 
D Indy and Duparc »S , . 9A5 Music for 5.40 Serendipity. 5 -55 Weather: programme 
r nLl . am ci m nn Rarna up b.„i 'JTBail iSi. 10JO Borlol! and Schubert, imire. LOO News. P JO Quote ... Unquole 
aSiS't ^118?^ IZ3B fm wflatoau £ ta “ l » p ® us, £ ^ BBC iSi. 7.00 News. 755 The Archers. 720 

j »TiIn,Rbrthi .rri* « P kIh Scottish Symphony Orchestra .51. 156 File on 4. 8.00 Heaven and Charing Cross: 

'SSLSIjd 1 xSSS'at 1 M Smn K"- N ' ews - ^ H«ll -.S». 255 Feature on the Northern poet Francis 

'» »» John Pm 1 D ,S^ i5 '- Thnmpson. 950 Science Now. 9J8 Kakfldo- 

ijonfinja m As RaSn'v P ‘ 5 Mendelssohn-s A MaJor-Mluor Quoriet <S.. scope. 9J9 Weather. 10.00 The World 

UM^.02 ajn. As Radio 2. 4.*, Bu | M10f , a Library or n-vortls (5-. Tonight. UL30 Frank Muir Co« into . . . 

VHP Radios 1 and 2—550 a.m. With tS.«5 Homeward Bound, tons News. JSJ5 Canvursatlon. 11.00 A Book' at Bedtime. 
Radio 2. including L5S p.m. Good Listen- Homeward Bound (continued. i&JO Life- 11J5 Thu Financial World Tonight. ti-sn 
irtg. 1850 With Radio 1. 1252-252 m.m. lines : Language and Communication. 7.10 Today in Parliament. 12.08 News. 

With Radio 2. Llandalf Festival of lltuitL- iots. part 1 : nnn „ ,. , , 

Orr. Beethoven rSi. 8J0 The Arts World- DhC KadlO London 

RADIO 2 l.500m and VHF ^Koz^sf 20fim and 94 J VHF 

1500m and VHF ficaljy 0 Speaking UL« fj, r T C nor . S-* a.m. As Radio 2- 6J0 Rush Hour; 

550 a.m. News Summitry. 552 Ray and ^naltSTby Sniran Smh? ivSlton A" London Live, liw.pan. caU in. 

Moore 'S> with The Early Show, in- ii»"p.,il.; eonJn .si-llJS 2 - M =« Showcase. 453 Home Run. 6 JO 
cludlns 545 Pause fw Thonght and 651 News u.«.u« TomchFs st*niw-rt Sonz Loakl 5,op - Limru. -7J# -Black LoBdoners: 
Sports Desk. 7J2. Tcrfy Wosan (S> in- on record ilWSi Song 3 J0 !Q concert. 1053' Laic Tllirtif London: 

dudi&fl 7.41 Sports Desk. BJ7 Racing __ 12.00 As Radio 3. 12.05 a.m. Ones Lion 

BsSclm. 8.41 Sports Desk, and 2.45 Pause _ 3 VHF only— 6.80-750 ajn. and Time irom ihe House uf Commons, 155 

for Thought. 1052 Jimmy Young <Sf. SAS-TJO F- m - Open Curnsrsu:.. Clow: as Radio s. 

ms p.m. Wagoners' Walt. 1230 Pete n A run 4 

.Vurray'r Open House iSi lududlug 155 KAJJ1U 4 LOJItlOfi l>r03(ICaSU0g 

sports Desk. 2J0 David Dammon (S» In- 434m, 33Qni.2g3m and VHF y 261m and 0L3 VHF 

SS252u.5?« m n e .S- 2-2 GAm ‘ 2Mm - 285m *«« VHF 5.00 a.m. Alonung Music. 650 A.M. : 

JotaDmn tS. 4 inciS K Ssp?rt?b5? «*,.*»■ Farming Today SdTvi S 

b J3. .World Cup Sports Desk. 752 Sing fc* Up M the Hour. 7.00 N-.ts. 7J0 j qg p R^orts 3 00 C^roo cShX 

SoniL-ihliTg Simple iSi. 7J0 Spans Desk. 'May. 7JS l.p to |hv Hour iconunuud> rj vtahlj calL^Soo' LBC RnmtN tem 

7J3 Listen to the Band .5'. 8.15 Semprlol 'MwllW Thousht lor the p». 8.00 News. C A,L r Fmh t W l,h^iS. GH-' 

Servnadi- -S'. 4.02 Jack Bachanan. 455 ™ay. MS l cstcnlay ParLancm. ' ^ J*2* n J?**ZJ TJ 1 "^ 

SportJ Desk. 18.02 Offbeat inch Braden: « News. .855 The ^ ***.*» with Am! 

Bernard Itradi-n with irue stories. 10 JO Nappmess 

Hubert Op.-fiR says Tliatiks lor the In Bril am Now. 10.38 Caillf al Radio 

iiremory. ZL02 World Cap Report. IU5 Service. IBM Monunv toon. 11-00 ’“Uptidi xxauiu 
Peter Clarion introduces Round Midnushi. U55. Soinethnm Appealing. Somr,- 

194m and 9a.S VHF 

including 1258 Non s and i ie am World APpaSilna HAl Be Amman Talk" 6.00 a.m. Graham Dene's Breakfast 

Cop report. 250-252 m News Summary. ??58 News. 12.02 p.m. You d nd Your-c. Show fSi. *. 

12.27 Tbu Spa mini ter Man 

350 Michael Asp-.-l iS>. 1258 
. S >. 1255 D.*Vc Cash (S'. 3.00 P-m. Hoiier SvO'l ,S*. 
n min I 464m Slpren Jt YFIF Weather: programme .-Vus LOO The 7.00 London Today fS'. 7J0 Adrian Love s 
K.* UlU.-J World At One. 1J3 Tin An-h.-rs. J-«5 open l.ln- iS>. 950 Nicky Horne's Ynur 

iMeoium wave only woman's our including 2.00-2.02 Nr«s. .Mother Wouldn't Like ir ifi,. H50 Tony 

16.55 a.m. .t..aUier 7.60 Nows-. 7.05 Yonr 2.45 Listen with .Mother 3.M ;; v n«. 3.M liy.ui •: i.aii* Snow iSi. 2.00 a.m. Duncan 
Miduwk Choice, pan i \S«. 1.00 New*. .Afternoon ThLau-e iSi. 350 Choral £wb- Jnhnuons NikIu KUght iSi. 

Until Aug. 7 with the London Phil- 
harmonic Orchestra. Tonight. Fri.. Sum 
& Tue. next at 5.30: Don Giovanni. 
Tamar:, Sat. A Moa. 'next at S.SO: Die 
ZauherflQie. /Possible returns only. Box 
alike Giyndcbournc. Lewes. E, -Sussex 
tO 273 S124M7. 

Ave.. FC1 837- 1672. Last- Week. 
Evas. 7.30. Sat. Mat 2.30^ 
Music and dances irom Balt. 

" The experience not to he missed.” Gdn 
. June. 19 io July 1. FIESTA DE ESP AN A 


ADELPHI THEATRE. CC. 01-816 7611. 
Evgs- 7.30. Mats Thurs. 3.0. jjU. 4.0 



me otsi musiuml ■ 

01 1916.. 1 fTt ana 197$. 

IRENE' - -r 

•• London's" best night four.-- 

»L«»DV S ". n . i fS W»-4 ONE 



ALBERV. 836 3S7B Partv Rates. Credit 

card hkgs. 836 1971-2 Irom B.30 a.m.- 

B.30 P.m. Mon- Tuns.. Wed and frt 
7.45 P.m. Thun anti 5a r. 4.30 and 8.00. 



ABLE TQ SEE IT AGAIN.'.' Dally Mirror 

ALDWYCH. 836 6404. Irfo. 836 5332. 
repertoire. Tant. 7.20 Low mice preview 
Strindberg's THE DANCE OF DEATH 
First night to-mor. 7.O.. With Shake; 
ipetre's CORIALANU5 (next uert. 22 
Juncj RSC also at THE WAREHOUSE 
• see unaur W1 and at me Piccadilly 
Theatre «n Peler Nkhoiv PRIVATES ON 

GLOBE THEATRE. 01-437 1592 

Eves. 8 15. Wed. 3.0. Sat. 6.O. BO. 

•- This must be the happiasi langnirr- 
maker in Landon." D. Tel. "'An Irresist- 
ibly eniovable eveninfl." Sunday Times. 


Opens Ton-gnt T O. Sub. evgs. -7. 3D. 
. Mat. Sit. 2.30. Plays by Yeats Synge 
and Ladv Gresarv 
For 2 weeks Only. 

HAYMARKET. 930 9832. 

Evs. 6. Wed. 2 30. Sat. 450. a 



Mu:-*. u-.-hnitelY close. July 1. 

HAYMARKET. 950 9B32. Bax Olftce Nmv 
Open. Pr;vs. July 4 6 5 M 6-0. Opens 

July 6. gcOFIELD 




Directed bv CASPER WRED6 


IS June-2 July 

A new .play bv Nicholas -Wrlgllt 

Gillian Barge. John Bfuttiai. 
jemoke Debaya.' Judith Hart* 
Lila Kave. Bill Pnurson 
David - 5assfeni. doff Wild - 

ROYAL. COURT. 7XO 1745. Air. Con. 
Prevs. Eves, at B. Opens Toe. next at 
7, subs. eves. 8. Sets. 5 A 5-30. 
by Bill Morrison. 

royalty. Credit Cards. 01 -a OS 8004. 
Mondav'-Thurtdav evenings 8-00. Friday . 
5_30 and 8.45. Saturdays 3.00 and 8.00. 

London critic* .vote 
- - Best Musical <ri 1977 
Bookings accepted: Major credit canh. 
Special -reduced rate lor matfmtas for -a 
limited period Onlv. 

SAVOY THEATRE. 01-836 8888. 



TO SEE IT." Gan. 

Evgs. at 8100. 

& SaL 555 ■& 8.4 S. 


CC 01-930 6606. 


JQ»r S.W 

with Derek, Gr-lfiths,- 
Direct eg fey BURT SHEVELOVE. 

• it is packed to bursting Point .with the 

prr*«>r vllty ? ."O'vMivtT BWgqP : Bt 

Forsyth." Son .• Bapress. ■!.* The audience 
chewed." Sunday Telegraph- • 

352 748*. 


Mon. to Tours. 9--1. FN.. SaL 7-jO. 9-30 

LONDON PALLADIUM.. CC. 01-437 7373 
Moil, Toes.. Thurs. &. Fri, 


=rL at 8. 

and Sats. at 6.10 and B^o. 

In a Spectacular ComedV Rwub 
Sundays Jum? Z3 and July 16 *t ’S A B. 
Special Boohing -Hotllno 01-437 2035. 

LYRIC THEATRE. CC. 01-437 3696. 
E*. 8.0. Mat Thurs. 3.0. Sat s.0 A *_30. 

ALMOST FREE. 4B5 6224. - One Oh " 

bv Bob Wilson. Tugs. -Sat. MS o.m. 
Sun. 3.00 & 5.00 P.m. No show Mons 

AMBASSADORS. 01-83G 1711. 

Nightly at 8.00. Mat. Wed 2.45. 

The WDrid-tamous Thriller 
"Seeing the ertav again ■« n laci an 
uiter and lotaf loy." Punch. Sear Prices- 
£2 00 to £4.40. Dinner and Top. Price 
Seal £7.50 

APOLLO. 01-437 2663. Evenings B.OO. 
Mats. Thurs. 3.00. Sat. 5.00 ana 8.00. 
'■ Anar ol the Year.- 1 Ey Standard. 


*■ Wickedly tunny." Timm. 

ARTS THEATRE. 01-836 2132. 


-■ Hilarious . . . see >1." Sunday Tim>-s. 
Monday io Thursday 8.30. Friday and 
Sutuidav al 7.00 and 9.15. 

ASTORIA THEATRE. Charing X Rd 01-724 
4291. Mon. -Thurs. 8 P.m.. Fri. & Sat. 
6.0 & 8.45 

" Infectious, appealing tool-stomping and 
heart- thumping ' Observer. Circle bullet 
open belore ana after sho«* Seats £2 00- 
16.00 Hair-hour belore show best avail- 
able sears C3.00. Mon. -Thurs. A F n. 
6 p m. ocrl. only. 

Lunchtime Theatre aallv at 1.15 p.m. 

CAMBRIDGE. 836 BOSS. Mon. to Thurs 
3.00. Friday. Saturday 5.45 ?nd 8.30 

Evening Black Atncan Musical 
- The girls are beautiful, bare and 
bouncing " 5- Mliror. 

Dinner and tiw-pclce seat £8 75 ind. 

CHICHESTER. 0243 8 1 31 2 . 

Tonight and June 1 5 at 7. DO. June 17 
June 15 at 2 00. June 16 and 17 at 

01-930 2578. 

Dement June 20 to July 16 


For a Ltd. engMe 

"An unparalleled tour de lorec. _ S. Tms 
Tues. to Sat. at S-0. Sun- at 4 30- Nn 
pfs Mon. Seats £1 -25- £2.25. £2.50 £3.0 

COMEDY. _ 01-930 2578. 

Evenlrgs B.O. Ttuirs. 3.0. Sat, 5.30. 8.30. 

Margaret COURTENAY. Dermott WALSH 
-' Blackmail, armed robbery, double nluo 
and murder." Times. "A good deal of 
fun." Evening Nev*s. Last Week. 

CRITERION. 930 3215. iCC 835 1071-3.) 
Evgs B.O. Safe. 5.30. 0.30. Thun. 3.0. 

" VERY FUNNY.” S. Tef. 

MAY FAIR. CC. 629 3036. 

Ev<n. 8.00. Sat. 5.a0 and B.45. 
GORDON CHATER “ Brilliant " E.N. 
Oy Steve J. Spears. 

A comnauuonate funny fierreiy etatment 
pla»." GOA LAST WEEK. 


MERMAID. -248 7GS6. - Restaurant 
2835: -Opens Tonight 7 30. 
subs, evgs 7.30 & 9 IS. 

A piece Bar actors urd orenestra Or TOM 
L3 A L2. *'A work of true theatrical 

genius." Sunday Times. 


OLIVIER (open stage): Today 2.45 (red. 
pr. met-) Tcnrt. 7.30 MACBETH. Tomor 
7.30 The Country WHe. 

LYTTELTON (proscenium stage): Ton't 
& Tomor. 7AS PLENTY, a new olav 
by David Hare. 

COTTESU3E (small auditorium): Ton't. a. 
Tomor. 8 LOST WORLDS, by Wilson 
John .Ham. 

Many excellent cheap seals all 3 
theatres day of ocrl. Car Park. 
Restaurant 92B ZOZ3. Credit card bkgi. 
928 3052. AH- conditioning. 




Sbatresbiirv A*e WC2 (H'Sh HOfOdrn -endi 
^■ oS - 


V 'i-^'/ryjl-^ABNQIS 


STRAND, ^v-aja 2660. Evenings 8,00.' 
-M4r. 7hurs. Z-O, S 

us P.VU. 

'and 8 30 

ST. MARTIN'S, CC. 835 1443. EuS- 8.00. 
Matinee Toe?. JS-4S: -Saturdays; S. mid B. 


26th YEAR 

8.00. Dining. Dancing iBnrs open 7.15),. 
9.30-super. R* 



VAUDEVILLE. -B3S 9988. CC ^VS. 6.00. 
Mat. Tue*. 2-45. Sat. S 
. Dinah ' 

Eleanor St 

Mat. Tue*. 2-45. Sat. S and 8. 
Dlnah^ jiHE RID AN, Dulcie GRAY. 



“Re-enwr Agatha with another who- 
duo. -it HR. Agatha Christie, is sulking the 
W&-! End vet npln with another of her 

infous murder mysteries. 

-V. . 

FNIk : Barker. Evening News, 


Boolr' now. "828 4735-6. 1 834 1317. 

ANNIE . ... 

Evgs. 7 30. Mats Wed- and Sat. 2.45. 

Garden. 630 

g onjnar Theatre.. Covent 
JOB- Royal Shakespeare 

ALB4E SACHS. All seats £1.80.. Adr. 
bkgs. Alttwych. Student Standby £1. 



01-836 0283. 



■•TRlNCHANT HUMOUR."" o. Telegraph 
"SHARPLY TOPICAL." Hnaoclal Times, 

■'Tretneticious - Impact" NoW. 

Evs 7.45. Mat. Weds. 3.00. Sat. 4.30. 

OLD VtC. 928 7B1B 

A week ol Sundays June 11-17 at 7.30 
Today. Thurs. Derek Jacobi IHa Blair 
Julian Glover Harold Innocent In a 
Selection Ol Travellers' Tales THE GRAND 

TOUR_ f**a Jolly show" Guardian). 
.. Darcl 

Fri.. SaL. 

("Mav It live 

d acobl as Bvron with 
lover Harold Innocent 

Islj Blair Jul', _ = __ 


a thousand r airs'' The 

■“ “ “ ID. Graham 


Collier's Jaza comoosiriar based on rue 
writings Of Malcolm Lowry. 

Pros peer's TWELFTH night rerurns June 
19th t'-an outstanding revival" The". 
Times). SAINT JOAN returns June 2?>id 
i"i great performance " The Timesi. ' 

OPEN A1R._Repant's Park. _Tel. 486^2431 

Evgs. 7.45. Mats. Wed.. Thurs. & Sat. 
2 30 with RULA LENSKA. I AJN 

PHOENIX. 01-836 2294. Evening* 8.1 5. 
Friday and Saturday 6 00 . and 0.40. 
GARDEN mate us laugh. ' D. Mali *n 
The Hit Comedy OV ROYCE RYTON J 
HAVE DIED." Sunday Times. . ' SHECR 
DELIGHT.-'- E. standard. .‘‘GLORIOUS 

WHITEHALL 01-930 6692.7765. 

Ergs. ‘ 30. Fri. and Sat. 6.45„and 9.00. 
Paul Raymond presents the SensatUHisf 
Sex Revue or the Century 

WINDMILL THEATRE. CC. 01-437_ 6312. 
- ' _h|ly 

Sundays. 6J 
PAUL ' _ 


Twice N,gntfi.aro ’ ™ M - 

ivs. 6.00 and B.OO. 
RAYMOND Presents 

the erotic Experience of the 


--Takrt To unprecedented limits what Is 
permissible- on our stage “ JEvg. Newi. 

WYNDHAM-S. 01-836 3028. Credit Card 
Bkgs. 836 1071-2 from 6.30 a.m. te 
8.30 p-m. Mon. -Thurs. 8. Frl. and Sat 
5.15 and 8 30. » 

VERY FUNNY," Evening New*. 

■ Mary O'Malley's -smash bit Comedv 

"Supreme comedy on so and religion. 

.' , Daily Telegraph. „ 

LAUGHTER." Guardian. 

YOUNG VIC. 92&.6B6S-. New Company 
Prcvs. from tomor., m. 7^45. 



8861. -San, purl*, all seats bkble. 


Wk- dr Sun.T 2.00. SiZO. 'BiO Oa*t davl. 

wk.- A . Sun- . 4-00. B-lo: 0.10. 

PICCADILLY, 437 4SOB. Credit Card bkgs. 
836 1971-3 B.30 a.m.-830 P-m. 
Ergs. 7.30. Sar 4 JO A 8 Wed. mats 3.0 
Royal Shakespuare Company in 
by Peler Ntcnolx 

■■ Riproaring triumph." S Express. - • 

CAMDEN plaZa (Opp- Camden Tbwn 

TahiL 4B5 .2443: . 1 8riaet ^Fossey 

3.05. SJ)0 ' 7100: 9.0S. -1T.0O. Final 
Week. Mult End 15 June. 

Ev. Std. Award . and SWET Award., 


DRURY LANE, 01 >836 6106. Every 
night 8.00. Matinee wed. & Sal. 3.00. 

"A rare-, devastating, joyous, astonishing 
stunner." Sunday Times. 

DUCHESS, 836 8243. Mon. to Thun. 
Evening* 8.06- Fri.. Sat 6.15 4 9. 00. 

-' Tlie Nudity- Is sii.nnlno.” Daily Tel. 
Bth Sensational Year. 

DUKE DF YORK'S. ^ 01-836 5122. 
Evenwgs 8.00. Mat. Wed..- SaL 3.00. 
In Julian Mltcheu's 


'• Brilliant I v w'ttv » . « -W Should 

mKs IL" Harold Hobson iDranwi. Instant 
credit card reservations. Dinner and 
Top-prtco feat £7.00. 

FORTUNE. 836 22 3B. Ew. 8.00. Thar*. 3 
Sal. 5.00 and 8.00. 

Muriel Pavlow as MISS MARPLE * 
Third Great Year 

GARRICK THEATRE. CC. 01-936 4601. 
Ev>. B.O. Mat. Wed- 3-0 Sat. S.50 8.30 

nr wtsu ocmw« 

Gd". " NOT TO 6E MISSED." Time*.' 

PRINCE EDWARD. CC ‘Fonneriv Casino). 
01-437 6877. Red. price previews. Sat. 
5.30 & B.30 June 20 at B.D. 

by Tin. RIM and Andrew Lloyd Webber 
'■’ith David " “ ' 


With David £»«. Elaine Paige and Joss 
Directed by Harold Prince. 

PRINCE OF- WALES. CC. 01-930 -BBB1. 
Moedav 10 Friday at 8 o m Saiumaya 
- at SJO and Bids. 


starring ROBIN ASKWWH - 
. Daily Everett 


QUEEN'S THEATRE CC 01-734 T166. 
Evgi- 6.00. Wed. 3.00. Sat. 8.00. 3JiO. 

tn -Alan Bennett's 

Play and Players «.o"<ren Critics A«n,rd. 

At 7 P.m.. 9 n.m.. 11 n-m. ■ opens Sum.) 


Fully air-condltiongd. - 

Tottenham Court Rd.. Tube}. 63B 0310. 

1, Alan Bates. John Hun - THE - SHOUT 
_(AA).~ Progs. 2.30. 4J8. B.40. BjiS. 

3.00. 6.60 feature- 3.25. 7.15.. 

3, Final -day -Walt Disney 1 * JUNGLE 

1.M 345 6.00 BJO- 

d, Bertolucef*. ifloo. Part. I IX). PM< 
2.15. 5.1 B." 8:15. * From Tomorrow. 

Bertofurtl'* 1900 Part- 2 DO. 

•'w xj '- 'r - 


''-trir. r "' 

CUR20N. <uneh. Strnot- W.I.. « 99 3737. 
' “ U. ill liO. 155. 6.10 

larv-JuUv flir .coodJ(*«*«l- 

sob- titles) - .Progs, at i jb. 3.55. 
& 3.30 Last Day, 

COMING HOME <X>.- Sep.' DTOBI. Mon.- 
. sat., IJtK 4^5.1 a, to. Sup. 3.30. 7.4S 
SeaNJnav M beaked in -advance tor B.10. 
grog. Mdn.-Frt. and all prog. Sat. and S»n 

ODE OH- HAYMARKET .<930 2738-2771 1 
Jana. Fonda.. Venes** Redatav* "J, * 
Fred Zlnnemapn ftlm JULIA ia>. See. 
prog*, - Oly ■ -2 20. 5-^*3 .--*-85- 
. Dly. 2.45 flXK). s.00. Ad -seats bfcble at 
. Bieatfe. . . i t 

:%i- - ’ 

KIND lAi. Sen. nroos. Ciy ,- poors agfi 
. 3.05. 4.TS ' 7.4S. Late Show Fru 8«F-Safc 
Door* won 1 1-15- pm; All 1“^ rt “ 1 ' M 

•' 1J0 owl. Mon-sat • 

■%>.- , • 
'«!i“, “• Ci ! 

PRINCE. CHARLES, LB 4 *- So-. *37 »1?1' 
Pert*. Dht. (Iik: SunT2^A1?-. 

Late ehaSv liipWy 

able. Uecnsod 


Vi’S:'?.- £ 

; . . ii-’i • 

*— ■ ■ ' - ' m - ~ -Vis? J r^. . u 

. ^ ^ | t • ” H 


Sune r -;14 1978 

S. •.-■*■€ •f'xste 

, *•!'( r !Ji > 

V’ . ^ • 

teV '»fc"V 



.j .r'sv 

* . 

task . AUiyiTING ; profusion in 
Britain -is 7 being subjected to 
increasing, criticism. This has 
partly .been - occasioned by 
continents from Department of 
Traderi^spectors who have in- 
vestigated the '.collapse of pub- 
licly-quoted companies' and by 
tiBe public: comment _wheii ~eom- 
jranles Hav£ niiss'ed /profit fore- 
casts'made at -the time of take- 
over bids 


. a*p6rtolth«*«*aia_ 



confidence in auditing 


■ ' >vT., w 

• - . t. 

The table shows the percentage 
movement in share P rices 
(column 1) and the percentage 
number of companies which suf- 
fered falls in their share prices 
(column 21. Columns 3 ® nt * * 
are equivalent to columns 1 a Q ° 
2 but relate to the “unquali- 
fied” control group. As postu- 
lated earlier, wc might expect 
the various types of qualifica- 
tion to have different impacts on 
share prices. 

The table shows quite clearly 
that “true and fair view. 

u !_ p ■ m ■ concern 11 3nd M 3sset 

of auditwg, the major account- ^ ngures. mere are mree «■- . U^Uy given on The extent to lions” may. to some extent, e g 

cea - sons f ^ bis " in 

bow out 

little information is year. “ Continuing VW1 ._ I , _ 

iven on The extent to lions’ Market v^ue' “qualifications all had sub- 

which a company's assets and **<££ S ^T pac t on stantial share price falls asso- 

proflts * re overstated and its and hence meir u “4 ,-fct - - - *- 


•ln- order-Ho r help restore pub- . . ' v - 

lic Confidence .inVtbe standards' ^ investors- do ..dlfferenjate be, 

of 'audltinfc the ; major 'account- twe e. n the :: ymoiu types of figures, 

— -UiJ+a * Qualification. This is backed up reasons ior tms . - . MnM „ nic 

udit qualifications. in his opinion that the accounts - re overslatt . d and te and hence their vu 

Committee <APC)- One of the which-hasShownthatnai^om- First, the liquidity .crisis that show a true ^and Jairview^ t {£biiities. understated. This investment decisions my share prices of “asset 

major: objectives of the APC Is cei \ Place considerable hit British industry m the mid- 2 ’- ^ K has makes" it impossible for inves- discounted. value ” qualified companies fell. 

produce a series of recom- emphasis:, on. some ; types of 1970s left many firms with sis- liquidity crisis : m toe i J.b. nas maj ^ adjust shan? priws t0 until now there has vaiue q ^ 5 Th is 

mended* standards on auditine qualification when, making lend- n LB cant cash flow problems, so left many firms dependent Q . wrrec t e::lent for tlic in- no examination of the imp p mn _ r ® w ;{ b a neutral share 
principles and practice. ing decisions. There is no doubt they have required substantial b S£j“ “ r e 25& ^l?cs formation contained in a quali- of qualified “S performance of the control 

■ : Ti < ■■■'■" V . ..... that certain types of audit banking support. This reliance vival. This especially ud jr report, although some share prices, in orner w i« j f t ce 

; But more fundamental cntl : qualification considerably 0 n banking support has often to property companies and Qf adjustment is likely, this a study of the shore P dec ijn' e raa be fairly attributed 

*«“• ^ bein S l * veUed ** * he impair companies’ creditworthi- led to an audit qualification. fringe banks, who were bady hsidiaru's audit Published movements of 24 « * = tn ihe audit Qualification — this 

whole idea. of. company audits.-^ and %u ] m ake;.futur e second, increased adverse caught, out with the property 4.&utari«r» ^.Published ceiying aut n t QualifiraUons m tolhe a ^ ltQU , al,h ^ nce be . 
^ example, doubte have been financing that much more diffi- pu blicit?has been given to com- and stock market slumps of toe accounts^ are ^omet.mes ^uah ^ mid .i 9 /0s was made. The bemg the ** ColumT1 

Sr'eaTdai alter allow in? for 2 shows that over 80 per cent 

.. s .. - pss S 

«»« ““ b “ srap,cy - r j-ssf. mis - as done 

ing the accounts of ail stock ex- "'«»”* ’! a *^J2*5Z* t JgL 

To^V^ msm Impact of Audit Qualifications on Share Prices 

Among the questions . being attached to the accounts, which t«». «f ».iQf Ouaimed reports Control group 

• meui is mane «*** r 

Among the questions . being attached to the accounts, which Type of audit 
asked are: -does tlic audit func- a ^ e usually published . some qualification 

tion provide any "safeguard weeks after the eamings — 

against fraud by company direo- announcement). At present, in- 
tors? Does the audit report vestors react to an earnings and 
contain. valuable rnfonnation to. dividend announcement and 
the users of accounts? Does then have to revise their^judg- 
having a qualified audit report meil ts when they 1 earn, some 
—implying some doubt on the weeks later, that this figure has 
auditor's part— makse it harder been qualified in some sense " 

for a company to obtain Oddi- b y the company's auditors. True and fair view 
tional finance? . : Secondly, because - investors Gom 8 eo J lcem 

r - do differentiate - between -the r 5 *® 4 ” ue .. 

ri.„4„ reasons for qualification, some Subsidiary * audit 

atuay ttaia consideration should be: given SSAP 

to explaining these reasons SSAP but concur 
more fully. This would enhance Continuing 
the information vriiiq- of /the qualification 

audit report. “ 

Ideally, the reasomilor the 

Qualified reports 

nr hi \ . : 

is only generally applied when 
the subsidiary’s auditors are of 
an unknown standing!. 

5 Statements n ( Standard 
Accounting Practice tSSAPf. 



■hare price 


falls in 
share price 



share price 


falls in 
share price 

In order to provide some data 
bn the question qf the audit 
function’s value, a study has 
recently been - made into the 
impact of qualified audit reports 
on investment decisions. Speci- 
fically an examination was made 
to see if- share prices were 
affected -if -a set of accounts 

— 2-1 


- 5.0 























for a period of 40 days sur- qualified audit revort. 

!.!«nSin» th- release of the investors were using the audit 
audit qualification. The results qualification to alter the values 
were then compared against the of these securities. 

5 Statements nt siannara s j ia re price movements of a 
Accounting Practice (SSAP). contro i group, which consisted JjjyeSlOrS 
Auditors will qualify accounts of compa nies that did not re- _ t the other types of 

.. _ ... ...i ... m ceivean audit qualification a j3 t < 5StotK. wSeSf only 

The control groups were s q maU reduclions in share 
built up by pairing each qimli- ^ lhcge could be attr i b uted 
fled” company with a company v lQ chance . j t IS jnterest- 
with a '“clean audit report and P ^ nQte the difference be- 
v.hich was iu the same industry ^ « gs A p •• and “ SSAP but 
. . . , and was of approximately the concur” qualifications — the 

be said that they ought to have si , e in terms 0 f market j suggest that investors do 

no impact on share prices, a& ca pitaii sa tion. If any significant di « erent j^ between these two 
the qualification relates to tile dif f erenc es occurred between es of qua (ifi ed opinion and 
method of accounting and not the Qualified’’ group and toe audilors should always ex- 

“non-qualified 1 group, then tou opinion as to whether 

v, as attribuled to^f aforaia- ^ v . jth , n -, nti . 

tion content of the audit quan 

if they arc 11D t drawn up in 
compliance with the SSAPs in 
force at that time. Opinions 
differ as to whether SSAP quali- 
fications are meaningful— in 
that they have an impact on a 
company's share price. It could 
be said that they ought to have 
impact on share 


to whether the accounts show a 
true and fair view. This is the 
view taken by many industrial 

. . uou vo..,'.*-. -- — — - qqap " accounting treatment 

which to'K'SSffi fi twas found that the signifl- adopte^d by a^mpany 

NO SHRED of doubt can remain 
about the impartiality nt the 
staff who control the annual 
United Kingdom management 
championship. The administra- 
tors are mainly nn secundment 
from International Computers 
which sponsors the National 
Management Came alon? with 
the Financial Times and the. in- 
stitute of Chartered Accountants 
in England and Wales, in 

association with the Institute nt 
Directors and the Confederation 
of British Industry. 

So it can hardly be by the 
controllers’ wish that, of the 

16 teams which on Monaay be- 
gan the 1978 championships 
semi-finals, no fewer than tbj®^ 
come from IBM DK-_ Ann 
gather that, aiihough it has not 
been disclosed who has been 
drawn against whom in the four 
playing groups for the semis. 

ihe administrators have 
shunned the temptation to suck 
alt the IBM teams into a single 
cage so that only une at best 
could survive for the £1.000 
final in London on July 2o. 

Another group with three 
teams surviving. out of 
January's initial entry of y-o. 
is ICl. One conies from ihe 
corporate laboratory m Run- 
corn. Both the others arc from 
the subsidiary 1MI Eley Ammu- 
nition. One of these finished 
the quarter-finals of the com- 
puter-based contest just ahead 
of the European management 
champions, John Chappell and 
Paul Webb of Rank Xerox, who 
have won the UK title for the 
past two years. 

An oddity among the semi- 
finalists is an evidently nno-man 

qualification should, be very have come under critical fire Audit qi^i ““YtoeWis the counter argu. 

specific and include estimates from Department of Trade in- 5 ca ^ ns ah °J lf t ^ s e S® Xed S£t that, if SSAPs are not 
of the amounts of money in- spectors investing the sucb doubts about toe in its being followed, ir is because the 

(such as probable den collapse of stock ^^company^ a«e« m ^ts bemg^v^ aivountjng Mt - 

worrieri about having their 
accounts qualified on this score. 

,«• «.«■-» * -- - . From the results of the study team from Lloyds Bank Inler- 

cant share price movements that suggested that audit re-l nat jonal which, in the current 

did occur all appeared on the s h 0U 3d be released at anl as j n the previous rounds has 



volved (suen ■ as ptu««ui» aen cauapse oi m«jvw. 

a-jrias : ’^"’SSiSSrSt SSTSKS Km “S 

did not move at all then this suggestion is : strength- growing concern over possible elude land and buildi: "g }*J* re pT0 

would indicate that tlw* stock b y toe currently'- wide- lega t acdons.- have led the valuations have been fa rly vol a- - <• 

sajs S*a» rstar ssssr. sas s* SJSH JL , . 

Sn .-to auditing ^ Sd^to e ^nce of State- Sbt. p ™" t aTdhorf arc qua'^in " 'accounts 

types of qualified audit reports Great Britain. For example, a Accounting Standards Commit- Tmoact on^Fnvest- time stating that they concur 

do contain' information which ♦«tai nf *— v-- ; n «-««ari «nh«t#n. to have some impaci on 

u . _ e ports should be released at an : 

first day after tbejrelease ot P ar i ier date , and that much 
the qualification. Thus' there detaM o£ ; the Reason 

was no evidence of a qualified ^ qualification should be 
auditors’ opinion bem. ^toer ^ Although there may be 
leaked or anticipated by the S djfficultieg in i mp ie- 

stock market prior to the re- P entin , ^ ese suggestions, 
lease of toe annual accounts. ^re almost certainly some 

Equally the *tock market that be taken un- 

reacted immediately to the in- lately, especially relating to 

srr«is 1B .?^ « ms- oE 1110 nua,Uied 

been playing by air mail and 
telephone from Japan. 
another win. this team will fly 
to- London for the " on-th e-spot 

The other surviving teams 
poipa from: Associated Nuclear 
Services, Epsom: Centre-File: 
Chloride Europe: Commercial 
Union Assurance: TUC. Capad- 
tatnrs: Shell UK: Spillers 
Foods: the accountants Thorn- 
ton Baker; and Vauxhall Motors. 

Michael Dixon 


not complying with at least one Quaunea “ ^ * treatments because SSAPs are 
of them - and thus receiving a produced with an ” average 

qualification - have increased, values, this mi h raise douD^ P in mind . and the 

In a recent study of the im- ^ of toe company specific firm being audited may 

pact of qualified audit reports the net worto of toa comp . pe sobje( . t t0 significantly 

on investment decisions, seven * nd A Unfortunatelv different trading circumstances, 

major different types of audit ^narked down. Unfortu tei^. ^ c ^t ir[ . <;ii p audit qualiAcn- 

qualifications were identified. *“^T ep ^ S ive ' much Inform- lion*, t Many companies receive 

Some- aiion°about toe^egTe^of uocer- toe ^ame qualificaUon^e ry 

business problems ey cur legal staff 

star guests appreciate the 

Hotel Westminster as one of the few places 
in Paris where time has stood still, 

.... , /Arn tinn.lC r'arf IPr*S IS Tl ! 

ThevaoDreciate that in most shops. (As a bonus, Cartiers is right 

mnms thev*U find a clock similar to the next door). Staying anywhere in 

one^eimvJt epitomises our?radi tional Paris, you naturally expect the&nest 

ilfS: ThP rnnms . food and wines. Our restaurant at 

■f~r • “ 


Heaseenter my/our subscription foEm£ loyee Relations 

yoiL®£isas • - j 


.• yl 
i"»L ... 

/YN mcb Publications 

. cu gMjgggfSSri: 

No kidding 

What, please, is the age »t which 
a chQd can became a director of 
a private company? 

Whilst there Is no prescribed 
minimum age under the Com- 
panies Acts, toe legal position of 
minors (under the taw of 
England and Wales) makes it 
prudent to consider carefully toe 
potential consequences of 
appointing a minor to the board 
of a company. You would do 
well to study one of toe standard 
works . on company Jaw in a 
public reference library, e.g. 

Companies (43rd edition, Boyle 
and Sykes) published by Jordan 
and Sons Ltd (ISBN 0 8o30*> 
043 7). 



Some months ago a private 
company went into voluntary 
liquidation and duly appointed 
a liquidator who in the absence 
of a tax deArance certificate will 
not complete the liquidation. The 
Revenue refuses to issue one 
on the grounds that one of 

conies of the relevant documents. 
In practice land because such a- 
visit may have attendant 
disadvantages) y«ir better 
course is . to invite the 
Inspector to agree iw pa> jour 
reasonable costs of obtaining toe 

No legal responsibility can be 
accepted by the Financial Times 
For the answers g'*en in these 
columns. All inquiries will be 
answered by post as soon as 

.MMmnli 2D£of Gore-Brown on the members (not a controlling 
H and residing abroad must 




-fio 1 

|- FniitfS PiM.rfen | L | rji£iDisiiiDuuCNCi' 

f«; price) 

•* 1 


L F.I 

"'S™'™ 1 ■ • f-7 
ncuiwi v Plwi# 1 nriB* / 




' 1 ' 



_ — 




p I 








\ - — — 


: ■ \ 


" r if 




an - 

' «77 • 


VUCP «UU .V—— -c — ~ . 

settle his outstanding tax affairs 
prior to the tesne of such a 
certificate. Have the other 
members any legal means to 
compel liquidation ? 

We think that you cannot cnrapei 
the completion of the liquidation 
in toe circumstances you out- 
line. It mav be possible to get 
the Revenue to quantify its 
(maximum) claim so as to 
enable the release of some assets. 
But the members are basicaiiv 
faced with having to persuade 
the absent member to regularise 
his affairs. If .the Revenue 
do nuantifv their claim the 
liquidator rnuld applv tq toe 
Court for directions (eg. as to 
payment into court) to enable 
some payment out to be made. 

Lost tax 


clients of ournew Managed P|nsioriFund. u ^ _ Ordinary. Share, 


Pension Scheme, - - • - . 

It also offers you a flexible 
system of administrative services 

if you’re looking 

for a Managed Fund or more 
traditional arrangements for a 
smaller scheme, contact Friends 
Provident first and see how easrty 

we can shape our expert sen/'ces 
around the needs of your Pension 

Mine is a one-man business and 
I have befcn Informed that my 
tax file has been mislaid. As toe 
Inspector needs to re-construcl 
the file from scratch, he has 
requested photocopies of docu- 
ments and other details from my 
accountant going back several 
years. This is putting me to a 

lot of inconvenience which 
certainly Involves accountancy 
fees for work which has already 
been don£ onee. Can you inform 
me as to my legal position? 

We know of no dear authority 
but suggest that you would be 
entitled to refuse to- provide the 
copies sought so long as you 
afforded the Inspector of Taxes 
an opportunity to attend at your 
premises to inspect and take 


UIIC U 6 IUW.U wjmv»iiww v — 

charm and elegance. The rooms 
them selves are spacious and 
classically furnished with full central 
. heating and large private bathrooms. 

They also know that whilst our , 
comprehensive services have a quiet 
uqruffled feel about them, they’re 

modern and streamlined. 

‘ . Situated right in the centre or 
Paris, on the fashionable rue de 
la Paix, the four-star H6tel 
Westminster is within easy 
walking distance qf the main 
tourist sights, the major «■* 
centres and the finest 

jt«i juu iiumiimj — -r — 

food and wines. Our restaurant at 
the Westminster is no exception, 
for our quality of food is matched 
only by our service. And our centimes 
old wine cellars offer a 
superb collection of 
vintages. To become 
a five-star guest ring 
the hotel or the Rank 
Hotels Central 
l. Reservations 
\ Office; 01-262 2893 
- \ For our special, 

^ all-inclusive week- 
ends, just ring us 
on 01-937 0088/9. 





As we are one of the largest 
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who else has over 
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P 0. Box 450 Seven oaks Kant 



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13 Rue de la Paix, Paris 75002 Tel: 01-261 5746 
~ ' ™035 Cables: Westmiofel, Pans 

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Imlus'" 3 ' Development Officer 
Telephone 0533 549933 5x1.6700 

John B'oum FRICS 
hutu>tr>al Prom Minn Officer 
Telephone 0533 549922 Exi.6760 

Lcicr i pr C ' 5 V Esiates. Dept., 
New Walk Centre. 

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j June 16 for angling equipment makers. Peter Cartwright reports 

Financial Times Wednes&ay 

FOR A small but vital industry 
that during the war was singled 
out for protection to preserve 
its technology, fishing tackle 
makers seem to have been 
curiously indolent in defending 
themselves since against low- 
cost competition from the Far 
East. Only now is a survey 
being prepared with a view to 
lodging a formal complaint of 
dumping and it is being dis- 
covered that the industry is 
ignorant about even basic 
statistics like output, exports 
and imports, how many are em- 
ployed and so on. The full 
impact of the transition from a 
craft dominated, labour inten- 
sive industry to a market 
oriented one backed by high 
production equinment is only 
just beeinning to be realised. 
perh30s just in time. 

With an estimated 3m fisher 
folk (for they arc not all men; 
women and children are among 
tbenn angling used to he able 
to lay claim to being the big- 
jwt participant sport. The 
value of the market is a matter 
of guesswork. Some projec- 
tions out it around £5>0m a year, 
including exports, with tackle 
pi? ken* providing perhaps £30m- 
£40m of rods, reels, lines, keep 
nets, floats, flies and so on. 

Like most sports it is import- 
ant to catch 'em young before 
s.iri’f other stimulates their 
inlercil. The nio-.t lively sec- 
tion of tisliers are those between 
14 and 24. for after Then family 
and other commitments come 
2 'on.g. This year has been a 
pnnr one for new recruits, it 

Ta* Me maker.-: complain that 
a disappointing season last year 
l^fi a lot of shelves -still full at 
ih.' end of it. and they point to 
ili-? ounpeting claims among 
y.cinzzicrs of the new craw of 
skate h- larding and the inability 
nf many school leavers to find 
jobs. Bui this docs not appear 
tn have had much effect in 
stooping the invasion of equip- 
ment from Japan. Sooth Korea 
and Taiwan. Circumstances mav 

even have been operating in 
their favour by causing most 
people to shop down market 
among the cheaper varieties of 

The expert anglers — the 
minority who compete in 
" match ” sporr — continue to 
shop up-market. They use the 
more expensive French and 
Swedish reels and top class 
British rods. Their custom is of 
great importance to British 
tackle makers because the match 
angler buys equipment through- 
put the year, whereas those in 
the ma.*'s market do not. 

The general plight of the 
industry, however, con be 
traced lu its strueiure and to 
the technological change from 
split-ea »e rods made largely by 
craftsmen to largely mech- 
anically made glass fibre rods. 
Ten or *o years ago. 6.000 or 
more were employed in the 
industry mainly making basic 
items like rods, rings, the lines 
that pK-s through them, and 
reels. There were a good many 
craftsmen working on their 
uvm or with a colleague, making 
custom built rods, and a very 
few major producers. Today 
their numbers have dwindled to 
perhaps a dozen or 15 rod 
makers of any significance, 
with Hardy Bros, at Alnwick. 
Northumberland easily the 
biggest and employing in total 
200 even after recent redun- 
dancies. Not long ago there 
were four big producers of 
reels: now there is only one. an 
Edgar Sea fey factory in Corn- 
wall ancl. sadly, a lossmaker for 
its American parent. Gladding 
International. Market share has 
fallen from 75 per cent to 25 
per cent. Another American. 
Shakespeare, is a substantial 
maker of lines, and there is the 
Swedish Abu company on Clyde- 
side. a distributor as well us a 

Rcdclitch. 14 miles south west 
of Birmingham, is a traditional 
centre of fishing tackle manu- 
facture las it is of the allied 


An angler with his tackle outside a. London tackle shop. 

business of needlemaking) and 
has felt the sharp thrust of 
technical changes and the 
developing challenge from the 
Orient the most. 

This certainly seems to be 
borne out by the way in which 
imports have been moving 
ahead — from £lm in 1967 to 
£4m in 1975 and to almost twice 
that Last year. On the other 
hand exports have not been 
standing still, having moved up 
from only I350.2S0 in 1967 to 
£1.5m in 1975 and to £2.7m last 

But often it has been a case 
of 11 If you can’t beat them, 
join tli cm." and because UK 
makers cannot compete with 
the prices being charged by 
South Korea and Taiwan, 
makers of reels and blanks — 
bare rods — have imported them 
from those sources and from 
Japan, cither svlling them as 
completed tackle or assembling 
blanks for retailing by the 
angling shop*. Even the biggest, 
like Hardy and Shakespeare, do 
this. So while cries of dumping 
3t\- being raised, many in the 
industry are glad nf the extra 
turnover this business repre- 

In the popular and lower end 
of the market it is virtually 
:nipo«sib‘*t* to match prices. The 
Briticli equivalent of a Japanese 

rod priced at £4.07 (from Taiwan 
at £153 and from South Korea 
at £3.21) is £21.50. A Japanese 
reel priced at £2.94 (one from 
Taiwan at 6lp in 1976 — and 
from South Korea at £1-14) 
costs £3.50 for the equivalent 
British reel. On the other hand 
another comparison shows a 
very cheap South Korean reel 
at £1.99 as being only Up 
cheaper than the cheapest 
British, while a better fixed 
spool reel from Japan at £5.95 
is only £1 cheaper than its 
British equivalent 

Fundamentally it is a question 
of too many small units and 
not enough investment capital. 
The structural changes being 
made to make the industry more 
competitive are coming almost 
exclusively from the inter- 
national groupings like Glad- 
ding and Shakespeare, or manu- 
facturers who are part of a 
more diversified group. 

What seems to have been re- 
sponsible for the outcry is a 
combination of slack trade and 
the opening of a new factory 
by Daiwa. of Tokyo, the largest 
tackle making group in the 
world, with several factories in 
Japan and others in South 
Korea. Taiwan and California. 
The factory is at Netherton. in 
Lanarkshire, and is a fifty-fifty 
project with Grampian Hold- 

ings, s subsidiary of which, 
Millards, has for many years 
bought nearly JO per cent of its 
reels from Daiwa for distribu- 
tion and is also a substantial 
supplier of guide rings to the 
industry. What has deeply 
offended some other manufac- 
turers is that the venture has 
received Government aid (it is 
in an assisted area) — ■“ helping 
our trade enemies to set up in 
our home market,” as one put 

And, indeed, Mr. Archie Me- 
Cunn, managing director of the 
factory, makes no bones about 
the fact that he is aiming to 
get at least 6 per cent of the 
market in rods to justify the 
investment- On the other hand, 
he is quick to point out that 
the other objectives are to 
build up healthy exports to 
Europe and to make a contribu- 
tion to import substitution. The 
90 jobs already created are 90 
more in an industry that has 
been shedding labour in the 
past eight months. 

However, the British scene is 
far from being one of un- 
relieved gloom. Shakespeare, 
which went through a very bad 
patch eight or nine years ago 
and staggered on for three or 
four years until drastic re- 
organisation brought recovery, 
now employs 75. half as many 
again as 18 months ago. It is 
also moving into a brand new 
factory on the Redditcb indus- 
trial estate where £50.000 worth 
of the most modern equipment 
has been installed. And Hardy 
is main taining its 45-50 per cent 
export achievement far higher 
than most, and has Japan among 
its top three markets. 

These are the kind of per- 
formances others in the industry 
will need to emulate, for inter- 
national fishing competitions 
are bringing greater apprecia- 
tion of the advantages of the 
other fellow’s tackle and break- 
ing down the insularity of 
national industries by creating 
more unified designs. 

The real test of a 

good scotch. 


TV mcjs ■ BmUod Cram- and UK«HkcbUci 

— ■ *■ I V. VAAV9QW 

ind me «pnre tatw tmrt .riiv K &mi&ati 

..I* 1-LV.iT.A'jjt ■ • 

Is to taste it, not knowing which brand 
it is, mixed 50-50 with water. 

And then compare it with some others, 
similarly unidentified 

Recently eight experienced whisky 
drinkers were invited by Decanter Magazine* 
to a "blind tasting" of six well regarded 
blended whiskies and six highly priced 
deluxe blends. 

Five of the eight people thought 

\ Teacher's was a 

V f^de luxe blend. 

... / J§fi§krKnv why. 

jfv '. ,y ~* ..M^achers contains 

\ an'exceptionally high 

• W proportion of expensive malt 
Spr whiskies including The 
7 GlendronacK to give it its 
distinctive smooth taste 

So its not surprising that 
! \ Teacher's is Britain's favourite 
: scotch! 

\ As one enthusiast 
remarked/there's more 
to be said for a bottle of 
■ Teacher's than a case of 

[ ordinary scotch". 

*■ . m jf%r. y— vjji-' 

1 Teacher’s, In a class of its own. 


^Decanter Magazine February 1978. tNOP Jan. 1978. 

r ™? UC 
LU 1977 

The following statement by Mr. P. Foriers, Chairman, serves as an introduction to the 
Directors report. Tbe Shareholders’ General Meeting was' held on the 13th June, 1978. 

The hopes, which your Board had at the 
same time last year, that the situation 
would progressively improve, have unfor- 
tunately not been fulfilled.; The economic 
situation again deteriorated sharply, during 
the second quarter of 1977. Our Film 
Sector achieved a modest increase in sales, 
but our Chemical Sector suffered the 
opposite. Both of them ended the year 
with a loss, as their level of activity was 
too reduced for them to be able to absorb 
tbe inevitable rises In costs of every kind. 

May I remind yon that these costs are 
particularly heavy in Belgium, which Is 
the centre of our organization, and are a 
special handicap for a group so dependent 
on exporting. 

Despite tbe profits made by the Pharma- 
ceutical Sector, the year 1977 finished with, 
a loss of 397 million Belgian francs for 
the Group and 67.8 million for the parent 
company, UCB s.a. For the first time sinee 
the merger of 1961. UCB feels obliged not 
to pay a dividend. 

The appropriate measures were speedily 
and energetically taken last summer as 
soon as the magnitude of tbe recession and 
tbe continuance of its unfavourable effects 
on the Group were clearly seen. 

In the Film Sector these have led to 
reductions in numbers employed which, 
though they have worsened the results for 
1977, will improve those of subsequent 

years. The major .problem in this- Sector 
is. however, structural; cellulose film 
worldwide baa reached a declining phase 
to the advantage of other flexible packaging 
films, which we also produce. This transi- 
tion from one-film to the others has been 
more rapid than we anticipated and will 
adversely affect the results of the Sector 
even more in 1978 titan in 1977. 

Tbe reorganization made last year in the 
Chemical Sector has begun to bear fruit. 
Although the point of profitability has not 
yet been achieved, the. activities of the 
Sector this year will, in the opinion of the 
Board, lead to - results more encouraging 
than last year. 

Several other measures have already 
been taken or will be taken in tbe course 
of the year. Their objective is a sharp 
reduction in general overhead costs at all 
levels and a re-organization of those pro- 
duction centres most affected by fhe crisis. 
They cover not only the two Sectors 
currently making losses, but also the 
Pharmaceutical Sector, which is making a 
profit, but where profits can and must be 

Thanks . to. the precautions previously 
taken, the financial structure of tbe Grouu 
remains perfectly sound, and gives us the 
necessary base for the recovery, which we 
are determined to achieve. 


to million BF/£ 

Group net sales 

Cash flow 1 

Profit /loss after tax ... 
Investments during the 


~ — 270 













- 276.9 . ■ 




. J 

i sir 



7 H 


In BF and £ sterling per UCB share * 




- 1977 







Share of UCB in- 

Cash flow 







Profit/loss after tax 

. — 232 



. 2.1 

— 334 


Dividend: gross 










140 . 


“ “ 

Cash flow includes^ — ... - 

— Depreciation taken in the profit and loss account . Depreciation on research 
expenditure amounting to 230 million francs in 1976 and 217 milHon francs in 
1977 has, however, not been taken into account 

— Investment grants received to the extent that they are not included in . the profit 
and loss account 

— Movements in provision for risks and losses in value taken in the profit and loss 

— Profit/loss after tax. 

Rate of exchange used 1975 £1 =BFS0.D2 
• . 1976 £1 — BF61.02 
1977 £1=BF62.S9 

Copies of the 1977 Annual Report (in English. French or Efutch ) can be 
obtained on request from: ' 

UCB s.a. Public Relations D'oartment, ChaussSe de Charleroi, 4 
B.1060 BRUSSELS— BELGIUM. TEL: (010) 322 537 1220; TELEX: 21280. 

To the Holders of ■ 

Phillips Petroleum International 
Investment Company 

6% Guaranteed Sinking Fuad Debentures Due 1981 
Due January 15, 1981 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of 
January 15, 1966 under which the above-described Debentures were issued, Morgan Guaranty Trust 
Company of New York, as Trustee, has selected for redemption on July 15, 1978, through operation 
of tbe Sinking Fund, at the principal amount thereof, together with accrued interest to « ynd date* 
ili 93, 000 principal amount of tbe above described Debentures. The serial number* of sold Debentures 
so selected are as follows: 


U “76 6946 7904 9756 UB40 13934 15161 18488 17218 19008 20832 21170 2259223B1T 

2S 97 5383 7969 5813 11854 13963 15329 16S02 17219 19013 20246 2U72 22602 23941 

150 2038 3706 5409 7012 7995 9830 11863 13994 15230 16503 17226 1901B 20265 ali gn 22627 24G2T 

21:5 3717 5414 7108 7998 9846 11956 13998 15268 16525 17227 19146 20266 21190 22643 24057 

2123 3772 5427 7131 7399 9848 11908 14001 15314 16533 17245 13151 20369 21199 22693 2407B 

3£ 2 %.¥ 5438 7133 8091 9871 U961 14020 15331 16534 17261 191SS 30281 21301 2Z730 24094 

388 2381 3843 5443 7134 8093 10016 11378 14046 15413 16537 17281 19156 20310 21206 32747 24093 

2S2 555 fISt 7146 8212 10054 11903 14056 tf 44 ? 16539 17321 19160 20312 21217 22755 24109 

f2t 5S27 3369 ff?t 7150 8219 10056 11384 14063 15443 16579 17372 19160 20362 31340 23770 34111 

585 2404 3903 5759 7167 8358 10061 13006 14063 15467 16563 17381 18167 30334 21344 22711 2411S 

586 2423 3915 5783 7225 8256 10085 12022 1*083 15503 16592 17388 16199 20389 31893 22775 24143 
598 2555 3917 5784 7302 B2B7 10093 13030 14087 15613 16595 17404 19201 20392 31310 22783 24145 
604 2556 3918 5786 7333 8364 10095 12035 14091 15623 16604 17505 19311 20401 31406 22800 34X46 
808 2583 3965 585 S 7334 85 38 10099 12049 14120 15703 16638 17509 19234 20402 31410 22837 34161 

614 2607 3995 5871 7376 8549. Mill 12146 14154 15728 16639 17516 19313 20404 21434 22847 24168 

615 2606 4011 5878 7392 8554 10124 13156 14190 15772 16665 17534 19319 20424 21437 22857 24169 
634 2614 4038 58H3 7398 B557 10345 12317 14198 15773 16682 17619 19335 20427 21442 22887 24225 
649 2632 4107 60 24 7399 8612 20384 12220 14212 15786 16686 17774 13341 20440 22511 2291S 942SI 
657 2638 4109 6032 7434 8619 10394 12265 14215 16935 16689 17776 19343 20442 21813 22926 24280 
617 2656 4157 6048 7443 8759 10424 12270 14243 15938 16896 17795 19346 20448 21515 23009 24289 
681 2682 4161 6103 7460 8810 10485 12305 14319 15997 16740 17830 19416 20452 21517 23016 24378 
725 2741 4214 8104 7481 8815 10502 12312 14352 16044 16764 27880 29421 20461 21569 23020 24399 
728 2799 4215 6138 7497 8875 10508 12324 14368 16058 16807 17910 19439 20477 21677 23038 24404 
739 2801 4395 6188 7501 8884 10510 12419 14377 26062 16809 17922 19483 20478 21691 23051 24415 
764 2857 4401 6234 7303 8920 10652 12421 14386 16077 16873 18082 19486 20482 21602 23067 24438 
787 2861 4414 6236 7513 0927 10726 12448 14394 16078 18887 180B7 19523 20523 21827 23117 24439 
731 2864 4567 6347 7537 8930 10747 12637 14395 16093 16912 18088 19524 30529 21628 23143 24446 
792 2870 4556 6414 7540 8977 10749 12655 14397 16131 16917 18101 13553 20640 81722 23162 24448 
807 2331 4614 6422 7544 9047 10752 12659 14399 16135 16936 18102 19565 20643 21730 23193 24449 
813 3000 4616 6463 7546 9071 10786 12791 14400 16171 16942 18289 19726 20669 21894 33334 24500 
849 3009 4626 6473 7549 9138 10796 12793 14408 16174 16946 28294 19729 20673 21903 23336 24501 
867 3015 4675 65U 7581 9237 10811 12857 14410 16180 16947 18367 19751 20728 21909 23433 34507 
891- 3024 4750 6552 7594 9238 10959 12873 14411 16181 16388 18371 29787 20732 21328 23434 24512 
916 3093 4789 6354 7607 9242 10989 1288$ 14428 16183 16992 18374 19769 20734 SUMS 23566 24522 
973 3100 4807 6561 7619 9301 11043 12937 14318 18187 17003 18463 19781 20743 31937 23711 24539 
975 3104 4823 65B7 7630 9305 11130 12879 14562 18188 17023 18470 19789 30767 31963 23712 24546 

1049 3106 4825 6569 7635 9311 11T32 12992 14667 16236 17046 18494 19800 20782 21987 23716 24621 
1087 3110 4907 6573 7644 9331 11135 12993 14673 16259 17054 1B503 19803 20790 22015 23726 24635 

1092 3122 4931 6577 7646 9334 11151 13037 14678 16266 17063 18509 138SS 20817 22023 23729 34642 

1093 3177 4 935 6597 7650 9338 11163 33352 14680 162G8 17077 18532 19807 20820 22118 23733 24647 
1162 3181 5077 6614 7653 5349 11170 13353 14692 16271 17088 18534 19B20 20823 22183 23782 2474T 
1187 3182 5130 6623 7672 9361 11178 13393 14693 16279 17097 18556 19887 20829 22201-23794 24899 
1194 3183 3141 6632 7690 9373 11184 13395 14893 18280 17U3 13684 19943 20878 23208 33736 24812 
1199 3229 5159 6670 7893 9413 11186 13470 14758 16284 11129 18587 19972 20893 22209 23821 24913 
1300 3332 5160 6679 7703 9452 11379 13480 14759 16290 17143 18588 1997* 20905 22341 23836 24930- 
1402 3345 3169 6682 7750 9470 11282 13488 14761 16306 17147 18591 20007 20909 22361 23860 24932 
1411 3259 5179 6684 7769 9583 11316 13559 14794 15349 17148 18633 20008 20913 22364 23866 24943 

1455 3367 52X0 668S 7799 9590 U356 13621 14841 16412 17155 18894 30017 203=9.22380 23873 24947 

1456 3429 5248 6694 7801 9594 11360 13623 15007 18414 17156 18699 20027 20931 22408 23885 24966 
1462 3436 5273 6722 7810 9716 11363 13637 15071 16425 17381 18802 20041 21065 22412 23895 24387 
1034 3668 5286 6842 7840 9735 U512 13650 15101 16426 17186 18887 20044 21073 22493 23904. 

1993 3669 52S7 6843 7847 9741 11564 13653 15102 16434 17190 18998 20110 21I4X- £2495 23909 
1997 3673 9340 6850 7887 9746 11796 13920 15143 16447 17201 19005 20229 2U57 23530 23914 

Ob Jnly IS, 3978, tbe Debentures designated above mil become due and "payable in sbeh coin 
or currency of tbe United States of America as at the time of payment b legal tender for the payment 

of public and private debts. Said Debentures will be paid, upon presentation and surrender thereof 
with all coupons appertaining thereto maXrmng alter the redemption date, at: rite, option of the holder 
either (a) at the corporate trust office of Morgan Guaranty Trust Company of Flew York, 

either (a) at the corporate trust office of Morgan Guaranty Trust Company of Flew York, 
15 Broad Street, New York, New York 10015, or (bl, subject to any laws or regulations applicable 
thereto in the country of any such offices, at- the main offices of Morgan Guaranty Trust Company of 
New York in Brussels. Frankfurt am Main, London or Paris, or Banca Commerciale Italian* -in Milan 
or Bank Mees & Hope N V in Amsterdam or Ban qua Internationale k Luxembourg S-A. in Luxembourg. 
Coupons due July 15, 1978 should be detached and collected in the usual manner. -Payments at the 
offices referred to in (b) above will be made by check drawn on u bank in Tbe City of New York or 
by transfer to a dollar account maintained by the payee with a bank in such City. 

On and after July 15, 1978 interest shall cease to accrue on the Debentures herein designated, 
for redemption. 

Phillips Petroleum International Investment Company 

Dated: June 14, 1978 


The following Debentures previously called for redemption have sot as 
payment: J 


yet beat presented for 

11 924 4769 5431 7965 9858 13988 14089 36074 18186 18297 17060 17160 17200 

989 4824 3506 7966 10393 13990 14244 16075 16198 16372 17083 37161 17282 

1916 4841 7683 8295 10473 14010 14337 16082 16200 16413 17083 17163 17309 

2587 4843 7670 8857 11853 14043 15272 16141 18202 17050 17121 17173 17310 

2619 4844 7675 8859 11 89 3 14075 16035 26146 16205 17061 17125 17176 28474 

3056 &062 7686 9073 12112 14081 16047 16158 16224 17070 17130 17180 12668 

4136 5345 768 7 9810 12980 14082 16061 16177 1B225 17073.27167 17184 19S02 

4685 5347 7831 9828 23474 14084 16073 16178 38228 27078 17X39 17188 236 20 

19752 20419 20453 34635 
20Q11 20431 »H65 
20013 20429 20471 
20015 20*32 20472 
20368 20*34-20475 
20407 20441 30644 
20412 20463 2 143 1 
20415 3X60 2389* 

jii ? 
fliy : 


I 1 ,; r 


17 * 


v \\ J 

Aid to industry and commerce worth £25m was announced by the G< overnment “ rarysmplus of 
cbnseryatjon iud the efficient use of energy. It comes at a tune when ,t ts if " “ * 

crude oU does not disguise the potential problems surrounding future energy 

• V • • • " r fa-ttm TATa 

only a 

By Ray Dafter 

ing director, Christopher .Laid- •_ 
]aw recently; ■warned tliat the i 
potential problems- of world j 
energy supplies were being ; 
“dangerously disguised” - by the ■ 
general surplus of' crude . oil. 
The so-called glut of oil supplies , 
had been induced by' the con- , 
tinuing economic recession and 
yet, even now, consumers were . 
using oil at. a faster rate than 
the level of new discoveries. 
The “bath” of proven oiT re- 
serves was slowly draining even 
though the taps were Tanning, 
he said.. . • ■ 

The warning might well have 
. been applied to Britain’s energy 
position. For there is a real 
danger -that consumers— pre- 
sented with abundant supplies 
of home-produced; oil, gas. coal 
and electricity— may be lulled 
into a false sense of security. 

Worse still is the prospect of 
British industry emerging. from 
a Coniparatively short period of 
energy self-sufficiency in a com- 

petitively weaker state than in li 
recent years. Most of the -other di 
industrial nations depend® 0 * on n 
large fuel iin ports will ■be forcM o 
(and helped to adopt .more b 
cient, energy-saving, measures as a 
costs' inevitably riseL-Their trade / 
balance constraints will encour- a 
agg such moves. ..... - s 
Although Britain will have 
substantial balance of ? payments r 
relief from its seK-sufficiency s 
.state, its energy consumers ..will I 
not be shielded from - rising i 
prices. Oil prices are; largely ] 
dictated by the main suppliers 1 
of free market . crude, The j 
Organisation of Petroleum i 
Exporting Countries. North Sea i 
oil and gas prices, "and jo a/large ( 
extent the costs of coal, and ] 
electricity, will continue to be : 

- influenced by OPEC's actions. 

- And those, actions, awarding to 
? the latest Department of Energy 
i forecasts, could lead. to. at least 
? a doubling in oil prices in real 
e terms by the end of the : century- 

!• —in view of the large potential 
6 oil producing capacity that has 
l ' still to be absorbed. - It^seems 
4 unlikely that there will be any 
e major movement in crude prices 
n over the next dpuple:df. years. 

5 - OPEC may achieve *, modest 
’■■price rise in the next l2_m.on|hs 
n by trimming its . production 
S. levels. But its -bargaining 
power will remain weakened so 
'e long as the economip. recession 
y continues. After alir world oil 
al demand has not yet : ,teicoyered 
e- to 1973 levels. . 

as paradoxically, the high-cost 
al development "of Sea 

;d crude, which owes so m2® to 
y- the big increases in oil .-prices 
of in. 1973-74. is now a contributory 
m factor to the softeningJF&nde 
of oil costs.' "The UK sector oTme 

n- North Sea is now yielding about 

■' ' ■ 

lm barrels a day— half way to 
domestic self-sufficiency. In 18 
months' to two years'- time the 
output should be around 2m 
barrels a day. The North Sea 
and other non-OPEC areas like 
Alaska and Mexico are already 
adding around 3m b/d to world 

British Gas Corporation is 
now getting virtually all the 
supplies it needs from the 
North Sea. Indeed, the develop- 
ment of the . AnglOrNorwegian 
Frigg Field by a Franco/ 
Norwegian consortium of com- 
panies is now providing the 
Corporation with .an oppor- j 
tunity to extend its. range of 
customers in ■ the domestic and 
premium industrial and com- 
mercial markets. This competi- 
tion is also putting pressure op 
the supplies, and price, of oil 


Gas prices, which in the I 
industrial and commercial r 
sectors are likely to rise in line t 
with oil prices, have been i 
repeatedly challenged as being j 
too low by the electricity and ^ 
coal industries. So far Mr ] 
Anthony Wedgwood Benn, j 
Energy* Secretary, has refused 
to impose a requested *' gas 
tax " although he has conceded 
that fuel pricing policies are 
among the most difficult 
problems that have been 
tackled by his advisory Energy 

Sir Francis Tombs, chairman; 
of the Electricity Council,, 
pointed out to the Energy 
Commission earlier this month 

that the electricity lndu^tjr>"w^s ; 

also facing increasing competi- 

tion from British Gas in 
marketers. However, there were w 
good reasons for believing that ta 
in the longer term price move- ei 
ments would be favourable to ni 
electricity. • . ** 

The'- National' Coal- Board, in a< 
another submission to the Com- n 
mission, emphasised that the o 
major market for coal continued t< 
to be power -stations. Notwith- 1< 
standing the increasing nuclear c 
contribution to electricity gener- a 
ation the Qjal Board's plans for g 
the next five years provided for e 
sales' to power "stations to in- 
crease from some 77m tonnes « 
in 'the past financial year to j 
over 80m tonnes. It was recog- • 
nised, however, that the main- 
' tenance of such a market would t 
’ be heavily influenced by coal’s < 
i competitive position relative to s 
i oil (The NCB is assuming that i 
oil prices will broadly be mam- j 
tained • in real terms over the i 
next five years.) ’ 

Cambridge Information and : 
Research Services, in its latest | 
i Energy for Industry and Com- 
1 merce report, states that indus- 
i trial consumers can expect re- , 
i newed efforts from Coal Board 
? salesmen in their attempts to 
3 win back business previously 
r lost to oil as the time arises 
t, for plant replacement. 

d Coal had lost about 80 per 
j cent of its industrial market m 
“ the past 25 years and today the 
* industrial sector accounts for 
J only 9m tonnes a year of sales. 
_ ** It remains to be seen whether 
y new techniques such as fluidised 
bed combustion and iimprove- 
P : ments in mechanical handling 
*' pioneered by the Coal Board 
’h can assist in winning back this 
gi-lost ground” the report adds. 
ti- : There can be little doubt that 

in the long run the coal industry 
will have, an even more impor- 
tant role to play in meeting 
energy demand. Increased 
nuclear-based electricity produc- 
tion and- the development of 
alternative or renewable forms 
of energy will also be required 
once UK oil production begins 
to decline in the 1990s, or at 
least around the turn of the 
century- - But just as important 
as these development pro- 
grammes will be the need for 
energy conservation. 


Sir Derek Ezra, chairman of J 
the National Coal Board, spelled ' 
out the importance of energy 1 
saving last December: “ Failure J 
to take vigorous steps to ensure 
improved efficiency of energy j 
use in the years ahead, enabling 
Ihe-TTK to achieve economic 
gftWWh.-with a lower grow 

consumption, might 
resdMr'iii the longer term in the 1 
nation being forced to accept a 
reduction in the rate of eco- 
nomic growth ” British industry 
might also be loft less competi- 
tive against overseas manufac- 
turers which had already taken 
conservation measures. 

The Energy Commission, in its 
discussions, have reckoned on 
UK energy consumption by the 
I end of the century being some 
20 per cent below what it other- 
; wise might have been without 
conservation effort. The lack of 
such a programme could add the 
‘ equivalent of some 50m tonnes 
> of coal to Britain’s energy 
1 needs in the year 2000. Put 
s another way, if that saving could 
be achieved overnight British 
t indu?ff*|l and commercial users 

of energy could wipe- .oyer a 

£1.2bn off their annual fuel T 

bills. J 

Last year industry and com- t 
merce spent £5Bbn on energy as * 
against £5.02bn in 1976. The c 

iron and steel industries 

accounted for about £lbn worth L 
of the 1977 total. It is estimated t 
that there could be a 10 per n 
cent rise in the amount spent 1 
by industry and commerce this i 
year. 3 

But that bill could have been i 
significantly higher but for the 
conservation measures taken so , 
far. It is indicative of the way : 
that major fuel users are now 
beginning to view the efficient 
use of energy and are seeking 
ways of cutting out waste that 
between 2,000 and 3,000 energy 
managers have been appointed 
(or at least designated) by UK 
companies. No less than 40 
energy managers’ groups nave 
; been set up around the country. 

| Any attempt to quantify 
t -their -overall success to. date is 
. frustrated by numerous factors. 

. No-one is quite sure how much 
the economic recession and 
' normal plant modernisation and 
' replacement programmes have 
* contributed, in an incidental 
' manner, to past energy savings. 
1 But a reasonable guess would 
put the conservation achieve- 
s ment since 1973 at over 5 per 
™ cent. 

A preliminary analysis of in- 
formation gathered through the 
Department of Industry’s Indus- 
trial Energy Thrift Scheme 
suggested that annual energy 
savings which were open to 
industry through the application 
of short-term measures involv- 
ing existing technology were the 
equivalent to some 5.5m. tonnes 
of oil a year corresponding to 

an annual cost saving of £3<0m. W 
The capital investment required xS 
for such a saving, according to sa 
the Department, would be about w 
£560m. giving an average pay- w 
back period of 1} years. m 

The. . survey was . based . on t* 
information gained "from 700. of 
the 2,200 visited .under the H 
Thrift Scheme in 1976-77. The s| 
700 indicated that they had w 
undertaken projeers that would v 
result in £3.5m. worth of annual si 
savings. F 

The scheme which, among £ 
other aims, attempts to pro- h 
mote the more efficient use of 
energy in manufacturing in- 0 
dustry, is one of a number of t 
projects set up by the Govern- j 
: ment. the fuel industries and j 
1 private organisations in an r 
! attempt to stimulate conser 1 

■ vation. ■> 

The Government is now co- , 
f ordinatiag its own efforts 

■ through an inter-departmental . 
r committee responsible to a . 
s ministerial committee 1 tinder , 
• Mr. John Cunningham,' Parha- ; 
i mentary Under Secretary for 

3 Energy. The Energy Depart^ 
3 “ment. which operates its own 
e Energy Audits scheme, still 
l! acts as the lead department, in 
5 . the Government’s conservation 
d drive. 

> A n( j there are signs that this 
r state initiative is taking on a 
new form. Up until the end of 
a- last year it seemed that Govem- 
L e ment was content to guide and 
s- advise fuel users but leave 
ie them to take their own invest- 
ry ment decisions. In essence, the 
to Government was sayir.g that 
m economic benefits of conser- 
v- v3tion measures provided suffi- 
ie cient incentive for capital 
e <5 projects. 

to Then on! December 12, Mr. 

-Wedgwood Bean launched ft 
£32 Qm. programme which, he 
said, - could lead to savings 
worth about ' £700m.-a-year 
within a decade. That Govern- 
ment investment was concen- 
trated in the public sector. 

In March. Chancellor Denis 
Healey announced in his Budget 
speech that the Government 
was extending its aid to conser- 
vation measures in the private 
sector. The following day the 
Prime Minister unveiled a 
£240m. package of support for 
home insulation projects. - 
Since then the Departments 
of Industry and Energy have 
been working on ways of push- 
ing along energy “save-it 
projects in industry- and com- 

The results of part of this 
work were revealed yesterday 
■ with the announcement that the 
5 Government is making avail- 
1 able up to £25m over the next 
i two years to encourage more 
f efficient use of energy in 
- industry and commerce. 
r ' The scheme is available to 
^companies throughout the UK 
1 wishing to improve their heat- 
I i n g plant or the insulation of 
a their premises. Grants of up to 
Q 25 per cent will be available for 
work aimed at replacing or 
s moderinising boiler plant, and 
a insulating systems and at 
if installing or improving com- 
i- bined heat an dpower systems, 
d These aid schemes may be 
r e recognition that in the current 
it- economic climate energy users 
ie mar not be in a position to 
at carry out all of the ennserva- 
r- tion measures that are desirable. 
S- It might also suggest that 
al energy saving is still not 
receiving the degree of atten- 
[r. tion it deserves. 

mike produSSatoprovements and cost savings 
they are using. 

So, who is he? He's the Industrial Sales, 

Engineer atyourElectricity Board. Trained to 

dive your enterprise all the help it needs musing 
electricity to the best advantage - and that 
means making wise use of our national energy 
resources and a profitable contribution to your 

business. . „ _ 

Electricity isn't the answer to all of 


The Electricity Council, England and Wales. 

industry's problems but more and more 
manufacturers are finding that having their 
- Electricity Industrial Sales Engineer working 
alongside them is making a big difference to 

their futures. _ 

Getting to know your Electricity Board s 
Industrial Sales Engineer is one of the best ways 
of investing an hour of your time. 



Financial Times Weilnescfey 



versus gas 

controlled with a ing interruptible supplies from these fields. 

THE COAL and electricity in- panics with a good deal of qaarters and just *3.40 a ton cubic fert a day to^aipplies dS^SwM iS^PoaSSSf* 01 * 1 mSumum of ^pollution. British British Gas/ to switdi fttwr gas So the pattern has been set 

dustrics are continuing to press refine? o^wjapacgy. particu- more than in the fourth quarter which are now numing - aa ^"SVporation "stiTtes that gas m^atains aat virtoall'y all supplies back -to. oil. Normally Oyer the ^coming years v^tish. 

(UIUUL wu V.UU11. 1CCL a '■ . r . u. a u ■ nrinac ar<» {TPBrprt Kao will ha nsrana mnoli 

for The imposition of some form Jarly in Western Europe, for of 1976. 525/iw. CUD r t «T 1 “Field in soite'oftoe 'economic eom£ of its firm contracts are being interraptibte prices are geared Gas will be paying much jiighej 

o< „ t. to bring the prices of instaoc. In flte event „ fflpafll e S «»»*. £££*%%£ P S-* the conned tn *»?£**■ «% its: ***** snppuS 

If the Gas Corporation is- us- with, output from the' more 

point at a meeting, past 1- ra ?"“ s ° r so > “ d fr °“ “ e f iq^Sfthe v * .. . . way to go. In the past six years to 18.5p a therm— a far cry from sales to the interruptible mar- buyers of .gas wiU find the fuel 

his month, of the there is about 35 per cent too 19<o to the end of 1977. In the Then there is the prospect of th *f t F ™ d eTtakine has sold the average of IQ.IOd a therm ket which currently accounts for- becoming increasingly dear as. 
nergy Commission — a body set much primary distillation same period, gas oil prices rose new supplies being received jjgtween 800m to lbn therms being paid by large industrial about 20 per cent of the under-, well,' although : just how expen* 

er cent. Jsut tne&e in- from other fields in the central - - - - *-= — *- — 1 — *>—••■ -= - - 

this background creases fell far short of the and northerly sectors of the 

uo t-i advise the Government capacity, 
ci: ciier cry policies. 

n crier cry polices. Against tins background cmien ^ — and northerly sectore or xue ft faope£ to se& briber supplies year, according 

The Government, he claimed OPEC, the whiter of world rising tre n dm the o to er fuel North Sea. Gas produced in appr o a{ j 1 i T1 g fo 0se figures by Trends, 

n 2 naper submitted to the Com- crude oil prices, is becoming sectors, e.ectricity prices rose 55 association with oil in the -g-. That lower fis 

rvisViGn, had favoured the gas increasingly restless about per cent, coal pnres rose ilpe pj per and Tartan fields will Undoubtedly' this will provide the fact that many 

industry. British Gas had exclu- the combined effect of the world jent and Pnees b > am be jf® 1 fields ° a sector’in particular with contracts had still to 

.:ve access to North Sea gas and recession _and oil glut on its J" .j" * *?»w,* the FUgggas line while fields & deal more competition tiated at current fi 


this enabled the Corporation to own earning power. It is a indicates that even without 
‘>uy their gas supplies at an measure of OPEC’s predicament gas tax the G as corporation 

Energy Gas is fixing another safety prices. 

valve that it. can -turn first. The For British .Gas. is now Hairing 

1982. That lower figure illustrates Corporation is renegotiating .its the price of its' industrial gas 

Undoubtedly- this will provide the fact that many long-term own contracts for gas supplies contracts to . fee scheduled gas 

o be renego- from many, of the southern oil price 'quoted by the three 
fuel market North Sea fields which, among UK majors. Shell, Esso and 

2 J . . » . - A fiUVU MCOX U 1 ULC VUUIMCUUUU Bl “ - , “ " ^ . - — T_ . * ( 

h-c the north-east of the ibet- although a major— but confiden- related prices. Those who have other benefits, will enable it to British Petroleum. . Oil* price 

l.mrf Islands tnav ‘well ne llDKGa _ ■. _ * ... < j r— MAMthc chut -dnwYi nfriflurtlnn rlm-iner M'oaD “ virflT' 'fwinrittv aoMitfiMA- 

taiiual cost some £lbn. less than that it set-ms to be cutting its been taking its own 
it thev paid prices related to output to around 26m barrels adjustment measures 
to* cost of cool and oil. a day although It could produce 

The arguments — strongly 10m b/d mere than that figure ^Trll jfjp 

V- Rritich Gaft and nnt fli I m-it'-uv tnnet Th** UXU.V 

land Islands may well be linked 
price t0 ^j e Brent gas trunk line. 

rvfutod by British Gas and not Oil prices must rise. The 

niton*! her accepted by Mr. questions facing the oil The figures are merely _ 

Anthony Wedgwood Benn. industry, whole nations and guide; prices vary widely gelds. "At one stage it seemed commerciaT customers who need prompted a number of com- agreed to increase 

Coal needs to be 

taken seriously 

put from the UK sector is now ne3£ t 20 years, 
running at about 1m barrels a How soon 
dgv — roughly half domestic toe price rises 

consumption levels. By 19S0 will again largely depend on toe proceeds. 

„ , e J ectrici ty ~ which* could ‘then be ITIS a measure of the dramatic- Gas is, of course, even cheaper its own is the prospects which will have to produce at least 

« k « bori b ? COTnpa , rues s , eekin S t0 S ent ashore through subsea aUy increased Importance of than ofl. But it has possibly an are predicted for it at the end the 170m tonnes a year which 
n, and how fiercely maintain market shares re- ^les ^ coS that it should^w be taken even shorter life span (though of the century: if they take the is its target for Uwryear 2009. 

ists. wiH be. applied suited in a ^ prot ^ ; . facing the oH . seriously as a major energy to its ase, there is f a. greats fbape^toey bright^ then there ahd then some. It has been 

for industry. The likelihood of substantial new will indeed be a revolution. calculated that the oil-from-coal 

Lno North Sea production will state of economies, the pace an nual report for 1977, when GaV^rntoent ^ : / ul rn thettalional Coal discoveries Yn the North Sea, Towards the.: end of last market could take around 80m 

asaiJe Britain one of the few witli which non-OPEC oil it made a loss of £11.8m. on its t*sh Gas is to find a solution ^° uble Sic nnt wrtiich might change the picture), month, the- Government an- Ebtmea "by itself, possibly more, 

industrial nations totally self- sources are exploited and the operations, states that this which does not lead to a glut of Board would argue — rt is not mncn migmcnange me ^ 


seriouslv and the NCB argues that North nounced that it would fund most Stf :the industry must expand 
J Sea gas will virtually be ex- of a £43m programme to now— since lead times for major 

, - states that — , . , . - , . 

sufn.-ient in oil land, for that degree of energy conservation competition **held product sell- supplies in a relatively short yet being 

matter, energy in general) measures applied by Govern- j n £ prices down below costs." period. If this happens the Cor- enough. hausted before toe end of the achieve the substitution of new- collieries, are Jengtoening 

although oil refiners will con- ments and major consumers. There is plenty of evidence poration could be forced into First, toe good news. The oil coal-derived fuel for natural MxttinnaUy-rto ■ order . -to l *“ 

t/mie io impon a proportion of The Department of Energy s to suggest that it is not only selling gas too cheaply, to price rises of 1973-74 found a ‘ gas and oil bv the end of the prepared for the rush, 

ii; ne;ds in order to arrive at monthly Energy Trends report competition between oil com- energy u sers_wh 0 _do_iiot^ really coal < industry m flhis countty ^So the sales pitch iju IniMiLjm ^ ntury The major research -.This does not Yumms you 

t!iw- '.‘orrset blend of crudes for “Ives some indication of the panies that is holding down Deed 

oro'iuci requirements. problems Facing the oil industry prices. The strong marketing That 

On the other hand production in the UK. The average price drive by British Gas in the gas^ industry talks about, 
rrom -such sources as the North °f heavy fuel oil sold under industrial and co ”™ ” 

Sva. Alaska and Mexico is add- or renewed medium sized sectors is also having 
appreciably to the tradi- industrial contracts in toe impact. 

— . _ - _ . _ » vCUUUjri . ijiii jui i ca wm- t-u • » J.JL 1 AJS -UUC; 

1 - t0 i urn « a .? r ‘S? iuin ‘iw ^ bich w “ SrJSSS JESS; programmes am conceded ^th may have guessed-that energy 

is the Dutch Disease fee down — though, it remained the bility — -always a fairly strong ■ jiaviid solvent ' extraction.— *■ will be cheaper in. toe future. 

{■> ■ ■ ■ — • __ r« nnn n* in ftll Clin. * * v * • * 

— o " e - ‘-I ouiv&m. . &OUOVUUW. w&ii UK vvqapcA m.iuc 

major coal producer in Europe. °n ( Mf disruption in oil sup- producing oi] tm'-ttk fixed^ It will invitably be more costly: 

iibnaJ supplies of the Organ Isa- fourth quarter of last year stood the reason is simple. The tomers wife an assurance that constant levels of production. coal has contil iued to decline. 


of Petroleum Exporting at £56.40 a ton.'lower than in Corporation 

nd more North 

.'VLT.otnic growth worldwide, barely 2 per cent higher than in the future. 

will have much North Sea gas will last well into The " Plan for Coal," agreed 

— . o — 7 " Ji'UC XT 40*11 J.U 1 1 ^ 0*1 aglCCU . , _ . , . ■ r 

Countries at a time of sluggish the previous two quarters and more North Sea gas to sell in the next century but. at toe between government unions and ,s be,n S presented with an em- imictfr*, ‘ 

.it must be careful N OT in 1974 chanced alJ that, barrassment of riches, as the KJpiUUlSllL 

Indeed, its sup- same time 

. . . S. ? .u M/IS or chemical feedstock from coal only becomes feasible when 

in short, .t seems that the NC8 costs (or our, present com- 

modities like oil and gas go 

up-to-^at least double toeir 
be more 

kets> Mr. Alex^fiadle; a junior Energy femote hontrOl equipment re- 

Much of this is now more or Minister, said that “King Coal places ’miners underground. 


lieries, both to cost around 

£5 00m. Coal was on toe road , ,, , . J t . , 

for new markets less publicly discussed by the was back in its rightful place However, it does mean that 

Its old markets however re- NCB * and ^ accepted .-with a again.” Mr. Eadie, an ex-miner, when, toe oil and gas. run out, 
raained toe most important n,eful shrug. A senior NCB took an obmoos^-delight to The as they ; are bound to do sooner 
Coal is still the major fuel for marketing man was told at a fact. that, coal ,.woul(t— if the or-: later, there is a. substitute 
the electricity supply industry recent conference on -coal that research proved successful— be fuel proven with reserves of at 
which takes around 60 per cent he would Deed 811 the sense of ^ prime sourc e' of energy for least 300 years. Beyond that 
— 70-75m tonnes— of its annual humour be evidently possessed, to UK in the 21st century, as point,- specnlation becomes not 

output of around I20m tonnes. 

and he did not demur. What it had beep in the 19th. 

only heroic, but silly. - 

John Lloyd 

Healthy exports of 

As top NOT likes tn remind u« kee Ps toe faith of the NCB alive On his— and' the NCBV— . 
we alf burn coal — in the fora of 0031 ^ ^ ^to optimistic assumptions, fee, NCB ' - 
electricity, or "coal by wire.” " 

The second largest customer 
of fee NCB is also industrial — 
the steel industry, which burns 
coal in fee form of coke. The 
steel industry presently ac- 
counts for around 14m tonnes 
of the NCB’s output. 

General industry and the 
domestic coal burning market 
are of roughly similar import- 
ance to fee NOT. both burning 
around 10m tonnes a year. 

However, fee industrial market 
is the one where toe Board 
believes growth can be found. ■ • •• :,. <-■ ■ 

The major problem — at least . •_ 

Jin the short and medium terms 

I — is feat none of these markets ONE OF the more fortunate which supplies units for toe pens that the majority oi inter* 
presently looks buoyant. Steel after effects of toe ntmers’ higher rated sets and Urter and raptfons to toe mains supply do 
is obviously in toe doldrums, strikes and toe three-day week Patter which supplied smaller last tmlv for a split secOnd such 
and the 14m tonnes now being was toe welcome boost which it units, Adapted engines from . m * ^| nc . 

taken is a decrease of over 3m gave to the UK companies Ford, Leyland 'and Cummins 

tonnes from two years ago— and making standby generating are also widely used. - nighty reuawe.-.. pn&, such 

no one can say with confidence equipment. T „„„„ TTX . system supidiedby Anton Piller, 

standby eq uipment 

Last year, demand for . UK 

I tfeue ^ Tbe^ efec^ctiy n °mmW Many cotopanies began to made generators outstripped *?“>' 
indus'tlrt take for EnSand and ? ink raB "5^ supply and Newase pMrCcularly 

i WaJra^as^gone ^up^jfl 1 toe becoine 30 animal feature of fee suffered a long backlog because 1 

nrpcpnt vear to 76m tt>nn« British industrial climate, and of a previous labour dispute, suppitos a battery. Ae soon as a 
from last year’s figure of around M tt} ok steps to buy secondary Although delivery schedules SS** JS? toe 

70m tonnes— but feat is unlikely generating sets. The market have been shortened, f umg_chMge iges^^ toe 

to last. Central Electricity tous broadened quickly from ^ d .^ de ^^ 

Generating Board officials say those j^anisatums like hospi- JhUIook jMlto - UK. jmmu- vrfiirii ^ves toe^dtemating 
that much of this year’s take ^is and offic^ wnth major com- , ^ hav f .jj' current motor turned generator 

-...-niter centres to many com- tow labour costscompared wife t6 MmlycuirtdttoThe 

■ ■mjUCs.v.'.J 

.4r rlic present rare of production, Britain 
h.’S proved Cixilrcsen es v hich will Inst at Insist 
3CC vc.irs. 

This puts Britain's Cool Industry in a 
Sftrong rn^sitn *n alringsidc Mricrlv limited oil 

Y&st modernisation programme. individual homes, can benefit from the new 

To ensure that these huge reserves ore knowledge and equipment on coal burning, 
available when needed rhe NCB, under it*- There's an enormous amount of know- 
'Tlan for Coall' is already investing heavily in how concentrated in the NCB Technical 
developing new collieries and in expanding Service, covering all aspects of the efficient use 
ni'.J supplies, and the continuing develop- existing pits, of steam and hot water hearing- if you need 

We arc still proving coal reserves in advice on making the best use of your existing 
Britain four times' as fast as we arc using them, plant, information on new equipment and 
Selby, rhe biggest new coal project, will pro- techniques, how much new equipment costs 
duce 10 million tons of coal a year. This and nn d what savings ir can give, ask the NCB. 
other new mines arc keeping British coni- Expert help is available whether your business 
mining in the forefront of mining technology, is large or smaii. 

will have to be stockpiled, mean- P ut& r ceuatres to many com- 

ing a reduced demand next Ponies which previously bad “Qse of competitors m say, t 

year, probably back down again regarded standby power as a Germany, and have been able inrrt ^ lv 

to 70m tonnes convemence rather than a to keep a healthy volume of Most standby -units currently 

necessity. business at a Hme when orders sold; are:' operated ' by diesel 

Qliirrcricli , , . , worldwide have been sla ck en* e n gin es,-'; bat In. tiie range of 

^lUgglSn The subrfantaal borne market ^ UWO kW and above, especially 

It seems feat fee' general thus created enabled the Bratisb where, the set ls used as a inaitt 

industrial market stays sluggish manufacturers in the field to \ jjower>soarce ' j tarbiiies ara . in^ 

for two main reasons — a con- mount and sustain a very high pwnfkf-A ' cliea ^^ h^xig used* ^ - 

tinuing supply of oil at a price h=vel of export sales. The UK XVClUWtC - - The strong ~ ‘emphasS- o ir 

not much above— if at all— that has remained probably toe in-Germany .the main generii- standard products lh tote lower 
of coal, and toe capital costs major supplier of standby % or manufacturers Siemens -and range from :: IfcW to lJQtiOEW 
involved in switching from oil- generators m Europe with total AEG. have been having a rela- means that ' eutoiners need to 1 
or gas-fired equipment to coal, sales of around 60,000 generator tively tougher time, particularly make a very careful appraisal of 
These problems are difficult, units a year. in markets like fee Middle East toeir needs, before; making . a 

if not insuperable. While gas Many of these generators are anji Africa where -the -British purchase, ; for failure to make, 
and oil look attractive, why go exported. particularly to companies have an established the .right decisicm can' prove 
to coal, which is usually more Germany where they are made position. About 40 per .cent, of cosfly .andTesult in ; a' completely*, 
troublesome to handle, dirtier iat0 f u j)_ sels foreign- sets now made.are supplied as- unsuitable installatioiL ■ ‘ 

and offers little or no Price p^r units attached. However, main .^sources of power, _ for if, f or CTamjdX -fee unit ’i&i 

advantage. The only teal argu- the tatal 0 f' se ts made example in remote locations tike : - „ 

ment which the NCB has-and it “ e in ae TO compIMe “S »« wSls. The remaining 60 per w £.■ 

not an inconsiderable one-is nXSI cent.of eets.are.nsed only *A%L*L»5E&?£-- 

W supplies more in hoe with nave taicrn slcps to reauce oyer various roeis »un. n w • “SETnataS ^“fo^lSSo' or sea7ch"f or new customers more price akin » the going rate for 

thus-: of other energy resources, sum tonnes a year of refining industrial customers, the cost able ^ feral ra 39 r difficult than it might have been, gas oil. As a result, premium able to meet its target rate of northerly . fields . apprwaably 

Pir Francis Tombs, chairman of capacity in toe European 0 £ heavy fuel oil isseentohave 1881 .when at ^ketfeg achiCTement are on customers fixing new gu supply gKWth & premium .sector; more .expensive; than southern 

ZXwt C atT meetiS vaTlTL^torZ S? still JS SttTlSjSJd ^t. But toe™ is .till a «md contracts are bavin* some 16 ^p it could, concelyaWy,- Mep -u ? gas.-indusM,and;;c pmmereial 

c.jrher this month, of the there is about 35 per cent too 1975 to the end of 1977. In the Then there is me v*. 4ho BtBto n7l A»rt»V}np hue sold the average nf lO.lOn a toenn ket wmen curreiiuy aecouiLis inr pemming increasingly dear as. 

by 49 per cenL But these in- from other fields in the central ^”^“ n e W premium” market: consumers" at toe°end of last taking’s total salei But British sive". wtiT.laigety "depend on oil 

tial— new study has encouraged renegotiated in recent months shut down production during rises . will trigger escalation 

British Gas in that it shows the have faced large rises, typically toe summer months when adjustments , .in the Sas" 

A number of studies have potential premium market to be 20 to 40 per cent although there demand is weak. In essence contracts-.-, 
been commissioned by the much greater than planned have been cases where gas British Gas is aiming to increase Whether --tfae-^ Government 

Government in a bid to find expansion. supply prices have risen by over its flexibility in the southern' needs . to apply a further gas 

ways of collecting relatively The premium market is seen 100 per cent sector of toe North Sea. In price regulator, in* the fbrm-uf a. 

a small pockets of gas from other to encompass industrial and Indeed toe increases have return toe undertaking^ has. gas- tax, must be questionable. . 

- _ fields. At one stage it seemed commercial customers who need prompted a number of com- agreed to increase toe price it ”• n " ‘ ‘ 

-!'s >rsy Secretary — may be fuel buyers alike are when, around toe averages and toe that a ma jo r £5bn gas gather- a high grade fuel which can be panies, which had been receiv- is willing to pay for gas from; \ ■ kiau«r 

-yming flora the coal and elec- and by how much? There statistics can be quite drama- j ng pipeline network might be 
tricil:.- industries, but there is have been many warnings in tically influenced by the huilt but recent studies have 
•jii./ther major energy industry recent months that we are renegotiation of a major con- suggested there is currently 
•vhieh would undoubtedly Jiving in something of a fool’s tract Even so, they do show insufficient reserves tn justify 
Vncfit if a gas tax was to be paradise: that by the early or that oil product prices have such an investment (The posi- 
imposc-d: the oil sector. mid-1980s industrial nations been lagging, and the trend has might change if oU 

could again be relying on continued this year. In some companies make some impor* 

r 2t<o?T»Ti<>H3ir OPEC to substantially increase cases prices have been falling. tant new discoveries or if 

output. The ball would be back (Petrol is now said to be as Norwegian producers agree to 

The glamour of North Sea in the exporters' court. Many cheap in real terms as it was in share toe UK facilities )T 

■sirploration and production has tear tf 13 * ^ L 'y could use this 1973). s alternative methods of eas 

Mnded to disguise fee problems regained strength to impose Mr. John Greenborough. colle ii on are h e Tne evaluated 

c:I companies are now facing «ry large increases m a bid to managing director and deputy Srlfrii" .!xf 

■j z: 



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■aT: ■. -• 

. •« >•••■ 
- J "-V.," 

'*■< i: 

■iSSSSsS WKfKSSS sosssisfi &a»ggm 

tuent of nuclear pover. Wife this assured 
encry'-’Hspplv. bas*.-ri i.-n ci*ai, British Industry 

" rr 

c. n plan ahead with Confidence. 

equipment now, toe industrialist 
is safeguarding his future. 

The argument runs tike this. 

absorb excessive capital by. being 
more highly rated than, is neces* 

1 he benefits of being the EEC's 
biggest coal producer. 

Britain already has the biggest mining 
:Wi’j>fTv in the Con-imuniry, producing as 
much Cinil ;if rhe rest of the EEC put together. 
!o rcr<Ax* Britain’s present coal output with 
inputted oil would worsen Britain’s balance 
or payments by f5.0Dfen a yean This makes 
Cwal 2-xxl for Britain as a whole. 

Problems-solving is our business. 

Coal benefits ail sorts of customers. With 
1 district Heating, coal filed plant supplies 
heating iind hot water to whole Ci immunities. 

individual users, from the biggest power Doing Britain and British Industry 

station to quite small industrial plants and 2pOWerofgOOCL 

exported. failure ; of toe mains supply. _ 

The three major UK manu- Most- of the larger taanufae* iedrv 

oamJ g SStSSilS‘tSi "* g enerators vm ^ ** 

i» priS for some years yet. bet » B . h0 “ e equally. W to.sMte i elee.tato® . 

by the 
to get 

CUt back tu juuiuug au(,|iuGa. wj “ , ' -• , 

. the t<nd of the cenlury, supplies Markon ana Hawker Siddeley. u ns. it shouldhare' erioughpower to. 

themselves will begin to run out Total production of generator However,' some specialist cof wife thp: pgajk.' jgqt Pit fee 

(assuming there are no more units in fee UK is of the order systems are made for example other . band , -ft . jfeould, nht 

very largo discoveries of oil; of £60m a year. to subtly power to computer in- generally’ Iw'TUn at less -Thaii.;. 

tbey would have to be very Diesel engines to drive fee stallations where a break of about 65. per cept- af maxituflJP. ' 

Jarge indeed, bigger than toe generators are supplied by a even a' hundredth of a second load. This.ia berausksL ^eset - 

North Sea fields, to make much variety of sources including the cannot be. tolerated. - As.H hap- engine. tends' .■ 
difference). General Electric Company . CONTINUED ON NEXT-PACT^ 

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: ' J:. T T-; 

.. . "' T&Wdal 4 Hme^ ! Wednesday' June .14 1978 



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'• " ! 


THE EVENT tfiat Silas cau^t advanced gas '.cooled- reactor 
the "public’s r attention in the (AGR) station atThoniess while 
midear worfd. recently toas been the CEGB wfll shortly be clear- 
tHo 1 - w.miteriaite ' iaiqmny ‘into a mg irianningpenaissiMi for aa- 
proposedjiucl.earfuel reprocess- other English - AGR-" _ The 
ing - plant ahdthe subsequent Government lias - sanctioned 
House of Commons- vote to sane- both stations set- a total- cost of 
tibh.the 4600m scheme. That is a about £15bn. Meanwhile design, 
dedsion which will- start having development and: Safety- studies 
an impact upon power supplies are going ahead on ■ the XJ.S. 
hr the? 1980s,^an<i thereafter as pressurised watelr realtor design 
stocks of prowssable spent fuel so that it can "aSah^ ^ con- 
build up from . British and sldered as a possibility ; in com- 
■ foreign power stations! - petition "with, the AGR. design 

, .The Wind scale decision clears before. 1982; - 
the . way. ' for future. British The probability is that from 
nuclear power- planning. Ofnowim roogblir one -power 
ipuch more Immediate import- static order a year ViU be 
ance pas been; the recent Cabinet placef L & each case it 

decision -to launch a new power e | tbe r be coal-fired?r-assum- 
station building programme- i ng .. NCB and -the ‘miners’ 

- The contentious Drax B -coal- lobby keep up - their : pressure 
fired power "station t has been for. more coal . oiillets;. — or 
given the go-ahead. That deci- nuclear. There is-Tittie pros- 
sionhas been followed by a new pect of further' interment in 
policy towards the ordering of oil-fired generating capacity- 
nuclear power stations. The with the single exception of a 
South "of Scotland" Electricity projected station on the Tamar 
Board is to ^ have its - next far and away from coal supplies. 

Clearly, nuclear electricity 
will be the cheapest form of 
generation In the future pro- 
gramme. Even the most efficient 
coal-fired stations of 2,000 
megawatts capacity, will only be 
able to achieve-a middle ranking 
in the heirarchy of British 
power station efficiency from 
now on. 




The AGRs got themselves a 
bad name because of the prob- 
lems over their detailed designs 
and the long delays experienced 
in their building programme. 
But now that the first two AGRs 
Hinckley Point B and Hunter- 
ston B — are functioning some 
impressive efficiency figures are 
being obtained for power 
generation. They are producing 
some of the cheapest electricity 
in Britain. Worries about 
corrosion problems involving 
chromium alloy steel inside the 
reactors compelled the opera- 
tors to "limit the output of the 
stations from start-up onwards. 
But the latest news from Ihe 
CEGB is that thos? problems 
are likely to be much less 
serious than at first feared, 
which means that the efficiency 
of the two AGRs can bn further 
improved by raising the operat- 
ing temperatures nearer to 
original design levels. 

There is now more entou- 

, . . h . rR . UD to 30-percent excess generat- in industry. Special technical 

siasm for the : role of the i &GRs The aim of the work has been done for the 

than there has -been on i the J“S t0 harmonise the usage foundries, for the steel md^tiy. 
British power scene for many a boarra^^ ^ availablfi and for j ndU stnal Presses 

long year. When J? 1 * eenerating’ capacity. A “wise involving the use of electricity 

remaining AGRs now hem* built g „ campaign has been run- for curing and drying. 

come into use in 1RW| nine with some success. The energy forecasts which 

will play a significant role by “ Electricity Coun- m nQW the subject of constant 

sharply reducing the tota e ec jepdrt commented: “All our b y the newly-formed 

trielty generation costs. marketing activities have been Energy Commission split the 

Qf the three, Dungeness B is inflaen ced by the need to ad- future of energy and relevant 
now ten years late — but the ^ sc an d help people to conserve conservation measures into 
engineers say- they can sec ei , erg y .and to make wise use of parts: short-term up to 

« light at the end of the tunnel e ] CC trlrity — at home, in shops tbree years ahead: medium tenh 

and the stations at Heysham and factories, and on the farms. tQ 15 years ahead: and long- 

and Hartlepool are each six n eed will persist beyond term int0 * next century, 
years late. The total of some generation. . . ." Pertain factors are becoming 

4.000 megawatts of cheap power ... nbvio^The short-term energy 

“ HirH5 Advertising ^ __ ferStt* 

.ncrusted with carbon if it 

run at too low a load. well over 100 

Sometimes a compromise nas dec ^i s jf it is not soundproofed, 
to be reached and the customer A vari€ty of met hods have been 
has basically two choices. Tne used t0 bring noise levels down 

□as mo --- t0 p nn g noise levels aowu 

first is to instal a unit desigoea ^ 70 decibels or the 

to cope with the average ioaa of ^ inespeiKive car 

and arrange for the supply to 30 per hour. 

as a 

m Britain js wiu 6 ■ 

-- - _ rvm The electncity authorities are idfluenced by the needs of the 

electricity costs. The CEGB ^arising how people can ^al industry for a market for 
estimated recently that while aTld improve living p „diSSon. The medium 

the stations are still under con flar d s while also conserving f market is a balancing act 
stmctlon beyond Jeir plann^ stanzas Adverljsj ^ xmw*** Vmpeting fbrms 

completion dates t^ actiial cost Cnuncil has been natural gas. 

to the nation in terms of dear r stressing the importance of good ® or ^ e re n ew able energy sources 
electricity amounts to £350 . jn ^j atlon and the advantages, such as wave ^d water power, 

year. mib B . Hnn i n particular, of lagging hot d nuc i ea r power. In the long 

In short, the late completion m-g* Anfjther jdea ^ 2000- 

of the three re mai rung AGRs water d ^ ^ energy saving market wDl be 

is going to cost CTtwutnjra campaign has been the instan- dominated bv nuclear power. 

^pftrih^ chYrees before they t^eous hot shower which is Current Whitehall projects show 
electricity charges oetore xn y ^ ^ ^ Jess energy than the a dominance of nuclear in 

ar pnSoi’marketin° is an essen- conventional bath. absolute terms well before 2010 

Energy marKetin^ is a electncitv authorities are in . D j te 0 f the conversion of 

SS2 ssssa ja r s 

SseTy 7S*p2 cenfln 1 ! 5^ the universities to plaTltS ‘ - Roy R 0 dson 
yeS- when there was at times achieve greater energy savings - "■ - Y 

and arrange ior me suww ^ at about 30 miles per hour, 
some non-essential loads to be Speeial suspension, a noise re- 
cut out automatically as total diUcing cabinet and noise reduc- 
demand approaches the maxi- tiQn ^5^ 0Q the cooling fan 
muin rating of the set This can raa be ^mbined, but the cost 
be satisfactory in some applma- c{m ^ fair , y ex tra 

tions but may cause incon- Qr raore 
venience. particularly if the set 
is used for standby power. 

An alternative approach is to reduction ^sterns to the set in 
buy a bigger unit well able to first lace than face ^ pos . 
cope with maximum demand but sjble ^^,55 0 f rebuild- 

to arrange for a dummy load to in<T iso i ate unit at a later 
be connected automatically 11 da ° g 

ioade'd”* S '“thT 2£5 Improvements to snch pern- 
SSSj-dU expensive phern, g 

to instal and to n. ^ main emphasis over the 

It is. really a question of me few years . Electronic con- 

user making a policy decision and ^ use of thyristors 

™«.— must have p r0 bably yielded their 

about which services must 

always . be maintained and befits on direct perfonn- 

balancdng the extra cost o£ ance £(>r ^ time being, 

maintaining non-essential ser- although marg inal improve- 
vices against the risk and jposr mpnts tQ ratings will no doubt 
sible inconvenience of their — nthoruricR 
being cut. 

continue to be made. Otherwise 
p.«.o < — emphasis will no doubt con- 

Increasingly buyers and manu- tinue tQ be on ^ggedness and 
Facturers are having to consider re u a fc,ility and easy access to 
the effects on workers of noise — all factors which 

from standby or auxiliary power f orr unately favour the estab- 
units. It is now accepted that a j^ed UK suppliers, 
noise level of about 90 decibels Max WilkillSOn 

is the maximum acceptable in an 

AN IMPORTANT stage in the eventually by about JfiipO,-- 
Government’s ,campaign to the cost of conversion i?ay- «* 
encourage. greater,. use of insula-, under £50. • 'f '..v.-.- ' • 

tion material in. the UJC. is - As well as drafting A ; mass. of 

■ — - ... . m3 ’Mian. 

tion material in. the UJv. is - As well as drafting a ; mass . 01 
reaching a climax; -as the Homes insulation measures.^ jpxd-’quwi- 
.5“ 5 insulation Bill . - is rushed tifying the future bente^% ti» e 
throurfi Parliament ... - Government has ahsp^diaieeuy 

rougii jraiiHuucuu uuveuuucm - r-r~ - - 

.. The.bill is ^integral part of manoonwri indnOTjnfoos^e 
the battery of measures taken preparedness • o^- 

by the Government in' the last expected increase iA . .. • 

two- years, which aim to cut sub- Fibreglass, which bguhgs 10 


iut W r >so 

2£- '“Sf SS.rt e "mid «T' 1 “^ ; ai n n 

expected for insulation matenal. . ^ ^ ree hawriShanged 

is »ot happy vtithjie profits thelrjusiness 

trend in the industry so far. . noti ceably Tecen^ t - r 

Under the. Homes Insulation Fjhreeiass. vdiich ^^ates 
Bill, which should become Jaw - domes tic insulati0T^3*et 
'shortly, grants waibe available ^ (1 ^ >ent roughly “^Q?n ; :in 
from .local authorities for. loft years on a 

Insulation .and for laggmg.- hot at pb n tyfelih in Soutiu^vaTes, 
and cold yjater .tanks and pipes, g X do u ble its ■ prodSve 

Ke grants, will he worth .66 per ^ dounie , ^ . , r 

cent of the total cost of the job, capaclTy ' • / 

up to a £50 limit - '' * 


- The Government is prepared 

to spend £15m on the grants m . *• , y - ... 

197^79 and £25m In 1979-80. - Cape haj ^spent^hea^ly 
The n whole programme • coitid on new e $^ ber ’ 0 f ^gnifi- 
ta*e up .to ten years to complete, also made ^ num . 

S^nuSig about 500,000 houses ““^SgJf^o^iSSSSai to- 
a year are fitted with insulation. ^ 

.•■The Homes Insulation Bill, gW” 1 in 1975. .and this 

which deals with private homes, * ^ ^ of it s insula- 

will become law -about nrne contracting side. More 

months after the Government ^ tiMtalisati(ra and acquisitions 
announced a major insulation follov ^ e d i w hich led to Cape 
programme for the public sector. g „ p a new insulation 

Mr. Anthony Wedgwood Benn, g ‘subsidiary. Formed 

Secretary for .Energy. said . ^ 0 ut of a. merger between ICI 
December that the- Government Tnsulat j 0 n Service and Pattison 
was launching ^ ten-year Pf 0- Tnculations, the new operation 
gramme to. bring public sector largest company in the 

dwellings up to, a basic, mini- ■ tQ S offer a comprehen- 
mum. standard of thermal for insulating 

. Insulation. , Over 2m . hous^ dPmest ie buildings.. 

All woiild be treated, and tibe cort Insulation has con-1- 

r df the operation for the first Newalls Insularion 0 new l 

y» four: years would be just under centiated - on for 

£30m annually. Another £2m in 

would be "spent on improving the also 

the insulation of Ministry of tile marke £S ra 

Defence .buUdings. .Hospitals budgeting tosiwna ^ 
bther National Health buildings on . 

• would qualify for capital invest- capacity for insulatio 
ment of i35m-_by lfiffi, » ■ One of the puMMJ _ f 
schools would come in for £70m Government is that dem 
, - by. the same date/ " for insulation material has rwt 

^ - On ^ June 1, the Department risen smoothly to mt_ 

nf - Environment ann ounced increases in productive 

.:= -Sen^ taSlon standaxasfor avvaable throughout mduxw _ 

new- non-domestic buildings. air. Ronald Dent, chairman of 
: These standards will come into cape industries,- gives tne 

•• :/ operation on June 1, 1979. And flavour bf the - l f ee Vj5 7 

; insulation in industry should be mdustrialists ln hw 19i7 mmua 
covered "by a new Department report —Hieimal inflation k 

‘ < of Industry scheme to be a market of which ■' the dfl«. 

: announced, shortly. — bas a 7 substantial share, 

. -r " ■ demand has failed to grow at> 

jcji_ -. rate expected by -many follow- 

Benefits . ing the increased cost of ©“erfflj 

TIjo Government 'has also but higher ,5^ dU ced. r ’ 

- quantified the estimated benefits steadily -hepg intxodnced. 

’ of ^ insulation programme... m. the -short term the proo- 

- : - ' Insulating 500.000 private lcm h as becOTte even 

T ■: bouses a year could save lmtons acute . In an 

", ? of oil a yoar, which after ten demand from the public, J 

be , -worts from. m eet ,tad«tart 

ur Benn's energy programme, the Home Insulations BlU !\- 

! : which dSalt inSge part with introduced,: a measure 

initiating State^wned buUd- on the face - of it, r fPJ e ^^| ■ 
: " . ings, .could save some . £700m a sharp, change from toe 

•' vearatr current prices. Possibly mentis position some J™ 
> topmost comprehensive esu- montos ago. Then^ougM 
" mate is contained in a report, that cost-saving beonfits 1 
. published in . February this syear, home in «ir 

bv the Buildings Working.Grpup evident- that no- financial wwai 
- ' of the Advisory Council on tives would he needed. 

' V Energy Conservation: _ ^lus ^ new .interventionm 
" ; stated that hy spending £l-8bn measur0Si ; however, have wnea 
' on instdating existing hom^, d emand for insulation mate 

• . fuel could be saved equajhto tempdrarUy stone^wd The 
. . about 15 per cent of current | s seasonal, with^demMd 

domestic' energy consumption. ; rtac hing a B „t 

• The report also pointed oirt summer and early autn^°- 

= v/ hS-rtST-* wS-. wg 

- -■ -r 

/ -: apayback jwriodof less than « th atthe 

“CLnent of W -5 fgjg 

. . . . . «■. count on reouc r^u-*, 

annual ^ 


Le> i — natural 9-as Britain already helped many Bntish r t ^_ 0t ^5 0 

companies to 0< 

enough to supply a town the size o£ 

gg? SSSSSoefad. Dffverf or a y earij And this yea^ 
Andwoikingdosely-widi . 

The more natural gas Britain 

uses, the less energy Britam wastes. a nTwnrkin g- closely with were exxenouig, uico>- avvc^ 

SSSHSs- ^ssassssar 

pninaxy^ _.n Energy Management award. This is Bntains future. 

umucu y j. uw. j-w 

venrhish overall efficiency; tun * x ivuuiagcui^ • " — ■ * “ 

Y -rndto maximise thebenefits to giventothe orgamsation which, 
the nation, British Gas is working workmg with the Technical _ 

hard to improve stiUfurther the 
efficiency with which natural gas 

is used. 

Helping industry to save energy. 

. ; , British Gas leads the world in 
industrial energy conservation. 

1 1 _r IV/Trtioirtn-OTnPT 

YVAV1.A — — 

Consultancy Service of the local 

Gas Region, has made the most 

outstanding contribution to the 

efficient-use of gas over the year. 

[Last year, the combined savings 

made by the finalists in this 

competition amounted to nearly 

*11* .1 

.Ixlli-L D JLLIwlXI.w« 

That's what we mean when we 
say "Gas gets on with it 1 .' And that's 
why we can honesdy say "saving 
energy for Britain" 

;y 5 Christopher Dunn 

industrial energy conservation. . 

Ou^Soolo£M»maganeiitlm seveanulliondiermsofgas- 

‘ .1 

ing his 

, 9 ** 



FInandaf Times Time ly 1$7?P 



A GOVERNMENT study o£ heat 
pumps released, a few mouths 
ago came to the rather surpris- 
ing conclusion that no heat 
pump suital'ie for the biggest 
potential British market was 
available ip the UK, nor could 
be esper^ed without the ex- 
penditure of considerable re- 
search. development and life- 
testing resources. The surprise 
stems from the facts that the 
heal pump is a British inven- 
tion*, over 150 years old, of a 
ki».td which would appear to be 
ideally suited to the engineer- 
ing skills of the country. Why 
has manufacturing industry 
neglected a machine with clear 
theoretical potential for con- 
serving fuel ? 

The dominant reason is that 
it is much simpler to do what 
a heat pump can do merely by 
burning fuel. A heat pump is 

an ingenious but nevertheless 
rather complex way of beating 
the second iaw of thermo- 
dynamics, to drive heat “up- 
hill ” from * cooler to a hotter 
source. It works rather like a 

refrigerator — and indeed its 

biggest market so far has 
proved to be space cooling in 
countries (such as the U.S.) 
which sutler from long hot 
summers. But the problems of 
translating the principles first 
enunciated by Lord Kelvin into 
robust machines at acceptable 
prices are more analogous' to 
those of introducing new kinds 
of battery. 

Heat pumps have been tried, 
with varying degrees of 
success, in such situations as 
the Festival Hall in London 
and the sewage system at 
Oxford. But the biggest poten- 
tial market for heat pumps 

would appear to be as an alter- 
native to conventional central 
heating boilers in the home. 
This was the conclusion 
reached by a workshop of 
Government, industry and 
academic experts, organised by 
the Energy Technology Sup- 
port Unit fETSU) at- Harwell*. 
The workshop arrived at an 
outline specification for two 
types of heat pump — neither 
of which exists at present — for 
the domestic sector when fuel 
costs have reached a level that 
would offset the costs of an 
intrinsically more sophisticated 

In the sector of industrial 
process heating and cooling, 
three groups of applications 
for beat pumps were examined 
by the Harwell workshop. 
These were: 

rive heating and cooling. 

1— Refrigeration. The main 
advantage here Is that under 
certain conditions the same 
heat pumps,, can also provide 
space heating for little extra 
capital cost. A very short period 
of amortisation can sometimes 
be demonstrated. The workshop 
cites the Link 51 heat pump 
system installed in a Telford 
factory, where evaporator coils 
are keeping the dies in plastic 
injection moulding machines at 
a fixed temperature below the 
factory temperature. Heat from 
the dies is then rejected either 
through two outside condenser 
coils, or 14 inside condenser 
coils for space heating. But the 
principal criterion is to main- 
tain a low die temperature 
regardless of the fluctuations in 
demand on the machines. 

At the Capenhurst labora- 
tories of the Electricity Council, 
a conventional reverse Rankine 
cycle system has been 
evaluated for drying at rela- 
tively low air temperatures, up 
to 110 degrees C. The mixture 
of air and fluorocarbon vapour 
working fluid for the heat pump 
Is heated by condenser coQ 
before it enters the drier. On 
leaving, it passes over the 
evaporator coil to condense out 
collected moisture. The system 
can be arranged with a closed 
air/vapour loop to prevent loss 
of heat The arrangement was 
found to offer good control of 
humidity, though drying time 
might be longer — -20-30 per 
cent longer in the case of a 
timber drying operation investi- 

ItC Ref rlqeratlon 

manufactures Heat Recovery Systems and 
HEAT PUMPS ranging from - 30,000 BTUs 
per hour to 60 million BTUs per hour in 
Single Compressor Systems - 
Air to Air: Air to Water: Water to Water. 
High level co-efficients of performance 
approaching 5 :1 at low ambient 
temperatures. Variable Speed compressor 
drives for maximum control and maximum 
energy conservation. 

DnnsiQH os 9 rwrso 


Forfull details of YORK Air Conditioning and Refrigeration 

York Division of Borg Warner Ltd., 

North Circular Road. London NWZ 7AU ’Tel: 01-452 5411 

Birmingham, Manchester and Glasgow 

1. Cases where refrigeration 
is the main requirement but 
space heating could be pro- 
vided from the condenser coils 
with minimum extra cost; 

2. Processes involving phase 
changes — drying, evaporation 
or boiling: 

3. Processes involving success- 

2— Drying, etc. Although a 
considerable amount of energy 
is used in these processes, most 
of the heat used to produce the 
phase change required is not 
recovered at present. From the 
standpoint of the heat pump, 
however, the processes differ 


The laboratories set out to 
develop a heat pump of higher 
efficiency with a condenser 
temperature of 90 deg. C, 
evaporation temperatures of 
40-50 deg. C. and low noise 
levels so that it could be run 
round-the-clock in residential 


There are more complex heat 
pump cycles, .in which; the 
vapour “effluent” ' . is; 
recorapressed to recover the 
latent beat of evaporation. In 
other words, this vapour itself 
serves as the working fluicL For 
example, the Hi -Tree ( high- 
tempera tjire re compression) 
cycle uses superheated steam; 
and the MVR (mechanical 
vapour recompression) cycle 
transfers heat directly- , by 

With the novel HivPrec 
system, the effluent leaving -pie 
drier is split into two streams. 
One is compressed adiabatlcally 
so that its temperature, and 
pressure increase, and at the 
higher pressure its latent, beat 
of condensation can. be 
transferred by a heat exchanger 
to the second stream. The 
second stream, heated and. dried 
in this way, is returned to- the 
drier — at temperatures lip' to 
several hundred degrees . C. 
Provided it is . tailored 
specifically for continuous 
processing, this system appears 
to be able to offer a high 
efficiency of heat recovery. ~ ; . 

The MVR cycle has been used 
industrially since the early 
years of this century, but only 
recently have advances in' heat- 
exchange technology provided 
the .lower compressor pressure- 
ratios which, when combined 
with rising fuel prices, make 
the cycle economically 
attractive. The idea is that 
mechanical compression of ,the 
effluent vapour by the_heat 
pump will raise its condensation: 
■temperature,- • 

. The whole vapour flow is 
compressed in this way and then 
passed through the. heat 
exchanger in the evaporation 
vessel. Only a relatively small 
pressure ratio across the. 
compressor is needed, so high , 
heat pump efficiencies can. be 

attained. . " • 

1 The MVR principle has been 
used in fairly large units, and 
is also finding a large market 
in small-scale desalination-units. 

& — Miscellaneous heating/ 
cooling. The workshop identified 
some industrial processes — 
such as the production _of 
'aluminium cans— in .wi n eh 
successive beating and cooling 
operations m ig h t ' provide 
opportunities for -the beat pump. 
Its conclusion was that each 
process must be e x a m i n ed 
individually and the opportuni- 
ties for a standard product 
might well prove to be small. 

The conclusions of the ETSU 
workshop were that Jor . the 
industrial sector, there should 

1 — More effort on heat pumps 
designed for output tempera- 
tures above- 100 deg./C. 

.. 3— A market survey of the 
potential for the MVR cycle in 
evaporation and boiling, aimed 
at identifying ■ barriers to 
penetrating this market 
3— More research on the 
Hi-Trec cycle and Its application, 
to drying processes. - 
_The countries whichf appear 
to be putting the greatest effort 
into beat pump, technology at 
present are the U.S. and West 
Germany. ..In the VJx, .General 
Electric claims ; to . have the- 
world's biggest sale of reheat 
pumps and has «. rngjor research 
effort at- its Corporate- Research 
and Development Centre- ia 
Schenectady- There the vieyf o^. 
taken that the basic heat pump, 

cycle hai- little .potential 4?? 

improvement, . but ; mbre 
advanced cycles afford- a great 
deal An interesting.- politirel 
point is that GE is- aj&iws ty 
establish the heat .pump^as! a 
solar energy device and 'hot— 
as it is seen in the U;S. at pre- 
sent— as just another electricity 
consuming device. .It believes 
that the solar-boosted beat PPmg' 
is: -the most energy J effi£tejj| 
cycle devised so far.. 


* UK workshop on heat pomps* 
ETSU Rl. Available from: the 
Department of Energy^- - 
bank, London SWL No . charge. 

David Fishloek 


v; :<; 
- >r -7' " 

DESPITE THE widespread 
publicity given to energy con- 
servation in recent years it still 
comes as a surprise to many 
managers that approximately 
10 per cent of fuel consumption 
and bills can be saved by appli- 
cation of relatively simple, 
■■ good housekeeping " tech- 

Such techniques include using 
the right tariff — many com- 
panies are paying more than 
they need to because they use 
the wrong tariff — training staff 
in energy conservation, and 
making more use of tinie- 
swiiches and thermostats to 
ensure energy’ is not being 
wasted when the office or fac- 
tory is empty. 

Establishing which good 
housekeeping techniques can be 
used can be achieved by carry- 
ing out an energy audit. In 
addition, it is important that 
there is a top-level commitment 
to energy saving within a com- 
pany and a full-time energy 
manager should be appointed. 

Checking tariff selection and 
use is a job which could be 
carried out by such an energy 
manager. Energy supplied by 
the gas and electricity Boards 
is charged to customers at 
various tariff rates, each tariff 
being designed to provide 
energy at a cost appropriate to 
its use and to ensure an 
economic return to the Boards. 

Tariff selection is important 
at’ two points in the life of 
buildings. First when the build- 
ing is designed or put into use 
and, second, during its norma) 
use. Initially, the designer will 
probably select the tariff, but 

once the building has been in 
use for some time circumstances 
may alter and the tariff selected 
originally may prove to be 
uneconomical. If this is the 
case, the onus is on the custo- 
mer to request a change and 
not the supplier to -advise that a 
change may be beneficial. That 
is not to say that Boards never 
inform their customers of 
uneconomic tariff arrangements, 
but it is not one of their prime 

In order to investigate a 
possible tariff change, it is 
necessary to collect data on 
energy consumption, plant size 
and loadings, and other relevant 
details such as building use. 
heating method and fuel, and 
occupanty patterns. 

of energy requirement and their 
effects on tariffs. 

When a tariff Change is 
made, the results should be 
closely monitored to ensure that 
decision was correct and that 
the accounts are accurate. 


It is possible to use a com- 
puter to check energy tariffs. 
The Property Services Agency, 
for example, has a computer 
system in operation fur cheek- 
ing electricity accounts for all 
rhe Government properties it 
maintains. The main reason for 
using a computer is that it can 
help to identify in detail only 
where tariff i-han?<?4 might he 
most advantageous rather than 
as a check on every individual 
property. And even when using 
a computer, the final decision 
on tariff changes requires the 
knowledge of qualified technical 
staff, experienced in assessing 
the many, inter-related aspects 

There are several factors 
which determine the amount of 
energy consumed in a company 
or organisation. These factors 
include design of buildings and 
service installations, standard 
uf maintenance, and the way 
that users operate the installa- 

Although it is difficult to 
change the main structure of 
an office or factory once it has 
been built, there are minor 
structural changes that can be 
carried out to save energy. A 
reduction in the total area of 
glass, for example, coupled with 
improved thermal insulation of 
the solid area, should reduce 
energy expenditure and add to 
the comfort of the occupants. 

Must car owners would agree 
that regular maintenance re- 
duces fuel consumption, im- 
proves performance and mini- 
mises breakdowns. The same' is 
true of energy-consuming in- 
stallations in buildings, such as 
heating, ventilation, air-condi- 
tioning. lighting and water 
•supply systems. Regular servic- 
ing of all components — burners, 
control equipment, refrigeration 
plant, fans, pumps, cooling 
towers, etc. — should be arranged 
as part of a planned mainten- 

ance programme. To help bring these,, and gained with the same amountof 

The quantity of energy , con- other, good housekeeping tech- energy; or if the-saine output 
sumed by an installation' de- tuques together, companies can be gained with less energy, 
pends not only on design :8n<f need to carry out an energy The Department's booklet 
maintenance by professional audit also suggests- that-; when- pnfc- 

and technical staff, but also' on An energy audit is basically a paring a. campaign 'to saw# 
the way that Che user operates collection of consumption . and energy' it should involve R>p 
it. building statistics .embodied management, tradeun^OHrepre- 

Where it is necessary," for “Ho a system to show , clearly sentatiyes. and employees;; and 
example, to operate parts of- o hmv ^ where each: form of keep.'. them all; infonned^-ct 
building outside normal hours, energy is being used. According progress, . . • .- 

the areas used should be closely to the Department of Energy’s ; Moreover, it is «seiraa1i,tbat 
related so that only one part of booklet on energy- audits, the energy-saying measures. are r psror 
the building needs to be in. aim of such an audit is :■ to perly -organised,/ ^ fully, . agreed 
operation. Quite often thepro- quantify energy distribution with the departments concerned 
vision of additional doors to "»d where possible relate it to in their implementaiion-and are 
create lobbies, draught sealing production or other activities, closely monitored and controlled 
to frames of doors and windows. The booklet suggests that com- by ‘the manager, responsive. for 
and the fitting of door closers ponies examine the areas of energy saving. All staff involve^! 
can show significant reductions hfeh energy consumption, in the running of bitildi£g3,jijvd 
in uncontrolled ventilation and discuss with those concerned the engineering services" in- 
appreciable reductions in heat- possible courses of action and volved with this, should be 
ing requirements. • choose the best after examining aware of energy policy and the 

Light switching arrange- the financial implications. “Get need to minimise epeigy con- 
ments and groupings should the production - - 'manager, safety 

provide enough flexibility • to engineer, and cost accountant to pomfo# . levels. For. 

allow lights near windows- to work together as- a' team,” it ^ v 

be switched off when only says. .<■ ■- *5® 

internal areas require lights.,- _ v . ?■>.- - -: ;- . v 

. Strict control should also All fljtc - platttaftd 

be maintained over the .‘opera- 
tion of lighting installations to It gi' 
ensure that energy is not wasted examples 
when rooms are emptjf or only • Improving 
partly occupied. For /example, maintenance o. 
when buildings «*' being tion. Instrument*™, com- tto getartmeM- of Bt&gM 
ciesned before nr ./after the bastion equipment/Ac. 
normal office hours.; lights are • Checking automatic .control 5JSJL 
frequently left on Whei dean- equipment and if > necessary 
In* is nit being carried out. adjusting the settings... ... f“L» 

Monitoring of lights during • Carrying out plant efficiency ncmsei^ &mrSch^o^Xs Ueeln 

cleaning activities will usually, trials. .• 

therefore, result in saving of • Altering processing schedules n 

energy. to see if greater output can be liaVKl CaUfCl$Iii 




■ „e-r -;£*>• 



E-T>- A 
.£c; i'< 
iffitf 1 : 

•fisri s 


cs nr. : 


vices, ' it Wll as' "lighting; fcrid 

a; M.V7* • 

1 Ifp ns 

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New ’i ork. we olTer you our renowned technology and these 
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World-wide procurement expertise - to purchase modem, 
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Proven construction capability and reliable on-site supervision 
, world-widc - lo maintain the critical path up to commissioning. 

■Jc Short and long tenp feasibility studies - to assist your forward 
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& Multi-national export credit arrangements - to facilitate project 
finance and case currency problems. 

"With Sales Executive Offices in London and "Engineering 
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the plants of tomorrow for you toda>. \ 

Find out more by contacting David J. Coates, Marketing Director* 
at Stanhope House, 47 Park lane, London, WJ. Tel; 014997177. 


Mario Merio, Managing Director, at Telford House, Hound mills, 
Basingstoke, Hants. Tel: 0256 6121L 



A COMPANY of the eni group 

Us energy const-nation cam- 
paign at the beginning of 1975 
and since then it has allocated 
roughly £3S0ni to it. Yesterday 
further funds were announced. 

The current feeling among 
government officials is that ilu' 
campaign is proving reasonably 
successful though no one cun 
ever say that die maximum 
possible energy savings have 
been made ami i.he task is 
therefore complete. What can 
be said is that industry seems to 
have responded to the conserva- 
tion campaign raiher better 
than domestic consumers of 
energy. Perhaps predictably, it 
is those industries that'use most 
energy which have worked 
hardest at cutliny down their 
usp of fuel and electricity. In 
some cases the savings made 
have been dramatic. 

The Department of Energy 
reckons that most industrial 
companies can reduce their 
consumption by about 10 per 
cent simply through improved 
housekeeping. Under this head- 
ing come such things as turning 
off lights when they are not 
needed, reducing healing where 
possible, improving the main- 
tenance of machinery, re- 
scheduling production runs so 
as to avoid unnecessarily short 
ones. checking industrial 
furnaces and burners for heat 
loss and stopping steam leaks — 
eliminating a single steam leak 
through a 3 mm hole.can save 
up to £“00 a year. 

A number of methods are 
heing used to encn;*ra;e indus- 
try to make simple energy 
savings uf this type. The 
Department of Energy has tried 
to persuade all companies to 
appoint an. energy manager, 
responsible for all aspects of 
conservation. The idea is that 
he should either be a senior 
manager or at least have the 
support oF top executives. So 
far about 3,000 companies have 
appointed energy managers. 

The Department has sot up 
an energy " Quick Advice " 
service, which is free Df charge, 
and it also makes grants or up 
to £60 towards the cost of a 
one-day visit to an* organisation 

by an energy consultant. In 
addition lo this it provides 
advice and information on a 
more informal basis, often 
operating through regional 
olTicials of the Department of 
Industry. Seminars have been 
hold for company managers and 
a considerable amount of litera- 
ture on energy conservation is 
now available. 

(,'nce a company has looked to 
its housekeeping economies, the 
next stage is to examine ways 
of conserving energy by modify- 
ing plant or buying in new 
equipment. This obviously in- 
volves capital investment, but it 
can lead to energy savings of 
15. 20. or even 30 per cent. Yet 
the Department is finding that 
one of the difficulties here is 
to persuade finance directors to 
aeree f<j the capital spending re- 

SKkTi i: 

2:o;r- :i 
.3 aapKt’ur. 
2ad ;s 


38 Y21L-. 

spntf*' iiM 

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Saak s, - 

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ata* v. 

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asiaa:*;- ■ 

' ! fer. , ; 


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. . . • • • , .’•••• ■ ~ 

processes where cooling is on these studies pub- “a saving of -vULper' c/ett£M 
required and then use it to heat lished where it is thought they the very least is welV^wftM* 
office or factory buildings. This wifi prove useful . the grasp of iridustry.I-'®s.estir 

can be done in the case of In addition to this the mated that . tb is.^ means' ?*^bpot 
plastic injection moulding where Government is considering £5Q0m- Is there for the 
refrigeration is used to chill introducing building regulations -r The- long .terra- aim' 
mould cooling water, and one requiring tim provision of Government’s conservation 
plastics factory in Staffordshire appropriate controls on heating paign is to save £he'equjva^^ 
claims to be saving over £15, (WO systems. If regulations are in- of 10m tons'of: dif-:a^ 3 rta^''rby. 
a year using a heat pump. troduced they will apply to the 1988. This woulff:; be^iworth 
As part of its campaign, the installation or replacement of about '£7fl0m a"- y* gjr ; [jxrJXB 
Department is financing a pro- heating plant in industrial prices. The £h5bir ets&oate'-it w 
gramme of demonstration pro- buildings. - .- the total" energy '^aringj naade- 

jects to show industrial concerns Industry accounts for roughly in'- the threer Tears from " fl®4 ^ B R v *c J 
the potential for energy saving 40 per cent of all the energy to I97fi.seem .pramisii®?ia:fiua _• aw (. n ,’ 
— initially in the field of waste used in the UK and this means context and wouldiBnggest.tJiat 
heat recovery. It is also under- a total industrial fuel bill of -officials arre right in, daaaohig PBrnraH-' 
taking studies of 21 energy- about £6ba . a year. Mr. Anthony some measur&ofsuccess foFtbff- : ,W aii 
intensive industries in order to Wedgwood Benn, the Energy conservation - -v :y^'.» w 

provide details of energy savings Secretary, has said there is >. . : -'-2? ^Pliras, 

problems and potential. Reports strong evidence to suggest that - - Jwweran -.WhuL a 1 


■ t* :;:a 

- > ® !T, SW: r/ 

/ r" • - : *■ Vpt 

- 'o ria- ■ 


Where finance is made avail- 
able, the pay-off can be consider- 
able. British Petroleum, for 
example, is planning to spend 
£32m on energy conservation at 
its oil refineries over the next 
four years, but it is hoping for 
a saving of Rome £33m a year 
as a result. The company has 
set itself a target of saving 15 
per cent of its energy consump- 
tion — based ou IR73 levels — 
by 1980. 

BP’s annual energy bill runs 
into hundreds of millions of 
pounds and the advantage to 
the company of conservation is 
therefore considerable. The 
Department says it is much 
harder to persuade a smallish 
concern, which is low on energy 
consumption — say, 5 per cent of 
total costs — to make a real effort 
on conservation. It has been 
found that this sector of 
industry is not always prepared 
to make even basic housekeep- 
ing savings, let alone to put 
money into conservation 

Capital expenditure can be 
used to introduce new. energy- 
efficient plant to insulate or 
otherwise modify existing 
machinery and to finance energy 
recovezy equipment. For 
example, it is now possible to 
recover heat from industrial 

Steelmakers join 

' v; : . 1 . \ z \ '.'*j '. ’ • i 1 

-V ! Up p [ >- 



the search 


'" /v* 

THE ENERGY put into each a fraction of their normal out- to '-- ; a>' : prbper ^temperabdri^r^r;^.',.-^ 
tonne of iron or steel made is puts. The new factor ibai has work ;to be. done oppn-iyp^^.;- 
the most important fact govern- entered into all steelmakers'; -to /be kept alight- although! 
ing the acceptability . of that calculations is that efficiency -wre dptBg' far ^ i?"’ - aus 

metal for industrial use. if falls— particulaxly efficiency In British SteerbaFibe«^^^^.V; V 
energy costs become too high energy usage— as production io^b . its ow'd energymfljL “ 
alternatives to iron and steel falls. . during recent > 

wilt have to be found. If energy As. far as the Br itish steel centiating/a y dJ^fele . 
costs are relatively low in com- industry .is • concerned . this 5te®I ’ upan^a ; small. SitfnbeJ;^. yj ^ 

parison with other materials means 'that while Scientists and QH ,? n 

" ‘ ' ' 



then the prospects automatically engineers are still ' straining has mtfint-. 1 ” 1' 
become good for the greater use their inventiveness to. pave the. Iflaawarng y 

good B . . , v . 

of ferrous metals. energy in’ the iron and steel Soutb W^es " J ; t 

Thus every steelmaker in the processes the plants themselves more :work;so / ‘ a,Ll .' 

world has been stepping, up the are- wasting energy at a prodigal at a rate.-of ^ 

search for energy savings in the rate because they are hot work- year . wbjle ^qldeg 7 ,wn ap 
production process during the ing at optuniim'- capacity. -Aa-Wea 

last few years as energy costs the tonnage -tbrougirput of a maintenance w 

have been able to improve unfortunately remain . ebristant . other wprld'Steekhz^is 
productivity. For instance, the piped steam costs; wiy V. regain;?: 

But the simple equation , of and Sas . systems have - to be pmtiohateiy'' )ti^;^^ 
energy savings leading to kept at operational levels even 'the recessioh - / 
cheaper sieel has become cam- * h “ J — *“ rr " ~ ^ — v - - i - 

plicated recently by the world 
recession lo steel-making. 

For three years the big inter- . .. „ 

national industries have been in (to hnng the metal back up 5 

recession and producing at only cbNTINuib'O&'NH^^A^^^I^^^.v?^' 

' ' ' " 


■ i y, ■ • ; i V-.'.-.'fe- 


>c C 

i \ ) - . i • £ 

•Sr '^Ilv 

Frii^cM TEtnes Wednesday June 14 1978 


Government tries 
to set an example 

THE PUBLIC sector is one of programme” from whii-h other with the seven schools in the trical engineers and _ PutUng , 
the biggest single users of measures can he financed. pilot study maintaining savings their Wllh 

energy in the country. It spend. One loo! authority which of 21 per cent. _ _ _ L '^f'^orEnereyi, 


1 ^ 

iV OVl U1I VAU11IM1V vcryhody s calking about 

B-4 saving energy, but with one 

THE PUBLIC sector is one of programme” from which other with the seven schools in the trical engineers and putUnS JjL^verv obvious omission. How 

tlie biggest single users of measures cen be flnanwd pUgt study mainoinmg savtogs the.r Uals(jn wlth muC h v2 ur building- with all its 

energy in the country. It spends One local authority which of 21 per cent. effect. ii{ n | ULl J — . . n . 

about £2bn a year on energy, achieved energy savings of The Government has made the DepaxtmeiiT o iJiosyncrasie>- acta jlK can save in 

accounting for some 15 per cent around 10 per cent was Walsall financial help avail aMe to local also maintain hard cash. Although vou. mav have 

of' total consumption. Of this in itfoe West Midloads. The authorities to carry out energy cross-ferunsaiK he , t - * rwsav : n rr 

total,- about 9 per cent is con- council found in the mid-1970s saving programmes. The mam schemes bas com _ already ta - .omc. ct - e- 

sumed in local authority hous- that its education department aim of last December's energy mlttee on which the psa i, actions, you are probably not aware 

id|- ^ was accounting for an increasing saving package was <to raise the ' ted nfvour full envi - s\ -savins; 

The Rnvftmmenl anA ether n r-u. dnsmv nnurnn offiriPTirtv tv f a whole r “P rcse ■ . ■ OrjU " - I 

humidities, equipment status and 
electric demand. Then it reacts 

Not only do we give you state'Ot- 
the-art computers with proven. 

eieCtHL UCUldllU. - — — - * . , 1 

automatically taking control of > our application packages, but we also 
kins, pumps, boilers and chillers in give you the people it takes to 

the most energy-conscious fahion. engineer die system exactly to V°- 

needs to get it installed on time 

Honeywell central control -and working correctly. We mar 

systems already your project the way a 

have proven good contractor 

icrgy efficiency «“*««« Energy saving measures intro- 1 
nge of public sector buildings. duced by lhe PSA j nc i u de 

One area of the programme of setting office temperatures in 

r V F ■ r^T *v ■ r * expecteu to rise y? One area of the programme of selling office temperatures in 

*22 nf 1978 — about four-fifths of the CQnsiderab i e interest to local Government buildings at 6o t oet to the Bottom Line, 

industry in the efficient use of tolal energy bUi. authorities is the Government's degrees F as opposed to the 68 How to to tnc. oottom uuc. 

energy. The council. therefore, decision to bring a large nuni- degrees F recommended. Such «i,,rrnm i:„„ imv't-nv- 

Local authorities, under pres- decided to carry out a pdiot ber of public-sector dwellings a relatively simple change can Thclc - 1 - - V- ^ 

tro frftm ratAnsvm tn - - w ^ . . . , . . * ... 1 : -L ■ *- *-U .-i.-* 

UCL 151 UU IU UfclUe. U ****&« 

* * Z _ — aeciaea to carry oiw. «* * JUJVl ber of public-sector dwellings a relatively simple change can| 

sure fro™- ratepayers to keep stud y of energy saving measures U p to a basic minimum standard produce savings of manyj 

costs down durms umation, in sevcn QUt 0 f the 180 build- thermal insulation. Standards millions or pounds, 

have been in tne. xoreiront ot iiigs for the ^education D f insulation in local authority Perhaps one ni 

energy saving campaigns. in department was responsible. housing are very low: over 2m greatest single ach 

energy saving campaigns. In 
central Government the Pro- 
perty Services Agency, which is 
responsible for the upkeep of all 
Government buildings, has also 
for some time been implement- 
ing energy saving programmes. 

ings fo-r which the ^education 0 f insulation in local authority Perhaps one of the PSA's 
department was responsible. housing are very low: over 2m greatest single achievements to 

council homes fail to come up dale has been the development. 
Cf-||fl«r \ 0 even the basic minimum in conjunction with Honeywell. 

JiUUJ standard. The Government is of an optimum start control 

The pilot study revealed that therefore embarking on a 10- mechanism, now being used 
heating was often left on un- year programme of Joft insula- in Government buildings 

® _ .Lh ihrnnnhiiiil thi*» I IK hp RVSlPYll 

Government buildinj 

... - . n eating was orieu >car prugrauifuc ui juu ■ ... - - - 

ing energy saving Programmes. necessariJ , y at night and atweek- U on. tank lagging and draught throughout the UK. 

One o£ tthe earliest formal thermostats were set at sealing for public-sector hous- has been especially designed to 

recognitions of the need for the statutory in-. Over the next four years match iho partieular heating 

energy saving in the public S jfjjT, defects thfs will involve an annual requirements of the PSA sinany 

sector came in 1955 when the heating m mm » h — j —r inQm buildings which arr- only 

» *FKESs — ^ 

issued a circular to all local systems and the controls which In a( ]dii,on. there are to be ximin;i mechanism trips the] 
authorities ursin® the appoint- manipulate them. The stud\ laJks between the Government heating system in advance or 

AUUiuiiucg •=* _ tn +Wn nniM>1i!WIVn -that nn.l 1^.1 nn the CTih- . I I 

authorities urging the appoint- manipulate tnem. talks between tne uovernment h eatins system in advance or 

jnent of an officer for energy came to the conclusion that an( j i oca i authorities on the sub- the employees' arrival and 

rt0 _ 0( ,_„« on there was “ Li>ttle lo be done in stantial savings to be made in s [ lu t s it down after their 

conservation. , k..;ui n0 c 

A few progressive local autho- many cases without signaitam the space-heating 01 numungs. departure, ensuring that fuel 

rities such as - Kent, West capital expenditure but, on a Extra funds — up to £7m a year consumption is strictly limited 

<- 1- ’ Hertfordshire cost - effective basis, there — are being made available for tlI that period when personnel 

flnuntv. Councils took notdee of seemed little doubt that much installation of heating controls are likely to benefit, 

tiws circular and iQieir success expenditure would be justified. ’ and the appointment of staff The PSA has also devised a 

from that AcUon was taken, however, to specifically to ensure efficient tariff selection computer 

m £u«. savings. extend winter school holidays to energy- management. programme aimed at ensuring. 

Local authority buildings en- save fuel. Within direct Government ^ ll3t * ts sas and e'ecmcity 

compass a wide range of domes- Early results of the pilot control, the Property Services ben^ficial ianffs available 

tic^nmierelal and industrial study showed itatt the Agency has underiaken tn ■ b ■ hejn?; 

premises, such as schools, offices, savings from such reduce its annual fuel tonsumP; achieved b v huth lhe PSA and 

workshops, depots, residential cheap energy sayi-ngs measures tion by some 30 per cent by ^ auth ‘ orities> The Dl?pan . 

homes end housing. Thus the was in the region of 20 per iy,9. mpnt Qf Enersy hopes ^at 

potential area for savings is cent. Other schools were told The PSA campaign « con- industfV w ui take heed and 

considerable. An authority with of savings that could be made trolled centrally from London follow suit Eul it m3y take 

a fuel bill of £5m, for example, on lighting and heating and headquarters but monitored mQre than mere exhortation to 

coul d expect a recurring annual the policy regarding use of throughout its eight separate emu3ate tbe public sector for 

ea-vino in fuel costs of between premises, swimming pools and regions, including Scotland and pr}valf industry to implement 

£250000 and £500,000. Savings the kitchens. . w ®! es - wlt 5 VlD ea ^ rt Un ‘J t C h ' such savings, 

o/^iiino from enerev saving Since then the average saving ord mating the wo __ j David Churchill 

acmiine from energy saving Since then the average saving uiuiuauu* 
measures can fonn a “ rolling being achieved is 10.8 per cent. Agency s mechanical and elec 

The bottom line ot your energy- 
saving i> the tirsc thing 
vou should know before vou invest 
in an energv nunugement system. 
Your local Honevwell sales rep' 
resentative can ■'how vou vonr 
sayings potential and he can back- 
up the projected «j\ ings calcu- 
lations n.-al ca*c histories lor 
buildings jinular t> • \ out o*a n. 

TlieBa sic? ot‘ Saving. 

Once you know your energy- 
saving potential vou'Il iind that 
there are a variery ol ways 
Honeywell can help you achieve 
those energy saving?. 

■ Tlte most basic v% ay is by re - 
placing or upgrading your automatic 
temperature controls. For a 
minimum expense, Honeywell can 
apply advanced control techniques 
to help save a significant amount 
I of energy. 

themselves in 
thousands or 
buildings and 
when Delta, 
is applied to 
energy '* 


Expect a fast 1 to 3 year ' 

b W e can make your existing con- 
trols and electrical and mechanical 
systems more energy- efficient 
th rouiih a programme ot regular 
preventive maintenance. 

With a Honeywell preventive 
maintenance agreement you can 
plan on a fixed annual maintenance 

Honeweli ‘Smartware 1 . 

It takes a lot more than hard- 

engineer the system exactly to your 
needs to get it installed on time 
-and working correctly. We manage 
your project the way a 
ness raaswo*. good contractor 

manages a construc- 
non job. 

si Our application 

p- ” f. a and site engineers 

-■ •*-''% '■ I bring years of 

•• • 3 Honeywell capability 

and experience to 
your job and we 

cation programmes so 
that you can get the most 
out of you i systems. 

Back to the Bottom. 

Bur now we’re getting a bit ahead 
of ourselves. Lets get to the heart 
of the matter. Your own bottom 
line on energy savings. Send us your 
name and address and well send you 
more detailed information. 

F "Write : Energy Management Group H 
j Honeywell Ltd. Charles Square, 1 
| Bracknell, Berks RG12 1EB. j 


Competition increases 

rtf Hr™* inroorted aDolied in situations where British Gas of course, has a | 

° " . ware to solve your energy problems. 

■ Yourbuilding may justify a central ^ als0 ta ^ es so fhvare, control 

computer system that provides technology, and most imponarttly, j _ 

management: disciplines according human and experience. | n 

to vour needs. Honeywdls Delta ....... 



THE ENERGY supply market is P^f 5 * drying typortal JPP^ ed . s heat special S incentive for boosting , 

Sa'A’w.!!* a-jssrsMK : 

dustries try to combat the caUy co P« ej iuto J* ^ ^ recover heat from industrial years, as it is faced with the : 

growing share of sales Uiat is save on expens _ mi! Is processes where cooling is re- task of finding markets fur . 

accruing to the gas industry, space. It ar ™’®jv:* ’ J ^ fleec es quired and use it to heat offices rapidly increasing supplies nf 
This compeUtion has been with Jte fleeces ^ factory . bui]dings . gas it is contracted to take from 

heightened by the world sur- ^ baIes have About three-fifths of the elec- the norUiern NorUi ^ Sea fields, 

plus of crude oil and refined lano in wnie z. for used m industr y is for such as Fngg and Brent, 

products which has teflded to tt^dougr * g ^ jal roniB ^ oti ? e power . - mainly for About 30 per cent of the total 

depress pnees and.pve ns« s to reve i heat weU above driving production machinery, heat supplied in Britain comes 

discount offers in some sectors marnffimen a teinperature special care is needed in the fr0 m gas and it meets about IS 

This temporary surplus of the ,n “Sonn graduaHy Section of the type and size of per cent of the UK’s primary 

energy might be rather at odds . - t Individual fleeces electric motors to minimise energy needs. Tbe gas from 

with the exhortations from the softens, Th niethod energ costs throughout the life Frigs alone wil add 30 per cent 

individual supply industries^ to space and money, of the plant and initial capital lo the gas industo's supplies 

industrial and domestic co^ ^ j ntrod ' urt ion of the method costs can be reduced by select- by the end of the decade. The 
sumers alike to make energy frequenev drving meant ing motors properly sized for ta rget rate the Gas Corporation 

conservation a top priority. SJ^lVtales would soften in the load. The electricity supp y has set itself for expanding 
All four of the supply indus- that the bales _ mma ^ ^ ^ to niake avail- sales in the next four to five 

tries are intimately _. fi rn , U iovolved was able to able its experience to the build- years is some 700m therms a 

the mission of explaining Tht » A™: involve ^ o£ oU jng industry „ we!1 as the year . About three-quarters o 

energy conservation to industry. worth" more than £4,000 manufacturing sector. Fur tbe growth in the industrial 

But it is also true that ^h e , ^ achieve other economies several years it has been pur- se ctor will he in special con- 

sage is inextricably in the saving of suing an approach of integrated sales rather than m the 

with their marketing strategies, particular . design in its own buildings with tar iff market, and fewer sales 

and none of them miss im spare ^ smallest special emphasis on the efficient be made on the basis of 

opportunity to push the values . ^ indu5tria i market on use of energy. interruptible contracts, 

of their own particular fuelat P^ Jf lied baS is with some But it is the gas industry In wmmon with the other 

the same time thJrt.TiW t But j ndU stry still which has probably gone SIipply industries, the oil corn- 

highlighting the virtues P 78,000 GWh of elec- furthest in linking the P™™: panies, which in 1976 had a 

energy conservation. n from tbe public supply, tion of Us fuel with its potential domiliant 38 per cent of the 

T^ie central ™untiogfor40 per cent of for saving costs in industrial industrird market un a _heat- 

by each sup^y mdus^, r<; _ electrici sold and amounting processes supplied basis, all maintain 

1000 is just such a system. It con- 
tinuously rakes the pulse of your 
building, checking such things as 
occupancy schedules, remperinires. 

This total capability is what we i 
label “Smartware”. It’s what makes i 
your investment in Honeywell a I 
smart business decision. L 

j Commercial Division. j 

j nno<! ’ou>inc>s to run a line-tuned h mMirtff. j 


ti ll 

* V-! 0 


by each supply e i ec tricity sold and amounting processes, and it has even estab- suppIied basis . a n maintain 

the provision of unproved P ^ to a rcvenue of more lished a special School for Fuel technica] adV isory staff to offer 

cesses, techniques andraana. y £1 3bn The trend 0 f sales Management. advice on fuel consumption and 

ment .methods together tp though from a rela- The school has made r *P'd e m c | ent combustion to custo- 

cesses, - th £1 3bn _ The trend oi saies moagwucui. advice on iuei conbumpuuu 

ment .methods to jeth e ines tp j ndU stry. though from a rela- The school has made rap d effic5ent combll stion to custo- 

both cash and energy sav g base i 13S shown progress since it was first estab- m ^ s Esso for instancei b as 

and a strong reason ^ ™ Stent growth since the lished at Solihull at thei research rewM|y produced a special 

using a partwnJar fuel- ® 0 f th | recession in Nation of British Ga^ Midlands practical training programme 

tririty and gas J^mer of 1975. Sales 1975/78 Region. In the first °L ll J* for boiler operators throughout 

prove their worth m varies m espected t0 be about 5 per operations alone more than indusljy t0 aid the safe aT , d 

premium applications wd tte SjfhSer than in the previous 1,000 directors, senior execu- ffi ient u6e o£ automatic steam 

supply industries are ready to cent mgner m tives managers and other repre- .. 

. .. involve themselves closely witt y - quarter of indus- sentatives of the busm ess world represents only about 

a company to develop a special is u . sed in and public organisations 18 P ™ l ce r n e t P of oi] consumpt ion 

P Tm S eSS”»ed »y the th. tone lof e.e=.tfeaL !n ■Jf-S 0 !" U 3f ” it sessions in tte VK. bu. -the ee is much 
eiectri^ "°«e sueeessfully xhmughout the ooontry. 

instance, nas v a number of opoort- 

Todav. nuclear powercomes of age: CafcfeT Kali .the 
world’s first commercial nudear p&wer ^ Iff. 

• hy Her Majcstv the Queen on 1 /th October 1936. - Len 
over 32 thousand mitli on units of electricity have been 
produced enuugh'to meet the continuing needs ot a 

city of 1 50.000 people. ... - , 

prom C aider HaU came Bniain $ first nuclear 
programme. Over 1 4°.o of all Britain's electricity 
consumpti on is now nudear and this proportion i > 
increasing ail the time. U is dean. safe, reliable 
power. It is cheaper than aiai or oil . And it comes . o • «i 

BNFL nudear fuel. . . . , . - ■ •, , A 

With 23 years’ experience. British Nudear Fuels unrated 
provides i he nuclear fuel and fuel cycle services for all c-l 
’ Britain's nuclear povverstatitHts and for a number »'•! 

overseas nudear stations.. • . % . 

Britain's ability in manufacturing anorecycbng ..uuca. 
fuel istfce enw of the world- BNFL is playing a vital P'-rt 
at the forefront of thus techtvAogy 

British Nudear Fuels Limited. ..•> 

. Risley. Warrington. England VVA36AS. • • 


pougnounnecounuj. fuJ f y Among others Shell Is 

studying a number of opport- 
unities for improving petrol 
consumption which have been 
identified by its fuel scientists 
Third BSC is improving its at the Shell research centre at 
•iSS’iPiSa tPchnioues. One Thornton m Cheshire. It is be- 


- aa.5« I 

major area °; r o7r. v u“ | 

S? tea. energy ^ e.ergy sav inS s on BSCT, "S' X W 

“Srfea. oneosy sav^a e^a, «-*« 2? " "“SI ,' ¥ ='^ 

p; :: 

*■ , 1 >', , v v :. ■ 

V.;.. . 

'll# - *' 

C Thi nrinci'pal energy savings chaser— has agreed to w ™ * massive coal bill are like iy iu ind ustrial market going down 

• ? in recent per cent of its needs from the C(jme in the ful u re from wha from w per cent in i 966 t0 

in bulk Ste acbieV ed by NCB. But the price has r - n ig being ^ped Supercoke- t somp 23 ppr L . ent jn lfl76i Any 

JS2 higif quality foreign iron from £6 a tonne jojnw^ sounds dramatic. Ji^reahriU improveilient in the short-term 


be prouucea rot® . difficult for BSC to ansoru * b0Q briquettes. Lxpenmems t u r0U£ "h increased productivity 

coal turned mlo_ c ® the NCB wants to sell „ gojng on at a plant in Sc„n c0St P jDcreaws . 

blast furnace coU g . ent during the steel recession- thorpe. However, it would be long-term, however, 

parallel with that fcvelopn'ent it during^ ^ £3, 0ln coal b.U ^ ye are-even f the Is putting a lot 

blast furnace tech « - , yj gjn tonnes of colong : coal ments aTe successful — befor i nve stinent into research on 

itself improved With '^ng the current year , he big esc cok« plants ot uti]isatlon . nt 

n , ace .? 1 ^L a ^ d „ Snrn sire Steel is casting around ior new M ai , be equipped to mal,e Na P o , ]al Coal Board hopes th at 

. i&xv . &■* 


Sat thTlwt An optimum size Steel is c«ui« — 


and use supercoke. 

the fluidised bed combustion I 

— uie mmuacu 

lav,, . ^nnoo tonnes Three mtnA tn In the short term the main system currently being deve^ irrp iiipniiifpn 

reached with fte 10.000 tonn A programme to all British stelemakers ] d wiI1 make a considerable 

a da7 v f c?rttf J? ’ « A use fess coke is uoder wa - By ^ ^ e 0nt rib«tion to energv* saving 

British s ! ee ^ ar on * was various devices, such a» to pitfe up after t he hopeful and through the elimination of 

second . s, . ra ‘ 1 p nrt TalbD t South ing oil into blast fun^c .. s i gns „£ recent weeks. ^ P laQt ^ sulphur emissions that it will 
scheduled for Port Talb Lb u jn |s can be made. Tbe™ “ can be worked hard they can environmentally beneficial. 

Wales, hut Plans for «iat n e ing continu|ng gradual reduc oven) . ght ach ; eve something Thp NCB is alk0 developing 

been JffZLSSr* the Cor- tions in the rauo of ^c t ^ B JQ per cent energs' saun tet . hniques fgr the conversion of 
part of the reeastine o pro - steel because of th's so yu e o{ iron or steel made , int0 oU an d chemical feed- 

novation's investment ^ s hnl ,, ek€eP ina. unmno wui -with their perform- * n roniapp the oil when it I 



v, x>. 

part of the ste el because of tn.s peT tonne o{ iron or steel maoe CM , int0 M aild chemical feed- 

poration s mvestmen v housekeeping. we-« » compared with their perform- stQCks t0 rep i ace the oil when it 

8™“** in th- s teelmaking is blending varying Q a “ ^ aace a t lower levels of working. be gins tu 0 ut 

gSjSSOs S&Seiar »* — 

In Clwyd today 

went to work 
as usual 

Clwyd’s multi-ikiVcd 327,000 strong workforce 
lias preserved quite a number of old-fashioned virtues. 

Among them is the idea that a lair day's pay is a 
good return for a fair day’s work. Much is why 
Clwyd can justly lay claim to one of the best labour 
relations records in Britain today. 

It’s only one of the factors that convinced such 
diverse, internationally-known organisations as BfCC, 
Dunlop, Kelloggs and Pilkingtons that Clwyd was the 
right place to invest. 

Among other factors are Clwyd s excellent 
communications — easy 3cccss to road- rail and air 
networks and proximity to the north-western seaports, 
xcadiiy-avaiijbie factory units or sites and extensive 
financial aid. 

And one more of Chvycfs quaint old- £ i — ^ 
fashioned virtues — it’s an outstandingly / 
pleasant place to live and work. fa -CL 

Get ihc facts on Clwyd. Write to Wayne h 
S. Morean. County Industrial Officer. Shire V 

Hall. Mold. (Tel: Mold 2121) for a free J \ 
culoui brochure • 

-at the peak 
of Welsh potential 

A chance to get the 

answers to Europe 

I Western Europe s energy ‘mix’ 

| -coai, off hydro, nuclear, gas- 
/ \ | is a compiexand changing 

£ 'f one.Aneraofhigh-cost 

energy is looming. How the 
I governments ol Europe 

fe c T° a,n,1,a ^ plan to meet the demand for 
1 energy, and at what price, 
will affect every business 

and individual in Europe -and many throughout the world. 

Planning and decisions therefore call for constant access 
to a wide range of up-to-date, accurate information on 
energy programmes and their implications. 

This is what European Energy Report provides. 
Produced by Financial Times Business Newsletters, 
European Energy Report is an exclusive and informed fort- 
nightly review of all sectors of the European energy mix. 

It sets the relevant information in perspective and 
presents it in a continuous, well referenced record that is 
essential reading for anyone concerned with energy or 
related industries. 

All for around £5.40 a fortnight. 

Finding accurate information is a Me like energy itself: 
it depends on reliable sources. This time, we think you’ll 
agree you've got the very best on tap. 


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Nature of Business. 

energy for industry vi 

Hnamaal'TOaes wednesilay ■ ^ . 


pa ia 

iii' 1 

Savings in 

THE CHEMICALS industry is the amount of energy it »*. .U »ndgas It; basbeen waatefuL the end of last m to* 

THE CHEMICALS industry is rne amount or energy it uses uu ... u« -- *7: f- ‘ ieot £ in ** chemical pfeums of other fuels Tax ehangea 

one of the major industrial per unit of product. Between According to figures produced stant®, Du Pont, the largest U.S- proj Tlvi drainafi'eaHv Gas has imr^^ 

users of energy. But unlike 1965 and 1975 it cut its energy by the Chemical todustnes chemical company had already and aBmimi g®*S**? SfSigibS : 

other big users, such as the needs by 28 per cent per unit Association, the British, French cut its w*x& use.per w* of years. Of ." 

iron and steel industry, it also of product Energy cooserva- and West German- industries’ product by 15.7 per cent. The spending £25 w 'half ■ of the industry’s enerev, 

consumes considerable amounts tioa is now accepted practice consumption of energy per unit company's energy. savings from schemes. ^ . 

of oil and gas as feedstock for by the large and medium-sired of product . is only 60 per rent the beginning of 1974 to -the end J a Soadet^mo^ 

a great range of different pro- companies, but there is con- of the total consumed by the gf 1977 totalled tile equivalent investment on scate. .-BP- . ■ ... WftTn f. rrn amir**;-, 

cesses and products. Petroleum cern that smaller members of U.S. influstiy. ■ * 17.4m barrels of oil. Chemicals has^aiwa^ 

feedstocks for chemicals repre- the industry have not yet rea- All this is now changing of M th e UK leading chemical enei^r consirotion 
sent about 8 per cent of crude Used the potential for savings course and the U.S. industry companies have made savings than 10 per cent etunpared Who 

oil consumption in Western that exists. has also learned from the Shock tbal m equally impressive. 1973. Now theBPflroapis aim- P°“*- ■ ■ 

Europe and this is a share that ... . , deUvered by ? e OPEC oU price toperiai chemical taiustriae tog at cutting eaeoar eooSm®- ST*, 1 

has been steadily -increasing. liave w “ e fro J“ a increases. It is pouring con- has seen the average amount of tion by 15 per rent overThc ~ Fb^ er -ehanges in the UK 

rr-^ variety of sources. In the short- ri>smirwK into the _ WiU be evldent with-tiie avail. 

The chemical sector consumes Jera tiie ind^rv* hS imoroved * ide ^ ble sources into the ^ u^d per unit of product 19734J0 period. In the next four ^.V of new fSStS fiSn 

- i5L.«2= asyisrz's; srs 

total energy used as fuel in effiae ? t and Qas v™. 5 * 1 U P tn 1977. If it bad continued to BP’s refineries to make 

industry in the UK, a share that Brobabl y the i mo st _s 0 phi f t 1 >,ted ^ ^ A the 1971 me tbe mo« enersy efficient, but tirat WnmiriO' omillflHfl ftr ikb id 

industry in uie uj\, « mi«c uibl h rtF * — ' ■ — . — use energy ax LDe iy< i rare cue more energy emeiem* out utai --.luwa W ««« -A 

i£S£ SSS »fesfcss« SHsri s? r&ngvs ««&■<- 

sectors The result is of course are 10 ue mane rrom more raui- world ^ ehemicals sector 01 ‘TTT ■ ; ethylene plants. Ana several 

S2 eneruv represents a hiSerl ^ changefi - E^atinS processes has been ^ ^ target by the f avm£S resulted partdy£rom the The chemical industry is also companies are investing many 

thas-averace proportion of total have been modified aJld P ,aBt U.S. Energy Department of cut- better running of easting plants ^ UK's largest private millions of pounds to make 
than-a \ erage propomon or loiai . Mnitnmont h» hann oHanted _ . . . . and nartfv from PHoenditure on .iuw.ih, r*. ,mw i..,. 

eo£*tad£SSk*^P«d ui*‘ energy, uee by 14 per cent ‘SISTSSSLT 

with industrv as a whole This with energy conservation made (measured by the amount used modifying existing processes. abon t; g per cent of the total more flexible, to aUow the nse 

has meant that there has been a top priority. For the long- ^ unit Qf product ) by 1980 But the most sigmlicaiit savings electricity consumed in the UK of liquid petroleum gases O**. 

a continuing awareness of the term the industry is researching compared with 1972. can onl y 00016 from radica ^y and 22 per cent of that used by pane and butane) -as well as Jjw 

benefits that sensible use of entirel £ new processes and Most oi chemical majors new processes and plants. industry. It generates about oil and naphtha as the basic 

energy can bring Energy Squally introducing less in the U.S., such as Du Pont or Energy conservation efforts 30 per cent of the total, itself, petrochemical ^ ^ feedstock! , ' . 

, wfl j comfortably exceed are not always cheap. British Its usage of electricity, has been . ,■ v • * =* 

, , 1 n_ -Tr- ..... 4 ka l-lrl Ift ’’ ' '’Re VllPX/flllW 

conservation is not 

energy intensive products. 

phenomenon in the chemicals But the easy gains have been the iiuhistry’-s general goal. By Petroleum, for example, is fairly stable over the. last ed ' ' . " 

Industry but the sector’s effort made. Over the 10 years from . . S ; 

to reduce consumption was cer- 1976 to 1986 the conservation ' V •' 

tanly stepped up in the wake of targets are of necessity rather | 1 ^ 1 ^ 

the OPEC oil embargo, which less ambitious. The Chemical Lj AIYIIPQ I tYI /^T 

brought a quadrupling of oil Industry Association, which is ■ \ j { II II I V-J LV# I J-T-XiS *?«.’; 4 ■:•?££ 

prices. Last year the industry active in preaching energy con- JL— V-/ lAV lillVVil 

spent more than £lbn on pur- servation to all companies in the . . "-t;- ~ r 4 • 

chases of energy as fuel and sector, forecasts that over the / i . yff' X.' 

feedstock. next 10 years energy savings THE MOTOR industry has nd, car is snarer in ihe Gist place, tax concessions-— in. Italy, diesel Us«lr : Iu maBy engines,-.eieeb: 

per unit of product will amount as yet, had to face up to the Bat similar design alterations sells- at one-third at the price jronics • is . algo ekpected^ to, 
/-x xi_ to about 7 or 8 per cent. Energy most serious implications of the are under way. Lighter com- of petrol, and in Franee at aboiit.inake a cpptn&itioitl-Petrol; . 

VJlOWIIl consumption is expected to grow oil crisis. Petrol prices to-day pouents are being developed, half. Second, in terms -bf inpg^ mjection methods, uSmg;-:tte©- 

Economical matiriii 

- r n& - 

consumption is expected to grow oil crisis. Petrol prices to-day ponents are being developed, half. Second, in terms •bf-mpft iiti^^on^ Td^ibds^Tiring : --elee- . 

h -., a at about 1 per cent less than the are about the same 

„ Of output from 1976 to terms, ss they were 

been at the forefront of the * , . -rv,„ 

. in real more precise electronic controls diesel has been shown to give tropic meant > ef : >determining the _ 
in 1973. being produced, and vehicles re- motorists about a 30 per - cent -mo ihent> pf r-ffief jgfactiwi,: |flt~ 


1981 and only about -J per cent The motorist, despite the steep styled to give less air resistance, better range than petroL ' cUrfency &eriua»j 

*i S oH S ooT^rp?isT„i 'tom 1982 to 198 6 P inerts in 1974 and 1975, has Legislate fiat has given u , m a great M"«(' 

that’ demand for ea«3y hu The UK chemicals industry not forced tn demand some guide to a® argument in the industry, how- 

b“n running ahead at a faster compares well with its major « ^ny price. Larger- indu^.has to ream in the U.S. w , about the real ntflig of “g-J^ ggS 

rate than that for industry in rivals in Europe and the U.S. ? nsln ®? c f r:> nave ' recovered By 1980, individual car mauu- aiescl fueL Some eeonphusts - _ 

general Between 1965 and for the way it has learned to frora tb? slump u demand and facturers will have their annual argue that since it is a denser Electronics-- 

1975 the industry's demands on use energy more efficiently. r '“? ln J“ 5 ' “ s i""P»rt“t a part vehicle output tested against tue i th an petrol (about 10 per K on o my in two- other wayT, 

he nation's energj- resources Only France and West Germany “ f 1115 ma - _ket as ^ we ™ five t»t|et fuel consumpuon rules cen,) there is little advantage Flrst, their mereasffig^pphqa : -, 

grew by 12 per cent But in the have comparable records over t*Ul ago. and will face a fine on evely «r to ^mg it in terms of saving .tton^^generidly- g*^^:- 

same period production grew the past 10 years, while the U.S. All the same, the long-term th^y fau to reach this. Tn® on the amount of oil being con- ^feigttt qf a car. Second, ^«iey- 

by 56 per cent— chemicals grew has Jagged far behind. The U.S. pressures towards better fuel benchmark is an average fuel sumed; and the additional cost wiH>be'‘ called .in to exetmse 

by 5 per cent a year frora 1966 has lacked the same economic economy are having their consumption per manufacturer of heavier engineering' -much-more cdntr^/iHwr-'lhe 
io 1976 when the rest of mauu- stimulus given to the Eurupean effects.These changes are seen at of m PS t* 16 n6 ^l J _ tw0 accommodate the : stronger- operation of the-: 

Ldlh .'JTtiui Lius uiaat U lanif wivs <■> ^ "o- ^ ‘ — -i — — rioRnitiftrt : n — — • 

spectacular saving already in plentiful supplies of low-cost so striking, since the average 5^asury ^ decided to make t0 manufacture - 

person^ tax higher on lager- Neverthel ess, 

I pxti es sroiiDS •«««. » f ». A Mi u, The id M ol ^ 

JL VAVllVU n A V approach (some economists: f***.*£ ] meeting weight, ^ich is -the; biggest 

^ X wouId like t0 see ind “ tr y single factor fe AWl’fud Sn. 

forced to change through the ^ ^ sumption. This m^ans that the 

^ . • petrol price mechanism) ? there m w u o ‘ ' .- high amtent of steel in the 

A 1 ^ x-v “ n0 dout)t lhal wm «P The desire to.ri reduce gener- mo dem car will' gradually be 

I Vl 8/ T1 / | 1 I | “ the application of ne^ tech- ally smaller . capacity engines reduce^ _ jiving - way, iiji the 

ft LX By w J E [ W no logy. The problem all manu- has also revived interest in alnminiUm,plastic, and 

^ w facturers face in responding to turbocharging. The principle new alloys. Aluminium frac ?t 

the new challenges is that they behind this technique is. .well- .course, been used- by. some 
have vast amounts of capital established: the engine exhaust manufacturers for engine con* 
TEXTILES IS not on the face which will come from the EEC tendency is to have an excessive tied up in ensting plants. An gases are used to drii^e a cpm- struction far some time. Bqt it 

of it an industry which might be Energy Research and Develop- Bow of hot air. but new instru- engine line, for mstance, lasts p resso r ^h^ in turn pumps is now moving into some arras 

expected either to have an meat programme, with the rest meats are now available which for 25 years, and the normal extra air into the engine to ^ve of body panel manufacturing. In 

energy problem or to offer coming from the UK Govern- control the rate at which air is ■W*J°“ h JjJSP^SU w 

engined vehicles provided as. a 

to manufacture. - engine pertdrmahce.; .thtonsih' 

present which is not going to 

■I. • yicJuiL TvuiLu u uwi w _ .i_ _• . -, •• •«. * • 

M Space 

take notice 



major opportunities for energy men t and industry. 

drawn in and extracted so that ance is rented to this 25-year past, however, turbochar^ng has today have aluminium .bonnets 
an optimum level of moisture The demands in the U.S., only been thought suitable for and boot lida. Plastic -will rimi- 

|and the_ processes which most pas t to efficient use of equip- “Mniained. is looking at diesels, and the because turbochargers are djf- also contributing to mOre ejB- 

frequently spring to mind ment for keeping mills warm or Anoiiier instrument, also who i e industry is moving ficult to refine. - cient fuel usage. Research In 

iCSrt..!!?!!. 1 ™ D fi I H E w -I E towards a replacement of its At the same time, a lot/of this field is the main reasou for 

•v . . 

sewing-use energy in ^e form would seem, by Courtaulds’ ex- wa^te through over-d lying, has large capa city V8 units, which work is going into petrol engine the growing sbnilarity.of aha!* 6 
in which savings would appear penences, too. Courtaulds is been developed by WIRA at use d t 0 account for a little over design as well. There is uo. in today's carv'with the droop-V 

U wuiHi iifuv IKUWIH, j “■ used to account for a little over design as weU. There is no. in today’s cars, with the dxoofr 

least possible— -as motive povver. reported to have fouo ^ tl ? at out Leeds, which has been respon- ^ cent of production, by doubt that the next generation - ing nose, swept-baefc winc&Creen^ 

Yet one of theindustiysblg outof sever^hundred attcon- sibleforundeitaking. incon- V 6s and even 4^inder engines, of engines will have much a^ wedge^apefl -rrerT^ 

groups. Courtaulds, was among dltionmg plants barely a dozen junction with Shirley, work on nieseL have also encountered imoroved economy nver today's ^ 

groups, wunauuw . w« = junction wun cmriey. worn on Diesel5 have also encountered improved economy over today's This sort of design reduces air 

the earliest in British md ustry were operating at their lowest energy saving io the woollen, big Q{ interest in standard anits. They wUl uie 

Europe. The re»sons for this are lighter metals, new cylinder consumption by up to 5 per . 

ZS*JSL*2 SSL™* ZSSLTXfUZ.* S£.’!S •~SS2 = *K^ 

claim savings of £ over a working against each other. The a specially developed monitor. ments notab , m ItaI France meat wUI be weighted towards shapes, 
two-year jjeriod. The industry s P«blem «Nndmg to Dr John measures temperature at two Md Spain> have decided to economy rather than perform- 
research associations have also /«• - ^ t in P° mts along the path followed enc0lira g e jts U6e by favourable ance. Aluminium will be widely 

been studying ways of cutting Shirley s IETS. work is that in jjy t ^e cloth, enabling the : — ; — 

down consumption and, accord- many plants louvres tend to be operator to adjust the speed of 
ing to figures produced by one opened in summer and then not machine to ensure the 
of these, the Shirley Institute in dosed again, making it : neces- correc t amount of drying is 
Manchester, the different sa f7 t0 Provide extra heat in applied. Energy savings of as 

sectors of the industry could cut winter. Yet m many spinning mLJC j, as 20 per cent are claimed _ _ 

their fuel bill by between 15 p ants amount of heat from ^ of monitor, which ' - 

and 19 per cent with the aid of generated by i inving spinnmg can also be automated. ^ 

mostly inexpensive me^ures, ^ raJn es aed by the friction of , — — w HZ 

:-k. ' ' 

:> iv • 

"Vtfe i 
'. S S»C<.. 4-" 

:*»•. j '■ 

Terry VDpdsworfK 

the yarn ought itself to be With these various measures I 

1 fS5m Signature 

| Nsjfc' TIk FuandJTimaLinBtciHi^OtBce; Bracken Hoae. 1>I CinnonSncH, 

L- tiHidraEC lP 4B Y. Rcgifoaed in Ei^lapd. Mo. 22759a 

representing in total value * Tnough much of theTime In savings of as much as£7m could 
savmg of perhaps _£20m a : rear. spinJ ^ g Shirley calculates that be achieved in the finishing 
There are a number of explana- of £2m could be made, sector, according to the Shirley 

lions for this. Like most other a 5^1^ sum coming from research. In the woollen and 
industries textiles has for too weav j nfr jn both cases the key worsted sector, where the main 
long been prodigal in its use of ^ more efficient use of boiler saving would again come at the 
energy for space heating, and equipment, better distribution finishing end, wilh a smaller 
this is one important area where ^ jj eat< improved insulation contribution coming from spin- 
savings can be made. More im- ud other good housekeeping ning and weaving, the figure is 
portant, there are some parts of measures. put at £5m, and in hosiery, 

textiles where energy consump- where finishing is again a major 

tion is a major part of total ^-wr i* element, a saving of £2.5m is 

cost s, and substantially greater \y 3 S ill fi g calculated, 

than in many other manufac- Shirley exercise has Within the industry, there- 

turing sectors. At some point in . ^ savings of as much fore - there is scope Tor substan- 

•?« Passing chrin S » * “JSS tial saving, but there remains a 

tiles have to be bleached. changes in washing pro- major problem of isolating areas 
scoured, dyed . w«h« 1 nr ««t [S«« atTne S Jt •» i-effieient heat use. The 

processed imd tius ; involves the duded improV ed agitation, re- industry itself is highly frag- 
heating of water and the drying ducin g the number of passes mented, consisting of very many 
of wet cloth. It is here, as i the U|e fabric makes through the small units, and within indivi- 
Shirley Institute studies have and perhaps most im- dual plants a wide range of 

demonstrated, that the big sav- por t»nt, reversing the flow. equipment is used for the 
mgs in texttie energy usage are Thg considerable quanti ties different processes. In each 

nnsribilitv of cuttinn °f hot effluent generated by the P\ an } ■ comprehensive audit is 
The possibility of cutting indu - n _ -i s0 n , t t0 use needed— an approach which 
down on the fuel bdl is also of industry can “*o ne put to use . Hoc orlnnts/l I 


: h "• " ‘ 

*• 'i!* r. : ’ ‘ 

we help 


- h 

: fhe I 


An Tq 

We don’t imagine that anyone buys solid fuel jfrk to keep i»5h, " 

T-'-vil '- -r '>•- 

business. . . ~ u : y ^ he r ~" J '-'' 

So we make it our business to carry out competitiye v : 

studies as part of our technical service to industry: .-■;** : ■ -y •. -v* 

And we back this up with a whole range: of othier inmibrtaiit - ■ ^ vr -7 ‘-'1^ 

services. "/ . , Y : 

Fuel sampling facilities for example. Speofic^ons fccr new r; - / ■! 1,v > r , 
boiler plant. Advice on ecwnarmchandlhig and distribution - ' ^ .;'f-v 

and split loads by road, rail and sea. 

Doing all we can to ensure thaf customers use solid fudLfofhe: r "? ^ ;; ; -- :V ~ V' ^ f ^: 2 

best advantage is one of the things wtnch has helped - - : - = V v i • - 
to make us one of Britain's biggest distributors of 

•••- v- il - 1 Q ' •> f] _• 

•"> '- -r ' - V, ■*' 

down on me tuei am « also ot — - ^ 3t beat Courtaulds itself has adopted, 

considerable importance to tex- r n - Each of thp enmnanv's aoo sites 

Mark Lambert Energy Audits 

Are you overpaying tor your electricity, gas, oil or water ? 


Ms charge for report. No obligation to accept recommendations. Sole 
remuneration a 50^ share ip savings secured (or a period of 36 months. 
■50 of funds secured. 

Kr. Lambert has spent 10 years with two of the three major firm* 
specialising in this field. This included two fears as a General Manager 
far ant and five years u Director of Analytical Studies for another. 
After the first seven months trading he has over 1 50 clients, including 
30 of the major International banks in the City, leading, accountants, 
solicitors and stockbrokers, governmental agencies as well as divers 
commercial and industrial consumers. Largest client controb over 
10. 000 establishments. 

H you spend over £1,500 a year on electric icy. write or better still 
send invoices for the past 12 months to:— 


_ Teh 01-946 UI2 

5imi1ar service at identical terms is available for telecommunications, 
iron, expenditure £10.000 per annum >. 

Hl« in i*i Mmip Tor Survival" exchangers for subsequent use Each ,of the company’s 300 sites 
tiles in its battle for survival. ^ wanning up further quantities has had at least one executive 

^ . c ?"? ant . Pres* 1 * of Iiquli Heat exchangers are responsible for energy saving 

vffilch it has had to operate for now ^ ing supplied as integral who reports to an overall energy 
some time because of competi- partg of SQme pieces of finis f 1 i n g ctKirdtnator. 
tion “Om imports means that it equipment, and in one case it is It is this sort of approach 
can ill -afford to overlook any Maimed the cost can be saved in which is likely to be backed in 
area where ways of reducing s i ng i e shift working in one year, the next phase of the thrift 
UK manufacturing costs can be an( j j n a much shorter period scheme when the emphasis will 
found. The scope for savings more intensive use. be on helping companies to set 

has also attracted the interest Elsewhere' in finishing the up their own internal audits. IF 

of the EEC authorities, who main potential savings are in successful it could enable com- 
have selected textiles as one of the use of drying equipment panies in the industry to turn 
four areas, together with brick- where for a number of reasons some of the estimates of 
making, steel and non-ferrous there has tended to be over- possible savings into hard cash 
metals, for special research. The drying of fabrics. The main which can be reinvested to 
Shirley Institute has been piece of equipment used is the achieve higher profitability and 
selected to carry out research stenter, consisting of a hot air greater competitiveness, 
on certain finishing processes chamber through which the ni -a 

under a £100.000 grant half of fabric passes. In many mills the JvnyS UaVid 

■ • ;• -“ ‘ft Sm? >- 

The wide wwM of 

Wm. Cory Solid FusI, Windsor House, 1270 London Road, Noibnry Loi 


‘Blf.i-'-l - 

I ffi.. 'rif.f. . 


I i>fe L- 


: ; t /; r> ; ; Jtme M; 197$ 

, : ; Wa^.p^^Pakce^' . ; v5j •..• y v- ";-• ■•; • 

i ; /-" ..-* ' 

by; Michael coveney 

ffloriR.Gxa^ainB is aot ^cactiy' is feebly !lempeied>lth_thp pros- 
plumpivUor . is she exactly 27, pect o£ a new life in Australia, 
blit . ii rail ...other respects, she the bones of. the- original, remain 
maKes. : a\ fairly accurate -assault intact: . . >.V V- --.>/ 
oil -S omerset Maugham's; unfor- • .- The - missionary. ' Davidson 
tudate'. .-Sadie .Thompson.-' You (Brian Oulton) is a zealous-foil 
Tnay-.reBaembep-MissGrahame as to -the placatory central figure 
^?ht-lipped .brunistte who- of. -:i)r. JMcPhail ' . (Michael 


Whatever happened to the news 



I’m talking about 

in:.^€ff.*ye»rs;on. the- strength of. lar. terms. Miss 'Thompson. 
her:«sc*een ‘ reputation: ; -And, in - pummelled by .-smug ' -pieties 
heriBritisti debut -the xepiita- -seems set' to jreturn .to _San 
tioapt'r<3foes: -not-, lie. . 'A little Francisco ; and the penitentiary, 
wwden-she, may, he; but Miss Sh ® “ 8 whore on the Jun, 

,Gra^me;®akos milch- of Miss : latfi ly escaped from-the Honolulu 

Thompson . as": "an . axein g - good- red tight district.--. » . ••• -.- 

lh- thl sonm Pavidson is committed .to 

timeVgarl' Stranded in- the South 
Seas with; a^hteoqs missionary ,-oteaniag up;, dege^egsyv among 
couple . and-lmore forgiving ^ of .the gyu? Seas, 

medical- pair. ; • But early mormflg private praser 

-,r v" floorboard, hut” if has 'all the and" sanctimonius .marriage. 

eld-fasmoned Virtai 0 r J5J = Stephen ; Hollirfs.... protoctipn 
■\r . ^ • stru'cture'd 'thTee-act nielodraTna. moves . swiftiy d ;? p t he 

The’ ship’s travellers are holed s 0 . 1336 0V ^» *«tn?essivSv 

^ ; up-^in trader Horn’s. ;store-cnm- mi . nor ™ les ' . ^ he 
):£, i i . hotel as a .-result or a cholera atmosphere 

scare,".. Maugham:® briBiaat -oar- remforced by . •«»_ evocati 

ior stage u^^d 7 tempera- 

purposes to -good effect and ture are registered as a back- 
eveq.ilITonLJS given an unlikely drop 1D a realistic stage picture 
native- wife, - axid __S_a die's- -final of.-, rope. ' faambOQ^iuffd:_ cane 

Any doubt that television was 
suffering from a bizarre affliction 
affecting the mental processes of 
its staff had to be abandoned 
finally on Monday last week. 
That was the day when the five- 
power conference on Zaire was 
held in Paris. It was the day 
when five people were charged 
with complicity in the Morro 
kidnapping. It was the day when 
the education voucher report was 
published. . In sport it was the 
day when England beat Pakistan 
in the first Test and Willis 
attacked Qasim with a bouncer. 
Colin Powers won the European 
light welterweight title in Paris, 
and three competitors were 
killed in the Isle of Man TT 

sidecar race. 

) So. what did the BBC and ITV 
1 news programmes decide to lead 
on? The banning of some 
pathetic Scottish footballer whose 
urine contained Feneamfamin. 
Television has surely reached 
pretty desperate condition 

vitriolic- opinion of the male sex furniture. 

when it requires the Former 
editor of a magazine as good as 
The Economist to open News At 
10 with an item in which he 
announces (in tones momentous 
enough to mark the suicide of 
a much loved sovereign): “ These 
are the pills ..." and the 
camera cuts to a huge close up 
of yellow tablets being poured 
out ‘of a bottle. The whole thing 
could hardly have been done 
more portentously if the pills 
had been used to poison the 
entire Cabinet. It is difficult to 

by B . A . YOUNG 

The Dolphin Theatre ho’ d°"<= way ' m °. c - k - s P_’I e v“?Jl« 

Lheatre na . -jj f or n * ot going into business 
well to gave us the whole of the « « 1 ^ Wesker makes 

Wesker Trilogy in sequence, for Pr°F«y 

Wesker -miOCT in sequeu^, * ft obson so bestially unebarrmns 
i among other things it show us u is clear lhat tbis argument 
What this last play of the three is noculiarlv repellent to him;, 
ja better piece than it has some- y Dewhurst for whom 

times seemed. I'm Talfringohout a “ a 'carpenter, sacks 

Jerusalem is Arnold Wesker s 

r?deal Win' when he takes some old 
** ^rri linn without asking for it. and 

1 first shot at creating an 1Ul0 without asking __ . . 

I Socialist community, ana nere revea i s nave’s weakness for the 

j reveais uavc s yv can* 1 "* *- *■ 1 — 

! be keeps bis feet on the grouna. ]qqs6 morals 0 f tbe C jt>' factory. 
When he tried something roov® Young Sammy taken on as an 
ambitious in Their Very Chon aS5 j St ant in the workshop, leaves 
and Golden City, substituting an ^ mafee monBy faster in the air 
entire town for a hand-made fur- of ,j ar i;. r oomed towns (to quolc 
hiture workshop, he wrote non- Dave ' s favourite song). And 
sense. I'm Talking about JeTU ~ finally. Dave's brother-in-law that 
satem is very sound sense: and same R 0nn | e Kahn who bolted 
because it is practical ana truth* from g ea tie Bryant in Foots. 
ful. it ends in failure, bursts into a characteristic 

Dave Simmonds, whom we me iancholy at the defeat of wnai 
earlier as the man who jj e recognises belatedly as a 


fought in the Spanish civil war, S pi en did vision, 
has decided after serving in the lt is not a very exciting play 
RAF to set up as a small crafts- n iore of an evenings debate: out 
man in a remote Norfolk cot- there is a lot in it to think about. 
ta°e (Mr. Wesker’s characters Anthony Cornish’s production is 

ihave astonishing good luck at so-so; I did not feel anything 

finding cottages; in The Four very Jewish about any of the 
Seasons they find one empty and Kahns except Momnia Saran -. 
furnished.) The story is a (Barbara \oungi and the two 

SSarJ* appearance" 

arguments against Dave's Jonatha^^iate^ ar,^ Adnenn^ 

East Ada. There is a useful set >*y 

I success. 

The family. 

Endera. bSSSe Wintry to “he Bernard 

. . , ■_ j. ic r nnhenn inside and the outside ot a rusur 

[fatal in itselF. Libby Dobson 
'Dave's mucker in lie RAF, has cottage 
I deserted Socialism and, in his order. 

in astonishingly good 

Francis Tomeltyand Don Henderson in ‘ Strangers ' 

understand how Alastair Burnet . ins ! d£ . i flW hud^ets and dish of cream for him o’nights 

can look himself in the face instea( i 0 f fi rst . that news bulle- working t h e ' s torv when Stonehenge was new. Yes. 

while shaving in the m®™*"- t in_ would have been a very ho > e lt for anyone before the Flint lien made the 

-» 4=,K l":,n ht historv in the peculiarly Dewpond under Chanctonbury 

«."le 0 ? "Engliah King.” .And, I tan a a rong 

after delivering such rubbish. differenT ’kettle of fish. 

More appalling stilly the pr«J; The trou bi e is that 

is hard not to be feeling that in putting all the 
the sheer pans together. Peter Jones has 
enerations produced a classic. 

never Another established series and 

one that continues^ through thick 

have icomejb rely upon^ihe BBC’s le.s than one and ‘thin "and World Cups is 

channel to Fjjlj ' J pSe befora early November. . M HaJS. 

t»2 other equally unlikely that a com- h d Nor v ay an d laughs per mint 

two r channels may drive one ^per^^ied^out and estab- ^ or k °S 0 flt p ^ ?q cJfl iwMl V Vrbecomini"danger(ms^ !iKS?arian Melody of Schubert’s, unworldly 

— vished before next April, Mean- parKo»i» ,cjlJU *■ ■* — u. <- nnm>i -Hvth™ rfnoreps 

still raises more 

minute than any other 

St. John’s, Smith Square 

Alfred Brendel 


there on the series (including Rhoda). How- 

"Mondav’s BBC Lunchtime the music into a realm of faery 
Recital was largely taken up by explorations, full of half-lights 
Schubert’s expaniive A major and unexpected turn j almost 
Sonata D 959. though the pieces picaresque fantasy. After the 

encore^wera "S" W-S 

negligible. The latter was a little ^section had a matching 

L v, nrf » n hn sentimental: not only is the once 

marches towards Cordoba.^. of apy sorl randy Rudar being turned into 

ail But C there are some disturbing ^ ^dau 

straws in the w,T) !L t h *°7v U1 is an untimely grave, and Nctrs ^running ° on*' British “qoodv-soody choirboy type, hut 

through this reserve. Not only is f 2 suffers f rotn a brand of ^rrentij run ” n ^ f *, £ a tendency to leave 

the . SEC-’ n e ^ virtually m- trjvialUy and chauvinism quite gSJf’ends toiighTwUb Pro- poker-work mottoes hanging in 

distinguishable from BBC1 s hut jnd j stinsuish able from that of f w Cj Ho - ki “ s | 00 king at the air. Thus a recent episode 

powerful rumour has it that after ^ news on both other channels. fe^>pr w 1:no ., s best: his ended with Hawkey e asking the 

Netrsdaw comes off the air for HciWever _ we have meandered ^ of E>;eter an d the elderly C.O. which of 1 he three 

its usual (if rather far from the .P 3rUC “?; Sounding Devon countryside, wars he served in was worst, and 

break on June 23, it v ill never di afflicting television with glvivElcal appreciation of the the C.O. muttering All of them, 

reappear. Nevada,, » Jte only thjs article staned. It is. «» T 3 coo.nbe Barton is son. all of them." War is still 

daily programme on British tele^ Qf course called Tt?e World Cup *P - f ^ heat it?P ecls of the seen as vile, and the wlsecrack- 
^smn, wb^e_senous journalism ^ a superfinal impression is Anyon e who. like 

are the only sane 

!> m the latest 
published by the from 

crime senes- 

i Jngla it™ may take up most u „,„, ec , pd by u.e con- JM = "“V.' 

ISSSS » programmes'and ,K" SST. HtTOTS » 

ssamBsa’ “ 

intensity, several 

with a morosely insistent rhythm degrees removed from mere 
underpinning its plangent tune: declamation. - 

Brendel characterised it with There was no s»n? in the 
obvious affection. As for the B Scherzo, but only playful glitter 
minor Adagio bv Mozart which and ingratiating humour. After, 
began the recital, it breathed that, fragile poignancy such as 
calm tragedv. The simplicity of Walter Klien found in the Rondo 
the writing belies the depth and a few weeks ago would not have 
power of the piece.- and pianists been in place. Brendel invested 
are often tempted into over- it with broad warmth at a very 
dramatising it: Brendel kept it relaxed Allegretto, an Ende 
rock-steadv\ with only two or vom Lied * to conclude the 
three touches of deliberate point- imaginative excursions. ine 
inland the result was monu- echo of the Allegro theme m the 
mentally elegiac. final bars was discreetly_ jus 

One half expected the same that, not a firm official reminder.- 

stern tenderness in the Schubert Altogether this was * 

1 Sonata but Brendel offered ante as rewarding .and lyrical 

Granada — before . be . in S [ something" quite ' different". The as the continuing Schubert cele 



as well as datory car chase .tinvugn a 

opening statement was flung out brauons a h r n e , '^niVadiS 3 (\'HF 
urgently ijnd freely, and then the It can be beard on Rad ho 3 (\ Hh 
trickling quaver descent ushered only) this Saturday at 1.10 p-i ■ 

with scattered garbage) it 

Action Space 

on* either chann eU .SlOTtv^lnCai^Vtfjg best Onb-a — ™ ^em- Sded wlfh ihe' scene in the gay 

dealing- ..•seriously with really G Home - have used their of ^ e h JS can Sein to night’ club cum brothel cum 

topical events? T™W ,l f v P r . 0 ^„ c , e 5 rattans of fi'm to ftrlklng effact. "J«‘- J 1 ® fjf TarJlSoasly SiraWlr? acp. Don Hendcraoo 


by B. A. YtiUNG 

you do French T- ^ itfbj 

iut itwasthe copters, ine music - 

studs' towards the popular end J.u^g"Trom man and face to h ^ n a “o U rs^the^o- and se'nd him out to keep goal 

of the speAruin compared to hi and sea and dock, putting and aboie all or io J: . th seething South American 

MiitZit: the^man in his context and brinf^ (e» or . o»D ,inl m».b e « .pec. ", JS' r ^ bave learned 

apart from theVweekly Panorama . that conte xt home to the I ba'f a Powertui leeun* i * _ , — ,, mu 

the BBC will Save nothmg of viewer which was so telling. Hoskm> friends 
the sort left ITV never had any- The inherently banal stoo’ of 
thing like it. of course. a cross^hannel ferry captain 

Arts Council anthology of Short Stories 

The Arts Council's annual tion_with. Hutchinson and I with 

anthology of short stores. N« JS ^rta wb^ltted.^B we« 
Stories 3, is now available selected> all previously 
(hardback: £4.95, paperback: unpU biished. 

£33). The anthology has been edited 

Aftpr the favourable recep- by Ronald Harwood, and Francis 

gSS SI St ® .rasrM 

vniurria nf the series in coniunc- and Laurence Lerner. 

- -j. C 


and a conscientious Liberal suspected Philip 

^ important point 

card outside: a. Netting . ™. W 

stationer?’.' shop: dias_ ^ 3e p P e^' a ntiy’" unambitious boy 

nimber ® "j-. g*»? 

- r > phone 

Most of' the calls are 

by .Steve’s ; dim and 


we sore Allowed to see 
does French," . he whips 


; pai^t^ lwt one da^ Steve picks and reads it 

hnd having ‘nquirad Racines ipw be surp , hat 

one up, di«u him), we couia oe sure mai 

what the. fee is, sets .out for h^ wou ld take up relief massage 
f.ji?: vraniore in a big way. having found, out 

And yet I understand that for making his last passage was 
some time now Dick Francis. „ jven an extraordinary poig- 
BBC television’s head of news ^ ancv whic h videotape would he 
and current affair® (NCA) has p 0wer j ess to convey: a fact which 
been investigating with tne vas particularly striking on the 
various departments concerned d after watching Part 6 or 
the idea of creating not greater DevU’g Crown on BBC2. 
similarity but a sharper contrast g atin0S phere of this aU- 
between BBCl’s news and cur- ^ udJo al i. tape story o£ the 
rent affairs and Plantagenets is becoming very 

the kind of contrast that one j ■ ^ nd stuny; one longs for 
finds between news on Radio - wonderful Jane Lapotaire 
and on Radio 3. In . olb " and her brood to get out of the 

the idea is to make NCA on darfe cramped cellars in which 
BBC2 more Serious. they seem to intrigue, fight and 

It is acknowledged that the pntire be mg, and go 

difference in substance might not . d fii nie d gallop through 

be very great. -but then a modi- ^ eountryside-H only for 30 
fied . style and approach could 

make a huge difference . u ine However much one syra pa- 
ttern on the doped footballer had - th lbe difficulties of 

been shortened. *** P laced last h 

‘rWw&ifty °r thisventure.^amg^. ^ 

is not what_ J°b°. Bowen ^is brjngs ia ^uick -profits, and is not 
concerned with in. thl f ^ . to be punished by his parents, 

play. What .worrm s him. u that ^ if ^ is Mr . Bowen s 
Philip. Steve’s father, means 

go to .the -police, while . Jane. Rita - Davies and Michael 
Steve's mother, thinks this would s ro wning play the parents, 
itself he immoral- Their con- Adria tf Hall plays Steve 
carried nn over director is Alanc potter. 


versa bon. 

Old Vic 

Festival Hall 

Narciso Yepes 


Narciso Yepes visited 

The Lunatic, The 
Lover and the Poet 


For someone as -m.4, bad an? important _afl.ects_oE Ms WejjjM. 

dangerous to U&T* ^ po.mea. views and.h^relaUon 

BiTon this evening in bJS.eomr s hips with his publishers and 
pany is curiously, dull. A w«lhy otJier poets— were largely passed 

and reverential- mood is set from ^ 

the start as the quartet .of «tow scandaL . the controversy. 

troop on -stage with_tiJeir v files madness . badness and 

mcked ““^erto^hey^e Sn‘gera. were played very sotto 

hy 3 sombre trio ot voce . And the music and move- 

many tax 

musicians and the lesson begms. per f 0 rmed to dubious meio-. 

Byron’s life is diligently traced. dieSf should have sparkled more, 
with Derek Jacobi Jogging Jhe But for auy0Qe who warns ■ 
tiUe role without tie aid of a dtUisedi . CUSJ evening so to me 
°amv lec—he did enough foot vie on tiie right evenings— - 
dragging in I Claudius. IsU [ B Jjr Byr6n is appearing in ' 
is all the women in the P oe ^H d this week with .an entertainment 
while Julian Clover and Harald basfid on wn t*ias Tane 

Innocent make do as_ fnends s^r Tourj also devised by 

vants, publishers, etfcv-. It could McCulloch. 

the recently been accused of “ com 
Festival Hal!* oV Monday for his pos.nq by numbers " - Sor 
only recital this season in SO unds as if he composed with 
London. He devoted the second Aguiar permutations of no more 
half -Of the concert to the music lban recurring numbers 

at Fernando Sor, the : bioen- NarcisD Yepes' . grave, 
ten ary of whose birth falls this eminei jtjy serious qualities as a 
year. Sor led an evidently fas- Hin tarist were more evident from 
cihating career, travelling from tQe recita i' S first half. Indeed, 
his native Spain to Pans, hu reserve d approach subdued 
London. Berlin, Warsaw, Moscow almost completely the charm of 
and St. Petersburg before Silvius Weiss’ E major Suite: 
settiing in Paris for the last ^ coun terpoint was strongly 
decade of his life. His remim- poinledi but the tempi were 
scences. too, are _of great in- s j ow — demonstrably too slow in 
terest (they include the unique ^ jtmuet and Allemande. 
account of" a Mass at Monserrat yepes played the tendering 
during which a Haydu symphony g U jtar which be claims as bis own 
was played). Sor's activities j n -vention. though he did in- 
have recently been chronicled in c i ude a p j ece written for such 
great detail by Brian Jeffrey^ in ^ instrument by Ferdmando 
his fine book Fernando bar, Carulli (1770-1841). 1 didn l 

Composer ond Gailamt (from fee i t 'fa at t he ^xtra resonance of 
Teela Editions, Preachers Court. the four adde d strings increased 
London EC1M 6AS). the effectiveness of his Bach 

. r have to .confess, however, arrangements or his 16th-century 
that in comparison with Sor s p aV aus by Luis Milan:_ the over- 
rnusic Czerny’s piano exercises de aberare playing action which 
sound" like the deepest outpour- he was forced to cultivate and 
ings of the human spirit. Facile the heavy weight of sonorous 
would he too positive a word harmonics which lingered alter 
with u»Viif*h to describe Sor’s com- every chord both combined to 

l iv ing up to its reputation 

othe? centMarian, V^ldLbas clarity of the music. 

year’s detract from the sprightly 

phi]harmonia - s young soloists 

had been , sharper, tild 
action between speakers more 
ping-pong, the.. 

imaginative: - Ak-- U 1L w 

^Tharo* were mora ente— Harold 



B^nVfS'-lMW England anii 

. rnnnortn In E years th'e Phllhannonia s lead 

The last two concerts « he 81^2^ 

; as" vsisT M 

Festival naii whose Aimard, “iking Jus ^“2? ^ programme will he com- 

dueted by J lt ji ^ orehes- debut. Also jnclud^i^gP^i- lfited ^ Berlioz Over- 

dose “EfSjlJSLyScBitly when gramme will he Schube s ^ Beatrice and Benedict 

t" w “ ^C^irSUrt. notice for phony No. 3, Messiaen s Owej«' Philharmonia will end iti 

C»». * sh0rt n ° ULC 7 iSSSiA Kavel’s 2nd DapH- ^^“5 

r4e BO c b oncerU.are 1 soloists in name^ with appropriate 

for. among, other things, ^will be Beethoven’s Eroica 

youth o£ the- soloists. Sn csaba.Ardelyi (for the last four Symphony 

On. July 4 the sojuw 

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Wednesday June 14 1978 

The right MPs 

WHEN the first direct elections recently been drawn by Mr. 
to the European Parliament are Frank Allaun, a left-wing mem- 
finally held 12 months from now, her of the Labour Party's 
it is important that they should National Executive Committee 
be a success. It would be unfor- He makes the perfectly reason- 
tunate if the new Parliament's able point that the dual mandate 
credentials were to be open to would be unworkable “ since an 
doubt as a result of public MF cannot represent one con- 
apathy reflected in a low turn- stituency of '500,000 people for 
out at the polls. Candidates in the European Parliament and 
the European elections will another of about 70,000 for the 
have a double task. In the first British one.” Whether or not 
place, as in national elections, they share Mr. Allaun's views 
they will of course have to per- the Conservatives are likely to 
suade the voters to elect them adopt a similar position when 
in preference to their they come to decide on the dual 
opponents. In the second, how- mandate in the near future, 
ever, they will also have to ex- Concern for the effectiveness 
plain what the European of European Parliament is 
Parliament is and the reasons no j 0 [ course, the main motive 
why it should be taken seriously behind such thinking. Both of 
— whether they are pro- or anti- t fi e major parties' minds have 
Market. been focused on the issue by 

the imm inence of a general elec- 
Mjynanusm tion in Britain and the possible 

This makes it all the more consequences of the dual man- 
necessary that the candidates date for their post-electoral 
should be of a high calibre. The fortunes at Westminster. The 
tendency under the present sys- thought of snap votes in the 
tem of ’‘indirect election” has Commons with up to 81 MPs 
been for national parties and away in Strasbourg, particu- 
parliaments in most of the nine larly if the election produced a 
member countries to nominate hung Parliament, is a Whip's 
their more easily dispensable nightmare. But the prospect of 
MPs to Strasbourg. There are, a string of by-elections next 
of course, honourable excep- June as sitting MPs defected to 
lions. Nevertheless, the intro- Europe is of equal concern, 
duction of direct elections will That option would also be ruled 
have failed in at least part of out by the Labour Party sub- 
its purpose if it does not committees decision, which is 
enhance the dynamism of the expected to be endorsed by the 
Parliament's members. National Executive Committee 

That may not be the main later this month, 
intention of the Labour Party 
sub-cummittee which this week Salaries 
voted to ban MPs from simul- _ . , 

taneous membership of West- *f- however, there is to be no 

minster and the European Par- dual mandate, the issue of the 
liament under the so-called European MPs salaries becomes 
“dual mandate” system. It if anything even more delicate, 
is, nevertheless, a welcome There will be great resentment 
decision. If the European Par- at Westminster if the Euro- 
liament is to be a proper P e ®n members are paid the huge 
Parliament, it must he able to (tii British terms) sums earned 
command the full-time loyalty by some of their continental 
of its members. The dual colleagues. There will also be 
mandate already hampers the outcry if they do not pay 
activities of the present Parlia- British income tax. The best 
ment. which meets no more answer is probably along the 
than one week a month. The Jin es oF the scheme currently 
directly elected Parliament will u “der study in the Community 
almost certainly meet more which would provide the same 
often in full session, quite basic salary for European MPs 
apart from the time-consuming from all nine countries. There 
business of committee meetings would then be additional, van- 
and travel between the Parlia- able allowances to account for 
mini's three centres — Stras- expenses and differences in 
hourg, Luxembourg and national earnings rates. It is 
Brussels. essential, however, that the pay 

It would be almost physically should be high enough to attract 
impossible for a directly elected talented politicians to the Euro- 
MP to do a good job in both the pean Parliament If that, in 
European and his national Par- turn, led to pressure for an in 
liament There is also a political crease in British MPs' salaries, 
problem to which attention has it would be no bad thing. 

New approach to 
London’s roads 

OF THE various factors that improvement rather than new 
have contributed to the decline motorways being the keynote, 
in industrial employment in The national radial routes out- 
London. the poor quality of the side London have been modern- 
capital's road system may not ised but the M25 orbital route 
have been the most important around the capital is still the 
but its influence has certainly best part of a decade away from 
nut been negligible. So it is completion. So road freight 
welcome tu find the Greater traffic from the Channel ports 
London Council fulfilling its and the rest of the country will 
role as strategic planning still have to claw its way 
authority, saying that more through London’s inadequate 
must he done to remedy the road systems for many years 
most urgent deficiencies. yet. Nor is There yet any assur- 

ance that the GLC's new pro- 
Minimum gramme will be sustained. 

. Nevertheless, the GLC’s new 

It is a pity that the need was progl . amine is a start. Together 
not recognised earlier, for with ^ other measurefi now 

™ ad budd ' ns . ? r °- being taken to arrest the decay 
grammes have been the victims of inJier area it might 

'7J ng « ™ help to slow down the further 
political fashion. In the first ] 0SS 0 f opportunities. The 

°I enthusiasm for Prt> c /, ances 0 f winning back jobs 

[ZcL7 lC ^ n , a nH ' deaS , ab - Ut that have already been lost are 
jransport and land use plamnng much more doubtful, however, 
the 1960s, a Labour-con- offlce development permit 


GLC proposed an im- 

system which, together with 

London road network rising rate caJls ^ above _ 

mntnmrav °rin» 1 re Tr, con . ce “ t, j lc average labour costs, has been 
™ prm 5 iP , ,e - one of the main causes of 
7 London’s high office operating 

the Buchanan concept of traffic eventually go. But the 

corridors and environmental Governme nt has resolutely set 
areas. But the economic cost its face against disturbing the 

W3 rf lk f J tn i b ° h,gh ’i and the Present patient of inter 
political and social 

. . reper ' regional priorities for industrial 
cuss ions were considerable. development. 

Public and private developers 
in Victorian times may have Quality 
been able to get away with , . _ ... , 

grandiose schemes for new “l any case i t is not only the 
roads and urban redevelop- CDntrols ° n _ industrial develop- 
ment. But, in an aae of popular m ®? 1 and high costs 

democracy, changes in public wp ich have persuaded industrial 
attitudes can encourage poli- 811115 10 elsewhere but the 
tieians to believe that votes are lack of Pbys'cal space in which 
to be won by building roads in to expand and the shortages of 
one year and by coming out skilled labour, it is hard to see 
against road building in another how Tpes 5 . problems can be 
year. As a result, not only have made f °r they reflect the 
the plans for motorway boxes desire by employers and eat- 
been killed off and the routes Payees alike to seek a better 
no longer preserved, but Lon- quality of ‘ lie elsewhere. More 
don's road building budget has sensitive planning policies may 
been cut to the barest minimum, mean fewer small firms dis- 

The scale of the cutbacks appearing; and local initiatives, 
means that it will be some time su . ch ^ can be seen at Green- 
before the new nronra^me can wtch. may attract new ones. But 
be moved into gear. The GLC London's .employment prospects 
envisages expenditure rising mainly lie in trying to slow 
from £66ni in the last five years down the loss of industrial jobs 
to £155m in the next five years and encouraging more office and 
and then reaching £2S0ra and service activities. For both, a 
£42Um in the two following better road system will be 
qiilnqennia, with piecemeal needed. 

robot workplace 

•-.A . f * . -,'C 


T IE GOVERNMENT’S de- of metalworking machinery’ and cells per chip is still at an early TJe Government? s decision to,;, 

cision to risk a major the automatic insertion of elec- stage. bads such a speculative project^ 

investment in micro- tronic components are becoming It may not therefore be too must therefore owe a great aeal , 

electronics stems partly from increasingly commonplace. late for a European government to its anxiety about the general; • 

the fear of a new industrial The integrated circuit tech- to make a. determined entry strategic implications of micro- 

revolution which could funds- nology which .' makes these “to this new technology, electronics for the rest pi . 

mentally alter the relationship developments Sble un- although the risk is high and industry. If semiconductors, are ;, 
between capital and jobs. doubtedly has aTelement of the amount of money requir^ going to reduce empteymenrij, 

Few now doubt that the black magic about iL Even » couldbe “eas“red m hundreds, ttie UK, rt fa 

integrated circuits pouring off gineers are often uncertain of. minion* of pounds ov^a' tee ^ have a steke te 

the 'production lines in /.pun about how it wta. M?ny BJS JSL22L22S 1 - Z ftJSS Z ^ 

amd die U.s7at the rate of $4hn people, inclutog mTe union ^ 

worth a vear will wreak a series leaders, are beginning to fear ready __ spe ? d 1 But will 

worth a vear will wreak a series leaders, are beginning to fear reaay w spenu wuuuu xxw<u, But will the application . 
of unpredictable changes it, and to the majority of ordin- P»rtty computers and microelectronics' 

throughout industry and society, a ry peo ple ae most factual t „L™ d “ str i a '. 

__ . nf h „ 0<s j. descriptions sound incredible, paruy oy secnn 0 up a new semi- g^yy leai j a j oss of.johgj . 

The rate of changers aigu- At present wit ], up to conductor_ subsidiary^ of ^ the This is a major uncertainty: 

able, but it is already dear 

ni K^wvui vULIULo WJLi* “F HT l r « AJbwajwa. uuvciuimi/, 

100,000 transistors can be etched National Enterprise Board in f ac i n g m05t 0 j[ industrialisecl 

, iuu,uuu uausibjors can ub au*™ .. _ , iauuK must, w lub luuuimaiisea 

J! w integrate d i u,t ontQ a sUce Qf sUicon less co-operation with f yPgP nations, particularly in.Europe.- 

technology will bring 311 flian the size of a postage stamp. American and expatriate British gome economists argue ^ ^that^ ; -ttS 

enormous increase in ^^toma- By iniddie'Of theT980s it is te^nDlogists. ^ electronics revolution wlfl. result 1 

uon. ciiphtlv expected that 5m to 10 m com- The unc ? rta J n £ v t e . n ‘ only in the speeding up of.-the ' 

puter control .&eo the sUghUy nXs ^ ^ etched on a ture + can he judgedfromthe process of automation which has' 
sinister phrase artmciai gd-gig ehi _ fact that the Enterprise Board f __ 100 •«_ 

intelligence ’is now tegimung increase in complexity I s CL^renUy^tallKing aboutan S imon Petch, deputy secretary | 

Spllcationf ^ will, moreover be accompanied to the Engineers and Manager * 

In Japan, plans for a com- 
plete machine tool factory run _ 

entirely by robots and eompu- performance. The lowering of investment or xouum to «juum lively different in kind; f ro m 

ters are already well advanced, costs and increase in perform- is necessary. Moreover, the anything else that the economy; UK. 

The only humans involved ance is, indeed, directly related Enterprise Board has been has had to deal with but merely: dispersed 

would be in supervisory jobs, to the reduction in size. ing to the Government about the ^ ^ extension of some.of.tfie investment — - . . . . n ril1 

because even routine maiuten- it is now commonplace to creation of some 4,000 jobs ] on g term problems whiifii 'iffe Ute U.S. and Sweden. ■ . fdr .to employment and- ^ 

' 3 consider formany example, shows only tfaatit 

ance would be carried out by compare the influence of this eventually. Given that the tiave had to 

machines. Such factories would new technology to that of the industry is currently turning ygarg no W- *> 
eliminate the jobs not merely development of steam power in over some £20.000 
of manual workers but of the the late 19th century. Yet it is employee, 
complete spectrum of skilled 

• ' difficult to make any geheralisa- about 30 per cent of ffi&r U^bor *: 


Because of the huge capital 
costs, such completely auto- 
mated factories may be slow to 
develop. However, the replace- 
ment of jobs by machines has 
already happened to a startling 
extent in some factories. In 
Southern Italy, for example, a 
computer system has been 
developed to run a refrigerated 
warehouse for 11.000 tonnes of 
ice cream. Only two operators 
are needed to work a system 
which can handle 100 pallets an 
hour for 15 hours a day and 
is capable of rotating the stock 
completely automatically. 

Even in the mechanical 
assembly of small machines the 
developments of so called artifi- 
cial Intelligence are likely to 
have an increasing Impact 
Mechanical arms are being 
linked by computer to a tele- 
vision type of camera which can 
see” the work being assembled. 
International Business Mach- 
ines, for example, has completed 
a four and a half year develop- 
ment of its “mechanical 
assembler project" which can 
put together eight parts of a 



that historical evidence Jeads'-to ^[“T^uce employment (tele- iners, one of ‘the *. s 

the conclusion that investment - rtnrnn1 „ nigations ^ ^ example); micro^xmiputer software com,; 
in automation is i -baked, tt -an. ^ maJ crea t e more jobs “by parries, beCeveS -an- .equaHy ^ .. :-■••• 

overall increase in employment -. opening U p new market sectors severe reduction ln .^ 
even though jobs in some uulus- cycling profits into other trinities. is possible. Be ; 71 ■ 

toms d e cl ine. He the parts of thc economy. tbat perhaps lm. jobs;-wiIt be ; , 

UK between 1860 and lfiKJ.tiie This is one reason why it Js lost in mannftuyturmgindustrier,- 1 > * -j. -.- 

total population rose braver desirable for the UK to have a’ by 1981 and another 

four ^ fifths and .wqriang stlar e in such a highly, capital commerce. In additiOTJ^he sugVr^' ’ 

population nearly doubled. But ^^5^ field as the prodiictiott’gerts that around 3m people 
the nse in employment fully “ - * • — 

, . . _ . • ? of micro-electronics. Even if >_'wiU ,be. faced wilh &. sigpificantr^ 

kept pace and, so^ far_ aB com- ^ company in this field made change In their; Jobs.-. 

no profit, the support given* to Mi. d'Agapayeff m 4 common 
the proportion^ of unemployed the computeri control arid auto- with : ; Professor Christopher ' 

m a tion and even the' office Freeman of the S deuce Policy 

fell slightly. This rise^in em- 

ployment was accompanied by a industries could be Research Unit at Sussex Unlver-.; 

“3 in ta rSLJr$ enormous. ,sity, beUeves the danger can ’ m ) n A\ 

However, even if a . new only be ayertefl. by- a whole: iCfl llillKil 
th oK S ^«!fc 1 i? 0Ck ci^h lle equilibrium is eventually hearted acceptaricebf the conse- . , 

darn m^be tAaWd between capital spend- nuances of micrnsmeessors aad:^!)! 

caution, because it cannot. allow 


O.k* ala. difficult to see ' any major, their American contemporaries?.- 

•■industry hi the' mantifactTiring_are' d6ing:or to ’cdnsider wharf 11 

than economists of the? 1930s from the* trend for the number - He.adto. “There Is a peculiar^ ^ ... 

could nrediet for examSe the of j° bs t0 contract Moreover British defidency, or. a form ot^, 
current sales’ Df television ’ sets. toe office anS secretarial jobs intdlectual snobbery which corir { .. - - 
Saxoraor tedeedtSmarket «hich have shoyn a steady to- ceriteates attention. : qn ; clever^. tt . 

typewriter in 45^ seconds and is important to remember that Board’s proposed subsidiary for industrial robots. T crease.for severM. decades .. 4 

applicable to a wide range of rmcro-electronics is still in its in- would have to achieve sales 
similar industries. fancy. After.the invention of the some £80m a year. This is 

Such examples abound. In transistor in 1947. it was not truly formidable, though not 
Japan for example, it is estim- until the 1960s that techniques impossible, objective. machinery (with 

ated tbat some 70,000 industrial for connecting more than one A rapid 
robots are currently in service, transistor on a wafer became U.S. market 

motor car’b^usC^r.’They under SSSS^ » SSSFS ^ «-? P^?» ^ ■■ 

take quite complicated tasks appear at the beginning of this saiy, and this must be achieved 
like welding, machining and in- decade, but it is only in the against fierce competition from _ 

creasingly the assembly of mech- last two years that the true established companies like Intel, diagram shows in general , M 

anical parts. micro-computer has . been Fairchild. Mostek and the large Investment m Japan has "K* ^ 

Even in the UK which is developed, 
relatively a laggard in this type opment 
of investment, computer control conductor 


Now ohairman about such ma;ior CD ? eale ” 

IHGW cnairman as g a ] om0D Brotlieis, Merrill 

frt»- ft iii ot market Lyncb and Firsl B 0510 " 7 , 1 asked 

Tor quiet mdmei him .^ hey are active i y con - 

The International CD Market sidering joining us.” he replied. 

Association is not a name on ... — 

everybody's lips, but seeing that 

the London market in certifi- H©3Vy jok© 

cates of deposit totals no less Two tons of cu j ns an d 15,000 
than S22bn its new chairman has on e- cruzeiro notes spell 
obviously a fair measure of re venge, or did so in Brazil 
clout David Potter of Credit t hi S wee k. Sr. Pulo Francisco, 
Suisse-White Weld, who is aged a ^hooi owner, became in- 
34. told roe that he bad “grown ce nsed when a local car dealer 
up” with the market since it refused to accept his cheque 
was "very small, a mere billion for t h e equivalent of $4,446 for 

dollars or two" in 1968. 

Since then it has developed 

car repairs. 

Setting out as if he were the 

two years that the Association 

itselfhas agate begun to be- -.«!? 

by Sir 

Officially, yes — unofficially, 
no ! ” 

come representative- of the *»*» ? d 

major factors in the market w* nfm? the 

had managed to count tne 

Before then, Potter explained, equivalent of S13.84 — and 

the vas t majority of its f a eed rhe prospect of 41 24-hour « We will be unable to deliver sions” which a number of smai- 
members, had been Londons days before finishing wading a single machine in the first ler European countries have 
traditional discount houses, throush tho tinv Pftins. W e nuartar ,l * that nn Hnlirorv queStlOD - n 

last year’s report 
Kenneth Berr ill’s 

Until recently, Britain has 
taken only a modest interest in 
most of France’s former 
colonies in West Africa, many 
of which are of limited 
economic and strategic signi 
ficance and still accord a privi 
Jeged position to their ties with 
Paris. Such relations as existed 
between the UK and Gabon 
have been bandied through our 
embassy in neighbouring 
Cameroon. But Gabon's recent 
emergence as a newly rich oil 
exporter has prompted some 
rethinking in Whitehall. Poli 
tically, too, the country has 
acquired extra significance 
through its seat on the United 
Nations Security Council. 

The new embassy will have 
only two diplomats and be 
modelled after the “mini-mis- 

m h ,|j , th •* thn' . tbrougb . ^ l * ny coins.. " we quarter”; that on delivery overseas. ■ One 

Now, now ever, ^ the etr, J? lc " accept it with good grace,” the problems has a long dialogue whether such a post will be able 

geographic mix is b ™»der dealers now say. sighing coUec- 0n ^ freeing of the Black to offer the consular services to 
with increasing participation of lively. “ It is obviously a joke.’ Sea and ore-loading difficulties which itinerant BritonS have be- 

the wvesttnent baoks and more at Murmansk. come accustomed. If it is a sue 

commercially-onented banks. Tliat all does not always run cess, more mini-missions will 

Potter told me that at hrst QOITiraddy Chdt smooth even between the best follow. 

tWit^S on IS members Edmund Dell and his eager ^ ^ des comes clear frorD man chosen to be 

Such rules had worried U.S. colleagues at the Department of reSoning is uncleat rhSoher M^r^An^hle J S 

banks who feared they might be Trade might learn a thing or ^ reasj g is uncleat Clmstopher Macrae. An able 41- 

impeded from dealing with wo from the new German- a ..The^ic,®' most he re- SSSVtS: 

whomever they liked in what- Russian foreign trade phrase . . , , ftirf | lpr ^ , ~ 

*u„. _i rm Jectea as a ^ oasis tor nirmer expert on Arab affairs, he has 

which smacked of restrictive book, which is to help- East W i«P!!I U rs’’ ireS d ° D ° £ 
practice. Other sources say there German negotiators. hM an 


ever paper they chose. They book which has found its way .. t . . 

•vs hon<in me-nmo negotiations. spent the past two years 

agree seconded to the European Com' 
mission in Brussels, where he 

was also a dispute over the example or two which Would ‘S?!, “ ake “ y further has woried on Ule Euro-Arab 
margins then normal in Britain hardly please our Ministers who _ . ... . . 

which were relatively high are trying t0 persuade *'« we u or at Sart^ds whh Sm 
compared with those in New prices wui^tay stable tnas| ’ ^^.^0 the endw- 

. ‘ . gather that y teg and inviolable friendship 
Potter had been chairman of P r,ce h as been raised 32 per between our peoples." 
the Association's sub-committee rent Based on the competitive v 

concerned with broadening the offers we received we can only 
Association and for the past two agree to a price increase of 

years has been dismantling any- S-9 per cent." _ 

thing which, he says, might have Kramer: "We have sounded It is not every day that Britain af’work Tn’The midst 

FCVs mini 

Old times’ sake 

My colleague B. R. Ackenhouse 
was wending his way along 
Kensington High Street yester- 
day when he came upon four 
people cheering a woman hard 

_ _ _ _ , f vip , #1| MlillB , q| a 

been seen as limiting freedom out the main commodity mar- establishes a completely new w indnw display Df vacuum 

We can also show embassy, so the decision by the deaners _ H „ weaDons o T 

ri c.ardich Vnrpinn flffipp tA jiATVsinf mir j j . r " 

of the market kets. 

Recently Bankers’ Trust inter- you an offer from an English Foreign Office to appoint our dustpan aniTbrush. 
national, Kuhn Loeb Lehman company." first ever ambassador to Gabon 

Brothers and A. G. Becker have The section on delivery dal** is something of a diplomatic 
joined the Association. What has such standard phrases as milestone — especially in view of 



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MAGAZINE: ; 1 ' 

SINCE 1841 


TheyVe got nothing like this in Peru. Pune h. hurnorfets 

midsummer madness, livefrom newsagents : : 

Star names towatch for this week Include 
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after the miracle 




opponent of the 
srili^i^inaiifer^ ... Government 
l * W;;Si very' difficult to' 
. — £y#u6: in a jfo - 

% step 

!< \way. fpHp^wer bfc.SrStsp away 
roinpi^oa”^;,:;:. •;.••• ' 

He^dy^itaieS'iip; the feel- 
itiSC-hl ;' political and- , economic 
\ncei^i^:.wfaich ? 'lias'' invaded 
fcra^rSqr^thb Gxst'jime since 
the lysaray--* seared,.'- poster by - a 

MW. - With the: 
^^iajwS£$iiHng~of the Bra zflian 
^.yecoiaaiic : miraiae the. Goverii- 
iv^n^Kfifi.GeireraL Ernesto Geisel 
^ weeks 
Vtiv .^suffered such; 'a' series., of 

v-, - : ^reverses' -Qiat -many RrazllUps, 

■ • •:■ ^oouBnentatorSj . 1 poStieiaas and 
:>|busin,essmen -.4 V alike,. :•". are 
.. ^’prophesying tbaiabig shake 'up 
: &i-j .v sis*®-’ toft.. largest Batin -American 
" iV V^coux|ry helongd^Wyedr 

&c‘?i . .F qry N early . a., decade . the. 

^ rifled Brazil’ with little 

igg^3l challenge to tiieir wilL 

®V a ®Affer.. the coup the. armed 
orces and police moved quickly 
stifle political opposition, the 
a f&k : >fpid'parties were, wound- up, and 
: new artificial . creations,' 
aj^Arena, .- ;a : . supposedly pro- 
- in 2 a ^military . -grouping, and the 
""'Brazilian Democratic Move- 
ment, or MDB a closely coh- 
V :: i : trolled; “ opposition " group, 
,1 s '^iv/ were - created to maintain a 
somewhat empty -semblance -of 
V i: - ^-continuing, democracy- in a 
carefully circumscribed Con-- 
.; r ’ -i.gress in Brasilia. ' 

• Faltering threat 

■ ’•*•:■. ~r/ *Striltes were virtually 
■v : : r-_. ‘^'-banned and. trade, unions 

- . stripped of. effective power 

. .-: -T .-■while a faltering ..guerrilla 
: JV. threat was finally crashed by 

7 ‘ "[•-the end of the 1060s. 

“ -ir.IrL-^ The early 1970s saw Brazil in 
midst of a 44 miracle ” with 
i; .. . "growth rates for . a number of 
■ ‘.'.■ '. years in' excess: of 10 per cent 

per annum. For . once .to its 
republican history the country 
appeared to be living up to its 
national motto, “ erdefr arid pro- 
gress^ Loans and aatesthients 
poured into the 

u - s -> Europe r - and-. -Japan in a 
^eater atmosphere' of euphoria 
than ever generated- by any 
developing country. Roads were 
cut across toe jungle , ? Hoods of 
cars issued-, from: 1 the factories 
of Sao Patoo; the' world's .fastest 

growing city, the : military 
bought quantities of arms, ’ and 
Brazil- flexed the muscles , of 
its .niiplomatic : influence , from 
Moscow and - Brussels to 
Pretoria and Santo Domingo. 

higher .echelons^ of 
Brazilian society .enjoyed an 
undreamed of prosperity though 
very little of it trickled: down 
to poorer Brazilians. But" with 
the -oil- crisis of 1973 -the 
economic picture was' suddenly 
altered for a country .which 
relied oh imports for more than 
three-quarters of its petroleum, 
-The increased oil bill placed 
a. considerable strain Jon - the 
balance of payments, Which was 
only relieved by: .-immense 
efforts to increase exports, and 
attract yet more foreign capital. 
But now growth levels have 
fallen dramatically and popular 
discontent is increasingly, being 
voiced. - - 

In 1974 General Geisel took 
over the presidency for a five- 
year term pledging to nudge 
Brazil back towards democracy. 
“ Distcnsno ’* or political- bnd 
social detente was his watch- 
word. Since then however the 
tide of concern has been lapping 
ever more insistently around the 
Pl&nalto, the remote presi- 
dential palace in Brasilia as 
President Geisel has tried to 
carry out a very : delicate 
political task. 

Now with President Geisel’ s 
term nearly complete and as his 
chosen successor. General Joao 
Baptista Figueiredo, prepare to 

take over, the country seems 
suddenly plunged into a fit of 
uncertainty which has been 
. deepened at a popular but none 
the less important level by 
Brazil’s undistinguished show- 
ing so far in the World Cup. 

In the economic field, last 
month saw a massive but strictly 
orderly revolt by tens of 
thousands of metal workers in 
Sao Paulo against the continuing 
erosion of their living standards. 
Inflation is moving towards 45 
or 50 per cent a year and wages 
remain controlled by Govern- 
ment decree. Companies like 
Chrysler, Pirelli, Philips, Volks- 
wagen and Mercedes, unused to 
demands from the workforce, 
were caught nearly as unaware 
as was the Government. 

Eroded wages 

Neither • employers nor 
officials could dismiss the affair 
as political agitation because the 
strike leader, Sr. Luis Inacio 
da Silva, universally known as 
“Lula,” was careful to keep 
radical students or Sao Paulo’s 
fringe of communists and 
Trotskyites away from the 
stoppage. It was clear to all that 
the factory workers were not 
stopping work to do honour to 
Marx, Lenin, or anyone else, but 
because they were no longer 
prepared to tolerate a system in 
which real wages were con- 
stantly eroded by comparison 
with management salaries and 
company profits. 

Although the Government 
eventually had the stoppage 
officially declared illegal it was 
shown to be powerless in the 
face of toe determination of the 
Sao Paulo workers. One by one 
the individual managements are 
now coming to agreements with 
their workers and offering 
between 10 and 20 per cent 
above toe Government 
authorised increments. It is 

A cordial handshake from President Geisel for bis chosen successor. General Figueiredo, 
but the successor remains controversial even among the military* 

difficult to see Iiow Government 
labour legislation will ever have 
its old authority again. At the 
same time Lula and his sup- 
porters have shown that a strike 
does not necessarily mean red 
terror in the streets. 

The second and political blow 
to the Government was also 
delivered from Sao Paulo. Just 
over a week ago delegates from 
the branches of the normally 
docile Arena from all over the 
state of Sao Paulo came 
together in the city to choose 
their candidate for State 
Governor. General Geisel had 

indicated that he wanted Sr. 
Laudo Natel. an experienced 
and utterly safe politician, to be 
ratified by the delegates . 
Instead, they chose a colourful 
and highly controversial figure 
of Lebanese e.v traction, Sr. 
Paulo Salim Maluf. whose 
previous forays into politics and 
the world of finance were part 
of local folklore. 

Though a tire mysteriously 
broke out as the delegates’ votes 
were being counted Sr. Maluf 
was declared the winner by a 
small but incontrovertible 
majority. This time the 

Government was faced not with 
a revolt of that sector of the 
population which might 
naturally be expected to oppose 
its policies but by a strong body 
of dissidents within the govern- 
ing party in the most powerful 
and important state in the 

Brasilia now finds itself in au 
acute dilemma. " Given Sr. 
MaluFs controversial back- 
ground it is impossible for 
General Geisel to allow him to 
take over the Sao Paulo 
governorship. It is equally un- 
thinkable for him to disqualify 

a duly elected candidate.” one 
local editor commented lo me. 
The revolt of the Arena dele- 
gates is widely seen in Brazil as 
the clearest manifestation yet of 
popular weariness with a mili- 
tary Government whose 
paternalism has become all the 
more unacceptable as it is 
shown to be faltering, fallible 
and distant. 

General GeLsel’s problems are 
now made worse by unmistak- 
able signs of unrest within the 
armed forces. He has rarely 
eonsulted senior officers about 
major decisions, including the 
selection of General Figueiredo 
as next president. A number of 
middle ranking officers have in 
recent months been disciplined 
because or their public com- 
plaints about Government deci- 
sions. but that has evidently not 
stilled military discontent Some 
dissidents claim that they are in 
touch with one another daily by 
military radio throughout the 

But at army headquarters in 
Brasilia, familiarly known as 
Fort Apache. General Hugo 
Abreu, a senior officer close lo 
General Geisel, is known to be 
extremely unhappy about the 
choice of a rough hewn cavalry 
officer like General Figueiredo. 
General Figueiredo's own re- 
marks have appeared at times 
singularly ill-judged. In a recent 
Press interview for instance he 
referred to the inhabitants of 
the cattle lands of southern 
Brazil as “gigolos for cows." To 
add to General Geisel's head- 
aches, the powerful Catholic 
Church is pressing for a better 
distribution of wealth. President 
Carter's insistent pressure for 
more respect for human rights 
together with his opposition to 
Brazil’s nuclear deal with Ger- 
many (or any oilier facility 
which could help give the 
Brazilian military a nuclear 
weapon) also weigh heavily on 

His Only respite has been the 
inability of the opposition to 
agree on a candidate to oppose 
General Figueiredo in the presi- 
dential election to be held by 
the electoral college in Brasilia 
in November. 

The MDB, itself as hetero- 
genous a body as Arena, is 
toying with two prospective 
candidates: General Euler 

Bentes Monteiro, a retired offi- 
cer reputedly of nationalist 
sympathies and hostile to ex- 
cessive foreign control of the 
economy, and Senator Jose dc 
Magalhaes Pinto, an aged but 
astute politician, formerly a pil- 
lar of Arena. 

Small share 

In the last instance, however, 
the question of personalities is 
secondary. General Geisel is 
faced with a country <.if 110m 
people who are showing clear 
signs of being tired with the 
military, and who want mo tilt 
the economic and political 
balance away from the minori- 
ties that have so far enjoyed a 
disproportionate share of the 
newly generated wealth and in 
favour of that majority that has 
been getting by on a relatively 
small share of the cake. 

Since Brazil is the developing 
country with the largest out- 
standing foreign debt, currently 
estimated at around S35bn and 
where many western banks are 
very deeply commit red indeed, 
any marked change of direction 
will be of more than local in- 
terest. In the coming months 
the eyes of many of the world's 
international bankers will be on 
General Geisel a> he tries to 
steer a course herween hanrline 
over power to his political 
opponents — a thing he does 
not want to do — and putting 
them in prison — a thin? no 
military government in Brazil 
dares attempt any more. 

Letters to the Editor 

Tax on mindin g 
'■:?§ the baby 

‘ ‘ From Mrs. Jocqweltne. Riley 

■ :£ -' Sir,— I have • been 7 - most 

' -^interested to read recent reports 
' " --of the attempts being made by a 
^freelance., lady journalist to 
• ,,-r btaln tax relief .on the -baby- 
--- fitting expenses -she necessarily 
- . incurs to the 'cause of: pursuing 
Ther career. AS' a' working wife 
-■ and. mother, who necessarily 
' -^employs' a living-in nanny and a 
: -'tmce-3-week daily help. I- have 
■ • '-long considered making a similar 
— gclaim myself. 

- A$ matters stand I have to pay 
" . .both niy employees’ wages oiit of 
'llncome taxed at the highest 
•'‘"■raargi narrate of income tax, and 
. :: — that income is again subject to 
tax and national insurance before 
. ; - it reaches hands. Were I to 
give np my bard-won career. 

. 'three more people would be 
" added to . toe register of un- 
employed. to become a charge on 
the state and the useful con- 
uibution which I believe I am 
. making to society would be 
/_ . .ioubly lost. 

The passing of legislation to 
insure . equality of opportunity 
«nd pay .to; women seems 
udicrous when .- ’the financial, 
toysical and social costs to 
M carried women. wishing to make 
__ H^ise of their edtrcatipn : and to take 
vantage^ of „ . the increasing 
flHF Wftpportumties tiow opento them is 
■T ■ to enormously high. ;“■•••• 

9L H t If -the presence of a person .to 
■IttH Jnihd the 'telephone in an office 
o .enable .the test- of the staff to 
. T »'ursue their duties is an allow- 
3'AN.bIe expense, then I can see no. 
" eason why- the presence of a- 
>ereon to mind the baby for 
f irecirely the same reason should 

iot also be an allowable expense, 
acqueline Riley: - . 
iSj- yorfc Marwfbris, 

'rinre of Wales Drive/ S-W -11. _* 

the. letter were designed to 
deceive the reader. 

The figures I quoted in : my 
letter (which Mr.- -_GQlUand 
apparently accepts -as correct) 
and calculations I have :iaade 
relating to' other London 
boroughs, lead to toe'concfo&OTi 
that the average increase' in 
charges for private dwelM&S 
for 1978-79 is probably pfltofe 
order of 18 Ter cent for ortaefe. 
age’ services and 16 peiy cent 
for weter supply. Yet My.^SDU- 
land quotes an average iatrease 
of. 7 J2 per cent- and jF Thames 
Water . publication jfrfers to 
average increases o(f4 per cent 
for sewerage serviced and 10 per 
cent . for- unmeasured water 
supply and alsq/flientions an in- 
crease in income of 7 per cent 
I should b ejnost grateful if the 
differences^ -between the level of 

these figures and those I have 
produced could be explained. 

Incidentally, in case it is 
thought that many householders 
will 'be paying less for their 
Thames Water services in 1978-79. 
may I point out that for only 
very- few households indeed will 
the total charges have been 
reduced. For example, in the 
Boroughs of Enfield and Camden 
the rateable value needs to be 
above £1,212 and £2,000 respec- 
tively for a reduction in charges 
to take place. . 

R. W. Tbirketl. . 

.3, Clifton Rood, N22. 

personal relationships which 
need to be handled, and the 
ambiance of individuals who 
constitute the social mix within 
the company and its immediate 
environs ofsupplJers, customers 
and neighbours. 

In my experience as au erst- 
while industrial psychologist and 
managing director of a manu- 
facturing company, I have 
noticed ..that an awareness of 
non-verbal cues and the inter* 
pretatiou of the attitudes and 
motivation which they reveal, 
both within the candidate and 
among those with whom he will 
be most closely involved, has a 
marked eftect on the proportion 
of successful placements. 

Clifford Jackson, 

Director, . 

Paul R. Ray International. 

25, Old Bwlinoton Street, Wl. 


g-JJMfc Linguistic 

*|g4l crutches 


"rom Mr. J. L. McKeoton 
Si r,— Mr.' Duncan Neil Dewar’s 
Hr' for a movement to kick away 
ie conversational crutches of 
. ./I'ae- masses (letters June 12). 
-. : -.£imuJates me to suggest that it 
- : ; time for us tihguAstic para- 

legics to stand up and be 

For too’ long- we have accepted 
ie role or second class speakers; 
.: rutafiy aware of our verbal 
-. r ’ capacities - -and cruelly 
-E!? c mscious qf the curse of certain 
**- ?gional accents (mine being 
' jracutariy nasal). 

C- . Speak out fellow, sufferers; 
^' r = k . ho needs the Queen’s English 

L. McKeown. 

3 Warstones Drive. ' * 

i'Vf * enn, Wolverhampton. 




.w ft 

r? 1 

i l_.‘ 

Sewerage and 
water charges 

rom Air. R. W. Tirirfcull. 

Sir. — I was glad to see that 
■;r. Gilliland, director of flrmnce 
’ toe Thames Water Authority, 
id written to you (June 6) fol- 
wing my letter. (May 27) buf 
d not find his letter in toe 
a§t bit helpful. Whether or 
jt the Thames Water leaflet to 
bich I referred was untruthful 
ay be a matter of opinion, but 
ifere js certainly no doubt as. to 
hether. it was misleading- AS; 
r. inland’s letter is also mls- 
tdding, for the reasons given 
jlow, one is forced to toe con- 
u 4 ion that both the leaflet, and. 



From Mr. Clifford Jackson. 

Sic,— May 1 write to commend 
Mr.. Ron Campbell; on bis 
thoughtful and perceptive article, 
“The personality mix wmen 
makes - for good teamwork 
(June 7).? . Be makes several 
fundamental points of vital 
importance for ensuring the per- 
formance of British top manage- 
ment and. in so doing, demon- 
strates that the successful 
manager has developed an under- 
standing of what psychologists 
have laboriously established oy 

painstaking experiment _ 

- - For. instance, he mentions tne 
importance of M non-verbal cues ■. 
(such as pauses or inflection m 
speech, expression of face, ges- 
tures and posture) in communi- 
cation between people, ho* 
many errors would be avoided it 
those who gave . instructions 
realised that they need to check 
'what interpretation the recipient 
has put upon what may seem 
perfectly plain and straight- 
forward to the speaker? How 
-many misunderstandings a n ® 
even strikes could be averted if 
more managers, made sure tnai 
those -who. were, going to ne 
affected by decisions understood 
toe pros and cons of alternative 
courses of action, and toe 
reasons for the course of action 
ultimately decided? , 

Incidentally, his mention of 
“non-verbal cues ” dfa^' s a 5JJj 
tioh to- one of the skills^ v, 'b^h 
all who are faced with the task 
of. selection wotild do well to 
stndy and. to develop. 

His’ differentiation between 
“No Is” and “-No. 2s” should 
he home to****™** 

selection on first appointment or 
on promotion. The perspicacious 
manager and his consultant 
should consider possible changes 
in the organisation structure^ to 
make sure that company objec- 

“Achieved *iU.outm»r ■ 

ring inter-personal conflict bej 

rween Incompatibly placed 

-« No. Is ” smd u No. 2s. 

Indeed, toe task of the selec- 
tor is to try to predict toe per- 
formance of a given inJvidMd 
in a given work situation, -ne 

“work situation” 
only- the -mental or physical 
tasks which need to be pe ■ 
formed, hut . also the inter- 

Board room 

From Mr. B. A. Cole 

Sir,— Mr. Webb-Bowen (June 
9 V castigates British top manage- 
ment for two alleged failings; 
being political time-servers, and 
not having introduced the two- 
tier hoard system. He offers no 
evidence in support of either re- 

It might be expected that, as 
Managing Director of an Execu- 
tive - Search organisation, be 
would be aware of the large 
number of board appointments 
which are now made using out- 
side consultancy services. It 
must surely be assumed that this 
represents an honest utempt to 
find the candidate most fitted for 
the job. A further large number 
of . appointments are made by 
■ promoting successful senior 
managers from within com- 
panies. Why does Mr. Webb- 
Bowen assume that tbe latter 
have “ generally . . . become con- 
ditioned not to rock the boat by 
introducing hew ideas . . .”? In 
23 years in industry, I have found 
directors and managers generally 
receptive to new ideas, if they 
can he shown to work. 

As. for the Germanic two-tier 
board system — (not “ Conti- 
nental’’; the Latin countries do 
notuse them) — why is Mr. Webb- 
Bowen so convinced that this is 
the answer for the U.K., with our 
very, different ' tradition? Why, 
for example, is this better than 
the-U.S: system of more indepen- 
dent outside directors, with real 
power' through board commit- 
tees? He claims that: “The 
advantage of the f wo-tier board 
system-is that it allows the share- 
holder to draw upon a wide 
spectrum of outside knowledge 
and experience by appointing to 
the supervisory board non- 
executive directors from out- 
side.” . Shareholders in the UK, 
and. even more in the U.S., do 
this now with a unitary board. 

The two-tier board is, as he 
says, well adapted to absorb 
“ wo.rker. directors.” but he gives 
us ho reason to think that this 
is beneficial. As for his sugges- 
tion that “the two-tier board 
system would in any case be im- 
posed upon us by the EEC soon 
enough,” since less than half the 
members of the EEC use the 
system, including only one of the 
"Mg four," this seems unlikely. 

- The danger of this sort of self- 
condemnatory outburst on behalf 
of British directors is that people 
may -come to believe it. There 
is- surely sufficient evidence to 
show that our- society as a whole 
is sick, not just our economy or 
industry. 'Furthermore, this is 
not just a UK phenomenon: it 
affects virtually all The developed 
free world. Our industrial prob- 
lems . reflect tbe problems to 
society: they are no more the 
fault of managers than of edu- 
cator.. politicians and union 

organisers. No more — and prob- 
ably no less, but it ill behoves 
a managing director to assume 
guilt on behalf of his fellows, 
whether or not he accepts a share 
of the guilt for himself. 

B. A. Cole. 

“ Drake Wood," 

Devonshire Ate., 

Amersham, Bucks. 

The number 
of unions 

From the Chairman. 

Advisory, Conciliation and 
Arbitration Service 

Sir, — May I make one brief 
point on Mr. Lyons’ letter to your 
issue of June 9? 

In dealing with trade union 
recognition claims a distinction 
has to be made between situa- 
tions where only one union is 
making a claim and no other 
union is affected, and situations 
where a claim is being made by 
a union to enter an existing 
framework of negotiations 
embracing other unions. Mr. 
Lyons fails to make this distinc- 
tion. This is the crux of the 
difference between us. 

J. E. Mortimer. 

Cielond House, Page Street, WI. 



From Mr. IV. F. Richardson 

Sir,— It may be true, as your 
correspondent, Mr. David G. 
Thomas, stales (June 3i that the 
comparative failure of mints 
issuing commemorative medals 
may be due to the poor design. 
1 do not think that this is the. 
sole reason, however. 

In recent years, we have seen 
a spate of commemorative issues. 
Aad the same applies to stamps. 
The issuers have emphasised, 
only too often, tbe value of these 
as investments. Thev have 
quoted examples of the gold 
medal issues of a couple of 
decades ago as examples of 
appreciating items. What they 
have carefully ignored is the fact 
that these medals have appre- 
ciated in value, not because of 
their medallic interest, but be- 
cause the price of gold, and to a 
lesser extent, silver, has risen in 

It is true that a gold medal 
issued twenty years or so ago 
is now worth several times its 
issue price. But these can be 
purchased virtually at the cost 
of the gold content. Anyone 
who purchased gold articles at 
toe same time will have done -as 
well or better. 

Even so. another factor usually 
ignored is that there are two 
prices— a buying price and a 
selling price.' a 50 per cent 
difference is not unusual. Thus, 
to get his money back, a pur- 
chaser has to obtain a 50 per 
cent increase in nominal terms 
plus whatever depreciation re- 
duces the unit value of toe cur- 
rency by. Prices have doubled 
la four years. A £100 purchase, 
therefore, made in 1974, sold to- 
day, would need to realise £300. 
And this ignores other expenses 
such as insurance. 

Finally, when tbe Royal Mint 
perpetrates a confidence trick on 
collectors by isuing a proof 
stiver jubilee crown, which could 
only, be supplied after several 
months’ wait, a year ago. and is 
still issuing it a year after the 
jubilee, who is going to trust it 
again? When is the issue going 
to cease? This year, next year, 
sometime never? Is it surprising 
that the public is becoming 

IV. F. Richardson. 

,74 Queen’s Drioc, Fuhcood, 
Preston . Lancs. 


Balance of payments current 
account and overseas trade 
figures (Mayi. 

President Kicolae Ceausescu of 
Romania in Downing Street talks 
with Mr. James Callaghan, Prime 
Minister. This evening the Presi- 
dent is guest of honour at City 
of London dinner, Guildhall, 
E.C.3. .. - 

Statement expected at Euro- 
pean Parliament. Strasbourg, by 
Mr, Finn Olav Gundelach, EEC 
Agricultural and Fisheries Com- 
missioner, on outcome of fisheries 
policy talks *»rith Mr. John Silkin, 
UK Min islet of Agriculture. 

TUC economic committee 

OECD Ministerial Council two- 
day session opens. Pari-;. 

GLC to consider plan to revital- 
ise London dockyards with the 
creation of a 30O-acre free trade 
zone for manufacturing exports. 

Inter-Governmental Maritime 
Consultative Organisation confer- 
ence of some 60 nations meet in 

Today’s Events 

London to discuss seamen’s train- 
ing and certification. 

Further meeting between Fire 
Brigades Union and employers. 

Fourth of seven fortnightly 
Indian gold auctions. 

Publication of report or expen- 
diture committee of National 
Land Fund. 

Second day or international 
conference in Brussels to talk on 
economic aid lo Zaire. 

Sir Keith Joseph. Opposition 
Spokesman on Industry, is guest 
speaker at American Chamber of 
Commerce luncheon. Savoy Hotel, 
W.C.2. 1 pm. 

Lord Thomson of Fleet at Press 
Association members’ annual 
luncheon. Savoy Hotel, 1pm. 

NALGO conference continues, 

Annual report of Sir David 
McNee, Commissioner, Metropoli- 
tan Police. 


House of Commons: Debate on 
Opposition motion on the 

House of Lords: Internationally 
Protected Persons Bill, third read- 
ing. Wales Bill, committee stage. 
Rating (Disabled Persons) Bill, 
second reading. Local Govern- 
mem (Amendment) Bill, serond 

Select Committees: Expenditure. 
Trade and Industry sub-com- 
mittee. Subject: Measures to pre- 
vent collisions and strandings of 
noxious cargo carriers in waters 
around toe UK. Witnesses: Oil 
Companies International Marine 
Forum. International Chamber of 
Shipping (10.30 am Room 16). 
Nationalised ' Industries. Sub- 
committee “B.” Subject: Future 
of the electricity supply indus- 
try. Witness: Mr. David Penhali- 
gon, MP (10.45 am Room 8>. 
Unopposed Private Bill Committee 

on Tamar Bridge Bill «4 pm Room 
yj. Expenditure, Social Services 
and Employment Sub-committee. 
Subject: Employment and Train- 
ing. Witnesses: Treasury. Depart- 
ment of Employment. Manpower 
Services Commissi on (4 pm Room 
15). Public Accountants. Subject: 
Appropriation Accounts 197U-77. 
Witnesses: Department of En- 
vironment. Stationery Office |4 pm 
Room Hi). Joint Committee on 
Consolidation etc.. Bills. Further 
consideration of Statute Law 
(Repeals) Bill (Lords/ /4.30 pm 
Room 4). Parliamentary Commis- 
sioner for Administration (Om- 
budsman ). Subject: Parliamen- 
tary Commissioner for Adminis- 
tration iReview of Access and 
Administration!. Witness: .Sir 
Alan Marre. Commissioner for 
Local Administration in England 
(5 pm Room 7>. 

Com pair (half year). Robert- 
sons Foods (full year). Westland 
Aircraft (half-year). 

See Page 23. 

"Sets new standards in data entry and 
distributed data processing systems” 

R-range consists of six computer 
hardware families and seven systems 
software products. Mix hardware with 
software and you have a tailored 
solution to data entry and distributed 
data processing requirements. 

Asyourrequirements change,you 
can change the mix 
without conversion 
problems. Hardware and 
software are compatible. 

R-range provides a logical, cost 
effective path from simple data 
entry to versatile distributed data 
processing. A range which is simple 
to understand and practical to use. 

The feature content ol the 
R-range reads like a wish lisr. The 
last wish is always reliability. The 
hardware and software have been 
operationally tested tor 12 months 
with complete success. 

To get the full story, complete 
the coupon. We will arrange 
demonstrations, send you 
literature or arrange for a 
representative to visit you, 
whichever you prefer. 

.□Please send me ilie K-ruivae intomutiim tile. 

□ Please ask your tl j’resentJtive to tail me ai i J 
arrange an appoint mem. 

□ Please arrange a Je 1 1101 i.*t rat ioi u 


Position _ 
.Address _ 


R-rang e 

with you all the way 



’Itedifon Compurers JL imirei Kelvin Way. Crawley, Susse: 
Telephone: (0-93} 3131L Telex; 877369. 

Financial Times 

Pegler Hattersley slumps to f 12.6m 

PRETAX profits of Pegler- 
Hatlerslcv for the 52 weeks lo 
April 1. 197$, jumped to fl2.5Sm 
compared with u peak of £18. 16m 
for the previous 53 weeks, after a 
second half fall from £10.»7m to 
£7. Him. Soles for the full period 
finished ahead at £Hii.S3m against 
£.$» lsim. 

index to company highlights 

under Uie employees' share option 
scheme, the total issued Ordinary 
is now £1,733,983; 


British Tar_ 

At the halfway stage, directors 
said it was unlikely that the com- 
pany would he able to repeat the 
previous year’s record results. 
They now slate that trading cond- 
di lions dfierioraied in 1977, 
particularly regarding steel valves, 
and that this market remains 
highly competitive. 

A I the beginning or the current 
year, order books are healthier 
overall, they add. and if the group 
can increase ouiput. they say an 
improvement should result for 

Pre-lav pmiiis were struck after 
nicisiJ .-lock depreciation of 
£H00.utK) compared with IH50.000 
appreciation, and include lower 
associate.-' profits of £6.33 m 
i £7.1 Sm >. 

Before tax. on ED 19 basis, of 
I4.0I m i £t>m i earnings are shown 
as ■fi’.Hp oil. Up) per 25p share and 
•JB.lji (41.5pi after the same. A 
(in. il dividend payment of 4 5S3p 
net lifts the lofal from 6.SSlp to 

7 Ii93p 

The group manufactures 
•Inmcalic plumbing and heating 
lillmgs: indusirial valves and 
■_cneral indusirial prnducts. 

Cadbury Ireland^ 

Credit Guarantee 

Empire Stores^ 
Rne Art 

“7, GEI International 

Johnson Matthey 

Laganvale tote 
Minster Assets 





Pag* , 


Pegler Hattersley 





Record Ridgway 





Rugby Cement 





Save & Prosper 





Scott Robertson 





Siemssen Hunter 










Stylo Shoes 





Tom kin sons Carpets 

. 25 




W. Coast Sr Texas 





cz>: swing 

Fine Art 
set for 

more growth 



in wks. 
107 fS- 7 T 

>\lll * 


Tr.irtnu preiii 

H ( 71i7 


-ih.iri- oi a'-vii.iaies .. 

6 .Tin 


llll’T -M rout 



M ..ift- k d'-nree. .. 



Profit before uir . .. 


IE. 155 



i lir-.lil 

15 1.77 


C H.iA 

•J -150 

B- lalnvd 



- U*’niv.-i • Anproi-iauon. 

See Lex 

Better start 
for Rugby 

The annual meeting of Rugby 
Portland Cement Company was 
mid lhal mi far in 1!»7S deliveries 
nf cement in the UK were higher 
f«*r ilic first lime since I!»T:S. 
Th'-M* figures showed an increase 
tin the corresponding weeks of 
the previous year. 

If the rare of .ALT is reduced. 
I Ik* tit reel ors intend in increase 
the interim dividend declared on 
April 17. Similarly if the scheme 
nf reorganisaiinn comes into 
effect the special participating 
innn-t otiogj dividend would be 

In addition, in absence of un- 
foreseen circumstances, and sub- 
ject. if appropriate, to Treasury 
fon-viit. i lie board would lake 
account (if i he ACT rate reduc- 
i ion hv recommending a higher 
final dividend in respect of HITS 
in place of the forecast final of 

2 .nfi 2 p. 

With enhanced facilities at Fine 
Art Developments. Mr. F. R- 
Kerrv, ihe chairman. says in his 
annual statement that he feels the 
group is well placed to take 
advantage of any upturn in 
consumer demand and is 
optimistic that targets for 
increased sales and profits both 
at home and overseas will be met. 

As reported on May 24. pre-tax 
profits climbed by 30 per cent to 
a record i-f.72m, on .sales of 
£4 1.87m against £33. 38m. Earnings 
were 4.863 p (4.415p) per 5p 
share, or without provision for 
deferred lax. ».043p ld.»53p). The 
dividend l«»ta) is l*348p (lJ!0l2p/ 

A statement of source and 
application of funds shows that 
short-tvim funds increased by 
iT7W.«W / £1.0333 74 decrease) at 
the year end. 

In the UK. the group’s mail 
order companies and those 
supplying the wholesale and 
retail markets achieved similar 
sales growth during the year, with 
the mail order companies 
continuing to account for the 
major proportion of .group 

Members are told that Raphael 
Tuck and Sons is now experienc- 
ing the full benefit of the move 
jo Blackpool, while work com- 
menced in autumn. IS 77. on the 
erection of a new" factory adjoin- 
ing the existing Accrington 
premises, which it is anticipated 
will be completed by the end of 

The co-f nf this development 
will he some £5m. hut after 
Government grants and tax relief, 
the net cos-t will be about £2.5m 
to be met from lhe proceeds of 
the recent rights issue and 
rerained profits. 

An extension to the Preston 
premises, costing some £n.4m. is 
nearing completion and this again 
will contribute to the increased 
efficiency nf the group, the chair- 
man slates 

During the year, overseas sub- 
sidiaries continued to expand 
businesses with sales increashinp 

S3 per cent to Ei-om. Mr. Kerry 
explains that although they are 
operating at a trading profit, it 
was not sufficient to cover the 
financial costs of properties pur- 
chased with local borrowings. 

However, the directors’ con- 
fjed enee in these companies 
remains and they expect that in 
ihe current year overseas opera- 
tions will earn taxable profits. 

down to 

TURNOVER FOR the year to 
March 25. 197S. nf Brownlee and 
Co.. the Glasgow-based group of 
limber merchants, rose from 
£18.17 m to £19. 44m. but pre-tax 
profits fell from £I.3Sm to 
£7li5.000 with £318.000. against 
£810.000. coming in the first 24 

Full-year earnings arc shown at 
S2p tO.Sp ) per 25p share. The 
final dividend Is 1 .769X1 p net for 
a maximum permuted 2Z16931p 
t2.05.177p) total. 

The directors state that no 
appreciable improvement in ihe 
public sector of the construction 
industry seems likely but the 
prospects for private house- 
builders are better and the de- 
mand for the requirements of 
home improvement* and moderni- 
sation will continue to increase. 

The company, with its distribu- 
tion network and extension of 
range of products, is well placed 
to lake advantage of these growth 
areas, ihey add. 

from operations other lhan 
tobacco at Siemssen Hunter should 
for the first time amount to more 
than 50 per cent of the group as 
a whole in 1978, says Mr. Hoy 
Siemssen. the -chairman, in his 
annual statement. 

In January the group acquired 
Seymour Press Group, a publish- 
ing concern which also operates a 
number of London hotel book- 
stalls under News Kiosks. Results 
of Seymour were not included in 
the group’s 1977 figures but the 
chairman says that turnover and 
profits are ** running in line with 
expectations."' ■ 

The acquisition was a result of 
directors " actively considering 
further investment opportunities 
outside the tobacco field.’’ 

Pre-tax" profits for 1977 rose 
from £614.531 to £814.082. as 
reported on April 20 Trading 
profits were ahead front £T>63.134 
to £703.026 

Mr. Siemssen says that all his 
forecasts for the year were 
achieved except in the case or 
Autobooks where despite a good 
start to the year, the final out- 
come was disappointing. Every 
effort is being made to reverse 
the present trend, but he feels it 
is doubtful that this van be 
achieved in one year. 


slips to 

after flittn 

as A£° Dffi 

pre-tax profits . WBr which together- with ‘MMimfcjw*: » ■ 

compared ’With 

■ excluding ra properties should . . ■suhss^mhaHy 

Bankets, expanded from fsru.isam 6njmce charges- 

£9.S4m jn053m) April SO,- ^ &£. 


■SK Cadbury- : 

bailee at '-dUUUlJ .... . . ^ ... 

Ireland , 

Mr. R. A. Seilers, the-' chataoan^ " ' 
f! f^dlniiT Irdand, 'aTnwnbeisiif * '. 
ie Cadbury Schweppes- Group, - - : 

ajance at JT/.tw™ 

Earnings are shown to be down 

' from 615p to SLSp 
The dividend total is 


Profit before tax 

U* tax 

Overseas lax 

Associates IK 

■ ■ Not profit 

To minorities 


- Attrfburable 
Preference divKi^wW— 
Add d trident! for ’76-77 

- Interim Ordinary ■ — 

•'-Proposeil final 













2 StS 






- 84 







. W. 


■ 848 





in 1978 and thar the contp*nj» R v' 
performance to -date ^effects both." 
this tread and the 'benefits jjpf jt* 

He teUs m embefrs in hi£ innp^r: 
tatement that aii a- rosafe pf* 


2*" well equipped tin ft,, capable 1 :’ bT: 


Kc lamed *»■•*»*. -. 

- - Excluding Johnson MatUwy . Bankers. 0 ,p e r Bt jng: in more COtap&kfee , - - 
t Gain. , . _"_a. pnnrtfH'ruk Aiwi if fatf&S'f h : 

At the year end total net assets 1- > 

Saas S' IS 

Freddie Marujtefcl . 

Lord jRobcns, chairman of Johnson Matthey and Company — 
final quarter profit fell from £6. 98m to £5. 5m for a £18.87m 
(£21.02m) total. 

SSSsri** sg-JsS, ^ 

ffm^rnii. include the eroun tamed its share ot.tfie tho^lahL'-y 
The Ss nwng* Sm^SS market which oonttop^c^^ -7 

share of . associated ^comjMmes oje must impoHant seetor'prB#f j> 





The directors of l»nsdale Uni- 
versal announce that with ihe 
exception of £1.200 of $ per cent 
L-onverlible unsecured loan stock 
1982 repaid at par. all other loan 
stock has been converted into 
Ordinary shares in accordance 
with the term* or issue. 

As a result 95.558 Ordinary 
shares of 25p have been issued 
against conversion, representing 
£23-890 Ordinary share capital. 
Together with recent allotments 

Despite Siemxsen's . efforts to 
reduce its dependence on the 
tobacco industry the full report 
reveals that tobacco was Ihe 
driving force last year. Trading 
profits from tobacco intcresis are 
higher by 35 per cent at £420.900 
against an advance of just 12} 
per cent lo £282,000 from publish- 
ing. • Cigars continued to show- 
volume sains and Siemssen has 
been able to improve its profit 
margins Meantime publishing 
has heen held back by Autohooks. 
Competition in the UK has hit 
profits and the U^i. ienrure 
(started in 3977} is not tiling up 
tn expectations. Fortunately EP 
Group has shown all-round 
growth, particularly from its 
microti iminy, and Lombard 
Vending turned round into the 
black, together making up for the 
setback at Autobooks. This year 
the Seynmur acquisition i maga- 
zine distribution) will make an 
impact. After interest Seymour 















British Tar 







Brownie* and Co 






Corn Exchange 



July : 






A us. 




15 v 

East Dricfonlefnlf 







-- 7 » - 



July : 



4.1 j 

3172 • 

Johnson Matthey 








A ag. 











45 •• 

Peg ler-Ha tiers fey 







Record Ridgway 








Row tun Hotels 


— - 

3.41 - 










Venters post*! 







West DriefonteinS .... 






attributable ... 

bad been used the amount on the 
balance sheet would have been 
higher by £31J34m (higher by 

The group operates as precious 
metal refiners, bankers, chemical 
manufacturers, metal fabricators 

Disappointing. ;i „ 
startloTv - 

rii -i- 'n* '-’..”,-.' v ' 

Dividends shown pence per share net except where otherwise stated. 

•Equivalent after allowing for scrip issue, f On capital 
increased by rights and/or acquisition issues, t Increased to reduce • -*-i 
disparity with final, f Board amendment to previously announced . LSldlcS 10SS 
final, t South African cents throughout. 

could chip in £350,000 pre-tax 
which will swi 

•ing the balance in 
favour of non-tobacco interesls. 
Cigars are still registering growth 
and overall a pre-tax profit of 
over £12m this year looks likely 
Meantime the acquisition will 
leave net debt around £l.3m 
against tangible shareholders’ 
funds of £2 Jim. At M)p the shares 
yield 7 per cent. 

. Trade iii the first two" months ‘-V * 

and producers of ceramic colours, of the cunefit -year st . Stylo Ske« ; : 
pigments and Hpcorative transfers, has 'been ‘disappointing but Mr. .. t 
See Lex - "Arnold Ziff, the chairman." assi'.-l 

be trusts -that the additional . .. =■• 
T orrnniroln ' " money gblng into cfreufetSon fet 

JLa2<inV<iI6 • lovring the Budget 4a* redacxioia^^, 

6 : will cause-tn uplift .in the .retaffi'^ 

trade. '■' * 

He" says the' recent imswEse-^W*-. * 

Laganvale Estates of Dublin in-' the bank • lending- rate . wQiV' " 
curred a loss of £17.774 hi the half adversely affect profits; ef'iStyjorv-- 1 ... 
year ended October 31, 1977, com- Barratt -Properties,' ” \sJthodg&*;. ^ * 
pared with an adjusted - profit much of the capital used -Js 
figure or 146.229 in the corres fixed Interest ana pot /sub ject^jk?; • 

ponding period last year. Loss per money market. fluctuations. ; l&'j:-';. 

lOp share is shown as 2^4p (IkOlp A valuation of. ptoperties-.laatv ; . 
adjusted i . year threw up ^ £5JBm'-surphrii">' 

Turnover for the half -year on freehold and long leasehold^-: •" - - 
amounted to E31L403 against properties which, has been incor-^>' 
£227,113. The lass was struck porated in accounts. A £59af - 

Record Ridgway falls by 
19% at six months 

With export margins depressed has been increased, but margins before interest and charges- of surplus on short. leaseholds has* 
bv the appreciation of sterling, have been affected by both the £15.726 (£37.232). not been included..- ■ 

and Ihe fall in UK inRation strength of sterling and the weak- The arrangement made between: At_ -the .:. January '28,: 197^; 2 

leadin'^ to a cutback in ness of the Canadian dollar. The the group and its major creditor - bidance - date fixed assets werer : 

” stock* profit* ” pre-tax profits of Australian subsidiary, however, was completed on April 5 this £U34m (£lM6mj and net curregfiv - ; 
Record Rldgnav. the hand tool suffered a setback, partly due .to year. - "assets £15Im (fi).&n). : -y'« "■ 

manufacturin'’ concern fell bv 19 the depressed economic conditions The amount written off by this- As previously reported “profic: . 

- Jl — »--•»—* - ’^e^n bofo«rtas;f<h:tlreydar>ax£OJ06m : .j" " 

and ■tSB r .7ta3i- '.' 

1 Icaw-Jury BTR Wiring 
sfsmJs up ro rhouNinJji of tons 
;i J;i\ ofnBnisiworcnnJ rlic 
ruiiipcmrim.- uxrrumus of rhe 
Jesuit. \X orklwido sales of 
Ix-Irinu ha\ eaJvieJ >ignitiamtly 
u> BTR s growth in rxwnr years. 

W e supply thousands of 
tirlier prod tiers ro the engineer- 
ing, rran>p> u ration, energy and 
mining industries worldwide. 

\ iru) eonipunenrsforears, 
tr.tinsand planes. Ho^cs of all 
ivpcs. Heavy-dur\ conveyor 
he! ring. Oil pi a r form s reel -work 
■isvenihlies. RuMxt. plastic and 
engineering o »niponenfs. 

\\ ere confidenr \ve\e got 
file lighr mix ro canv on gn ming. 
Sales K' kev industries and 
wtM’ldwide manufaemre and 
disrribution. Above all. an 
i iper.tring philosophy 
actively enci.iu rages grou ch. 

i> r[{ I'd n.'ijjiir lUi'J'/vr ;ui::e in r/se.Ai iS'fiii ik.-Viu 

BTR standsfor growth 

BTR Lixnttir J, ^ilvcrtowu 1 lu'usii \ 'iucern Spurv, Lonvluu b\\'H' JI f'L 

per cent from £1 07m lo £0.8fim and partly due to the dlsruiuions creditor— £323,14£— has-" .- 
m the six months to April 2. I97S. and additional costs incurred, by • transferred to capital re serve. 
Turnover was 14 per cent higher the move of the small Syhiey 


at £9.9f.m against £8.iam. 

With no tax chane ihis time 
compared wiEh £213.000 net profits 
are liltle changed at £ 860.000 
(£853,000) and after exchange 
losses of £42.000 i £26.000) earn- 
ings are shown at S.lp |S.95p> 
per 25p share. 

Mr. A. B. Hampton, the chair- 
man. tells holders that the level 
or finished slocks has been 
duets enabling ihe group to give 
better service to customers at 
home and overseas. Strenuous 
effort* 3rc being made lo stimu- 
late overseas demand. 

Second h3lf performance is 

operation to new premises, j 

• comment 

Like Spear and Jacks>W which 
reported a month ago J Record 
Ridgway- has tripped up/badiy i.o 
the finai quarter of 1977 with tha 
Mroneer pound and a .fcignificanl 
fall in stock profits largely to 
blame. While the effect on Spear 
buried in its annual figures. 


This has improved. Ridgway's interim results show a 
and balance or pro- is per cent earnings setback and 
a fail of 3.3 -points in trading 
margins lo 12.4 per cent. The 
rail in Lhe rate of UK inflation 
has also led lo a reduction of 
some 30 per cent in stock profits. 
And although sterling has since 

likely to reflect the difficult trad- declined, prospects for the current 

ing conditions and Lhe full year 
profit if expected to be generally 
in line with the Interim result*. 
For all 1976-77 a record £2.41m 
was achieved. 

In order lo achieve a more 
equal distribution between 
interim and final dividend, the 
interim dividend is to be 
increased from 1.5p net to 2p per 
share. No l withstand ing ihe results 
anticipated for the current year. 
Ihe director* hjve every con- 
fidence in the future and intend 
lo recommend an increase of 10 
per a ni m I he dividend for the 
year making a total of 4.95p 

half-year are not any brighter. 
With second-half pre-tax profits 
expected to be in line with those 
reported. Dill-year earnings could 
amount to £1.7m against £2.4m 
in 1976/77. At 78p yesterday, the 
shares give a prospective yield ut 
10.6 per cent and a p.e. of 9.6 
cm a full lax charge. 

This Adoertisement is issued in cbmpKance tmflt the ' J ■; 
requirements of the Council of The Stock Exchange 



... ...4®: 

PlSicing^of £750i0d9.' - 

12 j per cent Redeemable Debenture S(otk, iS8& ; 

at £98 i percent,- ' ' x i : j.': 

Application has been made to .the .Council ’. of Jfhe Stock 
Exchange for the above Stock to be admitted -to thft -Official 
List. The Stock wilf rank for interest, parh pass& with the 
existing Debenture Stocks of the Company;: • ^ '■ ■- r'- 
Particulars of the Stock have been circulated in the RxleT - 
Statistical Services Ltd., and copies m ay b e obtained during 
usual business hours on any weekday f Saturdays- excepted) 
from and including 14th June, 1978 from:. . 


LondorTEC2V ,5DP- 


f?' -v 

f. ’StV •: 
rt-c- - 

' • '.tv 
'• ri- . 





Six nionifi- 
J977-TS 197fi-T 


TniJiuu suml'i* .. 

1 nl ■_-r.--.--i 

Profit before lax .. 


Xi-i t»r>.idi 
F.iuh.jiin Iosmc 
b.xiraoniinuo uam 
Mlnnriix los' 
Allnbuiabl'- ■ .. 


Iltlalnr-d . .. . 

i Proht 




9 011 

S 741 

































Ai Record RiQRuay Tools, con- 
tract* for Ihv financing and con-j 
.-■I ruction of ihe new foundry in 
Sheffield have been signed and | 
construct inn is now under way. 

In other group companies there 
have been mixed results. The 
development programme at Platts 
Forgings is well under way. but 
the disruptions caused by the 
changeover to new plant have 
significantly reduced its contribu- 
tion. The South African company 
has made an excellent recovery 
despite the unsettled economic 
and political climate. 

In Canada the volume of sales 

£7,500,000 • 

Medium Term Loan; 


BANK OF IRELAND — K-.-sullS for 1B7 
nvuruil iu lull pri-liraliiary sraiL-Un-m on i 
Maj to. Oinvnt asut-f* r'.uscrr tCl.&bn,. 

ctirrviu Iluhllliios 1 I.SSD 11 iil.t-lbn • 
lnrwaM- In advaucifs m cBMomm. oith-r 
hjiiKim; kss-.-lx .md II Jbiln i«-*. ul Cls".l im 
■ CSlSani. Mn-liDK. Dublin. July 5. noon. 

: . P .3 mUb-. 

TIES— .tirms mconru.- lor iu monih< to | 
March 31. lHTs. r 1 61 .TET IT.SI.W. L)-b 
and loan uiurvul £3.1— Bank 

and dollar loan interest £11 734 iEU.<2Si. 
Adiotn. dlH-iUH.-s £14.420 <I8.RCIi. DiP.v- 
icrs- fc-s £1.1% ifl.lHI». Tax «4.*S9 
OS.3KH. N-.-I e.-vi.mic £87.SV« i £71.780 ■. 
Valuallon investments ilnc)udiri(t 
dc-pOSllS ■ £5. rim i £4.4 Jill i . X« assi-ls 
value per iap ordinary 103 Up jH-Sfli. 
.\S known imenin dividend lop per 
sbarc- il.'ioP' 

iu Nxrvb 'll. 19h>. n-uorlcil lUf l». 
UK. quoted lun-stmenis I4S.30m ins.OBini, 
overseas tilAfm i£U.lSin-. L’nnuuted 
t’K 14.1m i£i.S4llli. El 34.944 , 

IC19.73U-. N<-l currvnl liabilities IS.Mtn 
iQi.rjnt .isscisi. Deen.uv In liquidity | 
for >car 1 1 1.7.1m (iS.iKIm merva Be. Meet- 1 
inc iToimaUKhi Rooms. W0. July 5. ai 

UBH CHO UP— ift-vuiw jo Krbnwry 3>. 
lHTs. repom-d .lone 2 . wllh inmnwmi «>n 
praspi-tv. Ktsi-t! asM-ts fSB.Rjni i El -1401 >. , 
net curreui assi-ts C4^3m t£!S.3Sim. At | 
Slay M Eqniiy Jjplial for fndusirj- 
n»ned 11. i per cvni of snares. -Mwiliic. 
IsrMol. JhIf ®. ji ttnao. 

- . V- Managcdbji . 

— ■* . V"***w* 

Klelliw&t, Benson Iinaited 

aAd_prauidcd try - 

Banco de Vizcaya^. A- The W^^t* 

Kleinwort, Benson Iiimted^ 

The Mitsubishi Tnist and Bankio| ; C6rb6ni^^^ 
The Sanwa Bank 

The Sumitomo Trustand Baoking C< 

The Taiyofiob? iBank Liinited 
. The Yasuda Tn^t md Banking (k>n^any l^ 

KMawort. Benson Limited : : .. .. 

~/Ph Onimiby '■ 

THe Loans Bureau : ”'■■■ vff' 

- • 

GPFA Services Limited 

,v r 


Chartered Surveyors 

For 'The Complete Picture^bfochure 
describing all our property sendees, 
write to Af. XL I lunlleyRHK IS. 
Richard Ellis, RlCurnhill, 
ddondonR^3¥3PS. Til:il®ii3G9G 

Empire Stores 
sales growing 
in real terms 

Sales at Empire Stores (Brad- 1 
ford) are continuing to beat the 
rate of inflation by a few points 
and this pattern is likely to con- 
tinue in succeeding months, Mr. 
C. T. Wells, the chairman, told 
the AGM. 

Although constantly hearing of 
a consumer boom being just 
around the comer, there were 
few signs of this in retail business, 
he said. The directors believe 
there will be an upward trend in 
retail sales in the autumn and 
Christmas season but it was 
extremely difficult to project too 
far ahead. Even so the company 
i is ready for such an uplift 
i If the tax rate is reduced a small 
! additional dividend will be paid. 

I However, he added, that as a 
! result of action taken about 
i increasing payments as a result 
of rights issues in 1975 and 1977 
he did not think there was mneb 
leeway to be made up when divi- 
dend controls were relaxed but 
tbe company will continue to 
ensure that, subject to its finan- 
cial requirements. dividend 
growth keeps pace with Increasing 

at CGI 

! Premiums received for the 1977 
underwriting account of Credit 
and Guarantee Insurance Com- 
pany increased by two-thirds on 
the previous year, reports Sir. 
Julius Heave in his chairman's 
introduction’ to the report and 
accounts. The growth was 
[equally spread between the two 
important sectors of the business 
of the company, credit under- 
j writing and bonding. The under- 
writing fund on this account 
; stood at £131.000 in respect of net 

S remiums retained of £251.000. 

n the 1976 account, the fund 
{stands at £252,000. 

! Hie’ company has adopted a 
! three-year accounting period 
following its reorganisation, with 
1976 being the first year under the 

•-** * 

f .14 1978 

and record GEI jumps 34% 

to £5.55m 


j^feCpRD ANNUAL. gales and pro- 
fitMogethee with • a £2.l9is rights 
sine- -on. the baste of -one for five 
at -92p . per.^2i>p .share- are an- 
uoanced‘by SJmiehiey.the indos- 
Iriar workwear, dry cleaning and 

textile ..finishing -group. • 

’"Pre-tax profits rose 62,5 -per 
cent: in the J year to March 31 
1978 from £2J»m to £r.66to on 
sales lflfl per. ce nt: hi gher at 
£33 .65m. ; -Stated, earnings per 
abase ■. increased "-“from - 7^p to 
18-4p. . . 

-A' final dividend o£2.93983p per 
■hnre &E4S87p) is recommended 
i n M rtn g. ..av. -total - of 4.68983 d 
( 454271p)--: the., maximum per- 
mitted.'. -I. .-.-: -.. ' •• 1 . 

-Outiinjrig the reasons for the 
Hghts jssue, Mr, Gerald Wigbt- 
’ Baam;. the . chatanan,- says. -the -in-. 
dusmaf services - division- . has 
maintained the growth of recent 
years, and :-now. accounts for 54 
-pec .cent of profits.-.;. . 

/ Ip .Tbe three - years vended 

1978, .". the - division has 
■ invested. : over fjtm ■ in- workwear 
tor- rental- and, in - addition, the 
group hus invested nearly £6m in 

Buildings, plant and -machinery. 

'UJ7-78 1975-77 

'-.'.-w _ . £000 i«e 

■ ~-j, 33. wa 2U3I 

- .. tatoptriai (entire* " lLTse - -. SJ7# 

‘ ...... - . .17,793 . . 15,850 

- Textiles ... - . ^03 ISIS 

Prtiraciation -ii784 low 

tftwUmr frwtt ...... V— •’ .3.732 2; 407 

Tnautnai services . 2.135 _ij01 

-geanln* ....... ~™ . .moi i SM 

Textiles __ — . S7 *53 

. Uon-traeins' props. ... ' •' is*- 84 

Id tores? ■ _ ^69 *13 

Prt-tox vraflt 3,663 . ' 2J5* 

.Taxt . 2,975 . 7.280 

-Mrt.wjpt UM . in 

To minorities s ~ — 

ExtrsonUtuiTy credit - ■ i35 ' “M 

SttrfbotaUe ; 1.837 9SS 

Prelerecce dividend ... 6 8 

Interim ordinary in 

Prtsmta final - — 387 . 356 

URaincd ...» 404 

■ “•loss. . 1 1f ED 19 were 'adopted choree 
rw)d-f*117Io *271.000 (£510,000) and earn- 
ta4t would . Increase «j. 27J.P Ufl.Sni. 

- Includes £5,009 for 1948840 supplemental 
dWawd. for 4276-77. 

. . .The board believes there is con- 
tinuing scope •'for profitable 
growth in this section and there- 
fore .considers that the permanent 
capital base should be broadened 
in order -to maintain a steady rate 
of fixed capital investment and to 
support the increased* working 
capital, requirements- 


The Wtortog ctunpaiHea Hare notified 
of Boarp * WMtiass -W tfie Stock 
k meetings .are osaallv 

nad for- the purpose "of.. considering 
dividends. Official indications are not 
available whether diridauta concerned 
arc interims or finals and the nb- 
emsions shown below are based mainly 
on J«t. year's timetable-- . 

_ TODAY •• 

interim — CoapAir, : fTfixello - Castors 
and Wheels, NQtttaKbro \Brfcfc. United 
StateB; and General Trust: Corporation. 
Westland Aircraft. 

Plrralt—AlUtncf JjjVMtmmC. • Allied 
Retanera. Avenue close, arid* an*, 
matoerspb Theatres, . Coe* sedge. Con. 

tinnotu StxtionecF. . coowry.. and ■ New 
Town Properties. Ch.' CoLflref Pnncan). 
Hareres Investment Tnm. London and 
Oversea* Ttelstners, PlcNrfB. ■RoUemnn 
Poods, sti veley Zndtrftrfes, Tridant Croup 
•Primers, • Warren Plantation*. Wheway 
_Wat*oo, ‘ '■ • 


. Esiaiei; and Agency ._v....„... .... Jon« at 

French iThomasi -Jui« 22 /tnfmr/ June 22 

S. . African Land and ExslorsTien Jaly ao 
Vnl Reefs Exploration - and 

Minina : Jirti- Jo 

Western Deep Levels : July 20 


Alrfix Industries 
Allied plant .... 
Amber Industrial 
Attwood Caraser 
Brent vraDcer 

.Julr 19 

June 28 

- ^il June is 

» .. M .. June 20 

...... June le 

British and Conunoitwfih.' SWojrfny June 15 
Caledonia Investments - : June 15 
Common Market Trust JuW 21 

Crosby Spr lay Ixneriors June 18 

Edbro Jone 72 

Eanlty Consort Investment Tmt June27 

Rendcrson-Kembn r — July 3 

Morans , . Jane 33 

• Referring to .the increased 
profits Mr. Wightman says that 
tbe UK overall" service, .which 
forms the major part of the Indus- 
trial services division,' has been 
working at the" limits of its 
capacity but the: - new factory at 
Basingstoke is now operational 
and as - forecast tn the". interim 
statement margins have returned 
to more normal levels.' J '-': 

Last year's, changeable weather 
coupled with increasing consumer 
spending piower was good .for dry 
cleaning and the cleaning division 
achieved a satisfactory Improve- 
ment in .sales and margins. 

The results for the textile 
division are disappointing but 
very much better than they would 

have been, if the extensive re- 
organisation fiad . not been put 
through during the last two years. 
The UK’textilg industry is still 
heavily depressed and the division 
remains poised to take advantage 
of any upturn. 

Sales of all divisions for the first 
two months of the current year 
are ahead of last year and in tine 
with expectations. . 

The directors ’ expect -to recom- 
mend a net .dividend- of 5.412P per 
share- for 1977-78- on capital as 
Increased by the rlghts issue. The 

>ssue bag . been underwritten by 
Samuel .Montagu and Co- and 
brokers- to the issue are L. Messel 
and Co. 1 

• comment* 

SketchleyV 62:5 per cent pre-tax 
profit .-growth': .is largely due to 
the jump hi margins achieved by 
the .industrial services division. 
During the 1577-78 year that divi- 
sion’s gross margin was 18.9 per 
cent compared with a normal 15 
per: cent. --' The increase was 
achieved by .'-operating factories 
beyond nonnal capacity. Margins 
will drop back in the current year 
but higher revenues should ensure 
continued-- growth in profits. In 
1977-78" It contributed 54 per' cent 
of profits- but 1 only 33.4 per cent 
of turnover. 

Margins in . the cleaning divi- 
sion rose from 7.9 per cent to 
9 per cent reflecting the impact 
of a new range of services. A 
7.8 per cent overall price increase 
for the dry cleaning business 
from April 1 should help results 
in the first, haif of the current 
year but as half of dry cleaning 
expenses is due to labour costs 
the increase in the National 
Insurance contribution from 
October could deni margins. The 
textile division recorded a small 
profit compared with last year’s 
small loss. The cash from the 
rights issue has been earmarked 
for the medium term expansion 
of the industrial services division. 
It is a high capital consumption 
sector but directors see it as the 
major group growth area over 
the next few years. The share 
price closed 6p up at 12lp giving 
a current yield of 6.0 per cent 
and a p/e of &8. 

A JUMP of 34 per cent to £5-55m 
in pre-tax profits is reported by 
GEI International for the March 
31, 1978, year on turnover up by 
2B per cent to £50.48m. 

At the interim stage directors 
reported profits ahead from 
£ljjm to £2.07ra and were con- 
fident that the full-years profit- 
would exceed those of the 1976-77 

Stated yearly earnings per 20p 
share are lo,6p (7Sp) basic, and 
95p (7.4p) - fully diluted. The 
dividend is stepped up to 4.Z52p 
r?.715p) with a net final payment 

Of 2.BS4p. . 

All divisions turned in higher 
profits and Mr. Thomas Kenny, 
chairman, points out that the im- 
provement came without the help 
of further acquisitions. He says 
that the group ’’always has plans 
for acquisitions.** . bur there was 
“nothing in the pipeline at the 
moment " • 

The financail condition of GEI 
continues strong, .with net cash 
balances up £0.7m to £4.7m at tbe 
year end. 

Net assets advanced from 
£IP.73m to £2Z9lm and net 
current assets increased by £L44m 
to £33m. 

Expenditure during the year on 
new machinery and bufldinqs 
exceeded £3m, bringing tbe total 
spent in six years to £lOjn. Capita] 
expenditure for the current year 
is expected to be £1.7m. 

1977-78 1978-77 

• f ’ t 

Turnover 50.4W.2M M. 878.383 

Profit before ux 5J52.2U 4JJ4.U0 

Tax 2.835.757 1.129.414 

Net profit 2.718.329 2.005.218 

Interim dividend 378.156 335314 

Final dividend 698.657 618.308 

Retained 1.645.736 1.051 394 

Net profit came out at £2.72m 
against £2.01 m after tax of £2.B3m 
compared with £2.13m. which was 
spiff as to the amount payable 
£1.63m ff 0.83ml and £1.2m 

I£1.29m) attributable to stock 
relief and capita] expenditure 

transferred to revenue reserves. 

As at March 31 group reserves 
stood at £S.79m l£6.36m): £ii.26m 
(£6J53m) at the beginning of the 
year, plus retained profit £i 6om 
<£1.05ffl): deferred lax £1.2m 
which is nor now- 
required m respect of year; £0.23m 
(nil) revaluation of properties: 
£0.Iim change of basis of stock 
valuation last time; less goodwill 
B), 58m (£2.7Sm). 

GEI . is an international 
engineering group. 

• comment 

Capital spending at GEI later- 
national is really beginning to pay 
off now and increased profits have 
been achieved in all the group’s 
main activities. A further £3m 
was spent last year and this par- 
ticularly helped margins in the 
Midland Steel products division, 
which showed the most dramatic 
improvement. Buoyant export 
markets for earth moving equip- 
ment more _ than made up for 
some slack in home demand for 
wheels and rims. Sales volume 
and profits were both ahead in 
the bright .steel diiision and, 
given recession in the steel in- 
dustry, this is probably the most 
impressive perforoiance. Tlie 
group has captured additional 
markets here thanks to new 
equipment capable of producing 
specialised steel bars. There are 
signs, however, that growth in 
this division is tailing off in the 
current year. Meanwhile Toben- 
oil. GO’S packaging outfit, has 
doubled Its profits to more than 
£Jm two years after acquisition 
and only the special products 
division failed to record more 
than a modest profits growth 
With cash in hand aonroaehine 
£5m GET could he looking around 
for further acauisitions. At 82p 
the shares, standinc on a p/e of 
71 and yielding iusr under 8 per 
cent are still a good buy. 

British Tar advances 
to peak £1.24m 

Confidence at Minster Assets 

INPUTS annual statement Mr, A. R. the group in future years. _ ' 
McGibbon, . the chairman of Tbe Lloyd's •„ '- untterwriting 
Waster. Assets says he has little agencies achieved a. record 'profit 
doubt that the group will continue of just over £lm in 1WL The 
to prosper. . closed year brought Into -account 

.. An encouraging feature of tbe was 1975 which was. profitable in 
current year Is that throughout varying degrees for all, the nine 
(lie-adverse winter period British Syndicates managed: at- Uoyd's 
Midland. Airways had. no need and an equally good _ outcome for 
of the normal seasonal borrowing the 1976 underwriting. , year is 
facility from its parent. Given expected. . - 

tolerably stable conditions Mr. The current . year, ;has- started 
McGibbon expects BMA again to well for the insurance broking 
gh'e a good account of. Itself, companies and a broadly. similar 
though it would be optimistic to result to last year’s - satisfactory 
expect a repetition of the 1977 outcome is anticipated^ ; , 
profit ievel As reported on May 26, pre- 

At Minster Trust the finance tax profits of Minster Assets rose 
department is very busy and the from 17.22m, to £7.f&ra -WWh. 3° 
chairman . feels confident • that underwriting loss - pf ^£22ain 
Bradville, the ..Bradford-based asainsrt £90.118 being, by 
motor accessory- manufacturer BMA which conmbuted £J.4 ,cj 
has a bright future. - .-. - compared with £« S63. ,c 

■ — - At- the year -end -there. -was* ran 

meeting, ‘Arthur Stre 
July 7 at 10 am. j 



EC, od 

T^arte because the consortium 
ef * which the group is a part has ^tly .* 3t I V?P e 

drilled the obligatory 'number of. 
hwUs. under the terms of its vari- 
ous licences without making a 
commercial discovery^ However 
there are several' potentially in- 
teresting structures in the re- 
tained acreage which may well be 

drilled in . the future, says the 
chairman. * 

; Mr Donald Pearce, the chairman ___ 
of the group’s insurance broking UltitlUllij 

and underwriting subsidiary, . ^ 

Robert Bradford (Holdings) says „ BWck and Edgington, 21. Tothill 
in his statement that- the 60 ' per Street, _ S.W.L 12. Britannia 
cent ' owned Minster . Insurance Arrow, Great Eastern Hotel E C 
Group (of which he is also chair- 12. BurrelJ, Great Eastern Hotel, 
man)- is devoting much of its 1L Change Wares. Great Eastern 
tiine and money to' broaden the Hotel, 12. Duport, Birmingham, 
base jts; underwriting ' operations 1230. FRA' Construction, Sheffield, 
both at'-hfisne' and ^ overseas. .- He 12- Andrew JR. Findlay, Glasgow, 
has every' co'nfidence that ' tbe 12. Hawtin, ' Blackpool, 2.30. 
development now'- taking place Jessel Toynbee. SO, ComhilL, 
will have considerable benefit j.o_E.C., 3.80.' .John Mowlem. 

Brentford, 11. Office and Elec- 
tronic Machines, Tower Hotel, E n 
12. Shiloh Spinners, Roydon, 11.30. 

S&P extends 

The Save and Prosper Group 
has extended its investment 
management services to self- 
administered company pension 
schemes by launching a Managed 
Pension Fund Contract, linked to 
its Company Pension Fund. 

The group already offers invest- 
ment management services lo 
pension funds in the various 
investment media through the 
Equity Pension Fund, the 
Property Pensiou Fund, the 
Gilt ■>- Pension Fund, and the 
Deposit Pension Fund. But this 
-meant- that the trustees had to 
decide for themselves the mix of 
equities, property and fixed- 
interest. Tbe group had discovered 
that morn clients wanted S and P 
to advise on the mix— an experi- 
ence which all management 
groups have . found — and there- 
fore, it is now offering a complete 
investment service. 

The underlying investment fund 
—the Company Pension Fund — is 
a managed fund investing in units 
of the other four pension funds. 
Up. to now investment in this 
fond has been confined to the 
group’s own pension scheme for 
executives and the self-employed. 
Now it is - available to company 
pension schemes. At the year-end 
on March 5, 197S, this fund was 
invested 41 per cent gilts. 29 per 
cent equities, 20 per centproperty 
and 9 per cent liquid. The value 
of -ihe fund at th? year-end was 

WITH A rise from £566.739 to 
£665,938 in the second half, pre- 
tax profits of British Tar Pro- 
ducts reached a record £1238.940 
for the year to March 31, 1978. 
compared with £1,007,975 last time. 
A rights issue of 1^45m ordinary 
shares to raise about £620,000 is 

also announced. 

The directors report conditions 
in those sectors of the chemical 
industry in which the company 
operates have not been good. How- 
ever, results reflect the steady 
progress of the company and. 
while they say it is too early to 
make a profit forecast for the 
cun-ent year, levels of activity 
for the group as a whole are en- 

Turnover advanced by £lJ3Sm 
to £15-33ro and after tax of 
£631,332 (£525.112) and a minority 
loss of £8,227 (nil), attributable 
profit improved from £482.863 to 
£615.835. Stated earnings are 5.6p 
i4.6p) per lOp share and a final 
dividend of 1304p raises the total 
payment from 1.61603p to 1.804p 
net, costing £210243 (£169.486) — 
for the current year *e directors 
forecast a total of 2.0 i5p net 
I3.143P gross) on increased capi- 
tal and should ACT be reduced 
then they Intend to maintain the 
gross level. . . . 

The rights issue is on the basis 
of one new share at 45p each for 
every 11 ordinary or the equiva- 
lent in convertible loan stock theD 
held. The issue has been under- 
written by S. G. Warburg and Co. 
and the brokers are Cazenove and 
Co. Details will be posted on 
June 16. 

In the current year, the com- 
pany plans to invest a total of 
some £800,000 in new plant and 
machinery at its present sites and 
it is considered appropriate to 
finance this investment pro- 
gramme principally through an 
issue of ordinary share capital. 
The net proceeds of the issue will 
be applied in the first instance hi 
reducing short-term borrowings, 
facilities for which will remain 

The board considers that, taking 
account of available loan and bank 
overdraft facilities, the group has 
sufficient working capital for its 
present requirements. 

new system.- The 1976 account 
will be closed at the end of 1978 
and Mrl Neave expects a modest 
but satisfactory underwriting 

During last year, the company 
introduced a new form of 
protection, which indemnifies 
owners of commercial properties 
against financial loss in the event 
of tenants defaulting. This 
concept has been well received 
by the 'property market Mr. 
Neave also points out that the 
company pioneered the safe- 
guarding of British holidaymakers 
against loss of money and 
repatriation expenses caused by 
the collapse ni tour operators and 
is still actively involved in tbe 
travel industry. 

The -company is jointly owned 
by Mercantile and General 
Reinsurance Company, Dominion 
Insurance Company, N.V. 
Nationale B"re Maatschappij 
of Amsterdam and Dansk 
Kautio-nforsik rings- Aktieselskab of 

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Financial Tunes Wednesday 



Write today 
for this 


The Slale of Maryland. ■'Home'' 
of the world-seaport of Ballimoie, 
and Eallimore-Washinglon 
Inlemancnal Airpoif. Located 
within one day s rail deliver/ 

Ko/n Baltimore are J7‘c- ol ail 
U S. niamilactureis. and 3r*“\i of 
the nation's consumer market. 

Three major railroad lines, 
oJO Ingh* a v common carriers, 
and Maiyiand s e«'cellent highway 
netwoit provide quick access 
to markets. 

Maryland lias overnight truck 
access to }1°.. of the U S. 
population, and JJ '.. of the 
nation's manufacturers. 

Maryland can 'arrange up to 
100‘n financing ol land, buildings, 
niachmeiy and equipment at 
low interest rates (or long terms. 

Write or phone today -for our 
brochure and for our assistance. 

George Van Busk irk 
European Director 
Maryland Deparimenf or Economic 
and Community Development 
Shell Building 

60 Rue Ravenslein. Boite 10 
1000 Brussels. Belgium 

Phone. i02j 51 2.73.47 


t/ USA 

E & G/County & Suburban 
announce new merger 


Drake & Scull 
chairman buys 


The new 
structured in 

Mr. Michael Abbott, chairman 
of Drake and SculL chose to 
announce yesterday that he has 
agreed to buy 250,000 shares in his 
company, because that was the 
„ , _ , .•.«« ..... . day of Tarmac's AGM. 

IKE lulmu and occasionally recommends a 20 per cent 1977 pre-tax profits of £193,000 and Mr. Abbott was concerned that 
accrimomous courtship of Mr. increase in 1077 dividends to l2p a considerably less heavily geared further statements could be made 

Peter Prowting’s private property a share net on the enlarged balance sheet In 1977 E and G by Tarmac which would affect 

development group County and equity. reported pre-tax profits of Drake and Scull as statements at 

Suburban Holdings and the Mr. John Laurence. E and G’s £332,000. the interim stage did last year. At 

publicly quoted Estates and chairman, said yesterday that Mr. Laurence has had informal that time Tarmac said some losses 
General Investments may yet “ this is a natural marriage and discussions — with the Takeover might be recoverable from Drake 

have ahappy ending. E and G will give us tremendous advan- Panel's permission — with the and Scull through general war- 

announced details of a new mer- tages in improving the portfolio founders of the Association of ranties relating to the purchase 

ger plan yesterday, which appears balance, enlarging the company. E and G Stockholders, the group of Holland, Hannen and Cubitts 

to salary the criticisms that and making management that played the major part in from Drake and Scull in 197a 
killed the last merger scheme in economies." Mr. Laurence and his rallying opposition to the earlier According to Mr. Abbott, the 
19,!K . 3011x1 advised by Lazard Brothers proposals. The chairman says that standing of Drake and Scull fell 

<£***£ Jr"?* are recommend acceptance of the as a result of these talks he does ^ a of ^ statement and 

f0 1 T m merger terms which will be con- not expect organised opposition the recovery underway was 

K by K B “1G °S sidered at an EGM at Winchester to the new plaSiL ldndorei So he took the “ pre- 
ss pe^cen? ownedb^Mr h Prowt- H Takenver 01,0 slightly ludicrous aspect of caution • of announcing yesterday 

.4 CuSSE. P.SI gEtaSSd SSnto? ScS 

fss^s&tsrs^si ri-swA «g? ■■ r ° 

M3 S. , SL M JS me points 2»aSu« fne^oT^t Sn £ 

This would give Mr. Prowting’s spared fierce resistance to the stake 'n the group. Last December company which, he said, is *■ mak- 
sroup 44.S per cent of the en- SJ^ mergS telS Tern to havl SJJSS*" J” itted 2?? " in? aD ~ estremely effecl,ve 
larged group, and added to his beea ironed out in the current increase his bolding to 39.9 per recovery." 

existing :»9 per cent share of proposals. Opposition to County f ent , 10 resoIv ® a three year old The s hares were bought from 
E and G’s existing shares. Mr. and Suburban's approach In 1974 * wrangle w * th former mj._ Robert Potel, a former chair- 

Prowting nnd his associates would focused on Mr. Frowling’s plan dire ctors family trusts. man, at 27ip per share. The price 

end up with 81,8 per cent and to transfer £3.4m of his personal ^ the merger plan is agreed by was negotiated several weeks ago, 

Guardian Royal 6.3 per cent of the guarantees on bank loans made shareholders, E and G’s shares, since when it has weakened, 
larger company. to cover private property develop- suspended at 20p today, will be Also announced yesterday was 

A March valuation of both com- ments to E and G. This time the requoted on July 3. the sale of 25.000 shares by Mr. 

panies’ properties shows that County and .Suburban subsidiary But that may only he the chevalier A. A. A Malevez, a 
E and G s portfolio is now worth to which these guarantees attach beginning of a new E nnd G saga, director, at 24p. This took place 
£4.2m supporting net assets of i s excluded from the proposals. Mr. Prowting said yesterday that on April 2S. Then on May 31, Mr. 
EUni. or 31.7p a .share. County In 1973 E and G shareholders if the merger works he will be Malevez transferred 100,000 shares 
and Surburban s properties are also looked askance at a County looking for another quoted from non-beneficial to beneficial, 
valued at £8./m and so the coni- and Suburban trading loss of property company to further m- AhhftM . ™jH vesterdav that 
toned group would have pro- 1298.000 in the first eight months expand the group: “It is not my lh g re ’ was connection between 
pomes of just under EI3m and a of 1974. and reasonably questioned final object to end up with 80 per u is transaction and those of Mr 
net worth of £7.02m. 39.9p a whether Mr. Prowting had designs cent of E and G If we can eel it 
share, and a 25.8 per cent increase on E and G’s £Jm cash balances, moving I’d be happy with a 
in net assers for existing E and G Now County and Suburban smaller share of a far larger 
shareholders. The board also comes to the proposals showing company." 


Alexander Howden. the inter- 
national insurance broker with 
interests in banking and shipping 
has bought a controlling stake io 

THE MANAGING director of was unfortunate that a director to Mr. Glasgow's personal hold- South* ° Africa n° f quoted 'comp'any, 

Saint Piran. Mr. Peter Adic. has should resign from such a ings arid those of Scottish Ice for iu<t imripr rmonon 

resigned from the board. He has recently floated .company but Rink (1928j. wbteh he also con- Th?oJgh 

Saint Piran chief resigns 

ateTresicncd from the subsidiary commented that Mr. Adie’s her- trots this brines hL^'Wt.wesPiri 
and associated companies. vices to South Crofty were not B&£B B ^^owden hL %T- 

S.fu Piran. the mining in.) wymlal .Inc, he „ not , mining cm ■ __ 

property development group, has expert, 
recently attracted attention be- 
cause of its 29.85 per cent stake 
in A. Monk, the civil engineer 
and building contractor. Both the 
board and a unlor. at A. Monk 
have been hostile to this stake. 

The official statement from 
Saint Pir;m said yesterday that 
Mr. Adie had resigned “ in order 
to pursue his private interests." 

Neither Mr. Adie nor any of his 
fellow directors were available at 
the company's offices to add any 
further explanation. 

OVER 50% OF 

A consortium of companies 
which was instructed by the City 
Take-over Panel to make a full 
bid for London and Liverpool 
Trust has increased its holdings 
in the investment trust to jusl 
over 50 per cent. 

The consortium, which is 

i ^ n ? ine LS ro ^ p: representing 80.6 per cent oE the 

kard has sold 4a.000 shares. Major We llworth equity, for R0.95 per 

iJ« e^.5S» u 81111 assoc,;ites have share and 76.000 6 per cent cum 
sold 65,000 shares. preference shares IfiO.S per cent 

Capital and National ,Trust: of tota ij £ or ri _5 per share 
Standani Life Assurance t.o. on gMaz a totaJ consideration ot 
June 6 bought 20,000 shares, llm 

making total holding 891.000 How’den has offered to purchase 
shares t6 per cent), bhares rcgi- remaining ordinary and 

stered in name of Bank of Scot- preference shares at the same 
land (Stanlife) London nominees. p r i ce _ 

Tribune Investment Trust: Sir h Well worths 
Rex Cohen, director, on June 6 
disposed of 32,120 shares at 64 p. 

beaded by South African interests. 

Saint Piran's stockbroker, said yesterday that its offer had Gough-Cooper 
■Toseph Sebag. said it had “no gone unconditional. shares. 

is effectively a 
“ shell “ company but has assets 
_ . - . „ . of Rl.nam which includes some 

Gough Cooper and Co.: .Miss J. Ri.4m of short-term cash deposits. 

has sold 25.000 so Howden loolu to be buying 
at a discount. 

idea “ about the background to The consortium was instructed Hestair: D. Hargreaves, direc- The move is designed to provide 
the resignation, lu September last to make a full bid for the invest- tor. has sold his rights to «4,SS0 a holding company for the group’s 
year Sebag floated on. the Stock mem trust after the Take-over new shares at ll|ip premium. R. recently established South African 

Exchange South Crofty, a tin 
mining associate company of 
Saint Piran of which Mr. Adie was 
a director. Sebag agreed that it 


Tanners & Leather Manufacturers 





T urnover 



Trading Profit 



Profit before Tax 



Profit after Tax 


J .096 




Met Assets 



Highlights from the Statement by the 


Sir Kenneth Newton, Rt., O.B.E., T.D., for the 
year ended 31st January 1978 

0 Final dividend of 2.75p per share is recomoiended making 
a total of 4.50p for the year. 

0 Exports rose to £1 1.2 million. 

© The fact that we supply so many differing industries and 
export such a high proportion of our products to many 
overseas markets assists us in overcoming the cyclical 
pattern of the leather industry. 

9 Acquisitions were made during the year in furtherance of 
our policy of ensuring that adequate supplies of raw 
materia! are available to the Group from U.K. sources. 

9 Our leather interests have been expanded by our acquisi- 
tion of Wilson & Tilt Limited. All the tanneries have been 
busy throughout the year. 

Q There is increasing interest in our Chamois leathers of 
which we arc the leading manufacturer. 

Q Future prospects arc encouraging, even though profit 
margins may be more difficult to maintain, due to the 
instability of raw materia! prices, the fluctuations in rates 
of exchange and the general economic uncertainty. 

The Grange. 

Bermondsey, London SE1 3AQ. 


The annual report for the year 1977 

Leveraged Capital 
Holdings N.V. 

has been published and may be obtained from 

322 per cent of the trust. 

Panel decided that certain com- Raworth has sold his rights to operations, which included the 
panies had acted in concert with 25.000 new shares at lll.p pre- purchase last month of a 20 per 
two subsidiaries of the South mium. cent stake in Marine and Trade 

African group W & A Investment Australian and International Insurance, a local short-term 
Corporation in achieving a joint Trust: United Kingdom Temper- insurer. ' Howden intends to 
stake of 47.6 per cent ance and General Provident In- change the name of Wellworths 

The bid price was 21p a share stltution holds 545,000 shares 19.08 to "Alexander Howden Group 
which valued London and Liver- per cent). South Africa” and in due course 

pool at £52o.OOO. The consortium Yeoman Investment Trust: The the new company will acquire the 
which consists of W and A SA p rU dentiat Assurance Co.’s hold- group's existing South African 
4ug. Aschneim securities, London m, 0 r 545000 shares now renre- interests, which are expected to 
Consolidated Properties. Stroller ,eSti Yw ’£! fift ” lKn?thfs contribute around £500.000 to ore- 
Securities and Virgo Corporation vear v conversion of 41 oer cent tax Profits in the current year, 
received acceptance representing *J n r S st Sw93 For si?in5 reason J he «*■* also give Howden 

Practical Investment Fund's hold- a ° 3 ^J nr further South African 
ing of 572,000 shares represents acquisitions. 

9.43 per cent 

Reed International: Mr. G. S. G. 

Witherington, a director, has dis- 
posed of his interest in 30.000 iww C11UVU 
shares for no consideration. His group announced 'that the Midland 
".A ® 5 13 n ° n ' Bank had appointed a receiver for 
ronC/r.'.rt i«n /HniH aU lls North East reiaii interests 
fehid — the largest of which is Sachs 
of BET— has acquired 51,300 'wSSriJlS and Sherman, 

deferred ordinary shares ar 46p Sr Problems in 

u " der ■«-“» JLP?»nt?m"!™ s t^t"oS|ht 5“? be “ " ,e raajor 

Gnome Photographic Products: on Ann chares at 35 ’n for discre- cro 
Mrs. H. J. Rees, director, between ^j 0 ' nar y trust under which Mr. ? as - 1 J,ear and JEU8-090 in the firsi 

G. A. W. Jlggins’b dependants are 
beneficially interested. 


De Vere Hotels and Restaurants: 
Mr. L. Muller and Mr. A. T. W. 
Harvey have sold 30,000 shares out 
of their joint holding. 

British Electric Traction, illr. 
G. R. A. Metcalfe, a director of 
Advanre Laundries, a subsidiary 


Shares of L D. and S. Rfvlin 
were suspended yesterday as iJie 

Amax recovers 
poor first quarter 


AFTER .a poor first quarter, when 
earnings were hit by the UjS. coal 
miners' strike, the diversified US. 
Amax minerals group looks for .a 
good recovery this year, reports 
Paul Cheeserijjht from Frankfurt 

Yesterday the group moved . te 
sharpen its profile In Europe by 
taking a listing on the Frankfurt 
stock exchange. Trading in the 
shares opened at DM 72. A Vienna 
listing will be granted tomorrow, 
bringing the. number of . Amax 
listings in Europe to seven. 

Mr. Pierre Gousseland, the 
Amax chairman, said: ” The 
recovery will be based on an 
increase In coal production .above 
1977 levels, as well as continued 
strong markets for molybdenum, 
oil, and gas. We also expect 
reasonably improved markets In 
many; of our other operations'; " 

This relative optimism^, was 
based on the assessment that 
growth in the U.S. economy in- the 
last three-quarters of this year 
should be about 5 per . cent 
Capital investment is starting -to 
improve, said Mr. Gousseland. 

At the same time, he reflected 
the pervasive industry -gloom 
about rising costs. “Some metals 
may become uneconomic to pro- 
duce. without corresponding 
equalisation in their market 
price.” he warned. 

In a survey of group activities, 
Mr. Gousseland disclosed that 
Amax could make, within the 
next two months, a decision ’about 
the re-opening of an open-pit 
molybdenum mine in -British 
Columbia. .Production could be 
I0m tons of molybdenum con- 
centrates annually. Proven and 
probable ore reserves so far are 
105m tons grading a 192 per cent 

ppcprves at the Mount Emmons 
^serves at dQ are . now 

moly bnd ,77": fons grading 
indicated at 16a“> esGnt of 

to Se ^ady for production for 
lo^of S 29 . 8 m onits 

SSSSSpriSn^this year 

■exceed production, he thought, 

sr?he Tead market continues 

^aSls 31 Mat production in me 
Tie this year should reach 30m 
Sfi This y S 2HI tons more than 
MT7. indicating h^thygrowth 
to view- of the mine^ 
the first quarter. Oil_and mas 
income should be a record in 1§7S 
and° exploration is continuing. 

At the Mount Newman iron 
ore operation in Western Aus- 
tralia, where Amax has a 25 per. 
rent stake, total shipments tois 
year are expected to be 295m 
tonnes, compared with £8. 5m 

t °Mi^ S G i ousMland said that tung- 
cten's contribution to earnings 
would rise following ’ Ajax’s 
proposed increased “Merest in 
Canada Tungsten . Minu«. He 
added that production of C^ada 
Tungsten would double in 1978. 

Amax. which Mr. Gousseland 
called “ if not the first, the second 
largest producer of tungsten ;to 
the free world,” is very enthusi- 
astic 3 bout the future of tung- 
sten he said. Amax holds the 
largest known deposit of tung- 
sten in the Western world m the 
Polar Circle, but has not devel- 
oped it because of- large -UJS. 

Government stockpiles,- Hgjab- : 
The stockpiles are 

reduced and work bo 
Circle deposit might start • 
year or so."- Tbe : demand! . 
molybdenum, the tradft5ori&:'taL. . 
lar of streng& ! . for Ama 

1 1 . . i. «■- 'In iHAMUB-lfir <1 1— 

throes to increase.- Mr. 

said that last year wodd i 
tion' rose *fen lbs '1 

Amax prOduetiOIL Itkaanar.^; 
75m lbs from: 64m. Jbs in^ --28783S- 
said. ‘ 

He added that capital tttwofifc 
tores would ' moderate dttr&j' 
next few years, Tney were:,' 
in 1977, compared- , wilfc’$53L 1 . mi - 
1976 and S535m in- ifiTS^ T^.” 
capital expendhures of &e wnSi- 
over, the next 'five to-.jfa--y e g 
should be abottt gaSto.'hi tfeaS 
*400m in 1978. -5^vg3 .y 

While -capital - 

be less, Mr. Goussel 
pre-tax Bamings irom 
will accelerate ; after inereai 

provision for depredation-^ 
depletion’ dbarges. . w T 

M * 

f 6k.cAK^:: 

The Toronto -51 ock JSjKhajwi 
has accepted the notice 
of the Iarter*s> caah- offer- tor-htii: .' 
up . to, 8WJ)OO^GaBadnvTinifi^£ . 
Mining shares at a price pt ESRg*: 
per snare. Amax- already owS 
2.43m shares -of' Canada 
or 48.6 per cart: of The equ^FS ',. • 
A further lin ' shares, 6r. ' — ’ 
per cent, are held by DomelH . 

The latter has advised -the & 
exchange that it will oot'tdu__. 
any of its Canada Tungsten, xhsxes 
under the Amax: offer. 

J?- i 

West Drie beats the 
but East Drie lags 


j. :* - •; 

SURPRISES, good and bad,' are 
thrown into the ring by the 
Consolidated Gold Fields- group’s 
half-yearly gold-mining dividends. 
The best news comes from - the 
major mine. West Driefontein, 
which is declaring an above- 
expected final of 250 -cents 
<157.5p) to make a total for the 
current year to June 30 of 385 
cents against 280 cents for 

Disappointment, on the other 
hand, will be felt over the Interim 
dividend of 40 cents declared by 
the relatively young and top class 
mine East Driefontein. Estimates 
had ranged up to 60 cents for this 
currently popular prod ucer. which 
paid a total of 78 cents for 1977. 

Among other payments; the 
final of 25 cents declared by Kloof 
only just meets the minimum; 
Forecasts for a mine which has 
nor fulfilled market expectations, 
but the latest payment makes a 
total of 40 cents for/ 1977-78 

IJbanon's final of 60 cents is a the corresponding period fcftf - 
minimum expectation and makes -year.- Store May, however, ; the 
a year's total of 100 cents against Canadian, miners’ . strike J has 
45 cents. Venterepost, however, increased demand for -LKA^r' 
has beaten the pandits with « supplies and deliveries, arh janr. 
final or 20 cents to make 25 cents estimated to reach -over 2tpf 
against only 5 cents for the year tonnes tins year against ifAj* 

to last June. 

Losses climb 
at Sweden’s 

tonnes to 1977, the lowest .tevaf 
since WUSs ■: -• 

Most' of these extra deliver}# - . 
wifi he made from stock. Prod^.- . 
tion at the mines Is uot expectid-' . 
to be more than l&5m tonnes 8$ T 
year. The mines will close, dovjn 
for eight or nine weeks in '-the 
w : Mn ■ summer. At the same time, 

012 iron mi ne prices have fallen 15 per cexitiAr. 

° average froto the 1977 leveL’/re' 

SWEDEN'S state-owned ..LKAB the-, extra -demand occasioned:-.^; 
which operates the north Swedish the Canarffim strike is hot'imprh^- 
iron ore mines, made: a pre-tax tog LKAB’srfiimnces^ ^ as mndi; r ^-- 
loss of SKr 218m (£25.7mJ‘ on a alight -be expected-' ' ' 

SKi- 499m turnover - during the. The interim -report notes M*’ ’ 
first four, months of this year. -It “positive” iedioction- in" ^prodf 
forecasts a total -loss of around -.tiorr casts' during the four . 

1 71*70 am •«« riiKivJn - ■!*' : “ n -- 

SKr 67Sm~for 1978. as a wholes htiF-higiier^rafl transport -ant' 

AEr_ na_ iv> - — . . t : : 

against 30 cents. 

The latest payments are 
summarised in the following table. 

Jane. Dec./ June. Dec.. 
1973 1977.' 1077 197S 

cents cents cents cents 

some SKr 52m higher than thfi- pensMmcosts J have-W 0 rked in‘tjR64i»rn iv-rt 
ldssi - \ reports WilUam Spo^attf ' directma. •! 

DnomTomeln i 




East Drie. ... 




















Vlakfuolein ... 





XV. Dnefonioln 

331 *133 

• luienm- 



1977 _ 

Dullforce from Stockholm. - r evaluation in the ‘1977 accom^. . 

The losses '-at;e struck after- wag also , too optimistic, ai d,, 4^ . . . 
planned “depreciation. The ' four'- conform ' actual . poof, 

month result would be SKr. 55m developments; LKAB.rmtic 
greater and the forecast loss for that it will need to write 

1978 about SKr- 165m bigger, if stocks by about SKr lMin. 

cost-calculated depreciation were year-:'. . . . : • . - ’-/ 

applied. . . The: production cats -.and.' n» T . 

’ todc * reduction ' . are.- havh® , ; ' i' , . . 

Dnornfontein is declaring a 
below -expected 30 cents, to make 
30 cents against 15 cents, while 

Because of the continuing low -stock . . . . 

level of activity among the Euro- ^vourable effret ;ott' •tiie^ror.,. , 
pean steelmakers. LKAB’s. pally’s liquidity r itiJ. _ 

deliveries during the first four Together with a r ,SKr'2S)ni,. .cut-in ; 
months were . only OJra tonnes investments. thls.wSH reoare t ■ ■ 
larger at 6.5m tonnes than during borrowing requirement’ for 3978;= - - 

cause i'f 
of £66.000 

Barclays offer terms for ITC 

January 30 and May 15, sold 
30,000 shares. Mr. J. S. Hallsworth, 
director, between May 10 and 24 
bought 19.900 shares. Hr. T. 
Brass, the husband of Mrs. K. M. 
Brass, a director on May 26 
bought 500 shares. 

Edinburgh Ice Rink, Paisley Ice 

hair of the current year. 

The group is an importer and 
wholesaler and retailer of cloth- 
ing and textiles. Its shares were 
suspended at 18p down ip yester- 
Knott Mill, the carpet retailers, day. 
announced yesterday that it was ^ -»-v 

involved in discussions which ASSOCIATES DEAL 


Rink has acquired a further 2.070 might lead to a hid being made for Stancliffe Todd Hodgson pur- 
shares. In addition 1.000 shares the company. The shares were chased on behalf of Mr. Nicholas 
have been acquired by Glasgow suspended at the company’s Horsley, chairman of Northern 
Tullis Enterprises of which J. request at 17p, valuing Knott Mill Foods. 5.000 shares, non-assented, 
Glasgow Ls chairman. When added at £586,500. in Pork Farms at 644p yesterday. 

Tenneco to see Albright union chiefs 

AN EXECUTIVE vice-president ol As well as meeting the union But the cash offer has been 
Tenneco, which is proposing io chiefs, Tenneco is to send a letter rejected by Cornercroft as- in- 
raake an agreed bid for Albright to ail employees, signed by Ten- adequate “ in the light of current 
and Wilson, will meet with union neco's chairman, with further in- trading levels.” Cornercroft 
chiefs to discuss their objections, formation on the proposed bid. chairman. Mr. A. W. Hartwell, also 
The heads of the five major Albright’s managing director, said the board expects to be able 
unions involved are being invited Mr. David Livingstone will pro?- to recommend a significant in- 
to join him and Mr. David Living- ably meet the Office of Fair crease in the level of dividends 
stone, managing director of Trading and the Department of for the current year to September. 
.Albright. tomorrow evening, todustry ^after the union meeting H(Wcver Mr j Harry Hoopcr 

The OFT is expected to make Armstrong’s chairman, said that 
its recommendation about refer- the company, which has already 
ring the bid in the middle of next acquired some 40 per cent of 
we ek. Cornercroft. has made a fair and 

reasonable offer and has no inten- 
ARM STRONG OFFERS lion of revising it considering 
LTER^W ATI^-"E Comercrort’s past performance. 

In Tenneco’s view Albrieht will Armstrong Equipment has no He also pointed out that Comer- 
be st renethened bv thetakeover intention oF revising its offer for croft s earnings last year provide 
some V «f Cornercroft. which includes a a cover of 1* times only and this 

toe re^h flow conSn* from its share alternative of one 10p Arm- is hardly the time to be talking 

North Sea oil interests Tenneco str °ng share for each 20p Comer- about the significant increase in 

regards th is as goodM for croft share. the dividends this year UM year 

and good for the UK. As for the 711(31 share alternative revealed the company paid a total ol 

immediate interests of employees. to S U 1 ®, 13 1-51 tira c in the formal 3.1944p. _ __ 

a commitment to respect tiieir offer document sent to share- Besides the oner for i^orncr 
existing rights has already been holders yesterday is worth 65p croft s_ ordinary shares, which is 

made. Tenneco argues that since bfif Cornercrort share— based on conditional _ on acceptances of 

toe management will not be the middle market price on June more than 50 per cent. Armstrong 

changed, employees need not fear 9- As announced on May SO. Arm- has also offered__35p in cash for 

any change of policy which would strong Equipment is bidding 65p Cornercroft’s 4.55 per cent 50p 

adversely aEcct them. cash for Cornercroft. cumulative preference share. 

Union objections to the take-over 
are widely seen as important to 
the decision on whether or not 
it will be referred to the Mono- 
polies Commission. So the 
Tenneco representative will be 
seeking to convert the union 
representatives to the bid. 

THE DEAL announced yesterday 
for the acquisition of the Invest- 
ment Trust Corporation fITC) by 
the Post Office Staff Superannua- 
tion Fund through Barclays Bank 
involves an agreed offer by Bar- 
clays for the whole of the issued 
share capital of ITC. 

The offer is being made on the 
basis of 88 ordinary £1 stock units 
in Barclays Bank or £264 cash 
for every 100 25p ITC ordinary. 
Barclays is also offering lOOp cash 
for each 3.15 per cent cumulative 
preference share of £1 in ITC. 

A resolution will be put to 
holders of the 5 per cent con- 
vertible unsecured loan stock 
2000-05 of ITC proposing the con- 
version at the current rate of ail 
the loan stock into ITC ordinary 
(an effective conversion price of 
192.3p per ordinary). The resolu- 
tion will be subject to the 
ordinary offer becoming uncondi- 
tional and, if it is passed, stock- 
holders will be eligible to accept. 

To provide the cash considera- 
tion underwriting arrangomonts 
are in hand for Caaenove and Co. 
and Pember and Boyle to sub- 
scribe for new ordinary stock 
units of Barclays at 300p net cash 
per ordinary stock unit. The cash 
alternative under the offer will 
only be available until the first 
closing date. 

Barclays has entered into an 
option agreement with the 
trustees of the Post Office Staff 
Superannuation Fund. Under 

Brit. Land stake in Churchbury Estates 

FOR THE fourth time in just over 
a year British Land has taken a 
strategic slake in a smaller 
property company through a 
share issue— on two of these 
occasions the group has resold its 
holdings for cash, making a nice 
profit into the bargain. 

Mr. John Ritblat, chairman of 
British Land announced yester- 
day that toe group had acquired 
a 35,8 per cent holding in 
Chnrchbui?' Estates in return for 
a 3 per cent slake in British Land. 

McLeod Ru.—cl. the tea com- 
pany. already holds a 19 per rent 
interest in Churchbury and the 
properly company’s share price 
rose lip Lo 268p yesterday on 
news of this second major hold- 

British Umd’s share price last 
night was 34p valuing its Church- 
bury holding at almost .£640,000 
— 256p a share. Last month the 
group acquired all the equity 
capital of WeUingrove property 
Investment by issuing 815,000 ol 
Its own shares in a deal valued al 

British Land is fast achieving 
the reputation or a shrewd 

operator by way of tts property 
share deals. Just over a year ago 
it acquired a 15 per cent bolding 
in Bridgewater Estates in a deal 
worth 212 p a riiare. Five months 
later It sold this stake for 259p 
cash a share. 

This was followed in January 
this year by the purchase for 
shares of an IS.3 per cent holding 
in Property Investment and 

Finance only to sell the holding 
for cash — and make a £50,000 
profit — to Castle mere Properties 
which was planning to make a 
full-scale bid for PIF. 

Mr. Ritblat said yesterday that 
it was not corporate policy to buy 
shares just with a view of a 
potential resale value. "We 
are just as much concerned 
with income and make invest- 
ments in companies which v r e 
think arc attractive and where 
there ls a suitable discount to 
assets. However, if an offer is 
subsequently received we would 

naturally consider this on its 
merits," said Mr. Ritblat. 

The most interesting aspect of 
this latest deal will be McLeod 
Russel’s reaction to a rival stake 
similar in size to its own. 

this, siAject to the ordinary offer 
becoming unconditional, Barclays 
will have the . right to sell for 
cash and POSSF will have the 
right to purchase for cash any 
ordinary and preference shares in 
ITC acquired by Barclays at 264p 
per ordinary and lOOp per prefer- 

If the option were exercised, 
Barclays would receive cash pro- 
ceeds of some £85m which it 
intends to use in further expan- 
sion- of its business. 

The Barclays Board Intends to 
pay to October 1978 an interim 
ordinary dividend of 6.05p net 
for the year ending December 3J, 
1978 (54jp), and In the absence 
of unforeseen circumstances to 
recommend a final dividend of 
□ot less than 7.20S9p net (5^491p) 
exported to be paid at around the 
end of April 1979. - - 

This represents an aggregate 
increase of 20 per cent over toe 
dividends paid for 1977. If the 
applicable ACT rate is altered 
(as envisaged under the current 
Finance BUD .Barclays intends to 
adjust the final dividend' accord- 

The ITC ordinary and prefer-' 
ence shares will be acquired with 
all Tights attaching, except that 
ordinary ITC holders on the 
register at ' June 12, 1978, who 
accept the ordinary offer will be 
entitled to receive and retain the 
proposed final dividend of 4L7p 
net which the ITC directors -have 
recommended, and except for the 
right of ordinary holders to. 

receive new "• ordinary - y . 
under the proposed capitafisawa N - 
issue. • 

The new. Barclays- ordinary 7*“.- •• 
not rank for the int?rim4ilvwto|: • *. 
of Barclays in T ra5pect .af w.r ... 
current -financial year, but- - ®? 
rank for the fina l .' * ? . 

On the basis ■ of- the middle; 
market prices f oar . quoted invest- 
ments, directors’ valuations for- 
unquoted Investments and IAa 
change rates ruling on’Jonea*’: 1| 

1978, the net. assrtt value peOT-; 
ordinary ;(fully ' jiffutedj % an® ■. , 
deducting . prior f ■ -charges , • 
redemption ju-ices^and after pn>r • 
trifling 1 - .for ■ ail "contingent liahitt- -■> 
ties incJudhtg capital gatos-. tw-.- . 

(amounting to 14 p per. share) - 

26L2 per ■ share. - ; z *1 

* To rediice stamp-duty espefl®*. 

It. is proposed; that: JTC. shouW; 
make -a capitaliaaritm ., issue w • 
ordinary .’holders on .the J , 

at close of business on Taontu^^ i 
June 12, 1978. . * J ;r 

The directors' of i£Gixu& tte tf ‘ 
advisers Robert ■ Fleming -..-state • 
that they consider the offers «f» -J 
the loan stock proposals to- te- ^ 
fair and reasonable . -. r. 

The directors (who ho ld oo 
preference shares. 4r ioan'*top*L 
intend to accept the ordm^.-j 
dffer : in respect o f -toelr b‘wn.:» 
fieial holdings amo.imt^ te J Sp!j£ 
ordinary sbares.' They also ' 
to favour, of tot 
tion- issue referred '.to , 
wiH':recomrnend-aiT hoWers-nf. 
ordinary to do likewise^ - : V 

J. Compton, Sons & Webb 
(Holdings) Limited 



1976 ' 
f 000'S. 




Operating profit 


’ 2^84 

Profit aftertax 


. 1,191 - 

Dividends per ■ . 
ordinary share 



Earnings per ordinary share 

5.2 3p 


Net asset value per 

45.7 2p 


Pototefrom the revfewby tee C 2 aain®b ^ v : 
Lord Chrtwbod: v’- ... I*'-?* 

-5I& U has indeed beena challerigWa’j^H^ l.tSl 

trebled, rising from£564^)00 to E^T^HKL. ^ 

^ The Marketing Company continues xi; jf^'2 
energetically to make progress 
overseas, . 

- - - , . 

% Exports expected to dpuble durin^^%-;^>: 

Manutaclurers ot 

Juililny andheaddrew^^^- 

Copies ol the Report and Accounts may be obWncdT^i The SwMlaryriS 

t ' il-KJ aasati-J 

■I’- 7 

?s Wedn&day 'Tune ■ 14 1978 


!• l/ 3 vl 

^ ■ «£* 
5e ;«?. 

•a-* ',' ►*■»£ 

-* ■..*?. 
; ’ «<V- 




The Stock Exchange Official 
List «QMf «uries on. its back, paste 
prices . -of dafly. dealings in 
securities 1 not Hated on theStoek 
Exchange but -traded ■ under the 
Exchanged hue 153 (2). This new 
service- : is' .part of. a Stock 
Exchange . move to increase 
.general awareness. of ;its members’ 
abflity,'to ^arrange.- transacts ons in 
'4im^cd s®OT3ues.^ • 

chairman; Mr. Nicholas 
Ooodiswti yesterday - presented a 
pamphlet -which ; .;speiis out the 
: Exphenge’s 

unusteg securities market;- The 

parawt.; Js^ihe ,sant ! to . 2,000 

unfistea v ^cotopanies ' and., to 
appropriate lawyers, accountants 
and -merchant backs. .It paints 
dealing, facility is 
ndfhsw. thafth* volume of daily 
dealing, under. *«3 . , . is now 
arid .that some 800 
. . had their . shares 
- , . . the past- five 

.yeara; r : : : : 

^■SiP-. SJSr is,. -promoting;. the 
faculty . . partly.. because '. the 
•xftp»be^.,of 'n»w listings on the 
Exchange - has . - fallen - away 
"markedly, since. IBT-I 'and partly 1 
in.'ithe; -word5_of . Mr., Cwxiison,’ 
, because . “ the? /WilSon Committee 
. %1> Provoked. I tis: into greater 
.-public. exposure of ,this' market. ” 
This- committee, '.which' Ms 
examining, the -financial institu- 

tions, has noted i number of 
suggestions , flat- ah, “ Over-the- 
Coouter ” or “ t^o-fler" market 
would be developeiT to cater for 
the "heeds of small -companies and 
investors who want to buy or sell 
shares in them. : . 

While the : SJE. .• provides a 
procedure ' under .which' its 
members - may trade', unlisted 
securities. . -Mr! GoofHson stressed 
that it was up. to the member 
firms -to provide competition tor 
the so-called * OTC market ” run 

by M. J., H. Nightingale, the 
investment bank. “A member 

firm can do anything Nightingale 
does," he explained. Bat It was 
not the Stock Exchange’s function 
to : force .them to do it. . 

In dealing : under 163 <2) . -the 
quality of the transactions are 
'maintained by SE regulations, but 
the" quality of- the - securities 
traded axe. not. On the one hand, 
the SE rules oblige the broker to 
obtain the best possible deal for 
his client. Each desd is .moni- 
tored by the : Exchange, 'and pro- 
tection against the failure of an 
Exchange member is available 
under the Exchange’s"' Compensa- 
tion Fund. ■’ On the Other' hand, 
there • is "no formal relationship 
between the Exchange and an 
unlisted company. It is really up 
to. the broker -to make, sure that 

the company whose shares be 
decides to trade, or to promote, 
gives out sufficient information 
about itself. 

The essential features of deal- 
ing under 163 (2) are: 

l— The broker, acting as an 
agent, will normally find both 
buyer and seller and negotiate 
the deal through a jobber. Alter- 
natively, the broker may notify 
a jobber of his interest and the 
jobber may satisfy it himself or 
try to find a seller or buyer 
through another broker, 

3 — Provided normal registration 
procedures are available, trans- 
actions can take place entirely 
independently of the company 
and without reference to it. 

3 — A broker has to get permis- 
sion to carry out each transaction 
from the Stock Exchange. This 
does not cause delay and no 
action is required on the part 
of the investor. 

A — All contract notes for trans- 
actions in unlisted shares carry 
the statement that they are not 
listed on any stock exchange. 
Nevertheless contracts are sub- 
ject to the rules and regulations 
of the Stock Exchange. 

5 — A stockbroker will charge 
normal commission but no charges 
are levied on companies by the 

Scott & Robertson to expand 

;T' S 

V-"; -o,. ■{ 

. ••Turnoi 

— h 


*’ •** :-2. 
: ■- J 

• " - =32 

AFTE^A-slow start, it is expected 
thaf-there ^wili be a progressively 
higher demand for the textile pro- 
ducts of. Scoiti . and Robertson, 
particularly in the home r market, 
MriSL'BL jPftte, the chairman, says 
inr hlv anhual statement. 

. Tfie group's packaging Interests 
wfi^ also “benefit from the antici- 
pated’ higher .level - of - economic 
actrWtyJ'hu' tefls member's. ■' 

. '.The mills and factories are now 
worsting, wiffi jew exceptions; at a 
good rate " of Activity- while 
generally, production efficiencies 
■are satisfactory. 

Theiboard is actively pursuing 
plans: to .widen the .range pf the 
group’s operations with the object 
or both raisins the profit base and 
reducing the fluctuations in profit 
which -have been all too evident 
In the p3st the chairman says. 

For.the year ended February 24, 
1978,- ' pre-tax profits" were down 
-from l£785,893 4to: £5M;203.: The 
drrideiid is 2374p fl£29p) . 

Turnover for- the year was 
SfSjQSm '(£tfl.04m\." The contribu- 
tion from.- the -UK was £13£ 7m. 
(£T3.79m}> Europe, i4Hm (XS.Wm) 
and- ' other r overseas-, -territories 
£0:52in (£0-lSm).. 

Mr. FIrie says the year has been 
described as one of the worst 
years - in living memory for the 
carpet --industry and as approxi-r 
mately 60. per cent of the group’s 
business -consists of the -jmpptlir of 
products;- to-, the - Soor-eover'mg 
industry, it was inevitable, that the 

profitability, of the , group . would. 

be -affected..’ 

Exports,., thougte.-buoyapt, suf- 
red •_ intense : competition , .with 
Jew! margins and £ould not. .com- 
pensate for the. depressed,' condl:. 

sion was experienred 'ih the 
middle of i he summer of - 1977 
when, due to the poor demand, 
some, works remained closed for 
an 'extended annnat s umm er holi- 

In the third quarter there were 
welcome signs of a recovery in 
home demand and by October this 
improvement was definitely estab- 
lished and, through the remaining 
months of the year, better trading 
conditions were maintained. 

During the year . prices ot 
polymers declined. As a ' result 
of weaker prices some stock loss 
was inevitable and . largely 
occurred in the first bal£ Raw 
jute prices, which hitherto had 
remained remarkably stable com- 
pared to other - commodities, 
advanced sharply towards. the end 
of 1977. - : . 

There has been a succession of 
small jute crops and it w as con- 
sidered prudent to carry , mean- 
time an. above normal stock, the 
chairman states. - .:\ . 

The next jute crop- has how 
been sown and there is a .general 
expectation that, givefc.. no rmal 
weather conditions,' the;, outturn 
will be larger and should alleviate 
the current tight supply situation. 

Mr. Pirie is retiring-' as- chair- 
man and the present vice-chair- 
man, Mr. J. R. Scott 'vfflt'eucceed 
him. Mr. K. S. Husldnson took 
over from Mr. Pirie, as -ehief 
executive in March this year. 

stock 1981 at Smith and Nephew 
Associated Companies have 
elected to convert their holdings 
into 5,227,122' ord shores on May 

well ahead 
so far 

Meeting, . Dundee, Judy-M, at 

OQOO-. 1". ' V.' ^ Sfi- 

■ =rc. :Exp 
•'. .r= fered ■ 

• - «- rr3 gon^ini.thpiJ^e ffiarMt 
- thjsf.reces^ 



: Holders, jof SZfiiSMl • o&.the. 8 
per . cart .corbr- TxasezuretyV i&k 

■ • -Ettl'. 


r.^fie 'treastiry have given rohsenc to the declaration hy th, 
l' .companies, gf dividends of the -iota I amounts' speci 
L,fihan<;i<l. years ending, on .the.; specified- dates: 
-C^lr-i-efsura 'Group. Ltd. ■ ^. tondor^.Wl 
.kiter-Cjty InvesttnenirGro.uprLtd.l-ortdonrE 1 ;■' 

” " ' j>. £162^278 



■ rt 

for the 

i G-. &;W-. Walker Holdings Ltd, .-Telford; 

■ r :ThB' Duribn-Forshaw Grcrup-t-cd, London SWI tl.OTSJ 
|- r Capital, & Cdnnzies Property ' • . . - - 

I -.- Company Ud. -^f- - Lonffop Wl 

■-Keyser (jilminn Holding* Ltd; ..Londbb pC2.- • . £521 .4S1 
‘6riti*h^yp1vpi\ Industries ..Led, • Sheffield'' '^®7TM 
Ijine Arc DeVetopmehr 0 Ltd,;.. Buixon=v 


23. 1.78 

Burton^upoji-T rent 


25. 378 
31. 3.78 





£ 22^00 






.Dwek' Group Ltd, • 

^dmbeii Group Ltd,. 

The ShefficdcT Brick^Group Ltd. 

Berkeley Himbro F^operty 
. -.Company Ltd. ' - ’ 

Svfhrie Clothes Ltd, 

^Csafite'iL-iCjiemical - 

-; -•ProduCti'lLtd. V... Chesterfield 

Eva 'bidustries Ltd. -. r > Manchester 

• Leaderfliish; (Holdings) Ltd, - Nottingham 

' f / m PaSli»!>ek £r i* 1 *. TrAw»T» regu!rthf b> *M above Act 

3 1 3.78 
31. 3.78 



1. 478 

• £ 10.000 

31. 3.78 
31. 378 

Pre-ux profits of Tomkinsons 
Carpets advanced from £42.000 to 
£99,000 In the 26 weeks lo April 
1, 3978 on turnover of £5.51ni 
against with £5.63m for the 
comparative 23 weeks. . 

Alter tax of 151,000 (£23.000) 
and an extraordinary credit last 
time of £54,000, the attributable 
balance is £48,000 7*73.000 1. 

The profits before tax which 
are the best since 1975 have been 
achieved against the trend of de- 
clining profits shown by some of 
the recently published carpet 
manufacturers results, the direc- 
tors point out. 

7n tufted the turn around has 
been accomplished and the 
division is now trading profitably. 
Steels Carpets and Mid-Wales 
Yarns have also traded satisfac- 
torily. The Axminster cUvfeiod. 
however, continues to find market 
conditions generally difficult, 
which has been illustrated by the 
recent closure of one substantial 

Tile directors say that the 
second ha)f has started reasonably 
well and" if: the trend continues 
the company should show an 
improvement over .last year's 
results," when pre-tax profits came 
to £178,1100. 

The directors have been, and 
are continuing to be active in 
world^vide investigations into new 
sources of profit for tbe group 
and "no worthwhile possibility is 
allowed, to pass without the most 
careful evaluation." 

Robinson Bros, 
nref placing 

IN AN UNUSUAL move, a private 
company, Robinson Brothers 
(Ryders Green), is coming to the 
market by way of a placing of 
preference shares which will raise 
about £2m for existing share- 

The company, chemical manu- 
facturers of West Bromwich in 
the Midlands, is making a scrip 
issue of two preference shares for 
ever)' one ordinary share. 
Arrangements have been made 
for l.&n of tbe resulting 2m pre- 
ference shares of £1 each to be 
placed at l09p per share. -' 

The stock carries a coupon rate 
of 11 per cent and yields 15.3 per 
cent gross compared with around 
13 per cent shown for commercial 
and industrial stocks in the FT- 
Actuaries Indices. 

Robinson, Mr. J. H. Robinson and 
Mr. F. D. Robinson together hold 
0.632m beneficial and non-beneficial 
ordinary shares, out of a total of 

Yearlings fall 
to 90o 

The placing win in no way 
affect the ultimate ownership of 
the company, which is controlled 
by Robinson family interests. 
Dealings are expected to start on 
June 19. 

Robinsons, originally engaged in 
tar distillation, now manufactures 
specialised chemicals for the 
rubber, cosmetic, pharmaceutical, 
gas, plastic and general chemical 
industries. It has a labour force 
of 562. 

In 1977. pre-tax profits rose 
from £l.3Sm to £l.4Sni on sales 
of £9.43m t£0.7m>. For the cur- 
rent year the directors forecast 
profits of not less than £1.4m. 

Ar end December, 1977 the 
preference shares were covered 
2.5 times by net tangible assets. 
On tbe basis of the 1978 forecast 
and a tax rate of 15 per cent, 
•preference dividends would be 
covered 5.4 times. 

According to the prospectus, 
Mr. W. A. Robinson, Mr. A. P. 

The coupon rate on this week's 
batch of local authority yearling 
bonds has dropped from 101 Per 
cent- to': -fli per cent. Issued at 
par. they are due on June 20. 

The issues are: Royal Borough 
of Kensington and Chelsea 
t£0.5m), • Beaconsfieid District 
Council (£0-25ra). City of Norwich 
(£0.75m), Wiltshire County Coun- 
cil (£im), Cyngor Dosbarth 
Dwyfor (£Q.5m), Dudley Metro- 
politan Borough CaimcU <£0.75m). 
North Kesteven District Council 
l£Q.75m), City of Coventry 
(£0.5m), Rhondda Borough Coun- 
cil (£0.6mh London Borough of 
Tower Hamlets |£lm>. Barnsley 
Metropolitan Borough Council 
(£0.5m). Borough of Cynon Valley 
(£0.501), Greater Manchester Pas- 
senger ' Transport Executive 
££0.5m>. Highland Regional Coun- 
cil i'£lm). City of Dundee District 
Gouncil'(£0.5m). City of Glasgow 
Distrtct Council (£lm). City of 
Leeds (£tin). City of Liverpool 
f£1.75m). Metropolitan Borough 
of Solihull (£0.5m), Strathclyde 
Regional Council (£lm). 

Banff and Buchan District Coun- 
cil is raising £0.5m by the issue 
of 12 per cent bonds due on June 
9, 1982. while Medway Borough 
Council and Luton Borough Coun- 
cil are each raising £0.5m by *he 
issue of variable rate bonds due 
on June S, 1983. 

West Kent Water placing 

West Kent Water Company is 
placing £0.75m of 12.5 per cent 
Redeemable Debenture Stock, re- 
payable on December 31, 19SS. The 
issue is priced at £98j per cent, 
payable as to £25 per cent on June 
19 and the balance on September 
1 . - 

Dealings are expected to start 
on June 19. 

Interest is payable half-yearly on 
January 2 and July 1. The first 
payment— on January 2— will be 

Brokers to the issue are Laurie, 
Milbank and Co. 

12.37 per cent and redemption 12.45 
per cent. So West Kent looks as if 
It could', shirt dealings frith a 
premium of almost a point. 


• comment 

rt bas been three months since 
the last water company debenture 
issue. That was York Water with 
a similar dated stock which is 
showing in the market yields of 
11.73 per cent running and 11.96 
per cent to redemption. So the 
West Kent issue, yielding 12.658 
per cent and 12.745 per cent, seems 
generously . priced. However, a 
hetter guide is perhaps the latest 
corporation issue front South 
Tyneside where the application 
list- opens this morning. At the 
issue price of £99 per cent Tyne- 
side is offering a -running yield of 

The prospectus is published 
today in" connection with the new 
short tap' stock. The issue is of 
£S00m of 10 per cent Exchequer 
Stock 1983 at £95 per cent. Last 
Friday a £lbn long tap was 

This issue is payable as to £15 
per cent on application with calls 
of £30 per cent and £50 per cent 
on.Jujy-7'.and July 2s respectively. 

Applications for up to £2,000 of 
stock must be in multiples of 
£100; between £2,000 and £50.000 
in multiples of £500 and above 
£50,000 id multiples of £1,000. ' 

I. & J. HYMAN 

' Dealings in the new shares of 
L and J. Hyman offered by way 
of rights i Jast month started 
yesterday. . The shares were 
offered at729p each and opened 
yesterday at a 9^P premium and 
closed at an Jijp premium. 

£1.4m order for Ford 

W. Coast and 
Texas repays 
$1.25m loan 

FORD of Britain has concluded 
a £i.4m truck sales deal under 
which 140 18'ton chassis-cabs will 
be supplied to Turkey. Tbe deal 
was negotiated by the - Swiss 
body-building company Moser of 
Biirgdorf. which will be fitting 
refuse collection tipper body- 
shells to the chassis units prior 
to their re-export to Turkey. 

The final' buyer in this inter- 

national deal is the Municipality 
of Istanbul which yrlll operate 
the vehicles for house-to-house 
refuse collection. The trucks 
will be delivered to Istanbul in 
an overland convoy. 

All 140 trucks are powered by 
170 bhp Ford VS diesels and are 
fitted with heavy-duty power 
take-off equipment supplied by 
the Bradford company Drum 

.; West Coast and Texas Regional 
Investment Trust bas repaid a 
loan of U.S.*1.25m out of the pro- 
ceeds of the 6125m certificate of 
deposit which has matured. The 
cdmpahjPs total multicurrency 
loan facility of ?322m bas been 
re-negotiated in a reduced 
amount of S2L75m for a period 
of five years to May 1983. 

China chemicals project 

SM Orion 

Insurance Company Limited 


1977: Profit maintained despite 
adverse trading conditions 

Profit before tax £3,642,000 (1 976 : £3,624,000) 

: inWstmentiricorhe uji 1 3 %orrcomparable basis ■■ 

■ t37Sraan’fie ahd aViatiofi ynderwiiting accounts produced satisfactory 

- profits-: ' ■ ; - - 

^heexpansien of the London non-marine account continued aspianned 

Home fire and accidenf bLisiness resulted in a loss -mainly incurred in the 
motor account • ' ;v 

/e&e — 


[.'* 1973 


. 1974 
. row 



7976 ' 

. rooo 



. Total premiums 


.. 17|012 

19,472 . 



, .ifx . . ' - 

i }i If ^ Inyestmsatinconie. 

2,VT5 ’ •• 

: ; , 3^84... 


'. 4,143-- 

4,393 - 

^ 1 * ^^"Underwriting ProWi-oss 

. 1,185 




■ Profit befc.r^-t&x . s 

. - Z56t 


4,188 - 

: 3,624 


v , v Sharekoktera’ Funds* ; • - " 


' 8,007 

... 9.022„ 

14,500. .. . 

15,745 . 

. Total Assets* - 


57,603 ' 

. 69.001 . | 

-:.Safi44 ... | 


* V; - '->VThe^ - 

' • c* n be obtained ..from TheSsc/etary, The O^nJnsuranceCornpany L.m.ted, 

r r*v ' ’'X: ‘ ' 5 ;C.^p/ 72 -King .vyilliam:Street Lon^ 1 ] Ec4 ? 7BTm 

Group TO 


A QUOTATION for the build- 
ing of a 200,000 tonnes a year 
ethanol plant at Tachlns Oil 
Fields petrochemical complex in 
north east China has been made 
by Japan Gasoline, using exclu- 
sively the down-stream techno- 
logy of Royal Dulch ShelL 

A team from Shell spent two 
weeks in China last month 
discussing the proposed plant 
with representatives of Taching 
Oil Fields and with the Chinese 
National Technical Import Corp, 
Shell says that if Japan. Gaso- 
line’s bid is accepted, it would 
license its technological exper- 
tise to the Chinese. It would 
not take any part in the manage- 
ment -of the ethanol plant which, 
according to Chinese spokesmen, 
would produce solely for the 
home market. 

It is understood that a quota- 
tion for the construction of the 
plant has been made by Uhde, 
the West German contractor, 
working with Veba Cbemie. as 
well as by Japan Gasoline. The 

* . * - - • . — - 

Chinese, wbo.-.qre said. to. have 
con tailed a number of contrac- 
tors, are expected to make a 
final decision on the bids later 
this month. ■' 

English: win 
business game 

FOR THE first time in the eight- 
year history of The Scotsman 
management game an English 
team, the Commercial .Union 
Assurance Company, London 
have won. 

In a final at the Strathclyde 
Business School Commercial 
“Union emerged at the top from 
a record number of £82 teams 
who . competed in this year's 
game. . . 

Commercial Union managed to 
amass a profit of £481.104. How- 
ever, there was only £1,763 
between first and second place 
which was taken by the Scottish 
Gas Board, team-winners of the 
1976 game. . 

Safety coat for motorcyclists 

AN INSURANCE company is to 
provide its motorcycle policy- 
holders with fluorescent waist- 
coats free of charge because lack 
of conspicuous clothing is a main 
cause of accidents involving- 

The jackets will be sent out - 
over the next year with renewals 
and new applications by Devitt 

(DA Insurance") in conjunction 
with HP Motor Policies at 
Lloyd's. Shaw Taylor, the TV 
personality, will give them to the 
first applicants at Lloyd's today. 

More than 70,000 motorcycle 
accidents occur each year. 
Devitt hopes -that its initiative 
will reduce the casualty rate by 
encouraging many more riders 
to wear luminous clothing. 


Record Profit 

The sixty-eighth Annual General Meeting of the Company 
was held in London on 13th June 1978. The Chairman 

T. B. Barlow said: — -- 

The record profit for. 1977 was £624,000, which was 23% 
more than last year. 

The dividend of 1.70p (155p) per 10p shai* cost £233,000 
(£171,000). . 

■ Outlook 

Both, politically and economically Malaysia is well placed 
and as the leading exporter of rubber and jjalm oil 
- the county’s future is assured. In the absence of the 
unforeseen, the outlook is good. 

The Teport and accounts were unanimously .adopted. 


-mail order and greeting cards- 



F. /?. Kerry. Chairman 

"... budgeting for increased 
sales and profits ... 
optimistic of record resuits 
again next year" 

Year ended 31 st March 


% increase 


£41.9 million 


P RO F IT before tax 

£4.7 million 



£2.0 million 


DIVIDENDS per share 



EARNINGS per share 


EARNINGS per share 

(without provision for - 
deferred tax) .... 



• ■ • - r 

* Fine Art Developments Limited 

The 1 978 Report and Accounts are available from 
the Secretary at Fine Art House, Queen Street, 
Burton upon Trent, Staffordshire, DEI 4 3LP 




The shareholders are invited to the Annual General Meeting which will be held on Wednesday. 
26th june.- 1978 at II o'clock at tfie'HocerSofaeT Paris, 8 to 12 rqe Louis Armartd, Paris J5e. 
The agenda of the Meeting will be as follows: — : 

1. Special report of the Commissaires aux Compces concerning the agreements dealt with 
under Article 101 of the 1 taw of 24th July, 1966. 

2. Reports of the Board of Directors and the Commissaires aux Comptes on the financial 

year 1977. •- ” 

Approval of the 1977 accounts. 

Appropriation of the 1977 results. 

Renewal of the appointment of the Board of Directors. 

Renewal of the appointment of the Censors. 

Any other matters. 

In order to participate or to be represented at the Meeting, the owners of nominative 
shares must be inscribed on the register of >che .Company at least five days before the Meeting, 
j" The owners of bearer shares must, within the same date limit, have deposited the shares 
or the certificate of deposit at one of the following banks: 

— Banque de i'Union Europeenne 
4 Rue Gaillon, 7500 2 Paris 
— Banque de Paris et des Pays-Bas 
3 Rue d'Antin. 75002 Paris 
— Credit du Nord 

6/8 Boulevard Haussmann. 75009 Paris 
— Banque Generale du Pfienix 

33 bis. Rue La Fayette, 75009 Paris 
— Socle ce Sequanaise de Banque 
370 Rue Saint Honore, 7S00I Paris 
— Banque National e de Paris , 

16 Boulevard des Italrens. 75009 Paris 

— Banque Louis Dreyfus 
6 'Rue Rabelais. 75008 Paris 
-^cciete Generale 

50 Boulevard Haussmann, 75008 Paris 
— Societe Lyonnaise de depots et de credit 
in dust riel 

8 Rue de fa AepubKque, 69001 Lyon 
-LSbciete Frangaise de Banque 

119 Boulevard Haussmann, 75008 Paris 
— Credit Commercial de France 
• 103 Avenue des Champs Elysees. 75008 Paris 
' — Banque Neuflize. Schlumberger, Mallet 
3 Avenue Hoche, 75008 Paris 

— Banque de ITndochine et de Suez 
96 Boulevard Haussmann. 75008 Paris " • 

as well as in their offices and agencies in France. 

The Board of Directors 


The lolloping dividends have been declared In Soutn African currency, oayable to members registered ll» the 
books at The companies concerned a: the close ot business on 30 June 19TB. 

Name ot Company 

f All cameanim arc incorporated . in the 

Republic bl Soutn A!riCa> i 

1 Dividend , 

No. 1 

| Amount 

I per ihore 



Em* Drivlonleln Gold Mining Company Limited 


Daornfonlein Gold Mining Company Limited 

4 5 


Klool Gold Miming Company Limited 

Ubanait - Gold Mining Company Unulcd 

55 , 


Vchlcnpofit - Gold Mining Company Limited 



West Drietonlein Gold Mining Company Limited 



Dividend warrants will be basted on or about 7 August 1973. 

Standard conditions relating to the payment bf dividends are obtainable at the snare translor alPces and the 
Londnn olhee bi the companies. 

Reauests lor payment of the df.fderuK . In South African currency by members on the United Kingdom 
registers must be received by tbe companies concerned on or bciore 30 June 1978 in accordance with the 
abatement lured conditions. 

Vlakiontcin Gold Mining Company Limited. No dividend has bean declared bv this company. -In terms 
o! a special resolution passed at tnc adiourned annual general meeting of members on 2D April 1978. the 
authorised and issued capital ol the company was reduced Irom P.i nor share to 90 cents per share and the 
directors were authorised to make a repayment ol. capital ol 10 cents ocr snare to members registered In the 
books ©f the company at the slue ol business- on 30 June 1978. Tne reduction ol capital is subject to confirmation 
b/ the Supreme- Court ol South Alrlca. — Members -writ be- Informed "br circular -In due-course wnen the Court 
lias confirmed the reduction Ol caoital. and o< the expected date and conditions ol the repayment of capital. 

The registers ol members ol all the above companies will be closed Irom 1 to 7 July 197S. Inclusive. 

London Office: 

49 Moorgote. 

London ECZR 6BQ. 

United Kingdom Registrar: 
Close Registrars lim, leg. 
803 Hlgn Road. 

Leyton. London EIO 7AA. 
13 June 1978. 

By order of the boards, 

London Secretary. 


LOAN OF ■SUS20.DOO.000.00 — 
6.75 1967-198= 

We jniorm the 'bond holders that the 
1st August 1978 repayment instalment 
of SUS2.MO.DOQ.OO has been made 
by Purchase on the market. Amount 
outstanding: SU5S, 000.000.00. 

The Principal .Pavlno Agent. 


15. Av. E. Reuter. 




HARRIS LIMITED, Builders, extractors 
and Dec orators. Winding-up Order made 

17 Abril. 1378. , . 

Date and place of first metinas: 27 

June. 1978. at Vie omctii Rexel vers 
oiftce. 1st Floor. Oxtord House. 40. 

Clarendon Road. Watford. HeH*- .Credi- 
tors at 11.00 a.m. Contributories at 
11.30. a.m. 

F. L. SAGE. _ . 

Deputy omclal Receiver. 

isi Floor. 

Oxford House. 

40- Clarendon Road, 

Watlord, Herts. 


Directors' Dining Room is on gleaming 
display at The General Trading Company; 
a hand-picked selection of a/1 chat is 
best in modern design as well 1 * ch ^ 
finest traditional suites. Write lor our 
general catalogue to JK/G. The General 
Trading Company. .14* sioanc Street. 
Sioane Suuare. London, SWtx sbl. 

OWN AN ORIGINAL— art enthusiast must 
soil his entire collection of French 
. impressionists at a fraction of tneir real 
value. Oil paintings by one of the 
worid's- top forRert— Signed. Tel: Ol- 
4 q5 4040. 


EVE. 189. Regent St. 734 0557 
Carte or 'All-in Menu- V 

-- A la 

m,4c w, ,'hrg*- £p«:acv!ar 

Floor Shows 10.45. 12.45 and i.fl5 and 
mu sic ol Johnny- Hawteeaworth & Fnenns . 

gargoyle, *9 Dean street. London W.1 . 




• ■ 1 1 lan - 3 1 nir 

Show st Mionjgbr alia 1 a.m 
-Fri: Closed Saturdays. 437 6455 


AGNEW GALLERY.- 43,- Olp Bond St.. 
W.1. 01-629.. 6176. QLD MASTER 

PAINTINGS. Until 28 July. Mon^Fri. 
9.30-5.30- Thurs. until 7 . 



£2m. Bills offered 14th June 
1878 due 23th September 1978. 

Total applications £14.5m. 
Outstanding Bills £2m~ 

£250.000 issued lSth June. 1970. due 
iStti September. 1970. ai an average rate 
of 9*i in f>-4- Applications totalled 
£2.750.000. No further bills outstanding. 

£600.000 Bills issued on Mth June. 1978 
at S'n'Jo to mature oh 13th September, 
1979. . Total applications £5.400.000, 
Tatar outstanding £600.000. 


Park Lane.- W.1. Today S.OO o m.-iO.OO 
p.m Daily until Z4 June 11.00 a.m. to 
7.30 p.m- Closed Sunday. Admission 
£150 including Illustrated handoook- 






Basic Resources expects 
break-through next year 

gain lifts 



iv. ; 




6/ Our Own Correspondent 

AN INCREASED loss of S3.4m 
was reported for last year by 
Basic Resources International 
S.A., the parent company whose 
subsidiaries operate in oil and 
metal exploration in Guatemala, 
but. the president Mr. John D. 
Park, anticipates a "sizeable cash 
flow" in the second quarter of 


By mid-way through next year, 
the company’s pipeline from its 
Rubelsanto structure to the east 
coast will be completed. The 
pipeline, estimated to cost a total 
of S23m. will be financed by a 
consortium of French banks led 
by Societe Gen era I e S-A. with 

the loan insured by COFACE, an 
agency of the French. Govern- 
ment. ■ 

The Rubelsanto venture, a 
joint operation with Shenandoah 
Oil Corporation of Texas, aims 
at an initial output of $.500 
barrels a day. Proven petroleum 
reserves are estimated at 10.3m 


Mr- Park told shareholders in 
his annual report, published this 
week, that the company faced 
“ somewhat of a cross roads ” in 
its Guatemala exploration pro- 
gramme, in that it had to decide 
whether to enter into further 
exploration joint ventures or to 

await completion of the Rubel- 
santo pipeline and rely upon the 
cash then expected. 

To help resolve this question, the 
Board engaged petroleum con- 
sultants to carry out an appraisal 
of the exploration prospects of 
the remainder of the company’s 
concession in Guatemala. 

The report which is available 
for public inspection, indicated 
“ a' good possibility of further 
additional structures with simi- 
lar reserves to Rubelsanto. On 
this basis, the Board has decided 
to pursue an active exploration 

MONTREAL, June 13, 
world’s largest distiller and 
based in Montreal, earned 
US .$22 ,3m or 61 cents a share 
in the fiscal third quarter, 
against US 413.6m 'or 53 cents 
a share, a year earlier, after 
pre-tax foreign exchange gains 
of 52.601^ against $12m. Sales 
were $533m against $5 36 m. 

Nine months earnings were 
$62 -3 m or S1.78 a share, 
against $65.7m or $1-8" per 
share, on. sales of $1.7bn, 
against $L6bn. An exchange 
loss of 6XJ2m against a gain 
of $7.7m is included. 

Eaton buys into Cutler-Hammer 


stepped into the intricate battle 
for control of Cutler-Hammer 
with a S115.8m purchase of the 
Milwaukee-based electronics com- 
pany's common stock. 

This holding, which amounts 
to a 32 per cent stake, has been 
bought from Tyco Laboratories, 
a small New Hampshire manufac- 
turing company — which has been 
a tenacious buyer of Cutler- 
Hammer stock since last 

Financed by large bank 
borrowings and more recently by 
a 325m Eurodollar issue, Tyco 
appeared bent on a takeover of 
Curler-Hammer after the larger 
company stepped In to thwart 
Tycn's move to control Leeds and 
Nortiirup. a precision instrument 
maker. Cutler-Hammer stepped 
in as Leeds and Nortbrup’s 

NEW YORK, June 13. 

“white knight” and eventually 
acquired 33.5 per cent of . the 
company after Tyco capitulated 
by selling its holdings. 

As many analysts suspected, 
control of Leeds and Northrup 
still appears to be Tyco’s 
objective. Eaton has agreed that 
if it acquires a majority of the 
6S per cent of the Cutler-Hammer 
stock it does not own then "it 
will, so far as it is legally able 
and subject to agreement between 
Cutler-Hammer and Leeds and 
Northrup, cause Cutler-Hammer 
to sell all of its holdings of 
common stock of Leeds and Nor- 
thrup to Tyco." 

Tyco has spent more than 
SSOm building up its holdings in 
Cutler-Hammer and it said today 
that its profits on the deal with 
Eaton amounted to $5m "after 
provisions- for recoverable profits 
and taxes.” Eaton paid $55 a 

share for the Tyco holding and 
two large blocks of Cutler- 
Hammer stock were traded on the 
New York Stock Exchange at 
$55, apparently before Tyco's 
announcement but 25 cents lower 
than the previous trade. This 
price values the electronics com- 
pany at about 6325m. . 

One possible obstacle to 
Eaton assuming full control is 
the . fact that CutlerrHammer 
sought out Hoppers Corporation 
as its "white knight” and this 
diversified manufacturing com- 
pany has a 21 per cent holding. 

However, it is unlikely that 
Eaton would have stepped In 
without being ready to mount a 
determined bid for control. 

The company has made no 
secret of its interest in making 
a major acquisition since it was 
beaten off by Kennecort for the 
takeover of Carborundum last 

Kennecott delay 

Kennecoti announced that Its 
annual meeting, which was 
adjourned .to June 14 to allow 
for a vote count in the 
Cortiss-Wrlght proxy fight, had 
been further postponed to June 
28 because the vote tally had 
not yet been completed, David 
Las ee lies reports from New 

Offer for Interpool 

Interpool’s Board today 
unanimously approved and 
recommended acceptance of 
Thyssen-Bornexnisza’s tender 
offer, reports AP-DJ from New 
York. The ■ company said 
Thyssen’s present plans are to 
make a tender oiler for all 
Interpool common shares at 
640 cash per share. Under the 
terms of an agreement reached 
last March, Thyssen is obliged 
to make a tender offer no later 
than August 1, 1978, if the 

acquisition is not consummated 
in some other way prior to that 

TOE American-based multi- 
national oil company. Occidental 
Petroleum, headed by the 
legendary Dr. Arm and Hammer, 
is making a counter-bid aga in st 
Petro-Canada for control of 
Husky Oil of Calgary— itself con- 
trolled by U.S citizens. 

Occidental’s terras value the 
offer at U.S.$4S4m. 

Petro-Canada is the two-year- 
old Canadian national • oil 

Last night. Occidental dis- 
closed plans to make a -share 
exchange offer for 80 per cent 
or more of the Husky Oil stock 
outstanding. Husky stockholders 
would get new Occidental 
Preferred shares, cumulative 
U.SSIOO par and carrying a 
dividend of U.SJ10 or U.S .$7.50. 

About 90 per cent of the new 
stock would carry the higher 
dividend, and 10 per cent the 
lower rate: but the latter would 
be convertible into Occidental 
common stock at a premium of 
about 16 per cent At present 
market values, each" Husky 
stockholder would get 0.402 of 
a non-convertible ■ Preferred 
share of Occidental plus 0.045 
of a convertible Preferred for 
each share now held of Husky- 

Husky shares were tradtaat It requires SO per centacceptance. pany- to show 
C$35| when trading was started. .The share €Xchal ^® 1 J5“J £l T7 \ B 

on the Canadian . exc h anges last free of U.S. income taxes for US. cant .benem.t^gnada^-®^^ 
Thursday holders and would, represent ai,proposalsJ>y foreign -coiaj^te?./ • 

The management of! Husky :saje of stock for. Canadiafi are snhject to^ap pcov al-eaher^n ' 
owns about 20 per cent, of the: .holders. • c \ --V- ■ ; 1 ? e foreign j&eyiej- 

selves, and recommend it to other -Husky owns major - heavy t oil permission ■ tojake over/Bnappi.:’ ' 
shareholders - -V _ reserves in South West ^skat- Petinleim ,ofrCalgsry, and HMb. . - • 

Early on Monday, after several chewau. Both -companies: cMm- T^U, pwi3ed by the .major^Qnfafc r 
days of rtunonrs, Petro-Canada. they are ready to go ahead witogasdisti^tar--^ . 

said it would make an offer for -a C$500m development:; prb- suceCssfuily . . 

all Husky shares, but.-^ without gr amm e and an upgrading plane federal ; spokesman^-. 'dedarfiL' 1 - ' 
stating a price- Talks were held Occidental also says- it would “ Occidental : should • 

on Saturday between Husky/and merge its existing Canadia n Foreign - Investment^ ''Revfei - ■ 
Petro-Canada in Calgary. — . subsidiary into Husky.Tf the v offer Agency Js nbt a mbher *Uam-V • 

However, Husky latet. revealed goes through allowing further - Meanvftig^ a , *£ ... . 

that the Petro-Canada’s offer Was. Canadian participation.: - -a the . Toronto Stock Faefaange g&r 
C$45 a share and tJie. Husky . In Calgary; Petro-t^ada that a resumption; oftragfaWn 
directors were given 48 houre-to would say only that it , will Husky;. Ou_^ shares. 'WbiriJ.-.-hf " 
accept. ’ f review its position.* ^.cbKizdhntod’with-tfikAmecgi .. 

Husky directors say they prefer Earlier in Ottawa, .'^Energy Stock; Exchange. ?;■ • 
the Occidental offer "“because Minister, Mr. Alastair Gillespite, ... Trading .in * Husky tocoritf& 
shareholders would partrdpatetasaid It was . “ in the nation al . was delayed -:oh .air-iexcha ^g y 
the equity of the combined- com- interest and within: the- com-, again : today- pending 'dissethna 
parties and in potential apptgcia- pany's mandate" for --Petto- tioa .Of -news V of . r Occident t*i tj ]£'* 
ticra from joint developments.**- ' Canada to take over Husky Ofl. . AcouiUerhid^C •. 

The yield available- would be But later a spokesman for-Mr..' - Tfie : Ontario. SeburitiiK^C^ . 
better under the Occidental-offer Gillespie said, he wondered if mission today- lifted the .Cease/Artl 
for technical reasons. -Mote Onto Occidental Petroleum had con- Trading X)eder i to: Htriky/ 1 1 II 
65 per cent of Husky shareholders sldered the Federal GovenunentTS". qc June 8. 

are U.S. residents. The Occidental Foreign Investment .. Review .The 'American Stock JEa&abffl c 
offer would be made/by ^$ro- system in bidding against Petrov mdicatedtir&t Husky Ofl weolfc^' 
spectas and subject to ranafen Canada for Husky.-;-..? open at»$40 to ^4 against a w 

and U.S. Government approvals: The FERA Act requires a cbm-vtraded pricer ; 


Bankers in European study 


NEW YORK, June X3* 

■ and 

Las Vegas casino owner 
in Atlantic City deal 

Bache buys 
own shares 


NEW YORK. June 13. 

ONE OF the largest U.S. gam- long term lease with a purchase 
bling concerns, Caesar’s World, option on the Howard Johnson- 
which operates the Caesar’s Regency Hotel in Atlantic City 
Palace Casino in Las Vegas, has ‘J™* 1 X2n° 

tTV ,"ST 5Srt »Om ra Sis'Sii! s SP fte 

New resort pr0 perty and transforming it 

which recently became toe only iQt0 a 52m ^ n casino 8 

Nevada 10 have Caesar’s already has an option 
leejal gambling. to develop a hotel casino on the 

Caesar’s World has taken a former Traymore Hotel site. 

NEW YORK, June 13. 

BACHE GROUP would not com- 
ment on published reports that 
the company is a potential take- 
over candidate. 

Bache. toe parent of Bache 
Halsey Stuart Shields, said 
earlier it purchased 489,300 of its 
common shares in a private 
transaction at $10.25 each. 

A Bache spokesman said later 
the shares were bought from a 
group of shareholders in Chicago 
that has had “ a substantial 
policy difference with the com- 
pany.” Reuter 

Chicago Bridge offer 

Chicago Bridge and Iron Co. 
Is to make a cash tender offer 
through its subsidiary' CBI In- 
dustries for all outstanding 
common stock of Rowan Com- 
panies, at $26 per share. CBI 
Industries currently bolds 4J) 
per cent of the 10.1m out- 
standing shares of Rowan. CBI 
Industries said that toe pro- 
posed offer would be condi- 
tional upon favourable action 
by lbe Civil Aeronautics Board 
with respect to transfer of con- 
trol of Rowan’s air taxi opera- 
tions, AP-DJ reports from 

EIGHT OF the dozen largest U.S. 
banks have commissioned a 
major study of corporate bank- 
ing in Western Europe in order 
to assess both their standing 
there and ways of improving it 
The study is to be carried out by 
the Louis Harris Organisation, 
and will involve interviews with 
500 companies in 10 countries, as 
well as with several dozen U.S. 
companies with European sub- 
sidiaries. and European com- 
panies with U.S. subsidiaries. 

According to the Louis Harris 
Organisation, the survey has 
several principal aims. 

First, it seeks to -establish 
market shares. Although most 
banks have a fair idea of their 
standing in the market based on 
their own feedback, they are 
keen for an objective assessment 
based on a wider sampling. 

The survey also aims to assess 
the participating banks’ image 
and standing in Europe, to learn 

which aspects of their perform- 
ances are criticised and , whidh 
appreciated. - 

It will try to identify: the types 
of banking SMvices for “winch 
demand is likely, to grow, and 
also to establish, which other 
major U.S. and international 
banks are viewed by . corporate 
customers as proving toe tain 
competition. In this respect,- the 
U$. banks are understood to be 
particularly concerned aboiit' the 
competition from West German 
and Japanese banks. : ■ .. r. > 

The survey will attempt , to 
establish where U.S. companies 
take decisions about their- U.S.. 
subsidiaries, and where European 
companies take decisions .About 
their U.S. subsidiaries.. " 

The survey is being made- at 
a time when, many 'US?- banks 
are facing problems of declin- 
ing foreign earnings due to the 
drop In interest rates . in. Euro- 
pean capital markets.-. They are 

keen for more business^.. but 
want to develop it without having 
to cut rates further. 

Their main interest, therefore, 
lies in establishing whOre the 
strongest demand . fox - banking 
Services lies, and how'these ser- 
vices can best be offered; given 
that there is usually little t o' 
choose between toe ; services 
available at differeuttanks. 

But while some banks are look'? 
tag for ways to-, expand their 
activities in; Eufope^ others: ate' 
understood to be treating rthe 
survey as a holding operation to 
help them preserve their market 
shares and standing tor the time 
being. V. ..- . 

The Louis Harris Organisation 
would not identify, toe ^partici- 
pating banks -by .name. -but. said - 
they included- eight -of the ‘12 . 
-largest in the U-S. : The banks 
will be paying. $25,000 eabh fer- 
tile survey, /wbicb . will take at. 
least five months 1 to= complete. > 

:;u : X ' • • 

AMERICAN" Hoist ;.and;'D«tiJ4 . 

reports fl ; irdt >in net jneome ^} ” ' 

' the: 2!Mveoks -endedilCay : 27;finQi ... 

?8.5m ,to .$i6m, or from JLSS*^ '. 
share fuHy dRiited r to 87; " 

Salea ro&e from $189m to $202ct - 
For- the 10 weAs to May" ZffngL - 

tacome.w^idovmfrom $4.07m « 

64 cents -per- share to $3.09m oi 
:4S . cents, fuRy -diluted, ' on 'sales ' . * 
ahead-fromi^dtei. toi$86Jta. ' i t U ” T 
■' T^' ctrihpaby . sald- tha^ . «rn * 
tags -In the past lfl- weeks were 
adversdy * affected by -product 
development expenses that we®. • 
higher than normal, and by un- 
favourable • operating^' resd^. • 
from the Brazilian subsidiary. 

- Meanwhile,... the textiles etai- .. 
earn CoUtas And -Alkman reports 
an. inmeaseto-per share. earnings 
.from 51 cents to 55 cents for tie ’• 
first quarter, . ; 

Agcnciea- . 


Whirlpool sales rising 

sales for the first five months of 
1978 were more than 17 per cent 
ahead of the year-earlier pace, 
“but we don’t think this level is 
sustainable." Mr. John H. Platts, 
the chairman and chief executive 
told reporters. 

He believes, however, that the 
appliance maker will post a sales 
increase, "in excess of 8 per cent 
to 10 per cent” for all of 1978 
and said Whirlpool will continue 
to outperform the industry for 
the balance of 1978. Whirlpool 
bad 1977 soles of S1.94bn. 

The strong sales gains will cer- 

tainly push second-quarter profit 
above the year-earlier level when 
the company earned S27.7m or 76 
cents a share on sales of $507.6m. 
But he declined to make specific 
earnings forecasts for either the 
second quarter or all of 1978. 

While a "significant slowdown” 
is not expected, he said that 
Whirlpool’s analysis of consumer 
income and debt levels and other 
economic factors indicates that 
some sales growth will taper off 
this year, both for the company 
and ‘ the overall appliance 


Investors still 

By Francis Ghiles 

A $30m floating rate note for 
Ljubljanska Bank was announced 
yesterday. Lead manager is 
Socidte GCnCrale: terms include 
a seven-year maturity and a 
coupon set 1 per cent over Libor 
with a minimum rate of 7} per 

Over the past 48 hoars the 
secondary market has been very 
quiet with no changes in prices. 
Investors are still cautious, 
preferring to keep their money 
in term deposits so long as they 
fear interest rates might move 
up further. 


Alcan Australia 8)pc 1909 

AMEV 8 PC 1987 ... 

Australia 8iPC 1992 . 

Australian M. ft S. 91pc '92 
Barclays Bask Sine 1992... 

Bowatcr Bipc 1992 

Can. N. Railway 8k* 1986 
Credit National Sipc 1938... 

Denmark 8]pc 1984 

ECS 9 PC 1993 

ECS 8] PC 1997 - — 

Em 81pc 1982 

EMI 9| pc 19S9 

Encaeon 8Jpc.19S9 

Esso 8pc 1938 Nov 

Gt. Lakes Paper 83 pc JfcW 

Hamerelcr 9|pc 1993 

Hydro Quebec 9 pc 1992 ... 

ICT «pc 1987 

ISE Canada Oipc 1996 ... 
Macmillan Bloedel 9 pc 1992 
Massey Ferguson 91oc '91 

Mlebelln 9}pc 1988 

Midland lot. Flo. 8Jpc -93 
National Coal BtL Spc 1987 
National Wsttmatr. 9 do -86 
NaiL Wstmnstr. 9pc "86 B" 
NewfOttndland 9pc 1989 
Nordic Inv. Bank Slpc 1088 
Norses Korn. Bk- Bjpc 1992 

Norpipe 81 pc 1989 

Norsk Hydro 8]pc 1992 ... 





Oslo Spc 19SS 


1 06 



Ports Aotonomes 9 pc 1991 





Prov. Quebec 9 pc 199? 





Prov. Saskaichwn. 81pc '86 





Boed International 9 pc 1987 





RETM Spc 1992 





Selection Trust 8{r»c 19BB... 

91 . 

- 92 



Skand. EnsWlda 9pc 1991 .. 





SKF Spc 1SS7 





Sweden fK’dom* 8* pc 1987 





Dnlicd Biscuits 9 PC 1989 ... 




Volvo Spc 1987 March — . 










Australia 7Jpc 1084 





Bell Canada 7! pc 1987 ...... 





Br. Columbia H>d. 7jpc ’85 





Can. Pae. 8*pc 1984 





Dow Chemical 8pc 1986 ... 





BCS 7* pc 1983 — 





ECS 82 pc 1989 





EEC 7Jpc 1982 





EEC 72pc IBS! 





Enso cmzelt Slpc 1984 ... 





Coiaverken 71pc 1982 . — . 





Kockums Spc 1983 — 





MIchelin 8} pc 1983 





Montreal Urban sipc 1981 





New Brunswick Spc 1984 





New Bruns. Prov. Slpc "83 





New Zealand Blpc 1986 ... 





Nordic Inv. Bk. 7Jpc 1984 





Norsk Hydro 7!pc 1982 ... 



Norway 79pc 2982 

Ontario Hydro 8pc 1987 — 

Singer Slpc 1982 ; 

S. of Scot. Elec. Sipc 1981 
Sweden IK 1 dam! 74 pc -1982 
Swedish Stan Co. 71 pc *82 
Tetarex «pc 1984 
Tenneoo 7|pc 1987 May ... 
Volkswagen TJpc 1987 — .4 

Allied Breweries 18*pc "90 
Citicorp 10pc 2993 
Counaulds 91 oc 1999 ..Jb. 

ECS 9}pc 1989 

EIB Bipc 1988 

EIB 9fp c 1992 .. 

Finance for lntL BIpc 19ST 
Finance for Did. lOpc 1089 
Fisoas lOlpc'1987 — 

Cestetner Upc 1988 

INA 10 pc 1988 

Roworree IIBpc 1888 

Scars lOipc 1588 

Total Oil 0fe>? 1984 

This advertisement is issued in compliance with the requirements of the Council of The Stock 
Exchange. It does not constitute an invitation to any person to subscribe for or purchase any 

Preference Shares. 


(Incorporated In England under the Companies Act, 1948) 

Capitalisation Issue of 1,686,858 9 per cent. 
Cumulative Preference Shares of £1 each 



Aslan Dev. Bank 51 pc 1968 

BNDE Slpc 1988 

Canada 4Jpc 1983 

Den Noreke Id. Bk. «PC *90 
Dentscft Bank 41 pc 1983 ... 
ECS 51pc 199# 

. era 5*pc i99€ 

I ' Elf Aotdtainc Slpc 1988 

Snratbm 5ioe -19S7 

, Vlnlwd 5»pc 1988 

I Vorsmarks Blpc 1990 

■ Mexico Spc 1985 — ... 

j MarceiD Hpc 1909 

■ Norway 4lpr 1981 

1 Norway 41 pc 1983 

f »K Bsnken 53oe 10SS 

Proy. Quebec toe J096 

Nantarunkkl 51oc 1988 

Spain toe 1988 

■eroTKlheim Mne 1998 

TVn Power Co. SJ v 1988 ... 

Venezuela 8pc 1988 

World Bank 5Jpc 1990 

U.S. $20,000,000 

The Council of The Stock Exchange has admitted the above-mentioned 
Preference Shares to the Official List. Particulars of the rights attaching to 
them are available in the Extel Statistical Service and copies of the statistical 
card may be obtained during usual business hours on any weekday (Saturdays 
excepted) for the next fourteen days from: — 

DUE JUNE, 1981 

In accordance with the provisions of the Certificates, 
notice is hereby given that for the Interest Period 
from June S to December 8. 1978, the Certificates will 
carry a rate of interest of per annum. ' 


Bank ot Tokyo 1984 Sipc ... 991 

CFCK last Slpc 991 

3NP 19S3 8Jtbl*C 1001 

BQE Worms 19SS 98* 

TCP 1985 Slpc 991 

CCWF 1984 81116 pr 89! 

Creditanstalt 1984 Slpc BBt 

DC Bank 1992 713)6 PC ion* 

r.Z6 1281 $i|6PC ' 1004 

InU. Winmlnror 19S4 9 pc Ml 

Uflydt 1993 915(6 pc 1001 

LTCB 1933 9 pc 99} 

Midland 1997 89i6pc . 99! 

Nat. Westminster Bk. 1990 

ORB 1993 ?!pe 901 

SNCF 1985 31z>c _ m 

Siand. and Cbird. "SA S!pc 99t 
wms. and Glyn's -84 81 if pc 991 

Source: White Weld -Securities. 

S. G. Warburg & Co. Ltd.# 
30, Gresham Street, 
London, EC2P 2EB 

L. Messel & Co., 
Winchester House, 
tOO, Old Broad Street; 
London, EC2P 2HX. 



13th June, 1978 

June 14, 1978. 

American -Eypr»ss Upc W 
\nhland 5 pc 1988 
Bnb'wk ft Wilcox Slpc V7 
Bcprricc Foods 4*oc 19H2 .. 
B-arrlcc Foods Vyc 1992... 
Bcecham 6fpc 1992 ... 

Bordeo 5 pc 1992 

Broadway Hale 4IPc 1987 . 

c.vnpMon ipc I9S7 

Chevron 5pc 1988 

Dart <ipc 1BS7 

Easiraan Kodak 4toc 1998 
Economic Labe. Upc 1987 
Source: Kidder. Peabody 




Wednesday Jane .14 1978 



part of 
id package 

titree years i 

PARIS, June 13. 

5 judged exorbitant 

>3 of tbe plan now 
finding a private 
r or partners ready 

ASEA to 
Sao Paulo 

By William Dullforce 

STOCKHOLM, June 13. 

prospects at philips 

A host of golden variables 


BACK IN mid-April, the 1977 • Share price: see chart. The • Productivity: Philips presents as a whole, it sees volume growth 
annual report, from Philips, the share price line reflects extremes, itself as a benign multinational, of 7 to S per cent this year. But 
nnmh based multinational ei ec highs and lows in particular and the reduction i a its em- with a lot of fiat areas in the 
. ^ years — which coincided neatly ployees from 391500 to 383,900 commercial and industrial sec 

trical group, enclosed that the ^ itil the eamings per- in the year to last December tors, the overall sales picture is 

West German stake in its equity f ormaDCe }n ^he late 1960s and reflects the difference between not particularly inspiring. We 

ASEA. the Swedish heavy bad risen 'from 8.S per cent to early 1970s. and actually anti- some 40.000 arrivals and 48,000 must remember to be patient. 

me owouiMi — j iQ-TA Th a rahtiro - - — •Financial manaeement i 

y^«°**x*«X* over fcflffgSjig jSiS srsrM*5 


S/--: 334 ..*» to Iwe.their jobs and 35? ? Sg^SJSFSriS. bidding for a Skr 2bn (8435m) 

Ithfr'Govenmienrs. economicand Another 30 roSed , Mrlv POS ““ 22 a «ak* (rfaround 30 per 
Social- Development Fund. *ru r 30 r eU r6d early ": . cent and two of the six seats on 

•' r ^- decision, was greeted with ‘ restructuiing ; . plan, the board. The Communist led 

i.'. '-'^^satisfactibn'byM. Francois Gadot- ^ major ffi of- 1 ® 1 * 1 *" CGT union estimates that, in- 

i*'£$a^ass&n&s p® SS5 .snaj asua*! bsms-s 

i ^.•S^5Sg^S£’£¥ responsible for !5.000 ,.9. to the 

'jsmssswSi •Jf-Bffi Jr-Jo***** -jpo* 

electrical engineering and 14.8 per cent over the year. The in 1974. Tbe relative 
nuclear power group. Is taking question, then and now, was absence of volatility since 1375 
over the Sao Paolo Electric whether this German initiative might be taken as a bad omen, 
motor operations of the wa s clever money, patient This year, the price was Fls25.50 
Brazilian company ARNO SA. money, or both. In April. Fls25.70 id May and 

The purchase forms part of <rh e Commerzbank, one of Fls26.60 last night There may 

ASEA’s plan to reorganise its Germany’s M Big Three ” com- seem Jittle joy for the enthusiast 
activities In Brazil, where it is m ercial hanks as well as one there but our enthusiast, remem- 
bldding for a Skr 2bn (8435m) outIer far this slice of net dis- ' oeT ' i5 a P atient man - 
contract for the high-tension posa bie capital, had the impres- •Currency swings: with only a 
transmission network linked to s - lon thit the money was both quarter of gross deliveries in the 
the giant Xtalpn hydro-electric c i ever and patient. 'An impres- Netherlands last year, the rela- 
projeci. s ion. because tbe Deutsche Marks tive strength of the guilder was 

ASEA bad a 38 per cent came from private investors one reason wby sales rose by 
stake in ARNO, which it sold primarily influenced by invest- only 22 per cent to Fls31.16bn 
to Electrolux at the beginning ment letters: “ not tip-sheets. last year— and why margins were 


ASEA bad a 38 per cent 
stake in ARNO, which it sold 
to Electrolux at the beginning 

j H;: r . 'Of \k further FFr 20m he wits acfivSefi" ^ le J° 9 utcome of the chair 

to borrow. lUhi?? 1 * 8 m a n u fac turing man $ meeting with the economy 

of the year. ARNO was pro- you understand,” said tbe Com- squeezed, leaving pre-tax profits 

.1 .. ^haIi mi L.,— Un«l- u thPvVo ivitiAk vMAva 7 X rsijp nont Imupr At EkI.tSnhn. 

,m°e man win, however serve Iffi* * of small ami Minister Tbl f^dsroleas ^ 1 hi 

? foTv^ alleviate -Manufranf*»’« t>y c >cles. The company has said, would only serve to prevent 
J>.- e ^“aPuirances also pledged to renegotiate some the company dying straight away. 


SI 50m ‘club’ loan for Austria 


ducing many products, such as 
electric household equipment, 
which were outside ASEA’s 
interests but fitted much better 
into the Eleetrolux range. 

inerzbank, “ they’re much more 75 per cent lower at Flsl.lS6bn. 
respectable than that." Apart from the squeeze on oper- 

Certainly. Philips as an invest- ating margins. Philips had to 
ment looks like a pretty respect- provide for the currency effect on 
able gamble. There are quite a overseas assets expressed in 

• Financial management in 
1977, stocks as a percentage of 
sales were 29.6 per cent 
Philips is acutely aware that an 
improvement of five percentage 
points would wipe out its debt — 
and that net interest charges 
accounted for slightly more than 
one third of profits before tax 
and interest last year. It also 
acknowledges, however, that the 
quality of information from the 
centre outwards will have to 
match that from the production 
lines inwards, before any such 
Improvement is possible. 

The ultimate variable, how- 
ever. is the 1978 earnings fore- 
cast itself: “ . . it will be a great 
challenge . . said Philips "To 
achieve any substantial improve- 
ment in profitability.” .And that 
means at net level. However, it 

Now ASEA has bought out. departures. But toe total has jTtoewMd ‘SstauSl’^toat 

oa r rt”r 1, AKNO°' whleh I ni'lu 1 H ^favourable view of most ot and Fls240m net against the ulti- Mien consKtenUy from «LJ»o leaves room for hope. In Its 
Si bLSZowJaZ 5 to them. A station fonows. mate eamings Sgure of FlsSHm. H!R "he 

tantsalt Bai nkverein. could have been increased' with ten years with four years' grace 
fcri «al85!aS&. * Osterrelcbsche ease. on a spread of i per cent foMhe 

u ** faaPflfiroanK and Gencissenschaft- Spanish borrowers remain first four years rising to i per 

acti,o: Enpetrol, the INI. con- cent for the remainder. 

Credit . : Lyonnais, Deutsche trolled oil company, is raising On the southern Mediter- 

• for ten with four ranean shores. Algeria continues 

" wTS?S.,„*nv Su ? ,t0 ®?. an ? y ea « grace on a spread of to be a very active raiser ot 

.. 5 per **5* ttroughtfut No funds. Gulf Internationa! Bank 

- • Austria.- has raised SI50m for 12 guarantee has been provided to has just been mandated to raise 

! : - - ? •W 1 "S.* ““ tmr banks '*** ^ S100m »t l™st tor TSei ,71" 

:• .^--^tit spread of » per cent for the arranging this deal— Chase Man- on a spljt spread of li per cent 

• • . . "■- r “ri*: JM years, rising to J per hattan. Deutsche Bank;' Manu- for the first three years, rising 
>.-j; cent; • ^ ’ facturers Hanover and Bankers to lg per cent ’ 

*. - -U: •„ • .These very pie terms did not Trust International; - Three features of this opera- 

please_all banks, some of which Another Spanish borrower t ion are of interest. Tbe majority 

develop electric motor produc- 
tion in a way it could not do 
as a minority shareholder in 
ARNO. The motor operations 
will be merged with ASEA In- 
dustrial SA. 

The capital stock of this 
company and ASEA’s other 
Brazilian Company ASEA 

SLw ni P e amount raised by the Republic to arrange a S150m loan for The capital stock of this 

laniaait Ba: n! kv erein. could have been increased with ten years with four years' grace company and ASEA’s other 

SSet-. H Osterrelcbsche ease. ... on a* spread of * per eent . fo?the Brarilian Company ASEA 

“r G f nc,s senschaft- Spanish borrowers remain first four years rising to i per Electrics SA, which makes 
of'- Anstna.- together with active: Enpetrol, the INI.. con- cent for the remainder. transformers, will be owned by 

1 -a D * u H cbe trolJed oiJ company, is raising On the southern Medfter- a oew holding company. ASEA 

Amsterdam S60m for ten years with four ranean shores. Algeria continues Parilcipacocs. 

Swiss bond 
issues slow 

By Our Financial Staff 

— “ — ■ xvuuLuei opcuuMi ouuwwo uun are 01 interest, ine majority j~ r,. w l.k n ; 

. • 3 : refasol^ to participate, but raising money is Instituto.-de of the banks in the management THE BOND timetable for the unchanged dividend of 10 per accounted for noix 01 me 

- •- ;-_r,-Q:V.erall_there was no problem — Credito Official. West' Deutsche group are Arab institutions- the domestic market in Switzerland cent is 'proposed. - ’ premium income. 

- in iact, quite the reverse. ' The Landeshank has been mandated Arab Monetary Fund is present for the third quarter of this year However, the higher than . Anglo-Efernentar , increased 

; — — in a management group for the suggests that a significant slow- average rise in premiums was "f premium income l ?-'" per 

- r a... 9 - -vr r u '’■ / first tirne; and the borrower has down in new issue activity is accompanied by a sleep rise in *? hn-i«i-c b avi!vnrf e .rt hv 

.'A IHIAPIAfl \7 QirhV* DOVTMbtlf agreed to a penalty clause for about to lake place. damages, particularly in car in- Domestic business expanded b. 

/lillclittt" V ttiUl paymem prepayment. This is likely to New borrowing in xlte July- SU r a nce. Total expenditure was J* 1 P^r cent. I-wscs were ' real* 

U1C “ 1 - " ^ ° a useful increase in volume sales Philips has rejected the 

" ' “ ' “ ~ to improve productivity effec- maximisation of profit but 

TT'-L«« _ • lively: but after a growth rale neither is it keen on minimisa- 

HlPPPF nrPIllllim IFlTSrtW ot oaly 7 per cent com P oun ^ ln tion. and it stays on record as 

JtJJgARVA VllililUfi JAlJ.J.'Lr ff value terms over the past three a i ni j 0 g f 0r a minimum 4 per 

A # ” years, there ought to be some cent return on sales against the 

\ UCFflOTI inClirPTC upside potential. 2.2 per cent of 1977. There are 

1U1 XiiSiJU Id IS liloUl vl 3 • Product growth areas: Philips new arrivals on tbe Board of 

. , _ t m sees relatively rapid growth in management at top level. Out- 

BY PAUL LENDVAl VIENNA. June 1J. computer systems, car radios, side observers reckon that they 

,rirr«nvp Cnh Premium* last VCRs ttho'ugh video-cassette have both the will and tbe 

ERSTE ALLGEMEINE. the Sch 13m. Prem um t recorders start from a low base), ability to achieve the 4 per cent 

leading Austrian insurance coin- >^ _b^ ■ ir jg t r me c f n l Aus while, for the colour TV industry target. . 

\o ^Sch* 6.28bn Wcs^Geraan? by ^ ner ^enL TH E LIST OF APPLICATIONS WILL BE OPENED AT ID a.m. ON 


Direct business in Austria from Sch I3?m to Sch 149m. _ _ 

accounted for Sch 219bn. The Interunfall raised its total 1# 

company is involved in insurance resources to Sch „51m by 4 f| mam pant FXllHEllUER V 

business in West Germany, allocating Sch 20m to invest- IU per U6I1L fcAUllfcyULll W 

Holland and Switzerland and is T ent reserves and Sch --m to OTflAtf HI QO? i\ 

also engaged in reinsurance. An ^ re<1 reserves. The car sector IuOu 



the Sch 13m. 
■ora- >rear by 

10 a.m. ON 


America- Valor payment p-ravn,^^ „ 

• M. %r ~ prove popular with banks August penod will raise just s c h 3fibn., with the car sector L ered J n ^ ca 

.• , BY JOHN WICKS • - • because so many countries are SwFr lbn (S530mi or very nearly for Sch l.obn. household i . .. 

; - taking advantage of soft market 40 per cent less than the calls •pirp in«urarpi» hn«ine«« Interest income was up by 19 

' --u AMERICA- VALOR, an invest- to 77.588 units. • • r • conditions prevailing today to made on the bond market during unproved on the results for 1976 p f, r ce ” 1 ' 10 l 8j> -i n j A ^! er !u e 
- .. meat . fund .for U.S. securities Intervalor, an international- prepay loans contracted In the the third quarter of 1977. Tbe j?**?' German-- in/rom alloc:,uon of Sc ]? ^ 24n 3-2° ^ 
- • -v . administered by the Swiss Bank portfolio fund administered by past few years eariy and re- current, second quarter is due W M Terienced ‘ efbackt *"'?*£*» 

.^Corporation subsidiary Inter- the same company, has- cut- Its finance them on cheaper terms, to raise SwFr l.2bn. L n .^ p iSSranr e premium J in i n l e ^5 en1, 

ionds,-. is to remain at SwFr U’ Swiss franc dividend from ’SwFr Algeria was noteworthy for Taking in the traditional IS!! f .-nm 5ch -udm Sc 5 

Q tered in car, industrial fire and 
household insurance business. 

Interest income was up by 19 
per cent, to Sch 185m. After the 

10 per cent EXCHEQUER \ 

STOCK, 1S83 ' 

ISSUE OF £900,000,000 AT £95.00 PER CENT 


On application £15.00 per cent 

On Friday, 7th July 1978 £30.00 per cent 

On Friday. 28ih July 1978 £50.00 per cent 

£95.00 per cent 


to This siot-h is n>i iui'Cstment Jailing within Part li ol the First Schedule to the 
w _ c TnuUc iHveawwnu .U-t I9$t. Arphcabon ha* breu vuvt? to the Council oj The Stock 
wa: * Exchange Jor the Stock to be admiircd to Uic OiHrml List. 

from S4.72 to. 86.42. The fund, means- a 
which also includes a small share tion from 

Nevertheless, '-this back as 1976. Tbe inclusion of is invariably a quieter period d^id^d to ncrea «t baeie rahitaf pcr ce , nt - and 3 2 per !i em b0 ?^ s ?; 

rise in dollar fiistribu- this clause in the contract has for the financial markets. Even S?2Sr«i!n inqJh ■ A™ capIlal «same> is announced on the Jt 

.79 to ^ -cents -pdT' cer- enabled tbe lead manager to so it is clear that the increasingly UJ &cn /' jm ■ D . *' ,un ?- Sch bOm basic capital. The eom- 

h..-: • 

&■ “ V •' i 

toims,-. is remain ai owrr rranc omoena rrom’owrr Atgena was noteworthy for lading in me uaawonai Auetria were mi from Sch V . .. . . ._ the governor x\o company of the bank of England an- aothonsed 

fox' the year ended March 31, 2 to SwFr 1.90 for the year'ended resorting to this practice as far summer lull, the third quarter f. iA V-R n , t-„L An unchanged dividend of 10 , 0 rcceivc ippheauons ior oititt abote srock. Tt» baian^ at 

'meaning a rise in dollar- terms April 30. Nevertheless, -this back as 1976. Tbe inclusion of is invariably a quieter period J1cr cent and a 2 P er cent bonus stock has been reserved tor th* Notional Debt Commissioners ror public foods under 

from S4.72 to. 86.42. The fund, means- a rise in dollar distribu- this clause in the contract has for the financial markets. Even r^c^vTonLin capllal ‘samel is announced on the m*v auimantu. 

which also includes a small share tion from .79 to 98 -cents •pdf'cer- enabled tbe lead manager to so it is clear that the increasingly “i »cn jum .. n -jura- Sch 60m basic capital. The com- p« prweipal or b ' » ^ N»rton«i Loans 

of Canadian stock, booked profits tlficate. Net profits fell •flcom improve on the terms It te able liquid Swiss investing institu- Another Austrian insurance p an y is owed to- Vf.efl 

■of- SwFr 0.91m- for the: year SwFr 2^m to’ SwFr TS7m forthe to offer Algeria: a spread of tions find local yield levels un- company. Interunfall. has an- Germany's Allianz Versicherung. The stock win be r*pa.d at par on um veccm^r lasj. 

against SwFr O.SSm. Its port- year, portfolio holdings ; £rom li per cent for part of the attractive. For eight and nine T-ounced an unchanged dividend which took over 96 per cent of n ,Th 0 sick* 

folio value dropped from- SwFr SwFr 76.7m to SwFr 55^Sb- and maturity is the best Algeria has year paper, average yields are for 1977 of 10 per cent on its the capital last year from Com- f*"**'- fl ^^c^^ t^iok -rXer T?Laitrs H-U] b^rw S 

SUSra to -SwFr. 24m and cortifi- certificate circulation from'|12lm obtained in the market in the 3> per cent for blue-chip Sch 100m capital. Net profit was mercial Union. . S duw. 

«ate circulation rose from 72.451 to lHXSm unite/'.' . -. » *; present cycle. borrowers. - 

: : : 1 1 merest mJJ be Diyable half-yearly on 12 tb June and 12th December. Income tax 

will be deducted 'from payments of more than £3 per annum. Interest warrants will 
be transmitted by post The first payment will be made on I2tb December 1978 at 
the ra&? ot per £lb ft of the Slot*. 

Applications will be received at Hie Bank of England. New Issues! x). Watting 
ort ,._ . Street. London, ECdM 9AA. Applications for amounts up to ELMO Stock must be 

KUJYIL,. June la. In multiples of ElOfi: applications for amounts between QJNHI and ESQ.M Stock must 

('fi\'nnTTP r»- trnni ... f T oa Cil.n IC^I -Jhnl fAr 1Q77 56 ,B •"■Rlple* »f B«l: applications for more than £50.000 stock must be in multiples 

LOADUTTE DACQl'A. the Of L28.Hbn (8-jl.JOn) for 197< 0 f ajoa. A (cpame cha<tuc representing a deposit of OS per cent of the ruminoJ 

Italian State owned engineering against a no profit-no loss balance amomi applied for must accompany each application. 

croup, recorded net profits of tbe previous year. Lei tors of altonneor in respect of Siocn shored uni) be despatched by post at 

Ti ok ,01 r, ,orr- NAI has decided to cover the r,sk of the applicant. No anomu-nt will be made for a less amouni than £100 

L.l^.on TOr ASM. Up from J n 4bn-nf rhp shortfall bv draw- Stock- In *hc event of parrtal alV'tment. the balance of the amount paid as deposit 

L9761TI the previous year. * ino-'fimrin fr,irr» enpcial rp^prvps “ tU refunded by cJicnuc dcspatchc*J by post at tbe risk of the applicant: it no 

— * . ", _ , funds from special reserves a u 0 j mi . n j )S made the amount paid as deposit will he returned likewise. Payment in 

Turnover amounted 10 L442bn. and to put the remaining loss on fan may be made at any time after aPormem bnt no discount will be allowed on 

a 44 per cent rise on 1976 The the new balance sheet. snch payment. Default in the payment of any instalment by its doe date will render 

company will pay a L32 dlvi- It blamed the continuing world J* .JwgJip-ME.taMtawi oreviously paid liable to forfeiture and the allotment 

dend. L2 more per share than the shipping _ crisis. _ depressed L , , ' -L ' ni mu. 

Gain at Condotte d’Acqua 


previous year. - freights and heavy 

The Board has already dens on borrowed t 

announced plans for an increase severe 1977 deficit. 

k ' :i: K„, Lotiero of aDoitnem may be split into denominations of multiples of £1(W on 

- freights and hea\7 financial our- WTIUl . 0 request received by the Bank of England. New Issues. Wallins Street. London, 
y dens on borrowed money for the ecjm 9AA. nr by any of the branchy of the Bank of England, on any date not 

later than 2Gth July 1978. Such requests most be slimed and must be accompanied 

in caoitaj to L24.5bn from L7bn. The shipping concern said that of aUoment ,bm leners caflnor ^ spl,[ u to***Mi payment i» 

to laUQvh a com ertible bond ness amounted to LI 94— bn of cgntplcicd registration form, when Ihe final instalment is paid, unless payment to 

issue of L14bn. 
. Meanwhile, 


Navisazione Alta ‘Italia .(NAD, short-term, 
announced a balance ^beet kTss.-AP-DJ 

which Ll33.8bn was medium- run has been math- before tile due date in whlcb case they most be surrendered for 
di and. long-term and tbe balance rcgisimuon not later than 2Sth July 1978. 

; -The 1978 updated Financial Times Indices Wall- 

' j Z* Chart has been compiled as a timesaving, easy-to- 

»• ; ' : ^ interpret and comprehensive.portrait of Britain’s three 
: : ' major market indicators from 1949. All three indices 

are shown iu-paraliei with the Government of the day 

' and any Appropriate fiscal ormonetaiy developments 

- ■"• 'which may Kiwe affected their performance: 

... -r. ■ Tot^r Ae : neH;tw6.yesffSJhroughtbtheend 

a» -»k 

r: Vr r J 

' Overall size: 51cm x 76cm approx 

of 1979, the chart has been extended so that you can 
maintain your own record. All the relevant monthly 
figures are regularly published in the Financial Times 
and details of their extraction will be sent with each 
chart. To obrain your copy of this new wall-chart, 
which has been of great interest to senior businessmen, 
and financial executives in past years, please complete 
2nd return the coupon below. 

-piease send trie .... - .... . xopy/cepies of the ‘Financial Times Indies Wall-Chart’ at £5.00 each ind. VAT 

^ y!-. (outsIdeUK. plus 50p postage). Cash/cheques with order only-- .. 

Mr/Mrs/Miss (Block capitals) • '■ — ' • ' — ^° s ' 1: l ton - 

. Mr/Mrs/Miss (Block capit 
- Organization v 
y ■ Address . 

Signed ' — . “ — r— — : . . ' • 

To- Sales- Department (Wall-Chart). Financial Times Business:Publishing Division, Minster House, Arthur Street, London 

■ ■ EC4R9AX.Pte.dsealio>v^Sda^to' delivery. ^ 1Q Cannon S[reet London EC4P 4BY . Registered in Engtend No 227590 

fmrSeedle street, London EC3 Account No TOS^ 75 . Printed in the U.K. 









(including 1.50% bonus) 





S 12.87 








Interest ro all Dtsconlwued Issues inoeased by 120 c /o. 

Maximum holding for each investor is £15,000. 
(joint investors £30.000). 

•This represents the gross equivalent yield to an 
investor who pays income tax at the basic rate of 33%. 


The rate of interest on all mortgages will be 
increased byL25% from 1st Aug. 19/3. Individual 
note quoting revised monthly instalments will be 
senj to all borrowers as soon as possible. 

A C/mntrxwkk’ Buildiiif'So<:iet>- .* 

_ _ Mr,i .,r: if-tl r V-lc U,r^ h iltion 

■ \ /UiorO' l foe Ic'.ciUiK’ut ty 7 tmirr'. 

■ Chief 0!t;. r N. -t'u.m Kc< 1. tloii k r, I’-O. No. ‘J. < -nttortn. 

A commission at the rate of 6.25p per £100 of the Stock will be pain to bankers 
or stockbrokers on allotments made in respect of applications bearing their stamp. 
However, no pa>-mcat will be made where »fte banker or slockbroker would receive 
by way of commission a total of lets than £ 1 . 

Application forms and copies ot this prospectus may be obtained at the Bank ot 
England. New Ismesfei. Watllne Street. London. EMM BAA. or at any of the 
branches of the Bank of Enel.nd: at the Bank of Ireland, P.O. Box is Donegal] 
Place. Belfast. BTl 5BX; from Mullens & Co.. 15 MoorBate. London. ECJR fiAN: or 
at any office or Tbe Stadc Exchange in Ur United Kingdom. 



I2rb June 1978. 


For use by Banker or Stockbroker claiming commission— 


VAT Regn. No. 

( if nor registered put "NONE") 



10 per cent Exchequer Stock, 1983 

I55UE OF £900,000,000 AT £95.00 PER CENT 

The applicant named below requests too to allot to him/her in accordance with the 

terras of the prospectus dated 12ib j untr 197S a 

say pounds 

■>f the above-named Stock and hereby nngaces 10 pay tho instalments as they shall 
become due on any allotment that may be made in respect of this application, as 
provided by the said prospectus. The applicant requests that any letter oF allotment 
io respect of the Stock allotted be sent to him/her by post at his/her ride. 

The sum of b L being the amount *f the required 

deposit (namely H5 for every f]M ol the Stork applied fort. Is enclosed. 

c I/We declare that tbe applicant Is not resident outside the Scheduled Territories d 
and that the security U not being acquired by life applicant as the nominee of any 
personi s; resident outside those Territories. 

- June 1579 






of. or on behalf of. applicant. 

a Applications lor amounts up m £2.000 Slock must be In multiples of £100: applica- 
tions for amounts between E2.0S3 and £50,000 Stock must be in multiples of B00: 
applications far marc An E53.030 Suck must ha in multiples of El , M S. Applications 
should be lodged at the Bank of England. New (ssucstit). Waiting Street, Loudon. 
EG4M 9AA- 

b A separate cheque must accompany each application. Cheques should be made 
payable u» "Bank at England 1 ’ and crorwd "Exchequer Stock". 

c II this declaration canno. be made it shnuld t» deleted and reference should be 
made to an Authorised Depositary nr. In ihe Republic oi Ireland, an Approved 
Agent, through whom lodgment shomd be (-fleeted. Authorised Depositaries are 
listed Id the Bank of England's Notice EC 1 and include must banks and stock- 
brokers and solicitors practising in the Untied Kingdom, the Channel Islands or the 
isle of -Man: Approved Agents to the Republic ot Ireland are defined m tbe Bank 
of England's Nonce EC 10. 

d The Scheduled Territories af presen r comprise the United Kingdom, the Channel 
Islands, the Isle of Man. the Republic of Ireland and Gibraltar. 

pmancfaT TObbbs We&tesSsy 



[§ boosts 


of Finance. Mr. Owen Horwood, 
has supplied adidiional stimula- 
tion to the convalescent domestic 
economy with a surprise move to 
increase the amount of discre- 
tionary funds in the hands of 
the financial institutions. The 
“prescribed asset requirements” 
which the financial institutions 
have to bold in Government and 
puhlie corporation fixed interest 
stocks have been reduced by 2 
per cent to 59 per cent and esti- 
mates suggest that about R350ra 
(USS 400m I of funds at present 
invested in public deht can now 
he made available to the private 

This concession partly rolls 
back the demands made on the 
financial institutions— primarily 
the long-term insurers and pen- 
sion funds, but also the building 
societies, short-term insurers and 
the banks— in the Budgets of 
1976 and 1977. when in an effort 
to meet financing needs without 
resorting to higher taxation, the 
Minister raised the prescribed 
asset requirement. It went up by 
2 per cent in 1976 and 3 per cent 
in 1977. but was not touched in 
the 1978 Budget 

The effect of the 1076 and 1977 
increases was felt most markedly 
In the industrial share market, 
where investment by the long- 
term insurers and pension funds 
became little more than a resi- 
dual item. In 1P7S. only 10 per 
cent, of these institutions' cash 
flow was invested in equities and 
the level was down to 8 per cent 
in 1977 as the institutions bought 
gilts to ton up their holdings 
to the prescribed level. 

Before the reduced require- 
ment announced late last week. 
the General expectation among 
fund managers was that institu- 
tional investment in equities 

during 1978 would be restored 
to a more normal 15 per cent, 
of cash flow, suggesting that 
about R300m. would find Its way 
into the stock market, or double 
the 1977 level. But while the 
industrial market has had a good 
run over the past year, improv- 
ing from 176 to 226 on the key 
Rand Daily Mail 100 Index, 
institutions have not bid 
aggressively for stock. 

In the gilt-edged markets, 
however, conditions have been 
much more bectic and the first 
fixed interest bull market in 
years has driven long-term rates 
down sharply. The July issue of 

sources believe another blue 
chip name could now raise long- 
term funds at under 12 per cent- 
This compares with the prime 
rate for bank borrowings of 12.5 
per cent and suggests that the 
pressure is building up to lower 
the whole interest rate structure, 
although the recent rising trend 
of interest rates in the UK and 
U.S. will be an important con- 

Even so, most fund managers 
believe the decline in domestic 
interest rates has not yet run its 
course and from this it follows 
that they will be reluctant sellers 
of their gilt and semi-gilt port- 

The cut in the prescribed asset requirements of the 
South African financial institutions announced last 
week has freed an estimated R350m for switching 
from the public sector to private at a time when the 
markets in both fixed interest stocks and industrial 
shares are strong. With turnover in equities running 
at about R15-20m a week, it can be argued that some 
R30flm of additional funds likely- to be ploughed 
primarily into equities this year will be absorbed only 
against the background of rising share prices — so that 
the additional R350m now available for private sector 
investment will not be switched rapidly out of gilts. 

long-term Government (RSA) 
stock will be at 10.5 per cent 
compared with the peak last year 
of 11 per cent while the decline 
in the widely-traded Electricity 
Supply Commission (Escomi 
issues and municipal loan stocks 
has been even more pronounced, 
the laimr falling from 13 per 
cent to just over 11 per cenL 
Only a few weeks ago. the 
const ruction group Murray and 
Roberts raised 14-year money at 
12.6 per cent and capital markets 

Folios. The timing of ihe reduced 
prescribed assets requirement 
coincides v.itb a period when 
the financial institutions are 
voluntary buyers nf Government 
stock* and are effectively forcing 
interest rates down because of 
the stock shortage. 

The fall in yields has been 
mirrored in the equity market 
where the average dividend yield 
has fallen from 11.9 per cent a 
year ago to S.S per cent this week 
with a number of leading in- 

dustrial stocks standing at 50 per 
cent or more above their 1977 
share price lows. 

With turnover in equities run- 
ning at about R15-20m per 
week, including trade in De 
Beers and gold shares as well as 
industrials, it is clear that even 
the R300m of additional funds 
likely to be ploughed primarily 
into industrials this year will 
only be absorbed against the 
background of rising share 
prices. Hence the additional 
R350m now freed for private 
sector Investment will not be 
switched rapidly out of gilts and 
semi-gilts, though its availability 
will probably underpin the in- 
dustrial share market. 

This leaves open the question 
of where ultimately the finance 
bouses will invest the discre- 
tionary portion of their cash 
flows, now rising at a compound 
rate of 15 per cent. Property 
investment, whether directly Into, 
cenlxal business district projects 
or indirectly into leasebacks, is 1 
at a low ebb; there are few large 
loan stock issues in the pipeline; 
and there is no sign yet of an I 
aggressive approach to equities. 
Direct investment in the next, 
generation of mining projects, 
particularly where energy- 
related. may be one answer. 

The R350m concession on pres- 
cribed asset holdings brings to 
R1.5bn the total of stimulatory 
measures anounced in the past 
eight months, starting with 
Tl250m of public expenditure on 
hnusing projects late last year. 
Tax cuts in the budget added a 
further R300m, finance for the 
Budget deficit via ih^ stabilisa- 
tion fund another R250ra-R300ra 
and the relaxation of bank credit 
ceilings about tbe same. These 
moves have all provided a more 
confident climate. 

and payout 

By Richard Rolfe 


Haw Par sees 

profits in 1978 

SINGAPORE. June 13. 


AMMAN. June 13. 

Haw Par Brothers International, 
which reported a reduced group 
net loss of S$3.13ra (USSI.3nu 
for 1977, against a loss of 
S$4S.20m io 1976, expects to be 
in profit this year. 

Although the first months of 
the year will be poor, as a result 
of marine division losses, there 
will be a pick-up latc-r as such 
losses are reduced and nther 
divisions improve, according to 
the company's annual report. 

Every division of the group 
except the marine produced 
profits last year. totalling 
S-$i3.6m, compared with a loss 
of S39.3m previously, but tile 
recovery in trading, textiles and 
pharmaceuticals was offset by the 
marine division's SSI 1.2m loss 
(against a $5.1m toss in 1976 1. 

A swing in extraordinary items 
from a loss of S$35.64ru in 1976 
DO a gain of S$2.19m in 1*»7 
played a major pan in the 
improvement in the net figure. 
The pre-tax loss was S82."34m, 
compared with S$9.77m. 

Haw Par said that steps have 
been taken to correct the marine 
division position, but that it will 
not return to profit in the current 

The Board's policy is to 
continue the profitable build-up 
of main operating divisions, 
expand into new products and 
areas and improve the rate of 
return on assets. 


THE THIRD new commercial 
bank licensed by the Central 
Bank during the "past year with 

■ a joint shareholding between 
I .In r; i. in :ind finlf imor(>si_«i has 

.Jordanian and Gulf interests has 
opened its doors here. 

The Petra Bank, with a sub- 
scribed capital of 3ni Jordanian 
Dinars i.SPm) and a paid-up 
capital or JDn llm opened Its 
main branch in the centre of 
Amman. It aims to concentrate 
on short-term trade Gnancin? for 
the time being, according to its 
| general manager. Dr. .Ahmad 

I Dr. ’’hahbi also said, however, 
Ithat Petra Bank plans to reach 
out soon ium investment banking, 
trust management and project 
finaneins as well, both in Jordan 
and throughout the Arab world. 

Petra Bank is also likely to 
promote more efficient retail 
banking throughout the tradi- 
j lional and conservative 
Jordanian banking system, as it 
is the first bank to introduce 
on-line computerised retail bank- 
ing services in :ho country. 

The bank is using a Burroughs 
B1800 computer system, which 
is also being considered by- 
other banks in Jordan, accord- 
ing to ofiicials of the computer 

The Petra Bank's equity is 
held 00 per cent by Jordanians 
and 40 per cent by other Arab 
interests, notably Kuwaiti. Saudi 
Arabian and Abu Dhabian 

investors. Tbe Middle East 
Banking Company — Mebco Bank 

-of Beirut and Mebco's Swiss 
subsidiary. Socofi. hold a 20 per 
cent shareholding. 

Petra Bank follows two other 
commercial banks, the Jordan- 
Kuwait Bank and the Jordan- 
Gulf Bank, both of which have 
a similar shareholding split with 
60 per cent equity in Jordanian 
hands and both of which started 
operations here during the past 
six months. 

Petra Bank brings to 15' the 
number of commercial banks 
now operating in Jordan, includ- 
ing eight branches of Arab and 
Western banks. The country's 
first merchant banking institu- 
tion. the Arab-Jovdanian Invest- 
ment Bank, also started opera- 
tions in April this year. Its 
capital of JDn 5m or about 815m 
is similarly held as to 60 per 
cent by Jordanian? and 40 per 
cent by Gulf interests. • 

Senior officials of the Central 
Bank of Jordan hove told the 
Financial Times that “Jordan 
now has enough commercial 
banks '' and the only new com- 
mercial banks that will be 

opened would be hranches of 
Arab banks established here on 
a reciprocal basis with Jordanian 
hanks opening new branches in 
th“ concerned Arab country. 

New branches or non-Arab 
banks in Jordan are ruled out, 
though the Centra] Bank is in- 
terested in attracting representa- 
tive offices of international 
banks. Five such offices have 
been licensed recently. Central 
Bank solirces say, though none 
have indicated any urgency about 
starting operations. 

The emphasis of ihe central 
banking authorities here now is 
on encouraging the <ening of 
branches of existing banks 
throughout the country, and 
licensing more merchant banks 
and investment companies deal- 
ing with long-term or medium- 
term financing and underwriting 

There have been firm indica- 
tions that ail three of the new 
commercial banks opened this 
year with minority Gulf share- 
holdings will set up their own 
wholly-owned investment com- 
panies. although this has not hap- 
pened to date. 

Tooth raises 

its dividend 

By James Forth 

ASEAN plans reinsurance venture 


NOTICE IS HEREBY GIVEN that the Annual General Meeting 
ot The Dreyfus intercontinental investment Fund N.V. (‘‘The 
Fund”) has been called by the Management and will take 
place at Handeiskade 8, Willemstad, Curasao, Netherlands 
Antilles on June 26, 1978 at 1 1.00 a.m. 



THE newly-formed Insurance of 60ra ringgit in reinsurance 
Council of the Association of money .vjs nljced overseas. 
Southeast Asian Nations principally in London, in 1975. 
(ASEAN) plans to set up an 75in ringgits in 1976 and 
ASEAN reinsurance company tn S7.5m ringgits last year, repre-! 
be financed jointly by insurance renting 21.5 pr- 1 cent of gross 
companies in the ASEAN premium income, 
countries. Mr. Tail), ■.••ho is a vice- 

The president of ihe Mala;. -ion president of th- ASEAN Insur- 
Insurance Association, Mr. Taib ance Council. -M-d that a feasi- 
Razak, said that such a project +>i!i»y study •.» the ASEAN 
wuuld cut down the large reinsurance company was being; 
amount or reinsurance that made, and number companies i 
ASEAN insurance companies would review the proposal at its; 
placed outside the region. ne\t meeting in Kuala Lumpur; 

In the case of Malaysia, a sum early next year 

SYDNEY, June 13. 

TOOTH, the major New South 
Wales brewer, has raised its 
dividend after a 12 per cent 
increase in earnings for the 
year to April 1. Profit rose 
from A$22.6m tu A514.1m 
((.'S$16ni). The dividend ts 
increased From 11.5 cents a 
share to 12 cents. 

The higher profit was 
largely (he result of an im- 
p roied performance by its 
wine subsidiary, Penfolds. and 
the directors expect better 
results from this operation. 
Bt-er profits lagged but the 
Board is hopeful that the 
recently announced acquisition 
of Courage Breweries will 
enable Ihe group to lift pro- 
duction to meet existing 
demand, and thus increase 

The profit increase lagged 
a ell behind the growth in 
sales, which rose 44 per cent 
to AS228m tUSS258m). 


1. Consideration of a dividend. 

2. Approval of Financial Statements for the fiscal year ended 
August31, 1977. 

3. Reduction of the Fund's authorised capital from 3,000,000 
to 2.000, 000 Shares. 

4. Related Business. 

The loregoing items may be approved by a majority of the 
shares cast on each item. Copies of the Annual Report of the 
Fund containing the Financial Statements for the fiscal year 
ended August 31, 1S77 and form of proxy — available in English 
or German without cost to the Shareholder— may be obtained 
from the principal office of The Dreyfus intercontinental 
Investment Fund N.V., Post Office Box N3712. Nassau. N.P., 
Bahama Islands, from the offices of the banks listed below, or 

Dreyfus GmbH 
Maximilianstr. 24 
8 Munich 22. West Germany 
Tel. 089/220702, Telex 5/29332 

Holders of bearer shares will be admitted to the Meeting on 
presentation of their Certificates or presentation of a voucher 
which may be obtained from any of the banks fisted below. 

Holders of bearer shares may vote by proxy by mailing a 
form of proxy and a voucher obtained from one of the banks 
listed below to Messrs. C. D. Lind and C. G. Smeets, The 
Dreyfus Intercontinental Investment Fund N.V., do Curapao 
International Trust Company N.V., P.O. Box 312, Willemstad, 
Curapao, Netherlands Antilles. The form of proxy and voucher 
must be received by Messrs. Lind and Smeets by June 23, 
1978 to be voted at the meeting. 

Bowling Green Company Limited 
Managing Director 


Morgan Grenfell ft Co. Limited Deutsche Bank AG 
23 Great Winchester Street, Grosse Gaiiussir. 10-14 

London ECZP 2AX, 6 Frankfurt/Main 

England West Germany 

Banque Internationale k 
2, Boulevard Royal 
Luxem bo urg-Vi lie, 

Monbeal Trust Company 
15, King Sireat West, 
Toronto, Ontario, 


financial highlights 

of our 506"' year 

as of december 31, 1977 

rKOllon Pound.} 



1.011. 9S5 



. FURTHER strength in banking 
profits In South Africa in the 
year to March Is shown in the 
results from Volkskas, the 
third biggest South African 
bank, which has announced a 
rise in taxed profit from Rl5.2m 
to R16JSm (519.4m) after undis- 
closed transfers to reserve. 
Earnings per share rose from 
70 cents to 78 cents and with 
a 1 cent rise in the final divi- 
dend to 12.5 cents, the dividend 
total for the year is up from 
20 cents to 22 cents. 

Last week Stanbic, the local 
arm of Standard Chartered, 
reported a return to growth in 
operating profits — up 42 per 
cent to R54LSm — and raised 
its dividend from 22.5 cents to 
28 cents. Volkskas, which Is 
centred in the Transvaal and 
has strong links with govern- 
ment, the municipalities and 
the public corporations, is the 
main Afrikaner banking insti- 
tution — with the Rembrandt 
Group since last year being 
the biggest shareholder, 
though lacking Board repre- 

Volkskas has acquired 
various industrial subsidiaries 
over the years, the recent per- 
formance of which has tended 
to offset strong profits growth 
by the banking interests. These 
Industrial interests consist 
chiefly of Transvaalse Striker 
Korporasie, a sugar producer, 
and TMF, an ingot and die- 
casting business. To these has 
recently been added control of 
the troubled industrial holding 
company Bonuskor. in which 
Volkskas has 62 per cent and 
the operating arms of which 
Include forestry, tea estates, 
and distribution of earthmov- 
ing equipment and motor 

Despite Bo n us k oris sub- 
sidiary status. iLs results which 
showed a loss of R2-2m, have 
not been consolidated with the 
latest Volkskas accounts. The 
Volkskas Board, to cover the 
increasing diversity of its 
interests, has decided to estab- 
lish a new “controlling com- 
pany,* 1 in wbich similar 
interests on the industrial side 
will be grouped together and 
which will also hold the bank- 
ing subsidiaries. Total group 
assets, it is disclosed, rose from 
R2.6bn to R2Dbn last year. 

week by Continental Oil Com- 
pany (Conoco) that it is dosing 
its office in Kuala Lumpur, con- 
firms recent, speculation that .its 
negotiations on a production 
sharing agreement with: -the 
Malaysian oil company, Petoonas, 
has reached deadlock. . • -. 

After more than two years, of 
unpuhlicised, hut nevertheless 
tense negotiations, both ; side? 
show no sign of giving way.-?. .. 

Conoco says that it is dosing 
its office because the state --of 
talks does not warrant the main- 
tenance of such an office, but- 
hastens to add it has not -given, 
up hope altogether of rea ching 
an acceptable agreement .with 


The dispute is centred on 
whether the Conoco field In -the 
South China Sea is t profitable 

Conoco, and its two_ junior 
partners, El Paso of Texas and 
Australia's Broken HiB Pro- 
prietary (each with a 25 per 
cent interest in Conoco's 
Malaysian operations’) .. were 
given a 24,000 sq. mile conces- 
sion off tiie Pahang coast, 10 
years ago. : : 

In 1972 the consortium -'struck 
oil, and gas in an area - known 
as Sotong, 120 miles from the 
coast. The strike appeared to -be 
a very promising one with the 
rate of flow at 5,000 barrels- a day. 
But after more thorough, surveys, 
it was found that the field was 
rather small. 

With the formation of Pet 
ronas in 1974. tbe concession 
system was abolished, and 
foreign oil companies were 

required to enter into production 
sharing agreements with the 
Malaysian oil company. 

After protracted negotiations, 
and much acrimonious argu- 
ments, two foreign companies— 
Shell and Exxod— managed to 
sign a 20-year agreement with 
piZoL zt the end of 1976. 
which gave them about 41 per 

cent of the oil- produced; 

The two companies are now' in 
full swing with their- exploration 
and production work; and, in 
March. Shell and Its partner 
Mitsubishi concluded - another 
agreement with Petronas to build 
a U.S.Slbn liquid natural gas 
plant in Sarawak. - 

But the situation is different 
with tbe Conoco-El Paso-BHP 
consortium. Having found what 
It claims to be a margfrial field, 
it wants a more attractive deal 
than was given to the two. other 
companies. This has been flatly 
rejected by Petronas. 

There are three main reasons 
for Petronas’ tough stand. First, 
it does not believe that the 
Conoco find is marginal. There 
are claims that tbe Sotong area 
has about 20m barrels of 
recoverable oil. Petronas thinks 
that it has more than 50m 
barrels, as well as large deposits 
of gas. 

It bas told the consortium 
that if it is worried about losses. 
Petronas is prepared to -partici- 
pate in the venture so that if 
Sotong proves to be loss-making, 
Petronas would suffer as welL 

However, negotiations on this 
proposal failed, apparently 
because Petronas, among other 
things, demanded a 50 per cent 

share in. the venture. 

. The Malaysian oil company & 
also disputing the consortium's 
claim, that it had spent USSlOflm 
on exploration work— money 
which it wants to recover from 
oQ to- be'prodncecL • 

The second reason is that 
Petronas is in no hurry to 
exploit- the Sotong field. Between 
She'll and Exxon, Malaysia is 
producing . more than 200,0® 
barrels of oil daily, and output 
is expected to reach 400, (XK 
barrels or more by 1983. 

Malaysia is -finding it difficult 
to absorb the extra petro-doUan 
into tbe local economy withoir 
fuelling Inflation and pushing or r : 
tbe already very high liquidity' 
among Malaysian banks. . Qi 
revenue, . therefore, is. ‘toijjjx 
invested overseas to sMeld’llI' 
local • economy froin : >'&8&. 

Finally, there , is a efausel|j' 
the agreement with TiSxoh tiSv 
there would be renegotiatiafe. 
should another . company '.ffi . 
granted a more favourable 1 ju 
ductlon sharing agreement ;^V 

“We are to no bar^tirget & 
oil out," says' a Pettonks officljf 
“Malaysia's oil reserves are it 
very large, and Therefore we'S 
giving serious thought to the ee 
servation of this asset for as led 
as possible, instead of pumpi: 
ft quickly.” 

• Within this context ew 
Coqoco f s argument that tbe lq 
delay, coupled with the soon 
cost of oil equipment, is und 
cutting the profitability of t 
Sotong field Fails to convince P 
ronas of the need Eor an eai 
settlement of the dispute. 

Taa Chong Motors optimistic 



Malaysian and Singapore assem- 
bler and distributor of Datsun 
cars, expresses optimism in its 
annual report that the strong 
profits of last year would be 
maintained in the current year 
as a result of tbe continued 
buoyancy of the Malaysian 
market - 

Datub Tan Yuet Fota, the 
chairman, says that the, com- 
pany's assembly plant ' outside 
Kula Lumpur, is now working at 
full capacity and - plans are 
under way to expand facilities to 
meet tbe increasing demahd for 
Datsun cars. . . 

Last year's pre-tax profits rose 
by 170 per cent to 20.2m ringgits 

(U.S.SS.4m), with sales rising 61 
per cent to 211m ringgits 
(U.S.SS8m). Car sales rose, by 
42 per cent to 9,600 units Jn 
Malaysia, while in Singapore 
there was a rise of over 200 per 
cent to 4,000 units. 

The Singapore sales are ex- 
pected to slow down, following 
the introduction of hew car 
taxes, but the Malaysian side is 
seen as bright, with no Govern- 
ment action to dampen sales, 
although the rise in the yen 
could have some marginal 

Datuk Tan says that efforts are 
being made to diversify into 
distribution of machine tools, car 
spare parts and cosmetics, but 
future profitability is dominated 

by Datsun cars. Tbe company 
confident of maintaining tl 
higher dividends it is paying th 

★ ★ ik- 

United Malacca Estates Berha 
the plantation group controls 
by the family of Tun Tan Sie 
Sin, has sold L29m of its 5.15. 
shares in Consolidated Plant 
tions for 2.1m ringgi 
(US$75,000), Wong Suloi 
writes from Kuala Lumpur. 

The sale will realise a prof 
of 1.5m -ringgits, wbich will 1 
shown in the results for tt 
current year to April 30. 

Tun Tan Is the chairman 
Sime Darby holdings as well 
of Sime's subsidiary, Conso 
dated plantations. 

By Our Financial Staff 1 . , 

Ai-AJamiya Insurant Company, 
the Saudi Arabia- company 
managed and partly owned by 
Sun Alliance 'and London, 
reports that it made good pro- 
gress in its first year's trading. 
Branch offices have been opened 
in Riyadh, Jeddah and Dammam. 

The chairman. Sheikh Wahib 
Said Btozagr. stresses that, while 
progress in -1977 was encourag- 
ing. selection of business 
remains a matter for care if tbe 
necessary underwriting profits 
are to be obtained. 

Severe competition on rates, 
plus large claims which match 
the complex risks; have made it 
all the more important to main- 
tain realistic premium levels,., -he 
says. In Al-AIamiya's case, the 
fire, marine and accident result 
showed a good profit. 


for indusby and commerce 

- Whether you're seekingfinance for expansion, 
for plant, equipment, property or a private mortgage, the 
directors of Garfield Marwin personally investigate 
:■ j . y ... .... . ..r — your proposal. 

[y V -■ . . •• \ q A letter or phone call will 

1-. jL . 1 " - receive immediate attention. 

GfarjSdd ’ 
.Marwin lid 

For enquiries please ring 
Worthing .(0903J 814008. 

Specialist brokers in corporate finance 

r> * Cliftonvi l le Hall, Hove, East Sussex, BN3 3RZ 

Onto a good start in 1977 

We are the wholly-owned subsidiaryof Badische Kommunale Landesbank, 
one of Southwest Germany’s leading banks headquartered in Mannheim. 
Our Eurobanking activities in Luxembourg started in July 1977, and good 
results were posted for the partial accounting year. 


(in DM million) 














Told Deposits 11.995.653 

Capital and Reserve funds 473.991 



BOARD OF DIRECTORS : Chairman, Giovanni Coda Nunziante; 
Deputy Chairman, Sergio Simonelli; 

Members. Mario Bernini: Alberto Brandani; Giovanni Buccianti; 
MuL-ello De Cecco; Gualtiero Della LuciLla; Fazio Fabbrini. 

&L 1 

INTERNAL AUDITORS : Chairman, Renato Lunghetti; 
Members, Marco Bagljoni; Carlo Luigi Turcfai; 

Alternates ; Francesco Biscooti; Luigi ColantonL 



Balance sheet total. 

Due from banks 


Credit volume 

Due to banks 

A business volume of .DM 531 mil- 
lion was achieved. • 

The surplus for the partial account- 
ing year was transferredto reserves. 
As a result of this favorable develop- 
ment, the share capital, was in- 
creased in January 1978 by DM 16 
million to DM 32 million. 

Wb ‘ concentrate our activities oh 
short and medium-term Eurocredits 
and syndicated Euroloans, money 
market and foreign exchange oper- 
ations, and security transactions. 

banking servioes and a copy of our 
Annual Report, just contact: 



25c Bd. Royal ■ RO. Box 626- LuxembouigA/ille ~ 

Tel.: 475144, 475315 (dea!ens)-Jelex: 1791, 1792 (dealers) - 1 79£ (credits) 

The Financial Times 

! ^%he Peugeot 604 TI and the racehorse haye 
any things in common. Poise, dignity and_ 
nmaculate breeding are some of them. Speed, 

ower and style are others. - <r_pj 

: But, whilst only the privileged few can afford 
.) own a racehorse, the well-pnced 604 TI is in 
ach of many. Unlike the racehorse which gather 
delicate creature, the car is tough and reliable as 
• ell as elegant Tough and reliable because 1 * 
signed that way. For as befits a Aotoughbred, 
lly the best is good enough; highly skilled 
signers and engine®;, first class matenals^nd the 
ost advanced manufacturing technolop all 
.mbine to produce . this true thoroughbred _ 
The ov£square 2.7 litre V6 engine is built from 
, rhtweight aluminium, and has twin camsh^ for 
aximum flexibility. The benefit of using light- 
:: St materials is Jeflected in the excellent hid 
V Jumption figures (33 mpg at a 
chnically it's at the head of the field ttia g 

vantage of the latest developments. The Bosch 
• -Jetromc fiiel injection system a^u^ely me^ 

e fbel/air mixture to increase power and red 

petrol consumption. The electronic ignition system 
ensures super smooth starting, and the 5-speed 
manual gearbox means even smoother, quieten 
more economical. driving, especially at high speeds. 
Or, for those who prefer, there’s the option or a 

3-speed automatic gearbox. 

Comfort is naturally of the highest level and 
the specification of the 604 TI leaves little to be 
desired; 4 electrically operated windows, subtly 
tinted glass all round, electrically operated sunrool, 
power assisted steering, centralised pneumatic door 
locking system, rear fog lamps and a super deep 
lustre metallic paint finish to the body with a final 
coat of clear protective lacquer. The interior is as 
luxurious as you’d expect and where the 604 really 
scores is in its spaciousness. As Car magazine said, 
“rear leg room is almost to limousine standards. 

The 604 SL (carburettor model) has always 
been competitively priced. The 604 TI, with fuel 
injection and other refinements, represents, 

at £7582, a first class investment. 

And the 604 thoroughbred won t cost you a 
fortune to run. It's frugal with petrol as we’ve 

shown, but in addition it requires main servicing 
only once a year, or 10,000 miles (with intermediate 
check and oil change every 6 months or 5,000 miles). 
The 604 TI is also covered by Peugeot’s straight- 
forward 12 month, unlimited mileage guarantee, 
and first-class service is assured by our network ot 

fully trained Dealers across the U.K. ■ 

Let us tell you more about our thoroughbred 

now for details on the 604. 

Manual 5 speed gearbox 

Automatic gearbox 



Constant Constant Simulated 

56mph 75mph urhan 


Constant Constant Simulated 

s&mph 75 mph urban 


33 - 2 mpg 26.1 mpg 16 . 8 mpg 

(8.5 1 / 100 km) ( 10 . 8 1 / 100 km) ( 16 . 8 1 / 100 km) 

27 .4 mpg 22.4 mpg 1b.7mpg 

(10.2 1/100 km) (1 2.6 1/100 km) ( k\° I/lOC'km) 

1 i «rhrv scats 1 Leather seats, 

Inc. VAT 
& Car Tax. 
Delivery & No. 
i Plates Extra 


air conditioning 




£7003-35 £82-13-82 £8787217 

*ln accordance with official government testing procedures. 
Prices correct at rime of going to press. 

Clothes by Ted Lapidus. 

Racing stables C Dingwall 

Peugeot Automobiles (UK.) Ltd., 

Peugeot House, 333 Western Avenue, 

London W 3 ORS.Tek 01-993 2331 


World famous for strength 




Vandal limes wecmwav 

O uii'c* -M** P.T': 

All of lhsse securities having been sold, this announcement appears as a matter of record only. 

New Issue /June, 1978. 

U.S. $200,000,000 

Province of Ontario 


Thirty Year 9%% Debentures Due June 1, 2008 

Principal and interest payable in The City of New York in 
lawful money of the United States of America. 

Salomon Brothers Wood Gundy Incorporated 

McLeod Young Weir Incorporated . 


The First Boston Corporation 
A. E. Ames & Co. 


Bache Halsey Stuart Shields 


Burns Fry and Timmins Inc. 

Goldman, Sachs & Co. 
Lazard Freres & Co. 

Merrill Lynch White Weld Capital Markets Group 

Martin Lynch, Pierce, Fenner A Smith Incorporated 

Dominion Securities Inc. 
Bell, Gouinlock & Company 


Dillon, Read & Co. Inc. 

Atlantic Capital 

CorporaBart - 

Blyth Eastman Dillon & Co. 


Drexei Burnham Lambert 


Lehman Brothers Kuhn Loeb 


Nesbitt Thomson Securities, inc. 

E. F. Hutton & Company Inc. 

Loeb Rhoades, Hornblower & Co. 

Kidder, Peabody & Co. 


Richardson Securities, Inc. 

Paine, Webber, Jackson & Curtis 


Smith Barney, Harris Upham & Co. 


Union Bank of Switzerland (Securities) Warburg Paribas Becker Dean Witter Reynolds Inc. 

Limited Incorporated 

Greenshields & Co Inc Midland Doherty Inc. Pitfield, Mackay & Co., Inc. 

This announcement appears as a matter of record only. 

New Issue in Canada 

Can. $75,000,000 ... 
Province of Saskatchewan 

9V. We Debentures 

(Semi-annual interest) 

To be dated Junfc 15, 1978 

To mature June 15, 2003 

Price: 99.00 and accrued interest to yield approximately 9.60% 

Dominion Securities 


A. E. Ames 
& Co. Limited 

Wood Gundy 


McLeod Yoimg ^'eir 


Bell, Gouinlock & Company, 


Burns Fry 

Richardson Securities 
of Canada 

Merrill Lmch, Royal Securities 


Midland Doherty 

Nesbitt Thomson Securities 

Houston Willoughby ** 




Pitfield Mackay Ross 


W alwyn Stodgell Cochran Murray 


Equitable Securities 

Levesque, Bcaubien 

Tembcrton Securities 


Tasse & Assocics, 

The Royal Bank of Canada 

Canadian Imperial Bank of Commerce 

Bank of Montreal 


The Bank of Nova Scotia 

The Toronto-Dominion Bank 

This advertisement is issued i u vuinphimee with the requirements oj the Council oj The Stock Exchange 


Placing of 1.813.188 II per cent Cumulative Preference Shares of £1 each 

at 109p per Share 


Issued and Now Being 
Issued Fully Paid 








Ordinary Shares trf £1 each 

II per cent Cumulative Preference Shares of 
£1 each 

Unclassified Shares of £1 each 



Application has been made to the Council of The Stock Exchange for the 
2.000,000 11 per cent cumulative preference shares of £1 each in the 
capita] of the company to be admitted to the Official List In accordance 
with the requirements uf the Council of The Stock Exchange 181.319 
preference shares are available in the market on the date of publication 
of this advertisement. 

Particulars arc available in the ExteJ Statistical Service and copies may 
be obtained during usual business hours on any weekday (Saturdays 
excepted I up to and including 2Sth June 1«7S from 





June 13 

Pmi n-l Merlinuj rmitev 

^Peut-cheMarLj Japanese Yta 

Frtncb Fraflc 

8wi»* Franc 

Dutch Guilder 

Ttslten Lira. 

|Camdn Dollar] Bc’Ciia FnM 

PmuQiI tfterllnu 

I. • 







' 2.057 

U.S. tb illnr 



; 2.084 

216.7 : 

■ 4.693 



869. 6 

1.-121 • 


Umit-clir Mark 


0.4 BO 

‘ 1- 





0^38 • 

JupmieselHi 1.0TO 




100U. __ 


. 10.30 



— ■ 

Fn-ni-h Pram: 10 1 



4.336 i 







Sui-s t-nim- 



i.ioo ! 

114.4 . 




433 6‘ 

0.592 r 


Liiiii li Uiiilili-r 



, 0.934 i 


2.058 , 




0.5l:3 : 

Itiliiin Lira l.ft» 



1 2.425 j 

2*52.2 - .- 

5. *43 ’ 




1.305 i 


Cann4un Ik-llar 1 



j 1-859 i 






... i. ' ; 


tfeli'sn Fram- liJk 1 

- ' 


- ‘d 

' “ 



Currency, Money and Gold Markets 

$ firm in Europe 

Conditions in yesterday's 
foreign exchange remained very 
subdued throughout the day. The 
U.S. dollar showed a general im- 
provement against other major 
currencies apart from the 
Japanese yen. The dollar may 
have received a boost from U.5. 
Federal Reserve hoard chairman 
G. William Miller's statement that 
the authorities were deeply com- 
mitted to maintaining a stable and 
strong dollar. Nevertheless trad- 
ing was extremely thin and the 

currency closed slightly oil the 
top at DM2.0S40 from DM2.0795 
against the West German mark 
and FFr 4.5SJ in terms of the 
French franc. This was unchanged 
from the previous close and 
represented the middle of the 
day's spread after good commer- 
cial demand for the franc. 

The Japanese yen showed a 
much stronger tendency against 
the dollar mainly on fears of a 
further large trade surplus for 
May in Japan and closed at 
Y2J6.75 from Y217.70. 

The Swiss franc also eased in 
dollar terms to SwFrs 1.SJ130 
against StvKrs 1.8SOO. Using 
Morgan Guaranty figures at noon 
in New York, the dollar's trade 
weighted average depreciation 
was unchanged at 5.8 per cent. 

Sterling spent a quiet day and 
its trade weighted index eased 
slightly to 61.4 from fil.5 having 
spent the rest or the day at 61 j. 
Tn terms of the dollar, the pound 
opened at S1.S373-1.S3RS and at 
one point reached S1-S410-1.S420 

before easing back at the finish to 
SL8335-1.S345. a loss of 40 .points 
on the previous close 

Frankfurt: The Bundesbank did 
not intervene at yesterdays fix- 
ing, although the dollar fell to 
DM 2.0SQ7 from DM 2.0860 at -the 
previous fixing. The opening 
European rate was around DM 
2.0S10. and trading was very quiet, 
with the dollar trading in narrow 
range. No new factors were 
influencing trading. 

Tokyo: In hectic trading, -.the. 
dollar closed at Y2 17.35 against 
the yen having dipped to a post: 
war Jow of Y2 16.20 at one. point. 
The previous close was Y219.47f 
and although there was a slight 
recovery in later trading, further 
pressure seemed likely with the 
opening of European centres. 
Intervention by the Bank of Japan 

was not apparent Volume rose 
heavily in spot turnover to S629m : 
and S534m in combined forward 
and swap trading. The authorities 
announced that trade figures {or 
May due today would now be 
released on Friday. ITUs save rise 
tn speculation that the authorities' 
may be waiting a few days in the 
hope of calmer conditions in the 
foreign exchange market. 

Paris: The dollar fell ;'to 
FFr 4.5870 at the close, from a 
high point of FFr 4.5900 against 
thp French franc in fairly calm 
trading. * It was also weaker 
ngnin«t Monday's closing level of 
FFr 4.5950. The French franc vitas 
fairly steady against other major 
currencies, although the' Swiss 
franc rose to FFr 2.4300 from 
FFr 2.426(1 in the morning.- -and 
FFr 2.4220 late on Monday. 
Sterling finished at FFr 8.43S0. 
comnared with FFr S.4380 in' the 
morning, and FFr 8.4400 on 
Mondav afternoon, while the 
D-mark rose to FFr 2.2050. from 
DM 2.20475 in earlv trading, and 
FFr 2.2030 previously. 

Milan: The dollar remained 
weak. Ins inc ground against The 
lira at The fixing. Dollars traded 
amounted to 12 6m. most sold bv 
the Bank of Italv. The US. 
■currency fell .to I.R59.4. comnared 
with Monday's fixing of .L8604. 
but major European currencies 
tended Tn improve against- the 
lira. The Swi°s franc rose-, to 
M54..64 from L453.5I. while, the 
n-mark improved to L412.95 from 

Amsterdam: At the fixing the 
dollar was FI 2.2305, compared 
with FI 2.2345 on Monday. 


June 13 





Oolltrtr ! 4 • 

BelgUn Pi-i SJJJ'lol, 

Outfall Kr. 1 a | 

Port, Ew. 
Spw. P«- 

Xnrgn. Kr.) 
French Fr. i 
Y tA _ ! 
Austria Sufa| 
5 win Fr. i 

b i i Ii.WBD-I.b 420 iLttW-l'frM® 
u JS. S j2JKi6fl-2,QS75 

6.012-5- Si 
146 JS- I46JS 
27.404 WO- 

s i j-f 

'! jiSSPSi 

"-i “5r.3J 

... . i#6-406 

ftij! 27.S04f.G0 
t 1 6.46-6.49 


7 : 

' Bdsian rforrtjnrtrtBlO francs. 
Financial 39.8M0-®- 


One month j % P-4- iTluw month*, 5 p*.' ; 543 1-80- 1.70 c.pmi 
0.87-B.77c.tini 444 jUW-lJSv-pn 
SU4H v. pm 6.05 
4^7.1 pm ! 8.62 JlMk J 
•Hi Media .—3.76 raS-Afomdii 
ua-irte pfpnv 8.41- laV#** |if pa 
15-166 t-. il 11 . i'-I2.91;JB-47a rjta 
40-120 di* ]— fl.57 1 145-2 15 r.d hi 

Z llrepm-1 *l»w — 0-57 )p*i*3 ilre-Uii 
liurtpm iditj 
2U-Iteu.pni j 
8 orepm-imr j 
184 ffro pru 1 
684-234 c. pm 

O.Efl Ha-210 orcli. 

MS ‘6ii'-2i» 

US '4i SlsoKVW 
16.4 &|5-»CT pm 
5.68 f47 57 en)fm 
11.ZZ l35a^%c4Bn 

sfe-mooUT forward dollar '3.07-ftOJc 
Uwpwrti 5 h5-5 *5c pm. 

the dollar spot 

Iliac 13 




Canad'n S' 
Belgian Fr 
Danish Kr 
Port. Eb 
U ra 

Krvtin. Kr 
French Kr 
Swedlah Kr 

Ausma Sch 
Swiss Kr 






Sfc. 70-717-05 






•5.53-45 A) 






M .947-14,952 


1.8X75-1 .aw* 
cenis per Canadian S. 





Three moaiha 

0Jl3-fl.01c dls -0.S 
0JS-0^3c pm 3.48 
■•Tc pm 2.63 

W4JM Pm 4J5 

2.9fl-3J0liradta -4M 

3.77-OJT7c dll -2-25 

LB2-0.92y pm 3.03 

1JL7-1.1ZC pm ' tJa 

OifrS.OJC Elia -u: 
2-0&-2.01C pm 35} 
225-2Ic om 25] 

ZJtZJSpf pm 4jj 
a5O-^J5Jlrc0a -a. U 
2J0-2J0C dls — 2J7 
25SJLMlPpm c i|- 
M3K2K Pm *,74 


Jane 13 

Special Ear-option 
Drawing Unit ef 
Rights Account 


U5i.- dollar 

Canadian dollar . 

Austrian schilling 

BelaUu franc .... 
Dilinsh krone 
Di.-nuwho Mark . 


French franc .... 



Norwcfiian krone 


Swedish krona .... 
"iwlsa franc 
















46 .2772 


June 13 

Bank of Morpan . 

England Cumiy 

..Index- -changes*^ 

SierflnA 4U7 -4E8 ~ 

U 5 dollar R.W - . 

Canadian dollar 8551 -123 ", ■ 

Austrian schilling _. 14L3T +195 - 1 

Belgian - franc ....... 33X.24 J +129 •••• 

Danish krone U554 + 45 

DcuiBCbc Mark' MU5 +34J 

Swiss Crane . — 18U4 : -+745 

Guilder .. UUl- +U.7 

French franc 9*53 - — 4.9 " 

Lira • — 5659 ■ ■ —465 

Von 13756 +355 : 

Based 00 trade wflbrtited ebariMs. 6 ob 
W ashmcran asroemem December, utj 
■ Bank of Ensland Index -lMi. 


Ariccniina Peso 1.2-417-1.421 

A um mils Dollar....; 1.61' 04-l.bZ66 
Ffnfaml Murtka....! 7.6612 7^7li 

fra /.i I Crureiro , 3 1.76-64.76 

Greece Urwhmi....i6J.-477-tfl'145; 
Urdu Kuoc U«*ilar.j 8.SM.87 

Irin Ifial ! _ 3 26-132 

Ko nait Dinar •KD); 0^02-0. SIS 

UixeiiibuDn* Franu 6SJIWSJ0 

Ualariia U.illai-.....l 4.305.40 
Ken ZealaoilDoll* r 1.7986-1.&167 

| • - - 

. 5titea Bnc ' 

eau.1l Arabia Rival 

Since pore Dollar... 

Sou Lb Afiican KAnd 

1778. 66-774.80 






6Wa.72 ■ 

0. 8737-051 79 2 


8^1 866-8^0876 

|Q^7 DO -0.9870 

D. 29 -6.39 

Uukind... .1 


/Denmark j 

IFisuit .1 


{Italy — ..... 





Pl»)n ’ 


IL'nileii Stales.... 


27 - 88 ) 4 ' . 
1012S-1 OM 
8-3Q-8.AS ». 
- 3.70,3^5' ;- 
4OO-4J0 *. 

77-86 ; 

. 143-146. 

Rate Stvfin far Anmndna ts free -rate. 


i 1 


Jiim* tl »'rcrlin« 

W. Gerituu) • 

ll*rk ' .* French Franc. 

’ f 

ItAitea Lira .J .A"wa'JS - 

fSIwiri lei-m ...- 15t4 16 

i ii«v' nmur. 14-lS'i 

Mnnili .. .. 12 J'ti-VE 

riirih- m*-ni li -...- 12 li.ifl 

SreiM-iiHhf Ill; 12 l| 

*.»ne rrar 12,, 12,i 

78 738758 

78 7'«73; 

7;.-a iV 738 8 

8 , 4 - 0 ,* 813^13, 

8 ,,- 8 ,< 85s-8Ta 


4-^* j A-ij 

44U ! ,4-ii 

44U ; 1.5,1,% 

41 1'-4*3 114-la* 

4*4-5 l.lfl.'i 

5I8-6JJ ! 1 tS-*A 



3>» 38a 

1014 - 10*3 ' 
IOI 4 -IOI 1 
10 * 8*1084 

7-10 ' 

13- 14 

14- 15 



8 A OA- 
884 - 81 | 

' Japan®*-- 



*«•»*• . 


The fuit'iu-inu rates were qimicd lor Lnndoo dotfar chrnficaios ot dopo snt: One month 7.16-750 per cem: three months per cem: sk mtmttta 
per »\o*: -*nv »c»r H (W-? <0 per cem • ' . „ 

tone-term tior»d..Uar deposits, two years 8«*i*-9'i» ner cent: three rears *ii 6 - 93w per cent: four years M-9J per corn; five ycara W-9S per cent. ' Rates 
oomi'ul rl<-iOR r.-uc-,. 

Shun -term rates arc call for Metlinn. U.S. dollars and Canadian dollars; two d a>s‘ nouea Tor suiidars and Swiss francs. 

Asian raics are dosine rotes >o Stnuapure. 


Belgian bond rate rise 

TI10 Belgian four-mnnih bond 
rate rose to 6 jwr coni from .»J 
|u-r vein a) ycsfertldy’s auction, 
i hw may be a mild measure to 
assist ihr Mclgian franc within 
Hie European currency snake. 
'Her l he Jsivl few flays it has 
lended lo h*se ground against’ Ihc 
stronger rurrencies, particularly 
1 he D-mark. 

The bond fund rale is some- 
times used by the Belgian 
authorities as a signal for a 
change in the key Discount and 
Lombard rales, but this is not 
regarded as likely in the present 
circumstances. Both rates stand 
ot a five-year low or 5i per cent 
al present. 

Call money continued lo ease 
in Brussels, falling to 3.43 per cent 
from 3.83 per cent. 

New York: Bankers acceptance 
offered rales 7.4a per cent |7JdO» 
foi SO days; 7.60 per cent 17.30) 
for 60 days: 7.35 per cent (7 40) 
for 90 days: 7.63 per cent 
(7.30) for 130 days; 7.75 per cent 
(7.60) for 150 days; anrl 7.S0 per 
cent C7.70; for JS0 days. 

Federal funds in ihe open 
market were 7,V7{ per cent. High 
grade commercial paper was 7.60 
per cem (7.50) for 30 days; 7.65 
per cent (7.53) for 60 days: and 
7.70 per cent (7.60) for 90 days. 

Certificates of deposit were 71 
per cent for one month: 7J per 
cent for two-month; 7j per cent 
for three-month; 7j per cent for 
six-month; and 8 per cent for 

Amsterdam: Call monCy cased 

to 4.0625 per cent from 4.25 per 
cent, but one-month money was 
unchanged at 4J15 per cent. The 
three-month rate rose to 4J5 per 
cent from 4.375 per cent, while 
the six-month remained at 5.125 
per cent. 

Pans* ' Money market rales 
showed little change, with day-to- 
day money commanding 7} per 

Frankfurt: Money market rates 
were unchanged, from call money 
at 3.5 per cent to six-month at 
3-73 per cent 

Hoag Kong; Conditions were 
tight in' tbe money market, with 
call money traded at 51 per cent, 
compared with 41 per cent 
previously, and overnight at 4s 
per cent, against 4} per cent. 


Exceptional assistance 

Bunk or England Minimum 
Leading Rate 10 per cent 
(since June B. 1978) 

Once again dav-m-day credit 
remained in very short supply in 
vesierday’s London money 
markef. The authorities lent an 
exceptionally large amount to 10 
or II hnuses at MLT( for repay- 
ment today. They also bought a 
modern!#? amount of Treasury 
bills direct from the discount 
houses as well as a small number 
of local authority bills. This was 
in addition to their buying a 
moderate amount of eligible bank 


bills. Part of this package of bills 
is for resale to the market at a 
fixed future date. Banks brought 
forward balances In an extremely 
run-down slate and houses also 
had tn repay Monday's very large 
market advances. Settlement of 
large gilt-edged sales again 
caused a drain on funds. 

Factors working in the market's 
favour were smalt enough to have 
little significance and amounted to 
a slight maturing of Treasury bills 
outside official hands and a 

minimal excess or Government 
disbursements over revenue 
transfers to Lhe Exchequer. 

Discount houses paid up to 10 
per cent tor secured call loans and 
closing balances were taken 
between 7 per cent and 10 per 
ceht In f the interbank market 
overnight loans opened at 123-13 
per cent and. rose to 14-141 per 
cent before easing 10 12-121 per 
cent. Uhwever, fay early afternoon 
rates touched IS-20 per cent 
before tailing off to close at 4-5 
per cent thus underlining 
indications that the authorities’ 
intervention was more than 

Rates in the table below are 
nominal in some eases. 


The price of gold in the Londor 
bullion market edged up m ven 
quiet trading to $1821-185 ar 
ounce, S14 firmer than Monday': 
close from an opening -level 0 
$1811-182. The morning fixing 01 
$181.60 showed a slight improif 
ment which carried through toar 
afternoon fixing of $182.35. Will 

June 13 June 12 

ttutri Buhiun la. hue' 
oum-ei - 

Clin*.: -S II 2 j ■ ItB 

ypMmi- f..i.Vl6ti-I82 

Mom I ns rising:... 


Afternoon ti*lup.... M 5.65 
, J.tfiS.21!/ 

Gold Uolm ' 

Krugerrand .... 

? 191.40 . 




June 15 

Sieriing I 

I'eiTUi^atf Ini erf-* nk 

■•I devour 1 

■1*1" wits 

I taw 1 Aurh.l 
I uegrtifthlr 
1 inula 


ijbv nnliie..; 
( .uiv nr j 
1 lav 

- nun*.*, 
inc inmiiti... 
mi niiiiilli .. 
irm* runiiili- 
i\ jiimilli ... 
line 1111 ml 1 1 


Mar . . 


, 107g XOSfl 
• 1 1 At 

1 10.1 
: id- 

I 0 9ii 


‘ ll'g-12 

| 1 1 l»s 

10. „ 10*i 

I 10.. 10, i 
lu IUIr 
lu,' -1 



10 • i-lOl: 

11 At lOnii 

Ft Dance 


lOii iOva; ii 3 

lUSt iLifi . 1 Jj.llJtj 

9i S 1014 
Mia Br« 

10, *103, 
10 '* 


| Otacoust ( 

CuiBfkin.v I market (Tmaary 
u «T+-)t J depo-tt i Uiii>« 

Biiclbte | 

Bh<*« | B|1la+ 

Sew Suvereiaaa.... 

Old Sorerdpj 

tiuM - 



Aflw Sovereign* 

Old Stficreinn, ....: 

520 Kulcr 

<110 Ksjjle*... 

So fcacier L....', 



tiavi Kil 








' 9A-1AM 

JttfrW y 

;£65;-Ml ■ • 



fSBW-flU* i 



istfiff-TB* ! 


the market ^ 





9yg 10 
93 « 
9lg - 


?58 4»e 1 M lOSa; 

S3B-9y ; U7fl 

- : 

__ J _ 


103 4 

106 , 


l- 0 aiHhnnty aim Nnancu noufl-s av»eii far,' not lev. othvia aeven dais h 1u , , „ „ .„~i 

n«imii3lly llifvr yean II M 2 wr win; yean, tat-BJ pe ..-ent; live S knrT > i-i ^ 

.\rc linyiiiB raws f«r ttniiic naiwr. Kuyinu -ales fur rimr-monlh bank hills SI-sj ner .Cm- ^.^nrh £ r f“ i ,n 

\ppruxu)iaie selling raii» tur mnMumiili rmnnry bill- Wu unr cem- VT 111 :. loy^tnw 1 ™ traoe bills 10 . per Cent. 

132 ner ii.-nr Apprusinuie sWIln^ rgir fur inuMnuiith Dan) bills ini F *** J2 em: “ ntl tfirep-mnnrh 

i«Wll pvr rciu nn,-in.inih iraili- bill- Utj uw iunt; tyre-ntomh ^ncr^ni -""l? iJiTSTSStf j.mtimh t ul! ’’ ,n ^* hnl »‘ 

Finance- Homa Bate Rdic» 'viitilohiHi hv m*- Visucisumn. °? n ' ftn f* Aw UWe*- |,| Aiilh 1J’ per CfcfiL 

Dcpb^h Raiw 1 ir»r sniaill miih% ni si-vm navi' nnihv* w-i ivr caul rha-L.' ^ rr . Cl ' nl ***16 l. WS, CI»arS«q.Ruk 
Treasury Bills: Amaav Il-ucLt rates of dlM.ouiii fl.42.iy per cent. cnarlna Bank Base RM4* for lendutg ll per etat. 


influence . any movemesu- - 
sJigbt strengthening in the bw* 
was mainly due to the weaknff 
of the US. don a r. 
encouragement of a pos® 1 ^ 
firmer trend-in -the price ot g«J? 
was claimed fay anaiysts 
publication . of Bank of 
national: ' Settlement's aolh® 
report. ' ■■;) 


NEW YORK ! . ’ j 

Pmne Rate t5^! 

K«d, Funds ...... wp* 

Treawry BUIs rtiweeki < 

Treasury Bills ^2frwteK>- r .. TJ5 . j 


Pscomii Hart i 


Ow momti ? 

Threv months 

Sis months S-ra ( 


Discount Rate 

OvernJam ?.« 

One month • ... 7-1S 

Three months 7-J2 

Sts nraoda ....... .. ; 


otMwinr ftaie — - J-?* 

Call (Vnoowlittonar) ' . • *^5 

BiUs Discount Rale 9X15 


. % T 

i;.;. -•! V i, \ ^ ‘ -> -. 

Wednesday June 14 1978 


**> b, ^ 

days of sustained rapid growth in local authority expenditure may well have gone 
But despite the restrictions of the last few years expenditure may still be running above 
the level allowed for in the last rate support grant settlement. 

W A c n^niiwfmsaid tba^-iiculfcrly stabe- the 'imposition of per cent rise overall). If the days of sustained rapid + ^vS^f^taxatfon ^hat^elf have marked a major sea 

dLre<ta>n. cash limits oh ■ the government increased revenue contribution in ^ may we p 60 Se aJTprepared to stomach, change in the course of the 

T '**' imSl covenanent -Axpendi- grant, that local -authorities ure betokens a reducnon In borrow- have gone for good. Moreover in this country at world economy. 

;more likely: to- underspend than ing. all well and good. But if That may .seem a footturdy Moreover. ^ ^ For ail these reasons, it maj 

laree- overspend. ; ... it presages an even sharper prediction given the historical Th« S ru»jp that local expenditure lie a mistake to discount the 

=T change the^sotose of a large "overspena. 

' . j.- ... A> (Trie c 

□kens a reduction In borrow- have gone for good. Moreover in this country at world economy. 

. all well and good. But if That may seem a foolhardy Moreover, _ f For aU these reasons, it may 

presages an even sharper prediction ^iven the histoncal Jj ast ^ thaflocal expenditure lie a mistake to discount the 

Up^I rtnn ;fn1 rAAP«i?ina than t-r-Anrl rtf Mral snendlOf* r OT II U 1 © c . . T.« r ^orl wvrarlvM rftnft Or SD6QU 1 

year’s Public Expenditure 

:j. Alter rising in vuiumc « ~~ — *■ ~ ■ 

: -ms by an -annual average it is not yet persuaded that 
Y abnost 9 per! .cent in- ,1973-74 underspending- has become a 
;l 1974-75, local government normal local -government ham t.. 
.Tent . expenditure rose by Moreover, lhe DoE/CIPFA 
^ over 4 per-cent in 1975-76. return also showed that local 
' the following year, helped councils had. . provided about 
■ : some underspending on the '£200m - more than had J>een 
_ginal estimates, local cur- ^assumed for inflation and .a fur- 
ITipeiKiing actiially fell baSr^her £100m extra revenue .con- 
by about 11 per cent There tributiQn to capital 
-^5 some underspending -again making in all an . over-estimate 
t year .and a drop in interest- of -some £500m or- about 4 jrer 
_es: by the end of the day cent, on the figures on which 
i year-on-year . change in this year’s rate support grant 
mne was an increase of not .was based- r *.' a 

ite IV per cent which meant . It is,' of course, appreciated 
it spending -levels -yere in • Whitehall . that v ' r '. local 
tuaily the same as Iii ;i975--.treasurers Will prefer to; take a 

. cautious view about' ^inflation 
prospects.. .The government 

Z'uJ , - grant is cash limited, treasurers 

stimates . - - have to set a rate call-b^fQre 

Trying to 


By Colin Jones 

j - . - 'grant is cash limited, treasurers - r -'-^ 7tav ^ r: ' '7 - ' VTi” 7117.7. • --- 

Stimates . - . have to set a rate call b^fpre _ ftV whn m held responsible for Paper. These figures are of 

the financial year beginsi-and Levant not only to the present of GNP absorbedby 1 £rfudin«' managing the economy. Sooner course notoriously liable to be 
-For the present year, . $he . their councils are’ year. For thoughts are already ^ from or later. and .probably sooner, changed. But the 1 P er l ' ent 

are not* yet clear. The levy supplementary rates atue . . nrned t0 problems t3 ? ns ; e I *« r uer cent they will-' want to see the rate annual volume increase in cur- 

sss sas mum 

_ ftnment^dje gartered to- ta local spending, .Encouraged wars , and from 8-9 -per cent to SeneraU* well be not very 

-m^sg^mszsS&jg %Rsrss% ssssss 

as the prospect up to the early 
given the prospects jggos could well be not very' 

_i r.Tv... +V.O . . 4 .... naiv onirpm 

far from what any new govern- 

Ee £*.“ ks afe g ’" sa=«» 

■ant settlement-' The lc^were predicted on has now been advanced nations, are provided the « toink agaJ ^ 

'Verity associations - argue,; increase in - T°l u ^!'® aKomoiisbed. But it would be by local authorities. SJS ?hStaiS ran raite of This prospect has consider- 

iwever. that the final outturn. local capita ^endi^ ^ P think Jthat -the cmerr . And yet this trend cannot sowing th^^ = ™ hich w able implications for both local 

K. Mra -w>nAh -W— -F nPianH ^ it will on for pver One did not need economic growth to wmen we ™ » rfinlral o 0 ver n- 

This prospect has consider 

. ■ ... r . _ X. nil. Uao! 

Sr the Government’s guideline per cent volume inew 
■^^xperieuce h^-shQwnrPar-- eurreDt- spending, mataa 

^T^SokjSat-the^mer; VjSdnfiB* trend cannot taJEjji ™ ™ ab iVTmplications for both local 

had becoine ^accustomed i. tne eo^ils and 

ment for, clearly, the aspirations di: 
of voters, pressure groups, cil 
officials, and politicians at all au 
levels are unlikely to abate. — 
For central government it-jjj 
will mean examining afresh the 
means by which it tries to 
exercise an overriding influence 
over the totality of local spend- j 
ing. The changes introduced to 
enhance the influence of the 
rate support grant mechanism — pi 
the introduction of cash limits, ic 
the abolition of “trend extra- ir 
polation,” and the setting up of tj 
the Consultative Council in si 
order to try to bring about a a 
consensus — may have worked b 
in the emergency conditions of ti 
1975-78, but will they stand the i: 
strain of a lasting haul ? 

Some observers see this as t 
pointing inexorably to tiie i 
unitary grant concept. White- l 
hall is unlikely to want to see \ 

local autonomy completely i 
eroded. There is no desire to < 
emulate the Irish, who this year i 
’ abolished the domestic rate, i 
But the unitary grant ■oould.-well-! 
be the weapon to give the ; 
f centre an adequate leverage on 
e the totality of local spendmg 
it while offering a means of pro- 
r- yin ing full compensation for 
d local needs and full equalisation 
?. of local resources. 
d Most councils dislike the 
? unitary grant because it would 
y enable the government to set a 
> national standard rate poundage 
d and thus expose both under- 
I s spenders and over-spenders to 
I* public pressure. BUt what in 
lC effect, this means is that they 
al are reluctant to acknowledge 
ie publicly their own particular 
re responsibilities. Moreover, the 
unitary' grant would expose to 
>r- public view the political judg- 
:al raent that lies behind the deci- 
■n- sion s on the total grant and its 

distribution to individual coun- 
cils, a change from which local 
authorities could only benefit 
— for it would bring out into 

clearer public focus the precise 
responsibilities of central 




At the same time, the pros- 
pect of a lower trend rate in 
local government spending has 
implications, for local authori- 
ties. Public pressure for more 
services and better standards 
are unlikely to diminish just 
because the authorities' ability . 
to accommodate these pressures 
is growing less fast. 

Bujt this no. bad 
thing. It could put more 
impetus into the drive m get 
better value for money and a 
better use of the assets and 
manpower which local councils 
deploy. It could lead to a 

reconsideration of charging 
policies and a redefinition of 
-services which ought-ti* be-self- 
" supporting or even privatised, 
t It could lead to a reeonsidera- 
\ tinn of priorities in the light of 
■ changing perceptions of social 
: need (a task for the new eor- 
l porate management approach, if 
there was ever one), so that 
. resources can be switched from 
j services which are commanding 
! a diminishing priority to newer 
» and more compelling needs. 

^ In an age of expansion, the 
j provision of services to the 
i community might well have 
y been looked upon as an ever 
e growing empire. In an age of 
r continuing restraint, it will 
e more be a question of juggling 
o resources aruund a riioving 
kaleidoscope of services and of 
i- making sure that every penny 
Ls counts. 

Europe’s largest electronics company - Philips - is now the w ? rid 
besummarised In two words: size and service. 

b -k pro9~». w» ™»w> rf "j 2K2£5lS£*« 

D budaet exceeding £300 million. Philips can offer a degree of technological 
■ which few other concerns can rival. Thus Philips is a world leader -n micrc > ® . 

maior name in computers, with nearly 70,000 separata ' L“Sng? ys tems 

premier supplier in telecommunications -the key to the distributed data processing systems 

of the future. 

activitY are uniquely customer-orientated, and its standards of customer service are 

acknowledged as being second to none. Nowhere b PMg °”^£40 million- 

obviousthari in Britain: a nationwide customer support neNrork looking after£40m^l,on 
worth of equipment and 2,700 users, is recognised as setting standards for the entire 

industry. ; 

' Launched only recently in the UK, the PTS6000system h « a dwjdnatal ble ^ 
since January 1977, with twenty orders to date from banks and 
country, while special versions of PTS equipment have been manufacftjred to UK 
sp^fic requirements. The PTS 6000 is rapidly provmg rtself to befte P « ferred syjem W 
counter terminals in the UK, as it is elsewhere in the world For fu^r deta is y^u cre^ 
to talk to Philips about your data processing requirement- ring 1h e S pecial^Accoun 
Manager, Bruce Anderson, at Philips Data Systems, 0206 511 5. Y 
people talk your language. 

Philips Data Systems 

A Division of Phiiips Electronic and Associated Industries Ltd 
Bektra House, Colchester, Essex 

computers that talk 
your language 

ifiupsl Data 

. -Financial Times ' yfednesifa^ ; isls 



rating system 

WITH THE Government 
announcing that i{ has 
instructed the Inland Revenue 
to start preparing a new list 
«f rateable -values for proper- 
ties in England and Wales lo 
come into farce on April 1. 1982, 
and the Conservatives saying 
that, if they are elected at the 
next election, they would prob- 
ably not be able to carry mit 
their pledge to abolish domestic 
rates within the lifetime nf nno 
Parliament. the i in mediate 
future of the rating system 
seems a little dearer. 

An incoming Conservative 
administration might conceiv- 
ably fell the Inland Revenue 
to stop working on the new 
list. But. that proviso apart, it 
does now seem that another 
revaluation hased upon llie 
traditional rental value basis 
of assessment will take effert 
in four years' time — in England 
and Wales, that. is. for Scot land 
had its revaluation two months 

Mr. Peter Shore's decision to 
postpone the adoption uf capi- 
tal values and to retain rental 
values as the basis of assessing 
residential properties has come 
as a big disappointment to the 

very considerable lobby which 
had formed up in favour of such 
a i-han^- This lobby included 
the Inland Revenue valuation 
office, the Layfield Committee, 
the Ruling and Valuation 
Avsnciiili'iti. Mr. Shore's own 
Depart nvnt nf the Environ- 
mt-ni. and — as last year's 
Minister'll response m the Lay- 
field retort made clear — the 
Environment Secretary him- 

Mr Shore explained the 
deferment nn the grounds that 
it had b‘TGine apparent that 
there v-.-i'i:ld be no majority Tor 
capital value legislation in the 
preset Parliament. That may 
well be. The Conservative 
Opposition have declared them- 
selves a< being against the use 
i»f capital values. And the pros- 
per! of a major disturbance to 
established rateable value 
relationships between different 
kinds uf residential) property, 
and helween propertie>> fa dif- 
ferent parts of the country, 
could vi-ll have aroused 
awkward rmlitical controversies, 
parlicuiarlv in the run up to a 
genera! election. 

Hu'vcv. jr . disappointment 
over 3Ir. Shore's announcement 

should not be allowed to 
obscure one puinl. This is the 
Tact that a revaluation is now 
going ahead, albeit on the tradi- 
tional basis. The paucity of 
free market Tental evidence 
will undoubtedly cause the 
Inland Revenue valuers very 
considerable difficulties. At the 
time nf the last revaluation in 
1973 barely 2 per cent of resi- 
dential properties were let at 
freely negotiated rents (and 
hardly any post-1945 property) 
as against the minimum of 10 
per cent market evidence which 
was considered essential at the 
time or the 1963 revaluation. 
The proportion is probably even 
tinier now. 

Even so. a respectable case 
can still be made for conduct- 
ing a revaluation on the tradi- 
tional basis, as against, not 
having one at all. The first 
reason is that regular revalua- 
tions are essential if the rating 
system is In function effectively. 
Property value relationships are 
changing all the time, both 
within the domestic and busi- 
ness sectors and between them. 
Ii makes nonsense of the idea 
u f a local property tax, if the 
values on which the lax is 

levied are allowed to become 
unrealistically out-of-date. In 
spite of the 1926 statutory re- 
quirement for revaluations 
every five years, only five re- 
valuations have in fact been 
held in the past 50 years and 
some of those five were not 
full revaluations. 

tion has been running at record 
rates for peacetime. The effect 
upon rateable values— and thus 
upon ratepayers’ attitudes— will 
be considerable. 


Secondly, there may be a 
desperate shortage o/ rental 
evidence upon which to revalue 
residential property, but there 
is no such problem for com- 
mercial and industrial property. 
Indeed, it is not too much to 
say that the non-domestic sector 
very much needs a revaluation, 
since property rents have 
changed a good deal since 1972- 
1973 and some properties — 
offices, for example — may be 
overvalued in relation to today's 
market patterns. 

Thirdly, any kind oF revalua- 
tion will involve some re- 
distribution of tax (i.e. rates) 
burdens, and this disturbance 
can in turn lead to a good deal 
of public disaffection with the 
rating system. This was seen 
in England and Wales in 1973, 
and also In Scotland last year 
when the new valuation lists 
were published and even more 
noticeably in April 1 when the 
first rate demands based upon 
the new rateable values arrived 
through Scottish ratepayers' 

It is true that, overall, pound- 
age rates will be reduced but 
there will still be some re- 
distribution, of rates burdens as 
between individual ratepayers. 
To add to that the additional 
disturbance to existing relation- 
ships which a switch to a capital 
value assessment basis would 
involve could be asking for 

In other words, the double 
effect of the nine-year delay 
since the last revaluation and 
the adoption of capital values 
could well have led to such 
an outcry that public tolerance 
of the rating system might 
have been stretched to snapping 

By 1982 almost ten years will 
again have elapsed since the 
last revaluation in England and 
Wales, a period in which infia- 

No doubt transitional arrange- 
ments would have been devised 
so as to spread the effects of 
the new valuation method over 
several years and thus soften 
the sharper edges. But nn 
arrangements could make such 
a -change-over totally painless. 
The precise effects of a revalua- 
tion based upon capital values 
will not really be known until 
one has been made. But pilot 
studies conducted hy the Inland 
Revenue have given us some 

There would, for example, be 
some considerable re-distribu- 
tion of rates burdens against 
occupiers of residential pro- 
perty at both the top and bot- 
tom end of the scale. Properties 
in the countryside would lose 

compared with urban ones. The 
Midlands and the North would 
gain at the expense of Wales 
and the South East. And fiats 
would benefit In relation to 

The effects of a revaluation 
based upon rental values can 
at this stage be only a matter 
of guesswork. The 1978 Scottish 
revaluation does not offer much 
Of a guide. In aggregate rateable 
values increased by a factor 
of 3.4 but this was after a gap 
of seven years, and the 
domestic share of the total fell 
from 48 per cent to 30 per cent 
while in some areas toe develop- 
ment of North Sea oil had par- 
ticularly sharp effects. 

Moreover, in Scotland there is 
still enough evidence of freely 
negotiated rents on which to 
mount a traditional revaluation. 
For the 1982 revaluation in Eng- 
land and Wales the Inland 
Revenue will probably have to 
apply a series of multipliers to 
most types of residential pro- 
perty because of the lack of 
adequate market evidence. 

This in turn could exacerbate 
another problem — the sharply 
increased number of appeals 
which have occurred after 
recent revaluation, particularly 
the 1973 revaluation. The Lay- 
field Committee suggested in its 
report that the period for 
appealing against assessments 
should be restricted, as is 
already the case in Scotland, to 
the first year of a new list 
except where some material 
change has occurred affecting 
the value of a .property. The 

Government indicated last year 
that it intended to l e g i s lat e to 
that effect, together with 
another Layfield recocunen- 
dftthn Jim Rang the right of 
appeal to the Lands Tribunal, 
save on points, of law and pre- 
cedent, to occasions when leave 
has been given either by .the 
Tribunal or the local valuation 


The Government argued that 
these changes, would .strike a 
fair balance between the rights 
of individuals and the efficient 
operation of the rating system. 
It rejected a further Layfieffd 
recommendation conc ernin g she 
proportion of the increase hi 
rates (presently 50 per cent) 
which may be withheld follow- 
ing a revaluation if a property 
has not been altered and the 
appeal is (lodged within six 
months. On the other hand, toe 
volume of appeals which fol- 
lowed the 1973 .remaluatkro 
placed so great a burden on 
local valuation -officers if 
repeated in 1£82< k could again 
'impair the chances of keeping 
to a rhythm of five yearly 
revaluations. If capital value 
rating is to. be adopted, then 
certainly the change ought to 
follow as soon as possible after 

This, of course, assumes that 
it as right to adopt capital 
values as the basis for assessing 
rateable values of residential 
property. Despite the strength 
of the largely professional lobby' 
in favour of the change, toe 
question seems destined to 
remain one of considerable poli- 
tical controversy. At heart, it 
raises toe even more ftmda- 
mental question of whether, 
local government shouM_con-_ 
tinne to have ats own special: 
tax base. 

If the answer to that question 
is “yes,” then it Is hard to see 
any alternative to property as 
a local tax base, and since over 
half of the booses -in England 
and Wales are now owner- 
occupied it is difficult to resist 
the conclusion that capital 
values ought to become the 
basis of assessment^ as- they' 
already are in many other- cumr-' 
tries. - - f- : - 

No other possible alterative 
. locaLtax would be JS simple and 
as' inexpensive ta administer" 
and collect No other would 
have a i predictable and snh 
stantiala yield.' And the 
alternative bases for a property 
tax-: ‘ are -either, ■ like rental 
values;: becoming more: and 
more unworkable qr, like square 

metres of surface: area* would 
be more regressive: 

Local rates may’ not be liked: 
But the adoption* of capital 
values, together witb-toe reten- 
tion of rate rebates, would prob- 
ably make toe Taring system a 
little more progressive. And the 
fact that so large a proportion 
of local government .spending is 
financed - by government- grant 
out of toe . proceeds bf general 
taxation goes -a - long way to 
meet toe other point of equity 
which is levied against toe 
rating system— -namely - that 
local residents who are not rate 
payers fail to pay their proper 
share of “the- cost of local ise i> 
vices. V- . Vic i _• 

In -point of fact,: taxpayers 
nowadays - coutijibuie almost - 
twice as touch -;a$ ratepayers- 
towariJs >.the- cost of 1 running- 
local government. . .The more 
fundamental question, however,: 
is-- whether. Jocal government 
should have * -tax base at alt 
Thenexf question is; if so, then: 
what should it coyerv Only when 
these two questions have been - 
answered, -can one decide toe 
question of what that tax base 
should 'be*. J- ,• 

■viu - ~ 

Colin Jones 

The Property 

Value for money 

THE SHARP rate rises in the those of auditors of commercial feels that the Layfield inquiry for money as ah “ongoing acti- putersboth to; reduce manpower 
mid-1970s and the apparent de- accounts. Under the guidance had been badly timed, coming vity ” and not as a series of one- and to improve! management in- 
cline in some local authority for auditing local authority as it did after the 1074 local off projects. The most spectacu- formation ..and therefore effi- 
servlces were, in retrospect, accounts, auditors should ensure, government re-organisation and lar results came from the Man- ciency. One area where -this is 
almost certain to lead lo a mas- that “the accounts do not dis- before the new local authorities Chester metropolitan district, partieularty important is in rela- 
sive public outcry against the in- close any significant loss aris- had settled down. which revealefoannual savings tion to income collection and . 

efficiency of bureaucracy. This ing from waste, extravagance, “The Association considers from its wortstudy schemes of payments. The teffect of speedier - 

duly took place with, at times, inefficient financial administra- that as a result of this the £865.000 plus incteasedproduCv recpvexy . prqc^dures .hnd im- 
, almost a hysterical degree of tion. poor value for money, practice of local government tivity worth a ftirther £L4Stft ‘prqvcd-pa^a^ systems oheash 
criticism being heaped on public mistake or other cause.” finance was put under the per year; When these are aidffif&ow. and lborrowing -jeqpre- 

1 service workers. In addition to public audits, microscope at a time when to other savings as a result dr mgpts can produce major sav- 

1 While it seemed that most such organisations as the roost effort was, of necessity, these work study schemes, Bw lags' o p ^interest payments. ,0he 

show just how local authorities vices ana uorapuier WJmmu- v> 

give value for money. This »e CLAMSAC). help maintain methods, 
week, for example, the Institu- Pressure on local authorities # 

i lion of Municipal Engineers t0 operate efficiently. CIPFA Vovmnc 
Conference in Bournemouth has represents professional accoun- OaYlllga 
, taken value for money as its tants in the public services and _ pm , n t Pr 

year bad to be deferred because salaries. >r«- . J - •; 

of problems it would have' . * Sotoe ioc&I authorities: ii$w- 
created for pay policy., ' ' ever, have adbpted- a package 
'One London, borough,, with .a approach tojedst savings raet&er 
population of only; slightly, more than any . major initiatives. \0ne 

- ocn nnn nn„u ♦ n ... - 

punMv nuhlisheH a siirvev show- Altnougn mere is lime V* „ ’ — . jjivms nuutuu oaiwus. >wBMffliuuj,HK.wscu«r ptuuutcu 

Eg how its membe? mrthorities Question raised over the ^ ° excess of £500,000. .. savings of £S30;000 in 1077-78, 

had been giving value for integrity oF local authorities in ^ ve de ^ s ^ h ^ 0 " any The most popular area of rtiiag to £600.000 w a full year. 

monev. internal financial control, the ^ ^ value for money schemes, ac- But while local- authorities 

Thi problem, however. i s me UvUeld. Report oojocl L° ’ Jfj 

I that while local authorities are merit finance .suggested „ 

local authorities Ire actively thos ? conn ** ed with goods and their ideas with each other, the 

local auuionues a re acaveij cpnippa Thp reaenn fnr this awa r. _ 

* 11. 

.-•v : ' -mm . 

.... , 

mms I m- 

probablv the biggest single 11131 the Chief Financial Officer s ^ icea : ™ AMA -suggest? that. there fex 

spenders in the eronomy-em- of 3 ,ocal authority "should be gtt er " lue for monS" In t eems J° ** that a “ tbontl f °eed.for a cra&d directory of 
ploying over 3m peopl^-there ^der a statutory obligation to ^^ar the su^ey' adds l ^ crew ?' information abbnt. value- for 

L £n objective Standards of ^ort regujariy to the council have conSated in SIS 

performance or output against on defined y , recent years on schemes which ? n vestment ^ And there is growing concern 

which costs can be measured. . ,£ e *£3 to SS will produce an immediate ^ pr opnt nf ^ among those outside local auto-. 

How do you judge toe effective- * ni S ^ndvTue saving, but they are also look- SrmZS oritiestbat .'stricter -auffittog 

ness of meals nn wheels or the is in S 10 the future particularly controls are rtxiulredTtb. enatre. 

provision of nursery facilities. d^Iminarion^of where energy conservation 3nd vp 2!>L Sn n<°i?M efficieaury. The. Government has 

for example? Retires hui‘ding mSntenance are con- if! ackdowledged thii by . 

Moreover, the physical, social caparisons ?o «med” ^«tng up a new. Advisory, Com- 

and economic characteristics of r "*“de.” " The suney found that the Wm"a7 a' reTulit of snclTinea- “ iC 5? e «overagieni 

Incal authorities vary widely. be T “ e ad La y field Report, and the amounts saved by local authori- su^es with Snu^I s^irre^f Audlt ~' Thls , new ^mittee, 

m^l-p 1 va I , r r. S nmnMr!tnn 1 <f'rtf il unit subsequent Govemment green cies in the last two to three £220,000. Otoer authoritie? re- 

make %alid comparisons of umt ln resp onse, which gave ^ars have been -substantial.' ported savings in toe range a t 

th C p neriorm broad t0 the Most of authorities which £10,000 to £200,000. ’ rontols 

!Inrl aU, F e ?iffIr have been strongly criticised replied to the AMA’s survey Other moves by local authori- ___ ^ ID - »:/ • 

' Pvi«rinf ffe *rfMH 9 rrf« I^ainst b -’ 1116 ^snaation of Metro- drew attention to the fact that ties to achieve better value for . - 'rvz- t'if 

i i n 0 ^ 3 1 „ aT7; „ oTv politan Authorities. The AMA they saw the pursuit of value money include the use of com- :. /•••’;. : -JLIaviCl ChnrCiUll 

eMra\a 2 ancc and cmciency are _.- • •• 

be made.' 

to telll *mg. to aces ol S 

The Property Unit Trusts have acquired first class 
portfolios of commercial, industrial and 
agricultural properties. They are currently seeking 
further prime investments in the UK and Overseas 
and in particular shop premises and agricultural land. 

Please send details to - 
The Surveyor, The Property Unit Trusts 
73 Brook Street. London VV1 
Telephone 01-499 7191 

broadly split into external con- 
trols rrom the auditing system 
nr professional organisations 
and internal financial control 

The accounts of all local 
authorities arp subject to annual 
external audit, either by civil 
servants — the so-called district 
auditor — or auditors from pro- 
fessional practice. Auditors of 
local authority accounts have 
responsibilities additional to 

Grants arouse bitter 

of the 


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THE WAY in which govern- is grant-financed. For the vice to levy broadly similar are!^ up ■’ to a" given, national ; 
ment grants are distributed to greater the percentage of grant, rates poundages whatever the standard of rateable value pef 7 
local authorities has become the greater is the need to make differences in their spending head. . ", j*> 

more and more a matter of the distribution fair as between needs and whatever toe differ- . Therefore, if London's meed* 
bitter contention in recent individual authorities; ar the ences in the, size of toeir tax are affowed foriia . 

years. During tlic 1960s and same time, the greater will be bases. -the grant fie adjusted f .'td 

early 1970s it was widely recog- the •' gearing effect ” of marked The difficulp' lies not so much for London's extra resources c^''^ 

nised that the grant distribu- changes in gram payments in the. first objective, but in- ; the .. given the jzngcb ..lower ^‘differte^r: 
tion sj-stem unduly favoured the upon local rates calls. second. For there is no really tills -in' {Income pet-' 

“ shires ’’ at the expense of the p ar t of the trouble, too, is sure way of assessing; with pre- betweea Lohdoa^nd elsewfifi^.; 
larger cities. An opportunity the fact it is much easier to cision the spending needs of. should this aspect he' 
to correct this imbalance was soften the impact of changes -in every single council. There are err, at- least, ■ m fplmltfi.fl2 
taken when the structure nf gra nt distribution when local of^ course '-.various ’.statistics'. happens!,' h^Aeea'^toe iBdl^f 
local government was changed authority spending is rising at Which indicate different types- ftW ’madfe. 

in 1974. a fair clip and thus the total of need. But at bottom, the about Lohijoh of 

But the shift of grant shares grant is also increasing.. By decision must be a political last four ,‘rate support 
away from the shire counties the same token, it is much judgment. It is not possible to settleroerite Mihich‘ has been /re5*|. J 
and in favour of the metrnpoli- harder to do so when spending arrive at a completely fair- dis- ponablfe'- for . iiibst of the 
tan areas including, especially, j s not growing at all. In the tributfon. . tion Tn the ^gran t shire-going^ 

Greater London has been more present climate of restraint on Furthermore, there is con- the shire cbUntries.^ T , . 

or less continuous ever since local spending, changes in grant slderable room for debate about > p^ynr rrtncems 

1974. The row between the distribution mean actually both the significance asid : the methods ^ 

various local authority nssocia- reducing payments to some adequacy of . the statistics that assess he'e&.T2ie^resto^to^°^ 





tions and between them and authorities in order to give are used. For a. start, there is is to arrive , itt a- fiirisul3 '^ 
the gnveriiment broke out into more to others. The question of how to treat upon toe iuse ^ 

Full nuHlir view rinririo the 1-act A . ,1 f nnil/in ioli!i.h 1... knfl. ' -..--v . mW 1 ft 

Full public view during the last At heart, however, the basic London, which has both heavier. reg^Kaoa?ana^fs«.lS VP 8 ^ '■* 
rate support grant negotiations, problem lies in the nature and spending needs than most of the pendrhire -Idegttgf^ 

This was in spite of the intro- purpose of the grant system, rest of the country and higher^ to^.factdr 9 '.' : 8 ^&^ 

duction nf two kinds of “ safety Grants are designed to do two rateable resources per head .of associated .: wito^Bbovtavera^|; : 

nnf " nmiriciiinr /nno n«W flln (hi... TI,* ^ha TMnirlafrnn than hi.-A&JUifh'iMiflliia-f 

(Sterling Brokers) Ltd. 

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problem.- -that spending- i 

Associated with Giilett Brothers Discount Company Ltd. 

I orities. authorities’ own tax bases. The would be eased. But it does not patteh^-bthee^iddrt^^W 

Part of the trouble lies in second purpose is to enable indi- It Is tantamount to a deficiency- fwetorg 
e jrrnwing proportion of local vidual councils orovidine payment brimrinn low re^im» 

1 the ?rnwing proportion of local vidual councils providing payment, bringing low resource peasities to^sptod 
government expenditure which broadly similar standards of ser- CONTINUED ON 


June. 14 1978 



■•••. Pi. . .... 

^■if. i-r:. 

? Hi*.? fc'-": • •'•'*-• 

5e r,.„ <ih.Vv •■?•'• :;*"v ■ 

.. . a ‘? 




Pew rules for borrowing 

■> P . ’ ‘BE. £ASl!'4vsfce' months has 

sep'ipne^^jnost significant 
3 fc> *‘ 'Rrioas .Qt dBSeiQpihent in the 
vHstoryof J^^thority finance 
:; 6 . ‘ad -Tovn^BKt treasurers will 
he v sbrort- ;of things to talk 
„ 7 V:t\A ' bout-P^v^eii. annual '. get- 
;geUier£lin .- Edinburgh this 

C?" 7 ''; ?Owr the pasty ear theauthori- 
had- to -digest the im- 
lementanon Of the voluntary- 

'6?"l . ■ n<* ■ TitVinfriAA _ 

; e Of practice fpr -long-term 

;<*- 5 «./ 6 miwing^and.-the inaoduction- 
f floating -ratfr-steek and bond 
~ : *tt. 2 rC* ; *W* : > Interest rates have 

■■■ - r,-,.^iUeO ‘ from around the 15 per 
• “ ‘.-.r^ sht leve 1 at the end of. 1976, to 
7s ~’o;^’P der 5 P®r 4**»t .late: last year. 
? ^’■'■-•iow. they, are back in double 

*■:•}££» gures. ..^. - ■• . 

. : ":-:^;‘Against- this background the 
’ : - ^V.^thorrties could be forgiven for 
"■•*: j ';■■ anting to - keep their heads 
' 3 .;'own;- ' -However, -since ‘they 

'> such an important place 

the financial system— their 
1 ■>:.:* ofaround£30bn is not far 
''•: •-/ '.: : 'bort of the size of the National 
. - jtebfc— they cannot sit on the 

WelLhes. 'They are very im- 
•:■ - v . ortant forces in- the short term 
; . ioney markets. Outsiders often 
_. - not'Tealise that a medium 

^ ized. authority such as the City 
■ :' ■ £ ■ Cwentry torns over well in 
:xcess of.£lbn of debt annually 
jfeicb represents something like 
. 'ts. ; 5ta per 'day. .’I _ - • 

V • 2 -i The sums.arer large especially 
r -'a.-the temporary debt market, 
'*■ - • :, .5f£'.hd, although they are often 
’ hutine ; transactions, .local 
i: -r.nthorities ore not immune 
'■ :: ;rom the vagaries of the inter- 

est, rate cycle. ' However, what 
has really been exercising the 
minds of local authority finance 
then over, the' past year is the 
new voluntary code, of .borrow- 
ing practice. - ’. V : • 

Although, this was hot. intro- 
duced until August of Jastyear 
it had been in.the* air for some 
time;, It was well-known that 
the Treasury bad been- worried 
about the shortening, maturity 
of much local .authority debt: As 
interest rates . rose, treasurers 
went shorter and shorter, so 
that they would not- have to com. 
siit themselves. at high rates for 
long periods. This, was fair 
enough, but the Treasury was 
Clearly . worried that if . there 
was ever any special crisis, such 
as' another 'Mersey -Docks .and 
Harbour Board incident (and 
the recent troubles erf the Port 
of London authority show that 
this was no idle threat);, then 
the authorities might have. diffi- 
culty raising finance. ' 

The Treasury’s concern was 
understandable. - The latest re- 
turn of outstanding debt -lor the 
end of March 1977, shows that 
out of a- total debt of- £31bn. 
only fllbn fell due after April 
1980. -By contrast, £14bir fell 
due technically within one year 
and - another £6bn in the next 
two years. Tie \ Treasury's 
initial reaction was to impose 
a strict restraint on longer-term 
borrowing by further use of the 
Control of Borrowing Order. 
The local authorities were not 
at all happy about the use of 
this rather blunt instrument 
and eventually persuaded- the 

Treasury to accept an offer from 
the Association of Local Auth- 
orities to introduce their own 
code voluntarily. 

As the code was not intro- 
duced until last August its 
impact on 1977-78 was not very 
tough. A further two transi- 
tional years are provided with 
increasing restraint until 1980- 
1981 when all new local auth- 
ority longer-term loans must 
have a minimum seven year 
average maturity. The main 
elements of the new code have 

been summarised by Butlet Till 
Ltd. in their very useful bonk 
Money Services /or Local 

They are as follows — (a) longer 
term borrowing l including 
PWLB loans) is tu be so 
organised that the average 
period to maturity shall be four 
years in the year to March, 197S. 
five years to March, 1979. six 
years to March, 1980 and seven 
years thereafter. 

(b) Even though the average 
is achieved, Joans with a 
maturity of one, two and three 
years shall each not exceed 
15 per cent of total longer-term 
borrowing (45 per cent in all). 
These allowances are not ’’trans- 
ferable." If less than 15 per 
cent one year money is 
borrowed, the shortfall cannot 
be made up with two or three 
year money. 

(c) Amounts borrowed by 
negotiable bonds may be ex- 
cluded frum the three 15 per 
cent calculations, but in that 
event the relevant percentage 
for the year is reduced by -! per 
cent in the years in which the 
bunds mature. 


(d) If in any year a single 
maturity, or the sum of any two 
maturities, exceeds 15 per cent 
of the loans i» be raised during 
the year, the average period for 
that year may be reduced by 

one year, and the percentages 
increased by 5. per com. 

Although the code is simple 
in conception, it is more com- 
plicated . to opera te si nee there 
are difficulties associated with 
applying it to instalment anti 
option .. Joans, for example. 
However, it is already having a 
major effect on both the short- 
term money markets and the 
longer term debt markets. 

Authorities have been relying 
heavily on the temporary debt 
market In 1975-76 over a-third 
of- the authorities’ net borrow- 
ing was funded from this source. 
However, in jhe lirst nine 
months’ of 1977-7S net tem- 
porary’ borrowing has been 
reduced by £l.2bn. The lower 
interest rates obviously explain 
part of the fall but the new code 
is the real reason. Even though 
overall - net local authority 
borrowing rose by only i’O.Sbn. 
the authorities boosted their net 
long-term borrowing by £2.1 bn. 

The code has not really 

affected the negotiable bond 
marker. The regular weekly 
issue of £ium or so “ yearling 
bonds ” has not been increased, 
although the number of bonds 
with up to five-year maturities 
has been slowly growing. The 
authorities have also been in- 
creasing the proportion of their 
money they take from the 
Public Works and Loan Board. 

The real impact has been in 
the corporation stock market- 
When interest rates soared 
above 15 per cent in 1976 the 
local authorities stayed away 
from the market but as rates 
started heading down they 
muved back in. The ice was 
broken by the Corporation of 
London in February’ of last 
year. It issued £25m of 1983 
stock on a 131 per cent coupon 
and a fortnight later the GLC 
announced a £50m issue on the 
same coupon. For the next six 
months roughly two authorities 
a month came to the stock 
market and virtually all the 

issues were healthily over- 
subscribed. Coupons fell but 
apart from a small ten-year 
issue from Burnley the maturi- 
ties did not extend beyond 
eight years. 

In August new ground was 
broken when the Ciiy of Bristol 
announced the first-ever floating 
rate stock issue. In common 
with the Treasury’s earlier 
issues of variable rate stock, the 
coupon on the Bristol issue was 
linked to Treasury bill rate. 
The mechanism was slightly 
complicated with each interest 
payment at a rate equal to half 
the sum of an indicator rate and 
a fixed margin of it. Interest 
was payable half-yearly. 

The issue was not very well 
received and a fortnight later 
Morgan Grenfell and brokers, 
Grieveson Grant, announced the 
first-ever issues totalling £20m 
linked to interbank rates, for 
Dudley and Oldham. The 
interest rate formula was sim- 
plified to a one point spread 

Where the money comes from 



Gross .Long-term. 

1973/4 1974/5 1975/6 1976/7 1977/8’ 

Negotiable Bonds- 






Stock Issues 






Fin. Institutions 









1,002 . 


- /665 










. 6,353 

• Nat Borr<»viii£_ 

. . . 




*,72 5 



U75 ■ 


- Temporary: ■■ 


. - 313 ( 

— -137) 

718 ( 


■' Total - - ■ 






•.First nine months. 

• ,*■. .. 

::; r. Y - 

.1* . . “ 


;• - • .7 vi/hen you deal in the Money Market 
withUdisco on your side;Lheadvantages 
r ' ^considerable.; 7 

Your ovm professionalism is reinforced 
: i-.-r.’: by ours. Yoyrbenefitfrom absolutely up-to- 
the*minute information on the Market. And 
. . r < • you receive a service based on efficiency 
' . - : 7andpersdnalaftention. ' : 

, . 7 ;i - - ; Ourownprofessionafism covers every 
' r majoraspect of-the Market-Local authorities, 

" '■.V oommerciai and Inter Bank Markets. Wfe are 
7 also brokers in Treasury Bills. Local Authority 

; . Bonds and- Certificates of Deposit. (Trans- 
* . actidns involving £50,000 or more are ■ . 

- especially likely to benefit from our service]. 

If youhave not yet profited from 
Udisco’s all-round professionalism, Geoffrey 
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A conversation \\hthhim could be the start of 
a very rewarding relationship. Themumber 
to ring is: - ' - 

01-626 3400 





The money-ftroA’ing ar/iKif ' ■ - . " ■ : ' 

Ihe Union Discount Company of London Limited. 

7S-80 Cornhill. LohdohEC3.V 3NH: Telephone 01-626 3400. 

loans bureau 

. : Cipfa Services Ltd. 

. • ' ' L_ “ 

■ Specialists in the 
Local Authority 
Money Market. 

r : ^ Rin^ as on:— . 

t ■_ - 01 - 828^7855 

j To obtain or place funds, for any period- 
- / : overnight to 10 years 

- "A33ofornegotiabIeboiMis 

7. : . 7. • arid for leasing finance 

Cipfa Sernces.Ltd^ . 

532, Vauxhall Bridge Road, 

. London,. SW1V 1AU. 

Manager: John Winch 

been quick to take advantage 
of the Government Act which 
came into operation in April 
last year permitting them tu 
conduct local lotteries. At the 
last count some 260 local 
authorities had begun to raise 
money in this way, which is 
just over half the total number 
in Britain. 

Most of them have been glad 
to off-load the administrative 
chores to the various private 
sector companies — such as 
Littlewoods, Vernons, Norton 
and Wright, Ladbrokes and 
many others — which arc offer- 
ing to run lotteries for them. 
With about 40 per cent of the 
take coming back to the council 
as the net . contribution to its 
funds, lotteries could well now 
be contributing in the region of 
£50m a year to the councils 
taking part. 

This may seem very small 
beer when measured against the 
£20.000m-plus a year which local 
councils receive from all sources 
—rates, grants, trading in- 
come, rents, fees, charges, 
interest and dividends. But the 
Act ..limits the size of local 
authority lotteries in terms both 
of turnover and prizes. The 
point, /however, is that this 
£50m,‘ which could rise towards 
£S0m or more a year when other 
councils join in, is a useful 
supplementary source of income. 
It comes on the margin, and 
this is what counts. 

Holding., a lottery is not the 
only-, way in which a .local 
authority can increase its in- 
come other than from rate- 
payers, or in the form of 
government grants, from the 
taxpayer. In all, local authori- 
ties..- are collecting well over 
£2,Q0Qm a year in rents, fees 
and charges which is about 13 
per cent of their total income. 

'Almost: half -this sum comes 
from, rents for housing and land, 
and rather more than a tenth 
comes, from trading services, 
such as municipal bus services, 
ports and airports, markets, 
slaughter, houses, civic halls, 
theatres and restaurants, and 
industrial estates. The 
remainder eoraes from services 
provided out of the general rate 
fund: Examples here are further 
education colleges, school meals, 
libraries, museums and art -gal- 
leries, residential homes, car 
parks,- private street works, 
sports centres, parks, swimming 
baths, public laundries, allot- 

ments. cemeteries and 

-Over the post-war years rents 
and charges as a source of local 
income have tended to decline 
in importance. Part of this 
reflects. *1 course, local autho- 
rii.v rent policies. In ihe past 
10 years the proportion of local 
housing costs covered by rents 
has fallen from more- than 70 
per cent to less than 50 per 
cent. Part also reflects the fact 
that the biggest local services 
in terms of cost, such as - educa- 
tion and personal social ser- 
vices, have been growing faster 
than the services for which 
charges are traditionally made. 

But many services which are 
charged for are also covering 
a shrinking proportion of their 
costs. Trading services as a 
whole covered about 83 per cent 
of their costs in 1975-76 as 
against S6 per cent for the same 
services . in 1966-67. Local 
authority markets, which ten 
years ago were contributing .a 
smal.biit useful surplus, were 
meeting only 91 per cent of 
their costs in 1975-76. The short- 
fall on harbours. ' docks- and- 
piers had risen from 2 per 
cent to 9-10 per cent, and bn' 
passenger transport services 
from 2 per cent to 7-S per cent. 

A similar pattern is shown by 
many of the rate fund services 
which are not normally, pro- 
vided free. Car parks covered 
7S .per cent of costs in 1966-67 
and 60 per cent in 1975-76. The 
proportion for swimming baths 
had fallen from 33 per cent to 
23 per cent, and for parks and 
open spaces from 15 per cent 
to 6-7 per cent. . 

Some local authorities make 
a habit of reviewing then- 
charges at regular intervals. 
Others have been encouraged 
to look into the -matter of 
charging policy as a result of 
inflation and other economic 
pressures. But the scope for 
raising extra revenue from 
charges is. limited by the legal 
and social framework within 
which local councils operate. 

The number of services for 
which local authorities may at 
present make a charge is 
limited by Acis of Parliament. 
In many instances, the actual 
charges are specified or limited 
by statute, while others are 
subject to central control- or 
supervision. Significant changes 
in these statutory restrictions 
and in local councils’ own 

approaches to charging policy 
are inhibited by social attitudes 
about the kind of local services 
which -should bo provided free 
or, at least, substantially below 
cost. But even where these 
restraints do nut operate, and 
local councils have discretion, 
one finds a wide range of 
approach to charging policy. 

It would be nice to think that 
the;.. whole question of local 
charging policies is about to be 
opened up. The Lay field Com- 
mittee on local government 
finance made a lot of sensible 
points, and in particular called 
for a thorough review on such 
matters as the distinction be- 
tween charges that should con- 
tinue fixed or regulated 
by' the government and those 
which' should be left to local 
discretion; the anomalies both 
between and within local ser- 
vices and between local services 
and services provided by other 
public bodies: the levels of 
charges- '-which • are set by 
statute;- -the sendees which 
should normally be expected to 
cover their costs: and the pro- 
cedures*.:#^ criteria which 
councils '-should observe in 

determining both charging 
policy and the levels of charges. 

A review is now being con- 
ducted on these lines by the 
government and the local auth- 
ority associations. Housing 
rents, transport fares, school 
meal charges, and public library 
charges have been excluded 
from the review for one reason 
or another. Even so, the review 
covers activities yielding about 
£lbn a year. 

New ideas need not neces- 
sarily affront social attitudes. 
For example, how often should 
charges be adjusted in the light 
of rising costs? Could not more 
use be made »f expensive local 
assets, such as by hiring out 
school and college playing fields, 
to outside clubs and organisa- 
tions or by offering further 
education establishments as con- 
ference venues’.' 

But sooner or later the ques- 
tion of social attitudes, or what 
are assumed to be social atti- 
tudes, will need to be tackled. 
The public perception of social 
needs is constantly changing. 
Services which were once pro- 
vided as a basic necessity can 

slip down the pecking order of 
public priorities. Relatively 
new services, such as car park- 
ing and the vast range of leisure 
and recreational services which 
are being opened up, may 
justifiably be provided at ur 
near to cost. Is it right 
nowadays for public cemeteries 
and crematoria to be so heavily 

The quesfions are Jegion. 
The point is n«u so much the 
scope for attracting extra 
income, though that in itself 
is pertinent, but the need to 
look upon local services as a 
constantly changing kaleido- 
scope of priorities. The propor- 
tion of the national income 
which is devoted to the provi- 
sion of local services is never 
likely to be large enough to 
accommodate everyone’s aspira- 
tions. There could well be a 
case for charging for. or even 
privatising, services which are 
commanding a steadily diminish- 
ing priority in order to free 
resources for the newer or more 
urgent priorities which arise. 


over six-month inter-bank rates. 
The issue went well, and paved 
the way for the others.. After 
some initial hesitation the idea 
caught un and the next issue, 
for Strathclyde, managed by 
Pember and Boyle, only carried 
a } of a point margin over inter- 
bank rates and went equally, 
well. From then on the l point 
margin has been standard. 

At first it was thought that, 
issues had to have a merchant 
bank link so that the stock 
broker could be assured nf a 
healthy demand from the bank- 
ing community, but the stock 
broking fraternity soon realised 
that they could arrange the. 
deals just as easily on their own. 
The success nf the early issues 
was due tu the fact that the 
authorities could borrow money 
more cheaply than direct from 
the banks. However, the latter 
soon realised that The local 
authorities would make ideal 
customers for their medium- 
term loans, especially since they 
were flush with funds and short 
of borrowers. 

The problem with floating 
rate stock issues at the moment 
is that they are only of five-year 
maturity. Beyond that com- 
mission rates are rion-negotiable 
and stocks of over five . years 
must be quoted inclusive of 
accrued interest. This does not 
appeal to the banks and the 
stock exchange will probably 
have to change its rules if 
floating rate stock issues of 
over five years are to become 
common place. There is under- 
stood to be a seven-year issue, 
scheduled provisionally for 
July, waiting in the wings but 
it is as yet unclear how the 
managers will circumvent the 
above problems. 

By contrast the syndicated 
bank loan is an attractive way 
of borrowing for the local 
authorities. There is no need 
lo queue up for permission at 
the Bonk of England, as die re is 
with conventional stock issues, 
and the maturities can extend 
to ten years and the authority 
has much more flexibility in 
terms of drawdown periods 
and early repayments. At the 
moment, the introduction of the 
corset is squeezing the banks 
liquidity and so median-term 
bank loans will be barter to 
come by and more expensive. 

William Hall 


in cost levels, or differences in 
the standards of service being 
provided, can. be ignored. 

; Moreover, there is now acute 
shortage of up-to-date data for 
most categories of need. 
Because of the mid-term popula- 
tion census which - was due to 
take place in 1976 was: cancelled 
(in . one of the Government’s 

spending cuts), figures have to 
be drawq from the 1971 census. 
Because most of these are now 
woefully out-of-date, the data 
which', are used in the multiple 
regression analysis have become 
fewer and fewer. 

• Yet some 1971 figures are 
stiB -being used. The formula 
derived from multiple regres- 
sion analysis for the 1978-79 
grant distribution was based 
upon' seven factors, of which 
two— -single parent families 
with, dependent children, and 
the number of primary and 
secondary pupils of compulsory 
school age— received a com- 
bined weighting of 63.2 per 
cent (It should be explained 
that each of the seven factors 
was used, not so much for its 
own sake, but because' the 
analysis had shown that they 
were surrogates for a variety of 
factors that determined spend- 
ing heed). 

The school population figures 
(30.3 per. cent weight) posed no 
problem. They were based upon 
January, 1977, figures. But the 
figures for one parent families 
with children (32.9 per cent 
weight) were drawn from the 

1971 census. A third factor, with 
a weight of 65 per cent, was the 
number of persons living in 
households lacking the basic 
amenities. This, too, was based 
upon the 1971 census, which 
meant that- almost 40 per cent 
of the formula used to govern 
the- distribution of this year's 
gram was. based upon statistical 
data which , is now seven years 
old. _ 

It was not surprising that 
the three main local authority 
associations each proposed a 
different grant formula to the 
grants working party, and that 
ihe Department of the Environ- 
ment should have come up with 
a fourth. In the end, the 
formula derived from the 
multiple regression analysis 
which had been used in previous 
years — was retained and the 
other three methods were drop- 
ped (Tor the moment, no 
doubt j. 

More important still, how- 
ever, 'a special survey is now 
under way with a view to 
thickening up the volume of up- 
to-date data available for future 
grant distributions. The pro- 
vision . of - more and better 
indicators of need wall be essen- 
tia! whatever happens .to the 
grant system — whether the 
present system is broadly 
retained or whether the pro- 
posed system of unitary grants 
is eventually adopted. 


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offers a direct service to local authorities. 

If your need is (easing for vehicles or plant 
and equipment our specialist help is 
available without extra charge. 

We are one of Great Britain’s leading 
leasing companies and part of the 
National Westminster Bank Group, 

If you are responsible for leasing in your 
Council's Finance Department then contact 
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js in your telephone book, 


North Central 

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■^Financial Tildes 


St. dips and rallies to finish mixed 




* 2.611 lo £ — 114 }% ( 1132 %) 

Effective $ 1.8340 51 }% ( 5 lJ%> 

AFTER REACTING afresh in the 
morning session yesterday. Wall 
Street showed some recovery to 
close on a rather mixed note 
following another active trade. 

The Dow Jones Industrial 
Average came back further to 
R 4 .S .15 before ending a marginal 
ft. 2 fi up on the day at S 56 . 98 . The 
NYSE All Common Index 
recorded a net gain of 2 cents at 
853 . 91 . after $ 55 . 5 . Declines still 
held an edge over rises at the 
close of 855 to 629 . although this 
was much narrower than the fi ve- 
to- two ratio lead commanded at 
mid-se&sinn. Trading volume 
amounted to . 10 . 76 m shares, com- 
pared with Monday's total of 
29 44 m. 

Analysts said the subsequent 
improvement came on speculator! the weekly money supply 
figures, after the market close 
on Thursday, might show a 
decline, easing pressure on the 
Federal Reserve to tighten 
monetary policy this week. 

The market has been woried 
that the 84 . 2 bn rise in the money- 
supply. reported last week, might 
force the Fed to act before the 
June 20 Open Market Committee 
meeting, and result in further 
increases in interest rates. 

Tighter money and higher 
interest rates usually act as a 
depressant on the stock market, 
although Wall Street's recent 

sharp rally which began in mid- 
April was an exception. 

Also helping later sentiment was 
the firmer tone of the dollar aTter 
Fed chairman Miller said that both 
li.S. inflation and the current 
account deficit should be on a 
downtrend by the end of the year. 
And analysts added thta institu- 
tions are bringing more of their 
large rash balances into the stock 
market on downturns cushioning 
its glfle. 

General Dynamics, continuing 
to benefit from its settlement of 
cost overrun claims disputed by 
the U.S. Navy, soared $1 to $ 75 } 
in heavy trading. 

Volume leader Caosars World 
gained 4 } to S 244 — it has leased 
and taken an option to buy an 
Atlantic City hotel for a casino. 

Leeds and Northrup jumped 44 
to S 33 . but Cutler-Hammer slipped 
I* to S 51 J-^-Tyco Laboratories, in 
selling its Cutler stake lo Eaton, 
has arranged to have Eaton sell 
Cutler's stake in Leeds to Tyco 
if Eaton gains control of Cutler. 
Tyco slipped 522 and Eaton 
were unchanged at S 3 SJ. 

Several companies have settled 
Government civil suits over sugar 
sales. Holly Sugar added $2 to 
S 24 1 and Amalgamated < to $ 10 j, 
but' Consolidated Foods eased j 
to 935 j. 

General American OiJ rose 11 
to 842 — there was speculation that 
the company will be up for sale 
after the sudden death of its 
chairman, a major shareholder. 

Scott Paper lost SI to 517 i— 

Juno I June I Judo 

Ind- dlv. yield % 


.tune | ijiiue 

13 I 1 12 

■ June < -tunc 
i i 5 ; 12 

Atlantic Richfield has denied forefront of the reaction, Sony Advancing against the S^ral ^ed aojhe Toronto SE 

rumours that is it planning to losing Y 20 to™ 1750 . Matsushita trend .were Chiers^wh <* P“t 00 G^eaSS 

acouire Scott Electric Yli • vtt 1 Toyota 13 per. cent, PretabaiL, Bail In- Composite index was uJ> easier, 

^■ord Motor, facing further Motor Y 5 to Y 990 a^d&mon Y 6 vcsttoxmeM. MECI, BP, CoteUe at U«, .; 

Government scrutiny of its small to Y 487 . an d Dollfns-Mieff. Minerals receded 1 


Index advanced 11 n. 130.45 . ffi, ’SSfif"igi‘S YW 0 ° Slick prices continued to make fccung the sharp r«e g llMo 

*** » strong demand ^^^tntrea, were 

? 4 S inmi VoS 4 70 m Sires On the other hand, popular Western Mining advanced 10 easlw> unities losing L 23 to 

f 4 41 m) speculative*. like Nikkatsu, cents further to AS 1 . 89 , still draw- it 3 j 83 . Banks 0.91 to 276.85 and I 030 

___ okamoto Riken Gomu Maruxen, mg strength from its recent PaDert x .22 to 115 . 32 . . ' 

Husky Oil bounded ahead 13 J Crown “n^SSito Electric, drew copper find in Victoria. ™ pers A ~ 

to S 42 J on turnover of more than buyers’ atteiSi - 1 ion-- WTth oils. Prime Minister Frasers Euro- Q 

half-a-million shares. Occldenial wh5ch are - expected 'lo benefit pean trip aroused fresh buying in JpSlin 

Petroleum has agreed to exchdnue from ^ , ^ jse Uraniums, where Pancontinental Market was in easier veto,. with 

preferred stock for SO per cent ' H moved ahead 50 cents to ASlo.aQ ^ Madrid General Index reced- 

of Husky's common shares, and Paine - and Queensland Mines S cents to to" 0 58 to 104 J 4 . FEMSA. met • 

Husky has rejected an offer from AJ 2 . 4 S. heavy sellUto! and retreated :6 STANDARD ART) POORS 

Pctro-Canada. the Canadian Bourse nrices tilsolayed an Utah rose 10 cents to A 54.15 p„Pht« m 121 

Government oil company, to buy -easier bias in thin volume, af^ announcing new export : [ i . 

Husky shares at C $45 each. Brokers said Investors remained agreements. ' while elsewhere in tt _ June- Jane 

Resorts International "A ' 1 rose hesitant ahead of a Press con- coals. Coal and Allied added 12 UOUg JVOng | 13 [ 12 

8 } to $51 in active trading. &XSSJvi!^ ceats at AS3SZ Thless 7 cents After renewed early strength on 

Tokyo “ leader EBP improved JJSgf fifi 

Unsettled by a fresh slump in pSlaiSt m ^dreft Ml for ? ™» re t0 ***£_ ^le , owCr on #£ day , the Hang Seng 

the U.S. dollar to a record low capital gains on securities invest- on fa^er con- index recording a net decline qi 

against the yen on Uie Tokyo ment. but limiting the market's siderauon of th * “*^“5 5.03 at 513 . 77 . Business was again 

foreign exchange market yester- losses was a lowering of the Call Profits and dividend, put on J active. 

day, share prices, after early Money rate from' R to 7 ! per cent, cents to ASZ.ZS. , Hong Kong Bank shed- 20 . cents i«i. P<B H»tio 

firmness, declined over a fairly c t - e _._ j n ;. u thG on i y Among Retailers, Wool worths t0 HKS 17 . 00 . Hong Kong Laiid 15 ~ — r . ' "HT d 

wide front in moderate trading, steady and eSc- S , ?* d 4 - ccnLs to AS 1.63 and cen ts to HKS 8.70 and Swire Pacific U»b C.a«. 

However, net losses were mainly f r f ca i« S «iv^ wh,le the rSt Waltons d cents to 94 cents but 5 cen ts to IIKS 7 . 10 . whita “ 

modest, the .Nikker-Dow Jones were lower ^ ones reacted 5 rents t0 Jardlne Matheson receded 20 WYS.E. ALLCOMMOH 

Average shedding only Y 1 S .32 to Among the notable decliners . . „ , „„„ cents to HKS 14 I .70 and Wfaeeiock ‘ 

Y 5 . 4 H 3.67 and the Tokyo SE Index uere Cto do Norf BSN Ferodo. ¥ood Issl i es - especially meat pro- 2 5 cents to HKS 2 . 725 . 

Y 125 to Y 411 . 70 . Volume came to Generate d^EnSriseT Saunier cessors and exporters were weU 

210 m shares i 190 m). Duval. NouveRe CJalcrics. Tele- Johannesburg ' 

Export -one nta ted Electricals, phones Ericsson, CM Industries, Transports, but Finance stocks .. 

Motors and Cameras were to the and BIC w «» ,n duU c , , G ? lds . dosed a ^ “ ■ .“»*« 

Sugar stock CSR put on 6 cents inclination, reflecting a general 

. to A gg_oi ex dividend. lack of interest 

> June Jntieff Southern Pacific Petroleum Mining Financials were- un- 
"■»"«* u : 12 hardened 3 cents to AS 2.65 and changed to higher in very quiet 



0 1 


681 .92 

. S 7 J 5 

251 JS 1 

- -J- 

Mfijri ■ 



S. 10 T .19 

. 106.84 

: 1 D 6.08 ■ 

j ■ 

j 58.589 

t .- • 

n. Auan 

-£ 3,06 

• -, 

a 24 . 



*nph I low 

JujmB l JuQfl Z' j; 
. 5.43 "1 S.SO 

Rises and VbHs 
•I Janel 3 ( June 

I'dufl IX I 

A.|>liTSs-i>ani|>li ...' 
Iclrw I jlVi i.hw 

An I'ri-lui-l- 


A l.-^lll.VI iinim In in- 


Allen. Lil'lntlii... 
AHinliriiy IViuer. 
Alhwl l.'lienHtnl... 

AIlicil Sii-re? • 

Alii- i lmlmei'v.. 

A 11 AX 

A Ke«- ... 

Am-r. Alrliin-* .. 
Amer. Hnikls... 

A mer. BriEulrn-r 

Amer. '.hii 

A >in>r.(.- Vann mill 
Amer. Kit--. I'no 
Amer. Ks|ilV*-... 

A mer. Hi >nie I 'r,»i 
Amer. .lle,iit]il.„ 
Amer. Muti>r>.„. 
Amer. .Nil. flu-.. 
Anier. Mltnibilii. 

A iner. SLuiv 

Amer. Tel. A lei- 


AUH • 


\ m-liur Huekiuu. 1 

AnlieiiHfr Uu<eh. 


ii>A : 

A-amrni Ul.l 

Aim*-,* i 

AjUIruiI nil 

An. l.'iehlicM.... 
Ahim U*« I’m.... 

v Vl 


Amu Pn«li|.-l- .. 
BhU «in> Klv- 
Urnil, Aiiieriin... 
Knnkein Tr. X.Y. 1 

kin her Oil 

kn.'.lur Tin uelli.l.. 

beUrl.v Fvnl 

H«i:touDi -hen-na 

Bell 1 liiineil 


ken £ii el L'nii- -U" 
lllm-k A- Ue-.ker .. 


R-'i*v Lit*. «ile.... 

Hii« 'I Hitler 

lira ml i 2 in 

knt.nn -A' M.terr.. . 

Hnl. IVi. AlllS... 


lliievni' Kne ' 

Mijl.-vjt WhI.-Ii 

Hnr iiu^li.ri Nllni 


t,NIH(ihCII 9U|I|I... 

(.smniuin l’m.-iin-. 

L huh i KauiIui p||..: 

I m-nitiiei 1 

'.tu-riei A iieneiMi' 
l *rter Hmi ie.\ ... 

VH*> I 

i euia«e t»ivD ..’ 
L'entraj A S.W.... 1 . 

i t-rtaiiiLeerl j 

Let-rtu Aln.-rall...| 
l. InucJUnlmtlinl . 
L liemii.-BI Uk. A ) 

I'lnnchiyll Hull.. , 
UiewifS'-lnn.. | . 
'-Iiu-kh.i bn.l-o.. | 

l lii-i.-tlfr 


till.-. JluMfien... 


i"u.t l in i»-i»n a....l 

I."i*« L ’»•!■ 

l.-ilUAle I'alm • , 

t-llllll* A iklllHII. j 

l ■•Inml-iR fiM i 

Coin llll -in l*li-l.... 

1 11*1 '■■.•■i Am 

i. om) pi i Mi. in filii;. ■ 
LolllllllVtlvU) b|_. 
Cm 'll' r|i Ml.- e I ; 

i -ni'w'ili Oil Hei 
(-■.nun. Sale! Ill i-.. < 

• oini-urprs^ienee 
■.-•nil. rieii.7l.if. .. 

i i .nine ! 

* nn. fuli-iii .N.t . ; 

l "o null Kr. il- • A»l. I •»*..■ i 

< .in-uniei I'onei J 

< •'■llliTli-ilUi tir|i. i 
1 01111111111*1 fill... ! 
« -niliiirntHi-l.-ln. 

'. ■■mu'll limn • 

•-•"■|ier linin' ■ 

C-irnillJi (rlMr*....‘ 60 ij 
_ CPC lul'n’linii* i 51 it 

Crane I 3SJ| 

L'lVu-ker Am 28i< 

L'n i« n Zei lertwi-hj 52 l a 
i.'unimiit- b'liL’im 41 
Cun in- Uni; III.. n j i 

ll«iu 275t 

L«n Imlnurre- 45 

I lee re 5353 

Del Alnuie 264 

OelhHiH 12 

DenlMilr Inter.. 23 
Ddtrmi Ulimn... 16 U 
DiatnerulSbaiiiri. 27 

Uielni-huae 163* 

[il^ilo I Rqui{.'.. .. 52 1; 

Uisney (Wiilii.... 43^3 

Urieri.-ii|in 43 

Ihnr Chenneal.... 2bia 

Ultra 26*i 

lirenui 45Jg 

L'll Pull! 120 

Ilymi.i Iflilnttne- oO'j 

Kiucie IV-her 23 5* 

R**l A Will let 12 

La SI nun Riklrfh. 57 
Uatuii 38 >t 

K. O.Ali • 27 J* 

til 1'iie Ahi. l>ns, 161* 

Llira I 33 

tuii-iwii tlcclni] 38 lg 
fciiieryAIrFr'ielri k33i 

RiUlmtl 1 375* 

b.M-l ; 

bnuelbnrtl > 24 

R-nurk - aBi* 

brliyl I 2Zia 

fix x« to I 47 

pH irehi w Camera • 34 lj 
I'eiCIJejA.iiliuesj 38U 
K'l resume Tn «....] 15 
Kn. Abi. Bumuo. 2yifi 

rtexi Van ! 215* 

Kimikuie ’ 27 )j 

Pfonda Poner... ' 30 
r'luwr |. oBij 

261* ' h 8 

Knteiil-xl Mek.... Zli* 

Ki.xlww 1 39 

f'nuikilo SI mi.... 10 

PnWI-irl Miner* 23<| 

Fruebam 32 U 

Paqua Inti* 12 

l.i.A.F | IS X a 

ijanneil 431* 

lieii.Aniei.ini... 10 

O.A.l-V ! 28-3 

Lien. Cal ne [ 17? s 

lira. iwniiet. J 75i« 

Uen. Kiei.-lne- • 53 

iiviirm Pi.-«lt.... 32 

Lic-nenU Mill-.... ; 32 
isentrai \U4vn...' bO'B 

«eu. Pm.. HH..J lBij 

lien. 31 

lien. lc-. fiiei-t... 2 m 
< ieii. T> re 271* 

| 6lg 

Luwigi* HavWc...j 26-'« 

■ eii> 161 L 

261* . 261s 
h 8 I 4a 

Li i llelle I 

I iii-ti B. K....I 

Um *1 year Tire.... 

Lic-uM I 

UmfW. IU 

i iu Allan Pai-I'en 
lire North Iran.. 


liulf A tt'eatern.. 

Gull i in 


Hiionii Minina.... 
Ha mweh leaer. ... 

Harrta Uorjin 

Hciur H. 4. 


Ueviell Paukanl.l 

Hominy Inn- ( 

Hi ini*-'lake 

Hmievne* 1 

Huovei J 

Hu i'.C-ir|>..Vinei 

Hnll-liW AlU.'.itij 


Huili'-n ib.b'.i 

I.l '. Iinlii-lrie-... 

I N.V 

Iiij!«-raii|t Rami.... 

luutnil 5>leei 

I IIM 19 - 

Iinerconi Lnrrurj 

I kM | ! 

lull. Fliuoiir*....j 
Inti. HnrveMer... 

I iu J. Min A Chum 
Inti. Multllrnla I 

1 1 1 iv j 

I nil. l*kpei | 

IWi 1 

Ini. I(eelilli-i I 

Ini. Tel. k lei.... 


limn Hurl ... 

II' I fin-nix Ilona i . 
■Iim Waller. 

- 295a 
i i 22 ?a 
I : 17 'a 
I 301 * 
i ! 27 r* 

i 77 , 
| 23 
. ! 135 b 
i i I5i a 
i 24 
I i 6613 
I ! 341 * 

1 j I6ia 
' 595 a 
I ' 37 lj 
. ! 28 Sg 
' 835 * 

I 1914 
1 I 34i| 
1 1-4 
. 34>* 

1 27 i, 

■ USB 
| 1748 
! 261 - 
I 428 * 

, 615 s 

- 39 J* 

| 165 * 

j 7 U 

I 3754 
: 39 
22 >a 

. 4314 

' 135* 

. 32 
I II* 

: 361 * 

! 32 i a 

JiiUiiv Alanvliie . ■ 
Jiilmson Julinmn! 
Julinem C-mlrru. 
■ini Mnuuimiiit'"; 

K.Mnrt Ci ir|< j 

h'a 1 m?i A Hi ni ini'm. 
Rakrer ImluvLrn-] 
(\ainer.Steei I 



Kerr .lli-Uee 1 

KUl-le Waiter | 

himheriv Cicnt ..1 

W' ippw» 1 



Lease n-ay Tran*.. 

Leri Mraua*.. 1 

Lihby Uw.tVji*l...] 

ListueL • i 1 ■ 11 if ■ 1 

Lilly ifili) • 

Lilli'ii Indii'i,...' 
Line isLnr I in I*. .1 
Dsn- Irian-i Luc> 
Iniuioaiui Lm nil... 

l.iihrisrn 1 

Lnckvahner : 

I .'he \''unc-i"» Hi 1 1 ran 

Jlaej II. H 

Slim. Haunter...) 

AD pen ; 

AlaniiJioii Ui ; 

Marine 31 <■ 1 inn>« . - 
Uaivball Pie Ui ...| 

Slay Ueia. More*. 

ML A. 

.UeDremeii Dmu-., 

IL-tiravv Hit. 


Mer k 

SleiTin L\ neh 

Mesa Peiivenni..' 

MUM : 

Mluu SlInuA XI If 

MmWi Cnrp. 

Moimniri. • 

SI Kigali 4.1* 



Aatlonai Gan , 

Nai. Uintiheiv..., 
Xhi. 3«r»M Inil., 
Aaimnai ?icvl....- 


NCR : 

Neptune 1 nif ■ 

VewRnsUiJi.l ti. 
New Rug ram I Tei 
\um*n» Mi ilia tv k 
N meant Share. ...! 
.V. L. iDiuihiritT.. 
Nortn Nai.Gai-..' 
.Mlin siaie* P«i 
Nthvve-l AlrllnerJ 
A Unreal L<un.iny] 
An tli m 61 1 mm. ..., 
U u lema. Pel ml.- 
L»nilv.v Slajiier ...; 

Ghlo Krlurm < 

Ullu ' 

■Jnean Connnu.^ 
Uvreaii lliioitii.... 

Pbi-HLl- Gan 

fa a in; LuiIUiuk . 
Pa-. Pm. 4 U... 
fanA m Wiifin Air 
Parker Hanoitln. 

feain.-lv lot 

I'en. Po. A Li.... 
Penny 4. C j 

PenjiWE l>rKB j 

Peufile* Ua* | 

Perkin Klmei • 




Plnla-n-ijiliui Fie.- 




Piluei kri«e*.... 
1'iilsinn • 

Pleaaey Lt>t Al>|{- 


"Poll mute Klee 

PPG Imiu-n ie*. : 
I'rMia iiamliie. ' 

I Till *Cl»i- kieel. I 

I 'ii 1 [man 


vjuakcJ thu- 

Ilafiiit Aineriuti- ^ 
KaylhAni ' 1 


31 J 307 a Return 49 

81 5g Cerar.lilR MeLai-.l 301- 31. 

28 '4 l(i-vnnl<la l«. 4.....; 575* : 68 

35St Ifii.-Ji'viii Merrell., -8b U | 24 

24G llneii well Inicr...! 321- | 32i 

52 jg li'.ilnn .( Hast [ 351* i 351 

6B .Veitw 56 Ir [ 55.'* 

243 * ZajiaU lei* 14 ?e 

32&* 3enfth Rail 10 15 *8 15*4 

24 Si lluvai Liuteli i 57 U j 57 lg U.«. 90 D*t bill- . 6 . 61 ^ 6.6 

1312 vrvt 16 &a 1 1678 

23*4 Ru-u» Urjv I 127 * 127 * 

47t 8 Ryitrr 6j-nem... ( 23ifl 23 14 

345 | saieivat- Slram.J 411 * 4 lM CANADA 

47 ;g Sr. J, v Mlnentl«j 25^4 261 9 

24 Ja ai. KeuiE. I'aper..., 29 29 

48ls 'jaaia Fe lnrls.„..|- 36 i 36lg Viltttl Ikper. ‘ 121s ! 12 

34 1* -Mill lneesi 1 63, ! 61, Agnieo Eaj(le. ! 4.75 ■ 4.i 

345 s -Saxon Imlh ■ 7 i 714 . l.tauiAli/njinlout 5 Us 1 31 

355 * .*ielilhr Kivu lue.. I' 1414 ■ 145 a VieomaSteoi 215 * 1 21 

27 S 8 >--lHiini»*erBei--. -i 82 i a -- r 83 U iitoeaEosJ . 4059 1738 

sCSl ; 1858 {-TSsi 'Banket Mom real ; 31 

339 o T'll ITiw i 17 •* j . 18 ? 3 *. Rank Nova SwGii 2 Ha 21 

479o '•’•v Mr- 2054 ' 21 ItetlL 1 tt«nnjv-«.. 5 5 

VOi, Si-mliler DunM: UU ! 85 * Be' i Telephone....! 56 D 57 

■>c,* Bmv Vallerlnii... SO's 31 

57 Ig U-S. 90 D*v bill- 6.61 i 

167 S 

127 s 




36la ViitilM Wiper. ' 121; 

64 , Agniro Eagle. ! 4.75 

R 5.55 and Johnnies 40 cents to 
1 L 23 . 25 . Elsewhere, De Beers 
moved ahead 10 cents to -'RB-iO. | TORONTO Com 

Milan joHAiraMinmg 

493 * } Wnoinrntb I 9 is Crnsa'der Oil 4 cents to 34 cents, trade. Anglos gained 18 cents' to 

3 i 5 e wrir air : 4 ij — , R 5.55 and Johnnies 40 cents to 

veitm....::::;::;::: 56 > R r 55 .'* (jermanv 023 ^ 15 . Elsewhere, De Beers 

2 jif>aia 1p*s I 47 e * moved ahead 10 cents to-' 

4 enrih Kart ...... 15 ^ 15^4 After easing at the outset. mw ' ea “ LV IVO iU - 

u.*.Tm< «* LHt-' 944 * t 945 a shares picked up in moderate 

SK?Safef .«55 ^ clfanged on balance mainJy MtlJe Mlian . 

BBC and Goldschmidt featured, ,n 

naaiawa however, with rises of DM 7 n ^ 

CANADA apiece, but in contrast, Heidel- Jj a ^k to defe d on 

zement lost DM 2.50 and Hotemann “IJL- deci - * 00 

nu = further fiscal measures. 

Viitibi Paper 12ij ! 1254 Um. D. 

Agnico Eagle! i 4.75 ■ 4.75 la the foreign sector, Ames « ■, . 

1 M. 4 S ( 8 jQ 

\a 4 M<BlBy 


Lower in slow trading, -with 

i June ( Pm- 

ifoioouxie. ! i in me lureigu hetiur, auicx n ■ ■ « j 

ijcanAii/iyiDiaui 5 i b i 3 iv s I were listed for the first time, jWllZ 6 n 3 ntl 

VlvnmaStMii 21s* 1 Z1U I m, rn 

141s Vlynma Steal 215* ' 21 G 

I -Ji'i, iliter Iluiir-,!: 

20 ia *>ni CiiiiimnHi-.... 2912 

ig Snurnifl 20 

Hii. -wirn-G.D.i ' 15'j 

aic® sear Keel'll- -k 2354 

la?? >KDU» 38 

gj' -31 if il Oil 33 1« 

1259 ’IwPiran-jawl... 40 

5° UP Lmjada. - 14 ai 141* 

Um-kiui J 17 167 e 

Urtm-n..._: p».20 74.20 

J71. Caijorv I’inier...,' 38la 38 

8 CamHuw Miuei-.- 1 l-* } s ■ 141® 

XT, i-Tuiada Omenl. ll't I 31 

A being quoted at DM 72 . „ 

31 ^ Public Authority Bonds lost up Narrowly mixed m moderate 
21 ia to 25 pfennings more in quiet activity. ... 

5 trading. The Bundesbank pur- Financials were generally In- 
s? 1 * chased DM 11 . 9 m nominal of chned slightly higher, with some 
31 paper (DM 5 . 9 ml. Mark Foreign speculative buying noted tor 

Loans were steady. shares of companies with . Latin 

American interests following the 
Panada news of the planned nationalisa- 

tion of Cia ItaJo- Argentina de 
Mixed movements were re- Eiectoicidad, of Buenos Aires. 

Sfi; gS ! S;. aMS* n, iiio .1 

35 5 * ’'“Di, ' - 11 5a 1 9 ^ 1 ? can PawOc........-.' i 9'4 

-I ^ stassisa-® 

**• SIS™:-:::::::; bit; J aagg—H «g» 

- TuuilivniGai. Kbl "XSI* , 2bi 4 Gaaaali AbMip*...| 10>S 

““!* »niinerii C-i ' lbij 161 * chlWlain....^ 19 

53-4 5ibn.Nai.liu 3614 : 366 B Coiuuuu 2ti« 

281 * >!uihein Pa.-Ifi 42 ; a | 345 * Cvllb Mtbunn^. ! 277 ^ 

if?, Snullwmllaiinav- 495* , 491* Looaoiuer Gaa_. lbi® 

__ Coaeka Reauiiraa»| 5’4 

Ton Lilian, i r 29 1 * ; 29 l« CoMatn Itich J > 121 * 

Canal la CVW Lan.J 10>* 

24 it ' 251* 
03 ly • 53-4 
28 1 28'2 
44 a4 
k3i 4 24 ig 
465* ‘ 467j 
59 14 j 58?* 

UUI.IMIIB-IV..I.. £058 I 205, 

. A C«D. 9 uprr 0 ti„..l iSsg I 68 

34 k!arllai;U'K«ele:.l 4 .o 0 | 4.35 

o hU Cnaatli Abmrai.,.1 10»s 1 10ia 

20 NOTES : overseas pnees sbqwa below and/or scrip issue, e Per share .- 1 Kzaacs 
laifl excludo S premium. Belfuan dhridends 0 Gross, dlv. %. It Assnroefl rUvidend alter 

205 i drc aher wlLhboldins lax. scrip and/or rlgbrs Issue, k After local 

rq 1 > DM 50 d?Dom. unless otbervise suted. taxes. m“i tax free, n Francs; inchuUng 

4 is vields based on net dividends plus tax. Uollac dlv. pNam. 0 Share anUt_ s Dlv 

.j. V Pias .500 denom. unless otherwise slated, and yield exclude special payment. tTsdl- 
■* \ Kr.lOO rfenom. unless otherwise staled, caicd dlv. u Unofficial tradhuC vJSbmriiy 

19 o Frs .500 denorn. and Bearer shares holders only, u Merger pending. * Asked 

28 unless otherwise staled, s Yen 50 decora, t Bid. S Traded, l Seller, r Assumed. 

275 , unless otherwise stared. 5 Price at nine xr Er rights, xd Ex dividend. .xcRx 

of suspension. n Florins. h Small mas scrip Issue xa Ex olL a fnrertm since 
r On ib d Dividend after pend mu rlatns Increased. 

s'w’t Uauiltare-.! 27.1* ' 271, unon UeVimi 

as ' 4 i ’ |,em iai « 

»»wrj Kan-i I 44* t 

i 3 k >® 

viHiblnnt Hrami . 27 

So 1® 96i.Oiit7niini-iiia 43«« 44 '« Uoitilar Id I lb*i 

" * ImliBiui..! SHOIr 601a Uup.nt • 1SI* ! 145, 

,,!* till. D11 t5 • 65'4 Faicoo'ce Niukie 24iB 24 

Si 4 lauB Gbennw . 431 * ■ 431 * Fmd Jlntor UK. | 78 • 773 , 

3 !t 4 awiiui Diuk— t5ia 15&8 

451 * tu 'elMker • fc 8 l* * 68 ', Jemiai 30 l 2 305 a B*. 

sun Co ’ 41V' 415 , Gunn *cr»fauiii. la. 5 a' fid Bavor. Hypo....... 

7iio-i-tixn-i 47V : 481* uu(i Oil Caua-ts . 26 s* ■ 26Sa JLvei.VereliL-lA. 

■ 7 »uiex J 31 ' 305 * HauLei-ai i.i'an ' ; 8 sa L 1 haInt.Aed.w 1 t> 

iB-'timiviur ;.j 111 - . llSg rliHinu-ei ' 33 . 33 Uiiiiinen-bWlk 

lekirunix 43i* . 44l a tlnme Mil • v .. .. 40 '' 394 Uni Giiiomi 

38 i? Uemsun Muiefi..< 75 

4 a V i»om Mlnei> 1 8 s V 

31 «» Dome Petroleum- v 3 'i 
k 67 s Uommion Undue 1 . kal* 



A. Han* \ enndi 

567* i 565, 
16 Ir 185fl 

"“! s tectiniiviur l Us 

i?!® lekironi* 43 i* 

iSt! I'meuo. 32 

77 V 

30 s* |!J*. 

33 Con linen-bunk 

391* tAwii Giumni 

rewiml'Mmlriiiii 11 11 Ir 

251 - 251 * 

1 I’exasuiuii J 205, 21 Ir 

leaa- I11M.111 64 1 841, 

it-.Njik Uil .t Gbm.. s25a 3U® 

U-xns L- 1 1 imp- ...J 19. > 20 

rmiP Ini- i 445* 43 7 r 

Timer Mirror. } 3 QSb 3UI4 

Timken 1 521 , 52 if 

Irnue I 06 36 1- 

IraiiMnerwa. 1 Idg j lot, 

Ininscv j 18s* ; 1873 

IidomUiihiu j 3l-Sa i 365i 

i rail-no v littr'1,1 283, 1 .29 Ij 
Trans W- ir |,l a n .[ 20 1* ' i 20i- 

il«nit«..ii liny Min 17 . . 17 I thunder Hem 

du.ia.tfi Uhv 20 Sg 20s* 

UuiImii Gil Aim. 421* . 42 1* 

I..V.U. , 193* 19 Ir 

„ Ilium.-.. 43V 1 33V 

25l» imperial i»n 19 19', 

a Xi, I'n-v 19 . 19>e 

ftu ' 13 I 12r * 

5* 1 * IIIUUU. Nal.Ga... tlOS, 107 a 

S, iiil’j-.v l*i, a- Lm.-,, IS . 16 

. B halttffi- lb~.un.tri 1 145b 147* 

2Sli InuriFm i.-irj.,...! 8.-R 9 

r‘r* Lubmw Cvin.'l:*. i 4 . 15 ••! 4.15 

Mi-' mu Tn bine, ii. 1 ' 19'*-] 19ij 

fSli SUtwey Fer Si u».H,| 12i- 1 I2V 

J?; 3 Jl-.-l ntyre. 23 V - 231- 

M .ov L.-n-r, ! 36 Sb , 37V 

Si‘ Mouna.iD.-jiBLeK»7 3J0U 1 3.90 

-virjn -a Jlnip,...f Jiftl, | 26V 

ift : IIS SSS'Sss-. i 1 ® M E & 

4ii 3 ; 3ii* 

Mlt j 241 r L i, ' V 

201. 20 AALueniuiy I-.,\ 473* 

21 V 21 I S r'lirJT 5 c ? 8 

2 ** I 25 " ^|. I |b.a 

KS | Hi lav 

37l. 1 371. t. nn* lei A \ ...... £4 

2 ui, ' <ia;i 11 on .11 uaiii-i-i-p...' 241 , 

till ; Ili! - ■.-niM,... . 39V 

i45i 1 347. biium Lt-niiiieiv« »V 

*1 n ? '.'ii-u Hi « 8 ii 

1 n 1,111 I'RcIfii-.... . 48 'j 48 V 

253 , 251 * ■- mmyai ; 8 V 1 8 

oOaa 52 V *--»i»i«r.l Brand-. . j 9 9 

445r . 33l S >. d 311* 1 315* 

2312 • 23ia t-Sliipjmn 26ifl . 2bi, 

J/i- 17i- »a»li* 27 1* 28 

601 * • 70 27 Sh 281 , 

a 4 Ji, ; 341 * l'. lei-linnumt- .. 451 - j 453 , 

40 i| 395 * l V, kOr* : 21 

251; 237, niisIniB hlevl...,| 14I« 14 

2 IS* 215, WaiKreen 261; 251* 

173, 1 175, « truer- Ci-imii ii., 43 V 44 

'I tmer-Lanilfil. a03* 1 31 

40 v 4IU. ‘'■Mlm-MiliTii.aiU, 245g 1 23lj 

14 V 14 ^ ' 27 27 V 

VQi* .nr We-iuni Hant-ii 35>, ' 357g 

tilt ■ png 29l a 29l a 

2*1 ‘H-M.-mCnt.ui.. 16i- lbl- 

*0 a i . W-niicli-eKie,-. 233* , 235* 

■ Nthu. ieirawt... 3 as B 32 is 

an^. . iri. ' SuinwOn* 1,4.1 34V | 35ij 

5S? 1 S’? 8 . ‘-•BkwttTd TVri-'ni.! 4.15 . 4.26 

53 J I loi; -'I -I l-Ta I 1.95 

251- I 24 7* F iciHfFeiri.iii?iiiiij 36 J 35S* 

2u I, 20ia ran. Can. IVi'ni.i 33 ' 32i, 

2 1 '21 I 0 I 3 I IsV 

3Q5, 385, Teuiiieii Uei-I 4.7a | 4.65 

£4 53 ij HHi-elati v i.n.. j 0.99 < 1.00 

241, 235* t'lai-erUHii-i-ii.nul *2ig | 233, 

305, I 401, rt*,|.iruV lei, , lbS* 

•V 77 a Cnee t!4 1 14 

48 ia : 49 Surtax- Nn-i;— ■>! i.J 9 j 1.37 

487 3 485 , u-uiil*. • 1 36 V 1 341 j 

. _ llwl Mia »- • Iu ! 10 

a |j a Kl.i.lw.1 j 321; 33 

sTi , zt . «*'*.' “I !'!>.••« I'tn.i 33 j 331/ 

ioS . iiv ■■■•■'*■ ‘-* 1 1 1SS8 ‘ 1916 

S-7I b 28 xei* 1* iw! 6*: J 85* 

27Sh 281, 'Wuim..- ; 28 lg 2 b V 

451- 1 453, tliei. I aumln 13 1; 13?i 

a07* ! 21 -iierriu ii.Mu,..J 55, 53, 

l9l a 14 tieiaui* 1 1. 1.1 i 27ij 8?i- 

261; 251* ■inipM.-n* ! 6V | 55* 

1 * 1 . • 4 * ?ieei CauMitH... 26 '- : 26 ij 


leep Knefc Ir.*t . 2.77 I 2.84 I Aigent 

lewi Lanaila ...1 38 
liwotH,, I'nni.ftk.j 197* 

Ain .1.1 iKIJAh • 106.5.-1.0 

\IL 4 D ifi.aQi I 30.50 - 0.40 

Aigem fink 1 Fillip 355 . Ol 

\M KV 1F1.IO1 87.20. + 0.701 50 

. \rtanl | 2 . 36 b !— 70 ! — - 

Pj-u-e i + it toi.lU. tfc,. Urx. Umh.... 1.645 j+lu 1 72 4.4 

rr ^ - \ I « « deken ■■H" ' 1.900 ! Ilia 6.1 Cement.... V. 200 ai 1— 16 lluO b .3 

Ci.-kern • 450 21 - - 

14 at "t ' 2 ,ls 4 UnJ — 10 177 7.9 

87 20 +0 7 Dl 50 I 79 ****** ! 6 - 4 80 | ^ 3 u 6.6 

74 I'lo sSUd J fi'n ‘■■anqw* ft* 12.795 |+ 55 1170 6.1 

91 & **"™l 26l 5 1 ''-8- Innrt-Hni 12.015 L 25 1160 7.4 . Tiu 

imfiSilxAl In 1-2 «.JI.aM*t4 8a 6.6 

i™ri-.t.Biil'i|- U.I- 1 SS, ; ISia riijcnkurr 91.0 . . 26 5.7 , a a L I 

Trail* Miami t>, t-i 9 . 9 ', Buko West tn tFKljj 125 . 5 * 4 - 3.5 80 6.4 19 0 ** ^ 

truer 13 113 Burl. nn Tel leiwlu 73 . 5 *d'- 0.5 | 26 7. 1 . 

Li mr.n Ii., • 107 a 111 , Klset ier 1 I Fi.Uh. ZaSm' + d 27.5 2 0 .t.VSO ]— . 

17 We-vteii • 271 * 

25 ia 243 * 

lit* iviiir-,uhii kaiji 

4 B VC It tie Cini. 1 ml.. 23 j* 

297 r W, i-niCi. - 18 ?a 

261 , ttiti-n-in Rial.. SBi'* 

lbl; inner 13 

235* L'Hiriii Ga* • J07a 

LM. -it-taJline,. il* 

275, H t-nei Him ui.... 33V 

241; Wrm lia.1 i M ,. 11 V 

23 V IVmiuii Iu*. i 163, 

111 * Kisctieri 1 F 1 .UJI. 28510 ' + 3 , 27.5 2.0 . . 1 Zt 1 

71 * firniia N.V. Benrvr 141 . 00 « 0 | + 1.10 37.3 5.3 6.830 1+30 |490 1 4.3 

334 r K 11 nO 1 mTMFI.lL' 65 . 0 «l' 194.3 5.4 “'jvn'v Uebie- a.BiO — 2 j 1 ,425 5.6 

11 Hi U 1 st Unjuai ion FIW 35 . 70 i- 0 .SO, 23 n , 6.1 Hm.i.n K 2,600 | |» 2 . 5 te a.l 

17 delnckenCFldibl. .- 103 . 00 ! — 1 . 50 ' 14 1 3.4 *« n *na. d.c 40 1 — 25 174 , 4.5 

Bid tAcfcen 


Traded « New 

rtvuqvrcn- iKi.UOi' 34.90' + 0.50; — ' — 



i iumrii 
K. Kulak 

Ii. Kip It k 

K. Kihlflk 
K, kmljik 



<■ M 










A Him 


KL 1 L 





Nm Np .1 

Nat >*■! 

>at S«l 




l!. I». Midi 

IS. I». Midi 


l mlerer 


1 11 1 lever 

; S 55 1 7 

.«50 ( 2 V 
I 565 ! V 
; suo 5 i a 
: 525 IV 
1 S 4 u 16 V 
. S 45 IIS* 
| S50 ! 6 i s 

| 560 . II* 
; ?40 7 

1 S 46 I 27 , 
I S 50 i s 
1 S 5 d 111 * 
I 561 2ss 
i-TJ V 

5243; 29 1 4 
5260 12 

, 5ZBJ , 31- 

920 ■ 41* 

I SZ 5 - 3 , 

: s 3 o - v 
. F330 . 26.00 
F340 ! 16.50 
■ F350 ! 10.00 
| F360 ! 4.50 
i F70 ; 6.80 
! F7S 2.00 

I re J - 1.0a 

! F 160: 18.50 
. F170 , 12.00 
i FI 80 I 8.00 
F190 ‘ 4.50 
! F200 3.00 

K220 , — 

; fioo 12.00 

Fl lU - 4.00 
FI 20 1.50 

F22.50- 4.30 
>'23.00 2.20 

F27.S0 0.60 
1 rixo 
| Fl3l3 2.00 
FI40 0.40 
I FilO 11.00 
1 Fiao 
F130 0.40 

8.00 , 23 

4.50 ! 30 

3.00 ' 84 

12.00 - 

4.00 — 

1.50 — 

*1.30 - 

2.20 1 - 

0.60 ' 30 

; ; 

• li* 1 

: V I 

26.50 ' 
I 17.50 , 
11.00 J 

5.50 i 
3.40 i 

1.50 ! 
j 24.00 : 
! 17.50 ! 
! 14.00 • 

1 10.00 ; 
6.60 ; 
, 5.00 I 

• 14.00 : 

. 6.00 

< 2.50 . 
: 4.50 ' 
j 2.80 l 
! 1.30 ; 

' 10.50 ' 

I *-60 ; 

1 1.50 . 

' 11.50 

I 5.00 ; 

I 1.50 

• 7 -« - 

31- - 


a-8 ! - 


171® 1 - 

13 • — 

. 91,:- 

4 V ; 6 

' 71; J _ 

; 4 ; - 

! n> - 

I 121* . - 

I 47, : _ 

; las , - 

' 35 . - 

21V : - 
izv : 3 
: - 
2 ob , — 

I'B 1 1 

26.50 I — 

1 18.00 1 — 

, 13.00 I — 

! 6.50 |. - 
; 7-80 j - 
' 4.80 I 1 
, 2.50 , 1 

‘29.60 ! — 
25 2 

' 16.00 j 4 

. 15.00 I 7 
i 11.00 i G 
1 7.50 ! 3 

15.00 I - 

, 7.50 — 

4.00 i - 

5.40 | - 
3.20 1 

• 1.90. 12 

13.00 — 

6.30 - 

• 3.00 i a 

12.00 - 
; 6.00 . ia 

2.50 ! 5 

! S267V 
I .. 

A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit Sc Cxnce. 10 % 

Bank of Cyprus .J ID °fi 

Bank of N.S.W 10 % 

Banque Beige Lid 10 % 

I Hill Samuel 510 ^ 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Seot. 9 % 

Keyser Ullnian 10 % 

Knowsley & Co. Ltd 12 % 

Lloyds Bank 10 <V, 

London Mercantile ... 10 % 
Edward Manson & Co. 
Midland Bank ...; 10 % 

Banque du Rhone 10t^ ■ Samuel Montagu 10 % 

Barclays Bank 10 % ■ Mor a an Tirpnfnii tn K. 

Barnett Christie Ltd..._. 91% fe 3 ", }S £ 

Bremar Holdings Ltd. 11 % . 
Brit. Bank of Mid. East 10 % 

I Brown Shipley 10 “B 

Canada Perra’t. Trust 10 % 
Capitol C & C Fin. Ltd. 9 % 

Cayzer Ltd. ..; 10 % 

Cedar Holdings 104% 

I Charterhouse Japhet... 10 % 

Chouiartons 10 % 

C. E, Coates 11 % 

Consolidated Credits ... 10 % 
Co-operative Bank ... rt 10 % 
Corinthian Securities .. 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie ?10 % 

Eagil Trust 10 % 

English Transcont. ... 10 % 

First London Secs 10 % 

First Nat. Fin. Corpn. 11 % 
First Nat. Secs. Ltd. ... 11 

Antony Gibbs 10 % 

Greyhound Guaranty... 10 

Grindlays Bank flO % 

1 Guinness Mahon 10 % 

Hambros Bank 10 % 

.National , Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson i- Co. ... 10 % 
Rossini nster . Accept’cs 10 % 
Royal Bk. Canada Trust 9 % 
Schlesinger Limited --- 10 % 

E. S. Schwab 10}% 

Security Trust Co. Ltd'. 11 % 

Stanley Trust 11 % 

Standard Chartered — 30 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk- 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 104% 
Williams is Glyn's ...... 10 % 

Yorkshire Bank 10 % 

I Mcmhcre or ihc Accepuns Houses 


7-day deposits 7*;,. l-mooth deposits 

T-day dopoKii* on . sums nf I10.M0 
.ind under fii'-;. up to C 5.000 /fT. 
and over £ 5.000 7 S%. 

: Call deposits over 11.000 7 %. 
Demand deposlks 7'.',. 

Raie .ii«o applies lo SUtIiik Ind. 

kh.tMKi.4n 167.50;— O. BO I 36 4.b 

Vbu Oiiihil-ivii.... 152.0' | J8 5 3 

Kakhutai ,Fi. 3Cn. 40.80 — 1. SO — — 

Fhiiiia if*. io>.... ze-ety+o-ao! n 6.4 

IIjnacljL enKi.liXi 85.3 +0.3 | — — 

KnbcniiFi aO) 17 1.60 + 0.60 . \2BB 7.4 

limitiLv (Fl. aui... 131.0' ! — — 

ilnrvul u i Kl. 122.2 at + 0. 1 14 5.8 

Uoyiii Untehi Kl.Ai 127.7 m! 1 — O. I 55,75 8.4 

juivoni mn, 249.5id+l | 19 7.6 

•tenu GrfnKi.aJ)| 1*8*1 +1 27i 4.3 

t.ikvt.I'«L-. Hiri-.X 114.5Jdi + 2.5 i 30 0.7 

Unliciw ■ Kl. iOi. 120.0 Ml 1 .42.8 1 7.1 

‘ iKinttlle-.tiuJli 41.8 t 0.3. 20 I 1.1 
tt ci- tlaiTrl,i. Batik j 404 | + 3 ’ 33 I 4.U 


; Pn«v i + -ir i Iliv. Vl.l. 
Kroni-r — I : I •• 

Aii-iei.MHiineii .... 


dUnn'Mjr W 

123 1 

Ka-t A -naU Co. 

16712X1-:— 1 

FiD«D.dianken 1Iu . 

127srj + l* 

Air. Uyicwrlcr— . 

357 ! 



G.N’lli nU.(fcir90i 

267 — Lp 

.Nnnl KoUed 

109*3*1 + Ha 

129i 2 l 

136 li: 

xpb. bereihlben. 

394vj+ 11, 

iu|»artoH. — 

1831*1+ V 


■lune 13 

I'iii-m —.n •'iii. 

" 1 + i “J * 


iMai.Nwllu-.iFiU', 110.40-0.40, 48 l 4.4 SS/ 10 I, f. 

Aelkrral bhi Fl.3>; 53.4M!l+u.Z , 21 7.8 i ^.n- v'iil.',^"' , Zln“ I W 6-0 

Ae-l Slid HfciFUoL; 184.70— 3.Q l 22 5.2 AIontaKiie.ll. 55 0 + 30 — 1 — 



'■*<? i. 

14 1978 




■ : >! •. ? 


wmle ■ SSSri 1 nn a ^ e li evie r re sulati<ras, which ‘ virtually 

■^*LMpoS : fSP°2l or ? c,ttd « ™porU from most of 

: g 82 M-^tSESSi^g 

‘ * . tirtf f romthe Meat ***** 

mnm m * m ‘ ^port subsides on live pigs 

ThJ^^r ?* v go up from 80 to-iOO uaits of 

charge ..the account a tonne.. Subsidies on 

v - — s ruade by tiie carcasses' and, shoulders rise 

<_ n^uagement committee 30ua to ISOua a tonne, but those 

: TSS!?SHW* I ? ay> -* ftee Com - °n hams, sides and boned meat 
SWn .w »esngators confirmed and bellies remain, unchanged. 
-risinnrtL fr£, rge5 th ^ utinimum .Levies on -Uve pigs Imported 
• f rfces ’ w ere not- being from East Germany, go tip by 

• re 3?^S5’ ‘ •'■■■■ 3bua a tonne and she charge on 

rx nM n U3e same time, subsidies boned pork from 'Sweden has 
-» Y-.25i , t£!55^^ r P«* exported to been .increased by -300ua per 
“ -mm-member countries are to be tonne: -■' . • ' 

SSS Sed ' • . Slaughterhouse' ' 
owners are -.also to be paid w- - ■ • ■ 

" v «^»^iSS*52!a Imports boost 

Mr-cold stores' . . ... . 

2SSft!? ; ?I*x W-;??. .butter mountain 

Com : tre common market Pa /d 
from f ? demand for almost 20,000 - tonnes or 

taport, II iS,, U g? n ^;U" rnto^SS^S 0 ™omh | kll5.-“SoS WiSm.-whi.VVh^ 
unaisLin 0 “ tr 8 Union W1 “ " m 

undermm- imports m Britain. that the Uh) ,rQm *3-°3m. 

market was unablelo absorb the I Western Europe also imported 

f much Jess, 
i Reuter 


sheep flock 
cut again 

CANBERRA, June 13, 

population fell to 130.54m head 
'on March 31. compared with 
135.36m a year earlier, according 
to first estimates from the Statis- 
tics Bureau’s 1977-78 agricultural 
j census. . 

This is its iowest level since 
1954 and represents a fall of 2S 
per cent on the peak of 180.00m 
bead in 1970. 

The estimate is about 25m 
head down on that made last 
week by Mr. MadeoJm Vawser, the 
Australian ‘Wool Corporation's 
general manager, marketing, at 
the International Wool Textile 
Organisation conference in 

Wool exports fell to 376.58m 
kilos, greasy equivalent, in the 
eight months to February 28, 
from 574.24m in the first eight 
months of the 1976-77 season. 

There were also sharp drops in 
sales to all the main markets. 
Exports to Japan fell to 114.59m 

prevent" over^supply 
> '^watkeL prices. 

■ l ;.'^ ^OMunity is still paying surplus. 

* S'« 5Sf¥ e Pentiums on About 5.000 tonnes were added 
ShwJ PJSmeat to the British part of the EEC 

' oSners h c^7", he L d by abattDir butter mountain, while more 
" There 51 ?^ 6 «n St i than 14 ’ 000 tonnes were locked 

'Kutinlf - v° ^l*’ 303 e sup- away in private stores.' 

< This. subsidiary mountain will 

Drnduric app T3v d *? beef or daif Y «hi its owners generous grants 
1 J' ' i“ r * Be pay ’ from the EEC farm fund until 

: "jnmne n/%n conjn } on the autumn, when it- is due to be 
means of supporting the market sold.. 

i -j, Apart front the French com-. There are now almost 24,000' 

- .-Cl'®*?; . lfa e ■ Commission was tonnes of British butter stored . , , __ 

.prompted to act by evidence under Community market support! T*1E WORLD fish catch could 
from rhe Netherlands and West schemes. This represents almost a,n 1051 double by the end of this 

Germany that pigmeat produc- two months' production. century, a UN expert stated 

. lion, there- woo Id rise 10 to 12 The 4.973 tonnes taken into yeslerda >'- 
per cent towards the end of this intervention during 3fay was the 
^ e £ r - . - biggest quantity of tT.K. butter 

rork output in the UK is now ever removed from the market 
at a cyclical low- and health in one month. 

Tin prices rise 
on supply fears 


TLY PRICES jumped on the Meanwhile Reuter reported 
London Metal Exchange yester- from Bangkok that timproduci'ng 
day to the highest level since and consumer countries had re- 
last December, after the closure sumed tiieir tug-of-war over 
of the Capper Pass smelter whether the Internationa l Tin 
because of an industrial dispute. Agreements floor" and “ceil- 
Standard grade cash tin closed t°g prices should be raised. 
£110 higher at £6,510 a tonne Thuiland set the tnn* »h. 
after moving up steadily all day. -^“meetinl of the tK 
The declaration of force “g, iooSLc .Jr J£ 
majeure by Capper Pass on its review panel b 
supply contracts, and the warn- bigijer prices to encouragl pro- 
ing thot deliveries will be cut auction. 6 v 

off far at least a month, are 

expected to force consumers to Mr. KMern Chatikayanij, Thai 
come to the metal exchange for Industry Mmister, said that the 
supplies. present '.floor price was very 

Although the quantity involved discouraging for the tin Indus- 
is not large in world terms, the a £ * “Uie when production 
move comes at a time when costs bad increased. 

Europe in particular is suffering g far consumers, led by the 

Jvanable sunSfes iaimed,at ^ U.S. have .rejected’ pleas for a 
avdiiame supplies. higher price range, claiming 

m S i lo f k ir £ e d ,n ^ orldon that output costs have not risen 
Metal Exchange warehouses are efficiently to justifv an increase 
at a low level, and the cash price 

has already moved to a sub- Since the last rise was in July 
stantial premium over the three last year, however, it is thought 
months quotation. Yesterday the likely that the producers will 
gap widened still further, the succeed tn obtaining an increase 
thTee. months price gaining at the July meeting of the Tin 
£S7.5 to £6.702.5. Council- 

Fish catch 
"could double by 
end of century’ 

By Our Commodities Staff 

tax urged 

PARIS/ June 13. 
4.9m tonnes,, valued ! 

THE EEC should impose a tax to rise to 
on imports 

Thailand. • according to M. with 3.9m tonnes worth 
Philippe Neeser, chairman of the last year. 

French wheat producers. The Board’s weekly bulletin 

He told a Press -conference noted that during the first five 
here that imports had grown to months of this year exports of 
4.3m tonnes, this year, compared tapioca pellets— the most 
with 800,000 tonnes five or six important tapioca -product — 

to 2.3 

Mr. W. P. Appleyard. chief of 
the UN Food and Agriculture 
Organisation's fishery industry 
development service said that, 
hecausc of growing demand for 
food and the new 200-mile 
economic zones, “ we could be 
seeing catches of 120ra-130m tons 
by the year 2000, compared with 
60m to 70m at present” 

The organisation estimates 
that such an increase would 

of tapioca from at S437.5ra this year, compared | require nearly S30m in new in- 
according- to AT. with 3.9m tonnes Worth S3S4.7m i vesiment. 

Mr. Appleyard told an FAO 
bankers’ meeting that extended 
coastal zones would, during the 
next decade, stimulate invest- 
ment. diversify fish production 
and give rise to u variety of 
” business arrangements ” be- 
tween coastal countries, in- 
vestors and fish farms. 

He noted that 63 nations, in- 
cluding most big fishing powers, 
had already imposed 200-rnile 
limits and predicted that similar 
action would be taken by the 
remaining 64 coastal • states. 
These would make each country 
rethink its fishing strategy. 

years ago. 

'“•r l. Thai, tapioca could be taxed at 
Preferential rate on entry and 
the revenues sent to -Thailand to 
:-;~f 'help;, develop farm output, he 
. suggested.' ... 

2.3m .tonnes from 
saine period last 

■ Tn Bangkok; meanwhile, the _ w%rtwv , w „ 

Thai Board of Trade said tapioca flour to China. 
product exports were expected Reuter 

1.7m in the 

Efforts by.' the Thai Govern- 
ment and- the private sector to 
expand the market' -for; tapioca 
products, includstl .an'., offer' to 
sell . 2 00,000 tonnes ' of lapioca 

U.S. seeks changes 
in cocoa pact 


RADICAL CHANGES in the keep up with potential demand 
present International Cocoa in recent years. 

Agreement are proposed by the The US. proposal is that the 
L.S., which is not a member of buffer stock should aim to 
the existing pact. stabilise prices within a 50 per 

At this week s talks in London, cent range— 25 per cent above 
aimed ai paving the way for a and 25 per cent below an agreed 
negotiating conference on a new midpoint price. It suggests that 
agreement to replace the present buffer stock should have a 
one, which expires in September maximum size of 250.000 tonnes 
next year, the U.S. has come up T . .. 4 .. 

with the controversial idea that w P .f^ia Se ^tu ,at counci1 

the market should be solely con- sbouW review the price, range 
trolled by a buffer stock arrange- £j% t ° D £ y *'£i a g 0 - **"*• 


at post-war 

THE U-K.’s consumption of 
imported logs and lumber fell to 
its lowest point since the war last 
year and the trend is continuing 
this year, with the first quarter's 
figure about 3 per cent down on 
the corresponding quarter of last 

Apparent consumption last 
year was 811,000 cubic metres — 3 
per cent down on the previous 
year. Imports at SOS.OOO cubic 
metres were down 4 per cent. The 
value of imports last year was 

For about 20 years after the 
war. the national consumption of 
hardwood remained steady at 
just over lm cubic metres. In 
the exceptional year 1973 it bit 
a post-war high of 1.4m cubic 
metres, but since then a decline 
has set in and there are serious 
doubts in tbc trade whether the 
lm mark is now * thing of the 

Hardwoods are used in rela- 
tively small quantities in a host 
of industries, but the main out- 
lets are in construction and 
furniture. It is the decline in 
consumption hero that has caused 
the setback and. until there is a 
revival in these industries, the 
hardwood importing trade is 
likely to have to live with the 
lower levels of consumption. The 
indications from the statistics are 
that it is adapting fairly well. 

Although there was certainly 
an element of price-cutting last 
year aimed at maintaining cash 
flow, this was not such a feature 
of trading as It was in the 
previous two years. The trade's 
buying, and year-end stocks, have 
also kept in line with the lower 
levels of consumption. 

Since the trade draws supplies 
from about 30 countries there is 
seldom a year when importers 


do not have to cope with an 
interruption of supplies through 
war. political upheavals, or 
changes in foreign Governments' 
commercial policies. 

Last year’s statistics showed 
that Ghana dropped -from third 
tp tenth among countries supply- 
ing sawn lumber, sending 62 per 
cent less of this and 45 per cent 
less, in volume, of logs. Ghana 
was experiencing severe balance 
of payments problems last year 
and was unable to replace saw- 
mill and forest extraction 
machinery, thus ’ . reducing 

The UK trade is also con- 
vinced that the intervention of 
the state-rua Ghana Timber 
Marketing Board in the com- 
mercial relationships between 
producers in Ghana and im- 
porters over here had a great 
deal tp do with the ' decline. 

Among West African species, 
the shortfall from Ghana led to 
increased purchases both Qf sawn 
lumber and logs from Liberia. 
Zaire, too, recorded an impres- 
sive increase, a well-known 
German timber company has 
established a sawmill near 
Kinshasa which may have been 
responsible for a proportion of 
the increase in supplies. 

With its mining industry now 
in trouble. Zaire may turn more 
to timber to earn foreign 
currency. It has good supplies 
of many of the prominent West 
African species like afrormosia. 
mahogany, sapele. iroko and 
agba. There are problems of 
infrastructure, however, and it 
will not be easy to attract 
foreign capital to the country 
for the establishment of saw- 

Malaysia maintained its posi- 
tion as Britain's largest supplier 
of sawn lumber. Indonesia 
improved its position, but Singa- 
pore fell away. There was a 
significant increase in supplies 
of sawn lumber from Papua 
New Guinea, which is known to 
be keen to exploit further its 
hardwood resources. 

The Far East, however, was 
not without its problems for the 
trade. Last November the 
Government of Thailand— one of 
the three main sources of teak — 
banned exports of both logs and 
sawn wood. So far . because of 
reduced world demand, supplies 
from Burma and Indonesia and 
through the irade From Hong 
Kong have been sufficient to 
make good the shortfall. 

In spile of the trend for pro- 
ducing countries to undertake 
more of the sawmilling, the UK 
import of logs continues in 
account for a l/ttlc more than 20 
per cent of the total import by 
volume. The output from logs 
sawn in the UK is needed 
where colour match is important 
for high-class joinery work and 
there is still a sizeable veneer- 
cutting industry in Britain. 

Perhaps the most surprising 
fact emerging from the statistics 
for anyone outside ibe timber 
trade is that beech from Ger- 
many, France. Denmark. 
Romania and Yugoslavia is way 
ahead of all other species of 
sawn hardwood imported into 
Britain, accounting for more 
than 22 per cent, of the total 

The answer lies in the funda- 
mental factors of quality and 
price. The furniture industry 
seems to prefer the quality of 
the imported wood and Britain's 
woodland owners place rather 
too high a value on their Iocs. 

in the 

Under the existing cocoa pact, < k ' d need * tw .°‘ 

in common with other commodity £j^ ds p dlstr,tlu t*d majority to 
agreements covering such rav . , 5,' . 

products as coffee, sugar and tin. Although export quotas are 
quotas to control supplies are not normally favoured by pro- 
considered an essential weapon ducers, there could be divided 
lo back up a buffer stock loyalties in this case since a 
arrangement. quota system — based on past 

It is argued that without performance — would effectively 
attacking the root cause of any suit established producers, such 
surplus, by controlling supplies ss Ghana and Nigeria, rather 
coming onto the market, the than expanding suppliers like 
buffer stock might be over- Braal and Ivory Coast 
whelmed. At the same time the UJS^ as 

In the case of cocoa, however, the world's biggest consumer of 
the U.S. evidently feels there cocoa could have a powerful 
is little or no chance of an influeftce in controlling price 
unmanageable surplus being range movements if a two-thirds 
created in view of the funda- majority was required for any 
mental failure of production to change. 

Crisis talks on African locust plague 

A TEAM o’f UN Food and Agri- 
culture Organisation experts will 
visit Dar es Salaam this week to 
discuss how best to fight the 
Horn of Africa locust plague. 

Mr. John Mnlecela, Tanzanian 
Agriculture Minister and chair- 
man of the Desert Locust Con- 
trol Organisation for east -and 
central Africa, told Reuters that 
the talks would probably start 
tomorrow and cover the mobilsa- 
tiem of international resources to 
counter the threat, 

Officials from the desert locust 
control headquarters at Addis 
Ababa would also attend. 

The* FAO is worried that the 
locusts could affect a wider area 

from Africa's Atlantic coast to 
the Himalayas, involving more 
than 50 countries, unless the out- 
breaks in Ethiopia and Somalia 
are hrought under . controj im- 

The locust threat was first 
identified in Saudi Arabia, the 
Yemen and Somalia in early 
January, when most ’swarms were 
quickly controlled. Those which 
have escaped control are ex- 
pected .to remain in . Ethiopia, 
Somalia and. Sudan for the 
present, but l heir .progeny, pro- 
duced from now. until Septem- 
ber, could spread eastwards and 
westwards from October onwards. 
This could be the' start of a new 

self-perpetuating plague, accord- 
ing lo the FAO. 

After many locust-free years, 
control teams may need consider- 
able retraining. Equipment may 
also need to be replaced and 
pesticide stock? replenished. 

An international rescue cam- 
paign was begun last month, 
when the FAO’s fast action tech- 
nical co-operation programme 
came into effect providing about 
S900.000 to help replenish pesti- 
cide stocks. 

With civil strife and war in the 
two countries worst affected, how- 
ever, control measures have not 
been given the priority they 



dipped to fTSLd owins jii' „ 

rallied again in- the ariwnpkn in linn with Uiree inonUu. f6.6M. 63. 80. 83. 90. 83. S3. 

COPPER— Marginally Ifc-mer bn ifae Come* m much CT5B.3 jfffnrc easinfl to SO. 85. : Hisft tirade-, cash K.Sufl. Kerb: 
.-London Metal Exchange. The weakness cluse at JETT-T. Tnnmv^r 15^30 tonnes, standard, three months I6.8S3. 60. SO. 

■$ST 8 b 3 ?&*a 2 '& *-!=!* «• 

i-uumt tot Morning: Standard, cash £6.m 10. 05. attention, but the offtake generally was SSLO. 334JMK.B. IS: Starch 338.3. 338.9, Lsues is kilos 3.50-5.00: Moroccan: 
("months. f6.«W. 63. B0. 83. 90. 95. S3, light. F. W. Tailersab rc-uorted. 338.0-338.0, 36; May 5S2A 382J. 3S3.0- *.20: Ca 




.... . ... Californian: *.i 0-4.30: S. African: 

3ffi.4. id: Job 364.3, 385.0. 363.0- 364J. 24: Navels 3.&M.SS. Lonaons—lialian: 100' 
Oct. 3*5Si.«. 66S.S, 368.0-J69.0. 3; Dec. r.71.0, 120s new crop 4.40-4.50: Spann: Large 

slated. . 

per tonne unless otherwise 

,n >»» mnmiag. 

,r Tratlmu reported 
ret nmntiis wirebars 

jijoiaJ wi Jirtw af £75?. Bui this~trc vuf ir-jcfeti ar f 7oK 3^*3 " S7 51? 3 so 

-was reversed as btort-.cnv.'nng and bur - ' £ .J.^Kcrb: _ Wlr — 

Tt.N 4 

'wa sgfll.nit Continental j»J»>lraJ demand STi 'iT’» t 

pu:hed tlw price , up («• K59. '• ■' — - — - - - -- - ri 1 

o n..' I+.T- ,um .t+ur ROBUSTAS tveovered qoickly aft€r *«* «■ Total sales: 132 lots. Poxes 3.M. CraPjrtrtt-Crpmr 15 

Ottii-Mi I — l in nr. I'm. | — early weakness. Drexel Burnham reported. DIIDDCD 7« ■? i 'wk 

7“:“' ~ --- Thereafter the market Uncleared in.eilr KUDDCK fn«n ^ -0 

Tonann w ' W, ,n J “nw rang--, with interest generally EASIER opening on the London physical Dellcwitt Mwtt 

'790 800-. 62J 6605-25 poor. At a steady close values were S3 market. Fair interest at higher level. SS 1 n iV*,£ u- 


H - 111. + Or, IMH. 

Offlwial j — I Vdnfll. 

Wirelwr, C i * ; 

taidi ; 733^.9 >-5.?5l 

0 months... 7B5.5- B J-4.B l 
Bcttl'io’ntl 733-5 1-6.5 
Cathodp3-[ ■ { 

Ctob 7Z&3 1^4.6 

3 months.. 749.BO -3. 7S; 
detcl’m'nt; - 726 
C.S, Smt-j 




_ Grade 

1 , v»— niui i.iinwi.', ;b720 800"»623 6805-35 .-t-M UUUI. n. a aieauy 1'IUW values were u 

__lt tton cash-frir: three months' E73? S. 0. R.5. OS. S mt.oth».te690 71U + 70 :6710 20 '-85 to iio higher on the day. 

t+»c Kerb- Wire bars, three nuwih* £739. S3, aettlern't .! e8O0 -r 66 — lV -- • . — - — - 

.-i»i i —^7. Standard 1 ' ' ^ V ^ 

TIN— strong with forwortl standard metal * 9 h h SS25, ; ** * *•? LTiFKKK 

oiwiiinc higher at JM.650 and movins imentliij &<00-5 +87.5 

ahead - tftroustanrt the day, owing m the 5f u if ,n jH it?S — 

funher rise in the Pcnaag price and un “ nut ® “--j IJi/ai j + 10 — . • ■ j ll)v 

/urflxr consideration of Hie force niaieure New iiw — ' .. p » 

declarancm by Capper Pass, to -close at Afternoon: ' ' * 

*1 a ci..a < fT ..loto vaiup. u r.Ho k EASiER openlng on London Physical bellcwus 2D-lb .Ms s.3iwsm». 72a 3.M0-3B0. 
At a siLady 'Jose values were £j market. Fair interest at higher level, tumble bovs 0.15-0.17: XV. .Mist Milan - 

closing steadier. Leads and Peat reported Granny Smhb Tasmanian: 
a Malaysian godown price of 230j icame 
rents a kilo itmyer. Jnne>. 

: . i.iiiue r« 


• i 



Sugar down; 




IW l-l-or 

£ per lunne; 



752.5-3 +3 



Vest’rdwT''*: Pt+vious 
Close clow 

17751778 +2.0 

. .epiemtor..; 1695-1697,+ 10,0 

. , standard, cash XC^la. 10, Xovemljer...| 1634-1636+13.0 

K. Ihfe, day's high Df 16.720 on the late Serb, three months 88,890, 93. 90, S5, 90. 95. Janu-rv „ J566- 1571 

+“- 5 ,-tiw capper Pass news also had the £8.700. Kerb: siandud. three months loOO-lIoa +1B 

.-effect of widening the backwardation to £8,705. u. 15, 20. -y.„ — ” * 1*75.1400+78 

- £130 at one poim although It narrowed „ LEAD— Modoraiely higher. After dip- jT.’"' i45o- inaolibi 

.to dose at £110., Turnover 2.150 tonnes, ping to *318 on the pre-marker, reflecting • 

_ __ - _ ' ---The, early fan In copper, forward mcial 

recovered to £322 In the rings, owing to Sales: 3.289 >2^651 lots 
shon-coverfatg and was finally oooted ICO Indicator prices for 

around £820 on tho laic kerb. Turn- cents per pound): Colombian „ .. .. 

■over 3,725 tonnes. ArsbJcu 195.P0 rJ97.M^: nnwasbed Jan-Mw) B7.»6 h7 66 w.4668,8' 



Granny Smith 9.:o-B.r-0: iialtan: Rome Betaia ■ ■ . ^ 

Beauty per pound 0.17. Golden Delicious inaG --690 

0.15-0.17, Jonathans 40 lbs 350; S. African: ' Free imrK«.c-i*j(< 1.020 S ... 

Granny Smith 0.30-9.30. White Wimtr 4>ppercn*h W. ton. ii. 737^5 4 C-25 .699.76 
Poarmaln 7.50-S ikl, Starkfng DcUl-iuus inmdit .1i*. rin,. C759 23 -2.6 C/ta.Ta 

i LG. Index Limited 01-351 3486. Jan nary/March Robber 62.4-63 JL 

sC . 29 Lamont 3°aflr Loudon SWlfi OHS. 

1. Tax-free -trading on- commodity futures. 

. - ;. -. 2. The: commodity fntures market for the smaller investor! 



Sent free to Trading Clients, this Report gives fundamental 
hews, forecasts future price movements, and makes weekly 
option recommendations. Aided by selected charts, the 
technical situation ; in each of the major London Markets is 
also analysed, -tf ‘you would like free copies nf the next two 
issues qf the Report, please ring 01-480 6841, or write to: 

C.C.S.T. Commodities Ltd 

Walsingham Honse, 35 Seething Lane, London EC3N 4AH 



1 . . SUDAN . 

ApoLcarions are invited (or the post of 



The appointee should haw: a first 
degree and professional qualifications 
in Accountancy. Tea chi as experience' 
shouief include Fiaaadol Manaxemenf 
and Accountancy ■csjxhtfafly in devclop- 
uig comities or -degree and diploma 
levels. XVorJdng experience ia cor- 
porations and-'or parasutal ort anima- 
tions would be an advantage-. Salary 
■ scales untfcr-revli!w+. ProIeMor 154, 1© 
pa: Reader' £53,823" pa: Senior Levtwvr - 
£52.465-153.060 na: Leciurer £54.600- 
£52.400 pa.- t£S0.63=£1.58-'sieriin*i. 
The British Goveramutu may yupplv- 
ntpift salaries' In range pa 

■Metiing) ■ lor' jnwnvd appointee ur 
£>.4UKn.05P M iSJeriincJ for sJnele 
aopolnrce-, tievieiv«L annually, and 
numidUy ffi* oi ali idx • and provide 
i-lilliiren's education .allow aims and 
holiday visit passanes. Family pas- 
sagi 4: various, allowances: . super- 
annuaiion scheme; aounai oversedh 
leave. Detailed applications <2 copies* 
ini-iudlng curriculum vitae and naming 
3 referees shonW be sent bv airmail 
by 17. July 19T.4 to the Secreury- 
Gcntrsl- University of Juba. PQ Bos 
iC, Juba, Sudan. Applicants resident 
in UK: .should also send, otto coor 
lo the imer-.Universlty council,. W/W. 
Toirenham Court -Road, London WiP 
0DT. Further details may he obtained 
from either address. 


Applications ' are iro ted for tta office 
el Bursar at the University which will 
fall vacant on January 1st. J9B0. i" 
consequence or the retirement 01 Mr. 
R. G. .McCpmns- 

The Bursar is one. ft three cB/e* 
aominisuailw owcers 01 the univers^tv. 
Hit otht'S bclra sac f.eaistrar AM sne 
Director Of Building s«w*cw- The per- 
'Ma aaoainted m«c to -of hloh oeixerv 
• administrative ability • aijd will ts 
-itsaonsiuie lor a wide var.etv 01. 
nutters cuncernw tm 
of the University including finance, nor- 
flannel and fiswts*. Salary «yil< be corn- 
mcMvrtft w«h a* Jlsb BBSK**™ 1 
resMusfbiiltv assoclaWd with :f >c otfice. 
turtner oartieulars mav be oBnliwa 
Irom the vice-Chance'for- the Uni«*n- 
sitv, Manchester MIS 9PL. to whom 
•Bpftcaf'ow should Be retuvood bv 
July 5th. 1978. 


Subject to contract, UP to 2 50. 000 
►4/T PreUuqg PZ 315 (equiv. BS- 
12/58 revised '71 } Portland Grey 
Cement U.S.S37 f.o.h. Italy. 
DaJIveiy con commeiKt at onto. 

Telephone 01-629 3641 or Telex 
Z7543 during business hours. 







Copthall (Tilburg) B.V. Is offtrUiff jg- 
outchase in cash in United Stales lund* 
all the common shares of Magnum Fund 
Llrnitm »-. > uric® per common snare 
eaual to BO^o ol Uie net asset value oer 
common. Share on Juw 26. 19#S A com- 
oi the Ofler is available from the eoro- 
J panics listed below. 

1 To assist Ihc shareholders in 
whether io atxm the Oner, the directors' 
01 Magnum have mailed to rcoi^ered 
snare holders a directors circular 
of the ■ Offer. Holders ol &«rrr -hare 
warrants ol ■ Magnum mav obtain (.noies 
ol the directors’ circular from: 

National Trust Companv. Limited 

21 icing Street East. Toronto, canaoa. 

A1terttom B3 StOtk Transier Dcoanment 

(Tuicphoac: 416-3W-9141J 

Maunum Fund Limited- _ _ 

Herenpracbt 3L14, Amsterdam 1002. 
The Netherlands.. 

Bachs. Halsey, 'Stuart. Shields 

- lOO^GouTlSret, New \ orlt - aSSartraSht 
• Attention: Stoe?, Transfer Department 

■Telephone: 212-791-1 000) 

N. M. Rothschild & SOW U*** 

New Court. Swlthi"* Lane. 

London ECdjP *OU. JEW'*** 

■Telephone 01-626 4366) 

magnu^fund limiteo 

Chairman ol the Boar 0 . 

June 14. 1978- 

l.n fi7.«-MUW| SB.ZS 
I.TOi 68AJ Miffl — 
L7B( 68 jB 5 Sfi.Sff SB 5S 5 
561 M. 

0.1 ei 1 

2.5S4- I8£fi July Sfl.eiMI 

1536- 150C Aufi. ! 5 .50-6* 

i48o M SK'iS S.R.SS jgsf * 

£761 -3.5 u691 

l 752.75 ^3.0 '4 709-75 

S.2M.40. Golden Delicious S.SD-S^O. York Cash Cntbude 

Imperial I73 ’2SU S.2O-S.G0: Chilean: i mouth* rfo. do. , 

Granny Smith 9.30: New Zealand: Gold.... TrovacJrlBS.iKS -rl.25 Sl#5.S75 

Stunner Pippins 163 9.00. 173-9.00. Granny Lead Cub. JE310.26 -r 1.5 a'295;25 

Smith 9.30: Danish: Per pound. Snanans j mouths ' 

0.13-0.15. Pears— s. African: Canons. Nic*ei 



L'^>. Spar ,| 

u.m. 1+ nr; p.m. .4- tor 


i — 

DruM(a-lit‘[ — 


1 £ 

t , 43 

510.5-1 +1.25 

310.5 +15 



320 -.5 +1.75 


+ 1.25 


rrovoz.. £133.0 V-J20.3 

__ Market.. i:132.95 + 1.4 5 1 125.6 

_ . . B7J5-B7-1B Apr+cau— SoaiUsb: “ 5 “ kilos ~ 3 OT-3.4B. Wuickmvhr l7»flb.j 12i>-25 . ‘ ;-l!7-5r 

184. Do 1188.OQ); other mild Sale*: 3#7 fSM) lots of 15 tonnes and Bananas— Jamaican: Per pound 0.15. ativertrovsw ^8G.25v +0.78 78.6,. 

Arablcas 168. S3 il>3.67i: RohusUs 157.50 2 low at 5 tonnes. . Avocados— Kenya: Fuone 34.24s 4.30-4.80 : 3 moatbc .... 393.85j.-rQ.05l 84_.fl 

1158501. Dally average 183.42 (188.09>. Physical doting prices fbuyers) were: S. African Fuene 4.50-4 .$0. strawberries— Tin Uawii.... >6.810 +HO.O o.o75 

ARAB I CAS were dulL with no trades. Spot 57.73p C57jl; July 57J!5 p (57.Si; Californian: 0.90; Italian: 0-20; Spanish: » months. — ...H 6.702.5 + 87.5 -6.322.5 

Dread Burnham reported. ttp i»7.6». DJ0. Cherries— French: Pvr pound 0.30- WDirmm&yMih.cil| 13Q;35 1 op40 

metals gain 

NEW YORK. Jum- 13. 
PRECIOUS METALS flnlsliod sirnni .-.n 
uomiuumR jiwbtionaD- sxpwiation>. 
Cm*nor eudvd lovrer un trade- bcdpo-<eUing 
, and conunuud hpcculjhve liuuldaur.n, 

51.95 , Sugar roll ilurplr. c-nabU'hnu new life 

2.05 1 o». cnntfdct luws un aggru.-MVu Com- 
miSAiun HnuM! siop-lus.: suQiiir and 
chartist selling. C vffve do .-*.<! near un- 
changed i.n mixed trading and a lade 
of direction. 

£520.25'- 1.75 f 304.25 


• 1.90 

Prices iln order buyer, seller, bnslnessi 

I . *_ , Oct. lfiS.00-174.00: Dec. 161.00-18S.00: Fob. 

_ ' o 1 - 35 — —; Apnl 132.00-156.00: June 

' Morning: Cash £311. 10. 11. 10.5. three 143.00- 15S. 00. Sales: ml (9) lots, 
raonihs £322 21. i rl. 30. 21. Kerb; 

Three, months £321. 20.5. 21. Vtemoun; 



0.40; Cyprus; 0.65: Italian: 0.55-0.80. 4inoon->h 

Onions— Chilean: Cases 2.60-3.00: Canar> - : 3 monthh 

. 3.00; Dmeh: L30-2-00: Israeli: 3.00: Producer- 

The marrn opened steady Id thin Texas: 4.S0: EgTPtiao: i'.OO; Spanish: 3.00- A.-.. 
irading. but good trade buying In the 1.30 , Patanes— Egyptian: 3.S0: Cypn»: 

furwarriK in ; An- i or t.r-, n Ibi:- Vafonria- .1 .Hi: k .*■ 

October pesiuun helped forwards to 5.40; Jersey ■ 55-lb Valencia ; 3 3l>: 

harden. SNW • Commodities reported- Majoruw: 3.RM30: Brittany: .1.30-4.20. 

Three months £320, 20.5, 20.25, Kerb: London futures iCAPTAi— 1 The ctwn «” **** ^ we,re “^sular, Tomatoes— Dutch: 3.00-3.20. Carrots- 

^eSSSSi/SL 1 !-*' opened*^ tower tm whea^Ito *!*JB*3L Igg to DJO. French: Nantes 28-lb boxes s.sM.ou: 

Brounl. -Fuorard me^l barley. .Aggressive professional ttfllng 
^ ™ UW prt " rushed the market down a Umber 23 d, 

#55555^5° A™? 1 r i"“ Where at aps were hit. Adi reported. 

iXestentayp + ur . bunnies* ~ 
dwe — | Done 

.'oeonut fPblli...., 


Linseed CruAetv), 
Palm liaiaynu 


IbRovlng fres/i buying and chartist buy- buying support was then seen. 'Rpwttmae' . ■ . 

«hlch rallied the market 10 Close tt-M June 18J0-J .1 +O.4D,l!O.7D-aO.0D 

higher on wheat and unchanged to lQp August . 2U<L^2.fl +0.80 liS. 70 22. 50 

S£‘“,^L a A„5^ on " le lalB ktrh - on barley In thin conditions. tMoPer J4.0 j. 24.5 + 1.05 174 BJ.r3.5D 

Twnovcr 3,400 toiuies. _ Desemlwr.... 183.0**5.! -O.06 128.9^ -13.09 

I ».m. 1+ ur yi.m. >1+'»r WHEAT 1 bar LEV February U4.0L45.2- + O.10 — 

55IXC I Oflli.i»i 1 ~ ' I'nv/Jlew i — , ... . . , , . April 124.5 L26.3 + 0.35 — 

S5S2 5 

,«S9 M 

-6.76 . 303 
+ 6.a5;-J 12.26 
t OoU-UOl 






5 niuuih-,,.1 

Pini.XTotl — 


321-.5 +B.25,a21.5-2.5-6 75 
431 .5 . + 6 - o32-5 +8.25 3*** 
321.5 .+6.25’ - 

J .'n,h! r “.:- , "': + _” r +_"■ XZZ=*aaSiZS3, - 

; - ’ I — ‘ Sale 

Cyprus: 2.80-3.00. Aspamnc— Californian: 

Per pound O.BO-l.OO: Hungarian: 0.60. 

Beetroot — Cyprus: 25- lb 4.40. . , 

Eng fish produce; Petalocs-Pcr 56-Jb. t-optoPhlhf.. |j440-- 

Witie/TXod 2.80-3.20. new crop per pound Mi*vanean 

a, OS. l&ttuce— Per 12. 030-0.00. Cos l.PP. , 

Webbs 0.90-1. W. Carrots- Per pound 1.80. Grains ' 

On Jons— Per 56-Jh 1.59-2.00. Rhubarb— hkL". , 

Per pound, outdoor 0.05-D.QE. Cucumbers tlttim- Futures^ t82 3 
-Per iray 12 -24s. I.40-1.S0. Mushrooms- y" r - 
Per pound 0.40-U.oU. Apples- FVr pound ' Kl nri. N Wa 'a"Au.ei04 

. S29Q 

29-31 I 






'+ 0.J5 
I+OJ5 1 

79.7 j j + O.W 
83.05 l + O.OB 


— 1.0 C106.3 

—0,75 *:94.B 

L ; ' 1 """ Sa,e ' : 106 fS2>"lms~or m"looaes. EajBsb* *Cs£SS5?' C?ira^Per' , craicT 1, ^' l „ M 

Clip *n Kent 1.00-1.20. Cabbage 1.40. Celenj- HoM xxCS.r ; 

I ] r=n£ I • rs-sr j-x-jr LONDON DAILY PRICK f raw sutwr. tSffil r??Tlir o'iId li’ 0 ^Cau'imow®^^ U.A« 31.1!. ,neu l ....i«: 1.749 - 9.d t».»75 

MnnilDg: Three months £332 32.5. 32. ««!. L «'5S_l+o'.l 5 ; 9 '.06 ,+QJK wM Sr tofiT kT'wM Per 12 Uncoln Kent 3 ' 5W ' B0 ' ' l,8 “ 

Kerb; Thrre innntb f 031-5, 3L Alitr- Business done: Wheat— Sept. SS.JAgLgj. fired ai HID.09 (XXU.O 01 . FTTTC s^uc- rci BOB - LO I.47-C.5 

noon; Three months 13M. 1. 2. 2.5. Korb: Nov. 87.75-8T.ii9. Jan. 90.-W-M.00. March Currency constderattous stlmulaied JUlIl 

Three months £332. 1-5. 91.10-93.10, May unquoted- Sales: 89 lots, long UquidaUon at the opening, when 

Cixton -A' I inlex.. , 72.25c ,-0.45 70.8 

:.--r»ir-s -~a.- -«■ aa ygg AtgMriigMKg as.-sns5rn-ria-55TSi^ , StnSSgT^SSaSVih'St 

rinse 1 Ui oeT «euL . Jan. So.00-M.j 0. March 87.25-87.25, May Sellers conilnaed w press and farther rwc S2S0. BV/D £246. Tosw: BTB £264. XVno4u.|« n4» 283p \iO , 

' CTT VPR osscs °, r J* J? IM.Wtaw were recorded BTC £253. BTD £2-W. Calcutta ao.rfs p 

31Lt£K IMPORTED — Wheat; CWRS No. 1 131 later, although fins] prices were slightly remratians. c and f UK for nroiunt •Nominal 

Jane £9.91 and £7.73: jaly-sepL £9.78 
and £7-60. "B" tirffa: C6J4. CJ.IS z Per ' 0D - 

and £27J2 for the resoecUve shipment 
periods. Yarn and cloth very quiet. 

— - “t™** No. 1 13| later, although final prices were slightly ^cady. Quotations c and f UK for prompt 

silver was fbced 0358 an ounce higher tar 9alatt ' 6 Caarnikow shipment: 1(M» 40-Inch £951. 71 -m £7.78: 

for spot deliver? In the London bullion ^rtore spring No- 5. U l|tt cent Jtme reported. J(me M.91 aQ d £7.73: Jnly-SepL £9.79 

raarfcet yesterday « 2S8.25p. U.S. ecu " " " 

equivalents of the fixfng levels were: S?i* aSiiianf^ 81 awhmuL'ii Pre». 

Soot S2S.Se, up 2.0 k three-month SSS^e. 1 ^ ^f KemJn,, ' Oorom. 

up 2.0c: six- month up 2.1c; and 

12-nmntb 587.Bc, up J.flc. The metal "***■ U.S./French Jane a04J 


f Unquoted. 
tc July. 


z Jim e-July 

aOLOO, July 


u wnTm ma closed M s ,5 an5W ,?2 , 1 ent ' 

at^iLMB to 9 0451 “tors: South African XVhlte Jmo- . ^pertoaae 

aj_2S7.B-3W.BP 18MHCMC1. August £75.5). Glasgow: South African Aog »«-«L01.85'1 lE4B*5.B0| 

strrnn I -,1 r vr Lx. Jane-Amust £75.00. Glasgow licL juIriO^Silo 

FILTER UmiK.-n ,+ nr L.M.E. H- or sellers: honya grade three mummed. Doe-. ■■ Wt.80-0fc.40 |0S 35 -Ob. 6l*i 
per | firms - ric« — Bwley.- Sorghum. Oats: unouoted. 115.60- 18^ hKSS 

prieiws I I | - “CA-Ex-rgm snrn prices June -is. m F ... Dfi BS-lfc/Jns.siMSO.' 

- £97.00. Peed 4,,^ la .0*-sO.7ollV2.Gii.a2|5c 

Tt»x .v. 

Focd wheat: Ulnuccster 
barley: 1 Hmuber,ide £33.10. 

I0s.40-0B 00 
115.80-13 DO 

New Brazilian 
frost forecast 

By Our Commodities Staff 
FROST IS likely in Brazil's 



U ~—4 bedroom*. 2'? 
room, parch, daua to parage c/QuBljeri 
carnet ea and Curtained. O.oPU ror 
nrihcd or £63-000 unfurnished- 
palSoniv. Phone before 10 after 

6-p.m- 01-263 4450 tor appointment. 

spit 1 286.23). +0.2& *80.45,. V LB £&. n. Glontaster u,+_. Is3.i .*-84^1 . I^»Va| 

Imtuillik.., 29d.B3p +0.05 Z96.1,. .tZ.BB UK uinneiary cuctficii-ni for week rroin Sales: 4.074 i3,ib 8> loti of 30 tonnes. 

niiiniiiK.. . 3 i.7u '— O.J - . ' June 19 K I'Kiiet-ied fo be uiichanced. T*w ana Lyle ex-ce&aery price fbr , 

.lnmiUik,. ' d 18. 111 —0.5 — EEC LEV1E5— in uultL uf accouni a granule led baslH while sugar was £242.40 COffeG growing 1'eglOIl ftl lOt eDu 

- " , . .. ... Jonne. cft-c liw tudu-. in order curreni a ' nnfl ff ‘or iiome trade aod £159.36 nf tins monlh Or fiarlv in Jlllv, 

LM E — Turnover 110 «211i tola of 10.000 i cvv p j us j u |„ t u .. ant i nrerrmimR. IHGI.OOi fur expon. ul ^ T- 

au. Murnlng^ Threr tminth* 294.4. 4.3. w j ( h previous in brackets. Common IntamaUonal Sagar Agreement: Prices fiCCOrdiDg tO Sr. Carl OS jirardl. 
Kerbs: Three itk»iiji5 3M.1. After- W hoat— 38.13. 0.33. 0.33. ml i®7.32. ml, for June 12 j ys. cent* a pound fob and a meteorologist at the bao Jose 

^KcT^Tb^'nTu^^:?: „"!}■ SS? SWS® 7,w I 7 ' 481 ' dos <r* mpos technicaJ aerospace 

rnrOA ral'Si^VameJf'oi^wS* 8 ^^ MEAT/ VEGETABLES The frosts were only expected 

WV-UA ml < samci:. Maize (Olhcr dan hybrid Far «.,tucieiiy . t0 be “moderate," however, 

■iJS SS 'ZSSLFSA'E a 3 HLA Heavier frosts might oceui :in the 

,fl 74W ' n0fl 5 

IXesiteiuay »j -f ur \ uq sin ess ^ „„„, uouat wh.i«c mm i. Lamb: Engnsb null 5 





JlUV TBOT.MM i+l 4,7S, 17 10.0- IBS 7 

sept,..-. 'leSO.ft 55.0 1+ia.DD'l- M.v.35.u 

5b!«; l lt24.D-i5.0 +1i.M 

Jljirub ,1611.0-13-0 +16.75 1611-0-1595 

Mar.-. '1600.0 04.'. +14. 0011604.6- 1655 

Julv-:. -1.3U. 57.0 +16.00, lB8B.'i-M.D 

■*nT,., I-B1.Q-S2.0 +9.M 1 1570.0 

"SalcVPiSiS' (2.5S5i loii nr~iirTdnnre. 

.15-day average l^ 1 *! »i34.0St; 
average 135.1® 1 336.51 1- 

Rye— 130^6 1127.46). medhim 5 S-® to 6 LN. imported frqzan: Sr. Gtr&rdl said the centre had 

wnnr l 7 fTTTTllI 7 C wafl5 - correctly predicted the frost 

JL „ V , , whidl al| 8 h to imaged the 

repwto^ l *~~ Dllfl ata Btc,w ss^oo, 10 40 . 0 ft _ coffee crop late last month, its 

(Pence per kilo) 

■ FINANCIAL times 

June 13 tiune 12 i’ll noth iTY 7 ” ivnr 

247.331 24 6.77 245.1 9 252.01 

1 HaRB- iiiiy 1 . ism a inili 


15 IT.ri. _ IZ" ITT...I, 


<Hd»if N'rtimmba.f », 

1465.B 1598.2_ 

i l«l a HUH 


Uiiw June" i"JTiiie~ | ~Aluiii i«! X sh~ 
-'••U+ la J2 I , c/ . ! 

&j»i ..-'35G.36i356.7Bi35g.3a 404.00 
Future '346. 13i34 o.0a|d5E. 12374.9 1 
lAreraue m+tsZSzmr 










M»-cL'uinun- j9a5.6l925.6l 9 lB.5i887.0 
iDPF^nhw.' f J len'r tiw f 




Ye«eni , .va+ nr 
IW j - 




2M.0-54.O ! — . 

U -intw 

218., ■ 42.U . 


Uerenuwr ... 

<40 -3.0 



2‘B..-s8.fl 1 



2-6 -*B.J ! ...... 


S B. -B.0 ! 


247. M.J J 


ti^jenil-er _ 

248-n 52.0 


■ Fibfa teJggM );. BagUrfi tune forecasts are based On gravita- 
MM S' 40^^ ««t0 48.M: Atotmiw tional in fi uence s from the sun 
NEAT co HHmioK— Average fMstock and the moon, wind oscillation 
priors at npreaenutfye markets on in the stratosphere over the 

June 15: (*8 cattle 72^1n per kg. l.tV. . ... r . x . .. . jr. ; , . ,, ?«hi. wv-wi-uu.uu, Oct. 2su.uu- 

(+2.6S1. UK sheep IR-^P ^ western Atlantic equatorial moo. kov. sso.omi5.oo. dVc. 2 so.^:iu.uo. 

d.e.w. C* mgs 59.60 pcf kg.' region and cloud cover over J *n- and Feb. unquoted. ml 

Stet merlCa ’ ”” Dit “ red by «'"=« — «-,» « -■ am R r 

price Sheep down fi.8 per Satellites. aowJ p rKl .^ a jniCt . a| M Ull i-.-ni dclr.vred ■ f-utits- n'.r 

com, aver age t 57.8p Pies dwn Local coffee _ trade sources proo^d- Shrif end £ 4 . 00 - 14 ' ghim^ 1 ,ruf ' 0,,II ' V ' *'«« "B” 

LONDON PALM . OIL— Juno 300.00- 
!0u'j. -I'ny 3w onsn.stj. AUi .,, SI wn? 
30.00, Sept. 290. (BJ-330.D0. O-I. 290.00- 

Cocoa— July I.t1J5 1 132.701, Sent. 129. in 
<12S.7Si. Dec. 125.40. March icr:o5. May 
J21.25. J nly 129.90. Sept. IIS.PZ. Sale.-.: 
499 lots. 

Coffee— C •’ Contract juh’ w.vo- 
1862^3 >lt5.30i. Stpi. 15B.90-U7.Dl) ■ TAi-.yS >. 
Dec. 147.6U-US.U0. March Wfi.ll6-ia>.30. .May 
133.50-134.00. July 130. 00. St-pi. 127.00- 125.50. 
Sj1o>: 3yu l«tv. 

Copper— .1 unu fii.40 ml I0». .1 iiij 6i.T0 
"L’.ll". Aug. u22-.ll. Srnl. iJ.'.eO, Dec. M 50. 
■lan. oi On. March OR.ou. Ma; 67 on. Inly 
1 LS.Ofl. Sept. 69.00. Dec. 70.JQ. Jan. 7l 00- 
f March 72 no. Sales: 7.JOO M-c. 
j Cotlon— N11. July 5u .79- jS.uO i59 77-. 

Oct. 0188 HSJ.19i. Dec « 48-M.52. March 
1 04. 6a. Mu>" 6a.30-ba.4a. Jnl\ bi 70-88.20, 
I Oct. €3.40-1,6.06. Sales: 44.7(1 hi 
J ‘Gold— June 131.70 ' 151.10 1, July 1S1 40 

! 'IRJO'. AUE- ISa.aO. Ocl. !S» .M. Dec. 
[191.10. Fob. 194.10. April 197 10. June 
, -lm Hi. A ua. 2OJ.10. 0._i . 10. Dec 309.10. 

| f-'oh. 31320. April 21a.:l0. SjIo: 6.90b IMV. 
1 tLard — Clllcusii leo-c ir.t a-.vllahlc. 
NX" prime <(i-am 24.'. - 5 nuiu. • unavailable >. 

tMaiic-^hih 237]-2Sti ' m 237,i. hci<». 

-•»:-3a» Dec. -’ L March 3«. 

May 271. July -3717. 

: Platinum— Jut' 24S.0u-2W.5n i24j 7u>. 
ft Cl 2 31. 00-252.30 i 24 :.70 Jan. 35.00. 

"AM. UJ. April Jab.ilK&W 90. July 37,9 241- 
2.X9.50. OCI. 2 ill .60-361 .SO, Jan. 2B4.U0- 
264-SO. Sales: 2.403 iuis 
r Sitv(W— June 330.20 <.\.'I.G0i. July 30250 
< 334.10'. Aug. 336.10, Sept. if.TO. Dec. 
351-411- Jaii. 535.40. March 562.70. May 
572.30. July 5SI.I0, Sept. 396. lu, DlC. 
603 *i. Jan. 808.30. March E17.SB. Sales: 
J2.J00 i»ii. Handy jod Harman ^poi 
bullion 517.00 1523.60 >. 

Soyabeans— July 6S6-gj.i t aXlh. Aug. 
073-876 <6S3:i. Sept. 631-653. Nov. Ca-82;. 
Jan. 625-838:, March BJa-bSi;. Mai- &S7, 
Julv fias. 

I. Soy a bean Meal — July 175.00.3 71.50 
1 176.1Pi. Aug. 176.60-178. in llTT.ROi, Sept. 
176.0fl-17S.JU. OcL 174.00-irj.i'). Dec. 
171 10-171.50. Jan. 171.5U. March 174.UU. 
May 174.7n. July 178.00-178.50. 

Soyabean Oil— July 2o/.J-2o.W 1 23.73- , 
AUK. 2i.Uo-34.V5 <25 37 1. Svpl. -.’4.40-24313. 
i*i+ 23.45. &.C 23 55-33.50. Jan. 23.20. 
22 23 M:<rJl 33.10. Maj 21.-U-23 90. July 
21 70-21 ,iQ. 

Sugar— Nv Julv 7 1U-T.12 <729«, 

Si'iri. 7.23-7.24>. i.ici. 7 50-7 IT.'. Jan. 
7 95 March >.r-i.ll. Mi> 9.72. July 
ht-pl. i 71 rtfcl. i s4. Sale*: ¥.033 IvP. 

Tin — r.b^-.rj jsl vd "jiuvailjhli j. 
'‘Wheal— J iltv 310-ln>: >210. •. Sept. 

ir-: -::i3. nm. Dt».-. ;:19:-::13:. M(iKh 330}. 
Slav 31:-.'. July 314. 

IVIN. Nil' Eli. June 13. 1 Rye— July WS.Oli 
> lOJ.Mi'. u»i. :o 5.44) >106.00 bid*. Nw. 
105.10 j -hcd. Dec. asked. 

-Dais— July 79.00 1 74.70 1. Ocl. 7560 
asked t75.90i, Dec. 73.20, March <4.20. 

3Bariey— July 77.40 1 77.60 Did'. Oci. 
77.20 bid iii.80 asked i. Dec. 77.00 bid. 
March 77.10 bill. 

jjFlaxswd— July iifi.lW ‘250.00 bidi. Or;, 
asted >259.00 bull. Ko v. 236.10 
asked. Due. 233.70. 

ITTWheat— SCBTtS I3.J per Ceni praicui 
coment cd St. LauTcncc lnl.04 1 161.50 1. 

All cunts per pound ox-n-arehouM 
unless oihcrwisc stated, "is por trey 
ounCL— liH ounCv Ibis. T Chlcauo Idosc 
■J s per l«0 Ihs— DuPt. <Jf Ac prici-s pre- 
vious (Jjy. Prime Btcam fob. NV bull: 
lank cars. 7 Cunts per jj flis ijusfn'i cx- 
uaruhuiisu. j.OO'J bushel lots. rs per 
for Jfl uz unite of 99.9 pur 

sales In Liverpool amounted in 5! tonnes Sales; Pfll <samc* lots at 1.580 kg- wot. 

again, bringing the loul for ihe week so SYDNEY CREASY tin order, buyer, per ceoi _ 

far to 104 umnes. There wjs limilwl seller, bus fm*s, wtej— J**"* 1 *®^ COVEHT -. ™^ n um«* in swrung fn _ a ccpssTnt»nto 
auPBpnrt m virions American Lrpcfi. June 13: July S48.0, 34S.b, 043.3-348.0. 31; per package unless irtatedl— Juiported . sssessments 

Middle Eastern gravths aiiracicd some Oct 340.5, JJS.0, 340.0-349.0, S; Dec. 553.S. produce : uruffct — Crpros: Valencia tTeflflS. 

."i !b bushel cs-wan. house 
(ui:-. tC per comm. 

short lull for bulk lots 
fob taro. 
■ms per 
ni« per 
l,«iu bushel 



Financial Times Wednesday 


Lull in demand for Gilts but equities remain firm 

2.4 at 474.6— Golds make progress 

compared with the previous day's at 115p. up 4. while Gussies “A" and 600 Group, at R5p. recorded recommendation and . — ; - “ . *■ .LT " i-iiwi ~ /vntnrv 2i 
rigurc of 272p. Once again. SCI dosed 6 dearer at ilSOp. Still a Press-inspired pair, of 21 West- merits of around 4 were seen jn revived interest nxted Le mry i 

Account Dealing Dates 

■Flrsl d'XL Last AccmiH b«ams _«« non Mtive" , iih 9S Wfc rt.ns,; «■* <»%.!*«*. f.5? SSSlL foTSilJ^TllS SBK "(KSi. WHsons. at Olp. recouped 

By way of contrast, 3 of the previous day's loss ^^7 

deals recorded, followed by 70 in Combined English hardened 2 front of today's first-half figures, PJRWS, 

rri-' .«>< JS in Maaln >«J c_. on. *r ...kilo UICI : |q ] 08 p 54 p. 

and .improve- moved from overnight Jevels, but 

seen In revived ' * *””” 

Relyon to 57p. 

i ° a> oo GEC and 48 in Marks and S'penccr. more to 99p ahead or tomorrow's while WGI improved *■ [ ° iU °F •"i*- "J na s U1 s'; ittninarv 

Ma>oO June. 8 Jun. 9 Jun.20 ^ annuaj meeling Mj, rks ^ following comment on the record Johnson Matthey firiished 7 1ower which fo^wed^fte preliminary 

Jun. 12 Jun. 22 Jun. 23 July 4 
Juu.26 July 6 July 7 July 18 

* *' New time " dealings may cake place 
from 9J0 a.m. two business days earlier. 

Barclays dip and rally 

Investment Trust 

__ . ..... cum cash resale to the Post Office 

The recent upsurge in British PerLsion Fuhd lowered Barelavs 
Funds faded yesterday as buying Bank jn i;ially to 32Sp but a rally 
enthusiasm began to wane against erusU ed and the shares eventually 
a background of fears that insti- sett jed :s higher on balance- ‘ 

Spencer added a similar amount profits. Matthew Han 1 added 6 to at 428p reflecting disappointment figures. Other 
_ " • , to i43p as did W. H. Smith "A," at 225 p and Sob-ax Sarco were a with the annual profits. also moved higher including James 

£5* JET^SIS?" Corporal o°n ,38p - ENewhere. Samuel Sherman like amount ^dearer at 162p. the Noteworthy movements were Finlay, up 6 more at S8_jp, and 

trap. D^cuniTG. ?umut.-i aurruisu imc aiuuuui uearpr nr iiu-p. u® • • ■ . „ .. , 0 

moved up o penny iti 14p follow- latter reflecting renewed specula- few in Motors and Distributors. Harrisons and Crosfield, 12 to the 
ing reports of another fairly large tive demand. Flight Refuelling attracted de- good at 48ip. „ . 

share-placing, while MF1 rose 3 An evenly matched trade in mand and rose 5 to I30p. "bile The offer by Barelas on 

m SGp on renewed speculative Foods left values lit Jc changed. Automotive Products, SSp. and behalf of the Post Office 

A firm market of late, Tesco. however, were excepted at Armstrong Equipment 70|>, put Fund for Investment Trust H”! 


- . - . --- — at Allied’ Retailer* - reacted’ 2 to 263 p 45! p. up 2 } While'S inhering bid on 4 apiece." Following recent poratiou lifted the last-named 23 

1“?,“ ?' 33op ■ftorj a i large turnover. Other nn |i?hl nrAHt ., nUin u ahead of speculation r!f+J ° Moreau Press susscstions of a sharp im- to 278p. compared with last night's 

cuhy in digesting this week’s two clearing Banks continued to make Idv^rtsTio a Sl^eak Trap! ‘n^rnem Tn“p7ofiVabiirty. Heron sh^ichaKge element or the 

b'g tap issues. Equity stock modest progress wiUi Midland a «... , 7 _ were suspended at the Tate and Lyle hardened -1 to 170p, Motor turned reactionary and the offer of 294p. Other Investment 

markets. however. continued further --. m the good at 365p and pending after 1 TSp for a ?wo-day patn ordinary feU 4 to 144p. while the Trusts went better in sympathy 

- _ L!J Ci . . l * . in nnh Annf AAnrowtihlo rpapfpri n»J nUofnff nfi/hli? U'PrP t hp nflV K 

365 p 


com! it 
much . 

becoming rather uncertain ahead revived with a similar improve- 
of today's announcement of the rnent to 1fl2p. With the excep- 
May trade figures, prices tended tion of Cine, which softened 2 to 
to " fluctuate throuyhoul the Slip Discounts continued firmly, 
session. Short-dated stocks Glllelt Bnis. rose 7 to 22ap and 
opened firmly, but the profit- Alexanders put on 4 to 232p. 
taking soon left its mark and final Quietly firm conditions pre- 
qimtniions ended with losses vailed jn Insurances. Royals 
extending to i. Turnover in the coined 3 to ->6Sp. while Phoenix, 
longer-dated maturities was con- 2^0p. and Mm Alliance. S18p. put 
siderablv smaller and there was on 4 npiec-?. C. E. Heath also 
a disposition to follow the shorts, improved 4 io 260p m response to 
However, final movements here the chairmans confident annual 
were limited to a few changes of statement. 

an i either way Rrewerv' edged forward in 

D'espite a conrinuin-r low level Usht trading. Guinness 
nr irnde. the Indu.rri,! l e3 ders '!’ i ; ts al ^d 

held on to an initial mark up of 
a rev pence and the FT 30-share 
index recorded a fresh gain of 2.4 
at 474.K. 

Elsewhere in the equity market, w ith I 

Store shares were helped by the ?k"n-‘e s B, 

rise in retail spending and credit i 

sales last month, this being 
reflected in an above average 
gain nf i s per cent to 180.15 in 
the FT-Actiiaries index for the 
sub-sector. Many of the day's 





120 1 

of Friday's 
advanced 4 
to 17fip. Distilleries made prt>- 
gress with Distillers finishing 3 
hi>’hor or ISIp. 

Building descriptions traded 
few significant price 
Blue Circle, however. 

firmed 3 more to 24Gp reflecting 

satisfaction with the Price Com- 
mission's recommendation that an pending clarification of the corn- 
increase in cement prices should pany's position. Buyers favoured 
he deferred until next year. Rushy selected Shoe concerns with 
Portland Cement moved 3 higher Stylo particularly prominent at 
features resulted from company to 77,, on r he chairman's annual 63 p. up 5. K Shoes closed 4 to the 
trading statements and bid situn- remarks, while Heywood Williams good at Tip. and Headlam Sims 
tinns. hut the mode«t oven II continued firmly in a thin market and Coggins hardened 2 to_40p. 
imi'rnvement was shown in the t0 2«2 n. up 5. for a two-day the latter in 
All-Share index which improved improvement of 10 in anticipation comment 
0.S per cent to 217.01. that dividend payments would 

Corporations failed to establish 
a positive trend and ended with 
changes of 1 in both directions, 
while recently-issued Fixed Inter- 
ests were notable only for Fair- 
view Estates 13.S5 per cent 
Debenture which reacted { to 

The business volume expanded 
noticeably in the investment cur- 
rency market and the premium 
rose to llfii per cent, mainly 
reflecting arbitrage operations in 
both Australian and Hong Kong 
securities, before reacting in 
lighter trading to close a net J 
higher at 1141 per cent. Bulgarian 
bonds continued to benefit from 
recent reports that the country 
was seeking to settle its pre-war 
debts with the West and the 4i 


10 per cent convertible reacted a nt j closing prices were tbe days 
20 points to £215. Pennine Motor, best levels. Caledonia Investments 
at 13p, closed a shade easier after moved up 4 to 254p in front of 
the previous day's late rise of 2} tomorrow's results, while similar 
on news of the Premwain Group’s gains were seen in Alb'ance Invest- 
involvement in the company. ment, 224 p, and AJtifund Capital. 

Yield considerations attracted iS2p. New Throgmorton Capital 
buyers to Newspapers and per- were also firm at llSp, up 6. 
sisrent demand in thin markets Furness Withy made a better 
raised News International 20 to showing in Shippings and touched 




il niKD 



B ' 

■ 7. 















68.79 - 

lnrlustrinl Ordhmty,,.- 










157.9} 161.0 


■ 1638 



6.6 ij 


" 5?6+ 




. 16-35: 






P/H Knrio me*.M'ti 








DcailagH nisrkcd-,— ■■■ 



4,662} 83103 




Bqulry turnover £m... 







Bquitv bar sain 3 total.. 


14.46 & 1 19 J3B7I 17:261 


15,0761 13.370 1 

10 am 

1743. Hjun4713. Noon 474.5. 

pm 4743. 1 

2 pm 474.4. 3 pm 474.3. 

Latest Index 0446 6826. ... 

‘Based on 53 per cent corporation tax. t Nil =8.07. 

Basis 100 Gan. Secs. 15/10.26. Fixed bL l&S. " Xnd. OrdL 1/1736. 
Mines 12-9-55. SE Activity. July-Dee. 1942. 


highs and lows 



-unco Uenipilation 





Gvrvu Seca.« 


(3<1> - 






(3 ( li76) 

fixed Inr.... 















1 14/9/77) 



Gold Mines. 











' 9‘. . 




InduaCrieg 1 — . 








■11*. V 










Totals — .- 



to close 2 cheaper at 760p. the shares’ Abetter at a 197S high 
riMiTicr 1 hotter nn The Initial firmness of Golds of 150p. Selection Trust also 
26op and A-^.ated^Ne^sp^^ ^ h j t Ugher attracted support closing 14 up 

H to 3ti0p In Papers. Associated a penny from Lofs, at 34p. In Financials. Anglo American Eh»where, Anglo _ United 

added 4} to R3!p and the Of per Textiles bad contrasting move- on ^ to. a hagh -o. Development advanced 17 more to 

cent convertible rose S points to ments in Dawson International, 3 322p. while De Beer| climbed S 203p— ja two-day ■ gain of ■ 39— 
£118 Small buying lifted better at I32p on revived specula- 1° a Wsr'a peak of. 366p. Charter following further persistent Lon- 1 

I live res k 4 to 73p. tive interest, and Tomkinsons, 2 were prominent among Londou- don and Canadian- interest refiect- 

Enalish Property, recently cheaper at 56p despite the based Fin ajiciaJs; continued satis- ing tho company's, urantum- proai 

buoyant on discussions with an increased first-half profits. faction with the 1977 results left peoting activities -m Ireland.- . 

unnamed Continental group. AnsIr alianS active - ' 

developments WM| al tSS5eS f 3Sp Although prices did not show 
before recovering to 41 P ; 2 lower the substantial gains of recent 

“- balance- the 61 per cent Con- days Australians nevertheless No. 


vertible eased 6 points to 

^ _ £90. continued to attract a good deaf Dei 

Other Properties were highlighted of interest Stock 

bv Cburchbnrv Estates, which -^n overall firmer tendency m Barriays Bank _ 
-*• fi‘ rm ed 11 to 268p following the overnight Sydney and Melbourne AJbngbt & Wilson 
Sainsbury. 187p. and A^suciated announcement that British Land markets saw prices open on a aieU Transport. . 
Dairies 232n while Rcht-rlson had acquired a 15 per cent stake; higher note and move further Bowater 
Foods edged forward a penny to the latter closed fractionally ahead throughout the morning De Beers Detd. .. 
lo'ip in front of todaVs prelimi- higher at 34p. Berkeley Uambro and early afternoon. In the late Western Mining.. 

nary figures. Associated British put on 6 to 115p in further trade, however, profit-taking BP 

Foods improved similarly to 70p response to the disposal dE its tended to pare earlier gains Midland Bank .. 

following Press comment on the share stake in Swire Properties, although in the majority of cases Natwest ... 

in Press results. Hotels and Caterers had But Swire eased 3 to 58p. Renewed prices closed a shade above their Heed Inti. •■;■■■■■ 
p an isolated firm spot in Queen's demand in a thin market left overnight levels. Tst. Houses Forte 

THterort rpninirted Moat Houses which moved up 15 Property Partnerships 7 higher at Western Mining were again BAT Inds. 

Interest in ElectriCrfls rema.ned ^n .,niinn 105^ t.hii» r»nrv s to the good active with the shares touching English Property 




Change . 

.1978 . 



marks price (p) 

on day . 


. low 



- 335 - 

+ 3 . 

358 - 


. 25p 



+15 ■ 






+ 2 


• 484 v 


9 ’ 


+ 4 






+ s •- 






. — 


• 84'--'-- 




+ 4 


720 : 




+ 5 






+ 3 


254 ' 




.+ e : 






+ i 


166 . - 

25p - 


- 335 

. — 


267 >. 




- 2 

. 51 . 

. 27 



• 393 

+ i 

396 -. 

328- • 




. .+.4 

.. 548 

476 . 

' a ■ 


. y. 1 ~ 

A*:-' l - 

. 9 

162p .. 

un . Unilever 
c the 

continued NEW HIGHS AND LOWS FOR 1978 

■ »• 

’ «: 
.' £. 



at 169p. againsl the suspension 
price of 137p. following the 
announcemeni lhat the Board had 

Sl^haVeo^l^ tS ’iSpwhMe 6 more to Sbra coppVr^Sr pro^ 

l S«n still impressed by publicity given tion of the results left Property pecL NEW HIGHS (1 

I^ t % 0 “ ,P0 ^ n,S - recently to brokers' favourable and Reversionary A a couple of p Thg 

agreed lo the increaced offer of S' U “ P ' P 1 ° d 0 P ' circulars. Metal Box. 3I0p, pence easier at 29Sp, but Rash 

a. reed lo the mcreated _offer of tirelj. Beecbam. 647p, and Bowaler. 197p. and Tompkins finned 2 to 119p 

Engineering leaders were mixed all improved 4, while Turner and following the annuai meeting, 

after a thin trade. Vickers Newuli hardened 2 more to IStip. Elsewhere, Estates and General 

advanced 5 to 179p on re- Elsewhere, Sketcbley stood out Investments put on 2 to 22p before 

vived nationalisation conipensa- with a gain of 6 to a 187S peak being suspended at the company’s 

of 121p following the proposed request pending an announce- 

dividend-boosting rights 

Iflnp per share from Tenneco. 
However, because of a possible 
Monopolies Commission reference. 
Albright closed at 172o, 15 higher 
on balance, but still 23 below ihe 
value of the bid. 1CI traded 
quietb' and ended a net penny 

tion hopes. while Hawker 
hardened 2 more to 228p in con- 
response to an 

heuer at 393 d. while Brliish'tar rl'M in w' 

Products added a like amount at T" 1 o°-^’ 6?^' 

- COo on i he higher nrofils and * ver ' cheapened 3 to —i3p. Else- 

per cent 1309 gained 1} points dividend-boostin'^ ri^Ms Issue ° vv ' here - Pegler-Hattersley were a 
more to £71. while the 7j per cent n,v,aena ooosim « "» nis ,ssue ’ late dull feature, falling S to 166 p 

1928 improved a point to £D. Yes- Stores firm 00 ncws of the shar P conlraclion 

lord ay’s SE conversion factor was _ in annual earnings, but Corner- 


Johnson Cleaners were 5 up at 
92p in sympathy. Lindsay and 
Williams added 3 more to 49p on 
vague suggestions that RFD may 
sell Us 24.4 per cent shareholding. 

ment; the- proposed merger with 
County and Suburban Holdings, a 
private concern, was announced 
well after market hours. 

The volume of business in Oils 
still left much to be desired and 

strength of the bullion 
price, which was finally $1.25 
higher at S182.625 per ounce, 
enabled Colds to gain ground 
initially, but tbe generally lower 
than expected June dividend 
declarations from the Gold Fields 
group mines caused a slight set- 
back in the late -trade. 

Nevertheless the Gold Mines 
index managed a 2.7 improvement 
at 180.9. 

Among those declaring June 

while Bath "and Portland gained British Petroleum edged slightly dividends West Dnefontein were 
a similar amount to 77p owing to higher to S60p, while Shell held notably weak »n the after-hours 

O.iwfiS i u.6655 1. Responding further to the May croft firmed 3 to 7ip on hopes of speculative buying ahead of the at 552p. Recent speculative favour- business with the shares dipping 

Traded Options were generally retail sales figures, leading Stores, an increased offer from Arm- forthcoming interim results, ites Siebens UK. 348p, Oil Explore- from £221 to close i harder on 
quiet again, but lhe total con- moved higher in thin trading, strong Equipment. GEI hardened Avon Rubber hardened 3 lo lS9p tion, 250p. and Attock, 96p, all balance at £22 », while East 

tracts done Mere higher ai 337 Burton "A" came in for support 2 to 82 p in reply to the results in response to an investment passed quieter sessions and rarely Drlefonteln came back from . 773p -rrcas. variable aa 

The following securities Quoted In the 
Service vejtnrdav 
for 1978. ' ' 





BUILDINGS (5) , < t - 







SHOES (2) 

TRUSTS 172) . 

OILS (31 

TEAS (2l . 

MINES (28) 



Iceland Gijuc ‘83-88 

BANKS (D_ • 

Hill Samuel Wrnts. 


British Northroo Record (Udgway 

Jacobs. CJ- I.) 

Moran ' ■ • 





Up Down Soma 

British Funds 

CarpDK* Dom. and 

’ .4 

. '35 


Foreign Bends - 








Financial and Prep. ... 




Oils L_. 




FISBitadao _ 

- S 




- 67 

9 , 

, *7 

Recent Issues J.. 



. u 

Totals . 


224 X386; 

r -v 


chairmen for Gallaher 

Mr. S. G. Cameron and Mr. R. T. 
Harris have been appointed addi- 
tional deputy chairmen of 
GALLAHER and both will act in 
an executive capacity. Mr. 
Cameron will continue as chief 
executive of the tobacco busi- 
nesses at home and overseas and 
Mr. Harris’s primary responsibility 
will be for ihe non-tobacco 
interests of the group. 

Sir John Hogg, who joined the 
Board of the company in 1946 and 
became deputy chairman in 1964. 
is ro retire at the end of this 


Mr. Douglas King, senior part- 
ner of King 3nd Co., has heen 
elected chairman of the council of 
King, who has been deputy chair- 
man of lhe council for lhe past 
two years, takes, over from Sir 
Peter Tennant, the Chamber's 
new president. Mr. King is also 
chairman of Hearts oT Oak and 
Enfield Buildin-z Society. Deputy 
chairman of lhe Council of the 
London Chamber is Mr. R. T. S. 
Marpliersun. who is deputy chair- 
man and managing director of the 
Ma llinson -Denny Group. 

Mr. E. Urqiihart Broadhent. 
director responsible for industrial 
and personnel relations within the 
LA1NG GROUP, is to retire at the 
annual meeting on June 22. 

Mr. G. N. F. W'rburd has been 
appointed cenerat manager, man- 
aging director's office. DUNLOP 
LIMITED, with special responsi- 
bilities including secretarial nf 
tlie central committee of the 
Dunlop Pirelli Union. 


Mr. John Armstrong has been 
appointed managing director of 
and he also joins ihe Board of 
Data Recording Instrument. 


Mr. Erie Drawer? has been 
appointed dircctor-seneral man- 
ager of the Rotating Machinery 
He was previously product direc- 
tor of that division. 


Mr. Jeffrey Townslcy, general 

manager of .SPENCER SOLARISE. 

has been appointed io lhe new 

position of managing director. 
The company is a member or Lhe 
Neil and Spencer £roup. 


Mr. David Brown has been 
appointed to the Board of 
director of M and E Development - . 
He was formerly senior develop- 
ment engineer. 


Mr. J. H. Robertson has resigned 
as a non-cxecutive director of 
his business commitments. 


COMPANY has made lhe follow- 
ing appointments: Mr. John J. 
Doyle, deputy general manager 
and secretary: .Mr. Paul fl. 
Truilcn-. at ure.-ent financial con- 
troller and actuary also becomes 

Mr. S. G. Cameron 

assistant general manager: Mr. 
John K. Flowers, assistant general 
manager; and Mr. Gyles F. Taylor 
and Mr. Nigel A. Bowrey, 


Mr. Don Young has been ap- 
pointed joint managing director 
member of the S and U Stores 
group. Mr. R. O. Crouch, the 
other Swallow joint managing 
director. h3s also been made 
deputy chairman. 


Mr. Peter L. A^pinsdl. manag- 
ing director of TAVENER RUT- 
LEDGE, has resigned to devote 
more time to family interests. Mr. 
Andrew Place ha* been elected 
managing director and continues 
as sales and marketing director. 


Mr. J. Antoine Zananiri has 
been named vice-president and 
head of Middle East and North 
Africa group of CROCKER 
NATIONAL BANK, based at the 
California bank's London regional 


Mr. Hcrve de Oirmoy, at pre- 
sent general manager of Chase 
Manhattan Bank in France, has 
been appointed chief executive nf 
the recently rnrnied MIDLAND 
BANK FRANCE SA from July 1. 
Mr. de Carnmy will also have re- 
sponsibilities in connection with 
new developments by Midland 
Bank in western Europe. 

Midland Bank France, which 
will have an initial capital of 
FFr 20m. will carry out wholc- 

Mr. R. T. Harris 

sale banking in France as a 
wholly owned subsidiary of Mid- 
land Bank. The formation of the 
new company is in pursuance nf 
Midland's policy of increasing its 
direct representation in the major 
financial centres of the world. 


Mr. R. D. Reader has been 
appointed chief co-ordinator, re- 
search and development, BRITISH 


Mr. S. Chum.v has been ap- 
pointed chief executive, Europe. 
Middle East and Africa, of PAND- 
AIR FREIGHT. Mr. C. Williams, 
has become group finance and 
services director. The company 
is a member. of the P and O 


Mr. Colin Wiltshire has been 
appointed to the Board of FITCH 
.AND CO. as marketing director. 

Mr. Nicholas J. Dalton has be- 
come assistant managing director 
or Tegral -Building Products. 
Tessral Pipes, and Turners Build- 
ing Products {Northern Ireland). 
is lhe irish-hased subsidiary nf 
Turner and .Ye wall and Cemeni- 
Roadstonc Holdings. 


The board of SUMMA GROUP 
HOLDINGS has been restructured 
and Mr. J. R. HownrTh. Mr. J. D. 
Mayoh. Mr. R. A. Board man and 
Mr. S. K. Uarrisnu. ,>11 chreriurs of 
major subsidiary companies, have 
joined the board The parent con- 
cern is ToolaJ. 



.1 111 V 



H iiph><n 

l-ni-e • 

■ •IfiM 





. Cl'Kiiit 




1 111' 






fl BP 







9 BP 







a up 

900 . 





H Cora. Union; 140 ■ 







153 p 

Com. Union 





• 16 


■+IW. 0">d 






. 30 



Cons. Gold 












29 i; 





110 ■ 











■ 5 












330 ; 








240 > 






<i Kf 










5 1 


16 1 3 




• imn> I Mel. 

100 . 





19 1* 



• tmil'l Met. 

110 - 
120 ! 






tiraad Met. 








330 . 

65 i 








360 :• 

56 : 








590 ; 

12U • 







420 : 

3i = 






Uinl Sere. 

ioa . 

29 1 



37 , 



LkihI siv'S*. 

200 : 

11 , 



24 1 2 • 


btiul 5fws... 

220 i 





14 ; 


Marks 1 Sj,. 

120 ; 

251, , 






4 Marks i Sp, 

140 ! 

e ! 




17 | 


k Vlurks £ Sp. 

160 5 





101; 1 


1 flu'll 

500 i 

61 I 



- - 

84 1 



| ifli.-ll 


16 J 




63 | 


| SI, ell 

600 . 

51; i 




27 1 

B !..«<• 









Is*ue i = * 

)'nw = " 

= 31 
- * . 



! H imI, low 

75 : y.i*. : - 

no IM*. I 5/7 
'34 j K.I*. 1 - 





Drnmjili (C.L'.l 


Thump- Ply mol 

: 35 

+ 2 

. 1 \, _■ 


(4.5 I 3.1 1 7.6 1 4.8 
]A £ .64: 3.0[ 
}»2.0 ! 2.5l fl.4i 7.9 


a r | 



£ . j= 3; 



His!, | !.,>» 




-•loo t.r. 

100|. IMV U'J b 

■ ■ . F.P. 

!g)8 ilO 

100p : ■ 

■ « . F.P. 

» - 'F.P. 

£100 ' - 
t£:/.:66 t; 1028/7 

II • P-P- , - 

• * . F.P. — 
C99 £5U 135.8 

■ » F.P. !II|8 

lOdi. — 23,6 

• ■ P. I*. -30.-6 

• ■ , F.P. : 7 7 

• • : V.P.- - — 
ClOU ' F.P. '26.6 
KSHJj riu ; 1/9 

• F.P. i 16 6 

I S-*'-: ’.(AnilJI. H-M'l— -- till Fill. InriMltii- fv 

llU|, l(>Jp \ 1 mil w;- liUj-f -ril- 1 • mn. I*iwl 

. 9?v A,, -Autoniutive Psuln. 9J Pref. 

11 t<(4'Uaniel L-J* H«<t. ]3t-i 

. lull, luO|i -ill II ■ -*i V' i:-l -II.I l-n-l.. . 

I 9< |i - &?p Clive D bciu nt Cum. Pref. 

I 1 37p 'Ik»liiivL it J.i 3ft Ciiiii. I'm _.... 

; lOuiel lOCr’g Kilinliurjjli ifity nf, V*r. Mmv 1285 

101-1 luU'K— es Him I-j Rwi. Pn?l. L.«3 

Jtipm Cpm Mnrie* Ibt-. ON. 

W|, 9Jp 'GreenilvM Milieu* lu^Cum. I*i»i 

*».!* tir»-*-ii»l li tb-M. Il'^hVI. l*5b. 

Ii>l . titeily A Cm. 9.5^ t*«f. 

ll>V Hjl^'l'llUnl !n1,(.'iii». |V| 

liie 10« Pre*Nn- lOA % < 'nn, Prrf 

l'jf *1 QwwK ill. A 4.< IU5 Pil 

lwvn !«>p smith si. Autivn Pn-i 

Ivl ?t> Vei l It to* L-ni . » I»». Lu-l^u 

lei; iSj n-ne St »i«f I2*f. Ite«. l<** 

lOII.-j*. 10O|. W»rt*» |i“ I'rcf 



95 1^-2 

1 102p 



10l=. + l4 
' 2fpml — S4 


' 49 -14 

• 99b: 


104 -I 

too : 

99 j.; .. .. 
95 - . . .. 

10U -'4 

too .. . . 



DEALING DATES Spillers, Britannia Arrow, 

First Last Last For Queen’s Moai Houses UDT, 

Deal- Deal- Declare- Settle- Bunnah Oil, KCA International, 

tugs ings tion inenl S. Sherman. MFI Furnilurp, 

Jun. . Jun.20 Aug. 31 Sep. 14 Lonrho. Shell Transporl, 

Jun.-O July 4 Sep, 14 Sep. 28 Rj 11 so me Hoffmann and English 

July 14 July 1$ Sep. 2* Oel.I2 Property. A put was done in 
r i>r rate indications see cud 0/ BSR. while doubles v/erc 

Share Information Service arranged in William Press, 

Stiu.-ks favoured for lhe call Coalite and Cheuiica!. CUT. 
included Grand Sleiropoliian, MFi Warehuu.scs and SpilK-rs. 


1 ^ ! 

11, 'iilffl Ml l ^ 1 




+ - 



1 F-|'- 

13 61 7,7 142 

178 « 

192 . 



1 l.l\ 

23 a; A3 . t -.4 j 

*- t»i,.«>„ i-.-i... . kv'il 



l. >24 


33|'«.l|l SHN-I-MI, II. Milk 


20 f . 

! sii 

9-6 7,i. ot’ j 

51- jteniiivi MniiiiM.-iuiiQ^ 

561; ' 



■ \ll 

lb.O' 2i,7 ^:.|,ni 

1 2 jmI»i i I'..I.*.-ii I'nrl, I 


+ *; 

If 3.05 

! — — • y.'mn 1 

' | «|»|| l'.lnii-1-mi.i I...I.I IJiinii^ 


- 113 I 

; tii l«ui - u. « K ■(; ' 




22 6- ly V lo 1 in , 

tui ii, lU- i«i|- ; 


, Kiv 

■ <:e>.3. «ji6 (-.o 

!M .ll,.n,..n 'll. linn., ; 



* Ml 

16.6. 21-7 Mi. 111 

Vtn. 1 ll'ir.ll-ll i lli vll|'l , 'l' 

'1 Ji;i'«i 

- H t 


— - lUjimOVi 1 " 1 1 

T 1 Ijjiiii 

14 J 

1 t.r. 

■ 51.5 23,6- ,H , 

9i4lil . 

1 409 , 

, + J 


! I-''- 

5-6 17-ij 131*1 

Ml l* . « , , , ........... ...j 

22t* 1 


Hcr-unciaiion daw usually las: da; (or dvalinE tree al slump duty. 0 Figures 
nose* of orospvcrus csumaic. 0 Asnimed divliK-mt and yield, a Forecast dlvifleud- 
cover based nn previous > car's earnings r Dividend and yield based on praswvius 
Or othc-i riflicial estimates fur 19-0 uGruss insures assumed, r unv^i jii*m/. 
lor cnuversion ul nhares hot iiow ranKinx lor amdemt or runkins only lor mitnered 
ni\Ktu«(Js. ? Placing orsvi. 10 uuniic uc Fence unless uUwtwuk mdieaiud. U Issued 
by *■.( der. Offered 10 holders 01 ordiiiurv » lures as a ■■ riijhis " *■ issu-'d 
hj u-jiy nf cap) tab Mil mu. 1 Minimum lender price. IS Rotninxliiosl. KS Issuod 
hi eunin-riiqn with reOra.imsatiun merscr or take-over 1I : I luimduoiun. n Issued 
in forni'-r Preii-r-n,-/* hvlrt'-ra. ■ Aifotinem li-iier& tor fuib'-Daiili, •Provisional 
or partly-paid allouncai kllurs. * hiU »an-dDis. 



These indices are the joint eanpQafiOB of the Financial Times, the Institute of Actuaries 

and.fiie Feeder of Actuaries 

. M 



" 1 



Figaros in parentheses show number of 
stocks per section 

Tne&, June 13, 1378 








Building Mate r ia ls (281. — | 

Contracting. Construction (26) 

Electricals (15) 

Engineering Contractors (14L 

Mechanical Engineering (71). 

Metals and Metal Forming (17)... 


LL Electronics, Radio TV G5)_ 

Hoiuehold Goods (12). 

Motors and Distributors (25). 


Breweries C14j 

Wines and Spirits (6). 

Entertainment, Catering (17) 

Food Manufacturing (22) 

Food Retailing (I5r. 

Newspapers, Publishing (131 . 

Packaging and Paper 05) — 

Stores (38) 

Textiles (25i — 

Tobaccos (31 

Toys and Games (6) 


Chemicals 08) — 

Pharmaceutical Products (7)— 

Office Equipment (6). 

Shipping (Iff 































213 02 


+ 0.8 




+ 0.6 






+ 1.0 



+ 0.6 


+ 1.8 

+ 2.6 

+ 2.1 





+ 0.8 

+ 0.6 




























at 34%) 























































































































































Oils (5)- 




Discount Houses (10)- 

Hire Purchase (5) 

Insurance (Life) (lffi_ 

Insurance (Composite) (7). 

Insurance Brokers 00). 

Merchant Banks (14)- 



Investment Trusts (50). 

Mining finance (4) 

Overseas Traders (IS), 


















*f T7M 


ES 1 






































— . 



















1 021 










80 JO 














’ 5 M 







































British Government 

Under 5 years. 
5-15 years.—. 

Over 15 years — 








1 Day's 





xd adj. 


xd adj. 

to dote 



5.6 5 

Br. Govt Av. Gnus Bed. 

Low fif'years..^..^. 

Coupons ’ 15 years — 

25 years.- 

Medium 5 years. 
Coupons .-Iff years.; 

25 yea r s.;-.. 

High 5 years..-. 

Coupons 15 years.-. 

13 years.. 
































1158 | 

U61 | 



iTugsiIay, Jinie 13 
1 Index ; Yield , 

1 Xu. 1 % ; 






• S ] 




V 1 

W«1. : TiK^ j Jton. 
June June I Juuv 

7 8a 

' n 




15 ! 

20-yr. Red. Deb Sc Loans (15) 

57.89 jtlS.94 



| 66.72 

57.11 j 57,14! 57.22 

8757 j 



Investment Trust PrpfS. (15) 

62.94 13.3S 




52-23 !' 52:23 1 5253 1 

32.91 1 



Com!, and Indl. Frefs. 


71.72 [ 12.92 





71.67]- MjW.| 7152 1 

71.52 j 

‘ ■ 1 


) Rodamptian yield. High, and lown rocord. Iuh dauc • nd values and can st fluent changes are published m Saturday 
issue*. A new list of the cansiluicnts Is available from the Publishers, the Financial Times, Sii ch o u HeviC. C anute Street. 
Lendeu, EC4P 4BT. price Up, by past 22p. ^ 

a r 

14 •-. 


soaa es^.^;'::-CH:/‘^:'- 





U*«y Ufa Ammnce Co, Ltd. General; Portfolio Life Ins. C. LtdV Npj pensions Management Ltd. 

Abbey Unit Tst_ Mgrs. 144. (a) 
72^. G'atebaui* ltd. Aylesbury- 

Abbey lipllnl |g-* '• *■! 

Abbey income — |E£ tji ,| «| 

Gartmorc Fund Managers ¥ inHgi Perpetual Unit Trust Mngmt.¥ (a) 


U20OSMI 2.St..MaO A«\ Et ^ B J r ' 
+ua| 4u3 (riAmerj.WP^.,'“'Es 3 

80 BanboUunew CL. Waltham Crow. WX31871 «,CrpcechiWhSt..EC3P3HK. 01-6234200 Abbey Den- T«__ 





■’eaa- : 

■ Si 

ms -oj] 

• 192 *0.1 
1373 4-0 ij 

azw -m3 
uis +53 
•sm + 0.11 
ig* +$f. 


Sl+fti - 

- Growth & Sec. Life Ak- Soc. Ltd* 

*: *nni «»■— g— < . . 

■+C . . . ■ ■■■: 

... ’iVRt9ClM.Ser.4__ 1262 
-. : i3t«ii.F(LSer;4_._ 130.4 
-V»'B4BityFdSer.4- ».¥ 
i«..iCMV^TdSar.4_ lH.f- 

v : --‘Money W. Ser. A_ 109X ' 114.9}, ■...} — IWbank Sc^Are 
‘ ’lieeaaUnaaU.'ValMtbmWBBUyTOadar. c.* s. Super rd... 

Gresham Life AsS.SoC- Ltd. New Zealand Ins. Co. itf.K.) LtdV Sow 2»i «■ Brentwood mCTO 2ii«fl 

2 Prbw* «r WaJW.BcL BWWth ■ «0E 787855 Maitland Honw.SouthcndSSlSJS 07M 62955 iwhnced FuwU 


Htsb InemneT**-- P®-* 


llilnil.tCBe.4AnC-* -■• 

01-2833531 48 Hart Si.. Henley on Thames 


vfl&i'A __ 

0 0 b warau'ie H*e.. 59a London Wall BC2 


360 +0 51 
633 *0 41 
.77 4 + 0 3i 
15.05 -0.1V 
94.8 +05] 
343 -o3 

Ml Extra Income — -S?§ 

*« Small Co-sKA 37.1 

|J5 Capital Fund ®2 

fj* liu. Erns.* Assets. 45 3 

127 Frnate Fund...- 350 

GlL: Cash Fund 1965 

GJLEqu l» Fund..., 


C.L. Pply. Fund — _ 

Kiwi Key In v. Flan .0375 
Small Co * Fd. . SI 6 

American Pd. 1075 

FarEaaJFd. 1053 

Z- wuwhn or ore. nw-. cHUMgaAfti . 
_ WelrBwjfc.Brey-wt-ISamee-.Bwks. Con. D^josii Fd... 


Flexible Finance... 

LandbankTSec*. , 

Ijndbank Sea. ArelUS.4 




93 3 +02 
99.1 +B.4 
W.O +0.6 
113.2 -13 
1105 +1.1 

uu .... . 

1015 +01 — 

Allied is*.--. 

Brit ind*. Fund— gfg 
i:rm.*lnr ■— . 

— I Sleet, & fed-. 

— I Allied Capital 


I Hambro Fund- 
I Hambro flee. FA. 











Gibbs Unit Tm. Mgs. Ltd. ^-££^82 

Ubany-LKc Assurance Co. Ltd. . 

■r U, OU BinrllMton St^ WJ.- 01-437500 ^OJ 1 * 1 EKh*nso,)S.C3. 

> ®outeFd. Acc-u.imS .'s . mil . 


1 tw 





' PPteedhu.Aec.r+1- 135J 


' !quByP*n.F4Acc. 02B' 
n«ea LPeaAcc.. .'. .’. 17LB 
1 nd. Rw J MA« . . UM 
•' jtfLMuJPnFtlAec _ lUX 

;;. UffiV Uhr Anmnce Lid.9 
-^-iVtonHaeT AlmsBd-Beigitft, BdgatedOML 

— Norwich Union Inourtaco Group 
7*0 Box 4. Norudcb NR 1 3NG. 080382200 

Manafied Fund E13 0 222.11 +05J — 

GuardUn JRoyid fixcIumge ufs +3 ' 3 - 

P roperty Bqnda'--p71B 112.0] .--4 — Deposit Fund ........ 105.4 110.9 ..... — 

Hambro Life Asmcranee Limited ¥ >'«■ Onitnay 2065 - 

70ldp«j-k L»oe,l*odoii.wi- . 0I-«00031 Phoenix Aasttrance Co. Ltd. 

InewFUnda r~ 

nigh Yield Fd.— PfO 

Hfleh Income 

AH. Eq.Ioc B90 

IMeraadeoal Fnnda 

Intemaikmal g*g 

Sere, of America. -. go3 
PBciiicFund— — [92J. 


» s 4 igs-if <5 

^O-a ^ (aiA-G.F ^Sne *Tues. trWj 

*m Govetc (John)¥ 

71 London Ofall, EC3. 

HS ~ 

3151+0 21 
396 -Oil 
45.1a -05! 
■ 483 
37.4 +01 
539 +0.U 
5A2a +03 
285 +0J| 










, m , ...Douplaj 

rnSn^iSKi® i 300 Ollt Fund iJwaeyi. 1927 
PV- 0 ,. ia0| 4 3 CIRTniatll O 61 ,i P032 
miU. June 22. Gilt Fnd. r.uernae.vlC.4.71 

105 8; 

o~i3 pp«uair.pCik 139 0 42 71 . 1 332 ArbulhnOt Securities 1C.IJ ft®**?*. & 

IIS PiccadUly Unit T. Mgra. Ltd.¥J»«b» ad 

Nest dnliBA dale June # 
p.ti Jr lnLLTsl H.1 

Neat miu. aune at Gilt 

Australian Selection Fund NV j h u. w s« t«. 

Market -OpportuniLles. do Irish Youdg * Serllna -j 

cKaiie7l2T, Kent Si.. Sydney... . bitsLlnO ... — — 
USM8han>_ 7^^*- 1 Kleinwort Benson Limited 

, B.BI »t America lat^lUm* SA ,0,1 

01523 8893 I 35 pouleeard Royal. LutemtourR GJ7-. , „ Guernsey Inc — _ -p33 

9 301+0.04! 12 W 

^§1 = 


_ KHetnju.Dejw— pgn 

- Equity. 

^ i aE8SteW' 


Life gfiamce 
©, Uxbridge Eoad.W.12. 

L9 w; 






— J - 

Sarctayn Life Aasor. Co. Ltd. • . 

: a 5l S2 HnrnfnrdfeL, E.7.' 

Property— J 
Managed Ace I 


Pan. Prop. Sp-J 
Pen. Prep. Ate. | 
Pen; Man. Cap. J 
Pan.Man AcC. 

“Poo. Gait __ 

Pen. RS. Cap 


Pen. D.A.F. Cap. 

— -1 — +5. King WlUlara St. EC4P4HR. 01-0289878 

Z Wrelih P^6 U5-»t I = SSKSfriSS 

z R:ffett=Ei Tij ::::::| - E«otsmir.ce-*._* 

specialist Fonda 
Smaller Co.'s FA -. BJ 
2nd Sml r.Co’lFd.- +5.6 
Racovery.SlU.~-- go 

Mot Slin.*Cdty.— «5 
a 578 
0 2175 

01-5884111 fS13W"ZL|fl 
830 Amenean Fund—... 1252 

SJS Practical Invest. Co. Ltd.¥ (yM c ) 

44. Bloomsbury Sq. WCU ZR.4 
Practical June 7..-..049S W 

ni.MBCren ACCtUH. Units -P11.4 224. 

.. . J 202 Provincial Life Inv. Co. Ui¥ 

SwTdwBwi day ^ ^StSST^mi ^ SFS 

GHeveson Management Co. Ltd. Highiueome .IUi.6 U9i^ +03| 

0i-«W M33 prodL Portfolio Mngrs. Ltd.¥ laifeHO 
1% HolbomBars, EC1N 2N H 01-406SBS 

781 Prudential -|1253 1330( +L0] 4.45 

ni A+amwa 35 Boulevard Royal. Lutemtourji GJJ. Guernsey Inc — .... 

al I 417 WldinvesL Income.. [USUI IT lllAH ...-.-I Do Accum...„. 

If a'ij W j?icm at June 8. Next Mih. day 14 - KB Far East Fd.—_ 

■■■■-■I * _ . m ij lT\lnlI. Piind 

Bnfc. of Lndn. & !x America kb Japan Fund. ... 

.MOB.Queen Victoria sr . EC4. 01 -9*8813 jj.b. U S fiwth Ed.. 

Alexander Fund ... BLS7H - [ — 4 — Sipwt Bermuda -- 

...... - u|W , 





Barringum*®* 7 - 


15 aSBSS*-.: 

- Prop, Equity & Life Ass. Co.¥ 

1 IB, Crawford Street. W1H 2AS. 

RSilk Prop. Bd. — | 37JL8 

TO % 





176 6 


203. 1 


190 0 




206 H 










Net asset value June 
Basque Bros dies Lambert 
2, Roe De la Regenee E 10O0 Bn 
Rent* Fund LF |1352 1.9091 

■UnifoodEiDMi. -. 

|762 63^ 

Sl'SlO 62 
St 311-96 

Bar i 9 .«i 


l S3 


KB art as London paylnK afioats only- 
Lloyds Bk. IC.I.) VJT Mgrs. 

Quilter Management Co. I^d.¥ 

191 TiwSUuBcchanB*.E5NlHP. 01-600 4 JT 71 

is gsaassttaa :d 

Reliance Unit Mgrs. Ltd.¥ 

Kentaruuu^ +.«+, +3 787 P.O.Box 195. St. Helier Jersey- KWrosj 
Barclays Unicom I„L «Ch- fe-> Uoydsmova^jSSi^^ jg- -l ^ 
l.ChariBR Cross. St. Halier. Jr*y-. (034737-1* 


oveneas income . ws siM ■] “kE Uoyds International .M grant. 

~ " jiii 7Ruedu Rhone. P.‘». Box 179. 1211 C 

*£ 3 S£mJB^ A 

Baro^Unicnm InL (L O. Man. Ltd. LloydslnUoc...... 

1 Thomas SL, Douglas. To.H. 0«44®fl M & G Group 


Gcneta H 

a=i 150 


, Unicorn Aust- ExL .(5’43 

Property Growth Assnr. Co. Lid.¥ 
Leon House. Croydon, CR8 1 LU D1A8006M 

Ansbacber Unit MgmL Co. Ltd. Heodersod Adminlstration¥ lagcKg) KidgeGeld Management Ltd. 

1 Noble SuEOVTJA. ot-623 «W. DT^Adodu. S Rayleigh Road. Hutton poBox4I9.3B+0. Benaedy St. Manchester 

— I _ Property FMnd 

' TV w w i T il Wind fAI 

J* rope i ty FundCA*.. 
Agn cul tun 1 Fund . 


Airie. Fond t A>_— 
Abbey Nat. Fund- 
Abbey Nat. Fd. (AJ . 

IhveatnKnl Fund 

Investment Fd. (A] . 

w.- ||fe[|yb<Uld& > 


Qo. initial — f973 - *»*_, 

' “Current unit value June 14. 


1' 1053 lJKf 

— Gilt-edzed Fund — 


Hearts of Oak Benefit Society 

nFn;Tfcvfawe»PIaer.WClB9ai I • 01-M73tea Equity Fund 

Hearts of Oak _p6 4 ..-3031 --J .— gjuityFundlAi -J 

mn Samnel life Aaor. Ltd. ¥ _ MooSyFundtAiZ!!' 

NtATwr Addlscorobe Rd, Croy. 01-6864355 Actuarial Fund..— . 
dtt_- D5Z.9 
. _ ire A - 100.9 

Unit* 1663 

01-3365544 Mmaged Series A. HA 
Managed Series C.. KA. 

Money Units ; J20-8 

?SS7SS!li=S3 -gs« 


Pm. Cteed. Cap. 

♦Hetire Annuity—. 
dimmed. Ann'ty. — 

tin i 

W i 














Prep. Growth PrasteM 6 Asutul^re CUL 

— Prep. Grtni 

— AllVther 

AC. UtS.1 


— VAR Weather Cap. .022.0 

— Wnv. Fd. Uta 

Beehive Life Aasor. Co. Ltd.¥ 

n' Lombard SL.RC3. 0UB312BB 

'31k. Bone June 1—| . 126.76 I -- J — 

-Canada Ufe Asanrahce Co. 

Mt High St, Potter* Bar, Berta. P-Bar 51122 

: ffl Ird = 

Cannon Assonmce Ui f . 

Pecs. Equity Cap — 

Pena. Egnlty ACC —.198.0 
PnaJ^ccLlntCaiJ — W4.7 
Pens. Prop. Cap — W.l 

Peas. Prop. Acc 195A 

Imperial Life Asa. Co. ef Canada 
Imperial House. GuDdford. . - 71 

Growth Fd. Jane 8 .[71.4 . 7U — — f ” 

Fun RL JbmB— m2, _ ;7x” v'"* 
Unit linked Portfolio - . 


Secure Csp.Fd-_.-mJB iSa*“ ” 
Equity Fond |95.9 1M3J ^--4 — 

Irish life Assurance Co. lid. 

Pennon Fd. Ula...... 

Con v. Pena. Fd.— 
Cnr. Pu. Cap. UL 

Man. Pena. Fd. 

Man. Pens. Can. Ur. 
Prop. Pens. Fd. _ . 
Prop.PenaCap.Uu . 
Bdu. Soc. Pen. Ut| 
Bldg. Soc. Cap. lit— 






IncT Monthly Fund. . 1 165.0 17S31 -1 0.90 Brentwood, Essex. 

Arbnthnot Securities Ltd. latte) c*£^^5j7“ c - — 1“ 

37. Queen St London EC4R1 BY 01^303281 cap. Growth Ace.— f 

061 S3S 8521 * 

Extra Income Fd— U4.9 
High Inc. FUnd rt-0 

%g°9$Si ife IS 

Preference Fund— S3 
(Accum.UnlU>~ — 37.7 
Capital Fund—— - J9A 
Commodity Fund 5b 3 
LAecum-UnlUl — BL3 

llO%WdrwLU.I 493 

FlnAPropJd. 17.4 

GiMntsFund ..wn...- 4U 

(Accum. Units) J7J 

Growth Fund. — „ »2 
(Accum. Unltti 39-1 

Smaller Co'aFtL... 

Eastern blntL Fd.. M.7 
■8%Wdrw1.Utai— . 19.4 

Foreign Fd. » J 

N. Amer. 6c lot- Fd.[32J 








35 !a 




+ 0.1 

+ 0.1 


3SJM — 0.4j 







Income 6c Aawts- 



46.ll +SJj 
34 91+031 

RidgeUdd Int. UT . |W 0 

■8a ::d dS 


Do. Grtr. Pacific- 
Do. Inti. Income— 
Do. L ol MaaTrt. — 
Do. Haas Mutual — 

+ 1.0 

J-M Three Quays. Ttower Hill E£3R 6BQ. 01J82S 4588 
l ’ 70 AUaittie June 13 — BUS? 15 31TJ+O.O.I — 

Z. AUantleJune 11— 

AM AusLEx-June.— 
ggg iJold Ex. June 7 1*15048 



Cabot Extra lne. 


tv, otlfcNatRre— 

*S SSrnidobal — ~~ 

453|+03( 3H judgedeld Income 

(M Rothschild Asset Management (gl 

T240.GatehouaeRd..Ayl«buiy. M6M41 

1^9 N .c.7ntL Fd. (Are; Wl +0-8 

- u N - c - Smllr Core Fd|153.7 l*3.q +1.11 

M Jef 0.41 
5944 +0.41 

Bishopsgate Commodity Ser. Ltd. 
P.O.Box 42. Douglas. lo3L * “ 

ARUAC -May3 »CTX3 » 
CANRHO—Juoe 5.10-155 12 

COLtNT— JunrS. _ .(C2512 2W 
Orlgiimlly Issued at *S1Q ai 

Bridge Management LUL 


(Accum Uniui .-.1179.7 




0Q2+23911 Samuel Montagu tain. Agta. 

— 114. Old Brood SI.. E.C2 1 

— Apollo Fd MW 31 -SmBO 3,85 

7-97 japfest May 31 SSS2 • “■ 

*tL00. 117 Grp Ma> 31 *£?§. 35 J 1 , 7 , 4 — 

117 Jersey Hay 1?-. (SJ2 5 61 

injreyO's May24..Rj2.1C J282| ■ 

1 15 



— B62 
- 393 

g 3 s£ 5&® 7 

421 +01 
771 -0-51 
45.1 +0.11 
133 Orf . 

563 . 

152 Rothschild & Lovmdw Mgmt. (at 
4-56 St. Swithlns Lane. Ldn.. EC4. ol -® a ^® 

1.75 dS!3 iii 

35? Rowan Unit Trust Mngt. Ltd.¥(a) 

CiiyGale Bsc, Finsbury Sq^EC2_ 01 COO 1008 

Oil-211 5521 

"WAV May 3L 



Archway Unit Tst Mgs. Ltd-¥ (aXc) Treat — 

317.HlEhHciboni.WClV7NL. 01-831 ueilnflTtUrt 

Arcbwuy Fund 182.9 -.-I ( 

Price* at June B. Next sub. day June 15 

Securities June 13.. 

in nil] Samuel Unit Tst. Mgrs.t (a) HighYieidJuneS.. 

«BeeebSL.BC3P2LX 01^288011 


Provincial Life Asiurance Co. Ltd. 

71256 MStttM?. 01 - a f 7W33 lBS;^Sfre.^:r.©.5 

Do. Cs pi [**!.-- [663 

Do. Exempt Tst .. -1108 4 

(■) Dollar ITujr.- 
(B CaphxlTrurf-.. g9 8 
•hi Firendal Trust. |W b 

Barclays Unicorn Ltd. (aKgWc) o> i income Tntii.-.® 4 


Prov. Managed F<L.Q13.Z 

Prov. Cash Fd.. .... |U45 
GUI Fund 20 

Pro [K_-rty Fund 

Equity Fund— ,...- 
Fxd. LnL Fund— 

95.4 1M.S 

979 1032 

953 lDM 



Hs F °R 

:s« LtESXF 

- . i '“S r* : 

Prep. Boud/Exec -(£1329 
Bal Brt/Exec AJ nit. 1Q2.91 

DrposltBond Pi? 7 

Equity Accum. — H75 
Property Accnm. 
an gd- Accum. — 


2nd Property—— 

2nd DeipoSt— 

2nd Gilt— — 17.. 

2nd Eq. PenaJ Ace. . 96.7. 

re_ Mfc.9 
Ucc 98.7 
Ace E*. .. 

tt'zi - 

Pradeotial Pen si on s Limited* 

Hoi bore Bars. EC1N2NH. 01-4D5«22 

014288353 Eqult. Fd May 17— [£25.07 

4.40 Fxd. Int Mayl7 ^.74 

1 — Prop. F. May 17 (£25.45 

“J Z Reliance Mutual 

Tunbridge Wells. Kent. 

014235433 BeLF«p B«h 1 

Do. Extra Income ..BS2 

Do. Financial 160-0 

| Do. 500 1733 

Do. General 



72 2 
112 9a 


I f - 

BtaeChp. June 9 — ! 

Managed nod..— 

Prop. Mod. June 1— 

Prop. Mod. Gtb. 

King. A Shaxaou Ltd. 

lianghnw* Life Asstmuicfr-Cs. Ltd. 

l^ghamHs.HolnibrookDr.NW* 01-»5m ingQ^mce Group 

LanghM-A- Plan- 1 633^ jSj} '!Z| — New Rail PUce. Liverpool. 

Ci( — I - Royal Shield Fd.-.. |1341 14Lg +031 - 
Legal dt General (Unit Assart .'Ltd. Sase & Prosper GronpV 

Do. Growth Are- ..lg.0 

Do. Income Tst. — 

-Do. Prf. Are TsL-|1372 
prices at May 30 Next *uh u. 
Do. Recovery. ....... -rifA ,5; 

Do. Trust en Fund -. |U3 18 2Z3 J 

Do. Wldwlde Trus^LS 55. 

B‘utJnJ r dJoc.-.-'"te9 655> 

Do. Accum. [720 751 



158 JnteL¥ (aKgl 

J5. Christophs* Street. EC2. 

161.1 +1.41 

4L2 +D2| 

87 5 -O.lf 
3LS . 

97.0 .. 

28 3 o +011 
562 +05( 
3L3^ ■ 



American June 8— [gJ o 


Merlin June 7— — . 



-ling Denosnlnai 

Growth Invest 


Neglt S.A. 

a 00 10O Boulevard Royal. Luxembourg 

TOO NAV Junes 1 5GS10.6O | -I — 


too Neglt Ltd. 

Bank of Bermuda Bides, Hamilton. Bnnda, 
NAV June 2 IES.01 — l —4 — 

637 Intel Inv. Fund. 188.0 

Key Fund Wfenagers Ltd 


635 KeyEnerrelnFd.. 787 

gSSSE w 


2.83 Royal Tst Can. Fd. Mgrs. Ltd. 

}S M.Jexayn Street S.W 1. 

Ii55 SBSiJSzzr^J® tHI H |S 

ion Wee* at May 3L Next dealing June 15. 
Save & Prosper Group 

01-247 7243 4. Great St. Helens. London EOP 3EP 
94.8/ +0.8) 6.15 68-73. Queen SL. Ed inbu rgh 



83 71 +021 332 
73.S +0^ 4.68 
1542 .....J 638 
836 +D^ 

644 +0.2J 1L97 
102 7 +0.71 328 

Julie 30 

+0.41 533 .... 

+1 1 5.04 sjejn^ort Besson Unit Managers¥ 

in 20.FonelwrehSuEC3. 

+D.7| 4. 81 KKUtniW-Inc.-.IMV 
OtCB. UnBFldLAC — fig6 0 

Baring Brothers & Co. Ltd.¥ UHx) kjl p± Jnv.Tsu. _(552 

Rothschild Asset Management j88.LeadeniudiSL.EC3. 01388 2830 l dr C Unit Trust Management Ltd.¥ orenres Fund*tn 

SL S within* Lane. London. EGA. ' 01428 4396 MrmtonTjt IgJ-" gJ-S j JJ? The Slock Bchanre MSI IHP. 

fife agaatesw .... 

| >>.tl(H g« to: 01454 8888 or 031-228 7351 
Save & Prosper Securities Ltd.¥ 

Interns riensl Fund* 

asf?;— — gf 

Uni*. Growth—. 1*93 

Inmarim laromc Fund 

HiEh-Yidd 153.7 

High Income Fund* 

01-8238000 High Return 1 663 

509 Income — |42-4 

5 °9 V.K. Fund* 

UK Equity 144. 

PO. Box 508. Grand Cayman. Cayman Is. , . „ , T Adviser! 

NUunhi June 2 l Y15338 i J — Murray, Johnstone (U»v. Acviseri 

GP.O. Box 5M. Hook Kong 1SJ. Hope SL.Glaseow. CR 

Nippon Fd. June 7 hljaiD5 16Jg 1 -HopeSuPd. I SyS322S 

Bv-Siock Split. 'Murray Fund — J si-sitt-BS 

Eritannla Tst, Mngmt, (CD Ltd. 

30 Bath St- SL Heller. Jersey. 053473114 

Denominated Fd*. 

32-9 3SM 

76.6 82 g 

TtL.uao -i«i 

unlvil. STaCSlR — ^.25 237 

03. Dollar Destmtta-ted Fds. , 

ireMUhTrefsT-p^ i« ‘‘.“1 9.00 phoenix International 

Value June 2 Next dealing June *+■ po box 77. SL Peter Fort. Guernsey. 
Brown Shipley Tst. Co. (Jersey) Ltd. d,ut. Dollar Fund IKLM 258| ■ •• 

Sterling Bond Fd. _ 105 15 ’iuH ^ 

Butterfleid ManLgtcncnt Co. lid. vA^5oU«rFUnd_.| SUS8569 
P.O. Box 106. Hamilton. Berm u^ . Slorlirm Fiind- 1 C123.77 

lW J Richmond Life Ass. LtdL 

48. Athol 5ut»«. Preplan. LO.M. 

Capital International SJL ixiThe silver Treat. |i09.fl nL 

TJ me Notre-Dsae. Luaembourg. 12fpESl£2?Sd. W - ffi* X3 

Capital InL Fund.. 4 5US17.61 I — —I Do! Gold Bd. "..11044 UK 


Buttresc Equity — 

Buttress Income ...|2C3 . — - - , 

Prices at May R Next iut>. day J«w* 

572J+04J 7+7 

Charterhouse Jap bet 
1. Paternoster Raw. EC4. 






Adi verbs — 

_ DMSS«: 


47 A) +051 4.70 

Fondia..— — - 

Emperor Fund — KOCTl 

IAC Inti * Gen Fd (960 

Bishopsgate Progressive Mgmt. Co.¥ Lawson Sect. Ltd. ¥(aKc» 

051 2274422 1 8. Blahopsgnte. ELCi 

B’EaiePr." June S-B 

Aec.Ut*. *^Iune 6 .— im +i ^iqi 
B'grtelntJunelS-llBnl ML7J +6.9j 

EJCM* » WVMVtm* OMVC K riVBUa I 7. 90 hMB Z1J_H -f-I.W 

— Khiam wod Hou ae. Klng^ roed. ' ^ W^^ 4. GLSi Helen'*. Ladn~ BCSP ^P- 0L554 8880 | day ’June 27. ""June 30. 





•Growth Fund- 

b=. Capital Lifc Assnruteef 

.. ‘ “-'-ConUtan Hoose, Chapel Aah Wton 
■ * " 1 ’"9.72 

Surrey KTT20 EEU. 

Qp mlKol m3 

Do. Accum. — [?7-0 

Eqirity Inlb al - uV J 

Key Invest Fd — -J 
ParemakerlnvFd. . [ 


|-~:| 2 ' 

Charterhouse Magna Gp.¥ 

IB, Chequers Sq_ Uxbridge UB81NE. 
GhrthuEnex«r++g|.4 “ 
Cfathxe. Money- 

j\U 4 \t» r Chrtfee Ma ny ecL 

! ,V r df: SSliS*si'r 
\ LsRS[i:i M «“ ,Un « cd 


Property Initial 97.5 
Do. Aroma. ,-1992 

Do. Accum. , 

Fixed Initial 

Do. Accum. — 

IntL Iwltisl . 

Da Accmn. 
Managed InibaL, 
92181 Do. Accum 

Z Legal a GeaeraTlUnlt P L i ul rei r Ud. 

— - Exempt CaafalniL. 196.0 101.g -..-1 

D<x AcCum. r*f 3 IB* ■ 

— Exempt Eqty.InlL.P183 

Da Accum [120.1 - BJ| 

. fBensp- mnaw «s 

, ea- 

Property Fd.". 0523 

_ BaL Inv. Fd. 

__ GiliFd.,. 

Deposit Fdt 

- aFd.t — 


Comp Poas. - . 
Equity Pens Fd — — 

Prop.Pcns.Fd.* . 

GUI Pena. Fd. 

Depoj Pens. Fit--- 




Prices on June 8. 
tWeefcly dt-allafs. 

1353 +0.4 


1263 -02 

129.4 +02 
209.7 .... . 

193.6 +2.0 
230J — 

98J -02 — 

105.4 — 

- Bridge Fund ManagenffeKel 

_ Income* 

Capita] lnc-t 

Do.Acc.t-. — — 

Intenul lnc-t- 
Da Are t 















trG tit and Warrant 


oi -“S' qasgjte 


HP. 01-588 2800 Europe ® 7 

'nil ::d » 

5Sr__. ma 

ial Secsl ”’(741 













;• im 





I'onimodity — 

Financial : 


635 Blxh-Mlnimnm Funds 
f-59 Select Internal. — [263.4 
i60 Select Income 1533 


048 Scotbits Securities Ltd-¥ 








E =1 








Do. Em. 07/02 Bd. ....|171 J 

^ Rothschild Asset Management (C.U 
5J3 p O Box 58. SL Julians- CL Guernsey. 0481 2031 

«®=. H 

ac.s&oFdMy3'i.r^^ =se!« ‘.l.... 

L+n. O.c. Commodity- -[152B 1- 0 JJ 4jB 

O.C.Dlr.Comdiqi.t.- 157535 77^rt4 ... — 

0534 3736 L .pfiro on May 31. Neat dealing June 14. 
11.00 t Prices on June 7. Next dealing June — 


32501-0 101 

52JI -0JD1 
JSj « 





Royal Trust (Cl) Fd. Mgt. 1A&. 

P.O. Box 1W. Roj-aJ Tst Hre, Jersey. OSM 27441 
RT. Ini'L Fd - _|WS920 9fldl 3M 

K Prices' iJHtext deidS id 

_ Save & Prosper International 


PULA. Fund. 
PEM.Mpgd.Cap_ C 


JlPena. Massey Cap. +V 
. Money Acc.+I 



Fund crartnily i — . _ 
Perform Unit*- — 1 

to 1 


jronam u m i — 1 — • Mbmui iJ I 9B1 

City of W ent mins ter Abwit. So&.lid. jjfc AMnmice 

sases® aaM ^ ^ 

Schroder Life Groap¥ 

Euterpriie House, Portsmouth. 

Equity May 18. 1 2272 

Equity 2 June 6 217.8 

Equity 3 June 8 — . JR9 
nW Int June 6... 133-5 
Fixed InL JuneS — 149.4 

Int UT June A 1M 4 

K* S GUI June 0..-UL7 

■:EBS 5 MT «K]= 6 ifeE| 

Legal & General Prop. Fd. Bfgrt-.Ltd Money June 5 107.0 
1L Queen victoria SI. EC4N4TP. 0fc248D07B Money 3 June 8— U7.1 
N JnMiWLI .. mil l 1 .■..I Dep»Bit Jtn»e 8..... 113-* 

UGPriLl!y -NSf& Jub ? = ~? P«P«S 3]ES 8 - ml 

Lire Assnr. Cfc/ef Pennsylvania 

, i issEa^» raa -i U 4:? v ?S' assail 

BIL thai TW. T£ 

7JM - Prop, gen, Cap B.~W5.| 


I Britannia Tract Management (a) (g> 

71, Lombard SC. EC3. 


10321 i 

j4op- PeiAre_B ; .- 9*1 
Money Pre Cap. B. *30 
Money Pun. Are B- 953 











London EC2M SQL 

Asset* P2.0 

tJ3 beel. *M«>- *Tu« nWed. jThur*. - ^3 

320 Legal A' General Tyndall Kund¥ i^Svid.-V — |i65-6 J73-- . - ., 

' ig^nynge Road. BrlstoL 027232241 Price* at May 24. Next sub. day June 14. 

Di* April c_ (M S “2| J 527 Schlesinger Trust Mngrs. Ltd. (aMzl 

Leonine Adml lustration Ltd. Am-Exeim*— .....123 0 

2. Duke SC London Wl M 6JP. 


3 London Wall Building*, LnndunWalL^ 

W3MSOL 01-6380478/0479 J^£*S5^.;..|B26 

339 Lloyds Bt Unit Tst. Mngrs. Ltd.f(al 

^5 Hertstrar'* Oept. Conng-by-Sea. 

_ 1123 

ExtralncoBK »3 

Far East. 20.6 

Financial Sec*-—- 63.9 
Cold A General — 86.9 
Growth————— 2-f 
Inc. & Growth .[735 

inri CrowttL—--. 

io«BLT*L3hare«— W2 

Mineral* — 36® 

Nat. High Inc-. — _. JOB 
New lama —I — — 
North American— 303 

Professional-. — «3U 

SsutuaChanee— »L0 

Unh Energy-— Pa* 

773 +02 
562 +03 
60.5 +0.41 
832s -03 


+ 0.8 
423 +03 
222 +02 
Uta +03 
93.4a +0.9 
15.9a +LC 
792* +0* 
• 663 +0.2 

513 +0.9 
. 3*2 +02 
861 +LC 
373 +02 
323* +01) 








01*888001 A£arovrt?._l — 239 
78.91 +0 41 532 Exempt High Vld- »2 
06.3 +03( 436 Exempt MM- Ldn^.. H.6 
Extraine Tal — 29 0 

Income Db*-—- M; 

luc. lO’iWdrwL — »3 
01-0231388 Intel. Growth- PU- 

FiretlBalncdJ 503 

DaCAccumJ 692 

Second lC*PJ g.4 

Do.(AccumJ_ bg-0 

Third OhomuO 023, 

Do. (Accum.). J22-6 

Z'Sl Fourth (ExIneJ— — - 59.0 

2J? Do. (Accum.') 1672 

3A1 Lloyd’s Ufe Unit Tst. Mngrs. Ltd. 






5*0x0 +031 4.43 Ittu.TsL Units—.. S3 
74* 4-0 8 4 43 Market Leaders.— 29 0 

Stla +04 333 ‘NU Yield' SO 

7W to 3 333 Prut* GUt TtuXI — 23.9 
mi + ii tw Property Share* — 263 

i?i (i +1.9 620 Special Sit. Tst 27.4 

63 4a +03 737 U K. firth. Areum. EL6 

723 +Oh| 7X1 U.K-Grth-DlSL- — 1*9-1 

J. Henry Schroder Wagg *Co. Ltd.? okm 275fli 

2421 —0.11 1.97 
3L1 -02 
27 3a +03 
26.9a +03 

420a +0-4 
3Ltxw +02 
5*9 +0 6 
27.4a +02 
312a +02 
303 +03 

252 1230 

28.0 +02 229 
293 +0.4 235 
232a +02 527 

205*( +0.11 527 


(hive Investments (Jersey) Ltd. 

P.O. Box 320. SL Holier. Jersey. 

Cllm Gill Fd.lC.1.1 .(938 9.9M „ 

Clive G lit Fd-Usy.i. (986 937| ..—4 *L™ 

CornhiD Ins. (Guernsey) Ltd. 

P.O. Box 1ST. SL Peter Port Guernaey 

Zntnl.Man- Fd |168.0 183.0) I 

Delta Group 

P O. Box 3012. Nassau. Bahamas. 

Pella Inv. June 8— 1SJ .83 132] ■■■— I 

Deutscher Invejfesrt-Ti«rt 


Concentre .... .,..100114 — i ' - 

InL Renleiif ends ..|PXWJ# 71- 4 — 

Dreyfus Inlertostineotal Inv. Fd. 

P.O. Box N3712. Nasrau. Ba h a ma* . 

[R'SlUt 15471 4 — . sterUng-deccmlnalrd Funds 

Emson a DcdJey TsLMgUwy.Ltd. Channel Capifel* . 1^9 240+1.9 

P.QBox-n.SLHe.ler.Jrtxey. M J8 ~ 

EJ3XC.T. ..[1194 126.91+231 3JW gt_ p,,^ j ua * 1_.... (109.9 U64a 

F. A C Burnt. Ltd. Inv. Advisers Pnc« on 

141 Laarence Pounlney Hill, EX’AR OB A. _ 

01-823 4800 - . . Schle&inger international Mngt. Mi. 

Cent. Fd. June 7 | SL’SS.46 1 .....4 — 

Dealing to: 

37 Broad SU Sl Heller. Jersey 
US. Dollawtenmxinaied Fnnita 
DirFxdlnF" June 6 917 9.73 

InfemaLGr.rt 7-G2 75 

For Eastern *7 B6 69 42.*! 

NonnAmerlcan-t.B.EB 4. 
SepTO**t. — —11304 15 




1 11.W. 

“June 8. 




248 | fidelity Mgmt. & Res. OSdaJ Ltd. 

' ** p.o. Box (riO. Hamilton. Bermuda. 

Fidelity Am. A*»__ 1 SU^-12 

Fidelity InL Fund .. [ SUS2L97 
Fidelity Pac.Fd — 5US44-97 
Fidelity Wrld Fd — [ SUSM4U. |-0. 
Fidelity Mgmt Research (Jersey) LUL 
Waterloo Hie.. Don SU SL Heller, ierscy. 

41. La MetteSL.SL Holier. Jersey. 05M7WB8. 

il= i 


Gilt Fd . 


IntL Fd. Jersey. — 
Intnl.FdLxabrg. _ 
Far East Fund.— 







1 -1 




] +2j 

■Next sub. day June 14. 






!I sasTOiar^ jtsi 

1-2 M & G Gronpf U-KcXt) Income June 13 1104.4 

99.41+03) 4.40 See also S*™^***^**]*}^# 1 - ^ iAroum.UiiitslL_(llBJ 

Property Units^ 

« tototkSBSaSffiS'. : - 90 -+SiKn % 1 ’W 

n- i pj = 

1820. The Furb0J7;H«*dlnj 58351 L . Mfd. Pen. June B.. .12627 

Do. Annuity Uta. 

.Cenfedentfen life Insurance Co. 


(Accum. Unioi— 
Australasian— . 
(Accum. Unit*}. 





M3 ... 
262.7| -. 

50. Chancery Lime, WC2A1HE. 

. VEqoily Fund.— — [1513 

: WManaeed Fund— B77-1 
- TP^SEpto-Fa-bL* 

/Pen. Fuad-. 
[InL Pen- Fd) 


T ft d toe ud In. FoLj 



- 190L*" 





Z I Brown Shipley * Co. L*d.¥ 

Mngrs; Founder* CL, EC2 

SU +o"i| — Solar life Assurance United is Unit* Jp* 5— »4.9 

+0ia - 10/12 Ely Place Loudon E.CJN ATT. 01242 2005 Do.(Are)June 5—12673 

The London A Manchester AnG^f iSfc^ggvlz[im| 
Th«l>a*,T ? bIk**ton«, K enL _ 03W 57333 


-iCstrthfll I0W0W Co. Ltd.; ■ thSa*ngm-_ 
- 52. Cornhlll, E.C2. 01-W54W toT.lftwilJuml— 

&, i = -=»*fi Gron * 








. Three Quays, Tower Hill «3R BBQ0i-*a«0* 

- , „ Credit * - Pw*. p«.)on'-_ g265 

:z' r ‘130. Regent SL. L«mdnn WlJl5FE- Ol-W»70«l gonviDeporir— 

•*' ~£kCMnvLrd: .J122.8 ‘ 133L0J 4 - BtFUtyBoud" B»7 

Ld'> - «... .. 0_ lMU 


Solar Fxd. feL S — U5 5 
Solar CaahS — . — 993 
Solar IntL 5.-—- — 

-Solar Managed F— 127-9 




3093 -0 J| 
13*2 — 


1702 +Lf. 

1212 -®4 

1115.9 +0.11 — 
1091 -Ofl 

Oceanic TriiaU (a) Jf 

Financial 54 7 

General 137 

Growth Accum. C3 

Growth Income — gj.4 


— Index. 

Ha IS S-S 4 "* 5 SsaBS!= 

gl 563 -0 3 

552 50 8 +0.7| 

56J2 593 +0- . 

75.4 8U +0.41 

BL3 874 +0.0 

UU 1343 +0-2! 

63.9 69.0 +131 

63.6 677 +0.fl 

1165 125 2* +0M 

2202 2372 +0.9J 

•93 523 +021 

01-0008500 (Accum. Unit*! SL0 g2 *03* 

4 72 Extra Yield.- »-4 M-9 +«| 

lArornn. Unit*. U2.9 12021 +03| 

Far Eastern 55-4 

(Accum. Unit*' W-6 

Fund of Inv. Tst*.— U3 

(Accum. Units} [753 


(Accum- Unltsi- 



t* y 7-Crewn Lite Aararance_C^ Ud.¥ 

i.*:*-; +-3 ^iown Life H*a,W<to«ra 1^048825035 

-. 4 '^HangdFundAcc.-IlKa • }£*■* 

* r-‘0aag , dFd-Ina«L_M23 - M7 

• J — - '”-..:ilmi(faPrt.Inlt^.®Lt 1W. 

i .£ . - - 


_ iSSl 


DpIB*+; 1337 - .... 

.631 S5 IMS :::: 

fcffiSS&lS-Z-K £3 - 
— SSS£%f&:|I ™ ' ::: 

Prices on Mime 
Merchant Investors Assurance 

135. High Street Croydon. 


r Are [95.» 

' — “ JMIncin — .RiO 



-rnv.TW-Fd.lnctB. -ML6 
U : - nv.T*LFd_ lniLL_ M 

tlxcd lut. Fd Are . W3 
v-.’Xri-lhLFd.Incm.. *7-1 
SV ^Srt-FUArt^— U62 
^IntePL Fd- Inan. .— QOU- 
- o - ^ loner M. Are " 

~ .. <" . . ^.tmejr Fti. Incn 

^ ^drown BrLJhe,' 

I s "" x^onfer bitmneii Co. Ui •: - 

,r£ ^ nbcula mbl Pwiafeas Ltd. 

Sun Alliance Fond MangmL Ltd. 

Son Alliance Home. Hun ham. 040S84I41 

Suh Amaace linked Life Dul Ltd. 
Sun Alliance Horee. Hcrxham 040384141 

Ore ra ea a 

sa^ 354 JA5Smu5itoT^.ftg3 
ExmpLJunel2 (57.9 603a) — 4 9av yt Htwml I1M3 

Canada Life Unit Trt. Mngrx. Ltd-¥ 

aOBQxhSt-.PoBcni Bar. Herts. P. Bar 51122 i Accum- Units) — -1822 

Sn^iDirt. B83 4B31+0.41 431 Second Gre, 

Do. Gen. Accum — IJ6.7 
Do.Inc. DiaL— lg-4 3S 

■Do. Inc. Accum. — (AJ.7 



59.0 +o.a 
643 +0.91 
65.9* — 0.jj 
ao.6 +0 ^ 
1833 +1.7I 
279.1 +36) 
1062b + 0.« 

1293 +1.J 
1613a +0.6 
1623 +0 
2223 +2.4 
2773 +31 
180.0* +11 
2983 +12 
363 +03 
873 +0-4 
1827* +03 
2775 +0.J 
1714 -01; 
215.71 — 

130.6 I 




1072M+XOI 232 

191. 0* +14 
283.9 +19 


LI l , £3 88 1 —.J — 

bc)._ 17*4 ')... 4 — 

C824rt 4 - 

Serie* A (JncnL-| — 

Series D (AmAsa 
First Viking Commodity Trusts 

0324 4082. Ldn. Agta. Dunbrefc Co- Ud- 
53. Pall MftlL Lont&l SW17 5JH- 

Schroder Life Group) 
Enterprise House. Portsmouth. 

International Fund* 

£ Equity -11273 




:Bo 83M 
Fleming Japan JFnnd SA. 

37. rue Noire- Dame, Luxembourg 
Fima- June 0 -i SUS46.79 

PgSS^te::|ioa 1202] —0.7J 

Depo tit Fund- 06A. 2015) 

Managed Fund, 

p ropert y Pena- 

Money Market— — . 

^ SgSSK: 

IntLEqu) tr- 
iad- Managed — 






S 5 





MllUm Court, Dorking, Surrey- 
Nidex Eq, Cap. _ — M3 .84.. 

•' u Ml Prop. Jwne'S— P02 

iiaemm-eu- 55.91 .—f 5.78 NeJexMoowCaF- 03 


^ialartfld. Units -J520 

^EqvUyA Law life "Aw Soc-L*^_ 

Road. High Wrcomhe - 04MS377 

■ J - -^^ui&F\l 

:rt *i? 

■ • g:- M E r 






".>* •+, 28l"?r^wich Hirh 
■ rs y Greenwich. SE10SNL. 

(61-9M 8321) • 

35/17. Chiswick High Road. 
London W4 2NCL 

:jM93 115.q +0-51 - 

Son life of Canada (U^J Ltd. 

01-080 0171 2, 3. 4, Cockxpur 3L, SW1Y 5BH 

■ — Maple IX Orth-—-- 1 199.8 I | - 

— jlxnJc u, kljmffd. IM | 1J3.1 1 ——I " 

= m Id: 

- Target life Asanrance Co. UtL 

= S3? w-* CMtol ”.Shi 

= Man: Fond Inc &023 W7.S — 

Man. Fund Are U6.7 

Prop. Fd. hie. — 107.8 

Prop. Fd. Are U8.« 

5011 ^Sd^L Fit Inc 306.2 

= a si 

“ ■ ReLPlanCap JVn — MS A 

■ BetnauMan-Are- 123.9 
ReLPIanl(ah.Ca p - 1143 
z GfltPen. Are 1»2 

Z tanprecre tms 

— Tiuiainteraatioaal Life ins. Co, Ud. 
. 2Bre«BBlda*.,EC'tlNV. 

TuHp Invert Fd. — RfJX 148-3 -■- 

Mao_Pen.Fd.Cap.1193 IZ|.~ 

Man. Pen. FtLAcc.. 1226.4 »**} ..... 

Trident Life Asanrance Co. Ltd.¥ 

Retulade House. Gloucester ' 048230541 

.Mp Ma - 

i-an„ S7.9 ©2 — U2J 

Cupel (James) Mngt. Ltd.? 

100 Old Broad SL.EC2N 1BQ Ol-MOOMO 

fig gh== W SI :d 

Prices on June 7. Next dealing June 2L 

Carilol -Unit Fd. Mgrs. Ltd-¥ (atfc) 
n , ^^nnlltabuniHoureNewcastlMipMviyne 21185 

“'"“'satawdH ”&:d 

Do. meh Yield--- |«J — 1 

*>■ Aecn ^^&6 2 dau, *52xr 
Charities Official Invest. Fd* 

77 London Wall, EC2N 1DB. 

Income May 18 

A *uS£STMf 'Sranibk) to Beg. Charttiea. 

(Accum. Unit* i ttSjj 


lACCum. Umisi — )«“ 

Specialised Fund* 

Trustee Bg.7 15371 +* 

lAccum. Unit*'--- 294.71 

Charlbtmd June7._ . 1O0.6_ 

Cbaxiid- June 13 — 1462 
(Accum. Units' . — M3 
PeaxJEx. June 12 — (1342 

Mannlife Management Ltd, — _ 

s ,c« w , .vti.a Ert 6 0O f s S 1 ?£SSSffi:Si 

Growth Units.-. — |5U 54.00| I 425 Tnrftrt Equity. ■ 87 2 

mja Mayflower Management Co. Ltd. TrgK &Junal*..- zoa 

w iJScroahmnSL.BC^TAU 014»08^ ^GuVfc gll 

• “l:d a 

oi-snisu Mercury Fund Managers Ltd. paKdre- Uaif— ^3 

01-0004555 — p+ I,* 

Europe June L 
,,, (Accum. Unipn_. 
tw *Pen*CharFdAp23 
434 •SpecJhL June V 
*34 "BecoceryJune . 

jyJ -For tax exempt fund* only 

J5 Scottish Equitable Fnd. Mgrs. LhLV I Fund Ltd. 

28SLA-drow.Sq..pntar B h 031^69101 1 Free ™na L«t. 

789 Income Units 1502 gfl +J-9 f-S 

336 Accum. Unit*-. -..P72 60.9| +02| 521 

336 Deailuc 0*7 Wednesday. 

S3! Sebag Unit Tst. Managers Ltd-V (*> 

118 PO Box 511. BeUbry. Hre, E.C.A Oi-m0H»O 
23“ Seha« Capital Fd.. IB.4 MO] +0^ 3.00 

J-5? Sebag Income Fd. ..|306 32-0| +03j 838 

s! 94 Security Selection Ltd. 

MS 15-10, Lincfdn'alwi Fields, WK. 

Sic UnvIGth1WAec....WJL 1 

l)nv| GthTstlnc — Pl-0 3*-4^ 1 230 

23. stewart Unit Tst. Managers Ltd. (a) 

33b 45. Charlotte S«» Edinburgh. 031^383271 

171 fStewprt American Fund 

Standard Unit* J672 71' 

J5* Accum. Units *—|72A 77. 

9 “ Withdrawal Unito. -IB 6 57. 

-Suwart BrttWi Capital VSnd 
*34 Standard-.- -■■ BS? iSql J 

*3* Accum. U nit* .~--|Ugj , J 

SFixed rutorert- 


01-8307897 SManaKcd.. 







142. . 
1363J _..., 



■-4 - 

L7 ° J. Henry Schroder Wagg & Co. Ltd. 

ia0.Cbeapside.E-C2. 01-5834003 

ChapS June 12... — ' 

Trafelaar I4ay 31 .... 

Asian Fd. June 12._jn.r36W 

Darbuff Fnd. 

Japan Fd. June 1 — 

SUS1I.99 1-0.031 

SAL 85 


« = 

Sentry Assurance Internatfrnal Ltd. 





Butterfield Bid*, Hamilton. Bermuda. 

NAV May 31 -1 8US17925 I 4 

G.T. Management I2d- r 0 ^ ^ Hamilton 5, Bermuda 

l * s| J “ 



Berry PacStrlg 

GT. AalaFd... 

J.T. Dollar Fd.. 

Garixnore Invest lid. Ldn. Agts. 


Jap. Index Trt 

2, St. M»it Aaa. London, EC3. 
Gartnwra Fuad Mult. (VUr Eaat) UA 

Deal: h* TFri. ’Wed. 

6.46 Sun Alliance Fund Mngt. Ltd. 
iaS Sun Alliance H»e.. HorxhaBi. 

“| WMSJWJMHf* M+vJ •* 

5-09 Target Tst. Mngrs. LCd.¥ (aMg) 


japin FdL .~tfCSm5B 13 

N American Trt — UOq 
IntL Bond Fund — IWSHU4 M5#l 
Gutwrt Imvatmeut Huft. Lid. 

P.O BOX 32, DoU&l*B, IoM- 
Gattmore IntL Inc ,-|2X 5 329id • — 

31, Gresham SL. EC2, 

Peallnpa: OQSO 5841 



=■1=4 i* 

— | Charterhouae Japhetf 

CJ.Interoall — 

CJ. Income 

CJ.Eura Ftu™. 
Accnm-Uniu — . 

















Next deaims 


30. Gresham St_ EC2PSEB, 
Merc. Gen June 1 14. 077.6 
Are Ut*. June l4__gL4 
Merc. InL June 14-e52 
. Accm.-Uta.Junei4.wM 
01-3483880 Mem£xt3I*y 35~-PM2 
' LB Accum. Ut*. AprJTi 


J-£ Midland Bank Groan 

TTge Pr. Juca H — 
15 TgLlnC. 

5-5 TgLProt- 




38.C ..... 

65.7 +03 
40.0w ..... 

2193b +32 
29B.1 +43 
1202 -02 
302 +0.4 


332b +02 
167.4 -L8 

31.7 +OA 
152 ...... 

205 +031 


















442 Target Tst. Mgrs. (Scotland) (aXb) 

W IB, Athol Crescent. Edln. 3. 0S12298K1U2 

asAfss- 1 ^ r«*"!5 SSTSS’S ™. 

5^ !?StTSt5nfikiag*i5 Ltd.¥ fa) 

Commodity * Gen-.JM3 
Do. A r eum. 

01-4050 487 1 Chieftain Tru*t Managers Ltd-¥feXg) no. Accum — _ — BLl 

S..- +*. 

t : snare 5-B0%- 

DcposLi Rale 525. Share Accounts 5.73. 
- Sab'pn. Sharps 

■J - • 

Base Rate Change 


that, for 

: Bank of Baroda announce 
. balances in their books on and after 13th 
June, 1978, and until further notice their 
Base Rate for lending is 10% per annum. 
The- deposit rate on all monies subject to 
seven' days notice of withdrawal is 6*% 

per annual. 

1 1 New SL EC2M 4TP. 
American fe* 0 

Barbican June 8 — 

(Accum. Units. i__.. 

Tn >¥rtj|fithKi ■ T 


Growth Cap... — __[m* 
Greydh Are___— . B273 
Pen*. Mngd. Cap — ,nl3-0 
■ Are — Kj-J 

Pons. Hy- Ace — 

25 &WRa=W 

Cash value 





— +0.71 — 

[or C100 premium. 

01-2833832 Capital- gf 

—021 L54 Do. Accu m- g-v 

3-1 Ii5 ft3S=p=:B 

Biric Rrerc. irt426.7 mn .. J 435 *g— 5—= §* 

Confederation Funds Mgt. Ltd.¥ U) ffighYirid---- Kq 

50(a»ne«yLj«iie.WC2AlHE 0l-M2«C Equity Exempt- — 1&6 

Growth Fluid — —1422 ^ 54=7 3^^tt deallnk June M. (Acre 

Cosmopolitan Fimdjtfairago^ n, inrt < , r fund Managers Ltd. PaS^uX)..— 

MtnrtH-Hre. Arthur St, EJL4. 01-0331050 llorlboro June 13_ 

MiuaterJunrU — jgf --■•j 

7O3«0 +0.6 
BLC +0.7 
4L0o +0.4 
44.1 +03 
• 30.( +0.4 
33J +03 
- 554 +04 
631 +0.4 
543a +02 
573 +0.7 
662 +03 
702 +02| 

Kg 100. Wood Street RCi 0l-a ? 8 ?w 

§32 TOUT June 1 1*2 S3.q J 5J0 

332 Transatlantic and Gen. Secs. Co.¥ 
330 01-08 New London Rd. Chelmsford 0245 51851 



236 Budm. Junes 

826 (Accum- Unit*) 

826 Ctdemo Junes — - 
5.49 (Accum. Uoitx)__ 
5.49 Cum] d. June 7 ^ 

i 3a root Street. London SWUtWO. 01-335 KK. 

CosnopolnGtbJd. fX7.9 19fl J V5 ^ ^ 

Crescent Uait Tst- Mgrs. Ltd. (aXg) Exen,p ‘ M ^. 33 _r* 1 ' 

557 (Accum Unit*). 

5.48 Van-GwlhJne 

(Accum Units 1. 

| *MelvilfeCrre Edinburgh 3. 03i^984Ul MU U ni^ Trort MgMimt. Lld^ ^ yaag^Jium 13-- 


Cres. Internal.- 
Cm*. High. Dirt _J 

4^ old Queen SoertSWlHWG. 

fS MLAUniB "PM . 4161 1 

- *e Jun*7_ 

433 (Accum. Unln.j — 

Tyndall . Aaa urancc/PfcP8ion8 ¥ 

-n'+niiu( HrlrtaL 027232241 

Cm*. Tokyo 1 — 

Discretionary Unit Fund Manager* 

Disc Income — (1623 1733*1 

E. F. Winchester Fund Mngt. Ud. 

Old Jewry. ECS 

' SH :::::|43o 

433 Mutual Unit Trait Managers¥ (aXg) (Accum. Units) 

050 15 1 C«ithallAre I EC2R7BU.. 01-0004803 ^ c f“7£j u “ 9 — 

Tyndall Managers LKL¥ 
















545 +13J 

62.1 +ta 

528 +o.g 

64.9 +0^ 
75.7 +021 



6t» - 
7aq — 














i22.BfetuHeWSL.BC2M7AU.__ 8^SgfeBB 55j ^ li Cauynpc Ro«L BrirtoL 

3-Wm Jnne8_ 






104.8 . 












— — 

Bond June 8 — - — 

Property June 8 — 

Deposit Jun68 — — 

3-way Fen. Kay 18.- 
ffseaatnv, JuneB- 
MmPu^w Junei- 
DoJEqultyJune 1 — 

Da Boua - 

Do. Prop. May 2— 

Vanbrugh- Life Assnrance 

4143 MaddoxSL, Ldn. Wifi, SLA. . 

•fdFd.— SS-SI 

Tnmi>iin d"T^r “ 

Fixed Intent Fd. 

Prop erty F d 

Cash Fund — : — --- 

Great Wjtochertcr_ 

CLWinch'er Of, 

National" and Commercial |a 3 SS. J uSJ)T^I ^4 

3L SL Andrew StpiaTe. Edinburgh 031-556 H151 Capital JuM 7 1Z72 

Income Mar S5 zj 6$ '£Si8Sfc=: m3 

3.07 lAccum. Units).. -—[1572 

(Accum. UjUlri 


147 cinynEe June 7- 

Em ? ion * ^ "^ioo^S; nSEhI Ptwideid Vtngrs. LKL¥ 

20. Arlington SL.S.W.L 

Emson Dudley Trend a 

69.7] 48, GracechurchStJGraiWHH 

(Accum. Unltsi p52 


smS^I = 



Vanbrugh .Pensions limited 

41-43 Maddox SL4dn.WlR9LA 

— zfe Si.-..--. 

Property— — ...I*-* 11 

Eqaitat Secs. Ltd. fa) (g) 2-“ 

41 M«twf§g»u> 20 01-8082851 Units}*’ -JS32.9- 140.71 2-W 

TTJjd +OjM M*y^. Next todiig Jnlx: ». 

_ u H (»)rtiVrf "Pric*a 00 June H- Next dealing June 28. 
Equity & Law Un. TT. M-¥ WWW National WestmiiMto¥ia» 
AmorsbamlhL, High wynsabe. OttlSw#/ 

01.4004023 1 Equity fcLaw___|47.2 7 ujnuuin,.. 

Fiamlington Unit Mgt. lid. (a) • 

5-7, Irel*nd yard. ECffiSIH. OVaUBWl crowthluc — 



01-0234200 (Accum. Uni LSI— 

““ 4.05 seen. Cap June 7 te 

4.35 (Accum. Units)- — &68| 

Scot. Inc- June 7. — |lfeZ2 

London Wall Groap^ 
Capitol Growth — BZ.4 

Do Accum. -— [55 J 

Extra Inc. Growth.- [57 A 
Do. Accum. |43J» 

.....^ |W 

17d3 !!“- 


190.6 ..... 
1335 — 


117.C . — 

104.6 — 
1295 — 

259.4 .... 



■feiJSiTS «» 




3.90 portfolio lw- F} 1 -- 
7 M uatversal F(Ltd)— 

7 Do.AMunt. 



68.1] +8^ 
901 +5? 
40.4 +02 
46J +03 
172 -03 
ZLC -03 
68 J! +05 
352 +02 


£9.93 • 9 W 

W. ** 



254.00 26624 

JHK828 .an 

0295 U99 

... .. 






Managed Fund . 

t m Singer A Fried! under Ldn. Agents 
12.71 30.CimaooSL.EOL O1-24S8M0 

1M Debalonds ^“1 ^“1 

+26 Tokyo Trt June 2._[ SUS35.00 I I 

132 Stronghold Management limited 

L44 P.O Box 315. SL Holier. Jersey. 0S04-714CT 

5 BS Commodl ty Trust _.p2.% 97.851 1 — 

S? Surinvest Uerseyi LUL (1/ 

Queen* Hre Doa Rd St Heiier. Jsy. 0534 27343 

& - ■ 

L74 U.«a+0J4] — 

1503 Htitchiton H«r. 10 Harcourt Rri, HJConC 

HK&Pac u.Trt.- PHEZ JM lcjl .... ] 230 Unit Trust Managers «C.L) Lfe. 


1 ;;|l5o6o Baiwt*lJeRd-St. Saviour. Jersey . 0534734S4 

570 Hd is 

0CM 23911 Price* oa June 14- Next suh. day June 21. 

Gartmoie Inti. Gnb|65.l 6931 1 Tukyo Pacific Holdings N-V- 

Hambro Pacific Fund MgmL Ltd. 

2110. Connaufibl Centre. Hoop Koius , 

Far East May 31 -.-WKII^ UW - Tokyo Pacific Bldgs. (Seaboard) N/t. 

Japan Fund IWS695 73fl -+-4 — Jmmla Manaewnent Co. N.V. Curecao. 

Bambros iGuernscyl LtdJ nav per ihut Jcne 5. sussa-Ot. 

Hambro Fund Mgr®. (C.LI Ltd. „ Crn „„ 

PO BoxW.Coeni«y 0*81-28521 Tyndall Group 

151.7 ot .... \ 3.90 p.o. Box 1X58 BamUlou 5, Bermuda, 

250 lAccum. Unit* i — eF-SS 
H2 3-Way int. Way la.-lsi 5L5t 

2 New St-SL Belkx. Jenwy 

CJ. Fund . , 

Intnl Bond 5U: 
lBL Equity SU: 

IS 1^ ‘B 1 su^35 ns 

Price* on June 14. Next deal] of! June J. 

Henderson Baring Fund Mgrs. Ltd. 

P.O. Box N4723, Nassau, Bahamas 

June?! dealt update June 14. 

Hlll-Samnel & Co. (Guernsey] Ltd. cut Fund . June 7__ 
9 LeFebvre SL, Pater Poet Guernsey. Ci 
GuenueyTrt (15C.6 16L1J +L4) 353 

TOFSL Junes 

(Accum. Share*) — 
American June 8... 

P3 5 

(Accum. Shares) — 

205 5 


a - 1 







Hill Samuel Overseas Fund S.A. 

37, Rue Notre- Dame. L u xemb ourg 

ISIS 39 28J7I-0JWI - 
International Pacific Inv. Mngt. Ltd. 

PO B«x R237, 50. Pitt SL Sydney. AU9L 

Javelin Equity Trt. 1S220 E21| I — 

J.E.T. Managers (Jersey) Ltd. 

PO Box 1J4, Royal Trt Hse, JerseyOSM 27441 

Jersey ExtreL Trt_|168 0 ^ 173 Oj. I - 

Aa at Hay 3L Next sub. day juiw 30. 

Jardine Fleming & Co. Ltd. 

43th Floor. Connaught Centre, Hon2 Kon£ 

' SHK25 456 ‘ 




Victory House. Douglas, Isle oi Man. MM 

: “" L us« I - 

Managed May 18—.|1290 

Utd. Intnl. Mngnsat. (CJ.) Ltd. 

14. Uaictiier Street SL Heller, Jerw. 
UJ3. Fund pl'SHft UUU1 

-I a 16 

United States Tst. IntL Adv. Co. 

H. Rue Aldrioger. LuxembourS- 
UATsLlnv. Fnd. ...I 5US10.94 |— 003| 

Net asset June 12. 


Jardine Estn. Trt — 
Jardine J-pn-Fd.* — 

Jardine S.EA. 

Jardine Fl em-In L... 
NAV “ “ 

5456 ^ 

19.84 I J ! 

A22 J 

9.70 I .. .- 
lent 5CS«a^- 



S. G. Warburg A Co. Ltd. 

30. Gresham Street. ECSL Gl-6004555 

CnvJBd FdJune 12-1 Sl'S9M I ...| — 
EnKyJntJune 12.— +0J, I “ 

Gr.a.SFd.AprJL..L - .5J.'S7 09 ^ j — 

sub. June 15. 

Eeyselez Mngt, Jersey Ltd. 

PO BoxOe, SL Heiier. Jersey.. (Eng. 01-606 70TO 

Mr£ur.June7 11055 

Warburg Invest. Mngt. Jrsy. Ltd. 

0534 737-11 





Keyselex Inn.....— .|£6 61 

Kevselcx Europe— £3 . 89 
Japan Gth. Fund— ..pOSOD 
KeyseJex Japan — 

Cere Assets Cap. — 


mn -05I 

EU58 1269 

£13356 +0031 



l.ChanngCro 3 S.SL Heller. Jsy . '21 
CMF Ltd. May 5!5_— BUSJZS _ ***3 -- — 

CMTUd. MwSS-i-KfS K-?S — 

Metals TsL May 18 .KILW 1+17 — 

TMTJuneS- P-SUfl IBS — 

TMTUd.June8_-. flD.68 10.96) — 

World Wide Growth Management* 
Ida, Boulevard Royal. Lu-tcmbourfl 
Worldwide Gih Fd| SUS15.14 1+004] — 


Prices do not include S premhun, except where I ruDimted * L “dare inpenre 

' HU! 

indicated. Yields *4 (stunni In lari cclumn; a}l°* all (£d 3 
iMludeallexperere hThd»Jpn«i ' e v Slnple 

^Ibntipn free ci L all cipcnsr-s except aiwnfs commission. 

throurfb manast-uv x Previous days PQfS' 
med b» 6. 4 Cuerusey gross. * s*uspeade<L 

' Ex-subdlrision. 





y£ NEL Trust Matagers LtdLf laKg) 




GaarBstoed see 'Ins. Buo RatM' table 
Welfare. Insurance Cd. 144 ^ . 

TheLeai, rolkestone, Kent ^ - (WB3T383 

S»iUuUm * 

. Manchester Group. 

Windsor life Assnr, Co. Ltd. 

X High SttMt, Windsor. Windsor 09144 

Lite brr. Plan*. - 

FatureAa .Gl :*>. 
-Ret. And-Pere. — 
Flex. Juv, Growth - 

1602 All 

04.0 4 _ 

106.9 UL3i 

are international ,~' 

Special Sits — 

523 tsb Wait Trusts (y) 

"* +1 Chantry Way, Andowr, Hants. 020482188 

Dealings WJE04 


_ _ 894 +^1 

*»5| +ft7| 

G.T. Unit Manag«rs Ud.¥ P O^Box 4. Norwich, NR1 3NG. 060322200 Waim! street Bellart 

l&PiMhuWCUwu_K2M7pD CroupTrtFd-. 3W31+3.41 5« (biUlI!tor Growth ....J373 

106J +£? 330 Pearl Trust Mawrgers Ltd. (aKgX*) Un j t Xrast Account A Mgfet. Ltd 

W 4 1 ifl 

3296 +8.8 2M ^SSiStW- =* 38.13+0.4 SilK Do. Areum. +'^'° j 

56. m | — -1 ?2o lAccure^wis' -— 1^7 , 4uq + 0 . 4 } s.05 Wider Growth Fund 

pelican Units Admin. Ltd (gxx) King will iwaSLEC4R oar 

(02771227300 81 FWintainSL.Manrhejlar 061-2365885 income Unit* 

3LM+M 473 pelican Ujuu—“1®-7 W.oj +o.6j 5.05 Areum. Uaiu— P42 

Capital t*l_, 

Income Trt_- 

IaL Growth Kd. ■ __ _ 

DO- Areum. J1132 jaw* .....4 +-» i U j MCW rt 1 Dorklng.SUftey. 5011 (brrSBGeneral„ 

^^l w -tSS w, *'-" , SS-ifiSSassdB.' : Hdl MgSErHi 
^-issssisisi «uHa fsaaHiiEBSf S£e:I 

Norwich Union Insurance Group (h) u^ter Bank¥ <R) 

Vtfvili'h.N'ni IDY) mmvnn 

G.T, Cap. In t _■■—**— 

Da Are — 

GJ.Inc.Fd Un. — 

G.T.U.S.AGen Q*j5 

*GL PunsFbc-Fd — ^ ’ 

C.T, Pour id»Fd— 





40,01+0.11 5J0 

G. & A. Trust <aXg) 

6, RtyleighRA, Brtarwood 

,a .A 8 — ..pL4 

01423 4051 

U r4 “ 



1 Royal Eschange Ave., London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as ai 7th June, 1978 (Base 100 at 

P.livp Pivftrt I'.JUiUll .T 

Clive Fixed Interest Capital 
Clive Fixed Interest Income 


CORAL INDEX: Close 47347S 


tProperty Growth 

.-.......■•■■■■-I n n 

tVaobrugh Guaranteed 

t Addruts shown under uunranw? .md Prupcrrly fiend Tabk-. 



TFtesa3&& Time? { j 


Insurance Brokers 
for USA & Canada 

. ’•! . 1 ".’-.fl-r ?•(.•«■•' 

S=f“rf L:-t. ■r.Ef. U7V 
"~->U 1 Ol-tCo Till 


‘" V a*' 

««*rt n :P»'6aja»A'i'~- 

& RAILS— Cont 

Price t- or Dir. *5 Red 
£ — Gross Yield 


Ki£h Lon 


Lon | Stoet | £ | -”I W- \ 

“SfeGrts , '(LivES up to Fire Years) 

rcasut>'10 , 2W''76S._| 


84 Ireland?! 

apan4pc lOAss— 

Sul 1980 — 

. nsuay^aie 

UjS. $ & DM prices exclude inv. $ premium 



ffijTloB I stedc I Prim M SI IctrlS^lwf ffijftlw] stock I Price M >5 )cw|gS| m\ BfcSTLm I Sh* | Prioe M N* WWf/E 




26 19 

25 19 

47 34 

35 21 

06 lib 

632 i 1058 
410 | 931 

b 12.75 1330 

4b I — 50b 

3b 16.48.: 134 

(6 00 -390 

f4.76 £97 

5.00 £95i 4 

12.60 64!? 





7.« a* 

M 70 

z-i 48 

741 76 










R? |BnwntTawse_ 










30 iR^eutSp.. 

13 i&hiin ilD&S) liop — 



* b4 


73b LW 

164 126 
111 89 

B6 75 
107 87 , 

72 55 
124 116 

9 6 

40 20 

I 82 52 

26 20 i 

i 68 55 

S3 65 
92 82 

20b 18 
117 95b 

900 675 
48 36 

84 64 
286 253 
35 21b 

103 88 

no si 
225 167 
144 115 
13 9 1 ; 

25 21 

228 166 

73 32% 

111 73 

35 27 

fc9i 2 55b 
30 25 

61b 55 
29 23 

75 49b 
63 59 

B7 71 


63 . 

65 48 

ccuml (P-pcl&ffi 

Telez: Editorial 8S8341/2, 8S3897. Advertisements: 885033. Telegrams: Finantuno, T«iAy« PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary In Loudon, Bjirnfatfra, 

Liverpool and Manchester. Tel: 24S 8026 


P.Caoent] 77 


44 32 

100- 64 
9t> 62 

96 txi 
91 I 46 
101 | 74 jWariog&Gillow. 

I 36 

a, 26 

B = 

93 72 

178 3.12 

120 th67 

92 +2 6 5 

77 +1 5.08 
7Zb fl 3.70 
71 -1 25 

68 3.23 

85 3.89 



10 . 

7.81 100 
4.9| 8.6 
9.o| 5.1 

a w f 

3.4l 6.4) 55 


ArwlTirdarv PO. Bm 1266, Ams levd nm-C. 

Telex 12171 Tel: 240 555 
3r— =insham. George House. George Road. 
Teh.-; SOWfiO Tel- 021-404 0822 

S'.-nn: Frexsfcxus 1 271(14 Heussallee 2-10. 

T'.-le* Q3g99ti: Tel: 210039 
BriwfU. r:? Rue Du cal e. 

Tele-; 2R183 Tel: 512-9007 
U>iro P.Q. Box 2040. 

Tel: XS510 

Dublin: S ~i William Square. 

Tciex 5414 Tel: 735321 
Ed:r.6urqh: 57 George Street. ’ 

T*le;. ; 72484 Tel 031-226 4120 
Franiifurr tm Saclyenlager 13.*: 413253 Tel: 553730 
Johannesburg: PO. Box 2138 
Telex 8-6L57 TeL 838-7545 
Uihcn: Praca da Alegria 58- ID, Lisbon 2. 

Telex 12533 Ted: 382 508 
lladnd Espronceda 32. Madrid 3. 

Te!. +11 6772 


iSr^rJ?Ehem: George House. George Road. 

Tew* J3SW0 Tel: 021454 C922 
Edittbursa; 37 George Street. 

Telc?; 72484 Tel: 031-236 4K<9 
Frankfurt: Im Sachsenlai'er 13. 

T«!c* 162S3 TeL 55«S7 

tSxHS ho ' lte ' ^ ilea6mw - 


Manchester: Queen's House. Queen Street. 

Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Semotechnaya 12-24. Apt. 15. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plata. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4823 
Farts: 36 Rue du Sen tier. 73002. 

Telex 220044 Tel: 23A57.43 
Bio de Janeiro: Avenida Pres. Vargas 418-10. 

TeL 253 4848 

Borne: Via della Merced e 53. 

Telex 61032 TeL 678 3314 

Stockholm: cfo Snub Daghladet, ZUalambsragen 7. 

Telex 17803 TeL- 50 00 B8 
Tehran: P.O. Box 11 -187B. 

Telex 213634 TeL 682698 
Tokyo". 8th Floor, Nihon Eeizsl Shimbun 
Building. 1-0-5 Otomachi. Chiyoda-ku. 

Telex J 27104 TeL 241 2820 
Washington: 2nd Floor, 1325 E. Street. 

N.w, Washington D.C. 20004 
T»lez 440223 TeL GHZ) 347 8676 

Manchester Queen's House, Queen Street 
Telex 868813 TeL 061-834 9081 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: (2l2i 489 8300 
Parts: 36 Roe du Sen flee. 75002. 

Telex 220044 Tel: 238.88.01 
Tokyo: Kasahara Building. 1-6-10 Uchlksnda, 
Ciuyoda-ku. Telex J 27104 TeL 293 4050 

Cnjuvs obtainable Irom nex-soents i and -^fartalls worldwide or on regular subscription from 
Subscription Department, financial Times; ixindon 


£ 11 + 

172 +1 
265 __ 



BajwAGDaiSL] £55 

BbgdenNoakes.l 230 ...... 

BrentCtenslOpI 189 +4 

21 ...... 

60 +1 
l<Ps +b 

ariessCapellOpJ 31aJ 

7VbLn| £93 '.Z'.'. 
£92 b 
Z7 1 : 





206 -2 
526 +7 




See Rentals 10pJ 120x3 

Tesleng.20p-f 132 


|>i7i:7 ; r:CV'.ipw4>tVi 



* 220 

$2 & 

8J 390 


1 16 
i 57 

^ 79 

2 ' Sb 

v 37 26 

119 % 


14 10b 

120 90 

a & 

.60 45 

6 ft- 

90 62b 

29b 23 
680 385 

72 55 

36 28b 

*59 391;, 

^ W 

*341, 26 
135 99. 

122 90 

73 63 

67 56 

126 108 
103 62 

96 66 

202 146 
142 107 

37 30 
jg4 50 
58b 41 


144 ■ 

Z 1 







9.6 <U S 
2.4 7 J> BL4 iS’ 

ti i\ it » 

^ || l| J | 

”*K 63 S3 
0.3 M 
43 jS 

128 ^ 



146 . 


Ml 97 

! (j 

£2 104 
H » 

44 73 
* 610 
L « 

M 24b 

3.4 86 


* 29 

* 104- 
4-9 L54 

61 51 


gStBW ; 

07 ! v 2! { 'i' l« 

?3 SV'-S; : *W 

imnniKr'i I 

> A^yiYrnnTTu,ti 

Ti-li i.'7.a rT gCtT-T^n i \ 

WttSWwiv w. 

Proto tFuLtl 


Motors and Cycles 

+3 3.00 3.1 3.0 

— 9.0 2.010.0 7.1 

_... 2.0 * 12.1 * 

gL58 5.6 67 3 2 

fSA 3.7 9.0 33 

+1 4.63 23 7.8 6.5 ' 

+1 10.89 15 9.6 4.9 « 

J2J4 3.9 53 53 ig 

2.00 * 14.4 * to 

re* 1 3.94 47 62 47 ' 

1; 3.84 4 8.6 ♦ 

I not 6 * \ c * 70 

-- W5 r 5 , t* 27 


“!! 2.64 37 64 6.4 £235, 

Sto is JJ ilC 

I . 2311.8 4A T 3 ? 

1536 13 10.9 10.4 ^ 

dhO.92 22 6.0 116 55 
d2.49 47 8.4 3.0 310 

■«- f ”iH“l 

35b +J” $192 U 9.6 125 m 
11M +? 1437 q32 73 43 
95 .__ 421 2-9 6.7 7.9 

& -1- 212 5.4 53 4.4 95 

4*5.68 4.8 4.4 73 21 

“41336 2.4 6.4 97 98, 

. -1 Q5tt 19.8 H J - *134 
ri, 4 J. — — — 141 43 

117 4 +1 528 23 6.8 7.9 44*j 

4 * I.. 242 3.4 7.2 53 49 

» ~~ *206 27 .95 54 J6 

64 LOO 0.9 2.4 (74 A 44 

125 ...... 5J8 24 63 83 45 

48 ”... 33 2710.4 53 95 1 

46 +2 132 0.8 43 45.6 81 

+1 Q4% J19 f4.9 - fih 

330 26 63 20 59 

un 200 6.7 23 75 38. 

20 -l 2 0.98 27 7.4 7.7 46 

. ::: 41k 26 63 6 A 104 

liu +1 6.00 33 83 53 133 

MS tdl 8 29 33 16.7 148 


U8 2 -1 ' 4$* 33 ”2 72 M 

125 -2 §22 34 51 87 
I? " nS fl S:3 I? 107' 

d264{ 3.' 





+l" 6 lf" 

m pn 


it 8772 — 114 — 46 

275 :r: &% 7.5 2.2 7.7 95 

53 4.8 47107 
3.0 73 5.4 4* 
22! 003 - 4S: 

- 480 % 

- 114 46 

™ ffig fi 

“ai 4 XmAw 2< 

74 ■ a 

51 272 }, 

212 7.88 3.1 

~n -4 tmo 2 1 

$ s is i 

II liif 


t.0 5.6 #1 

24 85 72 55 

f. 8 fej 

M :I 

1 74 — 

252 — 

Ed jsioj 

.43 7.6 3. 
10 93 : 

.76 35 8 

a up. 

W J 152 

si II * 


73 7.9?g 
83 6 197 
7.8 *7 ■« 

“ -I 

»» IV- ^ l “Jsi 

■g = *u 8 BB 

'TPiff «Ih« 

:l f.sffllB 1:5 SS 

.1 Iff ....... 1204 4.6 5.4 82 c 

3.6 7.7 25 
03 7.4 25.8 

4.6 5.4 63 



Ando Am In. HI | ! 
Ang.Tr's Ind.SOcI ] 
Edsorlo 10c — I 
Gold Fids P.2tal, 

rubbers and sisals 

1+ or] Div. 1 ITld 
Price 1 — ! Net !rn|Grs 

a '“E t*Yik£ 


* 388 ^ 74.92 17 6.9133 \ 

- tL r::: m 24 55 u.g ] 

” 122 ' - 925 10.8 33 75 r 

T» Hr. 925 105 33 75 \ 

128 Sr tfl 45 73 L 

S =& H CM 1 

±ai ii a g t 

45 +l 3 . 2 J 18 110 6.8 L 

r l -|B. BU-B j 
■;Ta S 5 BiBiBi 1 

I » *.236 20 103 89, 

bsp 4.4 451215 
100 235; ,63 33 M £ 

_ _ 

23 7.0 10.4 
19 64 325 ^ 
35 5.7 7.4 c 
3.0 5.7 8.8 | 

i. “ t. I 


36 25 

HO to 
89 79 

13 Itfc 

55 45 

64 53 

56 32 

34 27 

1 32 26 

i 40 28 


a -afiBB 

140 ~ f3S 45 3.8 64 

■Sfc-’feT** } «P 

‘ Jg :£r. 65? i .9 53 I? 

s “© .a«ig 

fc=a ■ vgy 


127 1 2 tw3& 
1 121. +f d?-Q. 

&•! SI 

29 55,95 
3,4 45153 
14 28 267 
4.0 63,43 
3J 4.4195 



. 12 

! $ 






46 25 

30 S 

35 32 

29 20 1 

99 84 ' 

73 50 

31*2 20 

2 S 4 K 

g a 

34 23 

57 23 

24 IS 

62 ^ 

54 44J2 

55 31*2 
32H: 27 

49 41- 

46 34 

59 31 

jdgbMuIS^ — 

1 Leras 5p 


Miller (FjlQp— 


Notts. Manl*-—. 
Nova leno 30p. 
Parkland 'A' 

ReedI *?'.ss: 

Richards lOp — . 
S£E.t.20p — 
Scott Robertson 


Sluloh Spinner 
Small iTidmai 

2 Stt«sw«Ijl3M 

l« DaPrn'.LlSOO 
Spencer iGeoJ. 



, Tcenldnsons 

i 2 Toot al 

1 , rcnwYSO 

• TraffonlCarpe 
[ TricoriUelOp — 
.. VHa-TexSto— - 
[ Vtirts.Flnef.31p, 
L Yongbal— 

- ,3 S ±^S5 3J 4^lS 

■-n 2 67 21 8.6(671 

hd d0.41 6.9 * 

: 1120 +1 432 36 5.4 66 

TtSPsi iwi 

h j €‘ S 972 5 H liii 
' l? is B h 

■* 7 ^Br 8 HB 
fv»' tat 

1OT +2 t!54 5.0 2il|| 

II ifij* U i I 

, J = «» ” 11 II 
I =®BHB 

5 7 J f 4 

^ 2 f 2 :i ^ B Hfl 

a* S i 3 

M - "‘"""375 19 9.6 &J 

... | -a & a fi 


'1 Wl w 

Jo 2J113 
3.7 6.6 62 
33 7.(1 52 

51 36 

81 64 

IS- S' 

«■ m 

267 pSAUndB. — 
jDtrahilll A.) lOp- 


aifih LflW 

H *8 

175 122 
90 7 | 

. 41 IS 
16*2 10 

15 M 
132 64 

101 63 

245 Mg 
72 48 

138 81 

40 10 

* 'I 

•fl 9 

170 S 
48 30 

£141, 750 
33 12 

■ 538 310 
160 84 

I 70 35 

MINES— Continued 

Siock Price ! - l >*t 

ftock 1 

Falcon Rh.sue . — 
IRhod’nCurp l«ip. 

190 1-5 §Mc 

18 0.5h 

70 — - 



13(22 5 
, 7 II 4.7 

^ ® 

tiftn 9flvd v9Tb 1° 

Do. Fra 

WankieCoI.Rh.1 — 

T ^ 

15*2 - 


sssa&ar. 2® :! Qiic 

fi.M. KJlPOorLeSl. 55 ~ 

Hampin Areas 5p .. 132 

H ampin Areas 5p .. 

Metals Eat 50c 
M.L4LHIdt- 50c... 
Mount Lyell 25c — ! 
Kewroetal 10e — 

North B HjIISOc — 
Nlh Kalgarli 

34 . ... — 

218 +2 Q°c 

36 .... - 

4 *4 +1 4 r~ , 
140 -1 Q8c 

15 -1 

MtodSttiZ: 170 .4 tQlle 

PacUir Copper — 46 — 

Panctfll! £jc- -a- _ 

Parinsa MiEiap- 
Welti MimnjiSUc.. 
WhimCreetae— . 

36+2 — 1 

532 +12 Qlf-r 1 

158 W6c 

50 - 

7 5.7 30 
4 - 36D 
_ 60 
r _ 290 
1 16.9 1A5 
- 90 10 

a = fi 


Amal Nigeria — _25 

.V.-erHiumtShil — 350 .... 

Bora It Tin - v 

BerjuniaiSMl 285 +5 

Oeevor . . .. .. 

UdrlABaseCi®. 10 .... 

U^engCons 290 



Idns lOp 


KaiminimrSMOfiO. 6B 

tolas^gtngSMi' 390 

P^gtodenlOpTl Mri 

PWalingSJU 208ni 

Saint Puan.— .. 5; 

ssraso s 

Sifrn Malayan SMI. 300 

Sun^aEesiSMl..- 208 

Supreme 'Ajrp.SU 75 | 

Tanjonc J5p — - 9Z 

Tongkah Hrbr. SMI 96 

Trocoh5ML 210 

.. h3.52 
.. Q3.5c 
, S4.13 
.. 62 
: 1.50 

1 6.55 
... 8.71 
... Q12°t 

2 +21.78 
L 4.26 

L tlS.O 
... Z0.66 

19.01 za 16 , 
1J 2.1 43.4 1 
4.7 45 47 
1 1 19.3 i6.7i , 
<t> 5.7 « 

♦ 2.7 • 
3.2 4.9 8.3 
24 1.9 22.1 
4- 7.0 4 
21 7 4 7.9 
32 5.4 102 
63 - 43 


PcnglalenHip — 


Saint Pirun.— •• 

1231 1.6 15 2, 

Hts" 8ll.i 

« yj 

13.0 0 9 7.9 

120 16 21.3 

Z«3i 07 T9 

*. ,a u 

13 iol 

«B il S 

m. 13 1.511.2 
10773c 14 8.4 
iWDUc 11 9.4 

ZQlOc - 2.9 
6.5 0.8 10.7 

1-6 $■ 

2 QB 8 cl 16 9.5 

- - - - (TOWER 

i 6 34 17 U4 %S) 100 | 70 tMessinaROSO 1 96 f-2 !*Q30c| 3-9f t 

*" 132 * 83 * 


u H u y sssBsjai S. * 

1 , J4.43 13 SW 3 flo 

1 U75 33 3.4 193 gj 
.. 65 4.4 4.7 18.0 ^ 

... 3.10 27 7.8 (56t “ 

Q8% 18.0 ra.7 - 
.... thD75 11.0 1 7 8.0 ,?f 
D.4 312 12.7 — 1,3 

NorthgateCSl ..... 

R.T2. . 

Sabina lod&CSl— 
TaraSrpUt-Sl — 
Tehi>ly Mineral Ulp- 

YirtobC(iQS.C51 — 

227 * 1 95 ZB 6 3 
60+6 . 

£ S‘ 2 " 4 L33 * T7 1 

173 Q7C 2 . 9 I 19 


100 +1 





9 -2 

lied Textile— 
ckman AlOp.. 
odSt-Fah. lOp 
it.Enkalon — 

it. Mohair 


aoitaulds-.-- - 
De. T% Deb 82/7 
Crwtba’tJ.l — 
InawsonlntL — 


lixoofDavidi— .. 
oaerOobni — 1 

BKi a 

liebams— .-I 520 

IwasCipap— > 
iomlray — 

Do. - A'20p 


15 -2 
69 -1 
60 -3 


India and Bangladesh 

210 +9.51 5.9] 6.9 

305 hl625 4.9 8.1 

123 7.0 3 7 8.6 

27*2 +*2 +1.98 16 10.9 

3 I 5 +5 +1Z00 35 5.6 

340 +10.00 6.6 4.5 

35 U3-5 2.7 87 

J75 -10 15.08 4.9 61 

25 +FL72 32 10.8 

39 +2 P13.0 3.6 82 

170 9.0 4.71 8.0 

Sri Lanka 

210 (123 ILmrava fl. — 1 I— I 3-3 I ^ 


560 I 150.0 | * [133 

180 | — ... 1 13.0” 1 + ll0.9 


central rand 

24! 1+4 I — I - 1 - 

303 tQx 16.fl J 

£35*8 +j Me 23| 6.0 
116 -7 tvBc 6.7 6.9 

eastern RAND 


?S + 4 S 

349 +5 t< 
46*2 +*C t 
116 +6 ff 
51*2 +t , 

62 +S C 

648 +9 ri 
53 . — 


336 +9 Q&c 
£10*e +»* Ql70c 
S3 +4 — 

332 +13 tQlBc 
760 -2 Q78c 
199 +2 
108 +2 KR45e 
£14*2 +*3 Q250c 
526 +2 Q30c 

606 +8 wee 

478 +7 Q2lc 
241 +4 tQ22c 
£13*2 +U 


169 +1 ®3c, 
814 +15 0823c 
233 +10 Q4L5c 

\Cn\ort ^ mtanrlw ladicted. prices a»d "•* 4i*«f «SL2SL22 

z n f 

[ 03.0 12 Ji 

sl§ qL6 V. 

Q S - 43 4 sterllci; dcnomiiut*d «eoiiitie« which !nclnd*Iin*^»»*t 

Q12*>c 15 42 dollar premium. • 

' 4 WO 16 44 * USE Sdbw marked thus haw h«n a 4 i«sled to aM 
1 5 %: 10 46 for rights Issoes tor wsh. 

ii 74 t Interim since increased “ 
nDA3 3-- aJ . 1 n i^rim Aince pflAficd or defciiw* 

M o q It Tan-tree to notveesideota on appUcattan. 
hU5 L91 33 ^ Fifpue* or report awtuied. 
tt Unlisted security. 


c<ner relate* to previous dividend or iorecast. 

. - .. ]r ree ot Stamp Duty. 

a Merger hi J or reorganisation in progress. 

51 il U i £rSHU« I ilnal amber reduced «hP. 

> ll jJ{ f T^SS'dhldend: cover on earnings updated by latest 

M 35 53 . S»5r“iteSJto-" Aversion ot shares 
.00 6.6 4.5 * dfridoids or ranking only lor MCMd IdMdnd. • 
1.5 2.7 87 * ci"erdoes not allow for shares which may also ratdtlor. 
08 4.9 6 1 * diUdond at o future date. No P{E ^retio usually pnrrided. 
.72 32 10.8 p Excluding a final dividend dedaraaou. 

5.0 3.6 8.2 + Reponal price. 

D 4.71 8.0 n So value ^ ^ ^ or other offidd 
esimsf c Ceuta d Dividend rate paid or payaWe ntat 
S* ™tti»l- based on dividend on full capital. 

s , U | 4.6 £* 5 sSjs 

< pjytment from capital sources- h Kenya, m Interim biBBM 
ihln^rcriotu. total, a Rights issue pending q Earnlnga 

0 | A [233 hSsd^on preliminary figures, r Australia n 

Q-\t [l0.9 redo’^d 

d.vHdend co-.-er based- 

S 5 ?Sa?S , 35^'S^'S!3S 
hftj a ^vSuSS^SSssss 

1 Wjo 

gjj y * 

53c 12 3.9 01 sloc '’- * 

J46c 10 23.7 ^ hbr «, 1 aitons: *ie* dividend: me*. scrip issue: * ex rights; a ex. 

I25c 04 241 aU: * cx cop,lal 01Strlbl,tiOn ' 

l? - Recent Iasnes ” and •• Rights ” Page 36 

s This service is available to every Company d«Ut inon 

l Stock Exchanges throughout the United Kingdom for a 

)63c 1 4 1123 fee of £400 per annum lor each security 
il70c « 99 

regional markets 


3.2 44 TliefoUowiiieisasejectitJnofLo 

33 K ^ ^«ed on the Irish 52 

it Tt Albany Inr.20p 23 Sindall tWnU—1 87 

H IS Ash Spinning- * 

17 4.7 certain 22 

2.4 6 J Bdgvrtr EfLfflp 270 IRISH 

* cndgftMfix 445 m :::::: conv.9%^ofai.i — | 

DvsoniR-A.iA- g . — Alliance Gas— 73 --..1 

v^\< McHih'v. 62 Amott -1 34frdl-t-» I 

O $JS. 

Ellis i hlcHdy- 

Eve red 

Fife Force . 

QUc 1.4] g 

+t* t&fflc 2 j 92 gSi^shSsf: » 

+1 — — — ■ Broa< 80 


Investment Trusts 

u» ,87 1HK— 

Aberdeen lms. 
Aberdeen Trust 

b Ailmlnv 

AUkiOfC Inv. 
Alliance Trust. 

1 Do. Capital SOp. 

I Ambrose to. Inc. 


i. AmeriEmTnisI. 

1 American Ttt.'B' 

I Anglo Am. Secs- 
I .Anglo-lntDlv. 

I Da Asset Ste— 

i Ando-ScoUpr. 

} ArmitedeslUC.. 

) DaCap.50p 

1 AreoInv.tSAiJ 
6 Ashdown Inv 
3 Atlanta Balt. lOp. 

9 Atifiinir Assets 

Lb WU Elect 

} Ama-tlnUjOpl 
8 Bankers Inv. 

Pr Berry Tnia 
6 Bfboosuiel 
0 EifhopsgJffiT 
ri 2 Bwder&ahal 
% Brazil Fund 

5 Brazil Im. 051 

2 BremarTst.. 

6 BridgewaierlOP- 
34*2 BriLAmiCefu 
60 British Aisei*. 
9i a BriLEmaSee.' . 

8a Britlni&Ceu- 

10 BriL Invest. 

2 Broadstn^OPJ 

£15*8 +*« WZ®c 
88+1 — 
332 +13 Q55c 


a iii® 

173 r3 - 

262 tQ35c 

£18*4 +1j KBMc 

HisspnsPrew- 80 
LO M him £!-• IS® 


N’lhn.GoWinBtli 54 
Fearee.'/j Hi- 165 
Pet-i Mill? ... +0 

Sheffield Enck 45 

SESEZlZr: 3^ri+6 

Carroll fPJ.l.— 9M 
Clondnlldn.- — 95 -i 

Concrete Prods. 135 ...— 

Helton (Hides.' 40 

Ins. Carp — 148 -.... 

Irish Ropes IM +3 

Jacob g -3 

Sunbeam ,33 

TJW.G 173 +3 

Unidare 90 


565 +5 
332 +10 
£1718 +lj 

150*d +7 


17\ +*4 
£17*4 +\i 
£13 +* 8 
£14 +5« 
188 ....... 

30 +1 
195 +5 
112 +2 
£11*8 +4 


426 +14 
220 +3 

£14** ...... 

222 +2 


64 +4 

3.4] 6.3 
A 6.7 

11 5.8 

« 96 

ql4 8.4 
2.6 7.8 
1.3 9.0 
2.1 7£ 

12 5.1 
22 72 
* 82 


3 -month Call Sates 

'w-«* 6 „ ififar — p SSsJKSr S 

g ^a-r 1 yesssz ? 
giiSa sfc » ^ 

SSSSf^;- g ugjf®- f f* 

IritJhOwwT 6 London Brick. 5 ^treuropean 4 ' 

Kai-.:. 20 Lortrho 5 LandSecg — 16 

nm-rnn-A' 12 Lucas Inds.— 25 ME PC 12 

Ste : :. is %Z£= £ BSte S 

gsks”-:. I . BURS 8 To, ™ tciB “ “* 

83?!*: •' U iM^SSi 3 EnL Petrol eum- 45 
E-M L-. ■;■• 8 BimnahWL- 5 

Gen. Accident 17 “ CharterhaU- 3 

Gea. Electric 13 Pieswi a Shelf 28 

Glaxo 40 R-I+AU -■■■—■ lfl Ultramar 20 

Grand Met — 9 R«k urt a . .. 

£383* +*4 Q600c Ll 9.3 
84 -1 tQTlc LO 5fll 
366 +8 QHjSc 33 8.6 

£11J> Q2D0c. 39BA 10.4' 

64 *+l«Zfc.iO i 
S4 -ri n&x i.9l 

Gea. Electric 13 g Shell 28 

SW " ? KHoS-E: 18 vnnwar 1 20 

gTs ■ V...:- 20 ¥ Mines 

Guaidian ^ 4 Charter Cpns..| 12 

u«bbLr<idd" 20 Tliom — Cons. Gold — 14 

.gjJffflSS: S Trust Houses, 15 RioT.2Sne.--l 16 

• ■u'irdion n r Option? traded is Riven on the 
, A i^ndon Stuck Exchange Report page 


CARDIFF, 53622^. 



Use • 

• .3 j - ^t*- 

->i f > fi> 



Wednesday June 14 1978 . 


’ 37/45 PAUL ST. LONDOPf EC2A4PB - V, V 

could delay 

economic recovery 


Zaire accepts 
Western plan 
to curb imports 



A STERN warning about lie appropriately financed, while at exchange rate volatility as 

risks nf a rekindling of inflation, the same time maintaining a firm causes of concern. 

even in countries where present monetary posture.” He said it was difficult not to 



BRUSSELS, June 13. 


.lit tkSli 

■kiW r 

even in countries where present monetary pusiure. we saio it was annum nui iu BRUSSELS, June xa. luI1 6 j Qce ^ major in- 

rates of price increase are low. He was coavloeed that high ZAIRE to-day agreed, under pres- mid-August He will have wide ^stment trusts were taken over T _V *) A A 

wa s given yesterday by tor. marginal rates of tax and levels waste of resources imp e c sure fronj jts pr j ncipal western authority over the operation of b tension funds late last year hlnGX TOS6 2.4 lO 4 

Cordon Richardson. Governor of of government expenditure had siderable risks for the medium CTe dit 0 rs, to impose a strict new the country's credit and pay- pension 115 . 

the Bank of England. “dulled incentives and loaded in *°« l^S systcm and SLSSS^Sr Jttl - 

In a major speech on the heavy burdens on the productive productive investment. place its public finances under Zaire has also consented to Barclays Bank emerged as the ■ . . . . . — ■ 

international economic prospects, machine in many countries." The Governor also gave strong the supervision of outside* experts the appointment of another out- intermediary in an lngeiuoi^ -»i|»ii| ive niuv 

Air. Richardson identified infla- The main emphasis in the backing to the operations o! the as a first step towards re-order- side official as principal comp- scheme for the Post Office Staff- DAnuLAlv DAIIIV. 

tion as a “lion in the path" of speech was on inflation and the International Monetary Fund as tog its troubled economv. trailer of its finance ministry. Superannuation Fund to acquire «-K A rf ra ,^li»dei»asits. i - 

c -re yc. fhp mn<f annronriate multilateral *_ in. i 4 TViict. ntxrrxnrfi. naxMi ui oa#nuu w 

^ ^ on 'this side «f the ' valve .bos^ 
T . • ~ m , m, ^ ness are negligible.’ About- two- 

mdex rose 2.4 to 474.0 thirds of sales are exported, and 
- ~ ' margins have been sliced by a 

* UT **<“*•• s.*^h***«**» *** . .. 1 „ , — ' - — -’•■-±4 1U»«U4 «C- 

lion in the path ” of speech was on inflation and the International Monetary Fund as mg its troubled economy. 


economic recovery. 

fea r? f ^£*23.?“ -SfiS!!: or The measures were endorsed with special responsibility tor t he Investment Trust C»rpora- 

He rejected the over-simple mains a “powerful constraint on channel for provision of official QQ th0 tet day *0^3 * two-day pubHc spending, budgetary tion. Barclays, which unlike. the 
view that expansion and price both public and . private confl- i-ffSHSK!. nrff tinn^* meeting here between Zaire and and the running of f un d can issue paper, is making 


argued in favour of policies con- The Governor said that appre- inis snouia oe in paxauei mm 
tributin? to “some reasonable hensinn about inflation was not financing arranged by the banks, 
rate of real growth." as sug- misplaced. ' The prospects in he said. . - 

gesled in Monday's annual report a number of countries seem, to He urged a change of . senti- 
from the Bank for International he for some increase in inflation meat to > mmc « S»at«ru«e 
*>>>nipmpnts rates. of the funds condiuooal facili- 

Mr Richardson's soeech hi-h- He ab? ° highlighted the change ties by deficit countries. 

.vir. JMCQdrosou s speecn m^n- nn u is if in manv r-nsps 

It is not yet known whether 

.The talks sponsored Ky Eel- SM**' 


in IhinlUnp about liOBIIngar “Nit ooly is itT in ranoy coses. Se7n.e™,SS Mmef^ Fun™ ~ noon u possible, is considered oroond £93m. When tto desli- „ 
h^hts the advice which the Bank c j, an „ e ra tes in the direct interest of a coun- the World Bank and the EEC 3 s * e P towards staunching goes through the bank will, pass - 

of KniT nnri h:,>! hppn oivin.i u, “ V ... * _ , ■ ■ ^ il„ l — .h. nr .,, n f^-<r*c .u. >a «i > 0 Dnrf OfRnn 


of England has been giving 
within the UK. 

Expansionary monetary policies 
and large increases in public 

„ change rates. in the direct interest of a coun- the World Bank and the EEC . . , , ^ 

tieen giving “Whereas we once - thought try’ to accept a sound economic Commission. the heavy drain on the country s on the trust to. the Post Office. 

that exchange rate changes had prngrame worked out with the officially the n™ nne ni ... depleted foreign. exchange fund for some £85m in cash. or. 

metary policies aQ ijnponant contribution to assistance of the IMF. but also pose ripf,.!- crmtrnT^'nver rhp reserv es. aQ d ensuring that 264p a share — represen ting .a. 

make to ihe (balance of pay- the adoptioo of such a pro- IrStStST flh^Ste economy «“*!* '^ orXs are ^conomieaUy of l0i cent. ■ 

1973 '74 ’75 ’7fi *77 .•». 

expenditure were both described memsl adjustment process, we gramme can unlock further ^be^l attritalBdto^thrreiSS 
as mrely to be inappropriate. are now not s0 sure." amounts of hanking and other pf D ^ de nV Mobuto S^e 45) 

On fhp nfhpr hsnH inri mmiic u. Afhar. _L l * voiuvrut lauuuiu oeSe oehO. 


Zaire's creditors consider it 

recession, in the refinery apd pro- 
cessplantindnstrieswhlch: has 
coincided wlth^^ ihtFoduction 
of . nfety - valve capacity around 
the'iworid as a result 'd the 
boom, a couple of years ago. 

Other pafts of the valve hiisi- 
ne^ have ’not been so badly 
affected, as Hopkinsons Hold- 
; ings— with its emphasis on more 
^specialised power generation 
•_ products — . Kas . jshowru . But 
• Peigier has - other- worries, too. 
"Labour unrest, especially: bn. the 
-building products - side, could 
havel knocked’. '.Back', the latest 
. profiteby roughly., fim- & swing 
jsagetali: stock profits, to 
- losses has taken out about 

Itfji & 1 


1 1 

r * S -5 

14 On the other hand, judicious jf e noted that substantial commercial finance which other- g ut nth vLj" equally important that manage- 1 arrangement are, first, that the rights issue. 

f rprtlirtinnc muv fndpr OIC. _1 ... nnMantln Km tuilh. DUl . ULlier governments nave 1 .. c .1 ... I nAt. .IZn. ...K ; nl. MUM a. ■ - 

_ , ^ jEli-m, And. tougher competition 

The advantages of ^is half the discount InroWnd m a; tot he marketer oil wellhead 

lax reductions may foster ius- changes in exchange rates now wise might prudently be with- made ^ clear^ tha^thev^ir^mK ment * of the conatiy’s internal trust gets an offer which, even. At this point, .however, the 
tamable expansion while, at the fed through to costs and prices held. willing to 5ve any further aid financial affairs should ensure on the basis of the 264p a share reasoning gets fuay. A discount .. CB. oy 

same time, through the increases more ouicklv than before. Mr. Richardson said the ■irIaci 41.M. that monev is snent on the I nnHprwibtton »ch sltamaina in — Oilfield £QIZipiQ6nt . 

same time, through the increases more quickly than before. 


in real income produced, helping “It is perhaps not too much fund’s supplementary finance assurance*. ,h a t it Liii Iip purposes 
to moderate the pressure for to say that exchange rate move- facility (the Witteveen facility - ) p roper j y spent intended, 

higher wage settlements." ments in recent years have con- could provide an important Zaire is in the midst of neao private % 

Mr. Richardson, who was speak- tributed to a polarisation of complement here. tiatine a new credit aTrmrement the case 

ing in Berne yesterday at the economies-teoding io make the There is still scope for Zaire 

annual meeting of the Associa- strong stronger and to weaken increases in bilateral capital t0 {orm ju b ackbon e nr 7™ creditors 

tion of Foreign Banks, claimed the weak." flow-^-botb of official capital and S/SEteae DaCkb0ne 0f a new 

that the UK was attempting to Mr. Richardson identified private direct investment— parti- It T Government a i c » ernnnmv 

unless they receive firm that moo , ey “ ® p ® n . t . * e underwritten cash alternative of 10 per cent given away to w,. outlook- this ^ ■■'■vear should 
assurances that it will be P«w« for which tt is offi n aJJy comes out slightly above the net outsiders is not at aU to be be * U briAtS? i/pSler Sn 
properly spent. intended, and oot misused for asset value. liis is stated to be compared with even a 20 per 

Zaire is in the midst nF nego private gain, as has often been 261 ^ deducting prior rent dSeonnt offered to eriS 2? - te ons right 

dating a new credit arrangement the case in the past . . S? 1° -Is - -sign . of .. any 

that the UK was attempting to . Mr. Richardson identified private direct investment— parti- “Its^Govereraeiit is also seek- Ic^omy art InennSiigmda^ share off " ^ fact currently £? others cOMeme“d"iS 'thift '™ET“ Rn 

follow a policy involving some inflation, the recession, and con- cularly from some major surplus emergency aid to restore tioD, particularly in the mining worth even more than the fill] Barclays’ shareholders are at - 156p * $ - P 

on n \ ?. red }*. r . scal l TPdn can De Dalance payments and couotries - cent invasion of Shaba province, affected by the recent fighting in which a pension fund could not bonus of around £10m into, the: 

as well as substantial new Shaba. Belgium believes that the possible afford to pay directly. Jatty . • JOjHlSOn MfiluiCy 

A f °U hi new long-term 5Stoi?to S 1973 d lCT“s at reSt0nnS Secondly, the pension fund Barclays is also blurringovgr-V After, the record^results^ of 

I 8 investment from external sources Thp ftthpr nn W mm-nfc avo ‘ds all the publicity and iin- the purpose of the^, said 1976-77 Johnson^ ^ Matthey ended 

Thom to market Japanese 
video tape recorders 

The other Governments repre- 

remmuniStiSS’ Md'SSJVn^* 1 *’ Japan. Canada'and iram^Saudi' funds in buying Edinburgh and group deposits have declined by seemed set fair for. a; good year 
It has been agreed S' an Arabia ha5 been invited to the Dundee and British Investment 5 per cent after adjustment for when Mr reported .17 per cent 
IMF nominee, assisted by staff nieeting but did not send a Trust, respectively. It pays inflation. Shareholders should growth in .first quarter profits. 

ir p:c p:nr 


TOKYO, June 13. 

JAPAN VICTOR has reached the Thorn video taperecorders Both groups had to adapt their 
agreement with the Thorn group will be sold in Britain, but says sets to receive the PAL system 
to supply 20.000 video tape- that its own sets are being sold of colour broadcasting used in 
recorders a year to be marketed at about £750 each. the UK and West Germany 

by Thorn in the UK under its Victor is aiming for direct before they could enter the 
own brand name. export to the British market of European market 

The agreement includes a 30.000 units a year, ip addition j apa n Victor says that its 
clause on the supply of infonna- 10 -0.000 units which will be arrangements for entering the 

tion which will enable Thom to supplied to Thorn. It expects its European markets are complete 
start assembling recorders 3fter total ^tern European sales to with £b e signature of the Thorn 
two years and, at a lajer stage, re3 ^ h 1 10.000 units a year. agreement, 

to embark on full-scale manu- _™ 5n i n *SjJ ♦J S fan r h? Jr ““ Wilkinson writes: The 

faCture ' h^ e $fci£ ri <Sit f thL viliKriP Sony and ^ Victor systems will 

The agreement is similar to «E5LS2l ** 1116 volume be in competition with a third 

arrangements made by Victor 01 s, “" increases. system being marketed by 

wilh European electronics manu- Cpfc o Hunt pH Philips of Holland. The Philips 

facturers. including the French auapicu system, which was first in the 

of about six outside experts will representative today. hardly more than those institu- note the recent evidence .of tiie though that was the latest in a 

take over as principal director Castro blames BnezinskL tions. and avoids- the risk of ' London Clearing Bankers to the series of five quarters of declin? 

of the Zaire Central Bank from Page 4 being stuck with an awkward Wilson Commdttee. • They, ing profit growth rates. The 

— — — minority as the Coal Board fund observed: “There, is ample normally quiet second quarter 

has been. Moreover it has been evidence . . . that the banks have turned in unchanged figures, but 
ir ~W "B • A able to pore over the portfolio had to turn; to. the capital the thiid resulted in a 32 per 

1 Qa 1 1 1 in advance, a privilege not avail- markets merely to maintain cent decline. At Jeast the fourth 

JL-JM.GfI' fcLS. Ir O able in a contested situation, their position in real terms.” quarter is better than this, with 

Finally. Barclays has been profits only 21 per cent Iowa-. 

pull out of Lebanon Smss^ ' 5r«i«ssSws"sK 

of a percentage pomt— without month, and now Pegler-Hatters- where overcapacity has knocked 
launching a conventional rights feY corifirms itr the UK valve margins severely/. Elsewhere. 
BY DAVID UNNON South Lebanon. June 13. issue: the move is equivalent industry is having a very rough the contributions from banking, 

to a one-for-seven at around Pegler’s profits for the and colours and transfers are 

ISRAEL TODAY’ withdrew the the UN concerning the move- 290p. Apparently the scheme Y ear to April are down from slight^- up, while profits from 

Last Israeli troops 
pul! out of Lebanon 


South Lebanon. June 13. 

Hh European electronics manu- C ets oja D tpd Philips of Holland. The Philips last of its troops from Southern ment of UNIFIL troops in the was devised by Samuel Montagu. f I8-2rn to £12.6m pre-tax, and the. fabrication of precious 

cturers. including the French r system, which was first in the Lebanon, three mom bs after they area under his control. He would and offered to ' Barclays the main reason is .that the metals are only maintained 

lomson group. f J ®J* n & nf fleld * r S t less . e . C0Qo ^ ,ca J m the invaded the area in L-n attempt not give any details of the several months ago as the first world market in steel valves— because this divisioo ineorpor- 

ari^in, .X P bXeen *1 Jhlc'b“ fn c“mp«iS ^“is'dairnTby JSlS““ h *"• *“*" SSSSSKTV*? “ * Iist “ f r° tential “f f SS^S&MSt * SS. 

^jnv. although Japanese elec- Sony. Members of the Beta Tapes recorded on any of the “monitor the situation’’ and to . fK „ _ scheme was more hit-or-miss in S profits amounted to f 10.5m, time. ■ • .... 

ironies companies — including Format group, including Sony three systems cannot be played protect the Christian minority •“•“ t>n . v McDermott adds: {2j an a rights issue the need for of which. 'something like a third At 428p the shares trade on 

Victor — are qiaking direct itself, are also exporting to back on rival equipment against Palesitinian attacks. * whether there has been some new capital was not urgent and might have come from steel a p.e. Of &2 while .the yield is 

exports of videorecorders to the Europe, but appear to have made Philips is believed to be The Israeli positions within the « w 1 ^ between UNIFIL and raeailt j me t jje trust route could valves. Now. trading profits are lower than the market average 

T, K. a later start than Victor and. so talking with Sony and Matsushita 10-kilometre-deep belt along the s or QOt - nrnduce raoital ar onlv about down tu £6.7m, and the returns at 4.8 per cent ‘ 

Victor was not willing today to far, to be shipping smaller about the possibility of length of the israel-Leb^e the ,3tte ^ s forces act,Q S ^ a sur- P rodu ce capital at only aoour uuwu ur c uun » n.p pw u u . 

i_k *i . _ i_ • j : _ r t. . « .!• * j . l * « i , . rnoatf* I.mtootnre r»f Trvnol'n I 

speculate on the price at which quantities of sets. 

Leyknd plus hopes 
on incentives plan 



PLANS FOR a new productivity day-work system. but will 
incentive scheme at British Ley- reHect Mr. Edwardes’s belief in 
land are being pushed ahead by the power of incentives. 

Mr. Michael Edwardes the chair- Mr E dwardcs warned that a 
thp maJ0r confrontation with the 

ouiDU^IeveL dlus,0D - unions at the present time could 

output levels. “break the back of the com- 

He told shareholders at the psuiy.” 
annual meeting in London vester- * >.• 

day that an incentive scheme Appalling 
could transform Ley land’s “ Pfe- Last year bad heeQ ^ worst 
carious position. It is crucial f 0r Qj an -hour and production 
to the survival of the company | 0sses since records began. The 
that a productivity incentive- conipany lost 3 . 7m man-hours 
scheme is agreed very quickly due t0 internal strike action. 

fi* c ?5--. ils f ^5 as J e * n t0 - T SP wbich led t0 ll7n man-hours of 
Industries (Lej lands engineer- production losses through other 

. , int ?i r K Sts, j an< ^ Ley land workers being laid off. while 

standardising designs. border were handed over to the F°p tc protectors of Israel’s . — 

Right-wing, mainly Christian, interests means that tension in 

. militia. Israel refused to give its sout b 1S bound to continue. 

• • positions over to th.? UN peace- rT , 

I keeping troops, with whom re- UDliappy 

lations appear to be strained. Fo _ - .. UK TODAY 

1 The formal handlna-over cere- ic l PJL f xam .?i e ',^ res, ^ en ^ ... . 

Crlirlv money was staged at the Sbia if keen— with the agreement of MOSTLY dry, but showers m the 

MliUy Moslem village of Mis el Jebel. i, Assad n f «. S ? ri8 r wb ? se ®* 

• P close to the Israeli bnrdcr-town of U P but a fraction pj England, Midlands, 

nnPPG AT Klryat Shmoneh and midway Ar ® b Force in g # Wales, Channel 

jjllLv5 UX between the two main Christian k el)d f on . !° estatjllsb Dry. sunny intervals. Max. 17- 

enclaves in Southern Lebanon. JJj* central government through jjjq (63-66F). 

aq|* CTr%C|t"OC According to the Security ^11 °!l n sma - f ? n( ^ new ly re - _ . .. F „ F Fnplanrt 

LdF spares council resolution csublishins l0 ™«> “« area - Clo^y srattTrS shower; 

* the UN Interim Force in The Palestinians and Left-wing Ma V.°^c /gap! snowere. 

- . - Lebanon, all the area occupied forces continue to be unhappy at ’ 1 

--n c' : es 

to study 
prices of 
car spares 

By Elinor Goodman . ^ |>y Israel in March should have the role Major Haddad is play- 

Consumer Correspondent be(?n taken Qver by UN ^oops. inq. As a result all the elements 

sailiiLion establish in'" formed army in the area. E. Anglia, E., N.E. England 

hitoriu. Fo?M "S The Pulejtlniun, and Lofi-wins mS 0 ^' 15S Sh “ WCra ' 

11 the area occupied forces continue to be unhappy at / 1 '* 

; \\;«-TCO ( 


^ _ 

”* ^-C C jCqij 

interests! and Ley land workers being laid off. while 

\ ehiclcs, he said. another 3.3m man-hours were 

Mr. Edwardes’ warning comes lost through disputes at 

after a five-month period in suppliers. 

which Le.vland met its sales and nn . itinn . 

profits targets. But he stressed .. T* 1 .? P h * U °? ,i pp ^' 

that the group managed to DUSt . 

achieve this performance only 

because of the March Superdeal surv,ve another year like 

examine the prices of spare 
parts for cars. The reference 
was one of three announced 
by Mr. Boy Haltersley, the 
Prices Secretary, yesterday. 

The investigation will cover 
all the companies in the 
industry, including the car 
makers. It could result iu 
long-term recommendations 
about prices. 

The reference seems to have 
been prompted by complaints 
about the high prices charged 

In earlier stages nf the with- for another outburst of clashes Dry, sunny, 
drawal. Israel gave up its posi- remain. 66F). 

tions to the UN troop*;: but this © In heavy fighting between Borders, Ed 
time it insisted on banding them rival Christian militias in the Aberdeen, 
over to the Christians, who have northern Lebanese town of Moray Firth, 
been backed by Israel during its Ehden about 40 people were w„ N. Scl 
two-year battle against the killed. Among them were Mr. SI 

Palestinian aod Moslem forces. Tony Franjich, a deputy and the Dry. sunny 
Major Saad Haddad, the com- son of the former Lebanese 16C (55-61F). 
niander of the Christian militia. President Suleiman Franjieh. 
said that his force was strong and his family. The fighting ro,,en von* 1 
enough to control the entire reflects tensions between former Outlook: Su 
border area. members of a Right-wing coali- dery showers. 

He said that an agreement lion known as the Lebanese 

had been reached last night with Front. BUSINE 

N. Wales, N.W. England, Lakes, 
L of Man 

Dry, sunny. Max. 17-19C (63- 

Borders, Edinburgh, Dundee, 
Aberdeen, Glasgow, Argyll, 
Moray Firth. Cent Highlands, 
W_ N. Scotland, Orkney, 

Dry-, sunny intervals. Max. 13- 


Pollen count: 25, low. 

Outlook: Suuuy periods, thun- 


for spares and the differences 

between tbe prices paid by _ - 

vehicle manufacturers and V^Ontinuea ITOm Page 1 
those paid by motorists. 

•C *F 

•C *F 

Atexndria. S 88 T9 Littemb'g C 13 55 1 

Margins are traditionally T/^T txniMirr Aflww s a 90 iiiaDciwtr. 

high on spares despite the JLVxl W3FfllI12 I “ % M?| l ^ urn ' 

Increasing competition be- ™ Belfast f is 50 Montreal 

tween motor manufacturers dozen people starting in Janu- guidelines. Belgrade R 14 37 Moscow 

and the specialist component ary this year. _ By tout time, says All the company’s manual KU. c u so m 

manufacturers. Leyland s corn- the company, it bad lost far more workers have been made a 10 Bnsioi c ii w New York 

pouent division is one of the artificers. ppr cent offer to^etlier with i ® ru J sa, -' ls cum Oslo 

The compan y says that union continuation of the existing pro- WSSST S S U SSS 

52 ^ commission has akn demand for higher pay for these ductivnty scheme in a deal due £aire s aa sr pwoo 

be™ asked to took at the fades of normal workers cannot Jo run From the beginning of|gS2. i \\ | 

nncpc oF nortahle nnuer tools be met because pay and COndl- this month. Colocnc C 13 58 Rome 

Sf the kind made by such com-’ SJ'S, slaff J C Lw? h ° ff . re 5 trUrtUP ‘ r. S St sESEZ. 

panics as Black and Decker, ? ove , rn?d bj ^ftiooal agreements mg which would include some Edinburch f n » strasurg. 

and the distribution or leans. ,nv . olvm ? ■number of signatory upgrading of fitters, electricians ^rnokron c ;« sr Sydney 

unions and it has made the and artificers but the unions qS r ia ^ TdArtv 

Amsldm. C 12 54 Madrid 

S 32 90 Mancbstr. CUB! 
S 36 97 Melbourne C 13 54 

Barcelona S 22 78 I Mil an 

sales promotion. 

F 15 50 Montreal C 15 39 

“If we could repeat March in n ! tel "" s ; , attended 

terms of sales and profits we *5®“ t shareholders, was 

would be out of the woods finan- markedly less aenmomous than 

daily. But ihe fact is that our ■ ? f ,?* ? tormy enc cunters of 
production levels do not enable „^_ ea ^ s 

Belgrade R 14 57 Moscow 

The only issue 

us to approach toe March up in ,f n >' f ™ was ^ 

volumes" proposal to change the name oF 

, , , . . tbe group to BL Ltd, which one 

Altoough Leyland would give shareholder said belittled the 
no official figures yesterday. Mr. name of Britain. But the motion 

Edwardes went on to admit that was eventually carried. 

the chances of meeting its pro- & production' of Rover saloons. 

duetion target of S19.000 cars Range Rovers and Land Rovers 

C 16 61 
C 14 57 Munich PUS 

C 10 50 Newcastle C 9 48 

C 11 53 New York C 19 65 

C 12 54 Oslo F 19.66 

C IB 61 Parts -C 13 .53 
S 13 53 Perth S IS 64 

S 38 W Prattle C 15 -54 

C 11 52 Reyfcjvx. Dr S 46 
S 14 57 RlotfeJ’O S 24 76 

C 13 58 Rome C 22 72 

pouent division is one of the 
car company's divisions which 
consistently makes money. 

The commission has also 
been asked to look at the 
prices of portable power tools, 
of the kind made by such com- 
panies as Black and Decker, 
and the distribution of Jeans. 

k’r y j ar »i. lt . is was halted at the Solihull, ( Q flitS) I jo-tans 

believed that output is running Birmingham, plant yesterday. 

at about 75 per cent of what the following a strike by 80 external i * «, _ Continued from Page 1 Lomlon 

company is aiming for. following drivers. ISIY & 

some improvement at the begin- T h e men walked out after a _ • o , 

nmg of this year. shop steward was sacked. Half By Ivor Owen, Parliamentary Staff f OSl. TllUfl 

Leyland 's first attempt at a the 6.000 assembly-workere have MR _ jqel BARNETT. Chief XULIIU 

for the cars be ^° la |? ofi ’ T ... . Secretary to the Treasury, is to under pressure to raise new the market level before the Ajaccio 

t\Z 0a afte £, 3 TsjVminoham ^"S^ndge plan^ have consultations ’with Tory capital but the approach by the issue was announced. ajkjms 

^ JS™ . A? MPs and their tax legislation pension fund had offered a The dSaf wilL to effect h* 

Capital gains 
tax talks 

maximum wage offer within pay rejected this. 

Continued from Page 1 

H. Konc 

c 14 57 Sydney 
K IT 63 Tehran 
V U 39 Tel Arty 
C 14 57. Tokyo 
S .11 89 Toronto 
s !L n Vbnna 
C 18 64 Warsaw 
C IS 64 Zorich 

C 28 72 
S 39 R7 
C . 17 63 
C 16 61 
C 1* 57 
S » 84 
S S3 77 
S 36 79 
C ID 50 
C 16 Sd 
R 12 64 

C 14 57 

Thinking ^boLit doing business ‘Dowp Under-? - 

Contact us atthe Commonwealth Trading BanKqf 
Australia. J J _ : . . ." i 

By Ivor Owen, Parliamentary Staff 

Post Office pension fund 


. " v. “ t'-'- . t ... V ^ — • nave consuuauons wiin lory capuai out ine approach by the issue was announced AJuiere s a m Jersey 

ballot of the workforce two Birmingham, about ISO men mp s and th e ; r ] ee «lation pension fund had n ff>rpH i tha -.hi uT v Bfamty s n nLuPim 

months ago. While management picketed the factory gates in an adrisere as Srt of LOSSES ?fce-ihairraan of Baretov^ «id 1 e ? ertl be “ toe*™ 

wanted a centraiiceH ftrfpn, unofficial omfpci 3 * in« nf Aam anvisers as part ot a general vice cnairraan ot Barclays, said equivalent to a rights issue on Bordeaux f 2S 7S Loror 

Siv?n C /co a n tr 0 C | en ave“« ; al%?m- 5^."SA”T™itaSl 0 SwE ™Sf* s ° f “ P ' ta ' 83,06 l “ Sfunis °' bringi ” 3 “ 2?J ,i S s ” f »« ™» SSL g S % 
S^lw1U2S ,, *SS sMeTup^Ue^. 111 “ D ' 1 am ° D ' “““ »«-»«? -IlllW— The'“fcr, wil, bo tba , a e SR*" f S S SSSn 

?el ate d ”.0 IpdiKl ° SorS“ ely A stiwaid said: -This is the a,f°a pTcess ‘la'stTht! Sa 'T 265 , Per " nt ” = « « SS- 

The com pan v jc expected to only way we can "et management n i. L r- raK aiscoum or only some 10.5 per just under 3 per cent Florence c » 77 saiztwrg 

put forward proposal? for its andtoefWk, commUto^toTake SSTta f Ho™ ofco~ SS. CU ™ t markCt . At s t a h m f e , lin f e ' ^relays Jg-. g J ■ 

roiiscd scheme next week. This any notice. If we carry n Q f'V" * "'!« L, 0 **?™*.” wih,..-- n,. l S S 

y ’ day Vday 

midday - - midday 

, c , F . c «p 

F 23 73 inanlnfl F 30 86 

S 29 84 Jersey C 13 55 

S 21 70 Las Pirns. P 2l 70 

G 13 55 Locanio C 23 73 

fa S Mra dispoia, * a ■ 

i . ..©Thft-and^gtetSS??-- Av ■> - 

— - — •• - • -V ’ • . l( oC - - \ili ■ 'V 

. , ' - - *'X;’ v - 

ctnn thP . an J““R comm ii lee. He empha- when Midiamt Bank made its its dividend in total by 20 per Innsbruck c ib ei Vaiencu 
p me sised that he was not making any f9bra rigbLs issue earlier this cent this year with .in interim f » 53 Venice 

S 46 184 
S 23 73 
F 28 79 
F 28 82 
C 18 64 
S 23 73 
C 15 38 
C 12 54 
C 21 70 
F 16 81 
F ?0 79 
F 57 Si 
H 17 63 

We’re part of Australia's largest hanking group and 
our London branch provides the ’vital Jink* between 
^.youand all aspects of Australian finance, . - ' 

'■ commerce. industry, rural production and- - 
. ' developments ofallkinds. . • 

Phone our Manager International to forgethat UnW 

jgljj gfr * - ... -r 

Commonwealth Tiadin^- 

r h^r^******* 

Wj? Bankof Australia 

8 Old Jewry, London EC2R 8ED. . v ; ' ; '■[ 

Telephone; 01-600 B43.1 .Telex: 833864 Dealers ' 


-'I- T