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CARBON 

ALLOY WIRE “A 0 HEA «NG 

AND HF MTRDSION 

STAINLESS ros AND 

,phon *: WORKSOP 770252 



LONGINES 


No. 27.610 


Friday July 14 1978 




QS7 

& 


% World’s 
"-Tl Most , 
Honoured 
"J Watch 



' ELUNG PRICES: AUSTRIA Seh 15; BELGIUM Fr 15; P.ENMABK. Kr 3.5; FRANCE Fr 1.0; GERMANY DM 3.0; ITALY L 500; NETHERLANDS FI 2.0; NORWAY Kr 3.5; PORTUGAL Ek 20; SPAIN >P 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE ISp 


e j Mwiriff>THTWfM iWorld trade reform 


Mideast 

military 

meeting 

possible 


BUSINESS 


Sugar 
at low 
for the 
year 


by year-end, say 
industrial nations 


BY REGINALD DALE; GENEVA, July 13 


Rises in Eight years’ 

sentence 

to 6% for Ginzburg 

By Elinor Goodman, Consumer BY DAVID 5ATTER MOSCOW, July 13. 

Affairs Correspondent 

iMR. ALEXANDER GINZBURG, Mr. Sbcharuntky will be su-n- 
TKE RATE Of increase in tie | the veteran dissident, was icnced to death, 
index of pnee rises notified to j sentenced today lu eight years Mr. Slicharjpsky. spent: m n i n 
the Price Commission a soviet labour camp while his own defence, described tin- 

sharply last month. Expressed m, e si a j e prosecutor in the case impulse lo Jewish cm i -jjv.it ion 
, at an annual rate, the rise m, Q j M r . Anatoly Sbcharanskv which led him lo jmn the div-:- 


VVLIiJtMIV • RAW SUGAR 
. ~ to £8ti, the lov 

■V Israel and Egypt may resume Fatures Prices : 
/ their military committee talks ear,y trade 1,1 
' as a result or yesterday’s meet- 
.. mg between Egypt's President 120 . f per Mw 
Sadat and Mr. Ezer Weizman, " c 

the Israeli Defence Minister. ; U J 

. T ? r Av * v military circles were . tL 

- hoping last night that Mr. . , l L~ i 

-Weizman would bring an ^ 

Egyptian invitation to resume f -*1 

••» the m Egypt when he ... f ft 

returns from Austria today. ™T 1 

The Austrian meeting is also t Hi 

; seen as lessening the chance of LL J 

a stalemate at next week’s If 

London meeting of the Egyptian 90|f 

- and Israeli Foreign Ministers and I — ■ low 

’ Mr. Cyrus Vance, the US 1 tiattv 

• Secretary of State. Back Page HtT |_ 


BY DAVID 5ATTER 


MOSCOW. July 13. 


: MR. ALEXANDER GINZBURG. Mr. Sbcharantky will be si-n- 


Sugar 


Six held on 
fraud charges 


riiffiralt npo-nfiatinne lUK i? 1 " 1 w SM “ ^ -J. .shadow over the- SALT talks spies but "a natural hitturuu: 

aimcmc negouauoiis. since December and provides j between Mr. Cyrus Vance, US process’’ sicmnnin; frcmi tin- l.ict 

Representatives of the US. the and the Nordic countries said the fullest extent possible the Conner support far the Govern- secretary nf State, and Sr. that Jews io the Soviet Unco 

EEC- Canada and Japan said they inLeoded to add their back- reduction or elimination of trade menls claims that in nation win Andrei Gromyko. Soviet Foreign cannot develop as Jeivn. 

the basis of a successful con- ing- restrictions or distorting effects stay at. or about, its present Minister, which arc taking place It was difficult to dciciul o:i»»- 

elusion to the long-running Australia while declinin'* to of other measures.” J,® vel unt *‘ e " d me year. j n Geneva. self before a court wit it Uw 

Tokyo round of multi-lateral add its f or U, a i sunnort. said it It was noted thai the adootion Movements in tjjf Commission They have also indirectly audience “specially selcru-d in 
trade talks had been laid in an sun-eed with the “eneral thrust of ■» resolution bv thp Ore-inisa- usua i y takes t . hree . 10 . flJ “ r resulted m considerable advance.” He pointed nut rh.it 
agreement covering all the main *2.™**^ L ™° n $* ?° T 0 ? lh ^ u?h , t0 embankment to the US more ihan a year and a half aa... 

negotiating issues hammered s t a ntiaf urneress had hppn and Develonment settinn un a Prices Index. ( The index . administration because of the before his arrest, he had a I read;, 

out in I marathon all-night SvJd P 8 • new tawroatK sticommll for June, to be published today . remarks about political detainees been accused of treason by Hu 

session which ended here al r.If A. P eW 3,„,u!? U °r expected to show a sharp fall m the US made- i.y Mr. Andrew Soviet Press, 

dawn” the other hand, there is tee should facilitate further from ^ 7 . 7 Der cenl 12-month Young. US Ambassador to the 

Dawn - likely to be a far Jess enthusiastic negotiations on steel in the ra ie reported for May UN A U c . nr J 

. on .^ : e {roniv the devefoping Tokyo round. The rate of increase in the] lo Vilnus. Mr. Viktoras -^.OSlira 

He had never passed secret i:i- 


LONIXJN J 
DAILY PRICE] 


Th * Pa rti o«pating countries commission’s index and the pyatkus. a Lithuanian dissident He Had never passed sec re i in- 
S HnSS countries ay have ^conduited said they still hoped to agree on retail price index probably will] who refused to take part in his Toniation to Mr. Robert C. Toil!. 

Hp^ m wnhe?m^ifeS-amn e FFr neeutiations without tbeu- filll a reduction of industrial tariffs fluctuate quite widely over the (trial— he faced charges of anti- the former Moscow currasimn- 

^ fe ^ kan }«! EE ? nart1r\n»Hnn wltbout U,e,r fuI comparable tn the 35 per cent next few months and Mr. Charles Soviet aeiiation— was sentenced dent of the Los Angeles Tunes 

5oShL Te L - Pa 5LilSc eairf which emerged Jromtbe Kenned? Williams, chairman, said yester-|to 10 years’ imprisonment and ami considered the bulk «<f the 

described as decisive impetus Todays agreement said the ^mad-in spite of continuing day that it was wrong to pay {five years’ exile. prosecution evidence absurd i,e 

from the beads of government, oasis had lajd f° r new dissension over the Japanese too much attention to one AH three dissidents were added. 

Mr. Robert Strauss. U.S. special codes of conduct on customs offer. month’s figures. The Important [members of Helsinki Agreement The prosecution hail failed to 


N D J FMAMJ 


offers of eheap sugar, but Mr. Robert Strauss. U.S. special codes of conduct on customs 
recovered alter estimates of tbe trade representative, said the valuation, government procure- 


qiv Rhnrinei-.nc i, aiier e^imatesoi tne trade representanve, said the ^aiuanon. govenimeni procure- main narticiDants also point to note was that the index monitoring groups— Mr. Ginz- produce one docu mem in hi-> i..vu 

- ' SSaiJd^in 1 EEC P Wefe 3j back of Uie Tokyo round had have a»?Jd on the orinciole bad moved only within narrow burg and Mr. Sheba ransky in handwriUng lying him m espiun- 

. fletamea in connection with _ been totallv broken. a ®le progress had been made on mive agreca on me pnncipie .. ,hmir fi 1 ? npr cpnr for Moscow ind Mr Pvatkuc in aec 1 

r. allegations of fraud and con- • STERLING was helped Nobody here today, however, mihsidies and countervailing that safeguards against low-price K 2*1 months Vilnus ^ In Vilnus. three meinbm nf 

- iJ ave ° no “ of exchange control, by optimism about the balance was hiding the fact that a great duties, although it was noted JJJ fulure can b e applied Mr. Ginzburg's sentence is his the Lithuanian Helsinki Group 

Mr. Brendan Tracey. Rhodesia’s of trade and the favourable deal of difficult negotiating still that a number of importani selectively. . .. • r om :i: op second for alleged anti-Soviet who are not under arrest were 

Attorney-General, confirmed last trend of Inflation. It closed at Hes ahead, particularly on the remainder to be resolved. inSS ramiiiar agitation and comes after a trial all called to testify in the tn.il 

, ,1 ^ 51-8865 for a 10-polnt gain after key i ssues « agricuJtune, safe- In a move which could be of ^fliStratlve Ust^nf' Soten- This is likely to become a which he was accused of pre- of Mr. Pyatkus. but all three 


parnci pants, tooajrs statement in commercial aircrait. parts ana TO L ft ti^fi n a dMdinpk welcome in the light of tbe aocuments. me group memDers. explained 

. m TMirpeTMtikrr had the support of Switzerland related equipment, including mB a lon “ deadlock. deljcate f n e „ 0t j at j 0ns Mr. Ginzburg’s mother, Lud- his refusal by saying “I’m a 

; Race CP>n<tu<% * INVESTMENT currency and New Zealand while Austria “elimination of duties and to Editorial Comment, Page 16 with unions over nav Ministers 70. and his lawyer. Elena physicist, not a comedian.” 

„ C rates were volatile on the con- will be anxious to avoid exposing E ™ 5kov a. wwe in tbe regional Reginald Dale writes from 

The Government is to include tinned withdrawal Of buyers. themselves to criticism if the court in Kaluga, south of Moscow, Geneva: Mr. Andrew- Young has 

: a question on race or ethnic Arbitrage selling arising from -r. m -v l a * -m • rate of increase returns to nearer when the sentence was read. made what is tantamount in an 

origins tn the 19S1 census. Mr. Par Eastern dealing was diffi- ^ ^ vt ■ w v-a 1 ■ 3 per cent later in the summer. ^ slightly short of maxi- apology m the face of a. mourn iiuj 

Roland Moyle. Health and Social cm and *1,- DMMn « lim fl ■■iVlfT fipQI Gommentin" on the commis- °l um sentence wblcfa, for recldl- atorm of criticism over bib 

Services Minister, said yesterday. “ oe d43 State wS^SS 1 lU ■ UdV lllllll UC 41 ;fTiUl sionT Tales? jJpvJ? » that * 

. He said the Government would -fl- «/ : •*-. Williams auain stressed the m»«d an ® five years exile but . ,s t0 bc hundreds. perhaps even 

. listen to a full public debate peT cenU ^fStrSJTta S ne$ SF** u l 6er StT t ct con- thousands “of poii tical prisoners 

S” Tones, say railwaymen 

Only 29 per cent of Britons bnt^^SlIy^'fira 17 Q The 8Y PAUL,NE CUVRIC, LABOUR STAFF welf^is" the^more^sl^caSt RcfltSCd to tiw UN and raised new doubu 

SS'SFS&^i ta4 “ sffsSuS'Mi r 

e. p ‘ n «®u iT tLrtnn v2??rrt a ? if the Conservatives win the next control of the money supply. with Labour at the TUC con- P r P«ss could continue but the innocent and refused to ask- for YouflS's Jmen-icw as^nfirnia- 

ST pilor • GOLD fell 31 to 3186} in general election. The 50-27 decision on pay ference in September. critical factor almost certain y mercy. He insisted that Soizhenit tion of poliS rapresrion in 

cl ’ f?ij r nSf^Swr HrafT nr^ quiet trading The New York T^ 6 warning came yesterday policy by the union's policy mak- The General and Municipal wss f oln 8 td b( - Productivity syn - s books were not anti-Soviet the U.S. 

Comcx Jnlv seltlemenf was from ^ Sid Weighell. general ing conference in Llandudno, Workers Union will lead for the gr ^.'f th J “ d leveI of and that the facts attested in i n a statement issued here 
pnsals on lawnmower^noise vvere filR _ ^ rsiJ jg e secretary of the National Union was not unexpected. defence, with a resolution that settlements as winter the Helsinki Group documents Mr. Youne said that he was fullv 


No pay limit deal wi 
Tories, say railwaym 


BY- PAULINE CLARK, LABOUR STAFF 


well as the “more significant 


Refused 


ridiculous.” Page 2 


$185.50 ($186.50). 


VMikJ VI KHklVUHl WMIVU ” V UVIVMVW, M * VHMIUUVU U1U l r , . 

of Railwaymen after the union It was a timely boost for Minis- asks the TUC to set its own approacoeo. 


virtually unqualified’ support to conference of the season as they that there will be no formal si °, n ’f, tadex normally are Mr. Shcbaransky, 3D. today Soviet dissidents made bv Prc-«u- 
the Government's plans for prepare for next week's round agreement with the Governraenl rotjetfed in the retail price demanded a 1 5-year sentence, dent carter and Mr. Vance. 


A WALL STREET closed 0 17 53 ? came tae first this year to give ters from the last major union negotiating guidelines, given 
Port CIGYT13.nCa lota'pr at R217R virtually unqualified support to conference of the season as they that there will be no formal 

. Iower 31 ^ the Government’s plans for prepare for next week's round agreement with the Governraenl 

the South Wes^lifrica Peoples • U.S. MONEY SUPPLY — Ml up tifiWer pay controls from August of talte on the White Paper for on tbe shape of Stage Four. 
Organisation, has said he will not S49bn to S354.Sbn, M2 up S6bn WeirfieU jd . .. We are oVl eLtes of the ISO 000- The mlnew have put a tough 

accept independence for ^Namibia to ^4bn ^omm^iai mid ba^o thfjSgle ^ the^oriS member ^ on 'agreed lo'Z- St n ?5,f 6 “ lc0D ' 
. unless Walvis Bay port is in- loans down Um get back to power. We would tinue tbe social contract and q* wednesffv' Mr 

eluded in the new state. Back F |deral funds ^ back ^ a free -for-alL joint discussions on economic GdJaahao Prime " MiSr 

|.d Editorial Conunoat. we™»chused « “WemWWag.Ooutapoliw g-ateg, tadadia* pay »lth sS^d^v'a “nffom 

■ S ««■ »u t f?ai. ssTsass ra 

^Violence olea I J work with the Tories. I am back a wages free-for-alL SESSi for JShtuSS -n!S 

^ V lOiencepiea Concern about ta the market place if I see Mrs. The railwajnnen later voted to pre^nt^TftirtheJ 

- Some areas of South London are Thatcher in power” unanimously in favour of two i n fla»,- ni , 1 y romier 

so lawless that even priests are /11irran n«7 nTanc Tbe Conservatives’ short-term resolutions demanding substan- su ^® if! . h 

afraid to live there, says the CUrreilCy DlallS plans for pay in the event of tial pay increases and a restore- 

Bishop of Soulltwark. He called ^ v „ rnn „ n their, winning an election wiU tion of eroded differentials, but * h Tl Q il h , e t Si 

n n political parties to end the • *P®J® N SSJ E ?.i«h* ir 2SS become- clearer when the White neither within any time limit ^^g riwe hj stonc aj 

” appalling evil and violence m monetary system mie.ht ^ carry p aper for stage p our has About 12 more militant reso- H? 
society and to outline theu: the risk of inflation. Count Otto appeared. Unions on pay, including a call ffiJSS-SSi? 

prognimmes for doing so. Lambsdorff, the West Gereaan S(J far Opposition leaders have for a basic £65 a week minimum 

Economics Minister, said. Back called for “Vealistic and respon- wage, were withdrawn. iE5? 5“ ,"2 r « k 

Secrets report Page- The U.S. m concerned sible” bargaining free of Govern- The decisions will put the 311 lunjt as low as 5 

; _ tr . abmit excessive use of the doup meat controls, but backed by union firmly on the side of the Continued on Back Page 

The Cabinet has ruled out intro- as ^ intervention currency in - 
duction of a Freedom of Infor- system proposed ta outline : ' 

Industrial production up 1.3%’ 

said yesterday. Tbe Government £ FARM WORKERS will seek to 1W1 VlAUVI/lVII / \J i 

.. would publish its reasons, in the almost double their present 
’ - next fortnight, in a White Paper minim um earnings in a claim to , BY. DAVID FREUD 

■' which would make proposals for be announced to the Agricultural n . m _ OTroTAT .. _. . , .. . . . .. . ^ 

reforming Section Two of the Waees Board today. Page 7 INDUSTRIAL activity is still fore emerges only from the ago. concluded that output was 

Official Secrets Act ^ moving upwards, although tbe three-monthly total, in which likely to expand slowly through 

• STRIKE by blasrtfumacemen recovery remains pateby. the holiday factors balance out the rest of the year, giving an 

. __ at LI an wern steelworks cost £20m Latest figures show that indus- The improvement in the latest increase io reai terms of about 

Briefly » • ■ in lost production. Page 5 trial production in the three three months is uneven, with 3 per cent for 1978. 

Thinece vientists have developed months from March to May was main gains in chemicals, ferrous On lonper-term comparisons. 

■ a wormwood-based drug to treat COMPANIES Per cent above the level of and non-ferrous metals, and the all-industries’ index, 

malaria. m kimf rarry Htildincs is P 1 ?™ 08 taree months. North Sea oil. averaged out for the latest three 

■n, v j _r Manufacturing output rose by However, there was a decline months, now stands at its highest 

The body nf arranging * the same percentage. in tbe food, drink and tobacco level since 1974. It was 5.5 per 

Iraqi premier Abdel Kara* al loan for ” pital 321 : The Central Statistical Office’s sector, mainly because of- low cent above the trough of the 

Naif was flown to Amman, expansion. Barit Page index of total industrial output beer consumption. Coal produc- business cycle ta the third 

Iordan, yesterday. DISTILLERS increased tax- ifegfetered * i.fl per cent drop tion declined slightly and the quarter of 1975 and L5 per cent 

lewrls worth £150,000 have been • par njnes to a record ^*7 to 103.9 (1970—100), previous upward trend for above the same period last year. 
■Stolen from a Saudi Arabian +he year seasonally adjusted). clothing and footwear levelled An analysis by broad market 

princess's Belgravia home. fi \r~~hSi 'paip 26 and ‘Lex However, officials believe that out, reflecting a fall ta retail sector shows that ta the latest 
,,r ajioii Bennett. London 10 ^ was an erratic fluctuation that sales after Easter. three months the output of eon- 

YrAnsoort chairman, is to be a DEBENHAMS believes it can arose -because normal adjust- . The figures bear out the find- SU mer goods and investment 

recommended for a 33 per cent achieve its target of a 5 per cent ««£its.for seasonal factors failed Jogs of recent surveys into the goods industries both rose by 

rise, which would make his increase in Mies volume this sufficiently _ to account for UNs economic activity. Tbe i per cent over the previous 

.„]■ rv £28.000 a year. year. Sir Anthony Burnej'i the emmges in Bank Holiday timings Confederation of British three months, • Output of the 

• „ ; riir poi« P Of Chairman, told the annual meet- this year. ’ Industry’s monthly trends intermediate goods industries 

Mr. Jeremy Isaacs, director ot ^ The underlying picture there- inquiry, published a fortnight rose by 2 per cent 

programmes, is to leave Thames _ . 

retevtsion. Page 6 & AXEL SPRINGER Verlag. 

S" "SSS.'SSJ 'SI!SrSS.'A^ CONTENTS OF TODAY’S ISSUE 


were corapletley true. 


In f a statement issued here. 
Mr. Young said that he was fully 
in accord with Ute strong con- 


guidelines, given ln * h £,, to* nations of ihe persecution of 


£ in New York 

- 

July 13 

Pienuua 

Sj-it 

SL 88 hWBS 6 

5 Li- 6 EO «890 

1 iinmlh 

0 . 46 - 0.42 ills 

0 . 3641.60 01 b 

3 111. .ntlie 

L 261.19 d is 

1 J 57 1^1 ilia 

12 dimiiiIjsi 

1 

4 JCM. 7 C.lis 

6 . 10 - 4-90 ills 


,1.,,.: ,11..., TT -- r-.-j-- luiprtrasiua ui ms views, nc 

sKy s alleged crime merited the claimed 

maximum sentence, this was a Tonv ’ Hawkins in Salishi.rv 
first offence and the court should M r S- was also r£ 

prosecutor^5aid‘ at ’ Ve 1 ' 0,,U, ■ U " . S "sSklrS 

P ^Ti e court i's not obliged to Rhodesia’s multi-racial Iran- 
follow the recommendation but Slt, °n a l government over his 
it no longer appears likely that Continued on Back Page 


British built 


Industrial production up 1.3%] 


TEREX 


BY DAVID FREUD 



the best on 


ear 


jq handicapped demonstrators paper publisher, has been pre- uum 

vhn had been demanding that vented from taking a majority 2 

Cjilfornia honour a prom^ to art. i fsss ; 

buy special buses wilh hydraulic Vwlag gMte country s Cartel 4 


CHIEF PRICE CHANGES YESTERDAY 


tPriceoinpm.wonle^otheririse Sjgjg-STO Jg + f, 

mdicaled) slebens (UK) JS0 + ? 

mcirc Ultramar 207 + < 


^ RISES „ , e 

, \R Electronic **5x1 

- AGB Research 9i + o 

\rv 232 + s 

\utomaicd Security ® £ 

BAT tads 31* + i 

Barclays Bank 320 + » 

3 running 72 + i 2 

Daily Mail A 315 + ‘ 

Diamond Stylus 20 + 2 

•Downing <G. H.) 2S0 + 8 

. Dowiy 22S + 6 

imperial Group 80 + s 

Inv. Tst. Corp. ...... 273 + S 

Jacksons Bourne End 75 + 7 

Magnet & Southerns W + s 
, Marks and Spencer... ta7 + ; 
Mothercnre 176 + 0 


pancontinental ...._£13i + i 
FALLS 

Blackwood Hodge ... 58 - 4 

R rerun all Beard 

BH Prop. - f 

Daejan - i 

Furness Withy 230 - B 

HK and Shanghai ... 318 - 1« 
Jardine Mathesou -* 262 — 10 

Rotaprint _ J® •“ 2 

Slme Darby - r 

Swire Pacific _ 5 

Anelo Amer. Gorp 314 - 9 

Conzinc Rlotinto — 23/ 9 


Worid trade news 4 

Home news— general 5,6 

—labour 7 

-—Parliament » 7 


Unitary tax threat to the 
multinationals 16 

Politics Today: Caught on 
the hop by Bremen ...... 25 

Energy review: Changes ta 
U-S. nuclear policy 10 


Technical page 12 

Marketing Scene 13 

Arts page 15 

Leader page 16 

UK Companies — .26-28 

Mining ... — ........ 28 

FEATURES 

Around Britain: New £ 
conies rolling in 14 

Mitterrand survives to fight 
another day 2 

Democratic rule draws 
closer ta Ecuador 3 


Inti. Companies and Euro- 
markets 29-31 

Money and Exchanges 32 

World Markets 34 

Farming, raw materials ... 35 

UK stock market 36 


Trials and tribulations of 

British exporters 13 

Mutual Funds: Ahead of 
index ta Sooth Africa ... 31 

FT SUKVET 

BJ5.C. stainless plate 17-24 



.Atpkatmema 

- AtveUttnMMs AtMs. 

Rettra 

Cmmnrd 

SMaruanMont Cable 
g«. ovdw, — 
.l*owl Prices 


FT-Acutanec Indices 36 

Celf 7 

Letters — _ 17 

Lex « 

LombartI 14 

■ Mae and Hatters ... U 

Pr ap ct ty £30 

Radius U 


Saleroom (, 

Share IcifotTnatJsa . 3 on 
Today's Events 25 

TV and Radio 14 

Unit Tracts 37 

Woaihar « . 

Base Lending Rates M 


IKTEP'M STATEMHMT 
Independ. Menparc n 

ANNUAL STAThHEHTS 
Atkins BrttSee* ' sj 

M.K. 26 

W. E. — n 


and service by [biackwood 
thebestoneardi 






Financial Times Friday July 14197 S 







PESSIMISM ON MEDIUM-TERM GROWTH 


Bonn sees need for fresh stimulus 


BY ADRIAN DICKS 


BONN, July 13, 


THE WEST GERMAN economy are not yet available, they are will barely Seep unemployment three-day cabinet meeting on 
will need additional measures to not expected to have made up for at present levels, because of the July 26-28. Until very recently, 
support growth next year, the very low first quarter per- need to find jobs for about the declared purpose ni lbis 
irrespective of the political fo nuance, which suffered from 800,000 more school-leavers be- three-day marathon has been to 
desirability of anv contribution bad weather and from last tween now and 1985. An addi- set final 1978 budget figures. 
Bonn makes at this weekend’s spring’s labour disputes. For tionaJ factor is the accelerating lt lB nQW . hntt . Pver that 
world summit here towards an the whole year, it j 5 now officially pace of rationalisation in several tte Cabinet be receiving 
international economic recovery expected that GNP growth will major industries. considered advice that ’ r urther 

package. he closer to 2.5 per cent than Although top economic offi- measures to undernin growth are 

This is now the view of senior ,n th? : *- 5 P er forecasts last cials are now prepared to add n6ed ed. * * 

r^nnn'ihi* mr fora u ] »t- Januair- such “ ^Mknz measures ’ as a . additi0n io rp , flrms re . , 

further shortened working week to the . 1,0 tax re.ornw 

V rate structural labour market poll- tie mBallon trapfor war-. 


Carter 
opens visit 
to West 


Germany 


By Jonathan Carr 

BONN, July 12- 


officials responsible for forraulat 
ins economic policy, and it is Assuming some 

based on their assessment Of the acceleration to a yearly rate IVaT^rVadv^fQKe'The mb' kers in the lower wage brackets, 

economy'* disappointing per- of .1 pt* cent next year, given « *•* a ' rea ^ that 'addfiional senior officialshere are known 

forma nee during the first half nF present Prunes, senior officials gj* 1 ®" ^ „oina to b 5 n?edc5 1 t0 be ^miniag additional 

this year and on the prospects believe an extra 1 per cent is stimulus is gomg^tobe n ^cd spending measures including! 

for the next IS months. ^ira'heinorderto Prevent a Jn^eemgwith ^Umetable hjgher chM a „ QWailces atld pro- 

in this View, an additional 1 1DCre45e 10 unemploy Helmut Schmidt, no decisions 8 ra j ra , mes , to P™™otc research 

per cent boost Is needed in 11 *■ ‘ have yet been prepared for the development by business. 

1979. Despite currently firm con- In the past, a consensus view cabinet. Equally stressed, however. Is 

sumer demand and better-than- has been that 4 per cent annual However, it is understood that the need both on economic and 
expected export orders, senior GNP growth is the minimum H erJ . Manfred Lehnstein, state political grounds to reduce the 
officials now believe there is not needed tn bring about any ae- secretary at the Bonn Finance public sector deficit from its pre- 

enoush steam in the economy io dine in unemployment from the Ministry, and Dr. Otto Schlecht, sent DM 60bn, and In this con- 

maintain satisfactory medium- average of about I in at which his counterpart at the Economics nection the most probable 
term growth. has remained since ia/5. Ministry, have been asked to measure is a further rise m stan- 

\1 though figures for second The view now held by the work out a range of "models'’ dani value added tax to 23 per 

quarter "ross national producis Government is that 4 per cent for consideration during the cent 


Few Britons 
back EEC 
membership 


By Guy dc jonquieres 

BRUSSELS, July 13. 


PUBLIC SUPPORT in Britain 
for membership of the Common 
Market has now sunk to its 
lowest ebb since EEC entry, 
according to ihe latest of the 
six-monthly “ Euro-barometer ” 
opinion polls conducted through- 
out the Nine by the European 
Commission. 

It finds that the proportion of 
the Briiish public approving of 
membership has slipped to only 
per cent as of last spring 
from 35 per cent the previous 
autumn. The number of out- 
right opponents remained si able 
at 3S per cent, while 28 per cent 
bad no opinion either way. 

The previous low’ point in puh 
lie approval of tbe EEC was 
registered in September 1973, 
nine months after Britain 
joined, when 31 per cent of 
people said that they were in 
favour of membership. The 
Community's most popular 
period in the UK was during 
late 1975 and 1976. when roughly 
50 per cent of public opinion 
was in favour. 

Though pro-Market sentiment 
remains weaker in Britain than 
in any other of the Nine, recent 
months also appear to have wit 
ocssed the growth of disaffection 
with the EEC elsewhere. The 
only country where the proper 
tion of pro-Marketeers has im 
creased since last autumn is 
the Netherlands, where an over- 
whelming 7S per cent are in 
favour. 

By contrast, interest in the 
forthcoming direct elections io 
the European Parliament appears 
still to be running at a high 
level. While less than 60 per 
cent of the public supports EEC 
membership, 71 per cent say 
they favour direct elections and 
1 1 per cent say that they are 
likely or certain to vote in them. 

In Britain. 65 per cent of 
people favour the idea of the 
election, and 72 per cent declare 
lhat they intend to participate 
in them. 

The pull provides no explana- 
tion for this apparent enthu- 
siasm. Le.>s than half of those 
pulled throughout the EEC 
believe that uhc elections will 
at) in nee the process of integra- 
iiiui. while a slightly smaller 
proportion say that the elections 
will enhance I heir feeling of 
being “citizens of Europe” 


WEST GERMAN CHEMICAL INDUSTRY 


Competition hits sales 


BY GUY H AWT IN 


FRANKFURT, July 13. 


THE WEST GERMAN chemicals ducer prices fell back by 1.7 per man industry is not only being 
industry has failed to meet its cent. hard hit by production capacity 

own verv modest growth targets Chemicals export prices were overhangs and extraordinarily 
set at the beginning of the year, under very severe pressure and hard international price competi- 
During the first five months of bad dropped by 4 per cent below tion. Among its mosi knotty 
197S sales were down on last the levels of 1977. Declining problems is the appreciation of 
year's figures, while profits prices meant that the industry the Deutsche mark against the 
which fell heavily in 1877, suf- could no longer bank upon even currencies of its most important 
fered further attrition. the modest 3 per cent improve- competitor nations. 

4 rpnort hv the eountrv’s meot in production hoped for at _ Despite the massive rationalisa- 
PhemhT Tndustrv AssoriStton the> beginning of the year. tion that has taken place in tbe 
the Verba nd der Cheiniscben In- The Industry’s problems are industry in the past four ur five 
LK IVQI said thi? the not merely a result of the world's years, profits have been queered 
latest data shown? that sale* iS low Ievel of economic activity, greatiy. Margins have been 
he sector durin? the Viit five said the association. In many reduced by the need lo remain 
numths of the «ar were about countries there were distinct competitive abroad and a? a 

1 nlr cent lower than in the com- trends ,0%v ’ ards protectionism and result of increased foreign com- 
i per ceiu lower in jn in me com noHrinn i« tv,« 

paraole period Of I9n. 


Dutch consider 
participation 
system change 

By Charles Batchelor 

AMSTERDAM. July 13. 


market control. petition in the domestic market. 

....... • , l n many branches of the in- In tbe view of the VCt the 

Admittedly the statistics look dustry the current under-utilisa- industry's best prospers for 
,betver thi-n those for the first } j 0n 0 f ca p ac jtv was being maintaining and improving its 
quarter, when turnover was run- further exacerbated bv the un- international competitiveness 
mn? at 2 per cent below the diminished build-up of produc- comes from concentrated capital 
opening three months of 197/. ri(>n capacity of basic and bulk investment and exhaustive 
However, the first quarter turned chemicals in many Comecon research. Last year the West Ger- 
out to lie the best part of last countries, as well as the con- man chemicals industry invested 
year and the industry went into struct Ion of petro-cbemlcal a total of DM 5.4bo f$2.64bn>. 
a dismal decline in the months plants in oil-producing countries, while research spending totalled 
that followed. (There is, of course, rich irony DM 4.5bn ($2J2bn). 

Profits have continued down- in this statement as the West The industry would like io see 
wards, said the report Despite German chemicals industry has increased incentives for private 
far - reaching rationalisation played a major role in building investment in order to bring 
measures earnings industry-wide up the chemicals production about a stronger economic im- 
dropped bv 18 per cent In 1977. capacity in both eastern Europe provement in the Federal Repub- 
Nnr was there any let-up in the and among the oil producers, lie. It is also appealing to the 
first quarter of the current year The effects of this has been felt Government for a reduction in its 
and earnings fell by about 25 in a number of sectors, Includ- trade tax and payroll far burden, 
per cent against the performance ing man-ruade fibres and. as well as a more liberal appli- 
in the same period of 1977. latterly, fertilisers, for some cation of the country's ehviron- 
Although a certain improve- time.) . mental protection requirements, 

ment had been noticed in the The industry, according to the which are among' the toughest in 
months of May and June, the Association, is continuing to tbe world, 
best tbe industry could hope for compete and hold on to its mar- For the short term it is hoping 
in the first half was for a stagria. kets despite its extraordinary for improvement in business dur- 
tion of sales volume at the 1977 difficulties. However the VCI ing the second half of the year, 
level, said the association. wants to see “strict and fast" particularly the autumn. How- 
The underlying reasons For the measures against dumping prac- ever, last year the traditional 
industry's difficulties are mainly tices and low priced imports in second.- half upturn failed to 
the tough price competition, par- order to head-off protectionist materialise and some of the 
tieularly in the bulk products developments. industry’s leaders appear scepti- 

wetor. In the opening five On the profits front the Asso- cal about the prospects of one in 
months of the current year pro- ciation says that the West Ger- 1978/ 


PRESIDENT Jimmy Carter of 
the United States today began 
an official visit to West Ger- 
many amid public declarations 
of friendship and solidarity 
from both sides— and some 
trepidation In Bonn about the 
outcome. 

in a greetings statement 
issued before the President 
Sew in to Boon-Cologne air- 
port, Chancellor Helmut 
Schmidt described relations 
between the two countries as 
better than ever before. 

The President made a very 
similar remark in an interview 
released here, also describing 
Herr Schmidt as a “personal 
friend” 

Bonn government officials 
say that there are currently 
no major ILS.-Gennau bilateral 
problems. Other difficulties, 
for example, those over deli- 
veries of American enriched 
uranium in the European Com- 
munity, are felt to have been 
averted for the present. 

But there remain fears that 
tbe American-Soviet relation- 
ship could still markedly 
deteriorate — not least because 
of reaction to the trials of 
Russian dissidents. This in 
torn would impair West 
Germany's own efforts to seek 
better relations with Eastern 
Europe In general end East 
Germany in particular. 

Further, a big question-mark 
bangs over the U.S. attitude 
at the seven-nation Western 
economic summit conference, 
to be held here on Sunday and 
Monday. 

It is assumed by the Germans 
that President Carter will not 
be coming to the conference 
table “with empty hands”-— 
meaning that some further 
undertaking is expected on 
reduction of the U.S. trade and 
pavments deficit. 

But in a television inter- 
view shown here, Mr. Carter 
was careful to stress that the 
deficit was not simply induced 
by oil imports — but also by 
purchase of goods from Ger- 
many and Japan, two trade 
surplus countries. 

Hr. Carter’s main bilateral 
talks with Herr Schmidt will 
be held tomorrow. On Satur- 
day morning the President will 
go lo Frankrurt and visit 
American forces stationed 
nearby. He will then fly on to 
West Berlin— the third such 
visit there by a U.S. president. 
Herr Sdunidt will be accom- 
panying Mr. Carter to Berlin 


Spanish parties may agree 
on concessions to Basques 


BY JIMMY BURNS 


MADRID. July.l£ 


THESE ARE growing signs that down from its threat of forcing a 

the. Government and the Basque ^erourty diviave debate on ih m nisaUon **** 
nationalist Partimentanans may the constitution, and won « Veslt-rdav a significant hreafc 
soon reach agreement on the instead urge its supporters to J«-sitraa> oreato 

status of the Basque region In vote for the final text during the ^ m SSneS? 

the new constitution. coming referendum. TpSvfSSSSm 

It emerged today that leaders The PNV lias proposed _ nn , h<4 cmwLrtulimi. Comhtami 


of the Spanish Socialist Party and amendments to the final text from the UCD, Socialists 


on tiio eonsLitiiUnn, 

, votes from the UCB 

of the UCD, the Government of the constitution, rnauuy n ^ communist* accepted a pnv 

party, have over the past week those articles that refer to inc QSal lhal (he right Of habeas 

held private discussions with the rights of the autonommii. • M sh(lU |d be retained during 

leader of tbe Partido Nodonai regions. Most of these nave sW { e „f emergency. • . 
Vasco (PNV). the principal' SD been rejected. Negotiations between, the 

Basque national Parliamntfary pNV has consistently Government and the PNV -are 

party- argued that Government intran- ta kin« place during the latest 


in ihe 


Irish study Bremen proposals 


BY OUR OWN CORRESPONDENT 


DUBLIN, July 13. 


HOLLAND IS studying a plan to 
si vi* the WiirklWie and share- 
holders a creator say in tbe 
appointment of supervisory 
Boards uf major companies. If 
ailti|tTcd it would bring Dutch 
legislation more into line with 
that in West Germany. 

Workers and shareholders now 
have equal rights to recommend 
new members to the supervisory 

Board — the lop level of the two- 

tier Board system — and a limited 
m-lii uf veio. 

Bin the final word still lies with 
e\i>ima members of the Board 
who co-opt new members. 

The Government has now asked 
the Social Economic Council 
tSER». an. advisory body with 
enipluyers’ representatives, to 
Government. union. and 
sUSy the issue. 

The council has been asked to 
dev id'* whether the present 'elections 
system should be continued nr 
modified, or whether it shmild be 
replaced by one whereby ihe 
employees and the shareholders 
each nominate one-third of the 
members and both sides agree on] 
the remaining third. 


THE HEALTHY showing of the Roy Jenkins, which produced the The dangers, however, would 
Dublin gilt market this week, is draft proposals. also be considerable. Although 

bwng attributed in some quar- The problem is British reserva- Rri . vi _ h _, fa , .!L 

iers to interest from London tion about the scheme. Should jJJ” t^e maa?cal ficures of 50 
buyers caused b.v speculation Britain decide in the end to opt n p r n t r , ^ 2 t i t - 
about the possibility of a break out, the alternatives facing f„ er _5?, nt P _° p f »S?iiSiL5& 
in the link between the Irish Ireland would be to opt out as t£nI? M i£r !f*i "1* 

pound and sterling. If so. it is well or to break tbe parity link h if i!^ d r m?t r 
highly speculative, but it may with sterling and tie in with the 

perhaps be a measure of the stronger European currencies. , h< 7* ,e T 

interest generated by wbat the in such circumstances the stl P oun b might make Ireland 
Irish Prime Minister Mr. Lynch, temptation would be for Ireland *,. unat ? act, T e i° P r i tls t 
has called the first practicable io break the link. The Republic * ou rjMS. who already find it 
possibility of breaking the link has been much more pro-EEC e JjP ensive *n comparison with 
since the foundations of tbe than the UK and tends to see its cheap continental packages. 
Irish Republic. historic destiny as moving closer would benefit less from 

That possibility has been pro- lo Europe, and away from 
vided by the scheme to link the Britain. •J* 1 ®"® nd thetho jght of separate 

European currencies proposed at There could be practical advan- currencies for the Republic and 
the recent summit meeting in tapes as well as tbe boost to treiana can assume roe 
Bremen. The Irish Finance national prestige and pride, proportions of^a political and 
Minister Mr. George Colley, has Ireland could expect that it 6conomic nightmare, 
been given the task of formula!- would no longer "import" UK For these reasons officials in 
ing Ireland’s detailed views on levels of inflation, as a result OF Dublin are being careful to 
the scheme. But Mr. Lynch tbe sterling link and also, par- stress that no decisions need be 
! indicated his favourable attitude tieularly with the European taken. for sometime yet, 
in Bremen, where he sat on the reserve OF 50.000m dollars to pro- certainly not until after the 
working party with Chancellor tcct its currency, the Irish pound detailed proposals are discussed 
Schmidt and European President might rise higher than sterling, at the end of October. 


Len Murray 
warns of 
protectionism 

By Christian Tyler, Labour Editor 


A PRE-SUMMIT warning of 
the dangers of a stampede into 
protectionism and a call for a 
new kind of Marshall aid plan 
came yesterday from Mr- Len 
Murray TUC general secretary, 
addressing trade union leaders 
from 15 countries in 
Dusscldorf. 

Tbe union leaders, accom- 
panied by Herr Hans MaUhofer, 
West German finance minister, 
were later meeting Herr 
Helmut Schmidt, the German 
Chancellor, in Bonn to press 
the unions' demands for action 
on unemployment. The basis 
of their submission is a paper 
drawn op by the trade union 
advisory committee to the 
OECD, which among other 
things warns that political and 
social unrest Is on the horizon- 

Mr. Murray staid political 
leaders at tbe Bonn summit 
should reassure workers that 
they understood the reasons for 
the present “ appalling ” level 
of unemployment, that they 
cared about the fate of 1 he 
unemployed, and that they liad 
the will to find solutions. 

" There- is now an oppor- 
tunity or a new Marshall P, 
a type of agreed policy, 
through which the major 
industrialised countries of the 
world can help to boost 
purchasing power in the poor 
regions or Europe and the 
Third World too. 


The talks are aimed at reach- “over" the constitution ^surge* of violence 

ing a substantial compromise. on l0 sacrifice the last Basque country. 

the question of autonomy m the XSTof a peaceful solution Late last night 

Basque region. This would , jj-Qubjes in the Basque troubles extended into a Madrid 
involve certain amendments to ™ TQe u suburb when riot police clashed 

the present text of the constitu- region. ~ Ann Left-win** detnnn 

tion giving greater local admini- The Government and the with i over - ^ wti wm„ aemon. 

as. ^ 

In relurn the PNV would back this by accusing tbe PNV o£ last wet semi. 


Portugal boosts tobacco output 


BY OUR OWN CORRESPONDENT 


CORUCHE. Portugal. July 13. 


K';pi h b»c u pVi sgaa 

In five years the nationalised p iousIV onJy ex-colonies several private fanners are also 
tobacco company. Tabaquetra, „ , ^ f „ , , a nmi Anroln had involved. 

hopes that Portugal will be pro- nroducin™ Technicians and When a new producer starts 
du S in n rf°°° othenf formeriy involved In up. Tabaqueira guarantee a 

and Burley, tobaccos on about farming there have pro- minimum- of Es 10,000 per bee- 

2,500 hectares in several areas of the b 0os ^ to its cultivation tare for the crop and also pro* 
the country. in p ortugra j vidcs bridging finance until the 

At current prica; on world T 1977 T ; ba q U eIra used l’J.SOO finest. •• 
tobacco markets this would be of , oba «o in producing v The harvesied price- a hxed 

a useful contribution to the rnnRe of i 0 callv con- by tbe Government and Taba- 

balance of payments problem. s Ume d cigarettes and other pro- queira on the basis of produc- 
Sr. Joao Melo Torres Campos, ducts. In the first six months Uon costsnnd a profit margin of 
Tabaqueira’s administrator, said 0 f this year. Sr. Campos said, about Es 7 a kilo, 
the projected production figures consumption was showing an up- Sr. Campos says the price u 
would represent about 39 to .40 ward trend, although a 43 per about 

per cent of Portugal's tobacco cent average increase m Spain and a httle > ^wer than 
needs at that time. cigarette prices, resultuig from farmers tctci'c* 

The Virginias and Burleys heavy new taxes, would prob- WJnte there arc bopes that 
being grown are filler. tobaccos ably cause a 10 per cent drop PjnjgJ J 

rather than aromatics and in the next 12 months. exporter of filler tonacco in tn . 

Portugal, along with most Euro- The company, which has a long term, officials are at th^. 
pea n producers, will have to monopoly on tobacco production Future R mcm* 

continue importing the flavour- and sales m Portugal is unwor- to Mduw i r ,np t l ?? :i ’ 5S? "where 

ing leaf from traditional ried by growing Government and bership oL the eeg. c 
markets public health concern over France, Germany and ih j 

Tabaqueira has spent Es 110m smoking's effects on health. already ‘of ’ coninc! 

in the past three years on en- While there is still no full- mean “ K, ertai Jli^ Cl ° f conp 
tobacco cultivation blown anti-smoking drive in tion in this market. 


couragmg 


Albania isolated after 
break with Peking 


ALBANIA WITHDREW deeper and arbitrary and “a conscious 
into isolation today after, a and premeditated step lo 
dramatic ideological break with aggravate relations. 

China and a decision by Peking Renter 

to halt economic aid to its tiny Leslie Colitt adds from Berlin. 
Balkan ally. The Albanians whose Meanwhile the wooing oi 
living standards are already Albania has begun by the Soviet- 
the lowest in Europe, appeared led Warsaw Pact countries fol- 
io be digging in for a long siege. lowing Chinas cancellation or 
determined to challenge both aid. One of the first positive 
Soviet "revisionism” and signals to Albania is being sent 

Chinese “opportunism." J. i ’. E ? sl , Ger i n!m n\ t 5i,i2? VI 5 

The breach between Peking Unions loyal ally which is 
and Stalinist Albania, China’s increasingly assuming more 
only European ally, was formally important roles for Moscow jn 
announced flora Tirana, the areas where the Soviet Urnon 
Albanian capital, late last night does not wish to be directly 

The official Albanian news agency involved. • 

ATA said that China sent a Buried deep inside yesterday s 
diplomatic note last Friday East German Communist Party 
saying it was stopping economic newspaper Neues Deutschland is 
assistance suspending all what looks on the surface to be 
economic 'and military financing, an innocuous report about a 
and withdrawing all technical national Albanian folklore 
experts firom Alblmla. festival to be held later this 

The Albanians, closely allied year. The dispatch, datelmed 
with China since they broke with Tirana, goes on to describe pre- 
the Soviet Union in a similar parations now under way for 
ideological quarrel in 1961. called this “most important cultural 
the Chinese decision unilateral- event in Albania. 


New decline 
in Italy’s 
inflation rate 


By Dominick J. Coyle 

ROME, July 13. 


Norway’s trade improves 


OSLO, July 13. 


BY FAY GJESTER 

NORWEGIAN TRADE figures were only NKr 4,605m—the 

. . month since May 


for the first, half-year show art g«*‘ figureE werc 

unexpected improvement^ with boostedi however, by the export 
exports 1.8 per cent higher by of O ff s hore drilling and produc- 
value, than in the first halt of ^j 0n platforms worth NKr 2,41 7m. 
1977. and imports 0.2 per cent Mr Per Mart a n oiberg, Deputy 
lower. This is the opposite of Trade Minister, says the fall in 
Government forecasts in the Sports indicate that the 
national budget. Government's austerity, measures 

June exports, at NKr 5,963m, are beginning to bite, while 
excluding ships, were the highest exports are developing rather 
ever recorded in a single month, better than . the Government 
while imports, excluding ships, anticipated. 


ITALY'S RATE of inflation, 
which has declined in recent 
months, showed a further 
improvement in June w ^ e ”* 
according lo the latest 1ST AT 
figures available today, consumer 
prices increased by only 0.S per 
cent. 

This is the first month since 
last December when the rate 
has dropped below 1 per cent, 
and on an annualised basis 
represents an inflation rate of 
12.2 per cent. Earlier this year 
the annualised rate historically 
was some 23 per cent 

This particular consumer price 
index, measuring living costs to 
the family of an average indus- 
trial operative, is related to the 
pattern of wage indexation in 
Italy, and the June figure sug- 
gests that the next quarterly 
adjustment in wages may be 
limited to five points on the 
sliding scale for national wage 
adjustments in line with infix- . 
tion. . 

The improvement In the under- 
lying rate of inflation Is matched 
by some indications, on a season- 
ally adjusted basis, that tbe de- 
cline in industrial output may 
have bottomed out, although the 
authorities are not putting too 
much emphasis on the evidence 
of one month's figures. 

ISTAT figures for May suggest 
that the overall production in- 
dex was more than 3 per cent 
off over the corresponding month 
the previous year, but some 
alight increase is shsowu up on . 
a seasonally adjusted basis. 


THE FRENCH SOCIALIST PARTY 


Mitterrand survives to fight another day 


BY ROBERT MAUTHNER IN PARIS 


THAT WILY old fox Francois No less than the Communist W. Mauroy, the genial 50-year- group, accepts that the Common having one last fling at tbe destructive tactics during the last 

Mtiwrand has done it S p„. y wSch has been shaken bv old Mayor of Lille and leader of Programme of tbe Left is a dead Presideney-M. Mitterrand wiU General Election campaign, have 

Survivor of twn presidS rSmSSn led bv the party’s the powerful Nord department letter and would have to be be ^ m 198I~appear to be the switched to the socialists, it is 

in whirh P he was tni P n^?S. questioning^ the Party federation, has been in the thoroughly modified before the = motives behind the claimed. The political vacuum 



French general election last the throes 


> is., ,4 n - , tulMU utiircs Mi vit agonising federations should be given a j]j e 

! March, when C \he Union of the reappraisal. Whereas, before the greater cay in the party's ruling renovated Socialist Party’s first 
„ ! Left fell ayart because of election, the Socialists were bodies, he has proposed. congress in Epinav in 1971 and J"* 0 : 0 *7° 

The SER has ^isn been asked internal quarrels. M. Mitterond is broadly divided into a relatively M. * M * ° 

m recommend whether th c { s i iJi leader of the Socialist Party, moderate majority and voluble been ... 
system of supervisory Boards) But only just. left-wing minority, representing energies 

should lie extended io cover) Last week's meetings of the some 25 per cent of the member' party to wm «. ,» u<v uumwiaumw — , , . - - 

co-nocrative associations and party's rutirtg bodies managed ship, there are now four factions, social-democratic line and would to be regarded by 3T. Mitterrand per cent ot tne popular vote juJttec, neither M. Rocard nor 

(only to paper over the disagree- Tho divisions are not entirely l *kc it lo make a clear break as the only way in which the Left tn the last General Election, the jl Mauroy made any public 


other larce prouplngs. 



# Holland today announced it 


will revalue its gold holdings to 
brine ibeui more into line with 
current market prices. The 
Dutch V'ifl value their sizeable 
guld Mocks at F] 7.500 ( $3,390 > 
per kilo from August 1 compared 
with the present rate of just 
over 1‘1 4,000. 

The net effect of the increase 
is to raise Holland's total gold 
nnd toman exchange reserves 
by ‘22 per cent to FI 23.3bn 
($10.5bnl. 

Thh follows a revision of the 


rnents between various factions, based on policy disagreements, with the Communists- This could come to power. 


Socialist Party would condemn attempt to question the Epinay M. Francois Hitterand 


and temporarily put a damper on The clash of personalities brilliant 48-year-old graduate of Clearlv the Socialist leader is ilc S e,J H il decided to go it alone, line on the Union of the Left 

Aviiihicm rvf it a i -ir its.. _ , . tka f^mruic iT/rnU rm 1 a . . J , _ u v ‘ wul ivwmw w II M WVilY lc* ut clnlrn " TUf 


forward to the For M, Rocard and his friends, “What is at slake,” M. Rocard . - ^ than 

pipprinn in -three this is by no means a self-evident s 41 * 1 somewhat lamely, is not it comes . to the crunch tha _ 


widespread criticism of its between M. Mitterrand and what tbe famous Ecole Nanonale joofcjnj, 

leader. If M. Mitterand, thanks were once his closest lieutenants d' Administration, tiie nursery 'for presidential" election in -three this is by no means a ... , 

to his prestige and unparalleled and remain his heirs apparent, J°P <* vrl servants, has all along $ . ^ % j hi h M Gi - c J d truth. The Socialist Party, over the fundamental question of can. . . u . 

* ^ " " ‘ - * ' Se tbe past few years, has greatly whether tins fine is correct, but what is new, however, is «W J 

go increased its strength. Its b° w tt should be applied the throne has begun to trembly .. . 
nin membership now covers a very in practice. It will need all M. Mitierraiios ,'< • 

M „ . . , . . . : 4 - _ . - - onrv bc heaten bv'VTarididatp speetiTim of the electorate. M. Mitterrand, who also famous political skill to 1w*P 1 

'“creasing number of the leader- saUcm proposals. . ha# . lho sup nor t of a united 11 h *s gained many supporters in promised on that occasion to do u dWly barons under control. • f * 

iq^ con = reS8 Jn 1110 spruu of ship and rank and file, has been Ideologically. M- Mauroy and , f th “ , ^ ^ j- what were once conservative something about introducing a f be next, congress. There can .‘C 

19 £L f . . . . . . running the party as an absolute M. Rocard are very close, but ihe hfig opportunity of Entering tile s™gbolds, such as middle more democratic system for *?' guarantee that his 

h * l eei t es i? ^ He , „ has . fortner . S nore eautwus In his °PPonunuv of entenng tne maDagemerit and ^ civil electing party officials, thus lives already askew, will not be vpB^ 

E-f 1 President lal excluded the leFt.wmg CERES appreciation of tbe part.'- s future ° f v™er its c&ances of ser7 - „ weU as making large to fight another day. For the from his head. V- 

SSf m ‘Vr^r72. BI £ <1 >4 worldn/ S, he etui stS. head S 



*be International doubtless he faced for the second tariat. but has failed to take into Caution, too, is the watchword p on j,9 
M? ,n ® , V a !" led at u . me fay Prorident Glscard, will account the various streams of of M. Mitterrand and his jeopardised. 


traditionally a Co m m un ist pre- shoulders above his rivals, if only 
■ A substantial number of because- 


°““ oine " BBS r WDed r tSSS'Jf. 5 Sror^irraa*|ff> 

j oi tne congrs.o, the party. except perhaps the CERES with the personal ambition of illusloned with their party’s varied section of the party when 



■ — ' i in mu ■ 

1 Europe $ plan bothers U.S. 


BY JUREK MARTIN, Ui. EDITOR 

THE UJS is cone d WASHINGTON, July 13. 

«* of the' toflar 2 IS £?l£o££ r inur i“>1e Europe. “ idle gossip - The U.S., he said, 

£££*? ™ currenc y »° tbe new nation” mone^ ” f 1 ? hi ? interview with a group remained opposed to such * , tar- 

Euroean monetary revima „ ne ! ary of foreisn ionrnalists ham. Mr eet zones.' 


Euroean monetary regime, as But of foreign journalists here, Mr. get zones.” 

5£!!5?i ed in . outline at the did rea»ir» s n teJ. n ifr M ^ Iiller declined detailed com* Mr. Solomon, however. 


in outline at the did ramim Tnt<MM.ifan 7r, ih ” ,,ner declined detailed com* nDiomon, nowever. am 

Bremen summit last week. foreiS? ^ R* ent . on ^ Bremen scheme, acknowledge another potential 


Warning by 
Miller of 
‘speculative 
excesses’ 


UN soldiers kidnapped in 
Lebanon ‘by Palestinians’ 


““‘ v “ last week. foreien PiriisW mnrbpte .u 1 on we Bremen seneme, owieuge snower pomnnai 

But. at the simc T r o nmow ^ffCSLJ 0 r tin ^ bough he thought it constituted reservation about the Bremen 

fficiais ‘JS?..! 1 ™. V& ““re* yf«renses resulting no_ pnrHeular threat to the scheme, which has else been 


By Our Ovm Correspondent 

WASHINGTON. July 13. 


BY 1HSAN H1JAZ1 


BEIRUT, July 13. 


■' jifTirti | a ~ ^ujic v WoOo 7“ — ’ ", 'Muwcuviip []q D&rtimlflr fhfAat “fn fhn scflgnifi WtllCD Ads a ]&n hppn AcinvpTAv y ^ .PALESTINIAN GUERRILLAS kidnapping was done by the mili- So far about 150 guerrillas 

officials are attracted by the disparate national economic dollar 0 31 tiire?t t0 “ e privately voiced bv some cenior kidnapped and later released 40 tant Popular Front * for the have succeeded m getting behind 

greater co-ordination Performances, “then we would .. , members of the* International *PS _^ LL E£* 1110 soldiers of the United Nations Liberation of Palestine. But a UNIFIL's positions. Observers 

of European economic policies no * think it appropriate that u „ . u t* in a more philosophical M Qne *arv p un d nrtm tm* chairman of the Federal Reserve Interim Force in Lebanon PFLP spokesman today denied believe if fighting should break 

impheit in the Bremen lest, if ? ouatr y under pressure is draw- J®* n * he he saw “ no dis- concenis uncertainty on the ex- B° ard '. 1 *' a ™5 dl oday that ?® unt ‘ (UNIFILl, sources close to the any involvement by the group. out again between Syrian troops 

it means tbat The stronger sur- 3n 2 fn>m a Pool of dollars when f dv Q antaee , °? allowing to tent t0 W jjich yj. _ e Euronean u3 “ atJOnary expectations f 0rce said today. They reported The reason for the kidnapping and Christian militias hero, the 

Plus countries, such as West rt * really an internal (intra- evolution ary develop- arringement mishtdefractfrom Valse , spectre °, f p ? ssib!e that the soldiers were abducted was not disclosed, but it may guerrillas will make an all-out 

. Germany, are obliged to ont European) affair. meats which could lead to the surveillance of foreign ex. spMul a “ vc excesses, leading to i n threes and fours yesterday in have been a retaliation to the attempt iu no back to their bases 

more emphasis on growth. **We would support the momSfrv °h..«SS change policies conducted by the 511(1 arD “ Dd southern port of confiscation by UNTFIL of in Hie south. . 

In oniMta ■ * Bremen text" he said, " insofar Kpf 1 ?* harden the dollar had jjjp ? and ^Hr» d subsequently to Tyre, where UN1FIL has a big weapons from guerrillas during They were driven nut nr the 

day M^lrSo!T W | f eSter ' 85 “^rvention is in each other’s receit ? h £ This surveillance authority, a hp „ . garrison. They were released in the past few days. The com- bases and pushed over the Litani 

Tinrfo^cLI'— . An ™Ody Solomon, currency," but he noted, “the nfo™o*^ ea ^ He added that now enshrined in chances in the However, he told the House of the evemng. mandos were reportedly trying river when Israeli forces in- 

for Monetary 1 ^* Breme n test does not exclude intefiratton^nd'^other^'Sfi^ IMF ’ S articles o f agreement, is R ep rea“t a jjves Budget Commit- a UN spokesman said that to infiltrate behind UN lines. vaded the south in .March. 

i£ 1118 « a the dollar." SS':i°£h «*« *** .“feEPSf 


^liam Miller, chairman of the tnZT v 11*°™' activiU “ <«* as “a SSTS are toT conSSns to 1 Minimise' 'the mlbilriy of soldier and hen le7tK"go 

2&*rrs^j!Kr5 ?? ss“ as ts & a is. ‘SSTS "szssssz- -b-»ed...™i».«re 


consistent U.S, 'policy of en* ^ when the new scheme was should ! b e looked at - objectively S for advSg to? In an interview at the Fed yes- way tTavoid such incidente hap- 
“oves toward greater ^ t h a SenSe ° f 0Ur ‘ Som e developing countries have * erd ? y af ?® rnoo “ Y ith .? * r S?J?. of Peoiog in future, the spokesman 

monetary and eco- G y ® ^ Mr ‘ SoIomon Mr. Miller complained privately that & a lst 5= Mr ‘ ^ ller declared, but gave no details, 

nomic co-operation. SumSthai iff ‘t?? denied that the U^. had any although the European plan coiv doubted that a credit crunch was The incident was described as 


Australian fare rise 


Bliim*«nthai *h. i c 'rro,^™ . UJdL ‘-'-a. uaa any aiinougn me European plan co n- . “iv , tl I me inuoem was uesenoea as 

Mr. Solomon told the Financial Secretary U: dramatic new monetary tains provisions for eon- 1 - ar8e ' ^ because the worst confrontation between 

"inioe that ^ secretary, is understood to have initiative-; in thp nffinp m h» there was sufficient leeway mlti,* «.. Bn -iii« trv 


BY OUR OWN CORRESPONDENT CANBERRA. July 13. 


Times tba-t, although final jude- SnoresSrt in thf rhVn!S.i i«r ,n,t,atlv es in the offing, to be ditionality, 
meet on the new Europe™ {EPu?^iE.& e Presented at the Bonn summit persists 1 

arrangement would have to wait D«itscherS? d h^thA^mai^r nf el sewhere. Mr. Solomon said regime wt 
until the details were in oWp be th L l speculation about a scheme members 1 

“ there is “ .ft jMer-enuon currency, reflecUng which would Jink the doUw. the thereby 


suspicion there was sufficient leeway in I the guerrillas and UN troops AUSTRALIA'S DOMESTIC air increases, ami would have only 

~ n _af arv an j nnhov tn I . 1 . _ .1 ..... . 1,. r 1 .. ..r .. , rr- . . ■ 


“ EL, United close to Airbus decision ls?it! 

By Hugh O^ehn^y Sh ^«te^. he noted 

POLITICAL PRESSURE is build- NEW YORK, July 13. approvingly the recent trend 

ing up in Bolivia after the elec- towards greater economic dis- 

tions on Sunday which have been UNITED AIRLINES, the largest decide to order a new generation companies Earlier this year It cipRne In the Administration 
reported as fraudulent by foreign commercial carrier in the world, of jets which the U.S. aerospace was expected that United which and the Congress. He observed 
observers and opponents of has caU ed a special Board meei- giant, Boeing, is on the brink of has 231 Boeing Jets in its 338- 11,31 tbe reduce d Budget deficit 


. _e Vi- 1 . * r- aiuidiu/ii MI auuinn 11 lAruauuu 13 aiuiuunv^u wj uiu -Uiuuuci ivi , ^ _ ... 

as part of ms consistent effort deteriorating fast and related it Transport. Mr. Peter Nixon. 3m l Sydney in Darwin iliqhis, 

to warn ol to e consequences of t0 tension in Beirut. He said they were necessary to 10 per cent on the >hnrt 


The diplomats said most of the to cover wage and fuel cost Sydney to Canberra route. 


Indian state coalition threatened 


8YK.K. SHARMA 


NEW DELHI. July 13. 


Sm S 2fS dU S2 n y f ? reien r ha? 3 ca e iw a L Ms^bkh the U.S. aerospace was expected that United, which ™E COALITION Government of the day. The next silUng will comes after the failure of effort' 

SET °g?°?5_ nts .®J W d , Mhi 1 ' is op the briDk of has 231 Boeing Jets. in its 338- £3J5® SSSS Maharashtra State in which probably be held on Monday. for Congress tinny. Mrs. Gandhi 


for Congress unity. Mrs. Gandhi 


lead to Gen. Juan A-300B airbus. , craft such as the Boeing 747, or order would enable Boeing to undue strains on the credit formed after elections tu six deliberately causing trouble in and to form the Maharashtra 

-Pereda, the candidate supported , . m understood that three the McDonnell Douglas DC10. start production of the jet. It j. . .. states four months ago. came sud- the legislature to avoid a vote coalition. It was then widely 

fay Gen. Banzer, with ex-President choices face the company, which United's third choice is to post- has 1,000 of its design staff The Fea s policy, he said, was den ly when two Ministers belong- which would surely go against thought that xhe was on the verge 
■ Hera&n Sues Zuazo, the prin- nee J* s a n 5. w generataon of air- pone a decision and not to order working on Its new family of designed 10 constrain the j Q g t 0 th e official Congress — him. of staging a pulntva] comeback, 

cipal left-wing candidate, in displace ageing aero- a new generation jet now. jets. ‘ economy without running the W hj C h j S Mrs. Gandhi's partner The Janata leaders have gone Now that she faces criminal 

second place. planes m its fleet It has said A comnanv «ronkasman But last month it pmowii nsk of recession. He explained in Maharashtra — resigned y ester- to Bombay since they sense charges of conspiracy m commit 

If no candidate achieves more 11 wl * be spending some S9bn that th ^xe^H^committep of that UnitPd was ai« n PnncirtorTno had v0 . ted day from the government. Today, victory and hope to form the next various offences during her 

than 50 per cent of the votes over the next decade on new jets. United w?s meetin^ Sdat ° £ “at United was also considering latest Increase in the discount 36 legislators announced that Government since defectors both emergency rule — filed against 

cast. Congress will have the task Its choices are to order the Chicago and wnuld°bp onttins of main nval to rate two weeks ago because the they had also withdrawn support from the official Congress and her on Tuesday— and has lost the 

of choosing among the leading 200-seat Airbus BIO which was its views to the fSil P Bna?d ®9 ein S s proposed new aircraft, economic data of the time did from the coalition. As a result the Congress (I) have indicated government in Maharashtra, the 

candidates. According to Inte® officially launched totoSodSS ioS pJSviSJly uited iS ~- U “l 81 " 6 f a ih^ 1 ™^ clear it has lost its majority. they will support a Janata reverse trend seems tn have »ct 

Press Service. Sr. Sites has been tion last week? following an said SSTlt woTllTbf’coMideriSff ?«S 01 S» 0 a tt r4L A3 ? ,B airbus ' *** p,cture of ? e _ c V ie Tb « fal1 of th e Government ministry and even join the in. Mrs. Gundhi herself is main- 

having talks with Sr. Juan announcement that Lufthansa its choice-; at it? remilar BaarS B1Q ^ E 5? r 2 p ^! l ° c 2 n ' ec o n c“yj' a5 about t0 }ake, after was postponed today only party if necessary. It is likely taming an unusual silence and 
Lechin, the principal labour Swissair aSd a“ FraS? “Sd meeting placed fS?Aumst 31 fS^T of Aurb ^ ? ndustne ba f a JL rs 5 h q ^ rt l r ^ vigorous because unprecedented rowdy that one of the ministers who has no comment on any of the 

leader, and this could lead to a placed firm orders fo^the air? iSS-V # ¥ e edge - over Boeing now that real growdh in the S-9 per cent scenes in the legislature-blows have left the coalition will lead events of the part month or so 

national strike in protest ?raft JKte™5Jriv It rnSS d « decisions could be of its new aircraft is clearly moving range in The second three were exchanged — forced the the next Government during which ihe Janata Party 

I — ■ --- 1 proiesi crait Alternatively, it could crucial importance to aerospace into production. months of this year. speaker to adjourn the House for The break up of the coalition went through a severe crisis,. 


PRESIDENTIAL ELECTIONS IN ECUADOR 


Civilian rule closer 


V ^ ii-.jii 


SY SARITA KENDALL IN QUITO 


AFTER MORE than two years • The Liberal Party candidate.- 
>f erratic progress towards con- Francisco Huerta Montalvo, was 
Jlitutional democracy, with many the next casualty, banned fay the 
delicate— and some dangerous — electoral tribunal because of* a 
■moments. Ecuadoreans will be lucrative research contract 
/oting for their next president signed with the Government 
in Sunday. But this may not However, liberal factions were 
dc the last hurdle: a French-style waiting in the wings with his 
second round must be held if unde. Raul Clemente Huerta, a 
no candidate wins an absolute Guayaquil politician, who took 
majority, and none of the six over the party candidacy with 
sontestanis has even 30 per cent barely a pause to reprint posters, 
af the vote, according to opinion When four newly-formed 


local government as well as 
Presidential candidates — the 
obii&atoiy vote can hardly be 
enforced; ' 


ECUADOR 

Vo - 


polls. political groupings applied for 

When Ecuador's military 
mvemment first announced plans — 

Tor a return to civilian rule, 
mliticians dropped their own 
.■onspiratorial schemes and seized Ul “’ cV-n. 

:he opportunity — though many .• \ 

Dolitical parties were Jess than 
delighted with the past chosen 

>y the armed forces. Some boy- ^ UrCUADOK V. 
:otted the legal commissions set K.*- J 

ip to draft alternative constitu- \ ) / 

ions, while others campaigned ' • v >w j l. f 

iguinst January's constitutional / 

-eferendum. and most have l\^ r ; r L, / 

?xpressed doubts as to whether ii* ST, 

:hc final hand-over will be J) *-<" f 

ichieved. |/ {r 

No sooner was the new constitu- ‘ ]) 

:ion safely chosen by ballot than ft y 

i series of controversial deci- • ’li ■ 

sions by the Electoral Tribunal — ■/ ; ’ « J 

tself plagued by frequent resig- ‘ ' ci C ± 

mtions — threatened to disrupt • V / T 

he Presidential elections. One ** I 

>y one candidacies were ■ • '• ^ 

Miminated. 

Firs! to go the strongest _ . . ^ 

contender, Guayaquil's populist legal status, the Peking-line 
;x-mayor Assad Bucaram. Popular Democratic Movement 
Barred because of a military and the Popular Democracy 
ruling that the President has to Party <a Christian Democrat- 
be ibe child of Ecuadorean-born Progressive Conservative fusion) 
.parents. Seuor Bucaram. who is were refused. Thus two more 
jf Lebanese descent, also fruit- candidacies — one Presidential 
cssly tried to stand for- deputy and one Vice-Presidential—^ were 
nayor of Guayaquil. Though he ruled out of order, but Christian 
massed the popular forces Democrat Oswaldo Hurtado 
nantlc to his son-in-law, lawyer salvaged his position by 
faime Roldbs Aguilera, his face temporarily joining the Popular 
«nd name are blazened on elec- Forces and continuing as Sr. 
ion posters, and when he climbs R 0 ido's number two. 
mlo campaign pLatforros. his Wdely criticised for taking a 
lulky figure dwarhsthe «ndi- « political » stance, the Electoral 
iates he 1 b Tribunal has also come under 

decision "put ^^^1^*523 SS 
b s ,iS P ° P, SSof jo!io !f * PncUcal voting 
and J- Maria 

Velasco jbarra* out Smre than 2m citizens to vote on 


Deapfte all these difficulties, as 
well as the temporary detentions 
of \some party organisers, the 
campaign has been examplary by 
Latin American standards, with 
virtually no violence. All presi- 
dential candidates, regardless of 
the richness of their campaign 
chests, have received saturation 
coverage in the Press, and 
television has for the first time 
played a major part in the 
election raising the level of 
debate above personal attacks 
and simple platform haranguing. 
But party workers and those 
taking opinion polls have found 
great confusion among the elec- 
torate. especially as to the poli- 
tical colour of local government 
candidates. 


• pa-i-r 


pgr—FS 

5e would not be rnnning, but day will not be penalised, with 
->he Government clearly wanted 500 P^ple to a v0 J i J8 
: 0 avoid any risk of renewed five different se to of balWp«P[?n 
‘lamination by a Caudiilo. for each to mark-including_ 


Two of the leading contenders, 
architect Sixto DurSn Balten, 
whose support comes from seven 
right-o F-centre political parties, 
and Liberal Radi Clemente 
Huerta, have suffered the stigma 
of being labelled “ official candi- 
dates." Though the military junta 
has repeatedly denied having a 
favourite, the armed forces 
would obviously prefer to hand 
over to one of these two elder 
statesmen. Sr. Dur&n. mayor of 
Quito for the last eight years, is 
popular with the capital's busi- 
ness community and appears to 
be just ahead of the field — yet be 
is surprisingly unforceful for 
someone with much administra- 
tive experience. 

Once installed, the next presi- 
dent will have to convene 
congressional elections, and, 
until these take place, he will 
have the powers of a civilian 
dictator. Under the new. consti- 
tution, the Vice-President will 
take over the direction of the 
economy,' setting up a national 
development council. Some Vice- 
Presidents seem to have been 
chosen with an unfortunate eye 
to party alliances and vote catch- 
ing rather than competence for 
this position. 

■ - With no recent election statis- 
tics as a guide and more than a 
million new voters, few people 
are laying bets as to who 
Ecuador's next President will be. 
If the armed forces can complete 
their government with a smooth 
hand over of power, they will 
give; a much needed boost to 
stirrings of liberalisation In tha 
continent 



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Penman deportees to return 


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BY NICHOLAS ASHESHOV 


LIMA, July 13. 


THE MILITARY Government 
of Peru has officially authorised 
'■sit left-wing politicians to 
..jr^i/Jretnni to take their seats In a 
‘'-^fjiewly - elected constituent 


assembly. 

• The sis were among 17 
people, all but one lefl-wSngere, 
deported by slate security 
police and the army, moslly 
during May. in final campaign- 
ing for the first elections here 
in 12 years. The government 
said at the time that they hau 
been taking part in "subver- 
sive '* activities— taken here 
as a reference to their support 
for a successful general strike 
in May protesting against steep 
rises in prices of food and 
Petrol. , , 

Only the six successful 
candidates in the elections are 
being allowed back, according 
to the Prime Minister’s o® ce - 


They are: — Srs. Genaro 
Ledesma, Hugo Blanco and 
Ricardo Napuri, all of the 
FOCEP party, a Trotskyite- 
Maoist alliance of union 
lawyers and militants; Spl 
R icardo Diaz Chfivez and 
Javier Diez Canseco of the 
Peruvian Democratic Union 
(UDP); and an es-generul, 
Leonidas Rodriguez Figueroa, 
leader of a faction Of th e 
Revolutionary Socialist Party 
(PSR)- Gen. Rodriguez had 
been arrested as he stepped 
out of a voting booth on elec- 
tion day, June 18- n 

Another successful P s « 
candidate, Gen. Arturo Valdes 
had gone underground in " cr “ 
and presumably D0W caia 

e *The e permission given to the 
successful candidates was seen 

by many local politicians as a 


further sign that the military 
government, which has been In 
power for ten years. Is con- 
tinuing to try to set up govern- 
mental co-operation with 
civilians as a first step towards 
banding power to a Chilian 
government within a couple of 
years. 

The constituent assembly is 
due to be sealed on indepen- 
dence day, July 28. The recent 
elections gave the parties of 
the Right and Centre about 65 
per cent of the voces, most of 
the remaining third going to 
far Left parties. 


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Financial Times Friday July 14 1978 


OVERSEAS NEWS 


Japan-China discuss oil exploration 


of continental shelf 


BY ROBERT WOOD 


TOKYO. July 13. 


CHINA AND JAPAN are 
negotiating for joint development 
of undersea oil in what geologists 
believe tu be the largest 
unexplored reserve in the world, 
officials said today. 

The potential development 
area is the ci.ntinental shelf 
between the Chinese mainland 
and the Japanese Ryukyu 
Islands, which streich south of 
the Japanese mainland. 

Vast areas of the continental 
shelf off China and Korea are 
believed rich in oil. hut 
exploration has been delayed for 
decades by a bewildering 
collection >>l undersea boundary 
disputes among China. Japan, 
Smith Korea. North Korea, 
Vietnam, the Philippines, and 
Taiwan. The high cost of 
exploration in the deep water 
of the region and Chinese 
reluctance to depend on foreign 
technology have also prevented 
prospecting. 

Japanese sources said a 
Japanese delegation has been 


negotiating on the joint develop- 
men! proposal in Peking since 
late June. 

Officials of the Japan National 
Oil Corporation in Tokyo said 
that they had previously ap- 
proached the Chinese several 
times in hopes of opening talks 
oo joint development, but they 
did not receive a positive 
response until this May. In May 
Chinese officials in Peking told 
Tadashi Sasaki. Chairman of the 
Japan Committee for Economic 
Development, that they would 
like to meet with a delegation of 
Japanese oilmen on the subject. 

Kan” Shih-en. China’s Vice- 
Prcirtipr * D charge of natural 
resources development. was 
reported 10 have told Sasaki tbai 
China preferred joint develop- 
ment to a technological agree- 
ment un oil prospecting. But 
the specific area of the proposed 
joint development has not yet 
been staled, so the status of the 
boundary disputes remains 
unclear. 


China and the two Korcas 
claim that all resources on the 
continental shelves along their 
coastlines belong to them. Japan 
and Vietnam, which have little 
continental shelf, claim that oil 
rights belong to whatever nation 
is closest to the oil- Taiwan 
claims ail the areas that are 
claimed by mainland China. 
There are also a variety of con- 
flicts over small, generally un- 
inhabitable islands whose posses- 
sion would imply rights to drill 
for oil nearby. The most 
geologically promising forma- 
tions in East Asia are in disputed 
areas. 

The stalemate in undersea oil 
exploration began to break in 
1974, when the Japanese and the 
South Koreans signed a joint 
continental shelf development 
treaty covering the area disputed 
between them. China and North 
Korea sharply denounced the 
treaty. China also claims part of 
the area it covers- Japanese 



Peking plans deposits scheme 


BY OUR OWN CORRESPONDENT 


TOKYO, July 13. 


CHINESE VICE-PREMIER U 
Hsion-men said today that China 
would -cck to attract foreign 
capital according to a Japanese 
formula that would avoid the 
iit-ce.oliy for the Chinese to 
formally accept loans. 

Japanese reports from Peking 
said U told a delegation from 
Jatiun's Mitsui Croup that in two 
years the Chinese would ask the 
Japanese to deposit money in 
the Bank of China. According 
to the Japanese proposals, the 


money could then be used to 
finance development projects, 
especially projects requiring 
imports front Japan. 

Li also said that China’s 
foreign currency reserves now 
total " well «/ver 2bn dollars. ' It 
was the first time a Chinese 
official had publicly stated 
China's reserves. Li said that 
the reserves were sufficient for 
China's needs over the next two 
years, but that then China 
would require a large amount of 
foreign funds. 


The interest rate that the 
Chinese would pay on the money 
deposited in the Bank of China 
was not known. In Tokyo. 
Japanese sources said the 
interest rate had been the 
subject of considerable dis- 
cussions. An official of Mitsui 
and Co. the trading company of 
the Mitsui Group, said specific 
arrangements might be decided 
and made public by next week, 
when the group delegation 
returns from China. 


opposition parties on the other 
hand, regarded it as a give away 
to the South Koreans. The 
Japanese Diet just cleared im- 
plementing legislation fur tbc 
treaty this June, 

The Japanese now hope for a 
similar agreement with China. 
The Japan National Oil Corpora- 
tion has left exploration in the 
joint Japan-Korea zone entirely 
to private firms so that it will be 
viewed as a friendly organisation 
by the Chinese. 

In 1976 Japan received nearly 
80 per cent of her oil from Middle 
Eastern OPEC countries and only 
2.7 per cent from China and the 
Soviet Union. Because of Japan's 
recession, she has failed to fulfil 
purchase contracts made witb the 
Chinese immediately after the 
oil shock. Japanese refiners 
dislike the heavy, waxy oil from 
the fields China has so far 
developed on or near the main- 
land. 

But businessmen say there will 
be little difficulty adapting to >he 
mainland oil if the price is right 
when demand resumes growth in 
Japan. Japan would like to im- 
port a lager portion of its oil 
from China to diversify its sup- 
plies away from tbe Middle East, 
but at least one foreign m inistry 
official has said Japan would not 
want to depend on China for 
more than 10 per cent of her 
petroleum needs. 


OPEC 


group 
talks on 


$ decline 


By Richard Johns 


A TOP-LEVEL committee of 
experts from member states of 
the Organisation of Petroleum 
Exporting Countries meets In 
London today to study the 
impact of dollar depreciation 
on oil revenues. 

Chaired by Sheikh At 
Khalifa a! Sabah. Kuwait 
Minister of Oil. the committee 
was appointed by the last 
OPEC ministerial conference 
held In Geneva last month. 
Sheikh AH. who is also the 
curreut president of OPEC, Is 
empowered to call an extra- 
ordinary conference to take 
action to compensate members 
for the dollar’s decline — which 
could mean an oil price cither 
through a system of indexa- 
tion or by a straight per- 
centage increment before the 
end of the year. 

Thai, however, would 
depend on the result of the 
committee's work and the 
decree of consensus reached 
among members represented 
on it. Kit bin OPEC there are 
considerable differences of 
opinion as to whether pro- 
ducers can protect themselves 
through a compensatory price 
rise. 

Saudi Arabia and Iran are 
not alone in arguing that the 
market demand _ Is not strong 
enough to sustain an increase 
ai present and that any 
increment would only weaken 
llir dollar — _ which, all 
members agree, is the only 
possible means of payment. 

Other members argued at 
Geneva that rising ILK. oil 
Imports were not a major 
factor in the dollar’s decline 
against other major currencies 
and lhai members should lake 
action in protect themselves, 
anxway. Foremost among the 
militants vn this scon* were 
Algeria, Iraq and Libya. 


Svria asks 
Sarkis for 
decision 


By thsan Hijazi 

BEIRUT. July 13. 
SYRIA wants Lebanese Presi- 
dent Elias Sarkis to make up 
his mind quickly whether he 
wants to resign or not so the 
crisis here may he dealt with 
promptly. 

The message was conveyed to 
Mr. Sarkis via the Lebanese 
Parliament Speaker. Mr. Kamel 
A I Assaad, who held talks with 
President Hafez Assad in 
Damascus on Tuesday and 
reported back to the Lebanese 
President yesterday, according 
to informed sources. 

They reported that whereas 
Syria prefers to see Mr. Sarkis 
stay in office, it feels that its 
20.0111) troops sen ing in 
Lebanon with the Arab peace- 
keeping force must have -a free 
baud in dealing with the 
Ghrislian militias. 

Mr. Sarkis threatened 10 
rrsign a week ago after the 
lighting between Syrian troops 
and militias in Beirut Christian 
quarters exacted a heavy toll 
on life and property. 

Mr- AI Assail was given to 
understand that Syria Is not 
budging on its determination 
to deal firmly with the militias 
and insisted that the rote by 
the Syrian army In Lebanon 
most not appear to be a failure. 

President Sarkis was 
reported today to have given 
himself three more days during 
which to assess (hr situation 
ami deride whether he wants (o 
remain iu office. 


Rhodesians before court 


in arms payments affair 


BY TONY HAWKINS 


SALISBURY. July 13. 


THREE WHITE Rhodesians 
appeared in the Salisbury 
Magistrates Court today in 
connection with the major fraud 
case relating to the purchase of 
military 1 equipment for 
Rhodesia. 

Reporters were cleared from 
the courts and even prevented 
from looking through the 
windows to try to identify the 
three men. 

Ail that police would say was 
that the men were appearing in 
connection with the scandal 
acknowledged at a political 
meeting on Wednesday night by 
Mr. Rowan Cronje. the Minister 
of Manpower. No identities or 
charges were made public, but 
it is believed that the men were 
seeking ball. 

On Wednesday. Mr. Cronje 
admitted that civil servants and 
Rhodesian businessmen were 
involved in a major scandal — 
said to Involve at least £lm. 


The men are alleged to have 
taken a “kickback” in respect 
of arms purchases and invested 
the funds abroad. 

It has been apparent for some 
time that a major financial scan- 
dal had been detected by tbe 
Rhodesian authorities, but they 
have put a clampdown on Press 
reporting of the affair. 

Mr. Cronje has denied that 
there have been attempts to 
cover up the scandal, saying 
that the country's economic and 
security interests could be 
jeopardised if tbe facts were to 
be made public at this stage. . 

Opposition groups are anxious 
to make as much political capi- 
tal out of the scandal as possible 
ahead of next week's by-election 
in tbe Salisbury suburb of High- 
lands North. 

Members of the opposition 
National Unifying Force — to tbe 
Left of the Rhodesian Front-— 
subjected Mr. Cronje to close 


questioning at Wednesday's by- 
election meeting. 

Tbe Government is seriously 
embarrassed by the scandal on 
two main counts. 

First, it has a long record 
of pursuit and prosecution «f the 
private sector for fraud and cur- 
rency crimes. The private sector 
has been bitterly critical of the 
intensity with which some civil 
servants have pursued even the 
most minor offenders. 

Secondly, the Rhodesian Front 
has long argued that graft and 
corruption of this.' kind is alien 
to Rhodesia and experienced only 
in developing countries, especi- 
ally Afican. ‘states to the north, 
and In the decadent West 

But they Government is not 
believed to be trying to keep the 
case under wraps out of embar- 
rassment. Far more important, 
as Mr. Cronje himself admitted, 
is the protection of the country’s 
sources and channels for arms 
supplies. 


Militant call by S. African chief 


BY BERNARD SIMON 


JOHANNESBURG. July 13. 


CHIEF GATSHA BUTHELEZT. 
the leader of the 150,000-membcr 
Inkatha movement, which is 
South Africa's biggest black 
political organisation. today 
envisaged a more militant role 
for his organisation in bringing 
about change in South Africa. 

Speaking at Inkatha’s annual 
congress. Chief Butbclezi called 
for a " military type discipline 
and organisation '* to integrate 
the forces available to cripple 
Apartheid. 

“I see Inkulha's strategy as 
being the integration of all those 
fronts which have from time to 
tunc* moved forward and 
retreated.” he said. “ Inkatha 
has abandoned totally and 
utterly a lactic and strategy 
based on marking time.” 

Chief Ruihele/i. who last week 
claimed that hu and Mr. Yorster. 
the Prime .Minister, were the 
two individuals most intimately 
involved in the political future 
of South Africa, stressed that 
Inkatha sought peaceful methods 
of radical change. But. he 
warned, "where we are hit. wc 
hit back." 

He added that "white greed 
has led to an uver-reliance on 

blacks. The wheels of industry 
cannot run without us. commerce 


in this country depends on our 
buying.” 

Chief Buthelezi’s speech comes 
on the heels of Inkatha’s 
announcement that it is to 
pressure foreign companies 
operating in South Africa to 
adhere io various employment 
codes of conduei and to recog- 
nise black trade unions. 

The four codes of conduct in 
question are those formulated by 
the EEC. the U-S. church leader 
Rev. Leon Sullivan, the Canadian 
Government and the South 
African Urban Foundation. 

It is believed that Inkatha's 
initial targets will be British and 
European companies operating in 
the Durban area, which is where 
most of the Zulu-based move- 
ment's members work. Unilever. 
BP and Shell have, been men- 
tioned as possible targets. It Is 
also thought that the organisa- 
tion will give high priority to 
the grievances of migrant 
workers on the mines. 

Should companies refuse to 
enforce the terms of the code of 
conduct applicable to them, 
fnkatha envisages protests to 
overseas parent companies, and 
to foreign governments, trade 
unions and other pressure groups. 


Should these pressures fail, it is 
expected that Chief Buthelezi 
may publicly single out specific 
companies for criticism. 

Meanwhile, tbe South African 
Council of Churches has called 
on foreign countries and com- 
panies to radically revise their 
investment policies and employ- 
ment practices in South Africa. 
The general secretary of the 
council. Bishop Desmond Tutu, 
said foreign investments and 
loans had been used fo bolster 
the patterns of power and privi- 
lege in the country. • 

In Cape. Town, Mr. Percy 
Qoboza, editor of the Post news- 
paper. and former editor of the 
banned paper, tbc World, bas 
called for the establishment of a 
black economic commission to 
draw up a blueprint for black 
participation in tbe South African 
economy. 

Tbe main task of the commis- 
sion would be to draw dp a code 
of conduct for commerce and in- 
dustry providing for equal em- 
ployment opportunities. " I am 
getting a bit weary of all the 
people who draw* up. codes of 
conduct for what they consider 
to he fair and just for us,” Mr. 

Qoboza said. 


IRANIAN POLITICS 


Call for free elections next year 


BY ANDREW WHITLEY 


TEHRAN', July 13. 


IRAN'S SENIOR religious leader. 
Ayatullah Shariatmadhari. has 
called for genuinely free Parlia- 
mentary elections. In an inter- 
view today with the Financial 
Times, at his home in the holy 
city of Qom. the Ayatullah also 
reemphasised the opposition 
demand for full implementation 
of the constitution. 

Strongly criticising the single 
recognised party. Rastakhir, set 
up by the Shah three years ago. 
he said that several different 
partis should be allowed to com- 
pete m next year’s scheduled 
elections to the lower house of 
Parliamotn. the Majlis. 

Ayatullah Shariatmadhari. an 
alert and humorous 76-year-old 
patriarchal figure, wonted the 
would stand against them.” and 
Government that the 'nation 
the present majlis would be 
declared illegal. iE it dod not 
accede to the demands. On the 
other hand, he said, dissatisfac- 
tion would disappear if the elec- 
tions were held. 

IE such elections are held, tbe 


Ayatullah felt that a responsible 
body would have control over tbe 
constitution and a religious body 
coul dhave a veto power. Under 
Iran’s 1906 constitution. Parlia- 
ment was to be the supreme 
authority, while five clerics would 
have the final say on legislation. 

In practice the monarchs have 
emasculated Parliament, and the 
religious veto has never been 
applied. Asked if the full imple- 
mentation of the constitution 
should involve curbing hie Shah's 


own powers, he Shi’iie leader 
own owers. the Shi'ite leader said 
that for the time being he and 
his follower’s only wanted a 
poiverful action. 

Ayatullah Shariatmadhari 
strongly dented recent official 
claims that an informal dialogue 
with Iran’s moderate religious 
leaders had led ro an' understand- 
ing. Although deputations canae 
“in tbe early days.” he said, these 
had stopped and a rift had 
developed. 


Bid to calm fears on Kabul coup 


BY SIMON HENDERSON 

THE United Stales is trying to 
reassure Saudi Arabia. Iran and 
Pakistan of its backing following 
the coup in Afghanistan. This is 
the reason for the current visit 
tu the area by the Under-Secre- 
tary of State for Political Affairs. 
Mr. David Newson. 

The U.S. is particularly 
anxious to reassure Pakistan. 


ISLAMABAD. July 13. 

Mr. N'ewson is due to arrive in 
Islamabad lo-myrrow from Kabul 
for a three-day visit before leav- 
ing on tbe last stage of his trip 
to Jeddah. 

Pakistan has been worried 
about increased destabilisation 
of its frontier areas following 
the appearance of more Russian 
advisers in Afghanistan after the 
coup. 


WORLD TRADE NEWS 



Imports by 
Japan rise 
but surplus 


continues 


JAPAN’S IMPORTS have begun 
to rise, but not fast enough to 


Nissan to build vehicle 
assembly plant in Greece 


BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 


GREECE IS set to make lb first import curbs by the Greek vehicles, mainly for Ulbluy 

to rise, but not fast enougn toj significant move into co miner- Government on range o ‘ US j hc c f, 0ice ^ Nissan a 

narrow Japan’s trade surplus, [dal vehicle production following tnal prwiu included partner will cause considerable 

statistics from tt. Mini.fr! : « a decision an effort mliest among Western mnlor 

i s 

fr °l“porT : %oirn. licences for | at Vo, 5 us . parted 1TA>«. »nd trucks in 

[he ^ corrcsponding^monlh “III j ‘ smauVr” o V mere hare been in d ic ations commercial v " K ^ ‘ ,r ™" 

S, Japanese* company S ^’nS^ffnrg ^ ina^as^a car sieek 
a 53 per cent gain in January- c " r> Greek distributor of But so far. Greece has not had of onl» * 

Larch | Nissan's products which mil a major pro iject, although links 

finance the 500m drachma were developed some years ago has fno polenlul for a grent 

factory. A target of 1.000 with Reliant, the British manu- deal oE growth ** 

vehicles a month has been set faclurers. to make a vehicle ship levels, now sUntiin„ at 14 


However, since the vwlue of 
the yen has risen dramatically 
since June of last year the 


figures indicated imports are ■ f or project 


still declining in yen terms. Also, 
the June licensings included 
several unusual items such as 
large aircraft and nuclear 
energy material. 

Officials noted that imports of 
manufactured products, a key 
element in Japan's disputes with 
her trading partners, rose 50.4 
per cent in June over the pre- 
vious year. Foodstuffs rose -1 
per cent but raw material pur- 
chases were virtually level. 


designed by the UK company, people per vehicle, rise towards 


Japanese trade 
with China 


r \naouncempnt „r the project sfeyrtDaimicr-Pu.-h also mate a tho Western Eornpean awrajc of 
comes close on the heels of limited range of commercial about four people per vehicle. 


Tory warning on Soviet credit 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


By Anthony Rowley 

HONG KONG. July 13. 

JARDINE MATH E SOX. biggest 
of the trading conglomerates 
here, hopes to increase its role 

in China trade by helping with — 

ambitious indus- 1 The Conservatives believed this 


the country's . -- — 

trial modernisation programme, [seriously weakened 
Mr. David Newbigging, the } bargaining position, 
chairman of Jardine said on his 
return from a visit to China that 
his group might be interested in 
arranging “ packages " for China 
in areas such as mining or steel- 
making in which Jardine itself is' 
not directly involved. He also 
mentioned China's interest in 
some of Jardine ’s oil-industry 
activities. 


He added that he was en- 
couraged by the improved 
climate in China towards com- 
mercial contacts with the outside 
world under the present regime. 
The assumption is that Jardine 
may enhance its classic trading 
company role as a go-between for 
China and potential suppliers of 
capital goods from the West. 


Generator order 

The Deutsche Babcock sub- 
sidiary Vereinigte Kesselwerke 
bas received an order, described 
by industry sources as worth 
around DM 20(hn, to deliver and 
bo lid two steam generators in 
South Australia, a Babcock 
spokesman said. The order is 
from the Electricity Trust oT 
South Australia and includes the 
option for two more 250 MW 
generators. 


Loan for Yugoslavia 

The Export Credits Guarantee 
Department bas guaranteed the 
repayment and funding for a 
$9.4m loan which the Midland 
Bank has made available to 
Slopanska Banka Skopje of 
Yugoslavia. 

The loan wjll help finance con- 
tracts awarded by Organ sko 
Hcmijska Industria of Yugo- 
slavia to UK suppliers for plant 
and equipment for a polyacrylic 
fibre plant at Skopje. 

And the World Bank and its 
affiliate. tbe International 
Development Association flDA). 
have approved S110.9ro for 
development projects In Liberia, 
Thailand and Yugoslavia. 

Liberia will receive a S6m IDA 
credit to help improve forest, 
management practice and forest 
protection. 

In Thailand, a S4.9ra World 
Bank loan will help finance the 
production of Datural gas in tbe 
Gulf of Thailand. 

And the World Bank will lend 
Sinom for providing credit to aid 
industrial projects in Yugoslavia. 


Taiwan rail project on target 


BY LYNTON McLAIN. 


BRITISH companies working on 
the £S0nt rail electrification pro- 
ject for Taiwan are on target for 
completion by next year, the 
Railway Industry Association of 
Great Britain said yesterday. 


The five-year project, signed in 
2974, called for tbe electrification 
of the Taiwan Railway Adminis- 
tration's 408 km west trunk line 
from Keeluns. through Taipei, 
the capital, to Kao-hsiung in tbe 
south. 

The project is managed by 


GEC Transportation Projects, a 
subs id i a O' of the General Elec- 
tric Company of Britain. 

Other GEC companies which 
have benefited include GEC 
Switchgear, which provided the 
power distribution and control 
systems. GEC-Elliot Process 
Automation, with its monitoring 
and control systems, and GEC 
Traction which is supplying the 
fleet of 20 electric locomotives 
and 13 fiveJEar electric multiple 
units built toy British Rati En- 
gineering, York- 


Hindustan Machine Tools 


to build Kenya plant 


BY JOHN WORRALL 


NAIROBI, July 13. 


Greek tonnage increase 


The Greek-flac merchant fleet 
stood at exactly 4.000 vessels at 
the end of May. totalling 
34,792.941 gross tonnage (CRT) 
according to the government. 

This compared with 3,706 
vessels of 30.995.965 CRT on the 
corresponding date of 1977, 
reports AP-D.I From Athens. 

The government added that 
Greek-owned vessels under 
foreign Hags numbered 892 of 
14,597.994 GRT, bringing the 
total Greek-owned merchant fleet 
under Greek or other flags to 
4B92 ships of 49.390,935 GRT. 
There were 273 G reek-flag 
vessels of 2,817.601 GRT laid up 
on that date representing S.l per 
cent of the total fleet 


Finance for 


Algerian 
textiles plant 


BRUSSELS. July II. 
SOCIETE General de Banque and 
Banque Bruxelles Lambert have 
concluded a buyers' credit agree- 
raent with Sneiete National? des 
Industries Textiles (Semites) of 
Algeria for part financing of a 
velvet frabric complex to be 
built it AJtbou, Algeria. 

Societe Generali de Banque 
is also leading a 825m seven-year 
Eurocredit for the textile project. 
Interest rate is 43 over Libor 
with 35 years grace. 

The buyers-credit will cover 
S5 per cent of the materials 
supplied by Belgian producers 
worth nearly BFr 4bn, Societe 
General de Banque said. 

Semites had ordered the textile 
complex, worth a total of around 
BFr 6bn from a consortium bring- 
ing together the Belgian com- 
panies Sybetra and Le Peigne 
with the Swiss company Rieter 
and the German Exima. 

Le Pelgne is a subsidiary or 
the French Agache Willot group 
and Exiiui is a subsidiary of 
Sybetra. 

Reuter 


KENYA'S Industrial and Com- 
mercial Development Corporation 
has signed an agreement with 
Hindustan Machine Tools of 
India for the establishment, near 
Nairobi, of a £2.3m machine tools 
plant. 

It is the first joint venture at 
Government level between India 
and Kenya. The ICDC, a Govern- 
ment corporation, is to have a 
majority shareholding of 75 per 
cent, but Hindustan Machine 
Tools is to have a large 
machinery suppliers’ credit. 

The plant is expected to be in 
operation in 15 to IS months’ 
time and is to produce basic 
machine tools for the metal and 
woodwork industries. It will 
employ about 300 skilled and 
semi-skilled Kenyan workers. 

Christopher BoMiuki writes 
from Warsaw that a recently 


signed contract for the construc- 
tion of a textile plant in Tan- 
zania by Poland and East 
Germany signifies tbe first invest- 
ment project undertaken by 
Communist Bloc countries in 
East Africa. , 

The planr. which is worth 
S23ra. is to be built at Mbeya on 
a turnkey basis in the years 
1979-80 and will be the largest 
Polish-East German joint venture 
in a third country to date. 

The .Polish company Varimex. 
will supply a 75S loom weaving 
mill, the water supply and fire 
safety system, and Unitecfana 
from East Germany will supply 
a 25,000 spindle cotton spinning 
mill. 

Tanzanian personnel are to be 
trained in Tanzania and in 
Poland and East Germany and 
production will be based on local 
raw materials. 


Pakistan imports freed 


BY IQBAL MIRZA 


KARACHI, July 13. 


IN ORDER io boost production 
and meet tbe essential needs of 
consumers, imports have been 
further liberalised under the 
import policy for 197S-79 
recently announced by the 
Federal Government. To raise 
productivity of tbe agricultural 
sector, five types of standardised 
makes of tractors, namely 
Massey Ferguson. Fiat. Inter- 
national Harvester. Ford and 
Bylarus, can now be imported by 
the private sector. The new 
policy raises total number of 
ttems from 429 In the import 
policy for 1977-78 to 442 for the 
year 1978-79. 

It also provides that 438 items 
will be importable under the free 
list, up from 411 Items in the 
policy for 1977-78. A major step 
taken und**r the new import 
policy is that the amount for 
imports under cash financing 
has been raised from Rs 1.5m to 


Tfr; 2.5m so that importers can 
buy necessary machinery . from 
abroad. 

• The Government of Pakistan 
also says It is halting all private 
trade with India with effect from 
July 1, adds AP-DJ. 

Trading will be carried out by 
the Government or state- 
controlled corporations. 

A protocol on government 
level trade was signed in 1974, 
but after one year India and 
Pakistan agreed to allow private 
sector trade as well. In early 
1977, private sector trade was 
running in India's favour. 

Now the State Bank of 
Pakistan has issued instructions 
to commercial banks not to open 
letters of credit io private 
parties for imports from India, 
and not to allow extension or 
letters of credit opened by 
private parties before July 1. 


Gasunie sees 
increase in 


gas reserves 


supplies, 
delivered 
however. 

Despite this increase In total 
available supplies, the share of 
gas in the domestic energy 
packp.ee will fall To one-third 
from 52 per cent now, and other 
sources of energy . will have io 
be found. 


Finns to drive on turpentine 


Financial Times Reporter 


TURPENTINE from pine wood 
is one of the fuels to be used 
in a batch of Saab cars to be 
test marketed in Finland next 
year. 

The new foels, including a 
very low octane petrol with 
almost no lead content, may cost 
only half the £1.20 per gallon 
of existing petrol in Finland. 


The engines to run on these 
cheaper fuels hsve been 
developed by Oy Saab-Valniot 
AB. a joint Finnish-Swedish com- 
pany manufacturing the Saab 
range near Turku. Finland. The 
company signed a research 
agreement wiih Neste Oy. the 
Finnish slate oil company, in 


May. Valmet is also state-owned 
and has interests in diesel 
engines, paper-making machinery 
and shipbuilding. 

Neste has already tested a 
modified Saab and an experi- 
mental engine and tests in 
Finland have shown that the car 
will also run an low-grade 
paraffin. In all cases it can meet 
the exhaust emission standards 
l aid-down by the European 
Economic Community.- 

The engine on tbe Saab 99L 
has begn modified tn pre-heat 
the fuel and the intent air and 
the pistons have been designed 
to a very low compression ratio, 
with less reliance on leaded 
petrol. . 


The care on sale in Finland 
next year unit have a dual 
fuel' system. The very low octane 
petrol will be used during 
engine idle, when the car is 
heavily laden and when it is 
started in cold weather. During 
constant speed running, the 
engine may be switched fo 
turpentine or continue running 
on petroL Fuel costs are lower 
than diesel fuel but turpentine 
or low octane petrol give better 
acceleration and leas noise. ln 
Sweden. the parent Saab 
company is developing engines 
to run-on methanol (methylati*® 
spirits! aod liquid petroleum 
gas. 


Itt 


2£? s^«5tr^'s^ T rsysr?ssa^ & & 

SSPJS c n°™iLS™ oi »». .would > 

favourable credit terms for abandoned under a Conservative seamen out of work by unfair 

Soviet purchases of British in- administration. AH issues relal- freight rales, 
dustrial equipment, Mr. John ing to Soviet trade would be British shipping employed 

Nolt MP for St. Ives, the Oppo- looked at simultaneously * u I 75,000 UK seafarers, 16,000 non- 

sition spokesman on trade, said was appointed Trade Secretary, domiciled ratings and over 20.000 

yesterdav Mr. Nott said. shore staffs. It earned I3 5hn 

r nu nniir-v »n A similar, unified apprMChgross^igyfia/idmadeanetvw- 

r .F Rifssiun would be adopted to solve the tribution to th e balance of pay- 
^fi ra e ,f?L^ur„^ vKci! problem nf overcapacity in me nts of £lbu. 
shipb undercutting Western ^ u l vurds and lo maintain a __ . . . • • . , 

fleets from all other trade issues. fleet A slimmed- This industry was now at risk 

The Conservatives believed this industiy was and ? er « " oth “S fo ^ 

Britain’s d0B J n . muusiry gaincd by transferring urtem- 

nceded but se ^ ployment from the shipyards to 

tion was long overdue, he said. , h 

Britain gave Russia favourable Rationalisation would be ’ , 

credit as low as 7 per cent under looked at "in tandem with But that is what Ihe tfovern- 
tbe Anglo-Soviet trade agreement British Shipbuilders’ policy of ment is- doing by becoming a 
but the Government had been winning overseas orders through leader m the credit / ac ® f ^ r 
“feeble" in its attempts to stop the “nonsense " of subsidies orders. There had lo ^ tm 
Soviet ships offering freight rates which hu at British shipping more artificial brnldmg of ships 
30 ner cent below those of tbe lines. for thettr was no com- 

British merchant fleet. Mr. Nott Mr. Nott attacked the Polish mertual need. 




nr 


All the motive power unifs 
have thyristor control and oilier 
advanced features. GEC Telc- 
comumnlcations supplied the 
communication link for the rail- 
way. 

The overhead line equipment 
has been supplied by Balfour 
Beatty Power Construction; Wcs- 
tinghouse Brake and Signal Com- 
pany supplied the braking 
equipment, and Stone-Platt Elec- 
trical the air-conditioning sys- 
tems. 


By Charles Batchelor 

AMSTERDAM. July 13. 
HIGHER RESERVES and 
increased purchases of foreign 
gas mean Holland will be able 
to maintain deliveries lo 
domestic users for longer than 
was previously thought posible. 
There will be no change in the 
policy of allowing export con- 
tracts lo expire however, the 
national gas distribution com- 
pany. Gasunie, has said. 

Holland will have 268bn cubtc 
metres of gas still available at 
the end of the present 25-year 
plan, in 2002, out of present 
proven reserves of l^lShn cubic 
metres. Domestic sales are 
expected to total 900bn cubic 
metres and exports 650bn in that 
period. 

. Gasunie bases this forecast on 
a saving, of lOObu cuhic metres 
from house insulation, lower 
demand ' from industrial users 
-because of sluggish economic 
growth, revised domestic reserves 
and tbe recent purchase of SObn 
cubic metres of high calory gas 
from Algeria. After allowing for 
gas used, proved supplies rose 
223bn cubic metres in the period 
1974-77 — the equivalent of five 
years’ domestic consumption. 

The gas distribution company, 
which is owned 50 per cent by 
the state, and 25 per cent each 
bv SbeU Nederland and Esso 
Holland, will be able to maintain 
deliveries to domestic until I ties 
for .an extra year and will 
increase supplies to high value 
industrial consumers. It has 
renegotiated higher prices from 
foreign purchasers. It has 
extended the length of contracts 
to allow . these customers more 
time to arrange alternative 
The amount of gas 
will be unchanged 


Ml 




• j 
11 . 
Ml 


Item* 





Financial Times Friday July 14 1978 


home NEWS 



Public expenditure 
control move backed 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Strike at Llanwern 
cost £20m in lost 
steel production 


Mortgages doubled in 
support lending plan 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


majof^^SIatio^^h^Dre 3 . ferent systems of public BY ROY HODSON 

eSendffSS Control* haro^no ' * However * its general 3 S 5U b- SSS5} ItUre plaanin e “d The recent 2 5 -week strike by 

as. ssajsaM «5 itas-ss 7? 

tees concerned. ^ e ?!? ^ as . a * so spring Parliamentary estimates *5 a , standstill cost the 

'PL* .. DcP.n PYnmtTliTifr winiir icmnn ..j . ■ . Rriticn Vtruil rnpnnrnNip nKmit 


tees concerned 01005 commjt ‘ Nottingham We* has also spring ^ ? » standstill cost the 

The all-Dartv v VAan j.-* b ? en exarau Hng wider issues and later suDDlemGntariet havp Br| Ush Steel Corporaton about 
Com mil tee yestcrdaywe"com^d S?°th« ^ 0S51b,e . furth ? r changes been superseded as the effeSuIe ij L lost prDducti ° n - . . 
Treasury proposals for the S £h £° d ? nt t nt of , tbe means of short-term control by - Tbe stoppage was the biggest 

milation of the cash limit IS’ Sf?"®!”- 11 has also been look- rash limits, which d 0 not have sl ° gIe i etback t0 Bnt,sb Stee i s 

tools with the 'estimates* 2? 2 ? “■ t , m0Sl aSp ?.^ 0f e the t0 &e approved by Parliament, attempts to recover since the 

~ 7. » L *maie5 ore- financial aceountahilitv nf th«» a* t,overnment annrnved the new 


in a report published last mnmh w I? puw sn a reporl l:,1er supplementary to take J1L £ D "™V u ™T ea 

The Treasure is now 15k^lv n f!; before Parliament's summer account or later inflation. yesterday show that had Llan- 

pj 3 rj m ;*ri? u "?*y to recess. Thp cash limit h incite wern continued to work normally 

in the i»SSl flSnctel vear^ „ T , hC treasury proposals follow in s roughly iwo-Uiintstf public ? ritish ^ eel Production would 

“ aa nci a J .'ear. earlier discussions with, thp suh. un un #ii na y .-u_ have made up lost ground in 


’edit 


V 'it 

;i! 

■ 


BY DAVID FREUD 


. best levels of approachine 

440.000 tonnes a week. 

Over 33% of complaints justified sBslsf® 

BY DAVID FREUD June Iast - vear whcn the steel 

recession was worsening. 

^ * a " half Ue were mislaid before despatch or un^SaSy Merely bJVi^SE 

complaints considered by the lions concerned the Inland mislaid or destroyed in the wera dilute because a do lev 
Ombudsman from February to Revenue and the Department receiving offices.” was being P pursued of deliberately 

April this year were found to be of Health and Social Security, The Inland Revenue said loading the modern works with 
wholly justified Slr Id wal criticised some yesterday that every effort had orders at the expense of older 

i n aspect of the Inland Revenue’s been made to find the papers, steel plants. 

. m J eport f °r the actions in 20 of the 23 com- but with nearly 1.000 offices and Production had touched 50 000 
mu-78 session. Sir Idwal Pugh, plaints investigated, while 10 25m taxpayers some papers were tonnes a week at the plant when 
the Parliamentary Commissioner were found to be wholly justified, bound to go missing. Severe the stoppage occurred, 
for Administration, published In one tax case there had been disciplinary action was taken British Steel and the British 
91 investigations into comolaintis a “deplorable delay •* of over whenever deliberate destruction Independent Steel Producers’ 

,<? , mts four and a half years before °f papers was discovered. I Association accompany the new 

a e amst 17 Government depart- a comp i ainant received a tax — 

ments and agencies. repayment of £14.80. 

He found 33 of these com- One disturbing feature of this 
plaints to be wholly justified, case was that several official 
In 29 other cases he criticised papers were missing. Sir Idwal 
soufe aspect of the department’s said: “ I cannot discount the 

handling of the issues. possibility that some at least BB 


steel figures with a gloomy pre- 
diction that no significant upturn 
in steel demand ean be expected 
in the near future. 

• Business js expected to decline 
during the coming holiday period 
and no real upturn is anticipated 
before September/October. 

British Steel will be attack- 
ing the stateless steel market 
with new vigour in the coming 
weeks in order to sell the pro- 
duction of the new £l30m stain- 
less steel complex at Sheffield 
which is being opened today by 
the Duke of Edinburgh. 

Company fined 
over effluent 

THE STOKE-ON-TRENT pottery 
company of George Howson, part 
of the Armitenc Shanks san'tary 
• • ?rjup. was fined £600 with 
£100 costs by the city's magis- 
trates yesterday after "admitting 
six charges of polluting sewers 
with untreated effluent, contain- 
ing metal. 

Miss Lyon Fenner, for the 
Severn Trent Water Authority, 
said that effluent from the works 
contained amounts of metal well 
above the legal limit. 

Mr. Patrick Isberwood said in 
mitigation: “This pollution was 
caused by antiquated equipment 
which has now been replaced." 


MORTGAGE ADVANCES have 
more than doubled under the 
building society support lending 
scheme designed to provide home 
loans for people who could not 
normaly expect the societies' 
assistance. 

Mr. Reg Freeson, Minister for 
Housing and Construction, an- 
nounced yesterday that the 
scheme has progressed well in 
the first two months of the finan- 
cial year. He hoped the rest nf 
the year would prove as success- 
ful. 

During the first two months a 
total of 5.200 home loans bad 
been approved under the 
scheme, involving £41. 4m. That 
compares with 2.200 advances, 
worth £15.5m. in the same period 
12 months before. 

According to Mr. Freeson. tbe 
increase in advances reflected 
the growing co-operation between 
building societies and local 
authorities. He said the local 
authority associations, the Build- 
ing Societies’ Association and the 
Department of the Environment 
had made available guidance on 
the scheme's- operations for all 
parties participating. 

Tbe scheme was introduced in 
1975 when local authority mort- 
gage lending was reduced 
severely after large cuts in pub- 
lic expenditure. Under tbe 
arrangement, the societies make 
available mortgage funds to 
applicants nominated by local 
authorities: usually prospective 
house buyers of modest means 


who are seeking older, cheaper 
properties. 

In its early stages the scheme 
proved slow to get started and 
the. building societies were 
accused of implementing Ihe pro- 
posals unenthusiastically. They 
replied that many applicants 
were simply going straight to 


the societies fur assistance. 

In 1976-79, the support scheme 
allocations available to lorjl 
authority nominees in England 
amount to £267m. against ri57i:i 
in the previous 12 months. Dur- 
ing 197S, the societies are 
expected to advance about fSbn 
to home-buyers uf all types. 


Action hits phone supplies 


BY JOHN LLOYD 

ABOUT 90,000 people and 
businesses are waiting for tele- 
phones as a direct result of the 
industrial action being taken by 
the Post Office Engineering 
Union. 

New equipment lu the value 
of f60m is lying idle 'in ex- 
changes. nf which ASm worth is 
immediately required for new 


connections. The remainder is 
due to be phased in over the 
next year or two. 

Besides the telecommunica- 
tion equipment, some 
worth of automatic letter-son ing 
equipment insulted in sorting 
offices in Bristol. Leeds. Liver- 
pool and Manchester is also un- 
used because of the dispute. 


Fluorspar mine verdict today 


THE PEAK PARK. Joint Planning 
Board today decides whether 
Dresser Minerals International 
should be permitted to mine 
fluorspar inside the National 
Park at ConKsbury Lane, Yotil- 
greave. writes Paul Chrescrighl. 

Dresser, a subsidiary of a 
Texas concern, has so far 
invested about £4m in a mine 
and processing plant at Hopton, 
about six miles from Youlgreavc. 


The Board will consider a 
report from the National Pari: 
officers which, in a departure 
from past practice, docs not ii:ak<- 
a precise recommendation u:t 
whether the application should 
be accepted or re-jcelcd. 

The report lisu the options, 
and their consequences, faced by 
the planning Board. But the 
way the options have been 
presented leans towards approval 


firm 


la r set 


for rest of year’ 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


STERLING should remain rela- 
tively firm for tbe rest of this 
year, according to an inter- 
national survey of bankers, 
company treasurers and 
economists published yesterday. 

The median projection is for 
a slight fall in sterling from 
this month's bigh level to S1.S3, 
around its average earlier in 
the year. Tbe rate is expected 
to decline to $1.77 by the middle 
uf next year. 

Only a small recovery in the 
dollar is expected ■ during tbe 
next 12 months. 

Just over half the 250 
respondents to tbe survey were 
from the UK and they were 
slightly more bearish than 
people abroad about the 
prospects bulb for sterling and 
inllatiun. 

The Azuex Bank survey 
indicates a rise in both shori- 
lcrin interest rates and in the 
12-mnnth rate of inflation in 
four major industrialised coun- 
tries— the US.. UK. West 
Germany and France. 

The acceleration is not, how- 
ever. expected to be significant 
and only a small rise in inflation 
is projected in the U.S. and West 
Germany. 

Jn the UK, the 12-month rate 
is expected to increase from 
between 7 and S per cent at 
present to 9.2 per cent by the 
end of 197S. and 11 22 per cent 
hr the middle of next year. 

Interest rales on three-month 
deposits in the UK are expected 


to increase from 9} per cent at 
present to 10| per cent by the 
end of this year, hut then to 
fail to 104 per cent by the middle 
of next year. 

Three-month Eurodollar rate is 
projected to rise from Si per 
cent now. to 9 per cent by the 
end of the year, but to drop to 
81 per cent by mid-1979. 

Self-sufficient 
tourist ‘threat- 

By Christopher Dunn 

CHANGING PATTERNS of 
tourism may harm the economies 
of Hampshire, the Isle of Wight 
and parts of. Dorset, Mr. David 
James, director of the Southern 
Tourist Board, said in the 
board's annual report, published 
yesterday. 

A shift from serviced 
accommodation towards self- 
catering arrangements was 
accelerating. "The region has 
one of the largest stocks of 
serviced accommodation in the 
country. If its use continues to 
decline, it could have serious 
repercussions." 

He added: "There is an 
underlying trend of decreasing 
expenditure and an increase in 
tourist numbers." 

During the peak third quarter 
nf 1977, the region attracted 127 
tourists a square mile by day 
and 59 by night, a density second 
only to London’s. I 


c 


TTi 

L V i£ 




L ^ 








with exd 


vou miles 





-r « 






’■-•'V* ..AL 




T|i i* ! 


Race question likely 
in 1981 census 


BY PAUL TAYLOR 

THE GOVERNMENT intends to 
include a question on race or 
ethnic origins in the 19S1 Census 
nr Population. The Government 
While Paper on the census was 
published yesterday and Mr. 
Roland Moyle. Health and Social 
Services Minister, said the 
Cuvernmcnt had decided "in 
principle” to include the con- 
troversial direct question for the 
first time. 

Mr. Moyle promised a full 
public debate on the census and 
said the Government would take 
any views expressed _ into con- 
sideration when deciding on the 
final form for the questions. 

The 1971 census had included 
an indirect question on race, 
asking about place of birth, but 
this had only been partly 
effective. The White Paper 
stresses that the question on 
race is important to provide the 

Government with reliable 
figures on which to base future 
community relations policies 


and to monitor the Race Rela- 
tions AcL 

Three forms of tbe questions 
are being tested at present on 
small sample groups and details 
of these are to be published in 
ten days. 

The 1981 census is expected to 
cost £45ra at November. 1976, 
prices with 20m forms asking 27 
groups of questions distributed 
and collected by a team of 

100.000 temporary enumerators 
in England and Wales. 

Names and addresses will not 
be fed into the computer that 
will analyse the census forms. 
There will be safeguards to pre- 
vent unauthorised access to the 
computer data. 

Census forms in Wales and 
Scotland will include u question 
about Gaelic and Welsh language. 

Provisional census day has 
been set for April 5, 1981, and 
there will be full-scale tests 
involving between 60,000 and 

80.000 people next year. 

«MM Census of Population, SO 
Cmnd. 7146, 40p. 


Lane attacked over claim 
on forced repatriation 

BY CHRISTOPHER DUNN 


MIL DAVID LANE, chairman of 
ih P Commission for ® ac5; d 
Equality, was severely criticised 
> osierday by the Commons Select 
Committee on Race Relations for 
a passage in his evidence On UK 
membership of the EEC and race 
relations. 

Mr. Lane said that an appbeant 
for registration as a British 
citizen “ cannot rule out in his 
own mind the possibility that in 
future * induced,’ if not forced, 
repatriation of New _Comm°n- 
weallh and Pakistani settlers 
may well become an acceptable 
option even for the main^ political 
parties in this countryi"- 


Mr. Fred Willey, chairman of 
the committee and Labour MP 
for Sunderland, said the passage 
was disgraceful. . 

“I am hopping mad about u. 
It is carelessly and mischievously 

“You are causing the greatest 
anxiety." he told Mr. Lane, 
People would quote the pass®*® 
as the view of the comml&sjon 
and that was virtually ’Ptoytog 
into the hands of 
groups like tbe National Front 
Mr. Lane, who yas ajjo 

attacked for not dissociating the 
commission from the 
the paragraph, agreed to delete 
it from the evidence. 


There is no doubt that the Sigma 2000 has 
an extremely high standard of equipment 
and trim specification which few European 
cars can match?. 

.This was Autocar’s unbiased verdict. (Road 
Tfest 29/1/77). 


S5&-? 


Unusual comfort 

The driver’s seat offers extra adjustment for 
perfect comfort with 3-way lumbar support, 
18 backrest positions and 3 tilt positions. Tilt 
adjustable steering is also standard. You’ll 
also find that the Sigma .2000 has reclining 

i!Oa4n U..IU 1 J I 1 ™ 


. r . _ Miau A-IWA UIHL me niguiM ^uuu iiri» re uiiimg 

Usjgg^anewconc eptm 4-cylinder engin eering; rear seats, with built-in head restraints as a 

standard feature. 

•rSjgiliS ' |IH Lavish instrumentation 

fe&SSIllll l 1 ® Sgi; . ... J The cockpit layout is Impressive and highly 

r • J - ■ jM functional Instrumentation includes rev. 

counter, 120 mph speedometer, fuel and 
water temperature gauges, clock, cigar 

i - — ,,.v i j • 



The Sigma’s smooth powerful lines were 
developed for maximum performance and 


Leasing 

With Colt Leasing you can leave your capital 
largely untouched and entitle your Company 
to full tax relief. After your 1, 2 or 3 year 
agreement expires you can up-date your car 
to the latest model with a new leasing agree- 
ment, and even make a profit on the residual 
value of the old car, according to the agreed 
depreciation levels. For example an initial 
outlay of less than £850 could bring you 
immediate delivery of the luxury Sigma 2000, 
shown hera Contact your local Colt Dealer 
for full details, 

Colt ‘On-the-roarf prices 

SIGMA 1 600 GL £3700 SIGMA 1600 GL Auto £3980 
S IG MA 2000 G LX £4220 SIGMA 2000 G LX Auto £4500 

Prices shown are rec. retail prices applicable to U.K. 


the Sigma, is powered by one of Mitsubishi’s 
hew generation of ‘Silent Shaft engines. 
Cruising at 70mph, the engine ticks over at 

1 nnrn : ^ 1 IP.. , 


efficiency. Independent suspension and wide. Prices shown are rec. retail prices applicable to U.K. 

steel-braced radial tyres enhance the Sigma's Finland only and include *Seat Belts "Number 
‘cat-like’ roadholding and manoeuvrability. A £ lat ?xlV R f5 io ~ Heated Rear Window "Delivery ’Car 
slick 5-speed gearbox is standard. 2? VAL Specifications quoted throughout for 


slick 5-speed gearbox is standard. 

Warranty 


Sigma 2000 model. "Correct at time of going to press. 

Move up to a [ 7 r 


Cruising at 70mph, the engine ticks over at The Sigma is covered by a 1 2-month *no- iwove up_to a 

only 3250 rpm — just a little over half way to exclusion’ unlimited mileage warranty and BBB 

the red line. Autocar endorsed it by saying requires major servicing at only 10,000 mile ST ■! m 

The Sigma 2000 can be quite happily cruised intervals. You could also benefit frdm Colt’s ^B0l Sgfcgg |S 

The tough new breed of car 

From the Mitsubishi Motors Corporation 

Tax Free Sales Dept and U.K. Sales inquires: The Colt Car Co. Ltd., Spitalgate Lane, Cirencester, Glos: Cirenoester61441 


A 

COLT 




s 


Financial Times Friday July 14 I97S 





NEWS' '■ ’ 





SY jOHN MOORE 

LAWYERS rep re sun ting Alfred 
3ior!nwl. the State-owned 
mucAi no-ton I group. have recoin- 
•iimdi-d iliat the findings of an 

investigation into circumstances 

surrounding Iasi year’s £l~m 
/.ile and lcasehack of Draywood 
H<iu<e. its Coventry offices, 
should he referred to the Metro- 
politan Police fraud squad. 

Last night Sir .Tolin Buckley. 
Alfred Herbert's chairman, said 
tb.il after a prolonged investiga- 
iimii - mir legal advisers decided 
that tire marier should be re- 
ferred to the fraud squad For 
fm-lher ini estimation and so the 
K-<;*.r«l have decided that this 
should bo done." 

Herbert's investigation into the 
mailer was conducted by three 
i*\-pniice officers in the Graham 
Miller loss-adjusting organisation 
over a four-momb period. 

In Jufv last year Herbert 
bought Draywood House from 
Sin. mood securities for £1.2m 
:onI resold it at a near Elm 
are tit in South Yorkshire County 
Council. 

Herbert'.- investigation 

i-v.-im inert (he initial purchase, 
vlm-h was through dll Inter- 
mediary. not Sherwood directly. 


Ryder letter 


t9 

Letraset kit 

KE DAILY MAIL paid £15.000 
i 1'5 miles for an exclusive story 
bon i ihf* British Yevland "slush 
und" only to discover the main 
rw nf evidence was a fake, it 
as claimed at the Old Bailey 
esp.M'rtjy. 

h was also alleged that Mr. 
Irahuin Barton, a former Ley- 
md executive admitted he had 
urged a letter from Lord "Ryder, 
ten chairman of Ihc National 
'.n ter prise Board, to Mr. Alex 
’ark. then Ley land’s chief 
x ecu live, with a Letraset kiL 
The £15.000 and the Letraset 
it were mentioned in evidence 
y Mr. Nicholas Guitard. a free- 
mi.v ]«-<urna(ist. who introduced 
ir. Fart on to Daily Mail 
1'iirnalists. 

Mr. Guitard said Mr. Barton 
a< carrying nut a survey into 
iiribcv io be paid abroad by 
bitrih Leyland." 

The Mail ran the story after 
tying £1 5.000 and took posses- 
ion i if a number of documents 
in:n .Mr. Barton. 

Mr. Barton and his wiEe. 
alma, of Hounslow. Middlesex, 
ve charged with forgery and 
honestly obtaining money from 
lie Mail. They have pleaded not 
ml ty between them to a total 
five charges. 


Ready-mix 


ii 


g 


By Elinor Goodman, 

Consumer Affairs Correspondent 
THE • UTicu of Fair Trading’s 
.it tempi m got an order from 
Inc KiMrictne Trade Practices 
emit i preventing ready-mixed 
oi mert ic companies from 
i.nih.'siMii on prices was delayed 
:r;.iin ycMcrday un a technical 
imm nr law. 

Tiie delay will he embarrassing 
in rhe OFT t« hich had hoped that 
'll-- f.it'* uf these cum panics 
'■•-.isM om-ii' as an example to 
ntisvrs which Jailed to obey the 
re-i i id iv.’ practice legislation. In 
;ir:i.t;c:,l lornis. hnivever, fhe 
nr-lcr ?'!i'ii|id •‘ventually be made 
ttb-.-n tin* court meets again. 
pi i li-tiaho.r. 

Tfu- hearing was supposed to 
final si ago of ihe saga 
v. bi-.Mn last year when 44 
rc-niv-niiM**! concrete companies 
were found in have been operat- 
ic- cartels which should have 
b‘.vn first registered with the 
Trade Practices Court. 

The court did. however, yester- 
itplmld the Office of Fair 

Trading ca<c against eight diazo 
cup; me materials companies 
’.i hp » .if-cra fed restrictive agree- 
■aii-ms licfnre submitting them 
pt re-.;i>: ration. Seven of the 
com panics gave undertakings not 
;n operate ihe agreements again 
v i >hr, Hi rc-_ p i«fenng them first 
while tin- court made an order 
:*g;:tti5l Hie eighth. Harper and 
TunsfgJL in I be same effect. Costs 
wcr.* ;i warded against the COltl- 
pjtltcs. 


Chelsea club 
creditors 
reject offer 

A PLAN by Chelsea Football 
Club in renounce many of its; 
.-'.null debts has been rejected 
} olvrday by the club's un- 
-ecur-fi creditors at an infurmal 
inci'Uiig. 

They turned down a once-and- 
foraM pi'immt nf 2up in the 
£ mii- r- debts, and instead 
hoped :. -'iprnvemcnt in the 
nub's financial position would 
allow full payment at some 
future date. 

Tiie dub has already paid 
t'\n 10 p dividends to unsecured 
credilnrs. The rejected oiler of! 
a fur; bur ^Op would have left; 
unpaid 60 per cent nr the 
nwert to an estimated 
•"•‘i Licdiiurs. 


Oil industry fears 
grotesque— Minister 

BY RAY DAFTER. ENERGY CORRESPONDENT 

DR. DICKSON MABON, Minister importance of “ compartmental- Consequently, by I960 the oil 
of State for Energy, yesterday ising ” its operation; of keeping corporation will have access to 
took steps to allay oil industry its monitoring of confidential more than 25m tonnes a year of 
concern that confidential infor- information separate from its North Sea crude, either through] 
illation on North Sea activities commercial operations. its own equity interest in fields i 

will he used to give British It is this latter point which is or through such participation j 
National Oil Corporation a worrying oil companies most of deals. 

commercial advantage. all- In addition the corporation will 

He said that the idea that the While no-one in the onshore \, e a ble to accept royaltv pay- 
Depaftiuem of Energy and the industry has openly accused Ihe m ents in crude oil. a move which 
state oil corporation were department of passing secret should increase its control over 
“ conspira tonally ” cheating oil information to the oil corpora- UK North Sea crude to more 
companies was grotesque.” tinn, it has been stated by the than one-third of the total pro- 
“ H this department got the vJK Offshore Operators’ Associa- duced. 
reputation that it could not be tion. and others, that there is Dr. Mabon said most groups 
trusted, it would get very little concern about the corporation had accepted that the cerpora- 
mforniatioa. we would be us j n g information gained through tion. through its growing 
ruined. rtr> state participation agreements to technical competence, con hi m3ke 

Dr. Mabon wa S commenting on en b am . e its own commercial a real contribution to offshore 

b A k Metier ° wrirten under a ln some cases s P ecial clauses the corporation the power of 
A niiimp in Tha TimM have been written into state veto. “That would have made 
"PJjmed nSentty thatTtae depart* participation agreements in order BNOC a bully-boy." 
ment Iwd passed* cordldential safeguard companies against But oil companies are still 
information, gained from Shell 1 ! ie Possible misuse of informa- uneasy about the possibility c-f 
and Esso on the °eoiog)ca] tion. the corporation and the Energy 

prospects of the block Io the oil Tbe Government and the oil Department increasing the degree 
corporation and that the corporation has now completed 0 f State participation. It was 
corporation had used the its negotiation of participation pointed out last night that plans 
information to make its oil agreements covering ail commer- f or givins the oil corporation 
discovery. cial fields in the TJK sector of greater influence under the sixth 

The department has alreadv the North Sea. round of licences and proposals 

denied ihe allegation but About 62 companies have for giving Ihe corporation 
yesterday Dr. Mabon went out agreed to give the corporation a preferential treatment in any 
of his ivav to reinforce the voice and a vote in offshore change of licence partnership 
denial He added that it was operating committees and a right were undermining the confidence 
also important for the oil to buy up to 51 per cent of all of oil companies in the commer- 
corporation to recognise the the oil produced. ciul attraction of the North Sea. 



TELE WEMBLEY Conference 
Centre in London has been 
earmarked for an exhibition 
or the world's electric vehicles 
in October, 1580, writes Terry 
Dodswortb. Organised by the 
Electric Vehicle Association 
and the Electricity Council, 
the show is expected to bring 
together representatives from 
all the significant electric 
vehicle producing nations. 


including Japan, the UJS. and 
the EEC. 

The association said yester- 
day that it is aiming to make 
the event ibe largest exhibi- 
tion and conference ever 
staged on electric vehicles. 
The association has recently 
been successful in bringing 
together European manufac- 
turers in the field under an 
umbrella pan-European electric 


Ashleu Athir-wi 


vehicles association, which is 
likely to receive funding Horn 
the EEC. 

Yesterday if showed a repre- 
sentative selection of the 
vehicles which are now in use 
in Britain as a preliminary 
to its conference. The variety 
of product, as seen above, 
underlines the fact that Britain 
is by far .the largest electric 
vehicle market in the world 


Car manufacturers seeking 
product liability insurance 

BY ERIC SHORT 

THE SOCIETY of Motor Manu- writing the risks. If the results Although the society ' has 

lecturers and Traders is seeking of the study are encouraging, the started investigations well ahead 
Uciurersano ^^^^seeMng ^ di£CUS6 wJth ^ cfieg^iation on product liability. 


to arrange coniprcueu&ivc brokers a suitable brief for there is a growing trend by the 
insurance tor its members to eS | a bUshing the insurance public to take legal action against 
cover product liability and scbeme . manufacturers over injuries 

product recall, two areas of -phe primary' aim oT the plan arising from defective products, 
liability that are likely to ^ ^0 provide the society's .. . 

increase in importance. Smaller P members with the The EEC directive on ^ the 

It has commissioned three necessary cover at a price they subject is to be ■ co sid !re > 
Jeading insurance brokers to can afford; Some members have the assembly in the autumn, out 
undertake a feasibility study into reported difficulty in getting considering the other processes 
the requirements, in designing product liability cover in the to which it will be subject it 
an insurance scheme and testing U.S. and product recall is might be five years before legis- 
thc market regarding under- virtually uninsurable. lation is implemented in the UK. 


Allegro case appeal considered 

BY OUR MOTORING CORRESPONDENT 

BL CARS is considering an sidering a recall of 140,000 Safety Council, an independent 
appeal against the award of Allegros made before November, industrial safety organisation, 
“ substantial damages” made in 1974. for washers to be fitted to said it would increase pressure 
a Middlesbrough court on Wed- the rear bubs. Ob the Government to provide 

nesday in which Mr. Justice Such action would accord wilt, similar facilities to the motoring 
Willis talked of the company’s Mr. Justice Willis's remarks, in public to chose guaranteed in the 
having ignored “horrifying court in which he said: “In my United States by the National 
evidence ” of wheels coming view the duty of care owed by Highway Traffic Administration, 
adrift on its Allegro mode). Leyland to the public was to ln particular, it supports 
The company said yesterday make a clean breast of the prob- creation of a Government-backed 
that the ruling was long and lem and recall all cars for safety facility for the public to bring 
complex and would be studied washers to be fitted." safety anxieties about new cars 

in detail by its legal advisers That followed a judgment to the attention of a central body 
before any response. against BL in a case concerning for action. The Council accused 

But there were also indica- a motorway crash in which a the Department of Transport of 
tions lasr night that BL, formerly woman was paralysed. " complacency " over the present 

British Leyland. might be con- After the case the British situation. 


Colt 
plans 
Japanese 
car sales 
growth 

By Terry Dodswortb, 

Motor Industry Correspondent 
A SURPRISING move to plan 
for the growth of Japanese 
vehicle sales in the UK — despite 
the present restrictions on ship- 
ments— vi'as made yesterday by 
Colt Cars, distributor of the 
Mitsubishi range. 

Colt has 240 dealers, com- 
pared with a figure of about 170 
last year, and the plan is to 
increase the network to about 350 
outlets. The company said yes- 
terday that it had written to 
8,000 dealers throughout Britain 
hoping to persuade some of them 
to take on the Colt franchise. 

The decision comes shortly 
after Toyota, the second largest 
Japanese distributor in Britain, 
reduced its network from about 
280 to 240 dealers. At the same 
time. Honda has been rationalis- 
ing its chain with a view to 
developing an organisation with 
a more up-market image. 

Colt says that it is moving into 
the more expensive end of the 
market with the launch of the 
Sigma and Sapporo ranges, which 
should be attractive products for 
dealers to handle. Indeed, the 
Japanese companies as a whole 
have heen trying to move in this 
direction in order to minimise 
the reduction in revenue which 
will follow the freeze on vehicle 
shipments to last year’s levels. 

Nevertheless, the Colt state- 
ment does not explain how such 
an enlargement of the dealer 
network will be supported in 
the period of relatively stagnant 
sales which faces Japanese 
imoorters. 

There is little doubt that the 
British interests will press for 
further restraints on the 
Japanese vehicle producers next 
year. 

On the other hand. Colt’s move 
may have been prompted by 
strong competition among 
vehicle companies to improve 
the quality of dealer networks. 

Mr. Michael Orr. managing 
director of Colt, said last night: 
“During May, Mitsubishi pro- 
duced 32 per cent more vehicles 
than during May. 1977. We 
intend to follow this trend with 
sales, given Government go- 
ahead. We are planning for just 
such an event” 

Truck and 
van imports 
take fifth 
of market 

By Terry Dodswortb, 

Motor Industry Correspondent 
COMMERCIAL vehicle Imports 
rose to well over a fifth of 
the UK market In the first half 
of 1978, Increasing their pene- 
tration by 5 per cent over the 
same period last year. 

The Improvement in the 
importers' share came as the 
market expanded rapidly to 
produce an overall 14.3 per 
cent increase in registrations, 
to 130,388 units. 

Importers did better ont of 
that growth than UK producers, 
increasing sales bv almost 
11.000 vehicles compared with 
slightly more than 5,000 by 
British manufacturers. 

Figures from the Society of 
Motor Manufacturers and 
Traders show sales still rising 
steeply. Last month they went 
up by 21 per cent compared 
with the same period fast yeas. 
That growth Is affecting all 
sectors of the industry, 
although there is a bias 
towards medium vans, includ- 
ing vehicles sach as fhe LTr- 
land Sherna and Ford Transit 
Sales of such vehicles rose 
bv 1R.4 per cent over the first 
six months, with imported vans 
and pickups from Tnvota, 
Mazda. Datsun and ■Volks- 
wagen making a particular*? 
strong impact. 

Last month fhe middle-range 
market was dominated hv Ford, 
which accnunted for 41.2 per 
cent of sales with 3 ,853 regis- 
trations. Leyland sold 1.463 
(15.6 per cent) and Bedford 
1.230 (13.1 per cent). 

In big trucks. Ford was 
market leader in June, with 
1.501 sales, followed by Ley- 
land Vehicles, with 1,167, and 
Bedford with 1,073. 


Hnnterston nuclear 
accident cost 
doubles to £36nt 

BT RAY PERMAN, SCOTTISH CORRESPONDENT 

the ACCIDENT at the the SSEB, will pay the remaining 
Hunterston B nuclear power £13ni. , 

fiatton in Scotland last year is Previous estimates of the cost 
rn cost £3 it was dis- ot the accident which an inquiry 
likely to cost ir was has established was caused by- 

closed yesterday— more than hunMn error have ignored the 
twice the original estimate. cQs t t0 the North Board, which 
Figures given to MPs by Mr. has a heavy commitment to 

Gregor 

Minister, showed that damage to i nv . ereor< j 0 n. 
the station caused when seawater De ^ vs itl bringing Hunterston 
leaked into the “ on stream have already involved 

will cost £8m. to the board in large losses on the 

another £28m will have .to b* smelter contract, hut these were 
spent generating electricity in defrayed bv the Government 
conventional Power stations dur- ^ North Board a i TO pay 
ing the IS months that a s jj are 0 f the repair costs of 
Hunterston is out of commission. ^ nuclear stat ion. The SSEB 
The South of Scotland said last nigbt that allowance 
Electricity Board, which runs bad already been made in the 
the station, will pay £15m. and accounts for the cost of the 
the North of Scotland Hydro accident and there would be no 
Board, which buys power from increase in tariffs this year. 

Whitehall talks over 
power plant problems 

&Y MAX WILKINSON 

A TOP-LEVEL meeting involving 2,000 MW a year would be 
representatives from five Govern- needed to provide enough worfc 
ment departments was held yes- for a merged company, 
terday to discuss the failure of However, the plans so far an- 
power plant boilermakers to nounced represent only about 
agree plans to rationalise. 1,200 MW a year, partly because 
The meeting followed Ibe the Centra! Electricity Generat- 
annouocement by Northern ing Board does not foresee a 
Engineering Industries that it rapid build up in the present 
has withdrawn from talks with slack demand. 

Bobcock and Wilcox about a Ordering plans have also been 
merger of their boilermaking complicated by the lack of a 
interests. The main stumbling clear energy policy and uncer- 
block was that orders tor power tainty about the future balance 
stations so far announced are between nuclear and fossit- 
not enough to fill both the main fuelled power stations. Confu- 
factories. sion was highlighted by the 

Yesterday's meeting is believed CEGB’s proposal to build a 1,300 
to have discussed the possibility MW oil-fired power station at 
of an early ordering programme Inswork Point near Plymouth, 
to provide more work for tbe The board says a new power 
boilermakers. However, the meet- station is urgently needed to 
ing broke up after half an hour supply the West Country, and 
and it is understood that no firm tbe only available site is suited 
decision was reached. The to an oil- rather than a coal- 
different departments are likely fired station. Mr. Benn has 
to draw up further studies of the rejected the plan because he 
options available. wants the next station to be 

Unclear The CEGB is generally sym- 

Tbe meeting was chaired by pathetic to giving coal-fired sta- 
Mr. Joel Barnett. Treasury Sec- tions preference but is reluctant 
retary. It included Mr. Anthony to eo ahead with building a new 
Wedgwood Benn. tbe Energy station ln an area where it is 
Secretary and Ministers from not needed. 

Lhe Departments of Industry and There has been some specula- 
Employment and the Scottish tion that Mr. Benn may put 
Office. Representatives of the pressure on the CEGB to imple- 
Central Electricity Board the ment the Think Tank recom 
Electricity Council and the mendation for a long-term order 
South of Scotland Electricity ing programme, of 2.000MW a 
Board were also present but year. 

mainly as observers. It has been suggested that this 

A merger between the two should start with a firm commit- 
boiiermaking factories was urged ment to provide 10,000 MW of 
18 months ago in a report. to tbe power in tbe five years starting 
Cabinet from tbe Think Tank 1979. However, apart from the 
(Central Policy Review Staff!, expense, chronic delays in com 
which said an early ordering pleting power stations have 
programme for power Rations of created opposition to this plan. 


Jeremy 

Isaacs 

leaves 

Thames 

By Arthur Sandies 

ONE OF British televisions* 
best known executives, Jeremy 
Isaacs, is leaving ITV’s London 
weekday contractor. Thames 
Television, where he has been 
director of programmes for 
more than four years. 

His associates made il dear 
that it is a friendly departure. 
However. Mr. Isaacs will he 
high on the shopping list of 
those setting up consortia to 
bid tor tbe new 1TV franc hires 
which will run from 29S1. 

It is also clear that a Jeremy 
Isaacs Tree of full time employ- 
ment in his mid Iortlr» is a 
front runner for senior appoint- 
ment in any fourth television 
channel which might be set up, 
particularly if that channel 
were awarded to 1TV. 


GLC homes transferable 


TERMS FOR the -biggest single boundaries, and that staff will 
change in local government ^protected, 
responsibilities in London since 
1965— the transfer of Greater 


Mr. George Tremlett. leader of 
the GLC housing policy , com- 
v . _ „ . raittee, said the decision:, was 

London Council housing estates vital for nearly lm tenants: and 
to the local' authorities — are to their families. s 

be considered on Monday. The GLC, he said, was .too 

A . 4 remote. “We cannot keep -an 
The terms will ensure that no e y e on every blacked sink and 
financial burden, falls on local drain.” 
councils, that tenants can still Transfers would give tenants 
move home across borough access to local councillors • 


£5 secures a home 


BY PAUL TAYLOR 

COUNCIL tenants in Lambeth, tenant with a £5 option could 
London, will be able to take out decide to buy the home at 
a three-year option for £5 to boy market at any time during the 
their homes if proposals before years - 

*r s£: 

Housing Policy Committee are ^5 where the tenant has been 
approved on Monday., i n occupation for two or more 

Under the scbeme, winch is years tbe tenant may be entitled 
likely to be extended to other to discounts of up to 30 per cent I will be welcomed by Brenlnall 
GLC tenants if successful, the on the market value. j Beard. 


Tote £1.3m 
profits best 
since 1960 

By Michael Thompson-Noel 

THE Horserace Totalisalor 
Board, whose plea for a greater 
stake in off-irack betting was 
rejected in this week's report 
by tbe Royal Commission on 
Gambling, yesterday reported it* 
best profits since belting shops 
were legalised .in .1960. 

Before tax and betting levy, 
the Tote's profits for the year 
to March 31 was £1,34S,0«4. com- 
pared with £444,974. Tbe amount 
of levy paid, the Tote savs, has 
risen from £237.813 to £336.184. 
Turnover rose £16.9m, from 
£4S$m to £65.7ai. 

Mr. Woodrow Wyatt, the 
Tote's chairman, commented: 
“The profits for 1977-78 are the 
best the Tote has achieved since 
betting shops were legalised in 
1960 The amount of levy for 
the benefit of racing we expect 
to pay during the current finan- 
cial year is in tbe area of 
£600,000." 


Bremtnall 
"unaware 
of inquiry’ 

By John Moore 

BRENTNALL BEARD. Ihe 
publicly quoted Lloyd's 
insurance broker, said last night 
that it was unaware “of any 
inquiry by tbe Committee uf 
Lloyd's into the conduct of 
Brentnall Beard." 

The statement followed a 
report iin yesterday's Financial 
Times that Lloyd’s of London is 
to mount an inquiry into the 
conduct of the group in the 
events which led up to a dispute 
between a Lloyd's syndicate 
headed by Mr. Frederick Sasse 
and the Brazilian reinsurance 
group, Instatuto de Resscguros 
do Brasil. 

Mr. Derek- Gravestock, a Brent- 
nail director, said last nigbt that 
Lloyd's “ may well want to bold 
an inquiry. But they can do that 
at any time to any broker. 

“ I certainly had no impression 
that anything was imminent after 
speaking with Lloyd’s today. If 
they wish to hold an inquiry I 
would welcome it." 

The group said yesterday that 
it had tried to keep the Com- 
mittee of Lloyd’s informed of all 
matters “within their know- 
ledge" on the Sasse-IRB affair 
since late 1976. 

“As and when the committee 
Inquire into this matter or any 
other aspects of their business it 


Simpler benefits system urged 

BY PAUL TAYLOR 

MORE RIGID rules governing benefits and changes in the for which it was “ neitser origin- would help staff and claimants 
the rights of claimants to supple- rights of school-leavers to ally designed nor subsequently alike. 

mcmary benefits and a simplified benefits. adapted." New benefits schemes such as 

system for assessing payments Presenting the report vester- It was set up to play a small the Family Income Supplement 
in the first few weeks of a claim dav 31r Stanley Ornie, 'Social and diminishing role. However, had eased the pressure on the 
are two of the main suggestions security Minister, emphasised io February this year more than system and in the future new 
in a report on the benefits t j, ai lhe Government bad 3m people were receiving bene- pensions schemes. offering 
scheme published yesterday. •• neither accepted or rejected fits under it compared to 2.5m in better pensions- for the elderly. 
The internal report— prepared any of the proposals." He looked 1966- if dependents are included sick and widows, would ease the 
for Mr David Ennals, Social forward to a detailed public the scheme was providing a total burden on the service. 

Services Secretary, by a team of debate before decisions were of almost £2bo to 5m people. 10 The report draws attention to 
department officials — has taken taken- After considering the per cent of the population, last the heavy demands for additional 
two years to prepare. report and subsequent represen- year. Staff to run the scheme every 

It puts forward a series of tation the Government would While the proportion of pen- year. The number of staff oper- 
important changes to the social making changes “early S j on ers benefiting from the ating the supplementary benefit 

assistance system aimed at next year." scheme has dropped dramatically scheme alone bad risen from 

simplifying the supplementary Many of the report's con- during the past 12 years the 12.000 in 1966 to more than 
benefits scheme and making elusions are likely to prove number of unemployed and 30.000 this year, 
more effective use of its controversial but its central single parents has risen steadily. Social Assistance. A twiew of 
resources. theme is that the supplementary The report discloses that 1.8m the supplementary benefits 

Other major changes suggested benefits system, while providing people have Insurance benefits scheme in Great Britain, free 
in tin? report include greater an invaluable service, is too that need supplementing and a from die DHSS. 
equality in the treatment oF complex and over-worked. further 1.1m have no insurance # The number of one parent 

married women, simplified rules ■ The system, as distinct from benefit at all. families in Britain Increased by 

for assessing claimants’ resources, other benefits schemes, is now Parliament should lay down 32 per cent, from 570,000 in 1971 
now longterm rates for the 12 years old and the report says rules in a more precise form, to 750.000 in 1976. Mr. Orme said 
unemployed, lump-sum payments the social assistance scheme in or alternatively, draw up a yesterday in reply to a Parlia- 
insicud ot some discretionary the U.K. is having to .play a role binding code oi practice. This meatary question. 


SALEROOM 

BY ANTONY THORNCROFT 


£50,000 for £150 painting 

ONE OF those romantic stories A Still Life by Simon Verelst. a sampler, 36 inches long, by 

that are supposed to happen con- The sale totalled £223,467. Martha Prescott in 2650. it was 

tinuously in the fine art sale- Sotheby’s sold medieval, bought by Mayocas. A needle- 
rooms but hardly ever occur, baroque and later works of art work picture of King Charles II 
was played out yesterday at for £302,575, with 18 per cent and his Queen, circa 1665, was 
Bonhams. A rather dark and bought in. Top price was £25,000 sold for £1,620. 
obscure religious painting, paid by Neubaus for a Fran- The sale of embroidery and 
brought In at one of Bonhams’ conian limewood relief of the costumes totalled £18.649. 
discovery tours in the north-east. Virgin and Child, made about At Lawrence of Crewkeme 
was Catalogued as lot 119 and 1520 in the workshop of Riemen- clocks and furniture made 

described as Religious Figure schneider, £120.000 with a top price of 

Subject, 17th century Italian A Rhenish alabaster group of £3,150 for a Polyphon disc 
School, in an auction of Old the Virgin and Child of about musical box with 10 metal discs. 
Master paintings. Its estimated 1430 was sold for £14,000; a It was made in Germany in the 
price was £150^£300. Malines polychrome group of the late 19tb century. 

In the event the bidding did Virgin and Child of about 1520 Christies yesterday concluded 

its series of sales, begun last year, 
of books from the library of John 
Evelyn — the nucleus of the collec- 
tion formed by the 17th century 
diarist, who died in 1706. The 
sale, which contributed £60.782 to 
the grand total of £S18J836. was 
• 1 ~ mainly concerned with the 

rsnnn- , dispersal of volumes of authors 

fetched ( . £ ^500, and a limewood j to Z and a small body of work 

nSth Netherianliflh eCB ni e S5h writf en and translated by Evelyn. 

r — ----- r®!5 Qn N ®? f , er !?f*« tK 0 ^ ™ rth Edmund Pennlng-Rowscll 

piece were discovered in the Ulv German and late 15th century, wrt ( es; That investment in wine 
and are in Frankfurt museum, was sold for £7500. can pay was demonstrated vestcr- 

Tbe seventh part has to be At Sotheby s Belgravia, foreign day at Christie’s sal© o‘f fio« 
discovered. silver totalled £136,871 with top claret i ying i D Bordeaux. The 

Any blushes among the valuers prices of £6.500 from Singer for c hj e f items of interest were 99 
at Bonhams must seem bearable a large German four-masted nef, 2ot« of 20 vintages of Lafite and 
given tbe commission on such made by Bertbold Muller in Mouton-RothschUd from 195S to 
a sale and the fact that it about 2910. and £5,500 from Gay 1971 W hicb had been lying in 
becomes lhe most expensive Antiques for a nef made in the their chateaux cellars since 
picture, indeed lot. ever sold at same period by Simaxi Rosenau. acquired by an English buver in 
Bonhams. It will also be a sur- Printed books at Sotheby’s tb e big Laflte-Mouton sale of 
prise for the, as yet, unsuspect- Chancery Lane were sold for June 1975. 
ing vendor. £25 M0. with a top price a t Yesterday's prices were all 

It was quite an extraordinary £1,200 from Thomas for a leaf nearly double and in some cases 
day for tbe auction house with from America, a Prophecy, by muC h higher than those paid for 
another picture, A Winter Canal William Blake. the same wines three years ago* 

Scene by Nlklaes Molenaer, A print sale at Sotheby's for example, Laflte *81. with 
more than doubling Its estimate realised £43,158, Meades paying a new record price of £600 a 
at £28,000 and Lupi. a European £1,100 for an engraving after dozen, had been no higher than 
dealer, paying £22,000 for The Bruegel the Elder of skaters. £290 then. while Mouton- 
Ambush, attributed to Sebastian A record auction price for a Rothschild '61 bad a top price 
Vrancx and J. Brueghel. A sampler of £1.500 was paid at yesterday oF £600 a dozer, cont- 
Zurieh dealer gave £12,000 for Christie's South Kensington for pared with £22fr£250 earlier, 


not stop until the £50,000 mark 
was reached when it was 
acquired by the London dealers 
Kazlett, Gooden and Fox. 

They had recognised it as one 
part of a seven-part altarpiece 
by Adam Elsbeimer, a 16th 
century German artist 
Elsheimer died when he was 
32 and only 30 works are 
definitely attributable to him. 
Five other parts of tbe attar 





■ 5 *-% 


l ; ? S'-, . 

14 *iss^ 


Finan cial Times Friday July 14 1978 


j'XRI I \MIM w D POL IT It S 


Warning by Powell after Bremen 



summit 


ghan urged to avoid 
exchange rate 


Claim to double i Views on 


Ministers 
prepare 

documents of fann workers 


minimum wage 


AD vV V0 * OWEN parliamentary ^ documents 

EuropeTereuS that'ihere 3 iw’quesrion °of c mUCl1 Minisler to exp,ain wh -” “* Gov - By Bicta " 1 E ™ ! - Ubb r Ed!t » r ^ 

p r i n .^ underlined by the 4nterine intn » nv . setter Ulan the British Govern- eminent's performance mm- TH£ NATIONAL I'Hion ui Agrt- jobs of this country s farm- 

vestrrfi^v itUSl w r 111 Commons at ■ the seven national Wp^c" fK enl over f° ur years in pared so unfavourably with that MINISTERS WILL try to rush cultural and Allied Workers will workers.” 

firnhS be dealt w 'th economic E «®dMon« of the other government? who ™ pay and a double ibe p present This had been -exploited for 


closure 

sought 

By Philip Bassett, Labour Staff 


b.;M 2 - * ** >g‘-S fr “ planali0 " for At c K y 3SgT«. n n V 5SSS SWt£iM£r is 

5ummit in ^^‘tpsrsyrs »^ ai rr£ i ~ 7 Iun, ° ,;cncraI *>*» ««■ - <* * sr^sst ^ *• " w 

..r"d ?« ■ »* °» iiSlS£ «,«“£! 'ZSfSjU. C»R«rvaUve Govmmem wbS SLK, .?•?£. ™L°LT^ “K l- .ddiUan ,h» dire,. p ay 


,b * British Government being correct 


for the cxpetced autumn General today. 

Election. Union leaders will ask for a 

The Parlianraetary schedule £S0 per week minimum, com- 


farmwor^ ftrtoo lon^nSTiie cb.m "%£*%?. of Ihl ' n V Steel 
mounced was designed to ensure that in GiCT JiJ-noL-k ,ll< ..V-u 1 .-, V h ? 
es Board future agricultural workers re- s*‘rothii?d^ k m • *\h‘ S‘ kh * 

, r thrived something ;,ke the wage 2f VJS > woi? 

sk fnr a tHav wm «-..vii, . ‘ . ltlt woiktorcv on l ho 


British 


Get pnratinn's 


sencrae 

principle 

rate.- 


o' cr me last 30 years, the morale h»«« i. ji Jr 1 ae ver V forward to the day when she k. .k V «. u SF™ piew DUSln ess. rates, overtime arrangements *“*»«■««« in case cnanges in, 

and economy of Britain SS ba ft P ’ padded. would sneak no and -£2 I!?.f dle . d b * Labour Gov- The key elements Ministers and differentials ' weather condiliun* make work 

suffered more harm from the sition ’ °?k °‘ word for this country. stances! a “tittle huimfirv^F^' must S ?* lhr , ou S , t before the long Negotiations on “the claim. poss,lb,e at shurt notice. j 

effects of a fixed exchange rate when M? d rAn . Mrs ' That cher insisted that Mrs Thatcher would 1 nor recess are the pay policy White which is due to take effect from At present men are paid only I 

Jhnn from other single othe? , tbe ber attacks were directed at the S, d 1 corae f" d ^ Scotland Bill. But January, will begin in Sept em- for hours actually worked and 

factor. “ e 3ds. or Government in Government 9n d nn > »_ . . there are a host of other site- her. the union is now seeking im-! 


bo„, 


' v . there are a host of other site- ber 

»!? ^changes over the pros- meats that the Government AT 


caned on Che Prt- Pec,, for ^ i .STS SSEi iSSSTSU^ 


with British Stc.-I on the 
“st-.vl I'umr.ii’t." the corpora- 
tion.' f , rti]^w.:il< fur indiiNtrut 
dcmnciacy. u> c->riMilt Iho 
\ lev* n uf lUiiLfusvi. 1 . 


' - *01 

r \ ». • v S 

*■.'.• * . 

* ‘ V 2 7Ht! 


No Freedom of Information Act 


BY IVOR OWEN * JDQeS ’ 

ISrv r S ~ SVSSliSls SSSSSSS s back 

= — .iS:: S wiaer 

in “■* tax relief 

Jand T'&'r****”' fon - .SssS Pariiamena,y 

recalled by Mrs. Barbara Castle He said a W. e, ftm-r h n lh « anio uut of official information 

- uaiw He said a White Paper, to be made available for pubheation. GOVERNMENT ainendnu 


dnuhlp «g ltn , s-a.,.:' , " . . *uviuum S iu reiurj’ di me union, said vesier- 

Prime uiSuSr ,L ht : declsl0D on police pay. a White day that while the claim was an 

■latfsTlMt^h^nnhH? 1 ^# t i ,at P- 5“’ 0n onil ' lal secrets policy ambitious one compared with 
statistics to be publisbed today and a reaction to the Annan present rates it was not so when 

inde, " fal ' “ U ’ e , SMLtiLhi’hlSm'Jmbm 

reiau price index. There will also be a statement w D ™ 


‘.1 hL-cnui, nil- u. . 

.Afr. Jack Buddy, general sec- proved cunipensau«jn for disrup- '■« the com mi tree is 

tary of the union, said yes ter- lion of private luvs. . 1 °V? Abe i»l. iii.-s, winch 


Agricultural 


Wi hi Id 

ell cels. 


MPs back 
wider 
tax relief 


Wales Bill 
completes 
passage 
in Lords 


extendinAThp c a nitM Ue ^ me ^ ^ der7ts consols before a debate 

4^ Tt/fTl Su 6 ^'?^ 811 ** a *lSe - e de vision e o n 1 1 1 he^ecorn- BY NICK GARNETT, LABOUR STAFF 

Ueputation of MPs sssrh usl sija# a nd aw.- P ao>- coma a d e Cisi0 n 

during the final day of the Bill’s the Cabinet vesterdav will be °ffi cers -Association is refusing without consultations. 
j ts *- « _ re S2 rtsta p- published next week. ’ probably **?_ C0 *°P era te in recruiting The company said there was j?l u ‘ cul £h Rm ;i >va 

■ l%/IOl l 7£h rATlin /\J ?H efs *«. m «? e . B|B F* 0n ' Monda y- Ministers have oncers for an Arab-owned no formal agreement with the jj ul, .? ,n S , ,,,! ** 01 7^ 

11J It 1/1 i.\r. I t*| IBSPfli extended to the trustees of a already decided to accept the shipping tine after the company’s officers, so it considered there \' r . Wrosarntick 

- VtUiJVU settlement for a mentally dis- recommendations, averaronc decision to alter wage conditions was no “onus” cm It to consult _ c,oscd v‘»mpleh*ly. 

A PLEA fnr a riennfatinn of ACP 0 m- ^ able “ P er son or for those in 40' per cent but they have the without consulting staff. staff. Because of the “ social 

to bealtoweS^to'St^ME derrv? dMa,n R0SB (DU London - re Sl ip L°. f attendance allowance, option of phasing the increase Kuwait Oil Tankers (UK)., a There had been little or no „ 1 ,nvolv :* d - 

Prison in Northern Ireland ThV'mtPm nf v is also an exemption for over two or three years. subsidiary of Kuwait Oil Tankers, opposition io the changes from i ,*> prcii.u 

where prisoners have been oro- fited 6 thnsf ni whn re ™i SSJDn °^fr tru8ts ttie settle- The belief at Westminster is) has told its officers that they its officers and there was no 

testing for politiSl • status, was noses clean® whtie in dZ% .St? S. It S5 1£ 2S? °^L pen : i? 


J'Sff'rSy *L S .° be * •“«"«* were worth. ’ 

00 his retuni d froni X tbe Ue RoM *‘ Tiie reason agriculture mem's it 
Economic summit and^debates ? s J this c ? u n tr >'' s efficient lines and 
before the recess on the recoS in(i “ str y . ,s b^use of the hard increases 
mended increase in MPs’ pay and work and commitment to their per cent. 

on the situation in Rhoedsia. . 

The actual timing of the White ^ 

Paper on pay will depend on the CIK* .* lj 

snipping line wage 

Cabinet discussion on Thursday 

But the present hope is that # 

move angers union 


BY NICK GARNETT, LABOUR STAFF 


raons without a vote last night Daives on police pav reached bv raE Merchant Navy and Airline puny could tak*' such a 
during the final day of the Bill’s the Cabinet vesterdav will he Officers’ -Association is refusing without consultations. 


decision 


B, Ivor Ow,„ rejecled'Sn ScSm^esTer 5 - fS££5£P “ ****** ^ iSTta 20 S5* “™L5Sr mShS! SSiS“iSltoS S^SJSvS 

THE GOVERNMENT last ni"ht da y- . . _ ■ gains of the year do not exceed cent in September this year Insurance contributions and J,s officers' National Insurance 

o verea me I he iastinai or obstacle Mi« t nnn /T k J Fot wh ° don-t-and In ^se cases there is ml next year. This will clearly income-tax deductions. contributions. 

to the p JsL"e of TtedeiSutSS R riphtci riZ? h n L hpre are qu,te a number who a ^o a marginal relief which runs have an impact on pay negotia- The association said that The association feels the 

tiffin sss^'-iS-'SBWSiij hav' a 'ijss STStfs StHEaS * capitai sa! -ssr ™s d , 

completed its passage through disquiet felt in manv Quarters remission ” ho Honk-nri The full »iior i n nm sneeiat race a drastic repercussions for its __ r . — ; a.... ? 1- * ttike jobs I 


Cum mi iu*i> liu-mb, -rs were quick 
in point rill* tlmr enn* ul Hi I inn 
with the workforce was not tin* 
lir.*-l .stop toward-, ic'iailiaiions 
with tin.* cuiimruiiin on 
tlOMire. 

Sir Cliarl*--: Yillu-r-t. Rr:t:*h 
Sloi-l's i-liainii.iii. has soul .m 
cxplaiialmy papn* i„ i) K . -yi c 
Steel Comm it u-e on the cor- 
poration's proposal -i for the 
end of si eel making at Glen- 
gar nock and has requested 
early consultations. 

The corporation believes it 
could cut £rt.5m a >car from 
its running loss of L'-luOm a 
year if Glengarnock were 


[•cause of i he “social prob- 
lems” involved, though, the 
corpora 1 1 un is prepared (■> 
keep the steel tini-hin-i part nf 
the works open and to trim 
back its losses by fain. 


i .J , **: ,7, , Vt M .. naa arguea . xoat a nave not at this moment— th«»v wn en tJ 

legislation when the Wales Bill deputation would “ help allay the have lost nearly 300 years of reaches £L250. 

fi inmiPl Pil Ttti mo cc -jna tVirminh f.U U ■ .. . _* _ J® 11 *® rm - 


r. r-S^.R 
i v ; !; ti.Si! 


completed its passage through disquiet felt in many quarters remission,” he declared 
the House of Lords. about the situation." She was 

Lord Elwyn-Jones, Lord Chan- told by .Mr. Don. Con cannon, _ 
cellor, gave notice that many of Northern Ireland Minister of .NnnntinO' nrnTin 
tlie amendments introduced as a State that a deputation would piUUC 

result of Government defeats only serve to encourage the prn- . , 

are likely to be overturned when testors. DrOHUSCu 

the Bill is sent back to the Com- Mr. Concannon. added' “What r 

nnjns next week. is happening has been brought INQUIRY is to be held into 

But he conceded: By and about by the Inmates themselves, tJ ? e -^£ m y shooting of a 16-year- 
»rae, the structure of the Bill, who are deliberately: fouling aria o!d Ulster schoolboy, Mr. Roy 
although dented in places, re- easing up one -of the -best Mason. Northern Ireland Secre- 
nuins pretiy well intact.” prisons in Europe. ■/,. • tary, told the Commons yester- 

Earlicr. the Government had *« T f r ^ a >’- 


reiief in the BiU is special case. A problem facing niembers. wio wS now be » ^reign-flag foreidn-ma^aged , 
extended to personal representa- the Government is that other ciaBed as wlf^mninvS \r>* sbi P s - 

lives for gains accruing to them sections, including chiefs of would Vi enHvSS? ** complains of similar diffi-l 

m the vear nf (fonth ana in nationalise* 1 ] inrinct-rioc woum lose entitlement to state- ..^iu n_ ; .= . i 


Cargo vessel 
freed after 
seven weeks 


Protestors 

ejected 


iisinsu today. They are believed w “ ««>. uic assuuuuuu agreement on nav *ma Pn nHi "is.-^T - '/;; ■’V** "'■ v,va " JS ««?« 
to restrict the rise to 10 per cent 535,5 toe rises will not take ti ons p,> and Condl ' ^ foUomnst » compromise, 

in tlie current pay round, but a account of tax on the contribu- The general council believes Rnl-.i , move lh “ 

proposal is expected to reconsti- * 0 ™- , T1 that unSecessarv 5 ^savs terms rS‘ v , H°, 5 ucb f on, -»? ex at 

tute the top peoDle’s salarv Mr. Bill Wilson, tbe assDda- and mnriiiinn.* 1 ^ ros ,od,1 > and work will start 


been defeated hy^ff’voSTon*? tation o? Mp? gSi’ng Mason said he was “per- ^“eiected G f rom E ^® wthbeod y°s° SHmJ recom- Jjon’s mtlomi^eMryfsaid a?e the sanieas those 1 ' negotiated me-iT^nlo 3 C \h*°M hmtc ^ 4 d 


Tory move lo preserve parents’ p rison Maze it would (StoS sona]lv saddened” by the death ^*,5® f j f n ct ?? a f I om ^ P ub,ic mendations can be implemented. be was horrified that a com- for Britiuh-flag vessels 
right of appeal lo the Secretary VSJSS& of \ John Boyle, whj was shot ^ Commons yester- with all party agreement, after 8 ytM 

or Slate over school closures or the effmtsuf those neooletiSdS dead this week in a disturbances the next election. * 

other major changes. Voting was who want special category status. North Antrim graveyard. ru? DB debat ® on ^ The Goyernment must achieve 

101 to 74. " T hb ffi b« S mS The Royal Ulster Constabulary Bl “’ . .. „ , the Scotiand Bill if there is to I7o,„, r L 119 H /T 

Before the Bill received a than, once it wishes to see the y'’ ould be conducting a full ha^ri h mfT^rartiri en h n a H CUry ' be a ° S ctob ?J'- eIec,ion b “t* to -V flllYllJIlI C Iwl PfC £1 
tin rd reading and was passed, end of special category status, t^estmation and there would be Wekh an^Sli 5 !!. 11 nS 1 ” some extent. Ministers are in the ▼ ilUAIIttll 5 IViCi 

a Tory amendment allowing and I am doing S l can to 3 P^ic inquest on the boy who and W c 3 , s J^^A y f n0 ^ er hands °f, ^ L , ords - The Com- 

devolution referendum ballot pursue this aim I wish every had been comoletely exonerated °l 0 " s ^ ,u complete consideration a » ■« 

papers to be printed in both MP would back me to the hilt* ^ from any terrorist activities, the Se oafr and ^Tectiri 1 T!^ ndine Kfc n ^. M %' fQPPC 1 aV«/T 

English and Welsh was agreed. The protesting prisoners had Secretary of State added. St^Sln lS?r ^STSL?* 1 * A S&'SSP&Ef VZ$P*S. 11101110-1011^ 


meat into the Mersey docks 
transit cold store. 


Lord Ellon <C). moving the already lost years of remission, 
amendment, said that to have and Mr. Concannon said some of 
the ballot paper worded totally them had committed such 
in English seemed an act of " heinous crimes ” that he was 
Anglo-Saxon insensitivity of the not altogether sorry they would 
first order. “ Lei us enter into be staying in prison a bit longer, 
the spirit of the thing and the Miss Maynard said the Goven> 


Student grants 
increased 


the pair and ejected them. A day and Tuesday and the Bill will 
third man left with them. will return to the Lords next 

A few minutes later a red- Thursday, 
sbirted man shouted: "Wien Peers are expected to replace 
will this House give considera- some amendments in the Bill 
tion to the political trial going which have not been discussed 
on this week?” in the Commons because of the 

This was an apparent operation of the guillotine and 


VauxhalPs Merseyside plant 
faces month-long stoppage 


spirit of the hing is Welsh." mentis refusal to allow a deputa- INCREASED GRANTS for post- a case n ° w before the BiU will then have to return 

Gram" Deers to nass the Riir tion suggested they had some- graduate students, to come into Carmarthen Crown Court in to the Commons in what is 

Lord ElE!5i”ane* Wid the thing to hide effect this year, were announced which the chairman of the Welsh known as the “ ping-pong ” pro- 

Govcrnmcnt had sought to have Mr. James Molyneaux (UU by Mrs. Shirley Williams, Language Society and another cess. But Peers are not 
a balanced and positive approach. Antrlms) agreed with the Education Secretary, in the “ a ° a rej*aJ^ed with conspiracy expected to repeat their 
A number of amendments made Government. A deputation of Commons yesterday. to damage TV transmitters. defiance more than once, 

bv peers had been readiiv MPs would “ play into the bands For London students, living Soon afterwards a girl began Government observations on 
accepted by the Government. of tfa e terrorist propaganda away from borne, the grant js to \° 3 “ 0U J. J P Welsh, adding a call the Annan committee which 

■' Certain other amendments machine ” and inhibit attempts be increased from £1,655 to ir ? English for the fourth TV made recommendations on the 
which the House has accented *o restore normal discipline in £1,990 and for students in the fbanne! to be allocated to a fourth television channel and on 
have shown what we believe tn 'he prison, he said. provinces from £1,475 to £1,610. Welsh language service. the future of commercial radio 

he less than comolete anoreeia- • Prisoners in Northern Ire- For those living at home the ^s doorkeepers reached her a ar e expected to be published on 

tion nf the structure and land haT e lost nearly 300 years grant will be increased from . maD sitting beside ber also JuJ y l5 - 


tion nf the structure and land haTe Iost near, y 300 y ears S”®* will be increased from jnao sitting beside ber also Jul y - :t - 
principles of the Bill and intro- of remission, Mr. Concannon told £1,075 to £1,210. began protesting. Both were 

duce elements of inconsistency, . 

which * the ^Goyemment^Sanot ‘\T £VV -f Tirnn|/ ? C • ® b ° uti ^ fQ batl bard^Sot fword Benefits strike 

JNext week s business M fore ^ «• attaGked 

made by Tory peers would be COMMONS business next week is: TUESDAY: Statute Law Repeals ailHwAVU 

accepted by 'the Commons as MONDAY: Scotland Bill, Lords Bill, committee: Employment Pro- i.L* J _• A STRIKING Civil - scrvanf« at 

protfcling the interests nf The amendments. lection Bill, report; Iron and LJll0“tllirQ ' F1S6 unemolovment and siinnle- 

Welsh people and the UOitv of TUESDAY: Scotland Bill. Lords Steel (Amendment) Bill, third nun? dadcvp x - „ . . hlnlet suppl f 

i hr* UK ' amendments; guillotine motion on reading; Homes Insulation Bill, ® r,ta,n w , ere 

Lord "navies of Leek (Lab) Wales Bill. . Employment iContinental Shelfl iinJnnT ^'n^ 00 ,n t0 about KS. USBd f " Commons yester- 

„rWd LrHd °E 1 1 o n 's sneech an d WEDNESDAY and THURSDAY: Bill, Parliamentary Pensions Bill, '50,000 In 19i6. according to the da / ' lf . , a ° utterly callous 
nid iribu e Tn ?he-' n! Wales Bill. Lords amendments, committee stages; Community Registrar General’s latest S?"P rd J e ^ 

lr b “. T _ c thA HU?; FRIDAY: Motions on Cinemat o- Service by Offenders BiU. report; estimate, Mr. Stanley Orme, mi ^ ht cal,s f the sick, disabled 

dunn S the Bill s Eraph Pilms tCollcction of Levy) Civfllaability (Contribution) Bill, Minister for Social Security-, said and unemployed. 

t i„ i order; Protection of Depositors second reading. in a Commons written reolv Mr. Ivan Lawrence (C. Burton) 

pr )r..' ne L.ioerais. Lorn u#ya fAeeounisi fAmpnrtmpnt) resula- WFOmfsiuv- To,.. vMitp.rriav said that the strikers had ehnspn 


One-third rise 


Benefits strike 
attacked 

STRIKING civil ~ servants at 
unemployment and supple- 


THREE THOUSAND assembly 
workers at Yauxhall’s Elles- 
mere Port factory on 
Merseyside voted yesterday to 
continue their strike in support 
of 100 drivers at the plant. 
Production has been at a 
standstill all week. 

A meeting between national 
union officials. Yauxhall 
management and representa- 
tives of (he drivers has been 
arranged for next Wednesday. 
The assembly workers are not 
due to meet until the next day 
and as Uie plant starts its 
three-week annual holiday next 
Friday production is unlikelv 
to be resumed until at least 
mid-August. 

The assembly' workers who 
voted yesterday are members 
or the Transport and General 
Workers’ Union, as are the 
drivers. They came ont in 
support of the drivers on 
Tuesday. 


The drivers want their 
working hours eut from 47] to 
40 a week without lois or earn- 
ings and productivity payments 
for an increase in the gross 
weight they drive (from 22 
tonnes to 32 tonues). Tbe 
increase was made nndcr 
earlier phases or Government 
pay policy, when increases for 
self-financing productivity deals 
were not allowed. 

The drivers have turned 
down a company offer or a 
reduction In hours lo 45 a 
week without loss of pay. 

Problems 

Leaders of the Leylami Crart 
Organisation, which represents 
10.000 skilled workers in BL 
tars, are calling for a one- 
day strike on August 14 to 
advance (heir claim for 
separate negotiating rights Tor 
skilled workers. 


The group is a separate 
organisation from the toolroom 
committee, which organised a 
seriously disruptive strike in 
the company last year, hut 
shares similar aims, lm 
members include electricians 
and other groups whose 
absence is likely (a cause 
severe difficulties if the action 
goes ahead. 

® The holiday break at 
Chrysler’s Li a wood. Scotland, 
plant began last night with a 
dispute bv 350 men over work- 
ing conditions in the paint 
shmj unresolved. 

Management and shop 
stewards will he available for 
discussions bet ween now and 
Die end or the holiday on 
August 7. Blit even if the 
dispute is resolved during the 
break, full production will not 
be able to resume nntil clear- 
ing up and preparation work 
has been completed. 


rise 


BY OUR LABOUR STAFF 


of Kilgcrran said: 


Rin (Accounts) (Amendment) regula- WEDNESDAY: Statute Law yesterday. 
muqiL tions; Eur °P eai ? . Space Agency Repeals Bill, report; Employment 


eves the people of Wales the “rfer and Do^hiiw Tenninatioi BillVfhid SS 

grrjtesr opportunity they have of Association order. Bill, third reading; Finiance Bill, Oil rPVATIIlP 

had for centuries tn have an Lonls. debates are: second reading: Transport 'BilL ITcVcflllc 

elected body to speak for them." MONDAY: ^ British Transport third reading. NORTH SEA oil is expected to 

Lord Morns of .Borth-y-Gest Docks BUI, third reading; House THURSDAY: Statute Law Repeals bring in revenue of £550m in 


said that the strikers had chosen POST fiEPirir it .. 

« as? “Sirs ss-TSiJsrssi.'s.'SLs: 

“elf Weakest PMPle in '»^«r s de . C {"S,„‘r D n toWrt fflXS: B* i " L E r i nC iF 1 ? bv h 

CzL/tor an om erS enc y ^ "'Vt SSST;* 

fiph'slp Air. I.iwrf'nnn «),■,« nvpr tha nninnV J i r , _ Office Sflid the OVPr flip ('f-llni Im. .. ■ *>C I 


our society. 
Calling for 


emergency 


“ arkad a Sf, anse “ tbe Post allowed back to work at Dundee °ihl Mt ' C ^ lhy - who is liead- 
y Offices handling of tbe disaule The Post ' ,n ° th . e . mt l uir >' into the dispute 


Weiskopf among leaders in British Open 


Speke flights may be hit 

:S2J? Hr British Air 


British Airways decision 


TWO PLAYERS tied for tbe lead hero, Tony Jacklin. champion In four under par 140. Shearer’s saving -n-ar* -m, „ hiiw'hriiMi. L lo mnsh Mid 

JS/iT possil,,y make . the SSLJ? “ par ‘ a route 


flights due to leave Liverpool November and hand 

iirnni-t tnrlqu ■»* «)<a . . imuu 


sen ted to boih sides and tu gn 
to Mr. Eric Varley. Secreiarv for 
Industry. 

Mr. Varley hopes the report 
might suggest u basis for settle- 
ment of the dispute, although 
the union said that Lord 


" 3 e ^ ° f . a ? micK » British^ MHtand AlP rai !'i '» *>!<! > 


I',},;’"' p. ea « formula and that neither 
h side had moved from ns position 


Championship at the Old Course, The weather pattern has been in prospect, a quartet was at 141 eighth and 11th holes «nrSn 

St. Andrews. j remarkably similar every day --Jumbo" Ozaki of Japan (72. birdie 2 par 4, birdie 3n 

Seve Ballesteros, 69 yesterday, ibis week, in that the early 69), the defending champion birdie ° * d 

is six under after eight holes, starters have enjoyed cloudy but Tom Watson (73. 68), Tom Kite 

while the American Toni Weis- comparatively wind-free condl- of the \js. (72, 69) and the other - — 

kopf. who was also on 69 over- tions — perfect for golE — while Japanese Nakajima (70. 71). 

night, got to the turn in 33 shots the freshening breeze of the At 142 were the great Arnold fiOL F 

and is six under after 11 holes, afternoon has burned off the Fanner after identical rounds of WWfcr 

lsao Anki, of Japan, the over- haze and let the sun shine bni- JL his countryman Orville BY BEN WRIGHT 

njyhi leader on 6S. is five under liantlv upon record-breaking ^aoody, and former English 

tar after 16 holes, as is Ihe crowds. ^ oo1 teacher John Morgan 74, — ■ — — — — 

nmns American Ben Crenshaw Yesterday, for instance, tne w. 

I To j who bM sueh 3 respect for official attendance figures at Tbe only other players below His first birdie came at the 


in prospect, a^tuartet was'atHl aS® n«? P hJ etWen ■ the British an(l ^™P ean tour. Last 0 s Pek e are expected lo stage a Passengers booked with British durinE the ini »«»ry. 

oS Jaoan (72 hifdf? s S om S year he was 39th in the order of stoppage. Airways for iSSm m Lord McCarIh >’ 

69), the defending champion *>"’ P ^ birdie 3 and S®; 11 -, Tn ‘i^ e l r ®° far he is in Ten flights due to carry 450 advised not to go * to ^uekp prod H ce a fur ! hpr rc 'f 


year be was jatb in the order of “ 3 ' nDur stoppage. Airways for journeys today were Lord McCarlh >' may decide to 

merit. This year so far he is in Ten flights due to carry 450 advised not to go to Soekn P roduc e a further report based 

21st place, his best performance passengers may be affected. because staff would not h« on on the reaeti °n or the two 

having been m the French Open, British Airwavs said vwtprdav dut ^ if tbe strike went ahead paT l l £ s -. 31 toda y‘ s meeting, 
where he finished third. thft ail paSSs h“d Scorn British A ^s ^id there • ? BC D «?«*» mwje of Sun- 

He laid ihe foundation of his tacted and other arrangements SJ Jd be no e fort ! ed redundancies haS 

fine score. Jbe ^ best of the day made. Some were delaving their °f withdrawal from 3 ^ ec .^ d b> tbe dispute, 

so far, by rewflung the turn in journey for 24 hours until ser- “d there would be ?, tbpu " b . corporation still 

five under par 31, with birdies vices return io normal tomorrow ^°F. lI,0 ® e who wanted to jmP ea 10 televise the race, 

at the second, third, fifth, Th<i ™ lomD ™- stay with tlie airline. Talks f lans fnr 3 l,ve broadcast have 

seventh and ninth holes. 10e aclJ on is over terms for continue. been cancelled because essential 

Cullen is obviously not yet ' landlinwi canrot bo laid during 

readv to win- a cha«i«mn C hin " tbe engineers overtime ban. 


■radition that he would dearly 4 pm of 24.501 broke all records gar ' at 143, one under were tbe 56 ^ ; yards 5th hole where he ready to win- a championship nm 

ove tn win here. Last night he for a single day’s play, and it * BnUsb pair Nick Faldo and re ]led in an eight foot putt after of this magnitude. For example. ThrOOf avtai* AlinwiiAnl 1 I 

old me he is plavins the best now certain that the aggregate ^raard Gal acher; the U.S. trio coming up short of the green. He be told newsmen; “Tomorrow X III C 0.1 UVCr C06IUIC9I IP^K 
-.rif of his life. * attendance record of 88.000 will °f Ja<* NicWaus. Andy Bean and foled from 20 foot at the eighth, morning when I have to stand «* np , Ti:winnc „ , vuvimvot IVdA 


Australian Jack Newton.be exceeded before tomorrow s John Schroeder; and the Ausura- from 6 foot at the 10th and out there «jth somebody tike f52? re P rese "ttng alarm systems. 

*unncr-up to Tom Watson in this play starts. . • ban pQA champion. Mike CahilL from 20 feet again a t the 11th. Palmer, 1 will be frightened to w ? rk , ers fro “ Acrylonitrile is 

•vent at Carnoustie in 1975, is ' Just as the Japanese overnight Shearer, who js normally a A hidden bunker caught his death.” &i M S!H to «iS5!! ll, {? , »5 10,, -fi* med ! a te chemical 

iwo under after 14 holes. leader Aoki was able to set hv maged . putter . he takes the drive, making him drop a stroke A lot of young men still In Sri iS av P ,u ‘ “ ai ^ , . ns P. lasti « ao 


an icter- 
used in 


under after 14 holes. leader Aoki was able to set nw ^gicai Putter he takes the drive, makhig him drop a stroke A lot of young meQ still lD “j" eess L ae ®«™B plasties and textiles. 

It is felt that the qualifying target In the early hours of play btade^back and 1 slides » through to par at the 33th hole. He hit this championship when the axe ? - 11 1S estimated ^at there Have 

nre fnr today’s third round will on Wednesday, so it was that tho ball so closely to the turf a good iron shot from a poor lie fails In the twilight this evening JJSSJSrile leaKs 0f D * en n,ore bian 250 unofficial 


Mersey fares 
up in October 


u-nre fnr toaav s inira ruuuu uh ntuuou«j, a*. ■■ — . — - — imm a uuur ue iaiis in ujv kmus-w this evening , 

■rniiabiv be i49. in which case the Australian Bob Shearer and £35 betrayed by his blade this on the 16th fairway and holed will feel the same way. 6 
lubert" Green, the. 1977 U,S. K.ny*l»™ Gjnr .Cnli™ «» H Aj“AiS!!. n,1 “ JR- ftr . bWte, but Pulmer nt hue W Ued 


la! And the forgotten British made them the early leaders at ot inspiration. 


stroke to par in a solid round. all week lo^s- 


if farther 18 estimated that there have A SPECIAL meeting of the 

le occurred^ f stoopa"®™ 250 u "®® cial J Ie ? ey " de coun, y passenger 

ihp mst fhrdA sioppa^es by construction transport eomniiUee tn Liver- 

leaks haw W iwpn kIS*” at , tbe , SIte si nce work pool yesterday agreed in spile 
arly B fig 7 bmidera neW^aiS^roct^^ 


Monsanto agreed 10 improve year overdue. 


j j trains from October, to raise 
I another £3. 3 m a year, 



Financial Times Friday July 14 197S 


8 


The Property Market 


to cinema and other 
investments, naming each tune 
into a blank wall of indiffew n ®*; 
Funds are, he believes. “ 
unaware of the extreme V !n *'? 1 r ’ 
tance of leisure property v* tne 
future of our society.’' 

Fund managers tackled on 3'r. 
Marsh's arguments seem to view 
leisure investments as little more 
than an extension of the sy®** 1 ” 
of theatrical financing, and^ they 
do not relish the thought oi 
attempting to convince invest- 
ment Boards that there are bene- 

w ““ ' — ’ fits In acting as " angels." 

IN A WEEK the three . — ^ SlSTSTS fWJ Sj-SVSftS «- 

s sa "' orkfora by ““ ear,y «“ ^sratWs^ *s 

working week, it « «ortn con i-- ^ face of u that mea ns engines. funds that have become involved 

sidering insUtaOMs unwiUiiig u office hujld5llgSi and 50 i t is just not possible .to make - m leisure investments have come 
ness to J ie £jp^ en J* p y M confirms funds' existing invest- any accurate forecasts about . the etnbarraS8 in g iy and expensively 

a sensible investment. _ , ; Rut rhe exnlosive enuntiVs future office require- The managers argue 

The case 
increased 

has been 


Funds as angels? 



Samuel Properties and 
Bryant Holdings may not “* 
having everything their own 
way at St Albans— where 
local opposition has re- 


"opened 'the door to alterna- 
tive town centre develop- 
ment schemes but the com- 
panies’ Joint development vimm* vear . 

operation. Br yant-Samuel, t* over f22Q.I»H» a - __ 


should be happy 

Its Waterloo Court restore 
tion in Birmingham. 

Ail but 5.5<W sq « 

48,000 sq ft offices * W fi£ n 
loo Court have now ne* 
taken. And tenants Tangly 
from Algemene Btfdk Ne the 
land, the Hottg K°“S ann 

aws^5S£ 

rwsas 

above the norm for i modem 

ws s«r3g 

Bewlav, expect around £4-io 
a so ft for the remaining 

Lite. poshing Waterlw 
Ms t«t»> rc ? 


Buant and Samd 
the scheme themselves. But 

it Is understood that an IpsU- 

tuUonal re-funding is ft the 
air. even though the scheme s 
council eround-l^ejnra for 
99 rather than 1-5 years. 

In another Investment sale. 
Samuel has disposed of Us 
long leasehold interim the 
Queens Square Shaping 
Centre in . the London 
Borough of Newham to the 
council. . 

Samuel built 

SSKSfeS 

“■“rrsrsg 

acted for the developer and 

SssK^wg 

a covered shopping centre on 
the site. 



U Bryant-S amuel, ' to over *220.000 a year. q£ 91Pi fuUy miuieu, tu 

• and Colls, the main Christopher WiH is. a ^ mi<W0S. And U w> abQ “ 

s. expect to complete Arthur J. ’ * n ident 0 f the though the mar*« 
e internal rebuilding takes over surveyors arid right. »k-„* the event- 


~?SS M *3 S&FSka -s, « must 

- ’977. to June next year. Healey and Baker s na S%ergcnce of a bld art hOW 

- T and C’s highly Orchard-Lisle has oeen p ^ premature. U 15 0# " “ 

0 £ 2 . 6 m tender (tet president of the General men ev^ P.^ ^ a „, t*nottoc£ 
how' much is such a prime City Division. ^ Greater meQ t of a continental approacn. 

sSe worth as an ? d Y«XS T ^“'““’cSus Valuer and But Samuel Hontgu. BFCs ad 
board to a contractor in its 200th London Council ^ ^ been visers? confirm that talks 

anniversary year?) to progs- Estates Surv^ president of the 5tiU in progress- P™ bI «ms m 
Fppc and SO forth, TtOVal S an pointed as . p npvelOD- through ErC s mass Ol 


Deals appears on 


V* 




If you are looking for 
property in this 

* t 


area . . . 



f ON INSTRUCTIONS 
FROM 

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EC4 


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BATH 


110,000 sq.ft. 

major office building 


factory /Warehouse 

15.730 sq. ft. 

Redevelopment alternative 

FOR SALE FREEHOLD 


CHELMSFORD 


New Single Storey Warehouses 
13,800 sq. ft. and 6.600 sq. ft. 
TO LET 


Oxford St. W.1 


speak to the people who 
know their market 


A new concept of shops within 
a shop shortly to be available 
io the world’s busiest 
thoroughfare. 

Enquiries for Leases of Units 
250 sq. ft- to 650 sq. ft. 
at Rents from £6,250 P-*- 
and 1,700 sq. ft. First Floor 
Restaurant. 


.Apply: — 

JACK MENDOZA F&V.A* 
100 Blalcbington Road, 
Rove. Sussex. 
0273-722795 


TO LET 


EN DERBY, Leics. 

Warehouse Unit under construction 
25,000 sq. ft. 

TO LET 


43,000 sq.ft. 

fully modernised and air-conditioned 
Remainder subject to ODP 


HOVE 

New Warehouse Units 
9.000-43.500 sq. ft. 

TO LET — Available Jan.. 


1979 


SOUTHWARK. S.E.1 

Modern Freehold Factory 
22.30(fsq. ft- 
FOR SALE 


LONDON OFFICE 
74 GROSVENOR ST., W1X 9DD 

01-491 2768 


STAPLES CORNER, N.W.2 


New Warehouse 
20.000 sq. ft. 

TO LET 


SWINDON 


New Warehouse 
13.400 sq.ft. 

TO LET 



DULWICH. S.E London. Substantial office 
DTcmtecs. low rental, leasehold for Ml*- 
Phone 01-274 1 256. 


Richard Ellis 


College Mills 
BIRSTALL, NR. LEEDS 


WfestEnd 
Offices 


75 Grosvenor Street. W1X0JCB 
01-4990404 



IMD0\ 


S 


in 


WATFORD 

New Warehouse Unit* 

3 x 10.137 sq.ft. 

34.083 sq. ft. 

IMMEDIATE OCCUPATION —TO LET 


King&’Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 


r:.L t . 


LiaSSSKSis: 


i'i 

rJt‘ J J‘i 




Mayfair, AY 1. 8.250 Sq.FL Entire s/c First floor. ] 

Air-condi lioaing, gdrage, paiking. Immediate occupation. 


MayiaicW.l. 20,000 Sq.FL Entire Building. £ 

■ Suitable tor Company Headquarters. Lease For Sale. - 


Piccadilly, WL1. 1,750 Sq.FL Prestige Offices. i 

Air-conditioning. Telex fit Telephones installed plus | 
DirecLor's pied-a-terre. '• 


Euston.N.W:i. 14.000 Sq.FL approx. 

Entire s/c First Floor In refurbished building. 

„I ... v-7 nor Ft n H.X. T/1W llUtt 


Modem Commercial 
Building 

TO LET 


iC3/Lniaii 'UWI p- m 

Open pkin. s:7.50 per Sq.FL p.a.x. Low outgoings. 

5.UIH1 Sq.FL approx. GroundFloor fronting EustonKpaa. 

Cromwell Road. S.W.7. 6.000 Sq JFL Freehold Office/Readentlal. 
Vacant Possession and iminedia te occupation. 3 

s 


Close City With High 
Standard Office Content 
Approximately 

76,000 sq.ft 


Details Apply: 


i 

Various small suites ranging from 500 SqJL to 4,500 Sqft- 

at low rents in modernised building. j 


Chartered Surveyors 


33KingSfreet 
London EC2V8EE 
Tel: 01 -606406(1 
.Telex: 885557 


.Hi 


Chartered Surveyors. 


IO 


Magnificent Period 
Office Refurbishment 


( 


sq. 4,170 ft. 
TO BE LET 



APPLY 


Cluttons 




01-491 2768 


FOR 

FREEHOLD FAGTORY/WHOLESALE 
RETAIL WAREHOUSE 



Banal! 


WANTED 


ON APPROX- 4.8 ACRE SITE 

Prominent main road position and with close proximity to 
M62 & Ml Motorwiys 

Illustrated brochure and full particulars from: 

HOLROYD SONS & PICKERSG1LL 
Church Street, Dewsbury. Tel: Dewsbury 465671. 

WEATHERALL HOLUS & GALE, 

29 King Street, Leeds 1- Teh Leeds 442D66. 


SHOPS and 
OFFICES AVAILABLE 

throughout the North East of England 
for current & planned Developments. Enquire now. 


40/60,000 sq. ft. 
INDUSTRIAL/WAREHOUSE 
NORTH LONDON 


write or telephone: . 

F. J. Hutchins. F.R I.C S„ Managing Director 
BAftRATT DEVELOPMENTS (Properties) LTD. • 
Win grove House, Pome land Road. 

Newcastle upon Tyne NE5 3DP. 

Telephone (06321 86631 1. . 


Reply to Box No. T.4915, Financial Times, 
10, Cannon Street, EC4P 4BY. 


GRAVESEND 
Mainly Single Storey 
[WAREHOUSE 36,300 sq. ft. 
[325 ft. WHARF FRONTAGE 
Freehold for Sale 

EDWARDSYMMONS 


TteLOI-8348454 


56/62 Wilton Road. London SW1 V \ DH 










TFifiav Julv 14 1973 




Blossoms Inn. 

Trump Street/Lawrence Lane 

City of London, EC2 


BUILDING LAND 
AND SITES 



TO LET 

LONDON NW10 

Open Storage Land 
with Service*. 

Main Road Position. ■ 

33,000 sq.ft. 

Rent £20,000 p.a. ex. 

Write Box TA916. 
Financial Times. 

10. Cannon Street. EC4P 4BY 


AS. BCTWXEN KETTERING ml Marlttt 
H.rborou4hi Norttiaimitonshlrc. 5 9 
wn. industrial Site. Freehold. 11. 
Market Plata. Kettering. Tel. ftiSSSl 


FOR INVESTMENT 


Excellent New Offices To Let 

Ready for Immediate Occupation 

Fifth floor 4,900sqft 


Sole agents 


Walker Son & Packman 


Chartered Surveyors 1 » » Established in 1367 

Blossoms Inn 3-6 Trump Street London EC2V 8DD 

Tei 01 - 6 O 6 am 

Branches in Bristol ExeterTmro East Crinstead Edinburgh Leeds and Overseas 


96 GOLDERS GREEN ROAD, 
NW 11 . 

64/6/8 CAMDEN HIGH ST, 
NW1. 

114 RYE LANE. PECK HAM. 

Plus etkor Freehold Lots incl. block 
oF Flits it 8/ID Frognil Gardena. 
Hunpstexd. Auction el Fft raid in «vt- 
merits offering excellent espial frowt/i 
ti tuitions. ]uif 1 7th 1978 it London 
Auction Min, 

HARMAN HEALY & CO.. 

19. Roger St. VVC1 01-405 3581 


FUNDING LOAN rnulremcnt hy oui" 
Clients. Messrs. H.. finished proposi- 
tion about £450,000. shop and offices. 
Lease to pood covenant. Freehold 
Investment required tor our applicants 
about £800.000. Elliston Estates. Tel. 
Farnham 25456. or reply Sox T4917. 
Financial Times. 10. Cannon Street. 
EC4P aer. 

THATCHAM. BERKS. Freehold moer- 
markel Investment let to Foodrlte Ltd., 
produeme &5j5ao p.a. ex. Rent review 
June. 1982. F.R. A I. lease. Price 
£68.500. AppIv J. Trevor A Sons. 58. 
Gras venor Street. W1X ODD. Tel. 01- 
62B 8151. Ret. JCT. 


FACTORIES AND 
WAREHOUSES 


To any company that thinks 


offices in the City are out of the 
question, we would like to 

offer the following address” 

Milestone House 
105T09 Cannon Street EC4. 




ndustty 


HOUNSLOW MIDDLESEX 

FACTORY & OFFICES 

Three miles from Heathrow Airport 

105,000 SQ„ FT. of prime Accommodation 
Constructed 1975 

For Sale 


LEASEHOLD 

Joint sole agents 


na «rr Vincent stoeft gh-asgow cs sqh 
Tauih^Hor^- dot sea 3221 


King&Co 

Chartered Surveyors 
1 Snow Bid Lnudcm EC1A.2DL 
Tel 01 -236 3000 Telex 685485 

MancMIrir'* -• Eric els 


(*) 


PARK ROYAL 

N.W.T0 

4,000 sq. ft. 

WAREHOUSE 
TO LET 

only 92p per sq. ft. 
Details from 


MELLERSH 
Sl HARDING 

Chartered Surva/on 
43 ST. JAMES'S PLACE, S.W.t. 

01-493 6141 



■ 2S0 yards from the Bank 
of England. 

■ Ground floor banking 
accommodation. 

■ Full air-conditioning. 

■ 2 automatic passenger 
lifts. 

■ High quality finishes. 

For its size, standard and location, there 
are no other buildings available in the City 
which compare with Milestone House. 

Richard Ellis, Chartered Surveyors, 

64 Comhill, LondonEC3V3PS 
Telephone: 01-283 3090 

Xandai r.1. Scmtarf. Mim Ftaucu. HoBanA Span !*.yia« Unsa. Jtxfca&a, USA. 

Caaada, Sunapear. stag lion. 


LEEDS 

WHITEHALL ESTATE 
NEW WAREHOUSE UNITS 

Good motorway a teen. Eain-s height 
24 it. 21.000 mi. h. Rum £1.15 per 
*H fu 

Bernard Thorpe & Partners, 
29, Park Square. Leeds. 

Tel: 0532 459101 


S.L.i. 


MS. *-W.2 



I 


Richard Ellis 


Vi***., 
■ , -- 


238 CITY ROAD, EC1 
Offices to let 

ENTIRE FLOOR 
Car parking — Central heating 
Lifts — Low rent 

1 year rent free 

(89664/MSS) 

KnightFrank&Rutley 

, ^ l 7 Birchin Lane London EC3V 9BY 
+ R * Telephone 01-283 0041 Telex 265384 


ADVERTISEMENT 


Dc Crest Collie, Enaie A-cnis. Valuers Rclff Diner & Co. ".'flice and Commercial HOUNSLOW 
and tfurveyars, jfli Moarnaie, ECW Property Specialists). 17 j ftew £ond u ____ „ 


ESTATE AGENTS 
DIRECTORY 


Siren, wiv BPD. ol. 491 sia. 


««• »««• wiv > pp - =>*• !« "i. C hV’;,!*T ' SiSirT«S!rsft ^ 

Hampton A Sens. Skinners. Hall. B pnw- Scott A Co.. Estate Aeons and John. 5 lick Icy A Co.. Oiartered Sur- 

pan* Hill. London. K.G.4. m-iifi ;wi. Purveyors. Berkeley Houm-. JO Berkeley staihes Vi yor*. 14 Brighton Road. Tel: 28428. 


HAYWARD'S HEATH 


AVON 

■RI5TOL 

Aider (Stanley) A Price, ~ St. Stephens 
Street ESI LEG. Tel: Bristol 18272J 
2S915L 


BERKSHIRE, 

Loddon Valley. M4 4 miles 


NEAR 

READING 




M4 4 miles 
FOR RECREATION 
OR INVESTMENT 

BLACK SWAN 
LEISURE 


Renowned Trout Fishery with Hatchery. 

Wild Fowl Shooting. ■ Golf Course. 

Extensive Buildings with Conversion Potential. 
Planning Permission for expansion. Cottage. 

About 165 Acres 

For Sale as a Whole or would be divided. 

Further land and lake may be available. 

Joint AfwrtaJ 

LANE FOX . 

Knight frank &Rutley 

20 Hanover Square London W1R0AH 
Telephone 01-629 8171 Tel ex 265384 



H 0 [ 

i! 

.,1 t**, y»[ 

■r^ 



RESIDENTIAL BUILDING LAND FOR SALE 

ApjMSiMlMly fi «« W ^ ^ hr 

The site Is a ihm»o villas* * «•»■•*■*> &*“• 1 being thaaM df 
ita Bmdtleids E*me. pst * **&* ^ Cnlcte** 1 * 

Vacua fnaaauiOB fsanltelile on Ewiqdeilan, 

Ems hara taaa kainudad hr tbs owwrs fa iimta tmdM* 
for tit fateboU . . . ' 

A. Vandpra*nlinipn an R. 6. U*4 1 »*iM "“«» Wfwaha. tott 
Bainunv Fvus 14 Ousin Street Cnlchteftr Essex C01 ZPJ 


BEDFORDSHIRE 

Cenmlls CammerciaL Eslalr AvWs. 
Valuers and Survcvnrs. 3 Upper Geonie 
Sirvet. Luion iOS82> 31261. 

KHray. Estate Acrnis. SO SI. LOF«. 
Bedford. Telephone: 10204> 50852. 

BERKSHIRE 

CfcHiccMars and Ca., Commerrlal 
Properly Office. ?B Greyfrlars Road. 
Reading. 0734 58flSE.'4. 

CAMBRIDGESHIRE 
CAMBRIDGE A SURR0UMDINC 
AREAS 

OcMaiap L. January A Partners. " I 
Downinc Siren, cambndse. Tel: iP233j 
ibsSI. Estate Aaems. Sorreyors. 
Vainers, Laud AaenLs and Aumoaren 
of ail ink’s of Residential. Industrial, 
Commercial and .tan cultural propenies. 
Branches 31 Royclon, Kemnarket and 
Saffron Wafdea. 

CAMBRIDGE 

: EM Ins. Oilier end Handley. Chartered 
Surveyor*, omen ary House. Huncmp- 
dan PEt 8 SPQ tapd at BisBleswade, 
Cambridge. Ely. Sr- Ives and St. Neotni. 
TcL Hnmlucdon M171, 28 lines. 

CHESHIRE 

WrDHE5 

Dfna Henderson A Ca.. Chartered 
Surveyors, 32 W lines M. idol) 423 1337. 

-ESSEX 

■' ALL ESSEX 

Balrstaw Evds. 73, High Street Brent- 
wood f«T7j 726X23. 

BARKING ' 

Cleimy (A.) & 5wi, Cbanered Surrerora. 
S3 Bast Street- 01-394 3017, ■ 
CHELMSFORD 

Claw (A.) A Son. Chanerrd 5urv tTora, 
12a New London Road <0243 j 51374. 

Taylor & Co M Cfianered Sorveyiws, 
Commercial and indusiria] Atsems and 
Valuers. 17 Dube St. TeL- (0243) 55561. 
'HARLOW 

Darrtqk, wade * Waters. Tenoimm 
Howe, The High. Kariow. Eton. 
CMJO 1UT. TeL .TOlOL Teles: S1T51S, 
SAFFRON WALDEN A 
SURROUNDING AREAS 
Douglas L January A Partners. 7 Kins 
Street, Saffron Walden. Tel: ifliMi 
211TB. En 3 1 e Alien V. Surveyors. 

Vahirtit. Land Acenis and Auctioneers 
of all bmes of Rissldennal. 7ndusirlal,‘ 

- Commercial and Agrtcuicural orwerUes. 
SOUTHfiHD-ON-SEA 
Watson, Temple. Talbot A While. 
Chanwed survorors. 34 Clarence SL 
Tel: 10702) B0717. 

GLOUCESTERSHIRE 

PbmbB and Powell. Chartered Surveyors. 
Commercial and Industrial Specialists, 
37/41 Clarence srrect. Gloucester - i7Ll 
FEA. Tel: K«J also at Cardiff 27666. 
CHELTENHAM » DISTRICT 
Lawson a Lawson. Chartered Valtwilon 
Surveyors St Estate Aunts, 3 Reseat 
Street. Cheltenham CU6 iHF. KC 
21877.0. 

GREATER MANCHESTER 

Sottaiu. Chartered Surveyors, 60 Spring . 
Gardens, twi-toa 3103. 

Eight brandies in North Cheshire, out : 
la Derbyshire, and one In Yorkshire. 


HERTFORDSHIRE 

HATFIELD 

Mauit A Ca., R.I.C.S.. Com. and Ind. 
Property and Development Consultants. 
Salisbury Sq.. BaifleM. Tel: 604TB. 

HE MEL HEMPSTEAD 
R. J. Ahcbiion. Cbarured Surrryon, 
63 ilarlou-es, Hetnel Hempstead 3446. 
Gordon Hudson A Co-. 4-S Oneenauar, 

Kernel Hempstead 50268 >7 lines). 

LETCHWORTH, HITCHIH AND 
STEVENAGE 

Hendales. Industrial Dept- 44 Broad- 
way. Lei t-h worth 3773. Hjtchln 59W3. 
Stevenage 33389. 

ROYSTON A SURROUNDING AREA5 
Douglas L. January A P Miners, 2 '.7 

Fish Bill. Rttyston. TH: i0763» 42801. 
Estate Agents. Surveyors, Vainers. Land 
Asems and Anctioneers or all tTpes of 
Resldeoual. Industrial. CommerciaJ and 
Agricultural properties. 

WATFORD 

Gordon Hudson A Co.. 147 The Parade. 
Watford 39711 -110 Uses 1 - 


Kemilcy. Whitelor & ForH*. Cbanered Strem. London. W.l. PI-W3 PPM. R«h*rd Brampton A Cn^ Snni vnrs. HAvuiAoive meatu 

Survevors. 20 Ropemaker Stn*], E.C.2. Smiiii Mdzack, Siim>«i-v Valuers and Agents and Valuers. S3 Windsor Road. , , , . A 

M-62S 2b73. Estate .Uents. 6 Cork Street, W.l. Tel: Wraishury. Tel: Wray shun 22*. c .? srl "9 a Colyer. Chartered XurvevMa. 

Newton Perkins, Surveyors. Vainers and 0 * 1 ' Emmltt Ralhbone. Commerri.il iinlusiiial Tel; iiiJaI*. jk5'i.* ® arw!,n ^ s Heidi. 

Eon*. Agi-nis. 10 Nonhamberlaipl AUcy. SOUTH WEST an d Ri’Siilenilal Surveyors. Vainers .mil 

E.C.3. Tel: 0L46S 4421. m . .. . _ , t-Mle Agents. 15 Clarence Sin-el. HORSHAM 

_ James Andrew A Phir?.. Cnnsulta: m Staines. Tel: Siainrs 59321, Kina and Chucmoro rr omm e rd ol) 

Smith Metsaek, Surveyor. Valuers and Surveyors and Estate Agents. « Pall Carlax Horsham Tel- mun, mn 

Estate Agents. 17 St. Helen's Flaw. Mall. London. SWIV 5 HZ. 01-S29 4436. ' MDrana,n ' ,Pl - 

EC3. Tel: 01-a« 4391. Hampton A Sons. 6 Arlin^nui SireeL NORFOLK WAI PC 

John D. Wood. Surveyors. Auctione>Ti. Londnn - s "' 1- T '‘ 1 ' 0, "* ,c w: Turnbull A Co.. Chartered Siirrrmrs. ~ — —* 

Valuer* and Eaoie Agenrs. Wornford SOUTHEAST S 10 Rank strref. Norwich. T-l- uuxi. Fnwii and Powell, Chanered Stm-erort. 

-°? r -. -T? r ?f2 lorlon Sl - EC!N 2AT. _ M R __ la , ... 16 Blackrnars Si,. Kings T’-nn, ami Conmierci.il and Inrtufirlal Specialism. 

m: i»». a ^ B - 


Wray sbury. Tel: Wraysbury ^.<.5. Ceoring & Colyer. Chanered Survevnr*. 

Emmiu Rathbone. Cummrrr1.1l Industrial Tel: uimH STTilL* Sarw!,rds 

and Ki'Sulenilal Surveyors. Vainers and 

Eaiale Agelirs. 15 Clarence Sin-et. HORSHAM 

Sialne*. Tel; Staines 59321. King and Chucmoro fCo mme r d oH 

Carl si. Horsham. Tel: uhTOj B444L 

NORFOLK WALES 

Turnbull A Co.. Chartered Sumjnrs. ' 

6 10 Bank Strcel. Norwich. T-l- «u7ii|. PowelL Chanered Strrreywo. 


Tel: 01-SSS 0557. 

WEST CENTRAL 


Richard Carey A Partners, Chartered north 
S urveyors. 15.16 Bockliikbam 5rrert. 


NORTH EAST 


BRIDGEND 

David E. LHUc Plitcry.. Char. Burm.. 


S. D. Ellikon A Partner*. 24 Nnrthiiintn-r- ‘•arollne Si. Mid Glam. IWI36 1=44.7. 


Hafpnr n^'iiMf’M/^I^unb's^Cooduii * Co- 1B7 rrleltleu-ocd Er/iart- 0,142 4R - al - Siokeikr 67JI3 and l.nnifnii oOm 4M9? 

Street. 10:|P! JLL. Tel: 81-CTI eill. MS ! f - ^' w - ; i«S6. SiK-ciallsls in OM- TYWYN CWYEOD 

Nigel King A Ptaers., Survtrnrs. Est. fnmnurUHl and rc-sulmlial prnpenie.*. NORTHAMPTON wisher AblHt & Co.. Auciltmen. High 

figs?! 5 -Sr CaTes sireet. Philip Fiihcr A Company. « Vxher Arnold Benneu. AH ICS. 21* Sheep St. Sirccl.LL.76MD. ■ 1*634 > 71IE5SS. 

WC2A -Tii. 01-48a 4484. House." .I70h Kenduri Way. Urndcn Nonhamptun. Tel: (Q6U4) 30717. 

WEST LPKDON "LS. Ti l - <*t-202 CB Inrnrpnraied WCCT Mini A Nine 

‘ . 1 . Valuers. Aui-iiudeert and Surveyor'.. U , L , 1 __ WEST MIDLANDS 

Anthony Barnmon A Co.. Surveyor* A ^ , NOTTINGHAMSHIRE rirmincham 

Property . rnsnlunUi. Standbronk Moil*.-. ? all * r lndusinal. hhnp. Coinmercul * BIRMINGHAM 

2-'3 Old Bond Street. W], Tel: PMntl OKil. %, RewdeiUlal Special l«.l*. 265 Kcnmh mansfielp Ayton H oncer. Chaner«J Survoyon. 

Aytnn Hooper, chartered Surveyors and Tov,n Road - K.WJ. 81-Mi 2071. Walker. Walton Hanson, Chart‘rrd 5? 1 -***-??? 4 Wca * I , . 

Estate Acents. l Albetnarlo St.. WlX Surveyor*. Estate Aunts, Auninn-et-.:. fi 00 / 7? X 0 " 1 


n&'c 3ffll. (ordwmi 4149. Bnntuir 2414, Hereford 


NOTTINGHAMSHIRE 


WEST MIDLANDS 
BIRMINGHAM 

Ayton Hoooer. chjn»H Surrey on. 


3HF. 01-rfl 6llt. And branches m West MFRggYSinP 'umBicn.-ial a 

London and Birmingham. rocnaeiaiue . . p ]alI( an(J S | a| 

Cheotcrions. Chanered Surveyors and LIVERPOOL uens. 45 Stock u 

*=5"**-. y,” 1 End nfflcei. Dixon Hcndermn A Co.. Chartered 

Gro5VenDr Jgj7®S | ^ W RaU S,r « f ' L_ * 8PP - NOTTINGHAM 


Walton Hanson rhjrrtrrd F-T-W.T 3614 tvec West London-, 
oft. Esiai- AWmtr’ Aunmn. ef? Coo. Fisher Sc Son. EM. A.-nty. 70.-4 
.Ti-tal and luduurrial Pr.ni.Tiv Harhorne BI7 9NF. Kl-4^ 


Walker. Walton Hanson, Chart^rrd JL-'j 
Surveyors. Emaie Aunts. Aunmn-ef.:. S™/ 
■ nmnivTiiat and Iudunrial Proi«Tir iJ.." 
Plant and llarhinery. Sale and laliia- ““ ,l- 
nuns. 45 stock uell Gale, Mansfield «(W23y 
35427. YOF 


YORKSHIRE 

SHEFFIELD 

T. Saxlcn & Co- Hiartered Furrejnrn, 


HAMPSHIRE 

SOUTHAMPTON. PORTSMOUTH 
FAR EH AM 

Kail Palo A Foster, Chartered Surveyors, 
Valuers, Estate Agents. 38 Loodtni Road, 
SbUthamtitDa (OTte) 28015. 


Burrow* A Day, Chartered Sarveyors 
, and Estate Agents. 79 41 Bank Street. 
1 Tel: Ashford i025S ■ 24721. 

Geerina A Colyer. Chartered Surveyors, 
1 Bank Street. Ashford. Tel; KCSD 24361. 
BROMLEY A DISTRICT 
Baxter. Payne A Leaner. Chartered 
Surveyors. 19 East SlrecL 01-464 U8L 
DARTFORD 

Frail Champion A Prafl, Chartered 
, Surveyors. AucHnncer* and Testate 
Agents. 76 SpitaJ Street. Tel: 26832. ' 
MAIDSTONE 

Ceerlou A Colyer, Chartered SarveynK. 
6 Caiman House. King Street. Maid- 
Stone. Tel: 10622 1 8»9L 22/M High 

Street. Tunbridge Wells. Tel: iaS92i 
23136, Bank Street. Ashford. Tel: 102331 
54561. 

ROMNEY MARSH & DISTRICT 
Tinsley 8, Clinch. Vainers and Estate 
Agents, New fipmnej. Tel: 06793 3194. 

5 EVER OAKS 

Hod sins & Son. FRICS. Rouse A gouts, 
Estate House. Soenoako. Tel: 32351. 

TUNBRIDGE WELLS 

Ceertna A Colyer. Chartered Surveyors. 
22/24 Hlsh Street, Tunbridge Wells. 
Tel: fOMJi 25138, 

LANCASHIRE 

PRESTON 

DeerldE. Wade and Water*, urtcentre. 
Lords walk. Preston. Lancashire PR3 
1 DH. Telephone: 57738. 

LEICESTERSHIRE 

MELTON MOWBRAY 
Walker Walton Homrn, Chartered 
Survey orv. Ernie Asems. Auedam-ers, 
Cummer da! * lndusmal Projhvtr, 
Plain k Machinery Sales * ValtiaUous. 
27 Market Place. M niton Mowbray, 
Leicestershire. Tel: (06641 87355. 

LINCOLNSHIRE 

Broaden A Eo_ Chart. Survys.. Esate 
Agents. Silver Sircct. Lincoln. 0522 31EL 

LONDON 

CITY 

Bofmow Evtfc AMrratanjt Bouse, 
Blsbontcate. ECS. 01-655 1331. 
Choctarums. Chartered Surveyors «k 1 
Estate Agent*, city, Hnlborn and 
Dectfntralfged Office*, 9 Wood SL. 
EC2V TAR. Ol-SJfi 3055. 

City A stems, Office Specialist*. 12 Wen 
Court. EC4. Tel: 248 C70L 

Collier & Madoe, chartered Surveyors 
and Property Consultants. 5 Si. Bride 
Street. London EC4A IDE. Bi-353 8161. 
Caa rad ftkMat & Co.. Consultant 
Surveror* and Valuers, Plantation Rouse, 
■Fewhureh Stmt, Ed B 1-623 wis. 


Connell* Commercial. ExLate Asenls a. . Neardstcy , Theobald*. Cnmraerml •'""I Lsiaic Agent* and Valuvrr.. 3.1 Oli->en 

a-- «n«. ^ o— u. “ urjsimjE ssi*. 

n*™”" WNIUTO. O-U— l S 068a. Lindioy Frowatu Sauk GhamlKRt. 1 •EM""- Cwwullam*. Sal>* 


Conrad BiibW * -Co M Commltant "■ T’ ,* p ** “ ovi 1 -* nm? rteSrors ' T.-1- uwe. 40T47. EadonLockw, 

Survey ors .mrt Valuers, Mfiner Houbi*. H >*"«<■ wmi. Ml-— • m*. Llndaay Fraaaatt. Bank numhK 1 Surwyori. Pr 

n^j?r r . S, fi5 01 ,JV ST. HELENS Mount Strew. Xoilinubam. t#W2i iiiW7. Advice In cunneiiiun wun r,nn- 

Davis A Co. "- Berners St.. W.l.. Est. , . _ _ A*srwia(ni with i-rtwani Cvmmnr,. * mercial £ lndusiri.il prnncrit.'B. Hurt- 

Asenrs. Valucra * surveyors. 01-617 lOfil. Ohceu HenderMi. A C».. Chartered |.^" B o f Loud™ ^ folio. Property Munag.-mriu Invesrrr. n. 

Da Groat Coids. Estate Agents. Valuers Surveyors and Estate Ac ms. .» Claugh- 01 i-uiinmi aim Mancnest. r. eampo Lane, bheffielil SI 2EV, T..I- 

5S SpSTTS*.* V*"* BOV *'- WLX 100 Stree1, WA19 1RR - SL HCkD5 i4U7 * 2SS3m.*» MM cS?"?SS llSr - T^x: M749? eLr Ta 

SAL. 01-734 !■«. S--,, V0RK 

Horrlssn A Pincn M Office Specialism. MIDDLESEX Walker Waltan ujhkjm Broader A 5m 

Z£f*g fcJMJ- ft? heathrdw 5SWS5- SSSr a S££ i gsjw-* 

Tel: 01-6=9 «»1. Offices m Edinburgh APC imernaiional. Inductria] and c»m- "W 141 - 1 - 141 - 

and Assoc, cilice In DubUn and Mali*, mercial. Surveyors. Project Manager* |ii n « Bianl^ S MmSh !r 

Anthony Llpiv"3* CP-. Offiro. IndiKtrial and Property Consiilianm The teidsc. Neninshatn lOtiirt^iisr' e!0ll ' h - ,n SCOTLAND 

and Invesimrnt Snrvernrc. 38 Curzon St., narnmndswnrth. Won Drayion. Middle- i ' min '* na,n ... . 

wrj. 01-491 2 ™*- kcx. 01-730 0066. Wei> Ingram. 


PLANT & MACHINERY 

Airey Entvnajte, 2s.‘34 Cros* Street, Hamnett Raffcty. Charirred Sur- 
Mandu vu r M2 "Ap. Tel: 06I-M4 0177 vryors, AutlloiiiTra and Valuers of 
Bolrsipw Valuers and Anr- Flam. Machinery and Pacinry 

[towers ef Plant It Machinery pnd Premises ihrnuKhuut Hulled Klnu- 
Trade Stuck* throughout the U.K.. dom: PD Bos 1. .m High Street. 
Aldennane Walk, EC3M 3UL. 01-633 High Wycombe, Bucks. Tel: ifllWi 

1351. :irw. 

Frank G. Bewen Umficd >E*t. 1SML Ncnyun*. Lumh Ijiw. Andensbaw. 
Specialist Puerto Deers and Valuers Manchester 51.14 5GW. Tel: Wl-370 
ol Mathliw Tools, -TestSlB Machinery, *51 5 - 

Builders plant and Maienals, Trade Kfitp A Co.. Chartered Surveyors. 
Stocks, elf. rn th e UK. IS Creek 1 Snow Hill. London EGlA 2DL 
Sirrct. Rhniiewnry Avenue, London Tel: fll-JW 3 DM. Tries: fiS,V.Sn. 

WIV ONY. T«d: 01-437 3244. Norman Levy AoiKlales Oversea* 

Rnirhcr a rm i u t .m ,BC -. Guawwwd VaJiiafions and 
ft SaaLa.ilS Lc " 1 "? Auciions of Plant ahd Blarhlncw. 
Farmer * sm%, Aualomera A f .ii. Box 1IB. London BOTH »AJ. 
V slwr*. ^ "*■ NjKh "Olhorti. London t> 1: OI-KiB 5171. Telex f*T23!. 

at ‘SrmteFham'fc L S£. MU - Aba Edward Ruthin*. Son & Konyen. 

. at -Binning « Leeds. n-M. 1x571, Auctionr^ro. I ns* Asms* 

Eddhwns, Chartered Siirvejrrii, ?nrs * Valuers. M torlra Place, 
lndusmal BuiMIng. p| an t lb ^iwnvnnr Su.. London W1Y 6H.\. 
Machinery inctlnaeent and Vainers, Tc1 ', W-W3 67S7 and at Elrminrtiam. 
10 Greek Street. Leeds I£I SRZ. Tel: Dublin, . Manchester. Sydney k 
*0372i 30l«. at' Huddersfield, Mvlbmmw. 

Bradford and Halifax. Sanders* n Towncud A Cllbert, 

_ . . siuwaail ■ - 51 Wdlesb rough MC -441SI. Neu - 

Edwardi. . Itewdcy, tj casfte gi^gi. Darlington 6325 

uoHoore Ertninshaim. Tel: B2845. 

821-236 SI.- c. F. fffnglrtsn & Co- AwHonw*, 

John Foorf- Chartered Stmeynr*. Stiwyoro and valuers of Plant 
si Queen 1 * i-ardens. W.S. Al-402 rsm Machinery and Fat-lory prrimw'S. 
Valuer* of rum and Machinery ui B 6 * 1 * 5 Bnlld inns, si Kfnx si., 

the ii.E. and Abroad tor 15® y7ars «a"rt'ester 2. oei-su 5271. 

^ c «*ward symmenc A Partner*. 
Bow Uv EC4M 1ST. Tel: Aueitencens *• Vsteero. W*P2 Willem 

01-245 73M. Road. London SWIV 1DH. Tel: 

Fuller PeW- CharUmi Surveyors. MM- a «f at Marndwoier and 

P' Leopold S' reel- Sheffield SI 1RW. Nottingham. 

Trt; •««' .'Si- 547088. Weatherall Greco A Smith. Oartemi 

Head Office L-OMon. Survey ora ' Bstate Afttnis. 22 

Coddard and Smith. 22 King film-r ‘ hancery Ltuw, London, W.C.2. Tel: 

St. James'-' ^nndon SwiV 6f>s'. d*- 4 ® 3 6MJ - 

Tel: Valuers of alj Plant Weatherall Holllt A Cale, Chartered 

and Maci lL ril ^rt.- m i M -.. industrial Surveyors / Esraie Agents. c.MJt. 
P rcintisfg ,!? r S™ th« UnJiod House. 2 9 King fiuvet. Leeds. Tell 
Kiiutdom 3" ri , otss 44290. 


NEWMARKET A SURROUNDING 
AREAS 


Beil Inaram. rJian«-r«l Siirtmor*, 
SUFFOLK Abinli-cii. Kdinhureh. ni.wcnw. Lnnilnii. 

‘ ‘ „ ivrffi. walker St.. F.dlnbitrsh. 0'i-jj^ 

BURY ST. EDMUNDS EAST ANGLIA .T.'TI 

Lacy 5ealL Commercial, Agriruliuul and Hllllcr Porker May A Rowdcn. 5 South 
Rcsidi-mial Surveyors and AucIIODlcTS. tnwrloiir Street. 031-225 50 Sn. 

3 BfltU ' r Strw ' "V* 1 KK >- ABERDEEN 

& surr B u NDING Burnett (F. G.). Chartered Siirrevn^. 

AKeAS 1 .ilm-rs and Lai.irr Acentp, 11 RuhiyUw 

Daugtss L. January A Part nor* 1"t T.-rrsnw. Tel" iK2i* jilNJ. 

Rieh Si n-ai. \i-u market. Tel: ifiKSi Janies R. Thome on (Propcrtlcv) Ltd.. 
S75I. Estate \«t-ni*. Sflrvn’on, Valui-r*. Urm»-n Stri-ct, Aberdeen, AB1 2 HA. 
Land Agents and Aucuonwrs 0 { M Ti l: 0224 524«i. 

types or Residential, indo&irlaf. Cummer- "Staler * Co -, Chartered Siirvrynrs. 
util and Agricultural properties. M 0,l,on s, reet. API 1EB iKC4i 5. 

EDINBURGH 

SURREY s. D. Ellison. 55 North Canlr St. Tel: 

IRI4SR Gtr.'l. abo at Newcastk. 

GUILDFORD Leaver*. 7* SO Ucorse St ire L TpI: All- 

Cuhlti 6 We». Comibernal RurvrynTT. “ 6 17,11 * 

44 Hmh si reel. Guildford. Guildford Ryden. Kenneth and Partner*. Chartered 
H4S3 77277 nr 60765. is offices In Surrey Surm-ars. Tl H.innvor Sirert, KII2 1EF. 
Su»ex and Hampshire, " Tel- ID 1-225 

WOKING GLASGOW 

David SmHhycf Partnership, commercial Canrad Rilbtet. Consult. Furr, and Tint. 
L'unsiiltanis. 1 H'coi Street, Woking. ■* Roval Civs.. G3 75L. Oil -"72 '-*777, 

Tel: Watane 65666. Ryden. Kenneth and Partners, Chartorwj 

Mann A Co., Chartered Survrenre Siimiws. 121 West Onrcn .Siren. 
Wnking. nuiidfort. S.Xrler Knrte GluS«ow 02 I0S Tel: 841-821 H*l. 
bam. Klmmon-irpou- Thames IValmn Webster A Co., CharterniJ Survcvnrs, 
noon-Thamcs. 21 Nile Sl„ G12 PJ, 041-2W P7T1. 

throughont surrt-y, Rams. Bark-c 
Middx.. Sussex and Dorset Hi^ad rScc: IRELAND 
K Commercial War. Woking, GU2l ibb. BELFAST 

Tri: ntl» 7 m, luttsi. SS" s „. „ „ M ftom . 

SUSSEX '■ "■’ S ' ““ 

CORK 

Cllffonf. Dann CammerciaL Ghartrred LHacv * Son^ S3 Grand Parade. Cnrtt, 
Surveyors. Albion House. Lewes lOTffiG; Tel: sm. 

4375. 1 Six loral offices, r DUBLIN 

JL Cb, j.^L'® Church iw.. Jones. Lino WooKbm, 60 fi,i Pauimti fit.. 
J ,3S3 - Commercial Dublin 2. Tel. «uoni> 771 SOI. 
»S.i-L ron ?* n ?i Oeportmnu. Sale*. L«nrcr». s nanson Street. Dublin. Tel: 
Lett rifts. AcoulsIuoik. VahtaiJone. Hcnt >m< 774323. 

Reviews, Surveys. Plaunliiu Matuce- . _ 

BienL utflees Uirougbaut mw-shvuH Usncy a sans. 24 Sr. Stephen - * Go., 

^'•.Vre CHANNEL ISLANDS 

3fe44. Wnrthimt 37*9? and Crawley 316MI. GUERNSEY 

Co, tcontmereiaj IDi-oan- Uj F«*«j Ettaio Aoeacy, G!«#nw 
1 ? m SI 1 ' ®fWnon. chaniiv-rv. Glaiegn.v Esetenadr. St 
0273 29116 « local offircgi. peter Tort. tiitentRey. Tel: 0H-I 2l<U3 ’ 


0273 29118 (S local oITIccri. 















Fiiianffal Times FfTday July 14 197S 


DEALS 


Industrials 


for Harringay 


TREVOR ASHBY'S private 
London Southern and Western 
Properties, in partnership with 
William Moss and Sons the 
builder, has taken over the 
Hnrnnsay Arena development 
recently dropped by Tosco. 

Tescu abandoned plans for a 
snpiT.no re on the 5 J -acre Harrin- 
?»>• site in March, and LS and W 
has stepped in with n £2Jm in- 
dustrial estate development, with 
planning permission For a total 
nf 92.500 sn ft of warehouse and 
factory space. 

LS and W and Moss bought the 
Arena land and buildings from 
iiRA. the qre\ hound stadium 
croup, for £560.000. The deve- 
lopers have already pre-let a 
20,000 sq ft warehouse to Wicks 
Building Supplies, work on which 
will lw completed by the end of 
Jannar.v. 1975). 

TVmoliiiun of the Arena build- 
ings will be completed by niid- 
.Vovemner this year. The whole 
c-tale. offered jointly through 
Boyd Ridaely and Partners, and 
Vv illciwcrnss and Company, should 
ne finished in IS months. 

\nnlher industrial deal, taking 
LS and Vs total industrial 
development programe well over 
Jim sq fi- is in (hat current focus 
of inslimtional irritation. High 
Wycombe. 

The market overflows with un- 
dcThi riders on lhe tender for the 
funner Spiders’ bakery site at 
Hiqh Wycombe. bought 
eventually, it is believed, by an 
owner-occupier un worried about 
local u*or restrictions. 

If speculation about the Spil- 
b.TS* sale price is correct. LS and 
W has a bargain, having bought 
a 2.5-acre site Tor 43.000 sq ft 
of industrial space on the main 
London Road at High Wycombe, 
and expecting a tola! develop- 
ment cost, plus site, of around 
flm. 

The croup is building IS “nur- 
sery" units, ranging in size from 
•2.000 lo 3.(100 sq ft. and is letting 
lhe space through Boyd Ridgely 
and local agent* Cruickshanks. 


which is Itself now under the 
win? of receivers from 
accountants Price Waterhouse, 
has disposed of the block 
through Jones Lang Woolton. 


firms how haggling over reu! 
reviews in Holborn will not be 
able lo draw too many con- 
clusions from Knight Frank and 
Rut ley’s letting of the former 
Amalgamated Investment and 
Property development at 289-293 
High Holborn. WC1 (below). 



THE NATIONAL Union of Rail- 
way men has submitted a planning 
application to Camden Council 
to redevelop its Unity House 
headquarters on Euston Road, 
.VI VT. The rail way men. advised 
by Savills. have an Office 
Development Permit to put up 
6O.300 sn ft of new space and. 
as lhe union is only looking for 
temporary accommodation for 
her ween 20.000 and 30.000 sq ft 
for the 2’-year building period, it 
is probable that around hall of 
the new block will eventually be 
sub-let. 


ONE long empty remnant of the 
1974 collapse has finally found 
a huyer. Shirlstar Container 
Transport, advised by Tucker- 
man. has paid rather less than 
200.000 for the 2.640 sq ft office 
refurbishment at 77. Great Peter 
Street. Victoria. SW1. The com- 
pany refurbishing the building 
went hu«t during the property 
crash, and its hankers. G. T. 
Why it-, the banking arm of the 
failed Triumph Investment Trust 


The agents, acting for Alp's 
receiver Mark Homan of account- 
ants Price Waterhouse, have 
signed up Ceicon- Limited to take 
(he whole 17,000 square feel of 
air-conditioned space at around 
£7 a square foot But as the 
negotiations were completed 
before Christmas, the rent now 
looks on the low side. 

The first live-yearly review on 1 
Cel con's 25-year lease fads due ! 
in December 1 982. and to make 
the building more saleable, 
Gagliardl Designs, the furniture 
group that has just taken the 
retail space, has bad its 20-year 
lease backdated to the same 
starting date. 

Fairbroiher Ellis advised 
Ceicon. and De Groof and Coll Is 
acted jointly in the deal with 
KFR. 

KFR have also been on the 
buying trail for Hanover 
Properly Unit Trust, buying 
three freehold investments for 
a total or E2.75m. 

Four industrial units totalling 
110.000 square feet at the Forest 
Trading Estate. Walthamstow, 
cost Hanover £L5m, to show an . 
initial net yield of 9-4 per cent, j 
In the second deal an 11.700- 
square-foot office at Muswetl Hill 
let to Rovis cost Hanover 
£500.000 and shows a 6-5 per cent 
return. Drivers Jonas acted for 
the vendors. 

In the ihirri deal, Clive Lewis 
introduced four newly-developed 
industrial-warehouse units on the 
Chesterfield By-Pass Industrial 
Estate. The rund paid £7 <5.000 
for the 56-000 square feet of 
units to show a return of 7.7 per 
cent- Eadon Lockwood acted for 
the vendor. 

J B 


INDUSTRIAL LAND 
FOR DEVELOPMENT 


Located on the outskirts of the 
Medway towns. North Kent. 

Of particular interest to owner occupiers 
DOVER APPROX. 30 MILES 

LONDON APPROX. 28 MILES 

Ju-:t off M2 Motorway and iritli access to M2n Motorway 

SMALL AIRFIELD ADJOINING 

APPROX- 19.5 ACRES 

FOR SALE IN PLOTS OF .5 ACRES OR MORE 
All services an site. 

Full (leliiils from Sole Apmifs; 



9-13 NEW ROAD, CHATHAM. KENT. 
Tel: Medway (0634 ) 483.73 


Aiperton 

MODERN FACTORY 

with OFFICES 10,700 sq ft 

to let Chamberlain 

&Willows 


t-UicApTirf.' ■ • VAicr, | 

01-8824633 j 


IbUllwcl-Miluv'l ittlwSU'IC Ictrt: .'NHI 


INVESTMENT OR OCCUPATION 


MAYFAIR 

ELEGANT PERIOD PROPERTY 


C«iwKn Crmenor Saujre ana Park uw And close to 411 leadin') KOIW and 
prow.tr. *i».ch ii m condition, hi o««n skilfully converted 

{•; provide 6 Luuirv ftilfy F<irnl«fied and equipped *jir:m*nti „nti j> cote'll uf 
.iicomc m n! £2.000 ncr week. 


VaCANI POSSESSION AVAILABLE 

ran sale sr tender sow orciousiw 
ROGER PHILLIPS & COMPANY. 17 Clifford Street. London. WTX IRC. 
Tel. BT -137 7592. 




Leavers 


Tfi Brulnn SInfH London WlX 8 AD 
'Utephnnv oi-f’-'M2i,i 'm-ifl;i Jill 2 
Trip* Li!dVt*rs Ldn JWMOli 


25 WHITEHALL SW1 


Newly Refurbished Prestige 

Offices 

TO LET 


Remaining Units from 
2,150 to 6,170 sq. ft. 


Fitted to the highest standards with lift, 
central heating, carpets and prestige 


entrance ball- 


& 


Leavers 


36 Bruton Street London WlX BAD 
Telephone 01-629 4261 01-493 2Q12 
Telex Leavers Ldn 269396 


AN ABACUS DEVELOPMENT 


THE GROVE. SLOUGH 


Two Office Buildings 
8,500 sq. ft. TO LET 


Finished to the highest standards including: 
* AUTOMATIC PASSENGER LIFT 
CENTRAL HEATING 
SUSPENDED CEILINGS 
CARPETS 

ON-SITE PARKING FOR 30 CARS 


★ 

★ 

* 

★ 


6- 


Joint Agents: 


Leavers 


36 Bruton Street London WlX 8AD 
Telephone 01-629 4261 01A93 1MU2 
Telex Leavers Ldn 269396 t -‘ 


Barrington Laurance 


71 South Andley Street London W1Y 6 HD 
Telephone OZ-192 0141 
Telex 261988 


INTERNATIONAL PROPERTY 


INVESTMENT 


REAL ESTATE 


GOLD COAST 


QUEENSLAND 


In Australia’s fastest growing city opportunities 
for investment have never been better With 
relaxed foreign investment guidelines announced 
by the Australian Government in June 1978 any 
overseas investor may invest up to AS 250,000 in 
real estate without Government approval. 

Some of the advantages Queensland has for the 
investor are 


★ 

★ 


★ 

★ 

★ 

★ 


STABLE FREE ENTERPRISE GOVERN- 
MENT 

TAX-FREE CAPITAL GAINS 

STRONG DEMAND FOR RESIDENTIAL 1 

LAND 

NO RESTRICTIONS ON REPATRIATION OF 
CAPITAL ON SALE OF INVESTMENT 
SECURE FREEHOLD TITLE 
NO STATE DEATH DUTY OR PROBATE 
FULL PROPERTY MANAGEMENT 
FINANCE GUARANTEED UP TO SC# 


For further information as to availability of 
investment please contact: 

Mr. Hugh MacMillan 

MANAGEMENT & INVESTMENT AUSTRALIA 
PTY. LTD. 

T-A.A. Building, Cavil! Avenue 
Surfers Paradise, 4217 Queensland. Australia 


ENERGY REVIEW: NUCLEAR PROLIFERATION BY DAVID F1SHLOCK 


U.S. thinks again 



DR. JOSEPH S. NYE is a young bilities for “ accommodation ” Tennessee the Government has turn about setting u launched 
and highly articulate Harvard between U.S. proliferation been trying to kill off ever last autumn lnat it was left ter 
professor, with a winning smile policy and the energy security since it came into office. Britain lo point out in.it me 

and a penchant for Britain, worries of ^ 

who two years ago was lecturing something 
on such complex interactions policy in Wu., 

between science and society as srration, and Dr. Nye personally, fast breeder, in spite of large of J n f h f 
arms control and the prevention believe fervently? uncertainties in capital and fuel Today l hire is mort general 

of nuclear proliferation. He Privately over dinner at the costs. But as Dr. Nye F ut * : 5- bv Dr Nvc mis 

drafted the chapter on nuclear Athenaeum, and publicly to a “we should strive for a situa- -V ngsvJ was “oarr of tiw 
proliferation in the con- packed session of the Uranium tion in which nations can place that WFCL was pan of jlu 
troversial Ford-Mitre report* Institute’s annual symposium, he different long-term energy bets P P - , ' • Jj ' 

m 1976, from which President outlined the Administration’s without jeopardising each tew for a stable mieriianonal 
Carter took .so many ideas and latest views on the problem of others seranty Jfltwests* S through tn rho und uf 

statistics for bis subsequent balancing its non-proliferation ask who , th _ nnp ni p( i ... 

national energy policy. Indeed, policy with energy security for to include seciirity costg which the cenlutT- H j 3ppeal 
Jne Nye might fairly be said ‘'have-not'’ nations. “The U.S. they impose on others, partial- hfa •audience to focus on whir 



Recruited Into the new sceptical listeners that statement - . , , . . ... . , 

sSxs-Liiffi israrjs, sr 

Dr. Nye in a senior role at the Government is not anti-nuclear. • Avoid the temptation to try Yet Dr. Nye received a fairly 


BARKING 

WAREHOUSE/FACTORY 


Now single storey — 
dear floor space. 

22,300 sq. ft. 
TO LET 

Michael Kalmar & Co. 
01-236 6871 

Chamberlain & Willow 
01-882 4633 


BETWEEN MIAMI, FT. LAUDERDALE TO PALM 8EACH NOTHING COMPARES 

VILLAS FOR SALE . . . FLORIDA ...ON THE OCEAN 


56.000 SQ. FT. WAREHOUSE 
FACTORY WITH BENEFIT OF 
£100,000 INDUSTRIAL 
BUILDING ALLOWANCE 


Impatme tally lprinktcred prcntitei 
lei'll on North OrCiut*. toil. 

W.VY 10 nv»r A40/M40/M 1/44/M4. 
Two flos-i of office t; ahowroom: largo 

house /Itztorfi rot {niter 

l04d-0£ b*». two lifts; oil e.h. and 
g.-c.racor- Atieine price of 
£390.030 l .echo'd r«IVc:ri need for 
minor rclurtnshiris. 


More derails from 01-965 8787 







PRIVATE OCEAN. SINGLE-FAMILY CONDOMINIUM HOMES FOR SALE 

jSiS? v ln I 1 " urcarifiious area nn ihe KlonOa CioW Cna^L 

^ ^ ™ bcd ^?I n „„ w,,h 3 P"»JW Mrt* and Barash, w.-h ocnipai'? in 

rwwSi«^3nL P ?? 1 ™ £ , S 10 10 a -°- D[,u *1*5 worjtacos avalljhlc. Thes^ unlii -U.-r fu run- cjpnal 
» lea. L«l «l £? lu ?J r..f!P '^?y. n l, ® , 11 hr0 !? l 'J5«- inlormaTloh ictephonv S4r Robert McAlpIne 

* ua.. au. Bernard sc, Londoo. W.C_L, Mr. jaca Pullm Qi-d37 OH. In a to>m venture. 

Peel Properties Hillsboro Beach and Yacht Villas Inc_ 

1454 North Ocean BlvtL, Hillsboro Beach 33062 Fla. U.S.A. 


State Department soon became 
the most visible protagonist of 
a policy towards America's 
allies which has • been aptly 
summed op as ’‘we don’t trust 
you but you must trust us.” 
The U.S. 'Government simplv 
stated that longstanding con- 
tracts for the supply of certain 
nuclear services such as the 
enrichment of uranium were no 
longer valid and would have to 
be renegotiated. 


Open threats 


It also tried bard to Impose 
certain features of a new 
domestic nuclear policy upon 
other nations. Mainly these 
concerned plutonium, the fissile 
material formed by transmuta- 
tion in a nuclear reactor. The 
U.S., in Dr. Nye's words, chose 
to defer the commercialisation 
of plutonium as a new nuclear 
fuel, because it also has nuclear 
weapon potential. Both the 
President himself — first at the 
London Summit of May 1977 — 
and Dr. Nye tried hard to per- 
suade other nuclear nations to 
follow their policy. They even 
tried open threats — for example, 
that . they would undermine 
plans for international reproces- 



Tcrr« Ktrfe 

I)r. Joseph Nye— in London with a new brief on American 
policy. 


rough reception at the hand^ nf 
delegates to the Uranium 
Institute's meeting nn Wednes- 
day. Nor do we have to search 
hard for the reasons. For one. 
they had already been lectured 
by a British academic. Professor 
David Pearce from the 
Univeristy of Aberdeen, who is 
making a Government-funded 
study of lessons from the Wind- 
scale inquiry. Professor Pearce, 
who scarcely disguised his 
sympathies with those opposed 
to nuclear energy, made it plain 
that he thought the Wind scale 
inquiry had been handled badly, 
and proposed for the forth- 
coming fast reactor inquiry a 
formula which, at first sight, 
will ensure that a clear-cut 
decision always remains beyond 
reach. 

Another reason for their 
hostility was sheer frustration 
with the equivocation of govern- 
ments in nuclear matters. l*'nr 
all Dr. Nye's assurances about 
the impending renaissance of 
U.S. nuclear activity, they 
were offered nothing in the way 
of supporting evidence. For 
example, he was frankly “un- 
hopeful” of any end to the 
infuriating case-by-casc policy 
of the U.S. nuclear regulatory 
authorities, which make long- 


sine of scent nuclear fuel by 111 *P ite of *** fact that aew reduce unit capital costs by term planning by a large 

withholding permission for the nuclear ordering has ceased in ‘’premature" exports, and industry so difficult. And a 

fuel to leave the country to ^ u s - shows no ^ of restrict use to situations where third reason was Dr. NWs own 
which they had originally sold restarting, he believes the OS. it showed “ compelling advant- tendency to become tetchy when 
it. .may have 320,000 MW of ages.” his assumptions and assertions 

Neither cajolery nor threats nuriear p i an t operating within 9 So design the fuel cycle as are questioned, which helps 

succeeded in persuading nations another 20 years. By then, he to make “ misuse " of plutonium convince the experts that he is 

which, in the words of Dr. sa Y s - nuclear power may account difficalt and time-consuming, basically unsure .of his ymund. 

David Owen, Britain’s Foreign for as mucb 35 15 P er cent of even though this might increase Nevertheless it remains a 

Secretary* saw that “an effec- total us - energy consumption, its electricity costs. fart that the U.S. Administra- 
tive non-proliferation policy In Europe and Japan the pnv s Minimise movements of tion is extending an olive 

must go band-in-hand with a portion could be greater— -5 plutonium fuel. branch to other nuclear nations, 

viable energy strategy.” For pe . r .„ cent ^ ^ ft Organise multi-national insti- H desperately needs their w- 


• ' — - ,, n ... » uieouai! uiuiu-uauumu iiuu- - — ■ — ■ 

nations lacking indigenous Why ^ en di “. rae President t0 safeguard the plants operation, for a cause m the 


uranium — with Britain, West appear so equivocal/ in his proliferation. * objectives of which all are 

Germany and Japan among attitude towards nuclear power. Britai _ wou j d g nd r itt i e dif- basically agreed. EVFCE is 
them — dependence for supplies Dr. Nye claims be is not He * agreeing with unholy to feature at the Bonn 

on a nation which had cite* a presidential statement Even Summit this weekend. But there 

embargoed exports and unilater- in March, in the drafting of apparent restrictiveness of a widespread assumption that 
ally had demanded the renege which “a lot of bipod was shed” f ad« S? when ^ next summer's Summit Presl- 

tiation of nuclear contracts was m infighting be [weeo one considers how few, nations <1ent Carter will wish, for 

not a viable energy strategy. anti-nuclear factions in Wash- couJd accommodate a i,[ ant 0 f political reasons, to make a 
Britain and France went tngton. but which firmly stated . , como j exlt _-. Q f «.» major announcement about the 

ahead, notwithstanding the the U-S. commitment to nuclear breeder as en visaed at study’s findings. It is also 
threats, with plans for large power. He , chides those who Dresen * \ widdy assumed that he will 

international reprocessing — Mfc* Mr. Llewellyn King of . need a lot of diplomatic help 

centres. Japan went ahead to th e Energy. Daily in Washing- . \ from the other six nations to 

commission a pilot reprocessing too, a fellow speaker at the ^ nTlflflPIiCG \ detach himself gracefully from 
plant. And West Germany con- Uranium . Institute meeting — V/UUl uv . an unfortunate hook, the conse- 

tinued to develop and try out believe that those opposed to Dr. Nye quite sincerely quence of which is that the U.S. 

plutonium fuel as an alternative nuclear power In the U.S. believes that another event like today is virtually isolated from 

to enriched uranium in existing today are winning the battle, the Indian nuclear explosion the anti-proliferation policies of 

reactors. France, Germany and Mr. King, be said, offered an 1974. achieved by reprocessing all its allies. 

Italy pressed . on with the “interesting caricature” of the spent fuel from a researdb js the time ripe to begin the 

world's first big fast breeder U.S. nuclear position; “one reactor ostensibly devoted to process of “ accommodating ** 

reactor, specifically designed to representative of a Jerry Brown civil nuclear power, could be the Carter policy? There is one 
burn plutonium fuel. Britain Administration bu t not of the devastating for public confi- good reason, perhaps, for not 
announced that it would hold a Carter Administration.'* (But dence In the world's ability to '■delaying. Joe Nye believes in 
public inquiry, possibly next be would, not be drawn on when control the atom. He sets great the basic necessity for nuclear 
year, into plans for its own big the U.S. nuclear Industry might store by the prospects of the power. What is more, be 
fast breeder reactor. expect to see its new domestic International Nuclear Fuel asserts very firmly that in spite 

Dr. Nye came to London this business reflect this support) Cycle Evaluation (INFCE), the of appearances the pro-huclear 

week with a new brief. Although Even on the vexed Issue of exercise President Carter per- factions in Washington are 

the US. had persuaded another the fast breeder reactor Dr. suaded heads of State at last already in ’ the ascendancv— - 

39 nations to join it in a two- Nye was unequivocal. His year’s summit to join him in witness, he says, pro-nucfear 

year reappraisal of nuclear president supported develop- launching. statements' from the President 

power technology and institu- ment of the fast reactor, indud- The U.S., he says, sees himself. But he himself returns 
tions. in the search for proce- ing the sodium-cooled fast INFCE as “ a co-operative inter- to Harvard this vear. If he 
dures more resistant to proli- breeder. The U.S. Government national effort to evaluate the returns with nothing accom- 
feratinn. it had failed signally was spending $330m this year role of nuclear power tech- plished, from what is plainlv a 
to carry its allies in any defer- on fast reactor research and oology . in an international very 41 loose ” govern rue tit 
rnent of present technologies, development. It was opposed context, and help develop an machine, it may easily leave a 
Dr. Nye. who must return to only to the Clinch River demon- objective appreciation of non- vacuum Into which rush forces 
Harvard at the end of the year, stration — “technologically inept proliferation, economic and openly hostile to nuclear 
came in frankly conciliatory and making lhe wrong point other implications of different interests, 
mood. He came to explore with politically.” said Dr. Nye. fuel cyde approaches.” ,■ „ a 

the nuclear industry and Clinch River is the 680 MW Ironically enough, so starry- r? 

project in eyed was the U.S. Administra- iiT77 aaumaer Co. 


Government officials the pnssi- fast breeder 




New Issue 
July, 1878 



This advertisement appears 
as a masmr of record only. 


European Coal and Steel 
Community 


DM 70,000,000 


6% Deutsche Mark Bonds of 1978/1990 


V- 


Deutsche Bank 

Aktiengessllachaft 






• m 

— * \ 





;o : ;s ^ 


1^ 

* h S 


The Financial Times 


on Sunday morning 


Video cassette recorders set you free from 
TV timetables. That’s why video taping is fast 
becoming a billion dollar business in the 
United States. 

Over here, the idea’s still quite new. So many 
people don’t realise that all video tape recorders 
are not created equal. 

Sometimes, the taped picture quality leaves 
a lot to be desired. Or the tape runs out ten 
minutes before the end of the programme. 

In fact, it takes a very special recording 
system to give perfect picture quality plus ade- 
quate recording time. The Matsushita group’s 
VHS is such a system. 

That’s why VHS has been taken up by most 
of the big TV manufacturers in the United States 
and Europe. 

Our record in TV is impressive. We brought 
out a set with a screen the size of a postage stamp 
in 1969. And the world’s smallest colour portable 
in 1972. Our famous “Magic Line” tuning came 


■■ 


I I fi I I I 



in 1952. Total 
worldwide produc- 
tion to date: over 
50 million sets. 

Technics, one 
of the most inno- 
vative hi-fi makers 
in the world, is a 
sister company. 

TL J’ J*, r _ The 8600’s die-cast aluminium chassis and quartz-locked, direct- 

lneir Uireci^onve drive video cylinder motor. 

quartz-locked turntables and tape decks are noted 
for superb sound and utter reliability. 

Without all this experience in the TV and 
audio fields, VHS video tape recording would 
probably still be on the drawing board. 

Instead, it’s here on the market. The 
Panasonic NV-8600 is built to last. It has a die-cast 
aluminium chassis instead of a flimsy stamping. 
And the video cylinder motor is, of course, 
quartz-locked and direct-drive. 

Naturally, the 8600 has a built-in digital 
auto-timer. You can preset it to automatically 
record a programme on one channel while you’re 
watching another. Or even to record while 
you’re not at home. 

A whole film easily goes on one 3-hour VHS 
cassette. Including the last ten minutes when 
Dracula is tracked down to the lonely churchyard. 

After a bit, you’ll probably want to add the 
portable video camera. Then family events like 
Christmases and birthdays will become a trea- 
sured part of your growing video cassette library. 

Panasonic is part of Japan’s biggest consumer 
electronics group— Matsushita Electric. 

We got where we are today by bringing 
people what they want. Like the freedom 
to spend Saturday night on the town 
and Sunday morning watching Match 
of the Day. 

The NV-8600 can be used with any good colour set But our superb TC-2201 with "Magic Line" 
tuning forms the ideal combination. For further details please contact National Panasonic iU.K JLtd., 
107/109 Whitby Road. Statjgh, Berks. Tel: Slough 27516. 


Panasonic 


National, Panasonic and Technics are the brandnames of Matsushita Electric. 


rv PICTURE SIMULATED. 

Jruuihonsed recording ot TV programmes 
ind other materials may fnfrtnga ttw 
Hjws ot others 






Financial Times Friday July 14 1978 


EDITED BY ARTHUR BEN NETT AMD TED SCHQETEBS 


« INSTRUMENTS 

Deep sea metal gauge 
simple to operate 


• HANDLING 

Easier to service vehicles 


DIVERS WORKING deep below 
the sea need equipment which 
is easy to handle and to read. 
A new concept in ultrasonic 
underwater thickness gauging 
certainly meets those criteria 
since it is about the size of a 
big car inspection torch and gives 
an immediate, plainly visible 
digital readout of thickness. 

“ Seaprobe ” is the name given 
by the developers to the device 
which is for inspection of metal 
in offshore installations, ships, 
piers, piling, etc. 

It is entirely self-con mined and 
operation could hardly be made 
simpler since it consists in press- 
ing the head of the instrument 
against the surface to be 
measured. Moreover. the 

developers say it costs about half 
the price of other types of under- 
water sonic units. 

Depth to which the unit can 
be taken Is at least 650 feet 
and ii can be used on corroded 
or rough surfaces. The case 
itself is pressure-sealed so that 
the instrument docs not have 
io be put into a special con- 
tainer designed to withstand high 


• OPTICS 


pressures. This Is one of the 
factors contributing to the porta- 
bility and compactness of the 
gauge. , 

Ail controls have been 
eliminated by pre-calibrating the 
unit for a given group of metals 
—generally steels. The integral 
probe head is flexibly mounted 
in the end of the instrument 
case, acting as on-off switch. 

Characters in the digital dis- 
play are 15 him high and can 
easily be read over a wide angle 
of vision. The display only lights 
up when a reading is being taken 
to help conserve battery power. 

Rechargeable batteries in the 
body of the device would 
normally be topped up overnight 
by electrical induction using a 
charging unit actually built into 
the equipment carrying case. 

This means elimination of the 
need to have electrical connec- 
tions through what has to be a 
watertight case, with a conse- 
quent Improvement in reliability. 

Further details on the Sea- 
probe from Baugh and Weedon, 
Widemarsh Street, Hereford HR4 
9EZ. Tel: 40432) 67671. 


Soft lenses progress 


NRDC is investing £400,000 in a 
joint venture with R. Kelvin 
Watson to develop and test a new 
continuous-wear soft contact 
lens. The NRDC contribution 
will represent 50 per cent of the 
total development costs. 

Soft lenses are more comfort- 
able to wear than the traditional 
hard ones and have been on the 
market for several years. How- 
ever, these are daily wear lenses 
and, so far. continuous-wear 
lenses have had only limited 
application. 

High oxygen permeability is 
an essential factor in selecting 
a material suitable for lenses and 
the polymer which is to be used 
in this new development pro- 
gramme is one which results 
from research originally funded 
by NRDC at Aston University 
under the direction of Dr. B. 
Tigbe who is now working in 
conjunction with Dr. H. Gee, of 
R. Kelvin Watson. 

The new material is clear and 
colourless, absorbs water in a 
predictable way and has a very 
high water content in its 
hydrated state. This means that 
oxygen can pass easily through 
the lens. In addition, lenses made 
of this material are much 
stronger and more resistant to 


tear than currently available 
high-water content soft lenses 
from other manufacturers. 

Lenses based on the new poly- 
mer are under test. 

Kelvin Lenses. Kelvin House. 
Denton, Manchester. 061 336 623*2. 

In the meantime, from the 
U.S. comes an indication that 
suffers from astigmatism might 
be able to benefit from the soft 
lens developments, provided 
their condition is not too acute. 

Continuous Curve Contact 
Lens Inc. has reported that its 
Soft Lens Inc. subsidiary has 
received Federal Drug Adminis- 
tration approval to market a new 
soft contact lens which will 
correct small amounts of astigma- 
tism. This defect is due largely 
to deviation of the cornea from 
a spherical shape so that, in 
simple terms, the image of a 
point tends to be elongated and 
pictures built up from many 
points are blurred. 

Current types of soft lenses 
conform to the shape of the 
cornea and consequently can do 
little to alter astigmatism 

How the U.S. company has 
achieved this advance is not 
known, nor is the precise date 
it expects to besin marking. 



PHOTOGRAPHY 

Films paper 
at speed 

MADE BY Terminal Data Cor- 
poration in the U.S. and marketed 
in the TJK by Image Systems.- a 
high speed automatic camera 
called Documate can ‘ handle 
document sizes up to A3 and will 
produce images on any micro- 
format from 16 mm to 105 mm, 
changes being made simply by 
snapping on a fresh film maga- 
zine. 

Documents are fed in on a 
moving belt at 2.5 metres/sec, 
briefly stopped for filming under 
automatic exposure control and 
are then either ejected' or turned 
over by a roller arrangement and 
filmed again before ejection. 

In addition, to maintain the 
correct sequence documents may 
be filmed once only and be. 
turned over before ejection into 
the output stack.- 


For committing documents to 
Ache, the multi-image format of 
margin, column and row spacing 
and number of columns is set by 
switches and by sliding m a disc 
which directs the images to the 
right places on the film area. 

Microfiche titles of up to re 
alpha-numeric characters on pre- 
punched paper tape are wet 
tronically read and converted 
into LED characters which pro- 
duce images on the top of the 
film. . But titling can also be 
filmed from negative strips 
separately so as to include 
graphics. 

Indexing of filmed documents 
is-generated by the camera super- 
imposing a code on the frame 
during filming or by printing it 
on the document as it enters. 

The camera is wpll instru- 
mented for improperly loaded or 
broken film, empty magazine and 
misaligned documents, the full 
state of the operations being 
shown on a display. Prices start 
at £6$, 000. 

More from Image Systems at 
Church Way. Edgware, Middlesex 
(01-652 4455), 



Enlarging 
on demand 

PRODUCTION OF high quality 
photographic enlargements, auto- 
matically, in 60 seconds without 
the use of a darkroom, and at the 
low materials cost of less than 
55p per enlargement is, possible 
with newly launched equipment 
BeeSO Photographic Systems 
describes it as a completely self- 
contained, mobile enlarger/ 
darkroom system, only 49 x 31 x 
51 inches in size and weighing 
340 lb. Operating from a 13 amp 
power supply, and without any 
plumbing requirements. It auto- 
matically enlarges a 21 x 2 Inch 
section ol a 5 1 4 inch or 2J inch 


square negative, using standard, 
readily available, photographic 
paper and chemicals. 

The company is offering 
various types of equipment, based 
on the 4-S0E, to meet a wide 
range of applications, varying 
from a “while you wait” photo- 
graphic portrait service to photo- 
graphic copying/enlarging facili- 
ties for commerce and industry. 

The units systems are simple 
to operate and unskilled labour 
can be trained to a high level of 
proficiency within three hours. 
The company provides support 
with a full spares, materials and 
nationwide emergency break- 
down service 

BeeSO Photographic is at 
POB1, Wivenhoe. Colchester, 
C07 9EA 0206 22 5252 


• SAFETY 

Non-electric 
control 
of levels 

DEVISED by Pnoumrthods of 
Cumbria and already being 
supplied to the Middle East for 
the loading and storage of nitric 
acid is a pneumatic level sensing 
and control system which is free 
from electrical devices. 

As the level of the product 
rises In the tank it eventually 
covers the open, end of a probe 
which is being continuously 
purged with low pressure air. 
The resultant back pressure 
provides a pneumatic signal 
which can be used to close the 
main product valve and stop the 
flow, establishing the level in the 
tank. Adjustment of the activa- 
tion point is provided. 

All component parts in direct 
contact with the product are in 
stainless steel and since the 
system is air operated it is 
entirely suitable for hazardous 
areas. 

More ■ From P.O. Box 3. 
Workington, Cumbria CA14 2BD 
(0900 5303). 


ELIMINATING THE restraints 
imposed by inspection pits and 
fixed lift installations in busy 
commercial vehicle and PSV 
workshops js a new electrically 
driven mobile column lift from 
Tecalemit Garage Equipment 
Company. 

The columns are fitted with 
lifting Forks io lift vehicles from 
under their wheels. The operat- 
ing part of the column is outside 


the base area of the vehicle, 
giving extremely good access. 
All four (or six) of the columns 
can be raised in synchronism 
from a single control. 

An important advantage is that 
four of the columns can be used 
to raise one vehicle which can 
be lowered on to fixed tripod 
staDds while the lifts are used to 
raise another. The columns can 
always be left free to undertake 
other vehicle lifting work. 


A trailer dolly fitted with a 
steering knuckle is supplied with 
the columns, allowing them to be 
wheeled into position. With the 
dolly removed the unit sits on 
three contact points to give per- 
fect stability during lifting. 

Each column is driven by a 
1.5 kW (2hp) motor coupled to 
a drive screw through gears. 

The company is at Roborough, 
Plymouth. Devon 40752 701212). 


• COMPUTERS 

Wang drive 
starts in 
Britain 


• RESEARCH 

Sticking big 

aircraft 

together 

AT LONG BEACH. California, 
McDonnell Douglas has he?un a 
research project to find out 
whether adhe-ivc bonding could 
he used instead -of rivets for the 
assembly of large aircraft. 

A 42ft long section or a wide- 
cabin fu?el:iEe Is being tested to 
en? jf it can withstand prolonged 


exposure to the stresses and 
strains of military operations. 

By using an epoxy resin 
instead of rivets for joining 
aluminium parts the company 
found it required 76,300 fewer 
rivets for the fuselage section. 
Nineteen separate panels about 
30ft long and 9ft wide have been 
bonded under heat and pressure 
to form the 18ft diameter fuse- 
lage segment. 

The test programme will 
include Miu-ilntion of cabin pres- 
sure and wing, landing gear, 
cargo and other weight loads to 
whirh an aircraft is subjected 
during movement on the ground, 
on take-off, flight, approach and 
landing. 


During each cycle, from taxi 
to landing, air will be pumped 
into the section, pressurising it 
to a maximum of 71b per sq in, 
and then - withdrawn, simulating 
depressurisation during descent 
Hydraulic jacks will also exert 
compression and tension load- 
ings corresponding to the land- 
ing gear, wing, cargo and dead 
weight loads. 

Each cycle, lasting only 26 
seconds, is reckoned to be the 
equivalent of 1.57 hours of mili- 
tary transport service. Testing 
will subjert the adhesively 
bonded structure to the equiva- 
lent of four lifetimes of aircraft 
operation. Reactions to physical 
rlamnce will also he studied. 


• HEATING 

Fuel oil use 

supported on equipment that -a 1 

begins with one or rwo work- rpnilOprl 
stations and 64 kbytes of memory J. vU UVVU 
and can be expanded up to 23 REDUCTIONS IN heat loss and 
statidns. serving a processor with fuel consumption are announced 
512 kbytes and as many as eight by Weishaupt (UK). Willcnhall. 
288 Megabyte discs. following the introduction of a 

This places the top machine new servomotor-driven butterfly 
well up in the LBM ranges, for valve into the air intake of the 
instance, at about the level of company's two-stage gas, oil and 

— . a large 125. But Wang indicates dual fuel “Monarch” burners 

AIMFD AT the lame segment ^at it expects to have an impact effect is f0 regulate air flow 
fn mpdhfra SJ °n the lar ^ er ^machines, the t0 match burner l0ad durlnR 
maSlMn ISch tt»^e «e now ^f?"* 3000 “ d * E single- and two-stage operation. 

number of^bfSescent £*** IFft and to cut off the flow completely 

a growing number of onsoiescent base of 2 go3 machines. It claims dui w shutdown. 

machines. b.ut offering a to be as effective as a medium- a " s “ 4 . „ . „ 

technique-virtual memory— -—ig mac hine fmm traditional Overall combustion cfliuency 
generally associated with far makeTSi but at one-quarter the of he ^J , S 

more powerful equipment, hardware cost. is substantially Improved, smte 

Wang's 2200 VS series of three Britain, the company has a unwanted cold air cannot he 
computers has been formally mar ket base of 1200 users and f uc . ked . .0** boiler Marine* 
launched in Britain. is supported by some 20 software £ os f hJi* n 

Marketing will initially be in houses. It is exoected that five nn^fnr t n rs 

the London area, later extending of these will add the 2200 VS taken into account, such 

.0 the Midlands as support staff gjehtaM Jo “ ,ta ,i,f Md trpVaf in«aUa- 

is trained. . .. £fi re sf^ i n h hS« tion, the height of the chimney. 

One characteristic of the SlMoSr the sup^^Sm. am3 ’ .operating/shutdown 

equipment will awaken an tame- W ’„ 30 n me s “ ppon gr “ up ; ratio . 

diate response from data process- ' Wang is a company that has . Weishaupt .(UK), Neachalls 
ins managers who have to cope grown at 29 per cent compounded Lane,- Willenhall, West Midlands, 
with multi-use situations. ,This over the past five years, its sales WV13 3KG. 0902 69841. 

in the 1977 fiscal year amounted 


* 

Greece means not only sun., sand 
and sea... / 


OLYMPIC 






** UAt.QNW. 


Today, Greece 
means business 


Everybody knows Greece Is miles of beautiful beaches, 
sunshine and sea. But what a lot of people don't know is 
that today Greece is exporting over $ 2.5 billion of goods to 
40 countries. That adds up to a good bit of territory — nearly 
200,000 km — 146 times the length of Greece. 

We’ve covered a lot of distance in a few short years and 
now we're manufacturing a range of products from 
beachballs to cruise ships. All of this activity means 
business today in Greece. 

Come to the Thessaloniki International Trade Fair and 
let's do business. We’ve got all it takes for a great inter- 
national business meeting. Two special days (September 18 


and 19) for commerical visitors exclusively. Participants 
from 40 countries. A wide selection of products from the 
latest in technology to the finest in popular handicraft. A 
location that attracts the best business minds of three conti- 
nents. And a very important place In the sun near sand and 
sea. 

-You’re Invited... to see Greece todays# the Thessaloniki 
International Trade Fair where Greece means business. And 
more'. f- 


Officiaf Carrier 



43rd THESSALONIKI INTERNATIONAL TRADE FAIR Wr 

10-24 SEPTEMBER 1978 

Thessaloniki 36, Greece - Cable: FOIRINT Thessaloniki - Telex: Thessaloniki (41) 291. Athens 5604- Tel. Thessaloniki: (031) 271623 



is the ability to add; user 
terminals, memory, storage or 
printers, without the lieed to 
modify existing softwarp, includ- 
ing applications routines. 

The operating system, not the 
programmer, will fit the routine 
being run to the available 
memory and virtual operation 
means a reduction in program- 
ming requirements because 
restrictions imposed by the 
system disappear, and the discs 
are made to behave as if they 
were part of the main store. 

Coho!, Basic, RPG II and 
Assembler are the languages 


to 9134m and orders booked to 
date indicate a new record of 
S225m for the fiscal 'year just 
ended. The target is'Slbn by 
1986 and since the -new -intro- 
ductions extend the ^sector 
addressed by the compands pro- 
duct line from only 25 percent 
to as -much as 80 per cent of the 
total market, this does not i^cem 
as impossible target on present 
performance. Wang should reiO Y*Ir£l4' 
achieve it in seven years. 1 JULIctJL IVVl 

. wane (UKV Data ^Processitw CORNING Glass Works has 
SW& mik Mid* 16 Web -performance 


• COMPONENTS 

Pressure on 
the fibre 


HA6 INS. Northwood 282II. 


4 OFFICE EQUIPMENT 

Inefficient 
mail rooms 
are costly 


optica] waveguide fibres to its 
Line, including two products with 
1000-MHs • bandwidth and six 
-.products with .attenuations of 
•four aB/fcm or less. The company 
has also reduced prices by an 
ayerage of .25 per cent, making 
„ . u . , . , ^ competition from European com- 

Eqmpped with a multiplexer unit panies in the area that much 
it can sort out firm’s incoming more difficult 
mail' by envelope length, by the. High-quality. low-loss optical 
sensing of specific marks on 'the fibres now sell for as. little as 
envelopes, or even by magnetic 6U.S-0.65 a metre, fob Corning, 
sensing of contents, and its mixed N-Y- : This js for a product who®® 
»*in g speed, says Mai!,** of 

and Mechanisation of Beckenham iq dB/km and a mJntanm band- 
500 items a width of 200 MHz/tan. 

Twenty -.new types' of optical 
have ' attenuation 


ALTHOUGH VOLUME mailing (Kent), is around 
has been commercial practice in 

Britain for 100 years, thousands From Switzerland comes a new waveguides 
of organisations -still collate postal franking machine which levels from three- to 10 dB/km, 
multi-page documents for the eliminates the old practice of and bandwidth* from' 200 to 1000 
post by manual methods, when having to take a heavy meter to. MHa/km. 
machines could carry out the th e post office when fresh credit' All Corguide optical wave- 
process 15 times as fast. is required. Instead, according guides have, core diameters of 

Because of mailroom in ade- to Hasler GB. users just ask for 63 micrometers, outside cladded 
quacies, many concerns bave to “ casy-to-insert value card diameters of ^ micrometres. 

. . . . - _ , . DurcliasEbJfi over tbs Post Office £n<J outside costed d iam eters of 

call on highly paid secretarial °S^no7r 138 micrometres. Tensile strength 


staff to help with the chore. 

This is only one of the reasons 


£1,000 a time. 

Mailing Efficiency 


screen tests assure that all Cor- 
Exhibition fnide fibres . have minimum 


15*0 

Bifurcated Engineering 


SOIVE 


why the British Equipment Trade '7g from Sep^^Aer 26 strength of 25.000 psi, or 

Association (BETA) is staging t0 28 at the Bloomsbury Centre 17 5 k£/mm squared. 

»uT?fmn EffiCieT1Cy Hotel I® London- Additional information from 

MHUnnc nnct-H Further details from BETA on Corning, 1 Princes Street, Rich- 

evST’we^' ^ ' mond, Surrey. TW9 1DZ. 

reasons, BETA believes, up-to- 
date mailroom equipment is 
designed to eradicate. Not only- 
do the machines make savings on 
postage possible, they also effect 
their operations in less office 
space, faster and more effectively. 

As 30 example, one of the exhi- 
biting firms (Pitney Bowes) mar- 
kets a machine which can collate 
a 30-shcef set at every cycle. 

It requires less floor space than 
an ordinary office desk, whereas 
to assemble a 30-sheet project 
by hand demands not only 
enough table space for 30 piles 
of paper bnt adequate walk- 
aronnO area too. 

Docutrooix, another new 
machine to be shown, ha e been 
designed to sort mail according 
to a whole variety of criteria. 



The right weigh 
to profit., 
the World over 

MANUfiftCTURfflSANBiKISIHS 
OF INDUSTRIAL WEIGHING MACHINE 
& PROCESS OTfffHl EQUIP. 

Hnwo Bdan h w gra i n Ca.lld. 
Amskte Rd. Bestwood Est N ott in ghaffl. 
MSBISI 


The BE Group, manufacturers of world renowned 
’Aylesbury’ rivets, rivet setting machinery and other 
cost-saving equipment and products, have the right 
answers to the fastening problems of virtually every 
manufacturing industry-large and small. 

Could you benefit from this knowledge? 


Send today for 

The Guide to the BEGroup 

Group Hnd Office; 

Btrurcat*d EnginMrinsUtd-, 

P.O. Box a. MandeviUo Read. 

Aytestxjry. Bucks. HP 21 BAB. 

T*t Aytostwy (02061 5311 . Tatoc 83210. 





electrical wire &cable? 


•NO MINIMUM 
ORDER 


■Mm m 


• NO MINIMUM 
UNfiTH 


Thousands of typesandsizes instockfor immediate defiwry 
LQNDONOI-561 ana ABERDEEN(Q22®32355/2 
MANCHESTER 061-872-4915 

TRANSFER CALLCBARGES GLADiyACCEPTEO 
- ' 23Hr. EMERGENCE NUMBER 01 6373567 ^ct 409 










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PR** 


.. S : 


The broker who madei^S&s 

nightly darts match.. "There’-s a 

« ■ telephone call for me.” 

• Moments later he came run- 

nappy marriage sssssss 

That 'was Deep Throat again on 

DESPERATION and nncertaintv M ^ the phone. The Germans have 

have not yet Siven aSSTS SjLjJjL nd were counterbalanced by an grabbed the whole contract.” ‘ 

leap out of a Wall Street offire stSfS SwT“ “ SW ° f 2“^? The -four other: British corn- 

window, but the Wivp S ™ gly as poSsible - People being acquired through pany representatives in the 

mergers which has been chang- Schell Hutchins’ develop- merger. In addition to would-be export consortium 
ing the face of the US recuri- ment offered 801116 S55 Hutdnns all round froze * their tracks. “Sixteen 

ties industry for the past two 1° the v 1U6ces ? 6f . Marron ’® «rengthif> trading analysis and m0 nths‘ of hard work and jet 

years has left many thousands ap P Ioac ^- 'h® oI ttie teg, the vision of a multi-million 

of people fearful for their jobs. merge r he bad t^e com- b i d * rt . tbe . that 1I !t was Government order, killed by a 
Scarcely a month has cone bv pany 111 8 s™*!! hut highly attracted by the smaller com- whispered phone call," they 

without an “nSounc^iem Of a resp ? c 1 t - ed brokerage house W* managerial talent At thougbT ta sSence. Thei one of 
union between namef Wthcrto ? ecial “ infi ln "*&*. ^ e £ ra « ^e merger occurred them spoke. ‘‘If we don’t be 
renowned ror their comoeS? ! esearch trading needs 0 f Don Mamn was anointed presi- quick.- the Germans will grab 
independence PetaU e ’™tiu.tional investors. Its dent of Parne Webber and put the dartboard” he said. . 

... ^ capital had increased from in charge of its investment bank- hanDGned ninp mnnth o 

. * have nightmares about Sim to $12m and its payroll in § operations. aroWhSe romSaries in thl 

ESS^’F SC*-, 1 r “ 1 >55 “ -^srss^urK 

analvst recentlv whnw “S? fi M ^ yStS ’ ^ ders and saIeSinen - of the most typical of last year’s mood was different “Sure, the 
mi>nt hac e “ ploy " The visitor to the company’s crop. On the surface here was darts went in deep that night 

of last one offio® 8 on Battery Park Plaza another elephant swallowing a in Jakarta,” said David Macey, 

y ar s bigger mergers, was, and still is, struck by gnat but the Paine Webber export director of Philip Harris 
The consolidation and the sense of intimacy which elephant with its 6.000 em- (International), one of the 
rationalisation which inevitably pervaded the place, and also ployees and $123m capitalisa- country's biggest specialists in 


Why Deep Throat got his 
export orders twisted 



follows many mergers poses 
managements with the task of 
eliminating areas of overlap and 
duplication of function. In some 
cases employees in a company 
absorbed by a merger have left 
out of uncertainty about their 
future in the post-merger 
organisation. Some are enticed 
away by other securities firms 
which arc always on the lookout 
for good quality securities sales- 
men. 

Following Merrill Lynch's 


“ h’s either Deep Throat or a wrong number with a bad cold." 


JOHN WYLES on 
a Wall Street 
brokerage merger 
where the smaller 
partner assumed 
a key role 


tion, was to wear the Mitchell science-teaching products. 
Hutchins gnat like a talisman “But of course,” be added aa 


almost as though they were 
buses.” v 

The trips culminated in a 
four-week visit by representa- 
tives of all five companies last - ' 
August to negotiate with the • 
Indonesian SI in is try’s top j 

officials and technical advisers - 
— during which they were 
briefly plunged into despair by ■ 
Mr. Macey’s misinformed 
informer. 

Thereafter, the consortium's 
confidence only grew as each 
further stage of detailed 
negotiations reinforced the 
belief that a substantial chunk 
of the contract must be coming 
to Britain. Meanwhile, how- 
ever. fate was preparing one 
last shock. 

While the companies were 
already wondering how much 
celebratory champagne would 
be justified by the order, the 
Indonesian Government pro- 
claimed that it simply could not 
accept one of the ECCD's 
standard clauses covering the 
unlikely possibility of a short 
fall in supplies. Mr. Maivy was 
instantly at the ECCD's offices, 
in a mood to thump the table. 

“What happened there was 
good, I suppose. 'for m.v sense 
of proportion," he said. "The 
EC-GD chap rook one look at 


on its forehead. It hoped to the other companies* men relatively less committed to concerns best placed to make The whole thing would be bound tue and said that ho hoped I 

retain Mitchell Hutchins' client grinned at the memory, “the exporting than some of the up the deficiencies. to unravel like an old sock. wasn’t going to in? impatient 

list of wealthy individuals and next morning we found out others, it happened to have done “Like the others, Herbert “We agreed to go ahead on because 'each of the two men 
Institutions and so spread its Deep Throat had got it wrong. of business with the Indo- Tooling was chosen for its that basis. And though there who’d seen him before mo that 

costs over a larger revenue base. “The Germans didn’t get the nesIan Government before. expertise,” I was told. “But the were several times when the dav had as good us taken off 

In the process it hoped to alter contract We did. Or most of “ That’s why, at the beginning fact that it is owned by the association was hanging by a their jackets at him. The first 


company's revenues. products for the physics and Macey explained. approach. What seemed to us had to turn down tempting order. And there we were- 

Mitchell Hutchins’ modest civil engineering departments, a “From Deep Throat?” I asked, clinch the argument, though, approaches from overseas ready to blow our top over a- 

size ensured that there were not lot of what they want for “Call it market intelligence," was our finding the precedent bidders. But we all survived mere $10m. 

many peopie whose function, ““hanical fngin.emg ,nd he "That calmed me down a b.t. 


recent acquisition of White bv the modern art paintings on many People whose functions mechanical engineering, and he said. of an earlier deal with Seoul the test” “That calmed me down a bit 

Weld, for example, more than the walls: the collection of overlapped but neither company part of it for biology — those By March 1976 Harris had a ?f laihls^ mP " wait from" 1 1 saw that alJ we eould do ' va *- 

100 White Weld employees have connoisseur Marron. would have wished the problem ha * e °° me . t0 “*■ Hardware, ieariied enough about the ““*» beflrl accept his assurance that he’d 

moved on. though not all to be- „ n _ ahl „ fn _ _ to be any greater One of the _ ^tallation. ^ staff- likely shape of the impending do what he could and that it 


Weld representatives. 


binin- with a larger outfit. -W* Uld . gainst ,he quality ot P«ibe ' other four Indonesian Government Sitb > “We gave it'tn then, straight,” »“> visit (only about d ™” d ' st ' JV* , 

. a11 ^ew the atmosphere at Webbers analysts: indeed, 10 of benefiting from the business are five-vear credit facilitv and to said John Haller the Shenstone haIf a d02en formal meetings a, ways some critical stage 

Clearly, consolidating a merger Mitchell Hutchins would change them featured in the Institu- otSmiSS SS offlTSat the eomnSv muS' oSwVs diS were held throughout), the five w , here the matter has gone out 

puts something of a premium if. as was quite possible, we tional Investor's - 1976 all ^ng' u£»£S ? need to pJrsuade “?22 went flat out to prepare their °' W hands, and you've just 


Export “We said that the Indonesian 


S m ..°n7 ! ^S™ltinn nf dav “ d forest ^ To6ucXs ^ break a career. Each year the TeC hnical Education, of Ring- not. as capital goods, but as’ But the only medium through Indonesia fairly regularly tahklS,* for 

0 « a >SirM d ,?aY- Every one in Mitchell Hutchins team is elected by ..the maga- WO od. and TecQuipment, of consumables. which we could have a chance beforehand." David Macey said, in-rtmer -,u- Vc n ‘ 

was a,so ajreed that if possible *i*l es ° f tll !_!!!!! , _ totlons ; Nottingham. As the negotiations with of the contract, was an informal “For example, in the October 


„„„ uaius> anu repuiauun wiiu . ’ ’ . ruuiii iwhis, iu oiinuiuiie near uicul wameu uy uiuuueaia puiyiiig uever aiip neuge uia aa uic mimiMiy, cum x^iova s 

anxious or disillusioned. c | ients< Discussions with two cent -. ,ts a " a ] ysts on that Lichfield. Although, with a which were outside the com- bets by allying himself also to Bank in Singapore. But from L M i no 

As chairman of Mitchell Wail Street houses, Kuhn Loeb - vears teara ^* d ,he C0 ? a P ail J y s mere 63 per cent of its turnover pany's own product-range, and one of the other major bidders, the December we were getting s tne . Jle . for ‘ 

Hutchins. Don Marron had a nd Loeb Rhoades (both of management had secured, under c0 ming from overseas, Harris is picked out the other British then we might as well not start on and off planes for Jakarta 1 IVllCiiael L/lXOiT 

given much thought to the pit- which took part in mergers later the «"?* of , the : z — — 

falls which lay ahead when he t h e year ) failed to yield pro- m sponsib,,Ity for a ** e ™ bI >"8 
led his company into a merger m ise of the sort of .agreement the oost-mergeT research depart- 

with Paine Webber in May last Marron. and . his colleagues m ? pL >-r . 

year. When he took over .control wanted. * Since they were committed 

“The conditions we formulated *o “ no degradation •" of *tan- 
Marron had been something of for With anybody were but also to expanding the 

an oddity that we would continue to run breadth of the new research 

institutional equity business department, Michael Johnston 
full-time management. Tradi- . .. . . : ' t j, ere mu st be no afifirms that “ we wanted to hire 

tionally Wall Street brokerage Ration of thT qliali^ of as many good analysts as we jtf % 

houses had been run by men mjr opprations x; ast]v we could.” All of the Paine Webber Mm 

' VhD onn fi a ^.^ r ^f C 5hJ a hn?inS wanted to ensure that our man- analysts were intemewed by a ■ ▼ T 

on one aspect of the business. * had jn w j, a tever three-man Mitchell Hutchins 

whether it was stock trading wp wen t'into.'' recalled P^l during the course of a W 

Snr Shore of Michael Johnston, now president month. At the end of it all 10 

^ ot 8hort „ ** JSrt*S^ itehS oF the Mitchell Hutchins sub- were offered jobs and eight 

activitf/s. aC “ P, f . re 

seen his job principally as a Whatever reservations Paine Similar procedures were 
developer of the business whose Webber may have had about adopted for integrating the 

responsibility it was to hire the these conditions, and Done have institutional sales and trading 

right people and to ensure been publicly apparent, they functions lof the two companies. 

° F F In all, 14 Paine Webber sales- • _ _ 

joen were brought under the 

control of Uitchell Hutchins | Em 

management. By the time this AAmil MLy 

task was completed, the head of T 8® ^ - 

a SH: A bank with the gats 

of his hands. He was followed " ™ 

. — rifliHwEMMy by the head of Paine Webber's — # 0 4w A 

,.^gmS8S^~ to o&ClS B i d ea 

| Other managerial cansualties of w* wW wwBwtM 

I the merger were the men who ^ ^ 

I ran the bond and commodities g n* AA AnBA 

■TMrt- nnn rwi I trading departments. ^ l>lMS 


DflS. 30,000,000. — 

614% bearer Notes 1972 
due 1976/1979 

of 

HOLLAND AMERTKA 
LIJN HOLDING N.V. 

joint and several codebtor with 
Holland Amcrika Lijn B.V. 

(formerly N.V. Nedcrlandsch-Amerikaansche 

Stoorn vaart-Mnatschappij 
“Holland-Amerika Lijn”) 


As provided in the Terms and Conditions of 
the above mentioned Notes Redemption 
Group No. 1, amounting to Dfls. 7,500,000.- 
has been drawn for redemption on July 4, 
1 97S and consequently the Note bearing con- 
secutive number 1 and &U Notes bearing a 
consecutive number which is 4 or a multiple 
of 4 higher than 1 are payable on 


Reasonable 



August 15, 1978 


Bank Mees& Hope NV 

(Central Paying Agent) 

Amsterdam-Rotterdam Bank N.V, 

ASgemeoe Bank Nederiand N.V. 

Pierson, HeMring & Pierson N.V. 
in Ainstcniam 

Bank Maes & Hope NV 

in Hamburg 


Basque Generate du Luxembourg S.A. I 

in Luxemburg 

July M 1978 


Looking back on the merger, 
Larry Ross feels that Paine 
Webber employees were, and 
- still are, “very reasonable 
people.” "It would have been 
. easy for them to say ‘we are 
. running the show now and you 
dance to our tune.’ There has 
been none of that” 

-. Marron, who is still only 43 
and Is now the likely successor 
to Paine Webber’s chairman. 
James W- Dav&nt. thinks that 
the “ largest element of mutual 
benefit achieved by the merger 
is that the reputation and 
standards of Mitchell Hutchins 
have not been seen by old clients 
to. have deteriorated while they 
have been recognised by the 
individual clients of Paine 
Webber.” 

The year since the mercer has 
been an extremely difficult 
trading time for all of Wall 
•Street, not least for Psune 
Webber. But the more difficult 
the time, the greater the impor- 
tance of managerial skills in a 
company. Within Paine Webber 
it is generally felt that the 
acquisition of Mitchell Hutchins 
has brought greater depth to 
management and a stronger flow 
of new ideas. 

Marron himself is giving 
much thought to applying some 
of the participative concepts 
which' worked informally at 
Mitchell Hutchins to the very 
much broader canvas of the 
.larger organisation. He is 
focusing W recruitment, train- 
ing, payments and communica- 
tions but his approach is stil 1 
covprned by a statement he 
made at the time of the merger. 

‘.‘I want to be involved in 
both the theory and practice of 
: our activities. I want to try to 
export everything we do, from 
economics to art. to that larger 
country called Paine Webber.” 


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MEUBEH OF ABECOT 





14 

LOMBARD 


Another French 
Revolution 


BY ROBERT MAUTHNER 

SELDOM HAS so much inter- 
national praise been heaped in 
such a short time upon the 
manager of an economy as on 
M. Raymond Barr*, the French 
Prime Minister. His efforts, 
since the unexpectedly comfort- 
able victory of the centre-right 
coalition at the March general 
election, to free the French 
economy from its dirigiste 
shackles have been hailed in 
many Western capitals, particu- 
larly Washington and Bonn, 
almost as an economic revolu- 
tion. Nowhere else, after all, is 
a rigid, industrial price control 
system being dismantled with 
such speed or is such a de- 
termined attempt being made to 
force private industry and the 
nationalised sector to stand on its 
own feet. 

Unfortunately for M- Barre. 
however, his policies have 
elicited much less admiration at 
home, except from the powerful 
Patronat — the French employers' 
federation, which has seen most 
of its demands satisfied. To the 
intense irritation of the Prime 
Minister, who has an annoying 
tendency to revert to the 
didactic manner of his previous 
incarnation as economics pro- 
fessor, a growing number of 
people are asking whether his 
medicine is actually going to 
work. And what is even more 
relevant, how long the cure is 
going tn take. 

M. Barre himself does not be- 
lieve in 5bort-lenn remedies and 
regularly castigates those who 
use monthly economic indicators 
to sound the alarm bells. His 
policies, he stresses repeatedly, 
will not start to show any real 
results until at least the middle 
of next year and. in the mean- 
time. the country will just have 
to grin and hear a higher rate of 
inflaiion and higher unemploy- 
ment. Patience and faith will be 
rewarded eventually. 

Achievements 

To back up Ins claims to 
economic omniscience, the Prime 
Minister can point to a number 
of positive achievements. The 
trade balance, still in heavy 
deficit In the summer of last 
year, has shown regular small 
surpluses since the beginning of 
197S. 

However, for the unions, for 
the left-wing opposition parties 
and even for the GaulUsts who, 
theoretically, are members of the 
ruling coalition. M. Barre is on 
the wrong track. Economic 
theory is all very well in a uni- 
versity lecture room, hut its 
practical application must take 
account of certain social realities. 

Workers have, in effect, been 
asked to accept a freeze in their 
purchasing power for three 
years, except for the very lowest 
paid categories, while industry 


has been granted the freedom 
to set its own prices. The par- 
ticular brand of economic 
liberalism which is being prac- 
tised by the present Government 
has upset the balance of benefits 
between the two sides of industry 
it is argued. _ 

An increasing number of com- 
mentators and politicians have 
even committed the.l&se-majestd 
of questioning the validity of 
M. Barre’s economic, analyses, at 
the risk of having their ears 
boxed by the tetchy professor. 
Thus, not everyone is prepared 
to accept an acceleration of in- 
flation from 9 per cent last year 
to more than 11 per cent .in 1978 
as the price oE the new economic 
policy, while the .average rate of 
inflation in the OECD area is 
on a downward trend. 

Inconsistent 

The rejection by M. Barre- of 
suggestions that some expan- 
sionary measures are required 
to set the economy on a higher 
growth path, given the forecast 
of a bare 3 per cent rise in GNP 
in 1978, have also been criticised, 
notably by it Jacques Chirac, 
the Gaullist leader. For the 
Prime Minister, any reflation 
would merely undermine his 
stabilisation policy without 
affecting employment. But his 
critics are pointing out that his 
attitude is both inconsistent with 
his support far the OECD's 
concerted growth strategy, which 
calls for some action even 
on the part of so-called 
‘■convalescent " countries like 
France, and docs not take 
account of the more pessimistic 
short-term outlook for the French 
economy. Though there has 
been some revival of economic 
activity since the beginning of 
the year, particularly in the 
consumer goods sector, the 
economy has not really taken 
off spontaneously since the 
general election as it was 
expected to do. Business surveys 
indicate that expectations of a 
new slowdown in the second half 
of the year are widespread and 
capital investment consequently 
remains hesitant. The recovery 
of the French economy thus 
remains very much dependent on 
the international climate and on 
any decisions which might 
emerge from the Bonn summit 

M. Batrc’s biggest error is 
probably that he considers that 
he has a lot of time on his side 
to demonstrate to the country 
that his policies can produce the 
desired results. The growing 
discontent of the unions has 
already been reflected in a rash 
of recent strikes and eould 
explode more seriously in the 
autumn. Unfortunately for 
university professors, economic 
rigour has to be practised in a 
given political and social 
context 


Financial .Times Friday July 1 3 T97g 

The round pound comes rolling in 



BY ANTHONY MORETON 


BY THE middle of next week 
the Isle of Man will lead the 
way in taking the rest of the 
British Isles back to the closing 
days of the Edwardian era. The 
first £1 coin to circulate since 
the gold sovereign was hastily 
withdrawn over the bank holi- 
day weekend of 1914 will be In 
existence. 

Those with long memories 
know that the sovereign was 
worth its face value so that 
anyone melting down the coin 
would have lost nothing. He 
would: have ended with a lump 
of metal worth £1. For the 
rest of us the sovereign is 
either a collector’s item or 
something associated with an 
era of boaters. Three Men in a 
Boat crinolines, and an empire 
upon which the sun had already 
begun to set. 

On the weekend of the with- 
drawal of the sovereign, the 
Treasury rushed out pound 
notes in their place. Later, 
the 10 shilling note and 
the large, white fivers appeared. 
It was not until 1938. when, by 
an irony of chance, Britain was 
temporarily back on the gold 
standard, that the Bank of 
England took over responsi- 
bility for the notes from the 
Treasury. 

Now, the £1 coin is on its way 
back. There are many who 
believe it must come for the 


whole of the UK aid there is 
no doubt that the Treasury, the 
Bank of England, the Royal 
Mint and many overseas finan- 
cial authorities, especially the 
U.S., where there are already 
moves towards a smaller dollar, 
will be watching what happens 
on the Isle' of Man with great 
interest. 

The first coin will be struck 
this morning at the Pobjoy 
Mint, a 50-man operation 1° 
Sutton, a suburb on the southern 
edge of London.- Pobjoy has 
co-operated closely with the Isle 
of Man Government in the 
design and production of the 
coin and the result is a new- 
coin that has properties not 
otherwise found in other coins 
circulating anywhere in Britain. 

Apart from a select few at 
today's striking of the coin, and 
some collectors, the first Britons 
to see the round pound, as it 
has already been called on the 
island, will be holidaymakers. 
And what they will see will 
certainly surprise them. For the 
round pound is the same sue as 
the Edwardian sovereign, which 
means it is slightly ikrger than 
a Ip piece. 

The Mint and the Isle of Man 
Finance Board under its chair- 
man. Mr. Percy Radcliffe. gave 
a lot of thought to the size 
and shape of the new coin. They 
wanted at all costs to avoid a 
coin which was both larger and 


heavier than the present septi- 
lateral 50p piece. 

The answer was to produce a 
new coinage metal and in 
conjunction with VDM, one of 
Europe's leading manufacturers 
in this field, Pobjoy created 
Virenium. This is a variant of 
an alloy which is in use in high- 


meehanisifl in vending equip- 
ment would only accept the 
genuine article. The answer Is 
a magnetic factor which has 
been built into the coin. 

One other point had to be 
taken into account — blind 
people. Many blind people 
know by the size what coin 




denomi nation coins in Germany 
and some other countries. 

In looks, the round pound is 
shiny silver with a gold sheen. 
And according to Mr. Derek 
Pobjoy, chairman of the mint, 
it is the nearest thing you can 
get to a man-made precious 
metaL 

A large-denomination coin 
offers all sorts of possibilities 
for its illegal production and 
use, especially as its small 
size makes it similar to those 
put into many vending 
machines, from parking meters 
to automats. Therefore an 
additional factor had to he built 


they are handling hut as a 
fail-back check they also have 
the milling on the 5p and lOp 
coins. To guide them the edge 
of the round pound alternates 
between a milled and.plain arc. 

The Manx Government has 
been able to produce the coin 
because although geographically 
the island is part of the British 
Isles, it is not constitutionally 
part of the UK Its constitutional 
status is that of -a crown 
dependency, owing allegiance -to 
the crown. Like the Channel 
Isles, it can make its own rules 
and enforce its own laws. So it 
can also produce its own coins, 

-.n+o* irtrf ctsmne TTn to now. 


its coins have been identical in 
shape and size with those in 
mainland Britain but have had 
local insignia on the reverse 
side to the Queen’s head. 

The Manx Governments 
decision to switch over to £1 
coins was partly taken for cost 
reasons. It now costs about the 
same, to produce a £1 note ** * 
£1 coin— lOp. But whereas the 
note circulates for about three 
months it Is believed that the 
life of the coin could be as 
much as 30 years. 

The implications of a £1 coin 
are enoiinmis. It would allow 
a wide variety <*f goods to be 
sold from automatic vending 
machines. At the moment the 
development of these machines 
is held back because inflation 
is pushing up the prices of 
goods faster than the machines 
can lie adapted to cope with 
changes in prices. 

Vending machines, therefore, 
tend to be points of sale for 
lower-priced goods, such as 
soft drinks, tea and coffee, 
chocolate bars, food snacks and 
one or two other items such as 
tights. More extensive items, 
sqofi as those over 50p, demand 
either special adaptation to take 
the 50p coin, storage space for 
a large number of 10p coins, 
or goods which have to be <arfci- 
fidaUy produced within certain 
cost parameters. The most ob- 
vious example is the packet of 
rieArettes. which either has to 


around 

BRITAIN 


ISLE OF MAN 

be packed with its change, or 
which has to have a number of 
cigarettes taken out _ in order 
to" meet a price barrier. 

The £1 win would alter all 
this It would allow high-value 
goods to be sold and the only 
constraint would be op the size 
of the produce. Whisky, gin, 
beer, books all become possible. 

The greatest potential, 
though, is on the petrol fore- 
court Automatic petrol 
machines have failed because 
thev will not accept decrepit 
notes and arc unable to dis- 
tinguish between the notes 
two sizes. Coins change the 
whole nature of things and it is 
not difficult to envisage un- 
manned self-service stations 
operating round tiie ctodc 
where motorists buy their 
petrol by the £1 unit just by 
feeding in coins. 

Having led the way. the Isle 
of Man can now sit bade and 
watch with some satisfaction as 
others follow, as they surely 
will. The U.S. House of Repre- 
sentatives is already consider- 
ing a proposal from President 
Carter to reduce the size of the 
dollar from 1.5 ins in diameter 
to 1.043 ins. It is a dis- 
tinguished field! the Manxmen 
are leading. 


Julio to win Monkgate 



CLIVE BRITTAIN clearly feels 
that Julio Mariner is none the 
worse for a disappointing run in 
Royal Ascot’s King Edward Vli 
Stakes following a sixth-placed 
Derby run. for he fields the 
Blakeney colt again today. 

Julio Mariner lackles his 
easiest task so far this season 


RACING 

er DOMINIC WIGAN 


in the Monkgate Stakes at York, 
the scene of his oDly success as 
a two-year-old. 

If the bay, owned by Captain 
Marcos Lemos, is now right back 
to the form which saw him chas- 
ing home Shirley Heights in the 
Mecca-Dante he should have few 
problems for this is a modestly- 
contested event confioed to three- 
year-olds and above who have 
not won a race worth more than 
£4,000. 

I take him to get back on the 
winning trail: possibly at the 
chief expense of Sir Michael 
SobelVs Hever from whom he 


receives a useful three pounds 
allowance. 

A second possible winner for 
Captain Lemos, Brittain and 
stable jockey Edward Hide is 
the once-raced Foveros in the 
Black Duck Stakes half an hour 
later. This good-looking bay, 
half-brother by Averof to that 
talented stayer Remezzo, could 
not get into contention after 
being slowly away in a minor 
event won by stable companion 
Rheinfard at Yarmouth recently. 

Sure to be all the better for 
that experience, Foveros could 
well prove too good for the 
Barry Hills-trained Nobloys. The 
Lam bo urn juvenile did well to 
beat Troy at Salisbury last 
month, but he may have been 
flattered by that result. 

Later in the afternoon l ex- 
pect the Spillers Stewards Cup 
favourite, Wtoenby, to follow up 
his Gosforth Park Clip victory 
over Epsom Imp in the Tilcon 
Trophy. Wbenby, backed from 
20-1 to half those odds before 
scoring at Newcastle, carries a 
seven-pound penally, bill he is 
clearly improving fast enough. jp 
make light of 1L •. * \ 

While Yorkshire racpgores are 


congregating on the Knavesmire 
there will be many enthusiasts 
from London and the southern 
countries beading for Newbury, 
where it could pay hackers to 
take a chance with Pro Patria in 
the St Catherine's Stakes. Pro 
Patria. a full sister to the high- 
class Patris, opened her account 
with a half-length success over 
Evasive at Warwick recently and 
it is probable that she is capable 
of a great deal more. 

Willie Carson, doing his ut- 
most to hold a narrow lead over 
Pat Eddery in the jockey’s title 
race, has several well-fancied 
mounts down here and 1 hope to 
see the Queen's Alma and the 
Irish challenger, Ida, scoring for 
him. 


YORK 

2.00 — Julio Mariner*** 
2.30 — Foveros 

3.00 — Tender Heart 
3-3H— Whenby** 

4.00 — Potshot 
00 — Parent • 

NEWBURY 

3.15— Aim a 
3.45— Ida 

4.15— Pro Patria* 



t Indicates programme ia 
black and while. 

BBC 1 

6.40-7.55 am Open University 
(UHF only). 10.55 Golf: The Open 
from Si. Andrews. UP pm 
Tuimpinn. 1.43 News. 2.15 
C.nlf: The Open. 4.18 Regional 
News lor England (except 
London). 4 JO Play School. 
4.45 Lippy Lion. 4.50 Take Hart 
5.10 Tahitha. 5.35 The IVombles. 

5.40 News. 

5.55 Naiinmvide (London and 
South East only). 

6.2fl Nationwide. 

6.55 ” Stowaway in the Sky." 

8.15 The Black and While 

llinsirei Show. 


9.00 News. 

9J3 Petra cell i. 

10.15 Face the Music. 10.45 
Regional News. 

10.46 The Laic Film: “ La 
Ronde, starring . Jane 
Fonda. Anna Karina, 
Catherine Spaak. 

1 2 J) 5-12.40 am Weather. 

All Regions ns GKC-1 except at 
the following times: — 

Wales— I -30-1.45 pm O Dan v 
Mor. 5.10-5-35 TiliHant. 5.53-6.20 
Wales Today. 6.55 Heddiw. 7.20 
Maes 0 Law. 7.45-R.15 A Journey 
ol a Thousand Miles. 10.15 Music 
in Wales. 11.00 The Late Film: 
'• La Ronde.” J2.50 am News and 
Weather for Wales. 

Scotland — 9.55 am Paddington. 


F.T, CROSSWORD PUZZLE No. 3.718 



ACROSS 6 

1 Tones arc made to vibrate (8) ^ 

5 Help fool one way (61 1 

10 Whip up abouc a pound and 

grumble 15) ° 

11 Cut fish and sheep (9) 

12 in favour of makinc a dona- 9 
lion and pardoning (9) 

1" Pig got in a mess (5* 1** 

14 Soak female sheep t6i 

Jo To provide new aceunimoda- 
tion requires her return to 
rivor t7t 1-j 

18 Aqiiicss — as a wallflower may 
be? (7i 

20 It’s a fault to go abroad ifl) 21 

22 Coach one or more (S ) 

34 Division of type of redun- ~ 3 
dancy payment (9) 

25 To supply bonk eould be 
thrifty (9) 

26 Alarm that may appear later 
(5) 

27 Crop up in eastern combine 
l«i 

2S Trend nr inclmaiion to prone- 
ncss (S) 

DOWN 

1 Snub soldiers with polish (6) 

2 Weapon for the front of an 
attack 19) 

3 However it could be from 
silting US) 

1 Match that is right but more 
irritable (7) 


Frank could be a neat foot- 
baller (15 1 

Susar-couung here in France 
gels no glory initially (5) 
Assembled to collect female 

(5) 

Poor fellow has to ask for fish 

(6) 

The indifference of a French 
company (9) 

Compound supplied by two 
factors? (Si 
A cleaner Hag? (6) 

Very religious person has to 
cast his lut in river IT) 

Guard despatched on railway 
(61 

A flower came up 15) 
SOLUTION TO PUZZLE 
No. 3,717 



19.09 Jackanory. 10.15 Grange 
Hill. 10.35-10.55 Big John. Uttle 
John. 5.55-6.20 pm Reporting 
Scotland. 10J5 Breathing Space. 
10A5 News for Scotland. 

Northern Ireland — 3.09-08 pm 
Racing from Down Royal. *08 
Northern Ireland News. 555-6J9 
Scene Around Six. 19J5 Life- 
times. 10.45-10.46 News for 
Northern Ireland. 

England— 5.55-6.20 pm Look 
East (Norwich); Look North 
i Leeds. Manchester, Newcastle); 
Midlands Today i Birmingham); 
Points West t Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). 10.15- 
10.45 East (Norwich) On 
Camera; Midlands (Birmingham) 
Eureka! North (Leeds) Direct 
Line; North East (Newcastle) 
Friday North; North West (Man- 
chester) Champion Brass; South 
(Southampton) Music In Free 
Time; South West (Plymouth) 
Peninsula — The Aquabats; West 
(Bristol) Public Life. 

BBC 2 

6.40-7.55 am Open University. 

11.09 Play School. 

4.20 pm Golf: The Open. 

7.30 News On 2. 

7.45 Westminster Report. 

5.15 Tortelier Masterclass. 

9.00 MJ4. and 5p. 

9J0 Horizon. 

10.29 The Deri Is Crown. 

11.15 Late News on 2. 

11J25 Golf: The Open. 

LONDON 

930 am History Around You. 
9.55 Plain Sailing. 10.20 The 
Undersea Adventures of Captain 
Nemo. 730.30 The Saint. 1130 
Stationary Ark. 1L45 Felix The 
Cat. 12.00 A Handful of Songs. 

12.10 pm Stepping Stones. 12.30 
The Better Sex. 1-00 News, plus 
FT index. 1.20 Help! 1-0 Beryl’s 
Lot. 2.00 Money-Go-Round. 225 
Mid-Week Racing from York. 
4.15 Golden Hill. 4.45 Fanfare. 
5J3 Cuckoo Waltz. 

. 5.45 News. 

6.00 Thames At 6. 

6.35 Crossroads. 

7.00 The Krypton Factor. 

7.30 The Pink Medicine Show. 

8.00 Hawaii Five-O. 


and 


94)0 The Foundation. 

10.00 News.' 

1020 MLords, Ladies 

Gentlemen. . .. 

LL30 Police 5. i 

•11.40 The Law Centre. - - ; 
12.40 a. in. Close: Sir John Geilmid* 
re&ds a sonnet by Shake- 
speare. . jj 

All DBA Regions as London 
except,' at the following txmejfc— 

/ ANGLIA 

1020 am Friends Or Man. HUB Sfinply 
Sc Winn. U.05 The Roger Whittaker Show. 
1U0 Trinity House. U5 pm Anglia Stews. 
505 Chatterbox. U» A bom Angbu 3JQ 
The incredible Hulk. 9JM The Foondstlon 
1838 Probe. 1LQB Friday Late Film: 
“ Paths of Glory." starring Kirk Douglas 
and Ralph Meekes. 1235 am Your Music 
At Night. a 

ATV 4 

1020 Friends 01 Man. 18.00 Into The 
Unknown: Knowledge- 1130 The {Rouer 
Whittaker Show. 1.20 pm ATV NeWBdesk. 
130 General Hospital. 505 Those Wonder- 
ful TV Tunes. U» atv Today. MO The 
Incredible Hulk. HOC Quincy. - 

BORDER i 

1020 pm Dynomutt. 10.40 Simply 
Sewing. XUB Tbe Roger WhirTaSee Show. 
1130 Trinity House. (120 pm. Border 
News. 525 The Partridge Faulty* 0-00 
Lriofcarotmd Friday. S-00 The incredible 
Hulk. 1938 Border Parliamentary Report. 
1UM Bly Lords Ladies and Gentlemen- 

CHANNEL - 

XU pm Channel Lunchtime Neva. 5.15 
Friends Of Man. MB Report At Six- 8.00 
The Incredible Hulk. ltus Channel' Law 
Nwn. 1033 Summer of '73. . ZMO TV 
Movie Ami’ Premiss: Baptism Ot Fire. 

12.00 am News and Went b<a- in french. 

GRAMPIAN • 

025 First Thing. 1020 TTje» Beach- 
combers. MAO Simply Sewing. 0-05 Tbe 
Roger Whltuker Show. u_5qi Trlniiv 
House. 1-20 p m Grampian K®fS- MW 
Grampian Today. 6.10 The Fair I Six. 7.00 
Peter Skellcrn. (LOO The (ncredftfe Hoik. 
UJo Reflections. 1U5 Gramjpan Late 
Headlines. ^ 

GRANADA , 

M25 am Sesame Street- 1129 dJaria way. 
JUS Song Book. 120 pm Thfe In Your 

Right U8 The Amazing IWotM of 
KresfcltL soo What's New. 5.15 Crossroads. 

6.00 Granada Reports. 630 Summer Sport. 
MW The Incredible Bulk. BUS* Friday 
Film: ■* StUetto." with Brm gkland. 125 
am A Little Night Music, j; 

HTV ; 

1020 am Moncy-Go-Round. MJW Simply 
Sewing. 1145 Roger Whittaker ‘.Sto*. XL30 
Cricket. 129 pm Report Weal Headlines. 
125 Report Wales Headlines; Those 
Wonderful TV Times. 2.D0 \yunen Only. 


525 The Undersea Adventures of Captain 
Nemo. 520 Crossroads. MW Report West. 
625 Report Wales. 6J0 Ob Nu, If* Selwjn 
Fromm. WO The incredible Hulk. 1025 
Music Makes People. UA5 W Loris. 
Ladles and Gentlemen. 

. HTV Cymru /Wales— As HTV General 
Service cxcent: 120-125 pm Pennwdau 
Newyddion V DrdtL 4JUML45 Camau 
C&niamlL 6JJ0-6J5 Y Dyad. 10JS-LUJ5 
Outlook On Agriculture. 

HTV West— As HTV Genera] Sendee 
escent: 120-130 pm Report West Head- 
lines. 635-630 Report West. 

SCOTTISH 

1020 am DynomuR. UAO Simply Sew- 
ing U-05 The Roger Whittaker Show. 
U30 Trinity House. UJO urn Andy 
Williams Sbnw. 125 News And Road 
Report.. 130 Houseparty. 525 Cartoon. 
520 CrnssroBds. MM Scotland Today. 630 
Lavnrne .And Shirley. 3-00 Tbe Incredible 
Hulk. 1030 Ways And Means. UUM Late 
Call. U.D5 House Of Horrors. 

SOUTHERN 

1020 am Adventures In Rainbow 
Country. 1IMD Simply Seeing. 11 . B5 Roger 
Whiiioker. UJO Trinity Hoose. 129 pm 
Southern News Extra. 139 Those 
Wonderful TV Times. MM Women Only. 
520 Weekend. 520 Crossroads. 620 Day 
By Dai 1 /Scene South East. 639 The 
Cuckoo Waltz. LOS The Incredible Hulk. 
1935 Horror Film. 

TYNE TEES 

S25 am The Good Word. North East 
News. 1020 Wildlife Cinema. IA.00 Simply 
Sewing. IMS Tbe Roger Whin alter Show. 
1139 Trinity House. 120 nm North East 
News. 130 Challenge or Tt»i Sexes. 525 
Run. Jw? Run. 6.00 Northern Life. 8-00 
The incredible Hulk. 1030 Sport stlme. 
1L05 " Devils of Darkness.” 1235 am 
Epilogue. 

ULSTER 

1020 am The Lost Islands. IBM Simply 
Sewing. 1135 Roger Whittaker. UJO 
Trinity House. 120 pm Lunch tune. 423 
Ulster News. 525 The Flint stones. MM 
Ulster News. 645 Crossroads. M4 Reports. 
650 Police Six. LOO Tbe Incredible Hulk. 
1130 Bedtime. 

WESTWARD 

1020 am The Evolution Of Life. IDA 
Simply Sewing. 1145 The Roger Whittaker 
Show. 1130 Trinity House. 1227 Gns 
Hnoertun's Birthdays. 120 pm Westward 
News Headlines. 525 Friends Of Man. 
640 Westward Diary. 8.09 The Incredible 
Hulk. 1030 Sumtnor of r TS. 1140 TV Movie 

Baptism of Fire.” 1240 am Fault For 
me. 

YORKSHIRE 

1020. am Power Without Glory. H 10 
The Lady And The Owl. U35 Friends Of 
Man. 120 pm Calendar News. 139 House- 
party. 525 Out Of Town. 640 Calendar 
lEniley Monr and Beinwnt editions*. B.Q0 
The Incredible Hulk. ILX The Protectors. 


RADIO 1 W 7 m 

(Si Stereophonic broadcast 
X Medium Wave. 

540 am As Radio 2. 742 Dave Loo 
Tranit. 540 Simon Bales. U2l Paul 
Burnett including 1230 Newsbeat. 240 pm 
Tony Rlarirburn. 431 Eld Jen sen including 
5.30 Newsbeat. 730 Snorts Desk 'Joins 
Radio UJ4Z John Pcd (Sf. 2249242 
am .Is Radio i. 

VHF Radios 1 and 2 — 540 am With 
Radio 2. including 155 pm Good Listening. 
1043 nm With Radio 1. 1240242 am With 
Radio r. 

RADIO 2 UMQm and VHF 

540 am News Summary. 542 Richard 
Vaucfun (Si with The Early Show, includ- 
ing 625 Pause For Thought. 7J2 Terry 
Wngan .51 Including B27 Racing Bulfetfn. 
845 Pauai; For Tltnnchl. 1042 Goll. The 
ripen Championship. IMS Jimmy Voting 
(Si includlm; 1142 and 1242 pm Gnlf. 
1225 pm Waggoners' Walk. 1230 Pete 
Murray's ripen Hom«c tSi including 142 
Golf. LS5 Sport;; Desk. 230 David Alien 
'S' wclnainc 2.45 and MS SpoHb Desk. 
4J0 Waggoner-:' Walk. 445 Sports Desk- 
430 John Dunn tSi including 545 Sports 
Desk. *45 Snorts Desk. 742 Barn tianca 
tSi. 730 Snorts Desk. 842 BBC Radio 
Orchestra iSi. 845 Friday Night Is Music 
N'lkhl iSi. 5.55 Sports Desk. 1042 Free 
Soio. UJO Let's Go La an. u_BZ Brian 
Matthew Introduces Round Midnight, in- 
cluding 1240 Midnight Newsroom. 248042 
am News summary - 

RADIO 3 464m, Stereo & VHF 

mss am Weather. 74# News. 74S Over- 
lure t$i. 840 New*. 845 Moratng Concert 


(S). -940 News. 945 This WeA’S Com- 
parer: Gounod is.. 93Q BBC Northern 
Ireland Orchestra iSv iojs vjftng Anisu 
Recital i Si. 1145 Music MMdOE from 
Manchester iSj. 1235 p m Citfdlfi Midday 
Prom. Part 1; J. c. Bach,: Stravinsky. 
140 New?. 145 Playbill (Si. 2-20 Prom, 
Part S: Mendelssohn. 13S Tba Gondoliers. 
2.55 Music la London In Tfta Helm Of 
Queen .Anne ($>, 44£ New Sat&ds From 
The 1SCM Festival tSi. 445 The Young 
Idea (S*. ( S ..45 Homeward Bound. 3845 
News. J6-IB Homeward Bound (wnumiedi. 
±43 0 Lifelines: Leisure And 'Recreation. 
7 JO Berlioz: Rwjiriem i$i. 44# Tbe Last 
Great Englishman oi Leours. 9JB 
Vladimir Ashkenazy iSi, 9 .dS New Light 
On Mozarts -is 1 wind ,si. UJS Early 
English Organ Mnoc From HffiSbnK* iSh 
1145 Nows, ii .-a^n fc Tonlefd? 3 Schubert 
Song. ?■_ 

Radio S VHF Only — 6.00-74° am- 545- 

730 jmt Open University. 

RADIO 4 v 

434 m, 530 m. 285 sfl VHF 

648 am News Briefing. 41# Fanning 
Today. 630 Today mcltMing. a j? 
News 730 aod 830 HeadllotO-- 8JS 
tentay In Parliament, j M News. 945 
Local Time. 935 The Ulc AJJd TUncs Of 
The Plano (S). U4fl News. Ch«k- 
nomi. 1030 Daily Service, jM5 Mormns 
Story. ULM NCw:„ 1145 Marta C*Uav. 
1240 New*. 1242 no, vmr AO* Vours. 
1237 My Music 1S1. U_s> Wuad*®'- JJW 
The World ai One. uo Tba Ar<* e,s - 
Woman's Hour. Z45 Listen W® Mother. 
840 News. 345 AtujmwMi^TM* 1 ^. fS ? 
Uvm. <45 Who's Your (W Fn«>d. 
05 Story Time. 540 “P* 4 S ea ?S W - 
5 M Emm* Withio. Si B Weather. 


640 News. 630 Going Places 
7.00 News. 745 The Archers. 730 Pick Of 
The Week «Si. 8J0 Profile. 838 Many 
Reasons Wby. 935 Letter From America. 
930 Kaleidoscope. 939 Weather. 1Q4Q The 
World TnnlgbL 1030 Week Ending »S;. 
1835 Nightcap. 13.00 A Book At Bedtime. 
1045 The Fiaancijl World TonfghL UJO 
Today in Parliament. 12.00 News. 17.70- 
3225 am Inshore Forecast. 

BBC Radio London 

306m and 94.9 VHF 
540 am As Radio £. 638 Rush Hour. 
9.80 London Live. 1243 pm Call tp, in- 
cluding. 140 London News Desk. 2.01 206 
Showcase-. 443 Home Run. 6jp London 
Sports Desk. 63S Good Flatting. 740 Look, 
Stop. Listen. 738 Blarit Londoners. 838 
Trade Record. 1844 Late NUht London. 
2240 Close As Radio 2. 

London Broadcasting 

261m and 97.3 VHF 
540 an Morning Music. 640 AM with 
Bob Hotness and Douglas Cameron. 2840 
Brian Haves Show. 140 pm LBC Reports. 
J-00 George Gale's 3 O’Clock Call. 4.00 
LBC Repons. 840 After Right with lan 
Gilchrist. 940 Nigbtllne Wuh Alan Nln. 
140 am Night Eatra untb Hugh Williams. 

Capital Radio 

194m and 95.8 VHF 
640 am Graham Dene's Breakfast Show 
/Si. tM Michael Aspci (Si. 1240 Mike 
Allen iSi. 3.08 pm Roger Scott <S). 740 
pm LandoB Today 'Sj. 730 Adrian Lore's 
Open Line (Si. 940 Nicky Horne's Your 
Mother wouldn’t Like It <S>- U40 Tony 
Myatt’s La to Show (St. 244 am Mike 

Smith's Nigm Flight is;.- 


ENTE RTA 1 NMEN T GU IDE 


CC — These theatre* accent certain credit 
cards by telephone or at the box onoc 

OPERA & BALLET 

COLISEUM. Credit cards 01-240 5258. 

Schumann Pieces Faun; About a Dark 
House- Nurevev will dance at per- 
formance. Some seats still available. 


COVENT. GARDEN. CC 240 1066. iGahleo- 
chargc credit cards B3b 6903} 

THE ROYAL OPERA 

Tonight at 7.3 Os PELLEAS ET MQJ- 
SANDE. Tc-mur. and Tue. next at 740i 
Norma OSth July*: Lavlrgen renistcs 
Craig. IB July: Veasey replaces Bumbry. 

“«5 r ;[.w M 

Mon. next ai 7.30: Four Schumann Pieces. 
The Firebird. The concert. Wed. and Thur. 
at 7.30: Anastasia. CS Amphl' seats avaH. 
lor all nerfs. from 10 a.m. on day ol pert. 

GLYNDE BOURNE FESTIVAL OPERA ihrtfl 
Aug. 7 with the London PtiHtwrrKWiW 
Orchestra. Tonight. Sun. Tue. and Tbur, 
next at 6.15: La Bohwne. Tomor. Mon. 
and Wed. at 5-50: Cosi ran tune. Possible 
returns only. Bin Office GWndebaiinie 
Lcv.es E. SuSSex (0273 81Z41TJ. N.|-~ 
The curtain tor Cost will rise at S30 
sharp. There Is no possibility of admit- 
tance (or late-comers. 

SADLER'S WELLS THEATRE. Rosebery 
Are- ECl. 837 1672. Until July 22. 
Eves. 7.30. Mats. Sat. 2.30. 
NIKOLAIS DANCE THEATRE. 
Tonight A Tomor. mat.: Triple DueTbom 
Grotto. Gallery. Suite from Sanctum. 
Tomor. eve.: Guisnol. Stick FJSures. 
Suite from Sanctum. “ Sheer wizardry . . . 
an ewperlence not to be missed. Br. Nws, 
"Utterly, utterly beautiful . . • 'Triad) 

■ Guardian. July 31 -Aug. 26 -.MARCEL 
MARCEAU. 

THEATRES 7 

A DELPHI THEATRE- CC. fll-836 7611. 
Evgs. 7.30. Mats. Thurs. B.O. Sat. 4.0. 
(RENE IRENE ’ IRENE 

THE BEST MUSICAL 
of 1975. 1977 Md 19781 

IRENE IRENE IRENE 

“LONDON'S BEST MIGHT OUT." 
Sunday People 

CREDIT CARO BOOKINGS 836 7611. 

ALBERY. 536 3 87 if. Credit-card bkgs. 
836 1971.3 from 8.30 am. Party Rates. 
Mon.. Tues.. Wed. and Frl. 7.45 nm 
Thurs. and Sat. 4.30 and B.oo. 

"A THOUSAND : TIMES WELCOME IS 
LIONEL BARFS 

OLIVER! 

*• MIRACULOUS MUSICAL." Fin. Times, 
with ROY HUDO and JOAN TURNER. 
" CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Dly. Mirror. 

ALDWYCH. 836 6404. Info. 536 5332. 

Fully air conditioned. 

ROYAL SHAKESPEARE COMPANY 
Ton'L 7 JO. Tomor. 2.Q0 & 7.30 — 

Strindberg's 

THE DANCE OF DEATH 
emerges as a woneferful mere of wank." 
The rimes. With- CORIOLANUS inext 
perl. 20 July). RSC also et THE WARE- 
HOUSE «see under w) and at the Picca- 
dilly Theatre in Peter Nicol's PRIVATES 
ON PARADE. 

ALMOST FREE. 4B5 6224. Lunchtimes 
"One Oh. by Bob Wilson. Tues.-Sai. 
1.15 pm. Suns. 3.0 and 5.00 pm No 
shows Monday. 

ALMOST FREE. 485 6224. Evenings Kurt 
VonneguiTs "Player Plano." by James 
Saunders. Tues. -Sit. 8.00 nm. No shows 
Mondays- 

AMBASSADORS. 01-836 1171. 

Nloittly at B.OO. Madnecs Tues. 2.45. 
Saturday 5 and B. 

PATRICK CARGILL and TONY ANHOLT 
in SLEUTH 

The World Famous Thriller 
by ANTHONY SHAFFER 
"5eefng the play again Is in fact an 
utter and total loy. Punch. Seat prices 
£2.00 to £4.00. Dinner and Toe-price 
seat £7.50. 

APOLLO. 01-457 2663. Evenings 8.00. 
Macs. Thurs. 3.00. Sal- 5-00 and S.OO. 
DONALD SIN DEN 

" Actor ol the Year.” Evening Standard. 
"IS SUPERB." N.o.W. 

SHUT YOUR EYES AND 

THINK OF ENGLAND 
"Wickedly funny." Times. 

ARTS THEATRE. 01-836 2132. 

TQM STOPPARDS 

DIRTY LINEN 

"HHarious • - - see ft.” Sunday Times. 
Monday to Thursday 5.30. Friday and 
Saturdays at 7.00 and 9.15. 

ASTORIA THEATRE. Charing Cress Road. 
01-734 4291. Mtwu_7hurs. a on» Frl. 
and Sal. 6.00 and BAS. (Buffet food 
available). 

ELVIS 

"Infectious appealing, foot-stomping and 
hearE-thunruInfl," Observer Seats £r.o<j- 

E6.Q0. Hall-hoar before show best avail- 
able seals £34)0. Mon.*Tburs. and Frl. 
6 pm pert. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD. 

CAMBRIDGE, 836 605 E. Man. U Thurs. 
0 00. Friday. Saturday 5.45 and 8.30. 
IP1 TOMB1 

Exciting Black African Musical 
"PacfcwJ with variety." oiv. Mirror. 
Seat prices £2.oo-£5.sa 

THIRD GREAT YEAR. 

Dinner ang topjmee seat C3 75 Inc. 

CHICHESTER. _ „ . 0243 81312. 

Tonight. July 15. 17 A in at ?.ao 
THE ASPERN PAPERS 

July 15 at 2.00. July 19 at 7.00 

THE INCONSTANT COUPLE. 

COMEDY. 01-930 £578. 

ALEC McCOWEN'5 

ST. MARK'5 GOSPEL 
“ An unparctteled tour de farce." S. Tms, 
Last 3 aerfs. Evgs- B.OO. 5un. 4.50. 
S«*t» LU5. £235. t2J5p. £3.00. Late 
comers not admitted, 

CRITERION. 930 3216. CC. 835 1071-3 
E*3*- 8. Sa«- S.30. 8.30. Thurs. i.0O[ 
HOW IN |T5 SECOND YEAR 

LESLIE PHILLIPS 
in SIX OF ONE 

A HALf A DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR. 

"VERY FUNNY." Sun. Tri. 

DRURY LANE. 01-336 3108. Every 
night 8-- MaUnw Wed. and Sat. 3.00. 
A CHORUS UNE 

"A rare, devastating, layout. aalMirtMng 
stunner." Sunday Times. 

DUCHESS. 8S8 9Z43. Mon. to Thurs. 
En>nlngi 3.00. Fn.. SaL SIS and 9.0(1. 

_ . OH ! CALCUTTA ! 

" The nudity is stunning," Dally Tel. 
gth Sensational year. 


JUKE OF YORK'S. 01-938 SI 21 

Erenlnns 8-00. Mat. Wed-. Sai. a nn‘ 
Limited Season, mini end ahousl zg" 
JOHN GIELGUD " 0 ' 

in Julian Mitchell's 
HALF-LIFE 

AMATIOMAL THEATRE PRODUCTION 
B'lll r nnl I, WIUV . . . no one should 
m E s> l t . Harold Hobisn iQramai, Instant 
rrefllt card resenratlons. Dinner aim 
Top pneo Seats £7.00. 


FORTUNE. 83fi 1238. Evs, 8.00, Thurc. a" 

a, , ,%L 5.QO and 8.00. 

Muriel Pariow as MISS tuopple in 
AGAI-HA CHRISTIE'S 
MURDER AT THE VICARAGE 
mira Great Year. 


theatres 

GARRICK THEATRE. CC. 01-B36 A6D1- 
£n.8 Q Mat- Wed. 34 SaL at S30. 6.30 
TIMOTHY WEST GEMMA JONES. 
MICHAEL KITCHEN 
fn HAROLD PINTER’S 

mvujjEtLg" . EXCEL. 

EXH AU ST PBLY^ ICH " W^IRKL " 
Gdm “NOT TO ' B E MISSED." Times. 


THEATRES 

SAVOY THEATRE. 01-838 BOOM. 

WHOSE yPE^IS (T ANYWAY? 

A MOMENTOljs PLAY . I URGE YOU 
Evos! at 8-QpFvl. and' Sat. B.dS S- 8.45. 


<*« E I^wca. 3-0. Sat.* *64?. 8**3: 
pJSjL EDD/NCTaN. JLIL1A McKtNZIt, 
.BENJAMIN WH1TROW 1« 

^nurua “* 

"Thtt must bo «»e fiapohat laughter- 
maker in London. D. TuL M 'i 1 ™* - 
dbly gnlbyabw evening. Sunday Times- 

TSfffMWVjaSMiB 

: Houghton s Vaste r P'ece. 

WAKES. “A real nnd- ' Guardian. 

HAYM ARKET. 930 9BS2. Evas. 8.00. 
Wed. 230 Sat. 4.3n and 8-00, 

PAUL SCOFIELD 

1 HARRY ANDREWS 

ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDL In 

a new mar V Donald harwood 

Directed bv CASPER WREDE 
'"An admlraolc Play, honttt. wri eot^ 
-crivgd. properly worked , out. freshly and 
.btttngU written— richly ***}** v '3 a Tr*£! i 
Scofield at hi* best." 8. Levin. S. Times- 

KING'S- ROAD TNEATftE. 352 7486. 

, ^ 

DON'T DREAM IT. SEE IT1 

tut 

THE TWO RONNIES 

In * Spectacular Comedy. -Revue. 

TWO EXTRA PERFORMANCES THIS 
SUNDAY AT 5.0 atsd Z.O. 

Book now on hot line J37 A 2055. 

LYRIC THEATRE. 01-437 3656. Evs. 8.0. 
Mat. Thu, ^U 0jn °V m 

Directed By FRANCO ZEFflREiLl 
“TOTAL TRIUMPH.” Ev New«.i AM 
FVFNT TO TREASURE. Mir. 7MAY 

» "KfyLTXn&z 1 ^ hunored 

mayf ^ are 

UNDER MILK WOOD 

MERMAID, 01-248 7656. (R«L 24B 
2M51 SlfiCHTIMES July 17-28 fl.OS 

only 930 wnjnldnight. Christiana 
AWAKE.- A Celebration ol the TOOttl 
Aanlyerxarv of the Pilgrims Progress. 

NATIONAL THEATRE. 928 2252 

7^S. TOm”r. 3 and 7.4S PLUNDER by 

IS™“ 8 e ttuerwna x 
&tS^ruevfjM 

2033. Credit card bkgs. 928 3052. 

OLD VIC 928 7615. 

PROJECT AT THE OLD VIC 
June-sent. Season 

Eileen Atkins as 

SAINT JOAN . 

•• a great oertormanee ' Th* Times. 
Today 7.30. Loat performance. . 

Eileen -Atkins. Brenda Bruce. Michael 
Denson. Oereic Jacobi In 

THE LADY’S NOT FOR BURNING 
"fresh and buoyant." Dalhr Telegraph, 
rresn •"» W£1FrH NIGHT _ 

“ an Otrtstanrhng revival.” Th* Times. 
Returns July 21. 


PALACE: CC. 01-437 6834. 

Mon -Thurs. 8-6- F*i. and Sat. 6 A 8.40. 

JEWS CHRIST SUPERSTAR 
bv Tim RAX and Andrew Uovd Webber. 

PHOENIX. 01-836 2294. Evenings 8.19. 
Friday and Saturday 6.00 and 8.40. 
••T|M .BROOKE TAYLOR. GBAEME 
GARDEN make Lauoh.'' O Mall fn 

The 

"LAUGH. WHY 1 THOUGHT 1 WOULD 
wave DIED." Sunday Times. — SHEER 
DELIGHT/' E- Standard ■■ GLORIOUS 
CONTINUOUS LAUGHTER." Times. 

PICCADILLY. 457 4506. Credit card bkgs. 
B51T1971-3. 8 30 a.m.-B.SO p.m. 

Evol'.VJO. Sat. 4.30 & 8. Wed. mats. s. 

Royal Shalrospeano CamDjn, in 

THE’ OUTRAGEOUS ADULT COMEDY 
• bv Peter Nichols 
.PRIVATES ON PARADE 
** RiarNrinci triomoh." S. Extwsss. 

BEST COMEDY OF THE YEAR 
' Ev. Std. Award amt SWET Award 
FULLY AIR-CONDITIONED, 

prince EDWARD. CC (formerly Casino). 
ni-437 6877. performances. ■TW Week. 
Eves. B.o. Mat Thur. 3.0. Sat. 5.3o. 6.40 
NOTE CHANGE OF SAT. Ptert. 

From JVLV 22 531S. 5.0 and 8.40, 

. From Al/G. S Sate. 3J> and 8.40 
and from SEPT^Satj. S.O and 8.0. 

by Tim Rice and Andrew Lloyd Webber. 

PRINCE OF WALES. CC. 01*930 8681. 
EVW. ■.O.^mngv^^and BAS. 

BAOADW^^COMFDY.hauslCAL 

' starriM ROOIN ASKW1TH 

Directed by GENE SAKS 

CREDIT CARD BOOKINGS 930 0848. 

|— 


fijjpPW 

ROYAL COURT. 01-730 1745. AtT COMA. 

Evcnfmn 6. Sat. 8,30. ' 

FLYING BUND 

r;ii Moirison's "Saras? fareei" F. Times 
"AUDACIOUS COMEDY." Times. 


SHAFTESBURY. CC. Q1-B36 6S9S. 
S ShjlMSt*in» Ave WC2 Holborn end) 

From Today tor a Special Summer 
Season A New Production of 
GOOSFCLL 

Seats Norn L1-LS. 

Sett available scat* at £2.50 hbur 
Delore siiow from the 
Moik-Thur. 8. IS. Frf. A Sat. 5.30 & 8.30 


STRAND. 01-836 2660. _E»cnlmn 8.00. 
Met. Thors. 3.00. Sat. 5.30 end 8.30. 
NO SEX PLEASE — 

WE’RE BRITISH 
THE WORLD S GREATEST 
LAUGHTER MAKER 
GOOD SEATS £4.00-£1.00. 


ST. MARTIN'S. CC. 856 1443. EjB*. *-60 
- 


TALK OF THE TOWN. CC. 734 5 Ml. 
8.00. Dlnlnfl. Dancing (Bars Open 7.152 
9,3» Super Revue 


RAZZLE DAZZkt 
and et IT P.m. 

LOS REALES DEL PARAGUAY 


THEATRE UPSTAIRS. „„ 

maBd 1 


IRISH KY 


wiSsmir 


730 2SS4. 

TEARS 


VAUDEVILLG. 836 99B8. CC . Evs. 8.00, 
Mat. Tueo. L45, Set. 5 and B. 

Dinah SHERIDAN. Dulei* GRAY 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT 
by AGATHA CHRISTIE 
" Re-enter Agatha with another. Who- 
dunnit hit Agatha Christie is s talking to* 
West End yet again with another ol her 
fiendishly ingenious murder mysteries. 
Felix Baxter. Evening News. 
AIR-CONDITIONED THEATRE. 


TSsraLTw-mo. «w i3i7. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evenings 730. Mats. Wed. and Sat. 2 *5. 


WAREHOUSE. Don mar Theatre. Covent 
Garden. 836 6808. ROYAL SHAKES- 
PEARE COMPANY. Ton't. 8.00 Peter 
Flannery's SAVAGE AMUSEMENT. "An 
exceptional plavwritlng debut." F. Times. 
All seats £1 .80. A«W. bkgS. Aldwych. 
student Standby CT.OO. 


ZmSop critics, voee BILLY DANIELS la 

BUBBLING BROWN SUGAR 

Best Mortal m 1977 
BooUnSS accented. Malpr credit ard*. 
Sp ecia l rwSsrad rates- tor matlnc« tlor 
—■ limited ccriBd only}. 


WESTMINSTER. __ 01-834 OZ 

.. ....^^,S?;N]TNCED TO LIFE 
■ MUGGER l PGfs trenchant hunu 
THORNHILL'S dramatic art." D. 
'■Intensely human, caring drama," Y.T 
” Tremendous Impact,'^ NoW. "I i 
sharply moved." J. C. Trewln. 
Evgs. 7.45. Mats. Wed. 3.30. S*L 4. 
MUST END JULY 22. 


WHITEHALL. 01-930 6892-71 

Evas. 8.30. Frl. and Sat 6.45 and 9 
Paoi Raymond presents ttw Small 
Sex Revue ol the Century 
DEEP THROAT 
6th GREAT MONTH 


WINDMILL THEATRE. CC. 01-437 63 
Twice Ntghtw b.O and 10.00. 
Sundays d.OO and 8.0. 

PAUL RAYMOND presents 

THE EROTIC EXPERIENCE OF THI 
„ . MODERN ERA 

■Taeos to unprecedented Iimlls what 
permissible on our stage," Eva. Ne 
3rd GREAT YEAR 


WYNDMAM-S.cn -836 2038. Credit Card 
Bfcos- 8^6 1071-3 from 8.30 am MOn.- 
Ttmr. 8.00. Frl. and SaL S.1S and 840. 
_ "ENORMOUSLY RICH 
VERY FUNNY." Evening^Nevrt. - 
Mary O'Malley g smash hit comedy 
ONCE A CATHOLIC 
"Supreme comedy on sex and relMiiM. 
Dally Telegraph, 

"MAKES YOU SHAKE WITH 
LAUGHTER.'* Guardian. 


young wac^ WMSSiicJ" J— 

Ev — FA,R 


CINEMAS 

1 Bi Z- ShaHesbury Ave. 838 83 
Srtr Perta. ALL SEATS BKBLE. 

20 H?J A . >***« ODYSSEY CUJ. 70i 
film Wk. 4 Sun.: Z4S. 7.55. Late M 
Tonight & Sat. 11.05. 
as SATURDAY NIGHT FEVER DO. 1 

a. Sun.: a. do. „ S.i 9. a.is. Late 
Tonight & SaL 11.15. 


CAMDEN PLAZA (Qpp. Camden T( 
Tube). 485 2443. T aria 

<Bv the dlr« 
Of PADRE PADRONE.) 4.45. S.50. 9 


C LASSI C 1. a, 5. a. Oxford Street 

aSW 

imWKBE 

om 

5.^®, Bates. John Hurt THE S 

^ 20, 4 ' 35 - 6 - 40 ’ 
4; LEBANON . . . WHY? fAI. . 

Subtitles. Prog*. 
2.50, 5.30. 8.10. Late show 10.51 


CURZON. Curzon Street, W.l. 49fi 3 

UZALA A C * fT,F » rt -' Ol 

nnSi j u ' i n ^70 mm. cEngllSh 
■ ilTIctc Q—PJ mL b¥ AK IRA KURDS/) 
The rim«. "MAS 
P» OR »SL«J TT, ?.. CM> S c ^ er - "MASTERPie 

!’d0 S3’ 8.00 ^ V Sl a *°° tnat 5 


«»"*■ HaidV (CnHw'n 

aTSTJwa-iuM!* 
TBfr n3 

<" adwhcp tar 8.10 orog. 
hipht B, S ^ 5 &r03S ' ^ * S-"' 


REVFlur^S.c SI *«WARE. 93 

ft? ;l oq ■-■». SSS r UBT'i* 

1^*5. Znd prog. 4.30- Evo Drat 
Law Bight ehow Mcht.-Saf.' Sa3 

? ’ - 1 \ P-m. All seats bkblo. eveep 

the J???' ,#fe mphi J 

«»» PWL «4*e. » 


A3EON Havmarket. rgjo a 
Jane Fentfa. Vanessa Redg 
Fred Zlnnemann fur 

Ias <>T< T ' . D, V- U ^ 0 *4Not 

Mt oJraahaa . 1 

KINO (ft). Sep, progs, Dl*. 

Dmv^ ium! Lat * show 

0000 1 MKin 11.15 P.m. All J 

HUNCe CHARLES, Lolc. Sq 

. meTbr&i^ 

5h h ffi. 1 * ANXIETY (A 
BAd °it (•nel. Sun.). •; 

Smu ■£& M?S £S. ! 




















Financial Tfctts Friday My 14 197 § 

Royal College of Music 

- The Merry Wives 

of Windsor 

by RONALD CRICHTON 


15 


Cinema 


• *• 

Touch of mange for the Pink Panther 


by NIGEL' ANDREWS 


ifevon** n* / a » Clouseau has an engaging Idiocy, muftitudlnous cast emerged in ing boredom of marriage. But * 

Revenge of the Pink Panther (A) *..11 riaritv and »>,«. aim w? a iiv eathers 


Bmi 1C p!irt S oT h Lhe f ‘^J VitJes are ^, ou ^ se — a Tong one for Mistress 

repertory and even in F or * ~ very weU - What *** 

have never E “£ i 5 L ?j* lack ®? stage presence was 

Havin 7 said th f te T ^ iSa PP eare, J- provided by Deborah Goody as 

*0 havin'' mat tiLi P 0 ". **™ it Anne Page— no more voice than I Stnlsht Tim#Tvt w™" senes ot runny nats. accents ana ttbvoiu mm, ana Here in its Lebanon^-WhiF is a film 

' rime on T.SJ hem 1118 first others but that essential I a *n» IA) Wanier disguises. And while one of these West Coast spin-off directed by about the long-drawn-out civil 

“ Nicoiai wa« * RCM ; k ? ack of putting .music and ; Lebanon— Whv* rAt riaS is vinta ge Sellers— Clouseau Robert Wane, woe betide you if war that has tom that unhappy 

__ . .5 a r«OOd musician and character irmtc. I wny? (A) Classic visits dock-land ns a wooden- vou don.4 like the music nr t.he narinn ■mirt and erimn n new 


n T . . „ - - but writer-director Blake full clarity and individuality the film never really gathers 

Thank rnd tt'c ra i U8 ° Edwards never gives the story against a musical background, itself up to transcend its B*movie 

«««* isou us rnoay iai any momentum: it is merely a Robert Altman -pulled off the story, or to give Hoffman a true 

iveneinaiTm 3 ru peg on which to hang Clouseau's almost impossible. In the chance to flex his acting muscles, 

°VT aaa -Ti7 e -f.l a series of funny hats, accents and Travolta film, and here in its Lebanon— Why? is a film 


an evnpri« nnA rf - musician and character across. I wnyr ia) uassic visits d 0 ek.i an d as a wooden- you don 4 like the music or the nation apart, and given a new 

XU. --.L j opera composer. Of the men. Stewart Bochan an! Blapt* legged sea-salt complete with flashing lights; for there is no urgency to the questions both 

demure brand of ihrrrrcd 3 prom I sine voice I cnitanica bcaJa Viking hair, Swedish accent and compensation in the characters, of Palestinian rights and of 

sub-Weber and when he had the chance; the! Sad tidings this week for those an inflatable (but stubbornly These. amma ted cliches, walking christiafl-versus-Moslem religious 
is pleasant lanky Fenton of Robert Ramus I ™ 110 worship at the shrine of deflating J parrot-on-shoulder — about in a stroboscopic thunder- conflict Director George Cham- 


Ris rather 
romanticism, 
sub-Mendelssohn 


enoueh in u M . remon 01 Kboert «amusi”“ u worsnip ai me snnne 01 > Hutw^u-wuuiua — B uu« v « - uuuion- toudicu wuige uimn- 

onp/«i»m ' tnough zt lets had his moments— one doesn't I Inspector Clouseau. The fifth the rest are decidedly below storm, -range from the giggly cboum has carried his camera 
' like i taportant moments, often wish more flesh on a tenor 'film in the Pink Panther series form. Even Sellers's climatic minors who try to gatecrash the through the thick of the fight- 

- e nnal scene — how wi«p h„* ♦*»- — u _« — . * opens in London, and the signs Godfather impersonation, with pleasure-palace with their (pocket ing and recorded some harrow- 

of exhaustion are clearly upon magisterial pot-belly and cotton money, to the married couple ing shots of the dead, the 
it. Speaking as an inveterate wadding in the cheeks (soon, of nervously trying to let their hair wounded and the bereaved, and 

to be accidentally down, to the 



of Vprrii to «;i:7,7 u- but this one could afford to put 

.< re^Sin th» SSLYP ^“^nlght on vocal and physical weight. 

Th?« wS i ^ Wl f h a f, i s “ e! FaJ staff « a jxwrish part (was 
■ dhSSt?!? iSL ^SSLi character too much for the 
not- t ^ iat ^ ere German equivalent of early 

* reason a blv*^ h? a" 10 ? 1 Vict orian taste?): John Hall 

. k . expected to made more of his spoken 

• bu \ less -J! 00d Jn ***** dialogue than of his music— the 
lifr thtm V, ™ UCh v to ttanslation, incidentally, was a 

than -they horrid mixture of Shakespeare 

• ^nt mOSt c - on ‘ and S0meon8 else. The tavern 

^ the e ^ emn S music, though it is more melan- 
'■ can ? e _ „ . 1 m , . e ver y decent cfaoly than convivial, is some of 

• t aSSSr P Th ng u ° de ?" Michae l the most individual in the opera. 

- C be “°<6 i ng was Douglas Craig's production is 

d v ut - there was 100 ful l oE unobtrusive but useful 

much English naceness about it expertise. There was too much 
•* “ a “anlmwn of strained produc- D'Oyle Carte-style footwork. The 
tion, unsteady or breathy tone, settings by Julian Francis, pretty 
* lso a minim uni of sparkle and ingenious, deserved a bigger 
i an iL-^ ramatI £ ll ^ e ’ . credit than they got in the pro- 

!„ This may be unfair on the two gramme, even if one recurrent 
'*-■ wives— bom Jane Stanford and decorative motif left one 
Margaret Kelly were charming undecided whether it was meant 
and competent os Mistresses Ford to be cowrie shells or coffee 
and Page respectively Miss beans. Further performances 
Kellys voice had more colour tonight and (with a partly dif- 
but Miss Stanford lasted the ferent cast) tomorrow. 


St. BarthoIomew-the-Great 

Matuz/Capricorn 

by NICHOLAS KENYON 

The Hungarian flautist Istvfin ordinary feat of-control (possible 
Matuz is no ordinary virtuoso. ° Q a reed instrument, but I 
He has been known to the con- would thought impossible ^ on a 
temporary music world for some ^ 

jears now as one of the most create a continuous sound. In 
original and inventive developers this study, over a gradually rising 
of flute technique, and the constant note, he wove all man- 
advances he has made have ner of extraneous noises, grants, 
recently been recognised by a twitterings, flashes of harmonics 
prize at La Rochelle and by an and chords — the effect was of 
invitation from Boulez to work a concentrated intensity of de- 
with Globokar in the acoustic veloping sound unbelievable 
research department of IRCAM from one instrument, 
in Paris. But his visits here have It was a pity not to hear more 
been Few and far between; for of Mattie's own compositions: but 
me, Wednesday’s concert in the for this occasion, the Hungarian 
St Bartholomew's Festival pro- Mifcltf Kocsfir had written a 
vided the first chance to become Capricorn Concerto which 
acquainted with his astonishing featured Matuz and the Caprt- 
pla.ving. enrn Ensemble and was con- 

Evcn in the turbulent, power- ducted by David Hellewell. This 
ful paroxysms of David resourceful chamber piece built 
HdlewcM's Metamusic, it was up through a ; kaleidoscopic 
dear that Matuz has the ability succession of tiny. -incidents to a 
to weld the most disparate voluptuous central solo for alto 
material into a convincing whole; flute: from there is built to a 
with the support of Julian scuttering climax and decayed 
Dawson-Lyell at the piano to an eerie piecplo solo over open 
(whose bandaged hand did not fifths on string harmonics. Like 
seem to inhibit bis confidence) the other Hungarian work in the 
what might have been another programme (which was written 
academic exercise became a for Capricorn in 1976 >. Miotica 
gripping experience. When Da Camera /Vo. 2 by Jbzsef 
Matuz played bis own Studium Soprani, it was attractive, co- 
in for solo flute, however, the herent, but without any strong 
full range of his originality be- feeling of characterisation. Does 
came evident: by some extra- Hungarian music lack guts? 


Sadler's Wells 

Sanctum 

by CLEMENT CRISP 

The final new works in the flapping and flailing and 
1 A! win Nikolais season are not scuttling about the stage to no 
•quite what had been forecast, discernible point. The semblance 
Injury brought two short pieces of energy is no substitute for 
— A'oumenou and Aphorisms (or movement that aims to be more 
Arporisms as the programme than dynamic wall-paper, 
sltp had it) — in place of Cast- Notcmeuou is a trio for men 
mgs. This substitution may encased in fabric which enables 
have robbed us of an important them to create a form of kinetic 
novelty, which would, have been art. But it leads to nothing 
more welcome, for the evening beyond the initial surprise at 
was the least engaging thus far. what they can do — and the 
Its main offering was a suite memory of photographs of Ruth 
from the 1964 Sanctum and in it Page doing rather the same 
the hallowed Nikolais pro- thing 40 years ago. Aphorisms 
cedures of clever projections and is an aero batie-cum -ad agio dance 
stretch fabric to transform the for Lynn Levine- and Gerald 
human frame seemed more than one, who clamber about each 
usually stale. The central other in rather detached fashion: 
section of the piece — framed by such close quarters might be 
group dances — is a sequence of supposed to generate rather 
solos aod duets performed by more emotion than the roguish- 
. dancers who are shown stripped ness that is the only quality that 
'' as far as is possible to the buff they evince, 
without reaching the altogether. 1 have felt some disappoint- 
\ perky, rattling electronic ment at the Nikolais repertory 
accompaniment seems to goad ©n this visit. ' What seems to me 
them through dull dances, which the blandness and eye-and-ear- 
tbev dully dance. tickling uniformity of his works 

Beneath a superficial vivacity suggest an art that pretends to 

there seems a disinclination, to more than it offers: it reduces 
<hape choreography to any what were fascinating . expert- 
aurposetiti end: like an inees- ments in effects of light and 
sane, gabbling chatterer whose sound to the level of kitsch, 
jvurds flood polntlessly on. these placating rather than stimulating 
. Jancc-s find their interpreters an audience. 


not e-scribbler 1 who can usually course, to be accidentally down, to the smoothie disco a remarkable dossier-full of 
be relied upon to cover all the swallowed), comes second-best to owner (Jeff Goldblum » whose interviews with those involved, 
empty spaces on a Panther press Brando's which had its own dastardly seduction plans so More admirably, he has carried 
hand-out with jokes -to -be built-in self-parody element any- nearly, but not quite, succeed, bis common sense through the 
remembered, I have the evidence way. Go if you feel you have to. but war as well. The film flies a flag 

before me In the shape of an Since the makers are going for be prepared for an overdose of for neither one side nor the 

almost virgin sheet. Six jottings the tired and the familiar, one noise -and an underdose of other, and it deserves some kind 
are here compared to an average regrets that the funniest human interest. of a prize for political fair- 

Panther note-fall of fifteen to Clouseau tic of aU— those in Straight Time Dustin Hoff- niindedness beyond the call of 
twenty. immortal contortions he per- man plays an ex-convict return- duty. 

The problem -is that .the film's forms with a French accent — is ing to, society after a six-year I wish I could say the same 
makers, flattered or brainwasbed oddly underused here. The one prison sentence for robbery. The for Blochs Brito?Z7iioa, an 
by success, have set themselves truly cherish able moment is film begins with a spiky, nervous American documentary about 
the sound but unambitious target when Clouseau, disguised for realism — in its account of the the stare of race relations in 
of repeating all the old formulae, reasons impossible to explain as hero’s relationship with his over- modern Britain. It was commis- 
So here we have, in Inexorable Toulouse-Lautrec, tries to warn bearing, pseudo-kindly parole sioned by an Educational 
reprise of the last Panther -film , his companions in a shop of an officer , fM. Emmet Walsh) and Foundation in the States, who 
Clouseau's curtain-raising battle imminent explosion. “A berm?" its picture of a Los Angeles sown are at this moment, to the 
with his Oriental manservant they keep querying in hopeless with temptations for the petty chagrin of produceMirector 
(Burt Kwouk), police chief incomprehension; until the roof crimina)— -that makes hope soar David Koff, using the scissors to 
Herbert Lam's Hl-fated release goes up and instantly clarifies that Hoffman has for once found re-edit it in more palatable form 
from the lunatic asylum, sundry Clouseau's meaning. a vehicle worthy of his talents for its scheduled airing on 

attempts to assassinate Clouseau, la Thank God Its Friday disco after the potboiiing hokum of American TV. 

sundry escapes by Clouseau. and fever visits California. The set- PapitLon, Marathon Man, etc. While sympathetic to indepen- 
an action climax dn an exotic ting is “ The Zoo," a discotheque But he has not. No sooner has dant film-makers who rub big 
locale (Hong Kong this time in- of Babylonian splendour and Aim unveiled' its big surprise companies the wrong way. I can 
stead of Bavaria). The pilot con- vulgarity whither on Friday that Hoffman is not an'endear- understand the foundation's con- 

cerns Clouseau's efforts to frus- night dance-lovers flock from the ] n g “victim of society" but a cem. The film presents an 
trate the murderous intentions four corners of Los Angeles. All pathological criminal, returning abrasive and credible picture 
of an American tycoon in Paris human life is here, as they used after jail to a life of violence of police victimisation and em- 
(Robert Webber), who ts trying to say in Hollywood,, and if you and. bank-robbing— than charac- ployer discrimination against the 
to ki>] the famous detective as have difficulty sorting the Uve ter interest is elbowed out of British black community. But 
a show of strength to impress his cast from the inanimate — the the way by the action mechanics having done so. it piles fantasy 
Mafia patrons back home. disco decor includes stuffed polar of a crime film. The bank rob- on fact by bringing out the 

Clearly any great comic figure bears, satin penguins and laser- beries are staged with flair, and Down-With-Capitalism placards 
has his parameters and one eyed snakes — you can always sit there are moments of prickly and announcing, or sonorously 
wouldn't wish him to step out- bade and allow yourself to be truthfulness in the hero's implying, that the only society 
side them. But there should also battered senseless fay the music, relationship with his older side- in which minorities will be free 

be a capacity for surprise, and Saturday Night Fever has a kick (Harry - Dean Stanton), who is s Communist one. There is Cions, of interviews with young — but the use to which it is 
that ts missing here. The idea lot to answer for. In Nashville, takes to crime less for material much telling footage in the film blacks who have been on the put tells another sort of story 
of the Mafia conspiring against that miracle film in which a gain than to stave off the engulf- — of street riots, of demonstra- receiving end of discrimination altogether. 



Peter Sellers as Chief Inspector Clouseau 


Great Victorian Pictures at the Academy 


by WILLIAM PACKER 


“ Great Victorian Pictures." 
an Arts Council exhibition that 
1 reviewed earlier in the year 
when It was at Leeds, at the 
‘tart of iis tour, comes at last 
to London, to the Royal 
Academy, where it goes on show 
on July 21. It is an excellent 
and enjoyable collatioD of old 
favourites and not-so-favonrites. 
of the familiar and the com- 
paratively obscure, in which 
even the most hackneyed and 
over-played have surprises to 
offgr. to their advantage: for 
their fame was usually won at a 
remove, and it is good to see 
The' Stag at Bay." "Bubbles.” 
The Death of Chatterton ” and 
Eastward Ho," and many more 
in the flesh. Many of the works 
are fine thing? in any case, so a 
fair viewing is no more than 
their due. The show has 
changed somewhat In the mean- 
time. the exigencies of a long 
tour making a few substitutions 
necessary. In Leeds I much 
admired Lady Butter's “ The 
Roll Call," lent by the Queen; 
and now I am looking forward 
to seeing its newly cleaned re- 
placement, “Scotland For Ever,” 
by the same artist the picture 
evidently finer than the thought 



Camden Lock 


a In Love ’ (1888) by Marcus Stone <1940-1921) 


Nlaggio Musicale— 2 


Britten in Florence 


by WILLIAM WEAVER 


And Kraemer ( Paul Banyan) and 
Steuart Bedford (The Fairs 
and Queen ) were also greatly ad 


r 


'It could only have 
come from Asprey ' 


Asprrv 

JScf'-olJ witch 

(liiaividile 

Str.ip U?5 

A'l'iiT 

'fiiur'tiiftjinfc 

ibaKulJi!55 



Asp rev 

I 165-169 New Bond Street, lonta'WlY 0AR.T4: 01 -493 6767j| 


The 41st Maggio musicale has (on the continent) unjustly can make 20 productions, 
just ended in Florence and while neglected composer. And per- they are very beautiful/ 

this year’s festival has not been haps better than Britten or The words “example’ — , . . 

perhaps so glittering as some of Purcell, the English Music “exemplary” keep ■ cropping up mired, as was the MnaJi but 
the great Maggies of the past. Theatre Company itself was in the reviews, because Italy's virtuoso orchestra. Since the 
it has maintained an enviably received with unstinting praise state-supported theatres have English group deliberately 
high level of execution and has and genuine enthusiasm. The been under increasing attack eschews stardom (the leading 
continued the Maggio tradition leading Florence critic Leonardo for their carefree spending on j* 1 tiger m °he production may 
of inteBigent and provocative Pinzauti, in a long, favourable what one critic, aiso reviewing become compnmario in the 
programming. Among the most article said: “On the stage there the English troupe, called Italy’s next). Individual artists were 
welcome ami significant final were no great stars or “ Assyro-Babylonian tradition of not singled out. but a general 
events must be counted the week- miraculous voices, but every- opera staging.” in fact the mbute was paid to them alt 
long visit of the English Music thing worked with such fresh- inventive staging by Colin deservedly. 

Theatre Company, with its pro- ness and with a dignity so Graham of both the Britten and The opening performances 
duction of the Brltten-Auden joyous and communicative that the Purcell was able to make a were poorly attended fa fact 
Paul Banyan and the Purcell it conveyed the image of a virtue of economy, stimulating lamented by the press), but 
(partly arranged by Britten) The highly civil-zed cultural world, the singers also to dance and word-of-mouth and the glowing 
Fafty Queen, under the co- full of fascination ” act, thus bringing a rare reviews soon bad their effect. The 

sponsorship of the British Coun- In La Repvbblica, of Rome, coherence and charm to the Der- final performances played to 

cti. the critic Michelangelo Zurletti formances. nearly full houses, comprisin 

Among the aims of this year’s sp° ke of “the example of a Praise of the company's in- not only Florence’s large 

Maggio was a kind of discreet theatre made with nothing, but telligence and clever frugality English-speaking colony and the 
homage to Britten, marked by an made with ideas. With the did. not preclude proper atten- summer visitors but also a n urn- 
elaborate Italian -language pro- money spent on any ordinary tion to its musical achievement her of the notoriously sluggish 
duction of his Midsummer products of ours, the English The conductors Nicholas Florentines themselves. 

Night’s Dream (already re- 
viewed here), and the in- 
clusion of some of his works 
in the festival's concert pro- »Q»K 
grammes. To conclude this 
homage (it can hardly be called 
a survey), Paul Banyan was an 
ideal choice. Completely un- 
known to Italian audiences, this 

youthful, ebullient work offered t tt rn r < 1 xr 

the perfect contrast to the by J. M. 1HOMSON 

mature, more sober and reflec- 
tive Dream.' Not all the critics , . „ , _ ' . 

liked it and one — Paolo Isotta. York, with its plethora of Renaissance Band of the London from medieval to baroque. After 

writing in the conservative n historic buildings, its gritty Pro Miisica in the .Guildhall. Not the Taverner Mass 0 Michael in 

Giantale of Milan — referred to northern pride and its elegant' ? or nothing did the blue record- the choir of the Minster, as the 
the piece’s recent, warm re cep- ^ 0ccas j 0 n is a mPO t*a for trf ,, ^“tdentseber ] ast rays of sun touched and left 

tion in Britain as another occasio . n ; 13 a me ? :a for Rundfunk sit outside every con- the tracery *n those glorious 

example of “ that unfathomable 311 w0 ° appreclate 0,1 a-'ouman cert. Exceptional ' talent and windows, a member of the audi- 
aesthetic judgment that to this scale the things Loudon lacks, enthusiasm showed itself in the ence remarked that she now felt 
writer, seems one of the most The York Early Music Festival Florilegium Sdiools Early Music “truly Gothic." Andrew Par- 
mysterious characteristics of the # ju) y i-jgj) grew from a week’s Project {■brwncihiJd of John rott's Taverner Choir had such 
English." earlv music in Anril lasr vt>ar Tt Kehoe of pe«a) Where dance intensity and conviction as to 

Other writers were more ~r and music had teat freshness and erase the memory of an earlier 

enthusiastic and less puzzled. 1S °°t a showcase for British involvement children can natur- dismal Minster evensong with 
Many praised the work's achievement but a meeting place ally evoke: brasaplaylng of com- music of notable anonymity- 
exuberance and skill, and Enrico for European artists and a tour- pell ing £lan. a guitarist who Courses in medieval and 
Gatta. writing in UAvoenire, do-force for the city. Mainstreet made one listen to. every note, renaissance music accompanied 
spoke of “great cultural style” shops are not catchpenay-tourlrt and instruments such as hurdy- the concerts and a richly illu- 
and^ “refined irony," while orientated. There is practically gurdies, made by the children minated Machaut exhibition from 
Daniele Spinl, in La Nazione of no trumpery; A wholly unsenti- and .played with obvious joy. last year’s Festival Estival in 
Florence, pointed out that the mental sense of festivity per* Here was the nucleus for. some Paris irradiated a rare poet and 
early work contains, ra embryo, meates the city. future schools . early music composer. The festival is tribute 

the typical ambiguous Britten These qualities shone out of festival to parallel the annual do indeed to Its dynamo, Richard 

character, the best' of the music, from the at the Royal Albert Hall. Phillips of the Yorkshire Arts 

Purcell fared even better, and Medieval Ensemble of London in- So richly endowed- is the city Association, and his committee. 
The Fairy Queen — also being the Merchant Adventurer’s Hall that it is -possible io hear music and to the Yorkshireman whose 
heard in Italy for the first time (who fully deserved tee record- on a scale and in surroundings drive heped kindle it, Anthony 
—was hatted unanimously as an ing contract they now have), that nearly match the date of Rooley and his Consort of 
Important work by a major and to the crackingly professional composition, running the gamut Musicke. 


Gonyea and James 

by ANTONY THORNCROFT 


Two very different musical worlds detract from the songs. like 
confront each other across Cara- Lasagna and PinnonexiraJ. which 
den Lock — Madisons', a would be are sixtfa-formish but iraagina- 
modish supper room which serves tive. When he gains in ccra- 
g gayish American cabaret artists fidence. and gets the measure 
with its steaks, and Dingwall’s, of a Madisons clientele, Gonyea 
a well established rack club could be fun. 
where bands on their way up Etta James carries no reserva- 
g play their heart out before a lions. Big and black she roars 
I raffish audience. through some excellent material 

The contrast was most vivid adding ingrained soul and blues 
late night Wednesday. At Madi- to modern rock classics like the 
son’s there was Dale Gonyea, a Eagle’s Take it to the limit and 
yound Adonis of an American Janis Joplin's Another little 
who makes fun with a piano; at piece of my heart. This is full- 
Dingwall’s another American, blooded, knock-out stuff, yet 
I Etta James, a sou! singer from intimate in its sexual under- 
the fifties who hit drugs and has tones. She was in London for 
survived to live again as a rock only two nights to push her 
singer of great power and excellent new album but by the 
emotion. time she returns she will surely 

jg Gonyea was nice and nervous, ho packing a bigger outlet than 
5 He comes on Jn tails and patched Dingwalls but perhaps one that 
|gg jeans, and quickly establishes a is loss well suited to her late 

I classical training with ,J '-- -* 

familiar pastiche pieces, 
the main it is jokes it la Gorge 
3nd songs & la Tom Lchrer. The 
flights of fancy are rather twee 
— an “ opera " The Red Gloves, 
gets a five minute airing, as do 
the gloves: a medley of cele- 
brated songs about women are 

transformed by being dedicated The Library Association an- 
tq his mother Shirley, whose nounces that the winner of its 
picture decorates the stage: Carnegie Medal for 1977 is Gene 
there is a similar confusion of Kemp for her book The Turbu- 
songs about Lvov, the town in lent Term of Tyke Tiler . pub- 
Russia. With all this frenzy ft is Iished by Faber and Faber, 
not surprising that Gonyea is in Commendations for 1977 are 
danger of falling between two beine made to Peter Carter for 
piano stools. Under Goliath (Oxford Univer- 

Given a more encouraging sity Press). Diana Wynne Jones 
audience Gonyea has enough for Charmed Life (Macmillan) 
talent to flourish. At the moment and Philippa Pearce for Shadow 
the tricks and the flights of fancy Cage (Kestrel Books). 


Early Music Festival 


sum** night, worldly, charm. 
But in 


1977 Carnegie 
Medal winner 


Theatre Upstairs 


Irish Eyes and 
English Tears 

by B. A. YOUNG 


This new piece by Nigel 
Baldwin is not another item in 
the Royal Court's current obses- 
sion with Ireland, but a play 
about a tramp who is taken up 
by a gang of Fulham yobos. The 
tramp, who is called Irish Eves 
because that is the song he sings 
to collect pennies on the pave- 
ment is ultimately killed bv Les. 
tee yobbo who first adopted him 
in the face of opposition from 
his mates and his girl, Ronnie. 

. There is a god deal of action 
m between, but little to account 
for the behaviour either of Les 
or of Irish. The play is an 
incoherent sequence of short 
scenes that range from the Shed 
at Stamford Bridge to the shore 
at Hay-ling Island. Some of them 
are almost totally irrelevant, 
some hint at plots or sub-plots 
that are not properly developed. 
The main events of the play 
strike me as exceptionally im- 
probable and. moreover, it lacks 
any kind of backbone. To make 
it worse, the Fulbam bovs’ 
speech is inarticulate and un- 
convincing. Tan KeTlgren. the 
director, has indeed encouraged 
his players to be inarticulate, 
unless they were simply unsure. 
Of their words. 

It is a weakness of young 
writers Hfce Mr. Baldwin, who 
nave passed their youth wander- 
ing from one down-marker job 
to another; to believe that paces 
from their early experiences may 
automatically have a special 
interest for those of us who pass 
less dashing lives. Alas, it isn’t 
so. However sharply you call no 
those Wanderjafere, you still 
have to write a ploy. 



Karl Johnson 


financial Times Friday July 14 1978 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Fnwntlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Unitary taxation threat to 


Friday July 14 1978 


the multinationals 


Summitry in 
Bonn 


BY DAVID FREUD 


THE SUMMIT meeting which 
begins this weekend in Bonn 
and at which the seven leading 
countries of the industrialised 
West will be represented has 
attracted much advance pub- 
licity and roused many advance 
hopes. The case for such a meet- 
ing at the highest political level 
is quickly put The seven 
countries together account for 
roughly half of total world out- 
put and trade. Yet the growth 
of world trade has fallen 
dramatically in the past three 
years and the immediate out- 
look for economic growth in the 
countries which belong to the 
Organisation for Economic Co- 
operation and Development is 
far from promising. 

The general need to counter 
unusually rapid rates of infla- 
tion has checked the growth of 
output and led to a widespread 
rise in unemployment; the 
United States, which until now 
has been most vigorous in taking 
domestic measures to coun- 
ter these tendencies, is 
daw itself being forced to 
change course by the weakness 
of the dollar. In such a climate, 
there is a real danger that indi- 
vidual countries will seek to 
solve their own problems 
through open or concealed 
measures of protection and that 
the growth of world trade and 
output will be obstructed still 
further. 

There is general agreement 
about the nature of the prob- 
lem but much less agreement 
about the best means of tackling 
jt. Since the issues involved are 
intensely political, however, it 
seems essential that some rough 
consensus of opinion should be 
reached at the highest political 
level- 


grated. The aim of such a move: 
would be to produce a greater j 
coordination of economic policy 
inside the Community and at 
the same time to create a cur- 
rency bloc whose very 
existence would help to reduce 
currency speculation and its i 
harmful effects on world trade.j 
The least enthusiastic sup- 
porter of this development was! 
the UK Government, which notj 
only has to reckon with the 
views of Labour’s Left about! 
economic sovereignty in general , 
and tbe EEC in particular but 
must take account of the facti 
that this country’s industrial 
structure and proneness to 
inflation would make its partici- 
pation in such a currency bloc 
particularly difficult. But the 
ambitious nature of the pro- 
posal and tbe seriousness of 
its main supporters is demon- 
strated by the fact that main- 
tenance of a single currency 
bloc would be helped under 
it by pooling a sizeable part of 
the official exchange reserves 
of members. 


EEC study 


The summit meeting itself 
has. in fact, been preceded by 
two other rounds of interna- 
tional economic discussion, the 
aims and results of which have 
been promising enough to keep 
optimism alive. At Bremen a 
week ago the beads of govern- 
ment of the nine members of 
the European Community 
decided to press ahead with a 
study of means by which their 
individual currency sytems 
could be more closely inte- 


Modest hopes 

It is clearly important that 
the Bonn summit should not be 
an obvious failure: the trend 
towards protection and reces- 
sion might then become more 
pronounced. But it is equally 
Important that no extravagant 
hopes of success should be 
pinned on it In some areas, 
the heads of government are 
themselves severely restricted 
by political factors. 

In other areas, where political 
factors are not so intractable, 
the translation of general 
agreement into firm proposals 
will take much time and argu- 
ment — as is also the case, 
indeed, with the Bremen aDd 
Geneva Agreements. The world 
economic situation is not 
likely to be changed dramatic- 
ally at Bonn; it may well turn 
out in the long run that the 
proposals for closer monetary 
union in the European Com- 
munity are more important But 
even an agreement in principle 
between the leading industrial- 
ised countries to continue work- 
ing together for the common, 
good could have a value and 
produce a momentum of its own. | 


Agreement on 
Namibia 


AFTER FIFTEEN months of 
arduous and often delicate 
negotiations, the five Western 
members of the UN Security 
Council have achieved what at 
one time looked virtually 
impossible: they h3ve got the 
agreement of the warring 
parlies to the Namibian dispute 
tn agree to a complex package 
of proposals for the peaceful 
tia:MiM- hi that tirriloo in 
independence under a freely 
circled government. In April 
19n. when the U.S.. Britain. 
France, West Germany and 
r.anada hi-cm their initiative, 
Pretoria was adamant that it 
would grant independence to 
Namibia only under an apar- 
rheid based and South African 
sponsored goverment. The 
South West Africa People's 
P rv ! msaf-ion (SWAPO). which 
i<; the main nationalist move- 
ment and the only one interna- 
tionally recognised, was equally 
ail.unanl that it would accept 
no such thing. 


The obstacles to the imple- 
mentation of the proposals are 
oF two kinds. First, it is clear 
that although the parties to the 
dispute have broadly agreed to 
them, the proposals still have 
to be debated in and accepted 
by the United Nations Security 
Council, the only body com- 
petent to authorise wlzat could 
be a very large military and 
civilian force. 


T HE dominance of multi- 
nationals in international 
trade b threatened by the 
growing popularity of a new 
way of taxing their profits. The 
new method — called the unitary 
system — is sweeping individual 
states in the U.S. If it spread 
worldwide the multinationals 
could conceivably end up paying 
more tax than they earn in 
profits. 

i Three U.S. slates— -California, 
Alaska and Oregon — have said 
they will apply unitarif taxation 
to foreign multinationals and 
at least another 20 states are 
thinking of doing so. ' The 
development is being watched 
closely in other countries, 
especially the developing ones. 

In most circumstances the 
unitary method is arbitrary. It 
1 taxes a multinational on the 
i basis of its worldwide profit 
rather than the income made in 
the individual country or state. 

The taxing authority decides 
what proportion of a multi- 
national group's operations falls 
within Its area and taxes that 
proportion of the company’s 
worldwide profits regardless of 
whether or not a profit was 
made within its jurisdiction. 

The attraction of the method 
comes from the ease with which 
it can be applied. The 
California authority, for 
instance, reaches tbe relevant 
proportion by averaging the 
three ratios of local turnover, 
assets and labour costs to the 
worldwide equivalents. All th;s 
information can usually be 
derived from published 
accounts. 

An attempt to use the new 
AngLo-U.S. Double Taxation 
Treaty to curb the state’s plans 
to apply unitary taxation to 
foreign companies seems to 
have failed. 

The U.S. Senate has thrown 
out the relevant clause and the 
UK Government looks increas- 
ingly likely to accept the 
deletion. The British fee) they 
have extracted valuable con- 
cessions from tbe Americans in 
the treaty and are unwilling to 
risk losing them by delaying on 
bebalf of multinationals around 
the world. 

In effect the British believe 
they have done their best for 
the companies and it is now up 
to them to defend their own 
interests through direct • pres- 
sure on the various U-S. states. 

In fact it looks as if the 
attempted inclusion of tbe rele- 
vant clause in the treaty — 
Clause 9(4) — was not the 
i result of British pressure in the 
[first place. Rather the clause 
was welcomed by the U.S. 
Treasury as a device to stop 
: the spread of unitary taxation in 
the states. 

: The U.S. Treasury position 
would have been influenced by 
pressure from the big U.S. com- 
panies which, dominating the 
, multinational scene, stand to 
lose most if the example set by 
i the states is copied elsewhere. 

| The growing popularity of the 
unitary concept stems from dis- 


satisfaction with the present 
way of taxing multinationals. 
Establishing the real level of 
profits made within a specific 
jurisdiction is a complex opera- 
tion. And it leaves many lax 
bodies with the lingering feel- 
ing — justified or not — that 
multinationals are getting away 
with more than they should. 

The methods of assessment 
demand considerable sophistica- 
tion and a great many high- 
cat ibre staff.- Many less 
developed countries feel that 
such scarce manpower would be 
better^ employed .in other areas 
of their- economies:'- 

The suspicion of multinationals 

arises because— unlike purely 
local operations— they have the 
opportunity of shiftin g their 
profits around the world to take 
advantage of the -most favour- 
able tax rates. - 

Tbe easiest way of doing this 
is through ■ -’transfer pricing. 
Companies in different countries 
under the umbrella of the same 
multinational can- trade witb 
eacb other on terms which leave 
most profit — or all the profit- 
in the country with the lowest 
tax rate.. 

' A simple example would be a' 
UK car manufacturer witb a 
sales ' organisation in West 
Germany. . British corporation 
tax is effectively extremely low, 
while tbe German tax is high, so 
it would be in the Manufac- 
turer’s ipterest • to raise the 
-notional price of his cars to the 
sales organisation as close to the 
final selling pnee as possible. 

This would leave very little 
margin of profit for the German 
organisation and a large margin 
for the UK one, thus directing 
the profit to the country where 
it would be taxed least. Human 
nature — or rather, corporate 
nature — being what it is, multi- 
nationals are obviously tempted 
to do this as much as they can. 


THE U.S. LAW TO ENSURE ARM’S LENGTH 
TRANSFER PRICING 


railroads— and in fact this was 
probably as fair a way as any 
of doing this. The level of dis- 
tortion was low when all the 
states used the same formula 
within a single economic 
unit. 


The relevant statutory provision is Section 482 of the Internal 
Revenue Code* The text runs : 

6 In any case of two or more organisations, trades, or businesses 
(whether or not incorporated, whether or not organised in tbe 
U.S., and whether or not affiliated) owned or controlled directly 
or indirectly by the same interests, the Secretary may distribute, 
apportion, or allocate gross income, deductions, credits, or allow- 
ances between or among such organisations, trades or businesses, 
if he determines that such distribution, apportionment, or allocation 
is necessary in order to prevent evasion of taxes or clearly to 
reflect the income of such organisations, trades or businesses.” 

Regulations were issued in 1968 to define the terms in the section 
and to give examples of specific calculations. In addition a 
considerable body of case law has grown up. 


Climate of 


opinion 


To counter such instincts, tax 
administrations round the world 
have developed a set of rules 
controlling transfer prices. 
While the existence of multi- 
nationals was recognised in 
law early in the century, 
it is only in the last 10 years 
or so that controls on their 
pricing behaviour developed 
teeth. 

There are two reasons for the 
relatively recent toughening of 
attitudes ■ to taxing multi- 
nationals: First the general 
climate /of opinion has swung 
against- giant, corporations In 
many Countries. Secondly, the 
cost of government has expanded 
hugely in all countries, leading 
to determined attempts to In- 
crease tax bases and ping tax 

leakage. 

.Tax administrations ; apply 
their control by insisting that 
intra-company dealings • across 
national boundaries nse ''arm’s 
length " prices. This formula- 


tion means that a company must 
price its products to a con- 
nected company abroad as if it 
were an entirely independent 
organisation. 

If the prices are not set on 
the arm’s length principle, most 
tax administrations have powers 
to assess companies as if they 
had been. This approach is 
adopted in the OECD draft 
double taxation treaty, in all of 
the UK’s 70 or so treaties as well 
as legislation around tbe 
world. 

In practice, however, deter- 
mining the arm’s length price is 
an enormously complicated task. 
The only cut and dried way is 
by comparison with the price 
paid for the same product by 
an independent company— the 
so-called “ comparable uncon- 
trolled price ” method. • 

• Unfortunately for tax admini- 
strators, such a direct com- 
parison is available in only a 
tiny minority of cases. Because 
of this they have developed a 
number of fail-back methods. 

These approaches have been 
laid down very precisely in the 
LIS., which leads the world in 
tackling tbe problem. Explicitly 
or’ implicitly, however, all other 
Western countries apply broadly 
similar criteria. 

When the U.S. Internal 
Revenue Service (IRS) has 
decided that the "comparable 
uncontrolled price n method 
does not apply in a particular 
instance, it next tries the "re- 
sale price” method. This 
method works backwards from 


the reseller’s price via an 
“ appropriate mark-up percent- 
age” to arrive at what would 
have been the arm’s length 
price- on the preceding transact 
tion.. • - • - 

The drawback to this approach 
is that it is only applicable 
where the reseller does not do 
very much to the goods. The 
more work he performs on the 
product the greater the room 
for argument over the 44 appro- 
priate mark-up percentage” 

A third approach is through 
the “cost-plus” method, which 
simply takes the cost of produc- 
tion and adds a margin of 
profit to arrive at the arm’s 
length price. Variations of this 
technique used by the IRS are 
to price the component parts 
of a product or to investigate 
what tbe return on a particular 
investment should have been. ’ 
In the real business .environ- 
ment, however, sq£h cosy 
assumptions about the import- 
ance of margins ji5n pricing 
policy are . generally inappro- 
priate. . The moat important 
factor is what tt£ market will 
bear. Most tax idmi lustrations 
accept that prices for products 
can be low— even below cost — 
in some cases. 

The UK Inland Revenue, for 


example, will allow a below cost 
transfer price where the com- 
pany is trying to break into the 
market, trying to sell a complete 
range or ieGing ao item’ related 
to its main line -of business as 
a loss-leader. . 

. In effect establishing the true 


transfer price becomes a long 
and detailed negotiation be- 
tween the company, and tax 
administration. There are an 
enormous number qf items in 
establishing costs; capable of 
any number of .. different 
interpretations. 

For instance, in the discus- 
sions about the value of patents 
and licences the multinationals 
have the advantage over the tax 
administration of- far greater 
knowledge of their own busi- 
nesses. Small wonder that a 
US survey a few years ago 
found that more than 50 per 
cent of transfer pricing investi- 
gations ultimately used tbe 
"residual” method. a 
euphemism for a. tradeoff. 

• The more unsophisticated a 
tax authority is, the more it 
feels on tbe losing end of any 
attempt to esthblish.ann’s length 
prices. Less, developed countries 
have .an additional reason for 
suspicion of the ann : s length 
approach. 

Many of them -have rates Of 
corporation tax oF-60 per cent 
and above, and the-. temptation 
for companies to .keep their 
profils down in theses countries 
must be large, especially as such 
countries often have a relatively 
unreliable economic environ- 
ment 

In contrast -to the complexi- 
ties and uncertainties of the : 
arm’s length approach, unitary 
taxation is extremely" simple to 
operate. _ ■; 

Originally it developed: dsJ* 
way for the U;S. 
apportion their ; taxation: ȣ the.- 


But the approach becomes 
arbitrary when spread across 
countries with widely different 
economic environments. The 
California formula, for instance 
—based on labour costs, assets 
and turnover— could mean an 
oil company paying high taxes 
on oil produced from expensive, 
poor productivity wells, and low 
taxes on low cost high produc- 
tivity wells. 

That anomaly would exist 
even if all countries adopted 
the same formula for assessing 
unitary tax and identical 
accounting standards. In prac- 
tice. however, each county 
would use- the formula most 
favourable to itself. California 
—a high-wage area— has in- 
serted a labour content in the 
formula. Low wage countries 
would probably not 

A. foretaste of what would 
happen is provided by Alaska. 
The' state is very keen on 
unitary taxation. Mr.’ Sterling 
Gallagher, its commissioner for 
the the department of revenue, 
expects the system to spread 
across the U.S. 

Yet Alaska has just decided 
that the production and trans- 
port of offr-end oil only— 
should be taxed on the profit 
arising within the state. The 
main foreign company affected 
by this measure is British 
Petroleum and the effect of the 
decision will be to make the 
local tax on BP much greater 
than it would have been under 
a unitary system. 


Balance of 


advantage 


This picking and choosing 
where the balance of advantage 
lies when applying unitary 
taxation would become the 
main threat to multinationals. 
It would effectively create wide- 
spread double taxation and 
could lead to many multi- 
nationals facing tax bills bigger 
than their gross profits. 

• Tax administrations in the 
.Western world are firmly 
attached to arm’s length pricing 
and wopld put up determined 
opposition to the. spread of 
unitary taxation,. 3W the 
example provided by the U.S. 
States could . prove stronger 
among the . less' developed 
countries. V . : V 


£3? 


"■ft! 


m 


: If uxuta^y-toCation does be- 
come Widespfeadv current pat- 
terns. ‘ of - teteroatiomd trade, 
based- asitbey "are on the multi- 
riationdsk ‘would be radically 
undermined. This could repre- 
sent another damper - on tbe 
growth>of world trade, already 
suffering as the forces -of pro- 
teetienjsm- strengthen. 




M 




MEN AND MATTERS 


■ ■ - »« ■- /• • '4 


: 

I V 


Sweet airs on 


Lessen tensions 


Even iT Rhodesia. with its 
acute problems of nationalist 
divisions, defies solution for the 
time being, a Namibian settle- 
ment certainly ought to lessen 
tensions In southern Africa. It 
should remove one area of 
potential large scale confronta- 
tion (which could incidentally 
ease International pressure on 
Smith Africa itself) and il 
might help lo lessen the Soviet 
Cuban presence in Africa by 
relieving Angola of I he con- 
tinuing need lo patrol Its 
southern border. This in turn 
could affect U.S. -Cuban (and 
perhaps U-S.-Snvicl) relations, 
were Cuba, which has appar- 
ently supported the Western 
effnrt on Namibia, to withdraw 
some of its troops from Angola. 

The prizes then are great, but 
tbe question remains as lo 
whether the Western proposals 
or something vert- near them, 
can actually be implemented. 
The proposals — which were 
agreed by South Africa in 
April but by SWAPO only on 
Wednesday — provide for a UN 
patrolled ceasefire and a UN 
supervised transition to inde- 
pendence following free elec- 
tions to a Constituent Assembly. 
This body will draw up an inde- 
pendence constitution, and it 
seems to be envisaged that the 
Assembly Itself, or members 
from it, would form the inde- 
pendence government 


Enormous problems 

Soviet hostility to peacekeep- 
ing forces is well known, and 
the threat of a Soviet veto must 
remain, even though the 
Western powers believe that 
such action is unlikely in view 
of the widespread African sup- 
port for the proposals. A prob- 
lem of a different kind is that 
SWAPO, wihiuh has already said 
that it will not accept indepen- 
dence unless the port of Walvjs 
Bay is part of Namibia, may try. 
with Soviet and other support, 
to change the nature of the pro- 
posals during the Security, 
Council debates. 

If the package gets Security 
Council approval, however,! 
there are still the enormous 
problems of the transition, from ! 
the actual organisation of a UN 
force, and the phased with- 1 
rirawal of South African troops 
idown from some 20.000 to 
1,500 within three months and 
total withdrawal within about' 
sever) months), to tbe ceasefire, 
and the problems of organising 
an electoral campaign among 
tiie real bitterness that has built, 
up over the years between 1 
SWAPO and the South African! 
authorities, in ’ particular. It 
seems certain that the present 
timetable of independence by 
December this year cannot be 
met under the Western plan: 
and in The event of difficulties. 
South Africa retains its option 
of an internal settlement, and 
SWAPO of continuing the 
guerrilla war. 

But whatever the diffcultics 
ahead, there is no doubt that 
the live Western powers have 
made something oE a break- 
through in international diplo- 
macy by mediating between 
apparently irreconcilable 

parties. The UN is demonstrably 
too large and unwieldy to 
perform a similar function, and 
it may well be that the five? 
power formula could be used ' 
with advantage in trying to 
tackle other deadlocked issues, 
starting perhaps with Cyprus. 


Royal Exchange 


City workers in need of a little 
I musical uplift might do worse 
j than telephone the Guardian 
Royal Exchange Assurance: if 
i the extension they ask for 
happens to be busy, they will 
be treated to a Mozart piano 
concerto. GRE is the first com- 
pany in Britain to have 
installed a music while you 
wait ” system on its switch- 
board. Other firms are now 
racing to follow suit— with 
Allied Breweries in the lead. 
The vice-chairman of GRE is 
Keith Showering: he was so 
taken with the innovation that 
he ordered the equipment for 
Allied, where, he is chairman. 

Of course, music for 
“ stacked ” callers has been a 
public relations device used by 
major companies on the Con- 
tinent for several years. But 
to instal it in Britain without 
Post Office permission makes 
you liable to a £400 fine or six 
months in jail. The GRE com- 
munications consultant, Charles 
Macauley, told me yesterday 
that although the Post Office 
telecommunications head- 


quarters took some time to 
accept the principle of." music 
while you wait," they proved 
accommodating in the end. The 
system works through a com- 
puter and the waiting taller is 
automatically switched to 
whichever composer is on the 
current disc. Despite bis name. 
Macauley has an accent rather 
reminiscent of Maurice 
Chevalier’s. Re explains that he 
was born and brought up in 
France. But it was in Brussels, 
not Paris, that he first heard 
telephone music and decided 
to introduce it here. 


He says the reaction so far 
has been highly favourable. 
“ There has only been one com- 
plaint. from an ; insurance 
broker who said Mozart sounded 
too cheerful.” 


Cash flow slows 


The Socialist International’s 
meeting in Vienna broke up at 
the start of the week with its 
traditional camaraderie intact— 
or almost so. But for the Israeli 
Labour Party there had been 
some harsh news. Shimon 
Peres, leader of the party, was 
told that if it did not catch up 
on its subscriptions it would 
forfeit its membership, "It is 
not a big problem, only a 
matter of an annual £3,000 or 
so, and it will be settled in a 
week or two," Peres assured 


An aftermath oF. Miller's 
tenure of office is revealed by 
a writ issued recently by 
Peachey Property, and a sub- 
sidiary company, against his 
widow and the managers of the 
Churchill Hotel. The writ lists 
various political services that 
Miller allegedly provided 
through the hotel. Apart from 
entertaining the Labour Party 
and supporting various causes 
dear to the heart of Sir Harold 
Wilson, Miller allegedly picked 
UP a bill for £7,292 for banquet- 
ing the Socialist International; 
other bills were for accommodat- 
ing prominent Israelis such as 
Abba Eban, the former foreign 
minister. Tbe Churchill was tbe 
site of the Socialist Inter- 
national’s emergency, confer- 
ence after the Yom Kippur war. 

Next week the Churchill is to 
be the Site of the conference 
between the foreign ministers 
of Egypt, Israel and the United 
States. 


Fresh news 


J3 332E 

EMC 


If this does not happen, 
however, the matter will "be 
noticed" at the Intcrnational’8 
bureau meeting in Paris lo 
September, said Berut Carlsson. 
secretary general, at its London 
head office. 




The Israeli subscriptions have 
not been paid since 1S75, British 
officials tell me. The once 
ubiquitous Sir Eric Miller was 
then honorary treasurer of the 
International, and it is doubtful 
whether Shimon Peres would 
have been called to account so 
openly if Miller — a strong sup- 
porter of Israel — had still been 
in charge of the International's 
finances. 


Yesterday some fairly bleak 
observations appeared in this 
column about supermarket 
bread, contrasting it unfavour- 
ably with the baguette to be 
seen in any Parisian bakery. 
Even before most readers had 
digested the topic, a messenger 
arrived at Bracken Rouse from 
one of our more enterprising 
supermarkets groups. He bore 
“ une veritable baguette 
made with French flour, we 
were assured— and a box oE 
doughnuts and cream cakes to 
sweeten the message. Touche. 

Diamond merchants should 
now watch this space for a few 
observations about them. 


definition. So if you are not in 
the OECD you must be a less 
developed country iLDC) or a 
developing one (or a com- 
munist country, which falls 
outside the scope of this 
discussion). • 

But where can one place 
Singapore, or Kuwait? . If per 
capita income is a 'yardstick of 
development the former is cow 
clocking up $2;700— and. rising 
fast — while Kuwait . boasts the 
world’s .highest . income per 
head.' Being- classified as an 
LDC can have some advantages 
if you are looking for a soft 
loan from the International 
Monetary Fund, but the 
problems of establishing what 
“ developing " means stirs con- 
troversy well beyond tbe 
economic arena. For instance, 
there will be an international 
symposium next January in 
Singapore on Science and 
Technology for Development. 
The steering committee has 
been meeting near Vienna and 
the vexed topic was raised by 
Dr. Maurice Goldsmith, from 
Britain. After saying that 
Singapore’s technological needs 
are entirely different from 
those of the Central African 
Empire, Goldsmith asked the 
gathering for a definition of 
“a developing country." None 
could be agreed. 

I telephoned tbe Singapore 
High Commission. 4 * Are you 
an LDC?" I asked. "The IMF 
says we are developing, ’’ was 
the firm response. 



The exception 
that could prove 
| to be your rule. 



v.i’i' Wlv v.' : flv' : 


Finest Scotch^4us3 


!; WniSKK&BLENOEQ & BOTUH* 

j{. j eblottlmrCHoiy&SonUdr 


Shrewd appraisal 


Perth. Scotland 


Growing pains 


We all know that it is no longer 
done to talk of " under- 
developed countries.” It is still 
politically fashionable to refer 
to the Third World, although 
that term defies economic 


From a Devonshire newspaper: 
"After the man had made an 
Inquiry in the Housing Depart- 
ment he shouted abuse at the 
counter staff, picked up a chair 
and broke a window, and then 
ran into the street By the 
time a clerk had got outside 
the man had disappeared. 

“ A Council spokesman said 
he thought the man was not 
satisfied with the answer lo his 
inquiry.” 


:■ . IO&WI5HIO IN jeOO ATTHF-SAltt 




Observer 







14 


« 

0 




Financial Times Friday July 14 1978 


FINANCIAL TIMES SURVEY 


Friday July 14 1978 


tainless Steel 



Shepcote 


Despite its many problems the British Steel Corporation is confident that its 
decision to invest in the largest stainless steel complex ever built in Europe will prove correct. 
The Shepcote plants at Sheffield and a smaller centre in South Wales have cost £130m. ^ 


Bravery 
j should 

• bring 

i results 

* By Roy Hodson 


AS THE world steel recession 
enters' its fourth year and the 
big international companies 
acknowledge there is no dis- 
cernable prospect of an uptrun, 
British Steel is commissioning 
in Sheffield the largest stainless 
steelmaking complex ever built 
in Europe. On the face of it 
The £130m investment (which 
was priced at £60m when the 
go-ahead was given in 1074) 
could be an unwanted baby for 
a nationalised industry which 
lost £443m last year and is 
expecting losses of the same 
order this year. Certainly it is 
proving a burden on the BSC 
Sheffield Division whose man- 
ager John Pennington says: “We 
have got to get the new stain- 
less development into full opera- 
tion and profitability because at 
present it is a major drain on 
the division.” The division lost 
£30m in the last financial year 
— attributable to a large degree 
to servicing the new stainless 
investment capital. 

Yet. paradoxically, British 
Steel has probaly done exactly 
the right thing ,by pressing 
ahead with its big investment 


in stainless steelmaking. For 
stainless is one of the few 
growth areas that the marketing 
men can look towards with any 
degree of certaioty. • The grow- 
ing sophistication of industrial 
equipment and consumer goods 
means that demand for stain- 
less will grow faster than the 
general growth of steel demand 
in all industrialised societies. 
Indeed, the growth in stainless 
demand in Britain is virtually 
certain to be ahead of that of 
the rest of the world during the 
next few years because 
Britain’s usage of the metal has 
lagged over the last decade. 

A second reason why boldness 
is likely to pay in the case of 
British Steel’s stainless invest- 
ment is that the Corporation — 
already Europe's biggest steel 
company — - is stealing a march 
on the competition which they 
will find hard to counter. In 
the present depressed climate 
with all companies facing huge 
losses no other European group 
is likely to try to match or out- 
pace the new BSC plant 

In particular the Swedish 
steelmakers who have long re- 
garded a big share of the British 
stainless steel market as their 
rightful possession acknow- 
ledge that they have not the re- 
sources to buDd new tonnage 
stainless steel production to be 
competitive with British Steel. 

The total investment of 
£130m covers the establishment 
of two completely modernised 
integrated production com- 
plexes at Shepcote Lane, Shef- 
field, and Panteg, South Wales. 
Each centre is fully equipped 
for electric steelmaking, ingot 
and continuous slab casting, 
and cold rolling and bright 
annealing. The, Sheffield hot- 
roUed plate production facili- 
ties have been doubled in capa- 






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positions Britain is about In 
occupy in the world stainless 
steel leagues. Henceforth British 
Steel will be one of the senior 
producers of stainless hot 
rolled coil. The U.S.. Japan, 
West Germany, and Sweden will 
still be above Britain ;n actual 
tonnages being made. So in that 
market British Si cel is restoring 
itself to a strong position ra liter 
than going out nn a limb with 
additional capacity. 


Prospects 


Cutting the products to length at the Shepcote Lane Works. 


city. “ Frankly we are building 
for the 1< ng-term with this total 
investment and we cannot be 
influenced or deterred by short- 
term market conditions” said 
Derek Bray, director of British 
Steel Stainless— a unit which 
is operating with a degree of 
independence as a profit centre 
within the Corporation. 

The Shepcote plants at 
Sheffield are based upon new 
stainless steel melting capacity 
of 350,000 liquid tonnes a year 
while Panteg, South Wales, con- 
tributes a further 50,000 tonnes 


liquid capacity. British Steel 
has, in fact, doubled Us tonnage 
capability to make stainless 
with one investment spread over 
just four years. 

Of the order of one-tenth of 
British Steel’s total turnover 
win henceforth be in stainless 
steel. 

The doubling of capacity is 
setting a hard road to follow for 
Gordon Hill, the stainless com- 
mercial manager and his newly- 
augmervted sales staff. Yet there 
is great confidence at the 


Sheffield sales offices that new 
business can be won at home 
and abroad to absorb the extra 
output. 

One lucky break for British 
Steel has been the Parliamentary 
decision in favour of the Wind- 
scale nuclear waste reprocessing 
facilities. That single pro- 
ject which will use stain- 
less siteel at a rate never seen 
before in Britain. Indeed, it is 
one strategic reason why the 
st a unless. investment was 
sanctioned originally. 

Orders are now being placed 


for stainless steel for some of 
the first items of the £lbn 
Wind scale project , by British 
Nuclear Fuels. British Steel 
expects to supply up to 5.000 
tonnes a year. Had the new 
Sheffield tonnage stainless 
facilities not been ready much 
of that business would neces- 
sarily have gone to Sweden, 
France, and other stainless steel 
makers. 

The confidence of the stainless 
steel salesmen that they can 
make the new plant work for its 
living is based upon the new 


In the other bi? stainless steel 
trade — cold roiled sheet and 
coil — Britain will still only 
be sixth in the table of world 
producers. France. Italy. West 
Germany. Japan and the U.S.. 
all will continue to have bigger 
capacities. 

One of the brightest prospects 
is the opportunity now open to 
British Steel to build up home 
sales in two ways. Imports will 
be displaced by the provision of 
adequate supplies of home- 
produced stainless at competi- 
tive prices and good quality. 
Also the market itself can be 
expanded by simply making 
more home-produced stainless 
available. Britain still uses 
much less stainless steel per 
head of population than almost 
any other advanced nation. 

To Sheffield — where much of 
the pioneer work on stainless 
steel was done in the early years 
of this century — the Shepcote 
investment with its new electric 
furnaces and the complicated 
installation of mills and finish- 
ing plants represents an 
important reaffirmation of the 
city as a world centre of special 
steels. 

The site itself— actually two 
sites divided by marshalling 


yards-“-is within two miles of 
the city centre. Sheffield will 
not mind that, however, fnr 
equipment for extracting and 
cleaning fumes at every slay** 
of the process is some of the 
mosr comprehensive ever 
installed by BSC. 

The cleanlinoi uf the works 
is remarkable. Heavy emphasis 
has been placed upon u. partly 
for environmental reasons and 
partly heeause the delirj;.' 
nature of the pnuiuci itself 
demands production without 
run lain malum. A trace of dirt 
can spoil the surface of a stain- 
less steel sheet which has 
already passed through mure 
than 10 different processes. 

Su the works is laid nut in a 
way that gives a glimpse m 
or her British Steel workers nf 
the probable shape of things in 
come in the steel industry. 
Lawns arc being cncou raced 
outside the melting shop and 
trees have been planted. 

British Steel is eurrenilr 
] rising on average £-5 a tonne 
on all its produets and find* 
itself about half-way down the 
table of loss-making big inter- 
national steel businesses. 
Clearly the new* stainless com- 
plex will continue to be a dram 
in the early years as the heavy 
capital investment has to be 
serviced while sales and pro- 
duction are still being worked- 
up. But 19S0-S1. the year which 
Sir Charles Vil tiers, the chair- 
man of British Steel, has set 
his managers as their target for 
returning to at least a “ break- • 
even situation.” is also the year : 
in which BSC Stainless is hoping 
to be achieving full production, i 
From then on the stainless 
plants should be in a position 
to make an important contribu- 
tion to BSC turnover and— more 
important — to BSC profits. 




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Why we welcome Shepcote 2 






Shepcote 2 is a splendid investment, and it 
creates secure job opportunities in an area which is 
renowned for its high-vahie spedal steels. 

Management workers and their unions atBSC 
stainless all know they now have the facilities to build 
up the productivity quality and service -and the 
competitiveness - customers demand, given that BSC 
stainless is determined to deliver the goods. 

It is now in everybody’s interest for die key . 
decision makers in Britain to exploit this investment 
by specifying British Stainless Steel wherever possible. 




AtjCGOjOOGaOOO Shepcote 2 amounts to a huge 
investment even from a national standpoint The 
installation of this brand nev§ world-competitive plant 
completes the reconstruction of Britain’s Stainless 
Steel Industry 

Most important of all, it provides BSC stainless 
with the foundation for its bold strategy to make 
Britain an increasingly large net exporter of stainless 
steel 




SECRETARY OF STATE FORINDUSTRY 



The building of this massive new stainless steel 
plant, Shepcote 2, will revitalise a key sector of the 
British economy It should provide a modd for similar 
levels of investment in other sectors. 

Industrialists and otherusers of stainless stedin 
the UK should consider the new factors Shepcote 2 
brings to bear on buying and technical decisions about 
materials - obviously there are now some major new 
reasons why indigenous supplies of stainless sted 
should be able to provide a much larger share of 
British requirements. 


5j£ 


-Lt*L 



stainless 


DIRECTOR-GENERAL, CONFEDERATION 
OF BRITISH INDUSTRY 


BSCScamless,K> Bos 161, Shspoits Lana, Sheffield S9 ITR 


THE WORLD FOCUS FOR STAINLESS STEEL IS BACK IN SHEFFIELD. WHERE U BELONGS. 







Sheffield-based . 

Newton Chambers Engineering Limited, 
in association with the main contractors, 
Salem Engineering Company Limited, of 
Derby, supplied three ADD vessels and 
one trunnion ring, together with six 
double bogie ingot carrying casting cars. 


We wish every success to 
British Steel Corporation 
in the successful 
operation of this exciting 
new expansion. 



Newton Chambers Engineering 

Expertise in action 


Newton Chambers Engineering Ltd. 

Thornclifte. Chapeltown, Sheffield S30 4PY 
Tel: Ecclesfield (0741-5) 3181 
Telex; 54-220 





Before you place your next order 
for stainless make this comparison. 


If tire answer is yes ro all these then you must he a customer of ours already However tf you're nor. isn’t it 
time you gave us a ring! Try our nearest office. 


Brown &Tawse - the logical choice. 

BROWN &TAWSE LTD 

Stainless Steel Stockholders 



PO Box 159, St Leonards Street Bromley-by-Bow, London E3 3JQ. 
Telephone: 01-980 4466 (40 lines). 

and at Sheffield, Manchesler, Basingstoke, Wolverhampton. Glasgow. Dundee, Gateshead. 


BEAUFORD 


ARE PROUD TO HAVE BEEN INVOLVED 
WITH THE BRITISH STEEL CORPORATION, 
STAINLESS STEELS DIVISION, IN THE 
SUPPLY OF MECHANICAL HANDLING 
EQUIPMENT FOR THE SMACC AND SPACE 
PROJECTS, AND OFFER OUR CONGRATULATIONS 
ON THE TIMELY COMPLETION OF THE 
EXPANSION PROGRAMMES. 



BEAUFORD ENGINEERS LTD. 
BEAUFORD HOUSE, 
CLECKHEATON, 

WEST YORKSHIRE. 

BD19 3HY 
TELEPHONE 874671 


Financial Times Friday July- 14 1978 

STAINLESS STEEL AT SHEPCOTE II 



for the 


marketing men 



Your present supplier 

Brown &. Tawse 

Do they stock a comprehensive range of stainless 
.-Ivax and plate’ 


Yes 

.Are they BSC Approved Stockholders of 
st.unle>s sheet and plate.’ 


mmm 



Do they carry stock of stainless in six main regions 
ol the country! 

mmmm 


Apart liom stunJard sties and qualities do they stock! 
a) L ow carbon qualities b j Plate up to 3m wide 
c) BS1501 material d) Thick plate 


gg 

Do they stock pipe, tube, butt weld -and threaded 
fittings. flange:. and Listeners? 



Do they stock rounds, fiats, squares, -angles and 
hexagon! 


Yes 



Are theirstocks British made wiiereverpossible? 

, . . 

Yes 

Are thev a large independent public company 
specialising in steel stockholding? 


Yes 



Do they give you a fair and straight deal? 




BRitiSH ■ -STEjEL ■ bBcn 
uncomfortably aware for many 
years that it has .been losing 

ground in ther world stainless 

steel trade. The 'new' plants give 
It the muscle- to figh t hack with 
a vigour which- will be all the 
more felt in the market place 
because it comes at a Hrn» when 
steel trading is thoroughly 
depressed. 

Most of the stainless steel 
used for consumer applications 
is in the form of Cold rolled 
sheet and coil. The statistics 
show how Britain has lagged 
behind in stainless steel usage. 
Whereas Japan uses 6.8 kilos 
of cold-rolled stainless steel per 
head of population annually. 
West Germany 4.6 kilos, France 
5.2 Jdlos and the U.S. 3.2 kilos, 
Britain uses only 1.1 kilos per 
head. 

The stainless marketing men 
see a tremendous opportunity 
to increase the total usage of 
stainless in Britain until con- 
sumption per head of population 
has been pushed up to the 
figures of the world's highest 
consuming nations. 

Gordon Hill, BSC Stainless 
commercial manager, believes 
too that the world economic 
recession, following upon the 
1974 oil crisis, which has caused 
such general depression in steel 
trading will actually help the 
growth of stainless steel usage 
in the long term. “The old 
throwaway world has gone as a 
result of the years of depres- 
sion,” he said. “Now people 
want to buy things that will 
last We are seeing this particu- 
larly in consumer durables 
where people are now actually 
looking for stainless, steel in 
their washing machines , wash- 
ing-up machines, and other 
appliances. Another example is, 
of course, the stainless steel car 
exhaust — a market in which 
British Steel is now doing well.*’ 

Even throughout the current 
steel trading crisis stainless 
steel has held its market well 
worldwide. And there is every 
prospect that consumption of 


stainless will soon be rising 
again at a much faster rate than 
consumption of cheaper forms 
of steeL 

■In European markets con- 
sumption of both hot-rolled and 
cold-rolled stainless has held up 
at between 80 per cent and 100 
per cent of pre-1974 levels 
during the worst periods of the 
trading slump. There has been 
little new business about. But 
the BSC sales staff take com- 
fort from the fact that at least 
demand for stainless bras been 
maintained. Now they expect it 
to get back on to its traditional 
growth curve of some 5 per 
cent additional demand each 
year. 


Capacity 


When planning for the 
Shepcote development started 
in the early 1970s British Steel 
accepted that a big increment 
in stainless steel capacity would 
be needed to put the corpora- 
tion into a world-competitive 
position once again. For years 
BSC had been losing out to the 
other stainless producers of 
America, Japan, and Europe. 
More recently new producers 
from the third world had 
started to appear upon the 
scene — notably Mexico, Finland, 
Spain, and South Korea. Since 
the Shepcote plans were laid 
other foreign stainless steel 
investment have gone ahead. 
Taiwan, South Africa, and 
Romania, are expected to be 
pitching in world markets 
within a few years. 

The extra capacity will have 
to be sold by British Steel both 
at home and abroad. BSC Stain- 
less has been exporting 45 per 
cent of output. With a doubling 
of capacity to some 200,000 
tonnes of finished stainless steel 
a year the percentage of steel 
exported will also have to rise. 

But exports are not the 
whole answer. BSC Stainless 
has no wish simply to raise 
its foreign sales at the expense 


of profits. The sales drive will 
be concentrating upon those ex- 
ports which can show as much 
— or nearly as much — profit as 
home sales. 

The only exception to that is 
likely to be specific exports 
into competitors* markets'. The 
object then will be to remind 
some foreign producers that if 
a free-for-all sales campaign is 
conducted in British Steel’s 
home market the Corporation 
now has the production 
strength to hit back in the 
foreign producers’ territories. 

To spearhead the export drive 
BSC Stainless is opening 
wholly-owned sales offices and 
warehouses or selling through 
Corporation-owned sales organi- 
sations in such key markets as 
America, Canada, France, Ger- 
many arid Sweden. 

As far as British Steel is con- 
cerned the XJ.S. is still a virgin 
market for cold rolled stainless 
and the BSC Stainless sales 
force has hopes of winning a 
lot of new business there. 

In the home market the new 
plants set the scene for a fight 
by British Steel to win bade 
what it feels is its rightful share. 
Now that steel of the quantity 
and quality needed will be 
freely available from the new 
plants the struggle can begin. 
Already BSC Stainless has 
nearly 70 per cent of the home 
market for hot-rolled stainless 
coil. The objective will be to 
keep that market share, allow- 
ing room for some trading flexi- 
bility, and for second sourcing 
by companies who value the in- 
dependence given by having an 
extra supply source. 

The weight of effort in the 
home market, however, will be 
in the selling of cold rolled 
sheet and coil f-rom the new 
plants. 

Within the last year BSC 
Stainless has regained some of 
that trade from imports raising 
its market share from 35 per 
cent to 44 per cent. From now 
on the fight will be fierce with 
BSC Stainless seeking con- 
stantly to raise its market share 


by 1) the ready availability of 
steel and 3) the wider sheet 
sizes- that it can now offer and 
which are expected to win back 
some' customers from foreign 
steel sheet 

BSC Stainless will also be 
pushing into the home market 
with veiy thin sheet which jit 
has been reluctant to make in 
the past and with special 
quality forms of stainless- 


Target 

Derek Bray, Director of BSC 
Stainless, and Gordon Hill are 
setting themselves a stiff target 
of winning 70 per cent of the 
home market for cold rolled 
stainless steel sheet with the 
backing of the new Shepcote 
and Pan teg facilities. Private 
sector British steel producers 
also hold about S per cent of 
the market. So the strategy is 
now clear. Only 20 per cent of 
the entire British stainless steel 
market is to be left open to 
foreign steelmakers if British 
Steel has its way. 

Prices are moving in favour 
of stainless steel at the present 
time in areas where it is in com- 
petition with other materials. 
M. J. Whitecross. BSC Stainless 
marketing manager, says: 
“Fierce international competi- 
tion has driven stainless steel 
prices down ta their lowest 


level, in real terms. lor some 
years. That puls BSC Stainless 
into a very competitive position 
against other materials, notably 
aluminium and other non- 
ferrous metals, on the basis of 
pure cost-effectiveness.” 

The future Cor stainless de- 
pends upon the housewife sett- 
ling for domestic items which 
have a longer working life— 
and being prepared to pay a 
premium for them— and upon 
industry increasingly turning to 
stainless steel to combat cor- 
rosion. The advantages of 
stainless in motor car construc- 
tion are already being appre- 
ciated by the motorist to such 
an extent that manufacturers 
are switching to use of the 
metal for many key car parts. 
Stainless is also being chosen 
increasingly for industrial plant 
construction. Indeed, there are 
many applications in fields such 
as chemicals and nuclear engin- 
eering where no other metal 
is acceptable. 

BSC Stainless estimates that 
British industry is already 
spending some £3.5bn a year 
to repair the ravages of corro- 
sion. It foresees a growing mar- 
ket for stainless steel as indus- 
try increasingly accepts that 
such a waste is avoidable by 
the use of stainless steel and 
other non-corrosive materials. 


Roy Hodson 


Stockholding 


service 


■ / 
/ 


OVER /THE last few years, BSC 
Stainless has built up, and 
patiently evolved, a stockhold- 
ing Service which -embraces just 
six leading UK stockholding 
companies. 

Nevertheless, with a substan- 
tial capacity expansion how 
coming on stream, talks "are 
under way to extend this 
service by bringing in more 
stockholders for direct links 
with Coroporation plants in 
Sheffield and Panteg, South 
Wales. . 

The changes should be seen, 
insist BSC, in their correct con- 
text. “We are quite- relaxed in 
how we deal -with stockhold- 
ing." said Mr. Gordon Hill, BSC 
Stainless commercial, manager. 
“ It is not our desire to force 
BSC Stainless ■ views on. -the 
stockholding industry. 

•*The zjeeff for a stockholding 
industry is' quite obviously 
paramount.' Stainless steel is 
needed in small quantities, and 
it is often needed in a shorter 
lead time- than, we can achieve. 
These are areas where' .stock- 
holders can supply." 

“ What Is also unchanged,” he 
added, “ is our concept that wc 
don’t Intend to go it alone. We 
have no intention of building 
up our own steel stockholding 


operation to the exclusion of 
everyone else.’’ 

Certainly BSC do intend' to 
have at least a foothold in.stock- 
holding. It can be a profitable 
operation, and Corporation 
officials feel it only right to 
have, as they phrase it, “ a part 
of that action." What will have 
to change is the- relationship 
between BSC and independent, 
stockholders in the UK. For six 
years BSC have plumped for the 
tight group of six. • Now, .with 
their agreement the tune has 
come to spread the. stockholding 
set -wider.. . 

This is ' perhaps easier said 
than done. At the last count, 
there were something like 40 
stockholders ..in the UJC 
'handling stainless steel, and 
Mr. Hill made it dear that 
spreading the net so wide was 
out- of the question. Some rule 
themselves out by their style 
of operations — in and out of the 
market when it suits them. 
Others are really traders. Some 
are deliberately second-tier 
stockholders. A ' few have 
chosen to gear their operations 
to imports. 

• •“ Obviously, what we can’t 
have is a position where, .for 
the first time we have the 


capability and the desire to 
increase market share and yet 
find major stockholders turning 
tb overseas .producers for stator 
less steel because we have 
declined to supply them,” said 
Mr. Hill. 

• So BSC are in the process of 
gradual expansion in stockhold- 
ing, having outlined — and 
received the support of the 
-stockholding industry — their 
plan to increase the Corpora- 
tion share of UK cold rolled 
sheet to 70 per cent If future 
operations were confined to the 
existing six stockholders only, 
that BSC increase would just 
not be arithmetically possible. 

So now the question seems 
to be “who else?” It is not a 
casual, occasional relationship 
that BSC has in mind. They see 
the link between the steel- 
maker and the stockholder as 
a major bond. And there is no 
question of a tier structure. 
u You can’t -have second class 
citizens in stockholding: there 
is too much competition” said 
Mr. Hill. 

At this stage, with discussions 
still at a delicate level, Mr. Hill 
will not be drawn on the 
eventual number of stock- 
holders who will have the 
chance to assume this special 

CONTINUED ON NEXT PAGE 


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Financial Times Friday July 14 1978 


I 1 'll 

iv'-* tit* 


witch 

mciustt) 



GC AR LTt 




IP? • * 

?Sii * -.S- J - 


STAINLESS STEEL AT SHEPCOTE III 


Industry gets 
the message 


rtainS steel °s inesthrably present d ° eS DOt 8763161 attentioa ha * to be paid 
linked with beauty and decora^ P _ ° l problemS- to maintenance requirements 

tive craftsmanship Twentv Process industries were the throughout the life of a project, 
years oF design, which inevit- fin,t t0 r * c osntae the value gf Much greater attention has now 
ably brings out the cool attrae- combination of attributes to be paid to corrosion for pur- 
tive surface of the steel have for special needs in situa- P° s es other than simple cost 
shaped and fostered this intake tions wbere elevated tempera- Because of this, it seems certain 
it ic . ° tures and corrosive environ- that industrial markets for stain- 

he 3 k?, , the i 1 t0 ments are often encountered. So less SIeeJ will grow. 

Coroomtinn SteeI in such Proces s applications, 0ne insidious form of corro- 

S™ rt".'5ta5 e £ «,?? "IS Wb " e "“""l™* are much .tuck, wlucb affeeta mos , 
nurelv nn a !iarf, S te J old Dlore e *PenilTe P and often a materials where heat stress and 
small \nA**A *, c ^Puuds is great deal more difficult to weld. an aggressive environment are 
nificanr O0 ' t msig- the question now is invariably combined— a not unlikely trio 

ihP nvLrfi. « . n v ; iewed in which srade of stainless steel to in many industries today— is 
of sa,es to use. stress corrosion cracking. Unlike 


. . — * ovitd 1U 

industry. What matters here are 


"various grade^dTor™,"' *• P^eu areas. Its" use “ 

as jsgwtSS 

Z7ZLZ i-f 0 ,£ H »■*?• 2-Si •SZfiJSTSl 

3™*™ Brilain - If S’ in apparently perfect conduiou 

since then is taken into account, of ,! he except for ominous and 

the reports finding suggests that 1“^°? and ,, ° # k a dangerous localised cracks in 

corrosion now costs Britain at ; “If.lt stee J| , used ti5rougb ‘ what could be key areas affected 
least £3,o00m a year. A sia°ger- out ,n dustry. But when main- 5^ stress 
ing total, and yet one that could tenance requirements are intro- 
be reduced substantially «nto the. costing, and the PoTTlTlPtitinn 

through greater use of stain h, " b cos t of corrosion protection UUipClIllUU 

less steel, ' as ® esfied ’ * a,nI « s BSC Stainless is concentrating 

CI _ . 25 ?• COnSlde f a ^ Ie on development of a new hoi 

Sheets 22SE ov f . ° ther - roI ,ed ferritic plate, below 12mm 

° cheaper, materials over the full thick at the outset to combat 

Industry generally is certainly lue 01 3 P r °J ect - this form of attack. The develop- 

getting the message, and quickly Take, as a modest example, a ment is already proving success- 
in some sectors. Over 90,000 mild steel vessel which, in this ful, having already been chosen, 
tonnes of stainless steel in the form, represents an investment * n the teeth of competition from 
form of cold rolled sheets and of £1.000. Over a 20 year life traditional materials like cast 
hot rolled plates is now used span, the choice of this material if 00 and modern reinforced 
in Brilain each year to solve cannot be financially- justified Plastic structures, despite their 
corrosion and processing prob- unless less than £133 per year original cost advantages, 
lems. In addition, a further 7,000 is spent on painting, repair of But the stainless steel market 
tonnes of cold rolled strip is corroded areas 'and other W B1 also grow because of the 
subsequently rolled into tube, maintenance. At any figure stimulus of low-cost alloys 
and seam welded, to service the higher than this, it would have which more exactly match the 
growing market for process and been better to purchase a demands of less critical appli- 
heat exchanger pipework. maintenance-free stainless steel cations at costs which are even 
For stainless steel has more vessel in the first place at twice more attractive when the main- 
tn offer than just corrosion the cost: assuming a uniform tenance-free life is taken into 1 
resistance. These extra factors cost of capital of 12 per cent, account ; 

are, perhaps, the clinchers, for The message is getting through. Hyform 409, the alloy origjn- 
nn other alternative can offer Proof of this comes in the ally developed for the auto- 
theni all. in one material. interest shown in the seminars, mobile exhaust system market 

High strength is one obvious organised by the Department of — and which proved outstand- 
ing or. particularly when placed the Environment under the ingly successful there— is find- 
alnngside the astonishing grimly appropriate title “Is ing numerous other applications, 
corrosion resistance. But this Corrosion Eating Your Profits?'* Its relatively low cost, and easy 
strength does not mean that the Increasingly, the so-called acceptance of standard press- t 
meial cannot be formed easily, concept hinged Dn first-cost work and welding techniques, t 
nn The contrary, and straight- theories is being proved 10 be ; make it a particularly equable 
forward welding Techniques financially incorrect. Much \ material for a whole range of 


d industries, for instance, in 
[$ radiator thermostats for cars, 
t. which traditionally were made 
ft in brass since the dawn of 
r- motoring. Already, one jaanu- 
t facturer has switched to stain- 
11 less, and a second is on the 
1 ‘ verge of a final decision about 
the use of Hyform 409. 

New. and advantageous, 
d avenues are continually open- 
e ing up. At the core of many 

0 chemical and metal processing 
s plants are refractory -lined 
s furnaces, heaters and recupera- 
f tors. The high cost, relatively 
? short life, and susceptibility to 

1 damage of such refactory linings 
is an accepted headache. Now, 

j low-cost stainless steels are 
r being used in a novel reinforce- 
r raent system which is bedded in 
t the lining as it is applied. 

1 Although the stainless 
I reinforcement is never even 
1 seen during the life of the 
[ furnace, it can still exploit the 
strength, corrosion resistance 
and heat resistance properties 
of the metal to the full. 

Perhaps industry managers 
and designers should pay more 
attention to their wives, or 
their garden. After all, the 
stainless steel saucepan on the 
stove has to stand up to some 
pretty hard knocks. It has to ' 
cope w'ith fierce, sudden heat, " 
with violent temperature ; 
changes, and with a whole ; 
range of materials. And it gets ] 
scratched and scraped daily, as 
does a stainless steel garden ' 
spade. J 

But how often do they need * 
maintenance ? Does a saucepan 
need to be taken off the cooker £ 
and a substitute used for a a 
period ? A useful lesson indeed. e 
Every day. over a thousand s 
different chemicals are carried 5 
around the roads of Britain in v 
stainless steel tankers, from * 
the mundane to the highly 1 
dangerous, and products rang- 
ing from milk and beer to d 
nitric acid. This Is another d 
example of the sheer versatility x ' 
of this metal, and another b 
lesson for industry, and another si 
chance to take a fresh look at s 
that staggering corrosion bill, b 



Stockholding 


Building up the coil. 


CONTINUED FROM PREVIOUS PAGE 


Frazer Wright 


; commercial relationship with 
| BSC Stainless. 

, Nevertheless, current in- 
dustry gossip seems in 
; suggest around a down likely 
■ candidates. including the 
current six. There are signs too 
that BSC intend to develop 
mgre awareness among 
employees of stockholders, with 
talk sessions now under way to 
sharpen the sales message. BSC 
insist that the old system 
worked well for both* the 
Corporation and the stock- 
holders chosen. A doubling of 
product capacity. however, 
brings a changing world. 

The care BSC is taking in 
choosing its new associates is 
a particularly illuminating 
example uf the importance of 
stockholders to the steelmaker. 
Steel executives arc only too 
well aware of the commercial 
power of a group of stock- 
holders. 

If they choose to stock, or 
destock, at a time when this 
does noi suit the steelmaker, 
the whole cycle can be affected 
to some degree. The larger 
stockholder, who can place 
sizeable orders, especially when 
he jjL& an associate of long 
standing, can expect price 
benefits as a reward in this 


1 relationship. Therefore he is a 
potent factor in market stabilisa- 
tion at times. 

The whole pattern of stainless 
steel distribution in the UK 
differs somewhat to that for 
other forms of bulk steel. Stain- 
less flat products — the cold 
rolled sheet and the hot roll ?d 
plate — are sold within the UK 
to a relatively large number of 
small companies. Individually, 
their consumption is small. But 
there is also a much smaller 
number of comparatively large 
customers who require corres- 
pondingly large amounts. 

Although there may be some- 
thing like 2.000 different cus- 
tomers for the stainless steel 
flat products, only a handful 
have the sort of regular demand 
to match the large scale produc- 
tion capability of the mills, and 
are thus able to comfortably 
order direct 

So about 50 per cent of the 
total demand, has been met. in 
the past, by the six stockholders 
working with BSC. Without this 
link, and the relationship it has 
entailed, even BSC admit that 
the distribution system would 1 
be unmanageable. 

BSC point out that simple : 
keeping a strategic stock of ; 
about o.OOO tonnes of plate, and ; 


12.000 tonnes of sheet and 
strip in warehouses throughout 
Britain mean* that stockholders 
perform a service of incalculable 
worth to industry in k-rms 
of convenience and " cost of 
possession " alone. 

Rapid delivery of ordered 
steel is often now taken for 
granted, but even maintaining 
this service takes very taut 
management with experience of 
the business, which can involve 
the swallowing up of huge 
amounts of capita] in stock, 
equipment and buildings. And 
this, with an order load which 
may only extend days ahead. 


Outlay 


One survey suggested that 
British stockholders help their 
customers to shoulder over £17m 
worth of capital outlay through 
their service. But stockholding 
today is much more than 
a straightforward warehousing 
operation. . Increasingly, they 
are involved in a whole range 
of added-value activities, usually 
as a result of a demand from 
customers. 

This has meant the develop- 
ment of facilities that can pre- 
pare material to a far more 
advanced state before despatch 


I to the customer. Coil can he cut 
■ to length, polished and slit, 
i Blanking work can he done. 
1 Plate, often difficult to handle. 
; particularly on »itp, can h.« 
sheared, cut hy plasma arc 
equipment and even profiled 
before delivery. 

By working closely with the 
steelmaker, stuck ho l dors can 
often anticipate market needs. 
One example of this was the way 
some stockholders, using the 
BSC technical services offered 
to them, decided to go ahead 
and stock plate to BS15UI, 
which is of considerable im- 
portance in the manufacture of 
pressure vessels and simitar 
advanced plant. 

The last few months of re- 
cession have brought belter 
relationships between steel- 
makers and many stockholders, 
who have made clear their 
desire to support the UK steel 
indust ry. 

Davignon. and the confused 
aftermath have brought prob- 
lems for both, but stockholders 
have been insistent that the 
healih of their industry ulti- 
mately depends on the strength 
and vitality of British industry, 
their customers, and their 
suppliers. 

Frazer Wright 


Shepcote 2.The hard facts 
about a tough industry 




Thcsucasdvl completion of (he £J 30m protect zsill provide 
a strong. Jinmdaaon for Britain’s process plant industry, far hat and 
add rolled stainless sud. 

MK.R-OJJUR ItiN, DIRECTOR, NET PURCHASING AGENCY 


Alfred Sbitpson LitL, and the other leading stockholders 
IwkeilyBSC Stainless, provide an unriadkdsiochkol^Jig service 
throughout the UK- and zeidtShepcou 2 iinrillga even beaer 
JWR CUFF K£ELER,DISECTOR, BRITISH STEEL SERVICE CENTRES 


Ohnoush if aU dungs are eotutlaemudi prefer to btot 
BritishStaiOurjuiureheswhkcmpamcsvdwirrDCSlmBTUedrt, 
and it is up to us to support and participate wherever possible. 

■MR. J-McBURNEj; CHAIRMAN, McTAY ENGINEERING GROUP 



The hard facts expressed by a cross-section of 
bur customers speak for themselves - and they go a 
long way towards explaining why BSC Stainless is 
the largest supplier of all the stainless steel used in ■ 
Britain. And why our market share is growing. 

Perhaps you don’t buy most of your stainless 
steel from us or aligned stockholders. If that?! s so, then 
•you should consider the following facts: 

Shepcote 2 is Europe’s biggest puipose-built 
stainless plant 

BSC Stainless now has two completely 
modernised integrated plants, one at Shepcote Lane, 
Sheffield: one in Panteg, South Wkles. 

Both sites are equipped for A.OD. steelmaking, 
ingot and continuous slab casting cold ro llin g and . 
bright annealing. Shepcote Lane also has a superb 
plate plant 

Shepcote 2 provides us with the plant to make 
cold rolled coils up to 1525mm wide, hot rolled plates 
up to 3050mm wide, and special ‘Precision Strip 9 
down to 0.075mm thick. 

■ Now we would like to hear from you. 

Finally we would just like to put this before you 
. as a su mmin g up. With Shepcote 2, you now have a 
source of high quality stainless steel that is-neweg 
more modem than any other Nearer than any other 
Backed by an unsurpassed range of stockholding 
facilities and technical services. And it’s .wholly 
British. We suggest that these are four very good 

■ reasons for switching your purchasing decisions 

our way. . 

For ariyfurther btforrnation about the products and 
. services available from BSC Stainless for Britain and 
overseas } please contact: 


The czceSexl technical back-up frv BSC • • 

factor hi our buying decisions. High V lahtysttunlesssted 


is a major factor hi mtrbwngaccuion*.nv» : 

is*H essential material far Carrons 

.UK. 1 1 MintE.rHAlRMAN & MANAGING DIRECTOR, CAXKON 
COMPANY 


GKN Sanhcy Limited, man^aeturenofstainlessstedbeer 
he&tCasks-andfioing^platx great emphasis on quality, debvay and 
'priccto enable them useUall over thrmorld in auety competitive 
otaritsLSkepcnte 2 gjhxs BSC the o p po r tu nity to hnpnnxonits 
- already kigfntandards in stainless tied sheet and coiL 
MR.tr WARD. SAI^S DIRECTOR, BREWERY PRODUCTS OPERATION, 
DRESSING DIVISION, CKN iANKEY LLU, 


its- the fact dial BSC SUanlas is maorwmous, and in the 

UK/idpstatofftdovU^totheirktyaeecutmafasLThaisvitalin 

pie fad moving business ef lae motor industry 

MRJOHX^ YOUNG, DlRE'- iii k<5c GENERAL MANAGER, H CHESWICK 
SILENCERS UD. 




stainless 


BSC Stainless, PO Box 161, Shepcote Lane, Sheffield S9 lTR 






20 


A-1121 Wien 
Postfach 84. Austria 


© 


RUTHNER 


industfheaniagen— 

aktibsigesellschaft 



The descaling seccion of No. S Softening and Descaling line supplied b, Ruchner . BSC Suinless. Sheffidd W.riuc 


Ruthner are on. of th, worlds leading manufacturers of steel processing equipment including pickling b, the neutral 
electrolyte process. 


Financial Times Friday July 14 1978-.'- 1 

STAINLESS STEEL AT SHEPCOTE IV 



Advice 





FROM THE early days of the 
development of stainless steel 
as a commercial proposition, 
manufacturers have taken a 
vigorous and active part In pro- 
duct development, both for the 
good of the customer and for the 

industry. _ . . „ 

In some respects, stainless 
steel was something of an 
enigma to potential customers. 
They were only too aware of 
its immensely valuable proper- 
ties, yet through a combination 
of suspicion, inexperience mid 
often inaccurate gossip, they 
tended to fight rather shy of 
tackling the metal. 

The interest was there, as was 
the potential. It needed a suit- 
able push to harness it all, and 
the need for this assistance was 
obvious. By 1972, the bulk of 
stanless steel manufacture, cer- 
tainly as far as flat products 
were concerned, was in the 
hands of BSC. Product develop- 
ment and advisory services 
evolved accordingly. 

The old Stainless Steel Deve- 
lopment Association, which had 
performed a useful job was 
clearly outmoded, and in April 
1973 the Corporation set up a 
new Stainless Steel Advisory 
Centre. 

This was followed, more 
recently, by an important re- 
organisation to form BSC 
Sheffield Laboratories, which 
brought together the former 
Corporate Development Labora- 
tory in Sheffield, and the exten- 
sive BSC Swinden Laboratories 
in Rotherham. This created a 





The slit and edge trim line . 


in Rotherham. This created a was technical i y sound and 
useful combination of comple- bably deserving oE further 
mentary units each with » tU J l _ 

important experience of product o ua iity improvement in ferri- 
davelopment work. tie stee i s has received consider^ 

The Advisory Centre was. in . attenti0Ili and development 
fact from the start an informa- lg procee <iing on both in- 
ti on bureau. Unusually, perhaps. dustrial and domestic applica- 
nt was open to both industry and u while the field of nuclear 
the general public, although it _ owe ' r engineering has empha- 
is essentially aimed at users of £ ised the impor tance of work 
stainless and special steels, as ^bete S00. an austenitic 
opposed to bulk steels. iroIM .hromiuni-nickel alloy 
Certainly, it seems to be the wMtth has siumini 


, . which has aluminium and 

first serious attempt to give tttanlum additions. This is 
helpful advice about special a tube billet material 

I 1 nrnh- . . it — 



helpful advice bdoui specif ge#n ^ a tube billet matenai 
steel usage and related prob- abJe t0 sat isfy the stringent cor- 
lems to anyone needing such r(jsi0n and we i d ing require- 
advice and assistance. jnents of nuc iear reactors. 

T» The whole field of nuclear 

Kesearcn . power is of considerable r im 

Conveniently, the Centre is portance to BSC Stainless/ and 
based alongside the Technical substantial orders ha vejfready 
Information Department and darted flowing in from this 
Library of the Swinden Labora- sector. , 

tones in Rotherham, South Many of the prodgte origi 
Yorkshire, to provide a direct nating from. stmnlessiteel st p 
entree to the extensive engineer- are subjected to cqW forming 
tag and applications research on operations, and expfrtme in ■ this 
special steels housed there. field has received/pnority, to 
An analysis of the first year’s assist customers /ntii toe, nevt 
inquiries is interesting. Over product development so un- 
40 per cent concerned stainless, portant to ^staM^s^sieeL^ 
steeL and 20 per cent covered The construction m forming 
corrosion problems. In the limit diagrams provides an m- 
trade sector, the inquiries came valuable > 

from engineers seeking advice data, and many BSC customers 
on wefC ” ™tment. have worked doseJy wMiSwlir 
pressing and finishing. Archi- den Laboratonwip developing 
SSTSmSS the wurce of this strata . distribution and 
building exponents. Designers intensities data. Thus.-j f ^ at 
had material selection problems. «tor. «M, te ^satiit ed that 

( „r c rtie notb sSi “ ? 0 °i ,a sf y zssfs 

ssE-sr? A pf 

rang ® . Housewives some modification to tooling 

«“5 ta C 0 w how deS ^ brder to avoid the production 

SSI — a 

s J* inl ? ss which was curious developments which 

visited - by are, nonetheless, worthwhile, 
apparently much visa** . ' Sanitary ware is an example of 

d0 |®- , reonests for this. Vandalism always takes a 

'SZTSSTiS ton and this is one area where 
“Si h SL wS Se the Virtual indestructibility of 
niC ^«.ri nqU rodMi - and then stainless steel could be of the 
the^Research Centre greatest importance. The steel 
SStS tr SSent ^- brings the added bonuses of 
SevilSnd examination. Re- hygiene and attractive appear- 
gular recurring requests are ance too. 


BRITISH STEEL 
CORPORATION 

chose 

ROBSON 

to develop and construct 
the continuous toed 
system to the AJKIli vessel 


Bob sow 

MECHANICAL ’HANDLING PLANT 


IIS RehlM *CT {SSkVErOBS; .TO SHlF 1 I ZLO l". 


v • 

Spec/a/iststfn mechanical handling plan t 

Geo. Rob son & Co. (Conveyors) Ltd., 
Coleford ftDad>Sheffi©idS9 SPA 
Tel: 444221 (STD 0742) Tefex 547264 




leAOl 


ANOTHER 
MAJOR PROJECT COMPLETED FOR 

bscsxunles 


Followins on from the completion of the Plate Mill 
Protect last year, Octavios Atkinson have now 
fabricated and erected steelwork for the Sheet and Coil 
Processing Plant at Shepcote Lane. This massive 
project has required 7 , 500 tonnes of building structure. 


Apart from erectingbulldmg structures, the company 
specialises in providing structural steelwork to the r 
petto-chemical, chemical and mineral extraction ^ 
industries, both in the UJC and on a world-wide basis. 


In the current BSCdevetopraent programme* 

Octavius Atkinson are fabricating over 30,000toanes 
of structural steelwork for the various complexes . 

throughout the U-K- 


Tbe services of Octavius Atkinson are continually 
being employed Internationally, where typical 
current contracts range from the supply of 
steel work for the major mining complex being 
constructed in the Philippines to the supply of plant 
structures for the Chahbahar Naval Basein Iran. 



OCTA VIUS TKINSOM 

and sons LIMITED I 


P.O. Boxl 6, Starbeck, Harrogate, North Yorkshire HG2 7NU 
•Tel: Harrogate (0423) 885901 Teiex: 57919 . 


monitored to see whether new 
i research needs to be put in . 
hand, or if specific literature | 
should be prepared. Most en- 
quiries to the Centre are tele-] 
phone queries, and most can 
now be answered at the time I 
of the calL Indeed, the 
| majority are answered within | 
ithe day. . 

Product development work is 
in tiie hands of the BSC Shef- 
| field Laboratories, which have 
over 700 staff providing close 
technical support for the works 
in the BSC Sheffield Division, 
and the allied BSC Billet, Bar 
and Rod Product Unit. 

As part of the £130m stain- 
less steel development In Shef- 
field, BSC Stainless has com- 
missioned a series of major 
product development pro- 
grammes that are more 
application-orientated than any 
previous investigations. 

An important part of the 
(BSC Stainless brief has been 
I the need for a more utilitarian 
image for their metal, too long 
considered an unapproachable 
combination of the beautiful 
and the exotic, perhaps, in 
some eyes. In recent years, the 
demand for new grades of stain- 
less steel has fallen, although 
the 1960s did see the develop- 
Iment and introduction of the 
I new nitrogen-bearing Hiproof 
i steels. At the time of their 
1 introduction, prevailing design 
codes did not permit the full 
exploitation of the high proof 
stress values, according to Dr. 
D. T. Llewellyn, of BSC Shef- 
field Laboratories, but it is still 
considered that the develop 


CONT1NUED ON 

NEXT PAGE 


^ Thanks a million 

BSC, we enjoyed the challenge you ■ 
set us. Providing storage facilities for one milli on ' 
gallons of recirculating water is no small feat - but . . . 
we have the expertise. _ - ; ... 

This super tank measures 36.04m x 25.97m x 4.864m 
and incorporates a structure, to support a battery of 
•water coolers. The external surfaces Were protected 
■with a chlorinated rubber based paint, to a shade V- - 
which compliments the suaoimdmgbuildiiigs. 

To find out why 'TruC Tanks are the mosfeffectiye And : - 
competitive of liquid storage-systems, please cut out •- _• 
this advertisement and attach it to your letterhead. 



The Liquid Storage Author ft£ 

P.O. Box 1, Lichfield, Staffordshire. England;/' V 
Telephone: 54338 Telex 339663. - - 




•--ii.v • 


• I-;, 






•5fa.7— 






BROWN BOVERI 


i * 

I Tomorrows technology 
■for todays expansion 


British Brqwn-Boveri Limited are proud to have, been 
entrusted with the supply of the- _ • •• : 

complete Electrical Drive and Control equipment 
for both the r - . 


Heavyduty powered Slitting Line 




and the 


Six headed Grinding Line 


for the BSC Stainless expansion at Shepcote 


A 


'.'.i 


British Brown-Boveri Limited 

Industrial Division - _ . . , 

Haldane, Halesfiefd 8, Telford, Salop TF74QQ ; 
Telephone: 0962j 584544 - ■ - , — - 

UK Head Office, Glen House, Stag Place, London SW1E.5AH 
Telephone: 01-828 8422 • 


►130 



•• V 











2 IV 


Financial Times Friday July 14 1978 


STAINLESS STEEL AT SHEPCOTE V 


Breakthrough 


near on 



exhaust systems 


dO 




■&&***? 

11 , :■ 



--- •. 


these broad and as varied as that of 


kV ; "-j-O 

■u._ ? ? 


stainless steel e*h™ c t 5?L? e matlon .°f bnttle martensite 50 per cent, the system would on the extremes of these broad and as varied as that of 
has, inside a f P w v^arc J" ^ the parent sheet and give two and a half times the criteria. Corrosion from the the familiar 18/s. Already it has 

aD accepted part of tfie mnf 016 1116 we life °f an aJuminised mild steel inside is an important factor, proved itself as the ideal com- 
ing world. Eauallv it r r: lor ' Production involves a process system. arising from exhaust gas con- promise for exhaust systems, 

sents a success stnrvfnr marKt' route w,hictl ‘ steelmaking. Still the carmakers resisted, densate. This in turn is affected It is already available in sheet 
ina tactics emrrtnWd v rw ro,iin £ and annealing variables The other avenue was still open, by factors like Internal design, coil, thin gauge plate and 

British Steel Comn'ratinn “ e are optimised to provide easily however. Grundy Auto Products silencer position and the precision strip. For the future. 

But it isstill a P Ktnri r fabricated material. Rigorous Ltd -. a South Wales company acoustic packing materials used, there are more intricate exhaust 

a happy ending and tanteiShS Quality control, and surface wh ° started making stainless Development staff found that system uses, in store for «. 
in m,. . .. _ nnalitv I'hortB o«» Mnantiat steel silencer*; received a tht lomnaiainm a.-h,nrt Stringent regulations are 


Production involves a process system, 
route io which steelmaking. Still the carmakers resisted. 


arising from exhaust gas con- promise for exhaust systems, 
densate. This in turn is affected It is already available in sbeet 


I 


ipfsl 


ina tactics emrrtnvid v rolling and annealing variables The other avenue was still open, by factors like Internal design, coil, thin gauge plate and 

British Steel Comnratinn “ e are optimised to provide easily however. Grundy Auto Products silencer position and the precision strip. For the future. 

But it isstili a P Ktnri r fabricated material. Rigorous Ltd -. a South Wales company acoustic packing materials used, there are more intricate exhaust 

a happy ending and tanteiShS Quality control, and surface wh ° started making stainless Development staff found that system uses, in store for «. 

to an extreme The final quality checks are essential. silencers received a the temperature of exhaust .i e 8 ^ e 

success has still to mms jvr Once the steel had been £350 *°° 0 investment from BSC, gases JeaviDg the cylinder head alread ? jn fa f ue . 1(1 ^ 10 

BSC? S for none of° ^ .□«.£*& m£S. ^ "J?** “ P »■» d< *T C ' 

™*« manufacturers has yct -tensive pregramme of road d°Upin“ P S market” Now SS m ^p iPe .o^ n 50r P de-r U ee S S 0 % widespread attempt to 

system sun?Md orTl mWdf SSrii" 8 ^ has a 49 per cent stake ‘ m External skin temperatures of this problem is the cata- 

sysiem sianaara on a middle wrucn proved that exhaust Grundy silencers could be as hieh as hue converter. This too has a 

ri For two°nerhans tliree ^ “fh* fT ° m 11,6 ventu ™ has be *" a sue- 200 degrees. And the finfl gas substantial appetite for stain- 

the Sf P a U fit y S ’ Jl S t 409 thB . same cess, spurred particularly by emissions were still up to 400 less steel, and already many 

the concept of a five year techniques and machinery the legislation whieh brought degrees thousands of tonnes of 409 have 

:?v a S e n yS un ra hv?h b f en gradU - fT° yed nJ 0r miId steeI ^system does more than W 0 ™ t0 tbe US ‘ for 

makeS b«Sh C ‘ a 5 f? aUS *‘ ^ m * ]0 > W car inspection from the begin- remove exhaust gases from the £ e *Ji^ u ^ 0, V “ * el1 as 


Mi 


,-ygr££J!.\4 




> — . ..-3 

wF^-r’i 


systems could be made from 


steel silencers into the annual MOT 



■ , makers both m Britain and rate of work hardemner of the nin« me*,,,. 


and rate of work hardemng of die ning 0 f last year. Some manu- engine. It cuts down the noise f he . ste /[ 


-V \ . 




I’.i; 

I: -’' . ,r*f- 


Europe. As a bolt-on accessory new steel provTd id^L faefurers are alreaS udng ffi 

ha« nrnv^rf )S hiahi*r C ^,r^!^f e, t ^ BSC had already commissioned stainless systems as standard — noise tests have shown that well- 4 .. R ® ce ^ t dev ® Iopinei,l f c °uhrm 

Mnt n«Hi vS? ^^,^ U ^ SSfuL biggest and most detailed Rolls-Royce, Jaguar. Mercedes, designed stainless systems can ^ tendency to move towards a 

r „ n , Ho r,r'm° a survey ever undertaken of the Volkswagen, BMW and Porcbe, achieve the same degree of greater use c»f this cheaper, 

w i Ul lan S-Ufe exhaust market. The for instance. silencing as comparable mild ferritic steel instead of the 3-1 

th* ! standard ' Vl ^^ results demonstrated the » „ \ t± steel systems — even with wall stmnless originally specified. 

3 c . 0 ^ pleTe general demand for durability MarketlllS thicknesses 20 per cent thinner , So J"** 1 ^ conce ^ of stain - 

success. Nevertheless, industry , nri r . nn «3 Z T than mild sieel less steel exhaust systems, and 

can still study, with some envy, m d tonhrmed that the *-.000 BSC insist that it is now only t the material developed to make 

the way a product was devised. ^o to nsts questioned considered a matter of before they JJ them now stand on the threshold 
developed and marketed, as a ? at L , exha “ sls caused mflre are joined by some, if nor all. ™ ^Dsumpuon. acceleration, „„ at , hi „_ r-... ,u- 
model study. troubles than any other com- the mass marker companies. and *° f p 

ponent of modem vehicles. Perhans stainless svatems are Wfi . 


U.K. cars 


already using of '’this process too. External destined fa r the U.S. market 


the way a product was devised, ^nsts questioned cor 

developed and marketed, as a ? at M exhausls caused 
model study. troubles than any othc 


M K «.™s t S} ssr« % f ssys" ” *■ ->»■ 


of great things. Only the final 


COIlC£pt comment of 90 per cent of the low budget cars. Here, the The success of Hj’form 409 in 

The concept of such an niotorists quizzed, who endorsed aluminised mild steel system the exhaust market has already a -j • 

exhaust system is far from new. the idea of paying an extra £15 «>‘ ,,d maintain its position. ! ed to widespread Judy of other /\ X/1 r*f* 

Sheffield stainless steel plants for a car having a stainless Bu * » n the range of cars cur* industrial applications, bearing /T LVl V CONTINUED FROM PREVIOUS PAGE 

had the idea as a golden gleam system fitted as standard. Fifty- ™ntly costing £4.000 and more. “ 

in the early 1960s Thev were eight per cent even said they the system will surely come now scale, where mild steel is eqnrva- 

only too well aware what an would buv or seriously con- the five year life cycle is estab- le, £ t0 V, 409 ««■•* in at 4 - 2 - As invariably happens with and development information poses. Here loo. a wealth of ability." Even tin- ioi:Jv»- t 
appetite such a market would sider a stain ie<s stpel svaiem Ushed. Potential applications range stainless steel, the initial cost has been built up to provide an data and experience is on hand cleaning jobs can mn;iull> be 

have for their metal But thev as ari untinn ii e^tr* at / nm- The marketing programme from industrial chimneys, facing of such products is 1 higher. The immediate reference service to to assist a designer. It is not tackled with a clean chub .md 

were onlv too well aware ton nosed addirinnai met nf nn* has been paralleled by a sub- corrosion and oxidation prob- savings on maintenance, how- designers. The building and just new buildings which can soupy water, although uime 

that the tvoes of stainles*: stfel q- . . . ‘ . stantial research and develop- le^s, to mining equipment, ever, together with their vandal- catering industries are just two benefit either. Stainless steel aggressive clean Inc. v.n-fi 

then available in bulk wnm V 16 resistance _came from the m ent effort by BSC Stainless saentffic instruments and such proof qualities offer substantial of the areas where this mforma- has been proven as a suitable with a steam r»r pres.-un- I'.osi;- is 

hardlv suited to mass nroduc car manufacturers, when designed to continue develop- chemical plant accessories as attractions in the long term. tion is comprehensive. replacement for lead on church shrugged off loo. 

tion 'of such systems P Some im V al P }?° s - sts “^. ess ment of its steels, and help catwalks, insulation strapping With considerable encourage- In buUdinE de sio ne rs are roofs. Insurance premiums. A working pi.riv of 
! ,. Some systems, then In the existing manufacturers design exhaust stairways. ment from BSC. several manu- ?, . ■ 1^1 J™, inoidonmllv dmn Nmuh nf malwm. ns a nuuii m -n 











Even more hopeful 'was the not as l : kely to emerr** on the signless system. 


F.W. 


Tile shin i>ass mill. 


CONTINUED FROM PREVIOUS PAGE 


\/vuvcjit comment of 90 per cent of tbe low budget cars. Here, the 1 ne success wyiorm in 

The concept of such an niotorists quizzed, who endorsed aluminised mild steel system the exhaust market has a J ready 
exhaust system is far from new. the idea of paying an extra £15 could maintain its position. * ed to widespread Judy of other 
Sheffield stainless steel plants for a car having a stainless Bu * * n the range of cars cur* industrial applications, bearing 
had the idea as a golden gleam system fitted as standard. Fifty- nnily costing £4.000 and more, “ 
in the early 1960s. They were eight per cent even said they the system will surely come now ^ 1 t e, # ^ h 1 er ^ ld JJ 
only too well aware wrhat an would buy. or seriously eon- Jbe five year life cj-cle is estab- iei j > t „ > t °„.V., 40 ?^i”^„ °. Ltz 
appeute such a market would sider, a stainless steel system L ... _ 


that the types 
then availablt 
hardly suited 


Uon is comprehensive. replacement for lead on church shrugged off loo. 

tinn nf " «5r*mo '**/“*- . *-* — uiem oi ns sxeeis, anu ueip ou « P |e. Ud ^..o.wwaow.c cm.uui< 6 r r buiidine desi«ner«! are roofs. Insurance premiums. A working pariv of n'i-i I- 

s eels which aDPeSte be uo^ 5?,?“!' , ^ ea ^ ^ e3US H^ § manufacturers design exhaust and stairways. ment from BSC. several manu- ur g ed b f0 ** stainieL ste” incidentally, drop because of makers, acli.ig as a result d> „ii 

sble Candida teswTe toobriUle lS/ * s - vsteras which , u5e » e advan ' *. T bere - rC ofher poten - hav f now er ! tered Ih ^ JSSom which are aslhin T lower maintenance costs and the EEC directive, have es.abhsln-d 

„r e di£,‘? s? 53. w?, a «*« ,o ^ sis! sss Br r - r ,ake lower scrap va,ut ' 10 “ 


jm 

^ l . i 

ar.slrud 
-s ?C2d 
l.D.vesst 


or difficult to weld, bend or i ndus try insisted that they 
pierce. Some had one quality, could not afford to load the extra 
others another. Few met the cos j- Q f an exhaust on to a car 


they full. 
iX tr a O per at in 


conditions in ser- ®re 


vice have been scrutinised over stainless steel. 


baths, with type 316 useful in 


The final breakthrough came Now. with Hyform 409, the corrosion or fatigue does not mobile parts which need rests- chip and does not provide re Qn ir ^ d . pr , ov ’J d f. ? ! e neces ‘ caler,n S Industry. build-up of information v«n- 

wilh a new steel. Hyform 409, a |j{ 0 of a stainless exhaust is occur. tance to high temperatures, or fissures to house micro- SdrJ slren J h and thickness, is Not only was stainless steel T , , Sl . , , 

ferritic stainless steel produced in the region of five years. Now, Variations of temperature and the stark combination of water, organisms. This gives it sub- not normally required: shown to be supremely cieelmaker and steel user r n 

to a closely controlled chemical the extra cost of a system as environment occur all along salt and grit from the road. stantial advantages in the field An increasing number of con corrosion resistant, it possessed , incre ‘ 

analysis using a composition standard could be about £10. exhaust systems, and the choice Perhaps the Hyform 409 of hygiene. In other products, sanction projects are choosing what can conveniently be ■ * ._ 

balance factor to limit the for* For an item price increase of of materials, therefore, depends family will, eventually, be as too, substantial hanks of data stainless steel for cladding pur- described as absolute “clean- r.tr. 





The AOD Vessel* 

The Argon-Oxygen AOD process of decarburising molten 
stainless steef is carried out in the 1 30 ton vessel involving 
simultaneous injection of the two gases through side 
.mounted tuyeres. Efficient removal of carbon at low final 
specification. levels is achieved with minimal loss of 
valuable chromipm, combined with improved steel 
cleanliness. 

Developed and patented by Union Carbide Corporation Linde Division . 


Z3F 











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'*• \‘.C 

, ..... . ^ '.',1 '*,■ ' ...... ........ . 

‘L - '. . ' \ :.-V- 




* 1 


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-- v - ’.V'O '■ i- ' -k ’ 




"“V? ^ . 

I-: 

1 .. ' r . i .*«>. 

\-V 
1 . ' 

.. > • J tr' ' . 

'3- 

- V. 


The AOD vessel, being fitted into a trunnion ring, can be 
rotated into the vertical position or to other Pultons 
for charging, sampling and tapping, and is a ^»eved 
by DC electric drive motors through a gear reduction 
unit The vessel is removable from the trunnion ring for 

Salem Engineering has installed or is currently working 

on, vessels ranging from 1 7 to 1 30 tons capacity- 

Salem supplied: ...... 

■ Three vessels ^ 


i V-'- 






T : z - - 










OUR RANGE OF EQUIPMENT INCLUDES: 

■ Complete annealing plants, including 
atmosphere gas generators 

■ Batch annealing —single and multi-stack 

■ Continuous annealing -horizontal and 
vertical 

■ Also, open hearth, soaking pits, pusher, 
walking beam and rotary hearth 
reheating furnaces and ancillary 
equipment, and all types of 

heat treatment furnaces. 




: ^g|S 

«igi 


mm m* 



mm 




Tha Diractors of Saiosi Enginaaring take this opportunity of congratulating 
thfl Directors and staff of BSC Stainless United an tha occasion of tha 
opening of the new Works- 


C.f. nenaar 

CHBiaRRH A TOKAG1UG DIRECTOR 


at 



■ - p V -• '' ■' I 

. - v- - ■ . . r. . 



Engineering Company Ltd! 


. -.-j- j 


Milford House, Milford. Derby DE5 1QW, England 
Telephone: Derby 840271 Telex: 377282 Cables : Keener, Belper 







22 


Financial Times Friday My 141973* 



stockholder in 


stainless steel 


. . . ALFRED SIMPSON, special 
because of their service, 
facilities & product range 
which are second-lo-none! 


stockholders of stainless steel 
strip, fasteners, lube & fillings, 
sheet, bar. plate and coif. 
Process facilities for de-eoiling. 
slitting, shearing, profiling, 
sawing, plasma-culling and 
polishing. 


ALFRED SIMPSON 


Alfred Simpson Bridge Street Swinton Manchester 
M27 1EL Tel: 041-794 4777 Telex: 468766 


A Division within British Steel Service Centra Croup of the BSC 


stainless steel at shepcote vi 



STEELMAKING 


O' 

(up eii 


Tngnt nulling? 


MeiUait "U.finlnff LwUo 
UnUComerler) 



/ 


C-nntinimu* rutinc 





1 e _ 
<TT© ©I] 


Hui i-ull Coil builil-up 


lint roll CuilinK lllot) 


A nnettlinn and 
l ‘selling 



J Cold miring 
iZmiU) 


Flatten 


l Ft* 


if! 


AnnraUng anil 

llrUbl 


IP ©LT© 

Skin |avvi 


K-lj-e Slii-ariug 

urtiliitinx 

J 

©T"G> 

\ 


Wide coil snd Sorrow Strip 








m 


Cut tint: i* 
) rt'plh 


1'nll.hiliK 




Shtbhc.it me 
-Cullori^e 


GIG' SSS 


fSufl i'll ;■ ml 

ynfiirh 


„ .-Shut l-ln-t ami Vmnl Fiul.hed 
sjls. IVJ.lt* •ln-nrinfr little 


Finished tbret 28or i A 


PLATE 


PoUebed »b«t 


Rrizlj' JUnt' *linc|'Linr 


SHEET & COIL 


S**-% 


fe?- 


A modern 



Adamson 
Bufterley 

supplied to the 
Tinsley Park Works 
of BSC the three 
200 tonne four girder 
cranes. 


ladle 


Adamson Butterley Limited 

Horsehay, Telford, Salop, TF4 3PU [a#! 
Tel: (0952) 505881 Telex: 35222 IMJ 


iSS 


ADS[1. 


melting shop 



THE LION’S share of the £13uni reminder of the charge will be rurminc along the upright of the 
investment — some £»>ni in made up of ores and additives. T away from the furnaces, 
fact — has been spent on the new Up to 100,000 tonnes of scrap *rhe^ next stage in ohe primary 
primary steelmaking facilities will be purchased each year. steelmaking process is a big bay 
at Shepcote, Sheffield. The actual charge to the fur- where the slabs of stainless 

The whole project there has nacc on an >’ particular shift is steel are processed. It is neees- 
been rode-named SMACC— governed by a computer system sary lo grind .the surface of the 
Stainless Melting and' Con- called Least Through Cost Mix. ^abs to remove impurities 
tinuous Casting. It is the biggest Designed to provide the most occurring during the continuous 
and most modern . stainless efficient mix of raw materials caStingm Three j>jgh capacaty 
steelmaking facility in Europe independent of the operators it s iab grinding machines have 
and ranks with the biggest cur- will consider materials prices at been installed each of whit* is 
rently in use in the U.S. that time and transportation ca , paJ!> i e of processing 10 tonnes 

SMACC can u^e a widely ?°* ts of scnp an i * erro - a J!i * of steel an hour. Each machine 
vaSecS o^wUerials *» ■ »0 hp motor to driye.a 

to feed the stainles/stecl elec- ncceMary male ri£s will then he tw ^ 
trie arc furnace. The standard se | ected in skips aaain on the Tlh *£, * rp J”**®* su< : h 

charge will be ahoui 40 per cent hmrucUons 0 f the computer, niachmes emptied an^here m 
stainless steel scrap composed f ac j]|ty alone is expected ^ world. Each one, Wears out 
of selected scrap bought in from w rcsu , t , n substantial savings xrlndiag wheel iaAhe course 
merchants ^'or collected from on m q£ the stainle5s steel of a singie shift. f 
recirculating material within made . So that rhe grind j ng wheel of 

Jbln^o^o uo U to 70 percent Thc SMACA steclmaking is each machine can- do the maxi- 
sjblc to go «P tn ,n P" ce ^ based on an electric arc furnace mum amount of work a system 
scrap usage if the ^ scrap 'is ^ t(| any ou| a straight . &f handling gear has been 

tne p. • e forwar(J rae j ring 0 f the chosen arranged. While one slab is 
raw materials. It will be able being tilted arid inspected after 
to handle a cast of steel of up grinding another can be passed 
to 110 tonnes. Meanwhile a under fihe wheel, 
computer will be recording Ihs 
composition of the raw charge 
to the furnace and the com- 
position of the resulting steel 
beginning a history for that 
particular cast of stainless 


available 


if 
and 


CENTRO-MASKIN 

manufactures 


Photo of the new slab conditioning Installation at BSC SMACC featuring three 
the biggest and most modern slab grinders in the world. 


BILLET AND SLAB 
GRINDERS 

GRINDERS for rounds and 
tubes 

BURR REMOVAL 

machines 

BELT GRINDERS for grinding 
4>S stainless, press and dad 
plates 

ZIG-ZAG GRINDERS for crack 
indication 

CARBIDE CUTOFF SAWS 

ABRASIVE CUTOFF 
MACHINES 

SPOT SCARFING 

MACHINES for removal of 
defects on heavy slabs 

JAW PLATE MACHINES 

NON-DESTRUCTIVE 
TESTING DEVICES 


(^TBO-MASKIN cermoflOAi 


Centro-Maskin delivers and installs 
complete systems for surface con- 
ditioning of billets and slabs; includ- 
ing transporting, grinding, handling, 
crack detection and inspection— all 
in one continous line. 


A. JOHNSON (London) LTD. 
Vjllier* House, Strand 


London W.C.2 • Telephone 01-839 1541 


Telex 28444 


Telegram AG ENT I CUM 


• ; .r- 





dsto p 




w«S5aSSS*j53S^ 

Of oduebon. BSC s ^ ^ rb urisabonl to pro ^ tter the 

^ BOC ll «eT^e b® st in_deplh know ' ed9e ° f 

Ttiebestpuntya 3366 ' 


ts^aassas-^-* 

^inssstr^ 

sss>««» 



-x-f ■ \ ..lu. Majftjlfaat* fa. ?■ fm i ana 



Slabs 


The output of the melting 
shop os handled tin three 
different ways. Most of the 


which willj.ccomp.ny it on its «omin’uot.sly cut into 

13-week progress through the 
various stages of the works. 


slabs as described. A further 
12 per cent is cast into slab 
While the charge is in, the ingots, and 18 per cent into 
arc furnace little or no refin- square ingots. The individually 
ing takes place. After it cast ingots go to Stocksbridge. 
has reached the required Sheffield, or Tinsley Park 
temperature it is tapped into Works, Sheffield, for rolling into 
a ladle and transferred to a biUets ^ rouo ds. Most of the 
second liquid steel-making ^ ingats are at Ttns ] e y 


vessel alongside called an 


decarburising 


•while some go to the 


argon/oxygen Uckenby. Teesside, slabbin 

<AOD) vessel The arc furnace M for ^ production * dabs 

cycle is only 2i hours long for loe^dlv widp h an H 

an average 100-tonne melt The specrauy wide steel band. 

The surface ground con- 
slabs 


period that the liquid steel is 
in the AOD vessel depends ca5t slabs u tsom , e 

upon the amount of refining 150,000 tonnes a year when full 
that is needed. The process is production is reached) are sent 
constantly being monitored by Lackenby for rolling into hot 
computer. One of the features band steel upon one of British 
of the melting shop is that Steels best rolling mills. It 
there is no paperwork. All the would not have been economical 

operators have been trained to \ Q , ins } al _* £or * he 

use computer terminal visual at Sheffield. After rolling 

display units. ‘£ e steeI ls sent baek by 

the same “ merry-go-round 

trains” to Shepcote. Sheffield. 

f urnaces t0 be cold rolled and finished. 

_ , _ . . . , s In addition some 20.000 

The Plant has been woriung t0nnes o[ stainless each ar 

up since he first steel was made wj|I be ro , Ied int0 wide plate 

at Christmas and is designed of up t0 3-metres width at the 
to produce eventually, 6,000 Bsc DafzeII works ia Scotland. 

The memo * sh °p and ^ 

0 . \ c , ■ ■ Associated casting and grinding 

Previously in Britain stain- facilities makes heavy use of 
less steel has been made in computer control and on-line 
s " ia “ furnaces— -mostly in the analytical facilities during the 
Sheffield area. The novelty of slee imaking stages, 
tile Shepcote melting shop is C(H , rdiriati(m of production, 


that the principles of Jarge- ^ d^seminatiQn 0 f manufac- 


scate common steel production luring i nstruct i ons , and the 
with all the economies of scale feedback of processing informa- 
are being applied to the more Qon is prov ided by the 
expensive and difficult stainless computer - based production 
product for the first time in planning and process control 
Britain. system. 

After melling, the stainless Each major operating point in 
steel can be handled if the plant is equipped with a 
necessary hy being poured into visual display terminal and a 
ingot moulds in the con- keyboard. In addition an auto- 
vcntional fashion. But four- malic data link to the 
fifths of the output of the melt- analytical system computer 
ing and AOD vessels is expected allows sleeimaking analysis 
to be continuously cast into results to be displayed on the 
slabs up to 20 tonnes in weight terminals. 

The metal .is poured into a The system has considerable 
mould on a high platform. The scope for extension into auto- 
mould is cooled by water so matic power control in the arc 
that tiie steel emerges below furnace. AOD steelmaking cal- 
as a hot, plastic strand. As the culations, and calculation of 
strand moves slowly down optimum cutting lengths for the 
towards tiie floor of the plant it continuously cast slabs. 

■is turned through 90 degrees by . The new stainless steel nielt- 
roHers while the could eg process , op ,s one . °/ ™ 0SI 
continues. The works -has been y . aPtomate d installations 
laid our in a -T- shape with of its ^nd ever built, 
the co auiuio-us casting plant R .H. 







just a crane 

^Like all cranes supplied 


by Clyde Booth-Rodley, 
this 25 tonne semi-goliath 
coil handling crane incorp- 
orates all the latest design 
and engineering 
techniques. 

4 



For over a century, Clyde Booth-Rodley have been leaders in 
the design and manufacture of cranes and associated 
equipment for the steel industry of the world. 

Clyde Booth-Rodley as a major sub-contractor for 
Shepcote 2, supplied a total of eight specialist coil handling 
cranes, five of which are fitted with radio controi. They 
also supplied a unique portable ingot stripper and a floor 
mounted ingot stripper for the melting shop . We are pro ud to 
be associated with the British Steel Corporation in their 
latest major expansion. 

Clyde Booth-Rodley also supply special equipment to the 
worlds steel industry including; Steelworks cranes of all 
types; Ladle and Transfer cars; Furnace Pusher s and 
Chargers; Hydraulic Equipment Gearboxesand Grabs. 


Clyde Booth-Rodley 


NES Clarke Chapman Cranes Ltd, ; 
Union Crane Works, Rodley. 

Leeds LSI 31 HN,Tel:'053'2 57900T. • 
•Telex: 55159/- • ■ : - V-' 


A ‘'cr^er cr Ctekc Clvipn-.m 
,srtt iVi-Tow? 1 ryrjcws 



Main contractor for the 
S.M.A.C,C. Project 


R.M.DOUGLAS CONSTRUCTION LTD. 


North-West ’Region: 
WOODHOUSE DRIVE, WIGAN, 
GREATER MANCHESTER WN6 7NT. 


Head Office; 395 George Road, Birmingham B23 7RZ. 


Regional Offices: London, Cardiff, Swansea, 
Wigan. Stockton-on-Tees. Edinburgh. 


) 










cVf^o- 0 '' 



.Facial Times Friday July 14 1973 

STAINLESS 



inwstment on wh.t 
! 8 ® °1 a Plant opened 

StcmSSS-S 

•nwneenS^L an o d n C d^ C et. 

gwaa; 

equipment for the various 
forais of stainless steel produS? 

arlhouS 5 - finishiD ^ Cities 

m- ”1 m a s,n « le building 
the hS "??*■ ^ Progress of 
, ™* bl * P ] «« and down the 
hall can he followed from an 
overhead walkway. The plant 

WR C ^f’if Si0ned at end of 
1976 and has since been work- 

ing-up while the other Sw 
eote facilities were being in- 
stalled and the SMACC project 
for a new steel source was 
being built ce was 

Work on the stainless stool 
plate and coil expansion scheme ; 



plant 


; SPACE) began in 

; r® 7 ® wth tbe object of provid. 
ing the capacity to make 50,000 
°f P ,ate and more than 
150.000 tonnes of cold rolled 
sheet and coil annually at Shep- 
cote (with the help of the 
i*ackenby rolling). The invest- 
ment is also enabling BSC to 
increase its sheet and coil width 
to customers from 1.25 to L5 
metres, and plate width from 
■o to 3 metres. 

After the hot -rolled cni] 
stainless steel arrives back 
£?™ Lackenby > Teesside, to 
may pass through up 
to -D different processes before 
emerging from the works packed 
b a home or export order. 
Kadio control is used to 
manage the unloading from rail 
*’ ag ° n s and transference inside 
me building for processing. The 
hot rolled coil first goes to a 
coil built-up bouse where coils 
are joined together by welding 


so that large— 25 tonne— coils 
oan he passed through the plant 


Coils 


" . separate lines provide 
facilities for softening and 
dMcaling the coils. After 
initial processing there the coils 
are cold rolled. One new 
oendzimir cold rolling mill was 
commissioned this year It is 
designed for the cold rolling of 
-O tonne stainless steel coils. 
The mill can handle 10 tonnes 
an hour of typical coil material. 
A computer based system pro- 
vides automatic control of roll- 
ing according to pre-pro- 
grammed rolling schedules. This 
is an advanced feature which 
allows automatic slowing-down, 
and other useful control varia- 
tions. Up to 300 detailed rolling 
programmes can be stored in 
the computer. i 

All the electrical power i 
supply, control systems and j 
computer equipment for this ^ 


s new mfli is housed in a separate 
- three-storey building. The mill 
itself is controlled from a single 
elevated and semi-enclosed 
control pulpit at the front of 
! the milL 

[ A further Sendzimlr mill 
■ identical to the one described 
( is scheduled to come into use 
r next January and to commission 
in July, 1979. in addition to 
i the two new mills there are 
three older Sendzlmir mills 
one High Robertson Mill, and 
two pinch pass mills, one of 
which is part of the current 
development project. 

A new building houses a 
specially designed bright 
annealing plant which is 
currently being commissioned 

Both the SMAC and the 
SPACE projects have been 
engineered by BSC stainless ! 
project staff in consultation 
with production maintenance, 1 
quality control, and productivity * 
services staff. Working parties * 
were set up early in the project 


! to devise layouts for the new 
I plant in consultation with 
i operatives. The result is that 
1 both works have logical and 
■ easily worked lay-outs through 
which the flow of material can 
1 easily be followed 

A number of the Sbepcote 
employees have transferred 
from the BSC plate finishing 
plant at the Stoekbridge stain- 
less works which was phased 
out of production. Re-trainlng 
programmes have been run to 
coincide with the introduction 
of each new piece of equipment. 

By expanding on an existing 
stainless steel making site — the 
old Shepcote Lane rolling mills 
— to create the new steelmaking 
and finishing complex BSC 
believes it has managed to 
ensure continuity of experience 
by the workforce together with 
m a xim um continuing pro- 
duction during the expansion 
period. 

R.H. . 


Stainless 
steel on i 

a plate 

These days, ifs net enough simply / 

to enjoy a stainless reputation. I 

Tike pljte, for example. ‘ * 

V:u need sophisticated processing 
facilities. Reliable service. Realistic prices. 

Depth of stock 

You’ll tiitd all t or. at GKJ J Stahtock. 

For as well as bang the test known name A 

in thestemiess steel iratat’ywe also own f 

some ol ihe finest processing machinery l 

in Europe. V 

Our miasma arc ‘.rater jef cutters can 
proMe stainless plate iip lo 2 ’Puck. 

With un edge so smooth it looks 
machined. 

Our polishers can produce nnisnes 

from mirror to mutt on piste upto G’ wide. 

And we can coat plaie m v invl, 
polythene, nitto or paper Just like that 
Add to this our decoding and slitting 
facilities - plus tube and bar cutting - and 
you’re left with only erne response. ^ 

GKN Steelstock means stainless sleet 
On a pijie. 

We’d like to talk to you. R-ng >our 
nearest Division, the numbers are below. | 

BKN 5TEEL5TOCK 

MULBERRY L 

West Riwniftich:0ri-55 2 33C0. Leeds:C53r-?J2941 
Brandon (Suffolk): T.iedord SllSIS. 




Hayes ffitidd>l-.n| 5737711. 
Manchester: Ci:i-87J 366 1 


Bristol: W 5-1-31 PS-1 
Southampton: 070. 


^.GLisgoiv: 04i -G-i 
3-56915. 


Crown 

House 



Many uses in 
the home 


Sheffield 

are 

responsible 

for the 



installation 
of all electrical 
services in 
Shepcote 2 ’78. 


• -V- -c-4 




d? 


Crown House Engineering Limited, 

Electrical and Mechanical Engineers and Contractors, 
Head Office: 17 Addiscombe Hoad, Croydon CR9 2DE. 


Head Office: 1 7 Addiscombe Road, Croydon CR9 2DE 
Branch Offices: 

Belfast Birmingham Bristol Cardiff Cleveland Croydon 
Edinburgh Glasgow Leicester Liverpool Manchester 
Newcastle-upon-Tyne Newport, Gwent Nottingham 
Peterborough Port Talbot Scunthorpe Sheffield 
Southampton Swansea West Thurrock 
Also in Africa, Australia and Middle East. 

A Crown House Company. 


IF YOU look around, the average 
home and start to add up the 
products in daily use that are 
dependent, in some part or 
another, upon stainless steei the 
number seems astonishingly 
high. It is a material which we 
tend to take for gran ted, “grate- 
ful for its practical qualities, 
hut unlikely to get over-excited 
about Cookers, toasters, kettles, 

' kitchen gadgets. washing 
machines, fridges, dishwashers, 
cutlery — these are the everyday 
items which we would miss 
desperately if we were without 
them but which do not, on the 
whole, move ns the way perhaps 
a lovely fabric, or a stunning 
vase, or a voluptuous sofa 
might. 

On the whole stainless steel is i 
used for its very practical i 
qualities — for its durability. t 
its hygienic qualities, for the t 
fact that it is solid all the way e 
through and therefore does not \ 
chit), or corrode. It is a high- t 
quality material and one of the f 
great pities of recent years has s 
been the fact that the great 
influx of cheaper goods from the i; 
Far East has begun to harm its p 
image in many people’s minds. c 
As manufacturers look more $ 
and more to Europe for the ^ 
volume that successful ng&nu- b 
facture' demands, the great 
hope is that European market- 
ing trends will have an effect 
on design and quality that can't / 
help but be for the better. On ^ 
the whole in Britain we tend 
to be veiy price conscious and lo 
even though most of the re 
imports are of inferior quality T) 
they are quite skilfully pack- fa 
aged and the pripe differential tia 
has been enough, particularly pc 
in spheres like cutlery, to per- a 
suade the public to buy them. fa< 
In Britain we have one of the sai 
lowest per capita consumptions ru: 
of stainless steel in the civilised coi 
world but British manufac- on 
tureis have every intention of we 
potting' this right in the of 
coming years. One of the most vid 
obvious spheres in wbich to wh 
compete is the kiteben. Already the 
stainless steel is used a great she 
deal for split-level cookers, bob tra 
tops, doors for refrigerators, a t 
but abroad there is now a great for 
trend towards a combined stain- bon 
less.' steel unit which consists oop 
of a sink and a hob unit top ens 
with an area between the two trai 
where hot pans can be retted T 


■ e which have stainless steel 
ie plinths which are removable 
re for easy cleaning. Many cookers 
ir and fridges are trimmed with 
ie stainless steel and some manu- 
ly fact ore rs are now beginning to 
,e get together to give a variety 
of appliances a co-ordinated 
s, look. One of the obvious ways 
d of doing this is to give fridges, 
k cookers, dishwashers and so on 
B identical stainless steel fronts! 

’• Sd far Thorne have led the way 
y with their Tricity refrigerators 
s and Moffat cookers, 
t Many small ki tchen appliances 

5 use stainless steel as the basic 
3 material. The Kenwood chef has 
! a stainless steel bowL Russell 
i Hobbs has on the market an 
interesting small toaster-cum- : 
! oven which sounds Mice the ideal 
breakfast tool— it makes toast, 1 
grills bacon, heats up rolls, 1 
bakes sausages— but uses less 1 
electricity than a normal oven 
would. Kettles, coffee peroola- i- 
tors, spatulas and the like are 
frequently made from staizdess 
steeL 

When it comes to cookware 
itself stainless steel is twice as 
popular abroad as in this 
country. Aluminium has much 
Che largest share of the cook- 
ware market in Britain— it has 
traditionally been cheaper and 
1S * of course associated with 
the non-stick surface. 

Consumers 


I though at the moment the two 

■ British models on the market 

i don’t use it. Metal Box have just 
i produ ced a very attractive, 

■ streamlined range of stainless 
i steel storage canisters to match 

up with their kitchen tools. 

Perhaps the most eye-catching 
use of all, though, is that made 
by Ringo and Robin Designs, in 
their very modern, often very 
beatiful, furniture. Ringo and 
Robin are in reality Ringo Starr 
and Rdbin Cruickshank and they 
first met at a British Steel exhi- 
bition over the stainless steel 
stand, so they have a n affection 
for the material. They think it is 
“precise to work with, has a 
touch of glamour about it, it is 
striking never boring and 
makes a wonderful counterpart 
to other materials.” With that 
as a recommendation, it must 
surely, go far. 

tncia van der Post 


STAINLESS STEEL 


^ptat»ata ltaksfcra »™JSSffi"“P^ l SWp 

Steel Finishing is our business and we specialize in continuous 
Immersion Pickling for Strip. Wire and Tbbe.?oni^e m?rata^ 
Service to Industry with Plant to extract and scrub fume, to recover 

^^PRODORiTELTB. 

A * 0n S*"* Twickenh ® jn * Middlesex. Tet (JI-S92S157. 

A mem per of the Revertcx Group of Companies. 


Obvious 


Scicon 


computer services 










mathematical 
computing 
services 
for the 

steel industry 


Scicon 

computer unicn 

Brick Close Kiln Farm Milton Kevnos MK11 36J 
Tel: 0908 565656 

A memta el fro BP Ow* Compaote 


_ All but a tiny proportion of 
sinks nowadays are made from 
stainless steel but an obvious 
extension to the idea is to be 
seen in the developments found 
in Europe. Here there is a 
much greater emphasis nq 
hygiene and in most new 
kitchens there is a greater 
separation of hand-washing, 
vegetable preparation and gen- 
eral dishwashing and sink 
facilities. At the very least a 
new European kitchen should 
offer a double sink. 

Many of the ways in which 
stainless steel is used are func- 
tional but not very noticeable 
the linings of dishwashers and 
I washing machines is one of the : 
most _ outstandingly successful i 
applications of the materials \ 
both for practical and aesthetic ] 
reasons. Many people, it has j 
been found, equate stainless t 
steel with a dean and clinical i 
look. This can sometimes be a i 
disadvantage (.though most t 
people feel that a good architect a 
and designer can incorporate a 
stainless steel into a setting and I 
create an aura of warmth and q 
cosiness by skilful use of colour £ 
and other materials elsewhere) c 
but when it comes to washing ii 
machines it. has obvious advan- ri 
iages.,The drum of the machine d 
and the interior of the dish- 
washer should take little clean- B 
ing and neither corrode nor lose ic 
their pristine appearance. ci 
Hygena have a range of units « 
in their Continental range ta 


end However, it looks as If stain- 
and less steel may begin to 
the recapture some of this market 
lity The price of aluminium is rising 
ick- fast so that the price differen- 
tial tial has all but disappeared and 
iriy people are beginning to look for 
ier- a better quality product Manu- 
i. facturers of stainless steel 
the saucepans feel that in the long- 
ems run their surface is better for 
sed cooking with than the non-stick 
sc- Dne which, usually, begins to 
of wear fairly thin after a couple 

the of years. Stainless steel can pro- 

ost vide a veiy high-quality product 
to which can last for years— 
dy though potential consumers 
;at should note that stainless steel 
ob transfers heat very quickly and 
rs, a good saucepan should thera- 
fat fore have a bottom that is 
in- bonded to another metal like 
?ts copper or aluminium which 
op ensures a slower, more even 
vo transfer of heat. 

«L The cutlery industry has 
been most badly hit of all by 
the cheap imports from the East 
— though hollo ware {as jugs, 

° r bowls, ashtrays, teapots and so 
“ 00 are caUed in the trade) has 
us been affected, too. In the ten 

>e years leading up to I07B imports 
,d of cutlery more than doubled 
a m value (up to 77.5 per cent) 

111 but trebled in volume (to 88 
w per cent). There is now only 
*r one truly British manufacturer 
s. of stainless steel cutlery— 

J- others import Wanks and finish 
k them here but only one firm 
a now makes completely in 
d Britain. 

The cheaper imports have. 

Q unfortunately, not done the 
>• image of stainless steel cutlery 
b much good. Though often attrae- 
1 tively packaged, and very attract 


— — - A* cyuKifuy 

I one-quarter of the price they 
s would be if produced entirely 
: here) they appear to offer 
i reasonable value for money. FTe- 
i quently, however, the quality 
i control is not very good, teapots 
i may have ill-fitting lids, ques- 
: tionable hinges, prongs on forks 
are likely to' be not very even 
and so on. T3iis is au area where 
Britain will have to compete on 
quality and design and, again, 
the great hope is that the public 
can and will be persuaded that 
it is better value in the long 
run to buy a higher-quality nrt£ 
duct. 

For the moment, of course, 
British Steel is always on the 
look-out for new exciting appli- 
cations of the material. The 
coming of micrawave ovens cer- 
tainly offers new opportunities, 



ym. K <r .t< * T-* . 

, *•_ 

**■ 

: .. ■ » , > ^ 

■ ,, < 

-• r .b''\:sA~ 

. 

•• -F. 

* ♦ **• 

* ' W; • V,V - • :• 

\ 


— — Ai IJrN&JLfck PARK 

Distington Engineering Contracting have been involved in continuous castiny sinoU ■ i , , .. 

and this considerable experience is reflected in the number of machines desienal anH h ,0 -i»”n ' **7 l ? ai * int - he 
world - currently in excess oflOO strands! ^signed and built in steelworks throughout the 

Ask our Commercial Department for these brochures- 
FFE 019 Continuous Casting/FFE 020 Foundry' Technology 



Distington Engineering Contracting 

P.O. Box 8, Workington, Cumbria, CA 14 2JJ 
Telephone Workington 4388, Telex &2L3 

ASS 2 »^ 5 !a^ 

^emical , ndust^aiidhouseho ld s;hasbcOT m easig)^(^LMonon^ebiEcatorfor^S > gUtt|J^a|^[jo I J^ndsbndMdofliviB& 

in this field Dement' ofereat importance.-Specialisl 3 

the. commercial pnxluct Iine „ weU as thosc 


ToedisUasbe 7 P.O. Box. CH-8027 Zorich. Switzerland 
Telephone (01) 202 76 80, Telex 52 719 



One of the ZR 21B-63" Sendzimlr Mills supplied by Loewy Robertson. 

A few words from Loewy Robertson about BSCShepcote2 



Loewy Robertson have supplied the Tail Preparation Line, the 
Coil Build-up Line, the Softening and Descaling Line, two 
identical ZR 2 IB-63" Sendzimir Reversing Cold Rolling 
Mills (the largest of their kind in the world) and the 2-high 
Reversing Skin Pass Mill (the latest in a successful series). In 
addition, we have co-ordinated the design, manufacture, 
installation and commissioning of all equipment associated 
with the Softening and Descaling Line, under a separate 
management contract, and are supplying the No. 4 Grinding 
Line which wili be operational early next year. 

That makes usa majorcontractorforthis multi-million pound 
stainless steel investment programme. 

Thank you for asking us, BSC Stainless. 


The Softening and Descaling Line 
engineered and installed by Loewy Robertson. 



Davy- Loewy Ltd 


Loewy Robertson 
inle 


years ahead in 
stainless steel plant technology. 


Loewy Robertson Division 

Wallisdown Road Poole Dorset BH12 5AG England 
Telephone Bournemouth (0202) 512211 
Telex 41211 


BIDNX INSTALL THE COUNTRY’S FIRST 
COMPUTERISED FLYING SHEAR LINE, FOR 
STAINLESS STEEL AT B.S.C. SHEPCOTE. 


Every time Bronx complete a project 
thee- perience gained i; invested in the next 
This line, at B.S.C Shepcote, is the . 
product of a very successful computerised 
Ftving Shear line installed eighteen months 
. ago at OUTOKUMPU OY. Finland. 

Through continual research and devel- 
opment Bronx produced this combination 
cj'coil inspection and cut-to-length line. 
Comprising uncoiler, edge trim, recoiler, 
twin precision levellers, living die shear 
and vacuum stacker and the result was an 


excellent line for handling stainless strip, 
aluminium or any material with a sensitive 
surface. _ 

Guaranteed accuracy better than - 0.8mm 
on cut length .First and last sheets within 
tolerance. Tolerance not affected by 
acceleration/deceleration. Cut length setting ■ 
changed in seconds. 

Bronx design, manufacture and install 
an extensive range of process lines for both 
ferrous and non-ferrous industries. 


. . For further information please write 
fix our full colour brochure, Catalogue 
No. 126. 



T1W Brww Conwrc LmkcA Lvc. Stourbridge. England DY9 80S. 

Teltftme.LyirlCtfHaiMhl. Tefec 138090. CaMts Bronx l^aSnoiatndjc. 



Vacuum belt stacker for carefully 
handling the finished cut sheets. The only 
wav to ensure that the sensitive surface 
materials remain scratch free. Stacker unit 
with 3 piling stations. Stacking directly into 
boxes with paper inter-leaving- no 
further inspection required. 


Six high precision levellers of the type 
shown with mul ti range adj ustment such 
as: -Top Roll bankTilt- both in line and trans- 
verse, Top Roll bank Lift, Convex/’concave 
adjustment or_ top roll bank, individual 
adiustment of bottom support roll banks. 

All of the above adjustments are fully 
powered ana combined with an easy-read 


indicator allow the operator full flexibility. 


. Inspection of strip at decoiler allowing 
automatic sheet classification. Classification 
system computerised giving 19 different 
operational modes of stacker. Automatic 
scrap reject Up to 22% reduction of scrap . 
utilising classification. Automatic paper inter- 
leaving facility. Built-in facility for monitor- > 
ins siadc control. 



Financial Times Friday ETWy l'£ 1975 

STAINLESS STEEL AT SHEPCOTE VIII 



producers 


WITH THE opening of the 
British Steel Corporation's new 
stainless steel development in 
Sheffield, the paths of the two 
steel sectors in the city — private 
and publicly owned — have 
diverged further once again. 

At a cost of £l30m the BSC 
is making a hid for a major 
share of the world market for 
stainless steel flat products 
through investment in modern, 
highly-efficient. and low-cost per 
tonne plant — a philosophy which 
also lies behind other BSC in- 
vestment decisions in Sheffield, 
including its recent announce- 
ment of an £8tn re-equipment of 
its razor blade steel manufac- 
turing facilities. 

In the private sector, the 11 
years since nationalisation, of 
the British steel industry in 
1967 has seen a different 
emphasis, with the independent 
producers seeking their place in 
the sun by increased concentra- 
tion on much more specialised 
markets where added value is 
higher. 

To a very large extent the 
Corporation and the private 
steelmakers have now learnt to 
live side by side with each other, 
even though Corporation poli- 
cies — as for example a few years 
ago in the purchase of scrap — 
can from time to time cause 
friction. 


Overlapping 


The overlapping which existed 
on nationalisation has, however, 
very largely disappeared, firstly 
as a result of a series of tidying 
up operations and more 
recently as a result of deliberate 
moves away from BSC areas of 
activity by the private sector, 
which has concentrated its steel- 
making efforts on stainless steel 
bar, tool and high speed steel. 

The Shepcote Lane plant 
where much of the Corpora- 
tion's stainless investment has 
been concentrated, was in fact 
transferred to 1 the BSC from 
First Vickers, now part of the 
Johnson, Firth Brown group, 
shortly after nationalisation, 
with the BSC’s alloy forgings 
section at River Don reverting 
to the private sector in return. 
The BSC's remaining interests 
in tool steel at Opensbaw were 
acquired some years ago by the 
Sheffield group Edgar Allen, 
and the Corporation also handed 
over to the private sector some 
of its wire interests. 

Some areas still exist where 
tire BSC and the private sector 
are in competition, such as the 
production of low alloy steel, 
of which Dunford and Elliott, 
part of Lonrho, remains a sub- 
stantial producer. The pattern 
very largely, however, is of two 
complementary sectors, each to 
some extent dependent on the 
other. 

The path along the private 
sector has travelled to reach 
this position as a supplier of 
mainly specialist products, 
began with a series of mergers 
in tbe early 1970s leading to the 
creation of a number of bigger 
and stronger groupings. The 
motive in sevral cases was a 
desire to prevent possible 
further encroachment by the 
BSC into tbe private sector, but 
it also represented a response, 
too, to the need for larger units 
both to generate the resources 
for re-equipping with modern 
specialist plant, and to make tbe 
best use of it. 

As a result of a series of 
transactions, two major groups, 
Johnson, Firth Brown and Dun- 
ford and Elliott (incorporating 
tbe former Brown Bayley com- 
pany;, emerged in the early 
1970‘s, together with other 
smaller but still substantial 
groups, like Edgar Allen, 
Balfour. Apart from Lonrho, 
other non-Sheffield groups which 
now control steelmaking in the 
city include International 
Nickel, which acquired Daniel 
Doncaster, the high alloy 
producer. 

Recent years have seen fewer 
major mergers of this kind, but 
the pressures on companies to 
continue the process of rational- 
isation have, if anything, 
intensified, because of the con- 
tinued world steel recession and 
the associated problem of cheap 
imports. 

With special steels producers 
around the world facing similar 
problems, the UK market has 
been used to offload supplies at 
prices sometimes as much as 40 
per cent below those considered 
economic by UK producers. The 
main imports pressure has 
been coining from West 
Germany but low cost supplies 
have also been, coming from 
other European countries and 
the Far East. Other new develop- 
ing country producers have also 
emerged over recent years. 

In some areas the industry 
has been operating at only 50 
per cent capacity, and import 
penetration in the worst-hit 
sectors has been as high as 60 
per cent. Yet at the same time 
UK access to one of its most 
important markets, the U.S., has 
been limited by restrictions, 
introduced in response to pres- 
ures from American producers, 
on imports of stainless, tool and 
high speed steels. In addition. 


the industry has also had to 
cope with the steep rises in the 
cost of some of the exotic raw 
materials used to produce 
sophisticated alloy steels. 

The moves which tbe industry 
has been forced to make to 
survive have inevitably included 
substantial manpower reduc- 
tions. The total labour force 
has gone down over the past 
two-three years by around 5,000 
to the present 8,000, with the 
reduction split more or less 
equally between redundancies 
and natural wastage. 

At the same time companies 
have pressed ahead with invest- 
ment aimed at increasing the 
efficiency of their operations. 
Among the biggest projects 
have been the introduction- at 
two plants of massive new auto- 
matic GFM forging machines. 
The first has been installed by 
Edgar Allen, Balfour at its 
Manchester works at a cost of 
£4ra, including ancillary equip- 
ment The machine enables the 
company to produce a wide 
variety of rounds, squares and 
flats to much closer tolerances 
than were previously passible, 
opening up new product areas. 
A similar but bigger machine 
costing £ll-£12m is being 
installed by Johnson, Firth 
Brown for commissioning next 
year at its Firtb Brown works. 

Improvements at the steel- 
making end have also been 
undertaken by a number of 
the Sheffield groups recently to 
ensure a higher quality steel 
for the more specialist markets 
being served. Osborn, recently 
acquired by the Aurora, and an 
important producer of stainless 
steel bar has put in Argon 
Oxygen Decarbonising equip- 
ment at its Bradford works. 
The process, which has also 
been installed as part of the 
BSC's new stainless develop- 
ment, involves blowing oxygen 
followed by argon through the 
molten steel, thereby producing 
a cleaner and higher quality 
steel. 

Sanderson Kayser, the tool 
and high speed steel producer, 
is similarly working towards 
meeting demand for higher 
qualities of steel with the intro- 
duction of a second Electro Slag 
remelting plant at its Sheffield 
works, and at Neepsehd, another 
tool and high speed steel pro- 
ducer, a melting shop develop- 
ment including a new electric 
arc furnace, is currently under- 
way. Further ahead, several 


companies are now looking at 
completely new methods at 
making the very expensive tool 
and high speed steels, using 
powder technology. 

Many of the Sheffield groups 
have also been seeking to 
counter the strong imports 
pressure on their markets by 
moves to consume more steel 
internally in downstream pro- 
duct areas, in particular tools. 

Thus, Neepsend, which has 
long occupied a specialist posi- 
tion as a manufacturer of 
tungsten carbide drill bits, has 
been seeking over recent years 
to build on its well-established 
Clntridc brand name. A range 
of products for the do-it-your- 
self market has been developed, 
including long-life ganders and 
saws, and much of the com- 
pany's recent investment and 
profit have been in the tool 
area Sanderson Kayser is again 
planning to expand in tools, 
demand for which has remained 
surprisingly buoyant during the 
recession. 

The sector has also come to 
realise that much more atten- 
tion needs to be paid to servic- 
ing customers if the efforts of 
importers, several of whom 
maintained well-stocked ware- 
houses in the UK, are to be 
matched. _ 

Edgar Alien, Balfour, for 
example, has put all the ware- 
houses. inherited as a result of 
the meraers which created the 
group together at Birmingham 
and established a three way 
computer link for stocking and 
ordering between the warehouse 
and the two main factories at 
Sheffield and Manchester. San- 
derson Kayser has similarly 
embarked on a policy of 
developing its own warehouses 
in Britain and overseas, and 
stocking them so as to he able 
to meet a wide variety of cus- 
tomer requirements quickly. 

The sector, which has tradi- 
tionally had strong links with 
the old Commonwealth, includ- 
ing in many cases, extensive 
manufacturing operations, such 
as Osborn's South African sub- 
sidiaries. have also begun to 
develop markets in Europe. In 
some cases direct links have 
been formed with big European 
steel groups for the supply of 
Sheffield steel, while in others 
the emphasis is on building up 
sales of finished products, and 
in particular, tools. New ways 
of exploiting the large North 
American market have also been 


sought. Necpsend has recenlly 
acquired a Canadian company 
which is strong in semi-finishing 
of sieei products. 

There has also been some 
further regrouping within the 
industry, though most of the 
individual companies now claim 
that scope for further major 
mergers is now limited. Dunford 
and EUiolt was taken over by 
Lonrho after an unwelcome 
approach from Johnson, Firth 
Brown. JFB has itself taken, 
under its wing British Bull- 
makers Corporation at Crewe, 
bringing together its own 
forged steel roll rapacity with 
BRC.'s cast roll facilities in 
create a single group able in 
meet most steel mill demands. 


Control 


In a share swap JFB also 
exchanged its stake in Osborn 
fur shares in Aurora, which has 
since acquired full control of 
Osborn. An engineering group, . 
Aurora has grown rapidly over 
recent years and was already 
in special steels through the 
acquisition of two small 
specialist producers last year. Its 
plans for Osborn are not yet 
clear, but Aurora could now be 
an important catalyst for further 
change in Sheffield. 

The main change which all 
the producers are awaiting, 
however, is an Improvement in 
demand which will lift 
pressure of imports and enable 
higher returns to be made. The 
industry is also hoping that 
when demand does pick up . 
internationally it will be 
accompanied by an improve- ‘ t 


ment in the performance of the^j.;; 1 


British industries it supplies. 
The BSC is a big purchaser of 
equipment from the private 
sector which supplies it. for 
example, with steel rolls and 
cutting equipment. The motor 
industry’s tool rooms are also 
a major market along with the 
process plant industry and aero- 
space. 

Largely as a result of the 
recession, however, Sheffield's 
independent steel sector has 
already taken a number of steps 
which have reduced its 
dependence on steel as such. 
When the upturn does come, 
many of the companies in the 
industry will be responding with 
a range of steel and engineering 
products. 

David 


Rhys 


CONSULTANTS AND CONTRACTORS 


Consulting Engineers 

White Young and Partners 

Quantity Surveyors 

Turner and Townsend 

Architects 

Denis Lister and Associates 

Main Civil Contractor 

R. M. Douglas 

Structural Steelwork 

Redpath Dorman Long 

Electric Arc Furnace 

Birlec 

AOD Vessel (argon oxygen 
decarburising process) 

Salem Engineering 

Continuous Casting Plant 

D Islington Engineering 

Slab Grinding Machines 

Centro Mas kin, Sweden 

Stainless Coil and Sheet Plant: — 

Consulting Engineers 

Bylander Waddell Associates 

Quantity Surveyors 

Turner and Townsend 

Main Civil Contractor 

Redpath Dorman Long 

Structural Steelwork 

Octavius Atkinson and Sons 

Rolling Mills and Process Lines 

Loewy Robertson Engineering 

Bright Anneal Furnace 

Wellman Incandescent 


Heat Treatment Furnaces 


Priest Furnaces 


* ■ 

tv V 




A 


IV 

^ Oc ' 


Walkersteel 


The World’s Largest Steel Service Centre 


Congratulate 


On the opening of the second phase of Shepcote 2, and their 
improved supplies of British Stainless Steel, 


Over 5,000 tonnes of stainless steel stock at Walkersteel Stainless 
provides continued support for British SteeL 

Walkersteel Stainless, Hall Street, Blackburn, Lancashire. Telephone: 
Blackburn (0254) 55161 (100 lines). Telex: 63168, Also at Aldridge/, 
Enfield/Slaugh/ShefBeld. 











i’Hi 


■,n; 




. ^aBcIal Times Friday July 14 1978 


25 


POLITICS TODAY 


Is , * tnith universally 
acknowledged — or perhaps less 
so than it ought to be-^that 
when the French say “ oui, en 
prmcipc," they mean 99 per 
cent nn. But wheD the British 
&a >' '‘yes, id principle,*’ they 
moan 99 per cent yes. 

That, in a way. was the 
trouble at the Bremen summit 
meeting last week. Mr. James 
Callaghan, the British Prime 
Minister, arrived expecting — as 
a result of the advance 
exchanges— President Valery 

discard d'Estaing of France to 
demand agreement in principle 
»*n the creation of a. European 
monetary system. That was 
one reason why some of the 
Press leaks before the meeting 
showed Mr. Callaghan in a 
distinctly bad temper. 

In the event, however, 
President Giscard did no such 
thing. Instead he accepted a 
statement saying that the heads 
of sovemment regarded the 
creation of a zone of monetary 
stability in Europe as *• a highly 
desirable objective.” It is true 
that a fairly tight tiine-table 
was attached for discussions of 
the scheme designed to bring 
such a zone into effect, but Mr. 
Callaghan had little quarrel 
with that. The Prime Minister 
left Bremen for a few days in 
Britain a reasonably satisfied 
man. 

And yet the dispute about 
" en prineipe ” and ■* in 
principle ” lingers on. It pro- 
bably lingers in Europe. It 
certainly lingers in British 
politics: witness, for. example, 
the speech hy Mr. Edward 
Heath to the Conservative 
Group for Europe in London 
on Wednesday evening. 

The point is that the Bremen 
agreement and the speed with 
which it was reached have 
caught the British political 


Caught on the hop 




parties completely off balance 
Mr. Callaghan, of course, knew 
that it was coming, but it was 
only very recently that even he 
knew that it was coming quite 
so fast. He would have pre- 
ferred to have had it delayed 
a little longer— let us say until 
the autumn by which time 
there might have been a general 
election and thus less chance of 
a reopening of Labour's Euro- 
pean divisions doing the Party 
electoral harm. 

Nevertheless, Mr. Callaghan 
has decided to ride it out. There 
are elements in the agreement 
which he finds potentially of 
great attraction, and there 
seems no reason to doubt his 
statement to the House of 
Commons on Monday that the 
British Government "wOl play 
its full part” in the forthcom- 
ing studies on its implementa- 
tion. Stories that the Treasury 
is now busily pouring cold 
water on the whole idea should 
be read with some scepticism. 
There was a Treasury briefing 
on the subject on Monday which 
was open to a variety of inter- 
pretations of which perhaps the 
best is that — in the words of 
the briefer — it was the product 
of a “suspicious and elderly 
Treasury mind.” But the fact 
is that it is now officially 
regretted that the briefing ever 
took place. Mr. Denis Healey, 
the Chancellor of the Exchequer, 
is quite as interested in dis- 
cussing the Bremen Agreement 
as Mr. Callaghan, and indeed 
said so himself to the Foreign 
Press Association on Tuesday. 

The Government’s plan now 
therefore is to go on participat- 
ing in the studies in the hope 
that nothing damaging happens 
before the end of October, the 
date by which they are 
scheduled to be complete. 
Trouble could .come on two 


fronts. Something could come 
out of Europe, probably Bnis* 
sels, suggesting that the Govern- 
ment is much more deeply com- 
mitted to a plan for economic 
and monetary union than in fact 
it is. Or there could he a revolt 
in the Labour Tarty. Mr. Cal- 
laghan has little control over 
what is said in Europe, but for 
the moment the Labour Party 
is fairly quiet. In any case, 
the Prime Minister can take 
comfort from the fact that the 
Bremen Agreement has caught 
the Tories, too, on the hop. 

Lukewarm 

The first evidence of this came 
in the interview with Sir 
Geoffrey Howe, the Shadow 
Chancellor, on The World this 
Weekend on Sunday. Sir 
Geoffrey was in a dilemma and 
faced the hazards of instant 
reaction. He was called at short 
notice and knew very little 
about the agreement, the Press 
reports having been somewhat 
contradictory. (It is surely one 
of the more desirable reforms 
that government should inform 
the Opposition rather more 
about what is going on). Still, 
he consented to appear and 
came out sounding distinctly 
lukewarm not only about 
Bremen, but about Europe in 
general. 

Sir Geoffrey has since given 
the matter more thought and is 
aware of the dangers of such 
an approach. On the one hand, 
like so many others, he believes 
that it would be no help to 
anyone for Britain to enter a 
scheme of monetary co- 
operation only to be obliged to 
withdraw a few months later 
because her economy could not 
stand the strain. But there is 
an even greater danger that if 
Britain stays out altogether and 


the French and the Germans 
go ahead without her. the 
country will once again miss 
the European bus. And for the 
Tories there is the particular 
problem that if they start 
tempering their European 
commitment now, they might 
find their relations with the 
Community in office no less 
sullen than those of the Labour 
Government. 

As it happens, the' 
Conservative Party's European 
Committee has not yet 

formulated its position, though 
some senior figures have been 
saying some pretty funny things. 
Mr. John Davies, the Shadow 
Foreign Secretary, for example; 
said that in his personal opinion 
monetary policy “ was too 
important to be left to ' 
politicians ” — whatever that 
might mean. In general, 
however, the official line seems 
likely to be one of considerable 
caution, as exemplified by the 
speech of Mr. John Nott. the 
Shadow Spokesman on Trade, 
on Wednesday. Mr. Nott is a 
figure of some note in this 
context since he was Minister 
of State at the Treasury when 
Mr. Heath was trying to 
negotiate a monetary co-opera* 



TKnv llaqikiiti 

Sir Geoffrey Howe — initially he came out sounding 
distinctly lukewarm on Bremen. 


tion agreement with Chancellor the negotiations for the Coal first to declare the commitment 
Brandt in 1973 and must be steel Community, then by iD principle. The negotiations 

fully aware of all the reasons being a member of the might then be very tough, but 

why those negotiations broke original Common Market At the only that way can we be sure 
® 0WTl - same time, the country has con- of getting the kind of arrange- 

Not surprisingly. Mr. Heath's sistently underestimated the ments we want 
approach is consistent with that determination of the French To take just two examples: 
in 1973, but quite different from and Germans to go ahead with- we should never have had the 
that of the Government and out Britain if necessary- The present Common Fisheries 
even more so from that of the British bargaining position Policy if Britain bad been a 
bulk of the Shadow Cabinet meanwhile has steadily member of the Community from 
And it seems to me that, in this weakened as France and Ger- the beginning: nor would the 
case, Mr. Heath is absolutely many have grown stronger, both Common Agricultural Policy 
right. If one may summarise, economically' and politically, have been allowed to develop 
his thinking goes along the fol- Yet here, once more, is an the way it has. The alternative 
lowing lines. Twice before opportunity to go in at the of saying “yes. we’II go along 
Britain has missed the European ground floor and negotiate. To with the discussions and come 
bus — once by not being in on do so, however, it is necessary in if the terms are right” 


smacks of Sir Harold Wilson 
and another referendum. At 
the very least, the lack of a 
prior commitment raises the 
suspicions of one's partners and 
lessens one's bargaining power. 

Mr. Heath is also right in 
insisting that it requires a poli- 
tical decision. Any number of 
technical solutions can be found 
to the questions of the transfer 
of resources or to the problems 
keeping the weaker currencies 
in the snake. For example, 
instead of the weaker currencies 
having periodically to pull out, 
it could be the Deutsche Mark 
which would temporarily with- 
draw and return at a higher 
value — a solution now much 
canvassed bv the Bundesbank, 
and it should be remembered 
that it was largely the opposi- 
tion of The Bundesbank which 
was responsible for the failure 
of the negotiations in 1973. 
There is a change of opinion 
in Frankfurt which is there to 
be exploited. But it will only he 
exploited if there is a political 
will to do so. Without that will, 
which does now appear to exist 
in both Paris and Bonn, the 
British bureaucrats will go on 
talking ahuut technical 
obstacles. 

To be fair to Mr. Callaghan, 
he seems to have shown more 
resolution on this issue than 
many people might reasonably 
have expected a few months 
ago, which is one reason why, 
whatever he might say, Mr. 
Heath's remarks seem more 
directed against Mrs. Thatcher 
than against the Government It 
is the Prime Minister’s nature 
to be cautious, and it is the 
nature of the Labour Party that 
it needs to be treated with 
caution. But he does seem to 
have recognised the possi- 
bilities. There couid be changes 
in the CAP as part of the nego- 


tiations nn the monetary 
scheme. There could be larger 
Regional and Social Fund.-. 
Above all perhaps there could 
be an external prop to impose 
greater discipline on the British 
economy, and that surely 
something to do with Mr. 
Callaghan’s talk of a Jive per 
cent norm for wage increases m 
the next stage of the incomes 
policy. 

In short, not only is there 
a chance to refashion (renego- 
tiate?) the Community more to 
our liking and ultimate heneiit. 
but there is also a dunce to 
use (he negotiations to help put 
our own economic hou-c in 
order. Whether tiio Prime 
Minister will be able fully t.» 
exploit that chance without 
giving tile commitment m 
principle to enter (lie >t!v*;i:? 
is an open question. But 
dues seem odd that a Labour 
Government is now somewhat 
more committed at Icart to 
negotiations on closer Eurone.ir. 
integration that the Torn**, 

It will not have (■M.v.n. d 
notice either that the di Man- 
sions on the Bremen Agree- 
ment might be g«»ip.L: on during 
a British election cjnipaicn. 
The election in any case was 
destined in be dominated hy 
economic issues, perhap.-* w :':i 
the question of monetary policy 
playing a special par:. The news 
from Bremen can only add a 
new and, in my now. 
thoroughly healthy dimcr-io*. 
lo that debate. 

As to when precisely t!>e 
election will be, readers util 
be looking closely at the result 
of the by-election m Manchester 
Moss Side this morning, and 
perhaps sparing a glance for the 
performance of the Liberals in 
Penistone. 

Malcolm Rutherford 


Letters to the Editor 


Motorway 

madness 

Holland 


would 

locked 


not be 
doors. 


bidden 


From 


behind prime purpose of the council is real needs of customers. Govern- unreal national accounts. That 

to provide, in the most effective ment gTaflts to lame ducks. Ma o Q 'y lead to bad decisions. 

When one considers the and economic manner those pub- though given with the best of Finally, in spite of your 
immense cultural and financial lie services of the kind and intentions by Governments of editorial. I sincerely hope the 

value of the Iveagh Bequest at quality that the people of this both major parties, have held £“? cial Tin ? es ’ oWn business 



free**'"** they" are in the UK. weight. There is surely urgent For ndale Cross Hoad. Albrighton, politicians, most citizens don't ledge 


Lame duck 
odyssey 


Hacma just driven home from need for the Arts Committee to Wolverhampton. 

Spain, through France. Italy undertake that Kenwood will be 
and Switzerland T should like transferred from the direct eon- 
to bear witness to two observa- trol of the architects’ department 
tions I made and given a degree of autonomy 

In those countries which levy and independence (in the same 
tolls on motorways, the secon- way as the F^tival Hajl) and 
riarv roads appear 10 . be consequently allowed ta replace From the Director, 
crowded with heavy lorries of the assistant curator who has Centre J or Innovation and 
all sorts. As the drivers seem left- . Productivity. 

to he anxious to reach certain Moreover, since the GLC is s * l ^* ie!d ci ^ 
i-irccl dMances the quality or willing to become a custodian Sir, — Geoffrey Owen’s 

their driving leaves much to be f or additional works of 
desired. accepted by the 

Similarly motorways 
operate toil 
be grossly 


plan. and therefore 


realise that the consequence of forecast, in an attempt to guide 
such grants is to ron them of ■<*“« towards S oak 
the goods and services that they James Morrell, 
would otherwise have enjoyed. 97 ct John's Souare 
Woe betide the politicians if ECl q ' 


the voters ever find out how they 
have been deceived. 


course, my protests will 
no effect Sadly I must 


Decisions on 


Of 

have uu cuccu oau iy x must * • . 

await the day when Geoffrey K0V tirOIGClS 
uwen reports on the Leyland, • F 1 
article Chrysler and British Steel sagas From 8ie Conservative 
art (July 10) on the Meriden saga and others on which you have Prospective Parliamentary 

.... _ . — Treasury in prompted me to recall that you published my forecasts in days Candidate for Wehvyn arid 

satisfaction of estate duty (snob kindly published my letters in gone by. 1 am not the only Hatfield 
systems appear to a s the Gainsborough painting November 1972 and March 1973 prophet, but we are all without 
underutilised, par- “ Greyhounds Coursing a Fox ” suggesting that the £6m grant honour in our own country. 


ticularly where these tolls axe f roni Men no ore collection) to BSA could be put to better g wood 

substantial as in France. The then surely it must once and for use by giving 100 small firms a ‘ ' ' 

secondary roads become heavily -jj designate Kenwood as a grant of £60.000 each. I was ?J lL iSZ as , 0,t 5?' 
buckled ;»nd cracked as they are museum rather than an historic howled down by other corre- ” Square, 

continually pounded by a very building, or else forfeit such spondents as unpatriotic, spine- bhcjfieid. 


Local authority 
spending 


heavy flow of lorries with privileges' in the future, 
heavier average Georue .1 Lew 

thau permitted in the UK. This p Mount Street IV I 

reduces the safety of the accon- SI0Unt MTC<t - W 
dary roads to very low levels, 
which at n’ghl are even more 
dangerous through the lack of 
“cat’s eyes.” . J . 

Everv effort sbould be made 
to lobby European GOTernmenw Fr ^ ^ chain ^ n> 

10 remove motorw jj ions as Salop County Council 
thev are totally coumerproduc- M T „ .. 

live to the community as a Sir. — May I correct what 

wh..le in that • economic would otherwise be . n incorrect 
resource, are unallocated and inference — — - olmoM 
sue 

a|t|i> _ 

nn the magnitude of San Carlos 
do lj Raima. , 

Richard Holland. 

30. CrcKpipny Rood, 

Hendon. 


less and heartless. My forecast 
that the money would be wasted 
has proved true. Unfortunately, 
the sum turned out to be a lot 
than the original £6in: 


Don’t shoot 


Sir. While welcoming the deci 
slou (July 11) by the Govern 
ment to proceed with the HS146 
project one cannot help but spe- 
culate at the motives. For over 
four years there has been con 
tinual pressure to get this aero- 
plane into production, and yet 
this bas been met by ministerial 
indecision with development 
work kept “ on ice ” as the work 
force in Hatfield has run-down 
and tbe morale of the remaining 
has lowered. 

Surely it is not cynical to sug 
gest that the impending General 
the Eiecuon has “concentrated tbe 
wonderfully ” as the 


more than the original £bm; xi_- 
enough to give 500 small firms Tile DlalllSI 
£50,000 each, in fact. And that 
£25m is not even cbiekenfeed ‘’rom the Director, 
compared with the astronomical The Henley Centre for 
sum., that have been and still Forecasting, 
are being handed out to even sir. — The increase in 

lamer lame ducks. supply of forecasts bas led to mind — 

Surely by now. it must be widespread comment on their HS145 is to be built in a highly 

from attTi_ «ovious that the axiom reliability and usefulness. Your marginal constituency? Decisions 

w“ n \» bured to me bv vnur contributor Impressed id my letter of ed J to nai of July 2 and Mr. on * U ch key projects as this 

’icty has to Dear the mealcol- huted » JJJT wntnouwr November 1&72 has been pn)ved Riddells Lombard column of should be taken on straight- 

\e losses from accidents^ even i*r. u. cooper i-uiy - over and over again, namely. July 6 raised just these issues. . forward commercial grounds at 

The statement to which he that an unlimited amount of After more than 20 years in the earliest opportunity — not 
referred read*: Whatever our money can be poured down a forecasting I am still astonished left tu political opportunism. 

EjEijL” thi. S Mnmii 5° ttom L ess hole - tiDle ^as at the frequent failure to recog- Christopher Murphy, 

prime function of this -ouncil come To put a stop to this nise that every decision ’in life ~ r 

is not to cut expenditure nor to economic nonsense. The only re sts upon a view of the future. „£“**•- ltic common. 

keep rates down. These are way to create real wealth and to whether intuitive or highly ■ • . 

ongoing objectives achieved by create well paid, secure jobs is formalised. In other words, fore- 

efficient management, monitoring to let capital and manpower co- casts are indispensable and tbe l)]] Klip CAptflF 
*n*«i*l But tie update freely a meeting the SCLIUI 


The National 
Land Fund 

From Ihe Honorary Secretary. 

T-^tarv .in Rehabilitating Bukharin _ , 

relish Mr. David Piper's illumi- From Mr. K. Coates. "What is quite clear is that the a^VL mnnlfrc ^ Hammersmith 

nat/ng and forthright expose - Sir — Your report (July I W fact of the holding of the PM- Tfa^forecastar^nart usi fato rh K . , . , . 

Uulv in ,jt their shabby, so- on the campaign to rehabtU- trials simultaneously rein- rflfj S r,n l Sir.— The probtem of the lack 

called trusteeship of the rate ” the old Communist : leader. es a number of obiectfonabl e nmnlrc ° dd f+hp 11 oI public sector accounting 

mcrnonal to the second world Nikolai Bukharin, was interest- pTessuTes the modem SSSSi., so?s to illSSfthf gJ'pE 

SS^iTfS 1-- y m Tbo letter from Mr. Yuri Larin t g &TS 

rnii-hipwrri recommendations of w uwnmunisis. to »» At ^ same time, we should ; n nth % P W nrrt« th* rnmniiatinn senerait.' kdowd, tne> \soum not 


then the greater the analysis of 

future uncertainty needs to be. aCL-UUllUQg 
Forecasting is a matter of From the Gonxcrrulire 
identifying the ways in which the Prospective Parliamentary 


are just 
aware of 


....... i n which I.* of tbe lur “ er aeveiopmenr or ueiente, , * * , tfle IaCl mat tbe declared 

f our national SSS KSlL ? “SIS Jo^ and oftea ^tiveJy concerned to whether forecasting at. the staodar ds of the Chartered 

1 our national Rntjsh Labour Parti’. J03n.r Mt ._ national or business level is the 1 u.,vu. -o>-. 


IT this is the 

A JSSgJ isstSe'" ****zzrzi 

...... qir that al 1 — ,1 t nkmi, Poi-tv UJ *- a cse reacuong can De 


r . , _ wnnrier sir' that all TTJZLo %'n Vh.'*T " Partv UJ “ ese reacuons can De wel- realibtiily of the historical data. Accountancy are too often 

rats. n«. wonder. bl ';_ leagues on tbe Labour corned. The growth of civil free- 1:11 m *ny instances the degree of Junored hy an institution' 

:,ro on a slippery slope to Execilliv e. _ lt has received tbe IftSS 55S error .in the data is such that Sership iu the field 

is virtually 


of u 

perdition. 

Hugh Lesgatl. ■ 

;»). si. J antes* Street. SWT. 

Staffing at 
Kenwood 

rrom Hie Vice-Cliamruw. 
The Friends of Kehteoad 


OAntiiiAti <l0,ns in Soviet Union will - — v: ~ 

support of Mr. Robert Pontuion. certlitli5 not , b en couraeed bv forecasting „ . 

the international secretary of ^ restra j nt scientific cui- impossible and it is our conten- Ila f r !! 1 e f+-5|L P u ^tic sector 

S*SlTH l £! , jJS:ga MBTSldJME SSS35 

,ta0 ,h “ 


lion many bogmiw of armaments world-wide, surely “an the construction of massive 

leaders expressed a belief in his no Qn welcome a renewed forecasting models, rather like S6 ant£ ‘ 
guilt. It is enough to look at .tte rise of tension castles built on sand. In this Jeremy G. 


Of 


share 
would-be 


tbe 

civil 


writings of Sidney and Beatrice 
Webb to see how many Socialist 


A. Cripps. 

respect I sympathise, with Mr. 21, Mill lane, to„WJi. 


Sir.— Sir Frank Marshall com- spoilsmen were deceived 


“the 

has 


Socialist Our own view, therefore, is a low revS 

| during that the trials of today and those 5 SmwUdto of asoecte Df S ?he 


ments in his recent report that those tragle days. . i s aRU ur Treasury's computerised forecast- 

Greater London Council W'c de not think that the pres- considered separately But there C2£t 

ffiHi'iied the confidence of sure to review the Bukharin. case is one link between them, which B - 


ihe nuh ii, * ThN is fcrtainlv the implies anv particular attitude ought not to escape unnoticed. Much of the fo 
(he plH'Im ■ inn ; is ‘ »h e cases of the di«si- Nikolai Bukharin is alleged to publicised m the 

case so far as the arts “T® con tow arcs me : cases m uk » _ cerned with uatioi 


Much of the forecasting work 
Press is con- 


Not met with 
approval 


case so far as tnc ar s - c - ^ \ ■ ^, ho are currently under have been the author of the cerned with national issues. The From the Area Manager, 

Kenwood ha^bcc/leriwilU only ototSS^ind 1 ^ndNiduS tfthfi had^n “preperl^m pl^ carts wiS^e aln^Sf&enSS StS^e^Sarwce. . 

^ nU> ^ lh our a, P S 

s a very different role, /j u [ y g\ When are -we coincto 
anticipate what- Govern- lathis “ met With Nonsense ? 

waste time and space nieet- 
-. _ they ought ijjwr vvith someone when ail vou 

do - He should. concentrate on need t(J d0 j s to:meet them ? U 


been dosed from time to time Shchn ran sky became we 
anr* tn f-nniDellinc reasons of not heard either tne iuij . - -■ 
si-curiiv This is despite tbe fact niemation of the prosecution, r Bertrand Russell Peace 
fhSTihe liLC Arts Cpnimirtcc ,h,t of the Fourth. 

has repeatedly given assurances « Sine the evidence Bertrand TtusseU House. 

over the past few months that be wise to Gamble Street. Sotiingham. 

publicly acquired works ol art or Uck of it. 


arguing out what they 
to do. He 5hould.conce 
attempting to describe the world . 

as it really was, as it is and as “■ Gun °- 
it really will be on varying 5th Floor. Si. uaorence House, 
assumptions. He should not play 29-31 Broad Street, ... 

■the game of forecasting a set of BruioL 


GENERAL 

Balance of payments figures 
(June). 

Retail price index (June). 

Budding societies' receipts and 
loans (June). 

Dr. David Owen. Foreign Secre- 
tary, addresses East Midlands 
Labour Party public meeting, 
Coalville. Leicester. 

Lord McCarthy, who heads the 
inquiry into the Post Office 
Engineering Union’s claim for a 
35-hour working week, due to 
meet both Post Office and union 
officials. 

London shop stewards of Trans- 
port and General Workers’ Union 
meet to consider co-ordinated 
action on industrial civil servants' 
pay claim. 

National Union ol Railway- 


Today’s Events 

mea’s annual conference ends 
Llandudno. 

The Queen visits Bracknell new 
town. 

Duke of Edinburgh opens final 
phase of new development al 
British Steel Corporation works. 
Sheffield. 

Verdict expected at Glasgow 
Sheriff Court in case of Sir Hugh 
Fraser, deputy-chairman, Scottish 
and Universal Investments, and 
four others, charged with offences 
under the Companies .Vet. 

Sir Peter Vanneck. Lord Mayor 
of London, and his Sheriffs 
attend Spastic* Society banquet. 
Guildhall, E:CJL 

International Organisation of 


Consumers Unions congress end.-. 
Imperial College. S.IV.7. 
PARLIAMENTARY BUSINESS 
House or Commons; Private 
Members' Bills. 

COMPANY RESULTS 
Final dividends: Elliot Group nf 
Peterborough-. Rothmans Inter- 
national; Vinlen Group: Wallis 
Fashion. Interim div idvnds: Dew- 
hurst and Parmer; Yule Cato. 
COMPANY MEETINGS 
Associated British roods. Lou- 
naught Rooms. W.C.. 11. Beale* 
(John) .Associated. Nottingham. 
12. Dcmsply. 4ft, Broadwick 
Street. W.. 12.05. English anti 
International Trust. 117. Hid 
Broad Street, E.C.. 2.30. Macame 
(London), 22. Hanover - Square, 
W.. 3. Wesibrick Products, Exeter, 
12 . 



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WILL YOU FIND 
STANDARD CHARTERED? 


If you have business around Seattle, you can take advantage of 
Standard Chartered’s world wide branch-td- branch system. Your nearest 
U.K. branch will work directly with Seattle, cutting out delays and saving you 
money. Only a real o verseas bank like Standard Chartered can do this for you. 

Today, why not ask Keith Skinner to tell you some more about our 
service, on 01-623 7300. 


Standard Chartered 

Bank Limited 

helps you throughout the world 




Head Offer. 10 Clemente Lane, London EC4N 7AB 


> *1 i-1 A-Vliiillluu 


; 

*iL J V 



Distillers climbs to f 162m 
on healthy whisky sales 


MAINTAINED AVERAGE net surplus v»s 


up 


from £ 53 .2 m to funds and interest relief grants 


^scotch .«*, -B ssrej*ss ™ -at - - —■ 


tok of kighor sales « ehiefly dent °I a reas onalDle advanee for 


1B7T-T8 1S7S-77 


Ui* 13 mootl». T"™'” 

earning at the Distillers The tax ^ha r S*/ or I * ie nrtier markets ••-■■■■■••■-■ 

Compauv from £i33.6m to a including deferred tax, took owy — 

record H62.5m in the year to £s2.6m <£ 7 Qm) for earnings per 

March 31. 1378. 50p share to emerge higher at ^i‘S 

Including duty group turnover 2l.0”p (li.44pi. share of aasaciaii-s ........ 

was ahead by JBSjm to f876.ini nel fins ,i dividend of 4.5642P on m ; 

but increases m the volume of 1Jf ^ {hB | 0 tal t p 7-2392p Pretax profit 


iil UIW , lirtu 

sales of both Scotch «*“ 


last 


Annbnrable 
ordinary dividends 


export saica o* ana uie uoara pro- tjlx 

whisky and Kin were partly offset ■. in the light of any changes Nei p™® 

by lower sales J” ’ ** J n Government dividend control 

markets which proved to have a special interim for Aimhmabie - - 

been very heavily stocked at the the final for 

on 

eftopuinnfc ADV ■•». <mji noi a a In nn P 

eianMi t Credit. 

'comparative figures have been 
H339.7ml. ... button* * paid for the* current year, adjusted so that translation 

say that the food huiion pa u differences 


beginning of the period. , on OctobeT 13, 1078." V as "watacd ^VoclaiioiT of O-lm 

and nei gain on 


Of in Lid .sales the UK accounted y«r 
( 1206 . 5 m), other won 

markets OWn tOUm} and duty 2 ‘MSSl, to any other distri- 


. 1 soon as possible afterwards. Any , Wi6 n,i 

fnr £ 234 . 31)1 1*206.301), other won an WQu]d ^ regarded vmion ujw ,a^n. >«s> 


£195.sm 
The directors s 


on exchange 


C ro,.P pnd . JSS.SSSfjB.'SElS Separate!, ttUd. proi. 


company contributed slightly 


>d slightly to financial cbar r~ T«T^r^r associates is mtroaucea ow«« 

Increased profit in more difficult which ^ °n 7 lm “o tax and to reflect the amended 

3 ding conditions than expen- 5*. ^al dividend 

A? hlrliS.. P “h«” *e erppp .oanl income earned on liquid See Lek 



Financial Times Friday July 14 197S 

IMPs falls £8.5m midyear but 


EfB 


sees second hall upturn 


ra 1 i 

! S' £ 


.no in earnings In most- of the food 

n. DECLINE in profit ; “ SfSS M SSSAfS J&77S 

in March, at Imperial Giw ijr provision « evtStby a successful M-j^r 

ahassR 

izwss&gss SCam 

better than the gloomiest City adjured*— %^ ou \ « per ceht of the divi- 

-stimates. , it u assessed bv the company : on » s profits. 

. 0u . 1 ° f n m 5 ??OT*nfaS prefifwoISd hart s **» ‘ progress made by the brewery 

ipping to £64.5m Ay growth at by extra depreciation and costs rro. its brewing operations 
.reuing showed any 5™ q£ J amounting to £30n. d^sion fay lhe implementa- 

Iton of previously dc ayed prtoe 


dipping 

brewing, on 

To ^e'major development in the wines 

al« of £3S9.5ra UK tobMCO market during the m^oa ^ markct improved but 
r£M 5 5m) n and though toba«o ^ mon ths was the vaPidgeowTh ^ were affected by keen 
S topped nbn (£898.9m) for ^ ^ ^ sector resulting ™^ tUion . 
the first time Jiie surplus was f rQtn changes in tobncco t divisions' hotels and ‘off- 

down £6.9m at £&3m: and L Wg Jamiary i. The klM mm* i share < or Jhc « continued the good 

packaging, jnd the total market e^ded from of 1977 and ta : a*oaated 


sEvSSr* jsSSSiKS — — iw 

pests an appreciable upuit in jne . conditons which afTectcd Tobacco 

Econd half, and he espects^e conau ^ , ndastry . ^ bMtu. etc 

K . c.:.l thf year some* tne wnoie u, _ u ,._ ,:u.H..mi*ht Fuod 


Tlalf-roar 
1ST7-TK B7S.77 
£m £tn 


^ 'approach i^ fa'sT 7<R* Th? deiand 


for 


lightweight 
slack, and 


FuOd 
tinwcty 


where approacning - D rintinc papers was slack, anu m^rcompaor...... 

£129m. Also, helped by ST rising level of imported 

interest charges and estraortmary ^ du ^had a serious effect on Tob»w. . 


the 


The 


Tobacco 
Paper, board. e«. 
Food 

Urevcnr 


1IO-S 

3H9A 

2213 

19.1 

Mj 

32J 


/■TlrtdlC .l.UBJtl.W 

Pile, chairman of Imperial Groap. hotter «»nd. 


Advance for C.H. Industrials 

AFTER EXCEPTIONAL debits ol scrip issu ‘?"*„°^ijw?<s3iaf antf the’ group* erpects^a profit Comp * n i- 
pre-tax profit of CT la- ^"a!, 8 ^ ?rom this sector lor 1S78-79. . At 


^t^SerS^lYfi per *cent~ midway profit slide. 


income 


| HD EX TO COMPANY HIGHLIGHTS 


Bridgewater 


SuslriiTs ‘advanced from £623 443 The ^ "^1^- 35p the shares have a J id bf British Bu. Id.ng_ 

,o £799 351 in the Sbreb »U ’SEjSw? DhrtdeS diluted p/e of 3 and a yield of Bristo , C hanne< 

year. Turnover «as up from outof leavinR 9 per cenL — 

retained profit at £498.633 


£0J27m to £ia.S7m. 


BTR 


tn March a pre-ox ce ptiona 1 s . I4R0 77.2). 

was forecast by , 


Brit. Building 
& Engineering 


CM. Indls. 


improves 

For the year ended March 31 


profit of iSTj.Wiu was forecast i>y '*7' 'p ro r eS sionaI revaluation of 
directors. At halfway proht was f j-^-ehold properties as at the year 
£U.45m (£0l!3mi. end resulted in a £0.73m surplus. 

Directors say the results are jncludinc the Beaver Group nid 
not strictly comparable with those the £413.000 net proceeds of the 
or the previous year as the ri e hts issue net P ici Qm'f 

figures contain the first annu.il are shown at £3.4im _ (I1.9mi. 

contribution from Beaver Group, Adjusted for jhe rights issue net nmaQ Dtl 

control of_which was obtained m asseTS grew 63 per cent to 44.9p ‘Alliances 

March 19 m. V s0 : Paint per sharB ' flSmto £2-18m an 

the group acquired Hygienic raint 

company. ... F • comment 

Thev say operating profits From 

the automotive and decorative The traditional acpyities 
trim and foam divisions were at CH Industrials contributed 
record levels. In the building handy 10 per cent sales increase an 


Daejan Hldgs 
Debenhams 


Page^ 

28 

26 

27 

_28 

26 

27 


27 


Diamond Stylus 


Distillers 


27 

26 


Ferguson 


28 


1978 , saies of British Budding and Hall & Ha m 27 


profits were higher at £260.1S5 
compared with £223,794 a year 
of earlier. 

a With first half profits showing 
increase from £ 110.000 to 
said that 


rose from n eywoo j Williams 
and pre-tax 


_Col. 

_Y 

3 

^3 
3 

1 

6 

2 

J 

J 

i 

6 


Company 


Cains tne attributable surplus “ d :" kins company 

should show some tatprawm mt on Ind plastics interests, 

the £100^m seen In 19 1 6*77. n*hcr hand, continued to . 

Midway attributable earTdngs. well, the chairman Dinm . cB tton 

ahead from £ 52 . 6m to £K5m, Pe«orm mw — t 

benefited from a lower tax charge reports. began the Pr«« ^ 

^S m bro«ed a £nf^ tbe^ SHS "^= ,fi 

iffffijssa of _sa 


16.3 

ws 

17.7 

13.1 

su 

tl.S 

47& 

9-1 


ina.7 

335.5 

197.4 

ITS 

7.0 
3S3 

R.S 
W.6 
X4.I 
Si 9 
1B.T 
1L5 
475 
WA 

49.0 
At . 
3.7 

53.S 


Page Col. hiding "in 'GienTivet Distillers. tooa* J" JTtuatlon per- t amrtM n« S£?a>mt^n* 

~ no -z Ka mines per 25p share eased represeate^.^^ D3rt 0 f the half- Swt 


Howden Group 

27 

1 

Imperial Group 

26 

6 

Lees (John J-) 

27 

1 

Mitchell Somers 

26 

6 

Nchanga Copper 

28 

8 

Oceana 

28 

1 

Trafford Carpets 

27 

7 

Tribune Inv. 

27 

3 

United Gas 

27 

4 


IMP) after tn . mj ™ ^ of umurn towards the 
SS^Swrt Wtal payment was of^the a marked fall io«». 


“u”^S«re T T S»L ‘“fc 


cam bd 


SMS s “* toan-woc^^ , 

^i.Sm (12.510) and oihere ttenu of UUm 


5.66p. 


Heywood Williams tops £0.5] 

Hr _ Vman hvmsfnrmed s 


Watson & Phili p 
WGI intni. 


27 


■»* mmm mgm* isms 


diluted. A fin 4 6g D f 0 r the The new hotel itianagement and cc t of the total equity), 

iirWn BBS 1 w “ a ssm'sgySv- 

firet half profits up sharply from budget expectations. of this, however, profits have 

£9 000 to £ 181.000 and intend T j. e major profit centres for bounced up from £82.000 to a 

w ' mu -- » -i 0 « nmi a luc J avtnl- j reco MKI u'l 


products 1 division! 1 the cementone SK 15 per cent operating profit £l2 4.000 the MHtfa « 
subsidiary produced rise to the group figures. These provided the mpnmAtovn ot 


a= sgEa-Js si-ari 


doubled however, the paint consumer durables sector, the satisfactory result for 
MnUnufd to ox- furniture trade and in the auto- wouJd be achieved. 


companies continued -- .. 

tradinu difficulties re- motive tnm market 


for the year is 
£117.664 and 


none nee moms «m..vm...™ - r one .° f Tax charge 

inltb." in an overall loss for this these areas are experiencing sig- £ 137,339 against 

5iI«S«n nificant growth and the projee- £ 9^350 (£80^96) - w 

The Intcgratton within thetions For 197S-79 are f for flat fina i di vid e "d ofJ.5812p rai«es the 
build inc products division of S. A- trading to continue. n th e absence totaI from 2 .43iap to 2.681-p. 
Ttirh-irdson manufacturer of of any general economic 

wood preservatives, acquired in The building ^ A r*inn 

Mav 197S, Is proceeding saUsfac- which was expanded through the ^ CAIRU 

torMy. . W'«i!^a* 1 2rS| G SS New Soaneing 



£5.8m rights 


recommending^ filial of 2p gros 8 - -the ‘year^we re "aluminium extra- £562,000. withaluminium 

recomniBi a* t, that H__ elazine and glass ^nision. patent glazing and 


The Board now states 


1 uc ov«‘» j sion, patent 

existing UK activities are expected merc h an tlng. 


on 


arrangements 


Blackwood Hodge, which to holders on the register „ IIlltw 

specialises In the sale and servic- July 2b. 197S. payable m ful J quantified 



EJH.S. ill. jssya » 


After tax of £69.953 


the Beaver paint 

.'iSSSBi BffiST .S 

adlstT'f"” ,he r .hree-fnr-Rro .‘rim mlngVerheedy. The curoeet .pert, goal. 


liffiS SSSii 


glazing and glass extnJ sion, patent ¥ -. 

-- mercnami<iK. Wmdow manu- j, lafiS mercbantinc au pennnning 

to show a reasonable increase f actur i nCi for many years a tradi- strongly. A number of alu *"‘"' u P 
overall in the current year. [S p J r t of group busmess, con- exm ision plants have recently 
although the present economic Jrfbuted a small loss but this heen dosed down 
clima'te leads them “ > r a '' 0,d th " should not recur in 1979. 1,16 country and Heywo^ Wilhnms^s 
. quantified forecast before the says. . _ hoping that ’ ts n f 1 ' 

SSH interim statement in _ December ^ For lhe first time since ** Chester Press^^n^tak^ the 

'ear should again be 
especially with the 
the company s 
into in-house 
could bring in 

e iu, uht — - j . UH Meanwhile the 

led with an enhanced asset 0 comment shares, at 128p, are on Ip/Mf 

ina and the recommendation WUlianuf ■ prospects 7.3 and the yield is 5^ per cent. 


km 


/»"i. jr'iL' 


A*. O vr< ‘' 

V' 

^ -T * j-'. -i 




;\Vj»V y. C. V 5 


v;;._ U 

.■..-vl 


shares. Morgan Grenfell and Co. 
has underwritten the balance of 
the issue amounting to 10.52ra 
new shares subject to the pass- 
ing of a resolution to increase 


the authorised share capital of sjj^^holDERS of Mitchell niannU. There were 010 j g r skelley and Company. 

5 e ,n"S2S'nIta M T SnmTw«. Midlaqds-based i^ Iook- Bnd ,o rocive a report from tha 


liquidator. 


Siraws for , h . -sraa- * -*..W «-s 






c r 


m 

\ s. \ :ys 
' . ■'5* 

•m 


vC- 








fp\}& 


^ 0 




* ,<■ ~ 
' v 


*N 


o 




sP 


riO^ 








. 1 v \ 

• -'TrVV > 




i-} :,y 


CP 








. £ « •> .» 


V.- 1 




1*> 






Is v * - 








w ■ -A >- 




jl\V '.. . - . • —• , 1 s, " ■; V' 1 -i > 

„ • ' . .Am 


•s'V^ 


V 






F* S/* 




Mitchell Somers dividend boost 


by its former London 


Mitchell man said. ,Tb®re were other ways claims G ^ RSke]ley and Com pany. 


are said, and the directors were 


have been satisfactory. They on the payout, Mr. 


chairman, said 
patient 


profit during the current year 10p 
have been satisfactory. They 
estimate that profit before tax for 
e six months ended June 30. “■ “v, we've ""been paueui 

78 amounted to not less than gateway W *JJ. ' bee/T pre- 

Se directors intend to declare to reward our shareholders for 

^flSStotan. the simple way 


admission of the new shares to . ° of ^ per cent following Turnover 01 tne 42 m following the termination of the 

he Stock Exchange Offica UsL Sf ^ announceient of j record W rose from £M Mn » agency agreement, and £6,500 of • 

SSnS'JSc?* “" ulis for 1116 e “ ded P Em^w^£ 2 Amb?}ore tax the .claim was paid prior to 

The directors Mttat jjJgl* ^ The' final dividend is being MrtSumwegfwn at ^sSSb HquidaUon two payments .- 

?n r T^rSJStS , 

£* dt« = ^ d r compared wdth 1.4211p " 

£501.000 t^UT.uw;- presented to the meeting, shows ... 

_ balances at May 1, 1978 totalling iiui-.. 

/^rnwthpr & £131.100. Only the group's five 

VxlUvvlIICl Wfc storev warehouse at its former 

\T: rt L«lrAn Ash Brow Mill remains unsold. -! ;-.r 

iNlCnOTSUIl Mr, McDonald is now discussing; - . ' 

An EGM of Crowtber and claims by Messrs J. G. Crowthe r . • J \ , 
Nicholson (in voluntary liquida- R. W. Jamieson and G. T. 1 

Son) has been called to seek arising out of the terminaucn of . 
approval of proposals to pay £6,900 their service contracts with - 
the chair- in full and final settlement of Crowther. . i 


Sara ss^ssfas* pay - » 

In The absence of unforeseen op en, we will take it 
intend * 


circumstances, they '"tend to 
recommend a final of 1 29234p per 
share as increased by the rights 


' S T*hese proposed dividends repre- 
sent an increase of 13 per ceni 
over the total dividends for 1977. 


V 


• £ 1 


c- 






+' 






. . 




c- 














S. 




9 comment 

Although Blackwood Hodge’s 
borrowings are traditionally nigh 
in order to finance its stock 01 
heavy vehicles, any reduction m 
^earing is nevertheless welcome, 
especially at times when interest 
rales are rising. Some progress 
was made during 19i 1 when a 
reduction in stocks helped cut 
borrowings by 15 P er ,‘‘ e R! 
about £7 8m, compared_ wMih share- 
holders’ funds of £5i 26m. The 
£5.8m rights is a convenient waj, 
of reducing this still further and 
widening the equity base mio the 
bargain. When compared with 
total borrowings the cash call 
would appear to be paltry but the 
company makes the point that 
with 80 per cent oF the groups 
business overseas, it would not 
make sense to raise more and 
then have to pay a premium to 
shift the cash. Meanwhile. Block- 

wood Hodge has decided to 
deconsolidate the Nigerian sub- 
sidiary from the end of Septem 
ber and this has obviously pruned 
back the company’s profits fore- 
ra*t for the year. The shares 
dropped 4p to 58p which gives a 
prospective fully taxed p/c of 5 
(average capital), while the yield 
is almost six per cent 


JLWComputon 

rt';au-?jrif: : a j-: ' c: • ''' u - 

O’?-':-)! 

Jv and d.nr;v erf:' ?:r /;’* w ' 

•i‘> 3 “.nnr r n ? J’-v ‘.'Ait ■ -‘ r - ^ 1 v' 

-uanfn.o- 4 ‘ ; = W . . ■ 

rnvair ; ; *r.‘r5w-"'' 


p |v t;.- I'ujl ~ 5'v S -*-• 0^ . 

- rrc.:j vwiz$v:lcz 
lo ‘‘dr.-n vV‘.y f -\5 Rf' r • . 




Chartered Surveyors 


' v: ;•■■■ • n- ' ‘ ~rrv •• • - r 




Cartiers ballot 
decision 


as 


to 


Merchant bankers Robert 
Fleming announced the basis of 
allotment yesterday for the highly 
successful offer for sale of shares 
in Cartiers Superfoods, the super- 
market discount group. __ 
The offer to raise £l.77m 
attracted applications for £ 186 m. 

The basis of allotment is 
follows: Applications for 200 
400 shares ballot for 200 shares 
500 to 900 ballot for 300: 1.000 
to 4,500 ballot for 500; 5,000 to 

45.000 ballot for 1.000; 50.000 to 

95.000 ballot for 5.000 and over 

100.000 ballot for 10.000. 

As expected smaller share 

holders will receive preferential 
treatment. Applications for 
to 900 shares wifi have a 25 per 
cent chance of success in getting 
any shares Applications for 1,000 
to 4.500 shares have a 12 per cent 
success rate and applications ™r 
over 5,000 shares only have 
5 per cent success rate. 


v • i 

W4 

W’^< 




& 






- 1 

W> 
m 1 


<i*V5- 




;;P: 

>~ • J*" 


0k - 

ft' . , 

■■■ ' • -.U^. 


:i -a 


-■xr 


SSP)} 

Ma 

V.fii 




MK ELECTRIC HOLDINGS 


"A YEAR OF GROUP DEVELOPMENT" 


Ega Holdings joins Group bringing (fife Overseas growth continues - Sales 
a range of complementary products Ul £8^ million aoainst £5.8 million 


£8^ million against £5.8 million 


iri 


WW- 
m f/ 


4 flfe Sentry System launched -the 
’Uli? 


new concept in safer electrical 
installation 


l»lfe Singapore makes profits In first 
f u n year of operation ; Kuwait 
company now in production. - 




HIGHLIGHTS 

1978 

1977 

: 1976 

■rm 

!.* 

U^*4i 

"ft.W ; 

! ^ v . 


(52 weeks) 

(53 weeks) 

(52 weeks) 


£000 

£000 

£000 

. lr: .ft; 
■■VSr 

Turnover 

38.777 

31,288 

23,314 

. .J. »■ i 

Profit before Tax 

5.948 

6,165 

2,187.. 

• >.'■’>• ■ 
•V >2Lf.\ 
r V 

Profit after Tax 

4,241 

4,509 

1,065 

VY/.-': 

Dividends 

987* 

624 

567 


Retained Profits 

3,254 

3,885 

498 

: **"T ! I 

Earnings per share 

31 .8p 

37.49p 

. 8.85p 

. > 

' . V ! 

Dividends per share 

6.5p* 

5-1 9p 

4.72p 

yrj\\ 


-7 e 1 


■ J 
■■4 
3 






il: 


* - proposed 


, . the year has made a good start. We have a heavy 
load of orders and our plants are operating at record 
levels of production.” David L M Robertson-Chairman 


MK ELECTRIC HOLDINGS LIMITED 


Shrubbery Road, Edmonton, London N9 0PB Tel : 01 -803 3355 
Copies of the Annual Report & Accounts are available from the Company Secretary 1 











x l4 - * • KnaDdal Times Friday July 14 1978 

h Howden Group earnin gs 
trebled at 15.3p 

Group, Glasgow-based „„‘^! l rscrew How teP. al ter a very Montreal, bad another good year, 

concern, “d a farther increase the emphasis beingon ^irS 

to a record £4,900, JLJJgEf CO T W V 0 t ezpand «* S^ound support equipment and 
to ApnJ 30, 197S, and With a SiJtSd ? roufih 2 Bt world Howden Group Australia con- 

order bool? and liquidity position * or . £ans /nd speciallSEd bnued to progress. Sir Norman 

Sir. Norman Elliot^ cfficmSS “°™ ent prodncts - states - 

anticipates farther satisfactory’ D T ? e company’s aggressive policy James Howden and Co. Austra- 
re * i L for 1110 cur rent year. of '"creasing world sales of its ba reported another satisfactory 
At the half-way stage profit was P rodu cts resulted in an. appreci- year and was successful in obtain- 
. little changed at £l.5$m Ui. 54 tn) a £ le increase in export business. »"S a major contract for fans and 
and directors anticipated that the t “ e chairman adds. preheaters for Eraring power 

■ ’ £*?* " Would be IP line Results of Carter Howden station * New 3°“* Wal es. 

■ EaTnin-ri- . reflated the downturn in the Godfrey Engineering (Austra- 

cr^itrt r“' ,p _ sbar « are medium fan market, but there ha) made a usefol profit contrihu- 

reflectlm- it thl ■ op . to 15 ' 3p » are now signs of a revival in ^on hut did not obtain the 
0 ■ m&m ** demand. expected profit level. The com- 

S& ffSS "cWrSfnTfitSS ■ Ho * den Compressors improved ? L f ^lUo^reSiSedS^eS 
for 1976-77 andtheelimKS ol ' ts "Rational performance with g m restricted markets * 

minorities in Howden Parsons in Mcrewd turnover and a useful , 
the second haVf ™ m Profit contribution, and with the M ^ 

The final dividend, absorbing order book running at a satisfac- -Major contract 

pan 4 nnn #a<«a .a. ■ _ ® ~ 


UGI recovery 
continues 


Debenhams budgets for 
5% volume increase 


mstUlg £541,316 ££575,739). 


pressor sets for marine applica 


Howden Refrigeration Pty. re- 
ported a further advance in profit 
and bas been successful in 
securing important contracts in 


w * r * a feature to orders the food freezing industry. 


/v. . J iuuu uccmiK Miuuhu jr. 

Closure costs taxen during the year- The Australian group has 

Howden Engineering had a less formed a new company. James 
Profits of the overseas com- aausfactory year due to the low Howden Asia, based in Hong 
panics expressed in sterling would level of business in the marine Kong 

have been about £400,000 higher and offshore industries, but Blease wnii-riAr. r«iin c~ mh - fr . M 
hut for the appreciation of the Medical Equipment had a good -,iS Y. d 1° ■ , AfrlC 1 

nnund over the vear. Sir \nrmnn VP9I* Until kuHnaae . O Dfid flUOtijCT £00(1 


pound over the year. Sir Norman year with overseas business eon- shn„-«i 
*®ys- tlnuing to be a feature. resulL«s_ 

There was an extraordinary Howden Supertherm performed j™ 


other good year and 
further advance in 


There was an extraordinary Howden Supertherm performed Howden South Africa 

debit. for the period of £137.601. well but results of Andrew Fraser continued to uroeress ard in- 

covermg the CnaJ closure costs on and Co. continue to reflect the S2JS» 8s crofiTSIrfbmSee 

reorganisation of Howden HoUma downturn in the British market ffiWnJS S Sd a 

SESS^SHlI iSn&n-'Sf'jS for hydraulic Muipmrat More sa ,7rf“ro^?SfdSpl.Vthe diffi- 
. with £698,011 last year, and the encouraging signs were m cult conditions in the pump 

out “ ®^dence towirdTSar end. SSrt»?Sd U EnSairiSS 


. Nin u«e encouraging signs were m cult conditions in the pump 

towardrycar ead. S^ke“Sd Itowden E “S>hS 

borrowS; at year-end -- The Howden Holima Refrigera- South Africa Pty. made further 

nra- *■ *" ron - 

S n n?wt“&°m‘7^.?mf Wden rffid^e^ng^^ • Comment 

An offer by Howden Group to ^ J nvoI '1 ne 5 he -STFS?* 0 ^, ot After growth in the previous 
icquire the 26 per cent, minority C0 J d . s ? ores *" **1® Middle Easi year, pre-tax profits of Howden 
merest in Howden Group South wlu ch *Mve been the main factor Group have once again moved up. 
\frica for a cash consideration of ,n the adverse results of this albeit by a modest 5 per cent 
' «i*1a. 7B0 t £701.100) failed to eroup have now been completed The main interest, however, lies 
Iftittract sufficient support at the 311(1 the ^roup In the future will below the line where earnings 
'BKSSb ^ mSorto holders on ^accntrate on its traditional per share have more than trebled 
uSamS and the meetiir- was business in the supply of Indus- as a result of the Howden 
■riinurned until July ^whSe^re^ trial refrigeration systems and Parsons minority purchase. 

VzZ,: Plant Attributable profits will further 


S rt a m Africa for a cas 
■V II .1-31,760 (£71 
dL\f .Jl&ttract sufficier 
'•^meeting of mi 


idjourned until July 25 while Te- “j ,J ' remi 
/ision of the terms is being Plant. 

■ontemplated. l977 ^ ,97^77 Perfom 

^ tafore . t **..::::: ::: S8S ^ ha 2™ de " 

• iionnS "S-bm twilsw The results of Howden Canada, Josyes are down at Howden 

mraom. debits tsi.set m.flu although lower than the previous Houma Refrigeration and a 

.vaiiabfc 2^=4.W7 Bixfa year, still represented a substan- steady improvement elsewhere 

. Tcfrrence div is, 6» tial contribution to group profits. has offset the reduced profits 

JSSm In order to have available an from Canada. in the UK 

‘ aftaiatqV^. i.saj^rai t«3*30 alternative source of turbine improved margins and a bigger 

: loss. ' generator technology, Howden order book has helped the previ- 

- Reviewing the year’s operations Canada has made arrangements ously loss making Compressors 
Jr Norman says that James with BBC Brown Boveri and Co. company back into profit. With 
lowden and Co. made a satisfac- of Baden, Switzerland, to col- write-offs at Holima now out of 
ory contribution with profits laborate in the submission of the way and a return to the 
rising from major contract com- tenders and in the supply of black anticipated in the current 
le lions off-setting the effects of turbine generators to ' Brown year, overall profits could now 
ecreased manufacturing activity. Boveri designs throughout show a significant increase. At 
irders received continued the Canada. 62p the shares stand on a p/e of 

jnnhacic An Avnnrt hiKinpM Godfrey EnriDeerui^ ConipaBy. only 3-8 and yield 10.5 per cent. 


Performed well 

Howden Group North America 
had a reasonable year. 


The results of Howden Canada, losses are 


improve if the group succeeds in 
acquiring the outstanding 26 per 
cent of Its quoted South African 
subsidiary. Total sales are un- 
changed at about £85m, but 


EXPECTATIONS FOR the results 
of United Gas Industries in the 
year ended April 2, 1978, have 
been fully realised and profits 
before tax and extraordinary 
items show a rise from £L.44m to 
£2.04m on Sales of £45J51m against 
£3 6. 66 m. 

Profits in the first half bad in- 
creased from £507,000 to £766,000 
and the directors anticipated that 
the year's results should be an 
improvement on the previous 
year. 

As forecast at the time of last 
September's rights issue, the divi- 
dend total is 3.63p net per 25p 
share with the recommendation ot 
a 2.64p final payment. The pre- 
vious year's total was 355p. 

Earnings per share before 
extraordinary items are given at 
9-2p (6Jp) and 7.9p f5.4p) fully 
diluted. Assets per share are 59p 
against 69p. 

Meters, control equipment and 
bellows contributed £1.3 m 

i£l 24m) to profit before tax and 
loan interest; gas and electrical 
appliances, £1.01m f£0.43m) and 
other, £0.14m (£0.l7m). Other 
overseas subsidiaries contributed 
£l.06m (£0.35m) to meters, con- 
trol equipment etc. proBts. 

included in the vear’s nroflr fs 
£612.000 earned by PVnisch Bamag 
GastechniJc GmbH fPBG). the sale 
of which company was announced 
on May 26. A loss similar in 
amount to the PBG profit and 
largely non-recurring in nature 
had arisen during the year as a 
result of the reorganisation of 
UCTs thermostat business in the 
UK. 

The decision to sell PBG was 
taken because of its uncertain 
future and also the group's cur- 
rency exposure and the con- 
tingent liabilities associated with 
the company, tbe directors say. At 
the date of sale group guarantees 
on behalf of PBG totalled £2.0Sm. 

The appliance companies had a 
successful year and the other 
businesses traded satisfactorily 
despite ever increasing inter- 
national competition. 

Tn view of the proximity of the 
PBG sale to the year-end. the 
book loss on disposal, 'amounting 


to H-teffl is dealt with as as extra- 
ordinary item which also includes 
a credit of equal amount trans- 
ferred from reserves. 

The group’s currency borrow- 
ings hare been almost completely 
repaid and this together with the 
proceeds of the rights issue has 
left the group in a stronger 
financial position, the directors 
add. • _ 

S3 weeks 53 v«ks 


Sale* . - 45.S1! 36.062 

Profit — 2A* MS 

Loan ■ interest ano sss 

Profit Mon tax insv 

Tax* — 951 138 

Extraortfiwrs 1 o«t ... i.kjs — 

AvalMbto ... • • ..... i,sn «Si 

prefermw 8irtdcn<U ... M ' M 

Mtrib. Ori- shares — ms 591 

Ordinary, dividends J3S 299 

to reserves ms 2«e 

■ •CofflBrt fies deferred fK tax, EM. 900 
r{3>LWQi and overseas tax. 1401,000 

COM 000V , „ 

tOn sate of Cennan subsidiary, met 
ty truster of equal amount tzom 
reserves- 

• comment 

United Gas Industries intends to 
replace the £612,006 earned by 
Plntscb Bamag Gastecbuik, the 
West German subsidiary it sold 
after year end, hi’ eliminating the 
losses nf roughly equal amount 
recorded by UGl's tliennostal 
business in the UJC. Included in 
the tbermostat losses in 1977-7S 
are reorganisation costs which tbe 
company is confident are non- 
recurring. The general appliance 
companies performed well and 
gross margins are starting to 
reach levels that existed prior to 
the profit downturn of 1973-74. 
Overall performance was helped 
by the very cool summer and by 
the very cold snap in the closing 
winter months. Tbe coo! opening 
to tbe current summer season 
augurs well for the 1978-79 figures. 
Tbe current year's figures should 
also be assisted by the elimination 
of the group's currency exposure 
following tbe sale of PBG. The 
share price slipped a penny to 
close at 53p giving the company 
a p/e of 6.5 and a yield of 10.9 
per cent 


AT THE AGM of Debenhams 
yesterday, the chairman. Sir 
Anthony Burney told share- 
holders: ’’rest assured you can 
look forward to a satisfactory 
outcome.” And after the meeting 
the chief executive Mr. R- 
Thornton said profits would be 
-well up” this year. 

Debenhams is budgeting for a 
5 per cent increase in sales 
volume this year and Sir Anthony 
said “ we believe we shall achieve 
this, as we are running on budget 
at the moment." He added that 
efforts to improve the mix of 
sales had met with success so that 
tiie gross margin on sales was 
rising. Mr. Thornton added that 
an important element of this was 
an increase in clothing sales ot 
25 per cent. Sales of women’s 
clothing had risen 35 per cent 
aod the prestige store. Harvey 
Nichols was devoting more of its 
floor space to clothing. 

Sir Anthony said the food 
division had responded to treat- 
ment and would return to profit 
this year. But Greens, the photo- 
graphic retailer, was still making 
losses. Debenhams would “un- 
doubtedly” remain in this field 
“but we have not decided how 
we shall da this." he said. 

Sales of the West End stores. 
Debenhams and Swan and Edgar 
were only 7 per cent up in value 
this year, but Harvey Nichols had 
shown a 32 per cent improvement. 
The stores in Greater London 
were doing better, along with 
those in the provinces. The com- 
pany had received planning per- 
mission for a new store in Edin- 
burgh with a selling space of at 
least 75.000 sq fL 

On dividends. Sir .Anthony said 
the Board would consider what 
increase in distribution would be 
justifiable — bearing in mind the 
other requirements of the busi- 
ness— If tbe Government relaxed 
its dividend policy. 

The shareholders at the meet- 
ing were concerned on the whole 
about the poor appearance of one 
of the shops and the high level 
of discounts in the current sale. 
Sir Anthony suggested that the 


BOARD MEETINGS 

Thf follow Inc com s have notllird 
dales or Board m-.oilruu u> the Slack 
Eschansa. Such rm.e!a>«, are usually 
held for the purposes cf eoiiBldennc 
dividends. Official Indications are not 
available whether diviei-ndo concerned 
are interims or f.aals and me snb-dl visions 
shown below are based mainly on Iasi 
SOU'S limeiablc. 

TODAY 

interim*— Dewbursi and Partner, Crstct- 
XkT. Yule fjiiu. 

Finals Flllni i Group or Peiprtwronah. 
RoUnaans im. ■mail anal. Miter Ek-clneyl. 
Town and City PromriM.-... Vinton, Walks 
Fashion. 

FUTURE DATES 

Interims— 

CHV Offices Aun. 1 

Convni'ZTla) Union Asruranre Au»t. " 

Mcldnua lSVcMUKBl 1m; i July 1« 

Vosper JuJr So 

Finals— 

Ai3B Research July 19 

Astra Industrial July id 

Laurence ScMl July fis 

Marxion. Thomson and tlivr&bi-d. . July 19 

T.imJ;ins iF. H.l July 20 

Wheeler’s Restaurants July S3 


to March 21, 197S, down from 
£109.854 to 132,332. Turnover by 
thu company, which makes 
carpet* and spin* and weaves 
kraft yarn, was maintained at 
£3.63111, 

Excluding an extraordinary 
profit of £12^66 on the sale of 
3 house, earnings per 25p share 
declined tn 3.51 p <2.75p) and a 
lower net final dividend of 0.675p 
cuts the total lo 1.675p CJ.IKllp). 

Profit was struck after deprecia- 
tion of £4S,fH2 l £48.7791. leasing 
costs again at £34.659. and interest 
down at £69.747 (£77,451). 

.After lax of 110,644 I nil) tho 
not balance emerged ai £21, OSS 
<n09554>. 


publicity created by the sale was 
well worth the discounts. 

But one shareholder gave Sir 
.Anthony a rougher ride, trench- 
antly objecting to the sale anti 
leaseback of Debenhams freehold 
properties and warning of rent 
reviews to come, lie also recom- 
mended the Board sell off thu 
food operation and voted against 
the reappointment of the manag- 
ing director of the photographic 
retailing division. 

Mr. Thornton later said that he 
did not envisage freehold property 
becoming less than 75 per cent 
of total property assets. 


Setback for 
Tr afford 
Carpets 


Following the sharp recovery 
in taxable earnincs at midterm 
from £1.500 to £68.700 Trafford 
Carpets (Holdings) fell into loss 
in the second half to eud the yenr 


Watson 
& Philip 

down so far 

DESPITE PREDICTIONS in 
January of continued progress and 
a jump in turnover from £Q>Uin 
lo £X.M ini. i livable profit of lVai* 
son and Philip, fooilsiufis Ui v - 
tnbuinr. dipped from £5H2.U0u :o 
Z427.0VH) in the .April 2S. 197S, half 
year. 

Air D. C. Gr«?ig. the chairman, 
now says Hut u I* niu.it unlikely 
the group will mmch last year's 
record I'j.lSm full-time profit. 

While forecasting progress 
earlier tn the year Mr. Greta al-o 
warned Uiut Iradmg was bccur.i- 
ing more difiicull. This trcr.ii 
continued, he now say-, wuh 
result. mt pressure on margins. 
far there are nu signs of any 
muter ud improvement in this 
.situation. 

The result is subject to tax of 
£222.1100 (£261.11001, and earnings 
per Hip share are shown at 2.4p 

(2 tip). 

The interim dividend is up Croin. 
n.7630fip net in O.SoUOSp, costing 
£71.000 (£64.0001. Last year a 
1 .667: -Sp final w,i« paid. 


BOND DRAWINGS 


REPUBLIC OF AUSTRIA 

8|% U.S. Dollar Bonds 1990 


irders received continued t 
-mphasis on export business. 


Godfrey Engineering Company, only 3-8 and yield 10.5 per cent 


Daejan expands to £2* 47m 


S. G. WARBURG A CO. tTD., announce that the redemption instalment of U.S.S3,000.000 due 15th August, 1978 has been met by purchases in the market to the nominal value 
of U.S.9800.000 and by a drawing of Bonds to the nominal value of U.S.S2.200.000. 

Tha distinctive numbers of the Bonds, drawn in the presence of a Notary Public, areas follows:— 


RE-TAX PROFITS of Daejan 
foldings property investment 
roup, finished the April 31, 1978. 
ear ahead at £2.47m compared 
ith £l.S4m last time after £1.03m 
gainst £0.69ni at halfway. 

Stated earnings per 25p share 
re up from 6.6lp to lOAp and 
•he dividend is raised to 2.9925P 
2.ii25p) absorbing £0.49m 
S0.4Sm) with a final net payment 
r » f lX425p. 

r - .• * rtAfli Pre-tax profits included rents 
‘ t t ’ ' i <ililjnd charges receivable less pro- 
i s ?rty outgoings £3^5m (£4.15tn>, 

irplus on sale of properties 
l.34m (£4 ,22m) and other income 
).23m (£0 ,25ml hut was after de- 
leting financing and other 
laiges of £5.5)5m (£6.78ml. 

Tax for the year took £0.7m 
SJ.TSm) and minorities £13,000 
H 6, 000). 

There was nn extraonlinary 
edit of £61.000 (£31.000) and 
7.000 (£134 1)00) was transferred 
capital reserve Profit avail- 
Oe came out higher at £1.75m 
:ainst £0.97m. 

Difficult 
start for 
John J. Lees 

rhe first quarter of the current 
ar has nol been an easy one for 
Im j. Lees, confectioner, with 

* company having experienced 

industry-wide difficulty of 
.'-'os resistance. Mr. A D. Sira 

• chairman, says in his annual 
(emenL 

- ' lowever, Mr. Sim Teels there is 
ne indication that the worst is 
»r and if this proves to bo the 
ip the remaining nine months 
l see a recovery which will 
«ble it to achieve roughly the 
oe profits as the last March 31, 
•r’s £132.511 pre-tax figure, 
’nrtunately, raw material prices 
,-iih the exception of coconut — 
■e stabilised and taken w con- 


junction with the increased 
efficiency from machinery modern- 
isation. the company is able ti> 
compete effectively and retain its 
share of the market at a reason- 
able profit margin. 

In the year just ended £42.000 
was spent on new offices and a 
similar amount wax ontlayed-on 
plant and machine!}'. The next 
problem is to establish a continua- 
tion of its production lines to take 
finished goods tp the despatch 
area automatically, Mr. Sim says. 


Attributable profit of the com- 
pany. a subsidiary of Ready 
Mixed Concrete, was I1.37m 
(£1.16m > after tax and group 
relief payments of £327m 
(£2. 06m). Retained profit came 
out at £0.77m (£74,428). 


Diamond 
Stylus at 
peak £0.2m 


Upsurge at 

Bristol 

Channel 


Including a £69.120 temporary 
employment- subsidy and after 
writing off trading losses of an 
overseas subsidiary totalling 
£52.986, pre-tax profit of Diamond 
Sty Ins Company jumped from 
ri 26,139 to a peak £204,061 in the 
March 31. 1978 year. 

At halfway profit was up from 
£23.339 to £58,419. 

Turnover for the year was 
£1.44m (£1.33tn) and after tax of 
£106-362 (£81.750) net profit was 
£97.699 (£64,389). 

Earnings per lOp share are 
shown at 4.67p (3.08pl and the 
final dividend of 0.6073p takes 
the total from 0.SSI9P to 0.9SS4.P 
net. A one-ror-two scrip issue is 
proposed. 

Hall & Ham 
River higher 

From turnover of £7S.99m com- 
pared with f73.19m and after 
interest up from £186.659 to 
£228.513. taxable profit before 
group relief of HaH and Ham 
River clim bed from £3. 2 2 m to 
£4.63 m in 1977. _____ 


After depreciation of £226.235 
against £278.061 profit of Bristol 
Channel Ship Repairers jumped 
from £182,402 to £336.724 in the 
year to March 31. 1978. Again 
there is no tax. 

The dividend is up from 
0.262155P — adjusted for the one- 
for-10 scrip issue— to 0.292759p 
net per lOp share. A further 
one-for-10 scrip issue is proposed. 

Midway rise 
for Tribune 
Inv. Trust 

For the June 30, 1978. six 
months, gross revenue of Tribune 
Investment Trust came to £618.597 
compared with £501.871 and pre- 
tax revenue was £548,403 against 
H38.3M. previously. 

Net profit came out at £311.523 
(£245582) and earnings per share 
are shown at 9&3p against 89.7p 
last time after adjustment for 
the four-forgone scrip issue and 
the subdivision from 50p to 2Sp 
□nits. 

Use Interim dividend Is ahead 
from an adjusted 0.45p to 0.55p 
net Last year a 0A5p final was 
paid oo revenue of £0.78m. 

Directors say figures for the 
two periods are not comparable 
because of the incidence of divid- 
end payments. 


S3 

121 

144 

166 

188 

210 

322 

3+4 

366 

388 

411 

433 

5+4 

566 

E8* 

611 

633 

655 

739 

811 

833 

855 

878 

900 

1111 

1123 

1303 

1325 

1347 

1&0S 

16+3 

1665 

1607 

1710 

1732 

1754 

1983 

2016 

2038 

20t-0 

2082 

2109 

2220 

22+2 

2265 

2267 

2309 

2331 

24+3 

2-65 

2+e7 

2509 

2532 

255* 

2655- 


2724 

27*7 

2769 

2791 

2902. 

2925 

2947 

2963 

2992 

3014 

3125- 

3147 

3170 

3192 

3214 

3236 

33+8* t: 

3370 

3392 

3*1* 

3437 

. 3459 

3670 

3592 

3615 

3637 

3G59 

3681 

3793 

3815 

3837 

3859 

3882 

3904 

4015 

4037 

<060 

4082 

4104 

4126 

42 3G 

<260 

<282 

430* 

4327 

43+9 

4460 

4482 

<505 

4527 

4549 

4571 

48o3 

4705 

4727 

47+9 

4772 

4794 

<905 

4927 

49-70 

<972 

4994 

5018 

El 23 

6150 

51 '.2 

6194 

5217 

5239 

5350 

5372 

539o 

5417 

5+39 

Mol 

5: ’3 

5535 

5617 

£639 

6662 

5684 

5705 

5817 

58+0 

681-2 

5*8* 

5‘-LH> 

ecis 

6040 

6062 

60S-J 

61 u7 

6129 

br+o 

6262 

6265 

6307 

6329 

6351 

6<*3 

■ 6+85 

65U7 

6629 

6552 

65"* 

66i5 

6707 

6730 

6752 

t-774 

67-6 

89"8 

6930 

6952 

&??* 

0397 

"MS 

7i:u 

7152 

7P5 

-197 

72U 

72+1 

72 r 3 

7375 

7397 

7*13 

7+42 

7+6* 

75-5 

7597 

7620 

7t*2 

7664 

7656 

77:-3 

7B20 

76*2 

73..* 

7387 

7309 

80', 0 

8042 

8065 

£087 

£109 

SI 31 

82<- 

£265 

S2&7 

8310 


s:5+ 

8<t5 

8488 

£510 

8532 

£552 

£577 

80S-, 

£710 

£732 

$755 

S777 

£799 

£910 

£933 

£955 

f?77 

£5:'3 

9022 

9133 

9155 

9177 

9200 

9222 

92+4 

9255 

9378 

9400 

9J22 

94*4 

S+67 

9573 

9500 

9622 

98+5 

9667 

9689 

9800 

9823 

98*5 

9867 

9S89 ‘ 

9912 




m 


&Wof record 
# Norton profits 


^ . 1978 i a// 

Year to 31 March £10,049,470 £7.333,160 

Grouptumover £647,547 £450,956 

Profit before taxation 7.75 5.40 

Eamings per share -pence 0.68. (X61 

Dividends per share— pence ^ 11 8 

Times covered 

Points from a circular sent to shareholders this week 

by the Chairman, Mr Walter Norton. 

■ RIGHTS ISSUErOne ordinary share for every five held, at 35p, payable by 

:^SKE3S=S!^t=S= " 

sassrffiWssssBsaaiE"-: ■ At* 


1977 

£7,333.160 

£450^56 

5.40 

0.61 

8 


9934. 9956 9978 10001 10023 10M5 100E-7 10090 10172 10134 3i379 34902 34924 34948 3496S 24991 3501 J 3?035 35057 95C80 

10156 10179 10201 10223 10245 10263 10290 10312 10334 10357 35102 35124 35145 36169 * 35191 36213 35235 35253 362SO 35302 

10379 1 0401 10423 1 0440 1 0466 104&0 10512 105JS 10557 10579 35324- 35347 3:069 35391 35413 2E426 3W5S 35.180 35502 35525 

10601 10624 10646 7066S 10690 10713 10735 10757 10779 10302 355-7 35559 35591 3W14- 35636- 35658 356EO 35703 35725 35747 

10S24 10846 10866 10851 10911 10935 10957 10580 11002 11024 25763 35"?2 35SM 3-S36 35S5S 3F5S1 35903 35925 36947 35970 

1J046 11059 11091 ‘11113 11135 1115e 11160 11202 11224 11247 25992 2 ‘AT 4- f.OOlO 26059 oBOB) 36103 36125 26143 36170 36192 

11269 11291 11313 11336 11358 71380 11402 11425 11447 11JC9 3621 4 36237 3625? Ic2.il 36303 2o;26 36? 16 363'0 36.y 2 364 1 5 

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18865 18687 1BS09 16932 18954 18976 18998 19021 190*3 19065 43700 43802 43824 43347 43869 43851 43313 43936 * 4^958 43950 

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19755 19777 19800 19822 19844 19S66 18889 19911 19933 19955 44670 44692 44714 44737 44759 447S1 4JE03 4-1826 44043 44870 

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20423 20*45 20467 2048$ 20512 20^*4 20556 20578 20601 20623 45337 45360 45382 45404 45426 45443 45471 <5403 45515 45533 

20645 20667 20690 20712 20734 20736 20779 20801 20623 20545 45560 455B2 45604 45B27 4564$ 45671 45693 4571G 4573S 45760 

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22425 22447 22470 22492 22514 22536 22559 22581 22603 22625. 473+0 47362 47384 47407 4.7429-' 47451 +7473 47456 4751 S 47540 

22.64$ 22E70 22692 22714 22737 2275? ‘ 22781 23058 23080 23102 . 47663' 47585 47607 47629 <7652 4?$7+ *7696 4771$ <7741 47763 

23124 23147 23169 23191 23213 2323$ 23268'. 232S0- 2330Z 23325 '47785 . 47S07 <7830 47S52 47874 ' 47396 <7919 +79+1 479G3 479E5 

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24015 24037 2+071 24093 24115 24137 24160 .24182 24204 2422$ 48675 4S637 ' 48720 487+2 .48764 48736 4S809 +3831 <8353 43875 

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24967 2+889 .25032 25034 25058 2507 S 26101 25123 251+5 25133’ 49565 49587 49610 49632 <955+ 49676 *9689 <9721 <97<3 +9765 

25205 25228 25250 25315 25337 25359 25381 25+04 - 25426 ; 25448- ' 4978S <9810 49832 49854 ‘49877 <3£39 +3921 <99+3 <9356 49988 

On 15th August^ 1378 there will become due and payable upon each Bond drawn -for redemption, the principal amount thereof -together with accrued inteicst to said date at the 
office of:— 

S. G. WARBURG & CO. LTD, 30, Gresham Street London EC2P 2EB 

oroneoftheotTierpayingasernsriamsdontheBonds. . . 

Interest will cease to accrue on the Bonds called for redemption on Bnt j after ISh. August 197S and Bonds so presented for payment must have attached all coupons maturing 
afterthatdBte. * - ; . . ... : 

U.S.+44 J 000.000 nominal amount will remain outstanding ah«n 5^ August 1 878. - 

The following Bonds, drawn lor redemption on 1 5ih August, 1 977 have not as yei been presented For payment . 

No's. 462, 2778. 501 g, 5037, 5055, 5072. 5090, 12791 , 2073.5, 24939. 24957. 2531 3, 25899, 26255, 27820 
2821 2, 28229, 28247, 28265, 25336,28354, 28083, 291 01 , 291 1 9, 28563, 30966, 32783, 32800. 

30, Gresham swat, London EC2P2E8. .. 14th Jufy,197B. 


25613 

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' T 


28 

DIVIDENDS ANNOUNCED 

Date Corre- Total Total 

Current of spending for last 

payment payment div. year year 

Bristol Channel 0.29 Sept la 0-28 . 029 0*8 

Brit Bldg, and Eng 1.58 — 1M 2.68 2.44 

Ca Industrials l*3t — 0*8* 2t 1.13* 

Daejan Hldgs. 1*1 Sept. 7 1.79 3 2-93 

Diamond Stilus 0.61 Sept. 39 0.51 Q.99 0*8 

Distillers 4.56 Oct l*. 4.49 7.26 6.51 

Gen. Funds luv int 2$ Sept. 13 1* — 4.7 

Heywood Williams 1*4 — Nil 4.09 NO 

Hollas Group 3.56 Oet. 2 3*4 4*4 4.13 

Howden Group 3.15 — * 2.74 4.09 3.66 

Imperial Group int. 2*5 Nov. 1 2*5 — 5.66 

MUchel Somers 1.0 Sept. IS 0.87 3.17 1.42 

Piccadilly Theatre 1.78 — 1-8 1.7 1.6 

Symonds Eng. 0.92 — 0*3 1*5 1* 

Trafford Carpets 0.G8 Oct. S_ 1*2 1.68 2.03 

Tribune Inv. 0.55 Aug. 25 0.45* — 1.3* ' 

United Gas 2.64f Oct 2 2.44 3.63f 3*5 

lVatsou and Philip ...int. 0*5 Aug. 2S 0.76 — 2.4 3 

Dividends shown pence per share net except where otherwise stated- 
•Equivalent after allowing for scrip issue. fOn capital 

increased by rights and/or acquisition issues. JTo reduce disparity. 
5 Gross throughout. 


Record new business 
for Equitable Life 


RECORD NEW lire business in 
the firsi half of this year is re- 
pnrtcd by Equitable Life Assur- 
ance b'oeicc. the oldest mutual 
life company in the UK. 

Net new annual premiums 
doubled to £9 .33m from £4.66m 
and new single premiums at 
£6.33m were more than double 
those in the first half of 1077 at 
£3.0lm. Retirement policies for 
the self-employed, in which the 
company is a market leader, 
showed a 79 per cent increase in 
new annual premiums to £3.77m, 
while premiums in pension con- 
tracts for directors and execu- 
tives increased by 105 per cent. 

New annual nremiums on ordi- 
nary individual permanent assur- 
ances rose by 56 per cent to ex- 
Cf-cU £lm, white temporary a>sur- 
ance premiums were 35 per cent 
higher. Following the implemen- 
tation of the new State pension 
scheme, group pensions showed a 
substantial rise with annual pre- 


miums at £l.8Sra and single pre- 
miums of £3*9ra. 

Buoyant new business in the 
first half of 2978 1s also reported 
by Equity and Law Lire Assur- 
ance Society, with new annual 
premiums showing a 62 per cent 
increase to £10.7m from £6.6m 
while single premium business 
nearl ytripled to £19.4m against 
£7*m. Individual business showed 
a 20 per cent rise on annual pre- 
miums to £L2m from £3. 5m, 
while on group pensions, new 
annual premiums were £5.5m 
against 12.2m. 

The substantial increase in 
single premiums arose almost en- 
tirely from the marketing of its 
linked investment bonds amount- 
ing ro il.Tm and the successful 
launch of ihe guaranteed growth 
and income bonds. 

The Society's results included 
an increase in new premium in- 
come from overseas operations to 
£3.Sm from £3*m. 


Oceana Hldgs. 
loss at midway 


Sales of Oceana Holdings for 
the half year ended October 31, 
1977. rose from £105.012 to 
£4 1 (.297 but a loss of £52.746 was 
incurred compared with profits 
of £1.754 in the same period last 
year. 

The interim ficures of the 
continuing loss making subsidiary. 
Haper Plastics, are included for 
the first time. Although Haprr's 
losses were still substantial, they 
were less than for the comparable 
period and are now being con- 
tained. the directors say. 

The linen hire side has con- 
tinued to grow and to trade 
profitably. 

In the previous year, a net loss 
of JE245.6R7 was reported. The 
group. formerly Barnett Christie 
Securities, changed its name in 

April last year. 

The business is that of linen 
and equipment hiring, laundering, 
property dealing, dry cleaning, 
estate agents and makers of 
plastic bags 


WGI Inti, 
begins well 


The first quarter projected 
results of WGI International 
indicate the group has made the 
best start in its history. Mr. F. P. 
Stammers said at Thursday's 
AGM. If the trend continued 
shareholders should be well 
satisfied with the interim report 
be said. 

In his statement with accounts 
he predicted a successful year. 
“ but if 1 were writing it now 1 
would probably have been even 
more positive that this year will 
be a good year” 

He expected the expansion of 
the group to continue during the 
present year. Past expansion had 
been successful and he hoped any 
further enlargement would be 
equally as successful. 


BIDS AND DEALS 


□ 


Hollas claims damages 
over Bonas Webb deal 


BY ANDREW TAYLOR 


MR DENNIS BARKWAY, bis to £0*m. boosting pre-tax profits 88m 

company Energy Finance and for the full year to March 31. UO-o&mj atier tax 

General Trust. Mr. Jeffrey Bonas 1978, to finis* 73.9 per cent ahead against a low ^nd there 

and five former directors of at a record £l*6m compared with was an extraordinary aeon to 

Bonas Webb have been named in £0.72m last time. Turnover rose the period of £0.1Sm <nil>. 
wriTs claiming several hundred 10* per cent to £19.4m- There were no acquisitions 

thousand pounds of damages by The chairman says he hopes to made durins the year although 
Hollas Group, the textile pro- be able to announce results for several possibilities **re “aw 
reSors and distributors. the current year, at least. as good inedL ^ Director* be says, are 

The writs were served following as. and possibly better taan. the a 1 *? £ “5*? « gf 1 wh5£ 
the acquisition of Bonas Webb 1977/78 year. well-managed *°mpaniea *“£* 

bv Hollas in February 1977 in a At the interim stage profits, acquisitions would strengthen the 
deal worth almost £600.000. ahead from £0*9m to £Q.46m were group. 

Hollas yesterday announced reported and directors were On prospects, Air. Lawson sayn, 
record pre-tax profits of £l*m confident that the groups "it is difficult for me to te 
despite the fact that Bonas Webb momentum would be maintained confident about toe immediate 
has continued io make losses during the second half. . future. 

since the acquisition. He now comments that the The effects. of the more strut 

Hollas is seeking damages from generally projected improvement gent relations on jnported 
the former directors of Bonas in the industry’s trading condl- goods, he adds. Will be more than 
Webb and their financial advisors tions did not, in fact, materialise offset by Farewell s expertise in 
Energy Finance and General Trust and results were achieved once generating an increasing v y u J” e 
alleging misrepresentation of the again in a very nervous textile of business each year . and pc- 
financial Oosiiion in aa niimatn cause of the unique service which 


company's financial position in an (dimate. . - 

offer document sent to Bonas q-he si-dud's decision to concen- ” oners its customers, 
shareholders in January 1977; efforts in highly specialised . Al ] the processing plants and 

This showed that Bonas bad jj? tertJfetodebe add^ the label d, " s,t y «« trading at 

net assets of around £lm. Hollas "Jg Sid dJKtads? Be am or above the level they were 

is claiming that substantial a8au J. pa ° d „ achieving last year and the two 

trading losses were not disclosed Satisfactory growth was attained trading companies of Bonas Webb 
Sthft ‘{57 andthat fhelS? »“ “traditional - yam opera- which contributed nothing to 
asset figure was £680 000 tions and a considerable advance CT oup profits in the 1977/78 year. 

Mr Barkway Is named in the wa £. m i d ti by „ Ule ,abeJ dirision. should both make contributions 

writ* on two counts— he is chair- The FortweU group extended its durine the enrrent year. 
man S of EFGT and was also chair- areas oF °P en »tiOD and offers an These companies. Webb Inter- 
mail through a nerewlal ev « n and more sophisti- finings and Avon Hear Transfers 

shareholding of Bonas Webb at wtcd *®rvice to its growing have been totally re-organised 

rhetime of the acquisirioii ° number of customers. Mr. Lawson and. under a completely new 

Since the purchase Hollas ha* adt, s. This company's proven management, he says they will 

closed -several trading operations, ability to seek out new oppor- become areas of expansion for 

of Bonas and has carried out a tunnies and to exploit them fully the future, 

general reorganisation of the will ensure its continuing growth. w»-V7 

company. Mr. Tony Lawson, chair- he says. ' Turnover » sto.bb R5G9487 

man of Hollas said vesterday that Earnings per 5p share are PrtMax profits U5T.462 mass 

Bonas was expected to make a shown as 7p i6.44p). on a full tax tw. . «.im «.«m 

profit in the current year. charge, and the dfeidend is figg^gg*** - 

Yesterday. Hollas reported a stepped up to 4.a43p (4-l3p) net uivM^niis 3si3ds 323.433 

record half profit rise from £0.44m with a final payment of 3-5fip. Retained ...... 272J88 438.162 


Ferguson buys printer for £2m. 





LIMITED 


n *Our splendid relationship with our main 
customers continues, and we are confident in our 


AS WELL as reporting first Directors say tbe business of £1*3, and a pro-forma statement 
quarter taxable profits ahead HarkwelJ Is largely compfemen- shows the effect of the purchase 
from £377.000 to £489.000. tary to Hindson, and these and the sale of the Liner interest 
Ferguson Industrial Holdings companies will become the basis on Ferguson’s balance sheeL 
yesterday announced 0 £1.97m. of the Ferguson printing division. Fixed assets are shown at 
takeover of Hartwell floldings. a Ferguson intends to continue £fl.5jm f£5.3m). ner current assets 
specialist printing services group. looking for opportunities to in- £4.6601 f£3.57m). long-tenn 

The deal will be satisfied bv crease its printing group earnings j Mn s ^ shown £lm higflher at 
the payment oi El. 55m in cash through suitable acquisition and £2.44m, with deferred tax at 
and the is.«rue of some organic growth. The printing side £i.04 m fio.57m) and future tax 
358.000 Ferguson shares. A £lm. is expected to make a significant at £0 36m (£0tihn). 

»0 year variable rate loan has contribution to group profit. ^ hjs anima] statement H 1th 

been negotiated by Ferguson with n ar i twe |i has seven ODeratin** accounts Mr. D. S. Vernon says 
Barclays Bank to finance part of “SLJSJS* fKJ, «»at divisional managers are 

the deal, with the remainder of KhSd nre^w £%ndTround confident of maintaining or 
cash coming from the group's leasehold premises in ana a roun a n 62m 

existing banking facilities. At London *" d , a ne ™ n?Sax profit 

ii> np %n m-erd rafts totalled easeho Id factory in North Wales, w.twmi recora pre lax prom. 

El 76m °' erdrarts lnta,lcd which h3S repjaced freehold °The addition of HarkwelJ 
"in the latest vear to March 31 premises in Stafford which are Holdings adds newd intensions to 
1978 pre-tax Profit ” Hartwell *°on to be sold. Most of the our activities 197S Promises to 
was £414.009 t £425.000) from turn- leasehold premises * re owned hy be an exciting and profitable 
over of £5.86111 t£4.59mi. m 1973- « company controlled by Mr. H. year, he soys. 

1974 turnover was £1 «fim and Kweller, the vendor of Hartwell. The first quarter improvement 

profit £194 000 A circular out- new leases have recently been at Fersuson came on turnover 

lining the deal says that Hartwell negotiated for these premises at ahead from 0.51m to £l2.Mm. It 

directors are budgeting Tor arms length directors say. The was after interest of ,190.000 

increased activity in the current terrm? of the leases are..apptoved f£i30.000>. the employees' profit 
vear and that trading results for *>y Ferguson. sharing deduction of £43.000 

mo "' hs arc in 1,nc p«rea«>n mtends to continue ,^nnn l f" ,re Le«“,e" 


with budget 


rerguson lmenos tu cvuunuv eicitnnn mxi nnm 
HarkwelJ as a separate operating 


Ferguson has in the past year no"“‘“manaEemen't there was a CT0.O0O associates 

ken over Hindson Prim- Group ralonroMvtn <ti*A Ai«v-iroCrael h COUtl"! blltlOIl. but fOllOW tl*10 


Zm'.FWS changes are envisaged. Mr. 


ability to hold or improve our position 
in the industry 55 

Mr. D. Styles, Chairman 


The following are salient points from the 
Chairman's Statement to Shareholders: 


G roup profits for the year ended 31 st March, 1 978 
amounted to £631,742 (£509,1 00). Taxation takes 
£324,828 (£276,188) leaving a net profit of £306,914 
(£232,912). 


On 23rd January 1 978, we paid an interim dividend of 
1 .25 pence per share, and we now recommend a final 
dividend of 2.423 pence per share, this being the 
maximum allowed under present legislation. 


Most Divisions are reasonably busy, and we are 
optimistic regarding Autumn trading. The Company 
continues its policy of re-equipping and re-organising 
where necessary. At the present time most of our 
expenditure and re-organisation is going on in our 
Dyehouse.This work will soon be completed and.will 
yield advantages to the Company both in work-flow 
and cost-saving. Overall we also continue our policy of 
gradual expansion. 


( "LUCKY CHARM" 


Makers of 


Tights. Stockings, Ladies' 
Underwear and Knitwear. 


“HICK CROSS” 


Men’s and Boys' Underwear. 
Knitwear and Sportswear. 


Ladies' fully fashioned and 
made-up Knitwear. 


“JOLYNHE" 

l|iili,i!iiiii.ii,>;|,;:!hl|u!l!i4lll.liUiil i.i.i.i'.ii.n^.iUlil.ii. i,ii..:|iilill:| 



Limited Dublin 


INTERIM RESULTS 



Half-year to 
June 1978. 

Half-year to 

-June 1977. 

Year 

1977. 

GroupTumover 

fl3J06D.OU» 

£9.400.000 

£21570X100 

Profit before 
lava lion 

cijuojowi 

£S 18,000 

£1091014 

Profit after 
estimated tuvutloa 
and minority 
interests 

£723,000 

£450^)00 

£1451,154 

Dividend per 

Ordinary Share 

4.0625p 

2.4375p 

650p 


" Group Turnover incrc.N&f hy j'Kt io 


oroup lumi 
tl3.0oft00(>. , 

* Group pre-tax prulii t<ir ino jxnixi 

amotinlcd 

£8 1 8.000 Tor thea , rrcsp'.''nOins period 
Iasi year. 


R.T-Mirphy, 

chairman 


in a Share swap and sold its 29.9 Kwelfw tiie chairman, and Un ® r and H,n , dMn moves these 
per cent holding in Liner Con- nar^el IV finance director Mr no ^nger apply, 
crete Machinery for some lltn to f E BufterworSf SiUloiO the „. Indust ™' and - Commercial 
Thomas Tilling. Hindson was and Mr M B Finance Coloration owtis 15.4 

acquired fully in the middie of ^rOTson • mwra snd «r. n. o cent of Ferguson and Barely 

the February 28. 1978. year and SESiwy SSPjSiS the SriSeH <M M,d G Group) 64 

in the final six months contributed Board percent. 

5 per cent of total group sales amra ' . . Meeting Applebyln-Westmore- 

and 9 per cent of group trading A balance sheet for Hartwell land, Cumbria, August 4 at il *0 
profit. shows net tangible assets of a.m. 


Norris family accept BTR bid 



Financial Times Friday July 14 197S 




r 


CRA diamond search at 


bulk testing stage 




BY KENNETH MARSTON, MINING EDITOR 


THE LATEST quarterly progress CRA is at pstos to curb any over- 

report on the intriguing Ashton optimism on the part of outside tin may be found In similar areas, 
joint venture diamond search in observers— diamond “magic w 

the Kimberley region o! Western a potent factor Is share martets— a VPQF 

Australia whets the appetite but "and the company warns that the ptiUi J VAl 

provides little satisfying sub- first results of the bulk testing T _ 

stance. In the nature of prospect- programme to be released M the tfjr |\ CM 2 II 22 

ing for such an elusive material September quarterly report NviH * J! o 

this Is inevitable, but at least the only be representative or near THE COMBINATION of lou-pr 

partners, beaded by the Wo surface material and cannot copper sales and prices received 

Tinto-2lnc group’s 72.6 per cent necessarily be construed as repre- together with increased was has 

owned Couzinc Riotinto of Aus- tentative of diamond yield and borne heavily on Zambia's 

trails - have reached the bulk, grade potential of the kimberlite Ncftanp Consolidated Copper 
sampling stage. occurrence as a whole." Mines. For the year lo March 31 

This con only bp determined o pre-tax^ loss is reported of 

far the presence of 12 “pipes 


Diamonds exist in the area. So by ‘ deoper and larger scale tests KATGm (jQl.Tm) compared with 


^bTl£SSm cornet shSwd Until the results of these are a pre-tax profit of K83.Gm in the 


SS SSTISfSJm j» h«- ■Withfopilmy tahine tho^yie'v litmt occasion tolsjW 



economic 

diamonds. 


concentrations 


of a major discovery of diamonds In charge 

Australia. The Ashton owner- qurnr extraordinary debit of 
„ . x . . . , , S hin is- CRA 52.6 per cent: K32rn which loft a small profit of 

°in Malaysia Mining Corporation fin K2 5m. The Zambian Kwacha was 
of diamonds i in Charter Consolfdated has devalued by 10 per cent on 

kimberlite the amount of sample of ^ per centl with 27 March 17. 

mnrfRH 150 per cent: Sibcka 7 per cent: Tan- Nehaoga says that because of 

ganvika Holdings S.4 per cent; and the fall in the price of copper it 

cdsui oi cr&Q6s or aiamona V3iuc m c w npnt 

to be made. Bulk sampling is thus Northern Mining 5 per cent, 
needed. 


Owing to the long we I season 
the commissioning of the bulk 
plant has been delayed and it is 
now expected to start up in 
August. It will handle some 60 


has had to write down metal 
stocks to estimated net realisable 
value. In the year to last March - 
the mine obtained K. 1,002 per.V' 
tonne for its copper - compared • 
with Kl.n72 in 1976-77. The'-.. 

. . .. current price Is .equivalent lo ‘ 

Prospects are good that new tut m .too. 


MALAYSIA’S NEW 
TIN PROSPECTS 


deposits may be found in Malaysia. copper sale? fell to 3S4.5fifl.:‘. 


kimberite and wW take 100 cubic SrftSn ti the marine of the to ^ s Trom ^.«T tonnes whiE’ * 


ISSSn ^ p,e _ Tin Industry Research and feadTnd rinc amountod 


hectare or those pipes reckoned j>evelopmem Board. If commented , 0 ^fijj27 tonnes agointT 6840C 
S be of potentially economic that ceoloRical surveys indicate the prerious year. 

a *2Sr. w *■ , . „ -■« the presence of tin in tbe mam Nchanca is 51 ner cent-owned 

extend t l°^9 U a k n^ P D?am!ed ranRe of the ’ kIal ®? si!l P P* n jnaular bv t he Snbian GmTermnent and 
Kil V tarSn and P SSS and ' here ore indications of some 4S r wnr bv 7j|mWa Coppe, 
tiVy economic JJSi ”thff “e tin in mar,ne ^diments in the off- investments. Shares of the lattei 
SS mTSS “iflSTbffi ^ K areas a,onfi Stra,ts of WP yesterday. 

diamond 10 ^ncentrations^ 1 being The recent discovery of rich tin ju^^ST^tkIwu- or^sw^aila 
detected. deposits in the deep alluvium of <M an .h <n»ner 5I.0IK workins profr 

As a responsible mining house, Sungei Langat, about 30 miles from nj.iTJ iis.ss4J. 


Sharp rise in Noranda income 


EARNINGS AT Noranda, the the same period of 1977. This ary. but SPCC chose instead tf 
Canadian minerals and industrial reflected improved operations at meet its debt servicing require 
group, improved sharply in the Gaspe Copper, lower exploration merits by arranging for earlj 
second quarter, but the manage- expenses and higher prices when payments by customers This war 
raent thinks that the group's they are expressed in Canadian possibly a consequence of tin 
■ibiJity to sustain this level over dollars. Peruvian Government’s (airlines* 

the rest of the year is question- g ut there was a sharp decline in providing the necessary docu 
able, writes John Soganich from j ^ manuLtcturing earnings over mentation to sanction the Ociobpi 
Toronto. the first half nf this year because 1<j an agrement. ... 

Over the first half of this year of sfusci«h domestic markets and spc :r brought Cuajonc to ful — 
net income was CS43. 7m t£20.6ml. ahnnrmal expenses at Noranda capacity production last autumn 
compared with C$32 2m in MM Aluminium. Demand for forest Although Cuajone s ' operaiinj,'.. • 

(977 first half, while second product**, with the exception of ensts are low by world standard^ _ 

quarter earnings were CS25hn pulp, remained strong. the burden or financial charge. 

against CSlS.Pm in the same Factors which could influence demands a market price nr K 

period last year. the performance of the group in cents a pound to allow the num. 

p._* inn . n „ r «. hapf , nf ftiM the remainder nf the year include to break even. This is «tbmi 

/ qT^M^Mrin-rhe^ind o Mie tower ore grades at Gaspe Copper, seven cents above recent Ncv 

SSSS W5 Y °* "-' s ' 

cents earned a year before and 

compared with the R2 cents . ^ £, ‘ n p n STsn 

earned in the 1978 fim quarter. hStiiKr 

Com n^ red with the first quarter ^fr 

of (his year. the,.' partial a build-up of 

resumption of production at the n 55." l ~ 1 ' n i 0 9 nivi, 

Noranda Aluminium/ reduction c-llp’l n-- — - j- r ------ . 

plant in the U.S.. t<«ether with "I ce " fs a ’" apa nn . sontemoer another coal export contract. 1 
somewhat higher copber and 7.inc la t0 shareholders of record on ^ f or the supply of 1 Sm tonnes n 
nrices. were the piajor cnntri- August u. steaming coal to Japan's Kyu*ht 

butors to the improvement m vir . ., n .Electric Power over nine year. 

A HELPING HAND from 19SS. A letter of inren 

covering the sale includes at 

FOR CUAJONE option for a. 50 per cent increaa 

in the tonnage. 

Southern Peru Copper, whicn is The coal will come from Oat 

53 per cent owned and managed bridge's existing Cnales operaiioi . 


NEW CONTRACTS 
FOR GAKBR1DGE - 

Australia's Oakbridt-e 


mininf 


earnings. . 

Compared with the 1977 second 
quarter, the most decisive factor 
in the better performance was 
the lower value of the Canadian 
dollar. 


Over the whole of the first-half by Asarco. the U.S. group, and al Lithgow in New South Wales 
mining and metallurgical earnings which has brought the massive Oakbridge also recently signed 1 
were 73 pet cent higher than in Cuajone copper deposit to produc- contract to supply I'Assomflut 

lion, has made the first drawing of Technique de 1'lmportation Char 
SI32m (£fi.9ml under a $53 4ru bonnicre of France with l.oir 

— — ■ loan agreement reached in Octo- tonnes of steaming coal over fin 

The group acquired its 54.9 per ber last year. J years, starting (arer this year. - 

■ - — - ■ The loan has been made avail- Oakbridge s results for the pas 


Mr. Eric Norris, chairman of worth 380p, for each Leicester- were for Barclays stock units and . Itw .... r _. 

Worcester Controls UK and his shire share. Directors of the 0*22.642 for the cash alternative. holding from Clifton Invest- 

two brothers and co-directors, Mr. Leicestershire group have Acceptances in respect of the me nts and under City Takeover a We by a consortium of banks led year to June 30 are due toward 

Kenneth and Mr. Lewis Norris, accepted the offer on behalf of preference stock total 2,087.069 tui^ had to make a similar offer by Chase Manhattan and the UJ> the end of next month. For the 

have reluctantly accepted BTR’s their own 20.6 per cent equity (95 96 per cent) of which 1.173.766 to the remaining shareholders. Export-Import Bank. The finance first half of the past financia 

S30 a share offer m respect of the holding, and unanimously recom- were for loan stock. The offer is However it has always been the was arranged to assist the amorti- year net operating profits aa 

12 3 per cent stake in the US. mend acceptance of the offer. The now unconditional, and open for group’s intention to place any sanon requirements of long-term vanced afresh to AS3.98m (£2.42m ; 

parent group Worcester Controls bid follows GS’s recent run of further acceptances but the cash additional shares as it wants to debt of WOlhn. This amouni was from AS2.86m in the same pence 

Corporation Takeovers bringing the supply of alternative dosed. maintain Bridgewater’s share used to fund the Cuajone project of 1976-77 when the year's tota 


The three men originally ,' n skinning operations in 
opposed the terms of the offer, R ea *J ln B.' Hanley. Stoke 

valuing Worcester Controls U.S. at Derb y under wing. 

54 Sm (£261 ml believing given time 


listing. 


offer would have 


a hieher 
emerged. 

The purchase of the Norris 
stake takes BTR’s holding in 
Worcester to 46.8 per cent. Mr. 


HAWKER TAKES 

1 9?4 STAKE IN Law Debenture Cornoratlon'< 

J* H. FENNER allegations that trust deeds had 

Hawker SiddeJcy, after splash- been breachrd. Sasesl Ls now 
big out £23ra for a 51 per cent hoping to reach an amicable 
stake in Carlton Industries yesier- settlement with Law Debenture 


The first drawing on the loan reached a record AS6.75m. Tht 


This was regained last month was originally expected in Jsmi- shares were I860 yesterday, 
pending an appeal against the! 


share stakes 


FUNDS’ ENTHUSIASM 
FOR INDUSTRIAL 

SPACE CONTINUES - , „ - w . u . 

„ — — Two institutional forward fund- da y revealed that it has spent a 

Eric Norris said last night that mg deals for speculative Indus- further £7.6m on acqmnng a ib.b 

while on current trading perform- trial developments, due to be P®* 1 stake in J- H. Fenner— - jj r- Ernest Harrison, chairman 
ance the offer was a reasonable announced today, confirm funds’ but the group stresses that inis is managing director of Racal 
one he believed that a much continued enthusiasm for ware- just a long term investment. Electronics, yesterday reduced 

better offer would have eventually bouse and factory property. v Hawker has acquired its ho ,Q ' his personal shareholding In Ihe 

emereod given the group's Royal Insurance has committed ing in Fenner — the power rraofr company by 30.000 shares, or 

prospects. i/50.000 to a 3-acre industrial site mission engineers from , Uav J° around 6 per cent. 

“However, given the circiun- near junction 3 on the M6 Motor- Brown and Henola at a price of Tomkins Group: 

stances and that the U.S. directors W i “ortii of Coventry city jurt over I50p a stiart 20.0M shares in which R - " 

had accepted in respect of their S3** 18 ;. EU *s and Everard, which A spokesma nfor Hawker said Trew d i rector , held a b 

32 ner cent holding we had to bow *he freehold, remains as -Pof 1 ^.nkfe n outrieht toterest have been sold, 

to the inevitable." said Mr. Norris. wiS^frJnSTilSrt 3 p2£rt?« SffiTfor Fenner M gh Benlox Holdings: Mr. R. D 

He added that he had met the W T™e dewloom ^ Harnett director has acquired 

BTR directors and that he thought D re-let a 13 TOO so ftunlt to the RRIDGIFWATFR ? 3,<W 2 shares making total bold 

the company w«< well run and aSiSdroraJ mShine^y group BKIUOtVV A ■ tK in g 90.OTO shares (8 per cent) 

that « g 0<? d working relationship vS^-Hughea at £130 a ^ff Sm finan.’iaJ holding Trusiees of the J. A. OJney settle 

could be struck. Wilson and Partners and Cart- ffriiup. Sagest SA. which already meot have disposed of 30,000 

wrieht Ho/r and°^»ns. joint let- has 8 S 4 - 9 P® r rent ‘Merest 10 shares making holding 51*50 

tine agents fer thT site have Bridgeivater Investment Trust has shares (4.5 per cent). Mr. W. M. 

GARNER SCOTBLAIR another 4^00 so ft under offer received further acceptances— hudsu director, has disposed of 

rvr,,v„^, A K ^ rPPre^nting a 4.9 per _nent stake 210^38 shares making holding 


EXPANSION 

Garner Scotblair, 


on offer at £1.40 a sq ft. 


—for its 8.6p a share bid. to the 51,660 shares (4.6 per cent). He 


the Ber- sl Ouintin Son and Stanley, f™ 511 . , JJ . h 35 also disposed of 15,000 new 

mondsey based leather merchants, aT ,H Barnett Baker and Co. acted . Sagest Is to place these addi- shares making holding 60,000 


has made an agreed offer worth f Qr Rnyal on the investment deal. shares, at the offer price, shares (5* per cent). His total 

£14o,000 for the Leicestershire m d both agents also acted for with institutional clients of Rowe holding is 111,660 shares (9* per 
Butchers' Hide, Skin and Fat Com- National Provident Institution. cent), 
pany. 


- . which has Invested £825,000 in a 

Garner is offering 225p a share half-speculative industrial scheme 
cash, and four of its own shares, at the Nuffield Industrial Estate, 

Poole. 


KANK RETURN 


IVoinnluv luc. l+) or 
3 uivl 2 Uw > 

19 tU ftir wee* 

BANK IN ( 

i,l \ i .1 LI I'l 

. 

•w 1 li»n"in..l 

■lanKm..,.......,., 

liewrves £ Oifarr 

Al.-u 

i DEPAB 1 

i * 

H. 665 . 0 W 
! S 5 .C 32 .J 7 iJ, 
874 ^ 80,000 
47 O,T 70 JJ 48 | 

611 , 361.9041 

[■WENT 

£ 

+ K».D 6 

+ 32 . 330.871 

+ G 3 . 7 fi 9.714 

AliSBTS 

Hurt. Se.-untio* J 
V-tvan SUthH 

.Vj , ....; 

t'nwnwM.Bqatp'l, 

t mher S»«i ..... 

'■rtw 

-«un I 

1 . 904 . 645^1 

+ 96 . 395.701 

1 , 332 , 736 , 063 ' 

MO.OI 3 . 90 e] 

211 * 01.636 

1 D. 565 . 90 B' 

aa.tfraj 

j- 94 . 390.000 

+ 196 ^ 44,407 

+ 21.449 

6 , 823,428 
+ 4 U 74 

ls?t'K 

1 . 894 . 5 aj^f»i-f 9fi.39S.701 

1 ‘KI’AUI MINI 

u \iiil.i Hi,-. e | 

r * 


National Provident, which like 
Royal signed contracts on its deal 
two months ago, is funding 


estate. 19*00 sq ft of which has 
been pre-let to Sharpe and Fisher. 
The remaining space is under 
negotiation at around £1.40 a sq 
ft Goadsby and Harding of 


the deal, and arc acting as letting 
agents for the estate. 


DORADA EXPANDS 
MOTORCYCLE CHAIN 

Dorada Motor Group has 
acquired two Kawasaki motor 
cycle centres on prime sites in 


----- — «««« 
full facilities for sales, service. 


Vk- .. ..S £tt.(M).0rc. 
In Cirtni-aeii'tt. 

Id Kanii'-i 10^Sj,«e 


•«. Uahi«_ ; lUJlb.LOO. 

‘JiflprGtjvL Sec«.i7^09jffl7J£B!+2W.I94.S«7 


l9V.0l».0iM 
— 0 , 2 iv«l 


The new investments which 
Como under the control of Dorada 
Brack holes. oT Huddersfield, are 
said to _ make the group the 
larucst Kawasaki dealers in the 

IK. 


barclays/itc 

Barclays Bank offers for Invest- 



«h« 6 %curitip«;j aTs.T&ehffll— au»"£Ml men * Trust Corporation accepted 

In respect of 28,839.719 ordinary 


i^oo.voo.ow.t iWMW.aw (85. 4 pec cent) of which 30,617,077 


EUROPEAN OPTIONS EXCHANGE 


Series 


July 


Oet. 


J»u- 




VoL 

kit 

[ Vol. 

Last 

Vol. 

Xm* i 

Stork 

AB.V 

V3i0 

— 

_ 

2 

36.50 

2 

39.30 

V364.70 

.\BH 

F360 




3 

7.50 




AU\ 

K5iO 





4 

4.50 

— 

_ 


.» liX 

F27.50 

— 

_ 

10 

3.50 

2 

5.10 

T28.60 

AK/. 

1-30 





20 

2 

40 

3.60 


AKA 

F3i'.?0 




5 

1. 50 

63 

2.60 


A l; Il 

1‘BO 



6 

1 

— 

— 

K 7 6.10 

GVI 

550 

2 

10 

_ 

— 

— 

— 

b604a 

uu 

#60 

— 

— . 

6 

2*4 



no 

K32.JU 



— 


1 

3.80 

F32J50 

HO 

FSB 



— 

— 

Z 

2.50 


HO 

P37.60 



— 

— 

5 

1.50 


IB.V1 

£2AO 



— • 

4 

214 

-w 


S256 

IBU 

safi'J 

9 

2 

— 

_ 






IBM 

SB60 

- 

— 

10 

27a 

22 

W 4 


tLU 

F 140 





1 

19 




FI 50 

KLJI 

P1SO 

— 

— « 

11 

12 

7 

17 


KLiT 

PXSO 




3 

e 




KL31 

P170 

200 

O.30 

22 

5.SO 

10 

9.50 


KLM 

Fiao 

— 


13 

4 

7 

7 


k'LM 

F1B0 

__ 


10 

2.50 

6 

5 


KI,M 

P20O 

— 


30 

1.50 

16 

3.20 


KIM 

F22C 

— 

— 

— 

— 

1 

2 

- 

NX 

P9B.90 



__ 



__ 

4 

S 

F99.70 

XX 

noa.90 







10 

3.20 

NX 

FI 18.90 

— 


— 

_ 

10 

1.50 


1*10 

FU5 

>9 

1.20 

37 

1.80 



_ 

126 

I'M I 

F27.EO 

5 

0 .LO 

61 

0.60 

-*p 



IM> 

riao 

— 



25 

13 



_ 

F 13 1.70 

hli 

FU0 

22 

1.70 

10 

4.30 

3 

5.50 

III! 

F14Q 

— 

— 




1 

2.40 


rvi 

MJ9 






I 

13.50 

V 122.20 

I’M 

nao 

7 

1.60 

5 

5 




xr; x 

S45 

Au 

it- 

X« 

V. 

1 

Frt 

3 

1-4418 

BA 

S50 

- 


1 

8 




S54i 4 

OXY 

625 

" 


~ 


a 

134 

32H, 


' 

mmmh consolidated 


COPPER PINES L9M9TEC 


(Incorporated in the Republic of Zambia) 


QUARTERLY REPORT 


OPERATING AND FINANCIAL RESULTS 



Quarter 

Year 

Year 


ended 

ended 

ended 


31.3.78 

31 378 

31.3.77 

PRODUCTION (Tonnes) 




Copper 

S2 959 

377 156 

427 810 

Lead and Zinc 

7 755 

SI 633 

44 751 

SALES (Tonnes) 




Copper 

68 67] 

384 560 

425 °31 

Lead and Zine 

7 843 

46 027 

63 «00 

Average proceeds per tonne 




— copper 

K 950 

K! 002 

Kl 072 



K MILLION 


Sales revenue — ail metals , 

71J 

422.1 

506.4 

Cost of sales 

79.6 

4 37.6 

402.5 


<7.9) 

(is*) 

103.9 

Interest payable, less reeeiv- 




able and other income 

(A6) 

08.9) 

(20.7) 

Share of profits less losses 




of associated companies 

(0,4) 

0* 

0.4 

Profit/doss) before caxa- 




tion 

(1Z9) 

(33.6) 

83.6 

Taxation (payable)/ 




recoverable 

8.1 

40. J 

149.1) 

Profit/doss) after M*a- 




tion - 

(4*) 

65 

345 

Extraordinary items less 




taxation 

(«3> 

(16.3) 

(32 0)' 

Profit brought forward ... 

2T.9 

11.4 

8.0 


0* 

1* 

10 5 


■ 

— 


APPROPRIATIONS 




Realignment of currencies 

3 J 

47 

(1.0) 

Preference shares — redemp- 




tion and dividend 

0.1 

0.1 

0.1 

Profir/ILoss) carried 




forward 

<321 

(32) 

i 1.4 


0* 

1.6 

Idi 


- 

■ ~ 

— 

NOTES: 




\ 1- Due to the Fall in -the price of copper it has been necessary J 

(O write down the process 

and finished copper stocks to 1 

estimated net realisable value. 



2. The Kwacha was devalued by 10 per cent on 17th March, !978. J 

3. On 11 th July. 1970 KI=U.S. 

50.8 1706 

and KJ = UK £0^616 t 

(on 20th February, 1978 K1=US. *1.3277. and KI=UK £0ABW- { 

Lusaka 


13th July, 1778 ^ 


' I 


r 








Financial Times Friday July 14 1978 



at 


NORTH AMERICAN NEWS 

Colgate 
growth rate 
slackens 


COIV 




;K';ir 

iUliinj 




By Our Own Corespondent 

NEW YORK, Julv « 

COLGATE-PALMOLIVE the 

large determents and toiletries 
manufacturer, lodav reported 
some slowing i n the rate of 
earnings growth in the second 
quarter of IftTS. 

Second quarter net income 
increased from $45.2m to S 47 . 7 m 

M,e i risc froni 595601 to 
51.04 hn. Earnings per share 
increased from 56 cents to 60 
cents. 

For the first half of the year, 
mcome increased from 
S«i.Sm in 1077 to SS3m fS0.97 a 
share to SI. 04 a share). Sales 
revenues increased from S1.9bn 
to S2.1bn. 

Commenting on the figures. 
Mr. David Foster, the chairman 
and chief executive, said that 
the rate of earnings growth was 
(.lower than far sales, reflecting 
current heavy spending for new 
product introductions and 
higher interest expenses. 

The company’s best-known 
products include Ajax cleaner, 
Colgate and Ultra-Brite tooth- 
paste and Helena Rubinstein 
cosmetics. 

Solid progress 
at General 
Electric 

NEW YORK. July 13. 
Continued strength throughout 
The group gave General Electric 
Company higher second quarter 
net earnings of 8319.4m com- 
pared with $27l.0m or Si .40 a 
share, against $1.20. Revenue 
rose from $4.4 9 bn to $5.Q7bn. 

• Earnings for the half year 
were up from $4$7.3m to 
3567.2m. or $2.40, against S2.13. 
on revenue of $9.6bn compared 
with SS.63bn. 

Second quarter earnings con- 
tinued to show good gains, 
particularly by lighting, house- 
wares and audio products. 

Industrial products and com- 
ponents earnings . -ere also welt 
up from the 1977 quarter on 
higher revenues from all 
operations, with businesses serv- 
ing construction markets and 
transportation systems particu- 
larly strong. 

Agencies 


Major commercial banks 
boost quarterly profits 


BY STEWART FLEMING 

MAJOR U.S. commercial banks 
are reporting strong earnings 
gains in the second quarter, 
reflecting big increases in 
interest-bearing assets. But there 
are questions on the extent to 
which the leading New York 
banks will match rises being 
reported from regienal financial 
centres. 

Following the recent an- 
nouncement by Mellon National 
Bank ot Pittsburgh of a 20 per 
cent gain in second quarter earn- 
ings, Crocker National, one of 
the. top five Californian banks, 
announced a gain Df 36 per cent 
m its second quarter. But the 
New York-based J. P. Morgan, 
the fifih largest U.S. bank, dis- 
closed that its second quarter 
earnings increased by just 10.4 
per cent 

J. P. Morgan, which is the 
holding company for Morgan 
Guaranty Trust, had second 
quarter income before securities 
transactions of S55.4m, an in- 
crease of 10.4 per ceni over the* 
$50.2ni earned in the same 
period of 1977. 

For the first half, its earnings 
are up 15.3 per cent to S2.S3 a 
share compared with $2.45 a 
share in the first half of 1977. 
Net income in the period was 
$ 114.9m against S99-7m. 


Marine Midland Batiks, the 
company in which Hongkong and 
Shanghai Bank is taking a 51 per 
Cent stake, today reported a 57 
per cent rise in operating earn- 
ings before securities trans- 
actions. 

Marine Midland, which is a 
leading New York bank and the 
13th largest bank in the country. 


Second quarter net Income of 
Chase Manhattan Corporation 
before securities transactions 
rose from S28.6m to 547.1m, 
or from 89 cents a share to 
$1.31, agencies report. This 
lifted net income for the six 
months from $S5.9m or SI. "4 
a share to SSS.loi or $2.51 


said that the main reason for 
tiie improvement in the second 
quarter results was a $17.3 m rise 
in net interest income, which 
increased from SP8m in the 
second quarter of 1977 to S79.Sm. 

Income before securities trans- 
actions and an extraordinary tax 
credit in the second quarter of 
197$ was $5. 5m or 44 cents a 
share, compared with S3, 4m or 


NEW YORK, July 13. 

28 ceols a share in the same 
period of last year. 

For the first six months, income 
before securities transactions 
rose 33 per cent to S9.5in or 
76 cents a share, compared with 
$7.1 m or 57 cents a share. 

Compared with the second 
quarter of last year, however, 
there was a slight increase in the 
provision for loan losses, up from 
S 12.1m to S13m. The reserve 
for loan losses was down 
from 1.36 to 1J2 per cent of total 

loans. 

The company said that total 
loans outstanding averaged S636in 
higher. ' which accounted sub- 
stantially for the increase in 
interest income. 

Chemical NY disclosed net 
operating earnings for the second 
quarter of $1.84 a share against 
SL77. 

Total net before securities 
transactions totalled S29Jm 
against $25.1 nt previously. 

Nei after securities trans- 
actions stood at $25.5in or $1.59 
against $25.6m or $1.76. 

For six months net before 
securities transactions reached 
$56.8 m or $3.59 a share against 
$50.1 m or $3.44. Net after 
securities transactions of S5im 
or $3.19 compared wiLh $50m 
or $3.44. 


IC Industries forecasts record 


BY OUR FINANCIAL STAFF 

1C INDUSTRIES was able to 
overcome a slow first-quarter 
start with a 21 per cent earnings 
increase in the second quarter, 
according to Mr. William B. 
Johnson, the chairman. He said 
that 1978 profits would be 
materially better than last year’s 
record results, but the company 
probably would not be able to 
maintain the record pace of the 
second quarter. 

Based on preliminary figures, 
the diversified bolding company 
with interests in transport indus- 
trial and consumer products, 
real estate and financial services 
earned some $28ra . or S1.62 a 
share for the three months ended 


June 30, Mr. Johnson said. This 
is up from S23.4m or $1.38 a 
share earned in last year's 
second quarter. 

Mr. Johnson said that the 
iu crease partly reflected held 
over business from the first 
quarter, when severe weather 
conditions held down sales and 
contributed ' to an earnings 
decline of 31 per cent from the 
1977 first quarter. 

This dramatic turnround puts 
1C Industries ahead for the first 
six months with earnings of 
some $39m compared with S37.7ra 
in the first half of last year. 

Record sales revenues of about 
S5H5m in the 1978 second quar- 


ter, up 15 per cent from the 
$4S2.3m in 1977. brings revenue 
to about SI bn for ibe year to 
date. “This loads us to believe 
we'll break $2bn In sates this 
year,” Mr. Johnson said. Last 
year (be company reported sales 
of Si.S7hn. 

IC recently announced that it 
was to go ahead with its $55 a 
share otter for the food proces- 
sing company Pet Incorporated. 
This followed an announcement 
fiat Pet and Hardee's Food 
Systems would not proceed with 
their planned merger. The move 
is Part of IC's stratew of diversi- 
fying away from railroad opera- 
tion and into consumer product 
areas. 


U.S. QUARTERLIES 


ABBOTT LABORATORIES 


Second Quarter 1978 

s 

Ret enue 363.0tn 

'let nrofi' a 36— m 

Six Months 

s-. .Revenue 695.8m 

’• Not profits 6S.lni 

. . Not. per share... 1-14 


1977 

304.9m 

28.0m 

5SS.4m 

53.2m 

0.89 


JANK OF NY 


Second Quarter 

tfel profits 

«et per abare... 

Six Months 

let profits 

let per share... 


1«7B 

& 

9.2m 

1.53 

17.7m 

2.95 


MT7 

7.5m 

1.25 

14.7m 

2.45 


HAMONO INTNI. 


iacutid Quarter W7a MT7 

evenue 255.0m 227.0m 

et profits 12-4m 11. 9m 

e.t per share... 1-00 1-0- 

iht Months 

evenue ......... 4Sfi.0m 4320m 

et profits 20.5m 21.0m 

et per share .. 1.75 I SO 


UEUHGLV— PACIFIC 

Second Quart or 

MM 

1977 


s 

s 

Revenue 

1.13bn 

939.0m 

Net profits ...... 

S5.0m 

68.0m 

Net per share... 

0.82 

0-66 

Six Months 



Revenue 

- 2.02b a 

1.74b n 

Net profits ...... 

149.0ni 

142.0m 

Net per share... 

r.44 

L20 

KAISER ALUMINUM & CHEW. 

Second Quarter 

M7B 

1TT7 


5 

5 

Revenue 

692.7ra 

647.0m 

Net profits 

525m 

40.3m 

Net Der share... 

2.61 

2.01 

Six Months 



Revenue 

1.2bn 

12 bn 

Net profits 

77.3m 

64.2m 

Net per share... 

3.81 

3.19 

NAT. DETROIT CORF. 

Second Quarter 

wra 

wrr 


5 

s 

Nel profits 

15.9m 

13.6m 

Net ner share... 

1.34 

1.13 

SIX MMUk 



Net profits 

31.0m 

25.4m 

Net per sbare... 

2.61 

2.10 


V."\; 


DUN KRAFT 

Second Quarter 

1*78 

i/m 

Revenue 

313.0m 

97.0m 

Net profits 

10.9m 

9.4m 

Net per share... 

122 

■1.06 

Six Months 



Revenue 

215.3m 

188.2m 

Net profits 

20.0m 

17.6m 

Net-.per share .. 

223 

1.99 

PPC. INDUSTRIES 

Second Qoartor 

lVTt 

MT7 


i 

-s • 

Revenue--. 

700 0m 

640.0m 

Net profits 

50 3ra 

43.0m 

Net ner share... 

1.60 

1J8 

six Months 



Revenue 

1.35hn 

l^ibn 

Net profits 

85.9m 

78.2m 

Net per share . 

2 74 

2.5 J 

REPUBLIC OF 

TEXAS CHRP. 

Second Quarter 

MW 

M7T 

Net profits 

16.3m 

36.9m 

Net per share... 

1.39 

3.15 

Six Months 



Net profits ...... 

30.7m 

48.0m 

Net per share ■- 

2 62 

4.09 


RAYTHEON 


second quarter 

Revenue 

Net profits 

Net p»*r share... 

Six Months 

Revenue 

Net profits 

Net per share 


1978 1*77 

s k 
834.4m 712.0m 
38.98m 29.48m 
1.26 0.96 

l.fihn 1.37bn 
71 -59m 52.52m 
2.31 1.71 


TEXAS COM. BANCSHARES 


Second Quarter 

Net profits 

Net o*»r share... 

Six Months 

Net profits 

Net per share... 


>978 

15.2m 

1.14 

2.24 


>dn 

12.4m 

0.93 

23.9m 

1.80 


This announcement appears as a matter of record only 


Occidental Boliviana, Inc. 

A wholly owned subsidiary of 

Occidental Petroleum Corporation 

$3500(1000 

Production Loan 

Managed by . 

Continental Illinois Limited 

Provided by 

Continental Illinois National Bank 
-and Trust Company of Chicago 

Bank of Montreal (California) Toronto Dominion Bank 

Bank of Scotland Den norske Creditbank 

Nordfinanz — BankZurich 



Agent .. 

CONTINENTAL BANK 

CQHIINEHIAl ILLINOIS NflUONAl BARK MD TRUST COBPMT Of CHICAGO 


July, 1978 


Earnings 
rise at 
Burroughs 

NEW YORK, July 13. 

BURROUGHS CORPORATION 
announced noi earnings for 
the second quarter oF $L41 a 
share compared with SLS3 
last time. Total net Increased 

to $57.4m rrom 849.5m. Sales 
of $593.7m compared with 
$514Jta previously. 

Net earnings, for the first 
balf totalled $90.9m or 82253 
against $77.9m or SUB. 

Revenue of $l.lbu compared 
With 5957.4m 

Hr. Paul s. Hirablto, the 

chairman staid that incoming 
orders for ibe second quarter 
** continue to show good 
growth. Increasing by 17 per 
cent over the second quarter 
of 1977." 

Worldwide backlogs also 
continued to increase over the 
beginning of Uie year, reach- 
ing record levels 'at the end 
of the six-month period. 
AP-DJ 

Tyco fifes suit 

Tyco Laboratories has filed suit 
against Culler-Hammer alleg- 
ing that Us directors conspired 
with' Hoppers Company in a 
scries or slock transactions 
designed to benefit the direc- 
tors instead of the share- 
holders, AP-OJ reports rrom 
Milwaukee. 

RCA ahead 

RCA, the leading U.S. com- 
munication.* and electronics 
■ group, poster! its sixth succes- 
sive quarterly earnings gain 
today a rise of 12 per cent to 
$78JJm from $70.1 m in the 
second quarter of 1977, our 
finsneial stair writes. Earn- 
ings per share rose from 92 
cents to $1.02 and sales for 
the quarter increased 13 per 
cent to $1.61bn Trom SI43bn 
in the same quarter a year 
ago.- First-hair earnings are also 
np 12 per cent at S133.2m. or 
$1.74 a share, compared with 
SllS-Cm. or 81.55 a share. 
Profits of its Hertz car rental 
business rose by 26 per ccnL 

A T & T services 

The Federal Communications 
Commission <FCC> Is lo seek 
to expand the ty pes of services 
that American Ydcphoue and 
Telegraph can offer ils 
customers, AP-DJ reports from 
Washington. The Commission 
tentatively voiced support Tor 
staff : proposals that would 
among oilier things, start dis- 
cm.slons with (he Justice De- 
partment to change a consent 
decree that hinders AT and Ts 
attempts to offer service that 
may involve data processing. 
The Commission also voiced 
support for a staff proposal to 
ehange the way the Commis- 
sion determines whether equip- 
ment is communications equip- 
ment and needs a tariff filed 
or is data processing equip- 
ment which does not need a 
tariff. 


Stronger margins 
profits at Teledyne 



BY OUR OWN CORRESPONDENT 


NEW YORK. July i3. 


TELEDYNE. A leading con- 
glomerate with interests ranging 
from aviation to insurance, and 
one of Wail Street'* hottest stocks 
this year, today announced that 
second quarter earnings had 
more than doubled. 

Teledyne's shares have risen 
from $63 to a peak of 8120 ibis 
year and dosed yesterday al $99 
as investors and speculators ran 
the price up in anticipation of 
surging earnings. Those pros- 
pects were confirmed, when the 
company disclosed that second 
quarter net income had increased 


from 827.6m in ihc second quar- 
ter of 1977 to $H5.8m. Sates 
revenues ruse tu Si»2im. 

For the first half, net income 
is 59 per cent hiqhe'r at 8I1S.4 
compared with S74.2 in 1977 
(69.04 a share against $5.62 a 
share). 

Sales revenue totalled $1.21*n 
against Sl.lbn. 

Improving profits margins in 
the company's industrial 
divisions, which produce 
gasoline and diesel engines, 
machinery and machine toots, 
have bron one factor behind the 
profits increases. 


Insurance profits arc ateo 
improving. Analysts point out 
however that second quarter 
comparisons look particularly 

favourable because the company 
look ti substantia! loss ill its 
insurance division-, m the 
second quarter of la-a jear m 
order to strengthen reserves,. 

For the year, therefore, some 
analysts are suggesting that, 
earnings per share might rise lo 
around 617 compared with Ij-tt 
years 814.42. especially if 
econo mie erowth ►•low. down 
and consumer spentiinu weakens. 


Quebec launches $500m 
Eurocurrency loan 


BY MARY CAMPBELL 

QUEBEC PROVINCE has 
launched a 8500m 10-ycar Euro- 
currency loan, mainly lo prepay 
a 8300m loan arranged just over 
a year ago. The remainder of 
(he new loan will go into the 
Province's consolidated fund for 
general purposes. 

The terms of the loan involve 
a 1 per cent margin over inter- 
bank rates for the first two years 
of the 10-year final maturity and 
a { per cent margin for the last 
eight years. There is a grace 
period of five-and-a-hnlf years 
befnre repayments start. 

The mandate to arrange the 
loan has been awarded to a croup 
of six banks, headed by Orion. 
The other five are all Canadian. 

By comparison with last year's 
loan, in which major U.S. banks 
figured prominently, (here is 
only one U.S. bank. Chemical 
International, in the 22-strong 
management croup this time. 
The four French hanks in the 
group include the Credit 
Agricnlc, believed to be making 
its first appearance in the 
management group for a major 
Eurocurrency loan. 

The main terms of ihe current 
loan are considerably more 


favourable for the burrow it than 
ihe loan it is to be- used (u pre- 
pax. Last year's loan was fur a 
final maturity of seven years 
twiih 2 J. years' grace) with the 
margin ranging I rum 11 per ceni 
for Ihe first iwo jc-ars to I« per 
ccn| for ihc last live. 

The 5 1 -x car grave period on 
the new loan i.% a further illus- 
tration of the rxii-nt in which 
international liquidity is pausing 
banks to soften ihe terms nf 
loans other Ilian margins. 
.Another recent notable example 
nf ibis was ihc 8150in loan 
signed yesterday for ihe 
Brazilian company. CESP. which 
carries grace periods uf five and 
six years on tranches with Until 
maturities of 10 and 12 years. 

Increase at Mead 

Head Corporation, ihe furniture, 
paper, and md.il products- croup, 
announced net cnmin n x for ihc 
second quarter or SU36 a share 
acainst SI. IS. Tola I net or $31. 3m 
compared wiih S2Pm. Sales nf 
S5'.in.sm. increased from $4.12.5ni. 

Frsi half nel of .«52 1m, nr 82 24. 
compares uilh $4?6i*i or 81.97. 
Sales of fl.ljbn increased from 
SROS.fim. 


EUROBONDS 

D-Mark sector weakens 


FINANCIAL TIMES REPORTER 


THE D-MARK sector took an- 
other sharp turn for the worse 
yesterday as the Bundesbank 
came into the domestic capital 
market to buy mure bonds than 
in any day since 1975. 

In the dollar sector there was 
some iatc afternoon uneasiness 
in the wake of the statement by 
chairman Miller of the Federal 
Reserve indicating a further 
tightening of U.S. monetary 
policy. But basically dealers in 
London seemed to be waiting Tor 
an overnight load Prom the US 
bond market, following publica- 
tion of the latent weekly U.S. 
money supply figures. 

According ’ tn some dealers. 


floating rate notes (FRN.o con- 
tinued a shade easier, though 
there are also records of .-uh- 
stanlial buying orders coming 
into the market and some price 
mark-ups. 

The yen bond market con- 
tinues tn weaken. Two borowers. 
Spain and Electrjciic de France, 
are reported to have postponed 
their plans to issue bonds in Sep- 
temher. The reason quoted Tur 
the postponement was lhal recent 

weakness of the market would 
mean the borrowers paying 
higher yields than anticipated. 

The pricp of the Runts con- 
vert ihle was more or less un- 
chmeeri yesterday. 


FTC to probe 
Kaiser Cement, 
Medusa plan 

"AM. AND. .lui> l.t 
K .MS ELK i.'jMucni Uypsum Cor- 
poration a ml Med'ivi numera- 
tion uf ci.nel.imi s«i:il tiu-y h.ixi* 
been nmiiH-cl hx Mi.- Federal 
Trade rmiimivqiin i l-'TO that 
till* Ageti.-y has in 1 1 . ilcrt .i pie. 
iiminurx imi-tiiMii.m <■; me 

prnpnNi.-ii merger *»f the ixxo 
cuniuanies 

Officiate iif Kaiier I'eiuetM .tin! 
Medusa -aid iln-y inivinl m 
ru-riperate fully xx'illi the r n; 
inquiry but they du nut helu-xe 
I here are any vi-miud- under 
antitrust law- for .» ch.tlti-n-je 
nf the planned merger ,-mre 
Ihe ! xx* ji rnmiMii'e- >er\o 
entirely different geographic 
marked and cusinmcr .group* 

A* previously announced, 
special meetings of ihe Boards 
of boiti groups haxe been 
*i -her] u led for tomorrow in 
resolve certain remaining 
matters and to execute a dr-fin i- 
live merger agreement which 
must he approved hy share- 
holders of both companies. 

Reynolds Metals 

REYNOLDS METALS announced 
nel earnings for the second 
quarter or 82.31 a share against 
Sim reports AP-DJ. Total not 
increased to 844.2m from S:!3.7m. 
The net loial includes foreign 
currency translation loss of 
S2.Sui nr 15 cents against a pain 
of 8400.000 or 2 cents a year as". 
Sales of 87 14.7 m compare with 
S632.7m. 

Snerrv Rand forecast 

SPERRY RAND CORPORATION 
ihe computer anil business 
machine company, expects record 
sale* ami profits in fiscal 1979 
wiib nel income in the range of 
$5.20 lo S5.30 a share, company 
executives said, reports AP-DJ 
from New York. 

in the fiscal year ended last 
March 31. Sperry earned SI 76.6m 
or 84.60 a share on a fully-diluted 
basis, on revenue of $3.7bn. 

“The way ihe first quarter 
figures arc coming in it looks 
like wc will have our seventh 
consecutive rrcnrd year." Mr. 
.1. Paul Lyei. the chairman and 
chief executive said. 


1VT*T» POOL fORP. | r 

Second Quarter 

MW 

W77 

Revenue 

619.1m 

507.6m 

Net profits 

34.4m 

27 7m 

N»*l ner share... 

Q.95 

0.76 

Six Months 



Revenue 

1.1 hn 

948.2m 

Net profits 

59 Am 

52 5m 

Nej per share .. 

1 65 

1.45 


This announcement appears as a matter of record only. 


TATE & LYLE, LIMITED 

£ 30 , 000,000 

10 year syndicated loan facility 

provided by 

Lloyds Bank International Limited 
Bank of America National Trust & Savings Association 
Barclays Merchant Bank Limited 
Chase Manhattan Bank NA 
National Westminster Bank Group 
The Royal Bank of Canada 

managed by 

LLOYDS BANK INTERNATIONAL LIMITED 

A Member of the Lloyds Bank Group 




Notice of Mandatory Redemption 

The Rural and Industries Bank of Western Australia (“the Bank”) 

AS39, 000,000 6Vz percent. Guaranteed AS/DM Bonds due 3987 


J. Notice Is Hereby Given pursuani in die wonsoiihelnjsi Deed daied JOihAiieu»i 1V7Z t-pniiiiuiinp Ihcahare Bonds-. iJuiAS’.tt».000 nominal of the Bond' is 
due tor nuuiUlofy redemption on LSili August 1^-H. Pursuant u> Clause 5( B) cl ihe lentil and Conditions Applicable to the Bonds, 148 Bonds have been purchiioJ K ihc 
Bank and AS IJS.nuO ha* been credited agamM ilic amount due for redemption. 

2. The sejial numbm at the Bomb draft n for redemption arc as follow ^ - 


11 

1512 

2956 

4192 

5623 

6897 

8495 

9893 

1« 

1520 

2958 

4200 

5638 

6839 

8499 

9897 

16 

1527 

2S75 

4216 

5662 

6915 

8500 

3918 

20 

1535 

2991 

4217 

5676 

6322 

8502 

9942 

33 

1533 

3009 

4229 

5684 

6829 

S513 

9944 

42 

1553 

»ra 

4243 

5689 

8958 

S&42 

9S5S 

52 

1567 

3017 

4245 

5592 

69E4 

8543 

9986 

65 

1572 

3020 

4254 

5701 

7001 

©47 

10003 

87 

1535 

3021 

4373 

5717 

7016 

8552 

10009 

*3 

1582 

3023 

4280 

5735 

7020 

8560 

10018 

89 

1593 

3023 

4292 

5738 

7051 

3565 

100*2 

91 

1606 

3034 

4293 

5763 

7067 

©70 

10056 

94 

161 J 

3058 

4302 

5767 

7068 

8578 

10078 

110 

1615 

3065 

4311 

5777 

7079 

8581 

10088 

T32 

1626 

3074 

4319 

5784 

7086 

3601 

10106 

l+l 

1627 

3063 

4322 

5734 

7097 

8602 

10114 

1A7 

1645 

3088 

4323 

5803 

710* 

8604 

1CT24 

153 

1688 

3089 

4338 

5829 

7123 

8607 

10128 

15* 

1607 

3090 

4387 

5871 

7137 

8637 

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7. Inicrcsi in respect or (he Bonds io be redeemed shall ecu .c io accrue on (he redemption date and w ill be payable (o that dale in accoid ance with ihc Terms and Conditions 
Applicable ip the Bonds. 

J . Pay mem or principal will be made at the rale or AM .nil i»r. at the option of the b eater, DMJ"$3.1U tor each Bond. 

7. Payment ot Rond, to be redeemed in Ausrralun DolJ.ir- -t|U Pc made upon presentation and surrender thereof, fojer her with all Coupon . jppcirnininj rher.*io maturing; 
Mlbsequenl io (he redemption date, .U ihc main olliic m ihc Nauon.il Hank oi Au-iraUna in London or. at the opnon of ihe bearer, at the mam office Of The Chase 
Maul'jrran Bank N . \. in I ondun Cilic Principal Pay mv A cent "I or at n*. other Offices, or at (lie orlicr bank*. ■<( out frdow . 

t>. Pay mem of Bond' In he redeemed in IMiImtIk Marks ,n die i«pi ion el ihc bearer will be made upon present at irm and surrender thereof. loge'her with all Coupon? 
nppcriammc iltcrero nuiumiy Mibsetjucnc io (he rcxkniprn'ii d.ue. at ihc mam otfievof the U C'ldeuische La odes hank Cirojenirafe in Ou>-c(drul nr. 31 (he option of the 
hearer, al llic mam ollice ol ihe Principal Payine Apein or at us oilier o| ficcs. or at ihc oilier banks, *ci mil hebm. 

h»r p\y.\fLNf is nt i rv. hl marks. t hi k»:»n lis vnii oa pt.inv\ppe r i -\i ninl. the rl*i o m« s r be r>Fi*osiTen w ith i he p wing agent 

l ROM WHOM PAIMINT IN Rtv,*L-IRbl> <TkK..t IHIK V\ jrH URITIEN INSTRL.C l IONS. WHICH SH UL Of DELMliP TO FF IKRE' «V4W F, l H \T 
NLCHPV^MLNf SUM t RF MIDI IVDELlSi Hi \l\RK.s»\.l[ I.ES* THAN! OURTEEN DA^ S PRIOR I O THE DATE OF XL\ND ATOR1 REDEMPTION. 
S. Bond* and Coupons should he sin tendered at the lollofttiij; ollue< — 


The ft.iiicn.il Bank of AusiraUai.i Limned, Wesldsni -.lie I. mJc.bauk (jtnMcniralc, The Chase Manhul [an Bank N.A. 
s fcl.ettliou-c 1 ard, I fieilr*. fi,lr. »»•<>*, (( <\j/c.rrc I l<nr-c, 

London EC2 atKKi Du -eldml 1. Coleman Street. 

London HCZP-HD. 


The Chase M.inbalian Bank N.A. 
Cine New YorL Plaia. 

IJHi FI>X)r. 

New Vork. N.V. 10015. 


The Chaie Manhattan Bank N. A.. Banque dc Commerce N.A. 
41 RucCainbon. I ?3 Avenue dfi AiL, 

Paris "su>l . Brussels 1040 . 


Credilo IfaJiano S.p.A., 
Piaeca CerduMO, 

Milan. 


Dated: Mth July 19'S. 


Krcdieihank S.A. 

L uac mbou reeoisc. 

4 . 5 . Boulevard Rota], 

Luvembaurg. 

THE tURAL AND ISfK MTHE 5 BANK OF WESTERN AUSTRALIA 
By the National " e-uninsicr Bank Limned as T ruaice 


Nederland'S Credieibwk N.V. 
HerengMdit J 5 S, 

Amsierda/n 1002. 


This announce merit appears as a matter of record only. 


0 


THE FUJI BANK, LIMITED 

U.S. $20,000,000 


Floating Rate Doilar Certificates 
of Deposit due 16th July 1981 

Fuji International Finance Limited 

Bankers Trust International Limited 
First Boston (Europe) Limited 

Salomon Brothers International Limited 


Agent Bank 

Credit Suisse White Weld Limited 


Uih July 1978 



[NTL.1 1 NAN C 1AL AND COMPANY NEWS 


Siemens unlikely to raise dividend 


BY ADRIAN DICKS 


BERLIN, July 13. , 


SIEMENS EXPECTS io maintain 
its dividend for the financial year 
ending September 30. but is un- 
likely Id dc able to raise it, the 
group’s chairman, Mr. Bernhard 
Plettner, said here on the basis oF 
the first eight months’ financial 
results. 

Siemens is still expecting a 5 
per cent rise in its sales, the 
same rate of increase as the 
group achieved in the first eight 
months, excluding the nuclear 
and conventional pcnvrr plant 
subsidiary Kraftwerk • Union. 
iKWUl. whose sates during the 
eight-month period are down by 
half. Whether this growth rate 
can be maintained for the whole 
year depends very heavily on 
KWU. KWU has contributed 
substantially io rhe rise in the 
group's orders booked in the first 
eight months, with a 22 per cent 
increase over the same period of 
1976-77. For the Siemens srouP 
as a whofe. including KWU, new 
orders stood at DM 18.3hn. com- 
pared with DM 172ibn in the first 
eight months of 1576-77. 

There was a slight decline {hir- 
ing the eight-month period in the 
proportion of new orders com- 
ing from abroad. This fell Trora 
DM 5.9bn to DM 5.S&n. while new 
domestic orders rose from 
DM 13.3bn to DM I422bn. None- 
theless. Mr. Plettner said that the 
group could bp satisfied that it 


had not suffered worse from the 
volatility of currency movements 
during the first few months of 
the business year. . 

At the same time, the chairman 
expressed satisfaction at the 
healthv increase in the contribu- 
tion made bv domestic business 
both to sales during the first 
eight months and to new orders. 
Tli is was the first time in several 
years, satd Mr. Plettner, that 
domestic demand bad picked up 
substantially from a stagnant 
level. , , 

Although total sales rose 5 per 
cent to DM l7bn (some .SSBbn). 
Mr. Plettner said this year was 
likely to show a slight deteriora- 
tion in profitability from about 
2.fi to 2.3 per cent on turnover. 
KWU would probably turn in a 
halanced result, but was unlikely 
to contribute tn profits. 

Mr. HeribaJd Nacrger, Finance 
director, said that despite the 
dividend outlook and the recent 
West German dividend tax credit 
reform, there had been no per- 
ceptible change in ihe foreign- 
nwned shareholding in Siemens. 
Foreign residents own some 2S 
per cent. 

Among Siemens' main areas of 
activity, the most rapid growth 
was achieved by the data and 
informations systems division, 
with a 30* per cent increase in 
sales, followed by telecommunica- 


tions and signals engineering 
with 20 per cent. Power equip- 
ment installation, with a decline 
of 10 per cent, was at the other 
end of ihe scale. 

Mr. Pleuncr used the occasion 
of the company's mid-ycar Press 
conference » n Berlin to 
emphasise the new Siemens elec- 
tronic range of teleprinters, 
which arc made here. Production 
of the all-electronic Series 1000 
will reach 40,000 this year and 
60.000 in 1970. with about 60 per 
cent of this ■ latter figure 
earmarked for export. 

In addition in sreuring its 
place in the teleprinter markcl. 
Siemens secs this particular 
application of in icro-proccssor 
techno logy as a forerunner to 
other small pieces of machinery. 
Siemens is. for example, already 
applying similar technology tn 
electronic clocks and watches, 
and sees an enormous market 
potent ial fnr closely related 
micro-pri»cessnrs in cars, machine 
tools, and, not least, household 
electrical appliances of the kind 
which it already manufacturers 
in quantity- 

The group has also identified 
as a major growth area the 
supple of office machinery in 
general. oT which teleprinters 
form an important first entry 
into the market. Mr. Plettner 
said this could be deduced from 


the " growing hurra ucraUMtioit 1 
of life," though Siemens hoped 
not to he identified with thn 
spreading of red-tape so much 
as Lhc . saving of office labour 
costs hv replacing routine 
chores and calculations at 
present absorbing costly clerical 
time. 

The Siemens chairman had 
little new to say on the group's . 
co-opera t inn agreement with 
Fujitsu of Japan in the area of 
large computers, beyond the 
announcement that Siemens 
already has "a few dozen" 
potential clients for the biggest 
of the machines, which the two 
companies will now jointly 
market. The first model is to he 
delivered To Siemens in Octoher, 

Mr. Plettner indicated that 
Siemens has, for the lime being, 
no fresh acquisition plans in the 
US., but will consolidate the 
wide range of interests it already 
has there- Earlier this week. Sie- 
mens announced plans to acquire 
the 12 per cent stake m 
Mcsscrschroidt - Boelkow - Blohra 
from Boeing of the U.S. 

Should an a [tractive 

opportunity present it&eir, how- 
ever. Siemens would clearly be 
well-placed tn take advantage, 
Mr. Naorgor said the group's . 
Short term liquidity had in-' 
creased further, and now stood at ' 
between DM Sbn and DM 9bn. - * 


MBB expects upsurge in sales 


BY OUR OWN CORRESPONDENT 


OTTOERUNN, July 13. 


WEST GERMANY'S biggest 
aerospace group MesserscmniU- 
Boelkow-Blohm expects to see 
an increase in its order book to 
DM4 bn by the end of this year, 
thanks to the stepping up of the 
European A-30Q airhus pro- 
gramme. and is also looking to 
an increase in profitability. * 

According to calcula lions made 
by MBB before the most recent 
batch of new orders for the air- 
bus and for ils projecled 200- 
scater dertvalive, the A-30Q B-1Q, 
the West German company's 
turnover should reach the 
DM3.4bn by 1982. Last year it 
rose tn DM 2. Sbn from DM 2.6bn, 
and for 1978 the Board expects 
Ihe figure to lop the DM 2bn 
level. 

Herr Johannes Broschwitx, the 
finance director, said (hat operat- 
ing profits had risen by DM 12m 


to DM 30m. although distributed 
profit remains. unchanged 
at DM 5.1m, During this year, 
the MBB management is hoping 
to raise profits from 0.6 to over 
1 per cent or sales, and Herr 
Sepp Hon*, the acting chairman, 
emphasised that “ wc aim to 
show a profit on everything we 
make." 

MBB is currently riding high 
on the recent orders for the 
A-300 and, in particular, on the 
launching orders for the B-10 
announced last week by Swissair 
and Lufthansa. These orders 
from airlines with a high tech- 
nical and commercial evaluation 
criterion, and with a record of 
independence from government 
interference, have convinced the 
French and West German 
Governments that the B-10 is a 
viable project even without the 


hoped-for participation of the 
U.K. which. MBB believes, has 
no more than a fortnight to 
make up ils mind. 

The airbus orders give MBB 
the prospect of better capacity 
use. and also offer the likelihood 
of a work-load fnr some years to 
the West German factories or 
VFW-Fokker. the junior partner 
on the German side of the air- 
hus consortium. Herr Hnrt said 
ncgnijntinns for MBB lo buy the 
VFW half of the German-Dutch 
group were still continuing. He 
urged the Government in Bonn, 
which is pressing for the two 
companies to merge, to face the 
fact that il would have to take 
responsibility for supporting 
employment at some VKW facili- 
ties. This, however, would he 
cheaper than the alternative of 
repeated rescue operations. 


Springer 
thwarted 
in Munich 


Ry Leslit Coli^t 

BERLIN, July 13. 

AXEL SPRINGER VBKLAG, 
West Germany's major news- 
paper publishing house, has 
been rebuffed by the country 1 * 
Cartel Office in attempting tn 
extend its empire in Munich 
in the south. 


The Cartel Office has forbidden 
it to gn ahead with the 
acquisition of a majority slake 
in the Muenchencr Zeitungs 
Vcrlag, saying this would givci 
it" a dominant market posijj)!} 


Fourth AP portfolio value up 


BY WILLIAM DULLFORCE 


STOCKHOLM, July 13. 


THE VALUE of the Swedish 
National Pension Fund's stock 
exchange investments grew by 
16 per cent during the first half 
of thb year, but was still lower 
than .their purchase price. How- 
ever, the Fourth AP Fund tas 
the pension fund is called), 
which administers the invest- 
ments. slates that it recovered 
SKr 104m of the deficit during 
the period, and beat the 
AITaersvaerlden general stock 
exchange index by j per cent. 

The fund invested a further 


SKr 54m during the six months, 
bringing its total placements to 
just over SKr lbn f$240m). The 
market value or its holdings on 
June 30 was SKr 929m. 

During the period, the capital 
available for investment was 
increased by SKr 250m by par- 
liamentary decision. The fund 
had asked for a/ further 
SKr 750m. Parliament also 
recommended that / the fund 
should preferahly place its new 
capital in new share issues. 

The value of the fund's hold-' 


ings has been below their pur- 
chase price since the second half 
of 1976 This is due mainly to 
the fall in tbe value of the 
908.000 Volvo shares it holds. 

During the first half of this 
year, ihe Tund invested most 
heavily in ASEA. L. M. Ericsson, 
FLM. San’dvrk. ESAB and the 
relail company Ilenncs and 
Mauritz. Its largest holdings, 
measured by market value, are 
now Ericsson, die pharma- 
ceuticals company Astra, AGA, 
Sandvik and Allas Copco. 


Two loans for 

Algerian 

borrowers 


Major support operation 
for German bond market 


By Francis G hilts 


BY JEFFREY BROWN 


TWO loans fnr Algerian 
bo r rowei-s are being signed this 
week: the first is for 8120m, 
increased from an initial $100m. 
for seven years with a three year 
grace period and a spread over 
the interbank rate of li per cent 
for the first three years rising to 
per cent Tor the remainder. 
The borrower is the Basque 
Nationals d'Algerie which is also 
guaranteeing the loan. The 
proceeds will be used to finance 
various industrial projects. Lead 
manager is Gulf International 
Bank. 

Another loan, this time for the 
Algerian state textile company 
Sonitex. also guaranteed by BN A. 
is being signed today: S20m for 
seven years with a three and a 
half year grace period and a 
spread of 13 per rent throughout. 
Lead manager is Kuhn Loeb 
Lehman Brothers. 

Reports that the European 
Investment Bank might be 
lending as much as S500m to the 
Italian state ail company EN1 
are premature. Best information 
suggests that if and when current 
negotiation arc concluded, an 
amount o f about one tenth of the 
aforementioned figure might be 
closer to the truth. 


ANOTHER bad day for tbe West 
German bond market has led the 
Bundesbank to mount its biggest 
support operation for something 
like three years. The central 
hank purchased DM 390m in 
bonds yesterday taking its total 
buying orders for the first four 
days of this week up to just 
under DM lbn. 

Dealers were yesterday hard 
put lo define exactly why the 
market has weakend so soon 
aflr the recent injection of an 
additional DM 3bn in liquidity 
by the central bank. - But buyers 
have been absent for some time 
and this underlying weakness 
appears now to have been ex- 
posed by an outflow oF foreign 
capital nervous at the prospect — 
however faint — of. monetary 
union within Europe. 

The two most recent new bond 
issues— from the states of the 
Sarrland and Bavaria — stand at 


dscount of 1 1 points, and average 
yields on ten year htmds have 
now moved up to 6.6 per cent. 
The discounts to be found on 
first class paper are some of the 
worst ever seen in this market. 
The 12 year tranche of the most 
rcent government issue sells at 
a full 3 points below its issue 
price. 


ECSC loan For Arbed 

ARBED. the Luxembourg-based 
steel company, is to receive a 
LuxFr 4lm <Sl25m) loan from 
funds of the European Coal and 
Steel Community (ECSC) to 
help finance construction of a 
new steel furnace and a high- 
quality steel production line, 
agencies report from Brussels. 

The loan will he paid in 
several tranches and will aid 
construction of an 11 raelre 
diameter hlast furnace — 


lion for news and newspapers 
in tbe Municb area." 

The Springer group, hased ir 
West Berlin, already domi- 
nates newsagent sales la the 
city and in Hamburg with il? 
papular. ultra-conservative 
Bild-Zeitun 

Axel Springer says it will appea' 
the decision in the Berlin 
Appeal Court. 

Newspapers in West German.! 
are sold either at newsagent* 
or by subscription. AI2TV pro 
duces the Muenchner Merkur, 
a daily sold largely by sub- 
scription. and the evening 
paper it, which is sold a' 
kiosks: The Muenchnei 

Merkur has, as its main com 
petitor in Munich, thi 
Suddeutschc ZeiUiog whief 
has become one of tbe quality 
national papers. C £ 

The main competitors of tr, it J v 
Munich are the Springer Com 
pany’s own regional edition o; 
Bild and lhc Muenchena : 
Abendzeitung. This, the Carte 
Office notes, would have let 
ihe MZV as the only "remain 
ing independent puhlishins 
house” in Munich, had Ow 
deal been approved. 

The Cartel Office says Bild anc 
u together have 57 per cen - 
of street sales in Munich anc 
thus “would have had tht' 
possibility of decisively nar 
rowing tbe competitive scope * 
of MZV. 

The Axel Springer group, how- 
ever, argu P5 Ibat lhc news 
papers that -“dominate the. 
market " in tbe Municb region , ' 
are the Suddeutschc Zeitun?;- 
and the Abendzeitung and tbai' 
their position is “cemented" 
by the Cartel Office ruling: 


Last week, the. Springer group^p^.j 


announced that the printing!, 
industry dispute this springy 
had cost it more than DM40m -5 r*. 
(around $20rai. Thus il Conld 
not hope to do more than main- 
tain the 1977 sales performance 
this year. Last year, it lilted .- 
profits by 22 per cent in' 
DM45.5m on sales up to : 
DM1.4bn from DK1.6hn. 


Saint-Gobain 
may co-operate 
with Intel 


PARIS, July 13. 
THE Saint- Gohain Pont- a - 
Monsnn group is currently nego 
Hating with Intel Cnrp of the 
U.S. and the French Government 
over the possibility of the two 
croups en-operatlng in France's 
electronic components pro- 
gramme. 

Talks are still in the initial 
stage but it is understood ibat 
tbe negotiations Invnlve the sel- 
ling up nf one of four groups 
which will make up lhc French 
electronics compnncnis industry 
in the future. The Government 
has already earmarked FFr 600m 
over Ihe ' next five years to 
help in the execution of the 
programme. 

•Sainl-Gohain is said In he con- 
sidering acquiring a large, pos- 
sibly majority, interest in the 
group to he set up under the 
name of Socieie d’Euides des 
Circuits tnlcgrees Mos (Sccimos). 
Affiliated lo the group will be 
major French users of electronic 
components, notably Matra. Crou- 
zet. Cl 1-Honey well Bull, and Cie 
General d'Eicctriciie (CGE1. 

It is thought likely in industry 
circles thal Intel will play a 
pivotal role in the creation or 
Seri m 05, which will specialise in 
mnal oxide semiconductors. 
AP-DJ 



Fuerzas Hidroelectricas del Segre, S.A. 


US$10,000,000 
medium term loan 


Managed by 
Amex Bank Limited 

and provided by 
Members of the 

American Express International Banking Group i 

Banco Arabe Espanol S.A. Banco dc SabadeU 
International Resources and Finance Bask S.A. ' 
Toronto Dominion Bank Wells Fargo Bank, N.A, 


Jum- m ~ X 


Agent Bank. 

American Express International Banking Corporation 

‘/Air tfsasawt!/ fffvwj ai anclier of men <W-V- 


V 



\ikvi 


71 fii 


iUTUAL FUNDS 


Ahead of the index in South Africa 


nfE South African unit trim 
novemcnt outperformed the 
;hare indices on. average in the 
juartcr tp June. With the stock 

□arkot min; sharply, the v J?Se 

■it the movement’s equity sLaka 
«• raised above R3TOm for t £ 
i rst lime since the 196&69 stock 
aarket boom. R 

• In total, the assets of the ll 
HjS* ro r se Per cent from 
,* t # . en< *: March t0 RM7m. 
* ter fiBUre - R3 °8m was 
nve *“ d in , equities and Jt28m 
n cash, with the balance in gilt- 
dgred and other investments, 
ne funds are obliged to hold 5 
? r cent of their assets in cash 
qui valent to R17m at present 
alues, so another Rllm could 
e invested without breaching 
his requirement 

Repurchase prices of the funds 
etemnned daily in line with 
let asset values, grew by an 
verage of 15 per cent over the 
luarter. compared with an im- 
irovement of 16 per cent in the 
land Daily Mail 100. the prime 
Qdustrial share index, and S per 


BY RICKARD ROLFE IN JOHANNESBURG 


cent in the Gold Shares Index 
over the same period. Hence the 
funds oh average outperformed 
the Indices. 

There was active two-way 
business in the units, with the 11 
funds showing sales of R9.7m 


unit trusts is 6.6 per cent com- 
pared. with an average industrial 
yield on the RDM 100 of afi per 
cent, so the funds are not a par- 
ticularly cheap way of buying 
the market. Furthermore, the 
same shares — Anglo American, 


The Soath African unit trust movement has reported a rise 
m the value of its investment in equities above R300m for 
the first time since the 1968-69 stock market boom, and has 
outperformed the share indices. Althongh some long-time 
holders sold, there was buying by financial institutions 
ananons to reduce their liquidity. 


aod repurchases of R9.9m for the 
quarter. This reflects continuing 
sales by stale bulls among the 
public, who in some cases are 
seeing their money back after 
several years, and purchases, 
often on a large scale, by financial 
institutions anxious to get out 
of cash, in which a number are 
over-heavy. 

But the average yield on the 


De Beers, Anamlnt. Rembrandt, 
Barlow Rand and SA. Breweries 
and the hanks — figure promi- 
nently jn most of the portfolios. 

The largest fund is now Old 
Mutual’s at R73.9m. followed by 
"SQF at R 73.5m and Sage at 
R49.lm. Of the 11, five are in the 
Sanlam stable (SA Trust Selec- 
tions, NGF. Sanlam, Trust and 
San tam> while Sage’s, Sy frets' 


and Union Acceptances' funds 
are associated within the Ned- 
bank Group, in which the Old 
Mutual is the largest shareholder. 
Standard is controlled by Stan- 
dard Bank and. Guard-bank by 
Guardian-Liberty Life. 

Both the Sanlam and Nedbank 
controlled funds have been 
brought together by the exten- 
sive banking and trust company 
mergers of recent years, and 
some rationalisation and in- 
creased specialisation is ex- 
pected, particularly on the 
Sanlam side. 

The funds were heavy buyers 
of De Beers — which had a 1977 
low of 357 cents, against the 690 
cents now — at the lower levels 
prevailing last year, and analysis 
of the portfolios shows some to 
be holding as much as 15 per 
cent of their assets in De Beers 
and its holding company 
Anamint. Statutory provisions 
limit the funds to 5 per cent of 
their assets in one share, but 
there is no compulsion to sell out 
if this limit is exceeded as a 
result of capital appreciation. 


New money APICORP net profit reaches 
for Bank $i2.5m in first full year 

HflpOdllm BY RICHARD JOHNS 


By Our Financial Staff 

BANK HAPO ALIM’S I£S00ra 
($45m) issue of shares, deferred 
capital notes (optionsl and 
deferred 18 per cent capital notes 
was oversubscribed 14.5 times. 
The volume of orders reached a 

record I£7bn ( S400m ) . 

The new issue has brought 
Bank Hapoalim’s capital sources, 
including capital notes, to more 
than L£3.3bn. Consolidated assets 
readied SSbn at the end of 1977. 

The managing and under- 
writing of the issue is being 
handled by N. M. Rothschild and 
Sons, B&nque Rothschild, 
Rothschild AG and Bank Fuer 
Gemeinwirtscbaft. 

The foods raised are ear- 
marked for the development of 
the bank's international business. 


BY RICHARD JOHNS 

THE Arab Petroleum Invest- 
ment Corporation, which is 
owned by 19 Arab oil producing 
states, realised a net profit of 
41.8m Saudi riyals (S12fim) last 
year. 

Established towards the end 
of 1975 by the Organisation of 
Arab Petroleum Exporting 
Countries to finance and invest 
in oil and gas processing pro- 
jects throughout the Arab world, 
APICORP had by the end of 

1977 participated in loans 
totalling about Slbn and com- 
mitted the equivalent of nearly 
$2 00m of its own funds. 

Speaking in London yesterday 
Dr. Nureddin Farrag. general- 
manager and chief executive, 
said that last year could be con- 
sidered the first full year of 
operations because 1976 had 


been largely spent In building 
up an administrative structure. 

He stressed that APICORP 
was an investment bank and aws 
not in the business of conces- 
sionary finance like the Arab aid 

funds, although infrastructure 
Works associated ■ with 
petroleum-related projects could 
-qualify for their finance. 

APICORP wa> operating 
according to commercial rules 
“ by and large " on the basis of 
strict project evaluation and 
feasibility studies, although it 
did take into account the 
development needs of Arab 
countries. Joint ventures involv- 
ing non-Arab countries qualified 
for APICORP funds, he said. 

Since 1977 APICORP has taken 
an equity slake in Bahrain's 
Natural Gas Liquids plant with 


which it was Involved from 
scan and was Inobin; for "fur- 
ther commitments in ihe near 
future," Dr. Farrag said. Th? 
company was working r.n six 
other projects with j view t-» 
inventing in them but he declined 
to name them. 

In ihe course of this year it 
has also lent 5350 ni to Sonatrach. 
the Algerian state-owned uil cor- 
poration. for the construction of 

its LXC IL plant. 

Towards the end of 1977 
APICOUp called up the second 
half Of subscribed capital nf 
SR 1.2bn which accounted for the 
high proportion of liquidity m 
the cnd-lSu balance sheet 
amounting u» some 47 per cent 
of assets of SR 1 Slbn. Its 
authorised capital is Sll :v»ll>n. 


v . U.S. Leasing in Japanese deal 

? i • ■ i i llifr - T - t f&ctimp t . SAN FRANCISCO, July 13. 

1 [USD oMhe U s I, ha7 ,atl M lal 15 WT TCnt though The sale of USL’s interest, . 

i iw u rted^en p t^ c ^ c J ?^^^ fsss “ pl “ 00 the - open 

the same°tirar* in a S64m c°inpanies have entered through Nomura Securities Com- 

• , . \ 1 , leal, the Japanese ’comnanv’ has agreement which limits pa "*' To . k ^° „ . ' . _ 

if | \ ! Mni.rpecome US Leasing*! laris? the Orient's total interest in USL . The sale of the Orient Leasing 


S. Africa 

raises 

R234m 


■ 3 cal the Japanese' comnanv' has * nt0 311 agreement which limits Tokyo By Richard Rolft 

i.necome U S. liLS?s P Kr»eS tfae 0rient ' s total interest in USL . ^ “le of the Orient Leasing JOHANNESBURG, July 13. 

I dongle shareholder by nurehS t0 ahnost 15 P" cent unless a ^vestment would result m a CONFIRMATION that fixed 

nc shares to raise its Stant larger holding is found necessary third quarter gain estimated at interest markets may have 

0 10 per rent from 4 ne? rent 1° P erm ii Orient to apply the about 20 “«• a «bare. entered a quieter phase after the 

JSL has announced Orient ii equit y method of accounting to Earlier this year. USL pre- sharp decline in' interest rates 
he largest leasine ' conrern in lts investment. In the latter aided a modest earnings us recent monthfi has come with 

Japan and a member nf the event, it could acquire up to 20 improvement in 1978 over tbe the results of the latest Republic 

SSJwA Bank croun per cent of USL stock. S--52 a share in 1977. Mr. of South Africa (RSA1 loan 

- Orient Leasing, which pre- Tl* new issue increases DSL ‘A* «“» «“• « „' rom <*“ ^utb African 

■SK* p^ceut 0 M S 5 to m from 5 ^m t 7 fmher WrtU«. »f aS^»S2 The »u issues are the first 

hares has purchased 353,000 P er cent to 5.6m. from 5.25m. tion We benefl a t {TOm ^ -Jj- since ^ prescribed asset 

s ? a i?e’Toi Y T JJ r ' D : J E -. Munde11 ' president of hut there are some offsets in requirement for financial insti- 

Jo uasio b at a price of S18.L.5 USL, said that proceeds from the terms of the elimination of tutions was relaxed las t month. 

or ® , °f 56-4Tn. sale of his company's interest in Japanese and Canadian earnings a move which effectively freed 

orient Leasing plans to Orient Leasing would be reduced for the balance of the year." the institutions from any need 

ncrease its holding m USL to by nearly 86.5m by taxes. AP-DJ to participate. The short-term 

— — - — loan, for three years at 8.625 per 

-y.-w- _ cent, attracted R275m and the 

Hong Kong fringe bank assets up 20% per 8 cent,’ attracted* R282m. As 

conversions amounted to R322m, 

BY ANTHONY ROWLEY HONG KONG, July 13. some R234m of new money was 

HE ASSETS of “deposit-taking banks operating under the bank- taking companies is expected to SrtEuhuSv 

ompames " which constitute the ing ordinance. taper off. On the other hand, SZ £ v{ff g RfS 

isl^o ve ° *on e C fiftl/ 1 1 *0 jf KJ 2 9b n The re P“ rted “ f arl5 L a 'T™ feigners 1 

no tile survey, by management con- have been given official permis- Treasury now needs to 

l.S.%,6~4b n J (September su i rants SGV-Sun Hung Kai, si on to operate as fully licensed niSe 0Diy RiSm in the rest of 

f .SS underestimate the financial banks in recent weeks. gg fiscal yea? fm whidf ti?o 

^cording newly published power of the sector as it revered However, the amount of, over- more RSA issues are scheduled,) 
The quasi banks sprang up in S SSL seas being booked into to meet its Budget target of 

;sponse to a 12-yearmoratorium ~nflv -SJ, Hon S Kod S by the international R750m. Hence there are grounds 

n branch openings by foreign pai Son ^ ^ong* h T£nf J 74 faanks has show J! a {ecrease for thu^ing that, given the 
anfrs in Hong Kong and are JS h ai£s had totaldlnositt in recent months and- observers weight of funds seeking a home, 
.'gulalcd by the deposit taking if around HKMbn S 0 ^?! 6U ^ est ^ iS because of the mterest rates may continue «o 
impanies ordinance 1976. Apart cI D temb?r K ^ bn> M 01 ast proposal for a 17 per cent tax on decline. The next major test of 
rom limits on Uie minimum size H , offshore transaction profits which the market will be a R50m issue 

1 the deposits they can accept. With the lifting' of the more- the. Hong Kong Government is by Iscor, the state steel corpora- 

id the fact that they cannot torium on branch-' openings here attempting to legislate for, albeit Don, next month. In addition, 

aerate current accounts, they by foreign banks earlier this in the face of considerable oppo- some substantial corpora hire 

met ion very much like full year, the growth of the deposit sition. debenture issues are in the pipe- 

: ■ line. 


BY ANTHONY ROWLEY 


HONG KONG, July 13. 


US $ certificate growth in Singapore 


SINGAPORE. July 13. 


Bank Buruh in 
the black 


HE SIX-MONTH-OLD market central bank was "very pleased have been set at roughly the 

'U.S. dollar certificates of given the circumstances,” such level being offered in European Truth’ „ , 

?posit here is growing steadily, as a weak U.S: dollar and rising markets, which is a few basis Kim, the Malaysian 

spite of slightly higher rates interest rates in the U.S. . points , above London and New „", e ? \P l P D Congress s P op - 

an in London and the expected Some $700rn of fixed-rate York rates. In the secondary sored nans. Has irerersed its first- 

art-up problems, according to negotiable CDs had been issued market, they have been trading £;?L 10s ?x a 

suers, dealers and central bank in Singapore at June 30, and at several points above the PjrrV tax *. o£ ‘W- 000 wns- 

ithorities. $300m were outstanding. This European market. A basis point “;"*/■ . oe 

. „ ... . contrasted favourably with the is one-hundredth of a per- ,«iJ5 p « ,ts x £P se ,. y . 1 ° n P er J?® nt 

Mr Mitchell Shivers, nee- Lon( j 0I1 CD market, where there rentage point Blngglts to 96m Ring- 


, “ nh ' s ">“* « ■ USS ■£ ns SdttTSSd fora “ SSszm tte 

on schedule. The market here has also seen premium to attract buyers here. commend&wl™^nd tS 

Nr Kok Song, deputy manager the issuing of 5175m of floating- But there Js already some §J3?5 m determined to^evefon 

the international department rate CDs, all of which have a evidence that premium has into a purely coSmercii^rt^S 

the Monetary Authority of three-year maturity. caused some issuers to drop out. of a un^based. banJc 

osapore (MAS), said the Rates on the toed-rate CDs AP-DJ. The iank had 


ngapore (MAM, saia me ^aies on me nxeunanr ^ al-w. The bank had diverstfied itfi 

: T - clients and activities, and while 

m g* af i • -» a • Bs main business would be 

Service for South African coal mining 

national banking, he added. 

BY OUR FINANCIAL STAFF 

NEW company. Cnalequip handLe the coal mining products the Long-Airdox Company (the M&fflllK fill if ^ 

*xv) has been established in produced by Boart' Hordmetals mining equipment division of ^ ° H U1W 

uth’. Africa as a joint venture at Springs and Padley and the Marmon Group, Inc.) of West mw Pur nncf 

Boart International and Venables (Africa) (Pty). Virgima; Fyott-Boone Machinery M,±a.YV A <11 pUbl 

neral Mining and Finance Cor- Boart Mining Chains manufac- Corporation, of Virginia; and SINGAPORE, July 13. 

canon. tures coai cutter chains and jibs,- the Penn Machine Company of HAW PAR Brother International 

The aim of the company is flight chains and track chains as Johnstown, Pennsylvania. has announced that its managing 

serve the South African coai well as supplying and repairing Long-Airdox manufactures a director. Mr. George Magnus, has 

nmg industry in four ways; drums and cutting heads for both range of room and pillar resigned as a result of differen- 

' acquiring distributorships for iongwall and room and pillar machinery including face drills, ces of opinion over future com- 
ported equipment suitable for continuous mining machines, roof bolting equipment, con- pany policy, 
uth African conditions: by Boart Hardmetals is a South tmuous conveying systems ■ and The finance director, Mr. H. D. 
ling itself up to manufacture African supplier of tungsten continuous mining machines. Stacey Ellis- has been appointed 
equipment utilising the carbide tipped tools for coal Pyott-Boone supplies scoop as acting managing director in 
mi fact urine resources of mining. haulage machines, personnel place of Mr. Magnus, 

art and General Mining; by Torque Tension (Pty). pre- earners and tractors, and a Mr. Magnus took over as 
■eloping new equipment de- viously owned by General Mining range of electronic control and managing director in 1976 in a 
ned for South African needs: and Boart, wilL become a sub- communications equipment. major restructuring of the board 
i bv m-irketing the range of si diary of the new company. The Penn Machine Company following the resignation of 
il mining tools and com- Torque Tension is a supplier of manufactures replacement parts former Slater -Walker associates 

\ents currently manufactured roofbulting equipment to the for mining machinery. The com- and tbe discovery of major 

Bnart and General Mining. mining industry. pany /claims to be the biggest financial problems in the Haw 

■nalequip will absorb Boart - Distributorships a 1 r e a dy producer of replacement spares Par group. 


Chains (Pty), and will acquired by Coalequip include in the U.S. 


Reuter. 


IAICHT3 

Bid 

m Australia Slpc 19S9 

*74 

•^V Spc >W7 

95 

•ralia Sloe 1W2 

TO 

u-.iliau M. A S. SJpc V2 

97 

.-lays HanK Sim ***2— 

TO 

aicr SilV-' 7B9".' 

97 

N. K.iiluay s-'iPC I9S6 

94! 

In Nalional 8! PC J9Si>... 

954 

mark tilpc 19W — 

97! 

■Joe isBU 

TO 

Si pl- I 9!i7 - 

931 

Sine — 

9fi 

95 pc lass 

99 

sum 5‘ pc 1PS9 

TO 

i S|IC 11M5 iNuV. 

TO 

I.jk. s Taper Sipc J9*4 

*74 

urek y Pipe l*c 

lQOi 

'o uui'lirc !'tn: 1H9S ... 

fl/S 

?.k irvr 

931. 

(..111.1J.1 Uipe I9-«i 

lu-i 

IiniLill UIuliJl -1 Pile 1992 

Mi 

■'■y Kir^usun Sloe *91 

9S» 

•.•tin s'. pc |9 ’^ • 

HHH 

.uni hn. 

Mi 

niLii co.il yd. J'Pc 

921 

mint wstnmsrr. flue 

100 

Wsriiui.sir. 5pw 'U 

1IW* 

iauudLind One 1939 

9H4 

lie Inv. Bank dine 19S8 

98 

s Ktini. Bk. S>K 

S3 


SELECTED EURODOLLAR BOND PRICES Americaa^pms 4tpe 


MID-DAY INDICATIONS 


97i NOTES 

SB* Arniralla line ISM Wt 

«-■ Bell Canada 7Jpc 13K7 951 

* l Br. Colombia Hyd. Hue ■Si 9S 

Can. Pun. Si pc t#S4 

961 Dow Chemical 8 pc 19SS -. 98* 

ECS Tine IfliC 

mi ECS Sine 1088 Vft 

EEC 7iDC 19K - 

*** EEC rive mi M 

Ml Enso Guizoir Sine I9S4 98 
9sj Cotavcrfcvn 7ipc 1882 — S4J 

BT KocklUIK Spc I9S3 061 

MirtK'UD S4PO 19S3 RW 

MaotroRl Urban s.’w 1981 SSJ 
W New Enmsu icK Spc 18M - *8 


DM. BOROS 

w Aslan Dw. Bank 5ipc I8S8 « 

w* BNDE Slpc 1 988 96* 

*11 Canada ypj jggg , g;j 

» Den Nanke Id. Bt Wc V0 991 
Wi Dcotscha Bank 4{nc 1333 art 

*31 ECS 51 pc 1998 ......... *3 

Wi KtB Slpc im M 

96 Elf Aquitaine «pc 1983 ... 9U 

*4! Earanwn 1987 S7i 

MI Finland £{pc 1888 9Gl 

•5 Foramarks 5Jpc 1990 97 

0;} *W 1885 96 

Ml N orcein S:pc ]*# 99j 

pni Norway 41 pc TJJS3 97i 

H.t Nonray 4tpc 1*53 9M 


Ashland 5 pc IMS B 3 j ‘ 

Babcock A WUcoz 8 * pc V7 INI 
Offer Beatrice Foods 4ipc 1*93... 984 

Beatrice Foods 4ipc 1981. 103 


ftfW DTBI»D ius V r --r- 

New Bruns. Pro*. Sine -S3 99 «» FK Bankco 5ipc 1988 934 


■ip. i>.pc l fl ?9 MS 

k ifydrn 6 ipc I «« ••• Ml 

IS.-6 A** 

•i Auionpinos *uc 1891 B7t 
■. uoebec 9 pc l !”- 1 WJ 
. N‘j«kaiL-bnn. Slntf W 97* 
I Ini. ricilmu! Opc 1BS7 fct 

I !-p, ..... -v- - W 

linn TnrJ Sine 19S8... Sit 
lull Fin. ?loc 199"... ur,i 
*1. Ln.st.iIiU 9nv‘ 1991. . n“ 

>pc rtS” 9*9 

i<m ■k'linm" *ipc 13S7 9*t 

rtf Uib.-uils 9pc’ 1«* — TO 
a Bpc Bjs 7 March — » 93i 


jjl N'PW Zoalsod Wpc 1988 ... 95i 

HI ■ NordJe mv. BR. 71pc 1994 9St 

jn;j Norsk Hydro Tine 1992 W 

gr.i Norway 7Irw 18S2 94. 

ml ilniario Hydro Spc 19S7 ... Mi 

3 aT| Sllisnr s:pc 19S2 Ml 

« S. or Sint. Elec. S:do 1«1 9* 

«1 Sweden r ITd om) TJnc J9M MJ 
-Si Swedish Stale CO. “IPC "S3 Ml 

jSr Til m ex Mpc 1M4 WJ 

TCnnteo 7Ipe 18S7 May ... 914 

Volkswagen 7toc 19S7 94 

sterling bohds 
a« Allied Breweries lMw ™ »l 

jSI Citicorp »pe 1993 g. 

CourtaukW 1988 

SI PPB 9! PC 1988 — 

Ml Kidodco for. Hid. 81pc J»7 W4 
Finance for Ind. 1*PC 1*W J 

W Ftsons mine 1*87 W* 

mi (Testcincr line 19SS 

ri 1NA IBpc 1»89 ■ 

RownDve Wipe 1IWS TO 

«1 Scare iBUK 19®! « r 

*4 Total Oil 91M m* 90 


K Piw, Qoebee Spc 1900 *| 

M BantaronkM s^ic 1*58 93 

96b Spain 6 pc 188S *5) 

95 Trondheim B.’pc lflSS * 5 J 

Ml TVO Power Co. 6 pc 1988 ... 964 

jnnl Venezuela opp 1988 964 

World Bans Blue 1990 874 

SH FLOATING RATE notes 
901 Ealft Of Tnfcyp iSfy Bine ... mi 

Ki BPCE 1981 Sloe 891 

«* gNP 198?. 81,6 PC 1004 

BQE Worms 1853 «pc 9S4 

CCF 19SS BJpc 881 

R»J CGMF 1884 Bills pc 994 

SI CredUanstali 1984 Slpc ...... 994 

*04 DC Bank US 2 9pc — 991 

951 GSB 1*91 81 kk 99{ 

974 lnfL Wastmtcsier 1351 Sac 99 
TO Lliirdl 19W SIZispc INI 

RH LTCB .»« Bpc 994 

W Midland Int. FS **7 «9 | 6 k 981 

972 MkBand InL Flo. Serv. ‘83 *81 

tr>4 Nat. Wettmtanr. w ^ 094 . 

ORB 1983 7SPC 1004 

Mi SNCP 1935 Si pc 081 

912 Stand, and e&rrtf. *84 Slur HI 
91 source; White WiM Secunu* 


*01 

BepcJuiu 6lPc 1*92 - 

TO 

TO 

ion* 

Borden 5pc 1992 

TO 

Broadway Bate 41PC 1*87.^ 

754 

TO 

Carnation 4pc 1*37 ; 

78 

S3! 

Chevron 5pc USB 

1244 

93! 

Dart 4!pc 1987 

R> 

*5 

Eastman KodaJr 4 4 pc lBi8 

S3 

98 

Economic -Labs. 4ipc 19S7 

78 

*7 

Firestone 5nc 19*8 

ED 

97! 

FonJ 5w 1988 

H4 

M? 

General Electric 44 k 1*57 

90 

1TO 

Gillette 44K 1937 

761 

ss 

Gould 3 k 1*37 

119 

97 

Gulf and Western 5 k 18SS 

E54 

Sfli 

Harris 5 k 1993 

183 

974 

Honeywell 6 k 1*86 

SB 

931 

1CI 61 pc 49*2 

SH 

98 

ISA Bk 29*7 

934 

TO 

Inches pc Sipc 1*92 

11* 

974 

ITT 4!pc 1997 

771 

TO 

Josco Spc 19*2 

213 

m 

Kflmatsa 74 k 1*99 

3. Ray McDermott Uvc *87 
MalSUS&iU SiK 1999 

14114 

l«i 

ini 

991 

MUsnl 7iK 19OT ...i. 

l-s 

991 

J. F. Morgan <*k 1987 „ 

TO 

10W 

Nabisco 54 k 1988 

1TO 


Owens Httools 41 k 19*7 ... 

■\m 

*94 

J. C. Penney 4toc 1BS7 

754 

m 

Revlon 4 toe 1987 

1*» 

W! 

Reynold b Metals 5 k 1*83.- 

82* 

i m 

Sandrik «k 1*88 : 

109 

1004 

Sperry RAOd 4Jpc 1967 

911 

Mi 

Squibb 44 k 19*7 

fil 

1(M 

Texaco 41 pc ass 

78 


l«i Toswtia 6iK 1992 1344 13S 

99S Ty CP. Spc lflsu ..... 77 7S 

994 Ty CD. 8hw 1988 1824 1* 

Ml Union Carbide 41pc UBS . 99 9? 

19*1 Whiner Lambert 44 k 1987 R8 SI 

801 Winter Lambert 44K. 1988 784 TV 

994 Sff« 6tw 18SS 77 78 

Source; Kidder, Peabody Securities. 


AH these securities having been sold, this announcement appears as a matter of record only. 

U.S. $50,000,000 

/ / v . 

• • \ » 

Hydro-Quebec 

\ ■. v . S..- • 

\ f 

91 % Debentures, Series DI, due' July 1, 1993 

Unconditionally guaranteed as to payment of principal, premium (if any) and interest by 

Province de Quebec 


S. G. Warburg & Co. Ltd. 

Union Bazik of Switzerland 
(Securities) Limited - 

Commerzbank 
Aktiengesellschaft 

Nesbitt, Thomson 
- • Limited 

JUgemene Bank Nederland N.V. r JR. E. Ames & Co. Amex Bank 

Ltniied Ximued 

Andres ens Bank A.S Amhold and S. Bleichroeder, Inc. 

Banca Coznmerdale Italiana Banca del Gottardo 

Banco dz Santo Spirito Banco Urquijo Hispai 

Limited 

Bank Julius Baer International Bank Max Pise 

Limbed 

Bank Lea International Ltd. Bank Mees & F. 


Credit Suisse White Weld 
Limited 

Eredietbank SJL Lusembourgeoise 

Wesideutsche Landesbank 
Girozentrale 

Levesque, Beaubien Inc. 


Amslerdam-Rotterdam Bank N.V. 


Banca del Gottardo 


ler, Inc. Bache Halsey Stuart Shields 

JacrtpcMtcd 

Banca Nazionale del Lavoro Banco di Roma. 


Banco Urquijo Hispano Americano 

Limhcd 

Bank Max Fischer E.C.V. 


Bank of America International 

Limited 

Bank Gutzwiller, Kurc. Bungener 

lOverscjs) Limited 

The Bank of Tokyo (Holland) N.V, 


Bankers Trust International Banque B: 

Limited 

Banque Fian^aise du Commerce Exterieur 


Banque G6nerale du Luxembourg S JL 
Banque Internationale a Luxembourg S.A. 

Banque de Neuflize, ScMumberger, Mallet 
Banque de Paris et des Pays-Bas (Suisse) S.A. 
Banque de lUiuon Europeenne Banque Worms 
Bayerische Hypofheken- tmd Wechsel-Bank 
Joh. Berenberg, Gossler & Co. Bergen Bank 


Bank Mees & Hope NV The Bank of Tokyo (Holland) N.V. 

Banque Bruxelles Lambert SJL. m. Banque Canadienne Nationale (Europe) SA 
Exterieur Banque Fran^aise de Dfepots et de litres 

3 SJL Banque de l’lndocliine et de Suez 

urg S.A. Banque Louis-Dreyfus Banque Nationale de Paris 

jr. Mallet Banque de Paris et des Pays-Bas 

[Suisse) S.A. Banque Populaire Suisse SA Banque Rothschild 


Banque Populaire Suisse SA Banque Rothschild 

Luxembourg 

Baring Brothers & Co., H. Albert de Bary & Co. N.V. 

limited 

Bayerische Landesbank Bayerische Vereinsbank 

ObosMinla 

Berliner Bank • Berliner Handels- tmd Frankfurter Bank 

Akseogcsclischait 

Fry Caisse des Depots et Consignations 


Berliner Handels- tmd Frankfurter Bank 


Blyth Eastman Dillon & Co. Burns Fry Caisse i 

Int er na ti onal Limited Limited 

Caaenove & Co. Centrale Rabobank Chase Manhattan 

Limited 

Christiania Bank og Kreditkasse CIB C Citicorp International Gro 

Linuiod 

Compagnie de Banque et dlnvestissements Compagnie Monegasque de Banq 

(Underwriter) SJi. 

Copenhagen Handelsbank County Bank Ci 

Limited 

Credit Industriel d'Alsace et de Lorraine Credit Industrie! et Commercial 


Chase Manhattan Chemical Bank International 

Limited Limited. 

Citicorp International Group Clariden Bank 

Compagnie Monegasque de Banque Continental Illinois 

Limited 

nutty Bank Credit Commercial de France 


DG BANK 

Deutsche Gono&sonsc&afsbant: 


Credit Industriel d'Alsace et de Lorraine Credit Industriel et Commercial Credit Lyonnais 

Credit du Nord Creditanstalfr-Bankverein Credito Italiano Daiwa Europe N.V. Richard Dans & Co. 

Boulders 

. VortmJn Hars \V. Folcrsea 

DBS-Daiwa Securities International Den Dartske Bank Den Danske Provinsbank A/S Den norske Creditbank- 

- . Limited at 3871 AJaieselstib 

Deutsche Bank Deutsche Girozentrale Dewaay & Associes International DG BANK 

AtoicagweHodufi —Deutsche 3CozamUnalbank— £oei«t6 Anonymo nomsche dwPDseasctinfKhanfc 

Dillon, Read Overseas Corporation Dominion Securities Dresdner Bank Effectenbank-Warburg 

Limbed AMeugeaeltechafi AJcncngosellschali 

Eoromobflxare S.p A. EuroPartners Securities Corporation European Banking Company Finacor 

limited 

First Boston (Europe) Hrst Chicago Robert Fleming & Co. Gefina International Ltd.' 

lairdi ad Limited Limited 

Genossenschafffiche Zentralbahk AG Antony Gibbs Holdings Ltd. 

Vteuaa 

Girozentrale tmd Bank der osterreichischen Sparkassen Goldman Sachs International Corp. Green shields 

AkdcngcadlacJiaft ’ Incpypcratcd " 

Groupement des Bahquiers Prives Genevois Haxnbros Bank ' Hessisdhe-Landesbajflr' ' Ifflf Samuel '& Co. 1 

Limited -CiroKUrJc- Lim.icd 

E. F- Hutton & Co. N.V . IBJ International Istituto Bancario San Paolo di Torino Tardine Fleming & Company 

Littuled Llmiiod 


Dillon, Read Overseas Corporation Domini can Se curities 
EuromobSiare S.pJL EuroPartners Securities Corporation 


Kansallis-Osake-Pankki Kidder, Peabody International Kleinwort. Benson Kredietbank N.V. 

Limited Limited * 

Kuhn. 3joeb Lehman Brothers Inlemational Landesbartk Rheihland-Wab Lasard Brothers & Co., 

—Giro zeflfi ale— L’niiod 

Lazard Freres et Cie Lazard Frfexes &. Co. Lloyds Bank International Loeb Rhoades, Homblower International 

Trttni tBd Limited 

London & .Continental Bankers M c L eod, Young. Weir International Manufacturers Hanover 

Iterated Limited Limited 

Merrill Lynch International & Co. B. Metzler seeL Sohn & Co. Samuel Montagu & Co. Morgan Grenfell & Co. 

Limited Limited 

Morgan Stanley International Nederiandsche Middenfitandsbank N.V. The Nikko Securities Co., (Europe) Ltd. 

UotUtttL 

Nippon European BankS A- Nomura Europe -N.V. Norddeutsche Landesbanlr Nordic Bank 

f Giio=cnuolu Linutod 

SaL Oppe nhetm jr. & Cie. Orion Bank Osterreichische LSnderbank 

Limited 

Paine Webber Jackson & Curtis Securities Ltd. Pierson, Heldring & Pierson N.V. Pitfield Mackay Ross 

Limited 

PKbanken Postipahkki Privatbankea Richardson Securities of Canada (UJC) Ltd. Rothschild Bank AG 

AlSfefiOlnkab N 1 

N. M- Rofitschild & Sons Salomon Brothers International Scandinavian Bank T Hemv Schroder Wagg & Co. 

. Limited Llmiiod Limited 

Skandinaviska Ensldlda Banken Smith Barney, Harris Upham & Co. Sodele Bancaire Barclays (Suisse) SA. 

Incotporawd 

Socadte Gen&ale Sod6fe Generate de Banque SJL Sod&te Sdquanaise de Banque Sofias S.pJL 
Sparbankentas Bank ,- Strauss, TumbuH & Co. Sumitomo Finance International Svenska Handelsbanken 
Swiss BOTkC^^ation Tradition International SA Trinkaus & Burkhardt Union Bank of Finland Ltd. 
United Bank SJL, Verband SchweizeriBcher Kantonalbanken Vereins- tmd Westbank 

“T " 3 . __ Aktirnigetonodiaft 

J. Vontobei & Co. M, M. Warburg-Brinckmann, Wirtz & Co. Warburg Paribas Becker 


Kidder, Peabody International 

Limited 


Kredietbank N.V. 


Swiss Bank Corporation 

(OrenuaJUsdted 

United Overseas Bank SJL, 
Gnna 


Union Bank of Finland Ltd. 


WestLB Asia 

Limited 


“*A-, v eroana bcnweizenBciher Kantonalbanken VereSns- und Westbank 

. Aktimoetonodiaft 

M, M. Warburg-Brinckmann, Wirtz & Co. Warburg Paribas Becker 

lacoiponlrri 

Williams, Glyn & Co. Wood Gundy Yamaichi International (Europe) 


32 


APPOINTMENTS 


Chief Accountant 


• this is a new appointment at corporate levd, stemming from 
jrrawrfi of a group of companies in the field of medical supplies. 
Turnover, much, of it overseas, exceeds ^60 m. 


• the role is to manage fl small staff involved in group accounting 
and cash management; to monitor die performance of companies 
through budgetary management; and to assist the Financial Director 
in fjr^riaT planning and the review of acquisition arid other 
investment proposals. 


• A CHARTERED ACCOUNTANT is required ’with broadly based 
experience at senior level in an intemadonal context. Ability 
to conduct business in German or French would be an asset. 


• SALARY up to -£12,000 with a car. Location: North 
Midlands. 


■Write in complete confidence 
to G. W. Elms as adviser to the company. 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

10 HAL LA Ml STREET * , LONDON 1 WIN 6VJ 
12 CHARLOTTE SQUARE EDINBURGH EH2 4DN 


Merchant Banking 


INTERNAL AUDIT 


• A leading City accepting house intends to makd an. 
appointment to its internal audit team as a prelude to a 


career in merchant banking. . 


• responsibility initially will be for leading audit assign- 
ments and for reviewing systems and procedures. 


• a chartered ACCOUNTANT is required, preferably with a 
university degree. 


age about 26. Salary up to £7,000. 


Write in complete confidence 
to A. Longland as adviser to the Bank. 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HALLAM STREET • , LONDON WIN 6DJ 
12 CHARLOTTE SQUARE * EDINBURGH EH 2 4DN 


LEGAL NOTICES 


NO 002969 iff nn 

In iha KJGH CQirRT oP JUSTICE 
Chancery Division Com part** Coan. 1b 
U le Matter of" FREDERICK PHILLIPS 
*' PARTNERS UJffTTKD and In the 
Matter of The Cmnnaule# Act IWS- 

NOTICE IS HEREBY GIVEN Um* 2 
Peunon tor the. Winding 1® of the a*» TC ‘ 
named Company by. me vim court of 
Justice was on the day of June 19TS- 

mSKSZf* Own by * AW * 

TBORN RAKER LlMJTfin of London 
Road, DnrauWe. BedfonWurc. and that 
tfre Mid PfetiliOA la directed to be 
before the Court si tting « the Roll* 1 
Culm of Justice, strand, London. 
WC1A SLL on the Slat day of July isl- 
and any creditor or contributory oi the 
said Company destroos u> support or 
oppose the making oj M order on the 
said Petition may aj®oar at the time of 
heartne. in person or by his counsel, for 
that purpose: and a copy of Ihe Petition 
anil bo furnished by die nndersicned to 
any creditor or contributory of the said 
Company requiring such copy on payment 
« the regulated charge -for the same. 
Wn. f- PRIOR t C0._ 

Temple Bar Rouse. 

23/38. Fleet Street 
London. EC4Y 1A*. 

Ref: TBrrm. 

Mr»-rn- SOt, « eit0irB f0? •*“ 

NOTE.— Any person srho hnt-nds to 
apnear on the hearing of the said Fetltion 
must serve on. or send by post to. the 

above-flamed boom to wntias °f ftu 

1 men 1 [on so to do. The notice must state 
the name and address of the person- or. 
if a firm the name and address of the 
firm and most be suamt by t!r- person 
or firm, or bn or their eoUdtor •» »«■*> 
and must be served, or. if posted, must 
be *eni by post In sufficient tune 10 
read) the above-named not later than 
roar o'clock tn the afternoon of the 
»U) day Of July 1878. 


No. 003143 of ' 1073 

tn the HIGH COURT OF JUSTICE 
Cha nee re Division Companies Court. In 
[be Matter of COPEQUIp LIMITED and 
in the Matter of The Companies Act. IMS. 

NOTICE IS HEREBY GIVEN, [hat a 
Petition for the Winding up of the above- 
named Company by the High Court of 
Justice wu onJhe 4th day of July 1978. 
presented to the said Court by 3ZI 
UNITED KINGDOM LIMITED whose 
registered office in situate ax P.O. Em 1. 
Bracknell, Berfes- RC12 UO. and that 
the said Petition Is directed to he heard 
before the Court si Wins at the Rival 
Courts of Justice. Strand. London. 
WdA SLL on Wc Bib day of October 
I STS. and any creditor or axtrltmiorr of 
[he said Company desirous to support or 
oppose tho making of an Order on the 
said Petition may appear at tin- umc of 
hearing, in person or hy hjs counsel. for 
that purpose: and a cony of the rvutlon 
wilt be [Urnlshed by (he undersi sited ro 
any creditor or contributory of ihe said 
Company requiring such ropy on payment 
of the re gula tod charge Tor the same. 

Wm. V. PRIOR & CO.. 

Temple Bar House, 

23/S9. Fleet 'Street. 

London. EC4Y jaa. 

Ref: PO/TJ27. 

Solicitors for the Petitioner. 

NOTE.— Any ‘person who Iniends if 
appear on the hearing or the said Petition 
most serve on. or send by post to. the 
above-named notice in trrlUns of bis 
intention so to do. The notice must state 
the name and address of the person, or. 
ir a Arm the name and address or the 
firm and most he signed by the person 
or firm, or tus or their soUciror (jf anyi 
and most be served, or, If posted, must 
ne sent by post In snffirieni time to 
read) the above-named not later than 
four o'clock in the afternoon of the 
6ih day of October 18T8. 


No. 000217 of 197S 

Ip the HIGH COURT OF JUSTICE 
Chancery Division Companies Court, in 
the Matter o> EJ4.T-S. LIMITED and 
in tbe Matter of The Companies Act- IMF- 
NOTICE IS HEREBY GWEN, that a 
Petition Tar the Winding np of the above- 
named Company by the High Court of 
Justice was on the Jlth day of July 
197$. presented to (he said Court 
by WELLTRADE INTERNATIONAL 
LIMITED whose registered office is simaie 
at International House. Tamwonh Road. 
Hertford, Hertfordshire, and that the said 
Petition is directed to be heard before ihe 
Court sitting at the Royal Courts of 


Justice. Strand. London. WC2A SLL on the 
of J*iy 


.list day of J*ly 7018. and any creditor or 
contributory of the said Company desirous 
to support or appose the matting or an 
Order on the said Petition may appear at 
the time of hearing. In person or by his 
counsel, for that purpose: and. a copy of 
the Petition will he furnished by the 
undersigned to any creditor or contri- 
butory of the said Company requinns 


such copy on payment of. the regulated 


charge (or the some. 

BLYTH DUTTON HOLLOWAY, 
fl Lincoln's tno Fields. 

London. WCJA 3DW. 

Solicitor* For the Petitioner. 

NOTE.— Any person who intends to 
appear on the hearing of the said Petition 
must serve 00. or send by post to., the 
above-named notice In writing of bis 
Intention so to do. The notice must 
state the name and address of ihe person, 
or. If a firm the name and address of 
the firm and must be signed by the 
person or firm, or his or their solidtnr 
HI any) and mast be served, or. V posted, 
must be sent by post in sufficient umc 
to reach The above-named not later (ban 
four o'clock tn the afternoon of Lhe 28lb 
day of July 1978. 


Currency , Money and Gold Markets 


Financial Times FHSJ&e Jnfy E3f£978 


Dollar recovers on 
interest rate hopes 


The U.S. dollar finished around 
its best level of the day against 


major currencies in. general, after 


a fairly weafc start following the 
statement by President Carter 
that the ILS. does not anticipate 
intervening to artificially change 
basic relationships between the 
dollar and other currencies. The 
UJS. currency fell to a low point 
of Dat 2.0420 in terms of the 
German D-mark, but improved fo 
DM 2.0560 in late trading- The 
recovery came after remarks by 
Mr. G. William Miller, chairman 
of the Federal Reserve Board, 


SvcsHarwGiwWt* 



IS0II1J f «U»J J 


indicating that U.S. interest rates 
are likely to rise further. The 
dollar finished at DM 2.0550, 
slightly lower than the previous 
closing level of DM 2.0565. 

Similar movements were 
recorded against other currencies, 
with the rate against the Swiss 
/Trane touching SFr J-SDOO. before 
closing at SFr 1.2130. compared 
with SFr I.8192J previously. 

The French franc was quoted at 
FFr 4.4300 against the dollar, 
before it closed at FFr 4.4412!, 
compared with FFr 4.4645 on 
Wednesday. Trading tended to be 
limited ahead of the Bastille Day 
holiday today, with the Paris 
market closing early. 

Sterling was helped by expecta- 
tions of favourable trade figures, 
and a continuing improvement in 
UK inflation. Both sets of figures 
are due for publication today, and 
in anticipation the pound touched 
a high point of SLSflSO-liBtjO 
around noon. It had opened at 
Sl.S905-f.S91a, but by late after- 
noon fell to S1.SS40-1.SS 50 as the 


dollar improved. Storting closed 
at S1.SS60-1.SS70, a rise of 10 points 
on the day. 

The pound’s trade weighted 
indes. as calculated by the Bank 
of England, was unchanged at 
63.0. after rising to 62.1 in the 
morning and to GZJ2 at noon. 

The dollar’s trade-weighted 
denrcciation, according to Morgan 
Guaranty of New York, was also 
unchanged at 7.” per cent. 
FRANKFURT — Trading was 
rather confused following tho U.S. 
President's comments about 
foreign exchange intervention 
The market was generally quiet, 
with the dollar recovering to 
DM2.0525 against the D-mark in 
late trading, from a fixing level 
of DM2.0484. The Bundesbank did 
not 'Intervene at the fixing, 
a f though the dollar declined from 
the previous fixing level of 
DM2.04S4. The Bundesbank did 
late trading on Wednesday. The 
Bundesbank trade- weighted re- 
valuation index nf the D-mark 
was unchanged at 145.7. up 0.9 
per cent from the end of .1977. 

ZURICH — Disappointment at 
President Carter's statement 
about future foreign exchange 
intervention led to very unstable 
conditions. By raid-morning the 
dollar was above its opening 
point, but well below previous 
closing levels, in thin and 
uncertain, trading. It stood at 
SwFr Z.S060 against the Swiss 
franc at that time, compared with 
SwFr 1.SD00 earlier, but against 
SwFr 1.81921 at the close in 
London on Wednesday. 

AMSTERDAM — The dollar 
recovered to FI 2.2140 in late 
trading, after being fixed at 
FI 2J20S5 -against the guilder. 

TOKYO — The dollar eased 
slightly in calm conditions, dosing 
at Y202.47i, compared with 
Y202.97 4 on Wednesday. The U.S. 
currency opened at Y2Q&2D, 
in flue heed by statements made hy 
President Carter and Mr. ftl filer, 
chairman of the U-S. Federal 
Reserve Board. Both appeared to 
rule out any major intervention 
by the U.S. authorities, and this 
pushed the dollar to a low point 
of Y201.8O, where the Bank of 
Japan probably intervened on a 
small scale, absorbing about 
SlO-Slam. The dollar traded 
with a range of Y201.S0 and 
Y202.65 and market volume was 
quite active at S4S7m. with com- 
bined forward and swap totalling 
$5?6m. 


THE POUND SPOT 


" Hank- 

Jiilv U rsuv a J 

j “ I Sprt*il ! CL«* 


r.s. s : 

t'HDftdUVB S: 
tinIJilw .' 
Belgian Fr.l 
Danish Kr." 
D-Mark ' 

Purl, list, 1 
Span. Pe% 
Urn' 

Jirwnti- Kr4 
Ki «teb Yr. \ 
tiiredhlilCr.; 
Vwi 

Austria Sdn 

SvH*B fr. ; 


7t4-I.8MB-l.M68 
si; 2. 1285-2.1266 p-lMM-lSM 
3' 4.1M.TO '-I.l7i-4.1B4 

51- 60.85-61.20 6T.00.BT.10 

s \ ia.57-10.61 .TOJ7;-IO.Mi 
5 , J.8W.60A : 6,69; AM; 

IB ‘ 85.6096.60 tt5.70-86.DO 

B :|48. 15-14B.H 146.28- 146.80 
111- l.59f-LM8 T.5WH. BM 

10.17-10.22 
8.37-8.41 
8.564-8-61$ 

SiB-iBB-- 
4I-- 27.80-28. 10 

1 5.4144.444 


1 

9«= : 

7 

51; 


ID.I7J-I0.1B; 

8.57jAMj" 

fl^B-8.69 

482-584 

27.90-28-00 

5.4ljA42j 


Betelan rate is lor tsnivcrtlblc francs, 
financial franc tft,BM2.W. 

•Freach Franc Jul>’ « noslia rale 
s.4l}-a,0. 


FORWARD AGAINST £ 


Our munth ; % pjk Three month*] * pa. 


IK 


as0'0.<tiv.iuii 

0 sa o.Mi-.tmi; 

2»j-I 4» r.i'in 
50 10 p. pm 
l;!-5.'i<rr di» ' 
27a 1 is (if pm' 
55- 155 c. >li» . 
10-70 r. ill* p 
1-5 lire «ll» 
I'ar-SQ ore ills- 
1 J i •*. pm 
lji*rpni 

2.70-2.40>-.pnil 
IB-5 gn< inn 
M c.ptii 


2.96 iL27-T.17r.pii). 2.»j 
5.11 ,1.65-1 .49c. |im, 2.45 
6.46 1660-518 i-.pm 1 5.BS 
4,df 6S.75e.pm 1 -8JM 
-5.12 17-9 uieiJi* I ~ 5.05 

7,51 a 7 pi wn 1 j.n 
-11.89 IOMOBp.dla--ll.lt 
-2.48 'Par-H r.du- 1—1.09 
-I A0 lire 101 I-1.IS 

-1.1B jTi-iJ ti«<l ia I — 1.08 
L45 <‘24-24 c.pm j 1.51 
0.56 (Si-li-nrapm LK 
7.99 ,7.69-7. 56 v-rm’ 9.04 
4.29 tffi.BS tri,pm j 6.72 
8.77 5ie-7Je r.pri ■ -fl.ja 


Six-nmnili forward dollar L4?JL5?c om. 
lii-nmiwh 4JHi-4J)0c pm. 


THE DOLLAR-SPOT 


US. coins per Canadian 5. 


FORWARD AGAINST S 


July IS 

Day's 

spread 

Close 

One month 

ti 

.POL 

Three ownths 

•i 

p.a. 


as, 16-«1 -W 

88.47-89 JW 

ff.fll-0.33c om 

fljj 

O-flVflJfcpm 

8JI . 


ZJffiauUi 

3JUT-2JU7 

IL7MjHcpm 

3Jtt 

2-Bl-l.Wc B v 

3 SO 


32.251-32 JJj 

33JJJ2J3) 

B5-7c pm 

2.74 

231-22c pm 

2.70 


5L59WKM9L5 

527945-5^165 

— 




D-Marfc 

2.0467-3J520 

2JS1B-2A52D 

tUMAlnf am 

AH 


44X 



45-SJ-45-6J 

— 


— • 

_ / 

Lira 

BaS.7M07.7D 

847^847.70 

2.60-3JHm™Ha 

-402 

7J&8.U1lredta. 

-*OI 

Nrwan. Kr 

Sjsawjns 

5jnS-SJ435 

— 


— 


French Fr 

4.4375^.4500 

4.437S4JW25 

IJZT-&3TC (As 

-o.» 

US-LSSc dl* 

-J.W 11 



43035-^5455 

— 


*4 


Ye^ 

262J0JB2.7D 

202-55^02.70 

J.M-O.sajr pm 

4J» 

2JCM.75 <fwm 

SOI 

Austria Scb 


14.73-14.731 



wmm 


Swiss Kr 

1BQ5IKU1QD 

UWHJIW 

UMMc pm 

KJ6 

SJX-SSRc pa 

4.75 


CURRENCY RATES I CURRENCY MOVEMENTS 



Spatial 

Europe an 


Bank of Morgan 

July 13 

Drawlnp 

Unit at 

July U 

England Guaramy 

RfsMs 

Account 


Index chaoses ’i 


sreriiDE — 

US. dollar 

Cttnadlnn dollar .. 
Austrian »rhiMn« 
BttUtian tr.ittc ....... 

P aiiK h bron.' 

Denrschc Mark .... 

Guilder 

French franc ....... 

Lira 

Yen 

Norwegian krone . 

Peseta 

Swedish krona 

Swiss franc 


0.B5U35 

2-208*8 

1.4048O 

18.4293 

40JN23 

6.98342 

2J15763 

2.75753 


0.665326 

2.2602V 

UU5M 

18.5433 

00.6728 

7.04754 

2-58246 

2.78438 


U5L29 

252.770 

6.73120 

46.7565 

5 A 6 SS 3 

2 J 5320 


1D6BJ5 

255 J 24 

6.74574 

17M20 

5.71327 

2.27502 


Sli'rllnu 
U.S. dollar 



UL« 

- 4 W 

•mmm 

8U1 

- 7.7 

• an. 

KJS 

- 13,1 

>a» 

1 «LBS 

+M.D 


7 JUL 2 B 

-K 1 LI 

„ w 

1M.2B 

+ iS 


140.42 

+ 35,6 


185 .W 

+ 71 .* 

... 

U 4 « 

+ 17.7 


KML 28 

- 3 2 


56 J 4 



14 SM 

+*L 0 


Cana. llan dollar ..... 

Austrian 'whiffing 
Bclcian Irani: 
p.iiush krone 
Deorwlu- Mark. 

Swiss franc ..— 

Guilder 

f'reitch franc - 
Lira 

Yen _ 

Rasrti on trade wctslUod changes from 
Washiruaon aKreramir Deewoher. »n 
iBank of Rneland forte*- 108 1. 


OTHER MARKETS 


Julv 13 


£ \ 
^'iilwSil* 


Arcetitinn L. 504- 1.607 . 

AiDtrelin Dulbir, 1.6435-1.64951 

Pints nil Uukka....i 7.9Z50-7.9400j 
Bnuil t nj.-pfn* .... 1 33 . 33 . 54.33 | 
Greece Dnu-liius.-.' 68.217-bfl.a99( 

Hon-' K'Hig Unllar. 8.7875-S.B175 

Inuaitml 130-136 

tfiiuait Pinar 1 kill, 0.51 1-0.821 
Uwni»ur£ Knux" 61.00-61.10 
lUiaveia IVJInr..,. . 4.4625 4.46501 
New’Zi'alaii'l IMtar 1.02201.82801 
tiaudf amMr liiiaL 6.47-6.57 
tilncni«Hi- lVr.llar...i 4.3600-4.3660., 
tinuth Afnuin Kanrti 1.6350-1.6520. 


796.7 t-798.83jAii*ina ... 


0.8705-0. 67 l7i Belgium 

O.LVinnarfc 


4, 1990-4.20 1C — 

17.67 18.20 1 Prance 

36.16-37.05 rflerniauv 

4.6575-4.669 5 1 tiJv-, ....... 

60.91-72.0® Japan 

0.2709 -0.2762!\'etberfaiiiL 
32.35Jl2.57lNiin«v 

2.3605-2.36 IS] Punnpal 

0.9ta38-0. 96G El-Spa In 

3.43-3.40 ISullam-tend...... 


2.3090-2.3 100: United State*-. 
'571*1 


0.866 7-0. B757lYu#p4a via-..- 
Rate cfven for Argentina la free rare. 


■„.i 27 U- 28 U 
-.. 61-621; 
.J 10 . 50 - 10.65 
...I 8 , 30 - 8.45 

...I 3 . BO- 3. 90 

...- 1570-1600 

-.1 JSO -380 

J 4 . 10 - 4.25 
10.10 10-25 
J 8085 
J 1 . 435 - 1,465 
3 . 35 - 3.45 
1 . 88-89 is 
34-38 


=j 


EXCHANGE CROSS-RATES 


July 15 | Pound Sterlln£| U.S. Dal in r 

DeutxheMnrk 

Jn\nne«e Yen 

French F rime f W'- Franc 

Dutch GuiMer 

Itstisn [dm j Canada Dollar 

Bclcian Fmn 

P.ioart titeriiafl | 1. 1.887 

UA. Dollar ] 0.53D j 1. 

*.B98 

2.066 

583.0 

2u3.0 

8.380 3.423 

4.442 ■ 1.814 

4.180 

2.2X6 


61.05 * 

52.36 

Deutsche Mark ! 0.3S7 . 0.484 

Jnpanwe Yrn 1.000 3.611 1 4.926 

1. 

10.18 

98.27 

1000. 

2.160 ; Q.87S 
21.88 . 8.936 

1.073 
10.91' . 

+10.1 

4174. 


15.66 

1B9.4 

Frcodi t-'niuc 10 : 1.193 j 2.251 

r<w1w Frnm- 1 0.292 j O.bSl 

4.6SI 

1.139 

457.0 

111.9 

10. ! 4.084 i 4.988 

2.449 1. j 1.221 


2.953 

0.620 

73.85 

17.84 

Dutch l, miller j 0.259 j 0.451 

Italao Im 1.0W J 0.626 ! 1.180 

0.952 

2.438 

91.63 

239.6 

■4.005 i Q.819 

- • 5.340 .J 2. 14/ 

1. 

2.615 



14.61 

38.19 


i.836 

6.584 

180.4 • 3.94ft | l.6ia . 

627.4 ( 13.73 ! . 5.606 

. 1.969 

■ 6.847 . 

- 753.1 

3618. 


28.78 

100. 


EURO-CURRENCY INTEREST RATES* 


INTERNAL 

AUDITORS 


London 


up to £8610 


Wc have vncinciex at different levels in the Headquarters 
Audit .uid Jnvcbiipoi iuns Departravni at our offices in High 
Holburn. 

1 1 ' you have the ability to make an effective contribution to the 
work of rhe dcpamncni and arc a qualified accountant, have a 
degree «r are partly qualified, we would like to hear front you. 
•V. well as carrying out review** of inltrrn.il o*nirok, the. 
Department pi.iys an achve n.'lc in the audit of major 
Ci*n>trueuon and pipeline contracts and takes, part in joint 
venture .ludiis. 

Some intvellmc ntav be involved and assistance will be jiit etl 
towards rek«caiion expenses - uhcic appruprinc. 

Salary depending on qualifications and experience will be 
within rhe ranee £5,250- £80 Ifi. 

Applicat ions, qm »i i up relcrencc F. 0 1 1 20 1 pi 1 111*5 
full details of experience anil qualification*-, 
to the Senior Personnel Officer, British Oat. , 

54 Brvanstun Strccr, London W'lA 2AZ 

by 2S July ]*J7S. nKf 


BRITISH GAS! 


INTERNATIONAL 

APPOINTMENTS 


ART GALLERIES 


ACNIM MOELLER GAULERV, 0. Oros- 
venor Stmt- on Bond sn-oot. W.i. Td. 
jgi 7611. Selection ot 15 oamtinp 
KADINSKY and 20th CENTURY 
MASTERS. Motfiqffani. Lcqcr. Braauc. 
Mondrian. Ernst. Miro. KIcc, Picssso a.O. 
tnrough July. 


OWSE a, DARBY. 19 Cork Street, W.i. 

o bln Phihpson — Women 

lon.-Frl. IQ.eO-S.OO. Sat. 10 . 0 Q- 1 Z-M. 


CH&NORE GALLERY. 5-6 Cork St., W.I. 
01.73* 4626. UT ------ 


.IblMm Palntmoa Mr 

GREGORY FINK. Mon.-Fn. 10 - 5 - 30 . 

Sats. 10-1. 


FICLD80RNE GALLERIES. 63. 1 1 

Grow. 51. Jonns Wood. 586 3MO. 
LANDSCAPES IW RbvjI ACidemtUdrtS. 
MARBLE Carelnos YOMA SA5BURGH. 


LUMLEY CAZELET. 2d. Davies St.. W.I. 
01-459 S 058 . MATISSE— DmwjikiJ. 

Prints and Illustrated Boofcs. Until ZB 

July- 


MALL GALLERIES. The Mall, S W.I . 
Societv oi Women Artists 116m Annual 
Exhibition. Daily fine. Sints.t 10-5. Until 
I o.m. July 21&t, AOm. 20p. 


W, H. HARVEY A CO. t ANTIQUES) LTD.. 
67-70 Chalk Farm Rd.. N.W.1. TeL 01- 
*85 160*. EXHIBITION OF CHIPPEN- 
DALE FURNITURE. 1.15 July. Cole* 

hratimi BADA's 60th Anniversary. 

Mon.-Frl. at 9 JO-3 JO. 


CLUBS 


l 89 . Reftqm.Street._ 7 S 4 qS 57 . A.w 


or* All- in Mnnu. Ttiw SncCt«All®r 
SM»«s. I0AS. 1Z.4S and.iAS anil 
: of Jonmrr Ha-vcsworth & Friends. 


CARGO VtE, 60 Dean Strccr. LornKP*. W.i. 

NEW STRIPTEASE FLOQRSHOW 
THE GREAT BRITISH STRIP 
Show at MldnlvM JW } a m. 
Mon.-FVi. Closed Satunwr*. 01-437 **»n- 


CLASSIFIED 

ADVERTISEMENT 


RATES 


Smote 
Per column 
line on. 
i t 

ComniPn.T4l £. Induitriai 

PrOthirLT 4 M HIM 

UesUknlia] I'Mtyny 1 <«? j»iw 

Aptwinmieni j 4 30 14 on 

Busin*^ 1 ; ft luvc^iniem 
openriiiui 1 1.*.. riirnirannn 
uuns. PrurtiR'iinn 
rjKmiy. r-u5incsM.-s 
yor S:ik-<n 5.»3 is.mi 

Ertucailnn. M*n..r-i 
Couiracis f. T-ndiTr.. 
rrreun.iJ. Gnnh bhu 4.35 13.89 

Hotels and Travel 2.75 jo.no 

Book Publisher. _ 7,00 

Premium MsrtJoos available 
(Minimum size 40 calnmn cm*) 
IEL56 Per single column an sstTRl 
For further details tenta to: 

Classified Advertisement 
Alanager. 

Financial Times, 

10, Cannon Street. EC4P 4BY. 


Erstldassiger 

Ubersetzer 

nach Frankfurt am Main. 


Die Commerzbank zahltzu den graBen Banken mit 
weltweiten Verbindungen. Fur unsere Hauptverwaftung 
In Frankfurt suchen wir einen Obersetzer, der durch 
Ausbildung und Praxis In der Lage ist, besonderen 
Anforderungen gerecht zu werden: 

Sein Aufgabengebiet ist die deutsch-engfische und 
englisch-deutsche Ubertragung wichtigerTexteaus 
dem Bereich von Wirtschaft und Bank. Die Quaiitatvon 
Ubersetzung und Text soil sich durch PrSunsion, Klar- 
heit, FlussigKeit und Druckreife auszeichnen. 

Das Angebot der Bank orientiert sich an diesenfn 
jeder Hinsicht uberdurohschnittlichen EnvartungerL 
Bitte nehmen Sle unter dem Stichwort B Obersetzer 
Frankfurt" schriftlich Kontakt auf mit der 
Personalabteilung der Commerzbank AG, 

Neue Mainzer StraBe 32-36, Postfach 2534, 

D *6000 Frankfurt am Main. 


COMMERZBANK 4)2. 


PRIVATELY OWNED SWISS GROfJP 

with following interests; 

—■WHOLESALE AND DETAIL IN FRANCE 
—LEASING IN ttK„ BELGIUM AND GERMANY 
—REAL ESTATE IN FRANCE AND U5.A. - 

FINANCIAL IN SWITZERLAND AND U.lC 

—LEISURE IN U.K. 

seeks 

SENIOR EXECUTIVE 

with eilber commercial or legal background to assume bigh- 
tevcl responsibility. Based in U.K. Frequent travel abroad 
is required. Very attractive remuneration package- 
Write Box F.1036, Financial Times, 

10, Cannon Street. EC4P 4BY, 


YACHTS AND 
POWERCRAFT 


LUXURY TWIN SCREW DIESEL YACHT 
based upon SO lx. Halmatle G-fl.P. hull 
B"rt oomhWHf May CACt year, ah nay. 
aw* inc. radar, vast sun a«fe and 
MMClnoi wr duiniRD iiihlrrg cock cm 

JAjcom -Mr 7 plu» 2 In jmIocr Intended 



JgJ Mrt.. ehanfte of orant. must Ml. 

to Robertson! Ti 


Clik. fwwrc son, (rnoo 

EteKS-te’sSS**- carn "'«- Teireiu^? 


EXHIBITIONS 


RINGS AND RATTLESNAKES. Exhibition 
al ring* and rattieUiakea. New UJ5. 
ie web. CofdMiiTh Halt. Foster Lane. 

London, E.C2. S-28H, July. Mem.-Frt- 

1 Q-S- Adm. Free, 

SCULPTURE IN TIME at Aapn^. Exhibi- 
tion of Audomars Piquet Skeleton 
vfatenm. 4-i & inly Mon.-FrL 9.SO a.m^. 
5.SO n.m. Saturdan 9.S0 «.m.-l.00 n.m. 
Asoroy & Co, 165-169, Hew Bond 
Str«ff, London. W.i, Tel: Ol-*93 6767. 


July B oterimz 

Lanadum 

DoUar 

U.S. Dollar 

» • 

DulelrtAiilrtcr 

»wi m Fume 

>>. German 
Mark 

Franhh t'muc j liaimnLlra. 

Aiinn S' 

Japanese Y«jr 

tsbi.rt term N.V 

i .Jars u.atre. XA 

M.«tb 10,i ii,-; 

Ibnx- month*...’ lDg JlJg 

bix morn tis. ...... i 1178-1218 

Dne rear 121 s11:3b 

7U-8I, 

711 + 18 

8 8 j s 

8;^-9 r i- 

73«ft 

7T 8 .Bl8 

8i|«esfl 

t»'3 -0-’l 
9-»U 
9l B -9Sa 

4IH-4M 

4/ B '4i8 

+U41; 

4a«-5 

6l C -l* 

578-6 1 5 

2-24 

Ur a 

JfrW 

J r * 

2r«-2.« • 

5I«-3Ss 

3* 3«a 

hl2-35{l 

3l2-aSB 

3ii-5r» 

37 E 4 

77*8 ! 8-11 

Bi«-et2 -ina-ieti -- 

9'b 9j« 1 12 13 

9La94i 1 121" -13 la 

10,„-1L\; I 12»a-137g 
10:5-11*8 1 I3ia-l4ia ■ 

97^9 .. 

Btn-eu 

81-,-bBs - 
9-918 
9<|-9M 

■ Z'i«3t«. .. 
3 .Vais 
3 t*-4V 




The loUon-tns notninal rales were quoted lor London doDnr certificates of dep oslt: On* mooih &.05S.I3 per cenu three months 8J5-S.45 per cent: stt months ... 

S.rjji.SJ per ewif: ooe rear s.SJ-S.Oi oer eenL . ... . „ _ • .. .. 

Long -term EuradoUar deposits: two years 8!-9i per cent; three year* 94-81 per cent: four years 99»-»Ui6 otr cent, five years 8.-M per cent. Kaies 
are nominal dosing rates. - . ... _ 

Stwn-ienn rates are call for BterUne. U^. dollars and Canadian dollars; two-day s' notice for guilders and Swiss francs. Asian rates are dosffix rates tn Singapore- 


INTERNATIONAL MONEY MARKET 


Rise in U.S. rates expected 


U.S. interest rates are likely to 
increase through the end of this 
year, according to Mr. G. William 
Miller, Federal Reserve. Board 
chairman. This may lead to 
liquidity problems although it is 
difficult to forecast when the 
Federal Reserve’s actions of 
raisins- interest rates will take 
effect He added that the battle 
to combat inflation should show 
some effect within three years. 

Thirteen-week Treasury bills 
were quoted at 7.19 per cent show- 
ing very little change from the 
previous 7.20 per cent while 26- 
week bills were steady at 7.52 per 
cent from 7.51 per cent on 
Wednesday. One-year bills showed 
a slight rise to 752 per cent 
Against 7-80 per cent Federal 
funds were slightly firmer at 7} 
per cent from 7;-J per cent 

Bankers acceptance offered rates 


were unchanged from 7.S0 per 
Cent for 30-days through to S.la 
per cent for ISO-days. High grade 
commercial paper also showed 
little movement throughout 

FRANKFURT— Short-term inter- 
bank money market rates were 
unchanged but one^month money 
fell to 3.6 per cent from 3.65 per 
cent while three-month eased to 
3.7 per cent against 3.65 per cent. 
On the other hand, six-month 
funds rose slightly to 4.05 per 
cent from 4.00 per cent At the 
fortnightly meeting, the Bundes- 
bank Central Bank Council left 
credit policy, unchanged. At the 
last meeting the council had 
increased . the rediscount contin- 
gent by DM3bn. The next meet- 
ing is likely to be on August 10. 

AMSTERDAM— Call money rose 
quite sharply to 4}4t per cent 
from 4-+1 per cent. One-month 


funds were firmer at 4£-4i per 
cent compared with 44-41 Per 
cent on Wednesday, and three- 
month rates rose to ff£-53 per cent 
from 4£-5 per cent. Six-month 
money was quoted at tf-fii- per 
cent 1 against 5J-5i per cent. 

BRUSSELS—De posit rates for 
the Belgian franc {commercial) 
showed very little movement 
although one-month Thuds fell 
slightly to 5^*a-5 ll-I5ths per cent 
from 5S-52 per cent previously. 

PARIS — Day to day money was 
unchanged al 75 per cent as were, 
longer term rates through to one- 
year funds at 8J-9 per cent. 


HONG KONG — Conditions In 
yesterday’s money market were 
somewhat easier with call money 
at 5 per cent and overnight funds 
commanding 4| per cent. 


OK MONEY MARKET. 


Further extreme assistance 


Bank of England minimum 
Lending Rale 10 per cent 
(since June 5, 1073) 

Day to day credit was again in 
very short supply and the autho- 
rities intervened by buying a 
small amount of Treasury bills all 

direct from the discount houses 
and a similar number of local 
authority bills. Total buying was 
small and part of this package is 
for resale to the market at a fixed 
future date. They also lent a very 
large amount to she or seven 
houses at MLR for repayment 
today. The combined buying and 


lending was termed as extremely 
large. Indications were that this 
assistance was very much over- 
done and discount houses were 
paying between S per cent and 
9 per cent for secured call loam* 
at the close. 

The market was faced with a 
fairly large net take-up of 
Treasury bills and revenue pay- 
ments to the Exchequer exceeded 
Government disbursements. There 
was also the repayment of 
Wednesday's very large official 
advances. On the other hand 
banks brought forward balances 


way above target and there was a 
slight fall in the note circulation. 

In the interbank market, over- 
night loans opened at lO^lOJ per 
cent and eased to lOHOj per cent 
where they stayed for most of 
the morning. By lunchtime rates 
had eased further to 9}-i0 per 
cent before easing at the close to 
around S per cent. Short-term 
fixed period interest rates showed 
very little change and Bank of 
England Minimum Lending Rate 
was unchanged at 10 per cent 

Rates in the tabic below are 
nominal in some cases. 


GOLD 



trading 


Gold eased H to S1S8-186J in 
quiet trading. It opened at- 51861- 
$187, and was fixed at *186.70 in 
the morning and afternoon. The 
best level was tt»HS7|- during 
the late morning and early after- 
noon. but the metai: fell slightly 
towards the close... .There was 
some buyina -Interest during the 
day, but only on a small-scale. 

In Paris the ti^kilo bar was, 
fixed at FFr 26,950 per kilo in the 


.July 13 July 12 


Gnlri BuUW Ok fine; 

tiiiiicvi ■ • : 

Clime .5188.18634 ISJBBJ-1S7 

fljipm n.'r ’S 1 B 64 - 1 B 7 'MB 6 l-lB 5 i 

UurniOK <Lmdb— ..-'.S1B6.7Q ;51B6.7D 

. - • ji.C88.674J 

AUeruoou fixrafl..~:S 186.70 
. ic8«.?ao) 

GuM Oolni. i — I ’ { 

rbimchtially - ; ’ 

Krugerrand SI92MMJ ISIMJ-W?* 

.i-ino' inx:.'.i»ina. ins:\ 


(CSK.W?! 
8156.50 
11 £88.912) 


;iciOEi-wsiii£iii2i.msi) 
Sew tovereiimi SSGlj-87^; ]S5Si-674 


Old Sovereign*..—.: SB6-6J IS5*i-66i 

;f£281-Ma i£28-S0> ; 

Gold COUU ; j 

Internal iooally 1 

K'nwnuul. 51911-18#* .s 13 1 i- ISM 

1lJCiaU-102i>-|£lfil4-ie24) 

New SnvprelETn.._.> 58 J- 66 J S 65 {.. 5 &i 

(i 284 -S 8 iy 'i£2>#-2*jt . 


*1 

-Old tSovn-eisnn......1S&6.B7 |S641-bG4 

“11 kCW-Mi 


LONDON MONEY RATES 


July 13 
■|0fS 

Merlins 
CPrURrelr 
nl deimstl- 

Intertank 

Local 

Aprhoniy 

depnalta 

[rral Autb. 

nefloimhip 

Finance 

HfHIW 

Depnelt* 

Comranr 

Dep^eif* 

Diaeeunt 

market 

rteprelt 

TrenMirv 
Bin* » 

-.mislhle 

Bank 

Billa* 

FlfieTrade 

Bllln+ 

Urernrsrht 


8-10*4 


_ 



101, 

8 10 


_ 



<iia.v» notice.. 



978-10 


— 



— e 


— 


■ 


_ 



n 



— 

— 

1 dare notice.. 

— 

iou-ic-v 

10 

_ 

101,-lOs, 


968-93, 


— 

' — 

One mnnth..,. 

10U10 

10l4-10ifl 

978-10U 

10U-9J« 

lOin-lQia 

10I a 

9*8 

9t!t9-u 


10 Is 

ran tnootirs... 

lOla.IO 

lOia-lOU 

_ 

9? a -9Jg 

10la-10ia 

— 




I0<? 

Three month*. 

10^-915 

10l 8 -10<4 

9Ji-97 fl 

9?B-sS, 

IOIb-IOBr 

— 

91s 

9,is-93« 

9K-97B 

IOJb 

ilx mouth, — 

10ia-9ft 

U 1,-104, 

IU-Uj'b 

973-8*5 

lOU-lOi, 


— 

■an 

3T8-9fr 

1UH 

N mo month* 


lOU-lOig 

— . 

lOlg-91, 

1014-11 

■ — 


-a, : 



One yeai ...._. 
Tiro rear* 

lOri-lUi 

IOtVIOA 

IOIj-IOJs 
1074-2 2 >8 

10U-934 

ION -11 

__ 



— 



£»r-J#l. .... 

S3) Eaclre^. '>277*^89 IS276i-279 

SWKaitlrt S144-146 81M-146 

55 baglcv ,>108-106 >$)H-1D6 


morning IS1SS.15 per ounce!, 
compared with FFr 26,000 
($187.11) Wednesday afternoon. 
There was no later fixing yester- 
day, as the market closed early 
ahead of the Bastille Day public - 
holiday today. 

In Frankfurt the i2J-kilo- bar ■ 
was fixed -at .DM 12,300 per kilo 
($ 186.81 iw ounce), compared 
with tm 12,310 ($IS82fl)- 

previoualy. 


MONEY BATES 

NEW YORK 


Local authorial and finance booses seven daps" notice, or&ers seven days' Used. LOoser-reirn local antium? imnsage 
rate pominaDy time Tears 119-113 tier cent: I tot yearn LU-Ui per cent: five ream UU-I2I per cent. <t> Bank MU 
rates In table are bay ins rate tar prune paper. Buytue rates for four-qrooLb bank bills 9Uis-Si per cant: [our- month 
trade bills lOi per cent 

Approximaie selling rates for one-tptmii Treasure buis 9ii«dUsz per cenu. twpjwmth 9) per rent; and three -oranth 
* S I6-** Der rent. Approximate selling rare Tor ono-roointi bank bills SiSie per rent; and two-month 31-9 i*M5 per rent; and 
tbren-monni 9i per con. One-tnontfi trade bills iQi ppr rent; iwo-monih 101 per cent; &nri also tbree-mooffi lOi per cent. - 
Finance House Rasa Rales (published nr the finance House-, Association):. 10 p»r cent H-mn July 1, 191S. Oaarind Bank 
Dcaseh Rmc* (for small «mis ar gevon Jars' nnno*> M.7 per cent. Clearing Bank Rasa Rum tor teodbur W W cont 
Traasttry Bills: Average tender rates of tUscmwt 9.2769 per cent. 


Prime Rate .... 

Fed Funds .... 

Trearairr BiiLi (IS. week) 
Treasure Bills iSd-ucefe) 




9 

7.75 

7,19 

7J2 


GERMANY 


Dtxonm Rate — 

Civewigftt .... 

One month 

Three moniba 

Six months 


> 

■3JS 

M 

a.7 

4 JB 


FRANCE 


Discfttou Ral« 
Ov^raip&f 

One -month 

Three mnntbs 
S« montbsr 


JAPAN 


DtstOUdi Rale V. 
dll -i Unconditional! 
BQI6 Discount Sate 


rTvfiSv^^i 
















































Financial Times Friday July 14 1978 

^m AP ^omrfKnrs 

-j '.; '. # ■ 

Senior changes at 
Aveling Barford 


Best way to regulate the City 


SP Industries (formerly Ley land 
Products} has aonnSS 

Mr. David Seek has been 
appointed managing director of 
Aveling Marshall, the 

M UC V plffnt within AB 
Holdings, Mr. Beck was previously 

nf^T^yi c 2 m Jf° ller and treasurer 
801 Afhca (Pty). 
*" r \ Anthony Jordan has been 
' T Sr. ma 2 uf a«urtng director of 

"Avdmc Barford of Grantham. 

the Pr ,DC, PaI manufactur- 
• ms company m AB Holdings. Mr 
’ , now manufacturing 

Marshall, sue* 
' ceeds Mr. R. L. Mortimer, who has 
. announced his resignation and 

- leaves the company at the end of 
- July- Succeeding Mi\ Jordan as 

■* manufacturing director of rhe 
’• - ^’ ainsb o rough plant is Mr. Harold 
Clarke, now production manager 

• •, of Aveling Mar shall 

* 

K Mr. David R. Brooks has been 
appointed chairman of WG1 in 
‘ succession to Mr. F. P. S. Stam- 
‘ ' ^ wfs. "’ho is retiring. Mr Brooks 
N will continue as managing director 
of the group. 

-Ki * 

Mr. Brian Long has become 
’ . managing director of HONEY- 

• :■ WELL INFORMATION SYSTEMS 
' in succession to Mr. Russell G. 

Henderson, who has been named 
vice-president and general 
■ manager of Honeywell's marketing 
•. and services information systems 
division at Waltham. Mass 
★ 

Mr. Reginald Nye, who has been 
appointed finance director of 
' Reed Building Products, one of 
“ the five main UK/Europenn 
divisions of REED INTER- 
NATIONAL. was previously finan- 

cial director of Reed Paper and 

' Board and Reed Paper Division. 
This appointment follows the 
death of former finance director. 
— ■ — N Mr. David MacNaughton. 

* 

Mr. R. T. Vyner. at pre.sent a 
director of Allied Suppliers, will 
join SAINSBURY'S on July 17 and 
will be appointed a director to 
■. assume board responsibilities in 
due course for the grocery 
division. 

* 

Mr. Terence Seale has been 
made a director of SACCONE 
AND SPEED and managing 
director of Saccone and Speed 
Retail, following the appointment 
_ of Mr. Geoffrey Greenway. the 
former managing director, as 
_ senior retail trade director of 
Courage (Western 1. Mr. Seale 
joins the company from the 
Debenham Group, where he was 

- director of store operations. 

* 

Air. John E. M. Gardner has 
been appointed controller of 

- European operations for DATA 
GENERAL CORPORATION. Mr. 
Gardner, who will be based at its 
European headquarters in Paris, 
joins Data General from Rolls 
Royce. where he was financial 
director. 

* 

THE SCOTTISH DEVELOP- 
MENT AGENCY has appointed a 

- former British .Ambassador to 
Malawi as its first permanent 


representative in London, air. 
Demil Du onett, who recently re- 
tired from the Diplomatic Service, 
will head a small staff at a tem- 
porary office being opened next 
week in Threadneedle Street, 
E.CA a permanent office near 
Trafalgar 1 Square will ones later 
this year. 

★ 

Viscount Rothermere. previously 
vice-chairman as Mr. Vere Harms- 
worth, has succeeded his father, 
who died on Wednesday, as chair- 
man of DAILY MAIL AND 
GENERAL TRUST. 

* 

Mr. William J. Adams, manufac- 
turing controller at DOWTY FUEL 
SYSTEMS since 1970, is now execu- 
tive director, procurement and 
planning. Air, Sidney Robinson, 
secretary and financial controller 
since 1975, is now executive direc- 
tor. finance. 

★ 

CREDIT SUISSE WHITE WELD. 
The following have been made 
directors of the investment bank- 
ing department: Mr. Michael: 
Dobhs-Higginson. Mr. Clans G. 
Labes. Mr. David C. McCuteheon, 
and Mr. Jeffrey A_ Rosen. Mr.' 
Alan B. Duncan is now an asso- 
ciate director. I 

•* 

Mr. F. S. Bird and Mr. N. C 
Haydon have been appointed 
directors or ROBT. BRADFORD 
(HOLDINGS). 

Mr. P. R. King has been appoin- 
ted to the Board of the NORWICH 
BUILDING SOCIETY. 

Mr. A. G. O. Walker, of Singer 
and Friedlander, has been appoin- 
ted to the investment panel of the 
TSB SCOTTISH UNIT TRUST. 

★ 

BANK OF AMERICA INTER- 
NA T I O N A L . London, has 
announced the appointment of Mr. 
Arthur Sealis as director of ad- 
ministration. He was previously 
with United California Bank as 
vice-president and administrator 
of international operations. 

* 

DOMINION INSURANCE COM- 
PANY has confirmed the appoint- 
ment of Air. Michael C. Carope as 
London market accident under- 
writer from October 1, to succeed 
Mr. C G. Riches, who is leaving 
the company to t3ke up another 
appointment. 

■* 

Dr. Bernard Rinuner has been 
appointed managing director of 
S. W. CLARKE (CONTRACTORS), 
part of the Clarke Group. He 
was formerly managing director 
of Bestobeli Group’s insulating 
and fireproofing subsidiary 
company. 

* 

Air. Bernard For, a director of 
Rest Assured, has been elected 
president of the NATIONAL BED- 
DING FEDERATION. 

+ 

Air. James R. Fleming has been 
appointed commodities manager 
of BANQUE RATIONALE DE 
PARIS. 

•k 

Air. Jim Bradbury has been 
made financial director of TJBM 
HILLS WINDOWS, i Prior to this 
appointment he was-wlth the com- 
pany as -a consultant 


A BLEND of statutory- and 
noorstatutory arrangements Is 
likely to remain the best way 
of regulating the activities of 
the City, the Bank of England 
has argued in its latest batch 
of evidence to the Wilson Com- 
mittee on the financial institu- 
tions. 

In a related series of five 
papers, the Bank covers the 
various aspects of Us role in 
the supervision of financial 
Institutions- The first paper sets 
out a general description Of 
regulation in the Citv and the 
position of the Bank. 

It concludes that the mix 
between statutory and other 
forms of regulations would 
change over time, and concedes 
that Lfl certain areas the Bank 
would favour the introduction 
of statutory arrangements. 

These areas would include, 


for example, rules to cover 
insider trading In securities, 
and the Bank also believes that 
US present supervisory 
methods relating to deposit- 
faking Institutions needed to 
be supported by the proposed 
legislation. 


Contrast 


However, "there are many 
aspects Of market regulation 
where non-statutory control 
has proved more appropriate 
and flexible than statutory con- 
trol and is likely to remain so.” 

The Bank argues that 
systems which relied on law 
and specific regulation "may 
lead to any conduct being 
regarded as permissible if it 
satisfies the legal require- 
ments.” 

In contrast, systems whieh 


relied on self-regulation, and 
in some cases discretionary 
powers, allowed more attention 
to be concenirated on “the 
intentions, both ethical and 
practical- whieh underlie the 

provisions.” 

Moreover, the Bank adds, 
non-statutory processes were 
often quicker to introduce or 
modify- and speedier in 

execution. 

“Noo-stafutory elements form 
a vital part or an effective 
regulatory regime for com- 
merrial markets, where the 
extremes or rlgidiiy inherent 
In a statutory framework must 
be avoided and in which the 
revision of the letter or the law 
never in practice keeps pace 
with those determined lo flout 
its spWt." 

The Bank emphasises that 
“all methods of uon-slatutory 


Vital elements will be kept 


IMPORTANT AND valuable 
elements of the present system 
of banking supervision would be 
retained within the framework 
of the planned legislation on 
the licensing of deposit-taking 
institutions, the Bank says jn its 
comments to the Wilson commit- 
tee. 

The special qualities of the 
system are that it is “progres- 
sive. participative and personal.” 

The proposed legislative frame- 


rather than seeking a standard 
level of conformity’ through 
detailed ratio controls.” 

The Bank believe, the evi- 
dence concludes, “that such a 
supervisory system within a 
statutory framework is appro- 
priate to present circumstances 
and will maintain the spirit of 
trust and co-operation that has 
been built up over many yean.” 

In. its paper, the Bank des- 
cribes the background to the 
legislative proposals. It pointed 


the statutes give departments 
powers of prudential supervision 
over the banking institutions re- 
cognised by them." 

So there was no overall super- 
vision of- deposit-taking institu- 
tions as such, though jt was 
accepted that the Bank had a 
supervisory role in relation to 
the fully recognised banks. 

The secondary banking crisis 
“ demonstrated the need for in- 
tensification and extension of 
existing supervisory arrange- 


The Bank of England evidence to the Wilson Committee on the financial 

institutions 


work would recognise a progres- 
sive element among deposit- 
taking institutions “while doing 
away with the confusions in the 
public mind which had arisen 
from the former multiplicity' of 
recognitions.” 

It would continue to encourage 
the participation of the banking 
community in the development 
of appropriate supervisory prac- 
tices and to pay due regard to 
the market’s judgments of those 
participating in it. 

It would remain a personal 
system both by “the maintenance 
of the style of personal dialogue 
between companies and the Bank 
and by the Bank continuing to 
have regard to the individual 
structure and circumstances of 
each deposit-taking company. 


out that at present there were 
no specific legal requirements 
governing the establishment of a 
deposit-taking business in the 
UK. 

However, a number of specific 
statutes required the establish- 
ment of lists of companies recog- 
nised as banks for particular 
purposes. 

These lists were in some cases 
initially set up by the Govern- 
ment departments concerned. 
But “in due course concern over 
the ambiguities of status which 
resulted and over tbe potentially 
conflicting criteria being adopted 
led to the Bank being consulted 
in the administration of all tbe 
various statutory recognitions.” 

Nevertheless, “in no case did 


meats.” 

The Bank describes the sub- 
stantial extension of its own acti- 
vities. including the creation of 
a separate supervision division 
with 3 staff now numbering 
about 70, compared with the 15 
people in the discount office 
which previously handled super- 
vision. 

The Bank also describes the 
international background to re- 
cent developments. London’s 
position as an international 
centre and the presence of many 
foreign banks had led the Bank 
to develop “ a special interest in 
monitoring international market 
developments'* and to play a 
leading role in developing inter- 
national ■ co-operation among 
central' banks. 


‘Both the stimulus and monitor’ 


IN A section dealing with regu- 
lation of the securities industry, 
the Bank describes how it has 
become increasingly involved, 
acting as “ both the stimulus and 
monitor of the evolution of the 
non-statutory side of securities 
market supervision." 

The Bank tells of the part it 
played, from 1959 onwards, in the 
development of the Take-over 
Code, then describes the factors 
that led to the creation of the 


Council for the Securities 
Industry. 

It cites two recent innovations 
in security trading which have 
marginally affected tbe “unified 
market, very largely centralised 
on the Stock Exchange.” 

These are Ariel, the computer- 
based trading system, and the 
small market In unlisted 
securities developed by M. J. H. 
Nightingale. 

Aside from these internal 


developments, the bank notes an 
“increasing internationalisation” 
of the securities markets in the 
City- 

In particular, there is the Euro- 
bond market, a large over-the- 
counter market, chiefly for pro- 
fessionals. regulated by tbe 
Association . of International 
Bond dealers. 

The Bank feels that “there is 
no indication that tbe public 
interest is being threatened. 


regulation will remain accept- 
able only if they arc seen to 
be effective in the protection 
of the public interest. Self- 
regulation will only remain so 
if it continues to be adminis- 
tered in a manner which Is 
generally believed to be justi- 
fied by those to whom it is 
applied.” 

The Bank’s view is that non- 
statutory regulation had been 
a “major factor in snstainlng 
• the probity and efficiency of 
the operations of the City of 
London.’’ 

Supervision 

The Bank’s paper identifies 
two types of non-statutory 
regulation of financial institu- 
tions. 

The first consisted of the 

Sterling 

brokers 

talks 

advanced 

DISCUSSIONS ARE far advanced 
towards forming a sterling 
brokers association, the Bank 
discloses in its paper covering 
supervision of the money and 
foreign exchange markets. 

The Bank reports to tbe Wilson 
committee that after a working 
party report, which revealed 
certain shortcomings in market 
practice, it was decided that a 
code of practice to govern trans- 
actions in the market should be 
drafted and an association 
formed on the lines of tbe simi- 
lar association in the foreign 
exchange market. 

“ Discussions to theSe ends, 
w bicb have been proceeding 
under the aegis of the Bank, are 
very far advanced.” 

Tbe Bank says in ils evidence 
that it exercises a supervisory 
role in the markets “not only 
because their good health and 
operational efficiency are impor- 
tant to the soundness of the UK 
financial system as a whole and 
in particular to the continued 
standing of London as a major 
international centre, but also 
because of their importance as 
the field in which the Bank's 
policy objectives are effected.” 

The Bank has. for the most 
part. “ encouraged tbe partici- 
pants in the various markets to 
organise their own institutional 
framework, within which sound- 
ings may be taken and matters 
of day-to-day management 
disposed of, the better to assist 
the Bank in monitoring and con- 
trolling developments.” 

The Bank’s aim is “ to procure 
the efficiency and integrity of 
the markets to a degree which 
will maintain and enhance the 
international reputation and 
standing of the London market" 
It draws attention to several 
aspects of integrity in the opera- 
tion of financial markets. 


exercise by the Bank of Its 
traditional powers as the 
centra! bank in controlling and 
supervising generally the 
banking system and money 
markets. 

Though exercised inform- 
ally, the Bank's recommenda- 
tions and requests were 
treated by the market as effec- 
tively mandatory. 

The second type arose from 
the recognition by a group of 
individuals or insii lotions of 
the need for regulation in the 
common interest, often en- 
trusted to an outside 
authority. 

Much of the non-statutory 
regulation of the securities 
market was of this form. “In 
both cases, the system can be 
described as self-regulation, 
the first Intrinsically so, the 
second by common ‘ consent.” 


Regard had to be given to 
the need not to discourage 
competition, though unre- 
strained competition had its 
own potent ial hazards. 

The Bank had acquired ’* a 
special role in the ureas of the 
City’s activities subject to non- 
statutory regulation.” 

The Bank, particularly as a 
result of ils relationships with 
the banks, had to a consider- 
able degree been able to play 
Ihr role of “cotrGdanl and 
arbiter of the City and 
guardian of its .standards.” 

Its rok* “was accepted ihe 
more easily because players 
could (eel (hal. as referee, 
they were both independent 
of (action and understood the 
game, wbtle being at the same 
time able to keep In view til* 

wider issues. 


Commodity exchange 
‘can claim status 
of traders’ market’ 


BANK OF England surveys con- 
firm that the London commodity 
exchanges are fully justified in 
claiming that they are traders’ 
markets, and not highly specula- 
tive, according to the evidence 
presented to the Wilson' Co ta- 
in inee. 

Tbe Bank points out that it 
has been keeping a much closer 
watch on the London commodity 
markets in recent years. 

This increased surveillance of 
the markets started during the 
boom in commodity prices in the 
early 1970s when the Bank was 
worried about the sanctity of 

Reports by 
Michael Blandert, 
Nicholas Colchester 
and John Edwards 

contracts and the honouring Of 
bargains in markets with which 
they are known to be associated. 

There was also concern about 
tbe possibility of undesirable 
speculation, which reached a 
bead in 1974. 

As a result, in 1974 tbe agree- 
ments between the Bank and the 
commodity market associations, 
originally devised for exchange 
control purposes, were consider- 
ably extended so that much more 
information could be gathered on 
market activities. 

These 1974 Memoranda of 
Understandings enable the Bank 
to identify trends in speculative 
activity and where necessary, 
take steps against tbe building 
up of dangerous situations. 


The Bunk vile* 
occasiun.s when tt did inivrvnn 
bulli with the I.Miutun Metal 
Exchange and on the “ Mill” t tm;i- 
inet.il l cnminiuliiy mar!;-.-!?: 

Intervention mi the " " 

commodity market.- i* rebmdy 
easy in that the R.nik Ii.ii-o with 
the Inlet national '"mnmml! 
Clearing House, which atim.-ts 
(he size u( deposits required m 
regulate the level of trading 

vily. 

In ihe ea-e or :h»* LoruluR 
Mplal Exelianee. the Bank point"* 
uul that a clearing house sist.'!'.} 
would be inappropriate for 
handling dealings in pin skat 
metals. 

Blit it has persuaded the niet.il 
exchange to introduce a ni.itni..r- 
ing system to provide full details 
of forward commitments of tin* 
" riny. dealing " member-* and 
Is hoped this system will he 
fully opera iinn.i| later this year. 

The new nrmnconienis. intro- 
duced in 1974. enable (he Bank 
\u collect far move inform:: 1 - ;i*n 
about commodity price l rends 
that can he passed on to 
Whitehall. iT required. 

But Ihe Bank admits it dues 
not have the capacity it. carry 
its inquiries lieyond ih« UK. 

It claims that to attempt to do 
so would undermine ihe inter- 
national use uf the markets, 
whieh it estimated contributed 
between £2Q0in and CloOnt. to 
Britain’s invisible earnings in 
1975/76. 

The Bank says its aim is to 
encourage ihe markets to 
regulate themselves. 

But it has an ultimate sanction 
of control in the withdrawal nf 
exchange control consents, with* 
out which the markets could not 
operate properly on an inter- 
national scale. 



Investment market cools 


HIGHER INTEREST rates have 
clearly halted the explosive 
growth in commercial invest- 
ment property prices seen 
earlier this year. The cooling of 
the investment market has 
been paralleled by a move from 
crowth to stability m the 
pattern of rents nationally. But 
in both rental and investment 
terms the strength of the 
property markets in Central 
London and the South East 
tiand in increasingly sharp 
jontrast to the rest of the 
,'ountry. 

■' -These points emerge from the 
rictuh quarterly poll of business 
"indicators in the MQ 
market carried out by the Ro>ai 
Institution of Chartered Sur- 

I’cyors m conjunction with the 
Financial Times. 

One of the most striking 
'hanges since the March Poll is 
the near unanimous feeling 
jinong RICS member firms that 
investment market activity has 
stabilised. 

In the last poll 81 per cent of 
firms felt that investment 
activity was increasing nation' 
ally, and over 70 per ccnt_ felt 
that this translated into nsmg 
capital values for all out 
secondary shop properties. This 
time the balance has swung 
towards “no change” in the 
market, with SO per cent of firms 
throughout the country indicat- 
ing a stable investment market, 
and half the Arms suggesting 
that capital values for most 
classes- of property are static. 

The national figures still 
Suggest that capital values of 
prime regional shops are rising, 
with 67 per cent of firms re- 


porting higher prices. Industrial 
land prices also seem to have 
moved against the trend as 63 
per cent of firms nationally 
report that the land famine is 
still forcing prices ahead. 

In all previous polls there have 
been marked variations between 

the regions. And in the current 
poll London and the South East 
again stand out as by far the 
most active property markets. 

There are doubts about the 
trend of office rents nationally 
over the past three months, with 
a 63 per cent return indicating 
a static market. But the City 
of London stands aloof from this 
uncertainty. Three months ago 
there was an unanimous return 
suggesting rising City rents. 
That confidence has eased only 
marginally as in tbe current poll 
90 per cent of firms indicated 
higher City rents. 

Away from the centre there 
has been a far sharper slide in 
confidence about rental growth. 
In the West End office market 
only 75 per cent of firms stiJJ 
see rising rents compared to 100 
per cent in March, and in the 
South East excluding London, 
75 per cent of firms report static 
rents against a 50 :50 *PJJ 
between rising and static last 

n T?iis cooling of the rental 
market is even more ncrtieeaWe 
in the provinces, although prune 
shops seem immune from the 
change. Modern warehouse ana 
factory rents also appear to be 
holding up well in the generally 
more^n/gisb market- But over- 
suuply problems appear to have 

hi I* the industrial market h* East 

Anelia- where the last poll is 
weight of opinion m favour of 


rising rents has swung back 
towards a static and, as far as 
II per cent of the Anns are 
concerned, a falling rental trend. 

In this poll firms were asked 
to comment on the effects of 
Development Land Tax .and the 
Community Land Act on tbe 
market And with few exceptions 
the replies confirm the serious 
effects this legislation and con- 
fttskra over its interpretation 
is having on the supply of new 
building' land. 

The legislation has had by far 
the greatest impact on tbe supply 
of new “green-field" sites out- 
side the Capital. Firms in tbe 
North confirm the sharp differ- 
ence in value between develop- 
ment- sites which have slipped 
through the legislative net and 
are not liable to DLT or covered 
by CLA regulations, and sites 
covered by the controls. The 
price differential between the 
declining number of sites with 
“ clean " planning permission 
and the rest is marked, and 
increasing. 

However. Northern and 
Scottish firms echo comments 
from other development areas by 
pointing out that as the bulk of 
regional developments io recent 
years have been initiated by local 
or central government sponsored 
bodies, it is too early to judge 
the long-term impact of the 
legislation on the private 
development market ■ 

Firms in the North West take 
a similar view, although local 
authorities there appear to have 
been, more active land buyers, 
and their attempts to follow 
Government directives — to stick 
to profitable schemes— fags 


(d) Modem Factories 


(c) Modem Warehouses 


QUESTION 3 

What is the trend of capital values ? 

R 

(a) Offices 5 


(b) Prime Regional Shops 


(c) Secondary Shops 


(d) Modem Rectories 


(e) Modem Warehouse 


(0 industrial Land 


QUESTION 4 

R 

Activity in investment markets S 

F 


resulted in endless abortive 
negotiations over a number of 
key city centre projects. Unneces- 
sary delays over major schemes 
have been mirrored further down 
the development scale. And one 
firm notes that on the few 
instructions it has received cover- 
ing CLA acquisitions. “ the time 
taken to negotiate terms {has 
been) much longer than normal, 
as the involvement of the District 
Valuer adds another link to the 
chain.” 

In Yorkshire and Humberside 
firms repeat the problems of find- 
ing new land as, in tbe view of 
one agent, “there seems to be. 
from a vendor's point of view, 
tbe feeling that the tax will 
affect him greatly. Consequently 
there • is a reluctance to place 
land on the market in this 


region that is creating a substan- 
tial rise in prices.” 

Confusion aver the future of 
the legislation is another com- 
mon theme, with landowners 
standing hack from the market 
in the face of the Government's 
enthusiasm to make the controls 
work and the opposition’s plans 
to scrap the CLA. As one firm 
argues, owners are willing to 
"■Wait for the Tories— it really 
is time for a bi-partiaan approach 
to taxation of land and develop- 
ment values. . . ■ • 

This problem of bolding back 
land is repeated time qnd again 
by firms in every part of the 
country’. One Scottish agent 
sums up the regional problems 
by commenting uiat “ the fear of 
Development Land-Tax and the 

negative way In which the Com-. 


munity Land Act is being 
handled by local authorities is 
undoubtedly slowing down the 
development market. Prospec- 
tive vendors of development 
land tend to increase the price 
quoted for development land in 
an attempt to recoup some of 
the price lost to DLT. Unfor- 
tunately this mostly results in 
the land not being sold at all.” 

Jn- Central London the new 
legislation is creating less 
immediate problems. On the few 
sites where development is 
viable DLT and CLA controls 
are viewed as no more than 
marginally additional' problems. 
Even here, however, firms note 
increased caution by landowners 
who are less willing to bring 
land on to the market ' 

Most Central London and 


South Eastern firms feel that the 
Industrial Development Certi- 
ficate and tiie Office Development 
Permit legislation have a greater 
impact on the market than DlT 
or CLA at the moment But there 
is a general consensus that, as 
sites with historically clear 
planning permission are ex- 
hausted. the development market 
will have to live with a, at least, 
temporary, land famine. The 
legislation is also blamed for site 
price increases caused bv 
developers’ adding a .sea red tv 
value to their existing land 
banks, and thereby confirming 
what are, until development 
activity picks up only potential 
price rises 

One of the key points to come 
over from the poll replies Is that 
agents are confused by the 


effects of DLT and CLA. and 
their confusion only reflects 
even greater contusion on the 
part of private landowners. 

If the industry had dear-cut 
development legislation, with » 
development gains taxation that 
was both understandable and. in 
the landowner's view, reasonable, 
it is doubtful if the myriad of - 
-problems revealed by the poll 
would survive a revival of 
development activity. 

In a thin market, blame for 
inactivity seems to be placed an 
external problems. And. as both 
DLT and CLA are new. external . 
controls, the new tax and ' the 
new law are. inevitably prime 
targets for abuse. 





Financial Times Friday July 1^ X97S 


34. 


WORLD sTOCK_MARKETS 



Early decline on Wall St. almost recouped 

J ■ - — - while now Jon« ;A™ 


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NEW YORK-bow tones 




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Wall Street expectations. improved earnings 

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and 


"sterling Drug. the leading pile improved earnings. to contriDute m tne nse. Plw vao to'Yliso' 'orient* Leasing Printemps, am 

/live, rose \ to SIT 1 ,— numerous THE AMERICAN SE The market was having so* 11 ® vro tn Yi 150 Kokusal Den- Chargcurs Rcnnls. 



Juno 23 ! lV«r*cDnninn.! 


lod. div. yieW % 


6.68 


4.B5 


standard AND BOOBS 

July \ July 


cents 


$54.12, after an mm.ii lbal 
while losses at 


ricliiit? io S3...91. «nui- be unmn **«»* «•“- i; tn s 11 *!’ down ai 

ihc b«ld /«»»•»«•?» far mm •“S 1 "’?. So* “»V Iflim!*} !«ive advance 


Canada 

Markets continued to strengthen 
in very busy trading, with the 

Toronto Composite tSSSR'*?; ■“V**?" 


1978 


SmiT l\«n|iMat a n 


rtf 714 tn RUfl. Turn- |£' c e£ ii i mo re Canyon, oil Atlan- ., ch .‘_ crt ^ . Dc ^ oP ^m“i t an v'' and the past three trading 


a-.i 4 — me tifuipaiu . " ' . ~ p.nlrimnre Weil was awns wuauauucu -- Pnu .„ r yin to YI-MU anu • 

definite conclusions can lease block m the Baltimore hole _8HP finished 10 cents rSlUric y» to YU26. 

from data obtained so Canyon, topped the J^tncs Jown at A»7.5d following a specu- de 2g c gJ* *ger ? h and. Kokuyo ■«* £5 ® a to 1.148.1- Oils and Gas 

,ce of W cents over Toho Y10 to VT-2.0. ^«“ d ahead U.3 to W96.9. MeEds, 

■e trading sosstons. San ™ VII » 'g* Jnd Minerals 73 to 9SM. Bjnk, 1 ’- 

moved ahead Ara bian Oil V30 to YL.^0. Rlken 2J2 tQ 275 95 an d Papers i 2-24 to 
lo A52.3S. "hile \r my \ e Y25 to Y3S . a ’ T 'EJJJ 117.32, but Golds came back 3d 

«... „ hiRher at AS2& BaUki y 2 i to VS™ and Ton Dore ^ w5l 9i 

and BougainviDe Coppter 4 cents Rogyo Y20 to Y610. 
firmer at ASL38. but Western 
Mining came back 3 cents »o 
AS 1.50. 


July 

15 


Julv 

ie 


July 


II j W j i ( 


July 

b 


high I Ut.w , HiRh j Iniw 


dS.2E>; 86J54I 86.91 


IW.7 


104.061110.96 

. i <N*» 
94.52! 100.M 
! ni/<*l 


95-62 
(6/51 
66.90 
tfi/A i 


[' I54.fid j S.M 
/Hfli75i:i30rt/J2i 


. 125.96 I M0 
!(li/l*.h| (L/F.K 


E, iiS S'" xq , 

Foil Chairman Miller {«« hydrocarbons exist ‘tn coramer- sign^rant . 

serve Tu jiut a . brake on the ^ ent increase in second-quarter treated 

n - ii inn's economic iirowiii. ne warnings. , 

] nl nf 1 I ^r n ,e^-ond^qu'arter C net e prof^ sion "of "its Artantic'crty gambling 

pace, compared with AS P* 1 " ccnl ., nt j has al-o settled a long stand- casino. . 
vc:ir. . In" law suit, gained Z to $2ai— 

He’.idile dih..t he »eea t , ?i e |? 1 ? »he Bnard was expected to vote Australia 

nmimuina to rise through J^ wrday on a merger with 


r.iic3 


tn ihc end or this iear. increasiiu. dard chartered Bank 

the possibility of a credit squeeze. - *--• ° 

.lumber nf Wall Street 


Mcito Sangyo 

Hamersley moved ahead Arabiail oUYSO to Nippon ^-» z 

gas discovery m another S cents to A52.3S. while \r| n j.i e y2a to Y3Sa, mppo , f(r 

area of West wer e 5 cents higher at AK-j^ Sakki Y21 t< win 

Husky Oil jumped U to CS43J— Iwi-dii-.yieM 

Germany p^to G buy T ™%ionai -Hu^y 

OeriUdUij shares. United Cmso. which tio >. u .. H * yw »* » *-*1 

Among Stores, Woolwonhs ; put Deg iie pre _Bonn summit ner- sported a West Pf 
on 2 cents to AS1.58. bu LiJecr vousness and the extremely weak r03e c$l to CS 114- 
shed 4 cents to ASi.il. Pj““ e * r state oF the Bond market, shares 
Concrete gained 4 cents a * A | A; g showed more resilience yesterday 
while Banks had BNS Wales S snoweu ,«« m , w d 

cents higher at AS6.30. 


June £8 ’ Yi*r ■>?' wppn-i.l 
4.43 


•A” 

to S82J— it has 

received New Jersey approval for 
smalter-than-requested expan- 



The recent buoyancy continued 


andard - systems lest U in active dealings, with Uranium 

Dala DtaSi to issues leading the way forward 


Tokyo 


than of late and dosed mixed 
with a firmer bias. „_u a „« 
There were selective purchases 


Hong Kong 

Market sustained 
reaction on local 


a further 
profit-taking. 


by a number of major with Blue Chips leading the 



Rises and Falls 

■July 13 1 J uly ITiJulv It 


S4.I2J &4J)Sj 63.80j 55J6j 


«——-3 i-!2S: !*« 

; 714 ; 525 I 686 

. 468 466 1 41 J 

j 36 - 39 ' J7 

i 14 ! 10 I 2Q 



,\l.)..|l Litl- | 

Mr,— . .-nil'll.. 

AW iM I A 

Air l'...llii1- .... 
,\l> rill \llfllltllllll» 

All.'C. IjiiIIiii" • 
IHrali'MiV I , . , 'i , . , r 
Ailn'H Ih-IhI«iiI.. 

A Hi. •*! 91 -ni- 

I Hi* iTialtm-r--. 

AM A V ‘ 

A nirntill Hr—-. . 

All llllt-' - 
tlmii-l-.... 
|l|.i4< li'il-l ■ 

I .ill . . . 

I viiiihiiii.I 
1*1-1. I -I— 

v nut. Hit-'. r»« 

Aim". . 

Am* r.H.rnu' I'ri-l 
Ani. r. tlii i mil.... 

A'l'r'i. 'I.it.il • 

A I \.ll. tin... 

A il.-r. ~l. Illilm •!... 
Ami'i. -Inn-.. • 
Aim" • Ti'l. 1 1* t. 

AlIK'lfk 

AMK 

AMI* 

A ui|“ v 

A Ill'll' H.n'kllM-, 

A Mill" I 'O' Il'iM-ll..' 

A mu'" flwl 

A-miim'I* 'HI 


A mi' 
\im 
A i if 
A mi* 

A in." 
A - 


34 ''I 
22 Li 
39is 
271', 
27U 
421 j 
17J3 
1UU 
S9i- 
25 'r 
54 U 
Wm 
28i, 

12. A 

49.i 

47; d 

42 

28i; 

35 
23,# 
35u. 1 

28 >i . 

24 

Sij 

42ie j 
44 1 

54 
59-j 
32. n . 
17>» 
54 
I4*i 

29 o , 
251; 
29*; 
20-4 
17'i 


34 na 

2 Id 

5 9 It! 

27ie 

27 

41*i 

J7 

lBi a 

35'. e 

23*2 

34 

34D 

28*4 

13*o 

50*, 

48U 

42 
28t 8 
33*2 
23. g 
36U 
29 
24 >4 

5i i 
42>» 

43 
35« 
59^ 
33 
18 
341« 
14ig 
29V, 
251 4 
29i; 
21 
17*4 


■ ■•ritiiiM III*-- 

i.'l'i' liir'n'ni.in«i' 

L'miiv 

rim-ki'ii Vn* •• ’ 

t nlH^lZ«f^U , » , *■ ,|, l , 
(.'■ini in l»- Kiikiu* 
.mu-- 1* iii:l**- 


iMin 

[inn linlii-iiiiT.. 

liven* 

IH-I Mi'll*"* 

Iii-lti-riH 

iv-ni"|ilv hiin- 
IMf'ii Kiii-rnl.... 

I limn.'llrl >ll»nil t 



1 *111*14* K|III|I. 

Uiiiii'.v i IV* II* 

IHiutC.itii*' 

It. •» I. Iiviiiimi.... 

Dmi'i 

liri'^M-r 

t*ui>>m 

I i.i hi. ■ I in*iiM n«-> 

Kaglr I'i'.'lim 

till it Aiilnin 

Knit mini K.plili.. 
KnI'.ii ' 


27 m 

44 D 

32*-.' 
26*; 
10*4 
23<; 
15*4 
26i* 
15* 
45-S 
40*s 
42 
24 14 
26 
45 

Lisin 

30<4 

22* 

121; 

54 

58* 


277i 

45*4 

32S« 

26*; 

101 ; 

235, 

153, 

271; 

15i» 

457* 

40* 

42', 

241; 

26 

43 

113*i 

30U 

23 

127(1 

537 B 

38*a 


J i ill nr. Mjin* HI*-.—. 

J ■‘■tin 4i»liiiyiii 
J I ill n m l.iiiilml. 
Jin MHiHlflWUir'c 

K.'lUr '.."'I' ; 

Knihvi Alunliill'iii, 
K*l«rr In-llMtlmi 
Kniffi Slii-l j 

KirV j 

Kennf.’ 1 *' 

Ken jlrlit* 

Ki> I'll- 

Kimlf i'll L'lerk.. 1 

h!>i|'Pf n>- 

Kiafi 

Kn.vi In 

Ia*«UI«vTi1*1*'- 

Lon Slnm»» , 

Lilibj Ow-Kiaal—i 


A 

\-lilnnl i*i* 

Ml. lli.'lilli'lil . .. 
Ani" L'mIh I’n-.... 
.W*.' 

Aim* I'nilm I- .. 

I -a :i I ill- 1. ■!' •» . 
Hun*. tiiiiTi. m.. . 
Ilnnk'n-- 1'. N V 
Jim in" i 'll 

Ki\l''l*‘l IHlrll.'i. 

J-nirl V f.«nl.. . 
•Hf'l.'liHli Rfll-rrl* 
'JUliA II- Mil'll. ... 

Ht.'llilll 

Vv ll-u. l l..u> 'll' 
Uvll.l'*1lfHI Mil I. 
]I|HI h A l*ll'*.f I .. 

I'rM.'llia 

|I,IH' I. IIKll.ll'.. . 

3 1* •> ilfii 

lt.lj; Unillll . ... 

I -lllllllt lilt 

lllU^KII'A' 

r.rl l.rt M.l 

Uni. r.i. \m: .. 

■ IiIm.-'... 

r.ri.ii-Hn-k I 

tlii.'liu- Kil«' .... 
lliilnt H *1 11I1 *i. .. 
Ili.ilmult'iiMlin. 

l!i l lniiu;ll- 

1 h I' ll ■>•"11 .*M4l|i .. 

• Him.lim I'li' tl» 

< iiiml l.rlll'l* .Ifill.. 

I m ii.ll I" 'll 

I *ri |.'r A lii'llrml 
i Ail. r lln« i.'.l .. 
« nli ii'ilim *''■»■ '* - 

1 i.ii«ii.-«'* ■ .ii.ii .. 
1 . iii mi A ;.'V. .. 


14.-,, 
331, 
49*. 
30Ai 
9>a 
267, 
S4*s 
25 i, 
23 
5a 
26>, 
45 
24.-; 
36*i 
19 hi 
bBM 
5-n 
221; 
18*2 
56»: 
27Aij 
29*i 
284* 
15i-, 
14v a 
37. „ 


16)« 

35 

15 
18 
6-. 
39 Is 
73>j 
341, 
17 'h 
11 
26U 
11. u 
17i« 
58*i 
53 J:i 
40'. h 

16 ij 


i i*r1 • fill t 
I 1— nn *■■> ml*. 

I In. ■■ Mm 1 lull I* n 
l I., mi. -»il III.. \ \ 

1 >|. 1 l.'iili I' l" 

I. .I.'- -li' M -I* 'll. . - 
I In. ll l'ljr' . 

1 1 

1 nn >•■>■•'' 

1 in.', 'lili'i'i-'ii .. 

• 


iii 


1 iii 1 11% ■— t mu . 


1 •* jii ' 
..iiin- 


IMi 
iii. 1 


20 
39 
alji 
iB'i 
241, 
30.11 
53-,ii 
10 -, 
4’, 
50 4* 

23 

40-a 

15*4 

Jlil 

20>* 

U)« 


.■‘nim’.M iii-. . 

27 N 

•In Id l'i* ■ . 

2U- 

••••■: 'in 

iu*a 

11. -If I'.lly. 

40 

- - 1 t-'H I.| 

lb»; 



'ill'.' Mil'll «n. 

21; 

■ ■I.ll.,, mll'llll* 1 . 

40!" 


111,1 


36i, 


191.. 

ii \.v. 

25lv 

• ■»l-"l ('■—>* . . 

U4.* 


36 

• ill -II III, T I’l -HI" 

33', 

• III il, .III 41 f.l). 

29ij 

mill 

25'., 

.■un nr Hint l'•■l•■• 

15ij 

• •111 1 • oL 1 ■dill . 

3 3!, 

t . ^ ■|'f:r linin' 1 

55 


14U 

321, 

49-. a 

30ia 

9* 

27 

54i, 

26 

22', 

54 i* 
265.1 
45*4 
247a 

36's 
19*1 
38*ii 
5. a 
22»h 
184a 
54-.: 
27*i 
2B>, 
28* 
131, 
14* 
37 ij 

16* 
33*; 
14. 8 
18 
61* 

39 J* 
75 1, 
34 
17** 
11 
2BI; 
H7„ 
171, 
58is 
64 

40 7a 
16-a 
20 
39', 
30-, 

39 
241; 

31'* 

53 

io-.* 

45* 

30*i 

23 

4f. fl 

15*7 
' 417* 
20. 

: it*, 
27.4 
. 21 
18*, 

40 
15", 
27*v. 

, =*•- 
41** 
li** 
3b U 
. 19*; 

231-4 
24i, 
• 38', 
237* 
29,* 
26U 
1 15*; 
34 
547* 


K.fi.A«i : 

hi l*NM' N»*. 1 •■I' - , 

W«im 

Kiii"r>i .li Klvcl ilf | 
hmi'ri AirKr'mli*; 

hull inn I 

K.M.I I 

Kiii'i'llmnl ! 

K-ninrh J 

Uli.ll • 

Kj.snn 1 

KHirfliilil l-Hiiu'ia. 

lint. LH-|4 . -•'•"iv-J 
Kir>l"ii'‘Tiii!.. 

F»l. A*l. Hnvlrill.' 

Klvii Vnn 

I'hiu k.'l.' ; 

Fl' ill ■ l" l*lllMT....| 

Kl.n.r 


25U 

16-n . 

29*; 
36 ia . 
25 j* 
391; 
2*, 
22'*5 
30 i* 
21*2 
441.7 
311; 
361* 
13*; 
29*2 
19*4 
271* 
301.. 
36*n 


25S* 
16 
295* 
365* 
23*2 
385a 
25, 
32-, 
30aa 
211 , 
45 
315* 
355* 
13*a 
2978 
19ia 
26 h 
aoin 

35. 0 


K..MA , 

I'.ii.l Mtii.ii ' 

Mrt.... 



Kiniihlin Mill!.... 
Fnf|«-i Jhiii'ni*' 

Kuifluiul 

Fa>,ui' I mi- : 


23*a 
4b .'B 
21 
3634 
9«a 

26ii 

29*a 

10*a 


231.. 

47*, 

20. g 

36 ia 
9i, 
27 
28-4 
10oa 


I5i:2i*7 i'l roup I 

Lilly iKlvi ] 

LlUrfi I mill’ll ' 

LT'kbfOt Am-r'lij 
l.iliv swr Imlu- i 
|, HIS I'.IkiiiI 1 .14. | 
LrMllvInlUl InUI'*-.] 

LhI'I I-"*' 

InnWy Sl.nvt 

L'kc Y iiuhhI'h n.| 

MnvMiUnn - I 

Mm-y It. H • 

Mil-. Unfliiwr.... 1 



Mnnuh-n Oil 

Marl iiv llnll:inil.| 
Mun.lwll Fli'li* • 1 
M»v Uf|i.-n«v 
MCA 

Mi UvruiMtt 

Jlf IhillllHt Hihik 

Jlftinu* Hill 

.Mfiu.'rvx 

Heret' ' 

Vll'ITill Lviii'li- ... 

Mom 

110 \l 

Minn UlfluAMIv 

Mr 1.1 1 L’.HV 

Ul-HSKDlu 

Mi'Iuhm J.1‘ 

Uni 1 inns 

Murphy On 

Nnl'iM'ii 

Nni.ii Cbv iiihui •• 
Nn.li.4iHi Call 


: 



livli. Anlfi. I ll*..‘ 

« ■ .A.T.A , 

lull. « nl'lf 

IlHI, 1*1 IIHIIIH.". 

Cat'll. Klfi'LHi"*....i 

1 1 vii. h'*"l- ! 

livuvnii Mm- ; 

livlivini M'lti't'.. 
i ifii. I'Hi.. Liu...; 

Uvn. My 11* 1 j 

iii'ii. If*. Klvi'l... 

IrlMI. Till' 



I noil yin IVilh'.'i 

lit- 1 1, Oil 


13*4 , 
4354 

9i» | 
27i» ! 
171* , 
73 ! 

52 

38 l 
315a ; 
60*« | 
183a 
2958 I 
29 la | 
26*, : 

27*a j 
36v # , 


15 

44*, 

9-k 

27i„ 

17); 

73*; 

52 

32*4 

31 

60*; 

18is 

29Jh 

39 *» 
25-, 
57* 

26ij 

56 


325, I 
47*, * 
217* I 
2112 
195, I 
1B5; . 
2158 ! 
39*; | 
16*4 I 
75* 
10 1; 
41 
34 is 
31*; 
435, 
I5ia 
215, 
231" 
495, 
24*? 
34 
22*8 
395, 
57 >4 
181; 
325, 
38*4 
57*4 
61 
497a 
447* 

470 

41V S 

2438 

29', 

17iB 


32S« 

475, 

22 

32*, 

191; 

18-rj 

21*i- 

39*b 

15», 

7*; 

10*8 

401a 

35*8 

31*2 

425, 

15 

215, 
2 3 So 
495, 

24 
335, 
22U 
40 
581, 
185, 
325, 
385, 
565, 
61 JB 
50 
44U 
47*b 
42 

25 
30i a 
17ia 


limn* 1 until 

i 

II iif — 1 

Hi'ripi -i'H.'ih . 
>nivw*v S«iirvr...i 
Jih- Muivrai--: 
"I. I.'cyl- IVpvr..-' 
■mila 5> liiil--...: 
Sun 1 line-1 j 


CANADA 


Frankfurt _ 

Loans were also weak. 


•W,™ ]*l‘1- 
ScIil,i7.Urc**inc..' 
>.'hlumr»fr^w ... ! 
;C-M 

'H.iitl Vn*r ; 

Siiftvil Ml? — 

SfiutiierDuii. l»| l 


AMtibi Paper — ; 

VtziiHT" Kau*e 

Mfiui Aluminium • 

\l0iim Steel 1 

V-bO-lO* ' 

i tVan&'H Muntre*.; 
| uan k Novs ia 

Baik' IICMmllW- 
Bell Teiephmw...; 
bow Valluv I ml... 1 


14 

6 

305a 

205, 

43*; 

221 * 

20U 

4.65 

571* 

31 


I 13>4 


Paris 


40 cents ' to HKSl5A0and *1.*/ |60US ;601 ; « phW Bpato 

Light 30 cents to HKS1.6.50. ■ 90.« Sweden 

: (tut) 


30 1, 

CO 

431; 

2219 

20U 

4.80 

577? 

3156 


The rising trend was taken into 
lits seventh consecutive trading 
session 
moving 


Johannesburg 

Gold issues, responding 


Belgium 
| Denmark* 
to I France *11'! 


;«> M.&6 


70.6 ' 


yesterday., the market f?j^er_?_ulllion j ^eimanyi ; : r 


See ConfHini'i. ... 

- 

^enrlWli.LI-1— — 

■W If.-H lll'k .... 

slliUCI.* 

Midi «'n 

Shell Irwi'IN'M... 

5«;nHl 

;|M|||>I|> 1 1 in 

SiuipiK'iti l'*i — ' 
Sinyet 

7'inilli liiliif 

Stiinutt* ■ 

WHIllliIl'U *i 

'•ouiil!u.niL»‘.h'l 

Mnillifin Oj 

tfllin.Niit li«^ 

-muiliern IHfit**'. 
^uiliemicwiwav' 


263a 

23 

145, 

22-'', 

36 

33&b 

421, 

471; 

37*8 

12,4 

214 

875, 

2b B 

297a 

25*; 

16* a 

35*2 

307* 

Sl»4 


I UP Canaria — * 15*4 

Biu- can 18*? 

BrliHM ii 14.20 

L'aiyan Pinner _.i 38*2 
MKltilhivr Miner...! 

Unnnrl* L>menl..l 

Uiiuiil" NW 1^7*.' 

L«n. I mp Ub.Cnni; 


I Lima, li Imlurt..^ 


I Ijin. I'm?* l»f j 

Can fulfil Inv..' 

Uan. snpw Oil...! 
CnrUns O'Keaiv.j 

UMcinr A»U>*los'.1 


155.1 

105; 

12*8 

2814 

205b 

191, 

195, 

62k 

4.7u 

105C 


15*4 

16!;. 

1-4.20 
385* 
161? 
IO*, 
12*4 
28 1 c 
20', 
19t, 
19*, 
61*4 
4.60 
10i, 


modestJy higher in fairly fresh progress across the board. 
quieV VleaBnas ahead of toda/s Jj*^“ "SSSTllS ““ rtM : 

d °B S SteS r S aL?the iS.roven.ent Anigo American rimns 13 «ntt Hang Kon^ 
„on?d l!ave been more pre,- to MSa »"^eneml Mining HP 
nounced had it nor been for the cent* to R3I.W. 


95.62 
708 
790.7 | 7902 
63.0 i 33 J) 


98.13 

(9/1) 

caajti) 
812.7 
( 10 / 2 ) 
87 .0. 
(9/81 


Japan 


• 666.89 1 574.77 j 582.87 
16/71 

61.81 62X0 64^4 

(S&6) 
W.71 


NOTES: r* wnU > OHCH. Mgg ^“7" 

-acimlr 5 nn-mium^ Man 'HwHteMS «sue. h Aft?r local I 

* PMali flNiHMt* unless ntherwisA starert. 
viein *- Ktseri no ner rtivliienn* ulus r ax 

i V Pras 5*ni n * nom "nl^s em^Tmv.'aUnnfiiciaT iradhiB. oMlm*nrsr| 

* Kr ion -i-num. u Me«*r pend.na. 

* Y»n 51* riennrn. ♦ PHI. 7 TtaH«l. 


« eM1 s <BU *Sh 

Singapore . • 


90.43 

(23/6) 

94JM 

16/2) 

47.6 

(3/2) 

769.4 
(17/3) 
7fi.O 
14/41 

383.44 

(13/11 

bo.4a 

Oto\) 

364.04 
(4/W) 

ac.0 

1/61 


fiili 102.42 1 102^21 1 JO.Thl t.'iJW 
! ' ■ * rd/61 1 <V(;.m 

rd|38S.75/38L77[387 1 M0j 

Switzerl'dl/j S9W 


(5/0/ 

I 232.6 

|. I *«.+) ' 


ImMcea and Daw dates (all ease values 
100 eacan NYSE AU Common - sa 
Standard* aud Poors — 10 atxf Tomnto 
300-1.000. tba last named Based on 1015*. 
t Excluding bonds, t WO Inriostnab. 
9 400 IndSu 4« OnMttes. 40 Finance ani 
20 Transport- <J) Srdoes All OnJ. 


if* 

»i.V 


jl'l 


flit 


THURSDAY'S ACTIVE STOCKS 

Change 


Uniiac div. v Nnm, a Share roll*. * Olv 


m> Beliaan SE 31/12/83. t" 
SE i/t/73. cm Faria 


Bourse 1981. 


* Frs sw iipnnm end 


t Seller. 


1 <U3HHl 
* Aasumml 


dam. InQustrlal 1970. (SB) Hang Sens 
Bank 31/7/64. >1111* WUno S/1/71 (OJ Tokyo 
New SE 4/1/82. <n> Straits Tfmea IKS 
<c> aased irt* Madrid SB SW1W1 



Slocks 

UI0SI1IE 

on 


iraditl 

prltf 

ll«V 

Slrri mg Drag 

ODa.OUU 

171 

+ 1 

Texaco ... !■ 

574.6D0 

25 ; 

+ 1 

Scare Roebuck 

meuu 

!£!i 

— 

Owens-Illinois 

240.580 

2i; 

— 

Florida Pontfr £ Lt. 

2W,1 130 

27i 

— 

Kamd" Mm 

OI5.6W* 

IT! 

— 

N.L. Industries 

214.200 


-1 

UAL + 

2O2.B0O 

31 * 

-i 

BristobMyer* - 

182-300 

errs 

— 

Mattel 

190.0110 

us 

+1 


Uli ielt»*n. .......... 

Uuuixi-n — • 

Chhii-. UelhiiM... 
L'««*unHT Oa-.... 

U>H?kn Hc-omvtt 




li.pnlllfll II. 
lnnnii viti Tite....' 

( HI 111 — 

i s M« i'l" W. K. I 

iii. At inn IkfTwi. 
iiin. NihiIi lion.! 

i'l | 

Cllll A Wot.ll-1 11. ( 

lillll • 111 

Ufliiiuirum : 

llniiiui .M nuns...! 
Hiu iiivflilffifi .... 

]1,rii. I 

Hfiii/ H. -1 j 

tlvlllilflll - 

Hfwif Piii'hiinl. 
Hi.ii.biy Iiiiih-- 

1l.llllVI.lMLf 

it,invywfii 

H.H.lfl — ! 

"'ir|^ Aiiivij 
11' NI-l'HI N»i.(n«» 1 
HiiiiiiPli.A|i'hiii| 

HuIUhi i K. !■ i 

l.f. ||hhlMlW„.| 

l\.\ J 

IllU'ri m*!' IIhiI'I.— . 

Ilibiil'l ' 

I II-- 1 1 


2B7b 

225s 

16*2 

305, 

26*, 

65a 

25*, 

12*8 

13ia 

2458 

61*2 

385* 

161* 

57 

40*; 

26 

83 

17Sg 

341, 

57 

11*4 

31*4 
34 
101, 
15', 
25'" 
4Ha 
56 1. • 
35>, 
' 14. * 


2878 
22 7 * 
16:-, 
50), 
265, 
61; 
26 
12- a 
13.6 
23i, 
61 
327, 
16 In 
56., 

4 1 !i\ 

25a, 
82*} 
17m 
34 1 b 
57 
UW) 
32*., 
241, 
10-4 
15'n 
25i» 
411s 
5bi* 
3dlfl 
14. H 


\H1. 1 Ur I llll'l- 

\Nl M'lIM.V I ml.! 

NbIiuiihi SlvVI....! 
NMifiim- I 

Nuit ; 

NflAimf lm| 

\':n KiikUihi* W. ' 

Ni-u Kn«iiiiii» Ie'; 
N iH”nra Moh»« L, 
N myara c«h«r»* — I 
N.L. luiliiHtncu... 
Ni iiimllJt Wi-lvni 

N.mh Nai.Cn* ..' 

N ill, i. -SnilO Pur' 
Nil,uf*i AirUne*; 

Mliuerl IlMMilHT 
N.iiliiilt‘iuu'11.... ' 

l ll.fLll.'UlMI IMP-, 

Ij*:n'" MaiIivi- 

• 'III. i Kilimm i 

Uiui 


21*; : 
16 
30 
42 >, 
54*8 ' 
18 lg i 
21*4 
33*8 ' 

14*4 

103b 

183b 

241* 

40 

251a 

2818 

24 

18 

215a 

55 

18 

147a 


22 

151a 

30 

42*, 

53.8 
18 
217® 
33* a 
14 
10*; 
185, 
243» 
40*, 
25 
27 L; 
24 
lBJs 

21.8 
56 
18*8 
14t b 


Tjnuihlanrl 1 

V»'l HHn'hBW-..) 

■> perry Hutch j 

■»l*rrv IDuv* I 

‘ 

MMrhlanl Bram*".; 

oni.IHlUalil'irnin' 
St'l. Ull I ml mm. | 

Ulri.Oll < linn 

mnud (.■lieu* 'rale- 

rilerliiiy Um» ; 

3lin1e(*kcr 

->iiii tn. 

7<u l it I -tin ml 

4y lllet 

I.vlinicoliir 

I vhi n mix 

IvUHVIH' 

Teles ; 

le-lieeu 


27 
26 
1758 
411; 
36 
275* 
595* 
485| 
3 1*3 
40*3 
161* 
61*4 
42 
44 1« 
31 
125s 
42*4 
98*8 
5*; 
51*8 


Unno Llevei 

L*em«u Mine*—! 

Ur.m II IOC" 

Dome PetrtHHini, 

Uiniimon Brniyf 

Lk-riltar. — 

Uu|iuiil....— - j 

F»ln»n *«e Nu-kei.l 


25 

27*8 

28 

381* 

6-lB 

121 ; 

9 

75*4 
87 *s 
67U 
245, 

rai,- 

141; 

23** 


I Foul Motor Can i *-75Va 


22 

27 

28 
177, 
6.37 
125e 

9 

74*4 

88 

67 

243, 

181s 

14-'s 

225, 

741* 


n Schllttmtt serin 


"'o^t^'v^vVWui^ahpr ovniUnn Hnh*« IncreaEvn. 


1 Rank Coro. /«* Unavailable. 


GERMANY 



Price 

+ .ir 

Div. 

Jmy 13 

Dm. 


% 


. \fc.U .... 

Alliaui lerMfh... 


47 Pdf : 31-21 3-S 


;aa.»' 


YiT. 


5.9 


IHyriM- Millie-.. 
Il’.ii'ilh tnrulli^ .. 

i*»viin IIiihiIi. 

I I'M' III! lli" 

1 Pin'll if Ll;lil mj; .! 
ISu Pur. A Llil..; 

I’nIi Am Wi>pl All; 

pNrt.fi Haiiliiliu. 
I’i-hIhkIi I III 
Pin. P». A L... 

I 'flllll' -I. I' 

IViin/nil 

I'isHiki I’m; 

Po i| ilvn l.ic- J 

i'e|iMiU, 


u*M 

(nil. r'lMiM«ii~..... ; 

lmi. Hni i.-lvr ... 
Inn. Mm* (.Ticiii: 

Ini*. Miiiiiltt"*'-. 

! 

inn. I’m*' 

I i'li 

I III. Hf Mil ! 


259.37 -’583.7 


1 ill . Tei.i Tel— j 


I lllflll 

ii.iiH 

II. lnLi-mM wiia 
Jim Mailer 


24 *; 
36<> 
36 
2Hh 

15*; 

40 

34*; 

IQ.. 

30J, 

1 

351, 
ll = i 

29i-i 


241; 
3Sw 
36 j* 
21** 
151; 

40*i 

341, 

ll'a 

505* 

1 

351; 

1X1; 

291. 


23 if : 
29. a ; 
21*; 
2o*S 
20 1 
K 1 1a i 
678 , 
235, . 
24 ! 

21*1 
361, ■ 
27*, ; 
11 ! 
35 , 

29*; I 


24 1 0 
30*4 
2 1 >2 
23*4 
20 
2178 
67 S 
24 
235* 
211 * 
357 8 
27S* 
111 * 
34 7 4 
29 <£ 


Ivmui* PeinrtlHiiu 

rexMi-n 

TeuiNHiili 

Icah- EM»teru....: 

l'Kfiu ! nut'll*. | 

IV min Oil & tint— 
IfSHN I tlllllW..... 

lime. In* 

I'true* Muiw | 

luii k eu..— ; 

Tnuie 

tmii-uiPrl.N 

Vnmroo i 

I miiB l. iuon ; 

Iran-uav llllr’li.; 

I'm ii. Wnrl' 1 Air.i 

I'ntifivr* 

In tlAnUnvniai 


lieiiMtnr. 

U init Xerukiuic 

Mull UUCKluutn.. 
HNuHer Sul- Can. 
HnlHiiiier 

Hmne Ul* "A* — 
HuO»m Bay Mnjr 

H.nlmn (Jay 

HudnunUil !*'«• 

-A.C — . 

Imanen 

Imperial Ull ■ 

I lmi 


291; 

12*4 

281* 

7*4 

36*; 

42 

17*2 

22*4 

455* 

193« 

335fl 

18ia 

171; 


29 
13 
28 
7 ia 
381; 
4X>s 
175, 
22>; 
455* 
195s 
33*4 
IBS, 
171* 


585 .saSilissii:. 

318 —1 ! 18 I 8-8 

229.B.— .... : 26.56jll.6 
75.9+0.9 1 - 


rtuyeiHvi*'. 
UuivrVerem-l*. 

I. :ha»nl.Nv«l.'*rt» 

(.'•intiiier/lMiil. 

L-mi Cumuli 


1.-1111 ------ -.JO I'l' 

1 1« mi if r Hen, — ^®' ,Z 


Ufaii— a 



ilfiil "'lie lUmk.. 
Uie-<Iner Bank... 
L*Vf kerhnlT Zenit 
•ileltolTniin; — 
I Hapaa Lhnni 


253 : -l .17 

155.6-0.5; 14 
301»— 1 |28.li 
240 : -0.4!28.ld 
185«c— 6-5 i 9.36 
201.5 ,-U.S I 12 
123.8 4- 1 1 14.04! 


Imlal 

IuUihI >ai- (/■*.. 
J u L' | ■- v Pipe Lutv. 


13*8 i 
11*4 I 
15U 


Kj, ie«r Kfsoiu'f-. 116 


r.it.w i 

Akh Uvllturs FmSi 
l.a.l: 

I.AKCU • 

Llil 

Uillivvvl I 

Limeier NV | 

C iiiuii Banvot 
Ijiii. hi Uarhi'ip... ; 
L n, un Uummew 
Cuicn UnCaiil.. | 
Union Pacific , 


1'i-rKin Kluu-r 

Pvt 

I'licll- I 
L'lnli.lfll Jim Klf. 

Pllilip Jinn i- 

PlllH||»- IVlI’i'lil. 

I'll-lHiry 

Pitllfl (kfU, 1 ? 

1*111-11111 

IjH \V\: 


23^ 
541* 
331; 
207? 
17 f* 
67 -* 
3 li* 
41, B 
25 
21*2 
17 H 


25ii« 
54is 
33 1; 
20 7 & 

17S B 

675, 

313, 

415* 

25 

31- a 

17*, 


/I -In i ••I'l.. 

r> .I .. hit Bii-'. 

I'lli liii/ii-iriv>.. 
1 1'nvli'f iiunniic .• 
Kiel . 


j I'li" ->>'iii' 

, I'lllllllNIl ... 

/'ll".' I 

iJiiHkvr Hair 

If.il'i'i Amurb.'aii. 

I!m i liwu 

lit A 

llt'IMII'llf-le^-l... 
Ki-'.n- I nil 


39 , b . 
16>4 

26Js 1 

88** I 
215. 4 ' 
33M 
I6i's 
24 
11 

49: a 

265* 

22>i 

825, , 


39. c 
155* 
265; 
86*; 
Z2-* 
31. B 
165, 
235, 
10 5* 
51 
26 / B 
223* 
88 


t - ! 

l-iiitert Braip l-.— 
I'd Haf»"iV| 

CS liyp-iiiii ' 

LPSIiiv 

La 

L Twtin' ■I'lRlf'., 

IV luelll-Ar'l* ' 

V i r" in in lyln-'U... 

II ni l, Iff ii 

Mariifi 

Dwinfi'lNiiiivn. 

*Va-|f Man' infill 
Weilri-Fars*" 

WerUni bani-"i7' 
VVe-ieru N. Ainei 

IVvinii 

W,-llli;li-v Kin i 


iMuri Fin. liifi'..' 

LnjBUut Com. 'B'.; 

M .'mill'll Hiin.nI*.' 
Ma-oey Kernui-n' 

M.-lniyrv ’ 

Moore C4M'|n ; 

MuimlaiiisUiivKr 

Nomniin Miiua>...| 

Non -fin LiivitU-" 
NlDn-Tea-oio...' 

Niimiu- Ull A. <.!*-' 

Onluo.n 1 Pe-iri'ii'. 

l'afiDt Uop/ivr )l* 


8Ss I 
4.20 I 
19 | 

jz»s ; 
231; - 
375s . 
3.85 i 
26 [ 
16*4 1 
32*; I 
36*2 j 
4.3U ! 
i-95 : 


135s 
11 
154 
145, 
8Sg 
4.20 
185s 
12 L; 
24 
375, 
3.65 
27 
16*a 
32*; 
365s 
4.40 
2.05 


Harpener ... 265. 2 SI— 0.8 i*t8-72j 

1*7 .+0.3|l«J./S| 


Hi^earli 


Ml— aH'- 1 i 



W billin'* >1 ' 

W'liiie i '«■**- 1*"*-. 

Will lam l I 

lVi«i,»in klwl..| 


Pm-iliv Pi to ilmiu'i 
i*an. Can. l'd'ui.j 

Patino ! 

Peoiuer. Ueirt. s.. . 
Place Cau^t Oil... I 
P«f«rLK'VC*0|tnil| 

Power Uorpntsi'uj 

L*nve.'. - | 

ijuel»v si'ireW'ii 
lianftfTOit J 

lieei kliau ; 

Kin 

Ilnyai Hk.ol Un. : 

h'.iiul Tm.l ' 

iff pli v K’-uurif • 
Mt;nui'.... ' 

"Ilf" lAfUUlN 

•ilierrill li. .Miiiv 1 

uvli'il- *.*. I* 

Sun, er"ll : 

•lee i "i laiuuia.. 

ile*-|i l.'o«'L lion.. 
IV am i * Laiui.ih . 

I ■ ui'lito liniii. Ilk. I 

liau-tHiil'i)«.'IJi' 
trail- Muon, I.',-! 

I'l ll VI' .... 

L.iu>m ua- : 

l I'l. ’wk 'I Hl(" i 
M alkei Hnuni... 
Wcrl I.INI- rfrnii' .' 

WcutouCPii i 


365b 

335, 

1154 

4.80 

0.99 

225s 

164 

14&s 

138 

33 

10*8 

321; 

33 

18 


83e 
26 ; 
143* 
5.50 ! 
31 
51; 

25 4 ; 
2.71 
4U; 
Z0 

1358 i 
0 
ns 

ii 

74 ■ 
334 
114 i 
18 | 


3BT, 

334 

1154, 

4.75 
0.97 
225s 
16 
14 
1.35 
33 * b 
104 
321; 
321; 
171, 

8*; ' 
25&a 
154, 

5.75 
304 

3*2 

25*, 

2.75 
41 
194, 
154 

8: a 

115 

11 

718 

33 

ll'* 

174, 


Hon. I 

Kali urn* sale i 

KarKa>ll ! 

Kuulbof I 

KiiN-kner UM 100.1 
KHD - [ 

Limfe.^..'. j 

l»iuenhiwi 107— . 

LlllthNIlM * 

MAN —( 

Uanneinuinn 

MetaUnea - 

.'I ii lichen vr Kuefc 
Nei-keifiiHini..— • 
l'rvu»*n L*M LOCd 
Itbeiii "'eat, Klee.' 

•vli^nn" 



.un Zuvfcer 

Illy iwn \Jj 

v*rta 

VKBA 

V'ere ins A Weal Bl| 
Voi l» wagon 


44.8', + Oldl 4 
138.3 +-3.2 i 9.36 


145.5+0.6 |14.N 4.8 


TOKYO 1 


July 13 


■Pnoe* 

Yen 


AhhIii GIriui j 

Cn-ila ; 

Uiinoa. ! 

Uni Nippon l*r*nt 

Fuji Photo | 

Htiai-fal I 

U<hk6i Mmon.... 


321 

473 

698 

440 

576 

645 

261 

574 


+ *’* 


House Food t.210 


i |toh M I iWd I f ■*» 

llu-Yokaiio 1 1-470 ,-rjp , 30 i 


'—5 

>3 

1-11 

-is 

:+a 

>—3 

E& 


(5^ 


Yid. 

% 


14 ! J-2 

12 1.3 

29 1.8 

80 * 2.'3 
18 | 1.6 

15 1.4 
12 1 2.4 
18 I 1.6 
35 I 1.4 
12 


AUSTRALIA 


July 13 


4.7 

34 

4.5 

4.7 
6.9 

2.5 
3.0 

5.7 
5.7 

7.4 

4.4 

3.4 


701 

Z.6Z0 


do 


Jaffa- j 

•I.A.L. .i^.uiiw | 

Kmisal Eled Pw '1.260 |+40 

Konutau I 346. —3 

Kubota. I 281 !+l 


13 I 0.9 


t-Ceramie — 


316 j |23.44’ 

227 + 1.5 [18./1 

aj^'-o.s . . „ 

181 ! + 2 llB.761 b.2 
u4.5' + 0.5 
260 ii-4.5 i 25 i 4.8 
1.410' I 25 j 8.9 

103 0.5 I 9.56| 4.5 

201 ,-0.5 ' 12 l 3.0 
.159 ,+ U.7 l/.IBJ 0.4 
233 -1.7 : 10 2.1 

565 ' 18 I 1.6 

143.5.-0.3 ' - ! - 
122 ; + l J — - 
lc6.bl— 0.5 I 26 6.7 
266.5nl;+1.5'2a.l2| D.3 
284.8+ 0.8 1 16 2.8 

250 i '.2B.6ti 6.3 

116.3-0.1 jl/.l# 7.4 

175ri' 14 I 4.0 

125.5 + 1.9 ! 12 | 4.8 
286 '—1 18 i 3.1 

223-3 +2 I 25 5.6 


Kyi*>' 

Uatsuebiia lial...| 

MitsuWnbl Bank. 

UiuuhlatiiUeavyj 

Mite, ib lain Cory. 

Mlfaui A Co. 

Mitsukoabi ~-' 

Mpprm L>BnBn , 

Nippon 5binp,n_i 700 
Nuwan Mutora— ! 788 
Pioneer— 11. 7 60 
TWiiyn Kiectric. 

SekiNui Prelab—. 


4.110 

737 

079 

128 

438 

323 

601 

1.520 


!+i 
+9 
+ 1 


258 

BOO 


sliiwklo !1'200 


+ 20 
—14 
1-3 
1-30 

!— 1 

1-16 

i+10 


railbo Marine ; 

lakeaia Cheiuu* 1 ' 

(UK 'i 

I'eljiu •! 

fokio Manuc 1 


4.0 

2.6 

2.7 
0.4 
1.4 

1^ 

4.7 
1.6 
2.2 

1.7 
0.5 
0.9 
1.1 
1.4 
2.3 
1.7 
0.8 


+ “ 


Auat 2 — 


ACIUJL (J3 centi - 

Aviqu Auiiralw-....r— 
.VlhertMna.Tpifi. 1n.ia.k1 

Ampor Kaplomlinn 

Vmpoi Petmwum - 

Assoc. Mineral" 

.Woe. Pulp hiper SI — ... ■ 

Vsfoc. Con. Indnutne*....'., 

Auit.FouDnlaLim (newt.... 

A.N.I 

Aurtnnea — — 

Au«t. Oil & Ga- - I 

Bttinbnn Greek GoLI...... 

blue Meta* I art 

Bouipunvllie Copper 

OnuuWve ladirtrle- | 

iflvken HHI Proprieurv... 

BH broth - 

Gad ton United Brewery.... 

LL J. CWva...._ 

G5U«I) - 

Uuekborn Cement — 

Can*. GoWifiewli* Auat 1 

Container (41) — 

Uxuinp Klocinto 

Codt&la Australia. 


Hi.ii2 

+4.*‘5 

+ 0.01 


fokyo rfhibauta . .1 

foray — - , 

[nvi-rt* Mi*i.r —.1 


243 

,T AW 

+ 4 

ll ! 

2.3 

412 

+ 5 

i lS 

1.8 

.280 

UlO ] 

jo ! 

0.7 

123 

• + 3 

10 1 

1 4 -l 

490 

■—4 

ii 

1.1 

,150 

.+ 10 

d ! 

: 3.5 

327 

-r3 

Id 

1 !■» 

141 

- 1 

10 

I 3.0 

154 

— 1 

10 

3.2 

900 

'-2 

20 

! i.i 


Dunlop Rubber iSl) 

HSCOII 

KMer-cmuh 1 

K.Z. InriirtTiert — 

Gen. Property Trust-.- 

Hametkle.v 


diuker..... 

Id Aartnilla — - 


l nter-Copper.„.._ ............ 

Jenmni** InHurfrie* 


Source NikKf* MecanM Tokyo 


I AMSTERDAM 


-liilr 13 


Price 

FI". 


+ vr | Uiv.:iiii. 


“ • i • 


r UUL f asked. * Praded 
ll New «oCk 


FOOD PRICE MOVEMENTS 


FOOD PRICE .MOVEMENTS 


July^l3 


BACON 



P.U1TER 

XZ per 2U kg 


English ppr cult . 
Danish sailed per ewif 


12.51/1262 

72.99 „ 

74.4S/76-3' 


CHEESES 


NZ per tonne 

English Cheddar trade per 


1.161.50 

1 , 202.10 


EGGS* 

Home-produce: 

Sige 4 

Sue 2 


3.00/3.2? 
4.25/4-1 0 
July I® 

P 


BlilsF 
Scottish 

KKCF 

Eire forequarlersi 


killed Sides ex- 


54.0/5S.U 

$ 


54.0/64.1) 

33.0/34.3 


L.V.11S 

English 

NS PU-P.Ms 

PORK l all weights) -, fi 4/39U 

POULTRY— Broiler chickens 3b. ■ - 


35-0/44.0 


• London aas «=*+*- ■i**—*-- 
Unavailable. I For delivery 


Week aso 

Month ago 

£ 


1.11.1 

1.05HJ 

1 .US.) 

1.075 

I.«s.‘) 

l.Ofio 

1.0S3 

1.U65 

12.31/ 12.IT2 

1251/12.62 

72.07 

71. S5 

7.7.0S. 76.72 

72^5,'73.SS 

l.hil "iij 

l.llHJ.iH) 

1.164.30 

— 

2.B0 3.00 

2.40,3.40 

4.2.i ‘4.70 

3.B0M.5U 

Week aso 

Month ago 

P 

P 

nr.-D, r.H.o 

55.0.5S.0 

35 0.38.0 

34.0.36.0 

ko.o m.n 

60.0. 6S.0 

Si.S.'Sa.U 

50.5/52.0 

35.0/44.0 

34.0 43.0 

30.5-39.0 

36.0/37.5 

120 engs. 

t Delivered. 

■16. 



BASE LENDING RATES 


A.B.N. Bank 10 % I 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 30 % 

Henry Ansbuther 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Crnce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Bunque Beige Ltd. ... 1U “» 

Banque du Rhone 101% I 

* relays Bank 10 % 

Barnett Christie Ltd.... II % 
Bremar Holdings Ltd. 11 % 
Bril. Bank of Mid. East 10 % 

I Brown Shipley 10 % 

Canada Perm t. Trust 10 ^ 
Capital C & C Fin. Ltd. 10 

Caya/r Ltd 10 % 

Cedar Holdings 101% 

l Charterhouse Japbet... 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits... 10 % 
Co-operative Bank ...*10 % 
Curinthian Securities... 30 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transcont. ... 11 % 
First Nat. Fin. Corpn. 12 % 
First Nat. Secs. Ltd. ... 12 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank 210 % 

■ Guinness Mahon 10 % 

■ Hambros Bank 10 % 


1 HilJ Samuel §10 % 

C. Hoare & Co tlO % 

Julian S. Hodge : H % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 
Keyser Ullmann 10 % 

Knowsley &- Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 

Midland Bank 10 % 

l Samuel Montagu 10 % 

l Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Rcfson & Co. ... 10 % 

Rossminster Ltd 10 % 

Royal Bk. Canada Trust 10 % 
SehlesinBer Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. 11 % 

Sheniey Trust li % 

Standard Chartered — 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidhiw ... 101% 

Williams & Glyn's 10 % 

Yorkshire Bank 10 % 


I Membf-r-K or the AccepUu Hoiuf* 
Commute.-. 

7 -day dcsastis 7C». 7-momh dvpwiis 


T-rtrry dCPOSilS 00 JUH1S Of £10. WO 
and under 6i*i. up id £23.000 7 
and over £23.000 72 'i. 

Call deposits over 11.000 f%= 

Demand deposits f}°». 


Alinli' iFl.d)' ' 

\k7fi iPiJnJi 

\.Uvni HnLi F i.il* 1 ; 
VMhV .Ki.Ui i 

\inrmnnk iFl.itn' 

buvuLT.n • 

H-iLfl Wvt'lxilFiUf 
Lhilinn TvitMi.le' 
KlaenfrV fFlJiUi.J 
hiumN.V.UCTiivr; 
Kuro Cviii'CnIiPIHJi 

(. L ~tB|...m.l«-iFlC',’ 

Hf inf ken iFl 

Il'iopn.f if f FIJSOi. 1 

H no lw D.» Pi. ICWi.; 
K.LDL tJfl.lUOl — 1 
liil. Mullen 12 Ui... 
Naarxlfii fKI.IOi....; 
Nui.Nvi* Ins.iFl 10." 
NedCreil 

Ned Mid Uk(FI.»3.| 

l.*«j(K1.a)| ! 

Vnn Uminv<vii....i 
I'aLhK-J iFl. »i.| 
Flilb|o. i FI. 10.... .1 

KlusfchVeri 1/1.100)! 

Ifnlu^v if'I.CWi 

Ifi »l i mi ■ 1 1*1. SOI... j 
i.'niviiii' if'i. Mi...! 
ifc*ymi«iri-liiPi.tt/ 

3|n%fii6nrn * 

■Jlv* l ill Jr*, fl’l.a'i; 
r..kv.ii’N.'. Hi.lv.>; 
Lmlfvii il'I.s'SOi. 
ViKiiii*lLc-s. I'll ill 
WV-NMHirdU..llHIlk 


106.5' T l.o ' ,28, 5.3 
08.7 +0.1 ■ — i - 
364.7.-0.3 , 23.5; 7.B 
81.441'— 0.4 . ou 6.1 
76.1 —0.3 , 23-51 5.9 
ye 1+1.2. 26 I 5.4 
119.2'— 0.5 ; B2ii 6.9 
70.61 +a5 2b 7.4 
27u ! + l ' 27^2.0 

IdS.C 37.5'. 5.6 

68.5; ; 94.51 5.0 

55 —O.l ■ 20 5.7 

102.4i + 0.4! 14 3.4 

32.5 ; - ' - 

25.4. — 0.3 12 1 4.7 

161.5 -1.7 j (5:5.3 

47.8+0.1 : 19 «.u 
34.11-0.1 I2.5i 3.7 
99.7, +0.2 48 j 4.8 

52.;i + 0.3 1 21 8.0 

197.51 + U.1 1 22 I 3.6 

164.6 —0.2 ) 36 , 4.7 
140.1-0.4 j 8 j 5.7 

35.8—0.2 — 

26 !— a.l I 17 
79.2—0.9' — 

172.5 ;i28fc 

132.6 - - . 

122.8 i9.3: 3.8 

132 +0.6 3J./b: 8.1 

238.5 + .7 | 20 • BX ) 
131 .-0.8, 27,7.4.2 

132.5 50. So! u.fi 

122.2 -0.5 42.' ! 7.0 

41id +0.2 1*0.201 1.2 
401.3. + U.2 33 14.0 


6.5 


7.4 


BRUSSELS/LUXEMBOURG 


July 13 


frln 

Pm. 


,Vrt«* ;2,390 

Ik,. Brt Lamb... H.»5 J 

lleki'n -I*" 11.960 

CJJ.If. femem.... l.»64 

■.Lo-kenn • 460 

lit* l.- 2.350 

K*e>.'in*>vi 6.580 

r'aiinnuf Nat 2.7U5 

•.l.lt.luiiK'Hii,. 2.2SQ 

ii+oten 1.306 

H.4>riL>'ii S.490 

1 ni em-m 1.755 

K re-llft tnilS 6.800 

LMlbriB... UfU,v.. 6.710 

l*rin Hiihlln; 12.620 

I'oinifiiu...... 13.780 

in.- livli H*ni,iif.j2.976 
a.*' lieu lieicinuel 1.920 

N,|liu, J3.165 

anivav |2.400 

Inu.-tiiiii b'ie-'l |2.640 

LCH | 926 

Un Mm.f |i|0> | 738 

v tertle Mijulacn 0*1,4 72 


+ nr 


+ 16 

+ 15 
1-60 
+ 34 
—7 
j + 20 


Div. 

b'n. 

Net 


YM. 

% 


72 

116 

100 


177 


; |4a0 

1-50 1 170 
' + o 150 

:+io j 86 

i+10 :i7u 
” (142 


4.6 
6.9 

8.6 


7.9 

6.5 

6.3 

0.7 

6.5 

6.8 

8.0 


1 aura [David) - 

Leaoaid Oil..— — — ■ 

Metals -Exploration— 

MiM- HnKtinu* 

Mya Kmporiaui — 

N ern — - 

NicliDhui lutcraartonal 

Nortii UivketiH'dllutS raOi-il 

tMkbridjKL.^ | 

OU ieftreb.. 

Ijtter KxpJoratuMi — 

Pioneer Concrete - 

KvckiLL A Col man 

tL-C ; . 5le4;b— 

nouthbuid Minliut — ...I 

d|«irsoB Nxptoncrion ... I 

I'kuu id*.: I 

Waltons. - I 

W,»tcni Minme laOcent*.! 
WiN'ln otili» ; 


t0.63 
t0.84 
■fZ-10 
tl.SB 
tO. 84 
tl.16 
*1.24 
11.65 
11.08 
11.60 
10.40 
tO.56 
tOi30 
tl.12 
tl.38 

♦ 1.70 
♦7.50 

♦ 1.22 

♦ 1.76 . 
♦2.04 
+2.97 . 

♦ 1.26 
♦3.15 
TE.30 
♦2.60 
:1.6E 

♦ 1.38 
♦0.90 
♦2.25 
t2.65 

♦ 1.67 
♦2.38 
♦0.73 
♦ 2.22 
J0.27 
tl.16 
♦1.16 
♦ 0.22 
tO. 28 
♦2.25 
Sl.71 
♦2.35 

♦0.82 

ti.as 

♦ 1.80 
♦0.14 
♦0.41 
♦1.56 
♦3.00 
♦0.75 
10.36 

10.36 
11.85 
♦ 0.86 
♦ 1.59 

♦1-sa 


j-AOl 


+0.01 

+0JI1 


OSLO 


Joly .13 


KetKeti iJaoK. 1 

Hurrenaani I 

Crolllbauk 

Nosinoa 

Kmlilkawaa 

SHimk Hvlmkr-BC^ 
9'torehninri 


Tfve 
Kmnei ! — 




93 ; _! 9 

65.0; * - 

107.5 ; li 

215 +6 20 

105.51+1.5 - 11 
184.5,-l.6| 12 
08.75|..._ 7 


1 y.7 


w.s 

9.5 

10.6 

, S - 2 

1 10.1 


WXD! 

i\i i * 


BRAZIL 


+ 0.02 

+ 0.01 


Juiyl3 


"."TKT 

' Urnz 


’ -+■ 01 .crtulliiT. 
- Div. | S 


+0.M 


-*i-l 
+ 0.02 
+4.01 
+0.01 
;-6.0 1 


wL.'3 

U6.BB 


Acwln* OL* 

UaiWtidn Brazil... 

Uauco lout 

belfto Mlnelm * * P 
LjJa» Amer. OP.. 
PeU6bm> 

Pirelli 

i dnuza Cruz OP — 

iruip pu 

Vale Km Done PP 


0.99 !+o.ii2lJi.r<!i2.i: 

1.99 j-0.01 0.17 8.54 
1.30 IO.37S0.5 

1.92 |-o.oaa.oe;4.i6 .. 

3.26 l+u.Ul J.20r6.13 
3.33 i+B.L^O.13 3.90 ,, 


1.48 

2.76 

5.50 

1.25 


iJ.ieiO.BI 


IIW.I 

—0.(19,0.2418.53 


O.KCli.54 

+ 0.V4I0. lBiM.40 


Turnover: Cr. l25Jm. Volume: 64.1m. 
Source: Rio de Janeiro SJE. 


h-OJl 


46.10 

46.01 

+068 


JOHANNESBURG 

MIMES 

July 13 

AnfiJo American Cotpjl 


H6-02 




East DrtefHuein 
Elsbunt 


1+061 

1 - 0.01 


1 Harmony 
Kinrora 
Kloof . 


1 - 0.02 

+0.Dfi 

40.04 


St. Helena . 
Sontt Vaal 


Gold Fields SA 


-0-021 De Bccra- Deterred — 

+0.01 1 BlyvooruJtlicbt 

East Rand Pt?. 

-OJH | Free Sum Geduld 


+6JM 

+0.16] srUfomein 
+ 0.01 

West DHfifoalelr 


'*661 

1+0.01 

-0.03 

1+0.021 



Rand 

+ OT- 

WI 

SJ5 

+0.12 

mSI 

3.80 


M... 

13.1.1 

+ 0.45 

wmtmm 

3.05 

+8.I5 


d-90 

+ B.a) 


6.95 

+0.10 

M1 J 

10.30 ' 

+0 35 


153 

+6.03 

Uf „- 

15 73' 

+0JU 


9.05 

+010 

tlM| 

24.80 

+0 25 


5.05 

+0.03 

-1## 

7.03 

+6.18 


5.65 

+0.03 

, ||ft 

455 

+0.(5 

. 

30 

+0JU 


17.00 

+0.59 

•<*V 

13 M 

+ 0J!5 


5J3 

+0.25 


5.35 

+0 .25 


38.15 

+0.73 


♦3SJ5 

+025 


35.00 

+0J0 



Western Deep 

INDUSTRIALS 

AEC1 —. 1 ...;.: -60 


PARIS 


+ 50 

,a9U t 4.0 



6.7 

2.9 

...” 

Ua.ib 



174 

4.6 

6.9 

7.3 

+ ‘id 

140 

+ 15 

216 

b.tf 

-6 

Lwit 

8.8 

+ 26 

|l7u 

0.7 

-6 

I so 

6.9 

+ 6 

1 - 

— 


July 13 


Heme 

tmnueiUcciii't'rl 

Air LiquU1..s..._— 

\quitnlne — 

dlC i 

douv 


SWITZERLAND • 


July 15 


Pri'-e 

Kre. 


COPENHAGEN * 


July 13 


Price |+er 
; Knmer | — 


D,V. .YM. 


.•rwiit -ni'*e B-igo — 

Jieecrmran !L7B5 I -—— 

■'i^rliot (I i Klin VI. 1 690 +3 

ioffrrtinPt fenv.i 7Q.50W— 1260 


\iiilrlriUaiihen ; 

Del uiWrlV 

MunrikelUnk....— ! 

IuiM A'lntl Ln ; 

Flmnabanken ; 

i*VupvrH*t ; 

Knr. j 

Han'IcFlMk 

I j.N 'Ill'll H.iKriC' 

Nun I Kaliei I 

UlielaDrik 1 

Pnvatlmik... 

FruvmrianV _ 

5ojili. Hefunad»en.', 
■jupwliv i 


134 i | U 8.2 

434 ......... 15 ! 3.5 

122 i ,,' I 12 I 9.8 

1621;; ' 12 , 7.5 

13Bj t . ; ” 

78! 2 -it ' 

183 

263 , I 

195 +2 ' 

7BV+1* : 

139 ! 

1361,- • 

414 i -61* l 
1791; | 


13 110.2 
12 | 3.2 

12 I 8.9 
12 I 4.1 
12 ■ fa.l 

- 8.3 


A iiiiiimitim — ' 1.250 

L'llt-A’ IL640 

Ulm li ,'!£■> i Pr.t*.U 1 1.105 
Lin. l*arL I'ert.l 830 

I-9S2 

(.mill “Hl'*e B.IBO 

Hievcrwan 
V 

Hoffman Pt 

Lk^ l^uialll 17.025 

Inu-ri'Mt U— 4.000 

lemioit (Pc. ICDi. j 1.415 
NeCieiFi. IGOi..— ■ 3.S00 

L*o. Ucg :2.245 

UcrliL'iinB. (K.^aUi2.560 
Pirelli o 1 1* (1* KM I 289 
Sunil/* iFr.asOi.— [3,890 
L*.4 PariC'eri*. * 480 
wlitiiilie* 1 VI KICt'! 295 
Inzer Lllfr. i«J>; 338 
niKMUi 'iF.+Mlj...; 842 
wiio buL. t.iJA, 375 
•«iHiiU+>Fr2A,..4.800 

I'liifii Hniik- i 3 ' 080 ^ 

Kiirifb Inn.... :10.850 


+ nr 


Uio 

-15 

-16 


Dif.iYIil. 


.5: 

22 1 
22 
ZB 
lo 


3.2 
3.1) 
2.0 
2,6 
3 . 1 
3.7 


1U' ; 2.9 
5 ; 3.6 
IMOjSSU i 0.8 


duuyeuea...- 

d.A.N. (Jervis..— 

Carre kxir 

U.G.K...- 

Ul.T. Ak-ate* I 

Ciebancalre — ... 
Club UalRvr..... 
Creri), f-otn Kr'fri 

Creuacn Litre 

Uuuiez 

Vri PHiulOu 

Gen. Ui-ctdentax 
I maul 


Fneo -| 
Fiv. | 


01 Div.IV • 1 
I'tKi % 


741.L + 1.0 
42«.5i + 23^ 
312.51 + 1X5 
531 i + l 

4aem!— is 


923 

562 

1.640 

362.9! 

1,067 

341 

429 

129 


+ 4 
+ 13 
+ B 
— 2J. 
— 1 
+ 1 
+ 3 


Aiudo-Amer. -Industrial .10-M 

Bartow Rond 4-15 

CR'A InvestmeoLS T1.7D 

Currie Finance — i.'.— 

De Beers Industrial 11 .» 

tSdsrara Consolldaicd Inv^.. 

Edgars- Stores "♦!» Ju 

Ever Ready SA . - — 

Federate VaDEsbelcsEmns . 

Rreatermims Stores 

Guardian Assurance /SA) 

Huletta — 

LTA ...: — 

McCarthy -Rodway 

NedBarOc 

OB' Bnxaars - 

Premier Milling 

Pretoria .Cement 

Prutea HotdlnsO — 

Rand Mines Properties — 
Rcmbrandc Group — 


+0*3 
+n 03 
-on 
-e.w 


4lc 0.6 
^-Llb 4.9 
16^1 5.2 
Z»^&1 4.9 
IS.iB 2.9 
42 4.6 

40 -6| 7.4 
7D 4.6 
3LS 8.7 
7dJ0 7.2 
12 3.6 
I1JA 2.6 
12. 9.3 

73.8! +0.3-1 - - 

758id* '56.76 4.6 , _ 

UbnJi— 3 i4.l0liq.4 SaM Holdings 
191.5I+ 8JS 4.3 SAPPI 

1 C. G/Smltn Sugar 


+o.» 

+01-J 

+B.30 


-125] 
+ 100 


1—16 


11 

12 

12 


VIENNA 


July 13 


»'rna:.i -i-ui ' t/i»ril" 
% I — I t 


[Cnflitaiirilail 

Femiixne —j 

dtrleu 

Sf n 1 1 lent, ■ 

(in r Dalinler ....! 
Vrii .llnitnwil. ■•■! 


342 

280 

611 

90 

223 

230 


1 + 4 


: + 2 


-10 


i-s 


. + 9 

;-a 

'+10 


-56 

31 

21 

h-M 

15 

16 
26 
26 
,12 
14 
IO 
10 
40 


1+15 I 20 

44 


0.8 

26 

t.b 

2.4 

3.8 

1.4 
5.2 
1.6 
2.7 

4.1 

3.9 

4.2 
2.7 
2.1 

3.2 
2.0 


iAdtrue ! 

(/Ureal - —I 

Upland....'. I 

3lai«iu L'henls..* 
Uinhflln 

Moot Heaneue.v -j 
tlinilln» ........... 

Mnbsi. -...ri.,— • 

I'e-lumt ... 

I'erpoM-llii'anl. ... 
Peu^eotL'Ubjen.^ 

Poubiin ...... 

Uwim Te.-bnique. 

Kedoate. 

lUunw Poulem- — 

vu (Kjtain 

■Ictu ItoalaiKV.... 

-vex - 

relduMLMnane— 
I UontuOn Brandt-! 
vEinor — ■ 


MILAN 


Juh* 13 


1U 

2.9 

9, 

5.2 

38 

7.9 

1 8, 

3.6 

! io 

4.4 


A NIC - 

bfNhqn 

PlM ' 

IA«. i’riv 

Flumder 

Italconient - 

lin'siJov I 

Mudiu'iiinL-a. 

KonteJCon 

Olivetti Priv 

PlrMIi A C<L ..... 

Pirelli spa 

■inn VlwiM ...... 


Prtff 

l*re 


+ or !l)iv. yi.,. 

— Mdre. a, 


95.5 
451 1—1 
1.77B*f|— 10 

I. 479 m! -6 
123.50- +0.75] 

II. 400*... 


+0.3 i - - 


236.51 -2.3 

. 000 ! 


130; 8.3 
15UI10.1 


6001 


33 


I1J2O0 


5.2 


5.6 


W7.Q0i-O.T5! — ! — 


9 GB 
1.599 
945 
735.0! 


—6 

-10 I 130] 

,-2 I so! 

+0.5 - 


^ a.i 
8.4 


56.35 

—0.75 

5.7 

10.1 

127.4 

+ 0.4 


— 

201.8 

+ 1.8 

16./7 

8.3 

827 

+ 1 

15-= r 

ua 

1.725 

—14 

dB.76 

2.1 

499 

+ 3 

J9.r 

BJ3 

1.345 

+ 20 [32.65 

2.4 

500 


12.6, 

2.5 

152.9 

-1.1 

3 

l* 

179 


Is. 35 

11.2 

87.fi 

-o.a 

■7.S 

8.5 

267 

-6.8 

3.5 

2.8 

407.fi 

+ 15.J 

17.26 

4J2 

213 

-3 

— 


444. 

+ 8 

30 

6.1 

564 

+ 8 

30 

5.4 

105.5 

+3 

9 

8.B 

147 

-1.7 

14.66 

9^ 

1.685 

+25 

39 

2.2 

278 

— 5-- 

26J 

9.2 

740 

t12 

Z6.fi 

3.4 

213 

-0.3 

IB. 16 

ru 

22.5 

-0.5 

- 



SA Brewortes 


♦1 
1.7D 
2 S3 
2.05. 

1.73 
2J0 

to.&s 

!W 

7.73 
500 
2J5 
1.33 
2.30 
3^3 

■1.37 

14 J3 
1.4S 


-BUI 
-8 02 
+0.U3 
+0.03 


-ua 


73 +015 


+ 0.U 
*0.»t 
+-8.0S 
+a« 


+a.fl8 



Securities Rand U. 540.68 2 
(Discount of 40^%) 


SPAIN * 
July 1J 


Per cent 
119 


297 

244 

3M 


STOCKHOLM 


Julv 13 


I’tlrt 

Krhw 


+ ur 

Div. 


Kr. 


AHA Ah/hrxui.^. 

\lla.UtaiB(hrdq 

isiitt (KrJiOi..... 
\tJa. Cnp-niKriffll 

Billerud 

HoltWL— 

i. jin 

CellukAM 

tileet’lux'H'iKrSCi 

Kricraon '2' (ArMl 

Bwelte M U". ...... | 

Ka^erwa 

U ranee* nweC— 
Hanrtieabsnken... 

Unrabou 

Uo tVh DomMu.i 
■aamlytk A 
■>.K‘.F. -U* Km....' 

dkaml Enihilda.J 
Tandstik •d’KrtO] 

(MdeJmlm.... 

V'nlvn (Kc. 6ft... - 


222 

144 

83.B; 

127 


64.6«li-0.S 
116 


198 

240 

144 

144 

302 

95 

'64.' 

346 

105 


+ 2 


+ 1.5 
+ 1 


h-1 




!— 1 


— pa 

61JJ. + 0.B 

260 

70 +4 
196 1+2 
70-6]+ 1-0 

68 

67.5+0.6 


6.6 

1 

.10 

6^f 

..-s 


Asland - 

aUcd Bflhao 

jbko Atianfico tl,0M> 

Banco- Central 

Banco Exterjor 

Banco General 

Banco Granada- (i.MOl 
Bam* HMpano ... ... 

Ban to Ind. Cat. (1.000) 

B. lad Mefilwrrnneo... 

Banco Popular .. . 

Banco Santander <U0) 

Banco UrauUo' n.ooOi 

Banco Vireaya ....: 

BgntM Zaraaozana 272 

Eankmilon 

ftatms Andnlorla 2® 

o s-i Babcock Wilcox » 

'CIC “ 

Draxados 

Inmobanif - — - — — ■ " 


- 3 


- 1 


1 52 
Z28 
lbS 
2M 
234 
390 
3M 
233 




- 4 


1.1. 


-3 


3.5 

5.9 

4.7 


- S 


8.75| 

4s> 

8 

5 


V '6 


tf-SlEinanolVzii'e. 

1 *•*»( cariBB ruuiui 


E. 1. Anuawasos 


2.9 

4J1 

4.4 

4i4 

2.7 

4.2 


(4001 


4.6 

7.9 


2.2 

S.4 

6.2 

7.1 


8.8 


Fecoa fl^OUi - 
ExpL IU0 mmo 
FeUO&B UJ9M1- - 
GsL Prudados - 
Gtupo Velswuesi 

HUnla 

Iberduero — — 

Olnrra - - 

Paaoleraa ReUT)W“ 

PotrotUrtr — 

Peirohjtw - - 

Barrio Panahri 

Sninw 

SoarBsa 

Telefonica 

Terras HosJcnca. 

Tufiacc* — ■ 

I Union El«- 


5L50 

102 

4S.7S 

90 

7156 

79 

115 . 

77 JS 
01 
111 
TO 
Uk 
204.73 
St . 
47 

«*- 

84.25 

96 

100 

M.7S 


- 1 
- 1 
- 630 


=U 


- 2 


+ "-2 s J, 

































































UK cattle 
herd hit by 
new disease 


Cocoa surplus 
estimate raised 


Wheat pact 
talks 
fail again 


UK SEED TRADE 


By Christopher Parke, W ^ 4 U1DVU idM £Ig<Uii 

costly dfirf P c att!e 6t in at, R^ 0 , St * Y ,0HN Edwa RDS, COMMODITIES EDITOR By ° ur CommoditIes Staff 

have been found to be infS THE WORLD’S principal 

with an insidious fnr« w ? COCOA MERrHANT nil] . wheal-producing and import- 

cancer previously uSkifaJ? 0 *? OafiFus. has ra£ed its estimatenf ® a whJ . eh remainder of ins nations yesterday gave up 
this country. own m the surplus for the 1977-78 season BE i.? e £f 0 £ s +t rop t Jn ^ as tileir latest attempt to settle 

The Government ♦ i, ending in September from 99 non lw?i t0 be , t0 mar £ el their differences over he form 

j eHa i nZ, ? Dt HM taken lQ lierion 3M,00 ° developments. This meant that an d content of a new lnter- 

3BL Pw 3S, tQ >f° n - ,ain ' tbe £ . attention would Inevitably he uttenal Wheat Agreement 

k 2 P - a s£SS - -mams 

leuirasis, appears to have come 
to Britain with Holstein rntil* 

imported from Canada SEi t0 ™U.m tonnes. ~ . g™ ® ««ar picture emergen. 

a^mals prized for their laree Tfee in Production was rh^n v C j° P development in 
size mri LoJi JL:i, * ar S e mainjv due to the Ghana had not been particularly 

at least £2,000 each One’ 1 m ^ increase in the Brazilian crop lo enc ° ura si n §> however, despite 

sti««BM^SWS B»s bet 2LHP*! S£ g r 


Time for strong nerves 


*»©•**"*-“■ B Y JOHN CHERRIMGTON, AGRICULTURAL CORRESPONDENT 

By Our Commodities Staff TOR MANY years Britain was that it takes from 12 to 20 years between the commercial price of ticularly those without an option 

THE WORLD'S principal among the few countries in to develop a cereal strain to the grain and the cost of buying on rheir acreage contracts, 

wheat-producing and import- Europe where plant breeders point of marketing. Only groups seed is rising because of ihe In this connection it is interest- 


and content of a new Inter- It was commonplace that as strain, however, and quite it will be. saving and private selling of 

national wheat Agreement soon as a new strain was put another to make sure it is sold in The seed houses secure their grain is widespread in ignorance 

Officials said after dtseas- on the market, other growers sufficient quantity to obtain a supplies by contracting farmers or defiance of the bureaucrats in 

sions ended in Geneva that the would get hold of some of tbe return for all the resources — to grow first and second genera- Brussels. 


This lack of incentive for Community has helped. option on the balance, and in confusion in Britain. The 

anin •_,! breeders meant that the UK seed A J ^ a* — other cases a straight option. The National Institute of Agricultural 

trade was largely concerned with AuODlIOD premiums paid are in general Botany is certifying more than 

a 5? ,1;!^ importing various strains from £ a percentage over the _ market 40 varieties of winter wheat and 

EuTQoean sources. where The Com muni tj s seed re B uIa- pnee of commercial gram. 60 of spring barley of which 


was widely believed that breeders meant that the UK seed 
settlement on grain trade was m largely with 


Adoption 


much as £10.000 for a {of 60 kilos) against last sea- A sizeable increase in the KrSrSmVtai Snt ^ European sources. where wraraunii} s seen re 5 uia- pnee of commercial gram. 60 of spring barley of which 

cow. doe son’s crop of 3.599,000 bass. world crop, following the present Trade Negotiations, now under breeders had enjoyed rights for ^ ori > . which now applies in There is now considerable about one third are on what is 

« a fm . ° It’ii V. — - Rntaln 14 VC nfitifn fn.it nil Id nil )ioHiia<us kamA rvmurarc j ■) A _ j V : 


Infection has been confirmed , report pointed out. though, season's surplus and coming at 
in four herds in Angus Somer “ at 016 disappointing rate of a when the recovery in 

set and Gloucestershire! arrivals of the Brazilian Tern- world grindings was likely to be 

The presence of the disesw p ° rao cr op had contributed to sluggish, could be expected to 

was first suspected last month , slightly unsettled state of depress cocoa prices slgnift- 

Since then blood ten? on KB the fflarket - where tbe funda- cmtly. 

catle have disclosed BO anirnti. mental supply-demand situation However, given the depletion 
showing some evident offafS! WZ A u « ,e Ranged. of bean stocks over the past few 

At • * infec- On fhp dpmtuH cirica f!i 11 ^AnCAna fViArp AnnlH ho n 


Sugar prices 
hit new low 

By Our Commodities Staff 


many years. Britain, lays down that all farm friction between seed growers called the recommended list. 

The home breeding effort was s e e ds provided by the trade and the trade over the terms of based on the results of their 

limited to a few brave individual should be no more than first and these contracts. Growers are trials. The differences in yields 

companies and certain govern- second generation .stock from saying that the premiums are in- between some of them are so 
ment establishments, notably the what ls called basic seed. Adop- sufficient for their trouble, while slight, particularly with barley 
Plant Breeding Institute in Cam- Hon of this regulation has put the trade say that the dangers as to be disregarded and a great 
bridge and the Welsh Plant pait * 10 indiscriminate multi- of overproduction are so great deal is left lo farmer preference. 

Breeding Institute at Aberys- plication ot seeds by merchants in tbe event of a good harvest This is illustrated by the fact 


tion. Almost 0n demand side Gill and seasons, there could be a THE LONDON daily price for twvth. and farmers, and all sales of this that they have lo safeguard their that in wheat, for example, more 

imported Holstein® 1 Uuffus forecast world grindings restocking demand so that any raw sugar hit a new low for tbe During and after the war. the fiQ ri of seea. position. than 50 per cent of seed ccmficd 

calves. S 0r 111611 falling to 1,353.000 tonnes this prospective surplus of produc- vear yesterday, when it was cut National Institute of Agricul- It used to be possible to see a 15 for lhrt,L ’ varieties. 

si _ ■ year against 1^168,000 tonnes in tion over grindings might over- £3 a tonne to £S0. tural Botany at Cambridge came g ood °f • r ?i" f ", .."f X lICKY New varieties are being placed 

Options 1977 and 1.519,000 tonnes in 1976. state the true excess of supply Prices in the futures market to he recoanised as an impartial bpur s farm. Duy some ot » from ^ ^ «>,.,* 00 lhe nwfket almost annually 


ls - t0 conti niie in l earner inis week reported an 18 Unchanged production in anticipation of offers of cheap 
? er “J. c QD *aming the 9.500-odd per c ® n t decline during the 1978-79 on the other hand would sugar at Moroccan and Tunisian 

preening cattle of various kinds second quarter, were put at mean a reasonable balance buvlng tenders, 

imported into Britain over the 173.000 tonnes for the whole year, between supply and demand and Prices recovered later in the 
P? 5 ;. 10 years- When the extent compared with 184,000 tonnes in leave little scope for a signifi- dav though, possibly helped by 

of the disease spread has been cant fall in cocoa prices for word from Brussels that the EEC 

" The report said that the man- “distant’* months. 


assessed the Government will 
decide how best to deal with it. 

. the meantime, farmers with 
infected cattle will be given the 
option of killing them in return 
for full compensation from the 
Treasury or keeping them in 
isolation until a long-term policy 
has been worked out 
Ministry vets stress that there 
is no evidence that milk or meat 
from animals suffering from 
the disease offer any threat to 
human health. 


OECD looks 
at commodity 
price stability 

PARIS, July 13. 


Another boost for 
copper from U.S. 


the new season might be only 
2.9m tonnes compared with 3.5m 
lonnes in the campaign just 
ending. 

The latest estimate puts tbe 
total community crop at 10.83m 

COPPER PRICES rose for the the congestion, which had put ton^^iSdure'd’rin^e 

fifth day in succession on the severe strains on Zambia’s !°°° e J e _ p _ roduced m “ e 

London Metal Exchange Jester economy. Commission experts said that 


Prices recovered later in the T?* « ,s 10 do tbls - . . England, saved many contracting indeed, there is now a demand 

dav thou^L possibly 3 'helped by 1*11131106 However, if the grain is in- companies from having huge ,b Jt the introduction of now- 

word from Brussels ^at the EEC , * 7 . voiced as feed and accidentally unsold stocks on their bonds, varieties should ho slowed down. 

su?r tfoo St not oroduce The introduction of legislation falls into the seed cleaning *niere was also much less sowing rather as the diamond producers 
surh a?° overwhelming surolns pro J nd ' J ng J 0 ' plant breeding machinery and is processed, there of farm-saved seed. are said to restrict supplies to 

surplus yfajm i n the UK about 12 years is of course nothing anyone can As an example, last year 1 actual demand. 

BotSKIob Ml tK nwir man a £° iafi stJnj u ,a t«d a consider- do about it. had to buy about 30 tonnes of The farm seeds industry, how- 

appment D cftmmirte , K g dlii£ro able Bnt,sh effort ' but it is It is believed that at least 40 seed. With a good harvest this ever, in spite of the plant 
Hnn7 Pwitpr aid that the £naioly concentrated in the offi- per cent of cereal seed sown year I shall not have to buy 10. breeders’ rights and the EEC 
n» hit mL .MiiiSI cial stations and at RothwelJ in Britain is the farmer’s own Should there be a good harvest regulation, still appears to be 
i« tv.. rAm mnnito in Pl***t Breeders, now a subsidiary — and there is no doubt quite a this year with few rejections, it highly speculative. Its operators 
thi n. P r JLn mirtiT nnir of She!I - substantial element of farm-to- could prove a very tricky time for need strong nerves, deep pockets, 

“ L e _ fTHnM ^ Tbe reasons for this are simply farm selling. The margin contracting merchants, par- and a great deal of luck. 


BY OUR COMMODITIES EDITOR 


Protest at ‘rape’ of fisheries 


BY CHRISTOPHER PARKES 


exceptionally healthy yields Common Market had resulted in advisory and . development Fisheries Policy is a policy of Mr. Meek is also worried about 

were still not expected to match tb e “ legalised rape” of fish organisation — said that while legalised rape of what would in the future of fishing in the EEC 

, loc , u ^ XLU „ KITO11C „, fc„.v C ithe good results of last season, stocks in waters around Britain, the herring ban was needed, he other circumstances be un- when the three new applicant 

Tbe market shrugged off ranges being settled at the Tin Yields then In France and Hoi- M 1 *- Charles Meek, chairman of was worried that it would drive questionably British stocks. He members have joined. Tbe fleets 

reports that the big stockpile of council meeting in London this land were as hi*»h as 7-2° tonnes, tbe White Fish Authority, the fishing fleets in pursuit of suggested that the existing of Spain. Portugal and Greece 


a cwr-r/ir rw ! Zambian copper held at the port y, ee ]^ 7 -" charged yesterday. other valuable species, notably battery of unilateral protective would double the tonnage of the 

a sruxiAL, organisation for 0 f Dar-es-Salaam had been almost the council’s talks , _ Offering unequivocal support haddock. measures already adopted by Community’s larger fishing 

economic Lo-operation and cleared and that thousands of were continuing, reportedly with I I l^nicn t0 016 Government’s stand in The value of the British the Government should be vessels. 

Development working party is tonnes were being moved into the the US isolated in opposing a negotiations with the EEC. Mr. fleet’s catch rose sharply last extended to include a rule “In the authority's view it is 

. P ro , blems . of , P nce docks daily from Zambia. rise in the price ranges. rri*oin lilrnlu Meek said that in the wake of year by 21 per cent to £2llm. permitting traders to cany only absurd to suppose that the prin- 

stability in cereal^ animal feed, A Reuter report from Dar - A , - values fnUowed lafSkClj the onslaught on herring stocks, “It is thus clear that a great one type of net ciple of equal access, which 

dairy products and meat, it was quoted a Zambian copper th IIDW ard frpnd in coooer cMriranru t..i w i-i whicb wer ^ now protected by a many fishermen have done He was sceptical ofthe extent bedevils relationships among 

reported here. industry spokesman as saying VP ^ 7 , is i uckhulm, juiy u. bai ^ and ^ heavy fishing of exceedingly well in the past to which other Community existing members, can be 

The study should be concluded that they had shipped 74,000 tons ^ New York it was reported DENMARK’S 1978 cereal crop mackerel which bad forced the year." Mr. Meek wrote in the fishermen were respecting the extended to newcomers," the 

later this year, or early next of copper from the port last by the Ammican Bureau ofMetal should fall to between 6.6 and Government to take protective authority’s report. “gentleman’s agreement" report comments, 

with publication of the group’s month and that there were Statistics that stocks held by zinc 6-Sm tonnes from last year's measures. Community fishing “ But it ls to be hoped that among the Nine that catches The report records the 

conclusions on ways of giving vessels waiting to take off all that smelters dropped to an estimated 7.33m, Mr. Albert Beckenkamp, boats were turning their atten- this success does not mask tbe should be restricted to last dethronement of “king cod." the 

international commodity prices remained. 72.000 short tons at the end of director of the Danish Corn and tion to haddock. realities of imperilled stocks, year’s level, at the most. main quarry of British trawler- 

more stability’- In April it was estimated that June, compared with nearly Fodderstuff Company, said. “All tbe warning signs are dangerously high prices and a “I am concerned at the Com- men for generations. Its place 

The working party is a joint some 135.000 tonnes of copper 90.000 tons at the end of May. He said the cereal growing there that controls over haddock fundamental Jack of control over mission's competence to enforce has been taken by mackerel, of 
group made up of the OECD awaited shipment at the mines. Lead stocks held by refiners area this year totalled about fishing are very shortly going British resources lo which our a conservation regime,’’ he said, which the recorded catch was 

trade and agriculture com- on the railway and at tbe ports, were said to be slightly higher at 1.81m hectares against last year’s to be desirable.” Community partners have equal “ It has a tendency to yield to 189.000 tonnes last yeatv-20 times 

nuttecs But Tanzania and Zambia, called 33.036 short tons at the end of 1.82m. with barley plan tings at Mr. Meek, presenting the access.” political pressure which is the greater than the take five years 


Less Danish 
grain likely 

STOCKHOLM, July 13. 


Reuler 


for a priority programme to end June. 


about 1.54m versus 1.53m. 


'annual report of the authority Yesterday Mr. Meek com 


political pressure which is the greater than the take five years 
- last thing you want when you ago. 


COMMODITY MARKET REPORTS AMD PRICES 

_ . __ s r. was also steady. But ibe highest levels to EBA0. But trade selling came ant, covered short positions esrabUAefl an Physical closing prices (buyers) were: 11 CB cattle n.BTp per kg. i.w. !+«>.»». 

RASE METALS c ookJ not be maintained and the price leading to a dose on the Kerb ot £8.655. Wednesday. Drexel Burobmm reported. Spoi 53.J0P tSUOi; August S.73p <*>.60); UK sheep 1434P per ft*, est. d.tw. 

1TU " V**- 1 * , . SiiUri to ctaSon the Kerb at Turnover 1.300 tonnes. After reaching blahs atom M0 up on the Sent- 5 #d CM). CB pigs 6L6p per kg l.w. l + I St. 

COPPER— Very steady on the London Turnover "lOSO tonnes. — — . e -— — — — lunchtime dose, ihe market eased in tto CAV APPAN MCiT England and Wales— Cattle numbers up 

Metal Exchange with the forward priev ~ . Metal Trading reported TIV + ** ^ erD <» n “d fluctuated in a narrow 'U I AficAil luLAL 0.4 per cent, average pnee 75.67p 

held by rton coverine. ^ uai^tto nwrnliw ash whvhore traded T1N 0l _~L JT. close, when values went Market opened 50p lower. Prices Uicn • « Per e«tf. average 

h gradually' Uftud to £TSo h-lped by ina ^ a. a. 11.5. .. .. v v £3I ^ I4D lu£her on Ute day atiar a late held m a narrow range in mostly onici Mss v »-06i: Plus dawn .A per cenu 

Ihe news of the Asarco price r,.e. Comes « ™ ^ cash fi®?.?. 7. _ 6rafl ^ B0 \^ h sesZoo Jo raUjr ' fotoX ™A-. snpp% -od «««,. * +«»• 

m'ppmV“i'-*- — ( : f^fTp- n1, t + or Kerb: Wg^ars.Ull ^e ^mhs i mootto. Bfi90 610. + 10 t625-45 +80 Vf-tem.v’.i ^ 3l>? shee? upTl ’pe? mTamS 

""■ on- - D«dh,-. - V£. 6680 j+db - ...- cX)FFfcK ^ oo"Sa ^ " , , ,T 

7 'i^ £ r— £ SlSSiS Bdes-vs'+io 6680 90 +70 £ day. StAv Onnmodltlea^pone d. p 

'Wiroban! _ _ __ CMhode*. rniSthc err* 2L3 6 montba. 6380 90 |+ 75- C615-20 +71 — — — . lYe-teexwy. -j-o« ] pu-tne-* prod are: Or an g e s S . African: Navels 

ObIi 7II-.6 +1 711-.5 1+3JB Rircbars. three t i _ ' ' . bettiem'l. 6676 +30 1 — ...... July — 1393 i395, + 83.0 1 430- 1860 I CTcwe — Done 4.0P6.00; Braniian: 3J0-4/W. Lemons— 


Cathodss-I 

K5 

& nvnn\h>.J 


^ •« 

p.ni. 

Dneffi'’mi 

t+cw 

£ 

£ 

£ 

+ 1 

711.5 

+3Jfi 

+ I.S 

733.0 

+ 4 

i+1 

— 


Ul.S 

707-8 

+4 

!+ 1.5 

728-9 

+4-75 

|+ l.b 



*66.5-68 



tunchume dose, the maiicei eased in the CflVARfiAN ITCiT England and Wales— Cattle numbers up 
afternoon and fluctuated in a narrow -I AJDJOU v lVJLC/\I_i 0.4 per cent, average pnee 75 C7p 

range nnUl ito dose, when values were Market opened SOp lower Prices then 1 +0-43': Sheep up 4.0 per cent, average 
£30-f4D higher on ihe day after a late held w a nanvw range in moatly quirt. Mss » i-0 6i: Pics dawn 7* per cent, 
ratty. SdlrE MMc . USDa“ ■«?. , +M»* SCBt,a " - -£?"! e 

— - — — — v . — — — demand report. ■ Old crop months lost ^®wit 11.. per cent, averace 72.66p 

'"c-I*.* ’ 1 , q, ijusioeii cruund. hut new crop months , Z°‘ 3, iL?l ee . p H 1 ! . 9-2 per WBt - avcr *Be 

COPPBK l ' held steady, donna on the hioh. of the Brfer__KI7Jp _t-3J). 

; — Done 6tj SNW Cctomodldes reported. Co VENT GARDEN «pncc* In sierling 


PRICE CHANGES 

Prices per tonne unless otherwise 
mated. I 


Jnlylo + or I MoniJi 
1974 — I ago 


— Done 


lYe-u+ujty -+■ m ' 
Clow! - 


Done 


US. Markets 


Recovery in 
copper; 
cocoa falls 


In Ihe 1TC ranges ana tne pci- sfamlardr cnjtfTfS.SSSTlhrefl Jaouao-— i20^12M.+ Da.Slllsl5 1 tt Auu-u*. 117 81-17.8— 1.0 1T7.8O-17J0 

BUM Of copper. Feroard metm mMthfl£W60. K). ». Kerb: Standard, ^rcb 1151 >156 + 10.5 1 160- I1BD U, — 111.80-16.0 -0.6 lll9JH) T8.50 

Ed at £6-560 and ^ h+dtnna three monibs £6.380. Afternoon: Standard. 6»j L13l il40 > > 42Lolll46-n8& Ue_+ratwr .... 117JW 17.4 +0.b ju7.40-is.W 

'J l Tf2 r ii , S P i2I15.5r UfitoTdw^ln *h«e monihs ifljso. 95. 07. 99, 18.690, Juiy 1110 1120 +26-0 1125-11® Keottiarv. — 1 18 JO T8.B +0^j — 


. ico indicator prices tor jmy IS (U.5. 

CMiMMfiAr r.oraa 17 0O-1 7 UL LEAD^stiuxl# jo ruuune tndifls wiid cents ner Doand): Colozotusii mim 

1.6. Index Limited 41*351 3466. Septemoer the performance of copper the main in- Arahicas ITS-00 ii88.(Mh; unwashed 


Sales: 64 ( 29) hits nf 100 tonnes. 


29 LAmont Road. London SW10 OHS. 

1 Tax-free trading on commodity futures. 

s’. The commodity futures market for the smaller investor. 


W pawiHm « wwtf n»u w U6.00 UBEOD); unwashed Clir in 

flnence. After siartntg at X321-C23 the Argbica* 154.00 OM.BOi: Other mild SvJUAI\ 


pri«+ ni.5p C Iff 

COVERT CARDER tpnccs tn siertmj Aiumlalm. ...... M80 !. £600 AADAO TQ 1 1C 

per naekage unless stated •—Imported Pn-e nwrhrt PMrt»i,OBp-flO * 10 ,* lMO-SO L-UCUd IdJUu? 

produce: Or ange s S. African: Navels V«ppen*»b W.Bir £711,2B +8.2&.C723.8 

4.RW.OO; Brazilian: 3X0-4 A0. Lemons- 3 ni.mth- .1o. do. C732.2b; + 4 C74b.7S NEW YORK. July I".- 

Italian: IDS/lSOs new crop 4.2IM W: C-a-hlathorte t7D7.6 1+4 £718.5 «sn VFn nn ton,t 

Spanta: trays 1.40-1 69, large boxes 3 30- inumvh- do. do. E7Z8 .5 1+4.75 1740-6 R “*™_“ 

4 40: S African- 4.50-5.40 Grapefruit Gobi Troy oz. Ile6.i76! n 184.87S Pmlesrional selling and Comnusswn 

5 African- *7/;" S.40-4 30' Jaffa* 409 4 40 l*»d Ca»h £314.5 — 1.25 L’auB House Nottldal ions, but copper recovered 

SKs- Wne Su Si^r s . ,T - 0M > tms onueO prices to seltoll. Cheap 

SST c™ tab 8J8 .tae w\n£ tn)y oJciSB 1 £153 SSr pric^^aKffi & JSS 

JSSP’Slta £189.65 -r 0.3 XLaS Z Mira. 

rS'nnr (76ih.il5 12641 1. |i 180-25 0 n CammtoiUUi House selling. 


COMPANY NOTICES 

CHARTER C ONSOLIDAT ED LIMITED 

NOTICE TO HOLMM i OF _|HARE 
WARRANTS TO BEARER 

A final dividend of 5^27 645 p _ o+r 

3^r? "T™ SSw 

tssa-'tt igw-g'yrs 

rarrv a ms credit ai tnc raw 

& d Tnv ^ 

22r5TreS‘feA 

eeuinej on apollcatton. 


KINGDOM OF DENMARK. 
6i% 1972-1987 
P >1x ^00,000,0 00^— 

Holders o* the above 

BSbtaJsasi fflSBg. gSg 

ho.ooojooo.— 


Kerb. Turnover 4.9S 

a-ui- I 
. LHAD OBOcia- j 

> tonnes- 
1 +• c*r p.m. 

— Uoofltcia 


£ 

£ L 1 

C**b 

314.5-5 

U3 314-5 ] 

imrenhv. 

423.6 

—2 323-. 5 

Wt'im'nt 

a 15 

-3 ■ - 

U .'v. Spot. 

L — 





GRAINS 


Host tosses were recovwa py w q^. Spanish: Cardinal 0.32. Ptams— uiwmdaw (£67d 10 ;t739 

goae. bowevef, ” Spaoiah: 5 (uloe Oavloa 2.40^00. Santa Unw««J LYtule tvi.'£o46 .'CSbS 

Bosa J-RW-M. BnrtonlvS 2 a>-2 X): Italian: lUlaj-an. 8595 + 5 i$5B5 

P^fbly aided by a stranger ^ lb 3 ,omao. Golden per ! 

— 71 pound 030. Aprtcei* — Spanish: 5 Kilos 

! j 3.00-3 ”0. Huasas— Jamaican: per pound Seeds [ 


Qi/'UUUAIUH' UUG Via * - — ly minHy. I ^ IL1 1 to M1UUUO • » \HU • HI 1» MU# l — — — — 

1978. has been Mitlrow sausneo dv ^ a 23j. 24. 23.5, S3. 213. 21 opened unchanged, hot good buying better lone poaal 
_ ’ Kerb: Three months 021 Afternoon: inierea rented tb* mantel «. TTade 35p dollar nuoiidoa. 

M Sn»tuentrv. a drewtnfl nv lot will Three months £323. 23.fi. 23. 24. 215. 21 htuher. commercial selling m the after- ~ a ■ , ~ 


Consequently, a drewma dv mmm saaa. zaui. w 

not ta«« Place thte vear. The amount Kerb: Three months £324. 
td boidl oju und ! rnj. a tter Ihe amor aMC—UtttO chanoed on 
t nation _1«h AUBWt. ™a some fresh hindne nsiiKtnp i 


Kerb: Three months £324. noon eased the marter lo dose unchanged rw ye-ienln 

ZtHC-Uttto Chamnd on balance with «» »} Wutor. Adi reported. Barter oproed Oku? 

same fresh buying causing forward metal 5 p W«*cr and In fanly active trading 

Ht - -- MAS main A n — . rl/Vmft 1 1tn-iSn tin ftn IUa rtat I 


STm cihsi OOO DOO. * 6 ” ouyiUN ca li ft i ng lyiwaiu aiciaj TTr 

M F banqueinternationaLE a to move from £321 to 1326.5. Some profit- closed 10t>-25p up on the day 

B w LUXEMBOURG taking 3 reaction to 0230 bat 

5K ^i™ Aoent <m tto late Kerb the price touched £327 WHEAT 
— — ‘•etov closing at £326.3. Turnover 5.125 .YesterriayM *■ nr 


augsi 

Pref. 

Ye-ierdayV 

Previous 1 

Bu aloes 

Cn&8L 

Good. 

Ck«o 1 



Ciow j 

l>one 


£ pm itxtoe 


0.15. Avacado*— Kenya/Fuene 14-246 3 00- Coj™ Phillto. |M50p —5 S450 

3J0: S. Alncan: Fume 3.W-3.S0. Cap- b«^-nhewj tC.aj....l»a80il) $231 

gleams— Dutch ^French: per 5 kilos 3.00. . > . 

Cherries— Washington: 0 90. Onions— q— ^ | 

Israeli-. 3^0-3.30: Spanish: 2.30-340: tianey EEC- | l I ; 


CREATERMANS STORES LIMITED 
cl^orpora^ «n the RCOUOIIC 
ot South Afrtcal 


40 Holborn Vljdoct. 
London EC1P 1AJ. 


14th July, 1978. 


TORAY tNPUSTglES, ‘NC- h . . 
ttormertv Toro Raven Kahashlkl KMsW 


DIVIDENDS ON P 
NOTICE IS HER 
Board Of Director 
tallewlnfl dlvldenda 


Z1NO 

a.m. '+ or 
OfiSrU' J — 

p.o>. |t+nr 
rnoffk-ta'l — 

Cosb 

i raemthe.. 
S’meM „ 
Pro*. Wew 

' £ i 

312.76-3 .-1.76 
323.5-4 Lj75 
313 1-1,73 

- i 

314.S5.51+2.6 

425.5-6.5+4.62 

29.31 I 


au. I 89.55 ^-+ 0.051 64.85 1+9.15 ’ 1D7 oM7.75 hoaa»-aB^mlJ7 aB-PB-JS tiSl-tf- Lettacos— per 12 0^9. Cos 0.70. KmrJL«U II iningt |£91.50 1E105 

■Ur. | 92.20 J+D.05 87.40 + 0.15 Webto 0.70. Rhatorb-per pound, oui- O.^buurw^I.tT.TOLS.las ^1846 5 

ilnr ' 94.90 |+0.I5| 90.06 I+0J5 Sales: i2.949llots Of 50 tonnes. door 0.06. Cecemhcrs— per tray 13 /24s Future w*... iElVOEfiLfs L1637 

SS i , ' 


0 March 66-50. May 67.50. July 66.50, Sept. 

5 69.50. Dec. 70.96. Jan. 71. *1. March 72.46. 

May 73.40. Sales: 4.300 lots. 

Cotton— No. 2: Oct. W.30-60.40 i39.s6i. 
Dec. 62.12-62.]!! >61.76i. March 63 61. May 
j 64.60. July 63.59-65.65. Oct. 64.95, Dec. 

t 64.0044.60. Seles: 3,05(1 boles. 

*GoM-^!aty 135.50 USC.oOi. Aug. 1S6.I# 

(187.201. Sept isr.90. Oct. Irti.pu. Dec. 
192.00. Feb. 105.10. April lOSJt. June 

^ 201.40. Aug. 2(14.60. Oct. 207.WJ. Dec. 

B5 2U.oo. Feb. 214.20, April 217.40. Sales: 
7.000 lots. 

>■ 1 Lard— -Chicago loose unavailable i22.Mft. 

NV prime aieam 24.00 traded igamci. 
25 fMalae— July 2711-2313 isjlli. Sept. 22S- 

23S> >240', Dec. 244*.:444. March 232. May 
> 256-2561. July 2jbi>23ti. 

S-5 SPIathiam— July 243.D0-243.50 i243.SU>. 

1 Oct. 247JO-24S5W • 246.60 1. Jan. 23L36- 

. 251.50. April 234.20, July 25S.5U-25S.70. Oil. 


.... _ AunM«L 1978. W e2ta. 5% 

Coote* of tto 97th Business Reworttor an J Third 5% , Prrty eye 

«o^. 97 ii srsBOiu STr 
Com ~ ny ara 5 £ r-c«M% ,S7 


available , £"c7"WARBllRG A CO. LTD. 
Coupon Dvpirtment. 

St. Aioaiw Hoot* - 

jSoldamlth Strt^. 

London. ECZP 2DL. 

5. G. WARBURG A CO. LTD. 
mt det»o»ttartt-__ 

14th July. f97fl 

LEGAL NOTICES 


SNARES— DIVIDEND NO. B5- • c*bxk ZT anZ* Trin Per cent July and Aug. SL7S. Tfllmry. lM5,: ****1 ayfcr> ae 

A dividend *t ®L 3irt Jen? W™ 0 * u^. park Northern Spring No. 5 14 per Wflfll Pfl'l I ID 

S W ctol AUg. 8UW. SepL 61.73. transhipment “UUL rUl Lift 

oer^Mre. SILVER East Coast. U^. Hard Wittier noqnoted. LON PON— The market show™ „ - - 

STi CUMULATIVE PREFERENCE - UlLTEII Ansi rattan, Argentine. Soviei and EEC rise acrotss the board m a ouieter session. CmwwcttiM— per pound 0J20. Beet reot*^- 

SHARES — -DIVIDEND NO. 71. . Saver was fixed OJSp an ounce lower grades umruoted. Satin report' 28 ^ 1J8 - — 08. Carrats— DCT 23 lb 

fnnSm lo^UK ilx^noJrths ending n»t fnr apot delivery in the London buffion Mata: U.S./Frettch July 10108. Aug. i Pence per Wio) 5.0-H0. Capslc»ns-per pound WO. 

AunitfL t978 — enatvaieiit re s cen ° tnarket yesterday at 28L0p. cent 98.75, Scut 100.00 iranshtpsww East — - — - — — — 

per »h»re. pbEFER- ,f ‘“S BxUts wre: Coast. S. African White Aug. 69.01. Urir- Aintmlmn or 

fis? WMc, U0 3^e three-momh 542^c. pool/Glasnow. S. African Yellow Ang. <*rre»yWool Onto — 

£ N d£rid?.re * litoRl «i w SP 18c: six-month 555.0c, up 3Jc: and ffl.00 Ltvcrpool/CIasgow. 

tnnum tar the six months ending 3 m K-month 577.0c. up 3.1c. The metal Barley, Sornhnm Oats: Unquoted. , n«i njw n n 

August. - 197B-— equivalent to 5 ccntl 0Mne4 at 2S8.4.281.3P <53^35140 and HCCA— Ex-fanu spot prices. July 13. j , u * ?r*— jtr'nS'fl ^aoi 


U^. Dark Northeru Spring No. 2 14 per TUflfll pfri'IlK PC 5"“ d k August. m June-Augusi. n July-Scpt. ^ stwf Harman « 

cent Aug. SLflO, S^pl 61.73. transhipment “UUL rUIUiUlS Blach 0.09, WMte fcSS. 0"*toifcH pJuly-AUS. oSepL yAngwhSepL i Per iv^cni Hannan spot i5J0 

East Coast. U* Hard wittier nuqnoiwL LON PON— The “*ricet showed a slight XL*®? fta4a> . J so^heans-Juir Ctei-fiOR •ssan. am 


No. OClW 0? W7S , M £?»rtrp annum tor tit a six irtontlvs enQfny 3T*t K-mooUl 577. tic. Up 3. It. — *•— • mticji jdi umiu uol»< umtuuicu. ktn nju; n i.»aI . -m 

Tn the UlCH COURT 0? JUSTICE August. JS7B— equivalent re 5 cents Opened at 3».8.».3p <539-55140 and HCCA — Es-larra spot prices. July 13. j. u fe: — Jin'rtS’n '■**££ a, trT« PYTlfirtC ft f ATI 

nlmwcrr Division CotJM^AMERICaS D. CUMULATIVE P *«««- ai>38SJp (SSl^iCK Fred b»to-6oH. Llncota IWJO, Wilt- £85! ^ ^ eXpUllS UWp 

i”$itorES CO SILV’fitt BulltoB + J jjUfc Loc A ™~^c«ta«torwe*ta St -5 ~ ^ 

52. « W“ MlU,er J? - — T- ^ kS W *5£l 

itEBV GWEN. tBat a T ^ r ^^ends are declared In South _ - T _ ^ Ieia ^ today re order ament levy bibs August. " — ~ entitvalprit in fhp first ° nine 

adlflE UP tK P® African Currency and dividend: SepL and Ocl pmntnms (previous In Oats. (246.MS.0 — eqUITOient IB IDe^nrst Dine 

jy the , c ® ul !Lir from the logdon Oftee will - be. paid in ■ ... Q m nut hrackotsi all in units of ac count per "’sato;. 3 til lots 0( ISiM* tn mODthg Of the 1977-78 5899011 

■js sv& a?ik wsjtss 4 ss«tj* &p s , ii iriuS 0 tar^sa 3 sS' ss- ^ FoRD ^r*JSE! from m3Qm iQ 018 com P arawe 

Said uwn — ay -V .«< crerflmt nn 17th Auaust. 1978. nunili. aac n- n -Ml! Wl CSamei, Bumai Wftcat 138U3. OS. Mn rmlsr u- lift IfftM ahiuirt sntiiv v n..rf r.f InM ,a,,«n 


limited in tto Matter of The 

Companies Act. »«■, _ 


I- ori L.JI.K 
— oiow 


NOTICE IS BBREBY GWEN ttol ■ T gf dK) , red m South 

TViltlon for the Wladlas ^ of ^ *tovo- Afri<aB currency and dividends 
ns uti'rt ^unipanr by tbe El^ 1 Court of from the London Ofttt will b* 


g*7,6-BOjB 

246.IWZJ 

243.S-62.fi 

248.MSJ 

246.1WM 


Australian wool 
exports drop 


CANBERRA. July 13. 
AUSTRALIAN WOOL exports 


INDICES 

. Financial times 

■July" IS'-July 12jUi*olli ncojAw ^- 

239.44 ’ ?39.8g: i»4S.8 S t~ Z5a90~ 
fBase: July 1. 1958=190] 

REUTER’S 


“ fell to 429.08m kilos greasy July I^VmTu age] retTrnu" 
_ equivalent in the first nice 1(W2 « , 14M J iaqr© — rrrrr' 

rnnnthc ref thP 7977-7S seatinn 


SSSaTNMjf -a OKJJ SEfliTRmTg k— SSC: B5S CSS ?4 , ?S e V, a ^ I w ^ 1 ^ s - I> 25: «MS>igiBW part of TasTseasonT 

HSn»‘hK Mc fta& SSSjtae sftA&Ststfs Er 

JT 5 JS SKSiSaSSlSlJS 

s= SrSirt® SS ss a^vA^ sr js fflaw ms. gMMSL-gS 

on ihe 9th day □< 0ti»£ r said Tax of iS% Irem dlvMewte WWW. rrtrtAl AtoTfarfiMin- WW re 35!J - s 31 ®- 3: March 358A 82.48m respectively, 

rrrdlior or conlntmtory of “ e For the porebM Wing the ***** COT If A * ,W *?£?• ^ "•“d "to« 355.7. 3S6.«56.S. 107 May Sflflfl. 3m 0, p B1 ,f D , 

rtmoxnv desirous 10 BdPPPri Of OP^J® dividends the Share Rosfcter*. in LWUA and rye— 139.41 1 153.41 1: Rye— 1S7.96 July Sffli a£g «f/L KeUter 

2 FSSL& <>«*" z JWfe was QU1«. Physicals wr ‘137.96.. SJT’oS. ctT 2.“SJK 

PcUlion nigy apddar a! tto JgJ gSSSSt l rarfiV tx^Tdai Wive K?T 1 7n afl L. Valnea .£?£* •SlPSSf RUBBER ll: ^ 3n - S - *** S. Tout PACTA WHEAT 

hearing, in oeiwfl or OF in* Dividend cheques In payment will to the day. to close near the lows, GUI and itL’MDLA sales: 49 lois- IT/EijE/E ffUCAl 

for that purpose: and a copy oj^^ posted on_oratter thp ii*t_ A uoust 1978. Ouffus reponed. EASIER open»R 00 the London physical HEW ZEALAND CROSSBREDS— Close: 


fBase: Senremtor is. I93l=ifiar 
DOW JONES 


rnmoAnv desirous to WPPPn dividends the snare Rooster*, in 

,h Tin Older on the said 0 , the above PrcfrmK* Shares. ."HI 

4 hv niakinB « an ..r „ , ha rime of claced Irtsm the 29 th July to tto Htft 


■361.M6U), 5: SOfi. 388.9. 367J1- 

367-0. 3: oe. rfg-a. m. s. 

U: Dec. 371.8. 3715. 3HW7M, S. ToUl 


...H6a.30 l 8S3.33 ! SS6.9l)3T7.6S 

agjj^ o^Ti^i.wadeJislaBa.sa 

(Average l9!«.2$^«siBSj 

MOODY’S 


stoicd to aw enrijur ^ Reottrered and Tramfer Olhcc: UCK.’UA 

of Uu*. said CoWBaar rtquirini. 220. Cpmmfnioner street. 1 

mnr oh Daemctit of the refituatea cnarw: Joliunnecburg. 

London Transfer Office? 

Granby Reo^rratlon Service*. 

Granto House. 

PS, Soutnwarir Street. 

London SCI OJA. 


PASTA WHEAT 


JlllCXiT'B 

i|»te (Amwn\ ^ 13.51+15. 


irwvmhnr si. I93l=rinni 




C 0 b“ oh SStoSrSf ttc regulated charge 

for ’S^Tbarinc A CO.. 

74. chanrerr Lane. 

London. WC 2 A |AA. 

Ref.: JAH. „ .... „ r irr 
Sottcitora for the 

.r^^|”^rrrpu B UC NOTICE 

SS42&-LS."! j* _ 

m, r 

Arm and mast be bv rltimw '%J?rn^* outstandino 

firm, or his or their sdlcMor lif W» *« “VjJm SanSwwll Oil'* 

most to served, of. if 9*^- , TW ® S at V5* » U^d^°«.5m. 

M nl hv POM IU sufficient Hiav IO eatwia A 1 # a?di«r ‘£“S»lSSl Tsth JU'v 

the - above-named HOt W«T »l»® B2j«» Brfw, Oetober. Adpll- 

n'dncft tn tto afternoon ol tbe 6 th “T £sm- ootstandinb * 4 i 5 tn. 

of October, Mil. ** 



Soyatoans— July C6 s!-«k <GS 3'i, aos. 
662-8501 (673)1. Snpi. ■!, Nov. 619J- 

G201. Jan. 6244, March 63 SI +321. May 634- 
655. July 635). 

IlSoyatono Meal — July 171. SIM 71. 09 
(174-091. Ang. 17tU0-l70jU 117S.4U1, SiCW. 
183.S0. Oct. 169219, Dec. IB7.3MW.SH Jan. 
167.00-1872)0, March 169.50, May 170. ML 
170.M. July lTi.oo-1n.30. 

Soyabean Oil— July 25.20-25.40 (25 67 1. 
Aac. 24.60-24.65 ( 24.KI. Sent. 2.1. 93-23. 90. 
Ocu M.U. Dec. 22.30-22.60. Jan. 22.25, 
March 22 M, May 22.25. July 22.10-22.U3. 

Sngnr-No. II; Sept. 6.41-6.4? (6.4Si. 
OcL 0.31-6.54 i'G.601, Jan. 7.01-7 06. March 
752-72S1. May 7.41. July 7.6U-7.bl. Sept. 
7JU-7^3. Sales; 3.055 lots. 

Tin— 370-573 nom. 1560-574 nom.'s. 

"Wheat— July 513U13 i315p. Svpl. S17- 
310* 1319)1. Dec. 322), Man* 3242. May 
331. July 3141. 

WINNIPEG. July 13. tf Rye— July 99.20 
000.70 Ud>. Ort. 90.00 bid 1000.50). Nov. 
9S.90 asked, Dec 9S.90 bid. May 100.60 
asked. 

ttoats— July 71.36 bid 172.09 blfli. OvL 
72.00 asked 1 72210 bldi. Dec. 72.00 s>heil, 
March 71.60 asked. May 72.60. 

ttBtthy— July 73.50 i74Z0i. Ort. 7330 
asked < 73.60*. Dec. 73.46 bid. starch 73.40. 
May 73.90. 

ffiFlansend-July 2JLOO bid 1223 id bill. 
OcL 235JU asked fEW.adi. Nov. 235.50 
asked. Dec. 255.20 asked. May 341.40 hid. 

'.rWteat— SGW RS 13.5 per cent proicm 
ctiltcm cif Sl Lawrence 1U2.63 «!6U9*. 

All rents per pound ex-warehouse 
unless otherwise stated. * Ss per troy 
ounce— 100 ounce loss, f Chicago loose 
SB per 100 lbs— Dcpu of As. prices pre- 
vious day. Prime steam fob. NY butt; 
rank cars. 2 Cents oer 56 lb hnslx-l ex- 
warehouse. 5.000 bushel lots. [ js per 
irey ounce for 50 oz units of W.9 per 
cent purity delivered NY. s Cents per 
troy ounce ex- warehouse, fl New ” E 11 
contract in Ss a short ton for bulk lots 
ot 100 short tons delivered f.o.h cars 
Chicago, Toledo. St. Louis and Alton. 
•• Cents per 69 lb bushel In store, 
■rt Ceoic nor 34 lb bttshcL fi* Corns per 
46 lb bushel cz-warebottse. 55 Cents tor 
5fi lb bushel ex- warehouse. 1.000 bushel 
lots. HOC nor tonne. 










Financial Times Friday July 14 197S 


STOCK EXCHANGE REPORT 



Markets consolidate awaiting today’s trade returns 

Equities resist technical mark-down— Gilts hardly tested 

/' • 


FINANCIAL TIMES STOCK INDICES 


* — :r i ; j gy-i 

TO-«j OWRlj 67*0 

PbrtlnUrtr 1 71-™{ ,1JS * 7lOT l «[ **** 

IndunrmlOMlnaryJ 473.6 473.3 467. 3 j 466.6^ 46MT- *W.xf 440.9 

GoUWl — J IS** *S8.8| U7J* W9.S UB.8 

Orf.Dtr.rwd > 6.«j 6.36} 6.66j 8.69; 6.6%. 6.86) 6.64 

17, Qo! 16.931 17.1ft 17^7] 17.641 17.74! 18.80 


' Account Dealing Dates dar * 6 „ 6 4 T r’! d ?a * 1 ™ w ’ 1 ' s 

Option meagre 279. ICI were particularly 

•First iwiara- Last Account P°P uIar recording 277 contracts 

fiTJ,, 

Jun.26 July 6 July 7 July IS gpcncer lollowed with 163 and 

July 10 July 20 July 21 Aug* 1 shell i42. In sympathy with a 

July 24 Aug. 3 Aug. 4 Aug-lo reac tion of 8 in the price of the 

* " new time " dealings mar caRe pUco underlying equity, BP July 850 

fr«m 1J8 a.m. two business days earlier. an( j Q C tot>er 900 series Jest 1$ and 
Equity markets refused to 12 respectively, 
surrender the gains of the post 
three days and an attempt to _ - 

shake out loose holders of indus- BOTCiayS better 
trial shares was unsuccessful 

despite a general disposition to Further small progress was 
await the June trade returns, due made by the major clearing 
to be announced at 3.30 pm today, banks ahead of the interim dlvi- 
British Funds were extremely dend season which starts nest 
quiet but, after giving up small Friday. .Additionally helped by 
opening rises, were adjudged the vote for the go-ahead of its 
basically sound underneath. take-over of Investment Trust 
Steadying economic indicators ® SS 1 "® 

in the general background to 3-Op:, ItC firmed 8 to 273p. 
countering pessimistic estimates Foreign issues, on the other hand, 
of 3 trade deficit included the moved sharply lower in places on 
encouraging trend of the Price domestic and investment currency 


demand in a market none to well 
supplied with stock left Auto- 
mated Security 8 dearer at S8p, 
while AB Electronic were also sup- 
ported at 118Pi up 5. 

Engineerings plotted an 
irregular course in thin trading. 
Blackwood Hodge fell 4 to 58p 
in the wake of the proposed 
£LSm rights issue and Bonser 
cheapened 2 to 23p on further 
consideration o£ the disappointing 
interim figures. Rail dipped 6 to 
10Qp and A, Cohen reacted 5 to 
153 p. WGI, however, improved 2 
to iQ3p after the retiring chair* 
man's optimism at the annual 
meeting and Symonds gained 2 
to 23p following the results. 
M.L, 122 p. and Spirax-Sarco, 
168p, rose 5 and 6 respectively 


report left Pflktagton down 10 at 
547p. El sewhe re.' Austral ian Riant 
Broken Rfll Proprietary fell 25 to 
675p on confirmation that the 
Fortescue Bass Strait oil well had 
been plugged and abandoned. 
Domestic and investment currency 
premium influences prompted 
fails of S and 16 respectively in 
Swire Pacific, 151 p, and Jardine 
Matheson. 262p, while Rotaprint 
lost 6 to 40p on farther considera- 
tion of the disappointing results. 
The Royal Commission's recom- 
mendation that profits of pools 
operators should be limited to 2.5 
per cent of stakes left Zetters 
down 4 at 52p. Diamond Stylus, 
on the other hand, improved 2 

to 20p in response to the higher 
profits and 50 per cent scrip-issue 


DISTILLERS 


lor a continuation of the social c * ulct * ^ t0 

con treat and the underlying move- Apart from Breninall Beard 
ment in UK industrial production, which became unsettled and cased 
Dividend hopes, if current Jeqis- 2 to 32p on a Press revelation that 
lation is not extended, were lifted Lloyd's or Umdon Is to mount 
by tiistirlers preliminary state- a top-level inquiry into the con* 
menu while sentiment was not duct of the company Insurances 
harmed by the Imperial Group closed firmer throughout The 
chairman's remarks about per- encouraging new life business 
sonal spending and his forecast figures from Son Life, 4 better at 
of good second-half trading. 300p, ■«* Law, up 6 

Dunlop osuiu provided on « >« "■<„ tKlMd sennmeM 

individual feature, becoming the »eneraiJy secto . 

subject of considerable specula* Distillers responded to the 
tion following renewed Far- bet ter-t ha n -expected results with 
Eastern support, although this a rise of 3 to 188p, after IMp. 
yesterday u as more easily met in quietly firm Buildings, small 
than on the previous day. The demand lined Blue Circle 3 To 
FT :{D-share index was 1.3 down 243p and. ahead of next Tuesday’s 
ai the 11 am calculation, reflecting annual results. Magnet and 
the early technical mark-down. Southerns firmed 5 to 19Qp after 
but dosed the day a net 0J J92p. Ellis and Everand added 5 
higher ot 473.6. to 93p on small buying aod G. PL 

Restrained by today's final call Downing S to 230p, the latter 
on the lone tap Exchequer 72 per in belated response to the pro- 
cent 2013-17, GUI-edged securities posed 100 per cent serfip issue, 
moved narrowly. The longs Still reflecting disappointment 
relinquished initial gains of } to with the pre-tax loss, Mears 
close unchanged, while the shorts Brothers shed 3 more to 14p, a 
settled fractionally easier. loss of 8 since the announcement. 

Rales for investment currency Haywood Williams eased 2 to 128p 
opened lower adjusting to the toltowtas Preliminary remits, 
early rise in sterling and soon ICI remained a quietly firm 
became highly volatile on the con- market ahead of today's trade 
tinued withdrawal of buyers, figures and added 4 to 3S1. Coates 
Arbitrage selling released by Brothers firmed 2 to 71p and the 
activities in Far Eastern securi- A non voting shares 4 to 70p. 
tics was difficult to place in, the 

I'iiTiimstonres and the premium j 

fell to 103 per cent before steady- MtUivS & bp611G6r gOOCL 
ine late to close a net 4J points 

down at 103? per cent Yester- The Store leaders continued 
dnv’s SE conversion factor was firmly with Marks and Spencer 
o.fi?4fl (0.6639). notable for a fresh improvement 

Yesterday proved to be nne of ® E 4 at 157p to_take its advance 
the busiest day's so far in the on the week so far to 13. Mother- 
Traded Option market and at mid- rare added 6 to 3/6p. Elsewhere, 
day it seemed as though the May ^ a ' l,s ®L ood ol ? t Jjjj .* °t 

5 total of 983 would he bettered « to 10flp on buying m front of 
as 774 contracts had already been today s results, 
done. However, Interest waned in Apart from Thorn, which put 
the afternoon and only a further on 3 to 354p, the Electrical lead- 
196 were added in a total or 970. ers ended on a slightly easier 
This compared with the previous bias. Among secondary issues. 



IMPERIALGROUP] 

I I £s=Si82 


1 160* 1 > — 1 — I — 1 1 — 

10U J F M A M J J 

L 197S 


and APV found late support and 
closed S higher at 222p. 

The two main gambling issues, 
Ladbroke and Coral Leisure took 
on a steadier appearance after the 
previous day’s sharp falls which 
followed the Royal Commission's 
report Ladbroke eased afresh to 
167p before settling at 169p for a 
loss of only a penny on balance, 
while Coral closed a penny dearer 
at 96p, after 97p. 

Foods again made an irregular 
showing. Joseph Stocks firmed 5 
to L50p In a limited market while 
Sainsbury picked up 3 to 203p 
and rises of 2 were marked 
against Kwik Save, SOp, and 
Hazelwood's Proprietary, 68p. On 
the other hand, Tate and Lyle 
remained on offer and gave up 2 
further to 16$p. Watson and 
Phillips fell 4 to 55p on the lower 
profits. 



BHP dull 


Miscellaneous Industrial leaders 
turned irregular as recent buyers 
held off in front of today’s 
announcement of the June trade 
returns. Profit-taking after the 
recent good rise on the annual 


J F M A M j j 

197S 


and R. Kelvin Watson added 6 to 
74p on further consideration of 
the record profits. J. and J. Dyson 
“A” gained 4 to 57p and AGB 
Research rose 5 to 97p, the latter 
following comment on the 
marketing of its latest market 
research project 

Dunlop were again briskly 
traded, but renewed investment 
demand from the Far East was 
more easily accommodated, and 
the price only improved a penny 
further to 83p. Elsewhere in the 
Motor sections, Bowty were 
favoured at 223p, up 6, but ERF 
encountered a little profit-taking 
at 117 p, d own 2, after the pre- 
vious day's rise of 7 an the pre- 
liminary results and capital 
proposals. 

In Newspapers, persistent 
buying on North Sea potential 
lifted Daily Man A 7 to 315p. 
Elsewhere, A. and C Black firmed 
4 to 122p for a three-day rise of 
15 on continued demand in a thin 
market Associated Book 
Publishers eased 5 to 223p: despite 
the proposed early redemption of 
the outstanding 71 per cent 
1985-90 debentures at a price of 
£90. the stock was being called 
unmoved at £70. Jacksons Bourne 


y.nrt firmed 7 more to Tap in 
continued response to the results, 
while B running added 12 to 72p 
and the Restricted Voting shares 
4 to 63p following an investment 
recommendation. 

In restricted markets, Jermyn 
investment firmed 3 to 3tfp and 
Midhurst White II to 4t>P- Else- 
where in Properties, Percy Bilton 
put on 4 to 174p but, following 
the annual results, Dacian eased 
that much to 91p. 

B.P. ease 

British Petroleum, down 8 at 
876p, reflected profit-taking and 
the withdrawal of American sup- 
port following an anay list's down* 
grading of prospects of the latest 
oil discovery off the Shetlands. 
Shell eased 5 to 570p in sympathy, 
but Ultramar attracted buyers and 
firmed 7 to 267 p. Siebens CUE) 
rose 22 to 380p on vague rumours 
that prospects in the Brae Field 
had improved. Elsewhere, Royal 
Hatch shed 1- to £402 on invest- 
ment dollar premium influences. 

Modest gains were fairly wide- 
spread throughout the Trust sec- 
tor. Among Financials, Inter- 
national Investment Trust of 
Jersey were traded on a higher 
basis of 205p, up 19. 

Furness Withy, down S at 230 p 
on the forecast of substantially 
lower profits in the current year, 
provided the only noteworthy 
movement in Shippings. 

Reflecting the setback on Far 
East markets and the fall in the 
dollar premium, Slme Darby, 
204p, and James Finlay, 350p, 
both gave up 7. Elsewhere in 
Overseas Traders, Paterson 
Zocbonis contrasted with a rise 
of that amount to 190p. 

Tobaccos traded firmly, 
sentiment being helped by slightly 
better- than- expected half-yearly 
results accompanied by .an 
half prospects from Imps, which 
encouraging statement on second- 
closed 3 to the good at 80p. Bats 
rose 7 to 317p and the deferred 5 
to 263p. Rothmans hardened a 
shade to 56p awaiting today’s 
preliminary figures. 

Textiles recorded scattered 
improvements. J. Beales rising 4 
to 7Sp and Nottingham - Manufac- 
turing 2 more to Z24p. Hollas 
touched B5p in response to the 
increased dividend and profits 


before settling at '63p for a rise 
of a penny on balance. 

Robbers continued on an easier 
bias. Guthrie opened higher at 
360p but cased back to fresh sell- 
ing to S5fip before settling at 35Sp 
for a fall of 2 on balance. 

Golds easier 

A sharp decline in the Invest- 
ment currency premium was the 
major influence in the general 
dullness of mining issues. 

Widespread, although usually 
minor. losses were recorded in 
Golds for the first time in four 
trading days despite persistent 
Cape and U.S. inrerest which saw 
prices close at the day's best levels 
in dollar terms. 

The Gold Mines index -which 
is calculated on a cum-prexnium 
basis- gave up 1A to 159.0, 

The overseas buying produced 
one or two features. West Rand 
Consolidated were finally 21 
higher at 137p following a good 
demand in a thin market. Other 
Golds to edge higher included 
St i lton tel n, which rose 6 more to 
a J97S high of 290p, and the heavy- 
weight Free State Geduld, which 
closed i firmer on balance at £16}, 
after £Jfl:. 

Financials moved similarly to 
Golds. Anglo American Corpora- 
tion fell 9 to 314p, while losses 
of 5 were common to De Beers, 
380 p, Sen trust. 2G3p, and Union 
Corporation, 273 p. 

A lane firm spot were ‘‘AmeoaL” 
which advanced 10 to a 1978 high 
of 630p-a two-day improvement 
of 40. 

The lower premium prompted 
across the board losses in 
Australians despite the continu- 
ing firmness of overnight Sydney 
and Melbourne markets. Against 
the general trend, reports that 
France is seeking uranium supply 
contracts worth ASTOm per year 
from 19S5 onwards caused a 
flurry or buying of Pan- 
continental. which rose 3 to £13}. 

The participants in the Ashton 
joint venture diamond search 
met profit-taking following the 
progress report, which was 
regarded as disappointing. Con- 
zinc Rlotinto — the major partici- 
pant and operator of the venture 
—fell B to 23 7p, while Northern 
Mining, with a 5 per cent stake, 
dropped a similar amount to 9Sp. 


Gold Umc?. “ 

Old, Dir. yield J 6-ftOj B - 36 [ G.66j * 

JawmBwVMSOiilUfi 17,0°! 16.93 17.1ft 1’ 

IVBfattolMttltl 7.W MSj ' 

UwllnCT marked 4.0611 4.270f 4,678 4,: 

Kqnlty tumorer£m.~| — i 8L2E! Q7.4Z W.l 


O.&ttj 6.1 
17.27] 17J 
7.701 7J 


6.B* 6,86 

17.641 17.74 
7.341 7.49 

4 .248] 4,196 


482. U 449.9 
169.6 115.8 
6.86] 6.54 

17.741 16.86 
7.49 9.12 

4.196 8.157 
60,91 78.20 


fratorbii g.iM \ 19,38fc 18.64^ 15.5Sg_t2.94Bl 17.506 

10 am *'S.9, ii am Noon <71i 1 an 413-0. 

2 Mn 4 , 1 . 11 . 3 |im 473 . 7 . 

Latest lodex 01-3% Q24. 

- H-iscd on 52 ivr cent lUrpnrailuu InS. t Nil- 7 K- . 

&asi.f 100 tiovL Srra. 13 .-in.' 70 , Flv.il 1 m. 1923 , lod. Ont. 3 .- 7 / 30 . Gold 
ii in.. * ii .9-51. SK Avtvlijr Jnlr-Dec- 1M3, 


highs and lows 


S.C ACTIVITY 


tSlnee CompilaUnn I 


Oort. Sees.* 78.58 
|3'tJ 

fisuri lot 81-27 

• l9;l) 
Iihl Opl -497.6 

(«/I) 

Cohl Uimm. 168.6 
(S^il 


■ | | OfitASged ...1 123.6 

la/lrtbl InOiutne* ...•! 143.6 
150.4 50.63 Spo.mi»llve J .‘ 34.8 

kZBrlljM) ttiLTW. — 1 98.4 


123.6 | 140 J) 


I ml nil nee.... | 143.6 I 146.0 
Spa*uL*Ll 34.2 ( 27.5 


l 77Z:£ l , Uilt-Kdflwi...! 158.4 156.8 

(X4|Sj77) i Bdu , lrttJlll ..| i5i.o 150.4 

442.3 43.5 r-peraiknlive... 32.6 34.6 

iZWTSllGSlUinU Lot* 19 100.5 101.1 


NEW HIGHS AND LOWS FOR 1978 


The tallowing securities quoted In The 
5 hi re information Sendee vesteniay 
attained new Hi arts and Lows lor 1978. 

NEW HIGHS (87) 

BANKS (3) 

Mlhtd Irish Wintrus* 

Bk. Ireland ISpcCn*. 

BEERS C1> 

DlGtilfen 

BUILDINGS CS) 

Sornatf HeUimhira Henderson A 
Cement- RiMdstonc WcstDrtck Prods. 
Downing (Gu H.r 

CHEMICALS Ml 

BUqdcn A Noikn Stewart Piastres 

utoorte liuft. VorUhiro Cftems. ■ 

STORES (B> 

Beattie {J.) A Samuel tH.> A 

Goldboro A Status Discount 

Henderson- Kenton Wallis 

Lee Coaoer Wcorwefl 

ELECTRICALS 121 

Automated See. Racal EkxirorHca 

ENGINEERING (G) 

Junks A Cartel I SDlrax-Sarco 

Mitchell Somers ow. engfocerfns 

Norton iW. E.i Wirm Wright 

FOODS t1> 

Clldord Dairies a N-v 

HOTELS 111 

Myddleton |NQUSTR1ALS 

Aitoc Leisure Kaiamasoo 

Bogod-Pelcnah A Macnhenon tD.) 

British Vita Reed Executive 

CH Indv Royal Wares. 

Cope Allman Sutcliffe Socoknian 

Crean U.< U W. Carriers 

Ferguson ind. Vintcn 

ICL Watson iR. K,> 


TRUSTS (21) 

AitlTuno Can. Gluodceon (n>. 

Anglo Am. Sees. Do. A 

Anglo- Scot Secs. Ink London & Lomond 


Akoc. Leisure Kalamazoo 

Bogod-Prlcnah A Macnhenon tD.) 
British Vita Reed Executive 

CH Indv Royal Wares. 

Cope Allman Sutcliffe Soeuknian 

Crean U.< U W. Carriers 

Ferguson ind. Vintcn 

ICL Watson iR. K,> 

MOTORS (It 

Donty 

NEWSPAPERS til 
Black <a. & C. lpAwR 

Brunnlng Group Clav iR.J 

PROPERTY ( 1 ) 

Church bury Ests. 

SHOES lit 

Ward White 

TEXTILES (31 

Allied Textile Montfort 

Beales ij.i 


Australian & Inti. Loml. & Prwmctal 
C.L K.P. Northern Secs. 

Camtal A National Scot. Mart, a Trust 
Car/iol Inv, Scot, northern 

Cedar Inv. Snewgll 

Cllr A inti. Sonera Inv, 

Colonial Sees. Oefd. Trans. Oceanic 
Drayton Far Eastern Tyneside inv. 

Eiectra lev. Tnnc W lean inv. 

Enuiw Consort Old. Do. B 
Glasgow Stackhhfrt. lot. Inv. Tst. Jeragw 
OVERSEAS TRADERS 41 ) 

Steel Bros. 

MINES (21 

Sin font cl n . Anglo Amerkaur Coal 

NEW LOWS (12) 

•UUSHNGS m 

Mears Bros. 

ENGINEERING Cl) 

Bristol Cnanoei 

FOODS H) 

Tavener Rutletlg* 

. , INDUSTRIALS 1 71 

Fertleman Rotaormt 

Hoover A • Swedish Match 

Letna {Harriet VtOCrv . 

Norton & Wight 

RISES AND FALLS 
YESTERDAY 

Up Down Same . 

British Funds b 3 9 

Corpus. <Ma>bt<n ud 
Foreign Bands . ...... 3 3 SB 

Industrials »T ZM fit 

F m social and Trop. 12* IT 93 

Oils S # 20 

PiMiaUms j, S a » 

Mines ...j.-'. U W X 

Reseat Issues 7 - 5-22 

Totals 496 475 LW t 


ACTIVE STOCKS 


OPTIONS 


DEALING DATES 
First Last Last For 

Deal- Deal- Dec Lara- Settle- 
mgs ings tion ment 

July 4 July 17 Sep. 28 Oct 10 
July 18 July 31 Oct 12 Oct 24 
Aug. 1 Aug. 14 Oct. 26 Nov. 7 
For rate indications see end oj 
Share Information Service 
Stocks to attract money for 


the call included Bnrmah Oil, 
Avenne Close, Associated 
Fisheries. Ladbroke,. ICL,- British 
Petroleum. Ladbroke Warrants, 
English Property, Peter Stores, 
Lonrho, UDT, Coral Leisure, 
Johnson Group Cleaners and 
Esperanza. No puts were reported 
but a double option was arranged 
in Phoenix Timber. 


DcnomiDU- 
Slock lion. 

fCI £i 

Coral Leisure ... lOp 
Shell Transport... 25p 

BATS DeT<L 25p 

BP £1 

Dunlop 50p 

Barclays Bank ... £1 

sm 50p 

Ladbroke 30p 

Marks & Spencer 35p 

Unilever 25p 

Beecham 25p 

Distillers 50p 

GEC 25p 

P * 0 Defd. ;r.i„ £1 • 


No. 

of Closing 
marks price Ip) 


Change 
on day 
+ 4 
•+ 1 

- 3 
+ 5 

- 8 

.+ I 

:■+ 3 

- L 

- 1 
+ 4 
+ 2 

- 3 
+ 3 

- 1 


Ban motorway 
‘cowboys’-MP 

A BANT on the “ scarifying” prac- 
tice of headlight flashing on 
motorways was demanded yester- 
day by Mr. Walter Johnson. 
Labour MP Tor Derby South. 

Mr. Johnson has tabled a 
Commons question to Mr. 
William Rodgers. Transport 
Secretary, urging him to intro- 
duce legislation in ibis effect, 
with heavy penalties for 
offenders. Mr. Johnson said: 
"What is happening more and, 
more is that these ‘cowboys' 
conic up behind you on the out-' 
side lane when you are doing 
70 mph. They continually flash 1 
their headlights at you. This is! 
very disconcerting, dangerous 
and frightening.'' 


New hospital 

FAJRCLOUGB Building, of' 
Swinton, Manchester, has won a 
£11 m contract for Stafford's new 
general hospital which is 
expected to be completed by ! 
19S2. 

The hospital will have more 
than 300 beds, five operating ! 
theatres and an accident and in- 
tensive care unit. 

M25 go-ahead 

WORK IS expected to start soon 
on the £7.6m two-mile length of 
the M25 in Surrey between the 
M3/M2S Interchange at Thorpe 
and the Chcrtsey Link Roads, 
north of Addlestonc. The con- 
tractor is Bov is. 


Employers fear 
more inflation 

EMPLOYERS in Yorskhire and 
Humberside face the dangers of 

a new round of inflation, says 
the region's CBl. A survey of 
companies in the region shows 
that the period of relative 
stabilit vis over and many firms 
fear significant Increase in the 
cost of raw materials and com- 
ponents. 

The survey shows no real im- 
provements in business activity 
although firms supplying goods 
for the home consumer market 
are receiving more orders. 
Exports are slowing down 
although wool textile companies 
are still keeping up their 
export performance. 


LONDON TRADED OPTIONS 


Leading international consumer products company currently 
expanding its audit staff in London and seeks qualified candidates 
for the following positions: 

a) Senior Auditor 

Reporting to the internal audit manager, he will be participating 
in planning of financial and operational audits of varying degrees 
of complexity, supervise and monitor the staff auditors. 

— nationality open 

— languages— fluent ' spoken and written English; French 
and/or German desirable 
— age — early thirties 

— a recognised accounting qualification or university graduate 
with a major in accounting 

— from four to seven years’ combined audit and business 
experience with a public accounting firm and a large 
international company, preferably U.S. 

—communication skills and supervisory ability, tact and 
diplomacy 

— sound knowledge of audit techniques/theories, practical 
approach to control problems 

desire to develop professionally, capacity to assume 

increased responsibilities. 

b> Staff Auditor 

Reporting to the internal audit manager, or assigned senior 
auditor, he will assist in the planning and execution of financial 
and operational audits, including conducting certain limited audit 
assignments on his own. 

The profile is similar to position (a) except that age should be in 
the mid-twenties and only two to four years' experience in general 
accounting or a related area with an international company. 

The salary will match experience and achievement. If you are 
interested in either of these posts, please send your resume with 
your salary requirements to: 

Ref- FT 03 

William Greenway, Partner 
Whinney Murray Ernst & Ernst 
Avenue Louise 523 bte 30 
B-1050 Brussels, Belgium. 



BP 

•HK 

BP | 

BP 

Cbm.. Cntonj 
Com. Union; 
Ijfitis. C 5 »lri j 
(Joan. Hold I 
Courts 1 1 III* j 
Cmirtiukls j 
UotntsniiU i 
LVurtsulds I 
GEC 

a EC ; 

GEO | 

GBC 

Grand Met, I 

Grand Mel. 

Gnuui Met. 

ICI 

It I 

ICI 

ICI 

lAiui Secs. 
Land Secs. 
I*nd Sec*. 
Marks & nil. 
Marl>"& S(i. 
Marks & Sf>. 
Shull 
Shell 
Shell 
Tntnls 


FT-ACTIJ ARIES SHARE INDICES 

/ ’ • 

These indices are the joint compilation of the Financial Tunes, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUBJECTIONS 


Thors., July 13, 1978 *gr 


Figure* in puranClnaes thaw number of JP®*'’* 

stocks per flection Na Ch ^** 


2HLtt 

185J2& 

m i tost 
-Q 

mn | au.99 

'32 


RECENT ISSUES 


EQUITIES 


tI | = -s ff Jcfli 
Prlee = 

p; i ■ 


- I Hint. 


iff • !;lii£ 83 H* 


i F.P. I 30/6: 02 . 85 Jlramall IC.D.1 87 , + 1 1 r4.5 I 

r.F. ! 617 lira I 142 (tiumeborm 167 t f.2.64 

F.l\ I Z4iB Ol : S5 iRuur.nji Feir. B7 —a . 4.6S ! ■ 

F.P. J ~ I » | ii {Tliffmo Pl.r*ewJ ; 35 J >^2.0! 


FIXED INTEREST STOCKS 


I 7 .Bi 4.6 
> 2 . 4116.9 
I 8.1 6.3 
18.7 7.6 



MJII 19532 
225.73 
25168 

me 

38179 
29184 I 19951 
9K39 
f 33L97 j 33R29 
nun UU5 17772 


o ® £ j 

!i Ii 


* * ! F.l\ I 

* ■ F.P. ! 
£98 £SO I 

re&.fl, f.p. 

*100 Ml 

H P. I’- 
ll £10 I 
100 |t F.P. j 

£ioo v.r. I 

rt£37.55 F.l*. 
N ^3S 

* • 1 K f '. 1 

* * j F.P. j 

' * . K.r\ 1 

■ 1 Q 9 1 k.p. 1 
99 : 4 ; k.p. I 
£ 9 BUtlO 
»9 |A:10 
£ 9 BJ 4'£60 
‘■ 903 ,!£ 3 a 



SBl'.UItol I«ntber 9 » Pref 

K'ji AlUftl JfwaJlera 9-1 Fk(. — 

« Biu-uot 121 Red. 1987 — - 

SV’S' Birmingham Vir ICati* .“j -85 

Oonv. Bile. 1093 — • — ■ 

6 ti|.VreU..a CStA-nv. FWd. 1979-84 lOu. 

IO^iEbai Amrlift Water T% Kcd. Pret, W 83 .— 
]OI|>'FW-mfHM'kl 1 n^OajLoHr> fie I2ad Cam Pref. 

995 fl : Kitiiilmrgh Viw, RaIC 1985 ——.. - 

975*1 Bmea 7 ^ filed. Pnf. 1983 

USla'FiMrview S?r*. lS. 0 y? Deft - 

Holding I OS Pecf - .......... 

WU^U.Her (Vi 11 % l*tt* 

94 .,; Jlere U'FornUf 10 % BiU Cum. Pref 

WflirKg'MUM’n Brv**. 31% Pref - 

993ft'Settnn Var. Kate Iie>l- — 

8 i&«iutl»eo>lHin.sic» 12 % KcO. 1937 

9 pt’utli. Tynealrte 15 ;% Bed. 13 W 

474 i!Trtie L W«r 12J Rcl. 1988 

24 total Kent Water 18 % Del-. 1986 


“RIGHTS” OFFERS 



17722 
HUM 
3479 20259. 
106.67 19033 
29057 W6 
27237 25437 
25721 
127.07 
397.47 
1%S 


Egjcn vnzm KkHriftif 7.r-.i r~;X'^r^i ir 
E33KUEEIEII KE3I E^EIEIEiaEiai 


H 9 pl — . 

92 v 

605, M> . 

8971 , .... 
IB;. 

IDS, .... 
I 01 #pl 
9960 — 

98la 
24 .... 

98 P 

108*I->1 

94,^ 

109 p. ... 
995 , .... 
8S,| .... 
912 I-I 4 
48^ .... 
aaigi ... 



% 

§ 


159159 
U3JH l 18L92 
21334 
14733 
13331 

ms 4 


tf.-tiYMBtiil.t 


163.96 +0.9 
18752 +13 25.24 

28437 — _ 

152.17 +L9 12.84 
13621 +1.7 
12557 +L2 , 

340.61 +0.4 13.84 

79.82 +1.6 1 

-03 

\ 2435 I 7.96 i S37 I IMiOl 1M50 1 105^1 1BS49 


21673 403 318 4,65 31.48 21815 21*53 21629 23259 

100.46 -Off 1756 6.S2 693 ML24 10052 38030 - 9T.43 

318.42 +0.7 1646 676 7.46 51625 317.46 31418 38040 


554| — [- 21667 { 21526 I 21319 I 288.91 1 18956 




■= * 1a Lot 
1 mu 0 3 kt'Bumv 

Prtro ' ~ limo 


Low 5 years—. J 

SM 

SJ5 

7.V \ 

1134 ^ 

Conpona 15 years.. 

— J 

1XB 

1U2 , 


Reoimciatiaa data lAtudly tut day for deolios free at aamo duty, b Kupires 
based on proepeerus eaurnatc. a Assumed dividend and yield, u Forecast dividend: 
corw based go previous year's earnings, r Dividend and yield baaed on ttrospectua 
or other official ustunatea tor 197 $ u Cross. T Figures assumed. ? Cover alli*ws 
for conversion of shares not now rattkins Air dividend or ranFUmc only for restricted 
dividends. { Placing price to public »t Pence unless otben-iae Indicated, 1 1 ssued 
by tender, [f offered to bolricn of Ordinary ttfures as a ■* rtgbu." •* issued 
bs way of catutaUsalioa. ft Minimum tender price. {& Reintroduced. Sfl Issued 
in connection wuh raorsinisotlun ni'irftetr or takeover, p Introduction. Q Issued 
to former Pndetvncc holders, ■ Allotment letter* (or luliy-paidt. # Provtatonal 
Or DarUir-paui aJJotmcot loUcn, * With warrants. 


is 20-yr. Red. Deb & Loons (15) ss.8o ii3.cn ue.as 66.78 oe.72 aa.Ta 66.64 J 66.64 j $637 j 6353 

16 Investmeot Trust Prefs. (15) oi.sa 13.73 6i.ss si.w si3» 0154 si.es 

17 Coml. and ladl. Pref& (20) 70.04 13.81 70.» 70.13 70 .S 0 70.14 70 . 14 1 70.84 1 7052 1 68 . 4 a 


t Redemption »Wd. Hbfas and laws romd, baso tlaica and values gad CMHttnwM dangos arc paMMed. h* Sanmlrf 
Irttwa A new list af um cu imltwmU Is avaflablg from tba pobOsben, tin Flwmcial Timas. Bracken Hues, C anaa n Strop* 
Load on, EC4P 48Y. price Up, by post 22s. 


X \\ • ^ 
























































































g ^ncial Times Friday July u 1Q7a 

INSURANCE, SopERTf 

bonds ’ 


AUTHORISED UNIT TRUSTS 


A_bbi7 Life Assurance Co. LW. 


Abbey Unit Tst„ Mgr*. Ltd. (a, 


ssssr^^ 

Equity Arc - 

Property Fi . 

pWJiyAtt 
RelrctJ w Fund ■" 
CwvotihJe Fund " 

RSgjX- " 

g*" * WeciiraJH' 
gwKomno.. 

Pent. Miokm 

pmsp. Ei Snr.4_ .. 

Man. FAS*-. 6.“ 

»E<iaity Fd s» « 
JS»nv.>d.Sp?4„ 
tS55!»w-«e r.i: 


1 gtttttu, “CT-.jT aSSSB!?® 8 ^ ‘7“ 

Gresham Life A«. Soc. Ltd Pncra Juir 1 ■ % ' en «te8ll"gAugu«i I. ■■ 


££■55?!!*“ R^Aylwbuiv. 03X55941 BR?** 6 ” T,2 iR* P * r ** tU * 1 Uail Traal Mn*mt? (I) 

... -M.»W «MjWa?_l 4411m SUH«U«,0 0 T1HW, 


Abbey CspltoJ 

Abbey Iact»na_ 

Abbey lnv.TH.Fd.. 

. 014B342D0f Ab ‘ WyGen - TH 

Allied Hambro Group? fa) <*) 
^■“JjooHje- Hatton. Brentwood. Ewe*. 
01-588 3851 or BtnMgnl 1 02771 21149P 




mz 




c ut£Z ftS 1 ” nii ^n^ 0203 *"*» wJUL??*" - Ias - Co. (VJL ■) Ltdf 

ftSBar^ga jfl : - »«S&sis dssia,s ™*™\ a *~***™‘ 

™ • ■ - 6asw!!^ij| 

£S£.*J?L “» *“ *«■ U4» teigSSP: ■ -IKf 


14*9 

95.1 

1004 

93.5 

105J 

1122 

1090 

1014 


-rl ffl — 

+04 


+0J| 

-14 




.Pwat.ft.i. iiij-nuM BojrelExchMEe.En ^-quityFnnd 

83 rtf ~ SSSlfl'f “ e®* 9 • -T - 1 ” BSV«S&: " 

‘iMflil - Hambro Ufe Assurance Limited w 5 KPw{FBd™.:“ 
v°f/^i* Be - L 0“*W.Wl 01^000031 


Bg&S: 

^“"■PuFiAcc- 
TOP-PftiAcc . 


102S 
1391 
114 5 
U865 

jl&f 6 
|Sli 

129 4 
1130 




••Ibi'.Pcn.Aco'jjpU^ _ 

iEZ Ufc Axsanwce Ltd? 

AMEV ’’'Imt** 1 *:— Bnsau >40101. 

SBKKfcB* 

*9g»ggbf&; 


gw*»«.Dep 1254 

Property. i»j 

Managed Ace 1731 

Overseas itf f 

97.1 

pSKSW**'- *49.1 

ps - tei ap — ac -9 

£?? "PP Arc._ ._ J*i4 

SlfiflSTciprai 

p2lRRr dtA “- 

Pen- OAF. Cap 
Pen. LaF Act .. : 


1211. 1 
3396 
1204 
151A 
(105.9 
20B.1 


* 0.11 


222. Z( 

357.4 
135 1 *0 1| 

as +oif 


♦O.tJ 

+2.D 

- 3 a 

*yi\ 

+o.y 

+13 


1713 
1472 
142J 
12&0 
130.2 
1023 
1343 
157.1 
2133 
2752 
2123 
273.4 

127J 
1343 

«afih 

182.0 

_ . 103 J 

J”?? * 0>k Benefit Society 

««d »» ssari , !sr ,,, Sji "tt” 

1 Samuel LUe Asanr. l.ifl 9 


ISUI 




130.91 
17tLH 

DZ7 

lS.1 

102.3) 

Axxow LUe Aasttraace 

n.t'xbridjca Road. W 1^. 

gg^gie: iSa 

RsaMtaJfc ai -; z 

Bmlayo Life Acsur. Co. Lid. 

^ ggggefA^i 

BSRfclf 


+0.JJ 


Allied IB , MS | 

BriL Indj. Fond 1*2 4 

Crth.ainc. ..574 

Elect & Ind. Dev.B3.4 

Allied Capital K.7 

Hnmbro Fund |UI3 9 

Ham t»ro Are. fU _. [ll93 
UtHH FYtq4> 

High Yield Fd. 

, HI Kb income 

0TO2aS00|ASLEq.lac. 

Inieraadeoil Fcoda 

Jnlenutinsal 

PhctUcPHnd 

Sec* Of America.., 

USA. Eunpi*.^. 
Spccbdw Panda 
Smaller Co.'s Fd. _. 

End Sadr. Co's Fd 

Recovery Kitx 

Mcl ICln. h Cdty. ._ 
Owseu Bam mas. 

Ex pC Smlr. Co'r.... 


^ It! Sf2iJ2l!r2i«L^ *p- 


F. 


*Nor Unit June 1S> 

Phoeaix Aunnmce Co. Ltd 

ie;d.h5r ,!J *“ mS ^ EC4P<HR 01-«MB878 

f M 77* 117 V i - 

FJjr.Pl.EqE |76J "* BO.oj Z 

P«p. Equity & Ufr am. Ce* 

1 IB. Crawford Street u LH sas 

SW;| l-i- 

FlexMonay Bd. 1 1S9J | +£ 2 ! _ 

Pr °p«ny Growth Assnr. Co. Udy 

^on Hoaae, Cnjydnn. CM 1LU 01-690 CWM | ,nc Monthly Fund . WAD 



Ccnano ditr Sh are ,|l*3 4 
4 05 Earra UummeTH... 23 7 
uiFarElB.Tru*t_ 370 
High lnCOlM TiL ._ 544 
income Fund 73,4 

atsssw-^Bi* 

541 tulntlTq.iAeei..pS.i 


173 7b -0A| 
25 j 

39.0 — 0.4| 
. UI 
70 9 *oa 
14.73 b -Bifl 

fd - DJi 


3J0 P ^ aR “ ,Q P°“ I - — W-l 


MS 12 0808 

42.01 ■ | 150 

3a Piccadilly Pail T. Mgnc Udf (aRb) . 

0.S ® ard ^ 1 ' H *'' 381 ^“***0 W *II EC3 63BIMH1 




:::.J 


14) Extra Innime 

t'% Small Co - * Fd 

3 18 p.Pg* 1 Puad 

4 nn inL Enu. a AacMa. 

i 71 PnnirFlind.. 

Aeeuailir. Fund- 

■’■“ffcnolujty Fund.. 


IU 

400 



3L2 


riifl 

407 

+0* 


45 lri 


•55 

42.7>d 


347 

375 


60.2 



552 

«0 

-0J 

27.4 

25.6 

2440 
25 40 

-03 

+02 


530 23, Blomfleld Sl. EC2H 'ochnol 

25 |OlAC.DlC«Wlf ,, — Ml 2 
5« (UjA.C. GrowjhTT_|JB« 

111 "‘■A-C.FarEw- bt? 28 d 

.treating -T U es. TTWed. 

Govett (Jehu IV 

Jii ae UurinaWnll Vt'i 

0I-5SW90 _ _ 

1A5S{ .... [ 195 Provincial Life Inv, Co, 
LB 222, Biahopapttc, E.U2. 


973 

5.17 

402 

:e 

4J4 

338 

346 

2.20 

2-50 


OFFSHORE AND 
OVERSEAS FUNDS 


670 TV, Lon do a Bull, fLC2. 

718 yhldr. Jtnw» 1138 0 145 w > 

Do. Aman. Unn_ . [1*5.9 1744I “J 

2.40 . p,ext < * M *inc day July 14. 


030 Practicsd Invest. Co. Ltd? (yxci 
44. BloomibuiySq.WCUSHA 01-6230683 

Pra«lraIJulyi2_ii55.t 185 41 1 A2k 

AcctuL I nlut Q203 ZJ39j .. .. [ IJ) 


0I-4M08ST I vmv*™? 11 ^ ^ «“«*« LW- 
-4080557 138 Fencburcb Si EC3M fiAA 


gm.3 

1/b 4 

PS"? 

b° 

P8.4 

M3 
[72 B 


LldLV 

01-2476333 

119 3 

21244 “TJu Pr * ,dI - PortfoUo Ma S«- L»dV iaKbMc) 
_ 4B Holbom Bare. EC1.V 8NR 01-4033222 

7 91 Prudential p25J 13JD[-0A[ 443 

180 Qnilter Mtmge me at Co. LuLV 

XS0 TfaeSu.Exrlua5e.EC2.MJU>. 01-6004177 

Is aassssjf-E jsa-j «■ 


g 2 S 3 SSS 5 T*^''“' >H«iH 

Barrington July 12 

lArrum. Onlui 

4 00 Blag. H.V4 July 13 

3*4 rArcpm. Unltsi 

592 EndeavJaty 11 _ . 

5 .23 fAecBBLUnltai- 

4.72 Graclutc Ju(r7, ... 

535 lAcenm-UolUi. .. 


w!3 -4.al 

m*# 

223 7] 

97 M 

ioI5 

72 4j 

70 


4 25 


Aodenoa U.T. K0.6 525| .. .^JS* Unil Lid Rtll TV n hHd^ 


Property Fund 

PropmrFUndlAi. 

Acn«i!tural Fund. 

AoneFUadiAi 

Abbey Nm. Fond... 
Abbey N*t FdlA'. 
Investment Fund. 
Investment Fd.i A 1 

tvquity Fund 

Equity Fund I AjT 


■'H^aTwt.. AddlicombeJMLCroy 01-688 -uss Fund — 

tPrnperty Dnlla |1K« 1S11 “iWiSS Mcney Fund 1A1 ...- 

SSMBflSTjC: 1M.1 imSt 1 - 


pac^rflgj 


123 9 


Barclay boo da 

Mis.-.rzz7-|3|^ 


130J1 ..- , _ 
121.4 +0Al — 

-.3 

+ 0J 1 


jsii 

SfBSST^SzR 7 M 

“Entreat najt mine July 

®**U* Life Asanr. Co. IJd v 
71, Lombard SL.EC3. T 

BDl Hone July 1] 


14. 


Kl 
Aec — iik 



Oilt^lSStdFd.lA... 
♦Retire AannJiy.... 
♦ Iiumed. ABBljr 


- r^mwth Penal. 

All W7ber Ac. Dun297 


1825 

188.9 

782.9 

758.4 
1541 
1539 
MB 
U.6 
171 5 
170 9 

190.4 
139 7 
113 2 
1217 
1217 
123 8 
M35 


Aosbtdtt^unit utm. Co. Ltd ZSZSSmr %TT£ agPftfcBT “ J Si 

1 Noble SL.EQV7JA. 01606371 Hewfcnon. AdloinstrationV (*KcMb> 5rtfeRteT lne -— !«• 44.7} -Bl\ 

174X1 • • 1 ,JB premier tyTAdm 1 1.. 1 Rajirtch Koad. Hutton. Rid * efle,d Mhoagewcot Ltd. 


524 

80S 

665 


— ArbnUmoc Securities Ltd (aXc) Brentwood. Ease*. 


l37.Qnoen5L London EC4R LBY 


:ia 


-M 


= tt 


127.67 

Canada Life Aomruce Co 

i*”'* Bar. Heita, P^ar 31122 

Cqtr.GttLFdJiily 3 . f3*2 -1 li i 

WmaLF»d.jJSr«..r 17 j L1 j " ;;;J - 

Cmun Assurance Ltd? 

Sff- " ^^HAOCNB 01 -0Q2 8876 


PtiBJ^d. IalAK.rj!8 , | 

- Cap ..».J95 4 

Pena. Prop. Ace — 1%,0 19 '....^ . 

Imperial Life Ana. Co. of Canada 

01-628 1288 Imperial Houao. GnHdford. 

I | - Cit.FdJuJj>7 BBS 

Pca& FA /u1j7_^ksj 70 ji 

saa^f '3 


Penuon FA L'u. ‘ 
Coav. Pena Fd._ _ 
Cnv. Pna Can. Ul 
Men. Peaa F«£ _ . 
Man. Pma Cap Hi 

Pn»P Pena Fd 

PmpJVnaCap uu 

Soc Pen. UL 
Bldg Soc. Cap. Ul.. 


wi 3t Aamddam Lid. 
138(1 


1386 
1477 
133.0 
143J 
13L7 
1471 
133.6 
1317 
12 BA 


Extra income Pd _ U45 11241 _<uj 

High Inc. Fund 40.9 '440 

StAccumAJnlisi — 55.0 392 

Wdrwt ULaj 55.0 592 

,, — mecPtand— 23.9 25 Bn 

(Aceum. Unite) 37Z no. 

Capital Pond 192 

Commodity Fund - 54.4 (4J 

(Accum. Units 1 15 4 Q2 4 

nOK.W-drwLU.l-_ 5L» 5t2 

Fln.4iProp.Fd. 171 134 

Giants Fund J8.3 415- 

lAccum. Units) «J2 aaiK. 

Growth Fund M3 58 9a 

lAcettm. Units) 412. 44(3* 

Smaller Co’s Fd 27.1 292 

E as tern 8 Imi F± . 742 28 2 

tSKWdrwI.Uia) _S.t -n> 

Foreign Fd. 842 MJ 

N. Amer. h. InL Fd. n.7 34. 


01-aOSSl Cu.Growth be.. 

1130 Cap. Growth Are 

938 Income b Aawts . 
938 Ugh income Funds 


938 

1280 

12LB0 


High Income.. |60 ( 

Cabot Extra lac. |55.7 


BAdllaif 


- 1.0 

-15 

-0.9 

+o.i 

-*-0.2 

* 0.1 

+D.1 




Financial* ITU _.. ^a.8 


|-S Oil * NnLBen 
inwreailaBal 

t n Cabot 

la Inierpatfanial 

£££ Wrld Wide J u ly 7 .. 
275 Osman* Fuads 

273 Australian 

437 European 

140 Far East. 

1 40 North Aarnr. 

Up NAm.GraJnly4 

100 CahotABwr3m.Cn 




7J258 ** r ®7*iH:ial Life Asanranee Co. Ltd. 

7Bl<< J _ 22J.B lshopsgste.EC2. 02-2H78533 1 nZ'XZZ 

-4 — P™- Managed Fd_!lU 1 119“ J»o AnaL Aee., 

no 



Irish Life Assurance Ca Ltd. 

11. FI mshury Square. BC2. 

sasss/^—uM- 


Gill Fund 20 115 7 

P™PJ«yFund __ 95.9 

F&MpftdZZ SJ 


-o-af - 


Archway Unit TsL Mgs. UtLV laXc) BUI S*®®* 1 l '*it Tst M^rs-f (*) 
317. High Holborn. WC1 V7NL. 01631 0233. 43 Beech SL. ECSF 21 3T 016! 

Archway Fund 1853 8831*4 41 am iblBriUahTnut— . [1514 U2M+IOI 

p™. .. July uW« -SW4 r jggffiSS;- M % ;si 
aS52l2E ,,> SS?“-* r --*-‘-“ ®fiSSSKfc Si 5J Jj 

Unicorn AnMnea_033 353,-02, |g .fe 

In tel. V (MX g) 

13. Christopher Street. EC2. 


I Fund E 


43# 


Vno Hod. Gt£ ^577 

King Sc Shannon Ltd. 

62, Co rnhill , EC3. 

Bond Fd Exempt _T 

c«t-s«.adL t ^S^ a 


— J — E. ld ,ntJ uiie2i_r|3aTO 
.....J — Prop. F. June 21 (£25.78 


— 0 J( 
— 02 , 
*o3 
*o3 
*021 
40J 
+03J 
*02 
-t-OJJ 
+04J 


8.43 

g.22 InteL Inv. Fund. (84.9 «7rf 

1% Key Fnnd Manager. Ud. ,iKg)‘ ’* ^ P1 ^ M «" » •»« »i 

1™ 33.iwwfc,HC2V8jE OI4BB7070. ?*** * Fr ®V er St*«ritt«s LttLV 


75J5 

Do. And. lac. 59.7 

Do. Capital 662 

Do. Exempt TU. _ 10C.B 
Do. Extra Income _ 77 9 
Do. Ftannrfol M.4 

I Do.Sffil 73A 

SZ-9E25?x?— 

Dd£oSoT£~ Si 

■D“- Prf. A 'ns.Tjt— 1332 

iflEoSgl. Sl 

—a - RrJlai.ee Mutual *» K pMft ,Vw..i973 M 

Tunbridge Wells. XsoL ca8C2C71 Dn^to^ Jne K2 m3 ^0 2 MsnBgeWV 

014293433 Rel.Prop.BtU. | 198.9 ( j DO-Accum. [719 74.9| *0^ S.09 28. Fenchnrcb SL. E.C3 0 I 

ft- 1 - Rothschild Asset Msnttf ezoeot “2 ® rothcr « * Oo. Ltd.? isNx) K - s - u ^ t «- lae - 

_ SL Swl thins Lane. LondOBL^c 0162843M 01-3883830 ^Zai^Ta^-PSJ 59 

. L “? la ? ABsnrance Co. Ltd. N.c. Prop ^iko, “T^ 86 ! pg^S"—- m m-M .... J 448 ™ “ “ 


0277-217 238 88-40. Kennedy Sl. Main better OSlSXtSSi 

Ridgefield I ol UT. 198.0 1, PM I in 

452J+D2J 331 eld Income. »LB 97!ta| \ 10.71 

«3 +03 (Iz Rothschild Asset Management (g» 

7360. Gsiebouae Rd.. Arleabory. ogoa xui 
7.92 A- C^ulty Fund_flMJ^^- 
8.97 N.C. Ency Jlea Tn. Iloa.4 
N.c . ImmiM .U4S3 
4J4 r ' f ' loll- W Gnc.llnS 

IB N.C. Ind Fd IAcc.«?3 
N.C. Smllr Coys FdflMJ 

2-g Rothschild A Lowndes Mgmt. (a) 

437 8. Swllblu Unr, Ltfn. EC4. 016204330 

NcwCTL Exempt— 023 0 132 M [ 334 

239 Price an June 16. Nbm daaliog joiy 17 

Rowan Unit Trust Mngt Ltd.f<a) 

1*7 City Gale H*e, Finsbury So, ECS. 016001000 

248 American July 0 167 5 7831 8 97 

UK Securities July IL. IMP 1750, ... 

High Yld. July 7 — 523 5*3 In 

(Accurn. Unitai 74 0 77.9, mS 

18011 Merlin July 12 no ia 0, jH 

531 lAreum. Uniui 952 100.0, xjg 

|« Royal Tst Can. Pd. Mgn. Ud. 

4.71 M.Jermj’nStreot.S.W.l. 

* 85 Capital Fd 147 9 71. 

Inrane Fd . . _ J?D.7 7Au ..... , 

Prices at June 30. Next dealing July 14. 
Save Sc Prooper Group 

01-2477243 St MbIw| n London EC3P SEP 

1 aim J® -7 ?, Omen Sl Edlubnrth ™ 4NX 
■I 430 Deallnju to- 01-SM MUoS 



Gilt Fnd. Cuern»cvi9 38 
IntL t**L Sect Tal. 

vSf , rr ,,Bs -'- -i»* 

First IclL . . | us 5; 




Arbuthnoc Securities iC.I.) Limited 

Pu. Box 284, Si. Helirr Jersei. 

L'4p. TfLiJerery). . Illag 120 41f 

E-atAlndV^mo^^ 

Neal sub July 20 

Australian Selection Fund NV 

Sja.a’ss'siffK' - 

R«nk of America International SJ, 

35 Boulevard RovaL Luxembourg GJJ 
nldmrcst Income hi Sinn laM .. ( 7 80 
Price* at June 2S. .%>*, »ub. d*y July 5. 

Lndn * S- America Ltd. 

mIh», QufVn V icloni s: , h 4 (11400313 L : ft 71" ' *Vu“ *■ 

Alexander Fund . Ri S( 74 _ ( T- K R 

-Net auet ialur July 12. Sijyrct Bermuda 

Ban due Bruxelles Lambert 
i Rue De la Rrgnuw B 10G0 Bniasela 
Renta Fuad LF. . II 8S7 1 9451 *4) 776 

Baiclavc L mcora lot iCh. Is.1 Ltd. 

1. Charing Croxj, Sl Heiipr. Jriy 0334 73741 

P'Frseaa locuuv MS 9 46 3rd 112 81 

l udollarTruo .... JfSan aio- , 

t nibasd Trun -, . jii'HHj; iio is, . .j B00 Ltoyda Tncenutional MgmaL S A 

and Mishhoidlnfi taxes " Rue du Rhone Pu Urn 179 111 r »7ei,n-a '« 

Ll piiU jiU. Growth (snn» !H-.I 2*‘o 


12 461 . I _ 
I»i5i . _j - 

Klein wort Benson Lin!M 

SO. Fenrhurch Si . EC3 0 :ce;h)’'O 

Eunnim Lux K ' 

*>ucm*ry Inc 

Do Ac rum 

hR Far East Fd_ 

KRlail Fund 


nifcndaiDM. . 

■KB act aa Umikii 


"VmwS* 

SVS1148 
IUS3A13 
SL'Sll 77 
SU54 89 


13 
4*S 
i.m 
i !<d 

*:u, :t-: 

i =♦*? 


us 1.9 wj -3Jc- aw 

“ rojUL' a^cr.'j Jr.ly. 

Lloyds BkL iC.1.1 I'/T Mgn 

I™** Hfltor.Jcrwj- WL'4“r. 
UOrtUTM.U'was 158 4 bli\ i 1 1£ 
-Next ilralint; dote July !7 


•Subject loli 

B*rclaj-S L’nicorn oTSanlUd. 


566*4 -121 
362 +0 3, 
677 
427 


06344856 


1(0 

L7B 

8 20 
920 
L40 


Tbomam St . Douglai. I a.U 
Unicorn Aiul Ex I. 152 6 

Do Aust. Mm 1330 

Do Grtr Pscifir. . Si # 

DO loll. Incamp . B9 7 
Do I of Man Tn . (44 6 
Do Manx Mutual. ,262 ‘2821 

Blah opeg ate Commodity Ser. Ltd. 

PO Bnx42.Douglaa.loU MBA 23011 

AJU4AC *Juli 3. ...Bl'SaH HM-2M1 _ 
CAN RHO ••jfuly 3..if!l 037 i im "®| 

roi’KT ~JuJ>S. :|£2400 iia 208 

Originally maned M -510 and -*EL0O. 

Bridge Management Ltd. 

T-2 Grand Caj-man. Cayman la. - 

N^aobi June 30. ,| vusxn 1 1 

(U P.0 Box 500. Hone kojjg ' 1 

ifsUN DUi ... .J 


3UK|-;^: b US 


Lloyd* Ini Income [sTSCW 
M & G Group 
Three i/uarx Towrr Hill EC3R FTiJ 4*3 

JU! 1 _ 

.'(T-CCri _ 
I93T| [ _ 

1J4P *0 ;t 4J *7 
192 J| .0; ( *3 42 

Samuel Montagu Ldn. .Vj^s. 

1 14. Old Broad Kt . EC 2 
Apollo Fd June 30 ISF47 13 
T?X'i. , *- ,un * : « lliJiul JS 
J fi? r P Juil< * 26 - 11 OH H 
IKJrraeyJuneia 1307 
11. Jt*>OxJuneS! ,£1213 


Atlantlr Julv 1 1 
Abb Ex. Jul) 12 
Gold Ex July 12 
I eland . . 
lAenun Uniui. 


151 s:» 
5l'»?J6 
11 a 

1270 
188 7 


51 U 1 
L'M 
11*1, 
SU 
12 76, 


IdillvTI 

j 


[NipponFd July I2..J1P 

Fc-Siock Split.'' 


037 


Britannia Tat. Mugmt. (CD Ltd. 
[30 Bath S( .S4. Heller. Jeiaey 
SUrttaa OowvIhim f*. 


Growth Iaveat 

land. Fd 

Jcnev Energy Tax 
UnjvtL STu Sig... |C2ia 
High Ini.Stlg tS ... 110.97 
t‘-S Denar DxmoIum %-a. 

UnlvaL $Tat. [srsii? ciu I 

InLHrehlaLTm. Ki’yify *«[.". I 

Value July 7. Nr*t dealing July 17 


Murray. Johnstone liar. Adrlr.'ri 

1®. Hope Sl .Olaig.nt. il ‘S'. 22. *’ -1 

•HopeM Fd .. I 3US36 31 
0334 73114 'Murrai Fund .( 3UM0 71 
“-N.V V June 2U 


I - 



Ncglt S-A. 

10a Boulevard Rnv*l, Lu»rmPna.r’ 

NAV July 7 SUSI3 99 / j . 

N'eglt Ltd. 

•?£ * Bermuda Kld*!a. Ilsoiliim. Pnr-ld 
NA\ June 30 )ii 55 _ | ■ _ 


7.72 

522 

882 


016388282 f™* 11 Shipley T«t. Ca (Jersey) Ltd. Pboenlx Internationai 

| S.I9 PO.Bdw58a.St Heller. Jmry. ovu T4TT7 PO ftrnr 77 ci PMew cm 

M Jnll 14 55 5 ar J. iDX ^ FA UO K 10X7, . .,12.8a Inler.Dallur’Fund |1^}1 " *3 




1.9 
t.0 
7.0 

value July 

CapUal Life Annranccf 
Cenisbm House. Chape) AabWTan 000228BU 

BSBSbs:l iSS = 

Ckvlakentt HapMi Gp.9 

Sq, Uxbridge UBS 1 NE 


as- j 

Moat anh. day Jaly ijS. 

Bi 2274422 1 KWwpogat® Pngreui> 

MU|. 4 — ».BM»pagBt*,RC2. 


Key Energy InJd _ 177.6 
r6Gn, . 
LFd._148J 

inwL.pu 

Key Fixed luL Fd. .. lu.0 
“f..j973 



Intnraatlomd Panda 

C*ptcj 
1XU.. 


6.06 High-Yield. 

W88 
8000 High Return, 
3_89 Income. 

5.09 UJL 


-f5L4 




57j4| +4J2X 725 


Ul 

43Z 

1.95 


Ehitterfleld Management Ca 1 »4 

P.0 Box 105, Hanuliun. Benumb. 

fsssasvlfj; HU:-.; Mg 

Price* at Hay 11 K n t nh. day July IQ, . 

Capital International S.A. 

37 rue Nocxe-Pame, Luxembourg. 

Capita) InL Fund.. | SUS17JB 1 J 

Charterhouse Japbec 
L Palernoaier Row. Et-L 


ntvev 

50j*0 3^ — 


(Adiropa 

Adi verba. 




i« 

U7 


"IT* 211 2"* Group 

^rop Bond HALS 14ijl +n3 New Hal) Liverpool 

Wmp.lSP) ltan FdpwT 793-271 Z H°7«l Shield Fd_..|Ua.« 

LeWl * General (Unit Assnr.) Ltd. Sne * Prosper Groapf 

Pngrarood. Tadwnrth. lndn.. BC3P 3EP. 01-554 8800 1 B^Sat 5! 

Depoait FdtZIZZ ms 1 »fl 
Corcp FenxFdT. 203.5 ZMjl 

G ill Peas. J^± ,932 . g*3 


Mr g> 

Do. AeemsL _Z " In 4 

Equity Initial imi 

Do- Aecum - - 3232 

Fixed initial iur 

Do. Accum. I1IL5 


Kagna BW- Soc ~ 

VagBaltanaged-J 


17.6 

34A 


24.4 

3L0 

""" 

38.6 

40.4 



MB 

366 


1366 


1566 




5210 


WL laihal 972 

Do-Accum *-7 

Managed lnlttaL__ U7 A 
Do. Actum. 1199 

Property Initial 990 

Do. Aecum. luxe 


— Legal A General fUnft FeaalaMLtiL 


Exempt Cash In It 
Do. Accum. 


6 wutaborae ^ojd 


98.4 

98.0 

12L9 

123.9 



PULA Fund. 


01684 f 


I —0-31 - 


Do Accum . „„ , 

Exempt Fixed InIL un'fc 

Do. Accum UL* 

E*empt Magd. Inlt 129.9 
Do. Accum. .. 12LB 
Exempt Propulnit. 96.4 
Do. Accum. N 8.0 



Depo*j*eBJLFd^C|«L9 . '.lK34gjJ 




MocorCap.ZklV 

Pen* Mcmey Act. 

Pm*. Equity Cap. 


-,caa on July 4. 
tWeekty dealings. 
Schroder Life Gram* 
Enterprise Boom. Portsmouth. 

Equity Jan* 27 225.9 

Equity 2 July 1L — BM B|,J| 

Equity 3 Julril — 119.6 

Fixed lntJulyll__ 137 j 
Fixed InL3 July 11_ 147J 

InL Ul July 11 ijss 

H jeSGUlJuly LI linn 

K & Sc. July 1 1 120.0 

Vngd. Fix. July U_ 1314 
. „ Managed July 11_ M4.9 

Le«d btonl Prop. Fd. Mgra Ltd SSSS^iit,— ®S 

n D*|«*" Victoria St,EC-tN4TP 01-248 C67B Pn»|StyJcd» H | Uft* 

‘ ll_ 1532 
1I..12L2 



. B*gate Fr. M JuIy 4 _ 

I Ace.Uts."JuJh|iL__! 

- I? 1- ** pBlld **»“«« , 8F(8 )(c) 

King William SLBC4R8AR 016234891 *A“ rtc ”P'*- 


_ *** UK Equity ^Sj 

iS hlSSSi™* "“-^‘"'Ltiv SS5ST.!^WJ| 

l*CtaUAG»Fd.)Sy —J ™ ^ ^ ^ 

Lawwm Secs. Ltd. «aXc) Comamdift. poo 



*0 irt 


- 47.8, -HUH 3JJ9 


a si 


322 

8.73 


American A Gong, 
horn**. 


IT 


. XLQu UI1IW U 

- LAfiPTpJFd. July 3. 196.5 1*L7, I Kop^3j! 

Next sub. day August L KFb CpB Ji 

Life Asanr. Ca of PenosylntBia 


«M2 New Bond SL. W170F5B. ■ 01-4038380 MaP&AaeBJu^rilL MJ 

,. r1 - BSSafislSt-i- 

wHCES ssMsnar"-"* sE-Sz .-^spSSfcB 

'• *• * v First Units. _..ti236 1397} i _ L*oyds Ufe Assurance — - - 0,4 

Friipsftr Units p4.7 S7i4 "Zj — *. CURon Bt, EC2A 4HX 

■ -■ Uaio ° Gnwp ffiSMsSsTs 

Rtassitti ss kui= 

Mitel. Ufe I.Jn'c. <W.SD.*Ju6 a |mB 


Oversea* *. 


070527738 



(U-ZHSBn Financial See* 

6.40 
MM 
U4 

407)-* '• 

25. 

si -ia 


, j. MAccmn Units) 1247 

"High KieW... 44J» 

■tamuw. Unitai __ 62.5 


Select Internat — t 
Select Income , 


Ln SeetUta Seeariilea Ltd.? 


in Scotbha.. 
1127 *o0idd_ 
1X.77 S»*ahares, 


FOndak 

Fondl*— .... 

Emperor Fund. 

Hjxpano , , 

Clive Investments Uency) Ltd. 

P.0. Box 320. Sl Heller. Jersey 

CUroGUtFdiCXi.noU 10161 I 1180 

a «.» , ?**•' CiltFd.Uv.'.liOJS 10JJ, Z."| UB0 

*>5 — ® Jl 126 I ComMU Ins. (Guernsey) Ltd. 

F.O. Box 137. Sl Pater Tort, Guernaey 
Inml, Man. Fd 1 184.0 1790 1 _ 

Delia Croup 

P-0. Box 3012. Nassau. Bahamas. 

Delta Inr. July 11 .fJ123 U2,-*4.0a - 

Deutacber Investment-Trust 

Pwtfach a«9 Blebergasse 6-106000 Frankfurt. 

cme*Btii “ 


Quest Fund MngmnL ijmct-i Lid. 
PO. Box 104, St Holier, Jersey it.v„ 2*11 
Uurol Stlc.Fxd InL I a 1 
Quest Inti Sera. . | 51 si | 1 

Quest InlLRd . | Jmj I | ~ 

Prices at Julj 3. Next dealing Ju>.’ 12. 

Richmond Life A as. Ltd. 

01-2483^1 4 ^* UH,,fiu *ct. Douglas. lOV 
U1 2483880 txVTTjr Silt er Trust ri"* v 
Richmond Bond 07 1 
Do Platinum Bd 
Do Gold Bd . 

Do. Em. 87-02 Bd. 


!6 

513 

585 

560 

260 


106 7 
174 J 
120 9 
1844 
1720 


m 


3.97 

179 

3JT7 

222 

7.45 


DC!4=13I4 
.09 JI -C tj _ 

1SJ Sul -OS 133) 
12731 *1) S _ 

109 § 5] - 

18LQ *0 3; 1135 

Rothschild Asset Management iCJ.) 

0S34T7M1 ^_ 5, ’ 1 SLJ “Jj« , «t't.GqerTls«-.l'4C12<Qi: 

0a *:\7?I- DL-Eq-Fr June 30 .HZ 2 55 J) 

Oa lor Fd. July 3 . 11528 1UV 

OCJntLFdt..*' ... ETo lal 

O.C SmCoFdln30.. S*59 1552, 

O.C. Commodity* . 134 t in j, 

O.CVDlr Comdhr.t . . 1x2530 2744) 


325 


t** 


+6JI _ 

1293 1362] *3.51 — 

IKJ Ztitf +lfl — 

1475 1553 +2J| — 

+C 


__ Seottlah Widows’ Group 


125.4 
144J 
1552 
1424 
M4.9 
1262 
1386 
152. 
1133 
123 JI 

163.9 
L6L4 
1273 
138.6 

210.9 
2506 | 
1883 
1014 
1BU 
H0.7 
UOi 
101.3 
I0JJ 


Scot Ex. Gth*f 

Scot Ex. Yld.-#. 

027232241 

DaaUng -Tuea. t*e«L tThms. 

- lvuni -Tfig-aifW. 

_ [Britannia Trust Management (a) (g) Leonine Administration Ltd. aS_ _ 

?^^°^r^^ ^ tnai ’-Lu°dan WaJL 2.DuWSt,JA»don WUH8JP ’ mjaum Exempt HlefvM 

London EC2M SQL 0 1 6380471^479 LroDfat (75 1 M, *03| fro HhU&Kl 

Aaaria 17X5 76.9, | SJ9 LeoAcomi ^23 863*n3 4J7 P^n^TK. MM 

« te“Si%iFr:gi 

is ??*«“-*** 01M1M 


g i S3Hu| IS jSBBas~B8!3 SSI _ 

5 6o.7m| 4 -oj} 4-M [Dreyfus Intere on Linen tal Inv. Fd. 

a.::j 

day Jufr 


■'rtJce on June 3d. Next itech^g July fj 3 
rPncea on July 7. Next dealing July 21 

Roral Trust (CI) FcL KgL L^L 

1° ?“ ^ ROT" 1 T*. «*e.. Jersey. 05W27441 
R T. Infl. Fd — . ISl'&tjB i;il j ? M 


660 

317 , M ^ ^ "W 

5.4a Legal It General Tyndall Psndf 

3-Jl IB. Caayhgn Bond. BnstoL _ _ _ 

**satferp| hsbf-il- 


2.06 

736 

■at 


Fd. 

P.0. Box N37I2, Njushu. Bih mu 

NAV July 11 |fl a SUJZ DUf+fl I0J 

Enuon A Dudley TsLMgtJrsy.Ltd. 


t June ll Next dealing jt|y Ji 

Save Sc Prosper lntenudltuml 


Dealing to. 

3T Broad SL. SL HeUer. Jerae* 


0534- 25Ki 




I Capital Arc 


J Financial Seca. 6U 

| Gold A General HA 

I Growth. . 19,4 

[ Inc. fii Growth 72.9 

linn Growth, 6S.9 

I jnTOSLT hLSharoa- <6.9 

Nat. High Inc S9 

SmtImk-, na 

North American — Si 
Professional 

- ls3S2 t,Sharw 


tRCbancwiy Lane. WC2A 1HE. 

VGqaRyFttnd. — . 


PwmLIVn. 


HftZz 

Pan... 


group Hi, 
nxadln*.. __ 
fauily IVntion.. . 
. ™p*rty tameu. 


168-3 


01-243 02B2 


152.6 

177.7 
3754 

%£ 

184.6 

1997 
2E4D 
139.4 

Cornhill Insurance Ca Ud. 

a, Cornhill. E.CA 01-6285410 

r^stsm -il^ = 

, Credit A Commerce Ensanuee 

London WlR are 01-4307081 
-ACHngdFd. .P22.6-. 132.0, | _ 

r Life Assurance Ca Ltd.9 

Jvwn LU# J] me. Woking. C U21 DEW 04082 50S3 
Acc. .. 11033 180.71 +071 - 

; ‘ fSSSFd. Incm 1033 long *0.7] 
taogU Fd IniL-.... M2 6 107.91 *0. 

i^y Fd Aec. 9B 5 

-IS'PriglS.Incm — 965 
jqully Fd lmt...... 902 

•-'JvpmwFa.Acc.^ 95 9 
roperty Fd. incm.. 95.9 
roportyFilniL.. 05 4 

.* ■ w i“- Fd. Acc 102.0 

tv.TM.Fd.Inem. 202.8 
. w.Td Fd l5tr_ iol* 

* . hod lm. Fd Aec. . 97.1 
..xd InL Fd Incm. 972 

WLFdAoc 1147 

>itort.Fa.Iiusm... 1347 

. oney Fd Acc 96.1 

* M^fFd Incm,... 961 

-■lM.FU.lnem 10Z4 

( rown Bit Inv.'A'... 159A 

- rusader Insurance Ca Ud. 

(DCUlaHouBe. Tower PL. ECS. 01-6963031 

■J Prop. Jnli’4 — 178.9 80.4, J — 

«*le Star lusur/Mldlaad An 

■ ThntadnMdle Sl.. BC2. 01-588 1212 

;- Htl«/MJd. Until. _|5B.5 54 3, +03, 681 

equity * Law Life Asa. See. Ltd.* 

*• mnhmn Road. High Wycombe 

■ |UHyFd . — 1113.4 m 

oportyM. Ii065 112. 

; xed Interest F.. hD7S 113 

. (LDmritFd ...N9Z UR 
xedFd [1103 116 


'BtaAtMaumn. boa 

f°®^“®-*«ihiburKb EH185BU. (01-6856000 XWTa *«7 

im-- 

Inv. Cadi July 7 9*1 lia3 "' 

_ ExUtAcc JnJyB 134.7 Mb3 

London Indemnity A GnL Ins. Ca Ltd. K79 iwl “ 

1620, The Forhury. Reading 56351 L 

Mnnur^ Kanager (MA »jj _oj,| _ Aisuranee Limited 

Fixed InteroM— ZH 


325.5a +Z> 
Ul ■■ 
493 +0. 
HI 
353 


7.15 Fhutfflafajodj — _.B02 

938 P°-l A SPBP-)- M-8 

Z.99 Second (Cap J 5 IS 

469 DOjtAMtanJ, 56.0 

193 TO*dOncom«)___ BZ.4 

4.05 go- lAccumJ 1»| 


fg p67 


539 +02, 
743 +03, 
56.4a ....71 
701 -oil 
805 +3 2, 
1212 +04, 
832 +03J 
711 


431 

431 


Martel Leaders.. 
•Nil Yield’ 


Si 



■ ...J 3.00 FarEaMcron 


Eutubond Holdings N.V. ^ "” l North American'*!' IBS t* *0071 

H“»del«k*de 34. Wilicoutad. Curacao ' MJB I57 ^' 

SBEHTbi^ 

Sssr-i-Bj 3 &S +L--, »T 
“ 'di Mnir ■” J ^ 1;| - ' 


-0.1 


Solar HanagedS^ 

The Loudon & Manchester Ass. G** 

TbeLeas.FolkeatoM.EoaL 000357333 Solar Fci InL S- 


xih American — 1494 
25J (Accum. Unitai RJ 

— j The Brltlah Life Office Ud.T (a) ■ C Accum . ; ^jta)I_ §4 

— I Wm *Z £' 0802 28171 S&S%aZ=; ho 

— §3 +BJ i «S Growth. 1072 

22 “H 24S S<mverelooprowth)5j 

ftim* July IZ Next dnalSgji^ ul 

— «02®rPIaoa London EClNfflT. 0L342MB(* ,Wn SW»*ey * Ca Ltd.? 


ii, apKissJa 

BJ4 DXGrth.Dljt!_I^5 

i BSSU unSW i *y.** "aro»M 

sg TS*8SSJS1‘ 

RAC Group? (yKcKz) - jHSSJWfri — 

Jg Three IJosyx. Hww Hu, BQR eBQ. 0U3B45BB Q^S5jiiy“l~' 

§4S .^1^° Sto^J^changeJJ^^ ^ gj-gj-- 

1.TJ (AecumUnha)l 

678 

UB *S|»dEs.Dtiy4 

«2I *Hceo+oryJ«My4 

4-28 ‘For lax exempt funds only" 


9-28 CMrormoa Inc. 

Dividend 




Cm Growth Fluid.. 

#F1ax. Exempt Fd_ 

&&ESfSl 

flexible Ftmd 

lPV-TruM F iinri 

Property Fuad 

MAG Group? 

Three Quay*. Tower Hfll EC3H 6BQ 01-638 4568 


2223 

U08 

6*4 

149.0 

1113 

1353 

823 


SoiarCashS. 

_ Solar IntL S 

- goJffHmmgedP.. 

= 

Solar bail P. 


♦LU 


1722 
12L4 
S064 

103i 

igi ^ 

ISJ ** 
1062 
1832 


Magn; FOundar* CL. ECS 

BS Units July 10 1210.9 

Do. (Acc. J July 10 ,262.9 

Oanktab uj 1 



PeraPenaioa*** 

Conv. Drpoxtt" 

Equity Bond”. 

Family 7000” 

Family M-flB”... 

GiUBood*” 

Interaatnl Bond”. 

Managed Bd.”* 

Property Bd** 

Ex. YiefilFd.Btt*_ 
Recovery M. Bd.*., 
American FtLBd.*. 

Japan FYLBd.* 

Price* on Maly 


12421 

145.9, 


1UJ 

mi 

1442] 
167.? 

54. 

ED A 

12. ”july 16 


+3.0, 

+7jJ 

+4Jf 

+i"cj 


S “D Affiance Fund MhajpnL Ltd. 

Sun Alhanco House, Hmbam 0403 64141 

:...:, = 

Sun Affiauee Linked Life Ida Ltd. 

Sun ARJanca Houao, Horsham 



M3 

Growth Aenn» 
Growth Income ___ 
High Income M 

465 

162 

292 

Zudwx 

243 

193 

57.7 

ZL23 

169 


Pwfcrxroaee 

Sa^L?aIy I 


RS:d 


S3+o5 


ounn ^^ ugiw 


=m 




m 


59R 




^ SESSi^^wj 

, „ MccamUausi KU 

JD Fund of Inv. T«tx_.Cj 

fS CArovm. Uni tri pS3 

4.79 General [167.9 


Canada Life Unit Tat. Mncrs. Ltd.? 


679 (Accum. Unitai — „bUJ 

J-D High Income HMJ 

336 Caecum Unitai Uo 6 

434 Japan Income 1644 

s.3 aa^.'zz®. 



_ 1 as. Unit*) 2707 

5? H )? h ^: PothCTB,r ’ B * nm - P- Bar 31132 (Accam^uici>!Zl! KJ 

CamCmDiat 1303 40141 +02, 427 1767 

4 49ij +83 427 fi'ro??. UnlU) 262.4 

3 SU +0Ji 7M Special 1643 


MW «141 D^oS. aS™TZ 
-0.8| — {Do.lnc.DtaL. 



July 7. 

Merchant Investors Assurance 
125. High Street. Croydon. 


3|! - Cape! (Jurat) HngL Ltd.? 
z i®0W Broad St., BC&N13Q 
w Capital— 


107. , 

1 ffi 

JW 


107.9, 

jg:a 

ss 


01-340 004 

■ffi224| 

624 

698 
696 
362 
6*2 


.... Telex- 8814460 

NAV per share July 7 SUS2065 

p - * c - Mipn*. Ltd. Inv. Adviser* ' 

FouPhiey HUL B04R OBA- 
CenLFd. July 5 [ JUS5J9 I 1 _ 

Fidelity Mgmt. St Rea. (Bda) Ltd. 
P.0. Box 670. FZjuniJtoci, Bermuda. 
nddjUAa Am.,.. I SUS2S.1S 
SUS2129 

w _ _ 

Fidelity Mgnt. Research (Jersey) Ltd. 

JgWriMHM. Don St, Si. HeUer. Jency. 

. g«rie* A ilntnl )__.) £3.74 | 1 _ 

|Se«e»B(Paclflei_.. £8.*®s "j __ 

M 07J6M | J _ 


I -g JI 237 
I 40^ 501 

+L'J n 70 


Schteslneer Internatioaal Maal Ltd. 

4MJMOO* SL. SL Hchcr. Jersey OSGtWiCl 


SA.OJ*.,. 

CihFi._ 

mu.ra.Jc 


0«l»oo3 5.30 


nay .S? 1 ** D ,A »- A "-'I SW-MM , s 

U6 | Flrrt VIM n< Connnodity Trusts 

*36 ] Cwpi SL. Dougbm, J. 

Fall MaU. Loud5^SWI70m.“ ^Ol-BOO^WJ ?P xed Injerert.rjliii 9 111 

“• W.R-0.61 2.40 w23Sd^;.z|a66 ■ 


"iSW UA 

'Next sub. day July IS. 

Schrader Life Group 

Enterprise House. Porumoath. 07CS27733 

■nteraailMl Fund* 

C Equity 

SEquily ... 

£FL*edIniere»c.. 


12S y 
13SS 
145 3 


zS JJJl ®?^*^e Fad. Nfrs. Ltd.? |^exning ^^tn^Fund SA^ " 

Uf 36 SL ABdiwft| t 

g&ssas rz SI 

3*2# Deftlini dar Wn rinJudw a" ' ** 

« Ltd.? (a) |^-^rSSBST*i - 

G.T. Mauugenieat Ltd 


2.40 

LM 


ni-flBSSlOi 37- roe Notre- Dame. Luamubourg 

587, , 521 , Fleming July 5_ , SUS553Z | 

Free World Fund Ltd. 


521 


.J - 


fS PD Box 511. BcUb<7. Hac. 6CA. 01-2965000 

a asasssK:© aaaa a 


J. Henry Schrader Wagg & Ca i Jt L 
UD.Cheapride.EC6 01-SS8MM 

SSSr^B'r-l JSSSBfcfft Hon ?» 

Aaianl 

Darling Fn6..^„. 

Japan Pa. JuJyJi... 



638 

658 


3K; 


Son Life of Canada (UJti Ltd bSSSkZTJZZIzfms 

*.3,4. Co^ijur St. SW1Y 6BH 01-0305400 Price* on July B, Next daalinc'jidy 10 


01-6888010 (tamUnili) 

B7.9J I IB Cbaribood July 11_ 

*3J| I 7.72 OroHM-Julyll 


1283 


Pen* 


Equity pen*. 

Money Market 

Money lOd. Pen*... 

83£texr.z 


1564 

1609 

561 

&! 
lSL 2 
2204 




fcf 


1922 

I960 

1253 


(Accum. Units) 

PeajxExJuJy ]D. — , 


Security Selection Ltd. 

646 CnvIOhTri Acc_B4.1 25.71 
LH Dmrl Gch M Inc - -pn TUitg II! 

iJJ Stewart Unit Tit. Managen Ltd. to) 

3.5 46 Cbartoeesq, Edinburgh. nsi-aaas27i 

2 £! •tesm American tad 

IS SSStast-Ei S33J » 

in Withdrawal Units .RJ sas+O — 

5-09 **”»« i Wte CratM tad 

IS ESKe T=^ m-~\ « 

4JM DeaUngtm -WedT 1 

Snn Alliance Fond MagL LUL 

JiJ San AJliance Hae., Horxluim. mss 

^ oW .SH^ 

Im Tta * rt Ttt- Mnira. Lid.? t*Xg) 


oiSft nsr^ffiEPanoo*’ London ECL SenMy Assurance Intenutlona] 1-d. 

PO But 336 Hamilton 5, Bermuda 
Managed Fit ud — IHJS1H9* IfWf [ _ 


L o n don Agents for; 
Anchor WUnita — D 
Anchor Gilt Edge-. 

Anchor Iol Fd 

Anchor In. Jay TM. 


fiMsa?- 

G.T. Aala Sterling. . 

G.T. Bond Fond 

G.T. DoUar Ftt._ ... 
G.TJ , aclfleF4__... 


Singer & FHedlander Ldn. Agents 

3). Cannon St, EC6 Ol-CMSBJP 

is. 


~ X F r - **±1 M(e) HxnnUfe ManageaentlS. — M.G«-h-m8L,BC0 

- SSjTSh S asggr-BR* » w 


Managed - 103.3 

SSmmed Pena. 1 1307 

lnH.fiqnlty [ ' 1000 

IntL Hannged invfr 

NEL Fensfeas Ltd. 

MUtoe Court. Doridng, Surrey. 

Nelcx Eq. Cap. [W.1 822, 

Nelex Kq. Accum .11168 1107 +0.9) — 

Nriex Money Cap .. 1&L8 . 653 

Nelex Mon. AccJ653 , 69.8 

Nelex Cth Inc Capl7M73 58.1 

0404 33377 NriexGthlncAcc-M06 513 

+03, - Nri Slid. Fd. Cop ..Wi 58J 

NeJ MxtL TU Aoe_M06 5L2 

Next San. day July 25. 

Far New Court Property roe under 



= 

- ngftr&l K 

— *2tSSi%£}£r%i 

& 

__ out Pen. Cap. \vn n 




as! 


laeomeJune 90. — J107J 


t Gilt Fund __ 


833 Targ« Growth 

533 


(USJ 


T*r««t IntL F _ 

Do.Hednr. Unlta_H93 


Z Charillea Official lavtmt'wT ^ ""J 

_ 77 London WaU,EC2NlDB, Ol-Orains * BPe * r y ^teujert Ltd. — 

- D»«aneJuBea0_^4 - | "j iw ». Groaham SL. EGJP2KB. 01OW488B fl|« 

_ -Acram. June 30_„ jzsxj _ | Mero.Gen.Julv 12.11704 in x 251^; J “*r 12 IW3 

- KTaauth. Only amdUbla to Reg. (&**£■. 

- Charterfaouae Jaghet? 

LPMrowrotm-Row.BC* 01<Ma •— 


CJ.Bdri. Pfn 

life Isa. Ca Ltd. AronmU^te 

fhjiMiM CJ. Fd. Inv. TH 

ui-wdw *™» Unlta 


FINANCIALTIMES 

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Thu FT can he sent by post to any address throughout 
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FAR EAST (AIR AlAlL) 

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REST OF WORLD (AIR MAIL) 

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Bv surface mail throughout the world 

£91.80 per annum 

ORDER FORM 



Tti.Kiibw.nWwn Manager. Hnaneial Tuurs. 

Kruk-n Holt,, in. Cannon St reel. London EC4P 4B». 

1*1, -^9,- aJtis,- subvenpoon eoit inwiircd m aondihs vopUs (0 me ar the 
addr.-u tiiMod’- 

1‘Icxm- ,-mi-r my suDsitiwjmu m 


djjlj issue lur one year rauimenons 


1 curio*.- juy d -nnitancc l*ir 


Name 

Pusi.'inn 




(BLOCK LETTERS’ PLEASE) 

rinjtn ma“o rnrqutu pavable in l^iBanClo, TimraLlA 
Rnnstrrrd udieo: rr.it H.-n House. 10. Cnnugn sirort. London EL4F «hy 
limhli'n-tl in Kbtflan-i No. 




Mero. Gen. July 12. 1709 
Aec. Ut* July IT— 254.4 
Merc. DO. July IT__ 606 
Aec.Uif.Jnl.vl2 — 6f.7- 
MercJCxUiu>e29_- 2M3 
AacmUla. JnneZS— PB53 



-%mrialSita._MJ 


.Prof.. 



a n i n* *03i lm 
„ 9.6ta . 1335 

7 mi .. 171 

IS48J7 -0l45 111 
8 309.92 -Uj: 0 97 
'51 II tZ -OJH 1 44 

15.87 1617 .an? to , __ 

susutra -031 in W« n agr men i Limited 

... 8 78 P.0 Box 313, Sl Seller, Jersey. QN-+71WD 

Gartmore Invei. lSlL'a^s. 1 ’" ^™**Trimt._|91.18 95WI-UJ, _ 
LSt-lU pr Axe. London. EC3. 0) 2833531 f" 1 "!* 81 **0*8?) Ltd. ,*) 
fl agBE? S" 4 groa- (Fro a mu u*. *>»*»- R«t sl HeUer. j™ wms-m 

.v"Kfcil5.--teS JiaJ fS ElzJS-Sj - 

IntL Bond Fund — |unu« h|! 9 .~f 57S TSB Unit Trust Managers (C.l.) Lid. 
SffKBJBSS"* *1?^ «**■ Bagatelle Rd, SL Sariotir. Jmc 


Pe-Hngx:aa)C3Ml _ ■ .. . .. . J 

fjjf 678 Hamhra Pacific Fund MnnL ud. 

607, *»3 434 2110 CouMught Centre. Hon«E«g 

55 ryEmnJu^- 13 — tancuu 1J*71 

Japan Fund (Sjmja gS ” 

3.08 Hambrat (Gaentsey) LtdJ 

4M Hambro Fund Mwn. rrn 


oSMTiaii 

Gumiaey’FnndTI.'.Uta ’gfel ' j flS 

Prtcee on July llNert *ub d*>- Jufa- 1 R 


Prise* July 1Z Next dealing Juj^ 


2 

Tulip 

n^uieWawciii* |S£TSSS. T &6! U 

JtendadeaoBiB.GIoueeWB' 04523041 

9 12831 


«6 Turret Tat Mgr*. (SceUamd) (aNb) 
*56 U.AUwiQroeenLBdin.6 OH-22B0S2U2 
Target AmerJU*t«{Z73 29JM -art 134 

u 4 


J Hambro Fond Mgrx (C.L) JUd. 

164 | F?. Box 88. Guernsey 04BI-2BS21 

B r 

5 U3 1 


3.78 

658 

250 

850 

250 


\Vj SfflM d Bank: Grasp 

562, “IJ 734 U«I*Tra*t Mxnagert Ltd.? (a) 


Target Thi^ta 

■xtr* Income ra. 


C.l. Fund 

latnL Bond SV 
lnt taity JU; 

InL Svg* ’A’ SU: 

int Svgx ’S' (Ul .. 

Prien* on July 10 Next de5ISg'j u |y jft 
Henderson Baring Fond Mgr*. Ltd, 
P.0. Box N4723, Nasmau, 

»~smriBSeaBLr. 


Growth.. 


066 


“ I Trni,t Ltd-WaXgJ 


11 New St ZX3U 4TP. 
A * MWi ^‘" KtYTT 7 

High Income Kfa 


P»-l 



1553 

1573 

iffi 

144.6 

1273 

3206 

i&S 

1293 

iSj 

1235 

208.4 

112 .' 

1167 

1207 

».a 


_ _ in -i 

SSSBKr'ffif 

value toe £100 premium 

T y“ < * a U Assnrance/Pmudou? 

J&&tWageRo«d.Bri*toL Q2723234l| Did Jewry, SO 






+0.41 


01-2882812 Do- Accum. 

jlAII j*| ThMUiie 

Ijll] iu Do. Accum fHi 

+03 iS iftwraattoiiaj 47.4 

_ +o3 058 D^-Accuai- 505 

C«*ted«-aifen Funds H|t Ltd.? (a) H3 

S0Cbanc«xyLaoa,WC&AlHB dimsihb ®qnp7Kx*mpt* — |U69 

Growth FUnd__[oj 



Toky® Pacific Holdloga N.V. 

iotimli Hnnagemeot Co N.V, Curacao * 
NAV per xfaare July 10 5US61 OS 

Tokyo Pacific Hide* (Seaboard) N.V. 
IntlnUs management Co N.V. Curacao 
NAV per share July 10 SUS4443 
Tyndall Group 

?° “M Mwuilien 6 Bermuda. t^CT 

are bus *» 

S-W*)' lnLJnne22..p|TS2tu 2HJ^ , — 

?-J , '^ er, ,7er»ey OSM Ka[,5 

S’fe-feSo liiS^Bj ‘ ra - 
asSsaSKriB gf:g| i M 

ssssssa&zMi 

Vldary Haoro, Doug' 

Managed June 20 UT 


Z Matron 


Property Jajyg 

feastci 

aassias-i 


1HA 

1606 

MS4 

127.7 

1469 

7U 

mi 

m 


Do. BcndJu$_ 

Do. Prop. July 3 

Vcnbragh Life Awnnujce 

41-43 Maddox SL, Ldn. W1R8LA. 


Great Winchester.. 
GLWlnch'er ~ 




Iriedgmoa-gni 


029 |*^x«Ji_ 

■31 Colenio July7 m3 

„ — I "felBti at Jane 36 Neat deSfig aT 5ft.) “J 

Croi wpuBtxa Fund Manager*. Minst er Fond Mim*gm 1ML raan.jnjvu Hi* 

^ss^ssr aa Si l oi 7s k 

unit S3 

tlMrille Ore*. Edinburgh 2. OU^sSn MLA ^nU Trust MtaTr.j »3 

oSSSSSff'-S'i S-H-OJj 4JU OWCoeen Street SWIHaiG. oSaOTMS. 22 

§ 2 :tefc;§s sa^a £5 SSEftnriEi « jte 5 sSSi= K 

2LBhtanEeldBL f BCn(7AZ. OL^wIor »S5Shi'Q!Sr(^3 ^ioil Ire LttL ^ 

DISC Income. moo OT71 MntUliHigfa Yl/_[»6 6i3+o3 *2 T ^ Cw W»Ho«i,Brix«>L 

E. F. Wincheater F«d Ca ™ ! ^ ^^KzzSKo 3SJ ~ 

HM-— I 121 te£«aOlllU> JMM »c 3 “ J fS Exempt July 12 no* ulB 

jt-J ** saasa.— bb 11^ - jgiasasfcfts 

-uunitSaL*"- ” ro*dn. . mw wMSgUS S5:3?S W : ; : «* 

- Dudte^..^ 7U, !g: ^ 

s^agL-i 1 . Jbf SKs^ferBa 3 


II JS55SK31 " V7S 

3-JO 8l-88NewLOQd«iRd. Chelmsford 0345 sum Kna s-w M50il.nnu 

It «BJ^3 it J?E , lS?l 1 !!5 l 2 c £!!I- “**■ ? 4a * n ^ lL <c - , ) LuL 

IS J *^‘ UBE tudyT»t. |iA2.B 71«^ ' A °^’ _ 

4.16 J-E-T. Manager* (Jersey) Ltd. 

^r 053 ! _ Mi 

£Z£!%L C SF a P2J S5ST5 .««2 Eoag 



1.94 

3.28 
SUS1079 
JHJdS.iJ 


JenUne Ban Tat 

iSffiiK*/- 

JaitUneFlmLlnL.. 
lml Pacific Sees. . .tei rB n 

navj “5SS^^ 

j-g I Jm? Ltd. 

072 


7U, 

iBqaUas Sec*. Ltd. (a) (g) 

41 R I s hnp eg a fe. F ta 




ltBJJ 


837222261 


036 


7J6 


732 


5.41 

5.41 

932 


Beatty A Law Un. Tr. jl? (aXbXcMx) ^ ^ — 

m4»«23 AnmrehamEd^HfehWyrom^ ^ISiS W <* tanin «“*to, S tt J^, CnwUL “ 

mm Z s 

_ Frawljjigtoti Dnit Hgt. Ltd. (a) W* 783+64, 7n 

- 5-7. Ireland Yard, EC4B5DH. 01-MBBOn oSSSHz »4 JS TjuSiSpnal t '~ 


POBoxBRSL Helier. Jersey . (Eng. 01-008 7070) CMP JJA June* t 

Fooxelex [rai ns ^ i ?u £J4TLld_JuDe2i)..-£lZ77 13 

Dtmdielex f pJiHw «3 -- -I LU MetalsTst June lapii? 12 

Eevwlfi Inr 1 ! Ctu sFJH 1 — TUT JuiibS.- Kl^lin 11 


gWrieitart E664 

Kg*ele* toope^.. 0.94 

Japan Cth. Fund,... SCEtU 




is+iwi 


+B3S 


SteW. SL Helier. Jeroev 

U. 1.6 Fund hCSMOfl ]OJ4| aS6 

United State* Tat IntL Adv. Ca 
14, Rue Aldrloger. Luxcmbours 
U^.ToL Inv. Fnd...| jiflj! . +a03 [ e „’ 
Net asset July Ul 1 1 

S. G. Warburg A Ca Ltd. 

250 ®0 Gremhem Street, EC0 
TOO £° r BfJnij , 12 1 S l >5464 

gS® Wfei Wff 

_ McrcEbdFd JulylfbuSHN UJJj .. |c 2C13 
Warburg invest. Mngt. Jrsy. Ltd 

C™** St- Hrlier, Jsy Cl 0SM17741 
C( 


01-8004553 

VOW _ 

-D LI _ 

2CX> 


3n 



TUT Juno 8 

TUT Ltd. June a ...J 

World Wide Growth Kutgooeai^ 

10a. Boulevard Royal, Luxembourg 
Worldwide Cth Fa, SUS1550 |*WS, - 


NOTES 


L9 , 

tFd_fi65;6 

'FiadZ^ZZ^? 




he* + 0. 

Property , , p7.2 __ , 

Guaranteed roe las. Base Rates' table. 
Welfare launmcc Ca Ltd.? 
nte 14*0 FtoUuwona KmiL 
Mooeym*kerFU__| iioc 
“ ~~ refer to 1 

Uaaebuatir Group. 

WIndaor Life Amur; Ca Ltd, 

Hse, Sheet Sl, Windwr B8144 



-.-.-J us 



337 PmtbUo In*. Fd._ 
649 Drivers*} PtUd) 


£-7 104, +04 

«.£ +03 

m 

203 +03 
Bn* “■* +fl - a 

5g Special Stts. |jl6 ^03 

535 TSB Unit Trnata (y) 


»fa ere indicated », and are In peace uriep other«^ . 
Inclu de all exunsex. b T»da*4^=?^^Sl 0 KiS » * 0»*rwd p,-;^ 

Opeuiog juice: h DiMribmtao&uSi?V e . V,rid b 5Sf_2? cfler If 1 * «* Erilmaied. g Tivitays 
iProgoum insurance, z Oflero 7 Periodic premium Insurance pinna * S-jsrlo 

, K :» Wered price lncludnx^U^nS?^ ^ ude !. tij rx ^ Tl3n 9«rt« aswif* eanriutSn 
MS 1 0 Net of tax no realised cStSf5^^BwS“ 1 S!f55S^fS^™JL PrwlDa * S 37 " 8 prtcr - 
M2> . ♦ « S ™“ * Su8p “ d « ; 


531 


332 

535 


03085055 I '^S* r ®*hIac...|491 St^+olS gf* (bi TOB Income — &93 
■Sa+23 422 POr NewCnart Ftmd ItogMuiij 
WM4-64, 022 see Bochsekltd Sad. IfeSfetaXt — - 

G.T. Unit Manager* Ltd.? Norwich Union insurance^**™ Acenm — 

0SC3 57383 ECai TDD ntaszm *0- Box 0 Norwich. NW 3NG- 


<00402188 


Friends' Pravdt Ualt Tr. Mgr*.* 2 ** 0 ™.* nr ring, surrey.- 

Pt xh n mgn d. Doridng. 

Friends Prey, ucsm.M£J 

Do.Ae eiiTB |*4 7 


(b) Ulster Bank? (a) 



1604 


Lira unr. Plans. 

FutureAanLCthfoi , 
FuturaAssdCthrbi. 
RcLAnsAPw^Z 


Flax- lac. Growth _I]UX4 



J - |Gf>-Cap.Inc H4 

- r ^ T|rt m T|V|DO-Aw 1 S?Qi 

‘G.T. Inc. F«. Uq--... 1613 

G.J.UA*G«__ 2AL6 

S aT-JapnACca— BfA 
Beee*jr a n.._.., [30.7 
iBtlPUiid-Zl M3 

G.T. Four VrfvPVI jaj 


G. A A. Trust (a) (g) 

66 awtelgli Bd, Brentwood 

*q*A.. flfl 



I 5.40 ^^PTsLFd. IJM.4 MfiJI-.TT, 


348 Petri Triat Manager* Ud. fejigjto* * Kn tefrGn>«h_p73 M.9, +ajf*si* 

J 2 258 sigh Holborn, wciv 7KB 0M05M41 Ua;K ‘Treat Accmtnt St. M pu Ltd. 

8m Uf -H M4 Wiliam SLKXRflAR 


Pevi UoRTm. 

CAceuau Dolts) |«j '**[ + 0 Jl Km tsn • — L"’ 

. Pelican Unite Admin- Ltd. fejto wlcJter firowth-Fend 

wiWjSafcSr aa^rs 


row ros roaima 

am-HUJ 6H ,F*ii«uUalt>_ MU .^i4 


Rnua , p , C ' L,VE INVESTMENTS limited I 

lnd« K r»M 8e Ave - LondDn EC3V 2LU - Tel.: 01-2S3 1101 j 
® Uld . e . as al ^Ii» July. 1978 (Base 100 at 11.1.77, 


Pli... *re , - 4-.-8W \WC lull sit J 1 

i!!^S is; gssi ::::::::z:~ irf:! ! 


CORAL INDEX: Close 470-175 


INSURANCE BASE RATES 

T property Growth 1()l 

T Vanbru 5 b Guaranteed I 9 .50^ 

t Addren Bhmtn under insurance ami Proprny Bom, Tnbfe. 


»»-y 


tlHi 


I 


iw 

Sell Low 


**BRTTISH FUNDS 

M I .'MJ* 


s.ci6i2pcis8o — 


, inm gnar » ? pc 

U.S. $ Sc DU prices exclude iav. S premium 


1BA Low 


\LEstRSriU 


AMERICANS 


Kells FareoB 


Hire Purchase, etc. 




IZTi 
11^, 

ik 

■*P|S 

314T t ! 935 = 

■ «WR; 

13'*2 


ill's 

5C 

315>.i 


inuyBnc ’OWfttt 


i»w-r 


Do.frpclrred 


InLNaLGasSL 


Si 

37 TOa 

HK 
2.8 
3,8 
07 
S 6 
3.b 
4J 

3.6 
iff 
33 

3i 95 

- 164 
27 17 

22^ 

3.4 S’ 

H 50 
L9 128 
33 Z73 2 

4.6 31 
16.7 57 I 47 

— 69 61 

5J 78 I 64 
2A 272 

2 ! 73 
33 107 
41 
138 
61' 2 
58 
193 
190 

II 2 

48 
58 


DRAPERY 


ST +1 

25^2 — 


Eli 


94 
41 33 

41 33 

40<2 33 
37 18 

36 IBiz 
I 83 3Hz 
127 84 

I 36 25 

1*2 B 

13 12 

10 

47 


36 

82 

327 +3 232 
36 U8 


31 
12 
4M 
102 

Beech-wood lOp- 1 25 
ZD 


Blundell Perm 


gg 

Ri 

WJ U 


1173 
41 
176 
116 
38 
126 
111 
152 
91 
63 
80 

“I 

A il r» 

♦ a M 

55 451? 

H$i3 

>8 * 

33 

£ £ 

a * 
% » 
61 47 

86 2 
67 54 


Kraft S2» 


i 


M 91 

Ilf 

a- 

u 

63 

-U . 

u 
*6 
9.0 

^4’tlXfil 2.9! M 7J 


+2 537 7j 

314 3 

I d0.48 9. 


Demis JJL up 


iffidga)— 


Burt Boulton U_ 


CarrUohni 


Wmi 


Vtp cCm.ra. 


62.96 33 S 
1J0 L7 9J 
1231 12-4] 1 


Francis Pkr. 


26 iFreuchfier 

52«a 

25 

S 2 

69 

30 
a 
59 


II! 


coet-io: 

103 'c| 95 U 

'-S'? 

53*4 53 ’j 
•>*>1; 96-’j 
** 92-4 
E7i fl\ 
95U 9i 
70 £0 

. 9h 80 


m\ 


£137 

21 I ^ 

170 150 
575 1380 
315 


.RHoMmpMSp- 




50 
59 
97 
Z74 

UansoaFlJx2Dp.l 45 


FINANCIAL TIMES 

BRACKEN HOUSE, IB. CANNON STBEET, LONDON EC4P 4BY 

mc, awm “***—?■«*“ * u " d “ ** 

Telephone B1-S48 8000. 

For Stare Into Bata* We mSnm w ml* Bimiogtan. 

Liverpool and Manchester, Teh 2 tMW 2£ 

EVTERNATIONAL AND BRITISH OFFICES 


m 


HaQiteSDp 


fflfc: 


60 

52 | 27 

53 1 62 
OSU 


16 12*i 

23U 24 
62 54 

57 46 iBerwKiTnmpa- 


MlrfjanH IpAt . 50. 


m 


,'dwnEFnml 


EDITORIAL OFFICES 

Aawterdom: P.O. Box 2586, A m stTriwn-C 

Telex 12171 Tel: 240 KB 

Birmingham: G«n^e Row, C«or«0 Bond. 

Teles 338S50 Tel: 021-454 0822 . 

Bran: Prcsahatisj Ll/104 Hew»dl«» -’ 10, 
Telex 8888542 Tel: 210038 
Brussels: 39 Sue locale. 

Telex 23283 Tel- 512 -Hht 
C.V rxv. P.O. Box 204a 
TVi- 938510 

Dublin: 8 Fitrrcilliom Square. 

Ttflex 5414 Td: 785S21 
Edinhursh.- 37 Ge^cNtrert. 

Telcx: 72484 Tel: 031-220 4120 
Fr-vikfurf lm Sachsen I aS« 13. 

Telex’ 410203 Tel: 55ST30 

jchnnncr.hurrl' P.O- J®* ®J5® 

Teles 3*3257 Tel: 838-7840 
Lisbon- pr=ca doAlcfrin S8-ID. LUbcm 1 
Telex 12533 Tot 382™ 

Madrid; Eipnwccda ^ *■ 

. Tel: 441 0772 ___ 

advertisement offices 

Birmingham: OMtf ■"■Hft5? rBe 
Telex 338650 Tel: 021-454 0X2 

Edinburgh: 37 George 
T-Jcx 72481 Tel. 031408 4139 
, Frankfurt- lm Sjrhsetdaxer 13. 

Telex 16263 Tel: 554087 
Leeds: Permanent House. The Hcadrow 
Tel. C5J2 454869 


Manchester Cneen’sHouse.^ieeii Street. 

Telex 868813 Tel: 081-834 8381 
Moscow: Sadoro-Sarootechnayo 12-24, Apt. 15. 

Telex 7900 Tel: 294 3740 
New York: 15 Rockefeller Plata, N.T. 10010. 

Telex 66380 Tel; (2121 541 4635 
‘ Puna: 38 Roe do Sen tier. 75002. 

Telex 220044 TeL- 23637.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: ZS3 4848 

Rome: Via della Mewede 55. 

Telex 81032 Tel; 878 3314 

Stockholm* c'o Sven ska Dagbladet, Raalambaragcn 7. 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 1 MOT._ 

Telex 212634 Tel: 682eB8 
Tokyo: 8th Floor. Nihon Ksisai Shlmhun 
Building. 1-94 Qiemachi. C Myodirfctt. 

Telex J 27104 TeL- 241 2020 
Washington: 2nd Floor. 1335 JE. Street, 

N.W., Washington D C. 3W4 
Telex 440225 TeL* H2CE21 347 S876 


Manchester: QW*n\Hc^, <3g,een Street 
Telex 686813 Tel: 061-834 8381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex TcL- I212i 489 8300 

Paris: 38 Rue du Sentier. 75002- 
Telex 220044 Tel; 23086.01 
Tokyo: Kasahara Building. lAlO TT c hik a nd a, 
Chiyoda*ku. Telex J 27104 Tol; 295 4050 


ilMiil 


Ail’d Colloid IQn 


£40i> ! Bsyer AkDSpQ. 


SUBSCRIPTIONS 

Conics oh tai noble tarn ncwswWnU and bootetalls worldwide or on tygnlar subscription from 
^ SuhscripUOn Department. Financial Times. I^adou . 


ai 


i 


m 


Vi 


12 2 
10j6 
16.7 

MS 
7jW 63 
5JU 6l 9 
7^ 73. 
5 3 53 
5.a 58 
4^333 

9. - 

A: 

10 . 

f4. 

5. 


(WA)lOp 




3B 


7\ 


70 
17 
87>2 

S J3 H 

V.® if u 

ST +3 d4« - 36-71 — 

29 232 1 

83 963.07 iw-, .. 


groceries, etc. 


m 


5.4 
u 
as! 

6.1i 

as g 

! 7.4 ^ 


108 
222 
112 
85 
262 
148 

SffiSSgsl% 

i« 
68 
34 
124 
7 
32 
^2 
93 
303 


Baileys Yaw m 


XXL <16.60 21 

76 3-19 3J 

65 232 « 

73S hO.78 19^ 

41 3.0 3J 

3*2 1.09 * 

74 Td3.6 3- 

84vl th2J5 4i 
70 ..._.rtJ13J4 I! 
IZOid -2 567 4 

a* 3 aft* t 


+1 |L42 


61 
85 

410 J&RJgfeO 

s 

58 
535 




i 


L| 


m 





































































































































































































•,.* 1-{ ^ 




Financial Times Friday July 14 1978 

PTOUSTKIALS—Cojitiiiued INSURANCE 

“* *“ I^MSWkuA 1 1 — 


77 
47 

:. Ml* 

■; Sfe 

’ 108 
,« <80 
42 
3H 
118 
34 

Off* 
Uh 


RANGE PROPERTY— Continued INV. TRUSTS-^Continued FINANCE, LANO-Centinued 

Pfiw I -^1 Net |c\r!^[p/E j I Steel; [ Price M S (cw(3S!pfE ] Bijftaw I Stack | Pn« | + _f| ?£ |c\riS*|«R| E^Lbw| Stock | Price h^| Set |cw|S!|pk| 

jLH Ift laaM p® « ps E 2 sr s *i 1 a i ilmlihinm 39 ni lasss*-! s i 




1 ^ K| + | ffi 531 4itf 6.8 328 280 (toy Property- 310 ... 

t 3 £i§ M 6.0 7 A 39 25 lotenrryeon 10 p 3U; .... 

SL 4 f &?« ~ f* - 3’ 32b Jerannlnrel — 3b +3 

iso 4 ll* ^ 2S - 46 34 Land toe* 37 -I 

U 2 *5 lit - U ~ 228 190 Land Sew TOp.. 214 .... 

MZ +2 6.13 - 6^-5379 Q45 £367 .... 

ef?* ~ - gso 025 ftiflMlar V . 041 -1 


a fully integrated banking aarvtc* 
|||||§ 


So 6 ;r ^ - m - ms as o « 3 ^ 
210 :S ft - S 3 -Lis ,a * -* 3 a 


HambroUfi* 


Huge Robinson 


MO IS S?S - ~ 51 37 LnrLudSto — 42 -1 1.0 0 : 

Mfl ?n 17 "IS ” 357 172 LendLeaw&r- Z57 <&5% 21 

if wn 7 - U - «« 77 LenPtoShplOji 93 f0.81 2 j 

27S t? £2 r, 51 - 74 55 lob. S hop pfira.. 64 t3.00 OJ 

ui Ii Is 8 ? K-S-lSI 3 ® LjBWnHdsaSp 129 +1 H2B JL 


S.7f4.5 - 81 5f 81 *1 - - - - 120 80 SatealS- 115 ... dBOr * 8.1 6 

57 fU - 89 75 rsuabramaaMer. 85 33 11 6^220 80 44 tfiAa+ffiorlta 72 1.0 19.0 U 3.1 

03 3.6 1367 300 W UnsIlialn.T.’O? 300 20 4.9 1.0 303 23 LB Santa ito .' 22 165 1311.4104 

Z 8 3.016.7 112 w Can.* 6 ureisn_ 112 360 1.2 4.^26 7 191 , 13» 2 Lumrffib - 0-6 lT.-> 03 ♦ 2.6 * 

20 13 43.5 126 IE Capital* Nat. _ 1» *1 4.0 LO 4.H3L5 30 13‘ Ura. Euro Grp... 28 .... D.5 4.7 ^710.6 

08 7.1-3L9* 122 100 Do-b 122 _ - — - 99 73 tajn.JfcitfianL._ 89 -1 tl.25 42 1912.9 


Head Office: Osaka. Japan 


W4 +1 tj,6 

167 -1 17 0 


ft J 132 104 brgwa Ifiga ftp 129 +1 7228 23 2.7 22.6 110 | \ tardjMUJSd_ 110 19 ID 5.4 272 127 104 ir.4G.Kacs.5p. 1ZO 3.46 3.7 4.4 8.7 

I 5 4 A 208134 105 0EH' - — 125 +1 +1.7 L 8 2.139.0 117 94 Carlio to 117 +2 385 11 50 273 74 38 ibje.Tbn.10p- 68 -1 0.68 24 1.5 39.6 

2.9 64 92 30 14 Meritf£&w«_ 27 4- - - 34.0 67 56 Cedar ;lnv 67 +1 t25 LI 5.7 24.4 74 44 SEnm i&P •&. 49 ... 15.98 LI 3 74 

- JA — 50 36 Mdmrn^to- 43ai 22.0 6 7.0 $ 140 124 On Ih he. El. 140 Q15.0 1410? * £12'* 925) nassMn.4irm- SIV 4 +lj QttJb -65- 

2i 5.7129 220 W McKay Sen. ftp. 220 tL4l IA3 LOSM 555 955 .ptuap-, 555 _ _ _ _ on W V.lLCim. 12 ^ 20 L43 6 111,7 6 


1 M 15 E 77 « 9^ 93 30 14 MemE£to*„ Z7 - - 34.Q 67 56 waarim 

11 R I iV« T, ? 5 ,r„ M 36 Mdnerwsrto- 43rf zlo 6 7.0 * 140 124 %nllUae.EI. 

IM li ZJ k 1 129 220 ^ McKay SmSp. 220 ...... TL41 b43 L0 3W 555 455 LXuay 

163 tl M 2 - 31<z fonnntMLlOp.. dO+lia- 57h 46 aartKlVust.-. 


57tj ..-. tZ15 


- - 20 14 N'M-Cinty. 12jo 20 L43 U.7 4 

5.7 246 390 200 L\jnx® Si S£ ftp 390 


ill ti S 8 7 SI S'Kaaisq g ps vm a*du skui* safspara % *5S£&z rs :::::: - : : : 
iw If III f 3 Sl,HP 5 vi seSf^h' hs M il ifera a^Esfli- ^ - I —1 — 1 — La jy Usds? 


199 ti ?•« H 103 BucUowiAftJi 132 +2 Ui222 18 3.0 272 111 76 Do.CmEH_. HJ3 - - 

59 3 III H hPH * b 45 XoitM 46 2-° M 6.6TO.9 37 W* CW».bv_ 74 ..... - - 

239 15 2 a 6 - 5 O 68 Peachey 79 1280 — 38 — IE 85 gfrirbteniVL. 103 +1 t4.E U 


r-.Lr. 2M 167'BtaiCT'Si4Sm- 20. ...» 681 1 35 4.7 93 


si a ‘»8 r ? -\™ F S? 

+4 1035 - Ua - 130 64 fpr 


Sdjtto. 288*4 ...... 684 I L2| 3.4)365 1 70 70 ...... 33 1^7^20.6 ll^l 10 ’feLGeorKH®- 1 ffi 


6.«23,4jEn«4 £43i 4 P^ialS. ?cSf. E73J« — - 

Jffi U? 10 SIGeorMUip— lib 0.48 Lol b$23 2 


MINES— Continued 
CENTRAL AFRICAN 


|+ ok I ru 

1 - ( Net |C\t tfe» 


375 QMc 13 2-H 

lb .. . 056 7.1 53 


938 +8 gOUK-o - 03 - 43 32b SewndQty l0p M 34b +b tl.73 19 7^10.4 45 38b Danwitof.iiaUpi 45 

fOTi n M 7 - ~ L? - 129 100 Slough Eft U9 +r Z27 18 Z«28.7 4 JU Do.iCap.HOp.1. 3J 4 

£gb -b QSL 68 - j.a - 074 £140 DoJO'Mdm-.'M £366 +4 Q10% 13.4 163 - 65 56 PebwiureCorp. 64i; 


3.1 <6 lO.fl 4> 


palprJSBUiUM ,| 


lb .. . 0 56 7.1 5: 

68 -2 — - - 
54 -1 Q100 1.K 6 J 
87 .... 09»il63 3: 
35 jtfj?bc 14)183 


oas 


aircraft trades 


and Cycles . ^ 

.20 [-3 I - I-l-l- 2B2 


5J|117 270 216 StortCOmiaai- 240 b 2.0 2.4 13 50 A 224 200. DettyT* inttl 224' 13.4 

223 170 Sunleyfflilnr— 222 -1 3.95 — 2.7 — 164 140 DaCap 50p i« _ 

k ut a n 31b Swire Properties 59 -2 5WjC 6 4.1 _* 197 172 DwninioniCen. 1% +1 7.75 

IES 70 56 Town Centre 59 0.82 L 2 21 59J 134 106 Drayton Con'd- 130 4J 

17 lib Town* City lOp. 32b 0U1 - - - 147 123 Do. Cons. 147 4.7 

116 82 rrafioPdPark 112 +2 +3.65 14 5.0 2U Wj 3 Da FarEasteni 45> z +1 0.9 

24 18 C.K. Property 20 0J3 * 25 * 195 1M Do. Premier— _ 193 6.7 

-.1—282 240 Utd-RealPtw)- 250 5J7 L2 3 J 4L5 65 60 Duair«tinr.50p 63i> 412 


13.43 0^ 9^193 96 [ 66 lASoefcHp I 92 |+2 ( - 


1 . 15 10 .VtoctSc 

rj rJ,rJl3? M tlwipaarillcMToei 


AUSTRALIAN 


« \m teansElt £S J- ML 1-3 k&s* lS _ 6 ? 


13 .... - - - 

125 . Qfic I I. 4 I 4 0 

in -4 - I - I - 


■7| LO 60 243 b« 720 BnL Fesrol’ai £l 076 -8 2210 4^ 3 8 93 «0 130 CenMjRfcllir"'” 575 "I H 

47 li Hi’ W 2 SI J5J5H- a — S -V- 148 ComwlfcotintaSk 237 -9 QUe 2J9 26 

Vo r? 13s-? .S. JS &Z*nsr*- & ~ 2 LrJ- .r, ~ 7 ? 45 GlLKnURMriieSL - 


*195' 

20 |-3| — J — -I — I — |ZB2 |240 |OuLReaTProp_| 250 1 1517 1 12131413 65 1*0 (DnatesttoSOpI «3a 2 l M-IZ 

240 -5 I Q 34 c I L7[ 8.01 73)148 019 garner EaaS- 130 1 1266 IS 3.1 313 228 163 Da Capital £ 1 _I I 216 I - 

W | - - —1- 1292 262 htoiordliiv.JOp- 280 +2 6.95 12 3.8 324 64 55 Don*T|tb)n._ 64 +1 +23 


Da Far Eastarn 45b +1 0.9 11 3.0j45.1 ffjj. cci 
,Do, Premier— _ 193 6.7 LI 5.326.9 mjTRlo 


67 11 ISSSM'*- ^ - m - 140 81 iHamSSAn^;^. 

112 Lfl MKinaTj! teS»5i£ffy , B I.... 263 31 J 5.0|»n Lis buljasi" 


11 — _ — 20.ll 20 14 

94 +1 M516 24 S3 9.1 19 26 


£U (-U (C(12%( O.W 6.4I2&4 

Cenmzerciai Vehicles 

% I- JbM ItI HA 


tardlnv.»p_ 280 
3 Jajl5p. — 16 
nsterP.aip. 28 


rj r.Lr.l 30 21 




3.1 6.4 6.0 220 (125 pull Hides. 50c _ 

rJ T.I5I I M 1 10 [MwatUcUSc... 


37>z [ 30 (Winston &ls \ 37 ( IL27 


SHIPBUILDERS, REPAIRERS 


9 „... ior 

?1 ?K3 *t 

57 1+1 d214 


Components 


5 0 * *5 75 54 Hawthorn LSDp. 67 .... - - — _ 12« « S 4 «n itolD 

\\ 7 5 K157 125 Swan Hunter £1. 143 -2 6.86 LB 7.311.9 138 102 IK Hel d 

H li an 1S1 135 Voeper 176- .... 4b5 43 4.0 65 208 170 BWily fm- »•>- 

53| a.7 43 295 jyj yarrow 9)p - 265 74.61 4.7 2b 8.8 79 59 ErtateHutl^ ... 


: I _J-7- 1 M « KJSWS-a.a- ^ liSSKft \ 3 n -i -J-J: : i ™ g 

a* 1 ol 1 -tin slvw iro rat *? cat a a 3 * .Ti'^LT .l: iSs Hi I 1 .U« - 300 50 pai 


TV-ko- Wall send f 


2D3 +Z K9 90 filr?lf7^S J S ...211 30 3 4 JL7 gg I ^ (wMaffiSSifc 1% -3° I fQtel ill 1 

® - BS 53 3lSI & ES^r 8 " & +% :::1 70 | 35 Iwium Creek 2 Dr ..| 55 |. .. | ^ | - |- 

^ :::::: §11 J SsfeftfM- «fe : a 7 a r, 7 , ■ TINS 


134 ui -1 133 20 4 0 

28 -b - - - 

205 +f Q9c 17 1 27 
27+1 — ~ — 

4J* - 1 , - - - 

122-1 Q 8 c 13 4 0 

13 -J, - - - 

Ihb . ..iQUc L9 41 
45 -1 - - - - 

£13\, +' 4 - - - 

36 — N - - - 

518 -t Q15l- 40-8 


59 dJM 38 74 54 

90 ... . 4.91 43 s.3 3.6 

.63 +1, +2.04 38 4.9 R1 305 

1W +f 15.48 3.6 7.4 63 2TO 

82l 3 h336 8.0 2-5 5.1 158 

61 367 25 9.1 5.7 348 

24 tL06 L 8 6.7 B .8 157 

mu -i 4 QU24c 3.7 31 113 42b 
S +6 +4.21 3.7 29143 39 


SHIPPING 


51b 37 F.hC EurMrust 51b 035 13 25 481 Mi, M [ - 1U fan-Mldt Dit.'lr. l'« — TPl 

92 70 FanaJylm Ts... 90 3.85 1 0 6.5 227 raO lr35f B |RTLrWrhFl!5) £4W* — lU 053?“. 24 57 77 . " ^ 

,?z 5 a?w!>- ,n 235 n MBtSa filr&£ 2 ito sIb 3 M „ - - _ L 7 » ,52 ttte,' - 


25 I . .1+251) 1W152 


278 | 1 9.26 J 3.91 5.0 

114 -1 551 - 7.6 


168 130 iFareisni-Cul.- 168 3.77 10 3.444.5 coa mj SMiTrant 570 -5 15 7 41 4 ’ 48 400 240 lyrrilitoffiJUl- > 3S5 -5 V>i'» 0 9] i 

7 8 51 37 pl'GLTjRPtaSi. 46 -1 *C5Ur 12 7.1 10.8 ^ 57 pTlWil*' 57 4 9 ”i 11K 14 0 1 60 45 FwraitTin 53 . . 3 75 43 u 3 

- M IS* togH'aualtar.. 36 +240 1.0 1Q.1 MR 4? 226 3 % +22 _ - -1 - 3™ ™ R-rjuntniJMl— . . .295 -S HJU9.; 4 j *. 

*“ . h4 51 


158 .. .. 133 7 M lfl 93 1 69 « NtaCap 63 

230 [+6 8.17 4.0 5.3 53 158 (gT-JaMti 158 


,83 +1 53 23 9.7 5.4 145 

151 2B5 4.4 29 320 25S 

10b 025 10 3.6 477 2f^ 

50 -1 hO, 83 3,3 25 133 85 

305 +2 +222 43 4J 87 138 

54 1158 4.0 4.415.9 U 8 

141 3.99 52 43 5.4 140 

67Ja 3D8 33 6.9(51>, « 

» 3.80 49 6.4 4.8 115 

90 4.4 * 7.4 6 


112 5.09 — 6.9 — 148 121 - ... 

33 rfiBS 12 83 14 1 86 73 GeaCKutildld.. 85 +3.^ LI 68 212 tat 

271 ;, „ _ - - va 125 General Funds-. 162 4.7 LO 4.4 33.6 $0 

110 4.90 03 68 48.7 120. 97 no.eom.IPp_ 120 - - — — ion 

220 530 23 3.5 163. 106 88 Gen. IwreStoli— 106 +1 4.0 12 5.7 227 77 

, 22% - — _ 10 93 72b Gen. Scottish — 90 +1 335 10 5.6 264 

SEUonl Dorks £l| 79 2.68 6 53 * U5 72b GeaSi'hUl^ 133 ,. 135 17 10 17 U7B 

109 825 26113(391 101b 84 GlajwwSt bJdn^ 101i 2 +1 2.4 13 3.6 377 

84 634 L91L8f55i 96b 77 Glend«nnInv-_ 96b +b t !66 U 26 46.8 

70 4L64 3.9 * 7.8 91b M Da-B’ 91b +b — - — 

32b +164 39 | 3.6 74 Gtemiuwliiv.. 72 -P 3 17 10 3 .b 43.0 270 

73 836 211b.§ 43 70b 56 »*«< 70 - - - - 11? 


93 69 « PO. tap 63 — — — — cm £54 rmam4i c .Crn- £56 Qflj.o- _ fa 7 145 ill Uttnor 

53 1M GT.JajMj^- 1 58 +131 2.1 10 763 156 133 t?S 35! .'. ISO -2 " IJZ 53 11 16.4 “ ®il 

— 148 LflJ l»ea 1 cumin r|. . 346 5 82 12 6.0 233 77a 182 Titr ramnr 267 +7 — — — 89 220 Gupwig l OBi 

141 B 6 73 tieaCmmldld. 85 +3.75 11 68 212 j&i 120 DaTpcCar £1 344 aj ... 75b 24.5 7 0 — * 7 JjS ^ HymctMis 

— 162 125 General Funds-. 162 4.7 LO 4.4 33.6 y«j 0 gf, VeJksNai lOck. 185 — — _ — 93 , 78 Mnc IDp.. 

18.7 120 . 97 nattoJPp— 120 ...... - - • - - 190 86 toMOrd itet 185 '. . l 015* - 49 ^ }} » totarfcro. 


295 -5 15 0 0 9 7 8 
160 - - - 

65 . 120 16 226 
10 . . - - _ 

77 dl'.ix 0.7 4 3 


5.7 22.7 77 57 htMdade 450tl 71 -i ' _ - 1 - 77 68 KamuvlwcSMOSl. 77 W’.Sic . 

5.6 26.4 U l " 0Wa “- WC ‘“I 1 ' 4 ‘ ' 1 1 510 450 Killitidhall. — 47W +10 0125 * 2n 7 

L7117D - 415 280 Malay Predfm-JMI. 410 -5 t«9Scf ffffl 50 

3.6 37.7 n+TCDOt? HO iii»« AM 7 DC 73 40 Ifabamt ...... , — 73 W57Sr|05[ i 

26 468 OVERSEAS TRADERS 62 50 nenckalcnlOp.... 61 ....^5 

_ _ 230 165 FWalLMBiil 230 fOROc 

27? I Ita3.52ll9.0l 20[ £7 61 49 SouAn 49 . " cL99 


97 ffloboto llbi, :... 5 00 1.Z 6.5K02 146 % 


Garages and Distributors 


68 55 Gorott Europe... 68 +b LS 13 4.0 262 73 45 

77 65 Gmtt Trait ... 71 ...... +2,1 LI 4.2 323,49 Z5Jj 

’ 105*2 « Gt North'n Irr.- 103 -l +3.87 11 5.7 242 3W 250 

88 67 Greenfriarlnv 87 145 12 25 48.7 138 r 95 

lb (82) 65 56 Gnshamlnv 62 +b Rl-E 2.0 4.4 173 £66 £49 

123 3.6 65 48 Grouplme«on>. 64 tl.71 J1C 4.0 38 0 525 325 

10.4 62 E 69b Guardian Im.TsL. 81 +b 2.7D 10 5.0 28.7 90 66 

7.2 43 97 78 Hambros 97 3.75 10 5.9 252 445 350 

53 46 39 26 Harcroslnv.Wp. 34 0.85 4 38 * M 21 

8.1 82 187 MO Hill ifbilljpi 184 +1 7.9 10 63233 19 9 

53 4.7 78 69 HrowHIdi'.A". 78 +371 13 72167 78 57 

117 53 77 68 Iw “E -. 77 - _ - - 49 40b 

85 5.9 S Va S8b lco(und(5) $«* Q20c - 12 - 275 220 

62 9.1 775 700 Do i£t 775 Q9.49 - 12 - 107 ,68 

8 J 44 53 42U Industrial ACcjl 53 L75 LI 5.0 282 Z35 170 

83 111 77b £5b Internal to 7b 2 12 11 52 253 225 165 

117 S3 150 107 to. in Success 15® £90 11 2.9 47.9 54 27 


12 0.9119. 

57 I l3 9. 
-Jf9. 

. 3 A 5 - 

3.021 35t 4. 


Hints 1 . 1 % 


M 435 ( 321 9.6I 5.0 ° 


SHOES AND LEATHER 


7.7 65 54 
7.7 67 56 


Wi 223 I 3.71 73 3.9 104 93 


9 b® *138 4 J 

45 +lb tL9B 2. 

'$‘-'1 IW. t 

p ti" IS 7 ! 

80 -1 457 Li 
4812 281 3.' 

gpa-b 155 * 

29 ...f„ 125 LI 


53 5.9 50 30 

6.7 9.9 98 64 

8 | 7.7 73 47 

8.7 7b 42 36 




56 464, 

2 40 33 

0 70 54 

64 41 

3 30*2 18U 


49 -lb d0.46 17.4] 141 53 git 66 b 
13 +1 d4J2 33 53 72 3Zb 24 

QL •£- *m jl MALI JL 


96 16.70 * 10.6 « 

23 -1 ta5B 32186 5.6 

S 2 :::::: u? Ip Jo So IS 



20 LO 2.01 7^1(82) 65 56 

54 439 3.4 123 3.6 65 48 

57 +d3.89 2.410.4 62 E 69b 

95 430 4.1 7.2 43 97 78 

49*r -1 QJ 7.9 53 40 39 


92 4.90 

67 1227 

41 317 

50 2.80 

46 ...... 1.87 

52 227 

39te 213 

SS +1 +424 
60b +b L72 

3flb hU 6 

82b +1 30-96 
27 +131 


4.90 23 81 82 187 

tZ.27 5.0 51 4.7 78 
317 2311.7 53 77 


_ - 49 401, 

1.2 - 275 220 
L2 - 107 68 

5.0 282 23j> 170 


4.4U0.9 86 62b Investors' Oro. _ 84 +L65 11 3.0 46 3 ,?2 % 

5^ 89 278 174 Imwtna.TsL*p. Z73 +8 46.7 LO 3.7 392 lW ,44 

‘ 42 164 105 Jardme Japan.. 1&2U -1 0.85 12 0.8 157.9 223 175 

73 150 70b lanBneSetSKC. 142 +1 tQ47c U 3.9 243 M TO 

167 103 Jersey E* t. Flip 164+3 _ _ _ - £94 E87 

248 228 leraeyGen.il— 247 +4 Q13D 1.1 5317.1 U 4 1 


SOUTH AFRICANS 


4 ? UPa [JosHoldings — 49 162.05 liffl 6.<rf23.0 72 J 41 


--£94 E87 
53 li 7 .il Z? 41 



111 -2 03.5f I U 19 472 61 47 SomhCtvifty W» „ 


o5 13 16 1 
fOBOc 1.6 S.0 
sL99 4.6 62 
?13 2.0118 


.5-3 531220 140 Smith KntaSMUW 210 -5 tQ77& 1« 80 


TO +1 62 1.1197(66) 330 230 Sita Malayan SMI- 320 - 5 h/Ill'l 11] S3 


U 0.1 * 4N * 228 


Suuei UesiUU -I 220 1-5 


a ai n sj ud it tea!’"' 


£63 -2b Q12%] « 1.9] « |10O | 74 
512 +12 62L7» 22 6.4 9.9 233 148 
87 +3 426 2.1 7.4 7.9 

40B 05.0 32 5610.0 


10O 74 T«ncla!»Hrtr.SMl 


«5c 4> 6 4 

ZQlDc - 28. 
65 0 810 7 

aasr. 16 : 


SMI ] 230 1-3 lZQSSct 16] 82 

COPPER 


5b +b' ^ il Z i 3 100 1 70 IMosriuR&SO .-.-1 86 ]-2 |+Q30c] L91 i 


59 ...I 635 

41b 3 A 

243 -2 132 
92 -1 2.88 
190 +7 $7.7 
185 +5 $7.7 

28J 2 *4.43 

6 B— 


635 23 16 8 i3.8) 

ill 61 35 

is mifiM j 

$7.7 73 63 33 465 245 

*4.43 13 t 5.1 ZM 164 
B— — — — 90 30 


MISCELLANEOUS 


2-a f-2 610 420 
71 -1 14.15 2b\ 9.01 6.4 130 83 

82 +b L 47 , 4 fl 6 . 4 I SOI 82 i, ffi 


5.6 3.4 97 5 

-13 6.1 145 95 

.14 125 94 


£ 12 . 46 M 5.6 3.4 97‘ 62 

79 6.0 H 113 6.1 145 95 

36 -b tl30 62 6.4 4J 125 94 

if ib = c r ”*}% ? 

8 :::::: flf li ll 11 Z 2 

70^ 0.63 27.9 L4^S ^ *55 

42 22 2j6 7.9 73 

B9 2.20 8.4 3.7 33 



97 1C 

610 a 

120 -3 $ 

80 S 

72 < 

132 +2 M 

95 q! 

418 -7 Q! 

73 «£ 

160 

82 -P 2 q: 

5 i» : & 

65 -1 Ql 


51. 44 Jmeto.Inc.10p 45 330 

33 % 4 Do.Cap2p-__ B* - 

6.6 140 125 Keystone Inr 9p_ 134 6.0 , 

* 94b 75 Late View to- 94i 2 +1 240 LlJ 3.A37.2 

115 44 38 toll' tUm-to. 42 1.8 L3 6^221 W* 


104 -7 hL75 33 26 249 02 f75Q 
223 +3 63 4.4 4.4 75 45 I 43 

56 3.10 27 8.4 (52i 1» ^20 

£93 18.0 18.7 - 

65 thO.75 1L0 L7 7.9 

65 BA 3L2 I2B - 



uhmC<ms.CSl 


51-3 -I _] - 

14 - _ _ 

250 -5 tQ30c 26 t 
415 +10 — — — 

222 -2 9.5 2 8 6.5. 

58-6 — — — 

900 - - -\ 

43 133 4 4.7 

166 Q7c 29 20 


12 66121 104 87b Law Debenture- 104 43 

0.6 t 9.6 £Ub £UU Lizard saJtHesJp £11% 27 

d> 17.2 * 42 § Ledato IncJMp 36 277 

L9 S.3 63 25 20 DaCap.5p 25 — 

0.6 1 212 37 26 LeVallonSto- 37 dl5 


RUBBERS AND SISALS 


NOTES 


6.6U27 High taw 


. — , - rntefl* Mhcndic UxUratm, prinx uMI act dlrUcidi arc in 

|+ on »|v. j TTfl peace and AraoBlnaikana are ZSp. EittauM piierfearaian 
I — | Net |CNr Gib ral»« and revere are baicdan lalcil auinaal repMtiudacciraiits 


ffB r s 

5.4] 4.7 .71 


, PUBLISHERS is 


'TEXTILES 


k Akin pH5p 11 
l Atlantic — 64 
LtCartSOp. 71 
n.&IMyn»d- 116 
it taimw . 83 
LtUv.lOO- 25 


,153 1+2 | d6-49 


““■“is S 

“ I 1 _* 62 31 ! 

U f 


h li 2917 3 K 

a awl |g 

U 5 » 

LO 4.8 319 ^ 69 

LO 6.4229 » » 


dr =vitt f M H fa! n s 


48 iMkrosBros 51 -1 337 2«10.« 57 75 64 


50 +1 287 24 8.7 63 30 20 

74hJ ...... 237 A 48 * ggu ffl 

122 +4 d4.% 33 63 8.1 & % 


122 +4 «M.9 

Sr=:JS fl H & 8 

sJ&+7* 129 fill 1 ft ^ 

98 333 h 62 5.4 5 u 

67 +2 m264 42 6.0 6.0 57 391 , 

,70 43 28 9.7 56 ©u 

-- 163 23 6.9 85 g 2 ^ 

» 726 24 83 73 84 67 

S -1 436 16 129 73 39 

K -3 +89 5.0 5.4 5.7 ui m‘ 

B +2 5.99 4.1 4.9 7.6 fflTB. £72 


91 65 

.31 23 


76 49U 

45 40 

a 17 

103 70 

*J ? 6 ^ 

■ 576 W* 
57 48 

34 26b 

«J0 199 
27 98 

■■a s 

gO £270 


itLawaJp. 


O d245l 

g 40^1 

S r"i!Sr 

TO -2 13.98 
»b -- 134 


43 7.6 £BOU £72 
9J 7.1 J T 31 
3J * 135 99 

27 9.7 134 98 

11533 ^ g 

62 68 35 25 

3.6 ?8 37 b 25 


» |-b |L« ( <« I 5.7| * 114 I 85 
99 79 


78 +4 288 66 

25b III SS 1 8 

A v 

15 :::::: r r 

45 +t 2 272 3J 
« 3JJ 3.9 

57 “...■ L65 26 

210 11 

f ti 1 I 

13L0-2 3.72 30J 
13W-1 3.72 103 

S +238 23 

28 198 21 

35 23 28 


3.4 44 34 Leak 

20 W 8 oij Loal 
B 7 ) 52 48 Lmria 

32 195 178 HkGl 


MS 

m 

M 
90 
73 
53 

$2\n 

4.0 25 


& £ 


4Z-4 77 

7L 6j 

6-9 22 b 

60 W 

60 129 
63 55 I 43 
92 70 55 

3.9 76 |63 
0.0 


sa >2 12 b 
31b 25 
-S 33 U 




35 93 

25J 2 14 

13*2 

37 93 


30 12 

23 98 


45 37 

70 36b 


67 137 
30t 2 £2lb 
73 63 

3* 137 


TOOTING 

TBSING 

Wjl — l+Zffll] 44 731 65 
(Ill if a! if 


B » 


M s 

56 39 


34 27 

32 26 


[43 fB.7 — S 
24 7.9 82 S 
20 8.4 9.1 2? 
20 98(3.9) g. 
a nr * -y. -1 * 


40 28 

53 42 


n mu * rtt y si 


lS 431 Is 7 J it g jg 

77 +T h233 35 50 J .8 g jjjj 

t=« »»J|I 4 

1 3" 35 


67 46 

128 002 



26 16 jUm.tUF.10p_ 25 039 « 3.6 « ^ 

.75 ( 9Wa‘ Um. fc Lomond- 75 +1 24 £l 4.8 29.7 « 

187 157 Um.&licmbQse. 187 t525 LO 43 34.8 ^ », 

331 6.4] 6.7 314 93 LoqfcPwv,-, 114 +1 3.40 LO 4 5333 « ^*2 

24103 57 75 64 LonPradotfial- 75 285 10 58267 ,=*b g 

4 44 34 LmfcS-cWe.- 44 1138 LO 4 8 3L9 “3 g 

S O 99 80 I 2 LoaTiLDfd. — 93 k b4.13 LO 6.4229 ® 

5 52 48 Lowland to — 50 +21 U 6.4 213 5? ^2 

2 195 178 HftGOaltelOp 1?1«J ...... M126 LO 30.0160 f 7 || 

* 124| * U9b 90 DaCmlOp™ 11 » 2 +b - _ _ - 82 37 

- _ 42 89 79 Do.ta4uaHne.Up 83b 5.06 ♦ 92 4 

- 22b 1^4 Do.Can.4p 2tW 2 +U - - - - 

3.7 92 43 24 20 Mna.0ta)u.S()p- 22 -2 40.98 4 6.7 * 

3.? 80 43 44 TO Uddrumlnv — 44 10 6.4 229 

_ _ — Wz 33 MeraHffleInv_ 401, ...... S3 12 4.7 26.4 

26 4.4 OU] 761, 62 JteehiOtsTW- 76b 26 10 52 28.9 - K ,,, 

il 83 (4? S 41 Monte toest 52U -U 16 10 4.6 315 ^5 175 

« 124 * 68 50 Mont Boston Iflp 58 —.088 12 2353.4 ?83 

3.4 6 i 5.0 44 25 _ toWms-O- 35+1 - - _ _ ^ 304 

3.7 7.9 4.6 71 42 ttufloyaflOj 62-2 _ _ _ _ g 

13 9i (UJ) 85 78 Moargateto — _ 85 3.B2 0 7.0 * 350 212 

02 eZ2i - % « MoonwteTW- 96 44.75 LO 73 190 365 m 

_n 2.9 — 835 600 NegltSAWSl- 83® QUc 0.9 0 . 7 1 £U 2« 

0j| 43 33 ,21b llh Newltawlnc- 17U 134 1J 132 110 ^ 570 

Ori 43 35 118 70 Do.C 8 p.Tl 310b +»z - - - - iS 

20| 5.0114 20 11 DaNewVrits- 18 . — — — — — IS 

23l0J 6.7 42 31b N.Y.*Gartn»re. 41 ..... 0.40 0.9 13 117J Vb 138 

2310.8 5J 75 61 laMJroest 74e -1 h292 10 6.0 240 



price | — | Net ICVrjGf'l raTMaaBdrererearelwaniaa latntaaaiiairepacua^accnuu 
oc -lie . t ■“«•. where pocxiUc. are updated an balf-jearty tlgcrea. py& are 

W ...... 275 4.7 45 eal co fa l«t on the haate at net dtafrUmlkm: bncioM fi«un 

102 +1 33 13 52 indicate IP per cent, or wore difference If catenated an -nil" 

16 — — _ distribution. Cor era are baaed on -aiarimnW diairtbatien. 

62 17 LO 4.2 WeMa are based en middle prices, are Ereaa, ad)o*ied to ACTor 

255 s20 LO 17 *4 P«r rat. and aitam fee value et declared diatribe U<ma and 

47 +b ht "Ci 17 44 ripbla. Secaritlea with denotnlnaUenaeiber than Acitlnd are 
45 -f b 03 0 12 10 j gaoled Indnfve of the imfeni dollar premium. 


81 -1 Q 12 be 

56b -3 Qllie 
162 44.0 

80 h015c 

49b -lb M-43 

81 ..... $218 


26 18 5-2 28 ?-*,: „e 

— U L 6 LO 4.6 315 245 IK 

..... 008 L2 23 53.4 
+1 iZJ iW 

-2 « ^ 

3.82 4 7.0 * 350 212 


TEAS . 

India and Bangladesh 



?=n fe II A Strrtlnjt denominated neciiritiea which include huestnenl 
SS A «in L c? dollar premium. 

„ ”9 MW* 7 , i ' ■ Highs and Lw marked thus have been adjusted to allow 

at, » rfii r 2 r toT rigbu issues lor cash- 

sob -3 l «iV c ?■? 4-5 * Interim since Increased or returned 

162 44.0 LI 3 1 * Interim since redwood, passed or deferred 

80 bQ15c L9 43 tt Tax-tree to non-reaidemg on application. 

49b -lb bC.43 33 13 4 Fleures or report aw at led 

81 $218 20 43 n Unlisted tecnriiy. 

70 -2 h+ 9 it it f Price at time of suspension. 

! Indicated dividend aller pendinc acrip and'or rlchti issua; 
cover relate* in previous dividends or forecasts. 

C . ♦ Merger bid or reorganisation In proems. 

u3 * -4 Nov comparable. 

... 4 Son* interim: reduced final and/or reduced e amines 

mgladesh • indicated. 

„ • _ _ + Pcwecast dividend; cover on eamlncs updated by latest 

245 4931 5.9) 5.9 interim statement. 

305 h]fc 25 4.9] 83 T Cover allows lor conversion of shares not now tualdiic lor 

J21 +1 7.0 3.7) 60 dividends or nrofcine only for restricted dividend 

28b -b 41.98 10)10.5 £ Cover does n« allow for stwees which way aim rank tor 

345 ... 4*200 39 53 dlvidond at a future date. No PE ratio usually provided. 


35 1 23 2jB10.d 53 75 61 laMJnwst 74te -1 h29 

VA I hO.67 20 S 0.3 83 .2 Nth.AttotteScc| 97 | 1 27 


176 . . . _ 

6.^240) p_; * n—fra yield, b Aasumcd dividend and I+eld alter scrip issue 

4_2l32 9| 0*3 Jm llfU l j Payment from capital sources, h Kenya, m Interim htuher 

43134 . 91211 ) 1123 fl-nnnrsfl I von 1 ) ec hq,, than prevtoos total, a Rlghta issue pendinc 4 Barnincs 

4^2b4l“° ^ l U Hi nra H. | IW | | 53 J 4,2 based on preliminary figures, s Dividend and yield exclude a 

5.7*1 Africa 


245 4931 5.9) 5.9 interim statement. 

305 hlfe 25 4.9 83 T Cover allows lor conversion of shares not now ranking lor 

J21 +1 7.0 3.7 60 dividends or ranking only ter restricted dividend 

2812 . 1 , A1.98 U 10,5 t Cover doe« ont allow for shun which way alto rank lor 

345 4 17 Ik) X5 5J dlvidond at a future dale. No PE ratio usually provided 

365 AID DO All 47 * Excluding a final dividend declaration. 

225 1133 2.7 9 3 + Itegional price. 

3 TO 15flB 40 2*5 » No par value 

oc Api 70 3? vno ■ Tbx ,n#e - b Fbfnres based on prospectus or other official 

pm "**"■ Is A 7 ac on e Ccots- d Dhldend rale paid or payable on port 

“ m J'j 2 *i of capital; cover based on dividend on fell capital 

9.7) 7.7 r Redemption yield, f Flat yield, f Assumed dividend end 


98 70 * 

32 0.75 is 

■W 3.01 3.1 

65 +1 434 4 

46 +2 d3.12 is 

134 3J 

134 31 

SJ d20l Li 


1L7 « 102 79b Win. American.. 102 285 

9.4 63 HO 95b Northern Sec*— 1IO +1 3.45 

93 5.4 61 51 Oi 14 Assoc, to- 57 +1 210 

1L6 * 58 47 Qntwidito 58 153 


g g'ISite'?- U il Bi aiMI Africa 

f. S SgH? 5i "iSg H HSISS BS EBg°- — I SS I Igi I SElKtt'^r.WSrK 

S -?£ KSaSJnSP 5 ? H H 135 I 130 1 300 1 113.0 | 2 ^ 10.9 rurrenryrlaure. .V Dividend and yield based on merger Irme 

27 3b Provincial Cities 27 ...... tl-35 13 7-6 18.0 £ Oii-idend and yield include a special payment: Cover docs no, 

■2B 104 Raebum__ — 127 -1 13.70 13 4.4 M3 mmynn apply u, special payment. A Net dividend and yield B 

41 37 Ke JlunOt lnv — 38 ...._ +L06 13 42323 I HlIVKn PWferrnto dividend passed or deferred. CCanadlsu. E Issue 

36 22 Higms*lss.Cap 35 * 032 — — — prire. V Dividend and yield based on prospectus or other 

32 148 RsrerliMerc. 171 8.33 13 7 2 393 I 'L’lhJ'MA AT W A xTTk oflUial estimates tor 19TO-80. C Assumed dividend and yield 

42 123 River Plate Det. 141 .... 675 13 6.720.9 vliWIJiSAli £U9u3il0 alter pending scrip andrer rights Issue. H Dividend and yield 


29 ...... 134 33 7 J 60 ,27 23b Provincial CUies 27 +L35 LI 7-618.1 

37 d201 L51L7 8.6 32B 104 Raeburn 127 -1 +3.70 13 4.4 30: 

49 hzra 30 8.6 4.9 41 37 WlR> 38 ...._ +L06 LI 4-2 32, 

65 UL51 5i 35 73 36 ,22 RigMsAIaCsp 35 * 032 — - - 

If :..... dL05 U 93 5.9 372 Rnwk.Hm.__ 171 8.33 13 7239: 


17 dL05 20 93 5.9 p 2 148 RnwkMm__ 171 8.33 

7 - - - - 142 123 River Plate Det. 141 6.25 

47 03 - 03 - £63b SAb** RobecolBrJ PUD £61 -lb 350 

62 ..... 45 15 1L0 94 635 167 Da SnbSrtiFIS 610 -15 


« — Id33 ft.riU.9llU £«*dS634 


50 M 
8 Z 58 


a pi us riH | 5 

75 th256 3b 52 41 g 5? 

30 BL7 1010.6 7.7 S S 


38b 105 5 j 

97 +1 3.70 4J 

.llDp — I 40 ...._ L45 3J 

1 67 +2 3.49 2J 

124 +2 304 4J 

g +05 7.1 

75 +1 d3.1S 6 J 

15 ...... 009 2: 

S 009 2J 

92 . — *4.69 3J 


)NVFT50. £46% -3 


50 487 325 Do.Sah,aftfBJ 468 -11 s_ - 1 

43 96 73 Romney Trust _J 95 -1 265 131 

78 99 52 tUteffinradlnc.J 53 438 LO 


12 I 36 lUniflcxlOp 

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a Wj 

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■15 11 

a 42 


a 178 
>ts 57 
W 13b 
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M 74 
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104 £87 
fl 36 
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26 
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110 b7J 

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I T^i 

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830 J 106 * S H 
120 Zl 303(6U) S S 

WUO 30 3 7 7.9 S S 
23 9-6 (55J S? 


63 48 

47 25 


gb ->» £14flc! 




*•'— *■" *-0 Oe'J 7.0 Ty 771, 

*b 248, 6.7 5.eJ 2 a 2? iK 

A +4.13 43J 301 90 g ^ 


«+ft 266 

« +3 734 
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UIU yjt CO rn 

la 24 H 62 to 


rgw^ii 


1L3 12 
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42 90 
320 
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90 95 

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5.9 

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22 
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7.91 R4 75 48 Do Cap 72 - 

4^6.7 194b 159 pthsdnM In.30p J 190 558 

l3mJ 71 L 67 IsaleEnanl India 71 3.6 


g +1 d3.1S 60 6.4 32 123 101 SLAndwwTsL^ 322 +1 435 

009 23 6.9 10.4 W 74i = S«t Am tev.SOp- 89 -1 1260 

II 009 21 9.4 70 75b «b ScriiCto.to_ 7^*1 L2 

92 .._. $4.69 35 7.7 50 1B1 151 SetU.ttus'A’— 301 +1 8.0 

50 td3.94 33120 4 1 146 114 ScoLEteUnv«_ 145n1 + 1 2 t450 

84 4.42 ♦ 80 * « 34 Ndbrn. ,41 15 

«. 289 2910.7 i7 M7 82b ^AInv_— 306 +b +2.56 


38 1 tL03 3.0] 10.61 50 117b ,94 ScAHoatAa*. U7i 2 +1 

63 f+d!05 53 A.i 33 151 119 Scot. National- 153 +b 


1 28.7 

1|B 93 '5Dj 
“1 33 18 

344 403 235 
47.0 152 76 

122 391 271 

a* U 

gj V li 

39.5 780 517 


EASTERN RAND 


46b 2.74 25 8.9(52)105 86 ‘roLfteOani_ IDS +»a 336 L 0 42 SL1 63 

38 ...... 151 * 6 0 T 72b 5Wt SwlCtoano— 75bnl +J, h205 LO 43 33.9 

39»l ...... 25 * 9J * ,82 58 ScollMto_— 81 +f hL60 L® 3.0 50.4 



73b -lb 
28 - 1 
. 393 -10 
91 -2 
376 -4 

43 

64 -3b 
50 -1 


t Dividend and yield include a special payment: Caver docs mi 
apply u> special payment. A Net dlridmd and yield B 
Preference dividend passed or deferred. C Canadian. E Issue 
prire. K Dividend ud yield based on prospectus or other 
oflUial estimates lor 101040. G Assumed dividend and yield 
alter pending scrip andior rlchti Issue. B Dlridend and yjeld 
based on prospectns or other official estimates for 

— IP78-79. K FlRures based on prospeciua or other off) rial 

— nlinalH for IBVBl H Dividend and yield based on prospectus 
63 or tuber official estimates for 1978. N Dividend and yield 
5,7 batod on prospeefwt or other official estimates for 1970. P 

Figures based on pro s pectus or other official estimates for 
IP7B-79. 4 Gross. T Figures assumed. Z Dividend total to 
dole, fi Yield hased on assumption Treasury Bill Bale stays 
unchanged until maturity of suck. 


8 1 9 ”_T Abbreviations: me* dividend; we* scrip issue, rex rights; a ex 
all. d ex capital distribution. 

L8ii4 — 

1.6 5.4 *’ Recent Issues and “ Rights ” Page 36 

1J613 ~ ”~ 

_ _ — This service is salable to every Co m pan y dealt in «n 


724 -8 
45b -1 


"1 I I ; ’J 3 2-5 1 Stock Er changes Uirooghool ibe United Kui£dota for A 


fee of £480 per annum for each security 


32 L64 

93 ...... 6.02 

72 td2f 


7.7155 101b 72b SoX.Wedeu— 300 +b 220 09 

9.1 300 ,98 69 Swyfcria.* 97 ...f.. - _ 

5.9 40 198 361 ftc UHueeri_ 198 +1 +5-67 LO 


FAR WEST RAND 


BJyn»r25. 


g S So 5 SS“ * “ * 9fmS36asac 


ERTY 


72 48 

49 41 

46 34 

59 31 


42 -b - 

43 ...... 246 

29 +132 

32x6 ...... L5 

56 -1 165 
28 -1 L0 

56 3.75 

48 272 

59b-ibeitra 

32 108 . 

63 +L83 

42 — 305 


- 1 - 1 _ I l?3bUS4b Sftuntie*LSe_ 192 +1W 610 


4.8303] 332 


DooraftmtonRl _] 


9.3] 83 460 B00 SriAl1toIatRJS5. 400 1-251 Q25c J — I 3.9f — J778 589 fesJDrieRl 

6 « S3 1M Ill 8 ShmiitoMp.-! 132 1-1 8.46 I lol 9.71152(226 163 ^udB3adOd.30c_ 


,79 1 58 IsirewclllOp 79 1+2 


Wb -lb ®D% LO L9 540 lra 145 

32 . — L 68 . di 83 6 97 76 

63 +L83 62 4.4 £.1 97l 2 80 

42 — 325 23117 60 95 81b 

39 ._... 182 02 70 — 26 22b 

36 — 205 - 8.6 - 132 86 


45 4.9 UJ 94 Spherelnv 114 +2 33 

55 * 165 150 ^UTto-to- 156 +1 +939 

A3 1L2 M 4&z SFUTC baKgl 59b +b - 

80 6.0 122 90 SWnboM&efcL 105 +278 

L9 540 178 145 SialineT^,. 17B +53 

83 6 ?7 76 Swiaototilw.- 97 1235 


25 93 501 
0 43 4. 285 


56 Ki ns 

202 .:.... d306 
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^2 008 

\ = “ 

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m - 


TOBACCOS 


LA37J 346 267 IRATInds.. 
.WM.9 296 2Z7 [Do.Dcfl 


& ■■L.Jaw uH 6 . 7 ^- 


3.4 370 380 330 

69 166 Wb 4§ 
1L7 93 t* 55 


llAOlOp- 340 .. a .. 672 S3 
W— - — 60 +3 5.66 20 


6 97 76 Swjaotoato.. 97 — 1235 L 0 3.7 48: 
60 9? Z Blh W 2 -l" M.75 tl 7Jlt< 

z A S." ^ li ::::: L ® 5 1 "® 

73 64 rtin.cintfl«i — 71 438 LO 9.6 35.! 

£118 £315 DoSWLaaa, EL1IJ „.... Q01,% 208 !7.9 - 

79 71 ror.lnvest ;rc_ 75 +4.95 L2 103 121 

„ 135 55 108 0.49 - 0.8 - 

« 370 142 nuttOwnte^ ho +1 50 Ll 4JS2J 

4.7 78 56 Tribune hneri^ 78 hU 13 25 441 


ffid n tar 


- 4.7 78 56 

H B i 8 Im 2 


2.9 420 153 92 Fktmr^Rl — _ 

4.4 3L9 fl-Oj 890 HaitebeestRl 

9.7180 544 408 Kloof GtridHJ 

— — 606 432 LShawmRl 

4.0 267 527 419 SmdJzvaaJ 5De 

403L9 29O 206 Sttlf«itein50c 

3.7 483 £14b Ell VaaiReefs50c 

4.1 * 289 123 VentmpwlRJ 

7.7 184 £22b 06% W.DrieRl 

124 130 241 152 Western Areas Rl_ 

- - 836 589 WestmDeepBS.. 

90 15.7 238 p£3 IZandpanHl 

i03 122 nT | 0 

o. 8 - O.F.S. 



REGIONAL MARKETS 


I . IJf The folJomng is a selection oi Ltodcin quotutions of sham 
9 Zb previously listed only In regional markets. Prices of Irish 
Jj 40 isnut- 6 , niK.1 ol which are not officially listed in London. 
33 4.9 are as quoted on Uie Irish exchange. 

A 69 ... 7 — , - Shelf. HefTshaU.] 52 | I 

• U 0 AJbmxylnr.aop 24 Sindnli fWm.l._ 103 I j 

11 4 4 AsbSptunmH- 44 

4" Bdfl>tr. EsL 50p 2S7 — 

♦ 1L8 clover CtoR .... 26 IRISH 


— 78 ... hL3 L3 20 440 95 75, iRnee Stale Dev. 50c 80 ..... 

?- ,» 2 409 LB 100 140 Off Clfe F0Gedtild5Oc fife -L 

— 143+1 — 121 59 r0.Saajp|aasRl~ 87b -b 

— IDS 3.4 11 4.9 29.0 ^13 279 Harmony 50c 368 -4 


“I S J 

ji=“ 

3 =» 

1 -b 17 


3 ...... — — f9J — . 

\ :::: 8P bHaJI L3 

7 — b 17 12 6O2401U 95b 

n§:=t--jS m 

l ZW U 3.4 G36) V4 rn 


TRUSTS, FINANCE, LAND 

Investment Trusts 


106 91 Wdlntoa — , 105 3.4 U 4.9 29.0 «| 279 

138 120 Trust ws Cap- 137 t4,06 13 40 32.0 U4, » 

US «4 Ijiwside to — Jis +1 3.85 Ll 5.1 270 £30% 750 

I 60 53 Updoinito ,58 tl25 Ll 33 30 7 789 582 

132 106b oEwtSf*- 132 4.44 4> 50 p |E ??? 


“^7 CMlv.WiTOflK. £90, ... 

M Alliance Gas 7® . ... 

gJuiMcHdy.. 61 Arpoct^ — . 330 -7 ■ 

H «, ClOTwtaHdn. 98 -2 

67 Rnisy Pfcp Sp.. .... Conrreto Prods.. 130 

— J » grajgShip.fl- 140 Helton tHltto.i TO 

Inn. Corp 148 


4.9 29.0 W 279 HaWftT--. 368' * -4 «5c 4.7 IfKK*.. _H - ito 

40 32.0 334, 66 LoramelU 97i?-i, Q 6 c 00 4 j LO0L Sim £1 150 Irish Ropes . 130 

53 273 » 750 Pies. Brand S0e — 910 ... .. JoSoc 26 1 .=flp-. 2M te 


20 18 UtdCap&ta-J 20 


789 582 Pres Steyn 50c — I 700 -12 

097 m SLHetaBfU 861 -19 

199 144 Uuitel 184 -4 


9a 80b USD* cap— .j gg "77 302 LO 50 26.9 302 190 Weltan50c 286 +3 

188 163 U&fc<teM™i£!l87 +5.94 10 40 27.9 £1% £13b(Witeliliii^50c— £19b 


188 163 187 +5.94 10 40 27.9 

J vv - W 7.1 a.7 TOO 600 ITS Tro: Fund SL. flM -M Site - 00 - 

g-M H 5381 5^2 74 WtittFfamet. %b +b 11 12 2.7 720 

irS tv & H 59> l W.Cii 7 ot»to 76 -h 0.75 L5 1069.4 

1W +1 000 LS 40 330 310 278 SW'ssln.EL, 307 -3 3081 bl.1 53 25.6 , 

228 +2 730 Li 4.7 38.9 198 173 Wipifirhrttnni — 19 Bh1 +40 L0 30 42.0 630 424 

116 ...... 830 ii 180 130 92b 69b Wtanlnv 92b +b 20 10 3.8 S8.7 340 246 

190 +6 0.42 - 03 _ 89? 65 DO 89b +b 007 Z ” - £17b £24 

gb — 40 13 12.7 1L0 17p 148 Yeoman to;- — 170^ +T 709 LO 60 217 800 621 

m u«ni ” " *"*«**■ n us uItjIbi a 

« — 32 LQ1L313.0 f33*t £10 


30c 2.6 1 "OltiJM isnp- <w Jacob...... .] 62 

Dc 9.9 i f N+toGuldsmilh 56 .. Sunbeam — . 32 

15c 20 an ftatrt'C.ll'.- 1W ■ • T.M.G 173 

, “ u Peel Mllte ® Unjdare.. JJ 90 

15c 1 9 73 Sh ®^ lel,1 BW** 46 • 

Site 10 8.6 


8 4.0 2J 

— — — 

0 +2 4.63 « 

1 L72 Li 

7 Ji L* Ll 

5 SJ3 A 

8 -.4.. 2.0 £ 

fl +1 ! 2 005 - 

5 -1 +0J9 2.1 
1 -4. .30 6 


Lfi 3.4 (23.61 124 US 
190 329 

— — — Mi, 53 
22 2.0352 6iif 47 

1 

L 8 4.4180 50 43 

O 3-6 <6 237 104 
20 10290 44b 36 

— 40 — 77 M 

2:6 L4 011m 42 30 

6 53 * 147 106 


FINANCE 


4.7 fa.9 198 in WuScrWlraa- i^d +40 Lfl 30 42.0 630 424 teg Am. Coni Me. 630 +10 Q60c 

180130 92b 69b Witanto 92b +b 20 10 3.8 38.7 3« 246 Anglo Amer. 10c — 314 -9 ij362c| 

03 - 89b 65 DO'B - ,89b +b 0.07 QJb Q4b tef mGoldRl- £UA -U ti5165c 

12.7110 170 148 Yeoman to; — . 170 +1 709 LO 68 217 800 621 Ang-Vsalaflc. 740al Qll5c| 


OPTIONS 
3-moath Call Rates 


r, 31 I 26 [YartR&l*w_l |0 I..Z.IgL5 I ES 6 S 2 L 9 JJSB {U9 faiarto Coni' 14f -l' 'fi3 ' qldl 8,9 lB 4MWal> IC.I. 20 Tube Invest- 30 

S2.1 21b 5 ty«Mnn»-j 15 ), _ j Z3 _T| _ 204 163 rons-GoldFldds. 179 -2 t9.l» 26 7.7 A. Brew 6>a W 6 Unilever 35 

— • 79 { 69 YooufiCfrito^.I 79 j 305 LO) 7^223 25 17 EaslRMdCWLll^ 17i 2 1JK U 9,1 ^P Cetnerl ... 18 WbL- 20 Utd LDropeiy. 7b 

00 071 £14 Gen-MtalneRS £17 -L Q225c 23 79 RS.lt...., 9 Inroresk 8 Vickers-, — 10 

3.0 £13St Elflb GoWR®Ll5c_ £33b -b QUOc L 2 49 Babcock. U KCA- 3 Wooluiottha... 5 


I 20 |Tube Invest -| 30 


1058 * 43 « 131 106 


8 ..... 3.09- 
3 -1 200 
2 -3 Q6b9( 

Ll ”l §45 

U »2 +b L0 
T. +L01 


90 Ji 74 49 

83 129.71 IflO 69 
£70— 62 51b 

- 303b 73 
L65L6 57b 48 
7.4 170 69 45b 
L6260 7i 6 
raajuxo ito 


IOSbJ +b 3.0 3J 43 

j43 — 32 UU3 

44b ^b“ +161 LO 50 
6 | 555 LO110 

145 -l" QU% 13 Mj 
125x0 ...._ +404 12 4.9 
61b 03 10 li 


RnndCea. 11^1 


£17X|1£14 |Geo.® 5 iagR 2 _„ £17 
garaflbtaoMR&LS« J E13b 


Finance, land, etc. 


>£34bE10 
1195 138 
1 35 22 

196 126 


ss&siM ^ H? S nsSTAizH H 


— +2 

17S +t 

.3412 


At aJjBeecham - 3 S UfKaJ&Ccn.. 14 Property - 

U SaS 22 £, 5 ™*-- g \B3S2Sr k 


2« M 1 1 200 I 4.7)14.4) 22)^860 StoSvi kb.Z' 


69.0 j Q (WurT^ 


%b +lb p.40 40 0.6 54.0 48 26J, MUfflHjJk 48 ^ - - - 63 436 

62 LTO 13 40 302 25 14b Brlanm4™w». 16, — — 223 

1834 +b +7-7 LO 4.0 360 18 14 Uf 4 — — _ — 59 

57b ■ 235 L 0 68 210 1J6 IB Cbalb^e*J# lfl D12bc 30 4.9 60 £15 

69 1007 10 1:9 »0 « Jl £ baitsr ^H? -Si + 1 14 7.9 120 240 


- - 58 .50 nandtaindonlScI 


if i M J | ISK=? s i® M “r f Er »= f 

m ^ m l:,USSS8sr. t? EtsZZ L ssi? t 


— — [ 63 436 |375 SeJKtit®ThiiM-..| 420 


112 +1 +508 ZA 73 1 63) 61 47 b 

m 35 T as 6 ul 49 MJ IS 5 % 

7b — — — — AT UL 

560 -3 5.46 L7 L5 6« jfu W 

24 -1 0.66 L7 40 098 12 9b 

"2 p M(M105 « 

171 -8b Q38c 6 li 6 mn iso 


SP 2 205 10 6 j 

69 1007 LS 1:« 

71* . • — — — 

173 ..— 8605 10 5J 

JO 10 13 3J 




■ Q* Z-. las' 

s =« 

105 *.... 3.4 
U8 +2 ,405 


6 £ no 146 103 nalte n ^ OW 1« ...J. Q 12 bc 30 4.9 60 fig fell ^SmS 
1:9 760 _j§ 56 64 +1 f} 3b 1 A 7.9 12.0 240 (182 (U.ClInvesI 

BSf ^ 9, BSSfep.^si' 'P S y*fc “ ® is*® 


— - — 223 161 SernrusUOc. 203 -5 

z*J To To .59 29 SjlvernuwsJJjD— 54 .... 

1-5 12 ,§§ £11 Traal GmitaUU. £14b .... 

14 7.9120 240 182 U.U Invest R1 230^-5 

A 2?? 2^ t'ntoCorpn.&2Sc. 273 ^5 


M 5 ^ SFJU 32 


tra. u- - “ i” - 


3 d anDIsliUera - 15 MidiandBank zs ^ * 

to 7 a ptmioi !:. 7 nxl. 12 ou* 

nS ra o i Earn* star ,.", U .-tetWrataaok, 22 , , 

Sel ini ll EJH-l M Do. Warrant lfl BrU-FebTrteum.) « 

V I ^ 12 Gen. Accident 17 PAODfd. — 8 BpiMhOIL. J 5 
Gpn. Electric.. 18 Pl«sey 8 CtarterhaU —1 3 


ft 7 ? § S ifiSrat f 2 ± dSro U l7 V d DIAMOND AND PLATINUM Sh;: f Bft^iWaLacdai 

-Is?! ataneJbW- 42 ..... L72 21 63115 Urvi lAMlfLitn Itip I .1 . inertn-i e a ^ -I ^ 7 ^ I Hlftevn 


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:an -.”’l 18 Isplltera 3 *•« 


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!00c mi 10.9 Hbuaeomwer | 12 |Tniat Hou*ej„| 15 ffu 0 T. Zinc J 6 

** M } A 


WWi 
















































40 



FINANOAIITMES 


Friday July 14 197S 



Surprise talks bring 


Mid-East peace hope 


BY DAVID LENNON 


TEL AVIV. July 13. 


THERE APPEARS to be a real 
possibility of an early resumption 
to the Esypt-lsrael military com- 
mittee talks, following today's 
surprise meeting in Austria 
between President Sadat of Egypt 
and Mr. Ezer Weizman,' Israel 
Defence Minister. 

There was guarded optimism 
among defence and military 
officials tonight that Mr. Weiz- 
nian may bring back an Egyptian 
invitation to resume the military 
talks in Egypt when he returns 
tomorrow. 

The fact that President Sadat 
spoke privately for three hours 
wiib Mr. Weizman raised hopes 
here that there is now a real 
chance for progress in the Middle 
East peace talks. It was also seen 
here as reducing the chances of 
a stalemate during the meeting 
in London next week between 
the Foreign Ministers of Egypt 
and Israel and the American 
Secretary of State. 

The military committee's 
deliberations were broken off in 
January, shortly after they had 
staned. But a small Israeli 
military delegation has remained 
in Egypt ever since. 


It was through the military 
team, based in Alexandria, that 
the ncgolaitzcins were carried out 
which led to the unexpected 
meeting today in Salzburg. 

Officials said that Mr. Weizman 
took no specific new Israeli ideas 
with him. but it is understood 
that he was hoping to persuade 
the Egyptians to resume the 
military talks, parallel with the 
resumption nest week of the 
political talks. He was also 
expected to clarify what the 
Egyptian's position will he in the 
London talks. 

The Israel government was 
surprised when General Abdul 
Gumasy. the Egyptian War 
Minister, aeot a message to Mr. 
Weizman agreeing to the Israeli 
Minister's request for a meeting, 
but stressing that it must be 
held today. After a hurried 
meeting among senior Ministers 
it was decided last night to 
approve Mr. Weizroan's trip, 
even though it comes only days 
before the London conference. 

Mr. Moshe Dayan. Israel 
Foreign Minister, said there were 
three items on the agenda for 


the London talks: The Egyptian 
proposals about the West Bank, 
Israel’s proposals, and the con- 
tinuation of the negotiations. 


The Americans had suggested 
that the sides also discuss a 
declaration of principles for a 
Middle East settlement, but Mr. 
Dayan had argued that there was 
no point in going back to this 
subject when they should be 
talking about the practical issues 
raise din the proposals of the 
two countries. 

Mr. Dayan would like the Lon- 
don meeting to agree on the 
continuation of negotiations, not 
only about the location of future 
meetings but also the substance 
of what would be discussed. 

The London meeting will con- 
centrate on the Palestinian issue 
and not bilateral matters 
between Egypt and Israel. Presi- 
dent Sadat has made it clear on 
a number of occasions, Including 
in Sunday's meeting with Mr. 
Shimon Peres, leader of the 
Opposition Labour Party, that he 
would not sign a separate peace 
agreement with Israel, Mr. 
Dayan said. 


UN outlines Namibia 
peace force plan 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


IF WESTERN proposals for a 
peaceful transfer of power in 
Namibia are accepted by the 
Security Council, a UN force of 
some 5.000 officers and men, 
mainly from African and Scandi- 
navian countries, is likely to be 
sent to the territory within the 
next few weeks. 

Giving details of the planned 


operation in New York yester- 

i, thi 


day. Dr. Kurt Waldheim, the UN 
Secretary-General, said that the 
force would he accompanied by 
1.000 UN officials and support 
staff. It would be the biggest 
such operation since the Congo 
mow Zaire 1 intervention in the 
early 1960s. 

This large UN role is the key 
to the Western proposals for 
Namibia agreed after 15 months 
negotiation by both the South 
African Government, which con- 
trols Namibia, and by Swapo. 
the only internationally recog- 
nised nationalist movement 

In London. Dr. David Owen, 
the Foreign Secretary, said yes- 
terday that the agreement- 
negotiated by the U.S., Britain. 
France. West Germany and 
Canada — could be of profound 
significance for the whole of 
southern Africa. 

He hoped that it could 
persuade the parties in the 
parties in the Rhodesian dispute 
to accept a negotiated settle- 
ment. while he thought that 
South Africa's acceptance of the 
proposals for Namibia would 
mean that Pretoria would be 
much keener to see an inter- 
national acceptable solution. 


such as that proposed under the 
Anglo-U.S. plan, for Rhodesia. 

Dr. Owen warned, however, 
that while the South African- 
Swapo agreement represented a 
major achievement, the Namibian 
dispute was not yet “ signed, 
sealed and finally settled.” 

The western powers will now 
take their proposals to the 
Security Council, which it is 
hoped will meet before the end 
of this month when Canada 
hands over the chairmanship to 
China. 

In spate of the statement 
yesterday by Mr. Sam Nujoma, 
Swapo's president that Namibian 
could not become independent 
until the question of Walvis 
Bay was solved, western repre- 
sentatives in New York were 
confident that the proposals 
would be approved by the 
Security Council. 


Legal status 

The proposals provide for a 
UN-controlled ceasefire and UN- 
supervised elections. They also 
provide for the phased reduc- 
tion of the estimated 20,000 South 
African troops so that only 1,500 
remain during the elections. 

Walvis Bay, the main Namibian 
port, however, left out of the 
package because of its different 
legal status from the territory 
as a whole, although Swapo 
insists that it belong to Namibia. 

Dr. Owen made it clear yester- 
day that negotiations must still 
take place on Walvis Bay, 
although he indicated that the 


Western powers saw the political 
justice of Swapo's claims. 

But on the other key issue of 
the presence of South African 
troops during the election, Swapo 
seems to have compromised on 
its earlier stand that they should 
not be based in the militarily 
strategic north of the counry. 

If the Western package is 
approved by the UN, a detailed 
timetable would then come into 
operation, beginning with the 
appointment of the Secretary 
General’s special representative 
—expected to be Finland's Mr. M. 
Ahtasaari, 

The plan allows three months 
for reducing the numbers of 
South African troops to 1,500 
during which time Swapo guer- 
rillas would also be confined to 
base, political prisoners would 
be released, all racial legislation 
repealed and the electoral 
procedures established. 

A campaign of four months is 
envisaged to elect a constituent 
assembly. The assembly would 
draw up an independence consti- 
tution and. it seems, provide the 
members of the independence 
government. 

If the plan is adopted, and 
even if there are no major 
difficulties In its practical imple- 
mentation. there seems little 
hope of the target date of 
independence by December this 
year being achieved. Under 
present plans, the electoral cam- 
paign would not be over before 
February. 

Editorial comment Page 16 


Helicopter co-operation plan 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


A FOUR-NATION plan to 
develop a new generation of 
military helicopter's in Western 
Europe has been agreed in 
principle by the Defence Mini- 
sters nf the UK, France. Italy 
and West Germany. 

II could eventually bring 
many hundreds nf millions of 
pounds worth of business to the 
helieopipr and other aerospare 
industries of the (our countries. 

The details, including which 
types nf helicopter should oe 
developed, are to be worked out 
over the next few months by a 
steering committee comprising 
representatives o( the armed 
forces and the helicopter 
industries of the four countries, 
and a report will be submitted 
to the next meeting of Defence 
Ministers in early 1979. 


The plan is part of a wide- 
ranging programme of interna- 
tional collaboration on new 
military ventures discussed at a 
meeting of the Defence Mini- 
sters of the UK, France and 
West Germany, at Ditchley Park. 
Oxfordshire, over the past two 
days. 

The Italian Defence Minister 
was not present, but Italy has 
already signed the joint declara- 
tion of principles on the heli- 
copter programme. 

The other ventures discussed 
included possible joint work on 
the proposed new advanced 
tactical combat aircraft, which 
the RAF will need in the late 
1980s to replace its Harrier 
jump-jet fighters and Jaguar jet 
strike-trainers, and on a range 
of new missiles, including anti- 



UK TODAY 

Warm, sunny, some rain. 

London, 5s central N, MV 
England. Midlands* Channel 
Islands. Wales. Lakes, Isle of 
Man, SW Scotland. Glasgow, 
Argyll. Ireland 

Foe, sunny periods. Max 23C 

r3F). 

E Anglia, E England 
Fog, sunny periods, coastal 


BUSINESS CENTRES 




Ydar 1 



Y'day 


Mill ilav 


Midday 



•C 

•f 



■c 

“F 

Amstcrdb] 

S 

19 

IKj 

Lujccmhr* 

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IS 

78 

Bahrain 

s 

39 

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Madrid 

s 

31 

SS 

Barci-lotla 

Y 

24 

7a j 

jMuiirlu.'srr 

s 

SI 

70 

Beirut 

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Mi 

Melbourne 

V 

12 

54 

Bclfasf 

Jf 

IS 

Mi 

flfxke C. 

c 

20 

ts 

Pi-llirode 

V 

'-7 

S4 j Milan 

Si 

SO 

S4 

Berlin 

s 

li 

84 ! 

'Montreal 

s 

24 

73 

BlrmncHm 

Y 

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70 IMuuich 

F 

22 

71 

Bristol 

K 

21 

71) 

Ni-tt cattle 

s 

Ta 

a 

Brussels 

S 

19 

<>* ! 

N’t- iv York 

s 

23 

77 

Budapest 

Y 

34 

7 s ! 

Onto 

n 

17 

03 

B. Aires 

R 

14 

57 

Pam 

V 

S3 

7-1 

Cairo 

S 

Sfi 

97 

Pcfb 

n 

15 

30 

Cardiff 

S 

IS 

tjjj 

Pracuo 

s 

■H 

72 

Chicago 

s 

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RcyWsvlJc 

c 

10 

30 

L'OloKOC 

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20 

(8 

[Rio do J'o 

s 

23 

71 

cop-nhsa 

c 

14 

57 

Rome 

s 

31 

08 

Dublin 

s 

■so 

SS 

Singapore 

s 

S3 

S4 

Edinburgh 

s 

is 

61 

Stockholm 

c 

23 

72 

Frankfurt 

s 

TT 

70 

Strasbourg S 

24 

75 

CUMtL-va 

s 

14 

73 

Sydney 

Y 

13 

55 

Glasgow 

c 

20 

6S 

Tehran 

S 

31 

88 

Hols tun 

c 

14 

S 7 

Tokyo 

S 

30 

SO 

n. Rons 

s 

so 

ss 

Toronto 

c 

32 

73 

Jo-burs 

X 

20 

ha Vienna 

Y 

•24 

73 

Lisbon 

s 

24 

73 

Warsaw 

F 

20 

ts 

Loudon 

s 

19 

ini Buri'jb 

S 

S3 

73 


cloud. Max 20C l6SF). 

N England. Borders 
Cloudy. bright intervals. 

perhaps ruin. Max 20C (6SFh 
Edinburgh. Dundee, Aberdeen, 
Central Highlands 
Cloudy, rain. Max 16C (81F). 
Moray Firth. NE Scotland, 
Orkney 

Cloudy, rain, brighter later. 
Max 14C (57F>. 

N Scotland - 

Cloudy, dry. Max 15C (59F). 
Shetland 

Bright intervals, showers. 
Max 14C (57F). 

Outlook: Dry. warm, sunny 
periods, rain in NE. 


HOLIDAY RESORTS 


AJarcio 

Algiers 

Blackpool 

Bordeaux 

Boulogne 

Casablni-a 

Cam* Tn. 

Corfu 

Duhrornilc 

Floreoce 

Gibraltar 

Otivmscy 

Innsbruck 

|DIMIH-: 5 S 

ts. of JTan 
Istanbul 
Jersey 
C— Ckiai 



Y’dav 1 


Vday 

itiiddav I 

jHiddar 


• 1 '; 

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22 

72 

s 

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04 'Locarno 

s 

26 

79 

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04 .Luxor 

s 

42 

109 

S 

16 

79 Majorca 

5 

3 

82 

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17 

03 |Malapa 

S 

28 

79 

S 

ss 

72 , Malta 

66 Nairobi 

s 

34 

93 

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16 

61 

s 

34 

03 ’Naples 

s 

SB 

ft! 

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3D 

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s 

25 

77 

s 

31 

SS Rhodes 

5 

34 

95 

F 

23 

73 .Salrburs 

F 

23 

73 

F 

17 

63 Tancfer 

S 

27 

St 

S 

21 

70 RVncnfc 
63 ‘Tunis 

F 

22 

TS 

C 

17 

S 

37 

99 

s 

19 

«5 iVHlonaa 

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77! 

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31 

88 .Venice 

68 i 

s 

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s 

19 




F— Fair. R— Rain. 

S— Sunny. 


tank, anti-ship, air-to-air and 
surface-to-air weapons. 

Of the three broad areas, that 
covering helicopters is the most 
advanced. The helicopter manu- 
facturers in the four countries 
— Westland in the UK. Messer- 
schmidt. Western Germany, Aero- 
spatiale, France and Agusta, 
Italy — already have their own 
joint agreement on future 
collaboration. 

At least three new-types of 
helicopter will be needed in the 
mid to late-l980s; a small anti- 
tank helicopter, a medium-sized 
tactical transport helicopter, and 
a bigger aircraft that could 
replace the Sea King anti-sub- 
marine warfare helicopter. 

The UK has the most urgent 
need for new tactical combat air- 
craft to replaces the Harrier and 
Jaguar. Although these will not 
be wanted in service until the 
later 1980s, the time involved in 
designing and developing any 
new military aircraft means that 
preliminary work must begin 
now. 


Continued from Page 1 


Railwaymen 


per cent was being contemplated 
for Phase Four. 

Mr. Weighell told the delegates 
to respect 41 the philosophy of the 
pig trough, where the biggest 
snouts get tbe biggest share," 

The union was not a weak 
one, so it was not for that reason 
hat it should support the social 
contract. He -was supporting it as 
a Socialist and as the way to a 
fairer society and real economic 
justice. 

On the need for a comprehen- 
sive economic contract, Mr. 
Weighell said: “ If it makes sense 
to plan tbe whole economy when 
we are in economic distress, 
surely it must make more sense 
to plan how we share the newly- 
created wealth that is- likely to 
accrue as we move towards self- 
sufficiency in oil.” 

Mr. Weighell said he 
absolutely believed in collective 
bargaining, but it was the 
manner oF its application that 
was at stake. 


Bank calls for 
flexibility in 


supervisory code 


BY MICHAEL BLANDEN 


DETAILED PROPOSALS for the 
planned UK legislation on the 
supervision of banks and deposit- 
taking institutions are close to 
completion. 

It is hoped that draft clauses 
for the new rules will be ready 
for publication within the next 
few months. 

This will follow the White 
Paper outlining the proposals 
published nearly .two years ago 
and extensive discussions with 
the banks and other institutions. 

The Bank of - England argues 
in a series of five papers pub- 
lished today that the planned 
statutory framework for super- 
vision of the banking system is 
needed, but that it ia important 
to retain the flexibility which 
has been associated with the 
present mra-statntory system of 
regulation of banks and other 
City markets. 

The Bank has submitted the 
papers to the Wilson committee 
on the financial institutions. 
They describe Its role in the 
regulation and supervision of tbe 
banks and ‘Other City markets 
and institutions. 

The new evidence provides a 
background description of the 
arrangements, which at present 
operate. The papers are regarded 
as a starting point for further 
discussions with the committee, 
which could cover some of the 


more controversial aspects of 
the present arrangements. 

These could include particu- 
larly The questions raised by the 
UK’s traditional pattern of non- 
statutory supervision and self- 
regulation in the City in the 
context of the more legalistic 
approach of the EEC. 

The Bank recognises the im- 
portance of statutory regulation 
which, when the new legislation 
is introduced, will for the -first 
time in the UK establish a sys- 
tem of licensing for all deposit- 
taking institutions. 

It noow accepts the need for 
legislation to control problems 
such as insider trading. 

At the same time, however. It 
defends strongly the elements of 
the present system which include 
particularly the progressive, per- 
sonal and participative nature of 
its supervision of the banks. 

The Bank argues that rules 
laid down by law could be in- 
flexible and rigid. Non-statutory 
regulations, provided they were 
seen to be exercised la t be public 
interest, have been M a major 
factor in sustaining the probity 
and efficiency of the operations 
of the City of London.” 

The evidence concludes that a 
blend of the two forms of regula- 
tion is likely to remain the best 
way of controlling the activities 
of the City. 

Details Page 33 


THE LEX COLUMN 


The pace 




Lambsdorff wary of 
Europe money plan 


BY JONATHAN CARR 


BONN, July 13. 


A MISCONCEIVED European 
monetary system might carry 
the risk of inflation^ Count Otto 
Lambsdorff, the West German 
Economics Minister, said today 
in a newspaper interview. 

His comments closely resemble 
others emerging from business, 
industry and the banks since a 
wide-ranging monetary scheme 
was outlined last week by the. 
European Council in Bremen. 

The thrust of much of that 
comment is close to the official 
stand of tbe British Government: 
that a wider zone of currency 
stability in Europe is desirable 
but that tbe greatest care must 
be taken in working out the 
details. 

However. the underlying 
German concern differs from 
that of tbe British. It is widely 
feared here that creating a 
European monetary fund, even 
in its first stage, would involve 
much greater German inter- 
vention on behalf of weaker 
currencies, swell German money 
supply and add to inflation. 

Count Lambsdorff went 
further, arguing that a system 
not correctly established would 
mean a greater danger of 


inflation for the rest of the 
world as well as for Germany. 

Zn his view the success of the 
planned system depended not 
least on whether the participat- 
ing countries had tbe will 
to adopt stability-orientated 
policies. Conditions must be 
attached to the use of the 
resources of the new monetary 
fund to encourage such policies. 

Count Lambsdorff also noted 
that the Government and the 
Bundesbank had much detailed 
work to do, so that it would be 
hard to meet the October 31 
deadline, by which time the rules 
• for the new system are supposed 
to have been set out 

Tbe Bundesbank clearly has a 
crucial role, since much of its 
reserves are to go into the com- 
mon European pool. That may 
involve initial legal difficulties, 
since some experts feel the 
Bundesbank law does not cover 
a reserves -transfer of the scope 
now envisaged. 

Beyond that, the law’s third 
article calls on the Bundesbank, 
an institution independent of 
Government, to defend the value 
of the currency, protect it from 
inflation. 


Sime Darby Holdings 
raises $202m loan 


BY JAME5 BARTHOLOMEW 


SIME DARBY HOLDINGS, one 
of the biggest plantation and 
trading companies in the Far 
East, is arranging a syndicated 
loan of U.S-S202rn for working 
capital and expansion. . 

The loan would be the biggest 
ever raised in Malaysia, and has 
been enthusiastically received 
by tbe local and foreign bankers 
in Malaysia and Singapore. The 
Malaysian Government is one of 
the largest shareholders in Sime 
Darby, owning just under 20 per 
cent through Pern as Securities 
and more through other State- 
controlled bodies. 

The loan will be divided into 
four parts — two Malaysian 
Ringgit loans and two Singapore 
dollar loans at fixed and floating 
rates. Further news of the 
detailed terms is expected today 
when the participation, of local 
banks will be fixed.- 

Sime executives refused yester- 
day to disclose - the purpose 
of the loan but sources close 
to the company discounted 


rumours of a bid for Guthrie 
or Harrisons and Crosfield, 
British companies with large 
Malaysian plantations. These 
two, and Dunlop HoLdings, all 
denied yesterday that they bad 
received any approach from 
Sime Darby. Their shares have 
risen sharply in the past week. 
Dunlop's shares have jumped 8p 
to 83p in the past two day? and 
tbe counter was the fourth most 
active yesterday. 

Sime Darby has had a very 
chequered history recently and 
its latest managing director has 
held office for less than a year. 
Tbe group has gone through a 
process of rationalisation, selling 
off interests considered to be 
peripheral and buying In 
minority stakes in some sub- 
sidiaries . hlr. Scott said recently 
that his aim is to “concentrate 
on what we do well.” He said 
he was particularly interested in 
developing downstream opera- 
tions. 


Continued from Page 1 


Eight years’ sentence 


remarks that recent guerrilla 
attacks on Rhodesian missions 
** could only have come from the 
Smith camp.” 

Dr. Elliott Gabellah, Joint 
Minister fq r Foreign Affairs, 
invited Mr. Young UJS. 
experts to Rhodesia: to see the 
evidence on the missioa attacks 
for themselves. 

" 1 am deeply saddened by the 
fact that Andrew .Young is so 
seriously misinformed as to the 
real responsibility -for the horri- 
fying murders Of innocent 
Christian missionaries,” black 
Minister said. 

<B The latest round of SALT 
talks between the =tJ.S. and the 
Soviet Union have failed to pro- 
duce a breakthrough 00 *h® out- 
standing issues, dividing the 
two sides. AFter'tw® days of 


talks in Geneva with Mr. 
Gromyko, Mr. Vance neverthe- 
less said that both Washington 
and Moscow still hoped to 
achieve a "sound agreement" 
by the end of the year. 

The talks would “serve as a 
basis for narrowing the 
differences between us." Mr. 
Vance confessed* however, that 
no solution had been found to 
either of the two principle 
remaining difficulties — restric- 
tions on the Soviet BX bomber 
and limitations on the pro- 
duction and deployment of -new 
strategic missile systems. 

In spite of the dismay the 
trials have caused in Washington. 
Mr. Gromyko maintained that he 
would like to see U.S.-Soviet 
relations “ebteer and enriched.” 


Distillers has doubled its pro- 
fits in the last three years, but 
the momentum is beginning to 
fade. The pre-tax total for the 
year to March is up from 
£l33.6m to £162.5m: most of this 
increase came in the first half, 
and it all arose overseas. 

At home, sales for the 
industry were down about 9 per 
cent during the financial year, 
and DCL fared considerably; 
worse than that. Its market 
share in the UK may have fallen 
by a half from an estimated, 40 
per cent plus a year or two ago. 
It is not yet dear whether sales 
have hit the bottom following 
the EEC-inspired decision to 
withdraw - Johnnie Walker ' Red 
from the home market, but DCL 
hopes eventually to regain share 
through new brands and 
increased promotion. 

Overseas, by contrast, DCL 
has outperformed the industry's 
modest rise in export growth by 
quite a margin, and its tLS.- 
sales have been noticeably 
strong. Overall export growth 
could accelerate modestly this 
year, to maybe 4 or 5 per cent. 
But margins may come under a 
little pressure— a price increase 
in the U-S. market this spring 
did no more than offset the 
effect of currency movements — 
and a profits rise of perhaps a 
tenth seems the likely outcome 
at this stage. 

That is enough for the shares 
at 188p. where the fully taxed 
p/e is 8.3 and the yield nearly 
6 per cent This stands .to rise- 
in the event of dividend free- 
dom, for DCL is promising to 
pay a special interim as soon 
as possible. The increase is not 
likely to be dramatic: reported 
dividend- cover is 3 times, but it 
is no more than about li times 
on a current cost basis,. which 
Is what counts for a group with 
such a Jong production cycle. 

Meanwhile DCL's net cash 
balances are pushing up towards 
the JElOOm mark, so there are 
no problems about financing tbe 
stockbuildiog which Resumed 
last January. 


;Js 


Index rose 03 to 473.6 


fiOOr*? 



It has been regularly 
rumoured that it has its eye on 
tbe Guthrie Corporation, which 
has extensive plantation in- 
terests in the Far East. The 
latter's market capitalisation of 
fl24m is roughly equivalent to 
Sizne's planned loan. But Sime 
has denied that it is at present 
interested in bidding for 
Guthrie. 

The second suggestion is that 
Sime wants the money to buy 
out the minority interests in 
Consolidated Plantations and 
Tractors Malaysia Berfaad. The 
former is stuffed with cash and 
the latter needs the money, so 
the argument goes. 

Finally, there are rumours 
that Sime would like to take 
over either Dunlop’s Malaysian 
Interests or even make a bid 
for the whole of Dunlop itself, 
currently capitalised at £107m. 
The local punters in 
Kuala Lumpur are especially 
enthusiastic about the last 
suggestion and have been 
buying Dunlqp shares as a 
result. Whether Sime Darby 
would like to saddle itself with 
Dunlop’s Italian connections and 
borrowings of £273m is another 
matter. 


good period last time and 
decline had already set to’ 
before the year-end. 

The main Factor has been 
fail-off in poultry prices (whic . 
was partly exacerbated by the 
supermarket price war) andfaj* 
escalating costs. But cnsjMLjJl|i 
frozen foods and the Smedtefjp 
HP business have also suffered 1 
from cost and margin pressures.’ , 
The good news is l hat cnndfc!. 
tions generally in the UK Ioud : - 
area seem to have taken a dfs- - - 
tinct turn for the better, white 
the U.S. fond side had a good 1 ' 
first half, accounting for some 
30 per cent of the division's 
trading profit. 

While food has disappointed, 
the tobacco division has again 
outperformed expectations, with 
trading profits nf £32.3in against 
£39J2m last time. By rights, the^ 
benefit of lower interest charges 
nf perhaps £4m ought to be 
added in here, as a result of the 
changeover in the duty payment 
system. The first half was « 
tough, price-cutting period with 
Imps losing a few points in its 
UK market share. But thfi 
figures do not refieci the suhs« 
quent impact of BATS's launch 
of the Stale Express brand, 
Elsewhere, brewing profits are 
17 per cent ahead, reflecting • 
tbe benefit of price increases 1 

With a better performance 
overall expected in the second 
half. Imps is talking of pre-tajjjklgn 
profits approaching last year'!, 
£l29m. So. at 80p. shares stilfl 
look attractive with a yield ol 
almost 11 per cenL 


Sime Darby / 

The news that-Sime Darby is 
arranging a £l07m syndicated 
loan has stimulated speculation 
that it is on the verge of making 
a major acquisition. In terms 
of die group’s net worth of 
£173m the loan is very large, 
and as net borrowings at the 
last balance sheet date only 
amounted to £18m. it is obvious 
that it does not need the money 
for its existing business. So 
what is the company up to? 


IMPS 

Having already warned of an 
appreciable decline in first half 
profits Imperial Group came in 
yesterday with a pre-tax figure 
£8im lower at £59m. This is 
distinctly on the high side of 
market expectations but the 
underlying divisional perform- 
ance reveals some surprising 
variations. Food profits, for 
example, have fallen by almost 
50 per cent to £8lm on sales 
up 10 per cent Admittedly, 
the comparison is with a very 


Traded options 

The traded options market 
has flickered back into life this ’ 
week, and at lunchtime yester- 
day — after 774 contracts had 
been recorded during the morn- 
ing-— it looked as though Die 
market would go on to surpass 
the May 5 daily peak of 0 83 con 
tracts. In the event, however 
the afternoon proved quiet and. 
the total reached no more than 
970 for the day. The sharp rlsefc 
in tbe underlying equity market 
daring the past week is one 
reason why traded options have 
become more active- Another is 
that the London market's first 
expiry date, July 19, is now very 
close. 

The market makers face *; 
problem in deciding the likely 
level of exercise of the options 


in UK conditions. There are 


gestions that UK tax rules o 
wasting assets will lead tq 
holders exercising options id 
order to establish tax losses. The 
next few days will tell. 


A few words 

about Tokai Banks expanding 
international operations.. 


As you might know, 

Token' Bank is one of the 
leading banks in the world 
with over 25,000 employees 
and 200 offices established 


in Japan itself. 


It probably doesn't surprise 
you we're modem, 
progressive, and one of 
the first banks in the worid 
to utilize on-line 
computerization in our 
banking operations. 


What may 
surprise you 
is our commitment 
to International 
banking. 




At present we haue over 
20 offices and affiliate s 
around the world and 



Currently we're sewing 
the world through loans . 
And also lending 
something as uaiuable 
as money, financial 
advice gained through 
over 100 pears 
of banking 
experience. 

s 


So don't just 
think o/ us as 
a Japanese Bank. 
Think of us as a 
bonk that serves 
Japan and 
the world. 



^ pay 


'*ks 


re 


^3rn 


Sv 




©TOKAI RANK 


Head Office: 21-24, Nis/ukTSoma, Naka-ku, Nagoya. Tel.: 052-2 11't11^vef»^5etJISriirt^nct«sa 
Agencies! New York, Los Angeles, London, Frankfurt; (Representative Offices) Toronto, Mexico' City. SSo 
Paulo, Paris, Tehran, Sydney, Singapore & Jakarta; (Subsidiaries) Tokai Bank of . California*.. Totoi. Bank 
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RaglMered ar the Prat office. - Printed by Su Oemeni'a Praa rtw b m 

by ibe .Financial Times LnU Bracken noose, cannon Street, koodoo. ECtV 4 by. -• 

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